Ing Variable Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02514

Voya Variable Funds

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2023 to June 30, 2023

Item 1. Reports to Stockholders.

(a)

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

TABLE OF CONTENTS

Semi-Annual Report

June 30, 2023

Classes ADV, I, R6, S, S2 and T

Voya Variable Product Funds

■

Voya Balanced Portfolio

■

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

Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

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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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; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) 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 www.voyainvestments.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: www.voyainvestments.com 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: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 to June 30, 2023. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

The left section of the table shown below, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*
Voya Balanced Portfolio
Class I		$	1,000.00		$	1,094.90		0.70%		$	3.64		$	1,000.00		$	1,021.32		0.70%		$	3.51
Class S			1,000.00			1,093.40		0.95			4.93			1,000.00			1,020.08		0.95			4.76
Voya Global High Dividend Low Volatility Portfolio
Class ADV		$	1,000.00		$	1,007.80		1.10%		$	5.48		$	1,000.00		$	1,019.34		1.10%		$	5.51
Class I			1,000.00			1,010.10		0.60			2.99			1,000.00			1,021.82		0.60			3.01
Class S			1,000.00			1,008.40		0.85			4.23			1,000.00			1,020.58		0.85			4.26
Class S2			1,000.00			1,008.20		1.00			4.98			1,000.00			1,019.84		1.00			5.01
Class T			1,000.00			1,007.40		1.20			5.97			1,000.00			1,018.84		1.20			6.01
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,021.90		0.46%		$	2.31		$	1,000.00		$	1,022.51		0.46%		$	2.31
Class S			1,000.00			1,020.90		0.61			3.06			1,000.00			1,021.77		0.61			3.06
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	1,171.60		1.12%		$	6.03		$	1,000.00		$	1,019.24		1.12%		$	5.61
Class I			1,000.00			1,174.20		0.67			3.61			1,000.00			1,021.47		0.67			3.36
Class S			1,000.00			1,173.20		0.92			4.96			1,000.00			1,020.23		0.92			4.61
Class S2			1,000.00			1,171.60		1.07			5.76			1,000.00			1,019.49		1.07			5.36

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*			Beginning Account Value January 1, 2023			Ending Account Value June 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2023*
Voya Intermediate Bond Portfolio
Class ADV		$	1,000.00		$	1,025.00		1.03%		$	5.17		$	1,000.00		$	1,019.69		1.03%		$	5.16
Class I			1,000.00			1,026.40		0.53			2.66			1,000.00			1,022.17		0.53			2.66
Class S			1,000.00			1,025.20		0.78			3.92			1,000.00			1,020.93		0.78			3.91
Class S2			1,000.00			1,025.50		0.93			4.67			1,000.00			1,020.18		0.93			4.66
Voya Small Company Portfolio
Class ADV		$	1,000.00		$	1,075.10		1.36%		$	7.00		$	1,000.00		$	1,018.05		1.36%		$	6.80
Class I			1,000.00			1,078.40		0.86			4.43			1,000.00			1,020.53		0.86			4.31
Class R6			1,000.00			1,078.90		0.79			4.07			1,000.00			1,020.88		0.79			3.96
Class S			1,000.00			1,076.80		1.11			5.72			1,000.00			1,019.29		1.11			5.56

Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

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STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	202,989,493		$	491,686,006		$	—
Investments in affiliated underlying funds at fair value*			94,232,338			—			—
Short-term investments at fair value†			9,534,525			8,308,200			—
Short-term investments at amortized cost			—			—			382,638,520
Repurchase agreements			—			—			173,799,000
Cash			198,167			164,432			19,547
Cash collateral for futures contracts			575,725			—			—
Cash pledged for centrally cleared swaps (Note 2)			300,000			—			—
Foreign currencies at value‡			8,305			1,931			—
Receivables:
Investments in affiliated underlying funds sold			7,137,822			—			—
Investment securities sold			—			112,268			117,939,237
Investment securities sold on a delayed-delivery or when-issued basis			4,036,550			—			—
Fund shares sold			2,045,777			1,750,227			1,996,431
Dividends			109,890			1,331,347			3,449
Interest			472,327			—			2,412,809
Foreign tax reclaims			115,733			1,345,786			—
Variation margin on futures contracts			18,141			—			—
Unrealized appreciation on forward foreign currency contracts			18			—			—
Unrealized appreciation on forward premium swaptions			18,455			—			—
Prepaid expenses			48			84			84
Reimbursement due from Investment Adviser			18,795			26,296			—
Other assets			45,739			50,747			110,938
Total assets			321,857,848			504,777,324			678,920,015
LIABILITIES:
Income distribution payable			—			—			2,257,390
Payable for investments in affiliated underlying funds purchased			6,002,329			—			—
Payable for investment securities purchased			—			43,213			80,358,064
Payable for investment securities purchased on a delayed-delivery or when-issued basis			4,819,397			—			—
Payable for fund shares redeemed			2,000,600			—			—
Payable upon receipt of securities loaned			5,134,077			7,989,200			—
Unrealized depreciation on forward foreign currency contracts			28			18			—
Unrealized depreciation on forward premium swaptions			30,999			—			—
Variation margin payable on centrally cleared swaps			76			—			—
Payable for investment management fees			147,842			225,606			145,353
Payable for distribution and shareholder service fees			375			78,834			7
Payable for directors/ trustees fees			745			1,272			1,343
Payable to directors/ trustees under the deferred compensation plan (Note 6)			45,739			50,747			110,938
Other accrued expenses and liabilities			99,205			111,572			160,687
Written options, at fair value^			255,227			—			—
Total liabilities			18,536,639			8,500,462			83,033,782
NET ASSETS		$	303,321,209		$	496,276,862		$	595,886,233
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	285,481,253		$	467,467,360		$	596,055,313
Total distributable earnings (loss)			17,839,956			28,809,502			(169,080)
NET ASSETS		$	303,321,209		$	496,276,862		$	595,886,233
+ Including securities loaned at value		$	4,934,602		$	7,485,562		$	—
* Cost of investments in securities		$	195,025,930		$	469,953,236		$	—
* Cost of investments in affiliated underlying funds		$	87,274,342		$	—		$	—
† Cost of short-term investments		$	9,534,820		$	8,308,200		$	—
‡ Cost of foreign currencies		$	9,494		$	1,931		$	—
^ Premiums received on written options		$	278,241		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited) (continued)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	10,616,411			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			997,923			n/a
Net asset value and redemption price per share			n/a		$	10.64			n/a
Class I
Net assets		$	301,468,173		$	121,548,857		$	595,832,965
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			21,585,085			11,435,447			595,901,995
Net asset value and redemption price per share		$	13.97		$	10.63		$	1.00
Class S
Net assets		$	1,853,036		$	361,597,771		$	53,268
Shares authorized			500,000,000			300,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			133,192			33,852,486			53,275
Net asset value and redemption price per share		$	13.91		$	10.68		$	1.00
Class S2
Net assets			n/a		$	221,435			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			21,044			n/a
Net asset value and redemption price per share			n/a		$	10.52			n/a
Class T
Net assets			n/a		$	2,292,388			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			215,231			n/a
Net asset value and redemption price per share			n/a		$	10.65			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	1,925,975,596		$	1,949,720,335		$	292,220,669
Investments in affiliates at fair value**			—			407,622,187			—
Short-term investments at fair value†			30,908,461			44,904,239			4,417,532
Cash			958,207			534,721			143,838
Cash collateral for futures contracts			—			4,887,205			—
Cash pledged for centrally cleared swaps (Note 2)			—			4,051,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			6,590,000			—
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)			—			2,551,000			—
Receivables:
Investment securities sold			—			39,890,658			—
Investment securities sold on a delayed-delivery or when-issued basis			—			160,512,092			—
Fund shares sold			17,500			9,523,379			45,860
Dividends			1,782,158			540,119			263,093
Interest			352			13,486,533			134
Foreign tax reclaims			54,195			—			6,999
Variation margin on futures contracts			—			795,086			—
Unrealized appreciation on forward foreign currency contracts			—			528			—
Unrealized appreciation on forward premium swaptions			—			528,238			—
Prepaid expenses			289			383			50
Reimbursement due from Investment Adviser			35,858			86,390			20,136
Other assets			237,609			330,068			42,788
Total assets			1,959,970,225			2,646,554,161			297,161,099
LIABILITIES:
Income distribution payable			—			779			—
Payable for investment securities purchased			—			18,168,203			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			257,414,873			—
Payable for fund shares redeemed			284,230			34,608			75,136
Payable upon receipt of securities loaned			3,597,461			16,023,437			3,541,532
Unrealized depreciation on forward foreign currency contracts			—			822			—
Unrealized depreciation on forward premium swaptions			—			856,615			—
Variation margin payable on centrally cleared swaps			—			114,433			—
Cash received as collateral for OTC derivatives (Note 2)			—			760,000			—
Payable for investment management fees			938,722			960,523			179,495
Payable for distribution and shareholder service fees			36,413			376,653			15,439
Payable for directors/ trustees fees			4,601			6,016			751
Payable to directors/ trustees under the deferred compensation plan (Note 6)			237,609			330,068			42,788
Other accrued expenses and liabilities			281,117			254,930			34,521
Written options, at fair value^			—			7,442,838			—
Total liabilities			5,380,153			302,744,798			3,889,662
NET ASSETS		$	1,954,590,072		$	2,343,809,363		$	293,271,437
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,507,957,728		$	2,830,312,121		$	309,628,909
Total distributable earnings (loss)			446,632,344			(486,502,758)			(16,357,472)
NET ASSETS		$	1,954,590,072		$	2,343,809,363		$	293,271,437
+ Including securities loaned at value		$	3,503,836		$	15,576,398		$	3,436,921
* Cost of investments in securities		$	1,565,678,216		$	2,087,756,264		$	289,962,306
** Cost of investments in affiliates		$	—		$	421,863,570		$	—
† Cost of short-term investments		$	30,908,461		$	44,908,078		$	4,417,532
^ Premiums received on written options		$	—		$	8,100,562		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2023 (Unaudited) (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	82,725,018		$	199,006,130		$	7,965,239
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			4,358,483			18,763,095			641,131
Net asset value and redemption price per share		$	18.98		$	10.61		$	12.42
Class I
Net assets		$	1,839,719,530		$	712,486,830		$	220,194,837
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			92,865,075			66,442,050			15,966,474
Net asset value and redemption price per share		$	19.81		$	10.72		$	13.79
Class R6
Net assets			n/a			n/a		$	4,758,946
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			344,705
Net asset value and redemption price per share			n/a			n/a		$	13.81
Class S
Net assets		$	31,648,918		$	1,424,747,972		$	60,352,415
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			1,663,273			133,789,802			4,592,480
Net asset value and redemption price per share		$	19.03		$	10.65		$	13.14
Class S2
Net assets		$	496,606		$	7,568,431			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			26,943			713,490			n/a
Net asset value and redemption price per share		$	18.43		$	10.61			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (Unaudited)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio				Voya Government Money Market Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	1,384,728		$	10,270,724			$	28,237
Dividends from affiliated underlying funds			382,078			—				—
Interest			1,761,734			—				12,890,010
Securities lending income, net			16,912			53,442				—
Other			700			1,220				1,261
Total investment income			3,546,152			10,325,386				12,919,508
EXPENSES:
Investment management fees			886,583			1,411,063				933,075
Distribution and shareholder service fees:
Class ADV			—			26,916				—
Class S			2,332			460,935				64
Class S2			—			435				—
Class T			—			8,892				—
Transfer agent fees:
Class ADV			—			3,780				—
Class I			161,704			43,006				344,333
Class S			1,026			129,456				33
Class S2			—			76				—
Class T			—			832				—
Shareholder reporting expense			13,756			18,100				13,937
Professional fees			6,335			9,955				16,833
Custody and accounting expense			56,472			44,164				20,815
Directors/ trustees fees			3,725			6,361				6,715
Licensing fee (Note 7)			5,202			—				—
Miscellaneous expense			7,696			14,712				9,172
Interest expense			5,024			2,311				—
Total expenses			1,149,855			2,180,994				1,344,977
Waived and reimbursed fees			(120,265)			(164,527)				(119,995)
Net expenses			1,029,590			2,016,467				1,224,982
Net investment income			2,516,562			8,308,919				11,694,526
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			3,355,250			3,249,852				(40,470)
Sale of affiliated underlying funds			(655,451)			—				—
Forward foreign currency contracts			(2,186)			(28,667)				—
Foreign currency related transactions			3,130			(20,004)				—
Futures			(883,654)			—				—
Swaps			(315,546)			—				—
Written options			138,117			—				—
Net realized gain (loss)			1,639,660			3,201,181				(40,470)
Net change in unrealized appreciation (depreciation) on:
Investments			—			(7,174,457)				—
Investments			14,448,889			—	��			—
Affiliated underlying funds			8,496,208			—				—
Forward foreign currency contracts			(10)			(18)				—
Foreign currency related transactions			1,067			13,091				—
Futures			(240,416)			—				—
Swaps			31,715			—				—
Written options			11,200			—				—
Net change in unrealized appreciation (depreciation)			22,748,653			(7,161,384)				—
Net realized and unrealized gain (loss)			24,388,313			(3,960,203)				(40,470)
Increase in net assets resulting from operations		$	26,904,875		$	4,348,716			$	11,654,056
* Foreign taxes withheld		$	49,130		$	525,775			$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2023 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	16,417,513		$	200,286		$	2,786,216
Dividends from affiliated underlying funds			—			13,402,411			—
Interest			5,184			40,579,054			1,477
Securities lending income, net			26,179			176,080			6,851
Other			4,346			5,762			718
Total investment income			16,453,222			54,363,593			2,795,262
EXPENSES:
Investment management fees			5,473,328			5,965,537			1,115,701
Distribution and shareholder service fees:
Class ADV			192,826			501,595			19,640
Class S			38,935			1,825,416			74,390
Class S2			896			15,376			—
Transfer agent fees:
Class ADV			28,264			49,521			6,212
Class I			628,714			177,107			176,826
Class R6			—			—			5
Class S			11,414			360,437			47,068
Class S2			298			1,898			—
Shareholder reporting expense			38,010			47,060			10,860
Professional fees			51,947			66,065			9,050
Custody and accounting expense			87,966			149,325			27,150
Directors/ trustees fees			23,000			30,082			3,752
Miscellaneous expense			38,958			42,871			8,947
Interest expense			1,108			245			2,106
Total expenses			6,615,664			9,232,535			1,501,707
Waived and reimbursed fees			(264,950)			(539,168)			(124,899)
Net expenses			6,350,714			8,693,367			1,376,808
Net investment income			10,102,508			45,670,226			1,418,454
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			84,452,328			(30,373,937)			10,702,403
Sale of affiliated underlying funds			—			(77,839,443)			—
Forward foreign currency contracts			—			(5,629)			—
Foreign currency related transactions			—			(10,348)			—
Futures			—			(3,940,968)			—
Swaps			—			(12,877,820)			—
Written options			—			4,016,567			—
Net realized gain (loss)			84,452,328			(121,031,578)			10,702,403
Net change in unrealized appreciation (depreciation) on:
Investments			202,229,228			44,932,576			10,533,998
Affiliated underlying funds			—			88,330,979			—
Forward foreign currency contracts			—			(294)			—
Foreign currency related transactions			25			1			111
Futures			—			1,480,265			—
Swaps			—			2,626,048			—
Written options			—			320,961			—
Net change in unrealized appreciation (depreciation)			202,229,253			137,690,536			10,534,109
Net realized and unrealized gain			286,681,581			16,658,958			21,236,512
Increase in net assets resulting from operations		$	296,784,089		$	62,329,184		$	22,654,966
* Foreign taxes withheld		$	13,060		$	—		$	11,973

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Portfolio						Voya Global High Dividend Low Volatility Portfolio
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	2,516,562		$	5,389,754		$	8,308,919		$	14,165,252
Net realized gain			1,639,660			1,110,601			3,201,181			17,392,831
Net change in unrealized appreciation (depreciation)			22,748,653			(71,935,681)			(7,161,384)			(65,279,322)
Increase (decrease) in net assets resulting from operations			26,904,875			(65,435,326)			4,348,716			(33,721,239)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(442,603)			(667,337)
Class I			(6,549,871)			(45,747,982)			(5,215,495)			(7,870,245)
Class S			(34,101)			(318,826)			(15,216,263)			(24,164,362)
Class S2			—			—			(9,109)			(13,783)
Class T			—			—			(94,100)			(144,852)
Total distributions			(6,583,972)			(46,066,808)			(20,977,570)			(32,860,579)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			775,972			2,963,207			4,720,651			8,589,904
Reinvestment of distributions			6,583,972			46,066,808			20,977,570			32,860,579
			7,359,944			49,030,015			25,698,221			41,450,483
Cost of shares redeemed			(16,317,812)			(34,031,403)			(45,484,073)			(78,631,312)
Net increase (decrease) in net assets resulting from capital share transactions			(8,957,868)			14,998,612			(19,785,852)			(37,180,829)
Net increase (decrease) in net assets			11,363,035			(96,503,522)			(36,414,706)			(103,762,647)
NET ASSETS:
Beginning of year or period			291,958,174			388,461,696			532,691,568			636,454,215
End of year or period		$	303,321,209		$	291,958,174		$	496,276,862		$	532,691,568

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	11,694,526		$	7,146,622		$	10,102,508		$	20,783,869
Net realized gain (loss)			(40,470)			(128,610)			84,452,328			201,867,629
Net change in unrealized appreciation (depreciation)			—			—			202,229,253			(548,775,277)
Increase (decrease) in net assets resulting from operations			11,654,056			7,018,012			296,784,089			(326,123,779)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(44,537)			(11,552,104)
Class I			(11,693,436)			(7,145,983)			(951,540)			(254,695,900)
Class S			(1,090)			(632)			(17,293)			(5,105,764)
Class S2			—			—			(270)			(65,074)
Total distributions			(11,694,526)			(7,146,615)			(1,013,640)			(271,418,842)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			109,373,475			129,987,093			5,978,353			11,156,359
Reinvestment of distributions			9,437,126			7,143,997			1,012,266			271,031,994
			118,810,601			137,131,090			6,990,619			282,188,353
Cost of shares redeemed			(46,061,148)			(99,682,300)			(99,517,324)			(211,343,355)
Net increase (decrease) in net assets resulting from capital share transactions			72,749,453			37,448,790			(92,526,705)			70,844,998
Net increase (decrease) in net assets			72,708,983			37,320,187			203,243,744			(526,697,623)
NET ASSETS:
Beginning of year or period			523,177,250			485,857,063			1,751,346,328			2,278,043,951
End of year or period		$	595,886,233		$	523,177,250		$	1,954,590,072		$	1,751,346,328

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income		$	45,670,226		$	76,695,622		$	1,418,454		$	1,302,102
Net realized gain (loss)			(121,031,578)			(207,133,694)			10,702,403			(28,856,002)
Net change in unrealized appreciation (depreciation)			137,690,536			(325,576,344)			10,534,109			(45,708,234)
Increase (decrease) in net assets resulting from operations			62,329,184			(456,014,416)			22,654,966			(73,262,134)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(3,078,125)			(5,940,318)			(4,770)			(2,087,689)
Class I			(12,790,325)			(25,058,778)			(1,010,099)			(72,381,833)
Class R6			—			—			(24,562)			(2,351,076)
Class S			(24,208,884)			(46,794,345)			(127,469)			(17,786,935)
Class S2			(121,746)			(275,856)			—			—
Total distributions			(40,199,080)			(78,069,297)			(1,166,900)			(94,607,533)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			34,449,987			66,605,167			4,014,121			9,445,343
Reinvestment of distributions			40,197,717			78,064,594			1,166,900			94,607,533
			74,647,704			144,669,761			5,181,021			104,052,876
Cost of shares redeemed			(173,870,007)			(422,234,910)			(35,356,728)			(82,795,189)
Net increase (decrease) in net assets resulting from capital share transactions			(99,222,303)			(277,565,149)			(30,175,707)			21,257,687
Net decrease in net assets			(77,092,199)			(811,648,862)			(8,687,641)			(146,611,980)
NET ASSETS:
Beginning of year or period			2,420,901,562			3,232,550,424			301,959,078			448,571,058
End of year or period		$	2,343,809,363		$	2,420,901,562		$	293,271,437		$	301,959,078

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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 Balanced Portfolio
Class I
06-30-23+		13.05		0.12•		1.11		1.23		0.25		0.06		—		0.31		—		13.97		9.49		0.78		0.70		0.70		1.70		301,468		83
12-31-22		18.43		0.24•		(3.36)		(3.12)		0.28		1.98		—		2.26		—		13.05		(17.24)		0.75		0.69		0.69		1.66		289,995		147
12-31-21		16.43		0.25•		2.31		2.56		0.29		0.27		—		0.56		—		18.43		15.92		0.74		0.69		0.69		1.42		385,538		101
12-31-20		15.71		0.29		1.22		1.51		0.36		0.43		—		0.79		—		16.43		10.85		0.76		0.69		0.69		1.83		370,828		96
12-31-19		14.10		0.33•		2.26		2.59		0.37		0.61		—		0.98		—		15.71		19.11		0.69		0.69		0.69		2.23		371,202		113
12-31-18		16.69		0.34•		(1.37)		(1.03)		0.36		1.20		—		1.56		—		14.10		(6.83)		0.67		0.67		0.67		2.20		347,788		184
Class S
06-30-23+		12.97		0.10•		1.10		1.20		0.20		0.06		—		0.26		—		13.91		9.34		1.03		0.95		0.95		1.44		1,853		83
12-31-22		18.32		0.20•		(3.34)		(3.14)		0.23		1.98		—		2.21		—		12.97		(17.47)		1.00		0.94		0.94		1.40		1,963		147
12-31-21		16.34		0.20•		2.31		2.51		0.26		0.27		—		0.53		—		18.32		15.62		0.99		0.94		0.94		1.16		2,924		101
12-31-20		15.62		0.23•		1.24		1.47		0.32		0.43		—		0.75		—		16.34		10.57		1.01		0.94		0.94		1.59		2,794		96
12-31-19		14.02		0.29•		2.25		2.54		0.33		0.61		—		0.94		—		15.62		18.80		0.94		0.94		0.94		1.98		2,511		113
12-31-18		16.59		0.30•		(1.36)		(1.06)		0.31		1.20		—		1.51		—		14.02		(7.03)		0.92		0.92		0.92		1.94		2,693		184
Voya Global High Dividend Low Volatility Portfolio
Class ADV
06-30-23+		11.01		0.16•		(0.09)		0.07		0.07		0.37		—		0.44		—		10.64		0.78		1.17		1.10		1.10		3.00		10,616		35
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
12-31-19		9.63		0.25		1.71		1.96		0.24		0.52		—		0.76		—		10.83		21.06		1.10		1.10		1.10		2.43		15,665		63
12-31-18		11.02		0.23•		(1.21)		(0.98)		0.40		0.01		—		0.41		—		9.63		(9.26)(a)		1.12		1.11		1.11		2.12		15,225		147
Class I
06-30-23+		10.99		0.19•		(0.09)		0.10		0.09		0.37		—		0.46		—		10.63		1.01		0.67		0.60		0.60		3.50		121,549		35
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
12-31-19		9.62		0.30		1.71		2.01		0.29		0.52		—		0.81		—		10.82		21.68		0.60		0.60		0.60		2.92		149,439		63
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		147
Class S
06-30-23+		11.05		0.17•		(0.09)		0.08		0.08		0.37		—		0.45		—		10.68		0.84		0.92		0.85		0.85		3.24		361,598		35
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
12-31-19		9.66		0.27		1.73		2.00		0.27		0.52		—		0.79		—		10.87		21.41		0.85		0.85		0.85		2.62		542,303		63
12-31-18		11.12		0.26•		(1.23)		(0.97)		0.48		0.01		—		0.49		—		9.66		(9.11)(a)		0.87		0.86		0.86		2.37		375,359		147

