Consolidated ssr-output-EDGAR XBRL File

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Semi-Annual Financial Statements and Other Information

June 30, 2025

Classes ADV, I, R6, S, and S2

Voya Variable Product Funds

	■	Voya Global High Dividend Low Volatility Portfolio

	■	Voya Government Money Market Portfolio

	■	Voya Growth and Income Portfolio

	■	Voya Intermediate Bond Portfolio

	■	Voya Small Company Portfolio

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

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INVESTMENT MANAGEMENT

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TABLE OF CONTENTS

Statements of Assets and Liabilities	1
Statements of Operations	5
Statements of Changes in Net Assets	8
Financial Highlights	11
Notes to Financial Statements	14
Portfolios of Investments	32

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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

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

		Voya Global High Dividend Low Volatility Portfolio		Voya Government Money Market Portfolio		Voya Growth and Income Portfolio
ASSETS:
Investments in securities at fair value+*		$	489,959,709	$	–	$	2,494,009,992
Short-term investments at fair value†			12,377,638		–		37,902,398
Short-term investments at amortized cost			–		707,554,918		–
Repurchase agreements			–		187,133,000		–
Cash			211,350		108,941		812,105
Foreign currencies at value‡			35,571		–		–
Receivables:
Investment securities and currencies sold			4,335,442		117,210,337		–
Fund shares sold			90,388		292,201		127,058
Dividends			685,728		4,171		1,216,178
Interest			39		1,253,767		136
Foreign tax reclaims			1,022,758		–		4,190
Prepaid expenses			4,614		8,179		22,660
Reimbursement due from Investment Adviser			33,197		–		–
Other assets			64,678		128,039		290,193
Total assets			508,821,112		1,013,693,553		2,534,384,910
LIABILITIES:
Payable for investment securities and currencies purchased			4,307,624		90,339,688		–
Payable for fund shares redeemed			305,091		264,887		1,062,068
Payable upon receipt of securities loaned			11,328,638		–		20,822,398
Payable for investment management fees			224,402		229,274		1,300,610
Payable for distribution and shareholder service fees			75,093		–		39,178
Payable to directors/ trustees under the deferred compensation plan
(Note 6)			64,678		128,039		290,193
Payable for directors/ trustees fees			1,194		2,187		6,000
Other accrued expenses and liabilities			81,127		164,035		438,908
Total liabilities			16,387,847		91,128,110		23,959,355
NET ASSETS		$	492,433,265	$	922,565,443	$	2,510,425,555
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	391,837,082	$	922,561,919	$	1,853,295,603
Total distributable earnings			100,596,183		3,524		657,129,952
NET ASSETS		$	492,433,265	$	922,565,443	$	2,510,425,555
+	Including securities loaned at value	$	10,733,084	$	—	$	20,404,453
*	Cost of investments in securities	$	418,490,680	$	—	$	1,827,045,058
†	Cost of short-term investments	$	12,377,638	$	—	$	37,902,398
‡	Cost of foreign currencies	$	35,109	$	—	$	—

See Accompanying Notes to Financial Statements

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

	Voya Global High Dividend Low Volatility Portfolio		Voya Government Money Market Portfolio		Voya Growth and Income Portfolio
Class ADV
Net assets	$	13,906,020		n/a	$	89,797,791
Shares authorized		100,000,000		n/a		unlimited
Par value	$	0.001		n/a	$	1.000
Shares outstanding		1,131,396		n/a		4,364,341
Net asset value and redemption price per share	$	12.29		n/a	$	20.58
Class I
Net assets	$	137,068,635	$	922,565,443	$	2,387,327,537
Shares authorized		100,000,000		unlimited		unlimited
Par value	$	0.001	$	1.000	$	1.000
Shares outstanding		11,161,102		922,461,876		109,850,256
Net asset value and redemption price per share	$	12.28	$	1.00	$	21.73
Class S
Net assets	$	341,304,470		n/a	$	32,520,759
Shares authorized		300,000,000		n/a		unlimited
Par value	$	0.001		n/a	$	1.000
Shares outstanding		27,631,530		n/a		1,575,335
Net asset value and redemption price per share	$	12.35		n/a	$	20.64
Class S2
Net assets	$	154,140		n/a	$	779,468
Shares authorized		100,000,000		n/a		unlimited
Par value	$	0.001		n/a	$	1.000
Shares outstanding		12,697		n/a		39,451
Net asset value and redemption price per share	$	12.14		n/a	$	19.76

See Accompanying Notes to Financial Statements

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

		Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	745,443,952		$	233,393,636
Investments in affiliates at fair value^**			164,767,234			–
Short-term investments at fair value†			13,036,101			9,640,648
Cash			7,426,961			109,943
Cash collateral for futures contracts			3,122,628			–
Cash pledged for centrally cleared swaps (Note 2)			3,066,000			–
Cash pledged as collateral for OTC derivatives (Note 2)			610,000			–
Foreign currencies at value‡			2,343,005			–
Receivables:
Investment securities sold			11,571,621			–
Investment securities sold on a delayed-delivery or when-issued basis			16,372,220			–
Fund shares sold			2,112,394			154,116
Dividends			894,226			362,823
Interest			5,662,070			–
Foreign tax reclaims			–			11,497
Variation margin on futures contracts			823,605			–
Unrealized appreciation on forward foreign currency contracts			1,530			–
Unrealized appreciation on forward premium swaptions			2,151,173			–
Prepaid expenses			8,283			2,314
Reimbursement due from Investment Adviser			95,146			10,596
Other assets			398,521			51,602
Total assets			979,906,670			243,737,175
LIABILITIES:
Payable for investment securities purchased			18,195,013			–
Payable for investment securities purchased on a delayed-delivery or when-issued basis			32,587,674			–
Payable for fund shares redeemed			12,535			66,118
Payable upon receipt of securities loaned			5,985,550			8,961,648
Unrealized depreciation on forward foreign currency contracts			1,199,341			–
Unrealized depreciation on forward premium swaptions			670,492			–
Variation margin payable on centrally cleared swaps			170,839			–
Cash received as collateral for OTC derivatives (Note 2)			1,590,000			–
Payable for investment management fees			372,359			142,636
Payable for distribution and shareholder service fees			87,708			11,731
Payable to directors/ trustees under the deferred compensation plan (Note 6)			398,521			51,602
Payable for directors/ trustees fees			2,269			609
Other accrued expenses and liabilities			415,922			74,978
Written options, at fair value^			77,295			–
Total liabilities			61,765,518			9,309,322
NET ASSETS		$	918,141,152		$	234,427,853
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,326,786,556		$	245,650,301
Total distributable loss			(408,645,404	)		(11,222,448	)
NET ASSETS		$	918,141,152		$	234,427,853

+	Including securities loaned at value	$	5,798,650		$	8,693,957
*	Cost of investments in securities	$	771,717,990		$	237,774,492
**	Cost of investments in affiliates	$	158,718,201		$	—
†	Cost of short-term investments	$	13,037,225		$	9,640,648
‡	Cost of foreign currencies	$	2,321,026		$	—
^	Premiums received on written options	$	294,795		$	—

See Accompanying Notes to Financial Statements

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

	Voya Intermediate Bond Portfolio		Voya Small Company Portfolio
Class ADV
Net assets	$	180,832,058	$	8,600,689
Shares authorized		unlimited		100,000,000
Par value	$	1.000	$	0.001
Shares outstanding		16,675,771		738,650
Net asset value and redemption price per share	$	10.84	$	11.64
Class I
Net assets	$	670,068,119	$	177,653,678
Shares authorized		unlimited		100,000,000
Par value	$	1.000	$	0.001
Shares outstanding		61,110,603		13,382,254
Net asset value and redemption price per share	$	10.96	$	13.28
Class R6
Net assets		n/a	$	7,712,476
Shares authorized		n/a		100,000,000
Par value		n/a	$	0.001
Shares outstanding		n/a		580,156
Net asset value and redemption price per share		n/a	$	13.29
Class S
Net assets	$	59,467,695	$	40,461,010
Shares authorized		unlimited		100,000,000
Par value	$	1.000	$	0.001
Shares outstanding		5,458,757		3,231,004
Net asset value and redemption price per share	$	10.89	$	12.52
Class S2
Net assets	$	7,773,280		n/a
Shares authorized		unlimited		n/a
Par value	$	1.000		n/a
Shares outstanding		716,828		n/a
Net asset value and redemption price per share	$	10.84		n/a

See Accompanying Notes to Financial Statements

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

	Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio			Voya Growth and Income Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	8,492,553		$	244,319		$	17,069,589
Interest		585			18,683,187			5,029
Securities lending income, net		25,748			—			3,974
Other		1,839			3,272			9,255
Total investment income		8,520,725			18,930,778			17,087,847
EXPENSES:
Investment management fees		1,326,525			1,518,151			7,143,740
Distribution and shareholder service fees:
Class ADV		32,270			—			217,358
Class S		413,728			—			36,950
Class S2		295			—			1,437
Transfer agent fees:
Class ADV		3,773			—			17,437
Class I		37,909			320,779			454,041
Class S		96,753			—			5,928
Class S2		43			—			144
Shareholder reporting expense		12,022			14,428			34,715
Professional fees		18,711			32,946			80,602
Custody and accounting expense		41,096			24,495			64,875
Director/ Trustee fees and expenses		5,971			10,934			30,000
Miscellaneous expense		13,993			21,610			65,534
Interest expense		924			—			1,772
Total expenses		2,004,013			1,943,343			8,154,533
Waived and reimbursed fees		(133,308	)		(195,195	)		72,916
Net expenses		1,870,705			1,748,148			8,227,449
Net investment income		6,650,020			17,182,630			8,860,398
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		26,073,205			251,786			(7,914,864	)
Foreign currency related transactions		105,495			—			—
Net realized gain (loss)		26,178,700			251,786			(7,914,864	)
Net change in unrealized appreciation (depreciation) on:
Investments		25,433,075			—			129,969,708
Foreign currency related transactions		105,704			—			113
Net change in unrealized appreciation (depreciation)		25,538,779			—			129,969,821
Net realized and unrealized gain		51,717,479			251,786			122,054,957
Increase in net assets resulting from operations	$	58,367,499		$	17,434,416		$	130,915,355
* Foreign taxes withheld	$	511,306		$	—		$	61,439

See Accompanying Notes to Financial Statements

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

	Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	38,548		$	2,194,821
Dividends from affiliated underlying funds		5,273,925			—
Interest		18,863,890			—
Securities lending income, net		40,048			24,493
Other		3,497			1,026
Total investment income		24,219,908			2,220,340
EXPENSES:
Investment management fees		2,250,043			906,371
Distribution and shareholder service fees:
Class ADV		444,511			21,215
Class S		73,702			54,884
Class S2		15,766			—
Transfer agent fees:
Class ADV		106,755			5,013
Class I		393,488			107,413
Class R6		—			7
Class S		35,401			25,916
Class S2		4,734			—
Shareholder reporting expense		36,845			9,774
Professional fees		51,242			12,509
Custody and accounting expense		170,350			20,598
Director/ Trustee fees and expenses		11,343			3,044
Miscellaneous expense		50,122			9,006
Total expenses		3,644,302			1,175,750
Waived and reimbursed fees		(711,216	)		(60,522	)
Net expenses		2,933,086			1,115,228
Net investment income		21,286,822			1,105,112
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(1,542,349	)		7,485,813
Forward foreign currency contracts		(149,280	)		—
Foreign currency related transactions		8,010			—
Futures		(5,017,437	)		—
Swaps		(1,404,779	)		—
Written options		307,805			—
Sales commitments		138,794			—
Net realized gain (loss)		(7,659,236	)		7,485,813
Net change in unrealized appreciation (depreciation) on:
Investments		19,193,020			(12,154,869	)
Affiliated underlying funds		2,728,833			—
Forward foreign currency contracts		(1,896,544	)		—
Foreign currency related transactions		14,736			262
Futures		4,370,909			—

See Accompanying Notes to Financial Statements

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

	Voya Intermediate Bond Portfolio		Voya Small Company Portfolio
Swaps		726,164		—
Written options		469,695		—
Net change in unrealized appreciation (depreciation)		25,606,813		(12,154,607	)
Net realized and unrealized gain (loss)		17,947,577		(4,668,794	)
Increase (decrease) in net assets resulting from operations	$	39,234,399	$	(3,563,682	)
* Foreign taxes withheld	$	—	$	16,105

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global High Dividend Low Volatility Portfolio						Voya Government Money Market Portfolio
	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
FROM OPERATIONS:
Net investment income	$	6,650,020		$	11,691,531		$	17,182,630		$	39,531,844
Net realized gain		26,178,700			38,011,042			251,786			430,899
Net change in unrealized appreciation (depreciation)		25,538,779			9,343,547			—			—
Increase in net assets resulting from operations		58,367,499			59,046,120			17,434,416			39,962,743

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(896,857	)		(702,630	)		—			—
Class I		(9,138,296	)		(7,775,423	)		(17,438,724	)		(39,871,963	)
Class S⁽¹⁾		(22,679,154	)		(20,314,859	)		—			(549	)
Class S2		(10,114	)		(13,458	)		—			—
Class T⁽²⁾		—			(6,126	)		—			—
Total distributions		(32,724,421	)		(28,812,496	)		(17,438,724	)		(39,872,512	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		7,748,737			8,840,756			153,279,315			192,650,111
Reinvestment of distributions		32,724,421			28,812,496			17,438,724			39,871,963
		40,473,158			37,653,252			170,718,039			232,522,074
Cost of shares redeemed		(39,471,960	)		(88,580,448	)		(72,778,924	)		(198,605,887	)
Net increase (decrease) in net assets resulting from capital share transactions		1,001,198			(50,927,196	)		97,939,115			33,916,187
Net increase (decrease) in net assets		26,644,276			(20,693,572	)		97,934,807			34,006,418

NET ASSETS:
Beginning of year or period		465,788,989			486,482,561			824,630,636			790,624,218
End of year or period	$	492,433,265		$	465,788,989		$	922,565,443		$	824,630,636

⁽¹⁾

Class S of Voya Government Money Market Portfolio was fully redeemed on close of business May 1, 2024.

⁽²⁾

Class T of Global High Dividend Low Volatility Portfolio was fully redeemed on close of business May 1, 2024.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Growth and Income Portfolio						Voya Intermediate Bond Portfolio
	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
FROM OPERATIONS:
Net investment income	$	8,860,398		$	19,147,228		$	21,286,822		$	79,661,968
Net realized gain (loss)		(7,914,864	)		319,619,231			(7,659,236	)		3,949,419
Net change in unrealized appreciation (depreciation)		129,969,821			140,369,905			25,606,813			12,710,358
Increase in net assets resulting from operations		130,915,355			479,136,364			39,234,399			96,321,745

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(1,352,194	)		(12,702,776	)		(3,700,833	)		(7,732,052	)
Class I		(33,888,955	)		(312,765,110	)		(15,284,752	)		(30,980,523	)
Class S		(462,636	)		(4,527,241	)		(1,300,891	)		(42,299,441	)
Class S2		(11,867	)		(99,988	)		(168,357	)		(336,876	)
Total distributions		(35,715,652	)		(330,095,115	)		(20,454,833	)		(81,348,892	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		126,528,169			287,031,123			29,747,904			131,883,666
Reinvestment of distributions		35,697,877			329,890,863			20,453,685			79,932,512
		162,226,046			616,921,986			50,201,589			211,816,178
Cost of shares redeemed		(165,108,390	)		(352,602,050	)		(59,096,553	)		(1,634,330,372	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,882,344	)		264,319,936			(8,894,964	)		(1,422,514,194	)
Net increase (decrease) in net assets		92,317,359			413,361,185			9,884,602			(1,407,541,341	)
NET ASSETS:
Beginning of year or period		2,418,108,196			2,004,747,011			908,256,550			2,315,797,891
End of year or period	$	2,510,425,555		$	2,418,108,196		$	918,141,152		$	908,256,550

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Small Company Portfolio
	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
FROM OPERATIONS:
Net investment income	$	1,105,112		$	2,780,526
Net realized gain		7,485,813			39,799,928
Net change in unrealized appreciation (depreciation)		(12,154,607	)		(12,809,188	)
Increase (decrease) in net assets resulting from operations		(3,563,682	)		29,771,266

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(1,396,502	)		(345,295	)
Class I		(26,769,416	)		(8,310,232	)
Class R6		(1,181,485	)		(312,443	)
Class S		(6,453,592	)		(2,352,815	)
Total distributions		(35,800,995	)		(11,320,785	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		2,695,110			10,172,719
Reinvestment of distributions		35,800,995			11,320,785
		38,496,105			21,493,504
Cost of shares redeemed		(56,140,437	)		(52,121,635	)
Net decrease in net assets resulting from capital share transactions		(17,644,332	)		(30,628,131	)
Net decrease in net assets		(57,009,009	)		(12,177,650	)
NET ASSETS:
Beginning of year or period		291,436,862			303,614,512
End of year or period	$	234,427,853		$	291,436,862

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

		Income (loss) from investment operations						Less Distributions											Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital	Total distributions		Payment by affiliate	Net asset value, end of year or period	Total Return⁽¹⁾		Expenses before reductions/ additions ^(2)(3)(4)	Expenses net of fee waivers and/or recoupments if any ^(2)(3)(4)	Expenses net of all reductions/ additions ^(2)(3)(4)	Net investment income (loss) ⁽²⁾⁽³⁾		Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)		($)		($)	($)		($)	($)	(%)		(%)	(%)	(%)	(%)		($000’s)	(%)
Voya Global High Dividend Low Volatility Portfolio
Class ADV
06-30-25⁺	11.68	0.15	^•	1.31		1.46		0.07		0.78		—	0.85		—	12.29	12.81		1.16	1.10	1.10	2.52		13,906	39
12-31-24	11.01	0.24	^•	1.09		1.33		0.27		0.39		—	0.66		—	11.68	12.38		1.17	1.10	1.10	2.09		12,252	72
12-31-23	11.01	0.27	^•	0.37		0.64		0.27		0.37		—	0.64		—	11.01	6.18		1.16	1.10	1.10	2.54		10,354	70
12-31-22	12.32	0.25	^•	(0.93	)	(0.68	)	0.24		0.39		—	0.63		—	11.01	(5.38	)	1.15	1.10	1.10	2.23		11,235	68
12-31-21	10.46	0.21	^•	1.89		2.10		0.24		—		—	0.24		—	12.32	20.23		1.16	1.10	1.10	1.85		13,886	71
12-31-20	10.83	0.18		(0.35	)	(0.17	)	0.19		—		0.01	0.20		—	10.46	(1.27	)	1.16	1.10	1.10	1.86		13,684	72
Class I
06-30-25⁺	11.66	0.18	^•	1.30		1.48		0.08		0.78		—	0.86		—	12.28	13.05		0.66	0.60	0.60	3.01		137,069	39
12-31-24	10.99	0.30	^•	1.08		1.38		0.32		0.39		—	0.71		—	11.66	12.94		0.67	0.60	0.60	2.59		124,887	72
12-31-23	10.99	0.32	^•	0.37		0.69		0.32		0.37		—	0.69		—	10.99	6.74		0.66	0.60	0.60	3.04		122,202	70
12-31-22	12.30	0.30	^•	(0.92	)	(0.62	)	0.30		0.39		—	0.69		—	10.99	(4.90	)	0.65	0.60	0.60	2.73		125,985	68
12-31-21	10.44	0.27	^•	1.89		2.16		0.30		—		—	0.30		—	12.30	20.87		0.66	0.60	0.60	2.35		144,785	71
12-31-20	10.82	0.23		(0.36	)	(0.13	)	0.24		—		0.01	0.25		—	10.44	(0.83	)	0.66	0.60	0.60	2.36		129,379	72
Class S
06-30-25⁺	11.73	0.17	^•	1.31		1.48		0.08		0.78		—	0.86		—	12.35	12.90		0.91	0.85	0.85	2.74		341,304	39
12-31-24	11.05	0.27	^•	1.09		1.36		0.29		0.39		—	0.68		—	11.73	12.68		0.92	0.85	0.85	2.34		328,504	72
12-31-23	11.05	0.30	^•	0.36		0.66		0.29		0.37		—	0.66		—	11.05	6.43		0.91	0.85	0.85	2.78		351,456	70
12-31-22	12.36	0.28	^•	(0.93	)	(0.65	)	0.27		0.39		—	0.66		—	11.05	(5.11	)	0.90	0.85	0.85	2.48		392,545	68
12-31-21	10.49	0.24	^•	1.90		2.14		0.27		—		—	0.27		—	12.36	20.56		0.91	0.85	0.85	2.10		474,598	71
12-31-20	10.87	0.21		(0.37	)	(0.16	)	0.21		—		0.01	0.22		—	10.49	(1.09	)	0.91	0.85	0.85	2.11		465,405	72
Class S2
06-30-25⁺	11.55	0.15	^•	1.29		1.44		0.07		0.78		—	0.85		—	12.14	12.81		1.06	1.00	1.00	2.59		154	39
12-31-24	10.89	0.25	^•	1.08		1.33		0.28		0.39		—	0.67		—	11.55	12.50		1.07	1.00	1.00	2.20		146	72
12-31-23	10.89	0.28	^•	0.37		0.65		0.28		0.37		—	0.65		—	10.89	6.37		1.06	1.00	1.00	2.64		229	70
12-31-22	12.20	0.26	^•	(0.93	)	(0.67	)	0.25		0.39		—	0.64		—	10.89	(5.33	)	1.05	1.00	1.00	2.34		223	68
12-31-21	10.35	0.22	^•	1.88		2.10		0.25		—		—	0.25		—	12.20	20.46		1.06	1.00	1.00	1.92		265	71
12-31-20	10.73	0.19		(0.36	)	(0.17	)	0.20		—		0.01	0.21		—	10.35	(1.25	)	1.06	1.00	1.00	1.95		354	72
Voya Government Money Market Portfolio
Class I
06-30-25⁺	1.00	0.02	^•	—		0.02		0.02		0.00	*	—	0.02		—	1.00	2.01		0.45	0.40	0.40	3.96		922,565	—
12-31-24	1.00	0.05	^•	—		0.05		0.05		0.00	*	—	0.05		—	1.00	4.91		0.45	0.40	0.40	4.79		824,631	—
12-31-23	1.00	0.05	^•	—		0.05		0.05		—		—	0.05		—	1.00	4.77		0.48	0.43	0.43	4.72		789,249	—
12-31-22	1.00	0.01	^•	0.00	*	0.01		0.01		—		—	0.01		—	1.00	1.39		0.50	0.35	0.35	1.43		523,130	—
12-31-21	1.00	—	^•	0.00	*	0.00	*	0.00	*	0.00	*	—	0.00	*	—	1.00	0.09		0.50	0.05	0.05	0.00	*	485,800	—
12-31-20	1.00	0.00	*	0.00	*	0.00	*	0.00	*	0.00	*	—	0.00	*	—	1.00	0.29		0.51	0.17	0.17	0.20		569,945	—
Voya Growth and Income Portfolio
Class ADV
06-30-25⁺	19.85	0.03	^•	1.01		1.04		—		0.31		—	0.31		—	20.58	5.37		1.16	1.12	1.12	0.31		89,798	41
12-31-24	18.60	0.09	^•	4.29		4.38		0.10		3.03		—	3.13		—	19.85	23.32		1.16	1.12	1.12	0.41		91,161	95
12-31-23	16.21	0.12	^•	4.22		4.34		0.13		1.82		—	1.95		—	18.60	26.78		1.19	1.12	1.12	0.64		83,897	75
12-31-22	22.50	0.13	^•	(3.55	)	(3.42	)	0.14		2.73		—	2.87		—	16.21	(15.08	)	1.18	1.11	1.11	0.64		73,784	56
12-31-21	29.29	0.13	^•	8.14		8.27		0.19		14.87		—	15.06		—	22.50	28.41		1.16	1.06	1.06	0.39		97,015	65
12-31-20	27.93	0.26		4.22		4.48		0.26		2.86		—	3.12		—	29.29	16.74		1.17	1.07	1.07	0.90		903,118	92
Class I
06-30-25⁺	20.90	0.08	^•	1.06		1.14		—		0.31		—	0.31		—	21.73	5.58		0.66	0.67	0.67	0.76		2,387,328	41
12-31-24	19.45	0.19	^•	4.49		4.68		0.20		3.03		—	3.23		—	20.90	23.85		0.66	0.67	0.67	0.86		2,293,616	95

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations						Less Distributions									Ratios to average net assets				Supplemental Data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains		From return of capital	Total distributions	Payment by affiliate	Net asset value, end of year or period	Total Return⁽¹⁾		Expenses before reductions/ additions ^(2)(3)(4)	Expenses net of fee waivers and/or recoupments if any ^(2)(3)(4)	Expenses net of all reductions/ additions ^(2)(3)(4)	Net investment income (loss) ⁽²⁾⁽³⁾	Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)	($)		($)	($)	($)	($)	(%)		(%)	(%)	(%)	(%)	($000’s)	(%)
Voya Growth and Income Portfolio (continued)
Class I (continued)
12-31-23	16.88	0.21	^•	4.41		4.62		0.23	1.82		—	2.05	—	19.45	27.39		0.69	0.67	0.67	1.09	1,890,606	75
12-31-22	23.30	0.22	^•	(3.68	)	(3.46	)	0.23	2.73		—	2.96	—	16.88	(14.71	)	0.68	0.66	0.66	1.09	1,644,921	56
12-31-21	29.90	0.29	^•	8.33		8.62		0.35	14.87		—	15.22	—	23.30	29.00		0.66	0.61	0.61	0.85	2,137,930	65
12-31-20	28.44	0.39		4.32		4.71		0.39	2.86		—	3.25	—	29.90	17.26		0.67	0.62	0.62	1.35	1,845,796	92
Class S
06-30-25⁺	19.89	0.05	^•	1.01		1.06		—	0.31		—	0.31	—	20.64	5.46		0.91	0.92	0.92	0.50	32,521	41
12-31-24	18.63	0.13	^•	4.30		4.43		0.14	3.03		—	3.17	—	19.89	23.56		0.91	0.92	0.92	0.61	32,627	95
12-31-23	16.23	0.15	^•	4.24		4.39		0.17	1.82		—	1.99	—	18.63	27.06		0.94	0.92	0.92	0.84	29,695	75
12-31-22	22.54	0.17	^•	(3.57	)	(3.40	)	0.18	2.73		—	2.91	—	16.23	(14.96	)	0.93	0.91	0.91	0.84	32,229	56
12-31-21	29.32	0.20	^•	8.16		8.36		0.27	14.87		—	15.14	—	22.54	28.72		0.91	0.86	0.86	0.59	42,612	65
12-31-20	27.96	0.32		4.22		4.54		0.32	2.86		—	3.18	—	29.32	16.93		0.92	0.87	0.87	1.10	482,532	92
Class S2
06-30-25⁺	19.07	0.03	^•	0.97		1.00		—	0.31		—	0.31	—	19.76	5.38		1.06	1.07	1.07	0.36	779	41
12-31-24	17.98	0.09	^•	4.15		4.24		0.12	3.03		—	3.15	—	19.07	23.36		1.06	1.07	1.07	0.46	704	95
12-31-23	15.74	0.12	^•	4.11		4.23		0.17	1.82		—	1.99	—	17.98	26.90		1.09	1.07	1.07	0.69	549	75
12-31-22	21.97	0.13	^•	(3.47	)	(3.34	)	0.16	2.73		—	2.89	—	15.74	(15.08	)	1.08	1.06	1.06	0.69	413	56
12-31-21	28.88	0.15	^•	8.03		8.18		0.22	14.87		—	15.09	—	21.97	28.52		1.06	1.01	1.01	0.46	488	65
12-31-20	27.59	0.25	^•	4.19		4.44		0.29	2.86		—	3.15	—	28.88	16.81		1.07	1.02	1.02	0.95	367	92
Voya Intermediate Bond Portfolio
Class ADV
06-30-25⁺	10.62	0.23	^•	0.21		0.44		0.22	—		—	0.22	—	10.84	4.18		1.19	1.03	1.03	4.35	180,832	62
12-31-24	10.82	0.43	^•	(0.19	)	0.24		0.44	—		—	0.44	—	10.62	2.28		1.10	1.03	1.03	4.00	180,921	240
12-31-23	10.51	0.39	^•	0.31		0.70		0.39	—		—	0.39	—	10.82	6.78		1.09	1.03	1.03	3.71	193,771	278
12-31-22	12.68	0.28	^•	(2.16	)	(1.88	)	0.29	—		—	0.29	—	10.51	(14.90	)	1.08	1.03	1.03	2.51	203,733	246
12-31-21	13.19	0.26	^•	(0.44	)	(0.18	)	0.25	0.00	*	0.08	0.33	—	12.68	(1.42	)	1.07	1.03	1.03	2.01	284,547	139
12-31-20	12.94	0.32		0.61		0.93		0.38	0.30		—	0.68	—	13.19	7.32		1.08	1.03	1.03	2.40	312,654	99
Class I
06-30-25⁺	10.74	0.26	^•	0.21		0.47		0.25	—		—	0.25	—	10.96	4.42		0.69	0.53	0.53	4.85	670,068	62
12-31-24	10.94	0.49	^•	(0.19	)	0.30		0.50	—		—	0.50	—	10.74	2.82		0.60	0.53	0.53	4.50	658,204	240
12-31-23	10.63	0.45	^•	0.30		0.75		0.44	—		—	0.44	—	10.94	7.28		0.59	0.53	0.53	4.21	712,402	278
12-31-22	12.82	0.34	^•	(2.18	)	(1.84	)	0.35	—		—	0.35	—	10.63	(14.44	)	0.58	0.53	0.53	3.02	727,981	246
12-31-21	13.33	0.33	^•	(0.45	)	(0.12	)	0.31	0.00	*	0.08	0.39	—	12.82	(0.88	)	0.57	0.53	0.53	2.51	976,144	139
12-31-20	13.08	0.39		0.61		1.00		0.45	0.30		—	0.75	—	13.33	7.81		0.58	0.53	0.53	2.89	1,108,593	99
Class S
06-30-25⁺	10.67	0.25	^•	0.21		0.46		0.24	—		—	0.24	—	10.89	4.30		0.94	0.78	0.78	4.60	59,468	62
12-31-24	10.87	0.46	^•	(0.19	)	0.27		0.47	—		—	0.47	—	10.67	2.55		0.85	0.78	0.78	4.28	60,945	240
12-31-23	10.56	0.42	^•	0.30		0.72		0.41	—		—	0.41	—	10.87	7.03		0.84	0.78	0.78	3.96	1,401,595	278
12-31-22	12.74	0.31	^•	(2.17	)	(1.86	)	0.32	—		—	0.32	—	10.56	(14.68	)	0.83	0.78	0.78	2.77	1,481,569	246
12-31-21	13.24	0.29	^•	(0.43	)	(0.14	)	0.28	0.00	*	0.08	0.36	—	12.74	(1.07	)	0.82	0.78	0.78	2.26	1,956,289	139
12-31-20	12.99	0.35		0.62		0.97		0.42	0.30		—	0.72	—	13.24	7.57		0.83	0.78	0.78	2.65	2,139,406	99
Class S2
06-30-25⁺	10.62	0.24	^•	0.21		0.45		0.23	—		—	0.23	—	10.84	4.24		1.09	0.93	0.93	4.44	7,773	62
12-31-24	10.82	0.44	^•	(0.19	)	0.25		0.45	—		—	0.45	—	10.62	2.38		1.00	0.93	0.93	4.10	8,187	240
12-31-23	10.51	0.40	^•	0.31		0.71		0.40	—		—	0.40	—	10.82	6.89		0.99	0.93	0.93	3.81	8,030	278
12-31-22	12.69	0.29	^•	(2.17	)	(1.88	)	0.30	—		—	0.30	—	10.51	(14.88	)	0.98	0.93	0.93	2.56	7,618	246
12-31-21	13.19	0.27	^•	(0.43	)	(0.16	)	0.26	0.00	*	0.08	0.34	—	12.69	(1.24	)	0.97	0.93	0.93	2.11	15,571	139
12-31-20	12.94	0.33		0.62		0.95		0.40	0.30		—	0.70	—	13.19	7.42		0.98	0.93	0.93	2.50	21,316	99

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations						Less Distributions								Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains	From return of capital	Total distributions	Payment by affiliate	Net asset value, end of year or period	Total Return⁽¹⁾		Expenses before reductions/ additions ^(2)(3)(4)	Expenses net of fee waivers and/or recoupments if any ^(2)(3)(4)	Expenses net of all reductions/ additions ^(2)(3)(4)	Net investment income (loss) ⁽²⁾⁽³⁾		Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	($)	(%)		(%)	(%)	(%)	(%)		($000’s)	(%)
Voya Small Company Portfolio
Class ADV
06-30-25⁺	14.33	0.03	^•	(0.44	)	(0.41	)	0.10	2.18	—	2.28	—	11.64	(2.14	)	1.41	1.36	1.36	0.51		8,601	65
12-31-24	13.56	0.07	^•	1.23		1.30		0.08	0.45	—	0.53	—	14.33	10.00		1.42	1.36	1.36	0.51		8,698	183
12-31-23	11.56	0.04	^•	1.97		2.01		0.01	—	—	0.01	—	13.56	17.37		1.45	1.36	1.36	0.36		8,712	193
12-31-22	19.74	(0.01	)^•	(3.40	)	(3.41	)	—	4.77	—	4.77	—	11.56	(17.04	)	1.46	1.38	1.38	(0.05	)	7,493	209
12-31-21	17.36	(0.10	)^•	2.56		2.46		—	0.08	—	0.08	—	19.74	14.19		1.49	1.40	1.40	(0.52	)	8,826	129
12-31-20	15.91	(0.04	)	1.77		1.73		0.01	0.27	—	0.28	—	17.36	11.73		1.52	1.40	1.40	(0.31	)	6,851	134
Class I
06-30-25⁺	16.03	0.07	^•	(0.47	)	(0.40	)	0.17	2.18	—	2.35	—	13.28	(1.83	)	0.91	0.86	0.86	0.98		177,654	65
12-31-24	15.09	0.15	^•	1.38		1.53		0.14	0.45	—	0.59	—	16.03	10.56		0.92	0.86	0.86	1.01		215,963	183
12-31-23	12.85	0.11	^•	2.19		2.30		0.06	—	—	0.06	—	15.09	18.00		0.95	0.86	0.86	0.84		225,540	193
12-31-22	21.22	0.06	^•	(3.66	)	(3.60	)	—	4.77	—	4.77	—	12.85	(16.68	)	0.96	0.88	0.88	0.42		226,999	209
12-31-21	18.59	(0.01	)^•	2.75		2.74		0.03	0.08	—	0.11	—	21.22	14.76		0.99	0.90	0.90	(0.03	)	344,506	129
12-31-20	17.04	0.05		1.86		1.91		0.09	0.27	—	0.36	—	18.59	12.28		1.02	0.90	0.90	0.19		347,004	134
Class R6
06-30-25⁺	16.06	0.08	^•	(0.49	)	(0.41	)	0.18	2.18	—	2.36	—	13.29	(1.87	)	0.80	0.80	0.80	1.07		7,712	65
12-31-24	15.11	0.17	^•	1.38		1.55		0.15	0.45	—	0.60	—	16.06	10.69		0.79	0.79	0.79	1.10		7,892	183
12-31-23	12.87	0.12	^•	2.19		2.31		0.07	—	—	0.07	—	15.11	18.05		0.80	0.80	0.80	0.92		5,042	193
12-31-22	21.23	0.07	^•	(3.66	)	(3.59	)	—	4.77	—	4.77	—	12.87	(16.62	)	0.83	0.83	0.83	0.45		8,465	209
12-31-21	18.60	0.00	*^•	2.74		2.74		0.03	0.08	—	0.11	—	21.23	14.77		0.87	0.87	0.87	0.00	*	14,790	129
12-31-20	17.04	0.03		1.89		1.92		0.09	0.27	—	0.36	—	18.60	12.34		0.89	0.89	0.89	0.25		11,466	134
Class S
06-30-25⁺	15.23	0.05	^•	(0.47	)	(0.42	)	0.11	2.18	—	2.29	—	12.52	(2.06	)	1.16	1.11	1.11	0.70		40,461	65
12-31-24	14.36	0.11	^•	1.31		1.42		0.10	0.45	—	0.55	—	15.23	10.34		1.17	1.11	1.11	0.76		58,884	183
12-31-23	12.23	0.08	^•	2.08		2.16		0.03	—	—	0.03	—	14.36	17.68		1.20	1.11	1.11	0.60		64,320	193
12-31-22	20.51	0.03	^•	(3.54	)	(3.51	)	—	4.77	—	4.77	—	12.23	(16.86	)	1.21	1.13	1.13	0.18		59,003	209
12-31-21	17.99	(0.06	)^•	2.66		2.60		—	0.08	—	0.08	—	20.51	14.47		1.24	1.15	1.15	(0.28	)	80,449	129
12-31-20	16.48	0.00	*	1.83		1.83		0.05	0.27	—	0.32	—	17.99	12.04		1.27	1.15	1.15	(0.06	)	80,512	134