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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 Global High Dividend Low Volatility Portfolio (continued)
Class S2
06-30-23+		10.89		0.17•		(0.09)			0.08			0.08		0.37		—		0.45		—		10.52		0.82		1.07		1.00		1.00		3.11		221		35
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
12-31-19		9.54		0.26•		1.70			1.96			0.25		0.52		—		0.77		—		10.73		21.26		1.00		1.00		1.00		2.59		332		63
12-31-18		10.95		0.23•		(1.20)			(0.97)			0.43		0.01		—		0.44		—		9.54		(9.27)(a)		1.02		1.01		1.01		2.17		273		147
Class T
06-30-23+		11.02		0.15•		(0.08)			0.07			0.07		0.37		—		0.44		—		10.65		0.74		1.42		1.20		1.20		2.86		2,292		35
12-31-22		12.34		0.24•		(0.94)			(0.70)			0.23		0.39		—		0.62		—		11.02		(5.54)		1.40		1.20		1.20		2.14		2,703		68
12-31-21		10.47		0.20•		1.90			2.10			0.23		—		—		0.23		—		12.34		20.19		1.41		1.20		1.20		1.75		2,920		71
12-31-20		10.85		0.18		(0.37)			(0.19)			0.18		—		0.01		0.19		—		10.47		(1.48)		1.41		1.20		1.20		1.74		2,573		72
12-31-19		9.59		0.26•		1.69			1.95			0.17		0.52		—		0.69		—		10.85		21.05		1.35		1.20		1.20		2.56		3,232		63
12-31-18		10.96		0.22•		(1.21)			(0.99)			0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		147
Voya Government Money Market Portfolio
Class I
06-30-23+		1.00		0.02•		0.00*			0.02			0.02		—		—		0.02		—		1.00		2.19		0.51		0.46		0.46		4.39		595,833		—
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*		—		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		—
12-31-19		1.00		0.02		0.00*			0.02			0.02		0.00*		—		0.02		—		1.00		1.96		0.39		0.34		0.34		1.86		469,271		—
12-31-18		1.00		0.02		0.00*			0.02			0.02		0.00*		—		0.02		—		1.00		1.56		0.39		0.34		0.34		1.54		463,191		—
Class S
06-30-23+		1.00		0.02•		0.00*			0.02			0.02		—		—		0.02		—		1.00		2.09		0.76		0.61		0.61		4.23		53		—
12-31-22		1.00		0.01•		0.00*			0.01			0.01		—		—		0.01		—		1.00		1.31		0.75		0.35		0.35		1.28		47		—
12-31-21		1.00		—•		0.00*			0.00			—		0.00*		—		0.00*		—		1.00		0.09		0.75		0.05		0.05		0.00		57		—
12-31-20		1.00		—		0.00*	��		0.00			—		0.00*		—		0.00*		—		1.00		0.04		0.76		0.17		0.17		0.00		51		—
06-30-18(5)		1.00		0.01		0.00*			0.01			0.01		0.00*		—		0.01		—		1.00		0.57		0.64		0.49		0.49		1.14		46		—
Voya Growth and Income Portfolio
Class ADV
06-30-23+		16.21		0.06•		2.72			2.78			—		0.01		—		0.01		—		18.98		17.16		1.20		1.12		1.12		0.68		82,725		35
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
12-31-19		24.42		0.35		6.42			6.77			0.35		2.91		—		3.26		—		27.93		28.29		1.13		1.03		1.03		1.17		896,424		69
12-31-18		28.94		0.37•		(1.75)			(1.38)			0.39		2.75		—		3.14		—		24.42		(4.88)		1.13		1.03		1.03		1.29		824,943		84
Class I
06-30-23+		16.88		0.10•		2.84			2.94			—		0.01		—		0.01		—		19.81		17.42		0.70		0.67		0.67		1.13		1,839,720		35
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
12-31-19		24.81		0.48		6.54			7.02			0.48		2.91		—		3.39		—		28.44		28.88		0.63		0.58		0.58		1.62		1,798,927		69
12-31-18		29.37		0.51•		(1.79)			(1.28)			0.53		2.75		—		3.28		—		24.81		(4.46)		0.63		0.58		0.58		1.74		1,602,432		84

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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 S
06-30-23+		16.23		0.08•		2.73		2.81		—		0.01		—		0.01		—		19.03		17.32		0.95		0.92		0.92		0.88		31,649		35
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
12-31-19		24.44		0.41		6.42		6.83		0.40		2.91		—		3.31		—		27.96		28.55		0.88		0.83		0.83		1.37		479,676		69
12-31-18		28.97		0.43•		(1.76)		(1.33)		0.45		2.75		—		3.20		—		24.44		(4.69)		0.88		0.83		0.83		1.49		451,557		84
Class S2
06-30-23+		15.74		0.06•		2.64		2.70		—		0.01		—		0.01		—		18.43		17.16		1.10		1.07		1.07		0.73		497		35
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
12-31-19		24.13		0.47		6.22		6.69		0.32		2.91		—		3.23		—		27.59		28.33		1.03		0.98		0.98		1.23		294		69
12-31-18		28.65		0.38•		(1.73)		(1.35)		0.42		2.75		—		3.17		—		24.13		(4.82)		1.03		0.98		0.98		1.34		407		84
Voya Intermediate Bond Portfolio
Class ADV
06-30-23+		10.51		0.19•		0.07		0.26		0.16		—		—		0.16		—		10.61		2.50		1.08		1.03		1.03		3.52		199,006		167
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
12-31-19		12.20		0.37		0.76		1.13		0.37		0.02		—		0.39		—		12.94		9.29		1.03		1.03		1.03		2.88		291,207		149
12-31-18		12.73		0.36		(0.50)		(0.14)		0.39		—		—		0.39		—		12.20		(1.08)		1.03		1.03		1.03		2.95		265,204		193
Class I
06-30-23+		10.63		0.22•		0.06		0.28		0.19		—		—		0.19		—		10.72		2.64		0.58		0.53		0.53		4.02		712,487		167
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
12-31-19		12.33		0.44		0.77		1.21		0.44		0.02		—		0.46		—		13.08		9.85		0.53		0.53		0.53		3.38		1,023,645		149
12-31-18		12.86		0.43		(0.50)		(0.07)		0.46		—		—		0.46		—		12.33		(0.54)		0.53		0.53		0.53		3.45		986,608		193
Class S
06-30-23+		10.56		0.20•		0.07		0.27		0.18		—		—		0.18		—		10.65		2.52		0.83		0.78		0.78		3.77		1,424,748		167
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
12-31-19		12.25		0.40		0.76		1.16		0.40		0.02		—		0.42		—		12.99		9.54		0.78		0.78		0.78		3.13		2,198,827		149
12-31-18		12.78		0.40		(0.51)		(0.11)		0.42		—		—		0.42		—		12.25		(0.82)		0.78		0.78		0.78		3.20		2,255,122		193
Class S2
06-30-23+		10.51		0.19•		0.08		0.27		0.17		—		—		0.17		—		10.61		2.55		0.98		0.93		0.93		3.63		7,568		167
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
12-31-19		12.20		0.38		0.76		1.14		0.38		0.02		—		0.40		—		12.94		9.40		0.93		0.93		0.93		2.99		21,401		149
12-31-18		12.73		0.38		(0.51)		(0.13)		0.40		—		—		0.40		—		12.20		(0.98)		0.93		0.93		0.93		3.05		22,040		193

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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
06-30-23+		11.56		0.03•		0.84		0.87		0.01		—		—		0.01		—		12.42		7.51		1.45		1.36		1.36		0.52		7,965		106
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
12-31-19		14.86		(0.01)		3.55		3.54		0.00*		2.49		—		2.49		—		15.91		25.56		1.39		1.39		1.39		(0.06)		7,227		125
12-31-18		20.95		(0.04)		(2.76)		(2.80)		0.02		3.27		—		3.29		—		14.86		(16.22)		1.39		1.39		1.39		(0.18)		6,342		96
Class I
06-30-23+		12.85		0.07•		0.93		1.00		0.06		—		—		0.06		—		13.79		7.84		0.95		0.86		0.86		1.01		220,195		106
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
12-31-19		15.75		0.07•		3.78		3.85		0.07		2.49		—		2.56		—		17.04		26.21		0.89		0.89		0.89		0.44		427,877		125
12-31-18		22.01		0.06•		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.84)		0.89		0.89		0.89		0.31		435,019		96
Class R6
06-30-23+		12.87		0.07•		0.94		1.01		0.07		—		—		0.07		—		13.81		7.89		0.79		0.79		0.79		1.06		4,759		106
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
12-31-19		15.75		0.09•		3.76		3.85		0.07		2.49		—		2.56		—		17.04		26.20		0.89		0.89		0.89		0.44		5,665		125
12-31-18		22.01		0.06		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.85)		0.89		0.89		0.89		0.33		6,115		96
Class S
06-30-23+		12.23		0.05•		0.89		0.94		0.03		—		—		0.03		—		13.14		7.68		1.20		1.11		1.11		0.77		60,352		106
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
12-31-19		15.30		0.03		3.66		3.69		0.02		2.49		—		2.51		—		16.48		25.86		1.14		1.14		1.14		0.20		86,035		125
12-31-18		21.46		0.02		(2.86)		(2.84)		0.05		3.27		—		3.32		—		15.30		(16.05)		1.14		1.14		1.14		0.06		80,225		96

(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.

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(5)

Unaudited. There were no shares outstanding as of December 31, 2018 and December 31, 2019.

(a)

Excluding amounts related to a transition cost reimbursement recorded in the year ended December 31, 2018, total return for Voya Global High Dividend Low Volatility Portfolio would have been (9.37)%, (8.96)%, (9.22)%, (9.38)% and (9.52)% for Classes ADV, I, S, S2 and T, respectively.

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited)

NOTE 1 — ORGANIZATION

As further detailed below, the Voya Variable Product Funds are series of Voya Balanced Portfolio, Inc., 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 Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one diversified series, Voya Balanced Portfolio (“Balanced”). 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 eighteen 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, Service 2 (“Class S2”) and Class T; 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 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 the Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of 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 the Portfolio does not transact purchase and redemption orders. To the extent a Portfolio’s assets are traded in other markets on days when the Portfolio does not price its shares, the value of the Portfolio’s assets will likely change and you will not be able to purchase or redeem shares of the Portfolio.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.

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

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

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

(1)

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. As of the date of this report, the United States experiences a rising market interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, 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. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

Risks of Investing in Derivatives. A Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk

factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”), with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2023, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $30,442 and $873,736, respectively, which represent the gross payments to be received by the Portfolios on OTC purchased options, forward foreign currency contracts, and forward premium swaptions were they to be unwound as of June 30, 2023. At June 30, 2023, Intermediate Bond received $760,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not receive any cash collateral at June 30, 2023.

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, 2023, Balanced, Global High Dividend Low Volatility and Intermediate Bond had a liability position of $286,254, $18, and $8,300,275, respectively, on forward foreign currency contracts, forward premium swaptions, and OTC written options. If a contingent feature would have been triggered as of June 30, 2023, these Portfolios could have been required to pay these amounts in cash to their counterparties. At June 30, 2023, Intermediate Bond pledged $6,590,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced and Global High Dividend Low Volatility did not pledge any cash collateral at June 30, 2023.

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, 2023, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	62,002		$	51,101
Global High Dividend Low Volatility			—			43,214
Intermediate Bond			1,793,602			1,478,205

The above Portfolios 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 each respective Portfolio of Investments for the above Portfolios’ open forward foreign currency contracts at June 30, 2023.

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 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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2023, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes as part of their 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, 2023, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	24,688,371		$	9,784,509
Intermediate Bond			112,083,084			145,835,563

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at June 30, 2023.

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, 2023, Balanced and Intermediate Bond had purchased foreign currency options to manage their foreign exchange exposure. Balanced and Intermediate Bond had average notional values of $1,845,000 and $54,088,500, respectively, on purchased foreign currency options. Please refer to the tables within the Portfolio of Investments for open purchased foreign currency options at June 30, 2023.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the period ended June 30, 2023, Balanced and Intermediate Bond had purchased forward premium swaptions with an average notional value of $2,251,000 and $59,243,133, respectively, to gain exposure to manage duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at June 30, 2023.

During the period ended June 30, 2023, Balanced and Intermediate Bond had written forward premium swaptions with an average notional value of $11,344,000 and $324,014,000, respectively, to generate income. Please refer to the tables within the Portfolio of Investments for open written forward premium swaptions at June 30, 2023.

During the period ended June 30, 2023, Balanced and Intermediate Bond had purchased interest swaptions to gain exposure to manage duration and yield curve. Balanced and Intermediate Bond had average notional values of $2,007,000 and $57,914,300, respectively, on purchased interest swaptions. Please refer to the tables within the Portfolio of Investments for open purchased interest swaptions at period ended June 30, 2023.

During the period ended June 30, 2023, Balanced and Intermediate Bond had written interest rate swaptions to generate income. Balanced and Intermediate Bond had average notional values of $23,170,333 and $675,554,100, respectively, on written interest rate swaptions. Please refer to the tables within the Portfolio of Investments for open written interest rate swaptions at June 30, 2023.

G. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios distribute capital gains, if any, annually. Balanced and Small Company declare and pay 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 federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on 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, 2023.

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K. Securities Lending. Each Portfolio (except Government Money Market) may temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.

L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) 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 not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These 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. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these 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, 2023, Intermediate Bond pledged $2,551,000 in cash collateral 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

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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 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

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event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

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

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

For the period ended June 30, 2023, Balanced and Intermediate Bond bought credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of

some part of the credit market as a whole. Balanced and Intermediate Bond used CDX swaps to hedge the credit risk associated with various sectors within the credit market.

For the period ended June 30, 2023, Balanced and Intermediate Bond had an average notional amount of $2,460,000 and $65,569,973, respectively, on credit default swaps to buy 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, 2023. Balanced did not have any open credit default swaps to buy protection at June 30, 2023.

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, 2023, Balanced and Intermediate Bond had 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, 2023, Balanced and Intermediate Bond had average notional amounts of $8,173,761 and $237,974,328, respectively, on Long interest rate swaps.

For the period ended June 30, 2023, Balanced and Intermediate Bond had entered into interest rate swaps in which they pay 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, 2023, Balanced and Intermediate Bond had average notional amounts of $8,764,780 and $255,561,911, respectively, on Short interest rate swaps.

Balanced and 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, 2023.

At June 30, 2023, Balanced and Intermediate Bond had pledged $300,000 and $4,051,000, respectively, in cash collateral for open centrally cleared 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,

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cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended June 30, 2023, 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
Balanced		$	151,800,572		$	164,918,259
Global High Dividend Low Volatility			179,804,283			213,548,720
Growth and Income			645,736,023			754,959,163
Intermediate Bond			931,111,606			912,803,331
Small Company			317,841,154			348,234,113

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

	Purchases			Sales
Balanced		$	91,646,533		$	93,816,111
Intermediate Bond			3,317,374,469			3,643,892,800

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
Balanced			0.60%
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(1)			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%

(1)

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, Class S2 and Class T 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. For Government Money Market, the Distributor has contractually agreed to waive 0.10% of average daily net assets attributable to distribution and/or

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NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

shareholder service fees for Class S shares, so that the actual fee paid by Class S shares of Government Money Market is an annual rate of 0.15%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Under the Plan for Class T shares of Global High Dividend Low Volatility, the Distributor is paid an annual distribution fee at the rate of 0.50% of Global High Dividend Low Volatility’s average daily net assets attributable to Class T shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.15% of the average daily net assets attributable to the distribution fee paid by Class T shares of Global High Dividend Low Volatility, so that the actual fee paid by Class T shares of Global High Dividend Low Volatility is an annual rate of 0.35%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class T shares of Global High Dividend Low Volatility are subject to a shareholder servicing plan (“Service Plan”). The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Class T and their shareholders including Variable Contract owners or Qualified Plan participants with interests in Global High Dividend Low Volatility. Under the Service Plan, the Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class T 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, 2024. There is no guarantee that the Portfolio will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expense) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the period ended June 30, 2023, the Distributor waived $— of class specific distribution fees for Class S and the Investment Adviser waived $— of management fees and/or certain expenses to assist the Portfolio in maintaining a net 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, 2023, the amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

	June 30,
	2024			2025			2026			Total
Government Money Market		$	2,164,406		$	1,489,357		$	—		$	3,653,763

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2023, 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		7.78%
	Intermediate Bond		10.79
	Small Company		6.48
Voya Retirement Insurance and Annuity Company	Balanced		87.23
	Global High Dividend Low Volatility		21.91
	Government Money Market		88.91
	Growth and Income		87.72
	Intermediate Bond		25.43
	Small Company		68.48

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

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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, 2023, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Balanced		$	162,540
Global High Dividend Low Volatility			176,611
Government Money Market			343,909
Growth and Income			665,920
Intermediate Bond			586,939
Small Company			229,851

NOTE 7 — LICENSING FEE

Balanced pays an annual licensing fee to S&P Opco, LLC.

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV		Class I		Class R6		Class S		Class S2		Class T
Balanced		N/A		0.69%		N/A		0.94%		N/A		N/A
Global High Dividend Low Volatility		1.34%		0.84%		N/A		1.09%		1.24%		1.44%
Growth and Income		1.27%		0.67%		N/A		0.92%		1.07%		N/A
Intermediate Bond		1.03%		0.53%		N/A		0.78%		0.93%		N/A
Small Company		1.36%		0.86%		0.86%		1.11%		N/A		N/A

Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits to the levels listed below. 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						Class T
Global High Dividend Low Volatility					1.10%						0.60%						0.85%						1.00%						1.20%

Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for Government Money Market, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of June 30, 2023, 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,
	2024			2025			2026			Total
Balanced		$	231,150		$	155,418		$	232,735		$	619,303
Growth and Income			—			—			415,761			415,761
Intermediate Bond			1,578,156			1,159,621			1,109,077			3,846,854
Small Company			1,021			229			—			1,250

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, 2023, are as follows:

	June 30,
	2024			2025			2026			Total
Small Company
Class ADV		$	8,083		$	5,813		$	5,965		$	19,861
Class I			396,537			227,107			187,758			811,402
Class S			91,275			53,793			46,929			191,997

The Expense Limitation Agreements are contractual through May 1, 2024, and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

NOTE 9 — LINE OF CREDIT

Effective June 12, 2023, 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 10, 2024. 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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 9 — LINE OF CREDIT (continued)

0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, 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 12, 2023.

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, 2023:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced		17		$	1,815,471		5.86%
Global High Dividend Low Volatility		7			2,184,571		5.44
Growth and Income		6			1,182,500		5.62
Intermediate Bond		1			1,576,000		5.58
Small Company		5			2,656,000		5.71

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or period ended	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
6/30/2023		55,587		—		486,979		(1,179,981)		(637,415)		759,368		—		6,549,871		(16,021,013)		(8,711,774)
12/31/2022		185,296		—		3,421,689		(2,301,808)		1,305,177		2,819,534		—		45,747,982		(33,400,115)		15,167,401
Class S
6/30/2023		1,226		—		2,545		(21,891)		(18,120)		16,604		—		34,101		(296,799)		(246,094)
12/31/2022		11,412		—		23,954		(43,657)		(8,291)		143,673		—		318,826		(631,288)		(168,789)
Global High Dividend Low Volatility
Class ADV
6/30/2023		19,346		—		41,894		(83,840)		(22,600)		209,090		—		442,603		(905,681)		(253,988)
12/31/2022		16,956		—		61,257		(184,355)		(106,142)		180,693		—		667,337		(2,066,643)		(1,218,613)
Class I
6/30/2023		89,512		—		494,182		(613,894)		(30,200)		973,262		—		5,215,495		(6,632,715)		(443,958)
12/31/2022		326,273		—		724,228		(1,352,821)		(302,320)		3,678,858		—		7,870,245		(15,192,450)		(3,643,347)
Class S
6/30/2023		322,487		—		1,434,313		(3,442,167)		(1,685,367)		3,490,244		—		15,216,263		(37,462,767)		(18,756,260)
12/31/2022		376,938		—		2,210,963		(5,437,256)		(2,849,355)		4,181,996		—		24,164,362		(60,741,884)		(32,395,526)
Class S2
6/30/2023		951		—		872		(1,210)		613		10,210		—		9,109		(13,065)		6,254
12/31/2022		1,764		—		1,278		(4,318)		(1,276)		19,793		—		13,783		(46,053)		(12,477)
Class T
6/30/2023		3,458		—		8,901		(42,335)		(29,976)		37,845		—		94,100		(469,845)		(337,900)
12/31/2022		48,107		—		13,286		(52,828)		8,565		528,564		—		144,852		(584,282)		89,134
Government Money Market
Class I
6/30/2023		109,368,113		—		9,436,244		(46,060,821)		72,743,536		109,368,113		—		9,436,244		(46,060,821)		72,743,536
12/31/2022		129,987,093		—		7,143,365		(99,672,054)		37,458,404		129,987,093		—		7,143,365		(99,672,054)		37,458,404
Class S
6/30/2023		5,362		—		882		(327)		5,917		5,362		—		882		(327)		5,917
12/31/2022		—		—		632		(10,246)		(9,614)		—		—		632		(10,246)		(9,614)
Growth and Income
Class ADV
6/30/2023		57,281		—		2,538		(254,194)		(194,375)		1,005,272		—		44,537		(4,455,080)		(3,405,271)
12/31/2022		89,714		—		701,147		(549,183)		241,678		1,744,478		—		11,552,104		(10,786,680)		2,509,902
Class I
6/30/2023		235,999		—		51,922		(4,887,666)		(4,599,745)		4,143,748		—		950,167		(88,750,361)		(83,656,446)
12/31/2022		356,954		—		14,845,877		(9,488,760)		5,714,071		7,346,879		—		254,309,052		(194,304,240)		67,351,691
Class S
6/30/2023		47,345		—		983		(370,739)		(322,411)		817,608		—		17,292		(6,311,835)		(5,476,935)
12/31/2022		101,772		—		309,290		(316,213)		94,849		2,046,477		—		5,105,764		(6,231,336)		920,905
Class S2
6/30/2023		699		—		16		(3)		712		11,725		—		270		(48)		11,947
12/31/2022		974		—		4,075		(1,018)		4,031		18,525		—		65,074		(21,099)		62,500

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES (continued)

Year or period ended	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Intermediate Bond
Class ADV
6/30/2023		343,329		—		287,708		(1,246,215)		(615,178)		3,661,130		—		3,078,125		(13,342,690)		(6,603,435)
12/31/2022		388,133		—		537,652		(3,981,195)		(3,055,410)		4,351,777		—		5,940,318		(45,010,028)		(34,717,933)
Class I
6/30/2023		1,462,305		—		1,182,212		(4,689,151)		(2,044,634)		15,788,705		—		12,788,960		(50,614,875)		(22,037,210)
12/31/2022		1,874,834		—		2,239,599		(11,745,805)		(7,631,372)		21,338,764		—		25,054,075		(134,010,620)		(87,617,781)
Class S
6/30/2023		1,330,242		—		2,253,749		(10,147,437)		(6,563,446)		14,209,106		—		24,208,886		(108,877,826)		(70,459,834)
12/31/2022		3,420,335		—		4,217,193		(20,892,595)		(13,255,067)		39,204,519		—		46,794,345		(235,570,847)		(149,571,983)
Class S2
6/30/2023		73,892		—		11,377		(96,279)		(11,010)		791,046		—		121,746		(1,034,616)		(121,824)
12/31/2022		147,912		—		24,758		(675,555)		(502,885)		1,710,107		—		275,856		(7,643,415)		(5,657,452)
Small Company
Class ADV
6/30/2023		42,088		—		417		(49,723)		(7,218)		511,835		—		4,770		(587,952)		(71,347)
12/31/2022		93,588		—		182,331		(74,703)		201,216		1,345,402		—		2,087,689		(1,182,348)		2,250,743
Class I
6/30/2023		143,340		—		79,598		(1,920,452)		(1,697,514)		1,976,216		—		1,010,099		(25,984,659)		(22,998,344)
12/31/2022		314,217		—		5,703,848		(4,592,673)		1,425,392		4,937,868		—		72,381,833		(65,801,276)		11,518,425
Class��R6
6/30/2023		7,961		—		1,934		(322,840)		(312,945)		105,212		—		24,562		(4,291,946)		(4,162,172)
12/31/2022		72,530		—		184,978		(296,548)		(39,040)		966,409		—		2,351,076		(5,246,690)		(1,929,205)
Class S
6/30/2023		109,793		—		10,535		(352,466)		(232,138)		1,420,858		—		127,469		(4,492,171)		(2,943,844)
12/31/2022		155,377		—		1,469,995		(723,542)		901,830		2,195,664		—		17,786,935		(10,564,875)		9,417,724

NOTE 11 — SECURITIES LENDING

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

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, 2023:

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	125,482		$	(125,482)		$	—
Barclays Capital Inc.			62,190			(62,190)			—
BMO Capital Markets Corp			371,079			(371,079)			—
BNP Paribas			56,463			(56,463)			—
BofA Securities Inc			36,990			(36,990)			—
Canadian Imperial Bank of Commerce			24,991			(24,991)			—
Citigroup Global Markets Inc.			91,260			(91,260)			—
Citigroup Global Markets Limited			109,401			(109,401)			—
Goldman, Sachs & Co. LLC			40,539			(40,539)			—
HSBC Bank PLC			72,927			(72,927)			—
J.P. Morgan Securities LLC			243,411			(243,411)			—
JP Morgan Securities Plc.			147,953			(147,953)			—
Merrill Lynch International			101,023			(101,023)			—
Morgan Stanley & Co. LLC			55,108			(55,108)			—
MUFG Securities Americas Inc.			50,166			(50,166)			—
National Financial Services LLC			93,294			(93,294)			—
RBC Capital Markets, LLC			3,134,197			(3,134,197)			—
State Street Bank and Trust Company			6,973			(6,973)			—
TD Prime Services LLC			25,667			(25,667)			—
TD Securities INC			35,312			(35,312)			—
Truist Securities INC			10,841			(10,841)			—
US Bancorp Investments			31,261			(31,261)			—
Wells Fargo Securities LLC			8,074			(8,074)			—
Total		$	4,934,602		$	(4,934,602)		$	—

(1)

Cash collateral with a fair value of $5,134,077 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Global High Dividend Low Volatiliy

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	993,118		$	(993,118)		$	—
Citigroup Global Markets Limited			1,850,944			(1,850,944)			—
Goldman Sachs International			1,094,486			(1,094,486)			—
Merrill Lynch International			3,240,573			(3,240,573)			—
State Street Bank and Trust Company			306,441			(306,441)			—
Total		$	7,485,562		$	(7,485,562)		$	—

(1)

Cash collateral with a fair value of $7,989,200 has been 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
Citigroup Global Markets Inc.		$	3,503,836		$	(3,503,836)		$	—
Total		$	3,503,836		$	(3,503,836)		$	—

(1)

Cash collateral with a fair value of $3,597,461 has been 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
Barclays Bank PLC		$	2,125,822		$	(2,125,822)		$	—
Barclays Capital Inc.			571,329			(571,329)			—
BMO Capital Markets Corp			8,149,083			(8,149,083)			—
Citigroup Global Markets Inc.			1,006			(1,006)			—
Daiwa Capital Markets America Inc.			157,280			(157,280)			—
Goldman, Sachs & Co. LLC			618,125			(618,125)			—
J.P. Morgan Securities LLC			747,914			(747,914)			—
Morgan Stanley & Co. LLC			96,559			(96,559)			—
MUFG Securities Americas Inc.			283,568			(283,568)			—
National Bank Financial Inc			338,528			(338,528)			—
Nomura Securities International, Inc.			563,684			(563,684)			—
RBC Capital Markets, LLC			309,006			(309,006)			—
State Street Bank and Trust Company			4,201			(4,201)			—
US Bancorp Investments			1,287,106			(1,287,106)			—
Wells Fargo Bank NA			323,187			(323,187)			—
Total		$	15,576,398		$	(15,576,398)		$	—

(1)

Cash collateral with a fair value of $16,023,437 has been 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.		$	48,395		$	(48,395)		$	—
BofA Securities Inc			2,751,519			(2,751,519)			—
National Financial Services LLC			637,007			(637,007)			—
Total		$	3,436,921		$	(3,436,921)		$	—

(1)

Cash collateral with a fair value of $3,541,532 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with 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 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. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for 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, 2022						Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gain			Ordinary Income			Long-term Capital Gain			Return of Capital
Balanced		$	15,899,870		$	30,166,938		$	9,669,879		$	2,523,250		$	—
Global High Dividend Low Volatility			23,880,547			8,980,032			14,804,319			—			—
Government Money Market			7,146,615			—			436,020			—			—
Growth and Income			39,602,466			231,816,376			246,652,811			714,105,669			—
Intermediate Bond			78,069,297			—			75,114,307			91,902			20,114,377
Small Company			55,293,825			39,313,708			2,424,704			—			—

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, 2022 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Total Distributable Earnings/(Loss)
Balanced		$	5,347,809		$	1,229,251		$	(9,058,007)			—		—		—		$	(2,480,947)
Global High Dividend Low Volatility			—			17,174,337			28,264,019			—		—		—			45,438,356
Government Money Market			—			—			—			(128,579)		Short-term		None			(128,610)
												(31)		Long-term		None
											$	(128,610)
Growth and Income			—			1,590,052			149,271,843			—		—		—			150,861,895
Intermediate Bond			1,168,842			—			(297,209,775)			(75,223,112)		Short-term		None			(508,632,862)
												(137,368,817)		Long-term		None
											$	(212,591,929)
Small Company			1,217,709			—			(29,973,256)			(9,089,991)		Short-term		None			(37,845,538)

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

As of June 30, 2023, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the

administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rate ceased to be provided or no longer would be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer would be representative

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)

immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio’s existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

NOTE 14 — LIQUIDITY

Consistent with Rule 22e-4 under the 1940 Act, the Portfolios have established a liquidity risk management program to govern their approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Portfolios’ Investment Adviser, Voya Investments, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Portfolio’s liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Portfolio’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Portfolio-specific data, including information regarding a Portfolio’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2022 through December 31, 2022, the Program supported the Portfolios’ ability to honor redemption requests in a timely manner and the Program Administrator’s management of each Portfolio’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Portfolio’s prospectus for more information regarding each Portfolio’s exposure to liquidity risk and other risks.

NOTE 15 — MARKET DISRUPTION

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, 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 has resulted, and may continue to result, 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. 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 a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. 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 recently 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2023 (Unaudited) (continued)

NOTE 15 — MARKET DISRUPTION (continued)

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 16 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Portfolios’ financial statements.

NOTE 17 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2023, the following Portfolios declared dividends from net investment income of:

Per
Share
Amount

Payable
Date

Record
Date

Global High Dividend Low Volatility

Class ADV

0.0880

July 5, 2023

June 30, 2023

Class I

0.1014

July 5, 2023

June 30, 2023

Class S

0.0947

July 5, 2023

June 30, 2023

Class S2

0.0911

July 5, 2023

June 30, 2023

Class T

0.0854

July 5, 2023

June 30, 2023

Government Money Market

Class I

0.0041

August 1, 2023

Daily

Class S

0.0039

August 1, 2023

Daily

Intermediate Bond

Class ADV

0.0334

August 1, 2023

Daily

Class I

0.0383

August 1, 2023

Daily

Class S

0.0358

August 1, 2023

Daily

Class S2

0.0343

August 1, 2023

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.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value				Percentage of Net Assets
COMMON STOCK: 36.3%
	Communication Services: 2.3%
4,000 (1)	Adevinta ASA		$	26,285			0.0
20,958 (1)	Alphabet, Inc. - Class A			2,508,673			0.8
54	Cable One, Inc.			35,482			0.0
16,759	Comcast Corp. - Class A			696,336			0.3
1,617	Electronic Arts, Inc.			209,725			0.1
5,992	Iridium Communications, Inc.			372,223			0.1
5,000	KDDI Corp.			154,416			0.1
8,596	Koninklijke KPN NV			30,688			0.0
2,703 (1)	Live Nation Entertainment, Inc.			246,270			0.1
4,331 (1)	Meta Platforms, Inc.			1,242,910			0.4
1,532 (1)	NetFlix, Inc.			674,831			0.2
483	Nexstar Media Group, Inc.			80,444			0.0
40,000	Nippon Telegraph & Telephone Corp.			47,332			0.0
777	Publicis Groupe			62,359			0.1
817 (2)	Scout24 SE			51,770			0.0
142 (1)	Sea Ltd. ADR			8,242			0.0
8,900	Singapore Telecommunications Ltd.			16,484			0.0
1,200	SoftBank Group Corp.			56,592			0.0
484 (1)	Spotify Technology SA			77,706			0.0
1,790	TEGNA, Inc.			29,070			0.0
10,716	Telefonica S.A.			43,507			0.0
19,796	Telia Co. AB			43,429	��		0.0
9,253	Telstra Group Ltd.			26,544			0.0
1,131 (1)	Trade Desk, Inc./The			87,336			0.1
584 (1)	TripAdvisor, Inc.			9,630			0.0
6,077	Vivendi SE			55,790			0.0
2,034	WPP PLC			21,320			0.0
168 (1)	Ziff Davis, Inc.			11,770			0.0
1,329 (1)	ZoomInfo Technologies, Inc.			33,743			0.0
				6,960,907			2.3
	Consumer Discretionary: 4.3%
8,054	ADT, Inc.			48,566			0.0
14,218 (1)	Amazon.com, Inc.			1,853,458			0.6
1,826	Aramark			78,609			0.0
3,732	Aristocrat Leisure Ltd.			96,558			0.1
938 (1)	Autonation, Inc.			154,404			0.1
4,843	BorgWarner, Inc.			236,871			0.1
2,556	Boyd Gaming Corp.			177,310			0.1
527	Brunswick Corp.			45,659			0.0
2,342	Burberry Group PLC			63,196			0.0
233 (1)	Caesars Entertainment, Inc.			11,876			0.0
938	Cie Financiere Richemont SA			159,336			0.1
4,914 (1)	Coupang, Inc.			85,504			0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
823 (1)	CROCS, Inc.		$	92,538		0.0
840	D.R. Horton, Inc.			102,220		0.0
215 (1)	Deckers Outdoor Corp.			113,447		0.1
609	Dick’s Sporting Goods, Inc.			80,504		0.0
2,382	eBay, Inc.			106,452		0.0
2,428	Entain PLC			39,260		0.0
592 (1)	Etsy, Inc.			50,089		0.0
398 (2)	Evolution AB			50,436		0.0
31	Ferrari NV			10,135		0.0
1,048 (1)	Five Below, Inc.			205,974		0.1
13,003	Ford Motor Co.			196,735		0.1
123 (1)	Fox Factory Holding Corp.			13,347		0.0
516 (1)	GameStop Corp.			12,513		0.0
9,794	General Motors Co.			377,657		0.1
6,568	Gentex Corp.			192,180		0.1
96,500	Genting Singapore Ltd.			67,287		0.0
1,765	Genuine Parts Co.			298,691		0.1
3,854 (1)	Goodyear Tire & Rubber Co.			52,723		0.0
20	Graham Holdings Co.			11,430		0.0
487 (1)	Grand Canyon Education, Inc.			50,263		0.0
1,177	H&R Block, Inc.			37,511		0.0
1,991	Harley-Davidson, Inc.			70,103		0.0
9	Hermes International			19,564		0.0
5,597 (1)	Hilton Grand Vacations, Inc.			254,328		0.1
512	Home Depot, Inc.			159,048		0.1
5,300	Honda Motor Co., Ltd.			160,557		0.1
4,540	Industria de Diseno Textil SA			176,097		0.1
547 (1)(2)	Just Eat Takeaway.com NV			8,385		0.0
1,223	Kohl’s Corp.			28,190		0.0
1,788 (2)	La Francaise des Jeux SAEM			70,374		0.0
955	Lear Corp.			137,090		0.1
338	Leggett & Platt, Inc.			10,012		0.0
1,340 (1)	Light & Wonder, Inc.			92,138		0.0
31	Lithia Motors, Inc.			9,427		0.0
8,115	LKQ Corp.			472,861		0.2
399 (1)	Lululemon Athletica, Inc.			151,021		0.1
160	LVMH Moet Hennessy Louis Vuitton SE			150,866		0.1
6,438	Macy’s, Inc.			103,330		0.0
628	Marriott Vacations Worldwide Corp.			77,068		0.0
4,574 (1)	Mattel, Inc.			89,376		0.0
2,642	McDonald’s Corp.			788,399		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
7,281	MGM Resorts International		$	319,782		0.1
760	Moncler SpA			52,583		0.0
146	Murphy USA, Inc.			45,422		0.0
5,572	Nike, Inc. - Class B			614,982		0.2
2,500	Nissan Motor Co., Ltd.			10,260		0.0
7,022 (3)	Nordstrom, Inc.			143,740		0.1
11 (1)	NVR, Inc.			69,857		0.0
732 (1)	Ollie’s Bargain Outlet Holdings, Inc.			42,405		0.0
300	Open House Group Co. Ltd.			10,830		0.0
4,500	Panasonic Holdings Corp.			55,179		0.0
1,165	Pandora A/S			104,130		0.1
8,387 (1)	Penn Entertainment, Inc.			201,540		0.1
176 (1)	Planet Fitness, Inc.			11,869		0.0
924	PVH Corp.			78,512		0.0
501	Ralph Lauren Corp.			61,773		0.0
4,200	Sekisui Chemical Co., Ltd.			60,678		0.0
4,400	Sekisui House Ltd.			88,878		0.0
2,200 (1)	Sharp Corp.			12,337		0.0
200	Sony Group Corp.			18,054		0.0
3,500	Subaru Corp.			65,918		0.0
2,652 (1)	Taylor Morrison Home Corp.			129,338		0.1
5,153 (1)	Tesla, Inc.			1,348,901		0.5
235	Thor Industries, Inc.			24,322		0.0
547	TJX Cos., Inc.			46,380		0.0
424 (1)	TopBuild Corp.			112,792		0.0
4,100	Toyota Motor Corp.			65,896		0.0
2,047	Travel + Leisure Co.			82,576		0.0
81 (1)	Ulta Beauty, Inc.			38,118		0.0
7,725 (1)	Under Armour, Inc. - Class A			55,774		0.0
500	USS Co., Ltd.			8,278		0.0
2,351	Valeo			50,521		0.0
15,006	Wendy’s Company			326,381		0.1
561	Williams-Sonoma, Inc.			70,204		0.0
155	Wingstop, Inc.			31,025		0.0
1,905	Wynn Resorts Ltd.			201,187		0.1
1,632 (1)(2)	Zalando SE			47,066		0.0
1,600	ZOZO, Inc.			33,191		0.0
				12,941,652		4.3
	Consumer Staples: 2.5%
7,243 (1)	BellRing Brands, Inc.			265,094		0.1
148 (1)	BJ’s Wholesale Club Holdings, Inc.			9,326		0.0
167 (1)	Boston Beer Co., Inc.			51,509		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
5,666	British American Tobacco PLC		$	188,256		0.1
2,692	Carrefour S.A.			51,016		0.0
760 (1)(3)	Celsius Holdings, Inc.			113,384		0.0
1,706	Church & Dwight Co., Inc.			170,992		0.1
861	Coca-Cola Co.			51,849		0.0
406	Coca-Cola Consolidated, Inc.			258,224		0.1
308	Coca-Cola European Partners PLC - USD			19,844		0.0
2,041	Coca-Cola HBC AG			60,883		0.0
3,289	Coles Group Ltd.			40,385		0.0
3,423	Colgate-Palmolive Co.			263,708		0.1
1,480	Costco Wholesale Corp.			796,802		0.3
2,416 (1)	Darling Ingredients, Inc.			154,117		0.1
1,211	Diageo PLC			52,062		0.0
960	Flowers Foods, Inc.			23,885		0.0
2,020	Haleon PLC			8,291		0.0
1,310	Heineken Holding NV			113,999		0.1
568 (1)	HelloFresh SE			14,048		0.0
4,142	Imperial Brands PLC			91,681		0.0
716	Ingredion, Inc.			75,860		0.0
6,684	J Sainsbury Plc			22,849		0.0
6,200 (3)	Japan Tobacco, Inc.			135,817		0.1
4,125	Kimberly-Clark Corp.			569,498		0.2
1,600	Kobayashi Pharmaceutical Co., Ltd.			86,998		0.0
1,273	Koninklijke Ahold Delhaize NV			43,401		0.0
834	Kroger Co.			39,198		0.0
122	L’Oreal S.A.			56,910		0.0
8,303	Mondelez International, Inc.			605,621		0.2
2,615	Mowi ASA			41,490		0.0
2,071	Nestle SA			249,124		0.1
5,351	PepsiCo, Inc.			991,112		0.3
6,407 (1)	Performance Food Group Co.			385,958		0.1
509 (3)	Pernod Ricard SA			112,476		0.1
4,488	Philip Morris International, Inc.			438,119		0.2
1,727	Procter & Gamble Co.			262,055		0.1
33,262	Tesco PLC			104,927		0.0
5,524	Treasury Wine Estates Ltd.			41,426		0.0
446	Unilever PLC			23,246		0.0
179	Unilever PLC - ULVRL			9,321		0.0
8,044 (1)	US Foods Holding Corp.			353,936		0.1
85,500 (2)	WH Group Ltd.			45,535		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
300	Yakult Honsha Co., Ltd.		$	18,974		0.0
				7,513,206		2.5
	Energy: 1.5%
2,399	Aker BP ASA			56,284		0.0
1,756	Ampol Ltd.			35,079		0.0
1,134 (1)	Antero Resources Corp.			26,116		0.0
9,234	Baker Hughes Co.			291,887		0.1
33,433	BP PLC			194,660		0.1
1,010	ChampionX Corp.			31,350		0.0
1,511	Cheniere Energy, Inc.			230,216		0.1
394	Chevron Corp.			61,996		0.0
3,059 (1)	CNX Resources Corp.			54,206		0.0
1,910	ConocoPhillips			197,895		0.1
2,388	Diamondback Energy, Inc.			313,688		0.1
332	DT Midstream, Inc.			16,457		0.0
3,621	EOG Resources, Inc.			414,387		0.2
702	EQT Corp.			28,873		0.0
699	Equinor ASA			20,354		0.0
19,854	Equitrans Midstream Corp.			189,804		0.1
5,331	Exxon Mobil Corp.			571,750		0.2
652	Halliburton Co.			21,510		0.0
754	HF Sinclair Corp.			33,636		0.0
1,208	Matador Resources Co.			63,203		0.0
1,494	Murphy Oil Corp.			57,220		0.0
5,964	New Fortress Energy, Inc.			159,716		0.1
418	OMV AG			17,749		0.0
344	Ovintiv, Inc.			13,096		0.0
2,783	PBF Energy, Inc.			113,936		0.1
617	PDC Energy, Inc.			43,893		0.0
3,229	Phillips 66			307,982		0.1
441	Pioneer Natural Resources Co.			91,366		0.0
2,871	Range Resources Corp.			84,407		0.0
6,371 (3)	Repsol SA			92,660		0.0
5,663	Shell PLC			168,937		0.1
1,634 (1)	Southwestern Energy Co.			9,820		0.0
1,002	Targa Resources Corp.			76,252		0.0
1,343	TotalEnergies SE			77,095		0.0
2,492	Valero Energy Corp.			292,312		0.1
				4,459,792		1.5
	Financials: 4.9%
3,006	3i Group PLC			74,510		0.0
2,108 (2)	ABN AMRO Bank NV			32,765		0.0
27 (1)(2)	Adyen NV			46,755		0.0
768	Affiliated Managers Group, Inc.			115,116		0.1
3,200	AIA Group Ltd.			32,501		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
641	American Financial Group, Inc.		$	76,119		0.0
5,149	American International Group, Inc.			296,273		0.1
1,324	Ameriprise Financial, Inc.			439,780		0.2
732 (2)	Amundi SA			43,246		0.0
803	Annaly Capital Management, Inc.			16,068		0.0
1,792	Aon PLC			618,598		0.2
178	Ares Management Corp.			17,150		0.0
282	Assured Guaranty Ltd.			15,736		0.0
5,511	AXA S.A.			162,858		0.1
1,439	Axis Capital Holdings Ltd.			77,461		0.0
12,325	Banco Bilbao Vizcaya Argentaria SA			94,690		0.0
9,432	Bank of America Corp.			270,604		0.1
1,690 (3)	Bank OZK			67,870		0.0
61,453	Barclays PLC			120,054		0.1
2,058 (1)	Berkshire Hathaway, Inc. - Class B			701,778		0.2
2,899	BNP Paribas			182,945		0.1
4,159	Charles Schwab Corp.			235,732		0.1
9,067	Citigroup, Inc.			417,445		0.1
4,490	Citizens Financial Group, Inc.			117,099		0.1
3,337	CNO Financial Group, Inc.			78,987		0.0
1,870	Commerce Bancshares, Inc.			91,069		0.0
5,463	Commerzbank AG			60,562		0.0
156	Commonwealth Bank of Australia			10,444		0.0
129	Cullen/Frost Bankers, Inc.			13,871		0.0
2,053 (1)	Danske Bank A/S			50,004		0.0
8,854	Deutsche Bank AG			93,080		0.0
1,936	East West Bancorp, Inc.			102,201		0.0
556	Edenred			37,243		0.0
871	Essent Group Ltd.			40,763		0.0
633	Evercore, Inc.			78,232		0.0
1,903	FinecoBank Banca Fineco SpA			25,616		0.0
774	First American Financial Corp.			44,133		0.0
1,244	First Financial Bankshares, Inc.			35,442		0.0
1,559	First Hawaiian, Inc.			28,078		0.0
1,480	FNB Corp.			16,931		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
581	Gjensidige Forsikring ASA		$	9,308		0.0
782	Goldman Sachs Group, Inc.			252,226		0.1
5,020	Hancock Whitney Corp.			192,668		0.1
5,430	Hartford Financial Services Group, Inc.			391,069		0.1
7,262	HSBC Holdings PLC			57,500		0.0
3,987	Industrivarden AB-Class A			110,576		0.0
783	ING Groep NV			10,556		0.0
1,115	International Bancshares Corp.			49,283		0.0
59,289	Intesa Sanpaolo SpA			155,441		0.1
722	Investor AB-B SHS			14,444		0.0
5,300	JPMorgan Chase & Co.			770,832		0.3
437	Julius Baer Group Ltd.			27,578		0.0
206	Kemper Corp.			9,942		0.0
29,331	Legal & General Group PLC			84,922		0.0
105,891	Lloyds Banking Group Plc			58,701		0.0
7,600	Loews Corp.			451,288		0.2
390	London Stock Exchange Group PLC			41,509		0.0
790	MarketAxess Holdings, Inc.			206,522		0.1
3,770	Marsh & McLennan Cos., Inc.			709,062		0.2
1,220	Mastercard, Inc. - Class A			479,826		0.2
6,046	MGIC Investment Corp.			95,466		0.0
16,800	Mitsubishi UFJ Financial Group, Inc.			123,834		0.1
1,496	Morgan Stanley			127,758		0.1
5,385	National Australia Bank Ltd.			94,711		0.0
36,986	NatWest Group PLC			113,048		0.1
2,778	NN Group NV			102,835		0.0
6,217	Nordea Bank Abp			67,720		0.0
5,378	Old Republic International Corp.			135,364		0.1
475	OneMain Holdings, Inc.			20,753		0.0
7,600	ORIX Corp.			138,595		0.1
6,432 (1)	PayPal Holdings, Inc.			429,207		0.2
1,137	Pinnacle Financial Partners, Inc.			64,411		0.0
1,220	Prosperity Bancshares, Inc.			68,906		0.0
5,268	QBE Insurance Group Ltd.			55,002		0.0