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

(1)

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

(2)

Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

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

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

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

NOTE 3 — INVESTMENT TRANSACTIONS

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

	Purchases		Sales
Global High Dividend Low Volatility	$	189,006,875	$	214,234,635
Growth and Income		996,820,856		1,038,788,671
Intermediate Bond		159,124,182		201,117,938
Small Company		158,375,990		210,605,828

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

		Purchases				Sales
Intermediate Bond		$	404,897,665			$	349,826,495

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

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

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

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

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

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

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

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

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

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

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

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

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

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

Portfolio	Amount
Global High Dividend Low Volatility		$138,230
Government Money Market		320,478
Growth and Income		475,160
Intermediate Bond		540,016
Small Company		138,106

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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

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

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

Portfolio		Class ADV		Class I		Class S		Class S2
Global High Dividend Low Volatility		1.10%		0.60%		0.85%		1.00%

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

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

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

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

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

	June 30,
	2026		2027		2028		Total
Growth and Income	$	75,441	$	—	$	—	$	75,441
Intermediate Bond		569,909		36,441		378,577		984,927

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,
	2026		2027		2028		Total
Growth and Income
Class ADV	$	5,503	$	2,896	$	—	$	8,399
Class I		114,676		66,738		—		181,414
Class S		2,420		924		—		3,344
Class S2		25		16		—		41
Intermediate Bond
Class ADV	$	45,332	$	110,963	$	171,060	$	327,355
Class I		162,124		401,380		623,121		1,186,625
Class S		329,975		806,789		259,885		1,396,649
Class S2		1,737		4,558		7,595		13,890
Small Company
Class ADV	$	5,965	$	5,868	$	4,205	$	16,038
Class I		187,758		150,725		96,640		435,123
Class S		46,929		42,581		24,975		114,485

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

NOTE 8 — LINE OF CREDIT

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

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

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

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

Portfolio	Days Utilized	Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Global High Dividend Low Volatility	2	$	3,122,000		5.33	%
Growth and Income	4		2,992,750		5.33

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

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Shares converted	Net increase (decrease) in shares outstanding		Shares sold	Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Shares converted	Net increase (decrease)
Year or period ended	#	#	#	#		#	#		($)	($)	($)	($)		($)	($)
Global High Dividend Low Volatility
Class ADV
6/30/2025	85,171	—	75,743	(78,090	)	—	82,824		1,042,729	—	896,857	(957,071	)	—	982,515
12/31/2024	232,407	—	61,970	(186,038	)	—	108,339		2,642,472	—	702,630	(2,170,911	)	—	1,174,191
Class I
6/30/2025	183,827	—	772,352	(505,225	)	—	450,954		2,248,630	—	9,138,296	(6,129,796	)	—	5,257,130
12/31/2024	206,073	—	685,757	(1,302,840	)	—	(411,010	)	2,388,367	—	7,775,423	(15,156,505	)	—	(4,992,715	)
Class S
6/30/2025	364,497	—	1,906,365	(2,642,357	)	—	(371,495	)	4,456,302	—	22,679,154	(32,374,825	)	—	(5,239,369	)
12/31/2024	331,203	—	1,782,669	(5,914,590	)	—	(3,800,718	)	3,775,068	—	20,314,859	(68,793,849	)	—	(44,703,922	)
Class S2
6/30/2025	90	—	865	(860	)	—	95		1,076	—	10,114	(10,268	)	—	922
12/31/2024	176	—	1,202	(9,831	)	—	(8,453	)	1,984	—	13,458	(116,306	)	—	(100,864	)
Class T⁽¹⁾
6/30/2025	—	—	—	—		—	—		—	—	—	—		—	—
12/31/2024	2,831	—	520	(206,600	)	—	(203,249	)	32,865	—	6,126	(2,342,877	)	—	(2,303,886	)
Government Money Market
Class I
6/30/2025	153,279,316	—	17,438,724	(72,778,924	)	—	97,939,116		153,279,315	—	17,438,724	(72,778,924	)	—	97,939,115
12/31/2024	192,650,111	—	39,871,963	(197,231,018	)	—	35,291,056		192,650,111	—	39,871,963	(197,231,018	)	—	35,291,056
Class S⁽²⁾
6/30/2025	—	—	—	—		—	—		—	—	—	—		—	—
12/31/2024	—	—	—	(1,374,869	)	—	(1,374,869	)	—	—	—	(1,374,869	)	—	(1,374,869	)
Growth and Income
Class ADV
6/30/2025	33,502	—	71,773	(334,466	)	—	(229,191	)	650,640	—	1,352,194	(6,516,355	)	—	(4,513,521	)
12/31/2024	121,095	—	625,208	(663,588	)	—	82,715		2,445,633	—	12,702,776	(13,983,639	)	—	1,164,770
Class I
6/30/2025	5,736,057	—	1,702,925	(7,347,428	)	—	91,554		121,010,030	—	33,871,180	(151,769,812	)	—	3,111,398
12/31/2024	12,976,830	—	14,619,310	(15,063,445	)	—	12,532,695		278,871,315	—	312,560,858	(329,330,078	)	—	262,102,095
Class S
6/30/2025	246,411	—	24,478	(335,981	)	—	(65,092	)	4,829,793	—	462,636	(6,820,152	)	—	(1,527,723	)
12/31/2024	266,549	—	222,385	(442,346	)	—	46,588		5,686,342	—	4,527,241	(9,285,341	)	—	928,242
Class S2
6/30/2025	1,994	—	656	(105	)	—	2,545		37,706	—	11,867	(2,071	)	—	47,502
12/31/2024	1,402	—	5,121	(149	)	—	6,374		27,833	—	99,988	(2,992	)	—	124,829
Intermediate Bond
Class ADV
6/30/2025	354,159	—	343,666	(1,054,524	)	—	(356,699	)	3,792,348	—	3,700,833	(11,278,131	)	—	(3,784,950	)
12/31/2024	540,054	—	720,148	(2,132,849	)	—	(872,647	)	5,799,273	—	7,732,052	(22,881,389	)	—	(9,350,064	)
Class I
6/30/2025	2,001,353	—	1,403,783	(3,586,565	)	—	(181,429	)	21,691,985	—	15,283,622	(38,792,818	)	—	(1,817,211	)
12/31/2024	3,866,247	—	2,853,655	(10,537,400	)	—	(3,817,498	)	42,032,984	—	30,973,661	(114,261,510	)	—	(41,254,865	)
Class S
6/30/2025	286,734	—	120,229	(660,397	)	—	(253,434	)	3,087,704	—	1,300,873	(7,096,257	)	—	(2,707,680	)
12/31/2024	7,643,461	—	3,806,311	(134,729,103	)	—	(123,279,331	)	82,066,385	—	40,889,923	(1,495,177,628	)	—	(1,372,221,320	)
Class S2
6/30/2025	109,773	—	15,631	(179,231	)	—	(53,827	)	1,175,867	—	168,357	(1,929,347	)	—	(585,123	)
12/31/2024	183,902	—	31,375	(186,564	)	—	28,713		1,985,024	—	336,876	(2,009,845	)	—	312,055
Small Company
Class ADV
6/30/2025	43,628	—	125,359	(37,136	)	—	131,851		605,024	—	1,396,502	(497,225	)	—	1,504,301
12/31/2024	47,530	—	26,561	(109,939	)	—	(35,848	)	633,203	—	345,295	(1,506,032	)	—	(527,534	)
Class I
6/30/2025	27,432	—	2,107,828	(2,221,461	)	—	(86,201	)	419,611	—	26,769,416	(35,938,391	)	—	(8,749,364	)
12/31/2024	172,044	—	573,119	(2,226,596	)	—	(1,481,433	)	2,648,079	—	8,310,232	(34,274,526	)	—	(23,316,215	)
Class R6
6/30/2025	55,786	—	92,957	(59,880	)	—	88,863		763,966	—	1,181,485	(904,368	)	—	1,041,083
12/31/2024	276,765	—	21,518	(140,658	)	—	157,625		4,085,673	—	312,443	(2,219,178	)	—	2,178,938
Class S
6/30/2025	63,118	—	538,697	(1,237,774	)	—	(635,959	)	906,509	—	6,453,592	(18,800,453	)	—	(11,440,352	)
12/31/2024	194,821	—	170,617	(978,278	)	—	(612,840	)	2,805,764	—	2,352,815	(14,121,899	)	—	(8,963,320	)

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

NOTE 9 — CAPITAL SHARES (continued)

⁽¹⁾

Class T was fully redeemed on close of business May 1, 2024.

⁽²⁾

Class S was fully redeemed on close of business May 1, 2024.

NOTE 10 — SECURITIES LENDING

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

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

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

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

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

Global High Dividend Low Volatility

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Citigroup Global Markets Limited	$	208,369	$	(208,369	)	$	—
HSBC Bank PLC		2,345,315		(2,345,315	)		—
JP Morgan Securities Plc.		739,654		(739,654	)		—
Mizuho Securities USA LLC.		3,733,897		(3,733,897	)		—
UBS AG		3,705,849		(3,705,849	)		—
Total	$	10,733,084	$	(10,733,084	)	$	—

⁽¹⁾

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

Growth and Income

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BofA Securities Inc	$	17,029,950	$	(17,029,950	)	$	—
TD Prime Services LLC		3,374,503		(3,374,503	)		—
Total	$	20,404,453	$	(20,404,453	)	$	—

⁽¹⁾

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

Intermediate Bond

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
BNP Paribas	$	203,699	$	(203,699	)	$	—
BofA Securities Inc		429,784		(429,784	)		—
Canadian Imperial Bank of Commerce		472,227		(472,227	)		—
Citigroup Global Markets Inc.		380,456		(380,456	)		—
Goldman, Sachs & Co. LLC		8,869		(8,869	)		—
J.P. Morgan Securities LLC		1,342,696		(1,342,696	)		—
Jefferies LLC		174,997		(174,997	)		—

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

NOTE 10 — SECURITIES LENDING (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
National Bank Financial Inc	$	1,604,411	$	(1,604,411	)	$	—
NatWest Markets Securities Inc.		335,859		(335,859	)		—
TD Securities Inc		845,652		(845,652	)		—
Total	$	5,798,650	$	(5,798,650	)	$	—

⁽¹⁾

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

Small Company

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
Barclays Capital Inc.	$	1,905,244	$	(1,905,244	)	$	—
BMO Capital Markets Corp		414		(414	)		—
BNP Paribas Prime Brokerage Intl Ltd		280,878		(280,878	)		—
BNP Paribas Securities Corp.		1,112,476		(1,112,476	)		—
BofA Securities Inc		166,640		(166,640	)		—
Citigroup Global Markets Inc.		7,494		(7,494	)		—
Goldman, Sachs & Co. LLC		92,728		(92,728	)		—

Counterparty	Securities Loaned at Value		Cash Collateral Received⁽¹⁾			Net Amount
HSBC Bank PLC	$	36,387	$	(36,387	)	$	—
J.P. Morgan Securities LLC		208,309		(208,309	)		—
Janney Montgomery Scott LLC		197,455		(197,455	)		—
Jefferies LLC		65,486		(65,486	)		—
Morgan Stanley & Co. LLC		412,753		(412,753	)		—
National Financial Services LLC		372,165		(372,165	)		—
Natixis Securities America LLC		59,341		(59,341	)		—
Scotia Capital (USA) INC		8,302		(8,302	)		—
State Street Bank and Trust Company		618,543		(618,543	)		—
TD Prime Services LLC		1,019,724		(1,019,724	)		—
UBS AG		1,962,781		(1,962,781	)		—
Wells Fargo Securities LLC		166,837		(166,837	)		—
Total	$	8,693,957	$	(8,693,957	)	$	—

⁽¹⁾

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

NOTE 11 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, straddle loss deferrals, swaps and wash sale deferrals.

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

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

	Year Ended December 31, 2024				Year Ended December 31, 2023
		Ordinary Income		Long-term Capital Gains		Ordinary Income		Long-term Capital Gains
Global High Dividend Low
Volatility	$	15,234,189	$	13,578,307	$	13,652,061	$	17,125,548
Government Money Market		39,872,512		—		29,047,186		—
Growth and Income		44,698,285		285,396,830		81,111,926		110,458,275
Intermediate Bond		81,348,892		—		92,040,500		—
Small Company		11,320,785		—		1,166,900		—

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2024, were:

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

NOTE 11 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary		Undistributed Long-term		Unrealized Appreciation/			Capital Loss Carryforwards				Total Distributable
	Income		Capital Gains		(Depreciation)			Amount			Character	Earnings/(Loss)
Global High Dividend Low Volatility	$	6,530,171	$	23,413,348	$	45,009,586		$	—		—	$	74,953,105
Government Money Market		7,832		—		—			—		—		7,832
Growth and Income		30,404,399		5,322,088		526,203,762			—		—		561,930,249
Intermediate Bond		5,726,253		—		(52,751,394	)		(52,163,390	)	Short term		(427,424,969	)
									(328,236,438	)	Long term
								$	(380,399,828	)
Small Company		35,823,092		—		(7,680,863	)		—		—		28,142,229

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

As of June 30, 2025, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK

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

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

NOTE 13 — SEGMENT REPORTING

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

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

NOTE 13 — SEGMENT REPORTING (continued)

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

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

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

NOTE 14 — SUBSEQUENT EVENTS

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

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

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya Global High Dividend
Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of June 30, 2025 (Unaudited)

Shares		Value		Percentage of Net Assets
COMMON STOCK: 97.6%
	Australia: 1.3%
10,915	ASX Ltd.	$	501,167		0.1
3,159	Cochlear Ltd.		624,775		0.1
480,663	Medibank Pvt Ltd.		1,596,234		0.3
318,128	Scentre Group		747,193		0.2
900,387	Telstra Group Ltd.		2,870,995		0.6
			6,340,364		1.3
	Canada: 4.0%
10,267	Bank of Montreal		1,137,796		0.2
68,545 ⁽¹⁾	Bank of Nova Scotia		3,790,298		0.8
27,561	Canadian Natural Resources Ltd.		866,246		0.2
11,106	Canadian Tire Corp. Ltd. - Class A		1,511,982		0.3
18,552	CCL Industries, Inc. - Class B		1,081,854		0.2
129,186	Cenovus Energy, Inc.		1,757,897		0.4
4,755	iA Financial Corp., Inc.		521,295		0.1
74,895	Keyera Corp.		2,449,659		0.5
63,580	Suncor Energy, Inc.		2,381,653		0.5
13,195	Thomson Reuters Corp.		2,653,438		0.5
31,771	TMX Group Ltd.		1,346,666		0.3
			19,498,784		4.0
	Denmark: 0.6%
77,554	Danske Bank A/S		3,167,601		0.6

	Finland: 0.2%
179,082	Nokia Oyj		929,193		0.2

	France: 3.0%
52,011	AXA SA		2,554,010		0.5
36,871	BNP Paribas SA		3,307,401		0.7
54,951	Carrefour SA		775,154		0.2
8,817	Danone SA		721,439		0.1
11,198	Eiffage SA		1,573,472		0.3
100,990	Engie SA		2,373,555		0.5
4,488	Ipsen SA		534,602		0.1
202,330	Orange SA		3,081,128		0.6
			14,920,761		3.0
	Germany: 1.2%
39,667	Deutsche Telekom AG, Reg		1,451,959		0.3
36,008	Fresenius SE & Co. KGaA		1,812,028		0.4
11,039 ⁽²⁾	Scout24 SE		1,523,926		0.3
9,674	Symrise AG		1,014,461		0.2
			5,802,374		1.2
	Hong Kong: 1.1%
767,000	HKT Trust & HKT Ltd. - Stapled Security		1,146,720		0.2
23,300	Jardine Matheson Holdings Ltd.		1,120,031		0.2
189,900	Link REIT		1,017,198		0.2
104,500	Power Assets Holdings Ltd.		671,890		0.1
83,500	Swire Pacific Ltd. - Class A		715,771		0.2
957,500 ⁽²⁾	WH Group Ltd.		922,831		0.2
			5,594,441		1.1

Shares	RA	Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Israel: 0.3%
75,760	Bank Leumi Le-Israel BM	$	1,409,556		0.3

	Italy: 1.8%
706,733	Intesa Sanpaolo SpA		4,071,083		0.8
87,647 ⁽¹⁾⁽²⁾	Poste Italiane SpA		1,883,177		0.4
43,850	UniCredit SpA		2,941,615		0.6
			8,895,875		1.8
	Japan: 4.7%
151,500	Asahi Kasei Corp.		1,078,493		0.2
127,500	Central Japan Railway Co.		2,850,210		0.6
192,700	Dai-ichi Life Holdings, Inc.		1,465,022		0.3
14,100	Daito Trust Construction Co. Ltd.		1,535,750		0.3
63,100	Daiwa House Industry Co. Ltd.		2,168,293		0.4
143,700 ⁽¹⁾	Japan Airlines Co. Ltd.		2,930,892		0.6
56,200	Japan Post Holdings Co. Ltd.		520,537		0.1
26,600	Japan Tobacco, Inc.		783,621		0.2
185,900 ⁽¹⁾	Kirin Holdings Co. Ltd.		2,605,134		0.5
290,700	Mitsubishi Chemical Group Corp.		1,527,926		0.3
25,900	MS&AD Insurance Group Holdings, Inc.		579,010		0.1
46,500	Ono Pharmaceutical Co. Ltd.		503,957		0.1
73,100	Secom Co. Ltd.		2,626,112		0.5
599,700	Z Holdings Corp.		2,208,458		0.5
			23,383,415		4.7
	Netherlands: 1.6%
7,423	ASR Nederland NV		493,227		0.1
622,423	Koninklijke KPN NV		3,036,307		0.6
45,641	NN Group NV		3,036,920		0.6
8,933	Wolters Kluwer NV		1,493,942		0.3
			8,060,396		1.6
	New Zealand: 0.1%
25,058	Fisher & Paykel Healthcare Corp. Ltd.		550,394		0.1

	Norway: 1.0%
121,988	DNB Bank ASA		3,373,527		0.7
75,459	Mowi ASA		1,457,371		0.3
			4,830,898		1.0
	Puerto Rico: 0.4%
16,642	Popular, Inc.		1,834,115		0.4

	Singapore: 0.4%
16,500	DBS Group Holdings Ltd.		582,484		0.1
119,700	Singapore Exchange Ltd.		1,401,595		0.3
			1,984,079		0.4
	Spain: 1.4%
17,778	ACS Actividades de Construccion y Servicios SA		1,235,710		0.2
88,462 ⁽²⁾	Aena SME SA		2,361,392		0.5
9,318	Amadeus IT Group SA		787,215		0.2
156,458 ⁽¹⁾	Repsol SA		2,288,424		0.5
			6,672,741		1.4

See Accompanying Notes to Financial Statements

Voya Global High Dividend
Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of June 30, 2025 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Sweden: 0.3%
23,820	Swedbank AB - Class A	$	630,904		0.1
91,210	Telefonaktiebolaget LM Ericsson - Class B		779,419		0.2
			1,410,323		0.3
	Switzerland: 1.3%
8,255	ABB Ltd., Reg		494,712		0.1
4,620	DSM-Firmenich AG		491,501		0.1
13,589	SGS SA		1,379,768		0.3
5,773	Zurich Insurance Group AG		4,039,502		0.8
			6,405,483		1.3
	United Kingdom: 4.6%
16,642	Admiral Group PLC		747,333		0.2
65,667 ⁽²⁾	Auto Trader Group PLC		743,795		0.2
102,604	BAE Systems PLC		2,662,862		0.5
137,583	Barclays PLC		635,738		0.1
87,331	British American Tobacco PLC		4,152,259		0.8
328,000	CK Hutchison Holdings Ltd.		2,019,719		0.4
81,104	HSBC Holdings PLC		981,047		0.2
64,702	Imperial Brands PLC		2,556,379		0.5
277,800	NatWest Group PLC		1,950,971		0.4
120,753	Pearson PLC		1,778,808		0.4
144,889	Sage Group PLC		2,488,143		0.5
36,580	Smith & Nephew PLC		560,193		0.1
50,746	Smiths Group PLC		1,565,223		0.3
			22,842,470		4.6
	United States: 68.3%
36,037	AbbVie, Inc.		6,689,188		1.4
216,608	ADT, Inc.		1,834,670		0.4
15,375	AECOM		1,735,223		0.4
9,419	Allstate Corp.		1,896,139		0.4
10,436	Alphabet, Inc. - Class A		1,839,136		0.4
66,750	Altria Group, Inc.		3,913,553		0.8
183,884	Amcor PLC		1,689,894		0.3
16,746	Amdocs Ltd.		1,527,905		0.3
3,300	Ameriprise Financial, Inc.		1,761,309		0.4
10,889	AmerisourceBergen Corp.		3,265,067		0.7
12,932	AMETEK, Inc.		2,340,175		0.5
17,243	AptarGroup, Inc.		2,697,322		0.5
12,151	Assurant, Inc.		2,399,701		0.5
185,477	AT&T, Inc.		5,367,704		1.1
10,806	Automatic Data Processing, Inc.		3,332,570		0.7
51,409	Avnet, Inc.		2,728,790		0.6
26,433	Axis Capital Holdings Ltd.		2,744,274		0.6
30,999	Baker Hughes Co.		1,188,502		0.2
24,500	Bank of New York Mellon Corp.		2,232,195		0.5
29,059	Black Hills Corp.		1,630,210		0.3
82,137	Bristol-Myers Squibb Co.		3,802,122		0.8
85,211	Brixmor Property Group, Inc.		2,218,894		0.5
8,237	Brown & Brown, Inc.		913,236		0.2
20,202	Cardinal Health, Inc.		3,393,936		0.7
14,474	Cboe Global Markets, Inc.		3,375,482		0.7

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
10,990	Church & Dwight Co., Inc.	$	1,056,249		0.2
11,301	Cigna Group		3,735,885		0.8
9,144	Cintas Corp.		2,037,923		0.4
97,562	Cisco Systems, Inc.		6,768,852		1.4
36,452	Citigroup, Inc.		3,102,794		0.6
14,195	CME Group, Inc.		3,912,426		0.8
27,120	CNA Financial Corp.		1,261,894		0.3
36,524	Cognizant Technology Solutions Corp. - Class A		2,849,968		0.6
37,996	Colgate-Palmolive Co.		3,453,836		0.7
54,939	Conagra Brands, Inc.		1,124,601		0.2
32,059	ConocoPhillips		2,876,975		0.6
18,149	COPT Defense Properties		500,549		0.1
59,521	Coterra Energy, Inc.		1,510,643		0.3
25,854	CSX Corp.		843,616		0.2
7,941	Digital Realty Trust, Inc.		1,384,355		0.3
27,448	DT Midstream, Inc.		3,016,810		0.6
31,929	Duke Energy Corp.		3,767,622		0.8
7,346	DuPont de Nemours, Inc.		503,862		0.1
15,757	Eastman Chemical Co.		1,176,418		0.2
45,648	Edison International		2,355,437		0.5
9,198	Elevance Health, Inc.		3,577,654		0.7
7,186	Emerson Electric Co.		958,109		0.2
11,202	Entergy Corp.		931,110		0.2
11,243	EOG Resources, Inc.		1,344,775		0.3
27,333	Equitable Holdings, Inc.		1,533,381		0.3
6,767	Equity Residential		456,705		0.1
41,618	Essent Group Ltd.		2,527,461		0.5
4,525	Essex Property Trust, Inc.		1,282,385		0.3
22,650	Evergy, Inc.		1,561,265		0.3
71,024	Exelon Corp.		3,083,862		0.6
14,157	First Industrial Realty Trust, Inc.		681,376		0.1
19,082	Fortive Corp.		994,745		0.2
60,114	Gaming and Leisure Properties, Inc.		2,806,122		0.6
21,874	General Motors Co.		1,076,420		0.2
59,925	Genpact Ltd.		2,637,299		0.5
29,381	Gilead Sciences, Inc.		3,257,471		0.7
12,576	Globe Life, Inc.		1,563,071		0.3
48,013	H&R Block, Inc.		2,635,434		0.5
22,411	Hancock Whitney Corp.		1,286,391		0.3
15,003	Hanover Insurance Group, Inc.		2,548,560		0.5
27,000	Hartford Financial Services Group, Inc.		3,425,490		0.7
28,011	Healthpeak Properties, Inc.		490,473		0.1
34,330	Hewlett Packard Enterprise Co.		702,048		0.1
8,897	Hexcel Corp.		502,592		0.1
1,935	Humana, Inc.		473,069		0.1
17,487	Ingredion, Inc.		2,371,587		0.5
18,231	Iridium Communications, Inc.		550,029		0.1
7,790	Jack Henry & Associates, Inc.		1,403,524		0.3
49,774	Johnson & Johnson		7,602,979		1.5
2,255	JPMorgan Chase & Co.		653,747		0.1

See Accompanying Notes to Financial Statements

Voya Global High Dividend
Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of June 30, 2025 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
7,527	Kemper Corp.	$	485,793		0.1
14,157	Keurig Dr Pepper, Inc.		468,030		0.1
22,827	Kimberly-Clark Corp.		2,942,857		0.6
119,925	Kinder Morgan, Inc.		3,525,795		0.7
4,180	Leidos Holdings, Inc.		659,437		0.1
6,901	Lockheed Martin Corp.		3,196,129		0.6
34,205	Loews Corp.		3,135,230		0.6
17,599	Marsh & McLennan Cos., Inc.		3,847,845		0.8
3,654	McKesson Corp.		2,677,578		0.5
45,791	Medtronic PLC		3,991,601		0.8
44,898	Merck & Co., Inc.		3,554,126		0.7
15,147	Meta Platforms, Inc. - Class A		11,179,849		2.3
34,991	MetLife, Inc.		2,813,976		0.6
106,535	MGIC Investment Corp.		2,965,934		0.6
5,678	Microsoft Corp.		2,824,294		0.6
6,224	Motorola Solutions, Inc.		2,616,943		0.5
30,176	National Fuel Gas Co.		2,556,209		0.5
62,755	National Retail Properties, Inc.		2,709,761		0.6
26,046	NetApp, Inc.		2,775,201		0.6
30,340	New York Times Co. - Class A		1,698,433		0.3
72,925	NiSource, Inc.		2,941,795		0.6
38,794	NorthWestern Corp.		1,990,132		0.4
59,502	OGE Energy Corp.		2,640,699		0.5
69,265	Old Republic International Corp.		2,662,547		0.5
6,121	ONE Gas, Inc.		439,855		0.1
35,118	ONEOK, Inc.		2,866,682		0.6
10,186	Paycom Software, Inc.		2,357,040		0.5
38,416	PepsiCo, Inc.		5,072,449		1.0
188,293	Pfizer, Inc.		4,564,222		0.9
26,394	PG&E Corp.		367,932		0.1
13,689	Philip Morris International, Inc.		2,493,178		0.5
47,382	Procter & Gamble Co.		7,548,900		1.5
8,988	Prosperity Bancshares, Inc.		631,317		0.1
13,786	Qualcomm, Inc.		2,195,558		0.4
6,361 ⁽³⁾	Ralliant Corp.		308,429		0.1
1,705	Ralph Lauren Corp.		467,647		0.1
38,214	Raytheon Technologies Corp.		5,580,008		1.1
11,458	Regency Centers Corp.		816,153		0.2
13,045	Republic Services, Inc.		3,217,027		0.7
148,133	Rithm Capital Corp.		1,672,422		0.3
10,974	Roche Holding AG		3,582,132		0.7
4,804	Royal Gold, Inc.		854,343		0.2
10,590	RPM International, Inc.		1,163,206		0.2
25,769	Sabra Health Care REIT, Inc.		475,180		0.1
13,121	Simon Property Group, Inc.		2,109,332		0.4
20,306	Smithfield Foods, Inc.		477,800		0.1
8,723	Snap-on, Inc.		2,714,423		0.6
37,082	SS&C Technologies Holdings, Inc.		3,070,390		0.6
30,699	Synchrony Financial		2,048,851		0.4

Shares	RA	Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
20,496	TJX Cos., Inc.	$	2,531,051		0.5
6,494	Tradeweb Markets, Inc. - Class A		950,722		0.2
55,346	Travel + Leisure Co.		2,856,407		0.6
33,199	Unum Group		2,681,151		0.5
53,228	US Bancorp		2,408,567		0.5
10,097	VeriSign, Inc.		2,916,014		0.6
118,422	Verizon Communications, Inc.		5,124,120		1.0
323,119	Viatris, Inc.		2,885,453		0.6
8,184	Visa, Inc. - Class A		2,905,729		0.6
10,322	Waste Management, Inc.		2,361,880		0.5
2,701	Watts Water Technologies, Inc. - Class A		664,149		0.1
76,201	Wells Fargo & Co.		6,105,224		1.2
114,901	Wendy’s Co.		1,312,169		0.3
60,660	Williams Cos., Inc.		3,810,055		0.8
			336,144,407		68.3
	Total Common Stock (Cost $409,234,698)		480,677,670		97.6

EXCHANGE-TRADED FUNDS: 1.5%
33,861	iShares MSCI EAFE Value ETF		2,149,496		0.4
27,022	iShares Russell 1000 Value ETF		5,248,483		1.1
			7,397,979		1.5
	Total Exchange-Traded Funds (Cost $7,361,692)		7,397,979		1.5

PREFERRED STOCK: 0.4%
	Germany: 0.4%
12,203	Henkel AG & Co. KGaA		958,959		0.2
8,751	Volkswagen AG		925,101		0.2
			1,884,060		0.4
	Total Preferred Stock (Cost $1,894,290)		1,884,060		0.4
	Total Long-Term Investments (Cost $418,490,680)		489,959,709		99.5

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
	Time Deposits: 0.2%
270,000 ⁽⁴⁾	Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025		270,000		0.1
260,000 ⁽⁴⁾	Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025		260,000		0.0
270,000 ⁽⁴⁾	Mizuho Bank Ltd., 4.330%, 07/01/2025		270,000		0.1

See Accompanying Notes to Financial Statements

Voya Global High Dividend
Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of June 30, 2025 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Time Deposits (continued)
270,000 ⁽⁴⁾	Royal Bank of Canada, 4.330%, 07/01/2025	$	270,000		0.0
	Total Time Deposits (Cost $1,070,000)		1,070,000		0.2

	Repurchase Agreements: 2.1%
383,358 ⁽⁴⁾	BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $383,404, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $391,025, due 07/10/25-05/15/42)		383,358		0.1
2,707,313 ⁽⁴⁾	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,707,639, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $2,761,459, due 06/01/30-02/01/57)		2,707,313		0.6
2,707,313 ⁽⁴⁾	Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,707,639, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $2,761,459, due 08/15/34-06/01/55)		2,707,313		0.5
1,888,707 ⁽⁴⁾	HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,888,934, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,926,481, due 03/01/34-05/01/55)		1,888,707		0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,571,947 ⁽⁴⁾	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $2,572,263, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,615,653, due 07/15/26-02/15/54)	$	2,571,947			0.5
	Total Repurchase Agreements (Cost $10,258,638)		10,258,638			2.1
Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.2%
1,049,000 ⁽⁵⁾	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $1,049,000)	$	1,049,000			0.2
	Total Short-Term Investments (Cost $12,377,638)		12,377,638			2.5
	Total Investments in Securities (Cost $430,868,318)	$	502,337,347			102.0
	Liabilities in Excess of Other Assets		(9,904,082	)		(2.0	)
	Net Assets	$	492,433,265			100.0

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

See Accompanying Notes to Financial Statements

Voya Global High Dividend
Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of June 30, 2025 (Unaudited) (continued)

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

Portfolio holdings are subject to change daily.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2025
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	6,340,364	$	—	$	6,340,364
Canada		19,498,784		—		—		19,498,784
Denmark		—		3,167,601		—		3,167,601
Finland		—		929,193		—		929,193
France		—		14,920,761		—		14,920,761
Germany		—		5,802,374		—		5,802,374
Hong Kong		1,120,031		4,474,410		—		5,594,441
Israel		—		1,409,556		—		1,409,556
Italy		—		8,895,875		—		8,895,875
Japan		—		23,383,415		—		23,383,415
Netherlands		—		8,060,396		—		8,060,396
New Zealand		—		550,394		—		550,394
Norway		—		4,830,898		—		4,830,898
Puerto Rico		1,834,115		—		—		1,834,115
Singapore		—		1,984,079		—		1,984,079
Spain		—		6,672,741		—		6,672,741
Sweden		—		1,410,323		—		1,410,323
Switzerland		—		6,405,483		—		6,405,483
United Kingdom		—		22,842,470		—		22,842,470
United States		332,562,275		3,582,132		—		336,144,407
Total Common Stock		355,015,205		125,662,465		—		480,677,670
Exchange-Traded Funds		7,397,979		—		—		7,397,979
Preferred Stock		—		1,884,060		—		1,884,060
Short-Term Investments		1,049,000		11,328,638		—		12,377,638
Total Investments, at fair value	$	363,462,184	$	138,875,163	$	—	$	502,337,347

^{^}

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

The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments.

See Accompanying Notes to Financial Statements

Voya Global High Dividend
Low Volatility Portfolio

PORTFOLIO OF INVESTMENTS
as of June 30, 2025 (Unaudited) (continued)

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

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

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	81,342,135
Gross Unrealized Depreciation		(10,793,770	)
Net Unrealized Appreciation	$	70,548,365

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
U.S. TREASURY DEBT: 51.5%
17,500,000 ⁽¹⁾	United States Treasury Bill, 4.290%, 09/16/2025	$	17,341,107	1.9
115,500,000 ⁽¹⁾	United States Treasury Bill, 4.300%, 09/11/2025		114,515,633	12.4
8,500,000 ⁽¹⁾	United States Treasury Bill, 4.310%, 10/21/2025		8,388,008	0.9
266,000,000 ⁽¹⁾	United States Treasury Bill, 4.320%, 08/07/2025		264,807,968	28.7
64,750,000 ⁽¹⁾	United States Treasury Bill, 4.400%, 08/26/2025		64,308,333	7.0
6,000,000 ⁽²⁾	United States Treasury Floating Rate Notes, 4.406%, (USBMMY3M + 0.125%), 07/31/2025		5,999,997	0.6
			475,361,046	51.5
	Total U.S. Treasury Debt
	(Cost $475,361,046)		475,361,046	51.5

U.S. GOVERNMENT AGENCY DEBT: 17.2%
15,000,000 ⁽²⁾	Federal Farm Credit Banks Funding Corp., 4.430%, (SOFRRATE + 0.040%), 04/10/2026		14,997,631	1.6
3,500,000 ⁽²⁾	Federal Farm Credit Banks Funding Corp., 4.740%, (SOFRRATE + 0.350%), 11/25/2025		3,503,964	0.4
52,000,000 ⁽²⁾	Federal Farm Credit Banks Funding Corp. 0001, 4.440%, (SOFRRATE + 0.050%), 01/28/2026		52,000,535	5.6
9,250,000 ⁽²⁾	Federal Farm Credit Banks Funding Corp. 0001, 4.455%, (SOFRRATE + 0.065%), 09/05/2025		9,250,000	1.0
3,500,000 ⁽²⁾	Federal Farm Credit Banks Funding Corp. 0002, 4.480%, (FEDL01 + 0.150%), 04/24/2026		3,502,347	0.4
9,000,000 ⁽²⁾	Federal Home Loan Banks, 4.440%, (SOFRRATE + 0.050%), 08/21/2025		9,000,000	1.0
9,250,000 ⁽²⁾	Federal Home Loan Banks, 4.455%, (SOFRRATE + 0.065%), 09/16/2025		9,250,000	1.0
1,000,000	Federal Home Loan Banks, 4.500%, 12/12/2025		1,000,795	0.1
5,000,000 ⁽²⁾	Federal Home Loan Banks, 4.500%, (SOFRRATE + 0.110%), 04/10/2026		5,001,861	0.6
13,000,000 ⁽²⁾	Federal Home Loan Banks 0001, 4.550%, (SOFRRATE + 0.160%), 10/20/2025		13,003,400	1.4

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: (continued)
33,000,000 ⁽²⁾	Federal Home Loan Banks 0002, 4.395%, (SOFRRATE + 0.005%), 07/11/2025	$	32,999,985	3.6
5,000,000	Federal Home Loan Mortgage Corp., 0.465%, 09/30/2025		4,953,354	0.5
			158,463,872	17.2

	Total U.S. Government Agency Debt
	(Cost $158,463,872)		158,463,872	17.2

U.S. TREASURY REPURCHASE AGREEMENTS: 20.3%
187,133,000	Deutsche Bank, Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 $187,155,768 to be received upon repurchase (Collateralized by $287,469,360, various U.S. Treasuries, 0.000-2.875%, Market Value plus accrued interest $192,069,451 due 02/15/2036-5/15/2043)		187,133,000	20.3

	Total U.S. Treasury Repurchase Agreements
	(Cost $187,133,000)		187,133,000	20.3

See Accompanying Notes to Financial Statements

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

Shares		Value		Percentage of Net Assets
INVESTMENT COMPANIES: 8.0%
31,730,000 ⁽³⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, Fixed Income, 4.220%, 04/01/2022	$	31,730,000	3.4
42,000,000 ⁽³⁾	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), Fixed Income, 4.230%, 01/02/2025		42,000,000	4.6
			73,730,000	8.0

	Total Investment Companies
	(Cost $73,730,000)		73,730,000	8.0

	Total Investments in Securities
	(Cost $894,687,918)	$	894,687,918	97.0
	Assets in Excess of
	Other Liabilities		27,877,525	3.0
	Net Assets	$	922,565,443	100.0

^†

Unless otherwise indicated, principal amount is shown in USD.

⁽¹⁾

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025.

⁽²⁾

Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

⁽³⁾

Rate shown is the 7-day yield 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 Money Market 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 in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2025
Asset Table
Investments, at fair value
Investment Companies	$	73,730,000	$	—	$	—	$	73,730,000
U.S. Government Agency Debt		—		158,463,872		—		158,463,872
U.S. Treasury Debt		—		475,361,046		—		475,361,046
U.S. Treasury Repurchase Agreements		—		187,133,000		—		187,133,000
Total Investments, at fair value	$	73,730,000	$	820,957,918	$	—	$	894,687,918

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

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

Counterparty	U.S. Treasury Repurchase Agreements, at fair value		Fair Value of Non-Cash Collateral Received Including Accrued Interest⁽¹⁾			Net Amount
Deutsche Bank	$	187,133,000	$	(187,133,000	)	$	—
Totals	$	187,133,000	$	(187,133,000	)	$	—

⁽¹⁾

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

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

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
COMMON STOCK: 99.4%
	Communication Services: 9.7%
1,609,436	AT&T, Inc.	$	46,577,078	1.8
152,129	Meta Platforms, Inc. - Class A		112,284,894	4.5
614,183 ⁽¹⁾	Pinterest, Inc. - Class A		22,024,602	0.9
99,097 ⁽¹⁾	Take-Two Interactive Software, Inc.		24,065,706	1.0
3,313,232 ⁽¹⁾	Warner Bros Discovery, Inc.		37,969,639	1.5
			242,921,919	9.7

	Consumer Discretionary: 7.8%
535,045 ⁽¹⁾	Amazon.com, Inc.		117,383,523	4.7
5,768	Booking Holdings, Inc.		33,392,336	1.3
86,812	Lowe's Cos., Inc.		19,260,978	0.8
149,860	Tapestry, Inc.		13,159,207	0.5
83,081	Williams-Sonoma, Inc.		13,572,943	0.5
			196,768,987	7.8

	Consumer Staples: 5.3%
1,695,987	Albertsons Cos., Inc. - Class A		36,480,680	1.5
1,518,227	Kenvue, Inc.		31,776,491	1.3
342,564	McCormick & Co., Inc.		25,973,203	1.0
208,595	Philip Morris International, Inc.		37,991,407	1.5
			132,221,781	5.3

	Energy: 4.2%
358,197	Chesapeake Energy Corp.		41,887,557	1.7
244,236	Chevron Corp.		34,972,153	1.4
697,159	HF Sinclair Corp.		28,639,292	1.1
			105,499,002	4.2

	Financials: 14.0%
503,142	American International Group, Inc.		43,063,924	1.7
107,710	Arthur J Gallagher & Co.		34,480,125	1.4
828,083	Bank of America Corp.		39,184,887	1.6
371,069	Bank of New York Mellon Corp.		33,808,096	1.3
51,729	Goldman Sachs Group, Inc.		36,611,200	1.4
172,363	Intercontinental Exchange, Inc.		31,623,440	1.3
137,945	PNC Financial Services Group, Inc.		25,715,707	1.0
257,885	State Street Corp.		27,423,491	1.1
124,515	Visa, Inc. - Class A		44,209,051	1.8
449,342	Wells Fargo & Co.		36,001,281	1.4
			352,121,202	14.0

	Health Care: 10.2%
277,485	Abbott Laboratories		37,740,735	1.5
197,402	AbbVie, Inc.		36,641,759	1.5
439,333 ⁽¹⁾	Centene Corp.		23,846,995	0.9
114,288	Danaher Corp.		22,576,451	0.9
36,274	McKesson Corp.		26,580,862	1.0

Principal Amount†		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: (continued)
16,906 ⁽¹⁾	Mettler-Toledo International, Inc.	$	19,859,816	0.8
1,017,149	Pfizer, Inc.		24,655,692	1.0
94,036	Quest Diagnostics, Inc.		16,891,687	0.7
62,123	Stryker Corp.		24,577,722	1.0
52,883 ⁽¹⁾	Vertex Pharmaceuticals, Inc.		23,543,512	0.9
			256,915,231	10.2

	Industrials: 8.1%
272,961	3M Co.		41,555,582	1.7
217,141 ⁽¹⁾	Boeing Co.		45,497,554	1.8
76,243	Deere & Co.		38,768,803	1.6
379,127	Johnson Controls International PLC		40,043,394	1.6
33,278	Parker-Hannifin Corp.		23,243,685	0.9
48,400 ⁽¹⁾	Saia, Inc.		13,261,116	0.5
			202,370,134	8.1

	Information Technology: 32.3%
87,471	Accenture PLC - Class A		26,144,207	1.0
66,019 ⁽¹⁾	Adobe, Inc.		25,541,431	1.0
196,364 ⁽¹⁾	Advanced Micro Devices, Inc.		27,864,052	1.1
765,924	Apple, Inc.		157,144,627	6.3
376,416	Broadcom, Inc.		103,759,070	4.1
557,134	Cisco Systems, Inc.		38,653,957	1.5
126,980 ⁽¹⁾	Globant SA		11,534,863	0.5
375,617	Micron Technology, Inc.		46,294,795	1.9
418,961	Microsoft Corp.		208,395,391	8.3
568,696	NVIDIA Corp.		89,848,281	3.6
241,812	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		54,768,000	2.2
84,194 ⁽¹⁾	Workday, Inc. - Class A		20,206,560	0.8
			810,155,234	32.3

	Materials: 2.1%
629,055	Alcoa Corp.		18,563,413	0.8
188,930	CF Industries Holdings, Inc.		17,381,560	0.7
119,577	Nucor Corp.		15,490,005	0.6
			51,434,978	2.1

	Real Estate: 3.2%
300,446 ⁽²⁾	Boston Properties, Inc.		20,271,092	0.8
126,341	Extra Space Storage, Inc.		18,627,717	0.8
267,537	Welltower, Inc.		41,128,463	1.6
			80,027,272	3.2

	Utilities: 2.5%
267,676	Duke Energy Corp.		31,585,768	1.2
380,001	Public Service Enterprise Group, Inc.		31,988,484	1.3

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities: (continued)
10,000,000 ⁽³⁾⁽⁴⁾	Southern Energy	$	—	0.0
			63,574,252	2.5

	Total Common Stock
	(Cost $1,827,045,058)		2,494,009,992	99.4

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
	Repurchase Agreements: 0.7%
708,035 ⁽⁵⁾	BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $708,120, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $722,196, due 07/10/25-05/15/42)		708,035	0.0
4,976,464 ⁽⁵⁾	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $4,977,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $5,075,993, due 06/01/30-02/01/57)		4,976,464	0.2
4,976,464 ⁽⁵⁾	Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $4,977,063, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $5,075,993, due 08/15/34-06/01/55)		4,976,464	0.2

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
3,473,794 ⁽⁵⁾	HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $3,474,212, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $3,543,270, due 03/01/34-05/01/55)	$	3,473,794	0.1
4,727,641 ⁽⁵⁾	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $4,728,221, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,807,979, due 07/15/26-02/15/54)		4,727,641	0.2
	Total Repurchase Agreements
	(Cost $18,862,398)		18,862,398	0.7

	Time Deposits: 0.1%
480,000 ⁽⁵⁾	Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025		480,000	0.0
480,000 ⁽⁵⁾	Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025		480,000	0.0
500,000 ⁽⁵⁾	Mizuho Bank Ltd., 4.330%, 07/01/2025		500,000	0.0
500,000 ⁽⁵⁾	Royal Bank of Canada, 4.330%, 07/01/2025		500,000	0.1
	Total Time Deposits
	(Cost $1,960,000)		1,960,000	0.1

See Accompanying Notes to Financial Statements

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

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.7%
17,080,000 ⁽⁶⁾	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $17,080,000)	$	17,080,000		0.7

	Total Short-Term Investments
	(Cost $37,902,398)	$	37,902,398		1.5
	Total Investments in Securities
	(Cost $1,864,947,456)	$	2,531,912,390		100.9
	Liabilities in Excess of Other Assets		(21,486,835	)	(0.9	)
	Net Assets	$	2,510,425,555		100.0

ADR	American Depositary Receipt

^†	Unless otherwise indicated, principal amount is shown in USD.

⁽¹⁾

Non-income producing security.

⁽²⁾

Security, or a portion of the security, is on loan.

⁽³⁾

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

⁽⁴⁾

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

⁽⁵⁾

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽⁶⁾

Rate shown is the 7-day yield as of June 30, 2025.

See Accompanying Notes to Financial Statements

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	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 in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2025
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	242,921,919	$	—	$	—	$	242,921,919
Consumer Discretionary		196,768,987		—		—		196,768,987
Consumer Staples		132,221,781		—		—		132,221,781
Energy		105,499,002		—		—		105,499,002
Financials		352,121,202		—		—		352,121,202
Health Care		256,915,231		—		—		256,915,231
Industrials		202,370,134		—		—		202,370,134
Information Technology		810,155,234		—		—		810,155,234
Materials		51,434,978		—		—		51,434,978
Real Estate		80,027,272		—		—		80,027,272
Utilities		63,574,252		—		—		63,574,252
Total Common Stock		2,494,009,992		—		—		2,494,009,992
Short-Term Investments		17,080,000		20,822,398		—		37,902,398
Total Investments, at fair value	$	2,511,089,992	$	20,822,398	$	—	$	2,531,912,390

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

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

Security	Acquisition Date		Acquisition Cost		Fair Value
Southern Energy	11/30/2005	$	—	$	—
		$	—	$	—

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

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

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	703,326,136
Gross Unrealized Depreciation		(47,152,553	)
Net Unrealized Appreciation	$	656,173,583

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 21.7%
	Basic Materials: 0.2%
414,000 ⁽¹⁾	Anglo American Capital PLC, 5.500%, 05/02/2033	$	421,336	0.1
295,000	BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032		302,270	0.0
23,000 ⁽¹⁾⁽²⁾	Glencore Funding LLC, 5.893%, 04/04/2054		22,564	0.0
383,000	Nucor Corp., 5.100%, 06/01/2035		384,373	0.1
177,000	Nutrien Ltd., 2.950%, 05/13/2030		164,862	0.0
17,000	Nutrien Ltd., 5.875%, 12/01/2036		17,704	0.0
4,000	Nutrien Ltd., 5.950%, 11/07/2025		4,020	0.0
297,000	Rio Tinto Finance USA PLC, 5.000%, 03/14/2032		302,348	0.0
282,000	Rio Tinto Finance USA PLC, 5.750%, 03/14/2055		282,633	0.0
350,000	Steel Dynamics, Inc., 1.650%, 10/15/2027		330,122	0.0
			2,232,232	0.2
	Communications: 1.6%
351,000	Alphabet, Inc., 4.500%, 05/15/2035		346,528	0.1
206,000	Alphabet, Inc., 5.250%, 05/15/2055		203,034	0.0
115,000	Alphabet, Inc., 5.300%, 05/15/2065		112,693	0.0
129,000	Amazon.com, Inc., 2.100%, 05/12/2031		114,574	0.0
137,000	AT&T, Inc., 3.550%, 09/15/2055		92,514	0.0
140,000	AT&T, Inc., 3.650%, 09/15/2059		94,002	0.0
90,000	AT&T, Inc., 3.800%, 12/01/2057		63,033	0.0
229,000	AT&T, Inc., 4.900%, 08/15/2037		219,624	0.0
271,000	AT&T, Inc., 6.050%, 08/15/2056		276,754	0.0
259,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029		238,584	0.0
395,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052		271,320	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
96,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061	$	67,368	0.0
180,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050		144,121	0.0
253,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.250%, 04/01/2053		215,091	0.0
482,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029		504,765	0.1
219,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034		233,754	0.0
305,000	Cisco Systems, Inc., 4.950%, 02/26/2031		313,840	0.1
422,000	Cisco Systems, Inc., 4.950%, 02/24/2032		432,731	0.1
100,000	Cisco Systems, Inc., 5.100%, 02/24/2035		102,399	0.0
358,000	Cisco Systems, Inc., 5.500%, 02/24/2055		357,616	0.1
108,000	Comcast Corp., 1.500%, 02/15/2031		92,242	0.0
100,000	Comcast Corp., 1.950%, 01/15/2031		87,683	0.0
277,000	Comcast Corp., 2.650%, 02/01/2030		257,395	0.0
61,000	Comcast Corp., 3.200%, 07/15/2036		51,092	0.0
65,000	Comcast Corp., 3.900%, 03/01/2038		56,571	0.0
105,000	Comcast Corp., 5.300%, 06/01/2034		107,593	0.0
108,000	Comcast Corp., 5.500%, 05/15/2064		100,656	0.0
113,000	Comcast Corp., 5.650%, 06/01/2054		109,886	0.0
320,000	Comcast Corp., 6.050%, 05/15/2055		326,979	0.1
210,000	Discovery Communications LLC, 3.625%, 05/15/2030		171,087	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
282,000	Meta Platforms, Inc., 4.750%, 08/15/2034	$	283,421	0.0
935,000	Meta Platforms, Inc., 5.400%, 08/15/2054		912,508	0.1
685,000	Meta Platforms, Inc., 5.550%, 08/15/2064		669,985	0.1
207,000	Motorola Solutions, Inc., 5.000%, 04/15/2029		210,454	0.0
303,000	Motorola Solutions, Inc., 5.550%, 08/15/2035		309,054	0.1
200,000 ⁽¹⁾	NBN Co. Ltd., 1.450%, 05/05/2026		195,053	0.0
213,000 ⁽¹⁾	NBN Co. Ltd., 1.625%, 01/08/2027		204,799	0.0
200,000 ⁽¹⁾⁽²⁾	NBN Co. Ltd., 2.500%, 01/08/2032		175,208	0.0
315,000 ⁽¹⁾	NBN Co. Ltd., 6.000%, 10/06/2033		338,449	0.1
344,000	Netflix, Inc., 5.875%, 11/15/2028		362,711	0.1
38,000	Orange SA, 9.000%, 03/01/2031		46,186	0.0
38,000	Paramount Global, 4.950%, 05/19/2050		29,094	0.0
302,000	SoftBank Corp., 4.699%, 07/09/2030		302,000	0.0
530,000	Sprint Capital Corp., 6.875%, 11/15/2028		569,107	0.1
392,000	Sprint Capital Corp., 8.750%, 03/15/2032		475,752	0.1
91,000	Time Warner Cable LLC, 5.500%, 09/01/2041		82,799	0.0
116,000	Time Warner Cable LLC, 5.875%, 11/15/2040		111,441	0.0
77,000	T-Mobile USA, Inc., 2.050%, 02/15/2028		72,794	0.0
19,000	T-Mobile USA, Inc., 2.550%, 02/15/2031		17,018	0.0
212,000	T-Mobile USA, Inc., 2.625%, 02/15/2029		199,055	0.0
44,000	T-Mobile USA, Inc., 2.875%, 02/15/2031		40,068	0.0
57,000	T-Mobile USA, Inc., 3.000%, 02/15/2041		41,738	0.0
107,000	T-Mobile USA, Inc., 3.375%, 04/15/2029		103,029	0.0
354,000	T-Mobile USA, Inc., 3.500%, 04/15/2031		332,599	0.1
53,000	T-Mobile USA, Inc., 3.875%, 04/15/2030		51,491	0.0
117,000	T-Mobile USA, Inc., 4.375%, 04/15/2040		103,735	0.0
291,000 ⁽²⁾	T-Mobile USA, Inc., 5.300%, 05/15/2035		294,758	0.0
270,000	T-Mobile USA, Inc., 5.875%, 11/15/2055		270,079	0.0
271,000	Uber Technologies, Inc., 4.300%, 01/15/2030		269,979	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
494,000 ⁽¹⁾	Uber Technologies, Inc., 4.500%, 08/15/2029	$	491,439	0.1
563,000	Uber Technologies, Inc., 5.350%, 09/15/2054		525,509	0.1
138,000	Verizon Communications, Inc., 1.750%, 01/20/2031		118,948	0.0
177,000	Verizon Communications, Inc., 2.355%, 03/15/2032		152,637	0.0
136,000	Verizon Communications, Inc., 2.550%, 03/21/2031		122,019	0.0
230,000	Verizon Communications, Inc., 4.400%, 11/01/2034		218,379	0.0
144,000	Verizon Communications, Inc., 4.812%, 03/15/2039		135,209	0.0
236,000	Vodafone Group PLC, 5.875%, 06/28/2064		227,066	0.0
			14,831,099	1.6
	Consumer, Cyclical: 2.1%
24,665	American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029		24,023	0.0
8,935	American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029		8,665	0.0
478,316	American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029		459,117	0.1
11,368	American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030		10,769	0.0
413,061	American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031		393,679	0.1
267,000	American Honda Finance Corp., 4.700%, 01/12/2028		269,647	0.0
189,000	American Honda Finance Corp., 5.650%, 11/15/2028		196,529	0.0
354,000	American Honda Finance Corp., GMTN, 4.850%, 10/23/2031		355,138	0.0
125,000	AutoZone, Inc., 6.250%, 11/01/2028		132,496	0.0
175,000 ⁽¹⁾	BMW US Capital LLC, 5.050%, 03/21/2030		178,269	0.0
109,000	BorgWarner, Inc., 5.400%, 08/15/2034		110,299	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
271,000	Delta Air Lines, Inc., 5.250%, 07/10/2030	$	272,920	0.0
139,141 ⁽¹⁾	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028		139,529	0.0
395,000 ⁽¹⁾	Denso Corp., 4.420%, 09/11/2029		395,127	0.1
373,000	Ford Motor Credit Co. LLC, 3.625%, 06/17/2031		328,480	0.0
616,000	Ford Motor Credit Co. LLC, 4.000%, 11/13/2030		562,585	0.1
611,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027		597,421	0.1
32,000	General Motors Co., 6.125%, 10/01/2025		32,058	0.0
123,000	General Motors Co., 6.250%, 10/02/2043		120,752	0.0
339,000	General Motors Financial Co., Inc., 2.350%, 01/08/2031		293,771	0.0
1,074,000	General Motors Financial Co., Inc., 4.900%, 10/06/2029		1,072,596	0.1
503,000	General Motors Financial Co., Inc., 5.450%, 07/15/2030		510,269	0.1
921,000	General Motors Financial Co., Inc., 5.550%, 07/15/2029		941,160	0.1
518,000	General Motors Financial Co., Inc., 5.900%, 01/07/2035		521,056	0.1
92,000	General Motors Financial Co., Inc., 6.100%, 01/07/2034		94,734	0.0
207,000	Genuine Parts Co., 4.950%, 08/15/2029		210,263	0.0
596,000	Honda Motor Co. Ltd., 4.688%, 07/08/2030		597,157	0.1
901,000	Honda Motor Co. Ltd., 5.337%, 07/08/2035		903,643	0.1
127,000	Hyatt Hotels Corp., 5.250%, 06/30/2029		129,248	0.0
293,000 ⁽¹⁾	Hyundai Capital America, 5.150%, 03/27/2030		296,626	0.0
285,000 ⁽¹⁾	Hyundai Capital America, 5.300%, 06/24/2029		290,327	0.0
424,000 ⁽¹⁾⁽²⁾	Hyundai Capital America, 5.400%, 03/29/2032		429,245	0.1
282,000 ⁽¹⁾	Hyundai Capital America, 5.680%, 06/26/2028		289,498	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
681,000 ⁽¹⁾	Hyundai Capital America, 6.100%, 09/21/2028	$	708,152	0.1
301,000 ⁽¹⁾	Hyundai Capital America, 6.500%, 01/16/2029		317,564	0.0
20,000	Lowe's Cos., Inc., 4.450%, 04/01/2062		15,536	0.0
18,000	Lowe's Cos., Inc., 5.850%, 04/01/2063		17,592	0.0
266,000	Marriott International, Inc., 4.800%, 03/15/2030		268,638	0.0
166,000	Marriott International, Inc., 5.350%, 03/15/2035		167,437	0.0
389,000 ⁽¹⁾	Mercedes-Benz Finance North America LLC, 4.800%, 08/01/2029		392,315	0.1
187,000	O'Reilly Automotive, Inc., 5.000%, 08/19/2034		185,307	0.0
310,000	Target Corp., 5.000%, 04/15/2035		309,657	0.0
549,000	Toyota Motor Corp., 4.450%, 06/30/2030		551,419	0.1
250,000	Toyota Motor Credit Corp., 4.550%, 08/09/2029		252,081	0.0
402,000	Toyota Motor Credit Corp., 4.800%, 05/15/2030		408,550	0.1
185,000	Toyota Motor Credit Corp., 5.350%, 01/09/2035		189,704	0.0
342,000	Toyota Motor Credit Corp., MTN, 4.350%, 10/08/2027		343,525	0.0
106,529	United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029		108,796	0.0
419,747	United Airlines Pass Through Trust 2014-2, A, 3.750%, 03/03/2028		412,935	0.1
523,220	United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030		494,755	0.1
699,000 ⁽¹⁾	Volkswagen Group of America Finance LLC, 5.250%, 03/22/2029		707,442	0.1
759,000 ⁽¹⁾	Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027		766,152	0.1
354,000 ⁽¹⁾	Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030		376,874	0.0
886,000	Walmart, Inc., 4.900%, 04/28/2035		897,714	0.1

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
184,000	Warnermedia Holdings, Inc., 3.755%, 03/15/2027	$	171,711	0.0
101,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052		70,953	0.0
			19,301,905	2.1
	Consumer, Non-cyclical: 3.2%
121,000	AbbVie, Inc., 3.200%, 11/21/2029		115,774	0.0
150,000	AbbVie, Inc., 4.050%, 11/21/2039		131,545	0.0
166,000	AbbVie, Inc., 4.650%, 03/15/2028		168,538	0.0
448,000	AbbVie, Inc., 4.950%, 03/15/2031		460,073	0.1
282,000	AbbVie, Inc., 5.600%, 03/15/2055		282,361	0.0
262,000	Altria Group, Inc., 6.200%, 11/01/2028		276,665	0.0
75,000	Amgen, Inc., 2.200%, 02/21/2027		72,581	0.0
18,000	Amgen, Inc., 2.300%, 02/25/2031		16,013	0.0
60,000	Amgen, Inc., 2.450%, 02/21/2030		54,964	0.0
67,000	Amgen, Inc., 3.150%, 02/21/2040		51,642	0.0
49,000	Amgen, Inc., 5.250%, 03/02/2030		50,503	0.0
75,000	Amgen, Inc., 5.750%, 03/02/2063		72,970	0.0
133,000	Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038		124,181	0.0
448,000	Astrazeneca Finance LLC, 4.900%, 02/26/2031		460,514	0.1
324,000	Automatic Data Processing, Inc., 4.750%, 05/08/2032		328,802	0.1
12,000	BAT Capital Corp., 3.557%, 08/15/2027		11,811	0.0
267,000	BAT Capital Corp., 4.390%, 08/15/2037		238,889	0.0
138,000	BAT Capital Corp., 5.834%, 02/20/2031		145,271	0.0
68,000	BAT Capital Corp., 7.079%, 08/02/2043		74,950	0.0
346,000	Becton Dickinson & Co., 4.693%, 02/13/2028		349,477	0.1
11,000	Bristol-Myers Squibb Co., 3.400%, 07/26/2029		10,661	0.0
128,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039		113,978	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
545,000	Bristol-Myers Squibb Co., 5.550%, 02/22/2054	$	532,071	0.1
68,000	Bristol-Myers Squibb Co., 6.400%, 11/15/2063		73,722	0.0
298,000	Campbell Soup Co., 5.200%, 03/21/2029		305,252	0.0
423,000	Cardinal Health, Inc., 4.700%, 11/15/2026		425,344	0.1
49,000	Cardinal Health, Inc., 5.450%, 02/15/2034		50,446	0.0
216,000 ⁽¹⁾	Cargill, Inc., 1.700%, 02/02/2031		187,020	0.0
134,000 ⁽¹⁾	Cargill, Inc., 2.125%, 04/23/2030		121,669	0.0
123,000 ⁽¹⁾	Cargill, Inc., 5.125%, 02/11/2035		123,977	0.0
185,000	Cencora, Inc., 5.125%, 02/15/2034		186,569	0.0
71,000	Centene Corp., 2.450%, 07/15/2028		65,980	0.0
1,268,000	Centene Corp., 3.000%, 10/15/2030		1,133,803	0.1
409,000	Cigna Group, 2.375%, 03/15/2031		363,737	0.1
356,000	Cigna Group, 4.800%, 08/15/2038		334,899	0.1
170,000 ⁽²⁾	Cigna Group, 5.250%, 02/15/2034		172,774	0.0
489,000	Cigna Group, 5.600%, 02/15/2054		469,482	0.1
304,000	Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029		313,393	0.0
186,000	CVS Health Corp., 4.125%, 04/01/2040		155,922	0.0
415,000	CVS Health Corp., 4.780%, 03/25/2038		381,111	0.1
97,000	CVS Health Corp., 5.050%, 03/25/2048		83,838	0.0
139,000	CVS Health Corp., 5.125%, 02/21/2030		141,554	0.0
22,000	CVS Health Corp., 6.000%, 06/01/2063		21,049	0.0
10,417	CVS Pass-Through Trust, 6.943%, 01/10/2030		10,755	0.0
510,000 ⁽¹⁾	Element Fleet Management Corp., 5.643%, 03/13/2027		518,126	0.1
317,000	Elevance Health, Inc., 4.950%, 11/01/2031		321,614	0.0
143,000	Elevance Health, Inc., 5.200%, 02/15/2035		144,568	0.0
465,000	Eli Lilly & Co., 5.500%, 02/12/2055		468,254	0.1
210,000	Equifax, Inc., 3.100%, 05/15/2030		196,543	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
558,000	Gilead Sciences, Inc., 5.100%, 06/15/2035	$	565,377	0.1
281,000	Gilead Sciences, Inc., 5.600%, 11/15/2064		276,402	0.0
339,000	GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035		338,822	0.1
150,000	Global Payments, Inc., 4.450%, 06/01/2028		149,561	0.0
38,000	Global Payments, Inc., 5.950%, 08/15/2052		36,567	0.0
106,000	GXO Logistics, Inc., 6.250%, 05/06/2029		110,718	0.0
82,000	HCA, Inc., 2.375%, 07/15/2031		71,399	0.0
40,000	HCA, Inc., 3.375%, 03/15/2029		38,441	0.0
438,000	HCA, Inc., 3.500%, 09/01/2030		414,323	0.1
61,000	HCA, Inc., 4.375%, 03/15/2042		51,053	0.0
628,000	HCA, Inc., 4.500%, 02/15/2027		628,262	0.1
170,000	HCA, Inc., 5.125%, 06/15/2039		159,993	0.0
254,000	HCA, Inc., 5.450%, 04/01/2031		261,991	0.0
347,000	HCA, Inc., 6.000%, 04/01/2054		339,731	0.1
39,000	HCA, Inc., 6.100%, 04/01/2064		38,069	0.0
434,000 ⁽¹⁾	Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029		443,041	0.1
545,000	Hershey Co., 4.950%, 02/24/2032		557,353	0.1
258,000	Humana, Inc., 5.375%, 04/15/2031		264,000	0.0
524,000	Icon Investments Six DAC, 5.849%, 05/08/2029		543,833	0.1
524,000 ⁽¹⁾	Imperial Brands Finance PLC, 5.500%, 02/01/2030		540,400	0.1
267,000 ⁽¹⁾	Imperial Brands Finance PLC, 5.875%, 07/01/2034		274,240	0.0
203,000 ⁽¹⁾	Japan Tobacco, Inc., 5.250%, 06/15/2030		208,978	0.0
7,000	Johnson & Johnson, 2.100%, 09/01/2040		4,812	0.0
103,000	Johnson & Johnson, 3.625%, 03/03/2037		92,220	0.0
422,000	Johnson & Johnson, 4.700%, 03/01/2030		432,042	0.1
28,000	Johnson & Johnson, 5.850%, 07/15/2038		30,555	0.0
236,000	Kenvue, Inc., 4.850%, 05/22/2032		238,969	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
168,000	Kenvue, Inc., 5.050%, 03/22/2028	$	172,083	0.0
74,000	Keurig Dr Pepper, Inc., 4.600%, 05/15/2030		74,397	0.0
117,000	Kraft Heinz Foods Co., 5.200%, 03/15/2032		119,196	0.0
223,000	Kroger Co., 5.500%, 09/15/2054		211,832	0.0
292,000	Kroger Co., 5.650%, 09/15/2064		276,672	0.0
216,000	Laboratory Corp. of America Holdings, 4.550%, 04/01/2032		212,768	0.0
234,000 ⁽¹⁾	Mars, Inc., 5.000%, 03/01/2032		237,229	0.0
423,000 ⁽¹⁾	Mars, Inc., 5.200%, 03/01/2035		428,279	0.1
290,000 ⁽¹⁾	Mars, Inc., 5.650%, 05/01/2045		290,871	0.0
282,000 ⁽¹⁾	Mars, Inc., 5.700%, 05/01/2055		281,512	0.0
237,000	McKesson Corp., 4.250%, 09/15/2029		236,753	0.0
352,000	McKesson Corp., 4.950%, 05/30/2032		356,860	0.1
283,000	McKesson Corp., 5.250%, 05/30/2035		287,586	0.0
161,000	Mondelez International, Inc., 2.750%, 04/13/2030		149,568	0.0
173,000	Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033		172,550	0.0
289,000	Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063		268,248	0.0
273,000	Philip Morris International, Inc., 4.750%, 11/01/2031		275,185	0.0
341,000	Philip Morris International, Inc., 4.875%, 02/13/2029		347,131	0.1
79,000	Quest Diagnostics, Inc., 2.800%, 06/30/2031		71,691	0.0
80,000	Quest Diagnostics, Inc., 2.950%, 06/30/2030		74,472	0.0
416,000	Quest Diagnostics, Inc., 4.625%, 12/15/2029		420,251	0.1
162,000	Quest Diagnostics, Inc., 5.000%, 12/15/2034		161,278	0.0
118,000	Quest Diagnostics, Inc., 6.400%, 11/30/2033		129,353	0.0
81,000	Reynolds American, Inc., 5.850%, 08/15/2045		78,213	0.0
302,000 ⁽¹⁾	Roche Holdings, Inc., 4.592%, 09/09/2034		299,027	0.0
581,000 ⁽¹⁾	Roche Holdings, Inc., 5.489%, 11/13/2030		614,464	0.1