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Financials (continued)
661		Reinsurance Group of America, Inc.		$	91,674		0.0	��
31,886		Rithm Capital Corp.			298,134		0.1
216		RLI Corp.			29,478		0.0
2,300		Sompo Holdings, Inc.			103,199		0.0
1,209		Standard Chartered PLC			10,518		0.0
4,228 (3)		Starwood Property Trust, Inc.			82,023		0.0
1,747		State Street Corp.			127,845		0.1
1,324		Stifel Financial Corp.			79,003		0.0
3,400		Sumitomo Mitsui Financial Group, Inc.			145,722		0.1
3,153		Swedbank AB			53,210		0.0
1,944		Synchrony Financial			65,940		0.0
789		Synovus Financial Corp.			23,867		0.0
6,600		Tokio Marine Holdings, Inc.			152,154		0.1
3,691		UMB Financial Corp.			224,782		0.1
3,766		UniCredit SpA			87,573		0.0
6,221		Unum Group			296,742		0.1
5,640		US Bancorp			186,346		0.1
3,887		Virtu Financial, Inc.			66,429		0.0
2,497		Visa, Inc. - Class A			592,988		0.2
245		Webster Financial Corp.			9,249		0.0
15,413		Wells Fargo & Co.			657,827		0.2
1,388		Willis Towers Watson PLC			326,874		0.1
1,405		Wintrust Financial Corp.			102,031		0.0
1,105 (1)		Wise PLC			9,236		0.0
736		Zions Bancorp NA			19,769		0.0
335		Zurich Insurance Group AG			159,356		0.1
					14,802,641		4.9
		Health Care: 4.7%
588		Abbott Laboratories			64,104		0.0
1,019		AbbVie, Inc.			137,290		0.0
3,201		Agilent Technologies, Inc.			384,920		0.1
1,223		Alcon, Inc.			101,463		0.1
227 (1)		Amedisys, Inc.			20,757		0.0
515 (1)		Arrowhead Pharmaceuticals, Inc.			18,365		0.0
2,800		Astellas Pharma, Inc.			41,699		0.0
877		AstraZeneca PLC			125,722		0.1
9,707		Bristol-Myers Squibb Co.			620,763		0.2
349		Bruker Corp.			25,798		0.0
212		Cardinal Health, Inc.			20,049		0.0
4,130 (1)		Centene Corp.			278,568		0.1
1,500		Chugai Pharmaceutical Co., Ltd.			42,719		0.0
723	��	Cigna Corp.			202,874		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
416	Cochlear Ltd.		$	63,735		0.0
106	CSL Ltd.			19,629		0.0
4,604	CVS Health Corp.			318,275		0.1
1,187	Danaher Corp.			284,880		0.1
1,136 (1)	DexCom, Inc.			145,987		0.0
2,266 (1)(3)	Doximity, Inc.			77,089		0.0
2,679 (1)	Edwards Lifesciences Corp.			252,710		0.1
1,064	Elevance Health, Inc.			472,725		0.2
703	Eli Lilly & Co.			329,693		0.1
10,641 (1)	Exelixis, Inc.			203,349		0.1
5,860	Gilead Sciences, Inc.			451,630		0.2
1,408 (1)	Globus Medical, Inc.			83,832		0.0
7,041	GSK PLC			124,785		0.1
558 (1)	Haemonetics Corp.			47,508		0.0
1,447 (1)	Halozyme Therapeutics, Inc.			52,193		0.0
3,898	Hikma Pharmaceuticals PLC			93,805		0.0
2,081 (1)	Hologic, Inc.			168,499		0.1
1,100	Hoya Corp.			131,633		0.1
617	Humana, Inc.			275,879		0.1
2,685 (1)	Inari Medical, Inc.			156,106		0.1
4,545 (1)	Incyte Corp., Ltd.			282,926		0.1
774 (1)	Inspire Medical Systems, Inc.			251,271		0.1
699	Ipsen SA			84,143		0.0
755 (1)	Jazz Pharmaceuticals PLC			93,597		0.0
5,186	Johnson & Johnson			858,387		0.3
1,500	Kyowa Kirin Co., Ltd.			27,803		0.0
2,510 (1)	Lantheus Holdings, Inc.			210,639		0.1
1,207 (1)	LivaNova PLC			62,076		0.0
80 (1)	Masimo Corp.			13,164		0.0
609	McKesson Corp.			260,232		0.1
415 (1)	Medpace Holdings, Inc.			99,671		0.0
2,803	Medtronic PLC			246,944		0.1
7,055	Merck & Co., Inc.			814,076		0.3
116	Merck KGaA			19,201		0.0
117 (1)	Mettler Toledo International, Inc.			153,462		0.1
471 (1)	Molina Healthcare, Inc.			141,884		0.0
2,557 (1)	Neurocrine Biosciences, Inc.			241,125		0.1
1,965	Novartis AG			198,110		0.1
1,678	Novo Nordisk A/S			271,064		0.1
3,000	Olympus Corp.			47,476		0.0
551 (1)	Omnicell, Inc.			40,592		0.0
4,200	Ono Pharmaceutical Co., Ltd.			75,782		0.0
1,432 (1)	Option Care Health, Inc.			46,526		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
900	Otsuka Holdings Co. Ltd.		$	33,013		0.0
2,469	Patterson Cos., Inc.			82,119		0.0
91 (1)	Penumbra, Inc.			31,309		0.0
5,120	Pfizer, Inc.			187,802		0.1
1,879 (1)	Progyny, Inc.			73,920		0.0
271 (1)	QuidelOrtho Corp.			22,455		0.0
503 (1)	Regeneron Pharmaceuticals, Inc.			361,426		0.1
973	Roche Holding AG-GENUSSCHEIN			297,222		0.1
1,580	Sanofi			170,097		0.1
876 (1)	Shockwave Medical, Inc.			250,019		0.1
293	Sonova Holding AG - Reg			78,183		0.0
803 (1)	Staar Surgical Co.			42,214		0.0
632 (1)	Swedish Orphan Biovitrum AB			12,353		0.0
3,200	Takeda Pharmaceutical Co., Ltd.			100,552		0.0
149 (1)	Tenet Healthcare Corp.			12,126		0.0
1,000	Terumo Corp.			31,850		0.0
803	Thermo Fisher Scientific, Inc.			418,965		0.1
683	UCB S.A.			60,554		0.0
291 (1)	United Therapeutics Corp.			64,238		0.0
1,617	UnitedHealth Group, Inc.			777,195		0.3
694 (1)	Veeva Systems, Inc.			137,225		0.0
1,343 (1)	Vertex Pharmaceuticals, Inc.			472,615		0.2
				14,096,636		4.7
	Industrials: 4.4%
260	ABB Ltd.			10,229		0.0
2,441	ACS Actividades de Construccion y Servicios SA			85,835		0.0
1,581	Acuity Brands, Inc.			257,829		0.1
362	Advanced Drainage Systems, Inc.			41,188		0.0
4,706	AECOM			398,551		0.1
456 (2)	Aena SME SA			73,802		0.0
400 (3)	AGC, Inc.			14,390		0.0
468	AGCO Corp.			61,505		0.0
554	Alfa Laval AB			20,209		0.0
8,123 (1)	American Airlines Group, Inc.			145,727		0.1
606	Ametek, Inc.			98,099		0.0
26	AP Moller - Maersk A/S - Class B			45,714		0.0
4,254	Atlas Copco AB - A Shares			61,415		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
26,930	Aurizon Holdings Ltd.		$	70,455		0.0
1,735	Automatic Data Processing, Inc.			381,336		0.1
350 (1)	Avis Budget Group, Inc.			80,034		0.0
2,532	BAE Systems PLC			29,856		0.0
4,065	Brambles Ltd.			39,087		0.0
613	Brenntag SE			47,825		0.0
1,759 (1)	Builders FirstSource, Inc.			239,224		0.1
162	Carlisle Cos., Inc.			41,558		0.0
2,811	Carrier Global Corp.			139,735		0.1
113 (1)	Chart Industries, Inc.			18,056		0.0
2,342	Cie de Saint-Gobain			142,596		0.1
942	Cintas Corp.			468,249		0.2
3,500	CK Hutchison Holdings Ltd.			21,362		0.0
8,376 (1)	Clarivate PLC			79,823		0.0
685 (1)	Clean Harbors, Inc.			112,635		0.0
5,090	CNH Industrial NV			73,411		0.0
737	Concentrix Corp.			59,513		0.0
3,769 (1)	Copart, Inc.			343,770		0.1
9,778 (1)	Core & Main, Inc.			306,442		0.1
63	Curtiss-Wright Corp.			11,571		0.0
1,424	DCC PLC			79,661		0.0
1,085	DHL Group			53,016		0.0
1,298	Donaldson Co., Inc.			81,138		0.0
328	Dover Corp.			48,429		0.0
568 (1)	Driven Brands Holdings, Inc.			15,370		0.0
16,368	Dun & Bradstreet Holdings, Inc.			189,378		0.1
4,884	Emerson Electric Co.			441,465		0.2
126	EnerSys			13,673		0.0
468 (1)	ExlService Holdings, Inc.			70,696		0.0
607	Experian PLC			23,297		0.0
1,607	Flowserve Corp.			59,700		0.0
2,182 (1)	Fluor Corp.			64,587		0.0
7,788	Fortive Corp.			582,309		0.2
314	Fortune Brands Innovations, Inc.			22,592		0.0
82 (1)	FTI Consulting, Inc.			15,596		0.0
1,100	Fuji Electric Co. Ltd.			48,428		0.0
2,124 (1)	Gates Industrial Corp. PLC			28,632		0.0
1,905	GEA Group AG			79,755		0.0
2,079	General Electric Co.			228,378		0.1
8,412	Genpact Ltd.			316,039		0.1
4,931	Getlink SE			83,915		0.0
1,246	Graco, Inc.			107,592		0.0
209 (1)	GXO Logistics, Inc.			13,129		0.0
2,101 (1)	Hertz Global Holdings, Inc.			38,637		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
200	Hitachi Ltd.		$	12,435		0.0
286	Hubbell, Inc.			94,826		0.0
5,297	Ingersoll Rand, Inc.			346,212		0.1
797	Insperity, Inc.			94,811		0.0
1,200	Jardine Matheson Holdings Ltd.			60,216		0.0
2,327 (1)	JetBlue Airways Corp.			20,617		0.0
2,077	Johnson Controls International plc			141,527		0.1
25,000	Keppel Corp., Ltd.			124,419		0.1
661	Legrand S.A.			65,574		0.0
1,210	Leidos Holdings, Inc.			107,061		0.0
29	Lennox International, Inc.			9,456		0.0
52	Lincoln Electric Holdings, Inc.			10,329		0.0
4,200	Lixil Corp.			53,458		0.0
128	Manpowergroup, Inc.			10,163		0.0
371 (1)	Mastec, Inc.			43,767		0.0
2,913	Metso Outotec Oyj			35,151		0.0
214 (1)	Middleby Corp.			31,636		0.0
952	MSC Industrial Direct Co.			90,707		0.0
1,600	NGK Insulators Ltd.			19,116		0.0
2,521	nVent Electric PLC			130,260		0.1
3,453	Otis Worldwide Corp.			307,352		0.1
1,689	Owens Corning, Inc.			220,414		0.1
1,393	Parker Hannifin Corp.			543,326		0.2
965	Paycom Software, Inc.			309,997		0.1
757 (1)	Paylocity Holding Corp.			139,689		0.1
2,026	Pentair PLC			130,880		0.1
900	Persol Holdings Co. Ltd.			16,288		0.0
299	Prysmian SpA			12,505		0.0
884	Regal Rexnord Corp.			136,048		0.1
420	Relx PLC (GBP Exchange)			14,012		0.0
242	Robert Half International, Inc.			18,203		0.0
614	Rockwell Automation, Inc.			202,282		0.1
1,465	Rollins, Inc.			62,746		0.0
261	Ryder System, Inc.			22,130		0.0
459 (1)	Saia, Inc.			157,166		0.1
3,349	Schneider National, Inc.			96,183		0.0
384,700 (1)	Seatrium Ltd.			35,681		0.0
2,000	Secom Co., Ltd.			135,357		0.1
4,325	Sensata Technologies Holding PLC			194,582		0.1
1,529	Siemens AG			254,886		0.1
21,400	Singapore Airlines Ltd.			113,378		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
23,000	SITC International Holdings Co. Ltd.		$	42,117		0.0
4,151	SKF AB - B Shares			72,333		0.0
4,800	Smiths Group PLC			100,425		0.1
1,100	Taisei Corp.			38,432		0.0
2,264	Terex Corp.			135,455		0.1
993	Textron, Inc.			67,157		0.0
1,653	Timken Co.			151,299		0.1
92	Toro Co.			9,352		0.0
500	Toyota Industries Corp.			35,822		0.0
1,700	Toyota Tsusho Corp.			84,959		0.0
349	Trane Technologies PLC			66,750		0.0
2,467	Transurban Group - Stapled Security			23,489		0.0
1,444	U-Haul Holding Co.			79,882		0.0
451	United Rentals, Inc.			200,862		0.1
1,306 (1)	Univar Solutions, Inc.			46,807		0.0
6,102	Volvo AB - B Shares			126,281		0.1
316 (3)	Watsco, Inc.			120,545		0.0
793	Watts Water Technologies, Inc.			145,698		0.1
562	Wesco International, Inc.			100,632		0.0
337 (1)	WillScot Mobile Mini Holdings Corp.			16,105		0.0
980	Wolters Kluwer NV			124,434		0.1
887	Woodward, Inc.			105,473		0.0
308	WW Grainger, Inc.			242,886		0.1
				13,488,484		4.4
	Information Technology: 8.2%
288	Accenture PLC			88,871		0.0
6,807 (1)	ACI Worldwide, Inc.			157,718		0.1
1,612 (1)	Adobe, Inc.			788,252		0.3
1,339 (1)	Advanced Micro Devices, Inc.			152,526		0.1
3,289 (1)	Akamai Technologies, Inc.			295,582		0.1
5,517 (1)	Allegro MicroSystems, Inc.			249,037		0.1
1,211	Amdocs Ltd.			119,707		0.0
27,572	Apple, Inc.			5,348,141		1.8
3,945	Applied Materials, Inc.			570,210		0.2
146 (1)	Arrow Electronics, Inc.			20,912		0.0
422	ASML Holding NV			306,090		0.1
901 (1)	Autodesk, Inc.			184,354		0.1
2,107	Avnet, Inc.			106,298		0.0
300	Azbil Corp.			9,495		0.0
274	Broadcom, Inc.			237,676		0.1
872 (1)	Cadence Design Systems, Inc.			204,501		0.1
1,048 (1)	Calix, Inc.			52,306		0.0
598	Capgemini SE			113,227		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
665 (1)	Check Point Software Technologies		$	83,537		0.0
2,424 (1)	Cirrus Logic, Inc.			196,368		0.1
16,656	Cisco Systems, Inc.			861,781		0.3
1,645	Cognex Corp.			92,153		0.0
1,065 (1)	Coherent Corp.			54,294		0.0
216 (1)	CyberArk Software Ltd.			33,767		0.0
1,542 (1)	DocuSign, Inc.			78,781		0.0
4,879 (1)	Dropbox, Inc.			130,123		0.1
1,869 (1)	Dynatrace, Inc.			96,197		0.0
2,232 (1)	F5, Inc.			326,452		0.1
1,589 (1)	Fortinet, Inc.			120,113		0.0
1,348 (1)	GoDaddy, Inc.			101,275		0.0
2,728	Halma PLC			78,963		0.0
1,000	Hamamatsu Photonics KK			49,093		0.0
300	Hirose Electric Co., Ltd.			39,940		0.0
300 (1)	HubSpot, Inc.			159,627		0.1
3,137	Infineon Technologies AG			129,189		0.1
1,640	Jabil, Inc.			177,005		0.1
200	Keyence Corp.			95,031		0.0
2,519 (1)	Keysight Technologies, Inc.			421,807		0.1
840	KLA Corp.			407,417		0.1
402	Lam Research Corp.			258,430		0.1
1,833 (1)	Lattice Semiconductor Corp.			176,096		0.1
279 (1)	MACOM Technology Solutions Holdings, Inc.			18,283		0.0
614 (1)	Manhattan Associates, Inc.			122,726		0.0
13,535	Microsoft Corp.			4,609,209		1.5
139 (1)	Monday.com Ltd.			23,800		0.0
494	Monolithic Power Systems, Inc.			266,874		0.1
1,064	National Instruments Corp.			61,074		0.0
2,000	NEC Corp.			97,025		0.0
4,076	NetApp, Inc.			311,406		0.1
5,473	Nokia OYJ - Finland			22,931		0.0
5,496	Nvidia Corp.			2,324,918		0.8
1,053 (1)	Palo Alto Networks, Inc.			269,052		0.1
8,112 (1)	Pure Storage, Inc. - Class A			298,684		0.1
3,885	Qualcomm, Inc.			462,470		0.2
1,600 (1)	Renesas Electronics Corp.			30,196		0.0
1,609 (1)	RingCentral, Inc.			52,663		0.0
1,100	Rohm Co., Ltd.			104,197		0.1
3,280 (1)	Salesforce, Inc.			692,933		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
311	SAP SE		$	42,485		0.0
936 (1)	ServiceNow, Inc.			526,004		0.2
2,800	Shimadzu Corp.			86,544		0.0
74 (1)	Silicon Laboratories, Inc.			11,673		0.0
203 (1)	SolarEdge Technologies, Inc.			54,617		0.0
380 (1)	Super Micro Computer, Inc.			94,715		0.0
1,043 (1)	Synopsys, Inc.			454,133		0.2
1,835 (1)	Teradata Corp.			98,007		0.0
892	Teradyne, Inc.			99,306		0.0
3,948	The Sage Group PLC			46,377		0.0
2,583	Universal Display Corp.			372,288		0.1
935	WiseTech Global Ltd.			50,152		0.0
402 (1)	Wix.com Ltd.			31,452		0.0
735 (1)	Xero Ltd.			58,888		0.0
700	Yokogawa Electric Corp.			12,958		0.0
				24,980,382		8.2
	Materials: 1.4%
1,616	Alcoa Corp.			54,831		0.0
708	Anglo American PLC			20,159		0.0
988	Aptargroup, Inc.			114,470		0.0
2,943	ArcelorMittal SA			80,297		0.0
423	Arkema SA			39,888		0.0
857	Ashland, Inc.			74,482		0.0
4,770	Avient Corp.			195,093		0.1
2,122	BASF SE			103,094		0.0
1,071	Berry Global Group, Inc.			68,908		0.0
6,823	BHP Group Ltd.			205,113		0.1
3,790	BlueScope Steel Ltd.			52,161		0.0
3,412	Chemours Co.			125,869		0.0
1,698 (1)	Cleveland-Cliffs, Inc.			28,458		0.0
201 (1)(2)	Covestro AG			10,459		0.0
2,543	CRH PLC			140,291		0.1
106	Crown Holdings, Inc.			9,208		0.0
2,245	Dow, Inc.			119,569		0.0
142 (1)	DSM-Firmenich AG			15,281		0.0
197	Eagle Materials, Inc.			36,725		0.0
8,552	Element Solutions, Inc.			164,198		0.1
90	FMC Corp.			9,391		0.0
33	Givaudan			109,459		0.1
983	Heidelberg Materials AG			80,841		0.0
1,898	Holcim AG			127,939		0.1
958	IGO Ltd.			9,778		0.0
377	Linde PLC			143,667		0.1
423 (1)	MP Materials Corp.			9,678		0.0
1,400	Nitto Denko Corp.			103,916		0.0
14,200	Oji Holdings Corp.			53,095		0.0
2,995	PPG Industries, Inc.			444,158		0.2
1,177	Reliance Steel & Aluminum Co.			319,661		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
1,416	Rio Tinto Ltd.		$	108,437		0.1
186	Royal Gold, Inc.			21,349		0.0
1,331	RPM International, Inc.			119,431		0.0
3,737	Sealed Air Corp.			149,480		0.1
530	Sherwin-Williams Co.			140,726		0.1
1,761	Silgan Holdings, Inc.			82,573		0.0
766	Smurfit Kappa PLC			25,565		0.0
16,984	South32 Ltd. - AUD			42,759		0.0
801	Steel Dynamics, Inc.			87,253		0.0
19,100	Sumitomo Chemical Co., Ltd.			58,053		0.0
149	Symrise AG			15,623		0.0
3,467	United States Steel Corp.			86,710		0.0
325	Wacker Chemie AG			44,647		0.0
9,031	WestRock Co.			262,531		0.1
289	Worthington Industries, Inc.			20,077		0.0
570	Yara International ASA			20,139		0.0
				4,355,490		1.4
	Real Estate: 1.1%
598	Alexandria Real Estate Equities, Inc.			67,867		0.0
15,718	British Land Co. PLC			60,615		0.0
2,622	Brixmor Property Group, Inc.			57,684		0.0
4,067 (1)	CBRE Group, Inc.			328,248		0.1
4,500	CK Asset Holdings Ltd.			25,005		0.0
944 (1)	CoStar Group, Inc.			84,016		0.0
3,424	CubeSmart			152,916		0.1
3,700	Daiwa House Industry Co., Ltd.			97,761		0.1
12,996	Dexus			67,681		0.0
1,475	EastGroup Properties, Inc.			256,060		0.1
2,634	First Industrial Realty Trust, Inc.			138,654		0.1
510	Gecina S.A.			54,406		0.0
4,473	GPT Group			12,377		0.0
5,000	Hang Lung Properties Ltd.			7,737		0.0
3,823	Highwoods Properties, Inc.			91,408		0.0
4,413	Host Hotels & Resorts, Inc.			74,271		0.0
1,282	Iron Mountain, Inc.			72,843		0.0
702 (1)	Jones Lang LaSalle, Inc.			109,372		0.1
9,778	Kilroy Realty Corp.			294,220		0.1
427	Kite Realty Group Trust			9,539		0.0
1,509	Lamar Advertising Co.			149,768		0.1
698	Life Storage, Inc.			92,806		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
1,400	Mitsubishi Estate Co., Ltd.		$	16,633		0.0
947	National Storage Affiliates Trust			32,984		0.0
7,006	NNN REIT, Inc.			299,787		0.1
400	Nomura Real Estate Holdings, Inc.			9,510		0.0
5,797	ProLogis, Inc.			710,886		0.2
198	Rexford Industrial Realty, Inc.			10,339		0.0
37,965	Scentre Group			67,142		0.0
				3,452,535		1.1
	Utilities: 1.0%
285	Acciona SA			48,390		0.0
6,665	American Electric Power Co., Inc.			561,193		0.2
4,639	APA Group - Stapled Security			30,014		0.0
1,158	Black Hills Corp.			69,781		0.0
1,755	DTE Energy Co.			193,085		0.1
2,996	E.ON AG			38,272		0.0
5,747	Edison International			399,129		0.1
1,440	Engie SA			23,980		0.0
580	Essential Utilities, Inc.			23,148		0.0
2,000	Kansai Electric Power Co., Inc.			25,093		0.0
2,092	National Fuel Gas Co.			107,445		0.0
879	NiSource, Inc.			24,041		0.0
1,338	OGE Energy Corp.			48,048		0.0
1,504	ONE Gas, Inc.			115,522		0.0
6,100	Osaka Gas Co., Ltd.			93,500		0.0
11,318 (1)	PG&E Corp.			195,575		0.1
21,000	Power Assets Holdings Ltd.			110,239		0.1
5,665 (3)	Redeia Corp. SA			95,269		0.0
21,104	Snam SpA			110,297		0.1
949	Southwest Gas Holdings, Inc.			60,404		0.0
1,598	Terna - Rete Elettrica Nazionale			13,630		0.0
5,451	UGI Corp.			147,013		0.1
189	Verbund - Oesterreichische Elektrizitaetswirtschafts AG			15,163		0.0
653	Vistra Corp.			17,141		0.0
9,510	Xcel Energy, Inc.			591,237		0.2
				3,156,609		1.0
	Total Common Stock (Cost $96,161,542)			110,208,334		36.3