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
354,000	Royalty Pharma PLC, 1.750%, 09/02/2027	$	335,339	0.1
156,000	Royalty Pharma PLC, 2.200%, 09/02/2030		138,330	0.0
66,000	Royalty Pharma PLC, 3.300%, 09/02/2040		49,737	0.0
178,000	Royalty Pharma PLC, 5.150%, 09/02/2029		181,787	0.0
117,000	S&P Global, Inc., 1.250%, 08/15/2030		100,775	0.0
346,000	S&P Global, Inc., 2.700%, 03/01/2029		328,035	0.0
262,000	Solventum Corp., 5.450%, 03/13/2031		272,167	0.0
139,000	Solventum Corp., 5.600%, 03/23/2034		143,111	0.0
181,000	Solventum Corp., 5.900%, 04/30/2054		181,081	0.0
316,000	Stryker Corp., 4.850%, 02/10/2030		322,509	0.0
129,000	Sysco Corp., 5.400%, 03/23/2035		131,293	0.0
325,000	Takeda Pharmaceutical Co. Ltd., 5.300%, 07/05/2034		330,176	0.1
257,000	Takeda Pharmaceutical Co. Ltd., 5.800%, 07/05/2064		249,854	0.0
302,000	Takeda US Financing, Inc., 5.200%, 07/07/2035		302,155	0.0
331,000	Takeda US Financing, Inc., 5.900%, 07/07/2055		332,907	0.1
387,000	Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030		398,448	0.1
199,000	Tyson Foods, Inc., 5.400%, 03/15/2029		205,236	0.0
229,000	Unilever Capital Corp., 4.625%, 08/12/2034		227,347	0.0
35,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040		25,408	0.0
102,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039		82,366	0.0
133,000	UnitedHealth Group, Inc., 5.150%, 07/15/2034		134,407	0.0
52,000	UnitedHealth Group, Inc., 5.500%, 04/15/2064		48,572	0.0
238,000	UnitedHealth Group, Inc., 5.750%, 07/15/2064		231,690	0.0
156,000	Universal Health Services, Inc., 4.625%, 10/15/2029		154,291	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
151,000	Viatris, Inc., 2.700%, 06/22/2030	$	134,554	0.0
102,000	Viatris, Inc., 3.850%, 06/22/2040		75,381	0.0
152,000	Viatris, Inc., 4.000%, 06/22/2050		101,327	0.0
247,000	Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028		254,722	0.0
			29,747,261	3.2
	Energy: 1.4%
203,000 ⁽¹⁾	Aker BP ASA, 5.125%, 10/01/2034		195,034	0.0
421,000 ⁽¹⁾	APA Corp., 6.750%, 02/15/2055		398,167	0.1
58,000	BP Capital Markets America, Inc., 4.893%, 09/11/2033		58,163	0.0
44,000	BP Capital Markets America, Inc., 4.989%, 04/10/2034		44,296	0.0
262,000	BP Capital Markets America, Inc., 5.227%, 11/17/2034		266,709	0.0
198,000 ⁽³⁾	BP Capital Markets PLC, 4.875%, 12/31/2199		196,567	0.0
233,000 ⁽³⁾	BP Capital Markets PLC, 6.125%, 12/31/2199		233,199	0.0
71,000 ⁽¹⁾	Cameron LNG LLC, 2.902%, 07/15/2031		64,524	0.0
191,000 ⁽¹⁾	Canadian Natural Resources Ltd., 5.400%, 12/15/2034		189,873	0.0
10,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029		9,650	0.0
258,000	Cheniere Energy Partners L.P., 4.500%, 10/01/2029		255,328	0.0
526,000 ⁽¹⁾	Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031		528,645	0.1
373,000 ⁽¹⁾	Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028		388,500	0.1
89,000	ConocoPhillips Co., 5.700%, 09/15/2063		85,235	0.0
290,000 ⁽²⁾	Devon Energy Corp., 5.200%, 09/15/2034		281,801	0.0
108,000	Diamondback Energy, Inc., 4.250%, 03/15/2052		81,361	0.0
82,000	Diamondback Energy, Inc., 5.900%, 04/18/2064		75,981	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
222,000	Diamondback Energy, Inc., 6.250%, 03/15/2053	$	219,760	0.0
267,000 ⁽³⁾	Enbridge, Inc. 20-A, 5.750%, 07/15/2080		266,540	0.0
210,000	Energy Transfer L.P., 3.750%, 05/15/2030		201,569	0.0
27,000	Energy Transfer L.P., 4.900%, 03/15/2035		25,839	0.0
211,000	Energy Transfer L.P., 5.200%, 04/01/2030		215,788	0.0
148,000	Energy Transfer L.P., 5.300%, 04/01/2044		132,709	0.0
77,000	Energy Transfer L.P., 5.350%, 05/15/2045		69,413	0.0
91,000	Energy Transfer L.P., 6.050%, 09/01/2054		87,543	0.0
67,000	Energy Transfer L.P. 20Y, 5.800%, 06/15/2038		67,285	0.0
139,000	Enterprise Products Operating LLC, 4.950%, 02/15/2035		138,583	0.0
407,000 ⁽³⁾	Enterprise Products Operating LLC D, 7.573%, (TSFR3M + 3.248%), 08/16/2077		405,265	0.1
543,000	EOG Resources, Inc., 5.000%, 07/15/2032		549,856	0.1
262,000	EOG Resources, Inc., 5.350%, 01/15/2036		265,811	0.0
787,000	Equinor ASA, 4.500%, 09/03/2030		792,923	0.1
450,000	Hess Corp., 4.300%, 04/01/2027		449,142	0.1
66,000	Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043		58,849	0.0
84,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044		78,043	0.0
357,000	Kinder Morgan, Inc., 5.300%, 12/01/2034		356,668	0.1
269,000	Marathon Petroleum Corp., 5.700%, 03/01/2035		272,991	0.0
343,000	MPLX L.P., 2.650%, 08/15/2030		310,558	0.1
152,000	MPLX L.P., 4.000%, 03/15/2028		150,554	0.0
78,000	MPLX L.P., 5.500%, 06/01/2034		78,355	0.0
140,000	Occidental Petroleum Corp., 5.375%, 01/01/2032		138,951	0.0
91,000	Occidental Petroleum Corp., 6.050%, 10/01/2054		83,471	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
351,000	Occidental Petroleum Corp., 6.125%, 01/01/2031	$	363,611	0.1
160,000	Occidental Petroleum Corp., 6.200%, 03/15/2040		156,718	0.0
33,000	Occidental Petroleum Corp., 6.600%, 03/15/2046		32,554	0.0
41,000	Occidental Petroleum Corp., 8.500%, 07/15/2027		43,398	0.0
82,000	ONEOK Partners L.P., 6.200%, 09/15/2043		81,680	0.0
112,000 ⁽²⁾	Ovintiv, Inc., 5.650%, 05/15/2028		115,171	0.0
478,000	Ovintiv, Inc., 7.100%, 07/15/2053		495,912	0.1
268,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028		266,644	0.0
125,000 ⁽¹⁾	Schlumberger Holdings Corp., 2.650%, 06/26/2030		115,092	0.0
243,000 ⁽¹⁾	Schlumberger Holdings Corp., 5.000%, 11/15/2029		249,468	0.0
71,000	Targa Resources Corp., 5.500%, 02/15/2035		71,283	0.0
43,000	Targa Resources Corp., 6.250%, 07/01/2052		42,629	0.0
233,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031		231,257	0.0
63,000	TotalEnergies Capital SA, 5.638%, 04/05/2064		61,149	0.0
332,000 ⁽³⁾	TransCanada PipeLines Ltd., 7.000%, 06/01/2065		332,533	0.1
136,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030		128,333	0.0
302,000	Western Midstream Operating L.P., 5.450%, 11/15/2034		296,224	0.0
129,000	Williams Cos., Inc., 4.900%, 03/15/2029		130,818	0.0
325,000	Woodside Finance Ltd., 5.400%, 05/19/2030		329,755	0.1
303,000	Woodside Finance Ltd., 5.700%, 05/19/2032		308,640	0.0
352,000	Woodside Finance Ltd., 6.000%, 05/19/2035		359,477	0.1
			12,981,845	1.4
	Financial: 7.3%
200,000 ⁽¹⁾⁽³⁾	ABN AMRO Bank NV, 3.324%, 03/13/2037		175,975	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
271,000	Air Lease Corp., MTN, 5.200%, 07/15/2031	$	277,070	0.0
208,000	Alleghany Corp., 3.250%, 08/15/2051		139,651	0.0
286,000 ⁽³⁾	American Express Co., 5.098%, 02/16/2028		289,350	0.0
576,000 ⁽³⁾	American Express Co., 5.282%, 07/27/2029		592,364	0.1
343,000 ⁽³⁾	American Express Co., 5.532%, 04/25/2030		356,639	0.0
47,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032		43,397	0.0
144,000	American Homes 4 Rent L.P., 4.250%, 02/15/2028		143,183	0.0
334,000	American Homes 4 Rent L.P., 5.500%, 02/01/2034		339,765	0.0
391,000	American International Group, Inc., 3.400%, 06/30/2030		372,024	0.1
391,000 ⁽¹⁾	American National Global Funding, 5.250%, 06/03/2030		393,158	0.1
84,000	American Tower Corp., 2.700%, 04/15/2031		75,374	0.0
60,000	American Tower Corp., 3.600%, 01/15/2028		58,931	0.0
182,000	American Tower Corp., 3.650%, 03/15/2027		179,838	0.0
187,000	American Tower Corp., 5.250%, 07/15/2028		191,776	0.0
160,000	Ameriprise Financial, Inc., 5.200%, 04/15/2035		161,240	0.0
221,000	Ameriprise Financial, Inc., 5.700%, 12/15/2028		231,675	0.0
125,000	Aon North America, Inc., 5.125%, 03/01/2027		126,531	0.0
280,000	Aon North America, Inc., 5.150%, 03/01/2029		286,843	0.0
747,000 ⁽¹⁾	Athene Global Funding, 5.322%, 11/13/2031		753,510	0.1
153,000 ⁽¹⁾	Athene Global Funding, 5.684%, 02/23/2026		154,078	0.0
704,000 ⁽¹⁾	Atlas Warehouse Lending Co. L.P., 6.050%, 01/15/2028		713,054	0.1
600,000	Banco Santander SA, 5.439%, 07/15/2031		623,576	0.1
400,000 ⁽³⁾	Banco Santander SA, 5.538%, 03/14/2030		412,573	0.1
103,000 ⁽³⁾	Bank of America Corp., 2.299%, 07/21/2032		89,784	0.0
238,000 ⁽³⁾	Bank of America Corp., 2.572%, 10/20/2032		209,826	0.0
403,000 ⁽³⁾	Bank of America Corp., 2.592%, 04/29/2031		368,531	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
360,000 ⁽³⁾	Bank of America Corp., 2.687%, 04/22/2032	$	323,174	0.0
1,267,000 ⁽³⁾	Bank of America Corp., 3.419%, 12/20/2028		1,238,717	0.1
60,000 ⁽³⁾	Bank of America Corp., 3.705%, 04/24/2028		59,309	0.0
149,000 ⁽³⁾	Bank of America Corp., 5.464%, 05/09/2036		152,844	0.0
189,000 ⁽³⁾	Bank of America Corp., 5.511%, 01/24/2036		194,404	0.0
610,000 ⁽³⁾	Bank of America Corp., 5.518%, 10/25/2035		610,283	0.1
502,000 ⁽³⁾	Bank of America Corp., 5.744%, 02/12/2036		510,348	0.1
380,000 ⁽³⁾	Bank of America Corp., 5.872%, 09/15/2034		401,141	0.1
612,000 ⁽³⁾	Bank of America Corp., GMTN, 3.593%, 07/21/2028		602,724	0.1
470,000 ⁽³⁾	Bank of America Corp., MTN, 2.087%, 06/14/2029		440,618	0.1
65,000 ⁽³⁾	Bank of America Corp., MTN, 2.496%, 02/13/2031		59,383	0.0
434,000 ⁽³⁾	Bank of America Corp., MTN, 2.551%, 02/04/2028		421,938	0.1
348,000 ⁽³⁾	Bank of America Corp., MTN, 2.884%, 10/22/2030		325,798	0.0
434,000 ⁽³⁾	Bank of America Corp., MTN, 2.972%, 02/04/2033		388,755	0.1
424,000 ⁽³⁾	Bank of America Corp., MTN, 3.194%, 07/23/2030		403,677	0.1
87,000 ⁽³⁾	Bank of America Corp., MTN, 3.970%, 03/05/2029		86,049	0.0
1,611,000 ⁽²⁾⁽³⁾	Bank of Montreal, 4.640%, 09/10/2030		1,624,770	0.2
386,000	Bank of Montreal, 5.511%, 06/04/2031		403,744	0.1
70,000 ⁽³⁾	Bank of New York Mellon Corp., 5.316%, 06/06/2036		71,485	0.0
535,000 ⁽³⁾	Bank of Nova Scotia, 4.740%, 11/10/2032		534,822	0.1
270,000 ⁽³⁾	Bank of Nova Scotia, 5.130%, 02/14/2031		275,043	0.0
200,000 ⁽¹⁾	Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026		200,540	0.0
341,000 ⁽³⁾	Barclays PLC, 5.367%, 02/25/2031		348,414	0.0
172,000 ⁽¹⁾	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028		158,523	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
466,000 ⁽¹⁾	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032	$	392,535	0.1
64,000 ⁽¹⁾	Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030		58,778	0.0
364,000 ⁽¹⁾⁽³⁾	BNP Paribas SA, 5.085%, 05/09/2031		367,672	0.0
371,000 ⁽¹⁾⁽²⁾	BPCE SA, 5.203%, 01/18/2027		376,425	0.1
364,000 ⁽¹⁾	BPCE SA, 5.281%, 05/30/2029		374,663	0.1
371,000 ⁽¹⁾⁽³⁾	BPCE SA, 5.716%, 01/18/2030		382,071	0.1
359,000	Brookfield Asset Management Ltd., 5.795%, 04/24/2035		368,525	0.0
378,000	Brown & Brown, Inc., 4.900%, 06/23/2030		381,726	0.1
221,000 ⁽¹⁾⁽³⁾	CaixaBank SA, 5.673%, 03/15/2030		228,623	0.0
222,000 ⁽³⁾	Capital One Financial Corp., 1.878%, 11/02/2027		214,497	0.0
166,000 ⁽³⁾	Charles Schwab Corp., 6.196%, 11/17/2029		176,189	0.0
501,000	CME Group, Inc., 4.400%, 03/15/2030		504,667	0.1
434,000 ⁽¹⁾	CNO Global Funding, 5.875%, 06/04/2027		445,935	0.1
490,000 ⁽³⁾	CoBank ACB M, 7.125%, 12/31/2199		501,869	0.1
906,000 ⁽¹⁾⁽³⁾	Cooperatieve Rabobank UA, 5.710%, 01/21/2033		943,592	0.1
444,000 ⁽¹⁾	Corebridge Financial, Inc., 3.650%, 04/05/2027		438,301	0.1
96,000	Corebridge Financial, Inc., 3.900%, 04/05/2032		90,174	0.0
109,000	Corebridge Financial, Inc., 5.750%, 01/15/2034		113,315	0.0
335,000	Corebridge Financial, Inc., 6.050%, 09/15/2033		352,832	0.0
399,000	Credit Suisse AG/ New York NY, 5.000%, 07/09/2027		405,241	0.1
200,000	Crown Castle, Inc., 2.100%, 04/01/2031		171,693	0.0
53,000	Crown Castle, Inc., 2.500%, 07/15/2031		46,277	0.0
136,000	Crown Castle, Inc., 2.900%, 03/15/2027		132,356	0.0
210,000	Crown Castle, Inc., 3.300%, 07/01/2030		196,676	0.0
401,000	Crown Castle, Inc., 4.800%, 09/01/2028		403,563	0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
416,000	Crown Castle, Inc., 4.900%, 09/01/2029	$	419,949	0.1
56,000	Crown Castle, Inc., 5.100%, 05/01/2033		55,802	0.0
201,000	Crown Castle, Inc., 5.600%, 06/01/2029		207,549	0.0
96,000	Crown Castle, Inc., 5.800%, 03/01/2034		99,451	0.0
232,000	CubeSmart L.P., 2.250%, 12/15/2028		216,297	0.0
270,000 ⁽¹⁾⁽³⁾	Danske Bank A/S, 4.613%, 10/02/2030		268,988	0.0
345,000 ⁽¹⁾⁽³⁾	Danske Bank A/S, 5.705%, 03/01/2030		358,045	0.0
813,000 ⁽¹⁾⁽³⁾	Depository Trust & Clearing Corp. D, 3.375%, 12/31/2199		789,972	0.1
719,000	Deutsche Bank AG/ New York NY, 5.414%, 05/10/2029		744,942	0.1
271,000 ⁽¹⁾⁽³⁾	DNB Bank ASA, 4.853%, 11/05/2030		274,115	0.0
328,000 ⁽¹⁾	EQT AB, 5.850%, 05/08/2035		334,819	0.0
509,000 ⁽¹⁾	Equitable Financial Life Global Funding, 5.000%, 03/27/2030		516,961	0.1
533,000 ⁽¹⁾	Equitable Holdings, Inc., 4.572%, 02/15/2029		532,454	0.1
196,000	Extra Space Storage L.P., 3.900%, 04/01/2029		192,001	0.0
165,000	Extra Space Storage L.P., 4.000%, 06/15/2029		161,879	0.0
140,000	Extra Space Storage L.P., 5.350%, 01/15/2035		141,013	0.0
641,000 ⁽¹⁾	Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029		658,319	0.1
110,000 ⁽³⁾	First Citizens BancShares, Inc., 6.254%, 03/12/2040		109,730	0.0
242,000 ⁽³⁾	Goldman Sachs Group, Inc., 5.016%, 10/23/2035		239,176	0.0
156,000 ⁽³⁾	Goldman Sachs Group, Inc., 5.330%, 07/23/2035		157,424	0.0
160,000 ⁽³⁾	Goldman Sachs Group, Inc., 5.536%, 01/28/2036		164,141	0.0
169,000 ⁽³⁾	Goldman Sachs Group, Inc., 5.727%, 04/25/2030		175,957	0.0
717,000 ⁽³⁾	Goldman Sachs Group, Inc., 5.734%, 01/28/2056		717,538	0.1

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
169,000 ⁽³⁾	Goldman Sachs Group, Inc., 6.484%, 10/24/2029	$	179,296	0.0
309,000	Hartford Financial Services Group, Inc., 2.900%, 09/15/2051		193,495	0.0
745,000 ⁽¹⁾⁽³⁾	Hartford Financial Services Group, Inc. ICON, 6.713%, (TSFR3M + 2.387%), 02/12/2067		694,005	0.1
219,000	Healthpeak OP LLC, 5.250%, 12/15/2032		222,983	0.0
202,000	Host Hotels & Resorts L.P., 5.500%, 04/15/2035		200,053	0.0
645,000 ⁽³⁾	HSBC Holdings PLC, 2.206%, 08/17/2029		600,988	0.1
315,000 ⁽³⁾	HSBC Holdings PLC, 2.804%, 05/24/2032		279,958	0.0
267,000 ⁽³⁾	HSBC Holdings PLC, 5.597%, 05/17/2028		272,097	0.0
540,000 ⁽³⁾	Huntington Bancshares, Inc., 6.141%, 11/18/2039		551,133	0.1
399,000 ⁽³⁾	Huntington National Bank, 4.871%, 04/12/2028		401,640	0.1
387,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030		346,587	0.0
917,000	Intercontinental Exchange, Inc., 3.625%, 09/01/2028		898,527	0.1
140,000	Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033		142,245	0.0
349,000	Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031		297,352	0.0
512,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028		479,590	0.1
52,000 ⁽²⁾	Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032		49,256	0.0
450,000 ⁽³⁾	JPMorgan Chase & Co., 2.069%, 06/01/2029		422,150	0.1
91,000 ⁽³⁾	JPMorgan Chase & Co., 2.182%, 06/01/2028		87,497	0.0
101,000 ⁽³⁾	JPMorgan Chase & Co., 2.739%, 10/15/2030		94,198	0.0
14,000 ⁽³⁾	JPMorgan Chase & Co., 3.109%, 04/22/2051		9,429	0.0
245,000 ⁽³⁾	JPMorgan Chase & Co., 3.509%, 01/23/2029		240,024	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
343,000 ⁽³⁾	JPMorgan Chase & Co., 4.452%, 12/05/2029	$	343,713	0.0
348,000 ⁽³⁾	JPMorgan Chase & Co., 4.603%, 10/22/2030		349,256	0.0
241,000 ⁽³⁾	JPMorgan Chase & Co., 4.995%, 07/22/2030		245,454	0.0
237,000 ⁽³⁾	JPMorgan Chase & Co., 5.012%, 01/23/2030		241,417	0.0
124,000 ⁽³⁾	JPMorgan Chase & Co., 5.140%, 01/24/2031		127,190	0.0
235,000 ⁽³⁾	JPMorgan Chase & Co., 5.571%, 04/22/2028		239,915	0.0
1,046,000 ⁽³⁾	JPMorgan Chase & Co., 5.572%, 04/22/2036		1,084,424	0.1
235,000 ⁽³⁾	JPMorgan Chase & Co., 5.581%, 04/22/2030		244,059	0.0
140,000 ⁽³⁾	JPMorgan Chase & Co., 5.766%, 04/22/2035		147,140	0.0
96,000 ⁽³⁾	KeyCorp, 6.401%, 03/06/2035		102,444	0.0
140,000 ⁽³⁾	KeyCorp, MTN, 4.789%, 06/01/2033		136,543	0.0
21,000	Kite Realty Group L.P., 4.000%, 10/01/2026		20,822	0.0
202,000 ⁽¹⁾	Lineage OP L.P., 5.250%, 07/15/2030		203,304	0.0
528,000 ⁽²⁾⁽³⁾	Lloyds Banking Group PLC, 8.000%, 12/31/2199		558,151	0.1
395,000	LPL Holdings, Inc., 5.150%, 06/15/2030		400,054	0.1
314,000 ⁽²⁾	LPL Holdings, Inc., 5.200%, 03/15/2030		319,040	0.0
229,000	LPL Holdings, Inc., 5.700%, 05/20/2027		233,425	0.0
365,000 ⁽¹⁾	Lseg US Fin Corp., 4.875%, 03/28/2027		368,896	0.1
226,000 ⁽¹⁾	Lseg US Fin Corp., 5.297%, 03/28/2034		232,334	0.0
860,000	Marsh & McLennan Cos., Inc., 5.000%, 03/15/2035		860,209	0.1
173,000	Mid-America Apartments L.P., 5.300%, 02/15/2032		178,859	0.0
421,000 ⁽³⁾	Mitsubishi UFJ Financial Group, Inc., 5.197%, 01/16/2031		431,342	0.1
836,000 ⁽³⁾	Mitsubishi UFJ Financial Group, Inc., 5.615%, 04/24/2036		859,994	0.1
158,000 ⁽³⁾	Morgan Stanley, 2.475%, 01/21/2028		153,412	0.0
195,000 ⁽³⁾	Morgan Stanley, 2.484%, 09/16/2036		165,752	0.0
499,000 ⁽³⁾	Morgan Stanley, 3.591%, 07/22/2028		490,359	0.1
171,000 ⁽³⁾	Morgan Stanley, 5.042%, 07/19/2030		173,942	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
222,000 ⁽³⁾	Morgan Stanley, 5.192%, 04/17/2031	$	227,633	0.0
280,000 ⁽³⁾	Morgan Stanley, 5.587%, 01/18/2036		287,535	0.0
1,295,000 ⁽³⁾	Morgan Stanley, 5.664%, 04/17/2036		1,342,444	0.2
403,000 ⁽³⁾	Morgan Stanley, MTN, 5.164%, 04/20/2029		410,970	0.1
524,000	National Bank of Canada, 5.600%, 12/18/2028		544,312	0.1
250,000 ⁽¹⁾	National Securities Clearing Corp., 4.700%, 05/20/2030		254,278	0.0
389,000 ⁽³⁾	NatWest Group PLC, 5.076%, 01/27/2030		394,817	0.1
246,000 ⁽³⁾	NatWest Group PLC, 5.778%, 03/01/2035		255,578	0.0
558,000 ⁽¹⁾	NatWest Markets PLC, 5.410%, 05/17/2029		576,595	0.1
347,000	NNN REIT, Inc., 4.600%, 02/15/2031		345,266	0.0
382,000	Nomura Holdings, Inc., 4.904%, 07/01/2030		383,451	0.1
208,000 ⁽¹⁾	Northwestern Mutual Life Insurance Co., 6.170%, 05/29/2055		217,381	0.0
258,000 ⁽¹⁾	Nuveen LLC, 5.550%, 01/15/2030		268,842	0.0
306,000	Omega Healthcare Investors, Inc., 5.200%, 07/01/2030		307,840	0.0
45,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032		37,501	0.0
258,000 ⁽³⁾	PNC Financial Services Group, Inc., 6.037%, 10/28/2033		274,465	0.0
426,000 ⁽¹⁾	Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029		437,825	0.1
79,000 ⁽¹⁾	Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034		80,735	0.0
123,000	Realty Income Corp., 3.950%, 08/15/2027		122,387	0.0
456,000	Regions Bank/ Birmingham AL, 6.450%, 06/26/2037		471,761	0.1
816,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031		700,324	0.1
79,000 ⁽¹⁾	RGA Global Funding, 5.448%, 05/24/2029		81,577	0.0
397,000 ⁽³⁾	Royal Bank of Canada, GMTN, 4.650%, 10/18/2030		397,799	0.1
204,000 ⁽³⁾	Royal Bank of Canada, GMTN, 4.969%, 08/02/2030		206,900	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
335,000 ⁽²⁾⁽³⁾	Royal Bank of Canada, GMTN, 4.970%, 05/02/2031	$	340,127	0.0
233,000 ⁽³⁾	Royal Bank of Canada, GMTN, 5.153%, 02/04/2031		237,882	0.0
119,000	Sabra Health Care L.P., 3.200%, 12/01/2031		106,105	0.0
248,000 ⁽³⁾	Santander UK Group Holdings PLC, 2.469%, 01/11/2028		240,174	0.0
931,000 ⁽³⁾	State Street Corp., 3.031%, 11/01/2034		860,350	0.1
367,000 ⁽³⁾	State Street Corp., 4.675%, 10/22/2032		367,253	0.0
186,000	State Street Corp., 4.729%, 02/28/2030		188,865	0.0
210,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 07/16/2029		199,115	0.0
397,000	Sumitomo Mitsui Financial Group, Inc., 5.240%, 04/15/2030		409,088	0.1
239,000	Sumitomo Mitsui Financial Group, Inc., 5.316%, 07/09/2029		246,288	0.0
453,000	Sumitomo Mitsui Financial Group, Inc., 5.424%, 07/09/2031		470,279	0.1
327,000	Sumitomo Mitsui Financial Group, Inc., 5.454%, 01/15/2032		338,700	0.0
200,000 ⁽³⁾	Sumitomo Mitsui Financial Group, Inc., 6.450%, 12/31/2199		196,461	0.0
301,000	Toronto-Dominion Bank, 5.298%, 01/30/2032		309,073	0.0
450,000 ⁽³⁾	Truist Financial Corp., MTN, 5.435%, 01/24/2030		463,579	0.1
198,000 ⁽³⁾	Truist Financial Corp., MTN, 5.867%, 06/08/2034		206,922	0.0
118,000 ⁽³⁾	Truist Financial Corp., MTN, 6.123%, 10/28/2033		125,465	0.0
290,000 ⁽¹⁾⁽³⁾	UBS Group AG, 1.364%, 01/30/2027		284,758	0.0
909,000 ⁽¹⁾⁽³⁾	UBS Group AG, 5.379%, 09/06/2045		876,904	0.1
253,000 ⁽¹⁾⁽³⁾	UBS Group AG, 9.250%, 12/31/2199		293,204	0.0
298,000 ⁽¹⁾⁽³⁾	UBS Group AG, 9.250%, 12/31/2199		326,004	0.0
41,000 ⁽³⁾	Wells Fargo & Co., 5.499%, 01/23/2035		42,063	0.0
1,892,000 ⁽³⁾	Wells Fargo & Co., 5.605%, 04/23/2036		1,953,694	0.2
61,000 ⁽³⁾	Wells Fargo & Co., 6.491%, 10/23/2034		66,699	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
55,000 ⁽³⁾	Wells Fargo & Co., MTN, 3.584%, 05/22/2028	$	54,175	0.0
427,000 ⁽¹⁾	Westpac New Zealand Ltd., 5.132%, 02/26/2027		432,586	0.1
24,000	Weyerhaeuser Co., 4.750%, 05/15/2026		24,052	0.0
			67,062,970	7.3
	Industrial: 1.7%
202,000	3M Co., 5.150%, 03/15/2035		203,900	0.0
246,000	AGCO Corp., 5.450%, 03/21/2027		249,130	0.0
147,000	Amcor Group Finance PLC, 5.450%, 05/23/2029		151,244	0.0
416,000	Arrow Electronics, Inc., 5.150%, 08/21/2029		422,568	0.1
211,000 ⁽²⁾	Avnet, Inc., 6.250%, 03/15/2028		219,375	0.0
505,000 ⁽¹⁾	BAE Systems PLC, 5.125%, 03/26/2029		517,801	0.1
450,000	Berry Global, Inc., 1.650%, 01/15/2027		431,777	0.1
28,000	Boeing Co., 5.705%, 05/01/2040		27,681	0.0
102,000	Boeing Co., 5.930%, 05/01/2060		97,047	0.0
39,000	Boeing Co., 6.858%, 05/01/2054		42,732	0.0
232,000	Boeing Co., 7.008%, 05/01/2064		255,064	0.0
144,000	Canadian Pacific Railway Co., 2.875%, 11/15/2029		135,356	0.0
157,000	Carrier Global Corp., 2.722%, 02/15/2030		145,957	0.0
131,000	Carrier Global Corp., 5.900%, 03/15/2034		139,552	0.0
207,000 ⁽²⁾	Caterpillar Financial Services Corp., 4.375%, 08/16/2029		208,664	0.0
349,000	Caterpillar, Inc., 5.200%, 05/15/2035		355,938	0.1
418,000	CNH Industrial Capital LLC, 5.100%, 04/20/2029		426,814	0.1
431,000	CNH Industrial Capital LLC, 5.500%, 01/12/2029		444,910	0.1
373,000	CRH SMW Finance DAC, 5.200%, 05/21/2029		382,603	0.1
45,000	CSX Corp., 4.650%, 03/01/2068		37,007	0.0
25,000 ⁽¹⁾	FedEx Corp., 4.550%, 04/01/2046		20,193	0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
970,000	Flex Ltd., 5.250%, 01/15/2032	$	981,882	0.1
210,000	Fortune Brands Innovations, Inc., 3.250%, 09/15/2029		199,253	0.0
283,000 ⁽²⁾	Fortune Brands Innovations, Inc., 5.875%, 06/01/2033		297,209	0.0
117,000	GATX Corp., 4.000%, 06/30/2030		113,894	0.0
84,000	GATX Corp., 6.050%, 06/05/2054		84,168	0.0
449,000	HEICO Corp., 5.250%, 08/01/2028		460,795	0.1
384,000	Honeywell International, Inc., 4.750%, 02/01/2032		387,730	0.1
114,000	Honeywell International, Inc., 5.000%, 03/01/2035		114,784	0.0
210,000 ⁽²⁾	Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030		205,556	0.0
65,000	Ingersoll Rand, Inc., 5.450%, 06/15/2034		66,887	0.0
829,000	John Deere Capital Corp., 4.400%, 09/08/2031		827,388	0.1
250,000	John Deere Capital Corp., MTN, 4.850%, 06/11/2029		256,237	0.0
449,000	John Deere Capital Corp., MTN, 4.900%, 03/07/2031		460,144	0.1
75,000	Mohawk Industries, Inc., 5.850%, 09/18/2028		77,926	0.0
32,000	Norfolk Southern Corp., 5.050%, 08/01/2030		33,079	0.0
80,000	Norfolk Southern Corp., 5.550%, 03/15/2034		83,691	0.0
17,000	Norfolk Southern Corp., 5.950%, 03/15/2064		17,514	0.0
72,000 ⁽¹⁾	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.200%, 11/15/2025		71,065	0.0
84,000 ⁽¹⁾	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026		81,727	0.0
510,000 ⁽¹⁾	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029		522,395	0.1
350,000 ⁽¹⁾	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030		358,355	0.1

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
754,000 ⁽¹⁾	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029	$	773,514	0.1
261,000	Raytheon Technologies Corp., 4.450%, 11/16/2038		240,687	0.0
301,000	Ryder System, Inc., 5.000%, 03/15/2030		305,537	0.0
149,000	Ryder System, Inc., 6.600%, 12/01/2033		163,859	0.0
196,000	Ryder System, Inc., GMTN, 4.950%, 09/01/2029		199,542	0.0
235,000	Ryder System, Inc., MTN, 5.250%, 06/01/2028		241,215	0.0
41,000	Ryder System, Inc., MTN, 5.375%, 03/15/2029		42,142	0.0
299,000	Ryder System, Inc., MTN, 5.500%, 06/01/2029		309,672	0.1
60,000 ⁽¹⁾	Sealed Air Corp., 1.573%, 10/15/2026		57,441	0.0
572,000	Smurfit Kappa Treasury ULC, 5.200%, 01/15/2030		583,768	0.1
249,000	Smurfit Kappa Treasury ULC, 5.438%, 04/03/2034		252,506	0.0
220,000	Smurfit Kappa Treasury ULC, 5.777%, 04/03/2054		217,687	0.0
216,000	Sonoco Products Co., 4.600%, 09/01/2029		215,604	0.0
46,000	Union Pacific Corp., 3.750%, 02/05/2070		31,195	0.0
9,000	Union Pacific Corp., 3.799%, 04/06/2071		6,174	0.0
13,000	Union Pacific Corp., 4.100%, 09/15/2067		9,627	0.0
223,000	Union Pacific Corp., 5.100%, 02/20/2035		226,902	0.0
25,000	Union Pacific Corp., 5.150%, 01/20/2063		22,813	0.0
275,000	United Parcel Service, Inc., 5.950%, 05/14/2055		282,431	0.0
129,000	United Parcel Service, Inc., 6.050%, 05/14/2065		132,150	0.0
235,000	Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028		236,409	0.0
			15,167,867	1.7
	Technology: 1.9%
855,000	Accenture Capital, Inc., 4.250%, 10/04/2031		847,247	0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology: (continued)
430,000	Adobe, Inc., 4.950%, 01/17/2030	$	444,305	0.1
462,000	AppLovin Corp., 5.125%, 12/01/2029		468,148	0.1
384,000	AppLovin Corp., 5.375%, 12/01/2031		390,918	0.1
416,000 ⁽¹⁾	Booz Allen Hamilton, Inc., 3.875%, 09/01/2028		403,662	0.1
207,000 ⁽¹⁾⁽²⁾	Booz Allen Hamilton, Inc., 4.000%, 07/01/2029		199,027	0.0
471,000 ⁽¹⁾	Broadcom, Inc., 2.450%, 02/15/2031		421,310	0.1
564,000 ⁽¹⁾	Broadcom, Inc., 3.187%, 11/15/2036		467,785	0.1
245,000	Broadcom, Inc., 4.800%, 10/15/2034		242,148	0.0
664,000 ⁽¹⁾	Broadcom, Inc., 4.926%, 05/15/2037		644,773	0.1
221,000	Broadcom, Inc., 5.050%, 04/15/2030		226,459	0.0
214,000	Broadcom, Inc., 5.150%, 11/15/2031		220,242	0.0
106,000	Broadcom, Inc., 5.200%, 04/15/2032		109,050	0.0
333,000	Cadence Design Systems, Inc., 4.300%, 09/10/2029		333,137	0.0
207,000	CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030		208,615	0.0
296,000 ⁽¹⁾	Constellation Software, Inc./Canada, 5.158%, 02/16/2029		301,195	0.0
304,000	Fiserv, Inc., 5.150%, 03/15/2027		308,106	0.0
111,000	Fiserv, Inc., 5.150%, 08/12/2034		111,463	0.0
214,000 ⁽¹⁾	Foundry JV Holdco LLC, 5.875%, 01/25/2034		217,664	0.0
488,000 ⁽¹⁾	Foundry JV Holdco LLC, 5.900%, 01/25/2030		510,251	0.1
280,000 ⁽¹⁾	Foundry JV Holdco LLC, 6.100%, 01/25/2036		290,024	0.0
282,000 ⁽¹⁾	Foundry JV Holdco LLC, 6.200%, 01/25/2037		293,888	0.0
458,000	Hewlett Packard Enterprise Co., 4.850%, 10/15/2031		457,018	0.1
334,000	Hewlett Packard Enterprise Co., 5.000%, 10/15/2034		324,137	0.0
730,000	Hewlett Packard Enterprise Co., 5.600%, 10/15/2054		674,717	0.1

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology: (continued)
178,000	HP, Inc., 2.650%, 06/17/2031	$	157,589	0.0
332,000	IBM International Capital Pte Ltd., 4.750%, 02/05/2031		336,512	0.0
43,000	Intel Corp., 2.800%, 08/12/2041		28,955	0.0
5,000 ⁽²⁾	Intel Corp., 5.200%, 02/10/2033		5,044	0.0
21,000	Intel Corp., 5.600%, 02/21/2054		19,279	0.0
75,000	Intel Corp., 5.700%, 02/10/2053		69,850	0.0
699,000	International Business Machines Corp., 4.800%, 02/10/2030		710,361	0.1
279,000	International Business Machines Corp., 5.000%, 02/10/2032		284,866	0.0
279,000	International Business Machines Corp., 5.200%, 02/10/2035		283,287	0.0
413,000	International Business Machines Corp., 5.700%, 02/10/2055		408,756	0.1
456,000	Intuit, Inc., 5.500%, 09/15/2053		453,112	0.1
235,000	Kyndryl Holdings, Inc., 2.700%, 10/15/2028		222,020	0.0
210,000	Marvell Technology, Inc., 5.750%, 02/15/2029		218,709	0.0
277,000	Micron Technology, Inc., 5.800%, 01/15/2035		286,593	0.0
448,000 ⁽¹⁾	MSCI, Inc., 3.625%, 09/01/2030		420,528	0.1
212,000	NetApp, Inc., 5.500%, 03/17/2032		218,442	0.0
39,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030		36,984	0.0
233,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 5.000%, 01/15/2033		232,359	0.0
692,000	Oracle Corp., 2.300%, 03/25/2028		656,940	0.1
61,000	Oracle Corp., 2.800%, 04/01/2027		59,490	0.0
123,000	Oracle Corp., 3.250%, 11/15/2027		120,269	0.0
214,000	Oracle Corp., 3.800%, 11/15/2037		183,313	0.0
26,000	Oracle Corp., 3.850%, 07/15/2036		22,906	0.0
77,000	Oracle Corp., 3.850%, 04/01/2060		53,109	0.0
25,000	Oracle Corp., 3.900%, 05/15/2035		22,566	0.0
459,000	Oracle Corp., 5.375%, 09/27/2054		419,894	0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology: (continued)
193,000	Oracle Corp., 5.500%, 09/27/2064	$	175,925	0.0
456,000	Oracle Corp., 6.000%, 08/03/2055		455,613	0.1
147,000	Oracle Corp., 6.125%, 08/03/2065		147,257	0.0
382,000	Qualcomm, Inc., 6.000%, 05/20/2053		402,906	0.1
217,000	QUALCOMM, Inc., 4.750%, 05/20/2032		219,616	0.0
210,000	Synopsys, Inc., 5.000%, 04/01/2032		212,803	0.0
216,000	Take-Two Interactive Software, Inc., 5.400%, 06/12/2029		222,514	0.0
210,000	Teledyne FLIR LLC, 2.500%, 08/01/2030		190,335	0.0
			17,073,991	1.9
	Utilities: 2.3%
434,000	AEP Texas, Inc., 5.450%, 05/15/2029		448,172	0.1
123,000	AEP Transmission Co. LLC, 5.150%, 04/01/2034		124,647	0.0
330,000	AES Corp., 2.450%, 01/15/2031		288,664	0.0
240,000 ⁽¹⁾	AES Corp., 3.950%, 07/15/2030		228,309	0.0
291,000	AES Corp., 5.450%, 06/01/2028		297,446	0.1
352,000	AES Corp., 5.800%, 03/15/2032		357,572	0.1
90,000	Alabama Power Co., 5.850%, 11/15/2033		96,050	0.0
16,000 ⁽¹⁾	Alliant Energy Finance LLC, 3.600%, 03/01/2032		14,504	0.0
339,000	Ameren Corp., 5.000%, 01/15/2029		345,268	0.1
135,000 ⁽¹⁾	American Transmission Systems, Inc., 2.650%, 01/15/2032		118,868	0.0
227,000	Avangrid, Inc., 3.800%, 06/01/2029		221,856	0.0
159,000	Black Hills Corp., 3.050%, 10/15/2029		149,144	0.0
92,000	Black Hills Corp., 6.000%, 01/15/2035		95,487	0.0
175,000 ⁽¹⁾	Boston Gas Co., 5.843%, 01/10/2035		182,021	0.0
185,000	CenterPoint Energy, Inc., 5.400%, 06/01/2029		191,313	0.0
146,000 ⁽³⁾	CMS Energy Corp., 3.750%, 12/01/2050		131,403	0.0
294,000 ⁽³⁾	CMS Energy Corp., 4.750%, 06/01/2050		286,147	0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
27,000	Commonwealth Edison Co., 5.900%, 03/15/2036	$	28,864		0.0
67,000	Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035		68,692		0.0
683,000	DTE Energy Co., 5.100%, 03/01/2029		696,705		0.1
305,000	DTE Energy Co., 5.200%, 04/01/2030		312,257		0.1
110,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031		99,740		0.0
24,000	Duke Energy Carolinas LLC, 6.450%, 10/15/2032		26,394		0.0
198,000	Duke Energy Florida LLC, 2.400%, 12/15/2031		175,307		0.0
72,000	Duke Energy Florida LLC, 5.875%, 11/15/2033		76,786		0.0
282,000	Duke Energy Progress LLC, 5.550%, 03/15/2055		275,923		0.0
131,000 ⁽¹⁾	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030		115,936		0.0
177,000	Entergy Corp., 2.400%, 06/15/2031		156,457		0.0
113,000	Entergy Corp., 2.800%, 06/15/2030		104,441		0.0
160,000	Entergy Mississippi LLC, 5.000%, 09/01/2033		160,343		0.0
373,000	Essential Utilities, Inc., 2.704%, 04/15/2030		343,884		0.1
91,000	Essential Utilities, Inc., 5.375%, 01/15/2034		92,301		0.0
146,000	Evergy Kansas Central, Inc., 5.250%, 03/15/2035		147,792		0.0
64,000	Evergy Kansas Central, Inc., 5.900%, 11/15/2033		67,893		0.0
210,000	Eversource Energy, 2.550%, 03/15/2031		186,814		0.0
67,000	Eversource Energy, 5.125%, 05/15/2033		67,089		0.0
112,000	Eversource Energy, 5.500%, 01/01/2034		114,120		0.0
266,000	Eversource Energy, 5.950%, 02/01/2029		277,918		0.0
60,000	Exelon Corp., 4.950%, 06/15/2035		58,351		0.0
391,000	Exelon Corp., 5.150%, 03/15/2028		399,779		0.1
182,000	Exelon Corp., 5.150%, 03/15/2029		186,802		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
327,000	FirstEnergy Corp. B, 3.900%, 07/15/2027	$	323,437		0.1
167,000	Florida Power & Light Co., 4.625%, 05/15/2030		169,283		0.0
166,000	Florida Power & Light Co., 5.300%, 06/15/2034		171,183		0.0
21,000	Florida Power & Light Co., 5.400%, 09/01/2035		21,773		0.0
13,000	Florida Power & Light Co., 5.650%, 02/01/2037		13,632		0.0
19,000	Indiana Michigan Power Co., 6.050%, 03/15/2037		20,520		0.0
63,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030		60,524		0.0
45,000 ⁽¹⁾	Jersey Central Power & Light Co., 2.750%, 03/01/2032		39,483		0.0
64,000	Kentucky Utilities Co. KENT, 5.450%, 04/15/2033		66,056		0.0
235,000 ⁽¹⁾	Liberty Utilities Co., 5.577%, 01/31/2029		241,869		0.0
275,000 ⁽¹⁾	Liberty Utilities Co., 5.869%, 01/31/2034		280,838		0.0
64,000	Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033		66,208		0.0
29,000	Mississippi Power Co., 4.750%, 10/15/2041		25,101		0.0
306,000 ⁽¹⁾	Monongahela Power Co., 3.550%, 05/15/2027		301,616		0.1
169,000 ⁽¹⁾	Monongahela Power Co., 5.850%, 02/15/2034		175,820		0.0
51,000 ⁽¹⁾	Narragansett Electric Co., 3.395%, 04/09/2030		48,696		0.0
228,000	National Grid PLC, 5.418%, 01/11/2034		234,380		0.0
406,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030		373,741		0.1
117,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032		104,484		0.0
28,000	National Rural Utilities Cooperative Finance Corp., 4.023%, 11/01/2032		26,725		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
47,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032	$	45,091		0.0
238,000	National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034		239,651		0.0
121,000 ⁽³⁾	National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046		120,369		0.0
26,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033		27,644		0.0
384,000 ⁽³⁾	National Rural Utilities Cooperative Finance Corp., 7.451%, (TSFR3M + 3.172%), 04/30/2043		383,050		0.1
183,000	National Rural Utilities Cooperative Finance Corp., MTN, 1.650%, 06/15/2031		155,786		0.0
20,000 ⁽¹⁾	New York State Electric & Gas Corp., 3.250%, 12/01/2026		19,728		0.0
361,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027		348,270		0.1
371,000 ⁽³⁾	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082		356,412		0.1
252,000	NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032		259,797		0.0
246,000 ⁽³⁾	NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055		251,819		0.0
268,000 ⁽³⁾	NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055		274,620		0.0
284,000 ⁽¹⁾	Niagara Mohawk Power Corp., 1.960%, 06/27/2030		250,866		0.0
81,000 ⁽¹⁾	Niagara Mohawk Power Corp., 5.664%, 01/17/2054		77,974		0.0
322,000	NiSource, Inc., 5.850%, 04/01/2055		318,959		0.1
637,000 ⁽¹⁾	NorthWestern Corp., 5.073%, 03/21/2030		647,336		0.1
125,000	NSTAR Electric Co., 1.950%, 08/15/2031		108,250		0.0
72,000	NSTAR Electric Co., 5.400%, 06/01/2034		73,813		0.0
109,000	OGE Energy Corp., 5.450%, 05/15/2029		112,965		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
144,000	ONE Gas, Inc., 5.100%, 04/01/2029	$	147,554		0.0
74,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045		55,928		0.0
65,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042		51,703		0.0
37,000	PacifiCorp, 4.100%, 02/01/2042		29,815		0.0
283,000 ⁽¹⁾	PSEG Power LLC, 5.200%, 05/15/2030		288,912		0.0
349,000 ⁽¹⁾	PSEG Power LLC, 5.750%, 05/15/2035		359,570		0.1
112,000	Public Service Electric and Gas Co., MTN, 5.200%, 03/01/2034		114,906		0.0
213,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031		187,158		0.0
238,000	Public Service Enterprise Group, Inc., 4.900%, 03/15/2030		242,182		0.0
382,000	Public Service Enterprise Group, Inc., 5.200%, 04/01/2029		392,868		0.1
80,000	Public Service Enterprise Group, Inc., 5.400%, 03/15/2035		80,981		0.0
372,000 ⁽³⁾	Sempra, 6.400%, 10/01/2054		354,080		0.1
1,785,000	South Jersey Industries, Inc., 5.020%, 04/15/2031		1,479,765		0.2
503,000 ⁽³⁾	Southern Co. 21-A, 3.750%, 09/15/2051		496,869		0.1
64,000	Southwestern Electric Power Co., 5.300%, 04/01/2033		64,633		0.0
806,000	Southwestern Public Service Co., 5.300%, 05/15/2035		810,434		0.1
45,000	Southwestern Public Service Co., 6.000%, 06/01/2054		45,438		0.0
252,000	Tucson Electric Power Co., 5.200%, 09/15/2034		253,198		0.0
120,000	WEC Energy Group, Inc., 2.200%, 12/15/2028		111,649		0.0
116,000	Wisconsin Power and Light Co., 5.375%, 03/30/2034		118,909		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
267,000	Xcel Energy, Inc., 5.600%, 04/15/2035	$	272,711		0.0
			20,614,491		2.3
	Total Corporate Bonds/Notes (Cost $196,886,758)		199,013,661		21.7

U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.1%
	Federal Home Loan Mortgage Corporation: 2.8%⁽⁴⁾
119,336	2.500%, 05/01/2030		115,291		0.0
245,411	2.500%, 05/01/2030		236,883		0.0
395,769	2.500%, 06/01/2030		382,115		0.0
1,610,448	3.000%, 03/01/2045		1,438,672		0.2
1,753,817	3.000%, 03/01/2045		1,571,836		0.2
1,622,233	3.000%, 04/01/2045		1,452,563		0.2
1,675,157	3.000%, 04/01/2045		1,497,872		0.2
3,004,342	3.000%, 10/01/2046		2,673,956		0.3
631,587	3.500%, 08/01/2042		592,914		0.1
1,732,511	3.500%, 03/01/2045		1,610,267		0.2
221,137	3.500%, 04/01/2045		204,803		0.0
759,035	3.500%, 05/01/2045		703,281		0.1
331,050	3.500%, 06/01/2045		306,324		0.0
419,710	3.500%, 07/01/2045		390,617		0.0
436,400	3.500%, 07/01/2045		407,779		0.1
247,207	3.500%, 08/01/2045		229,253		0.0
363,253	3.500%, 08/01/2045		338,864		0.0
413,387	3.500%, 08/01/2045		384,561		0.0
434,800	3.500%, 08/01/2045		402,323		0.0
505,048	3.500%, 08/01/2045		468,787		0.1
498,938	3.500%, 09/01/2045		462,084		0.1
675,907	3.500%, 09/01/2045		629,617		0.1
776,215	3.500%, 11/01/2045		709,214		0.1
430,213	4.000%, 10/01/2041		413,673		0.1
446,332	4.000%, 12/01/2041		429,293		0.1
117,437	4.000%, 07/01/2045		111,642		0.0
69,351	4.000%, 09/01/2045		65,675		0.0
594,472	4.000%, 09/01/2045		559,377		0.1
1,068,152	4.000%, 09/01/2045		1,015,220		0.1
1,177,441	4.000%, 09/01/2045		1,118,848		0.1
503,272	4.000%, 05/01/2047		479,724		0.1
160,459	4.000%, 11/01/2047		151,816		0.0
153,142	4.000%, 03/01/2048		145,331		0.0
653,687	4.000%, 06/01/2048		622,522		0.1
3,068	4.500%, 06/01/2039		3,067		0.0
8,480	4.500%, 09/01/2040		8,450		0.0
30,614	4.500%, 03/01/2041		30,476		0.0
144,926	4.500%, 08/01/2041		143,408		0.0
237,827	4.500%, 08/01/2041		237,048		0.0
92,085	4.500%, 09/01/2041		91,386		0.0
106,509	4.500%, 09/01/2041		105,963		0.0
191,629	4.500%, 09/01/2041		190,823		0.0
646,248	4.500%, 09/01/2041		637,151		0.1
5,620	5.000%, 05/01/2028		5,653		0.0
42,199	5.000%, 05/01/2035		42,849		0.0
121,595	5.000%, 01/01/2041		123,325		0.0
75,427	5.000%, 04/01/2041		75,373		0.0
4,309	5.500%, 03/01/2034		4,416		0.0
674	5.500%, 05/01/2036		680		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
31,074	5.500%, 06/01/2036	$	32,062		0.0
3,630	5.500%, 12/01/2036		3,753		0.0
17,875	5.500%, 03/01/2037		18,147		0.0
4,615	5.500%, 04/01/2037		4,756		0.0
29,518	5.500%, 05/01/2037		30,452		0.0
48,976	5.500%, 07/01/2037		50,515		0.0
6,334	5.500%, 09/01/2037		6,528		0.0
5,495	5.500%, 10/01/2037		5,661		0.0
16,868	5.500%, 11/01/2037		17,402		0.0
15,787	5.500%, 12/01/2037		16,213		0.0
54,666	5.500%, 12/01/2037		56,362		0.0
3,307	5.500%, 01/01/2038		3,387		0.0
3,500	5.500%, 01/01/2038		3,612		0.0
36,185	5.500%, 02/01/2038		37,329		0.0
50,021	5.500%, 02/01/2038		51,409		0.0
36,282	5.500%, 03/01/2038		37,363		0.0
43,074	5.500%, 04/01/2038		44,340		0.0
3,794	5.500%, 05/01/2038		3,896		0.0
41,989	5.500%, 05/01/2038		43,000		0.0
24,557	5.500%, 06/01/2038		25,128		0.0
95,201	5.500%, 06/01/2038		97,727		0.0
87,226	5.500%, 07/01/2038		89,861		0.0
3,198	5.500%, 08/01/2038		3,267		0.0
17,489	5.500%, 08/01/2038		17,960		0.0
19,852	5.500%, 09/01/2038		20,386		0.0
17,461	5.500%, 10/01/2038		17,946		0.0
20,334	5.500%, 10/01/2038		20,882		0.0
1,975	5.500%, 11/01/2038		2,028		0.0
64,911	5.500%, 11/01/2038		66,766		0.0
3,881	5.500%, 12/01/2038		3,974		0.0
6,790	5.500%, 12/01/2038		7,020		0.0
15,168	5.500%, 01/01/2039		15,589		0.0
35,469	5.500%, 03/01/2039		36,411		0.0
13,264	5.500%, 07/01/2039		13,632		0.0
8,627	5.500%, 12/01/2039		8,863		0.0
57,489	5.500%, 03/01/2040		59,061		0.0
19,278	5.500%, 08/01/2040		19,743		0.0
32,915	5.500%, 08/01/2040		33,709		0.0
38,234	5.500%, 08/01/2040		39,279		0.0
60,445	6.000%, 09/01/2027		61,490		0.0
2,344	6.000%, 02/01/2029		2,393		0.0
3,229	6.000%, 05/01/2035		3,324		0.0
155,133	6.000%, 03/01/2037		162,910		0.0
1,354	6.000%, 05/01/2037		1,421		0.0
18,779	6.000%, 07/01/2037		19,721		0.0
3,210	6.000%, 08/01/2037		3,331		0.0
21,389	6.000%, 08/01/2037		22,458		0.0
100,811	6.000%, 09/01/2037		105,866		0.0
312	6.000%, 10/01/2037		327		0.0
4,874	6.000%, 11/01/2037		5,117		0.0
1,604	6.000%, 12/01/2037		1,655		0.0
4,302	6.000%, 12/01/2037		4,516		0.0
113,503	6.000%, 01/01/2038		119,196		0.0
672	6.000%, 04/01/2038		706		0.0
4,591	6.000%, 06/01/2038		4,770		0.0
141	6.000%, 07/01/2038		146		0.0
9,236	6.000%, 08/01/2038		9,574		0.0
26,714	6.000%, 11/01/2038		27,968		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
10,210	6.000%, 05/01/2039	$	10,627		0.0
6,285	6.000%, 08/01/2039		6,545		0.0
1,503	6.000%, 09/01/2039		1,553		0.0
305,090	6.500%, 09/01/2034		318,042		0.0
1,330 ⁽³⁾	6.500%, (H15T1Y + 2.250%), 04/01/2032		1,357		0.0
3,007 ⁽³⁾	6.677%, (H15T1Y + 2.250%), 11/01/2031		3,060		0.0
159,747 ⁽³⁾	6.826%, (RFUCCT1Y + 1.739%), 06/01/2035		165,099		0.0
23,760 ⁽³⁾	7.044%, (RFUCCT1Y + 1.345%), 09/01/2035		24,321		0.0
11,022 ⁽³⁾	7.434%, (H15T1Y + 2.436%), 01/01/2029		11,044		0.0
			26,187,021		2.8
	Federal National Mortgage Association: 0.1%⁽⁴⁾
669 ⁽³⁾	4.437%, (ECOFC + 1.257%), 05/01/2036		660		0.0
4,639 ⁽³⁾	4.887%, (ECOFC + 1.933%), 12/01/2036		4,602		0.0
16,072 ⁽³⁾	5.697%, (12MTA + 1.200%), 08/01/2042		16,096		0.0
25,293 ⁽³⁾	5.697%, (12MTA + 1.200%), 08/01/2042		25,452		0.0
8,196 ⁽³⁾	5.697%, (12MTA + 1.200%), 10/01/2044		8,269		0.0
13,148 ⁽³⁾	5.697%, (12MTA + 1.200%), 10/01/2044		13,179		0.0
9,833 ⁽³⁾	5.935%, (RFUCCT1M + 1.560%), 02/01/2033		9,869		0.0
8,106 ⁽³⁾	5.998%, (RFUCCT6M + 1.373%), 09/01/2035		8,117		0.0
12,540 ⁽³⁾	6.448%, (RFUCCT1Y + 1.662%), 02/01/2034		12,660		0.0
5,494 ⁽³⁾	6.460%, (H15T1Y + 2.210%), 04/01/2032		5,586		0.0
43,412 ⁽³⁾	6.471%, (RFUCCT1Y + 1.552%), 04/01/2035		43,974		0.0
105,438 ⁽³⁾	6.534%, (RFUCCT1Y + 1.659%), 10/01/2035		107,285		0.0
16,023 ⁽³⁾	6.675%, (RFUCCT1Y + 1.675%), 02/01/2035		16,340		0.0
205,034 ⁽³⁾	6.692%, (H15T1Y + 1.805%), 08/01/2035		208,066		0.1
711 ⁽³⁾	6.722%, (H15T1Y + 2.215%), 09/01/2031		718		0.0
51,442 ⁽³⁾	7.175%, (H15T1Y + 2.175%), 10/01/2035		52,636		0.0
9,357 ⁽³⁾	7.223%, (RFUCCT1Y + 1.473%), 08/01/2035		9,481		0.0
59,897 ⁽³⁾	7.435%, (RFUCCT1Y + 1.810%), 09/01/2034		61,257		0.0
			604,247		0.1
	Government National Mortgage Association: 4.0%
3,478,755	2.500%, 08/20/2051		2,959,190		0.3
2,833,883	2.500%, 09/20/2051		2,410,626		0.3
1,468,840	2.500%, 11/20/2051		1,249,456		0.1
2,977,798	2.500%, 12/20/2051		2,533,031		0.3

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
4,750,196	2.500%, 03/20/2052	$	4,040,697		0.4
4,042,392	2.500%, 04/20/2052		3,438,603		0.4
4,327,914	3.000%, 04/20/2045		3,895,496		0.4
778,059	3.000%, 11/20/2051		688,998		0.1
856,582	3.000%, 03/20/2052		757,177		0.1
1,590,544	3.500%, 07/20/2046		1,435,895		0.2
230,405	3.500%, 07/20/2047		213,047		0.0
2,133,996	3.500%, 01/20/2048		1,966,048		0.2
289,843	4.000%, 11/20/2040		277,324		0.0
521,029	4.000%, 03/20/2046		487,256		0.1
458,399	4.500%, 08/20/2041		455,091		0.1
212,253	4.500%, 01/20/2047		207,516		0.0
2,901	5.000%, 11/15/2035		2,913		0.0
3,717	5.000%, 11/15/2035		3,763		0.0
10,724	5.000%, 11/15/2035		10,767		0.0
12,106	5.000%, 06/15/2037		12,165		0.0
25,147	5.000%, 03/15/2038		25,197		0.0
42,022	5.000%, 03/15/2038		42,600		0.0
2,137	5.000%, 06/15/2038		2,147		0.0
712	5.000%, 09/15/2038		719		0.0
7,169	5.000%, 11/15/2038		7,200		0.0
25,165	5.000%, 11/15/2038		25,512		0.0
6,544	5.000%, 12/15/2038		6,634		0.0
33,571	5.000%, 12/15/2038		33,992		0.0
30,850	5.000%, 01/15/2039		31,275		0.0
60,753	5.000%, 01/15/2039		61,553		0.0
14,279	5.000%, 02/15/2039		14,348		0.0
32,651	5.000%, 02/15/2039		33,101		0.0
50,351	5.000%, 02/15/2039		50,963		0.0
1,344	5.000%, 03/15/2039		1,363		0.0
38,809	5.000%, 03/15/2039		38,998		0.0
41,305	5.000%, 03/15/2039		41,874		0.0
65,098	5.000%, 03/15/2039		65,994		0.0
39,055	5.000%, 04/15/2039		39,585		0.0
152	5.000%, 05/15/2039		153		0.0
25,396	5.000%, 05/15/2039		25,746		0.0
55,605	5.000%, 05/15/2039		56,371		0.0
34,553	5.000%, 07/15/2039		35,026		0.0
25,678	5.000%, 09/15/2039		25,918		0.0
6,625	5.000%, 11/15/2039		6,635		0.0
993	5.000%, 04/15/2040		1,004		0.0
6,000	5.000%, 06/15/2040		6,079		0.0
13,190	5.000%, 09/15/2040		13,370		0.0
26,293	5.000%, 10/15/2040		26,652		0.0
42,459	5.000%, 05/15/2042		42,697		0.0
141,888	5.000%, 02/20/2043		143,708		0.0
8,666,000 ⁽⁵⁾	5.500%, 08/20/2055		8,666,000		1.0
			36,617,473		4.0
	Uniform Mortgage-Backed Securities: 12.2%
3,383,542	2.000%, 10/01/2050		2,702,127		0.3
832,511	2.000%, 11/01/2051		671,707		0.1
2,295,594	2.000%, 11/01/2051		1,848,732		0.2
4,305,474	2.000%, 12/01/2051		3,421,510		0.4
5,441,992	2.000%, 12/01/2051		4,352,260		0.5
1,584,899	2.000%, 02/01/2052		1,272,220		0.2
2,869,799	2.000%, 02/01/2052		2,307,018		0.3
2,763,448	2.000%, 03/01/2052		2,192,747		0.3
523,315	2.500%, 05/01/2030		507,125		0.1

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
432,604	2.500%, 07/01/2030	$	418,460		0.1
1,618,352	2.500%, 11/01/2051		1,351,551		0.2
3,092,678	2.500%, 12/01/2051		2,604,169		0.3
3,873,682	2.500%, 12/01/2051		3,264,765		0.4
2,092,716	2.500%, 02/01/2052		1,766,744		0.2
3,384,561	2.500%, 02/01/2052		2,843,056		0.3
3,455,328	2.500%, 02/01/2052		2,900,025		0.3
4,049,602	2.500%, 02/01/2052		3,399,630		0.4
5,322,920	2.500%, 02/01/2052		4,472,319		0.5
562,755	3.000%, 09/01/2030		550,200		0.1
619,892	3.000%, 08/01/2043		560,921		0.1
1,080,538	3.000%, 09/01/2043		976,836		0.1
2,461,142	3.000%, 08/01/2046		2,201,438		0.3
236,461	3.000%, 09/01/2046		210,191		0.0
1,947,171	3.000%, 02/01/2052		1,707,219		0.2
346,559	3.500%, 12/01/2041		325,765		0.1
58,666	3.500%, 08/01/2042		55,121		0.0
305,412	3.500%, 08/01/2042		281,030		0.0
239,903	3.500%, 10/01/2042		225,133		0.0
417,857	3.500%, 10/01/2042		392,131		0.1
185,347	3.500%, 03/01/2043		173,975		0.0
1,411,970	3.500%, 01/01/2046		1,307,216		0.2
2,290,921	3.500%, 02/01/2046		2,118,109		0.2
1,955,743	3.500%, 08/01/2046		1,804,570		0.2
1,716,973	3.500%, 09/01/2047		1,575,993		0.2
1,748,722	3.500%, 02/01/2052		1,585,408		0.2
917	4.000%, 05/01/2029		910		0.0
9,567	4.000%, 11/01/2030		9,508		0.0
5,298	4.000%, 02/01/2031		5,262		0.0
3,321	4.000%, 10/01/2031		3,298		0.0
157,282	4.000%, 07/01/2042		151,619		0.0
315,700	4.000%, 07/01/2042		304,792		0.1
1,278,360	4.000%, 07/01/2042		1,233,523		0.2
117,867	4.000%, 08/01/2042		114,939		0.0
1,111,260	4.000%, 08/01/2043		1,070,676		0.1
1,753,373	4.000%, 09/01/2043		1,689,702		0.2
60,332	4.000%, 10/01/2043		57,992		0.0
130,952	4.000%, 10/01/2043		125,750		0.0
321,623	4.000%, 06/01/2045		305,235		0.1
658,691	4.000%, 07/01/2045		625,249		0.1
1,278,083	4.000%, 07/01/2045		1,212,058		0.1
2,428,363	4.000%, 02/01/2046		2,304,130		0.3
473,253	4.000%, 06/01/2047		450,188		0.1
60,420	4.000%, 03/01/2048		57,179		0.0
265,528	4.000%, 03/01/2048		251,544		0.0
1,990,195	4.000%, 09/01/2048		1,879,375		0.2
289	4.500%, 10/01/2025		288		0.0
3,476	4.500%, 07/01/2026		3,466		0.0
115,305	4.500%, 04/01/2029		115,539		0.0
1,817	4.500%, 06/01/2029		1,817		0.0
21,880	4.500%, 06/01/2029		21,859		0.0
22,731	4.500%, 07/01/2029		22,736		0.0
555	4.500%, 10/01/2029		555		0.0
3,872	4.500%, 06/01/2030		3,868		0.0
135,518	4.500%, 10/01/2030		136,058		0.0
23,873	4.500%, 02/01/2031		23,869		0.0
20,216	4.500%, 05/01/2031		20,294		0.0
17,555	4.500%, 10/01/2033		17,503		0.0
7,814	4.500%, 01/01/2034		7,770		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,234	4.500%, 07/01/2034	$	1,223		0.0
2,438	4.500%, 09/01/2035		2,412		0.0
13,425	4.500%, 09/01/2035		13,396		0.0
17,139	4.500%, 11/01/2035		17,068		0.0
104,440	4.500%, 02/01/2036		102,846		0.0
34,960	4.500%, 01/01/2037		34,899		0.0
17,854	4.500%, 09/01/2037		17,777		0.0
1,366	4.500%, 02/01/2038		1,364		0.0
9,938	4.500%, 01/01/2039		9,920		0.0
16,392	4.500%, 02/01/2039		16,364		0.0
7,676	4.500%, 04/01/2039		7,667		0.0
21,995	4.500%, 04/01/2039		21,957		0.0
40,974	4.500%, 04/01/2039		40,580		0.0
169	4.500%, 05/01/2039		168		0.0
2,301	4.500%, 05/01/2039		2,297		0.0
7,152	4.500%, 05/01/2039		7,139		0.0
37,766	4.500%, 05/01/2039		37,681		0.0
42,663	4.500%, 05/01/2039		42,589		0.0
46,415	4.500%, 05/01/2039		46,335		0.0
481,378	4.500%, 05/01/2039		480,547		0.1
3,925	4.500%, 06/01/2039		3,916		0.0
58,932	4.500%, 06/01/2039		58,830		0.0
8,527	4.500%, 07/01/2039		8,513		0.0
13,169	4.500%, 07/01/2039		13,166		0.0
28,335	4.500%, 07/01/2039		28,304		0.0
28,613	4.500%, 08/01/2039		28,563		0.0
32,426	4.500%, 08/01/2039		32,106		0.0
57,285	4.500%, 08/01/2039		57,186		0.0
107,897	4.500%, 08/01/2039		107,711		0.0
102,664	4.500%, 09/01/2039		101,651		0.0
88,947	4.500%, 10/01/2039		88,793		0.0
5,695	4.500%, 11/01/2039		5,684		0.0
51,250	4.500%, 11/01/2039		51,114		0.0
2,862	4.500%, 12/01/2039		2,857		0.0
5,967	4.500%, 12/01/2039		5,943		0.0
3,018	4.500%, 01/01/2040		3,011		0.0
192,925	4.500%, 01/01/2040		192,170		0.0
47,370	4.500%, 02/01/2040		47,269		0.0
91,573	4.500%, 02/01/2040		91,377		0.0
28,814	4.500%, 04/01/2040		28,759		0.0
275,988	4.500%, 04/01/2040		275,369		0.0
30,489	4.500%, 05/01/2040		30,417		0.0
121,362	4.500%, 05/01/2040		121,413		0.0
1,863	4.500%, 06/01/2040		1,857		0.0
18,810	4.500%, 06/01/2040		18,766		0.0
32,821	4.500%, 06/01/2040		32,744		0.0
59,777	4.500%, 06/01/2040		59,637		0.0
156,520	4.500%, 06/01/2040		156,169		0.0
8,436	4.500%, 07/01/2040		8,393		0.0
43,878	4.500%, 07/01/2040		43,757		0.0
66,406	4.500%, 07/01/2040		66,257		0.0
1,150	4.500%, 08/01/2040		1,147		0.0
2,758	4.500%, 08/01/2040		2,741		0.0
15,556	4.500%, 08/01/2040		15,477		0.0
17,265	4.500%, 08/01/2040		17,213		0.0
37,283	4.500%, 08/01/2040		37,176		0.0
38,803	4.500%, 08/01/2040		38,688		0.0
40,382	4.500%, 08/01/2040		39,652		0.0
5,593	4.500%, 09/01/2040		5,577		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
9,607	4.500%, 09/01/2040	$	9,573		0.0
11,371	4.500%, 09/01/2040		11,201		0.0
14,239	4.500%, 09/01/2040		14,162		0.0
14,983	4.500%, 09/01/2040		14,930		0.0
68,161	4.500%, 09/01/2040		67,609		0.0
115,350	4.500%, 09/01/2040		115,056		0.0
13,865	4.500%, 10/01/2040		13,790		0.0
16,354	4.500%, 10/01/2040		16,306		0.0
50,773	4.500%, 10/01/2040		49,509		0.0
67,141	4.500%, 10/01/2040		66,990		0.0
97,183	4.500%, 10/01/2040		97,015		0.0
23,695	4.500%, 11/01/2040		23,625		0.0
28,499	4.500%, 11/01/2040		28,406		0.0
109,533	4.500%, 11/01/2040		107,047		0.0
203,430	4.500%, 11/01/2040		202,514		0.0
593,746	4.500%, 11/01/2040		592,293		0.1
1,611	4.500%, 12/01/2040		1,608		0.0
10,487	4.500%, 12/01/2040		10,384		0.0
13,270	4.500%, 12/01/2040		13,237		0.0
13,550	4.500%, 12/01/2040		13,497		0.0
19,928	4.500%, 12/01/2040		19,883		0.0
26,082	4.500%, 12/01/2040		25,988		0.0
62,812	4.500%, 12/01/2040		62,471		0.0
64,212	4.500%, 12/01/2040		63,692		0.0
118,511	4.500%, 12/01/2040		118,185		0.0
10,564	4.500%, 01/01/2041		10,510		0.0
24,418	4.500%, 01/01/2041		24,338		0.0
75,051	4.500%, 01/01/2041		74,181		0.0
136,063	4.500%, 01/01/2041		135,157		0.0
238,143	4.500%, 01/01/2041		236,998		0.0
12,550	4.500%, 02/01/2041		12,506		0.0
31,002	4.500%, 02/01/2041		30,916		0.0
42,395	4.500%, 02/01/2041		42,217		0.0
43,263	4.500%, 02/01/2041		43,095		0.0
50,130	4.500%, 02/01/2041		49,154		0.0
2,362	4.500%, 03/01/2041		2,355		0.0
10,240	4.500%, 03/01/2041		9,858		0.0
11,521	4.500%, 03/01/2041		11,480		0.0
14,617	4.500%, 03/01/2041		14,551		0.0
22,503	4.500%, 03/01/2041		22,464		0.0
30,200	4.500%, 03/01/2041		30,110		0.0
48,066	4.500%, 03/01/2041		47,938		0.0
62,838	4.500%, 03/01/2041		62,729		0.0
104,181	4.500%, 03/01/2041		102,870		0.0
3,128	4.500%, 04/01/2041		3,105		0.0
13,877	4.500%, 04/01/2041		13,691		0.0
22,037	4.500%, 04/01/2041		21,965		0.0
65,900	4.500%, 04/01/2041		64,530		0.0
124,343	4.500%, 04/01/2041		123,744		0.0
220,811	4.500%, 04/01/2041		219,681		0.0
2,034	4.500%, 05/01/2041		2,023		0.0
2,631	4.500%, 05/01/2041		2,627		0.0
9,305	4.500%, 05/01/2041		9,275		0.0
10,202	4.500%, 05/01/2041		10,061		0.0
15,280	4.500%, 05/01/2041		15,202		0.0
119,924	4.500%, 05/01/2041		118,348		0.0
128,100	4.500%, 05/01/2041		126,441		0.0
147,086	4.500%, 05/01/2041		146,106		0.0
232,539	4.500%, 05/01/2041		231,062		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
8,062	4.500%, 06/01/2041	$	8,025		0.0
43,382	4.500%, 06/01/2041		42,874		0.0
158,901	4.500%, 06/01/2041		157,270		0.0
1,183	4.500%, 07/01/2041		1,167		0.0
2,289	4.500%, 07/01/2041		2,276		0.0
6,657	4.500%, 07/01/2041		6,617		0.0
13,697	4.500%, 07/01/2041		13,638		0.0
29,401	4.500%, 07/01/2041		28,842		0.0
54,520	4.500%, 07/01/2041		54,117		0.0
108,936	4.500%, 07/01/2041		108,277		0.0
10,415	4.500%, 08/01/2041		10,365		0.0
19,251	4.500%, 08/01/2041		18,776		0.0
34,527	4.500%, 08/01/2041		33,798		0.0
54,883	4.500%, 08/01/2041		54,534		0.0
72,954	4.500%, 08/01/2041		72,648		0.0
97,979	4.500%, 08/01/2041		96,967		0.0
115,623	4.500%, 08/01/2041		112,898		0.0
142,362	4.500%, 08/01/2041		140,799		0.0
2,893	4.500%, 09/01/2041		2,875		0.0
7,528	4.500%, 09/01/2041		7,491		0.0
39,491	4.500%, 09/01/2041		39,114		0.0
340,892	4.500%, 09/01/2041		337,885		0.1
12,356	4.500%, 10/01/2041		12,328		0.0
20,374	4.500%, 10/01/2041		20,194		0.0
39,520	4.500%, 10/01/2041		38,701		0.0
76,155	4.500%, 10/01/2041		75,695		0.0
95,488	4.500%, 10/01/2041		95,215		0.0
164,295	4.500%, 10/01/2041		163,842		0.0
352,335	4.500%, 10/01/2041		347,704		0.1
769,990	4.500%, 10/01/2041		758,762		0.1
2,046	4.500%, 11/01/2041		2,037		0.0
164,355	4.500%, 11/01/2041		163,412		0.0
158,365	4.500%, 12/01/2041		154,674		0.0
378,067	4.500%, 12/01/2041		374,460		0.1
6,767	4.500%, 01/01/2042		6,752		0.0
9,075	4.500%, 01/01/2042		8,999		0.0
16,292	4.500%, 01/01/2042		16,102		0.0
30,360	4.500%, 03/01/2042		29,895		0.0
24,716	4.500%, 04/01/2042		24,048		0.0
9,954	4.500%, 06/01/2042		9,830		0.0
3,910	4.500%, 08/01/2042		3,898		0.0
3,744	4.500%, 09/01/2042		3,643		0.0
5,970	4.500%, 01/01/2043		5,812		0.0
3,565	4.500%, 12/01/2043		3,507		0.0
39,536	4.500%, 04/01/2047		38,637		0.0
19,258	4.500%, 05/01/2047		18,765		0.0
44,476	4.500%, 06/01/2047		43,330		0.0
64,395	4.500%, 06/01/2047		62,756		0.0
59,986	4.500%, 07/01/2047		58,771		0.0
205,926	4.500%, 07/01/2047		200,491		0.0
15,319	4.500%, 08/01/2047		14,906		0.0
5,943,122	4.500%, 12/01/2054		5,689,890		0.6
2,060	5.000%, 04/01/2026		2,054		0.0
1,917	5.000%, 05/01/2026		1,911		0.0
2,613	5.000%, 08/01/2027		2,612		0.0
3,262	5.000%, 04/01/2028		3,276		0.0
3,999,468	5.000%, 05/01/2042		4,065,374		0.5
547,674	5.000%, 09/01/2052		539,711		0.1
305	5.500%, 07/01/2026		305		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
845	5.500%, 12/01/2027	$	852		0.0
5,524	5.500%, 04/01/2028		5,560		0.0
1,502	5.500%, 08/01/2028		1,517		0.0
2,119	5.500%, 01/01/2029		2,143		0.0
21,519	5.500%, 10/01/2029		21,838		0.0
19,087	5.500%, 04/01/2033		19,354		0.0
9,548	5.500%, 10/01/2033		9,790		0.0
387	5.500%, 11/01/2033		399		0.0
1,708	5.500%, 11/01/2033		1,742		0.0
2,603	5.500%, 11/01/2033		2,641		0.0
3,160	5.500%, 11/01/2033		3,201		0.0
519	5.500%, 12/01/2033		526		0.0
8,307	5.500%, 12/01/2033		8,527		0.0
21,227	5.500%, 12/01/2033		21,536		0.0
47,024	5.500%, 12/01/2033		48,198		0.0
145,739	5.500%, 12/01/2033		147,759		0.0
128	5.500%, 01/01/2034		131		0.0
2,692	5.500%, 01/01/2034		2,716		0.0
6,978	5.500%, 01/01/2034		7,165		0.0
11,484	5.500%, 01/01/2034		11,517		0.0
52,139	5.500%, 01/01/2034		53,459		0.0
2,163	5.500%, 06/01/2034		2,221		0.0
3,641	5.500%, 11/01/2034		3,685		0.0
20,114	5.500%, 11/01/2034		20,670		0.0
414	5.500%, 12/01/2034		427		0.0
5,954	5.500%, 01/01/2035		6,121		0.0
13,173	5.500%, 01/01/2035		13,526		0.0
17,909	5.500%, 01/01/2035		18,158		0.0
5,152	5.500%, 02/01/2035		5,303		0.0
3,977	5.500%, 07/01/2035		4,094		0.0
334,085	5.500%, 08/01/2035		344,560		0.1
1,401	5.500%, 10/01/2035		1,467		0.0
255	5.500%, 11/01/2035		261		0.0
23,175	5.500%, 11/01/2035		23,857		0.0
325	5.500%, 12/01/2035		335		0.0
330	5.500%, 12/01/2035		335		0.0
6,048	5.500%, 12/01/2035		6,245		0.0
47,708	5.500%, 12/01/2035		49,264		0.0
4,321	5.500%, 01/01/2036		4,462		0.0
34,044	5.500%, 01/01/2036		35,154		0.0
349	5.500%, 02/01/2036		354		0.0
5,072	5.500%, 04/01/2036		5,238		0.0
301	5.500%, 08/01/2036		311		0.0
20,002	5.500%, 09/01/2036		20,563		0.0
32,402	5.500%, 09/01/2036		33,378		0.0
520	5.500%, 12/01/2036		537		0.0
812	5.500%, 12/01/2036		835		0.0
56,356	5.500%, 12/01/2036		58,103		0.0
57,466	5.500%, 12/01/2036		59,306		0.0
5,121	5.500%, 01/01/2037		5,281		0.0
27,002	5.500%, 01/01/2037		27,861		0.0
46,820	5.500%, 02/01/2037		48,291		0.0
118,437	5.500%, 03/01/2037		121,395		0.0
5,499	5.500%, 04/01/2037		5,669		0.0
387	5.500%, 05/01/2037		399		0.0
1,132	5.500%, 05/01/2037		1,154		0.0
6,179	5.500%, 05/01/2037		6,365		0.0
11,353	5.500%, 05/01/2037		11,702		0.0
10,609	5.500%, 06/01/2037		10,908		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
26,546	5.500%, 06/01/2037	$	27,289		0.0
13,069	5.500%, 07/01/2037		13,346		0.0
6,581	5.500%, 08/01/2037		6,790		0.0
17,867	5.500%, 08/01/2037		18,449		0.0
21,012	5.500%, 08/01/2037		21,638		0.0
49,163	5.500%, 09/01/2037		50,667		0.0
260	5.500%, 11/01/2037		267		0.0
169,866	5.500%, 01/01/2038		174,856		0.0
342	5.500%, 02/01/2038		351		0.0
532	5.500%, 02/01/2038		547		0.0
3,303	5.500%, 03/01/2038		3,379		0.0
163,048	5.500%, 03/01/2038		167,372		0.0
217	5.500%, 04/01/2038		222		0.0
7,588	5.500%, 04/01/2038		7,759		0.0
25,389	5.500%, 04/01/2038		26,032		0.0
1,348	5.500%, 05/01/2038		1,386		0.0
3,989	5.500%, 05/01/2038		4,100		0.0
46,652	5.500%, 05/01/2038		47,566		0.0
10,393	5.500%, 06/01/2038		10,656		0.0
37,848	5.500%, 06/01/2038		38,991		0.0
187	5.500%, 07/01/2038		193		0.0
18,958	5.500%, 07/01/2038		19,461		0.0
21,990	5.500%, 07/01/2038		22,671		0.0
22,952	5.500%, 07/01/2038		23,532		0.0
4,750	5.500%, 08/01/2038		4,905		0.0
10,284	5.500%, 08/01/2038		10,545		0.0
32,637	5.500%, 08/01/2038		33,462		0.0
24,295	5.500%, 11/01/2038		25,117		0.0
85,236	5.500%, 11/01/2038		87,566		0.0
102	5.500%, 12/01/2038		104		0.0
15,638	5.500%, 12/01/2038		16,110		0.0
23,951	5.500%, 01/01/2039		24,688		0.0
45,528	5.500%, 01/01/2039		46,930		0.0
152,855	5.500%, 01/01/2039		157,407		0.0
9,407	5.500%, 03/01/2039		9,672		0.0
79,696	5.500%, 06/01/2039		82,069		0.0
140,671	5.500%, 06/01/2039		145,089		0.0
7,923	5.500%, 07/01/2041		8,124		0.0
151,380	5.500%, 09/01/2041		155,832		0.0
5,471,764	5.500%, 02/01/2054		5,476,487		0.6
5,094,000 ⁽⁵⁾	5.500%, 08/15/2055		5,089,452		0.6
22,348	6.000%, 11/01/2028		22,709		0.0
153	6.000%, 04/01/2031		159		0.0
162	6.000%, 01/01/2032		164		0.0
267	6.000%, 11/01/2032		273		0.0
389	6.000%, 11/01/2032		395		0.0
20,492	6.000%, 01/01/2033		21,186		0.0
1,579	6.000%, 09/01/2033		1,636		0.0
281	6.000%, 01/01/2034		291		0.0
8,804	6.000%, 06/01/2035		8,948		0.0
2,359	6.000%, 07/01/2035		2,431		0.0
3,890	6.000%, 07/01/2035		3,982		0.0
4,662	6.000%, 07/01/2035		4,833		0.0
5,336	6.000%, 07/01/2035		5,585		0.0
303	6.000%, 10/01/2035		311		0.0
765	6.000%, 10/01/2035		777		0.0
22,901	6.000%, 11/01/2035		23,755		0.0
1,875	6.000%, 12/01/2035		1,930		0.0
20,673	6.000%, 12/01/2035		21,674		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
3,194	6.000%, 01/01/2036	$	3,311		0.0
13,389	6.000%, 02/01/2036		14,043		0.0
23,554	6.000%, 02/01/2036		24,704		0.0
5,115	6.000%, 03/01/2036		5,274		0.0
15,207	6.000%, 03/01/2036		15,948		0.0
9,472	6.000%, 04/01/2036		9,904		0.0
20,289	6.000%, 04/01/2036		21,280		0.0
6,017	6.000%, 05/01/2036		6,151		0.0
284	6.000%, 06/01/2036		297		0.0
1,556	6.000%, 06/01/2036		1,603		0.0
1,029	6.000%, 07/01/2036		1,064		0.0
1,191	6.000%, 07/01/2036		1,221		0.0
8,583	6.000%, 07/01/2036		8,897		0.0
30,270	6.000%, 07/01/2036		31,748		0.0
1,174	6.000%, 08/01/2036		1,215		0.0
1,757	6.000%, 08/01/2036		1,842		0.0
9,425	6.000%, 08/01/2036		9,885		0.0
10,428	6.000%, 08/01/2036		10,814		0.0
63,343	6.000%, 08/01/2036		65,664		0.0
67	6.000%, 09/01/2036		69		0.0
5,514	6.000%, 09/01/2036		5,683		0.0
6,179	6.000%, 09/01/2036		6,480		0.0
10,176	6.000%, 09/01/2036		10,583		0.0
10,669	6.000%, 09/01/2036		11,035		0.0
25,427	6.000%, 09/01/2036		26,665		0.0
48,077	6.000%, 09/01/2036		49,478		0.0
1,965	6.000%, 10/01/2036		2,023		0.0
6,583	6.000%, 10/01/2036		6,785		0.0
8,029	6.000%, 10/01/2036		8,421		0.0
16,470	6.000%, 10/01/2036		17,300		0.0
20,174	6.000%, 10/01/2036		21,095		0.0
20,422	6.000%, 10/01/2036		21,355		0.0
6,053	6.000%, 11/01/2036		6,303		0.0
17,747	6.000%, 11/01/2036		18,615		0.0
1,100	6.000%, 12/01/2036		1,141		0.0
1,711	6.000%, 12/01/2036		1,739		0.0
1,709	6.000%, 12/01/2036		1,793		0.0
9,161	6.000%, 12/01/2036		9,428		0.0
19,058	6.000%, 12/01/2036		19,988		0.0
179	6.000%, 01/01/2037		185		0.0
309	6.000%, 01/01/2037		324		0.0
4,279	6.000%, 01/01/2037		4,474		0.0
9,179	6.000%, 01/01/2037		9,383		0.0
6,610	6.000%, 02/01/2037		6,882		0.0
7,315	6.000%, 02/01/2037		7,672		0.0
43,990	6.000%, 02/01/2037		46,000		0.0
321	6.000%, 03/01/2037		331		0.0
3,987	6.000%, 03/01/2037		4,125		0.0
3,984	6.000%, 03/01/2037		4,178		0.0
5,678	6.000%, 03/01/2037		5,853		0.0
8,460	6.000%, 03/01/2037		8,873		0.0
38,359	6.000%, 03/01/2037		39,814		0.0
566	6.000%, 04/01/2037		585		0.0
642	6.000%, 04/01/2037		662		0.0
893	6.000%, 04/01/2037		937		0.0
1,793	6.000%, 04/01/2037		1,871		0.0
3,661	6.000%, 04/01/2037		3,823		0.0
4,477	6.000%, 04/01/2037		4,616		0.0
8,018	6.000%, 04/01/2037		8,409		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
11,624	6.000%, 04/01/2037	$	12,191		0.0
11,896	6.000%, 04/01/2037		12,332		0.0
18,246	6.000%, 04/01/2037		18,876		0.0
23,766	6.000%, 04/01/2037		24,403		0.0
31,894	6.000%, 04/01/2037		33,439		0.0
52,670	6.000%, 04/01/2037		55,243		0.0
480	6.000%, 05/01/2037		488		0.0
4,190	6.000%, 05/01/2037		4,381		0.0
4,879	6.000%, 05/01/2037		5,023		0.0
6,368	6.000%, 05/01/2037		6,554		0.0
8,684	6.000%, 05/01/2037		9,107		0.0
9,383	6.000%, 05/01/2037		9,600		0.0
9,772	6.000%, 05/01/2037		10,072		0.0
11,419	6.000%, 05/01/2037		11,752		0.0
17,445	6.000%, 05/01/2037		18,242		0.0
40,432	6.000%, 05/01/2037		42,407		0.0
2,563	6.000%, 06/01/2037		2,687		0.0
3,206	6.000%, 06/01/2037		3,324		0.0
3,316	6.000%, 06/01/2037		3,478		0.0
4,273	6.000%, 06/01/2037		4,390		0.0
20,902	6.000%, 06/01/2037		21,410		0.0
27,784	6.000%, 06/01/2037		29,054		0.0
2,012	6.000%, 07/01/2037		2,104		0.0
3,444	6.000%, 07/01/2037		3,621		0.0
3,665	6.000%, 07/01/2037		3,872		0.0
4,643	6.000%, 07/01/2037		4,779		0.0
5,624	6.000%, 07/01/2037		5,830		0.0
10,955	6.000%, 07/01/2037		11,357		0.0
27,443	6.000%, 07/01/2037		28,450		0.0
27,527	6.000%, 07/01/2037		28,873		0.0
2,099	6.000%, 08/01/2037		2,195		0.0
4,949	6.000%, 08/01/2037		5,131		0.0
7,419	6.000%, 08/01/2037		7,747		0.0
7,632	6.000%, 08/01/2037		7,856		0.0
14,897	6.000%, 08/01/2037		15,412		0.0
22,682	6.000%, 08/01/2037		23,791		0.0
29,182	6.000%, 08/01/2037		30,032		0.0
452	6.000%, 09/01/2037		465		0.0
1,140	6.000%, 09/01/2037		1,196		0.0
4,548	6.000%, 09/01/2037		4,669		0.0
7,598	6.000%, 09/01/2037		7,969		0.0
41,043	6.000%, 09/01/2037		42,860		0.0
413	6.000%, 10/01/2037		426		0.0
15,463	6.000%, 10/01/2037		16,219		0.0
540	6.000%, 11/01/2037		567		0.0
17,809	6.000%, 11/01/2037		18,680		0.0
25,682	6.000%, 11/01/2037		26,937		0.0
738	6.000%, 12/01/2037		772		0.0
15,028	6.000%, 12/01/2037		15,715		0.0
27,240	6.000%, 12/01/2037		27,837		0.0
30,180	6.000%, 12/01/2037		31,655		0.0
14,267	6.000%, 02/01/2038		14,965		0.0
49,546	6.000%, 02/01/2038		51,559		0.0
67,653	6.000%, 02/01/2038		70,961		0.0
580	6.000%, 03/01/2038		603		0.0
3,405	6.000%, 03/01/2038		3,502		0.0
15,025	6.000%, 03/01/2038		15,760		0.0
1,693	6.000%, 05/01/2038		1,776		0.0
40,605	6.000%, 05/01/2038		42,590		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
5,571	6.000%, 06/01/2038	$	5,843		0.0
21,252	6.000%, 07/01/2038		22,292		0.0
34,405	6.000%, 07/01/2038		35,522		0.0
622	6.000%, 08/01/2038		653		0.0
2,870	6.000%, 09/01/2038		2,972		0.0
3,575	6.000%, 09/01/2038		3,750		0.0
11,708	6.000%, 09/01/2038		12,280		0.0
12,807	6.000%, 09/01/2038		13,300		0.0
315	6.000%, 10/01/2038		323		0.0
509	6.000%, 10/01/2038		527		0.0
6,405	6.000%, 10/01/2038		6,718		0.0
7,098	6.000%, 10/01/2038		7,445		0.0
10,267	6.000%, 10/01/2038		10,568		0.0
15,739	6.000%, 10/01/2038		16,508		0.0
357	6.000%, 11/01/2038		373		0.0
982	6.000%, 11/01/2038		1,013		0.0
40,062	6.000%, 11/01/2038		41,222		0.0
719	6.000%, 12/01/2038		745		0.0
9,937	6.000%, 12/01/2038		10,347		0.0
34,309	6.000%, 12/01/2038		35,986		0.0
684	6.000%, 10/01/2039		718		0.0
8,911	6.000%, 10/01/2039		9,346		0.0
8,399	6.000%, 04/01/2040		8,810		0.0
67,387	6.000%, 09/01/2040		69,659		0.0
88,062	6.000%, 10/01/2040		92,367		0.0
1,936,630	6.000%, 07/01/2054		1,969,957		0.2
2,591,000 ⁽⁵⁾	6.000%, 08/01/2055		2,630,649		0.3
8	6.500%, 04/01/2027		8		0.0
3,732	6.500%, 01/01/2032		3,857		0.0
3,071	6.500%, 04/01/2032		3,194		0.0
2,609	6.500%, 10/01/2032		2,695		0.0
5,480	6.500%, 10/01/2032		5,661		0.0
2,592	6.500%, 03/01/2038		2,748		0.0
2	7.000%, 08/01/2025		2		0.0
214	7.000%, 12/01/2027		225		0.0
126,876	7.000%, 03/01/2038		134,279		0.0
3,036	7.500%, 09/01/2031		3,137		0.0
			111,886,595		12.2
	Total U.S. Government Agency Obligations (Cost $187,273,572)		175,295,336		19.1