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.9%
429	iShares Core S&P Mid-Cap ETF		$	112,175		0.1
58,825	iShares Core U.S. Aggregate Bond ETF			5,761,909		1.9
1,469	iShares MSCI EAFE ETF			106,502		0.0
355	SPDR S&P 500 ETF Trust			157,364		0.1
217,863 (3)	Vanguard Emerging Markets ETF			8,862,667		2.9
44,509	Vanguard Long-Term Treasury ETF			2,827,657		0.9
	Total Exchange-Traded Funds (Cost $17,950,963)			17,828,274		5.9
MUTUAL FUNDS: 31.1%
	Affiliated Investment Companies: 31.1%
2,310,346	Voya Short Term Bond Fund - Class R6			21,278,283		7.0
84,895	Voya Small Cap Growth Fund - Class R6			3,141,950		1.0
450,560	Voya Small Company Fund - Class R6			6,213,224		2.1
3,244,577	Voya U.S. Stock Index Portfolio - Class I			59,765,110		19.7
381,850	Voya VACS Series HYB Fund			3,833,771		1.3
	Total Mutual Funds (Cost $87,274,342)			94,232,338		31.1
PREFERRED STOCK: 0.0%
	Consumer Discretionary: 0.0%
715	Volkswagen AG			96,148		0.0
	Total Preferred Stock (Cost $105,278)			96,148		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 7.7%
	Basic Materials: 0.1%
10,000 (2)	Anglo American Capital PLC, 3.625%, 09/11/2024		9,723		0.0
63,000	BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033		62,781		0.1
21,000	Dow Chemical Co., 4.375%, 11/15/2042		17,717		0.0
15,000	FMC Corp., 5.150%, 05/18/2026		14,766		0.0
6,000	LYB International Finance III LLC, 3.625%, 04/01/2051		4,157		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
31,000	Mosaic Co/The, 5.450%, 11/15/2033		$	30,221		0.0
14,000 (2)(3)	Northern Star Resources Ltd., 6.125%, 04/11/2033			13,599		0.0
6,000	Nutrien Ltd., 5.800%, 03/27/2053			6,025		0.0
4,000	Nutrien Ltd., 5.875%, 12/01/2036			4,020		0.0
39,000	Rio Tinto Finance USA PLC, 5.000%, 03/09/2033			39,360		0.0
42,000	Rio Tinto Finance USA PLC, 5.125%, 03/09/2053			42,386		0.0
21,000	Steel Dynamics, Inc., 1.650%, 10/15/2027			17,856		0.0
15,000	Steel Dynamics, Inc., 2.400%, 06/15/2025			14,018		0.0
6,000	Westlake Corp., 3.125%, 08/15/2051			3,762		0.0
				280,391		0.1
	Communications: 0.7%
56,000	Amazon.com, Inc., 2.100%, 05/12/2031			47,120		0.0
131,000	Amazon.com, Inc., 2.875%, 05/12/2041			101,135		0.1
31,000	Amazon.com, Inc., 4.100%, 04/13/2062			26,721		0.0
37,000	Amazon.com, Inc., 4.550%, 12/01/2027			36,790		0.0
120,000	AT&T, Inc., 3.500%, 06/01/2041			92,238		0.1
17,000	AT&T, Inc., 3.500%, 09/15/2053			12,047		0.0
3,000	AT&T, Inc., 3.550%, 09/15/2055			2,102		0.0
73,000	AT&T, Inc., 3.650%, 09/15/2059			50,876		0.0
4,000	AT&T, Inc., 4.500%, 05/15/2035			3,679		0.0
37,000	AT&T, Inc., 4.900%, 08/15/2037			34,755		0.0
43,000	Bell Telephone Co. of Canada or Bell Canada/ The, 5.100%, 05/11/2033			42,489		0.0
21,000 (3)	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			17,497		0.0
44,000	Comcast Corp., 1.950%, 01/15/2031			36,019		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
35,000	Comcast Corp., 2.650%, 02/01/2030		$	30,636		0.0
87,000	Comcast Corp., 3.900%, 03/01/2038			75,671		0.0
78,000	Comcast Corp., 3.950%, 10/15/2025			76,054		0.0
20,000	Comcast Corp., 5.350%, 11/15/2027			20,368		0.0
24,000	Comcast Corp., 5.350%, 05/15/2053			24,390		0.0
85,000	Comcast Corp., 5.500%, 05/15/2064			86,267		0.0
13,000	Corning, Inc., 5.450%, 11/15/2079			11,758		0.0
73,000	Fox Corp., 3.500%, 04/08/2030			65,548		0.0
9,000	Interpublic Group of Cos., Inc., 4.200%, 04/15/2024			8,858		0.0
26,000	Meta Platforms, Inc., 3.500%, 08/15/2027			24,700		0.0
77,000	Meta Platforms, Inc., 4.450%, 08/15/2052			67,005		0.0
8,000	Meta Platforms, Inc., 4.650%, 08/15/2062			7,033		0.0
6,000	Meta Platforms, Inc., 4.950%, 05/15/2033			5,998		0.0
12,000	Meta Platforms, Inc., 5.600%, 05/15/2053			12,333		0.0
86,000	Meta Platforms, Inc., 5.750%, 05/15/2063			89,074		0.1
200,000 (2)	NBN Co. Ltd., 1.625%, 01/08/2027			177,415		0.1
34,000	Paramount Global, 4.375%, 03/15/2043			24,011		0.0
44,000 (3)	Paramount Global, 4.950%, 01/15/2031			39,669		0.0
39,000	Paramount Global, 4.950%, 05/19/2050			29,295		0.0
5,000	Paramount Global, 5.250%, 04/01/2044			3,801		0.0
19,000	Paramount Global, 5.850%, 09/01/2043			16,208		0.0
55,000	Sprint Nextel Corp., 6.875%, 11/15/2028			58,349		0.0
85,000	Sprint Nextel Corp., 8.750%, 03/15/2032			102,826		0.1
28,000	Time Warner Cable LLC, 5.500%, 09/01/2041			23,316		0.0
25,000	Time Warner Cable LLC, 5.875%, 11/15/2040			22,074		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
143,000	T-Mobile USA, Inc., 2.050%, 02/15/2028		$	124,074		0.1
20,000	T-Mobile USA, Inc., 2.625%, 02/15/2029			17,389		0.0
17,000	T-Mobile USA, Inc., 3.500%, 04/15/2031			15,018		0.0
284,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			261,810		0.1
2,000	T-Mobile USA, Inc., 4.500%, 04/15/2050			1,717		0.0
15,000	T-Mobile USA, Inc., 5.750%, 01/15/2054			15,505		0.0
41,000	T-Mobile USA, Inc., 5.800%, 09/15/2062			41,707		0.0
5,000	Verizon Communications, Inc., 2.550%, 03/21/2031			4,176		0.0
5,000	Verizon Communications, Inc., 4.400%, 11/01/2034			4,618		0.0
80,000	Verizon Communications, Inc., 4.812%, 03/15/2039			74,913		0.0
18,000	Vodafone Group PLC, 5.750%, 02/10/2063			17,427		0.0
				2,184,479		0.7
	Consumer, Cyclical: 0.3%
4,679	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			4,357		0.0
2,072	American Airlines 2016-1 Class AA Pass Through Trust, 3.575%, 07/15/2029			1,922		0.0
10,650	American Airlines 2017-1 Class AA Pass Through Trust, 3.650%, 08/15/2030			9,823		0.0
56,892	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			50,645		0.0
15,908	American Airlines 2019-1 Class AA Pass Through Trust, 3.150%, 08/15/2033			13,890		0.0
44,000	American Honda Finance Corp., 4.700%, 01/12/2028			43,683		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
9,476	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029		$	8,178		0.0
3,268 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			3,175		0.0
18,000	Dollar General Corp., 5.200%, 07/05/2028			17,821		0.0
16,000	Dollar General Corp., 5.450%, 07/05/2033			15,888		0.0
17,000	General Motors Co., 6.125%, 10/01/2025			17,122		0.0
25,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			24,616		0.0
25,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			23,979		0.0
22,000	General Motors Financial Co., Inc., 5.850%, 04/06/2030			21,829		0.0
33,000 (2)	Hyundai Capital America, 5.680%, 06/26/2028			32,754		0.0
32,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			26,140		0.0
19,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			15,274		0.0
23,000	Lowe’s Cos, Inc., 5.750%, 07/01/2053			23,455		0.0
17,000	Lowe’s Cos, Inc., 5.850%, 04/01/2063			16,964		0.0
31,200 (2)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			31,306		0.0
65,000 (3)	Target Corp., 4.400%, 01/15/2033			63,219		0.1
35,000	Target Corp., 4.800%, 01/15/2053			33,530		0.0
16,000	Toyota Motor Credit Corp., 1.900%, 01/13/2027			14,457		0.0
21,000	Toyota Motor Credit Corp., 4.450%, 06/29/2029			20,610		0.0
53,000	Toyota Motor Credit Corp., 4.550%, 09/20/2027			52,295		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
48,230	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030		$	42,575		0.0
8,628	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031			7,796		0.0
83,367	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			82,754		0.1
50,709	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			50,310		0.0
55,000	Walmart, Inc., 4.000%, 04/15/2030			53,520		0.0
28,000	Walmart, Inc., 4.100%, 04/15/2033			27,202		0.0
96,000	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			89,584		0.1
17,000	Warnermedia Holdings, Inc., 5.050%, 03/15/2042			14,338		0.0
9,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			7,334		0.0
10,000	Warnermedia Holdings, Inc., 5.391%, 03/15/2062			8,156		0.0
				970,501		0.3
	Consumer, Non-cyclical: 1.3%
28,000	AbbVie, Inc., 2.600%, 11/21/2024			26,879		0.0
2,000	AbbVie, Inc., 4.050%, 11/21/2039			1,742		0.0
54,000	AbbVie, Inc., 4.300%, 05/14/2036			49,630		0.0
33,000	AbbVie, Inc., 4.400%, 11/06/2042			29,570		0.0
53,000	AbbVie, Inc., 4.500%, 05/14/2035			50,385		0.0
7,000	AbbVie, Inc., 4.550%, 03/15/2035			6,671		0.0
30,000	AbbVie, Inc., 4.625%, 10/01/2042			27,148		0.0
16,000	Aetna, Inc., 6.625%, 06/15/2036			17,601		0.0
38,000	Altria Group, Inc., 3.700%, 02/04/2051			25,491		0.0
21,000	Altria Group, Inc., 3.875%, 09/16/2046			14,740		0.0
31,000	Amgen, Inc., 2.770%, 09/01/2053			19,288		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
27,000	Amgen, Inc., 4.400%, 02/22/2062		$	22,184		0.0
41,000	Amgen, Inc., 5.250%, 03/02/2033			41,072		0.0
100,000	Amgen, Inc., 5.600%, 03/02/2043			100,371		0.1
38,000	Amgen, Inc., 5.650%, 03/02/2053			38,510		0.0
35,000	Amgen, Inc., 5.750%, 03/02/2063			35,533		0.0
72,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			70,080		0.1
66,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			63,138		0.0
15,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			15,534		0.0
23,000	Astrazeneca Finance LLC, 4.900%, 03/03/2030			23,058		0.0
17,000	BAT Capital Corp., 3.734%, 09/25/2040			12,113		0.0
13,000	BAT Capital Corp., 4.390%, 08/15/2037			10,409		0.0
48,000	Becton Dickinson & Co., 4.693%, 02/13/2028			47,375		0.0
12,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			9,744		0.0
30,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			27,380		0.0
25,000 (2)	Cargill, Inc., 1.700%, 02/02/2031			19,903		0.0
25,000 (2)	Cargill, Inc., 2.125%, 04/23/2030			20,948		0.0
42,000 (2)	Cargill, Inc., 2.125%, 11/10/2031			33,808		0.0
20,000	Centene Corp., 2.625%, 08/01/2031			15,964		0.0
287,000	Centene Corp., 3.000%, 10/15/2030			239,432		0.1
150,000	Cigna Corp., 4.375%, 10/15/2028			145,119		0.1
40,000 (2)	CSL Finance PLC, 4.750%, 04/27/2052			37,296		0.0
17,000 (2)	CSL Finance PLC, 4.950%, 04/27/2062			15,763		0.0
30,000	CVS Health Corp., 2.700%, 08/21/2040			20,964		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
5,000	CVS Health Corp., 3.875%, 07/20/2025		$	4,861		0.0
7,000	CVS Health Corp., 4.125%, 04/01/2040			5,905		0.0
5,000	CVS Health Corp., 4.780%, 03/25/2038			4,617		0.0
9,000	CVS Health Corp., 5.125%, 07/20/2045			8,332		0.0
8,000	CVS Health Corp., 5.300%, 06/01/2033			7,992		0.0
24,000	CVS Health Corp., 6.000%, 06/01/2063			24,716		0.0
20,000	Elevance Health, Inc., 4.900%, 02/08/2026			19,679		0.0
33,000	Eli Lilly & Co., 4.875%, 02/27/2053			33,921		0.0
23,000	Eli Lilly & Co., 4.950%, 02/27/2063			23,492		0.0
35,000	Equifax, Inc., 5.100%, 06/01/2028			34,512		0.0
25,000 (2)	ERAC USA Finance LLC, 5.400%, 05/01/2053			24,978		0.0
21,000	Estee Lauder Cos, Inc./The, 4.650%, 05/15/2033			20,658		0.0
38,000	Estee Lauder Cos, Inc./The, 5.150%, 05/15/2053			38,732		0.0
69,000	Global Payments, Inc., 1.200%, 03/01/2026			61,350		0.0
18,000	Global Payments, Inc., 5.950%, 08/15/2052			17,250		0.0
16,000	HCA, Inc., 2.375%, 07/15/2031			12,806		0.0
27,000 (2)	HCA, Inc., 3.125%, 03/15/2027			24,811		0.0
15,000	HCA, Inc., 3.500%, 09/01/2030			13,156		0.0
52,000	HCA, Inc., 4.125%, 06/15/2029			48,147		0.0
38,000 (2)	HCA, Inc., 4.375%, 03/15/2042			31,512		0.0
200,000	HCA, Inc., 4.500%, 02/15/2027			193,034		0.1
22,000	HCA, Inc., 5.250%, 04/15/2025			21,731		0.0
32,000	HCA, Inc., 5.500%, 06/01/2033			31,963		0.0
38,000	HCA, Inc., 5.900%, 06/01/2053			37,681		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
18,000 (2)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025		$	16,503		0.0
180,000	Humana, Inc., 1.350%, 02/03/2027			156,720		0.1
28,000	Johnson & Johnson, 3.625%, 03/03/2037			25,220		0.0
56,000 (2)	Kenvue, Inc., 4.900%, 03/22/2033			56,697		0.0
23,000 (2)	Kenvue, Inc., 5.050%, 03/22/2028			23,201		0.0
2,000 (2)	Kenvue, Inc., 5.050%, 03/22/2053			2,043		0.0
47,000 (2)	Kenvue, Inc., 5.100%, 03/22/2043			47,814		0.0
40,000 (2)	Kenvue, Inc., 5.200%, 03/22/2063			40,986		0.0
75,000 (2)	Mars, Inc., 2.375%, 07/16/2040			51,577		0.0
30,000 (2)	Mars, Inc., 3.875%, 04/01/2039			25,461		0.0
36,000	McKesson Corp., 5.250%, 02/15/2026			35,880		0.0
77,000	Medtronic Global Holdings SCA, 4.500%, 03/30/2033			75,500		0.1
13,000	Merck & Co., Inc., 4.500%, 05/17/2033			12,901		0.0
82,000	Merck & Co., Inc., 4.900%, 05/17/2044			82,264		0.1
29,000	Merck & Co., Inc., 5.000%, 05/17/2053			29,401		0.0
34,000	Merck & Co., Inc., 5.150%, 05/17/2063			34,758		0.0
24,000	Molson Coors Beverage Co., 4.200%, 07/15/2046			19,895		0.0
20,000	Mylan, Inc., 5.200%, 04/15/2048			15,597		0.0
44,000 (3)	PayPal Holdings, Inc., 2.300%, 06/01/2030			37,334		0.0
88,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			85,595		0.1
114,000	Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033			113,615		0.1
7,000	Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043			7,020		0.0
93,000	Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053			96,763		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
22,000	Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063		$	22,281		0.0
108,000	Philip Morris International, Inc., 5.375%, 02/15/2033			107,822		0.1
22,000	Reynolds American, Inc., 5.850%, 08/15/2045			19,591		0.0
11,000	Royalty Pharma PLC, 1.200%, 09/02/2025			9,924		0.0
14,000 (3)	Royalty Pharma PLC, 1.750%, 09/02/2027			12,013		0.0
17,000	S&P Global, Inc., 1.250%, 08/15/2030			13,398		0.0
54,000	S&P Global, Inc., 2.700%, 03/01/2029			48,641		0.0
55,000	S&P Global, Inc., 2.900%, 03/01/2032			47,694		0.0
120,000 (2)	Triton Container International Ltd., 2.050%, 04/15/2026			104,817		0.1
16,000 (2)	Triton Container International Ltd., 3.150%, 06/15/2031			12,326		0.0
15,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			11,155		0.0
4,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			3,095		0.0
19,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			15,954		0.0
19,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047			15,658		0.0
44,000	UnitedHealth Group, Inc., 4.200%, 05/15/2032			42,023		0.0
35,000	UnitedHealth Group, Inc., 5.050%, 04/15/2053			34,815		0.0
54,000	UnitedHealth Group, Inc., 5.200%, 04/15/2063			54,073		0.0
24,000	Utah Acquisition Sub, Inc., 5.250%, 06/15/2046			18,938		0.0
70,000 (3)	Viatris, Inc., 2.700%, 06/22/2030			56,683		0.0
80,000	Viatris, Inc., 3.850%, 06/22/2040			55,349		0.0
				3,879,674		1.3
	Energy: 0.7%
60,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			41,020		0.0
26,000 (4)	BP Capital Markets PLC, 4.875%, 12/31/2199			23,715		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
21,000	Cenovus Energy, Inc., 5.400%, 06/15/2047		$	19,041		0.0
22,000 (2)	Cheniere Energy Partners L.P., 5.950%, 06/30/2033			22,091		0.0
35,000	ConocoPhillips Co., 5.300%, 05/15/2053			35,632		0.0
134,000	Coterra Energy, Inc., 3.900%, 05/15/2027			126,392		0.1
49,000 (3)	Diamondback Energy, Inc., 4.250%, 03/15/2052			37,639		0.0
46,000 (3)	Diamondback Energy, Inc., 6.250%, 03/15/2033			47,605		0.0
18,000 (3)	Diamondback Energy, Inc., 6.250%, 03/15/2053			18,227		0.0
200,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			189,784		0.1
48,000	Enbridge, Inc., 5.700%, 03/08/2033			48,681		0.0
38,000 (4)	Enbridge, Inc., 5.750%, 07/15/2080			34,363		0.0
34,000 (4)	Enbridge, Inc., 7.375%, 01/15/2083			33,426		0.0
34,000 (4)	Enbridge, Inc., 7.625%, 01/15/2083			34,251		0.0
9,000	Energy Transfer L.P., 4.250%, 04/01/2024			8,864		0.0
3,000	Energy Transfer L.P., 4.900%, 03/15/2035			2,754		0.0
43,000	Energy Transfer L.P., 5.300%, 04/01/2044			37,335		0.0
136,000	Energy Transfer L.P., 5.300%, 04/15/2047			118,476		0.1
29,000	Energy Transfer L.P., 5.750%, 02/15/2033			29,230		0.0
55,000	Energy Transfer L.P., 5.800%, 06/15/2038			52,822		0.1
4,000	Energy Transfer L.P., 6.000%, 06/15/2048			3,799		0.0
25,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025			24,325		0.0
23,000	Enterprise Products Operating LLC, 3.950%, 01/31/2060			17,764		0.0
26,000 (4)	Enterprise Products Operating LLC, 8.304%, 08/16/2077			25,630		0.0
18,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			16,604		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
17,000	Marathon Petroleum Corp., 5.000%, 09/15/2054		$	14,058		0.0
23,000	Marathon Petroleum Corp., 5.125%, 12/15/2026			22,786		0.0
3,000	Marathon Petroleum Corp., 6.500%, 03/01/2041			3,095		0.0
10,000	MPLX L.P., 1.750%, 03/01/2026			9,082		0.0
55,000	MPLX L.P., 4.000%, 03/15/2028			51,871		0.0
17,000	MPLX L.P., 5.500%, 02/15/2049			15,424		0.0
16,000 (2)	Northern Natural Gas Co., 3.400%, 10/16/2051			10,949		0.0
4,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			4,160		0.0
16,000	Occidental Petroleum Corp., 7.500%, 05/01/2031			17,493		0.0
7,000 (3)	Occidental Petroleum Corp., 8.500%, 07/15/2027			7,568		0.0
9,000	ONEOK Partners L.P., 6.125%, 02/01/2041			8,710		0.0
24,000	ONEOK Partners L.P., 6.200%, 09/15/2043			23,264		0.0
10,000	ONEOK, Inc., 5.850%, 01/15/2026			10,042		0.0
13,000	Ovintiv, Inc., 5.650%, 05/15/2028			12,752		0.0
8,000	Ovintiv, Inc., 6.250%, 07/15/2033			7,896		0.0
13,000	Ovintiv, Inc., 6.500%, 08/15/2034			13,039		0.0
20,000	Ovintiv, Inc., 7.100%, 07/15/2053			20,605		0.0
22,000	Ovintiv, Inc., 7.375%, 11/01/2031			23,608		0.0
200,000 (2)	Petroleos del Peru SA, 4.750%, 06/19/2032			153,118		0.1
235,000	Petroleos Mexicanos, 6.700%, 02/16/2032			178,890		0.1
12,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			10,584		0.0