COLLATERALIZED MORTGAGE OBLIGATIONS: 15.5%
596,464 ⁽³⁾	Alternative Loan Trust 2005-53T2 2A6, 4.934%, (TSFR1M + 0.614%), 11/25/2035		305,127		0.0
845,558	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035		581,254		0.1
166,458 ⁽³⁾⁽⁶⁾	Alternative Loan Trust 2005-J3 2A2, 0.566%, (-1.000*TSFR1M + 4.886%), 05/25/2035		7,194		0.0
1,023,092	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		461,078		0.1

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,436,447 ⁽³⁾	Alternative Loan Trust 2007-23CB A3, 4.934%, (TSFR1M + 0.614%), 09/25/2037	$	514,319		0.1
64,325	Banc of America Funding Trust 2007-8 4A1, 6.000%, 08/25/2037		53,056		0.0
224,858 ⁽³⁾	Bear Stearns ALT-A Trust 2005-10 22A1, 5.207%, 01/25/2036		213,097		0.0
121,920 ⁽³⁾	Bear Stearns ALT-A Trust 2005-4 23A1, 5.467%, 05/25/2035		116,477		0.0
680,819 ⁽³⁾	Bear Stearns ALT-A Trust 2006-6 31A1, 4.608%, 11/25/2036		392,698		0.0
783,067 ⁽³⁾	Bear Stearns ALT-A Trust 2006-6 32A1, 4.607%, 11/25/2036		402,202		0.1
620 ⁽³⁾	Bear Stearns ARM Trust 2005-12 13A1, 4.725%, 02/25/2036		446		0.0
51,836 ⁽³⁾	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 5.062%, 01/26/2036		36,915		0.0
1,519,185 ⁽¹⁾⁽³⁾	Chase Home Lending Mortgage Trust 2024-8 A9A, 5.500%, 08/25/2055		1,503,027		0.2
31,064 ⁽³⁾	Chase Mortgage Finance Trust Series 2005-A1 1A1, 4.745%, 12/25/2035		28,052		0.0
5,681 ⁽³⁾	CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 5.395%, 02/20/2035		5,744		0.0
9,289 ⁽³⁾	CHL Mortgage Pass-Through Trust 2005-2 2A3, 5.114%, (TSFR1M + 0.794%), 03/25/2035		8,776		0.0
359,418	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037		334,479		0.0
12,009 ⁽³⁾	Citigroup Mortgage Loan Trust 2005-3 2A2A, 5.988%, 08/25/2035		11,412		0.0
553,301	Citigroup Mortgage Loan Trust 2005-8 3A1, 5.500%, 09/25/2035		563,686		0.1
519,178 ⁽³⁾	Citigroup Mortgage Loan Trust 2007-10 22AA, 4.783%, 09/25/2037		479,140		0.1

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
326,987 ⁽¹⁾⁽³⁾	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058	$	320,389		0.0
151,842	CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037		135,935		0.0
800,000 ⁽¹⁾⁽³⁾	Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.070%, (SOFR30A + 3.764%), 02/25/2040		831,785		0.1
3,600,000 ⁽¹⁾⁽³⁾	Connecticut Avenue Securities Trust 2022-R01 1B1, 7.455%, (SOFR30A + 3.150%), 12/25/2041		3,698,238		0.4
70,768 ⁽³⁾	DSLA Mortgage Loan Trust 2004-AR3 2A1, 5.274%, 07/19/2044		67,002		0.0
210,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2020-R01 1B1, 7.670%, (SOFR30A + 3.364%), 01/25/2040		215,365		0.0
1,500,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2021-R01 1B1, 7.405%, (SOFR30A + 3.100%), 10/25/2041		1,537,261		0.2
1,500,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2021-R03 1B1, 7.055%, (SOFR30A + 2.750%), 12/25/2041		1,532,771		0.2
1,000,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2022-R08 1B1, 9.905%, (SOFR30A + 5.600%), 07/25/2042		1,079,088		0.1
2,000,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2023-R04 1B1, 9.656%, (SOFR30A + 5.350%), 05/25/2043		2,189,436		0.2
700,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2023-R07 2M2, 7.556%, (SOFR30A + 3.250%), 09/25/2043		729,562		0.1
2,000,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2024-R06 1B1, 6.355%, (SOFR30A + 2.050%), 09/25/2044		2,014,656		0.2
500,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.256%, (SOFR30A + 1.950%), 02/25/2045		500,567		0.1

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,000,000 ⁽¹⁾⁽³⁾	Fannie Mae Connecticut Avenue Securities 2025-R03 2M2, 6.555%, (SOFR30A + 2.250%), 03/25/2045	$	1,017,486		0.1
1,966,837 ⁽⁶⁾	Fannie Mae Interest Strip 409 C29, 5.000%, 04/25/2042		381,619		0.0
165,558 ⁽⁶⁾	Fannie Mae Interest Strip 418 10, 4.000%, 08/25/2043		27,941		0.0
163,752 ⁽⁶⁾	Fannie Mae Interest Strip 418 15, 3.500%, 08/25/2043		24,918		0.0
1,525,861 ⁽⁶⁾	Fannie Mae Interest Strip 421 C11, 6.500%, 05/25/2039		246,492		0.0
59,794	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029		60,725		0.0
2,065 ⁽³⁾	Fannie Mae REMIC Trust 2002-21 FC, 5.320%, (SOFR30A + 1.014%), 04/25/2032		2,071		0.0
301,220 ⁽⁶⁾	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033		45,803		0.0
9,541 ⁽³⁾	Fannie Mae REMIC Trust 2004-11 A, 4.556%, (SOFR30A + 0.234%), 03/25/2034		9,525		0.0
154,278	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036		159,869		0.0
1,323,662 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2005-66 SY, 2.280%, (-1.000*SOFR30A + 6.586%), 07/25/2035		111,245		0.0
103,497 ⁽³⁾	Fannie Mae REMIC Trust 2005-74 DK, 6.321%, (-1.000*SOFR30A + 23.542%), 07/25/2035		106,766		0.0
1,529,818 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2005-92 SC, 2.260%, (-1.000*SOFR30A + 6.566%), 10/25/2035		123,810		0.0
75,203	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036		78,125		0.0
319,758 ⁽³⁾	Fannie Mae REMIC Trust 2006-104 ES, 11.352%, (-1.000*SOFR30A + 32.878%), 11/25/2036		424,832		0.1

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,283,184 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2006-12 SD, 2.330%, (-1.000*SOFR30A + 6.636%), 10/25/2035	$	83,125		0.0
1,760,219 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2006-120 QD, 0.280%, (-1.000*SOFR30A + 4.586%), 10/25/2036		39,648		0.0
951,619 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2006-123 UI, 2.320%, (-1.000*SOFR30A + 6.626%), 01/25/2037		90,883		0.0
932,307 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2006-59 XS, 2.780%, (-1.000*SOFR30A + 7.086%), 07/25/2036		76,065		0.0
29,189 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2006-72 HS, 2.280%, (-1.000*SOFR30A + 6.586%), 08/25/2026		325		0.0
1,142,195 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2007-53 SX, 1.680%, (-1.000*SOFR30A + 5.986%), 06/25/2037		92,918		0.0
249,339 ⁽³⁾	Fannie Mae REMIC Trust 2007-73 A1, 4.807%, (SOFR30A + 0.174%), 07/25/2037		244,939		0.0
149,304 ⁽³⁾	Fannie Mae REMIC Trust 2008-20 SP, 4.451%, (-1.000*SOFR30A + 15.214%), 03/25/2038		149,335		0.0
774,790	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036		776,684		0.1
2,760,967 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2010-102 SB, 2.180%, (-1.000*SOFR30A + 6.486%), 09/25/2040		291,034		0.0
3,209,570 ⁽⁶⁾	Fannie Mae REMIC Trust 2010-112 PI, 6.000%, 10/25/2040		622,965		0.1
854,782 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2010-116 SE, 2.180%, (-1.000*SOFR30A + 6.486%), 10/25/2040		75,145		0.0
2,206,110 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2010-123 SL, 1.650%, (-1.000*SOFR30A + 5.956%), 11/25/2040		160,185		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
7,100,614 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2010-139 SA, 1.610%, (-1.000*SOFR30A + 5.916%), 12/25/2040	$	603,696		0.1
1,476,329 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2010-55 AS, 2.000%, (-1.000*SOFR30A + 6.306%), 06/25/2040		134,634		0.0
2,645,949	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040		2,724,522		0.3
162,426	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040		163,976		0.0
412,935	Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041		416,861		0.1
37,748	Fannie Mae REMIC Trust 2011-127 UY, 3.500%, 12/25/2041		35,764		0.0
1,000,000	Fannie Mae REMIC Trust 2011-128 KB, 4.500%, 12/25/2041		985,489		0.1
710,585 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2011-149 ES, 1.580%, (-1.000*SOFR30A + 5.886%), 07/25/2041		28,397		0.0
540,618 ⁽⁶⁾	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041		54,492		0.0
255,872 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2012-10 US, 2.030%, (-1.000*SOFR30A + 6.336%), 02/25/2042		30,951		0.0
21,440	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041		21,329		0.0
550,421	Fannie Mae REMIC Trust 2012-110 CA, 3.000%, 10/25/2042		506,551		0.1
3,451,763 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2012-113 SG, 1.680%, (-1.000*SOFR30A + 5.986%), 10/25/2042		385,174		0.0
2,432,434 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2012-122 SB, 1.730%, (-1.000*SOFR30A + 6.036%), 11/25/2042		282,932		0.0
615,673 ⁽⁶⁾	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032		31,159		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
765,285 ⁽³⁾	Fannie Mae REMIC Trust 2012-131 BS, 0.088%, (-1.000*SOFR30A + 5.263%), 12/25/2042	$	473,636		0.1
8,058,414 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2012-134 SF, 1.730%, (-1.000*SOFR30A + 6.036%), 12/25/2042		901,089		0.1
3,837,219 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2012-137 SN, 1.680%, (-1.000*SOFR30A + 5.986%), 12/25/2042		399,755		0.0
6,299,814 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2012-19 S, 1.530%, (-1.000*SOFR30A + 5.836%), 03/25/2042		627,806		0.1
2,677,801 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2012-30 TS, 2.030%, (-1.000*SOFR30A + 6.336%), 04/25/2042		315,301		0.0
503,699 ⁽⁶⁾	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042		65,712		0.0
2,925,565 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2013-60 DS, 1.780%, (-1.000*SOFR30A + 6.086%), 06/25/2033		207,140		0.0
3,497,688 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2013-9 DS, 1.730%, (-1.000*SOFR30A + 6.036%), 02/25/2043		389,755		0.0
5,978,430 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2013-9 SA, 1.730%, (-1.000*SOFR30A + 6.036%), 03/25/2042		296,710		0.0
8,145,067 ⁽⁶⁾	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045		1,523,899		0.2
9,687,638 ⁽⁶⁾	Fannie Mae REMIC Trust 2016-2 IO, 5.500%, 02/25/2046		1,340,128		0.2
3,000,976 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2016-54 SD, 1.580%, (-1.000*SOFR30A + 5.886%), 08/25/2046		350,433		0.0
4,594,109 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2016-62 SC, 1.580%, (-1.000*SOFR30A + 5.886%), 09/25/2046		543,622		0.1

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
9,964,040 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2016-82 SD, 1.630%, (-1.000*SOFR30A + 5.936%), 11/25/2046	$	806,949		0.1
3,706,672 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2016-93 SL, 2.230%, (-1.000*SOFR30A + 6.536%), 12/25/2046		263,206		0.0
5,931,680 ⁽⁶⁾	Fannie Mae REMIC Trust 2017-23 IO, 6.000%, 04/25/2047		1,213,961		0.1
860,514	Fannie Mae REMIC Trust 2017-54 D, 3.000%, 07/25/2047		770,095		0.1
3,006,359	Fannie Mae REMIC Trust 2018-11 BX, 4.000%, 12/25/2047		2,859,744		0.3
161,660	Fannie Mae REMIC Trust 2018-27 EA, 3.000%, 05/25/2048		144,720		0.0
2,426,640 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2018-43 SE, 1.830%, (-1.000*SOFR30A + 6.136%), 09/25/2038		202,500		0.0
418,664	Fannie Mae REMIC Trust 2018-64 ET, 3.000%, 09/25/2048		376,790		0.0
4,425,616 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2019-18 SA, 1.630%, (-1.000*SOFR30A + 5.936%), 05/25/2049		391,120		0.0
3,892,775 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2019-25 PS, 1.630%, (-1.000*SOFR30A + 5.936%), 06/25/2049		455,256		0.1
11,297,851 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2019-33 PS, 1.630%, (-1.000*SOFR30A + 5.936%), 07/25/2049		1,374,281		0.2
9,490,819 ⁽⁶⁾	Fannie Mae REMIC Trust 2020-71 TI, 3.000%, 10/25/2050		1,603,094		0.2
8,109,042 ⁽³⁾⁽⁶⁾	Fannie Mae REMIC Trust 2020-94 SC, 1.530%, (-1.000*SOFR30A + 5.836%), 07/25/2050		1,089,322		0.1
13,193,851 ⁽⁶⁾	Fannie Mae REMIC Trust 2021-13 BI, 3.000%, 02/25/2050		2,339,761		0.3
13,539,576 ⁽⁶⁾	Fannie Mae REMIC Trust 2021-17 KI, 4.500%, 04/25/2051		3,204,799		0.4

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
14,597,138 ⁽⁶⁾	Fannie Mae REMIC Trust 2021-8 TI, 4.000%, 03/25/2051	$	3,121,620		0.3
96,927 ⁽³⁾	First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 4.649%, 03/25/2035		55,390		0.0
48,863 ⁽³⁾	First Horizon Asset Securities, Inc. 2005-AR6 4A1, 5.618%, 02/25/2036		47,170		0.0
17,810 ⁽³⁾	First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 6.431%, 08/25/2035		12,775		0.0
1,599,932 ⁽¹⁾⁽³⁾	Flagstar Mortgage Trust 2018-1 B3, 3.932%, 03/25/2048		1,477,347		0.2
38,817	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029		39,048		0.0
52,241	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029		52,919		0.0
27,237 ⁽³⁾	Freddie Mac REMIC Trust 2411 FJ, 4.768%, (SOFR30A + 0.464%), 12/15/2029		27,152		0.0
24,749	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032		25,082		0.0
47,324	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033		48,883		0.0
86,433 ⁽⁶⁾	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033		12,630		0.0
1,685,810 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 2815 GS, 1.582%, (-1.000*SOFR30A + 5.886%), 03/15/2034		109,508		0.0
382,757	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034		391,582		0.0
288,361	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035		294,940		0.0
2,017,241 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3045 DI, 2.312%, (-1.000*SOFR30A + 6.616%), 10/15/2035		162,832		0.0
123,990 ⁽³⁾	Freddie Mac REMIC Trust 3065 DC, 6.605%, (-1.000*SOFR30A + 19.517%), 03/15/2035		128,823		0.0
134,524 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3102 IS, 8.366%, (-1.000*SOFR30A + 24.147%), 01/15/2036		32,972		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
612,573 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3170 SA, 2.182%, (-1.000*SOFR30A + 6.486%), 09/15/2033	$	44,646		0.0
226,449 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3171 PS, 2.067%, (-1.000*SOFR30A + 6.371%), 06/15/2036		16,316		0.0
3,292,051 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3284 CI, 1.702%, (-1.000*SOFR30A + 6.006%), 03/15/2037		270,746		0.0
1,454,633 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3311 IC, 1.992%, (-1.000*SOFR30A + 6.296%), 05/15/2037		137,565		0.0
3,143,811 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3510 IC, 1.662%, (-1.000*SOFR30A + 5.966%), 08/15/2037		265,013		0.0
123,930 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3524 LA, 5.319%, 03/15/2033		125,267		0.0
16,634 ⁽³⁾	Freddie Mac REMIC Trust 3556 NT, 7.518%, (SOFR30A + 3.214%), 03/15/2038		17,284		0.0
1,679,824 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3575 ST, 2.182%, (-1.000*SOFR30A + 6.486%), 04/15/2039		185,273		0.0
2,658,966 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3589 SB, 1.782%, (-1.000*SOFR30A + 6.086%), 10/15/2039		242,985		0.0
213,792 ⁽⁶⁾	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040		22,393		0.0
5,014,910 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3702 SB, 0.082%, (-1.000*SOFR30A + 4.386%), 08/15/2040		193,241		0.0
524,501	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041		505,843		0.1
1,652,720 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3856 KS, 2.132%, (-1.000*SOFR30A + 6.436%), 05/15/2041		175,877		0.0
748,617	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041		744,910		0.1

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
169,274 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3925 SD, 1.632%, (-1.000*SOFR30A + 5.936%), 07/15/2040	$	3,428		0.0
593,517 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3925 SL, 1.632%, (-1.000*SOFR30A + 5.936%), 01/15/2041		9,517		0.0
4,899,130 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 3951 SN, 2.132%, (-1.000*SOFR30A + 6.436%), 11/15/2041		558,260		0.1
267,082	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042		266,981		0.0
2,787,143 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4059 SP, 2.132%, (-1.000*SOFR30A + 6.436%), 06/15/2042		338,378		0.0
2,817,482 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4102 MS, 2.182%, (-1.000*SOFR30A + 6.486%), 09/15/2042		380,871		0.0
6,398,411 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4139 CS, 1.732%, (-1.000*SOFR30A + 6.036%), 12/15/2042		726,664		0.1
3,658,795 ⁽⁶⁾	Freddie Mac REMIC Trust 4150 IO, 3.500%, 01/15/2043		582,364		0.1
354,917 ⁽⁶⁾	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043		55,316		0.0
3,150,127 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4313 SD, 1.732%, (-1.000*SOFR30A + 6.036%), 03/15/2044		262,346		0.0
5,084,668 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4313 SE, 1.732%, (-1.000*SOFR30A + 6.036%), 03/15/2044		470,365		0.1
469,800 ⁽⁶⁾	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043		58,064		0.0
817,213 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4346 ST, 1.782%, (-1.000*SOFR30A + 6.086%), 07/15/2039		19,020		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,661,879 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4386 LS, 1.682%, (-1.000*SOFR30A + 5.986%), 09/15/2044	$	172,035		0.0
1,512,770 ⁽⁶⁾	Freddie Mac REMIC Trust 4465 MI, 5.000%, 03/15/2041		235,643		0.0
5,375,426 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4675 KS, 1.582%, (-1.000*SOFR30A + 5.886%), 04/15/2047		633,596		0.1
3,179,576 ⁽⁶⁾	Freddie Mac REMIC Trust 4717 IB, 4.000%, 09/15/2047		642,711		0.1
1,873,273	Freddie Mac REMIC Trust 4753 VZ, 3.000%, 12/15/2047		1,489,447		0.2
1,748,388	Freddie Mac REMIC Trust 4755 Z, 3.000%, 02/15/2048		1,539,854		0.2
630,019	Freddie Mac REMIC Trust 4787 PY, 4.000%, 05/15/2048		596,837		0.1
4,426,135 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4845 S, 2.282%, (-1.000*SOFR30A + 6.586%), 12/15/2048		436,358		0.1
4,384,779 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4892 ES, 1.730%, (-1.000*SOFR30A + 6.036%), 07/25/2045		509,030		0.1
11,894,539 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4901 BS, 1.680%, (-1.000*SOFR30A + 5.986%), 07/25/2049		1,040,349		0.1
4,179,154 ⁽⁶⁾	Freddie Mac REMIC Trust 4988 IJ, 4.500%, 12/15/2047		771,407		0.1
10,038,755 ⁽³⁾⁽⁶⁾	Freddie Mac REMIC Trust 4995 SB, 1.680%, (-1.000*SOFR30A + 5.986%), 07/25/2050		1,333,259		0.2
3,433,692 ⁽⁶⁾	Freddie Mac REMIC Trust 5015 EI, 4.500%, 09/25/2050		788,967		0.1
13,219,796 ⁽⁶⁾	Freddie Mac REMIC Trust 5118 LI, 3.000%, 06/25/2041		1,449,462		0.2
11,060,679 ⁽⁶⁾	Freddie Mac REMIC Trust 5124 IQ, 3.500%, 07/25/2051		2,172,102		0.2
1,000,000 ⁽¹⁾⁽³⁾	Freddie Mac STACR REMIC Trust 2021-DNA7 B1, 7.955%, (SOFR30A + 3.650%), 11/25/2041		1,033,404		0.1

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,400,000 ⁽¹⁾⁽³⁾	Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 9.655%, (SOFR30A + 5.350%), 08/25/2042	$	1,504,794		0.2
3,145,586 ⁽⁶⁾	Freddie Mac Strips 228 IO, 6.000%, 02/01/2035		478,548		0.1
6,760,164 ⁽³⁾⁽⁶⁾	Freddie Mac Strips 268 S5, 1.582%, (-1.000*SOFR30A + 5.886%), 08/15/2042		724,400		0.1
4,150,962 ⁽³⁾⁽⁶⁾	Freddie Mac Strips 311 S1, 1.532%, (-1.000*SOFR30A + 5.836%), 08/15/2043		437,860		0.1
243,747 ⁽³⁾⁽⁶⁾	Freddie Mac Strips 347 118, 4.500%, 02/15/2044		44,472		0.0
6,871,608 ⁽³⁾⁽⁶⁾	Freddie Mac Strips 347 C29, 3.000%, 01/15/2044		983,065		0.1
5,823,665 ⁽³⁾⁽⁶⁾	Freddie Mac Strips 347 C30, 3.500%, 02/15/2044		956,730		0.1
2,187,505 ⁽³⁾⁽⁶⁾	Freddie Mac Strips 347 C31, 4.000%, 02/15/2044		360,475		0.0
3,898,663 ⁽⁶⁾	Freddie Mac Strips 351 C1, 2.500%, 02/15/2031		172,195		0.0
2,831,039 ⁽⁶⁾	Freddie Mac Strips 351 C11, 3.500%, 02/15/2031		183,920		0.0
3,429,140 ⁽⁶⁾	Freddie Mac Strips 351 C12, 4.000%, 02/15/2031		241,785		0.0
2,743,837 ⁽⁶⁾	Freddie Mac Strips 351 C13, 3.000%, 02/15/2031		155,578		0.0
4,262,568 ⁽⁶⁾	Freddie Mac Strips 351 C2, 3.000%, 02/15/2031		227,638		0.0
3,450,398 ⁽⁶⁾	Freddie Mac Strips 351 C7, 3.000%, 02/15/2031		184,806		0.0
4,079,983 ⁽⁶⁾	Freddie Mac Strips 351 C8, 3.500%, 02/15/2031		266,376		0.0
1,517,810	Freddie Mac Structured Pass-Through Certificates T-54 2A, 6.500%, 02/25/2043		1,524,337		0.2
1,165,512 ⁽³⁾	Freddie Mac Structured Pass-Through Certificates T-62 1A1, 5.599%, (12MTA + 1.200%), 10/25/2044		1,068,066		0.1
214,005 ⁽³⁾⁽⁶⁾	Ginnie Mae 2005-7 AH, 2.344%, (-1.000*TSFR1M + 6.656%), 02/16/2035		16,011		0.0
4,217,021 ⁽³⁾⁽⁶⁾	Ginnie Mae 2007-35 KY, 2.024%, (-1.000*TSFR1M + 6.336%), 06/16/2037		398,341		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
141,784 ⁽³⁾	Ginnie Mae 2007-8 SP, 7.678%, (-1.000*TSFR1M + 21.677%), 03/20/2037	$	169,166		0.0
817,247 ⁽³⁾⁽⁶⁾	Ginnie Mae 2008-35 SN, 1.968%, (-1.000*TSFR1M + 6.286%), 04/20/2038		62,828		0.0
383,051 ⁽³⁾⁽⁶⁾	Ginnie Mae 2008-40 PS, 2.074%, (-1.000*TSFR1M + 6.386%), 05/16/2038		24,233		0.0
3,696,741 ⁽³⁾⁽⁶⁾	Ginnie Mae 2009-106 SU, 1.768%, (-1.000*TSFR1M + 6.086%), 05/20/2037		327,435		0.0
1,241,298 ⁽³⁾⁽⁶⁾	Ginnie Mae 2009-25 KS, 1.768%, (-1.000*TSFR1M + 6.086%), 04/20/2039		113,537		0.0
620,065	Ginnie Mae 2009-29 PB, 4.750%, 05/20/2039		628,363		0.1
675,483	Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039		680,054		0.1
2,634,954	Ginnie Mae 2009-33 ZB, 6.000%, 05/20/2039		2,722,722		0.3
425,891 ⁽⁶⁾	Ginnie Mae 2010-106 IP, 5.000%, 03/20/2040		21,032		0.0
558,942 ⁽³⁾⁽⁶⁾	Ginnie Mae 2010-116 NS, 2.224%, (-1.000*TSFR1M + 6.536%), 09/16/2040		42,442		0.0
2,204,251 ⁽³⁾⁽⁶⁾	Ginnie Mae 2010-116 SK, 2.188%, (-1.000*TSFR1M + 6.506%), 08/20/2040		190,829		0.0
488,983 ⁽³⁾⁽⁶⁾	Ginnie Mae 2010-149 HS, 1.674%, (-1.000*TSFR1M + 5.986%), 05/16/2040		3,109		0.0
488,605 ⁽³⁾⁽⁶⁾	Ginnie Mae 2010-4 SP, 2.074%, (-1.000*TSFR1M + 6.386%), 01/16/2039		11,225		0.0
92,749 ⁽⁶⁾	Ginnie Mae 2010-6 IA, 5.000%, 11/20/2039		1,931		0.0
835,163 ⁽³⁾⁽⁶⁾	Ginnie Mae 2010-68 MS, 1.418%, (-1.000*TSFR1M + 5.736%), 06/20/2040		79,531		0.0
1,948,631 ⁽⁶⁾	Ginnie Mae 2010-9 JI, 5.000%, 01/20/2040		398,402		0.0
3,416 ⁽⁶⁾	Ginnie Mae 2011-116 BI, 4.000%, 08/16/2026		6		0.0
1,955,196 ⁽³⁾⁽⁶⁾	Ginnie Mae 2011-80 KS, 2.238%, (-1.000*TSFR1M + 6.556%), 06/20/2041		213,034		0.0
25,183 ⁽⁶⁾	Ginnie Mae 2012-40 NI, 4.500%, 05/20/2040		1,056		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,576,022 ⁽⁶⁾	Ginnie Mae 2013-167 PI, 5.500%, 11/20/2043	$	500,568		0.1
3,739,235 ⁽⁶⁾	Ginnie Mae 2013-184 JI, 5.500%, 12/16/2043		767,981		0.1
266,221	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042		246,754		0.0
280,909	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043		256,169		0.0
129,933	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042		116,166		0.0
99,843	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042		89,027		0.0
2,858,508	Ginnie Mae 2014-3 EP, 2.750%, 02/16/2043		2,740,669		0.3
3,259,376 ⁽³⁾⁽⁶⁾	Ginnie Mae 2014-3 SU, 1.618%, (-1.000*TSFR1M + 5.936%), 07/20/2039		285,725		0.0
4,211,275 ⁽³⁾⁽⁶⁾	Ginnie Mae 2014-55 MS, 1.774%, (-1.000*TSFR1M + 6.086%), 04/16/2044		398,718		0.0
2,889,731 ⁽³⁾⁽⁶⁾	Ginnie Mae 2014-56 SP, 1.774%, (-1.000*TSFR1M + 6.086%), 12/16/2039		213,737		0.0
3,543,288 ⁽³⁾⁽⁶⁾	Ginnie Mae 2014-58 CS, 1.174%, (-1.000*TSFR1M + 5.486%), 04/16/2044		211,132		0.0
4,510,638 ⁽⁶⁾	Ginnie Mae 2014-79 BI, 6.000%, 05/16/2044		759,453		0.1
1,874,858 ⁽³⁾⁽⁶⁾	Ginnie Mae 2014-99 S, 1.168%, (-1.000*TSFR1M + 5.486%), 06/20/2044		184,928		0.0
936,579	Ginnie Mae 2018-112 AL, 3.500%, 08/20/2048		861,915		0.1
1,100,757	Ginnie Mae 2018-126 A, 3.500%, 09/20/2048		1,012,629		0.1
28,702,642 ⁽³⁾⁽⁶⁾	Ginnie Mae 2020-167 SC, 1.868%, (-1.000*TSFR1M + 6.186%), 11/20/2050		4,251,923		0.5
4,326,321 ⁽³⁾⁽⁶⁾	Ginnie Mae 2020-7 SE, 1.618%, (-1.000*TSFR1M + 5.936%), 06/20/2049		529,065		0.1
21,973,493 ⁽⁶⁾	Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051		3,694,806		0.4
10,080,229 ⁽⁶⁾	Ginnie Mae 2021-41 MI, 2.000%, 03/20/2051		1,224,937		0.1
10,074,887 ⁽⁶⁾	Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051		1,516,109		0.2
14,848,979 ⁽³⁾⁽⁶⁾	Ginnie Mae 2022-45 SP, 1.498%, (-1.000*SOFR30A + 5.800%), 05/20/2050		1,410,692		0.2
2,166,142	Ginnie Mae 2024-20 KZ, 6.000%, 02/20/2054		2,202,684		0.2

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
137,459 ⁽¹⁾⁽³⁾	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049	$	129,882		0.0
739,090 ⁽¹⁾⁽³⁾	GS Mortgage-Backed Securities Trust 2023-PJ4 A3, 6.000%, 01/25/2054		744,756		0.1
970	GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032		1,001		0.0
27,711 ⁽³⁾	HarborView Mortgage Loan Trust 2005-2 2A1A, 4.872%, (TSFR1M + 0.554%), 05/19/2035		26,651		0.0
51,526 ⁽³⁾	HomeBanc Mortgage Trust 2004-1 2A, 5.294%, (TSFR1M + 0.974%), 08/25/2029		50,385		0.0
2,621 ⁽³⁾	JP Morgan Mortgage Trust 2005-A1 6T1, 5.875%, 02/25/2035		2,564		0.0
22,266 ⁽³⁾	JP Morgan Mortgage Trust 2007-A1 5A5, 6.373%, 07/25/2035		22,635		0.0
1,612,239 ⁽¹⁾⁽³⁾	JP Morgan Mortgage Trust 2018-1 B3, 3.579%, 06/25/2048		1,462,951		0.2
1,673,664 ⁽¹⁾⁽³⁾	JP Morgan Mortgage Trust 2020-8 B3, 3.492%, 03/25/2051		1,460,889		0.2
6,375,180 ⁽³⁾⁽⁶⁾	Lehman Mortgage Trust 2006-9 2A5, 2.186%, (-1.000*TSFR1M + 6.506%), 01/25/2037		745,707		0.1
19,930 ⁽³⁾	Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 5.879%, 05/25/2033		19,464		0.0
7,167 ⁽³⁾	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 4.934%, (TSFR1M + 0.614%), 11/25/2035		6,842		0.0
9,061 ⁽¹⁾⁽³⁾	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030		8,986		0.0
858,262,149 ⁽¹⁾⁽⁶⁾	PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048		4,410,652		0.5
234,949	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037		209,899		0.0
703	RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032		711		0.0

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,238,855	Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057	$	1,195,070		0.1
565,272	Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057		490,622		0.1
740,141	Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057		638,183		0.1
596,389	Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058		508,423		0.1
599,442	Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058		516,975		0.1
755,530	Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058		654,181		0.1
158,859	Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058		137,616		0.0
13,149 ⁽³⁾	Sequoia Mortgage Trust 2003-4 2A1, 5.132%, (TSFR1M + 0.814%), 07/20/2033		13,071		0.0
6,442 ⁽³⁾	Sequoia Mortgage Trust 2005-4 2A1, 7.373%, 04/20/2035		6,543		0.0
448,719 ⁽¹⁾⁽³⁾	Sequoia Mortgage Trust 2015-2 B3, 3.754%, 05/25/2045		392,210		0.0
68,726 ⁽¹⁾⁽³⁾	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048		64,568		0.0
698,000 ⁽¹⁾⁽³⁾	Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050		624,036		0.1
363,993 ⁽³⁾	Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 5.207%, 04/25/2035		334,783		0.0
20,824 ⁽³⁾	Structured Adjustable Rate Mortgage Loan Trust Series 2005-17 3A1, 4.728%, 08/25/2035		18,163		0.0
34,457 ⁽³⁾	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 4.932%, (TSFR1M + 0.614%), 07/19/2035		34,183		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
86,303 ⁽³⁾	Thornburg Mortgage Securities Trust 2006-5 A1, 5.522%, 10/25/2046	$	82,072		0.0
8,534 ⁽³⁾	WaMu Mortgage Pass-Through Certificates 2002-AR9 1A, 5.799%, (12MTA + 1.400%), 08/25/2042		8,265		0.0
13,434 ⁽³⁾	WaMu Mortgage Pass-Through Certificates 2005-AR1 A1A, 5.074%, (TSFR1M + 0.754%), 01/25/2045		13,327		0.0
24,845,830 ⁽³⁾⁽⁶⁾	WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045		26,949		0.0
340,364 ⁽³⁾	WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.755%, 10/25/2036		313,157		0.0
322,962 ⁽³⁾	WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 4.037%, 10/25/2036		295,166		0.0
540,620 ⁽³⁾	WaMu Mortgage Pass-Through Certificates 2006-AR16 2A1, 4.475%, 12/25/2036		481,342		0.1
164,420 ⁽³⁾	WaMu Mortgage Pass-Through Certificates 2006-AR7 3A, 5.447%, (12MTA + 1.048%), 07/25/2046		149,057		0.0
567,792 ⁽³⁾	WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 5.414%, (TSFR1M + 1.094%), 10/25/2045		563,356		0.1
1,067,144 ⁽³⁾	Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR10 A1, 4.634%, (TSFR1M + 0.314%), 12/25/2036		526,929		0.1
113,367	Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035		105,980		0.0
579,819 ⁽³⁾	Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.864%, (TSFR1M + 0.544%), 06/25/2037		506,503		0.1
31,793 ⁽³⁾	Wells Fargo Mortgage Backed Securities Trust 2005-AR7 1A1, 6.081%, 05/25/2035		32,926		0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
110,658 ⁽³⁾	Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.140%, 04/25/2036	$	109,763	0.0
453,897 ⁽¹⁾⁽³⁾	WinWater Mortgage Loan Trust 2015-5 B4, 3.753%, 08/20/2045		419,977	0.1
	Total Collateralized Mortgage Obligations
	(Cost $162,890,776)		142,558,780	15.5

ASSET-BACKED SECURITIES: 10.2%
	Home Equity Asset-Backed Securities: 0.1%
868,624 ⁽¹⁾⁽³⁾	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038		704,935	0.1
34,937 ⁽³⁾	Renaissance Home Equity Loan Trust 2003-2 A, 3.733%, (TSFR1M + 0.994%), 08/25/2033		31,839	0.0
309,161 ⁽³⁾	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.640%, 11/25/2035		308,680	0.0
			1,045,454	0.1

	Other Asset-Backed Securities: 8.7%
900,000 ⁽¹⁾⁽³⁾	720 East CLO VII Ltd. 2025-7A B, 5.831%, (TSFR3M + 1.550%), 04/20/2037		900,699	0.1
690,000 ⁽¹⁾⁽³⁾	720 East CLO VII Ltd. 2025-7A C, 5.981%, (TSFR3M + 1.700%), 04/20/2037		683,464	0.1
3,170,000 ⁽¹⁾⁽³⁾	AMMC CLO 25 Ltd. 2022-25A A1R, 5.606%, (TSFR3M + 1.350%), 04/15/2035		3,171,262	0.4
840,000 ⁽¹⁾⁽³⁾	AMMC CLO 31 Ltd. 2025-31A B, 5.988%, (TSFR3M + 1.700%), 02/20/2038		843,084	0.1
1,243,905 ⁽¹⁾⁽³⁾	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 5.776%, (TSFR1M + 1.464%), 11/15/2036		1,244,069	0.1
1,390,000 ⁽¹⁾⁽³⁾	Ballyrock CLO 18 Ltd. 2021-18A A2R, 4.871%, (TSFR3M + 1.650%), 04/15/2038		1,391,972	0.2
266,307 ⁽³⁾	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 6.276%, 10/25/2036		266,939	0.0

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
1,360,000 ⁽¹⁾⁽³⁾	Benefit Street Partners CLO Ltd. 2015-6BR BR, 5.833%, (TSFR3M + 1.550%), 04/20/2038	$	1,363,937	0.2
1,950,000 ⁽¹⁾⁽³⁾	Benefit Street Partners CLO XVIII Ltd. 2019-18A A2R, 5.968%, (TSFR3M + 1.712%), 10/15/2034		1,951,636	0.2
1,860,000 ⁽¹⁾⁽³⁾	Birch Grove CLO 12 Ltd. 2025-12A B, 5.893%, (TSFR3M + 1.550%), 04/22/2038		1,861,012	0.2
3,490,000 ⁽¹⁾⁽³⁾	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 5.701%, (TSFR3M + 1.432%), 07/20/2034		3,491,721	0.4
3,000,000 ⁽¹⁾⁽³⁾	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 6.531%, (TSFR3M + 2.262%), 07/20/2034		3,004,422	0.3
1,750,000 ⁽¹⁾⁽³⁾	California Street CLO IX L.P. 2012-9A CR3, 7.022%, (TSFR3M + 2.762%), 07/16/2032		1,753,776	0.2
3,000,000 ⁽¹⁾⁽³⁾	Cedar Funding VIII Clo Ltd. 2017-8A ARR, 5.500%, (TSFR3M + 1.220%), 01/17/2038		3,002,997	0.3
21,895 ⁽³⁾	Chase Funding Trust Series 2002-4 2A1, 5.174%, (TSFR1M + 0.854%), 10/25/2032		21,749	0.0
72,528 ⁽³⁾	Chase Funding Trust Series 2003-5 2A2, 5.034%, (TSFR1M + 0.714%), 07/25/2033		72,906	0.0
6,750,000 ⁽¹⁾⁽³⁾	Dryden 104 CLO Ltd. 2022-104A A1R, 5.612%, (TSFR3M + 1.290%), 08/20/2034		6,755,062	0.7
1,730,000 ⁽¹⁾⁽³⁾	Elmwood CLO IX Ltd. 2021-2A BR, 5.872%, (TSFR3M + 1.550%), 04/20/2038		1,731,370	0.2
840,000 ⁽¹⁾⁽³⁾	Elmwood CLO XI Ltd. 2021-4A BR, 5.839%, (TSFR3M + 1.550%), 01/20/2038		842,375	0.1
90,753 ⁽³⁾	GSAMP Trust 2007- FM1 A2A, 4.504%, (TSFR1M + 0.184%), 12/25/2036		44,995	0.0
634,639 ⁽¹⁾	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040		601,295	0.1
362,528 ⁽¹⁾⁽³⁾	HGI CRE CLO Ltd. 2022-FL3 A, 6.004%, (SOFR30A + 1.700%), 04/20/2037		362,781	0.0

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
399,000 ⁽¹⁾	Jersey Mike's Funding LLC 2024-1A A2, 5.636%, 02/15/2055	$	406,468	0.0
970,000 ⁽¹⁾⁽³⁾	Lakeside Park CLO Ltd. 2025-1A B1, 5.806%, (TSFR3M + 1.550%), 04/15/2038		973,536	0.1
10,000,000 ⁽¹⁾⁽³⁾	LCM 26 Ltd. 26A A2, 5.781%, (TSFR3M + 1.512%), 01/20/2031		10,002,570	1.1
51,933 ⁽³⁾	Long Beach Mortgage Loan Trust 2004-4 1A1, 4.994%, (TSFR1M + 0.674%), 10/25/2034		51,240	0.0
1,040,000 ⁽¹⁾⁽³⁾	Magnetite Xlv Ltd. 2025-45A B, 5.835%, (TSFR3M + 1.550%), 04/15/2038		1,040,798	0.1
3,532,000 ⁽¹⁾⁽³⁾	MF1 Ltd. 2021-FL7 AS, 5.879%, (TSFR1M + 1.564%), 10/16/2036		3,515,190	0.4
279,335 ⁽¹⁾	Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044		249,761	0.0
2,350,000 ⁽¹⁾⁽³⁾	Neuberger Berman CLO XVII Ltd. 2014- 17A AR3, 5.672%, (TSFR3M + 1.400%), 07/22/2038		2,358,354	0.3
1,450,000 ⁽¹⁾⁽³⁾	OCP Clo Ltd. 2019-17A AR2, 5.669%, (TSFR3M + 1.400%), 07/20/2037		1,454,737	0.2
570,000 ⁽¹⁾⁽³⁾	Octagon 58 Ltd. 2022-1A BR, 6.006%, (TSFR3M + 1.750%), 04/15/2038		571,933	0.1
4,000,000 ⁽¹⁾⁽³⁾	Octagon Investment Partners XV Ltd. 2013-1A A2R, 5.881%, (TSFR3M + 1.612%), 07/19/2030		4,002,448	0.4
2,140,000 ⁽¹⁾⁽³⁾	Palmer Square CLO Ltd. 2021-1A A2R, 5.769%, (TSFR3M + 1.500%), 04/20/2038		2,137,644	0.2
2,000,000 ⁽¹⁾⁽³⁾	Palmer Square CLO Ltd. 2021-3A A2, 5.918%, (TSFR3M + 1.662%), 01/15/2035		2,001,622	0.2
720,000 ⁽¹⁾⁽³⁾	Palmer Square Loan Funding Ltd. 2025-1A B, 5.921%, (TSFR3M + 1.600%), 02/15/2033		714,607	0.1
48,636 ⁽³⁾	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 4.594%, (TSFR1M + 0.274%), 11/25/2036		13,524	0.0

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
856,500 ⁽¹⁾	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050	$	838,899	0.1
2,600,000 ⁽¹⁾⁽³⁾	Sound Point CLO XXIX Ltd. 2021-1A C1, 6.843%, (TSFR3M + 2.562%), 04/25/2034		2,604,264	0.3
1,592,797 ⁽¹⁾	Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049		1,516,521	0.2
1,160,000 ⁽¹⁾⁽³⁾	Symphony Clo 47 Ltd. 2025-47A B, 5.831%, (TSFR3M + 1.550%), 04/20/2038		1,164,507	0.1
7,000,000 ⁽¹⁾⁽³⁾	THL Credit Wind River CLO Ltd. 2017-3A CR, 7.018%, (TSFR3M + 2.762%), 04/15/2035		7,014,000	0.8
37,958	United States Small Business Administration 2007-20L 1, 5.290%, 12/01/2027		38,058	0.0
1,240,000 ⁽¹⁾⁽³⁾	Wind River CLO Ltd. 2016-1KRA BR3, 5.856%, (TSFR3M + 1.600%), 10/15/2034		1,238,279	0.1
400,000 ⁽¹⁾	Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054		408,327	0.0
			79,680,810	8.7

	Student Loan Asset-Backed Securities: 1.4%
283,854 ⁽¹⁾	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045		247,505	0.0
214,357 ⁽¹⁾	Commonbond Student Loan Trust-GS 2017- BGS B, 3.260%, 09/25/2042		187,505	0.0
201,418 ⁽¹⁾	Commonbond Student Loan Trust-GS 2018- AGS A1, 3.210%, 02/25/2044		189,676	0.0
249,214 ⁽¹⁾	Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060		232,996	0.0
1,550,000 ⁽¹⁾	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045		1,399,693	0.2
410,681 ⁽¹⁾	SMB Private Education Loan Trust 2024-F A1A, 5.060%, 03/16/2054		415,498	0.1
2,200,000 ⁽¹⁾	Sofi Professional Loan Program LLC 2018-A B, 3.610%, 02/25/2042		2,129,353	0.3

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities:
	(continued)
2,100,000 ⁽¹⁾	SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041	$	2,028,031	0.2
5,000,000 ⁽¹⁾	Sofi Professional Loan Program Trust 2018-B BFX, 3.830%, 08/25/2047		4,815,442	0.5
1,000,000 ⁽¹⁾	SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048		967,153	0.1
			12,612,852	1.4
	Total Asset-Backed Securities
	(Cost $94,003,379)		93,339,116	10.2

COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.3%
2,000,000 ⁽¹⁾⁽³⁾	ALA Trust 2025-OANA A, 6.043%, (TSFR1M + 1.743%), 06/15/2040		2,014,073	0.2
2,000,000 ⁽¹⁾⁽³⁾	BAHA Trust 2024-MAR B, 7.069%, 12/10/2041		2,093,990	0.2
11,489,528 ⁽³⁾⁽⁶⁾	BANK 2019-BN16 XA, 1.091%, 02/15/2052		293,065	0.0
2,000,000 ⁽³⁾	BANK5 2025-5YR14 C, 6.474%, 04/15/2058		2,099,961	0.2
22,800,000 ^(1)(3)(6)	BBCCRE Trust 2015- GTP XA, 0.749%, 08/10/2033		16,359	0.0
1,000,000 ⁽³⁾	BBCMS Mortgage Trust 2024-5C31 C, 5.756%, 12/15/2057		1,002,151	0.1
18,176,513 ⁽³⁾⁽⁶⁾	Benchmark Mortgage Trust 2019-B9 XA, 1.177%, 03/15/2052		541,521	0.1
1,700,000 ⁽¹⁾⁽³⁾	BIG Commercial Mortgage Trust 2022- BIG B, 6.053%, (TSFR1M + 1.741%), 02/15/2039		1,677,675	0.2
1,348,000 ⁽¹⁾	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.364%, 05/25/2052		1,115,410	0.1
1,500,000 ⁽³⁾	BMO Mortgage Trust 2025-5C10 B, 6.445%, 05/15/2058		1,570,936	0.2
2,940,000 ⁽¹⁾⁽³⁾	BX Commercial Mortgage Trust 2021- 21M E, 6.597%, (TSFR1M + 2.285%), 10/15/2036		2,929,460	0.3
760,415 ⁽¹⁾⁽³⁾	BX Commercial Mortgage Trust 2024- MDHS A, 5.953%, (TSFR1M + 1.641%), 05/15/2041		762,433	0.1

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,942,703 ⁽¹⁾⁽³⁾	BX Commercial Mortgage Trust 2024-XL5 C, 6.253%, (TSFR1M + 1.941%), 03/15/2041	$	1,948,214	0.2
1,000,000 ⁽¹⁾⁽³⁾	BX Trust 2023-DELC A, 7.002%, (TSFR1M + 2.690%), 05/15/2038		1,008,407	0.1
1,000,000 ⁽¹⁾⁽³⁾	BX Trust 2025-LUNR A, 5.812%, (TSFR1M + 1.500%), 06/15/2040		1,002,816	0.1
2,250,000 ⁽¹⁾⁽³⁾	BXMT Ltd. 2025-FL5 A, 5.953%, (TSFR1M + 1.639%), 10/18/2042		2,240,860	0.2
15,863,502 ⁽³⁾⁽⁶⁾	CD Mortgage Trust 2016-CD1 XA, 1.474%, 08/10/2049		100,456	0.0
1,500,000	CD Mortgage Trust 2018-CD7 A4, 4.279%, 08/15/2051		1,485,022	0.2
45,532,083 ⁽³⁾⁽⁶⁾	Citigroup Commercial Mortgage Trust 2018- C5 XA, 0.824%, 06/10/2051		792,757	0.1
1,000,000 ⁽³⁾	Citigroup Commercial Mortgage Trust 2020- GC46 B, 3.150%, 02/15/2053		872,114	0.1
1,650,000 ⁽¹⁾⁽³⁾	Citigroup Commercial Mortgage Trust 2023- SMRT C, 6.048%, 10/12/2040		1,672,746	0.2
65,166,000 ^(1)(3)(6)	COMM Mortgage Trust 2012-CR4 XB, 0.509%, 10/15/2045		736,177	0.1
1,000,000 ⁽³⁾	COMM Mortgage Trust 2015-CR27 B, 4.485%, 10/10/2048		977,298	0.1
52,396,008 ⁽³⁾⁽⁶⁾	COMM Mortgage Trust 2016-CR28 XA, 0.746%, 02/10/2049		145,381	0.0
1,500,000 ⁽³⁾	COMM Mortgage Trust 2017-COR2 B, 4.206%, 09/10/2050		1,439,433	0.2
750,000 ⁽¹⁾⁽³⁾	COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041		763,973	0.1
750,000 ⁽¹⁾⁽³⁾	COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041		762,960	0.1
500,000 ⁽³⁾	CSAIL Commercial Mortgage Trust 2018- C14 B, 5.040%, 11/15/2051		475,999	0.1
2,000,000 ⁽¹⁾⁽³⁾	Fontainebleau Miami Beach Mortgage Trust 2024-FBLU D, 6.912%, (TSFR1M + 2.600%), 12/15/2039		2,000,047	0.2

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
9,989,652	Freddie Mac Multifamily ML Certificates US XUS, 1.846%, 07/25/2037	$	1,216,437	0.1
1,140,000 ⁽¹⁾	GAM RE-REMIC Trust 2021-FRR2 CK49, 0.810%, 09/27/2051		1,130,898	0.1
966,450 ⁽¹⁾⁽⁷⁾	GAM RE-REMIC Trust 2021-FRR2 D730, 0.000%, 09/27/2051		959,098	0.1
2,140,000 ⁽¹⁾⁽⁷⁾	GAM RE-REMIC Trust 2021-FRR2 DK49, 0.000%, 09/27/2051		2,107,000	0.2
1,756,000 ⁽¹⁾⁽⁷⁾	GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048		1,744,606	0.2
1,755,000 ⁽¹⁾⁽⁷⁾	GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048		1,740,706	0.2
7,678,978 ⁽³⁾⁽⁶⁾	GS Mortgage Securities Trust 2014-GC22 XA, 0.744%, 06/10/2047		36,679	0.0
1,000,000 ⁽¹⁾⁽³⁾	GSAT Trust 2025-BMF A, 5.820%, (TSFR1M + 1.500%), 07/15/2030		1,001,913	0.1
1,000,000 ⁽¹⁾⁽³⁾	GSAT Trust 2025-BMF B, 6.270%, (TSFR1M + 1.950%), 07/15/2030		1,002,065	0.1
1,000,000 ⁽¹⁾	ILPT Commercial Mortgage Trust 2025- LPF2 A, 5.292%, 07/15/2042		1,014,739	0.1
3,000,000 ⁽¹⁾⁽³⁾	INTOWN Mortgage Trust 2025-STAY D, 7.162%, (TSFR1M + 2.850%), 03/15/2042		2,999,038	0.3
36,046,106 ⁽³⁾⁽⁶⁾	JP Morgan Chase Commercial Mortgage Securities Trust 2016- JP4 XA, 0.701%, 12/15/2049		189,923	0.0
1,500,000 ⁽¹⁾⁽³⁾	Life Mortgage Trust 2022-BMR2 A1, 5.607%, (TSFR1M + 1.295%), 05/15/2039		1,455,031	0.2
1,250,000 ⁽¹⁾⁽³⁾	MED Commercial Mortgage Trust 2024- MOB A, 5.903%, (TSFR1M + 1.592%), 05/15/2041		1,246,856	0.1
2,000,000 ⁽¹⁾⁽³⁾	MF1 LLC 2024-FL14 A, 6.055%, (TSFR1M + 1.737%), 03/19/2039		2,008,127	0.2
1,354,253 ⁽¹⁾⁽³⁾	PFP Ltd. 2023-10 A, 6.679%, (TSFR1M + 2.365%), 09/16/2038		1,356,752	0.2
1,000,000 ⁽¹⁾	PRM Trust 2025-PRM6 A, 4.480%, 07/05/2033		992,778	0.1
1,140,000 ⁽¹⁾⁽³⁾	RFM Reremic Trust 2022-FRR1 AB60, 2.347%, 11/08/2049		1,075,576	0.1

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
530,000 ⁽¹⁾⁽⁷⁾	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049	$	467,820	0.1
1,000,000 ⁽¹⁾⁽³⁾	SDAL Trust 2025-DAL A, 6.753%, (TSFR1M + 2.441%), 04/15/2042		1,004,193	0.1
1,000,000 ⁽¹⁾⁽³⁾	SHR Trust 2024-LXRY A, 6.262%, (TSFR1M + 1.950%), 10/15/2041		1,001,240	0.1
2,370,000 ⁽¹⁾⁽³⁾	SMRT 2022-MINI D, 6.262%, (TSFR1M + 1.950%), 01/15/2039		2,339,810	0.3
1,250,000 ⁽¹⁾⁽³⁾	SWCH Commercial Mortgage Trust 2025- DATA B, 6.154%, (TSFR1M + 1.842%), 02/15/2042		1,242,028	0.1
555,709	Wells Fargo Commercial Mortgage Trust 2015-SG1 A4, 3.789%, 09/15/2048		554,139	0.1
24,320,652 ⁽³⁾⁽⁶⁾	Wells Fargo Commercial Mortgage Trust 2021-C59 XA, 1.625%, 04/15/2054		1,457,478	0.2
1,000,000 ⁽¹⁾⁽³⁾	Wells Fargo Commercial Mortgage Trust 2025-DWHP B, 7.153%, (TSFR1M + 2.841%), 04/15/2038		1,001,031	0.1

	Total Commercial Mortgage-Backed Securities
	(Cost $64,723,654)		66,887,655	7.3

U.S. TREASURY OBLIGATIONS: 5.8%
	United States Treasury Bonds: 1.2%
4,395,400	4.625%, 02/15/2055		4,280,021	0.5
1,292,500	4.750%, 02/15/2045		1,286,038	0.1
5,443,400	5.000%, 05/15/2045		5,592,668	0.6
			11,158,727	1.2
	United States Treasury Notes: 4.6%
2,003,400	3.750%, 06/30/2027		2,004,730	0.2
2,620,100	3.750%, 05/15/2028		2,624,399	0.3
6,322,500	3.875%, 06/15/2028		6,356,335	0.7
2,542,800	3.875%, 06/30/2030		2,552,633	0.3
70,000	3.875%, 08/15/2034		68,367	0.0
214,000	4.000%, 03/31/2030		216,040	0.0
243,100	4.000%, 04/30/2032		243,461	0.0
11,496,400	4.000%, 06/30/2032		11,506,280	1.3
15,925,200	4.250%, 05/15/2035		15,951,327	1.8
188,300	4.375%, 05/15/2034		191,294	0.0
			41,714,866	4.6
	Total U.S. Treasury Obligations
	(Cost $52,132,609)		52,873,593	5.8

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: 1.5%
^BRL60,932 ⁽⁸⁾	Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026	$	10,442,530	1.1
^MXN83,800	Mexican Udibonos S, 2.750%, 11/27/2031		3,381,886	0.4

	Total Sovereign Bonds
	(Cost $12,267,013)		13,824,416	1.5

MUNICIPAL BONDS: 0.2%
	California: 0.2%
500,000	California State University, 6.434%, 11/01/2030		526,512	0.1
185,000	Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033		202,801	0.0
300,000	Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040		353,089	0.1
200,000	Regents of the University of California Medical Center Pooled Revenue H, 6.398%, 05/15/2031		209,705	0.0
300,000	Regents of the University of California Medical Center Pooled Revenue H, 6.548%, 05/15/2048		319,891	0.0
			1,611,998	0.2
	Total Municipal Bonds
	(Cost $1,485,000)		1,611,998	0.2

Shares		Value		Percentage of Net Assets
MUTUAL FUNDS: 17.9%
	Affiliated Investment Companies: 17.9%
7,731,259	Voya VACS Series EMHCD Fund		79,477,347	8.6
2,762,698	Voya VACS Series HYB Fund		28,649,176	3.1
5,328,383	Voya VACS Series SC Fund		56,640,711	6.2
			164,767,234	17.9

	Total Mutual Funds
	(Cost $158,718,201)		164,767,234	17.9

PURCHASED OPTIONS⁽⁹⁾: 0.0%
	Total Purchased Options
	(Cost $55,229)		39,397	0.0
	Total Long-Term Investments
	(Cost $930,436,191)		910,211,186	99.2

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.4%
	Commercial Paper: 0.6%
3,600,000	Automatic Data Processing, Inc., 4.400%, 07/01/2025	$	3,599,566	0.4
1,500,000	BASF SE, 4.800%, 09/30/2025		1,482,068	0.1
1,500,000	Duke Energy Co., 4.610%, 07/11/2025		1,497,917	0.1
	Total Commercial Paper
	(Cost $6,580,675)		6,579,551	0.6

	Repurchase Agreements: 0.6%
226,903 ⁽¹⁰⁾	BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $226,930, collateralized by various U.S. Government Securities, 0.000%-3.875%, Market Value plus accrued interest $231,441, due 07/10/25-05/15/42)		226,903	0.0
1,430,317 ⁽¹⁰⁾	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,430,489, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,458,923, due 06/01/30-02/01/57)		1,430,317	0.2
1,430,317 ⁽¹⁰⁾	Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,430,489, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $1,458,923, due 08/15/34-06/01/55)		1,430,317	0.2

See Accompanying Notes to Financial Statements

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

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,012,725 ⁽¹⁰⁾	HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,012,847, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $1,032,980, due 03/01/34-05/01/55)	$	1,012,725	0.1
1,365,288 ⁽¹⁰⁾	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $1,365,456, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,388,489, due 07/15/26-02/15/54)		1,365,288	0.1
	Total Repurchase Agreements
	(Cost $5,465,550)		5,465,550	0.6

	Time Deposits: 0.1%
130,000 ⁽¹⁰⁾	Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025		130,000	0.0
130,000 ⁽¹⁰⁾	Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025		130,000	0.0
130,000 ⁽¹⁰⁾	Mizuho Bank Ltd., 4.330%, 07/01/2025		130,000	0.0
130,000 ⁽¹⁰⁾	Royal Bank of Canada, 4.330%, 07/01/2025		130,000	0.1
	Total Time Deposits
	(Cost $520,000)		520,000	0.1

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.1%
471,000 ⁽¹¹⁾	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $471,000)	$	471,000		0.1

	Total Short-Term Investments
	(Cost $13,037,225)	$	13,036,101		1.4
	Total Investments in Securities
	(Cost $943,473,416)	$	923,247,287		100.6
	Liabilities in Excess of Other Assets		(5,106,135	)	(0.6	)
	Net Assets	$	918,141,152		100.0

^†

Unless otherwise indicated, principal amount is shown in USD.