Principal Amount†		Value				Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
50,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025		$	48,728			0.0
17,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			16,122			0.0
16,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			15,758			0.0
92,000 (2)	Santos Finance Ltd., 3.649%, 04/29/2031			76,458			0.1
48,000	Schlumberger Investment SA, 4.850%, 05/15/2033			47,227			0.0
20,000	Targa Resources Corp., 4.200%, 02/01/2033			17,719			0.0
15,000	Targa Resources Corp., 4.950%, 04/15/2052			12,412			0.0
13,000	Targa Resources Corp., 6.250%, 07/01/2052			12,725			0.0
54,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031			49,965			0.0
30,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			28,973			0.0
15,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			13,856			0.0
				2,008,407			0.7
	Financial: 2.5%
6,000	Alexandria Real Estate Equities, Inc., 3.550%, 03/15/2052			4,102			0.0
5,000	Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053			4,489			0.0
25,000	Alleghany Corp., 3.250%, 08/15/2051			17,922			0.0
14,000	Alleghany Corp., 3.625%, 05/15/2030			13,016			0.0
2,000	Alleghany Corp., 4.900%, 09/15/2044			1,865			0.0
16,000 (4)	American Express Co., 4.990%, 05/01/2026			15,809			0.0
14,000 (4)	American Express Co., 5.043%, 05/01/2034			13,701	��		0.0
118,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031			93,871			0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
74,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032		$	64,022		0.0
17,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			13,290		0.0
4,000	American International Group, Inc., 3.900%, 04/01/2026			3,846		0.0
44,000	American International Group, Inc., 5.125%, 03/27/2033			43,001		0.0
19,000 (3)	American Tower Corp., 5.250%, 07/15/2028			18,797		0.0
44,000	American Tower Corp., 5.550%, 07/15/2033			44,343		0.0
19,000	American Tower Corp., 5.650%, 03/15/2033			19,285		0.0
53,000	Arthur J Gallagher & Co., 5.750%, 03/02/2053			53,349		0.0
40,000	Assurant, Inc., 3.700%, 02/22/2030			34,435		0.0
23,000 (2)	Aviation Capital Group LLC, 1.950%, 09/20/2026			19,950		0.0
32,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024			31,339		0.0
40,000 (2)	Aviation Capital Group LLC, 6.250%, 04/15/2028			39,945		0.0
90,000 (2)	Avolon Holdings Funding Ltd., 2.528%, 11/18/2027			75,976		0.0
200,000	Banco Santander SA, 2.746%, 05/28/2025			187,874		0.1
79,000 (4)	Bank of America Corp., 0.976%, 04/22/2025			75,761		0.0
63,000 (4)	Bank of America Corp., 1.530%, 12/06/2025			58,921		0.0
20,000 (4)	Bank of America Corp., 1.843%, 02/04/2025			19,489		0.0
40,000 (4)	Bank of America Corp., 2.087%, 06/14/2029			34,153		0.0
35,000 (4)	Bank of America Corp., 2.299%, 07/21/2032			28,004		0.0
102,000 (4)	Bank of America Corp., 2.482%, 09/21/2036			78,079		0.0
42,000 (4)	Bank of America Corp., 2.572%, 10/20/2032			34,225		0.0
30,000 (4)	Bank of America Corp., 2.651%, 03/11/2032			24,859		0.0
22,000 (4)	Bank of America Corp., 2.676%, 06/19/2041			15,461		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
135,000 (4)	Bank of America Corp., 2.687%, 04/22/2032		$	111,936		0.1
45,000 (4)	Bank of America Corp., 3.419%, 12/20/2028			41,306		0.0
122,000 (4)	Bank of America Corp., 3.593%, 07/21/2028			113,505		0.1
63,000 (4)	Bank of America Corp., 3.846%, 03/08/2037			53,912		0.0
18,000 (4)	Bank of America Corp., 3.970%, 03/05/2029			16,868		0.0
7,000 (4)	Bank of America Corp., 4.083%, 03/20/2051			5,810		0.0
69,000 (4)	Bank of America Corp., 4.271%, 07/23/2029			65,518		0.0
106,000 (4)	Bank of America Corp., 4.375%, 12/31/2199			90,656		0.1
35,000 (4)	Bank of America Corp., 5.202%, 04/25/2029			34,639		0.0
253,000 (4)	Bank of America Corp., 5.288%, 04/25/2034			250,762		0.1
128,000 (4)	Bank of Nova Scotia/ The, 4.588%, 05/04/2037			110,420		0.1
26,000	BlackRock, Inc., 4.750%, 05/25/2033			25,569		0.0
21,000 (2)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			17,382		0.0
48,000 (2)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			35,799		0.0
113,000 (2)	Blackstone Holdings Finance Co. LLC, 6.200%, 04/22/2033			115,530		0.1
33,000 (2)	Blue Owl Credit Income Corp., 7.750%, 09/16/2027			32,866		0.0
206,000 (2)	BPCE SA, 5.700%, 10/22/2023			205,123		0.1
29,000 (4)	Capital One Financial Corp., 1.878%, 11/02/2027			24,861		0.0
61,000 (4)	Capital One Financial Corp., 3.273%, 03/01/2030			51,857		0.0
46,000 (4)	Capital One Financial Corp., 6.312%, 06/08/2029			45,727		0.0
32,000 (4)	Capital One Financial Corp., 6.377%, 06/08/2034			31,788		0.0
38,000 (3)	CBRE Services, Inc., 5.950%, 08/15/2034			37,555		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
51,000 (4)	Charles Schwab Corp./The, 5.643%, 05/19/2029		$	51,001		0.0
77,000 (4)	Charles Schwab Corp./The, 5.853%, 05/19/2034			78,200		0.0
35,000	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			27,862		0.0
19,000	CI Financial Corp., 4.100%, 06/15/2051			11,576		0.0	��
30,000	Citizens Financial Group, Inc., 2.500%, 02/06/2030			23,544		0.0
7,000	Citizens Financial Group, Inc., 2.638%, 09/30/2032			4,952		0.0
18,000 (4)	Citizens Financial Group, Inc., 5.641%, 05/21/2037			15,517		0.0
74,000	Corebridge Financial, Inc., 3.850%, 04/05/2029			66,653		0.0
46,000 (3)	Corebridge Financial, Inc., 3.900%, 04/05/2032			40,031		0.0
99,000 (4)	Corebridge Financial, Inc., 6.875%, 12/15/2052			95,066		0.1
13,000	Crown Castle, Inc., 4.800%, 09/01/2028			12,624		0.0
30,000	CubeSmart L.P., 2.250%, 12/15/2028			25,316		0.0
7,000	Hartford Financial Services Group, Inc./ The, 5.950%, 10/15/2036			7,195		0.0
74,000 (2)	Hartford Financial Services Group, Inc./ The, 7.446%, (US0003M + 2.125%), 02/12/2067			61,609		0.0
44,000	Healthpeak OP LLC, 5.250%, 12/15/2032			42,860		0.0
400,000 (4)	HSBC Holdings PLC, 2.099%, 06/04/2026			370,350		0.1
25,000 (4)	Huntington Bancshares, Inc./OH, 2.487%, 08/15/2036			17,640		0.0
4,000	Huntington Bancshares, Inc./OH, 2.550%, 02/04/2030			3,209		0.0
73,000 (2)	Intact Financial Corp., 5.459%, 09/22/2032			72,784		0.0
47,000	Intercontinental Exchange, Inc., 1.850%, 09/15/2032			36,144		0.0
24,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			17,107		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
70,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028		$	59,587		0.0
45,000 (4)	JPMorgan Chase & Co., 0.969%, 06/23/2025			42,728		0.0
137,000 (4)	JPMorgan Chase & Co., 1.040%, 02/04/2027			122,070		0.1
32,000 (4)	JPMorgan Chase & Co., 1.470%, 09/22/2027			28,270		0.0
49,000 (4)	JPMorgan Chase & Co., 2.069%, 06/01/2029			42,061		0.0
33,000 (4)	JPMorgan Chase & Co., 2.182%, 06/01/2028			29,352		0.0
57,000 (4)	JPMorgan Chase & Co., 2.947%, 02/24/2028			52,378		0.0
70,000 (4)	JPMorgan Chase & Co., 3.797%, 07/23/2024			69,918		0.0
50,000 (4)	KeyCorp, 4.789%, 06/01/2033			41,940		0.0
11,000	Kite Realty Group L.P., 4.000%, 10/01/2026			9,874		0.0
18,000	Life Storage L.P., 4.000%, 06/15/2029			16,352		0.0
35,000 (4)	Morgan Stanley, 0.791%, 01/22/2025			33,924		0.0
54,000 (4)	Morgan Stanley, 1.512%, 07/20/2027			47,862		0.0
103,000 (4)	Morgan Stanley, 1.593%, 05/04/2027			92,258		0.1
234,000 (4)	Morgan Stanley, 2.188%, 04/28/2026			219,762		0.1
18,000 (4)	Morgan Stanley, 2.475%, 01/21/2028			16,258		0.0
5,000 (4)	Morgan Stanley, 2.699%, 01/22/2031			4,255		0.0
23,000 (4)	Morgan Stanley, 2.720%, 07/22/2025			22,187		0.0
32,000 (4)	Morgan Stanley, 2.802%, 01/25/2052			21,034		0.0
18,000 (4)	Morgan Stanley, 3.591%, 07/22/2028			16,623		0.0
112,000	Morgan Stanley, 3.875%, 01/27/2026			108,154		0.1
100,000	Morgan Stanley, 4.000%, 07/23/2025			97,121		0.1
40,000 (4)	Morgan Stanley, 4.457%, 04/22/2039			35,670		0.0
46,000 (4)	Morgan Stanley, 5.164%, 04/20/2029			45,473		0.0
253,000 (4)	Morgan Stanley, 5.250%, 04/21/2034			249,943		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
67,000 (4)	Morgan Stanley, 5.297%, 04/20/2037		$	63,432		0.0
177,000 (4)	Morgan Stanley, 5.948%, 01/19/2038			174,806		0.1
15,000 (4)	Morgan Stanley, 6.296%, 10/18/2028			15,427		0.0
50,000 (4)	Morgan Stanley, 6.342%, 10/18/2033			53,213		0.0
56,000 (2)	New York Life Global Funding, 4.550%, 01/28/2033			53,992		0.0
40,000 (4)	Northern Trust Corp., 3.375%, 05/08/2032			35,514		0.0
92,000	Northern Trust Corp., 6.125%, 11/02/2032			95,423		0.1
43,000 (2)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			36,744		0.0
34,000	Old Republic International Corp., 3.850%, 06/11/2051			24,313		0.0
150,000	ORIX Corp., 3.250%, 12/04/2024			144,062		0.1
95,000 (4)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			79,465		0.0
15,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032			10,130		0.0
30,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			29,326		0.0
25,000 (4)	PNC Financial Services Group, Inc./The, 6.000%, 12/31/2199			22,562		0.0
127,000 (4)	PNC Financial Services Group, Inc./The, 6.250%, 12/31/2199			114,332		0.1
39,000	Prologis L.P., 5.125%, 01/15/2034			38,745		0.0
28,000	Prologis L.P., 5.250%, 06/15/2053			27,543		0.0
8,000	Realty Income Corp., 3.950%, 08/15/2027			7,608		0.0
27,000	Realty Income Corp., 4.875%, 06/01/2026			26,723		0.0
35,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031			27,326		0.0
17,000	Sabra Health Care L.P., 3.200%, 12/01/2031			12,702		0.0
11,000 (4)	Truist Financial Corp., 1.267%, 03/02/2027			9,707		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
32,000 (4)	Truist Financial Corp., 4.800%, 12/31/2199		$	27,360		0.0
66,000 (4)	Truist Financial Corp., 5.100%, 12/31/2199			57,420		0.0
241,000 (4)	Truist Financial Corp., 5.867%, 06/08/2034			241,209		0.1
25,000 (3)	Truist Financial Corp., 6.202%, (US0003M + 0.650%), 03/15/2028			21,769		0.0
250,000 (2)(4)	UBS Group AG, 2.193%, 06/05/2026			229,374		0.1
250,000 (2)(4)	UBS Group AG, 9.016%, 11/15/2033			299,846		0.1
48,000 (4)	US Bancorp, 5.836%, 06/12/2034			48,369		0.0
7,000	Ventas Realty L.P., 5.700%, 09/30/2043			6,613		0.0
18,000 (4)	Wells Fargo & Co., 2.164%, 02/11/2026			16,959		0.0
36,000 (4)	Wells Fargo & Co., 2.393%, 06/02/2028			32,106		0.0
81,000 (4)	Wells Fargo & Co., 2.406%, 10/30/2025			77,166		0.0
14,000 (4)	Wells Fargo & Co., 3.068%, 04/30/2041			10,309		0.0
246,000 (4)	Wells Fargo & Co., 5.389%, 04/24/2034			244,543		0.1
15,000	Weyerhaeuser Co., 4.750%, 05/15/2026			14,742		0.0
				7,739,742		2.5
	Industrial: 0.4%
31,000	Avnet, Inc., 5.500%, 06/01/2032			29,461		0.0
29,000	Avnet, Inc., 6.250%, 03/15/2028			29,300		0.0
40,000	Berry Global, Inc., 1.650%, 01/15/2027			34,534		0.0
22,000	Boeing Co/The, 3.250%, 02/01/2028			20,214		0.0
36,000	Boeing Co/The, 3.250%, 02/01/2035			29,213		0.0
5,000	Boeing Co/The, 3.625%, 02/01/2031			4,505		0.0
5,000	Boeing Co/The, 3.850%, 11/01/2048			3,694		0.0
35,000	Boeing Co/The, 4.875%, 05/01/2025			34,514		0.0
34,000	Boeing Co/The, 5.150%, 05/01/2030			33,694		0.0
43,000	Boeing Co/The, 5.805%, 05/01/2050			42,880		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
18,000	Boeing Co/The, 5.930%, 05/01/2060		$	17,841		0.0
59,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			48,838		0.1
5,000	Burlington Northern Santa Fe LLC, 4.050%, 06/15/2048			4,293		0.0
6,000	Burlington Northern Santa Fe LLC, 4.150%, 04/01/2045			5,229		0.0
8,000	Burlington Northern Santa Fe LLC, 4.550%, 09/01/2044			7,386		0.0
40,000	Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054			40,840		0.0
23,000	Fortune Brands Innovations, Inc., 5.875%, 06/01/2033			23,041		0.0
18,000	GE Capital Funding LLC, 4.400%, 05/15/2030			16,714		0.0
9,000	John Deere Capital Corp., 3.350%, 04/18/2029			8,379		0.0
82,000	John Deere Capital Corp., 4.700%, 06/10/2030			81,516		0.1
40,000	John Deere Capital Corp., 4.750%, 01/20/2028			39,996		0.0
31,000	Lockheed Martin Corp., 4.750%, 02/15/2034			30,943		0.0
31,000	Lockheed Martin Corp., 5.200%, 02/15/2055			32,018		0.0
16,000	Lockheed Martin Corp., 5.900%, 11/15/2063			18,231		0.0
200,000 (2)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			187,296		0.1
11,000	Norfolk Southern Corp., 4.100%, 05/15/2121			7,777		0.0
2,000	Northrop Grumman Corp., 4.950%, 03/15/2053			1,950		0.0
35,000	Northrop Grumman Corp., 5.150%, 05/01/2040			34,513		0.0
24,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			21,358		0.0

	Principal Amount†		Value			Percentage of Net Assets
	CORPORATE BONDS/NOTES: (continued)
		Industrial (continued)
��	40,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026		$	35,350		0.0
	70,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 6.200%, 06/15/2030			70,432		0.1
	2,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			1,995		0.0
	34,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			31,306		0.0
	51,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			46,978		0.0
	38,000	Raytheon Technologies Corp., 5.150%, 02/27/2033			38,536		0.0
	40,000	Raytheon Technologies Corp., 5.375%, 02/27/2053			41,578		0.0
	37,000	Ryder System, Inc., 5.250%, 06/01/2028			36,561		0.0
	30,000 (2)	Sealed Air Corp., 1.573%, 10/15/2026			26,120		0.0
	20,000	Trane Technologies Financing Ltd., 5.250%, 03/03/2033			20,257		0.0
	6,000	Union Pacific Corp., 3.750%, 02/05/2070			4,548		0.0
	22,000	Union Pacific Corp., 3.799%, 10/01/2051			18,054		0.0
	24,000	Union Pacific Corp., 3.839%, 03/20/2060			19,133		0.0
	6,000	Union Pacific Corp., 3.875%, 02/01/2055			4,858		0.0
	16,000	Union Pacific Corp., 5.150%, 01/20/2063			16,076		0.0
	14,000	Waste Connections, Inc., 2.600%, 02/01/2030			12,124		0.0
	21,000	Waste Management, Inc., 4.625%, 02/15/2030			20,707		0.0
	15,000	Waste Management, Inc., 4.625%, 02/15/2033			14,705		0.0
					1,349,486		0.4
		Technology: 0.5%
	58,000 (3)	Advanced Micro Devices, Inc., 3.924%, 06/01/2032			55,006		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
50,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052		$	45,572		0.0
19,000	Apple, Inc., 2.850%, 08/05/2061			12,949		0.0
12,000	Apple, Inc., 4.100%, 08/08/2062			10,516		0.0
11,000	Apple, Inc., 4.150%, 05/10/2030			10,831		0.0
9,000 (3)	Apple, Inc., 4.300%, 05/10/2033			8,956		0.0
38,000 (2)	Broadcom, Inc., 3.187%, 11/15/2036			28,740		0.0
130,000 (2)	Broadcom, Inc., 4.926%, 05/15/2037			117,724		0.1
25,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			25,422		0.0
20,000	Fiserv, Inc., 2.750%, 07/01/2024			19,410		0.0
31,000	HP, Inc., 2.650%, 06/17/2031			25,000		0.0
75,000	Intel Corp., 4.600%, 03/25/2040			70,251		0.0
39,000	Intel Corp., 5.125%, 02/10/2030			39,262		0.0
32,000	KLA Corp., 5.250%, 07/15/2062			32,425		0.0
51,000	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			44,034		0.0
26,000	Kyndryl Holdings, Inc., 2.700%, 10/15/2028			21,170		0.0
22,000	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			16,520		0.0
79,000	Microsoft Corp., 2.921%, 03/17/2052			58,825		0.0
31,000	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026			30,804		0.0
13,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			8,679		0.0
14,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			12,396		0.0
100,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029			94,307		0.1
70,000	Oracle Corp., 2.300%, 03/25/2028			61,815		0.0
74,000	Oracle Corp., 3.650%, 03/25/2041			57,060		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
27,000	Oracle Corp., 3.800%, 11/15/2037		$	22,091		0.0
6,000	Oracle Corp., 3.850%, 07/15/2036			5,011		0.0
110,000	Oracle Corp., 4.300%, 07/08/2034			99,941		0.1
34,000	Oracle Corp., 6.150%, 11/09/2029			35,436		0.0
62,000	QUALCOMM, Inc., 6.000%, 05/20/2053			69,447		0.0
14,000	Texas Instruments, Inc., 3.650%, 08/16/2032			13,012		0.0
27,000	Texas Instruments, Inc., 4.900%, 03/14/2033			27,674		0.0
34,000	Texas Instruments, Inc., 5.000%, 03/14/2053			34,486		0.0
84,000	Texas Instruments, Inc., 5.050%, 05/18/2063			84,238		0.1
81,000	VMware, Inc., 1.400%, 08/15/2026			71,566		0.1
				1,370,576		0.5
	Utilities: 1.2%
32,000 (2)	AEP Texas, Inc., 3.850%, 10/01/2025			30,477		0.0
21,000	AES Corp./The, 1.375%, 01/15/2026			18,769		0.0
10,000 (2)	AES Corp./The, 3.950%, 07/15/2030		��	8,974		0.0
33,000	AES Corp./The, 5.450%, 06/01/2028			32,433		0.0
20,000	Alabama Power Co., 3.450%, 10/01/2049			14,678		0.0
26,000 (4)	American Electric Power Co., Inc., 3.875%, 02/15/2062			20,780		0.0
25,000 (2)	American Transmission Systems, Inc., 2.650%, 01/15/2032			20,713		0.0
28,000 (2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			26,132		0.0
14,000	Appalachian Power Co., 4.500%, 03/01/2049			11,838		0.0
55,000	Avangrid, Inc., 3.200%, 04/15/2025			52,327		0.0
119,000	Avangrid, Inc., 3.800%, 06/01/2029			108,564		0.1
23,000	Baltimore Gas and Electric Co., 5.400%, 06/01/2053			23,396		0.0
9,000	Black Hills Corp., 3.050%, 10/15/2029			7,715		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
40,000	Black Hills Corp., 4.250%, 11/30/2023		$	39,727		0.0
4,000	Black Hills Corp., 4.350%, 05/01/2033			3,566		0.0
39,000 (2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			35,776		0.0
12,000 (4)	CMS Energy Corp., 3.750%, 12/01/2050			9,292		0.0
68,000 (4)	CMS Energy Corp., 4.750%, 06/01/2050			58,632		0.1
24,000	Connecticut Light and Power Co/The, 5.250%, 01/15/2053			24,400		0.0
12,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			11,869		0.0
6,000 (4)	Dominion Energy, Inc., 4.350%, 12/31/2199			5,071		0.0
50,000 (3)	Dominion Energy, Inc., 5.375%, 11/15/2032			50,203		0.0
12,000	DTE Electric Co., 5.400%, 04/01/2053			12,401		0.0
10,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			8,493		0.0
6,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			4,735		0.0
81,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			67,311		0.1
42,000	Duke Energy Carolinas LLC, 5.350%, 01/15/2053			42,610		0.0
4,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			3,852		0.0
42,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			34,528		0.0
26,000	Duke Energy Florida LLC, 5.950%, 11/15/2052			28,379		0.0
195,000	Duke Energy Indiana LLC, 2.750%, 04/01/2050			124,840		0.1
22,000	Duke Energy Indiana LLC, 5.400%, 04/01/2053			22,211		0.0
11,000	Duke Energy Ohio, Inc., 2.125%, 06/01/2030			9,137		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
2,000	Duke Energy Ohio, Inc., 3.700%, 06/15/2046		$	1,525		0.0
10,000	Duke Energy Ohio, Inc., 5.650%, 04/01/2053			10,269		0.0
109,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			85,079		0.1
40,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			33,832		0.0
2,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			1,669		0.0
11,000 (2)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			8,812		0.0
78,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			48,767		0.0
9,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			6,451		0.0
25,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			21,000		0.0
16,000 (3)	Entergy Arkansas LLC, 5.150%, 01/15/2033			16,049		0.0
24,000	Entergy Corp., 2.400%, 06/15/2031			19,454		0.0
7,000	Entergy Corp., 2.800%, 06/15/2030			5,942		0.0
100,000	Entergy Louisiana LLC, 2.900%, 03/15/2051			66,102		0.1
9,000	Entergy Louisiana LLC, 4.200%, 04/01/2050			7,563		0.0
32,000	Entergy Mississippi LLC, 5.000%, 09/01/2033			31,420		0.0
33,000	Entergy Texas, Inc., 4.000%, 03/30/2029			31,168		0.0
43,000	Evergy Kansas Central, Inc., 5.700%, 03/15/2053			44,361		0.0
16,000	Evergy Metro, Inc., 2.250%, 06/01/2030			13,338		0.0
25,000	Eversource Energy, 1.400%, 08/15/2026			22,222		0.0
57,000	Eversource Energy, 2.900%, 03/01/2027			52,555		0.0
46,000	Eversource Energy, 5.125%, 05/15/2033			45,365		0.0
34,000	Eversource Energy, 5.450%, 03/01/2028			34,258		0.0
54,000	Exelon Corp., 5.150%, 03/15/2028			53,785		0.1
21,000	Florida Power & Light Co., 4.625%, 05/15/2030			20,689		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
15,000 (3)	Florida Power & Light Co., 4.800%, 05/15/2033		$	14,900		0.0
25,000	Georgia Power Co., 2.200%, 09/15/2024			23,905		0.0
18,000	Georgia Power Co., 4.650%, 05/16/2028			17,650		0.0
80,000	Interstate Power and Light Co., 3.250%, 12/01/2024			77,261		0.1
6,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030			5,435		0.0
8,000 (2)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			6,607		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			48,389		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.700%, 04/01/2024			49,485		0.0
17,000	Kentucky Utilities Co., 5.450%, 04/15/2033			17,330		0.0
17,000	Louisville Gas and Electric Co., 5.450%, 04/15/2033			17,328		0.0
12,000 (2)	Metropolitan Edison Co., 4.000%, 04/15/2025			11,498		0.0
30,000	Mississippi Power Co., 4.250%, 03/15/2042			25,023		0.0
20,000 (2)	Monongahela Power Co., 3.550%, 05/15/2027			18,769		0.0
13,000 (2)	Narragansett Electric Co/The, 3.395%, 04/09/2030			11,614		0.0
41,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			34,684		0.0
31,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032			25,845		0.0
8,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032			7,426		0.0
28,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033			29,303		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
31,000 (4)	National Rural Utilities Cooperative Finance Corp., 7.125%, 09/15/2053		$	31,079		0.0
32,000 (4)	National Rural Utilities Cooperative Finance Corp., 8.209%, (US0003M + 2.910%), 04/30/2043			31,187		0.0
93,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027			82,956		0.1
18,000	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			14,610		0.0
45,000 (4)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			38,004		0.0
38,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024			37,386		0.0
25,000 (3)	NextEra Energy Capital Holdings, Inc., 5.050%, 02/28/2033			24,627		0.0
50,000	NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025			50,210		0.0
100,000	NiSource, Inc., 0.950%, 08/15/2025			91,238		0.1
16,000	NSTAR Electric Co., 1.950%, 08/15/2031			12,848		0.0
26,000	ONE Gas, Inc., 1.100%, 03/11/2024			25,161		0.0
28,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			20,023		0.0
17,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			12,892		0.0
54,000	PacifiCorp, 5.350%, 12/01/2053			49,387		0.0
35,000	PacifiCorp, 5.500%, 05/15/2054			32,886		0.0
23,000	PECO Energy Co., 4.900%, 06/15/2033			22,970		0.0
27,000 (2)	Pennsylvania Electric Co., 5.150%, 03/30/2026			26,604		0.0
200,000	Perusahaan Listrik Negara PT, 4.125%, 05/15/2027			190,685		0.1
33,000	PPL Electric Utilities Corp., 5.250%, 05/15/2053			33,701		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
15,000	Public Service Co. of Colorado, 5.250%, 04/01/2053		$	14,426		0.0
5,000	Public Service Co. of New Hampshire, 5.150%, 01/15/2053			5,031		0.0
4,000	Public Service Electric and Gas Co., 3.800%, 03/01/2046			3,242		0.0
7,000	Public Service Electric and Gas Co., 5.125%, 03/15/2053			7,068		0.0
11,000	Public Service Enterprise Group, Inc., 1.600%, 08/15/2030			8,625		0.0
59,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			47,746		0.0
70,000	Public Service Enterprise Group, Inc., 5.850%, 11/15/2027			71,462		0.1
65,000 (4)	Sempra Energy, 4.125%, 04/01/2052			52,669		0.0
27,000	Sempra Energy, 5.500%, 08/01/2033			26,842		0.0
34,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			28,573		0.0
6,000	Southern California Edison Co., 4.050%, 03/15/2042			4,864		0.0
39,000 (4)	Southern Co/The, 3.750%, 09/15/2051			33,287		0.0
35,000 (4)	Southern Co/The, 4.000%, 01/15/2051			32,456		0.0
38,000	Southern Co/The, 5.113%, 08/01/2027			37,675		0.0
36,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			32,563		0.0
22,000	Southwestern Electric Power Co., 5.300%, 04/01/2033			21,735		0.0
14,000	Tampa Electric Co., 4.350%, 05/15/2044			11,896		0.0
12,000	Union Electric Co., 5.450%, 03/15/2053			12,253		0.0
30,000	Virginia Electric and Power Co., 5.450%, 04/01/2053			30,067		0.0
31,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			26,497		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
26,000	WEC Energy Group, Inc., 2.200%, 12/15/2028		$	22,390		0.0
10,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			9,911		0.0
14,000	WEC Energy Group, Inc., 5.150%, 10/01/2027			13,989		0.0
23,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			19,742		0.0
26,000	Wisconsin Public Service Corp., 3.671%, 12/01/2042			20,546		0.0
				3,521,965		1.2
	Total Corporate Bonds/Notes (Cost $25,057,663)			23,305,221		7.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.3%
47,270	Alternative Loan Trust 2004-J7 MI, 4.243%, (US0001M + 1.020%), 10/25/2034			46,851		0.0
36,280	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			26,376		0.0
70,927	Alternative Loan Trust 2005-J2 1A12, 5.500%, (US0001M + 0.400%), 04/25/2035			54,963		0.0
15,260	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			8,047		0.0
74,599	Alternative Loan Trust 2006-19CB A12, 5.550%, (US0001M + 0.400%), 08/25/2036			35,503		0.0
22,765	Alternative Loan Trust 2007-23CB A3, 5.650%, (US0001M + 0.500%), 09/25/2037			9,144		0.0
100,110	Alternative Loan Trust 2007-2CB 2A1, 5.750%, (US0001M + 0.600%), 03/25/2037			43,041		0.0
600,000 (2)	Arroyo Mortgage Trust 2022-1 A3, 3.650%, 12/25/2056			439,688		0.2
20,665 (4)	Bear Stearns ALT-A Trust 2005-7 21A1, 4.577%, 09/25/2035			16,986		0.0
500,000 (2)	Bellemeade Re 2022-1 M1C Ltd., 8.767%, (SOFR30A + 3.700%), 01/26/2032			488,318		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
50,075 (4)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 4.421%, 03/25/2036		$	38,971		0.0
25,714 (4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.974%, 09/25/2037			22,580		0.0
100,000 (2)	Connecticut Avenue Securities Trust 2020-R02 2B1, 8.150%, (US0001M + 3.000%), 01/25/2040			96,208		0.0
200,000 (2)	Connecticut Avenue Securities Trust 2021-R01 1M2, 6.617%, (SOFR30A + 1.550%), 10/25/2041			196,117		0.1
100,000 (2)	Connecticut Avenue Securities Trust 2022-R02 2B1, 9.567%, (SOFR30A + 4.500%), 01/25/2042			100,593		0.0
238,959	Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			223,135		0.1
370,489	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			361,412		0.1
1,637 (2)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 7.450%, (US0001M + 2.300%), 08/25/2031			1,637		0.0
51,712 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 7.200%, (US0001M + 2.050%), 01/25/2040			51,935		0.0
142,783	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			137,747		0.1
122,683 (4)	Fannie Mae REMIC Trust 2009-50 HZ, 5.540%, 02/25/2049			122,255		0.0
111,536	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			109,182		0.0
84,621	Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			80,757		0.0
161,591	Fannie Mae REMICS 2009-96 DB, 4.000%, 11/25/2029			155,943		0.1
51,015	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			50,317		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
37,005	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041		$	37,920		0.0
58,929	Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			57,254		0.0
365,160	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			341,641		0.1
38,461	Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047			35,871		0.0
86,405 (2)(4)	Flagstar Mortgage Trust 2018-1 B3, 3.945%, 03/25/2048			73,678		0.0
277,771	Freddie Mac 4634 ZM, 5.000%, 11/15/2056			273,354		0.1
35,098	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			35,056		0.0
35,337	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			35,493		0.0
8,917	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			8,894		0.0
28,052	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			27,785		0.0
86,315	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			85,538		0.0
33,654	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			33,217		0.0
29,246 (4)	Freddie Mac REMIC Trust 3524 LA, 5.091%, 03/15/2033			28,023		0.0
31,656	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			32,105		0.0
5,622	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			5,435		0.0
211,582	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			195,241		0.1
558,699	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			528,715		0.2
588,057	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			556,496		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,098,516	Freddie Mac REMICS 4136 ZG, 3.000%, 11/15/2042		$	976,827		0.3
538,139	Freddie Mac REMICS 4372 Z, 3.000%, 08/15/2044			474,644		0.2
129,282	Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043			123,303		0.1
196,323 (2)	Freddie Mac STACR REMIC Trust 2020-DNA6 M2, 7.067%, (SOFR30A + 2.000%), 12/25/2050			196,976		0.1
75,037 (2)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 8.250%, (US0001M + 3.100%), 03/25/2050			77,007		0.0
182,271 (2)	Freddie Mac STACR REMIC Trust 2021-DNA5 M2, 6.717%, (SOFR30A + 1.650%), 01/25/2034			182,044		0.1
600,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.817%, (SOFR30A + 3.750%), 12/25/2041			573,159		0.2
100,000 (2)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 8.467%, (SOFR30A + 3.400%), 01/25/2042			96,245		0.0
226,467	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			191,881		0.1
1,163,515	Ginnie Mae 2019-15 CZ, 3.500%, 02/20/2049			975,130		0.3
27,904	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			27,669		0.0
187,294	Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			180,504		0.1
5,979	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			6,038		0.0
17,650	HomeBanc Mortgage Trust 2004-1 2A, 6.010%, (US0001M + 0.860%), 08/25/2029			16,810		0.0
33,349 (2)(4)	JP Morgan Mortgage Trust 2019-LTV3 A5, 3.500%, 03/25/2050			32,099		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
143,689 (2)(4)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050		$	122,576		0.1
300,000 (2)	Mortgage Insurance-Linked Notes 2021-3 M1B, 7.967%, (SOFR30A + 2.900%), 02/25/2034			296,928		0.1
7,835	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			6,537		0.0
14,668 (4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.230%, 10/25/2036			13,279		0.0
34,333	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 6.170%, (US0001M + 0.510%), 08/25/2045			32,628		0.0
17,594	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 6.130%, (US0001M + 0.490%), 10/25/2045			16,567		0.0
20,064 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.693%, 08/25/2046			18,000		0.0
97,169 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.768%, 12/25/2036			87,221		0.0
51,176 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.597%, 07/25/2037			43,417		0.0
121,376	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 4.936%, (12MTA + 0.960%), 08/25/2046			68,502		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
10,052	Wells Fargo Alternative Loan 2007-PA2 2A1, 5.580%, (US0001M + 0.430%), 06/25/2037		$	8,108		0.0
7,893 (4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.692%, 04/25/2036			7,439		0.0
12,834 (4)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.360%, 12/28/2037			11,576		0.0
	Total Collateralized Mortgage Obligations (Cost $11,387,192)			10,172,536		3.3
U.S. TREASURY OBLIGATIONS: 3.7%
	U.S. Treasury Bonds: 1.5%
1,000	1.250%, 05/15/2050			563		0.0
22,000	1.375%, 11/15/2040			14,737		0.0
2,200	1.625%, 11/15/2050			1,367		0.0
45,400	2.750%, 08/15/2032			41,629		0.0
117,400	3.250%, 05/15/2042			104,821		0.1
1,671,400	3.375%, 05/15/2033			1,612,117		0.5
985,600	3.625%, 02/15/2053			946,176		0.3
1,710,800 (3)	3.875%, 05/15/2043			1,669,634		0.6
				4,391,044		1.5
	U.S. Treasury Notes: 2.2%
1,000	0.125%, 10/15/2023			986		0.0
260,500	0.500%, 11/30/2023			255,377		0.1
137,800	1.250%, 11/30/2026			124,184		0.0
219,300	1.250%, 09/30/2028			189,891		0.1
340,000	3.625%, 05/15/2026			331,752		0.1
418,000	3.625%, 05/31/2028			408,889		0.1
290,000	3.750%, 05/31/2030			285,990		0.1
920,000	3.750%, 06/30/2030			907,925		0.3
2,073,000	4.000%, 06/30/2028			2,061,825		0.7
1,331,000	4.125%, 06/15/2026			1,317,690		0.4
290,400 (3)	4.250%, 05/31/2025			286,764		0.1
619,100	4.625%, 06/30/2025			616,307		0.2
				6,787,580		2.2
	Total U.S. Treasury Obligations (Cost $11,280,349)			11,178,624		3.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 5.4%
	Federal Home Loan Mortgage Corporation: 0.2%(5)
5,235	2.500%, 05/01/2030			4,865		0.0
3,616	2.500%, 05/01/2030			3,372		0.0
7,852	2.500%, 06/01/2030			7,297		0.0
15,527	3.000%, 03/01/2045			14,044		0.0
11,377	3.000%, 03/01/2045			10,290		0.0
17,588	3.000%, 04/01/2045			15,908		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
27,790	3.500%, 03/01/2045		$	25,892		0.0
73,093	4.000%, 12/01/2041			69,985		0.1
26,177	4.000%, 12/01/2042			25,212		0.0
3,366	4.000%, 09/01/2045			3,220		0.0
3,516	4.000%, 09/01/2045			3,366		0.0
4,743	4.000%, 09/01/2045			4,539		0.0
3,740	4.000%, 09/01/2045			3,562		0.0
39,771	4.500%, 08/01/2041			39,086		0.0
157,004	4.500%, 09/01/2041			155,322		0.1
1,832	5.500%, 07/01/2037			1,885		0.0
1,487	6.500%, 12/01/2031			1,530		0.0
				389,375		0.2
	Federal National Mortgage Association: 0.1%(5)
326,829	4.500%, 09/01/2047			331,031		0.1

	Government National Mortgage Association: 1.2%
1,133,911	2.500%, 05/20/2051			986,079		0.3
602,823	3.000%, 11/20/2051			540,738		0.2
1,826,279	3.500%, 05/20/2050			1,702,638		0.6
18,713	4.000%, 11/20/2040			18,182		0.0
36,812	4.000%, 03/20/2046			35,417		0.0
311,166	4.000%, 05/20/2053			294,604		0.1
35,112	4.500%, 08/20/2041			34,889		0.0
66,989	4.500%, 09/15/2047			65,659		0.0
				3,678,206		1.2
	Uniform Mortgage-Backed Securities: 3.9%
259,136	2.000%, 05/01/2051			211,935		0.1
269,882	2.000%, 10/01/2051			220,610		0.1
911,440	2.000%, 02/01/2052			748,529		0.2
993,516	2.000%, 03/01/2052			811,632		0.3
10,225	2.500%, 05/01/2030			9,509		0.0
13,934	2.500%, 06/01/2030			12,960		0.0
19,358	2.500%, 06/01/2030			18,004		0.0
7,447	2.500%, 07/01/2030			6,926		0.0
1,264,123	2.500%, 02/01/2051			1,078,737		0.4
531,061	2.500%, 06/01/2051			452,399		0.1
933,178	2.500%, 11/01/2051			797,059		0.3
308,149	2.500%, 01/01/2052			263,602		0.1
459,366	2.500%, 02/01/2052			392,529		0.1
562,513	2.500%, 02/01/2052			480,845		0.2
791,549	2.500%, 02/01/2052			679,224		0.2
844,022	2.500%, 02/01/2052			723,708		0.2
347,498	2.500%, 03/01/2052			297,536		0.1
29,513	3.000%, 09/01/2043			26,664		0.0
145,107	3.000%, 04/01/2045			131,090		0.0
96,292	3.000%, 07/01/2046			86,572		0.0
517,311	3.000%, 04/01/2050			459,013		0.2
1,000,577	3.000%, 02/01/2052			889,856		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
928,910	3.000%, 04/01/2052		$	824,906		0.3
750,361	3.000%, 05/01/2052			663,974		0.2
32,843	3.500%, 10/01/2042			30,751		0.0
293,144	3.500%, 08/01/2046			272,809		0.1
7,892	4.000%, 07/01/2042			7,593		0.0
72,527	4.000%, 07/01/2042			69,778		0.0
117,037	4.000%, 01/01/2045			113,222		0.0
18,891	4.000%, 06/01/2045			18,060		0.0
41,575	4.000%, 11/01/2052			39,609		0.0
808,000 (6)	4.000%, 07/15/2053			758,352		0.3
14,388	4.500%, 11/01/2040			14,218		0.0
28,867	4.500%, 10/01/2041			28,525		0.0
177,896	5.000%, 05/01/2042			179,276		0.1
47,122	5.500%, 12/01/2036			48,113		0.0
141	7.000%, 10/01/2029			143		0.0
851	7.000%, 01/01/2032			847		0.0
				11,869,115		3.9
	Total U.S. Government Agency Obligations (Cost $17,437,840)			16,267,727		5.4
ASSET-BACKED SECURITIES: 3.0%
	Automobile Asset-Backed Securities: 0.2%
100,000	Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025			99,461		0.1
150,000	Drive Auto Receivables Trust 2021-2 C, 0.870%, 10/15/2027			146,480		0.1
100,000 (2)	Ford Credit Auto Owner Trust 2022-REV1 C, 4.670%, 11/15/2034			95,465		0.0
100,000 (2)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			94,626		0.0
100,000	GM Financial Automobile Leasing Trust 2022-2 C, 4.330%, 05/20/2026			97,525		0.0
				533,557		0.2
	Home Equity Asset-Backed Securities: 0.0%
53,312 (4)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			52,130		0.0

	Other Asset-Backed Securities: 2.6%
250,000 (2)	AMMC CLO 16 Ltd. 2015-16A CR2, 7.201%, (US0003M + 1.950%), 04/14/2029			250,011		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
25,894 (2)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046		$	23,918		0.0
300,000 (2)	Arbor Realty Commercial Real Estate Notes 2021-FL4 D Ltd., 8.093%, (US0001M + 2.900%), 11/15/2036			285,368		0.1
400,000 (2)	ARES XLIV CLO Ltd. 2017-44A A2R, 6.560%, (US0003M + 1.300%), 04/15/2034			386,739		0.1
83,333 (2)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046			71,230		0.0
250,000 (2)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 7.400%, (US0003M + 2.150%), 01/20/2032			240,983		0.1
500,000 (2)	Benefit Street Partners Clo XXII Ltd. 2020-22A AR, 6.399%, (TSFR3M + 1.350%), 04/20/2035			489,988		0.2
500,000 (2)	BlueMountain CLO 2014-2A A2R2 Ltd., 6.650%, (US0003M + 1.400%), 10/20/2030			486,955		0.2
250,000 (2)	BlueMountain CLO Ltd. 2021-28A C, 7.260%, (US0003M + 2.000%), 04/15/2034			236,312		0.1
455,000 (2)	BlueMountain CLO XXX Ltd. 2020-30A CR, 7.136%, (TSFR3M + 2.150%), 04/15/2035			419,645		0.2
98,750 (2)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			89,411		0.0
250,000 (2)	Carlyle US Clo 2017-2A CR Ltd., 6.650%, (US0003M + 1.400%), 07/20/2031			245,377		0.1
16,450	Chase Funding Trust Series 2003-5 2A2, 5.750%, (US0001M + 0.600%), 07/25/2033			15,712		0.0
71,675 (2)	CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045			62,167		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
87,813 (2)	CLI Funding VIII LLC 2022-1A A1, 2.720%, 01/18/2047		$	74,759		0.0
95,500 (2)	Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048			89,469		0.0
193,500 (2)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			169,587		0.1
98,000 (2)	Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051			80,874		0.0
95,750 (2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			90,288		0.0
250,000 (2)	Eaton Vance Clo 2015-1A A2R Ltd., 6.500%, (US0003M + 1.250%), 01/20/2030			244,096		0.1
98,500 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			96,327		0.0
250,000 (2)	Galaxy XXII CLO Ltd. 2016-22A ARR, 6.460%, (US0003M + 1.200%), 04/16/2034			244,911		0.1
12,566 (2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			11,377		0.0
221,228 (2)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			186,422		0.1
65,247 (2)	Loanpal Solar Loan 2020-2GF A Ltd., 2.750%, 07/20/2047			50,602		0.0
65,582 (2)	Loanpal Solar Loan 2021-1 1GS A Ltd., 2.290%, 01/20/2048			49,065		0.0
109,581 (2)	Loanpal Solar Loan 2021-2GS A Ltd., 2.220%, 03/20/2048			79,707		0.0
250,000 (2)	Madison Park Funding XLVIII Ltd. 2021-48A C, 7.265%, (US0003M + 2.000%), 04/19/2033			242,263		0.1
14,036 (2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			14,024		0.0
200,000 (2)(4)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			181,024		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
33,199 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043		$	30,361		0.0
25,434 (2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			22,561		0.0
53,843 (2)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046			44,095		0.0
61,112 (2)	Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046			47,856		0.0
250,000 (2)	Oak Hill Credit Partners 2021-8A C, 7.162%, (US0003M + 1.900%), 01/18/2034			239,221		0.1
250,000 (2)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 6.460%, (US0003M + 1.200%), 07/15/2029			244,747		0.1
200,000 (2)	OHA Loan Funding 2013-1A A1R2 Ltd., 6.363%, (US0003M + 1.090%), 07/23/2031			199,139		0.1
45,091 (2)	Pagaya AI Debt Trust 2022-1 A, 2.030%, 10/15/2029			43,902		0.0
250,000 (2)	Palmer Square CLO 2021-1A B Ltd., 6.950%, (US0003M + 1.700%), 04/20/2034			238,509		0.1
250,000 (2)	Rockland Park CLO Ltd. 2021-1A C, 7.150%, (US0003M + 1.900%), 04/20/2034			237,928		0.1
75,375 (2)	SoFi Consumer Loan Program 2023-1S A Trust, 5.810%, 05/15/2031			75,262		0.0
99,571 (2)	Sunnova Helios XI Issuer LLC 2023-A A, 5.300%, 05/20/2050			96,351		0.0
186,658 (2)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055			147,460		0.1
88,742 (2)	Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056			70,084		0.0
90,161 (2)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055			75,705		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
188,000 (2)	Taco Bell Funding LLC 2016-1A A23, 4.970%, 05/25/2046		$	181,288		0.1
95,500 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			90,327		0.0
98,500 (2)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051			76,878		0.0
85,333 (2)	Textainer Marine Containers Ltd. 2021-3A A, 1.940%, 08/20/2046			70,430		0.0
80,875 (2)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			67,990		0.0
27,587 (2)	Upstart Securitization Trust 2021-4 A, 0.840%, 09/20/2031			27,108		0.0
94,500 (2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			85,849		0.0
98,000 (2)	Wendy’s Funding LLC 2021-1A A2II, 2.775%, 06/15/2051			78,588		0.0
196,500 (2)	Zaxby’s Funding LLC 2021-1A A2, 3.238%, 07/30/2051			164,391		0.1
				7,864,641		2.6
	Student Loan Asset-Backed Securities: 0.2%
24,271 (2)	Commonbond Student Loan Trust 2017-BGS A1, 2.680%, 09/25/2042			21,970		0.0
19,352 (2)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			17,803		0.0
39,627 (2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			36,893		0.0
32,527 (2)	Commonbond Student Loan Trust 2020-AGS A, 1.980%, 08/25/2050			27,639		0.0
22,761 (2)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			21,886		0.0
120,861 (2)	Navient Private Education Refi Loan Trust 2020-BA A2, 2.120%, 01/15/2069			109,636		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
29,079 (2)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069		$	26,127		0.0
62,344 (2)	Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069			54,130		0.0
53,516 (2)	Navient Private Education Refi Loan Trust 2021-BA A, 0.940%, 07/15/2069			46,260		0.0
100,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			91,102		0.1
57,169 (2)	SMB Private Education Loan Trust 2020-PTA A2A, 1.600%, 09/15/2054			50,731		0.0
27,600 (2)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			26,433		0.0
26,332 (2)	Sofi Professional Loan Program 2018-D A2FX Trust, 3.600%, 02/25/2048			25,181		0.0
62,555 (2)	SoFi Professional Loan Program 2020-C AFX Trust, 1.950%, 02/15/2046			56,076		0.0
				611,867		0.2
	Total Asset-Backed Securities (Cost $9,706,192)			9,062,195		3.0
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%
500,000 (2)(4)	Arbor Multifamily Mortgage Securities Trust 2021-MF2 E, 2.000%, 06/15/2054			245,630		0.1
500,000 (2)	AREIT 2021-CRE5 D Trust, 7.807%, (US0001M + 2.650%), 11/17/2038			469,624		0.2
3,000,000 (4)(7)	BANK 2017-BNK8 XB, 0.230%, 11/15/2050			22,002		0.0
953,420 (4)(7)	BANK 2019-BNK16 XA, 1.102%, 02/15/2052			39,453		0.0
3,573,306 (4)(7)	BANK 2019-BNK21 XA, 0.960%, 10/17/2052			143,913		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,180,000 (2)(4)(7)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033		$	24,817		0.0
960,484 (4)(7)	Benchmark 2019-B9 XA Mortgage Trust, 1.189%, 03/15/2052			42,106		0.0
111,752 (2)	BX Commercial Mortgage Trust 2021-21M E, 7.364%, (US0001M + 2.171%), 10/15/2036			105,023		0.1
343,000 (2)	BX Commercial Mortgage Trust 2021-IRON E, 7.612%, (TSFR1M + 2.350%), 02/15/2038			317,897		0.1
648,899 (4)(7)	CD 2017-CD4 Mortgage Trust XA, 1.380%, 05/10/2050			22,910		0.0
848,699 (4)(7)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 2.050%, 07/10/2049			36,079		0.0
1,109,163 (4)(7)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.173%, 10/12/2050			36,429		0.0
946,607 (4)(7)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.011%, 09/15/2050			26,358		0.0
1,166,752 (4)(7)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.828%, 06/10/2051			32,416		0.0
1,100,913 (4)(7)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.168%, 08/10/2056			46,376		0.0
60,000	Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052			51,516		0.0
149,261 (4)(7)	COMM 2012-CR4 XA, 1.327%, 10/15/2045			203		0.0
2,380,000 (2)(4)(7)	COMM 2012-CR4 XB, 0.502%, 10/15/2045			4,558		0.0
177,000 (4)	Comm 2013-CCRE13 C Mortgage Trust, 5.032%, 11/10/2046			160,601		0.1
1,290,495 (4)(7)	COMM 2016-CR28 XA, 0.742%, 02/10/2049			17,537		0.0
685,430 (4)(7)	COMM 2017-COR2 XA, 1.307%, 09/10/2050			25,417		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
130,000 (2)(4)	DBWF 2015-LCM D Mortgage Trust, 3.535%, 06/10/2034		$	102,426		0.1
642,456 (7)	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			86,322		0.0
1,640,701 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.971%, 11/25/2030			78,738		0.0
782,479 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.436%, 07/25/2035			76,971		0.0
1,281,417 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.956%, 10/25/2035			90,746		0.1
848,000 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.467%, 12/25/2029			53,543		0.0
300,000 (2)(8)	GAM Re-REMIC Trust 2021-FRR1 1B, 0.000%, 11/29/2050			204,310		0.1
300,000 (2)(8)	GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050			198,335		0.1
100,000 (2)	GS Mortgage Securities Corp. II 2018-RIVR F, 7.293%, (US0001M + 2.100%), 07/15/2035			36,992		0.0
954,320 (4)(7)	GS Mortgage Securities Trust 2014-GC22 XA, 1.089%, 06/10/2047			4,263		0.0
1,331,060 (4)(7)	GS Mortgage Securities Trust 2016-GS4 XA, 0.690%, 11/10/2049			19,629		0.0
820,137 (4)(7)	GS Mortgage Securities Trust 2017-GS6 XA, 1.157%, 05/10/2050			25,603		0.0
1,212,324 (4)(7)	GS Mortgage Securities Trust 2019-GC38 XA, 1.110%, 02/10/2052			48,489		0.0
2,046,544 (4)(7)	GS Mortgage Securities Trust 2019-GC42 XA, 0.928%, 09/10/2052			73,122		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
90,000	GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052		$	77,501		0.0
1,297,566 (4)(7)	GS Mortgage Securities Trust 2020-GC47 XA, 1.243%, 05/12/2053			74,401		0.0
1,101,468 (4)(7)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.712%, 12/15/2049			16,524		0.0
100,000 (2)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			52,672		0.0
290,221 (4)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.719%, 04/15/2047			921		0.0
1,423,477 (4)(7)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.100%, 12/15/2047			11,801		0.0
62,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			55,136		0.0
3,329,489 (4)(7)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.756%, 11/15/2052			104,870		0.1
1,005,259 (4)(7)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.417%, 05/15/2054			65,804		0.0
1,909,938 (4)(7)	UBS Commercial Mortgage Trust 2018-C9 XA, 1.083%, 03/15/2051			66,744		0.0
60,000	UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 10/15/2052			51,397		0.0
400,000	Wells Fargo Commercial Mortgage Trust 2016-LC25 A4, 3.640%, 12/15/2059			372,447		0.1
400,000 (2)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051			244,855		0.1
1,012,315 (4)(7)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.749%, 08/15/2052			65,946		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
500,000 (2)(4)	WFRBS Commercial Mortgage Trust 2014-C23 D, 4.151%, 10/15/2057		$	307,778		0.1
	Total Commercial Mortgage-Backed Securities (Cost $5,508,216)			4,539,151		1.5
SOVEREIGN BONDS: 0.1%
200,000	Colombia Government International Bond, 3.125%, 04/15/2031			151,300		0.0
200,000	Mexico Government International Bond, 3.500%, 02/12/2034			168,014		0.1
	Total Sovereign Bonds (Cost $398,476)			319,314		0.1