⁽¹⁾

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.

⁽²⁾

Security, or a portion of the security, is on loan.

⁽³⁾

Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

⁽⁴⁾

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.

⁽⁵⁾

Represents or includes a TBA transaction.

⁽⁶⁾

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.

⁽⁷⁾

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.

⁽⁸⁾

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2025.

⁽⁹⁾

The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

⁽¹⁰⁾

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

⁽¹¹⁾

Rate shown is the 7-day yield as of June 30, 2025.

Currency Abbreviations:

BRL	Brazilian Real
EUR	EU Euro
MXN	Mexican Peso

Reference Rate Abbreviations:

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

See Accompanying Notes to Financial Statements

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

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

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	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 in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2025
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—		$	199,013,661		$	—	$	199,013,661
U.S. Government Agency Obligations		—			175,295,336			—		175,295,336
Mutual Funds		164,767,234			—			—		164,767,234
Collateralized Mortgage Obligations		—			142,558,780			—		142,558,780
Asset-Backed Securities		—			93,339,116			—		93,339,116
Commercial Mortgage-Backed Securities		—			66,887,655			—		66,887,655
U.S. Treasury Obligations		—			52,873,593			—		52,873,593
Sovereign Bonds		—			13,824,416			—		13,824,416
Municipal Bonds		—			1,611,998			—		1,611,998
Purchased Options		—			39,397			—		39,397
Short-Term Investments		471,000			12,565,101			—		13,036,101
Total Investments, at fair value	$	165,238,234		$	758,009,053		$	—	$	923,247,287
Other Financial Instruments+
Centrally Cleared Interest Rate Swaps		—			245,514			—		245,514
Forward Foreign Currency Contracts		—			1,530			—		1,530
Forward Premium Swaptions		—			2,151,173			—		2,151,173
Futures		3,556,381			—			—		3,556,381
Total Assets	$	168,794,615		$	760,407,270		$	—	$	929,201,885
Liabilities Table
Other Financial Instruments+
Centrally Cleared Credit Default Swaps	$	—		$	(770,608	)	$	—	$	(770,608	)
Centrally Cleared Interest Rate Swaps		—			(24,302	)		—		(24,302	)
Forward Foreign Currency Contracts		—			(1,199,341	)		—		(1,199,341	)
Forward Premium Swaptions		—			(670,492	)		—		(670,492	)
Futures		(1,359,254	)		—			—		(1,359,254	)
Written Options		—			(77,295	)		—		(77,295	)
Total Liabilities	$	(1,359,254	)	$	(2,742,038	)	$	—	$	(4,101,292	)

	^{^}	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
	⁺	Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

Transactions with Affiliates

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

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

Issuer	Beginning Fair Value at 12/31/2024		Purchases at Cost		Sales at Cost		Change In Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 6/30/2025		Investment Income		Realized Gains/ (Losses)		Net Capital Gain Distributions
Voya VACS Series EMHCD Fund	$	75,274,187	$	2,602,186	$	—	$	1,600,975	$	79,477,347	$	2,602,192	$	—	$	—
Voya VACS Series HYB Fund		27,347,830		972,745		—		328,600		28,649,176		972,755		—		—
Voya VACS Series SC Fund		55,841,453		—		—		799,258		56,640,711		1,698,978		—		—
	$	158,463,470	$	3,574,931	$	—	$	2,728,833	$	164,767,234	$	5,273,925	$	—	$	—

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

See Accompanying Notes to Financial Statements

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

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	36,579	USD	41,609	Barclays Bank PLC	07/18/25	$	1,530
USD	14,632	EUR	12,857	Barclays Bank PLC	07/18/25		(531	)
USD	4,362,696	MXN	86,415,734	BNP Paribas	07/11/25		(237,856	)
USD	36,200	EUR	32,185	Citibank N.A.	07/18/25		(1,757	)
USD	912,431	MXN	18,012,763	Goldman Sachs International	07/11/25		(46,522	)
USD	9,789,060	BRL	60,932,000	Goldman Sachs International	01/05/26		(912,675	)
						$	(1,197,811	)

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

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		35		09/19/25	$	3,924,375		$	25,152
U.S. Treasury Long Bond		344		09/19/25		39,721,250			1,368,225
U.S. Treasury Ultra Long Bond		487		09/19/25		58,013,875			2,163,004
					$	101,659,500		$	3,556,381
Short Contracts:
U.S. Treasury 2-Year Note		(342)		09/30/25		(71,144,016	)		(223,782	)
U.S. Treasury 5-Year Note		(599)		09/30/25		(65,291,000	)		(658,920	)
U.S. Treasury Ultra 10-Year Note		(208)		09/19/25		(23,767,250	)		(476,552	)
					$	(160,202,266	)	$	(1,359,254	)

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

Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection⁽¹⁾

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)⁽²⁾	Termination Date		Notional Amount⁽³⁾	Fair Value⁽⁴⁾			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index Series 42, Version 1	Buy	(5.000)	06/20/29	USD	36,000,000	$	(2,775,604	)	$	(239,157	)
CDX North American High Yield Index Series 44, Version 1	Buy	(5.000)	06/20/30	USD	14,000,000		(1,053,103	)		(531,451	)
						$	(3,828,707	)	$	(770,608	)

⁽¹⁾

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.

⁽²⁾

Payments made quarterly.

⁽³⁾

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.

⁽⁴⁾

The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.

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

Pay/Receive

Floating Rate

Floating Rate Index

Floating

Rate Index

Payment

Frequency

Fixed

Rate

Fixed Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Pay

1-day Secured Overnight Financing Rate

Annual

3.933%

Annual

05/05/45

USD

4,368,035

(19,993

)

(19,993

)

Receive

1-day Secured Overnight Financing Rate

Annual

3.857

Annual

05/05/55

USD

1,722,947

17,004

Receive

1-day Secured Overnight Financing Rate

Annual

3.855

Annual

11/29/44

USD

2,504,000

75,634

See Accompanying Notes to Financial Statements

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

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate	Fixed Rate Payment Frequency	Maturity Date		Notional Amount	Fair Value			Unrealized Appreciation/ (Depreciation)
Receive	1-day Secured Overnight Financing Rate	Annual	3.699%	Annual	05/05/35	USD	3,633,962	$	(4,309	)	$	(4,309	)
Receive	1-day Secured Overnight Financing Rate	Annual	3.837	Annual	08/16/44	USD	4,846,800		152,876			152,876
								$	221,212		$	221,212

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

Description	Counterparty	Reference Entity	Exercise Rate (%)	(Pay)/ Receive Exercise Rate	Strike Price	Expiration Date		Notional Amount		Premiums Received			Fair Value
Put on 5-Year Credit Default Swap	Goldman Sachs International	CDX North American High Yield, Series 44, Version 1	5.000	Pay	105.000%	07/16/25	USD	$	9,023,000		$(66,996	)		$(5,642	)
Put on 5-Year Credit Default Swap	JPMorgan Chase Bank N.A.	CDX North American High Yield, Series 44, Version 1	5.000	Pay	104.500%	08/20/25	USD		8,909,800		(71,813	)		(20,582	)
Put on 5-Year Credit Default Swap	Barclays Bank PLC	CDX North American High Yield, Series 44, Version 1	5.000	Pay	105.000%	08/20/25	USD		9,023,000		(94,741	)		(24,574	)
											$(233,550	)		$(50,798	)

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

Description

Counterparty

Pay/

Receive

Exercise

Rate

Exercise

Rate

Floating Rate

Index

Expiration

Date

Notional

Amount

Cost

Fair Value

Call on 5-Year Interest Rate Swap⁽¹⁾

Morgan Stanley

Capital Services

LLC

Receive

2.500%

6-month EUR-EURIBOR

05/20/26

EUR

9,890,000

55,229

39,397

55,229

39,397

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

Description	Counterparty	Pay/ Receive Exercise Rate	Exercise Rate	Floating Rate Index	Expiration Date		Notional Amount		Premiums Received		Fair Value
Call on 10-Year Interest Rate Swap⁽²⁾	Morgan Stanley Capital Services LLC	Pay	2.300%	6-month EUR-EURIBOR	05/20/26	EUR		4,945,000	$	40,725	$	(25,328	)
Put on 2-Year Interest Rate Swap⁽¹⁾	BNP Paribas	Receive	3.950%	1-day Secured Overnight Financing Rate	08/19/25	USD		12,287,500		20,520		(1,169	)
									$	61,245	$	(26,497	)

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

Description

Counterparty

Exercise

Rate⁽³⁾

Pay/

Receive

Exercise

Rate

Floating Rate

Index

Expiration

Date

Notional

Amount

Premium

receivable/

(payable)

at expiration

⁽⁴⁾

Unrealized

Appreciation/

(Depreciation)

Call on 10-Year

1-day Secured Overnight

Interest Rate Swap

Barclays Bank PLC

2.355%

Receive

Financing Rate

11/27/34

USD

5,217,000

—

86,526

1-day Secured Overnight

Call on 10-Year Interest Rate Swap

JPMorgan Chase Bank N.A.

2.375%

Receive

Financing Rate

08/14/34

USD

12,116,950

(508,912

)

(142,818

)

Call on 30-Year

1-day Secured Overnight

Interest Rate Swap

Barclays Bank PLC

17.500%

Receive

Financing Rate

06/14/27

USD

12,484,500

(2,184,788

)

444,057

Call on 30-Year

1-day Secured Overnight

Interest Rate Swap

Barclays Bank PLC

17.700%

Receive

Financing Rate

05/28/27

USD

20,904,800

(3,700,150

)

712,261

Morgan Stanley

Put on 10-Year Interest Rate Swap

Capital Services LLC

3.000%

Pay

6-month EUR-EURIBOR

12/15/25

EUR

4,890,000

(103,683

)

(70,124

)

Put on 10-Year

Interest Rate Swap

UBS AG

3.000%

Pay

6-month EUR-EURIBOR

12/15/25

EUR

3,667,000

(77,752

)

(52,585

)

Put on 1-Year

1-day Secured Overnight

Interest Rate Swap

UBS AG

3.665%

Pay

Financing Rate

02/02/26

USD

60,667,200

(124,368

)

(47,638

)

Put on 30-Year

1-day Secured Overnight

Interest Rate Swap

Barclays Bank PLC

18.000%

Pay

Financing Rate

05/25/27

USD

19,473,000

(3,505,140

)

610,027

See Accompanying Notes to Financial Statements

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

Description	Counterparty	Exercise Rate⁽³⁾	Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date		Notional Amount		Premium receivable/ (payable) at expiration⁽⁴⁾			Unrealized Appreciation/ (Depreciation)
Put on 30-Year				1-day Secured Overnight
Interest Rate Swap	UBS AG	4.548%	Pay	Financing Rate	11/28/25	USD		4,915,000	$	(88,470	)	$	(48,122	)
									$	(10,293,263	)	$	1,491,584

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

Description

Counterparty

Exercise

Rate⁽³⁾

Pay/

Receive

Exercise

Rate

Floating Rate

Index

Expiration

Date

Notional

Amount

Premium

receivable/

(payable)

at expiration⁽⁴⁾

Unrealized

Appreciation/

(Depreciation)

Call on 10-Year

1-day Secured Overnight

Interest Rate Swap

UBS AG

4.630%

Pay

Financing Rate

05/22/35

USD

2,438,500

222,513

(16,899

)

Put on 10-Year

1-day Secured Overnight

Interest Rate Swap

Barclays Bank PLC

5.355%

Receive

Financing Rate

11/27/34

USD

5,217,000

94,428

(158,982

)

Put on 10-Year

JPMorgan Chase

1-day Secured Overnight

Interest Rate Swap

Bank N.A.

5.540%

Receive

Financing Rate

08/14/34

USD

12,116,950

508,912

(133,324

)

Put on 10-Year

Morgan Stanley

Interest Rate Swap

Capital Services LLC

3.500%

Receive

6-month EUR-EURIBOR

12/15/25

EUR

4,890,000

43,201

36,408

Put on 10-Year

Morgan Stanley

Interest Rate Swap

Capital Services LLC

3.250%

Receive

6-month EUR-EURIBOR

12/15/25

EUR

4,890,000

63,362

48,301

Put on 10-Year

1-day Secured Overnight

Interest Rate Swap

UBS AG

4.630%

Receive

Financing Rate

05/22/35

USD

2,438,500

222,513

16,704

Put on 10-Year

Interest Rate Swap

UBS AG

3.250%

Receive

6-month EUR-EURIBOR

12/15/25

EUR

3,667,000

43,196

31,941

Put on 10-Year

Interest Rate Swap

UBS AG

3.500%

Receive

6-month EUR-EURIBOR

12/15/25

EUR

3,667,000

37,580

32,439

Put on 1-Year Interest

1-day Secured Overnight

Rate Swap

UBS AG

4.185%

Receive

Financing Rate

02/02/26

USD

60,667,200

48,534

30,593

Put on 1-Year Interest

1-day Secured Overnight

Rate Swap

UBS AG

3.965%

Receive

Financing Rate

02/02/26

USD

60,667,200

75,834

41,579

Put on 2-Year Interest

1-day Secured Overnight

Rate Swap

UBS AG

4.000%

Receive

Financing Rate

11/28/25

USD

44,235,000

88,470

60,337

1,448,543

(10,903

)

⁽¹⁾

Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly.

⁽²⁾

Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly.

⁽³⁾

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.

⁽⁴⁾

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

Currency Abbreviations:

BRL	—	Brazilian Real
EUR	—	EU Euro
MXN	—	Mexican Peso
USD	—	United States Dollar

See Accompanying Notes to Financial Statements

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	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:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Investments in securities at value^*	$	39,397
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,530
Interest rate contracts	Unrealized appreciation on forward premium swaptions		2,151,173
Interest rate contracts	Variation margin receivable on futures contracts^**		3,556,381
Interest rate contracts	Variation margin receivable on centrally cleared swaps^**		245,514
Total Asset Derivatives		$	5,993,995

Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,199,341
Interest rate contracts	Unrealized depreciation on forward premium swaptions		670,492
Interest rate contracts	Variation margin payable on futures contracts^**		1,359,254
Credit contracts	Variation margin payable on centrally cleared swaps^**		770,608
Interest rate contracts	Variation margin payable on centrally cleared swaps^**		24,302
Credit contracts	Written options, at fair value		50,798
Interest rate contracts	Written options, at fair value		26,497
Total Liability Derivatives		$	4,101,292

Includes purchased options.

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

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

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

Derivatives not accounted for as hedging instruments	Investments^*		Forward foreign currency contracts			Futures			Swaps			Written options		Total
Credit contracts	$	—	$	—		$	—		$	593,378		$	—	$	593,378
Foreign exchange contracts		—		(149,280	)		—			—			—		(149,280	)
Interest rate contracts		57,278		—			(5,017,437	)		(1,998,157	)		307,805		(6,650,512	)
Total	$	57,278	$	(149,280	)	$	(5,017,437	)	$	(1,404,779	)	$	307,805	$	(6,206,414	)

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

Derivatives not accounted for as hedging instruments	Investments^*		Forward foreign currency contracts			Futures		Swaps			Written options		Total
Credit contracts	$	—	$	—		$	—	$	(218,736	)	$	182,752	$	(35,984	)
Foreign exchange contracts		—		(1,896,544	)		—		—			—		(1,896,544	)
Interest rate contracts		152,710		—			4,370,909		944,900			286,943		5,755,462
Total	$	152,710	$	(1,896,544	)	$	4,370,909	$	726,164		$	469,695	$	3,822,934

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

See Accompanying Notes to Financial Statements

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2025:

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs International			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC		UBS AG		Total
Assets:
Purchased options	$	—		$	—		$	—		$	—		$	—		$	39,397	$	—	$	39,397
Forward foreign currency contracts		1,530			—			—			—			—			—		—		1,530
Forward premium swaptions		1,852,871			—			—			—			—			84,709		213,593		2,151,173
Total Assets	$	1,854,401		$	—		$	—		$	—		$	—		$	124,106	$	213,593	$	2,192,100
Liabilities:
Forward foreign currency contracts	$	531		$	237,856		$	1,757		$	959,197		$	—		$	—	$	—	$	1,199,341
Forward premium swaptions		158,982			—			—			—			276,142			70,124		165,244		670,492
Written options		24,574			1,169			—			5,642			20,582			25,328		—		77,295
Total Liabilities	$	184,087		$	239,025		$	1,757		$	964,839		$	296,724		$	95,452	$	165,244	$	1,947,128
Net OTC derivative instruments by counterparty, at fair value	$	1,670,314		$	(239,025	)	$	(1,757	)	$	(964,839	)	$	(296,724	)	$	28,654	$	48,349	$	244,972
Total collateral pledged by the Portfolio/(Received from counterparty)	$	(1,590,000	)	$	—		$	—		$	610,000		$	—		$	—	$	—	$	(980,000	)
Net Exposure⁽¹⁾⁽²⁾	$	80,314		$	(239,025	)	$	(1,757	)	$	(354,839	)	$	(296,724	)	$	28,654	$	48,349	$	(735,028	)

⁽¹⁾

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.

⁽²⁾

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

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

Cost for U.S. federal income tax purposes was $953,425,722.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	14,082,687
Gross Unrealized Depreciation		(40,069,975	)
Net Unrealized Depreciation	$	(25,987,288	)

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited)

Shares		Value		Percentage of Net Assets
COMMON STOCK: 98.1%
	Communication Services: 3.3%
25,541 ⁽¹⁾⁽²⁾	AST SpaceMobile, Inc.	$	1,193,531		0.5
18,916 ⁽²⁾	Cargurus, Inc.		633,119		0.3
44,022 ⁽²⁾	Grindr, Inc.		999,299		0.4
68,275 ⁽²⁾	Magnite, Inc.		1,646,793		0.7
171,886 ⁽²⁾	Vimeo, Inc.		694,419		0.3
34,224 ⁽²⁾	Yelp, Inc.		1,172,857		0.5
152,216 ⁽²⁾	ZipRecruiter, Inc. - Class A		762,602		0.3
57,236 ⁽²⁾	ZoomInfo Technologies, Inc.		579,228		0.3
			7,681,848		3.3

	Consumer Discretionary: 4.8%
37,645	H&R Block, Inc.		2,066,334		0.9
11,326	Monarch Casino & Resort, Inc.		979,020		0.4
34,509	Red Rock Resorts, Inc. - Class A		1,795,503		0.8
316,024 ⁽²⁾	Sabre Corp.		998,636		0.4
86,430 ⁽²⁾	Sonos, Inc.		934,308		0.4
35,934	Steven Madden Ltd.		861,697		0.4
59,318 ⁽²⁾	Tri Pointe Homes, Inc.		1,895,210		0.8
86,827 ⁽²⁾	Udemy, Inc.		610,394		0.3
150,454 ⁽²⁾	Under Armour, Inc. - Class A		1,027,601		0.4
			11,168,703		4.8

	Consumer Staples: 2.1%
88,040	Dole PLC		1,231,680		0.5
13,626	John B Sanfilippo & Son, Inc.		861,708		0.4
17,496 ⁽²⁾	Sprouts Farmers Market, Inc.		2,880,541		1.2
			4,973,929		2.1

	Energy: 4.3%
468,193 ⁽²⁾	Clean Energy Fuels Corp.		912,976		0.4
63,915	Excelerate Energy, Inc. - Class A		1,873,988		0.8
52,021 ⁽²⁾	Hallador Energy Co.		823,492		0.3
138,940 ⁽²⁾	Helix Energy Solutions Group, Inc.		866,986		0.4
67,989 ⁽¹⁾	HighPeak Energy, Inc.		666,292		0.3
109,034	Murphy Oil Corp.		2,453,265		1.0
184,133	SFL Corp. Ltd.		1,533,828		0.7
152,645 ⁽¹⁾⁽²⁾	Uranium Energy Corp.		1,037,986		0.4
			10,168,813		4.3

	Financials: 19.6%
50,004	Arrow Financial Corp.		1,321,106		0.6
84,050	BCB Bancorp, Inc.		707,701		0.3
55,449	Berkshire Hills Bancorp, Inc.		1,388,443		0.6
145,340	BGC Group, Inc. - Class A		1,486,828		0.6
19,855	Cathay General Bancorp		903,998		0.4
18,629	CNO Financial Group, Inc.		718,707		0.3

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: (continued)
65,795	ConnectOne Bancorp, Inc.	$	1,523,812		0.7
111,622	Eastern Bankshares, Inc.		1,704,468		0.7
74,402	Farmers National Banc Corp.		1,026,004		0.5
194,035	First BanCorp/Puerto Rico		4,041,749		1.7
63,501	First Commonwealth Financial Corp.		1,030,621		0.5
91,710	Fulton Financial Corp.		1,654,448		0.7
182,330 ⁽²⁾	Genworth Financial, Inc. - Class A		1,418,527		0.6
54,404	Hancock Whitney Corp.		3,122,790		1.3
37,085	Hilltop Holdings, Inc.		1,125,530		0.5
110,860	Hope Bancorp, Inc.		1,189,528		0.5
62,817	KKR Real Estate Finance Trust, Inc.		550,905		0.2
130,169	Ladder Capital Corp.		1,399,317		0.6
131,852	MFA Financial, Inc.		1,247,320		0.5
18,205	NBT Bancorp, Inc.		756,418		0.3
26,275	Origin Bancorp, Inc.		939,068		0.4
116,426	P10, Inc. - Class A		1,189,874		0.5
98,252	Pagseguro Digital Ltd. - Class A		947,149		0.4
178,814 ⁽²⁾	Payoneer Global, Inc.		1,224,876		0.5
138,843 ⁽¹⁾	Ready Capital Corp.		606,744		0.3
212,844	Redwood Trust, Inc.		1,257,908		0.5
29,902	Renasant Corp.		1,074,379		0.5
68,150	Simmons First National Corp. - Class A		1,292,124		0.6
71,420	United Community Banks, Inc.		2,127,602		0.9
221,795	Valley National Bancorp		1,980,629		0.9
38,038	Victory Capital Holdings, Inc. - Class A		2,421,879		1.0
107,414	WisdomTree, Inc.		1,236,335		0.5
59,713	XP, Inc. - Class A		1,206,203		0.5
			45,822,990		19.6

	Health Care: 16.1%
86,267 ⁽²⁾	ADMA Biologics, Inc.		1,570,922		0.7
91,512 ⁽²⁾	Alignment Healthcare, Inc.		1,281,168		0.6
177,655 ⁽²⁾	Amicus Therapeutics, Inc.		1,017,963		0.4
78,589 ⁽²⁾	Avanos Medical, Inc.		961,929		0.4
149,759 ⁽²⁾	BioCryst Pharmaceuticals, Inc.		1,341,841		0.6
18,736	Bio-Techne Corp.		963,967		0.4
64,374 ⁽²⁾	BrightSpring Health Services, Inc.		1,518,583		0.7
40,367	Bruker Corp.		1,663,120		0.7
574,748 ⁽²⁾	Cerus Corp.		810,395		0.3
142,706 ⁽²⁾	Fortrea Holdings, Inc.		704,968		0.3
31,568 ⁽²⁾	Guardant Health, Inc.		1,642,799		0.7
15,880 ⁽²⁾	HealthEquity, Inc.		1,663,589		0.7

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: (continued)
20,847 ⁽¹⁾⁽²⁾	Hims & Hers Health, Inc.	$	1,039,223		0.4
26,184 ⁽²⁾	Insmed, Inc.		2,635,158		1.1
85,263 ⁽¹⁾⁽²⁾	Intellia Therapeutics, Inc.		799,767		0.3
161,562 ⁽²⁾	MannKind Corp.		604,242		0.3
8,956 ⁽²⁾	Merit Medical Systems, Inc.		837,207		0.4
19,476 ⁽²⁾	Mirum Pharmaceuticals, Inc.		991,134		0.4
433,395 ⁽²⁾	OPKO Health, Inc.		572,081		0.2
59,518 ⁽²⁾	Option Care Health, Inc.		1,933,145		0.8
54,097 ⁽²⁾	Orthofix Medical, Inc.		603,181		0.3
42,322 ⁽²⁾	Phreesia, Inc.		1,204,484		0.5
53,712 ⁽²⁾	Progyny, Inc.		1,181,664		0.5
19,795 ⁽²⁾	PTC Therapeutics, Inc.		966,788		0.4
70,039	QIAGEN N.V.		3,366,074		1.4
16,061 ⁽²⁾	Rhythm Pharmaceuticals, Inc.		1,014,895		0.4
31,368 ⁽²⁾	Rigel Pharmaceuticals, Inc.		587,523		0.3
271,398 ⁽²⁾	Savara, Inc.		618,787		0.3
54,106	Select Medical Holdings Corp.		821,329		0.4
16,646 ⁽²⁾	SpringWorks Therapeutics, Inc.		782,195		0.3
28,968 ⁽²⁾	Surgery Partners, Inc.		643,959		0.3
36,938 ⁽²⁾	Tandem Diabetes Care, Inc.		688,524		0.3
50,864 ⁽²⁾	Travere Therapeutics, Inc.		752,787		0.3
			37,785,391		16.1

	Industrials: 17.4%
10,523	Albany International Corp. - Class A		737,978		0.3
19,421	Allison Transmission Holdings, Inc.		1,844,801		0.8
26,044	Apogee Enterprises, Inc.		1,057,386		0.4
8,826	Applied Industrial Technologies, Inc.		2,051,604		0.9
25,643	Atmus Filtration Technologies, Inc.		933,918		0.4
35,885	Cadre Holdings, Inc.		1,142,937		0.5
75,693 ⁽²⁾	CoreCivic, Inc.		1,594,852		0.7
19,517	CSG Systems International, Inc.		1,274,655		0.5
34,843	Enerpac Tool Group Corp.		1,413,232		0.6
48,930 ⁽²⁾	ExlService Holdings, Inc.		2,142,645		0.9
56,255	Flowserve Corp.		2,944,949		1.3
12,834	Franklin Electric Co., Inc.		1,151,723		0.5
15,685	FTAI Aviation Ltd.		1,804,402		0.8
73,381 ⁽²⁾	GEO Group, Inc.		1,757,475		0.7
14,617 ⁽¹⁾⁽²⁾	Innodata, Inc.		748,683		0.3
18,911	Insperity, Inc.		1,136,929		0.5

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: (continued)
49,593	Kennametal, Inc.	$	1,138,655		0.5
7,851	Lincoln Electric Holdings, Inc.		1,627,669		0.7
175,731 ⁽²⁾	Manitowoc Co., Inc.		2,112,287		0.9
48,065	Marten Transport Ltd.		624,364		0.3
90,671	Mueller Water Products, Inc. - Class A		2,179,731		0.9
73,884 ⁽²⁾	NOW, Inc.		1,095,700		0.5
40,197	nVent Electric PLC		2,944,430		1.2
18,956	Pentair PLC		1,946,023		0.8
17,226	Primoris Services Corp.		1,342,595		0.6
99,163	Shyft Group, Inc.		1,243,504		0.5
11,419	TriNet Group, Inc.		835,186		0.4
			40,828,313		17.4

	Information Technology: 17.6%
367,535 ⁽²⁾	8x8, Inc.		720,369		0.3
75,641	A10 Networks, Inc.		1,463,653		0.6
42,579 ⁽²⁾	ACI Worldwide, Inc.		1,954,802		0.8
56,440 ⁽²⁾	Amplitude, Inc. - Class A		699,856		0.3
22,002 ⁽²⁾	ASGN, Inc.		1,098,560		0.5
166,968 ⁽²⁾	AvePoint, Inc.		3,224,152		1.4
101,209 ⁽²⁾	Box, Inc. - Class A		3,458,312		1.5
67,568 ⁽²⁾	Clearwater Analytics Holdings, Inc. - Class A		1,481,766		0.6
114,727 ⁽²⁾	Cohu, Inc.		2,207,347		0.9
21,626 ⁽²⁾	Credo Technology Group Holding Ltd.		2,002,351		0.9
31,134	CTS Corp.		1,326,620		0.6
43,656 ⁽²⁾	Dropbox, Inc. - Class A		1,248,562		0.5
33,629 ⁽²⁾	Extreme Networks, Inc.		603,641		0.3
46,898 ⁽¹⁾	Ingram Micro Holding Corp.		977,354		0.4
24,186 ⁽²⁾	Intapp, Inc.		1,248,481		0.5
29,602 ⁽¹⁾⁽²⁾	IonQ, Inc.		1,271,998		0.5
58,389 ⁽²⁾	Knowles Corp.		1,028,814		0.4
6,564	Littelfuse, Inc.		1,488,256		0.6
57,367 ⁽²⁾	MaxLinear, Inc.		815,185		0.4
47,365 ⁽²⁾	PagerDuty, Inc.		723,737		0.3
55,681 ⁽²⁾	Photronics, Inc.		1,048,473		0.5
24,401 ⁽²⁾	Pure Storage, Inc. - Class A		1,405,010		0.6
12,209 ⁽²⁾	Rambus, Inc.		781,620		0.3
39,310	Sapiens International Corp. NV		1,149,817		0.5
152,446 ⁽²⁾	Sprinklr, Inc. - Class A		1,289,693		0.6
52,674 ⁽²⁾	Verint Systems, Inc.		1,036,098		0.4
56,169 ⁽²⁾	Vertex, Inc. - Class A		1,984,732		0.9
59,984 ⁽²⁾	Viavi Solutions, Inc.		604,039		0.3
204,789 ⁽²⁾	Yext, Inc.		1,740,706		0.7
71,132 ⁽²⁾	Zeta Global Holdings Corp. - Class A		1,101,835		0.5
			41,185,839		17.6

	Materials: 3.8%
24,683	Avient Corp.		797,508		0.3
7,206	Balchem Corp.		1,147,195		0.5
194,019 ⁽²⁾	Cleveland-Cliffs, Inc.		1,474,544		0.6

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Materials: (continued)
126,269	Element Solutions, Inc.	$	2,859,993		1.2
7,285	Innospec, Inc.		612,596		0.3
60,760 ⁽¹⁾⁽²⁾	PureCycle Technologies, Inc.		832,412		0.4
146,810 ⁽²⁾	Rayonier Advanced Materials, Inc.		565,218		0.2
117,509	Tronox Holdings PLC		595,771		0.3
			8,885,237		3.8

	Real Estate: 6.0%
107,783	Acadia Realty Trust		2,001,530		0.9
42,392	Alexander & Baldwin, Inc.		755,849		0.3
153,385	Apartment Investment and Management Co. - Class A		1,326,780		0.6
34,917	Broadstone Net Lease, Inc.		560,418		0.2
177,118	DiamondRock Hospitality Co.		1,356,724		0.6
26,076	First Industrial Realty Trust, Inc.		1,255,038		0.5
56,171 ⁽¹⁾	Gladstone Land Corp.		571,259		0.2
306,690	Hudson Pacific Properties, Inc.		840,331		0.4
24,768	LTC Properties, Inc.		857,221		0.4
123,857 ⁽¹⁾	Medical Properties Trust, Inc.		533,824		0.2
26,954	National Storage Affiliates Trust		862,258		0.4
59,773 ⁽¹⁾	Peakstone Realty Trust		789,601		0.3
41,982	Plymouth Industrial REIT, Inc.		674,231		0.3
204,474	Summit Hotel Properties, Inc.		1,040,773		0.5
18,507	Tanger Factory Outlet Centers, Inc.		565,944		0.2
			13,991,781		6.0

	Utilities: 3.1%
50,730	Avista Corp.		1,925,204		0.8
19,772	Black Hills Corp.		1,109,209		0.5
85,002 ⁽²⁾	Hawaiian Electric Industries, Inc.		903,571		0.4
20,094	Northwest Natural Holding Co.		798,134		0.3
26,836	NorthWestern Corp.		1,376,687		0.6
30,407	Portland General Electric Co.		1,235,436		0.5
			7,348,241		3.1

	Total Common Stock (Cost $234,334,208)		229,841,085		98.1

Shares		Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.5%
16,463	iShares Russell 2000 ETF	$	3,552,551		1.5

	Total Exchange-Traded Funds (Cost $3,440,284)		3,552,551		1.5

	Total Long-Term Investments (Cost $237,774,492)		233,393,636		99.6

Principal Amount†	RA	Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.1%
	Repurchase Agreements: 3.5%
313,397 ⁽³⁾	BNP Paribas S.A., Repurchase Agreement dated 06/30/2025, 4.380%, due 07/01/2025 (Repurchase Amount $313,435, collateralized by various U.S. Government Securities, 0.000%- 3.875%, Market Value plus accrued interest $319,665, due 07/10/25-05/15/42)		313,397		0.1
2,141,680 ⁽³⁾	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,141,938, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $2,184,514, due 06/01/30-02/01/57)		2,141,680		0.9

See Accompanying Notes to Financial Statements

Voya Small Company Portfolio

PORTFOLIO OF INVESTMENTS

as of June 30, 2025 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,141,680 ⁽³⁾	Daiwa Capital Markets America Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $2,141,938, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $2,184,514, due 08/15/34-06/01/55)	$	2,141,680		0.9
1,500,295 ⁽³⁾	HSBC Securities (USA) Inc., Repurchase Agreement dated 06/30/2025, 4.390%, due 07/01/2025 (Repurchase Amount $1,500,475, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,530,301, due 03/01/34-05/01/55)		1,500,295		0.7
2,034,596 ⁽³⁾	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/2025, 4.480%, due 07/01/2025 (Repurchase Amount $2,034,846, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,069,171, due 07/15/26-02/15/54)		2,034,596		0.9
	Total Repurchase Agreements (Cost $8,131,648)		8,131,648		3.5

	Time Deposits: 0.3%
210,000 ⁽³⁾	Canadian Imperial Bank of Commerce, 4.320%, 07/01/2025		210,000		0.1

Principal Amount†	RA	Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Time Deposits (continued)
200,000 ⁽³⁾	Landesbank Hessen Thueringen Girozentrale, 4.320%, 07/01/2025	$	200,000		0.0
210,000 ⁽³⁾	Mizuho Bank Ltd., 4.330%, 07/01/2025		210,000		0.1
210,000 ⁽³⁾	Royal Bank of Canada, 4.330%, 07/01/2025		210,000		0.1
	Total Time Deposits (Cost $830,000)		830,000		0.3

Shares	RA	Value			Percentage of Net Assets
	Mutual Funds: 0.3%
679,000 ⁽⁴⁾	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.230% (Cost $679,000)	$	679,000			0.3
	Total Short-Term Investments (Cost $9,640,648)		9,640,648			4.1
	Total Investments in Securities (Cost $247,415,140)	$	243,034,284			103.7
	Liabilities in Excess of Other Assets		(8,606,431	)		(3.7	)
	Net Assets	$	234,427,853			100.0

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

See Accompanying Notes to Financial Statements

Voya Small Company 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 in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2025
Asset Table
Investments, at fair value
Common Stock*	$	229,841,085	$	—	$	—	$	229,841,085
Exchange-Traded Funds		3,552,551		—		—		3,552,551
Short-Term Investments		679,000		8,961,648		—		9,640,648
Total Investments, at fair value	$	234,072,636	$	8,961,648	$	—	$	243,034,284

^{^}	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
^*	For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

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

Cost for U.S. federal income tax purposes was $262,869,357.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	14,372,179
Gross Unrealized Depreciation		(34,207,649	)
Net Unrealized Depreciation	$	(19,835,470	)

See Accompanying Notes to Financial Statements

Investment Adviser	Custodian
Voya Investments, LLC 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, Arizona 85258	The Bank of New York Mellon 225 Liberty Street New York, New York 10286

Distributor	Legal Counsel
Voya Investments Distributor, LLC 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, Arizona 85258	Ropes & Gray LLP Prudential Tower 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-CAPAPALL (0625)

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

Voya Growth and Income Portfolio Class ADV - IAVGX

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Voya Growth and Income Portfolio Class S - ISVGX

Voya Growth and Income Portfolio Class S2 - IGISX

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(a)(2)	Not applicable.

(a)(3)	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.

(a)(4)	Not applicable.

(a)(5)	Not applicable.

(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

By	/s/ Christian G. Wilson
	Christian G. Wilson
	Principal Executive Officer

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Fund Statistics

What did the Fund invest in?

Top 10 Holdings

Portfolio Composition

Sector Allocation

Availability of Additional Information

Class S2: IGISX

Voya Growth and Income Portfolio