		Value		Percentage of Net Assets
PURCHASED OPTIONS(9): 0.0%
	Total Purchased Options (Cost $32,219)		11,969		0.0
	Total Long-Term Investments (Cost $282,300,272)		297,221,831		98.0

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.1%
	Commercial Paper: 1.2%
250,000	American Electric Power Co., Inc., 5.290%, 07/07/2023		249,747		0.1
1,200,000	Duke Energy, 5.330%, 07/11/2023		1,198,075		0.4
500,000	Jupiter Securitization Co., 5.190%, 07/13/2023		499,077		0.1
1,800,000	Sherwin-Williams Co., 5.240%, 07/05/2023		1,798,709		0.6
	Total Commercial Paper (Cost $3,746,086)		3,745,608		1.2

	U.S. Government Agency Obligations: 0.2%
400,000 (10)	Fannie Mae Discount Notes, 2.440%, 07/06/2023		399,840		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	U.S. Government Agency Obligations (continued)
255,000 (10)	Federal Home Loan Bank Discount Notes, 4.802%, 07/03/2023		$	255,000		0.1
	Total U.S. Government Agency Obligations (Cost $654,657)			654,840		0.2

	Repurchase Agreements: 1.7%
1,230,198 (11)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,230,710, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,254,802, due 04/01/35-09/01/61)			1,230,198		0.4
213,285 (11)	Citigroup, Inc., Repurchase Agreement dated 06/30/23, 5.07%, due 07/03/23 (Repurchase Amount $213,374, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $217,551, due 10/31/24-08/20/67)			213,285		0.1
1,230,198 (11)	HSBC Securities USA, Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,230,710, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $1,254,802, due 08/15/23-11/15/57)			1,230,198		0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,230,198 (11)	Jefferies LLC, Repurchase Agreement dated 06/30/23, 5.17%, due 07/03/23 (Repurchase Amount $1,230,721, collateralized by various U.S. Government Agency Obligations, 0.000%-5.050%, Market Value plus accrued interest $1,254,805, due 07/28/23-06/21/28)		$	1,230,198		0.4
1,230,198 (11)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,230,710, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,254,802, due 07/31/23-05/20/53)			1,230,198		0.4
	Total Repurchase Agreements (Cost $5,134,077)			5,134,077		1.7
	Total Short-Term Investments (Cost $9,534,820)			9,534,525		3.1
	Total Investments in Securities (Cost $291,835,092)		$	306,756,356		101.1
	Liabilities in Excess of Other Assets			(3,435,147)		(1.1)
	Net Assets		$	303,321,209		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(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)

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

(4)

Variable rate security. Rate shown is the rate in effect as of June 30, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

	Investment Type Allocation as of June 30, 2023 (as a percentage of net assets)
	Common Stock			36.3%
	Mutual Funds			31.1%
	Corporate Bonds/Notes			7.7%
	Exchange-Traded Funds			5.9%
	U.S. Government Agency Obligations			5.4%
	U.S. Treasury Obligations			3.7%
	Collateralized Mortgage Obligations			3.3%
	Asset-Backed Securities			3.0%
	Commercial Mortgage-Backed Securities			1.5%
	Sovereign Bonds			0.1%
	Preferred Stock			0.0%^
	Purchased Options			0.0%^
	Assets in Excess of Other Liabilities*			2.0%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

(5)

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.

(6)

Represents or includes a TBA transaction.

(7)

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.

(8)

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.

(9)

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

(10)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2023.

(11)

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

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

SOFR30A

30-day Secured Overnight Financing Rate

TSFR1M

1-month CME Term Secured Overnight Financing Rate

TSFR3M

3-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	6,324,391		$	636,516		$	—		$	6,960,907
Consumer Discretionary			11,185,802			1,755,850			—			12,941,652
Consumer Staples			5,900,091			1,613,115			—			7,513,206
Energy			3,796,974			662,818			—			4,459,792
Financials			11,748,120			3,054,521			—			14,802,641
Health Care			11,844,043			2,252,593			—			14,096,636
Industrials			10,843,674			2,644,810			—			13,488,484
Information Technology			23,607,601			1,372,781			—			24,980,382
Materials			2,903,777			1,451,713			—			4,355,490
Real Estate			3,033,668			418,867			—			3,452,535
Utilities			2,552,762			603,847			—			3,156,609
Total Common Stock			93,740,903			16,467,431			—			110,208,334
Exchange-Traded Funds			17,828,274			—			—			17,828,274
Mutual Funds			94,232,338			—			—			94,232,338
Preferred Stock			—			96,148			—			96,148

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

	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, 2023
Purchased Options		$	—		$	11,969		$	—		$	11,969
Corporate Bonds/Notes			—			23,305,221			—			23,305,221
Collateralized Mortgage Obligations			—			10,172,536			—			10,172,536
Asset-Backed Securities			—			9,062,195			—			9,062,195
U.S. Government Agency Obligations			—			16,267,727			—			16,267,727
Commercial Mortgage-Backed Securities			—			4,539,151			—			4,539,151
Sovereign Bonds			—			319,314			—			319,314
U.S. Treasury Obligations			—			11,178,624			—			11,178,624
Short-Term Investments			—			9,534,525			—			9,534,525
Total Investments, at fair value		$	205,801,515		$	100,954,841		$	—		$	306,756,356
Other Financial Instruments+
Centrally Cleared Swaps			—			164,246			—			164,246
Forward Foreign Currency Contracts			—			18			—			18
Forward Premium Swaptions			—			18,455			—			18,455
Futures			76,465			—			—			76,465
Total Assets		$	205,877,980		$	101,137,560		$	—		$	307,015,540
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(226,442)		$	—		$	(226,442)
Forward Foreign Currency Contracts			—			(28)			—			(28)
Forward Premium Swaptions			—			(30,999)			—			(30,999)
Futures			(282,197)			—			—			(282,197)
Written Options			—			(255,227)			—			(255,227)
Total Liabilities		$	(282,197)		$	(512,696)		$	—		$	(794,893)

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.

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.

Transactions with Affiliates

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control 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, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya High Yield Bond Fund - Class P		$	3,636,470		$	20,725		$	(4,266,957)		$	609,762		$	—		$	38,828		$	(571,604)		$	—
Voya Short Term Bond Fund - Class R6			11,088,112			15,064,797			(4,972,639)			98,013			21,278,283			237,547			(215,052)			—
Voya Small Cap Growth Fund - Class R6			2,888,514			84,516			(184,761)			353,681			3,141,950			—			7,239			—
Voya Small Company Fund - Class R6			5,857,662			322,095			(443,288)			476,755			6,213,224			—			6,712			—
Voya U.S. Stock Index Portfolio - Class I			—			55,178,628			(2,356,913)			6,943,395			59,765,110			—			117,254			—
Voya VACS Series HYB Fund			—			3,819,169			—			14,602			3,833,771			105,703			—			—
		$	23,470,758		$	74,489,930		$	(12,224,558)		$	8,496,208		$	94,232,338		$	382,078		$	(655,451)		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

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

At June 30, 2023, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

EUR 56,661

USD 62,002

Barclays Bank PLC

08/18/23

(28)

USD 51,101

EUR 46,704

Standard Chartered Bank

08/18/23

(10)

At June 30, 2023, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		20		09/20/23		$	2,245,313		$	(13,010)
U.S. Treasury 2-Year Note		40		09/29/23			8,133,750			(97,529)
U.S. Treasury 5-Year Note		44		09/29/23			4,712,125			(71,227)
U.S. Treasury Long Bond		6		09/20/23			761,438			(3,034)
U.S. Treasury Ultra Long Bond		45		09/20/23			6,129,844			46,990
						$	21,982,470		$	(137,810)
Short Contracts:
S&P 500® E-Mini		(14)		09/15/23			(3,141,775)			(97,397)
U.S. Treasury Ultra 10-Year Note		(25)		09/20/23			(2,960,938)			29,475
						$	(6,102,713)		$	(67,922)

At June 30, 2023, the following centrally cleared interest rate swaps were outstanding for Voya Balanced 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

3.270%

Annual

02/20/25

USD 1,736,000

(23,873)

Pay

1-day Secured Overnight Financing Rate

Annual

3.332

Annual

02/20/25

USD 379,081

(4,992)

Pay

1-day Secured Overnight Financing Rate

Annual

4.362

Annual

02/20/25

USD 752,000

(2,645)

Pay

1-day Secured Overnight Financing Rate

Annual

4.472

Annual

02/20/25

USD 286,000

(712)

Pay

1-day Secured Overnight Financing Rate

Annual

2.988

Annual

03/16/33

USD 86,000

(487)

Pay

1-day Secured Overnight Financing Rate

Annual

3.058

Annual

05/10/33

USD 543,000

(24,018)

Pay

1-day Secured Overnight Financing Rate

Annual

3.085

Annual

05/10/33

USD 347,000

(14,577)

Pay

1-day Secured Overnight Financing Rate

Annual

3.289

Annual

05/10/33

USD 477,319

(11,951)

Pay

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/10/33

USD 651,427

(5,797)

Pay

1-day Secured Overnight Financing Rate

Annual

3.065

Annual

05/11/33

USD 486,000

(21,203)

Pay

1-day Secured Overnight Financing Rate

Annual

3.139

Annual

05/12/33

USD 282,038

(10,558)

Pay

1-day Secured Overnight Financing Rate

Annual

3.164

Annual

05/12/33

USD 260,000

(9,190)

Pay

1-day Secured Overnight Financing Rate

Annual

3.200

Annual

05/12/33

USD 347,000

(11,222)

Pay

1-day Secured Overnight Financing Rate

Annual

3.212

Annual

05/12/33

USD 248,374

(7,779)

Pay

1-day Secured Overnight Financing Rate

Annual

3.214

Annual

05/12/33

USD 238,813

(7,436)

Pay

1-day Secured Overnight Financing Rate

Annual

3.216

Annual

05/12/33

USD 119,406

(3,698)

Pay

1-day Secured Overnight Financing Rate

Annual

3.233

Annual

05/12/33

USD 282,000

(8,344)

Pay

1-day Secured Overnight Financing Rate

Annual

3.456

Annual

05/17/33

USD 330,000

(3,559)

Pay

1-day Secured Overnight Financing Rate

Annual

2.995

Annual

06/09/33

USD 868,000

(41,526)

Pay

1-day Secured Overnight Financing Rate

Annual

3.415

Annual

08/23/33

USD 99,000

(886)

Pay

1-day Secured Overnight Financing Rate

Annual

3.435

Annual

08/23/33

USD 96,000

(701)

Pay

1-day Secured Overnight Financing Rate

Annual

3.524

Annual

08/23/33

USD 33,000

—

Pay

1-day Secured Overnight Financing Rate

Annual

3.392

Annual

09/13/33

USD 216,000

(2,085)

Pay

1-day Secured Overnight Financing Rate

Annual

3.405

Annual

09/13/33

USD 181,000

(1,553)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (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)

��

Pay

1-day Secured Overnight Financing Rate

Annual

3.406

Annual

09/13/33

USD 53,000

(448)

Pay

1-day Secured Overnight Financing Rate

Annual

3.421

Annual

09/13/33

USD 173,000

(1,255)

Pay

1-day Secured Overnight Financing Rate

Annual

3.519

Annual

09/13/33

USD 82,000

—

Receive

1-day Secured Overnight Financing Rate

Annual

3.559

Annual

02/20/25

USD 1,187,000

13,104

Receive

1-day Secured Overnight Financing Rate

Annual

3.564

Annual

02/20/25

USD 761,000

8,365

Receive

1-day Secured Overnight Financing Rate

Annual

3.718

Annual

02/20/25

USD 677,000

6,468

Receive

1-day Secured Overnight Financing Rate

Annual

4.073

Annual

02/20/25

USD 752,000

4,682

Receive

1-day Secured Overnight Financing Rate

Annual

4.116

Annual

02/20/25

USD 752,000

4,379

Receive

1-day Secured Overnight Financing Rate

Annual

4.258

Annual

02/20/25

USD 619,000

2,781

Receive

1-day Secured Overnight Financing Rate

Annual

4.369

Annual

02/20/25

USD 579,000

2,000

Receive

1-day Secured Overnight Financing Rate

Annual

4.426

Annual

02/20/25

USD 478,000

1,397

Receive

1-day Secured Overnight Financing Rate

Annual

4.464

Annual

02/20/25

USD 1,024,000

2,629

Receive

1-day Secured Overnight Financing Rate

Annual

4.586

Annual

02/20/25

USD 1,215,000

1,725

Receive

1-day Secured Overnight Financing Rate

Annual

4.711

Annual

02/20/25

USD 1,447,000

366

Receive

1-day Secured Overnight Financing Rate

Annual

3.180

��

Annual

05/11/33

USD 1,454,000

49,502

Receive

1-day Secured Overnight Financing Rate

Annual

3.337

Annual

05/11/33

USD 182,341

3,826

Receive

1-day Secured Overnight Financing Rate

Annual

3.292

Annual

05/12/33

USD 1,637,000

40,372

Receive

1-day Secured Overnight Financing Rate

Annual

3.296

Annual

05/12/33

USD 260,000

6,336

Receive

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/12/33

USD 369,000

3,240

Receive

1-day Secured Overnight Financing Rate

Annual

3.598

Annual

05/12/33

USD 239,000

(191)

Receive

1-day Secured Overnight Financing Rate

Annual

3.643

Annual

05/12/33

USD 608,000

(2,754)

Receive

1-day Secured Overnight Financing Rate

Annual

3.689

Annual

05/12/33

USD 239,000

(2,010)

Receive

1-day Secured Overnight Financing Rate

Annual

3.172

Annual

05/16/33

USD 187,000

6,437

Receive

1-day Secured Overnight Financing Rate

Annual

3.405

Annual

08/23/33

USD 43,000

420

Receive

1-day Secured Overnight Financing Rate

Annual

3.409

Annual

08/23/33

USD 195,000

1,844

Receive

1-day Secured Overnight Financing Rate

Annual

3.463

Annual

08/23/33

USD 139,000

689

Receive

1-day Secured Overnight Financing Rate

Annual

3.543

Annual

08/23/33

USD 208,000

(344)

Receive

1-day Secured Overnight Financing Rate

Annual

3.427

Annual

09/13/33

USD 106,000

715

Receive

1-day Secured Overnight Financing Rate

Annual

3.525

Annual

09/13/33

USD 413,000

(561)

Receive

1-day Secured Overnight Financing Rate

Annual

3.147

Annual

10/13/33

USD 82,000

2,292

Receive

1-day Secured Overnight Financing Rate

Annual

3.319

Annual

10/13/33

USD 23,000

318

Receive

1-day Secured Overnight Financing Rate

Annual

3.445

Annual

10/13/33

USD 82,000

292

Receive

1-day Secured Overnight Financing Rate

Annual

3.475

Annual

10/13/33

USD 64,000

Receive

1-day Secured Overnight Financing Rate

Annual

3.506

Annual

10/13/33

USD 59,000

(87)

(62,196)

At June 30, 2023, the following OTC purchased foreign currency options were outstanding for Voya Balanced Portfolio:

Description	Counterparty	Expiration Date		Exercise Price	Notional Amount	Cost			Fair Value
Call JPY vs. Put USD	BNP Paribas		02/27/25	107.500	USD 210,000		$	10,416		$	1,398
							$	10,416		$	1,398

At June 30, 2023, the following OTC purchased interest rate swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Pay/
Receive
Exercise Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Cost

Fair Value

Call on 10-Year Interest
Rate Swap(1)

BNP Paribas

Receive

2.250%

1-day Secured Overnight
Financing Rate

05/16/24

USD 1,094,700

11,859

5,823

Call on 10-Year Interest
Rate Swap(1)

JPMorgan Chase
Bank N.A.

Receive

2.213%

1-day Secured Overnight
Financing Rate

05/16/24

USD 912,300

9,944

4,748

21,803

10,571

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, the following OTC written interest rate swaptions were outstanding for Voya Balanced 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)

Bank of America N.A.

Pay

3.550%

1-day Secured Overnight
Financing Rate

09/11/23

USD 480,000

12,984

(7,829)

Call on 10-Year Interest
Rate Swap(2)

BNP Paribas

Pay

3.033%

1-day Secured Overnight
Financing Rate

10/11/23

USD 586,000

15,720

(3,324)

Call on 10-Year Interest
Rate Swap(2)

Citibank N.A.

Pay

3.540%

1-day Secured Overnight
Financing Rate

09/11/23

USD 960,000

25,968

(15,254)

Call on 10-Year Interest
Rate Swap(2)

Goldman Sachs
International

Pay

3.460%

1-day Secured Overnight
Financing Rate

08/21/23

USD 868,000

21,917

(8,400)

Call on 10-Year Interest
Rate Swap(2)

Goldman Sachs
International

Pay

3.570%

1-day Secured Overnight
Financing Rate

09/07/23

USD 480,000

12,822

(7,986)

Call on 1-Year Interest
Rate Swap(2)

Barclays Bank PLC

Pay

4.170%

1-day Secured Overnight
Financing Rate

02/16/24

USD 2,894,000

13,616

(6,948)

Call on 1-Year Interest
Rate Swap(2)

Morgan Stanley
Capital Services LLC

Pay

3.520%

1-day Secured Overnight
Financing Rate

01/24/24

USD 5,788,000

25,192

(6,041)

Put on 10-Year Interest
Rate Swap(1)

Bank of America N.A.

Receive

3.550%

1-day Secured Overnight
Financing Rate

09/11/23

USD 480,000

12,984

(7,031)

Put on 10-Year Interest
Rate Swap(1)

BNP Paribas

Receive

3.033%

1-day Secured Overnight
Financing Rate

10/11/23

USD 586,000

15,720

(26,112)

Put on 10-Year Interest
Rate Swap(1)

BNP Paribas

Receive

4.050%

1-day Secured Overnight
Financing Rate

05/16/24

USD 1,094,700

11,859

(14,248)

Put on 10-Year Interest
Rate Swap(1)

Citibank N.A.

Receive

3.540%

1-day Secured Overnight
Financing Rate

09/11/23

USD 960,000

25,968

(14,445)

Put on 10-Year Interest
Rate Swap(1)

Goldman Sachs
International

Receive

3.460%

1-day Secured Overnight
Financing Rate

08/21/23

USD 868,000

21,917

(14,415)

Put on 10-Year Interest
Rate Swap(1)

Goldman Sachs
International

Receive

3.570%

1-day Secured Overnight
Financing Rate

09/07/23

USD 480,000

12,822

(6,453)

Put on 10-Year Interest
Rate Swap(1)

JPMorgan Chase
Bank N.A.

Receive

4.050%

1-day Secured Overnight
Financing Rate

05/16/24

USD 912,300

9,944

(11,874)

Put on 1-Year Interest Rate Swap(1)

Barclays Bank PLC

Receive

4.170%

1-day Secured Overnight
Financing Rate

02/16/24

USD 2,894,000

13,616

(24,083)

Put on 1-Year Interest Rate Swap(1)

Morgan Stanley Capital
Services LLC

Receive

3.520%

1-day Secured Overnight
Financing Rate

01/24/24

USD 5,788,000

25,192

(80,784)

278,241

(255,227)

At June 30, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Balanced 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 30-Year
Interest Rate Swap

Barclays Bank PLC

17.500%

Receive

1-day Secured Overnight
Financing Rate

06/14/27

USD 439,500

(76,913)

Call on 30-Year
Interest Rate Swap

Barclays Bank PLC

17.700%

Receive

1-day Secured Overnight
Financing Rate

05/28/27

USD 740,000

(130,980)

(1,034)

Put on 30-Year
Interest Rate Swap

Barclays Bank PLC

18.000%

Pay

1-day Secured Overnight
Financing Rate

05/25/27

USD 925,000

(166,500)

(3,597)

(374,393)

(4,625)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, the following OTC written forward premium swaptions were outstanding for Voya Balanced 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 1-Year Interest
Rate Swap

Goldman Sachs
International

3.900%

Pay

1-day Secured Overnight
Financing Rate

06/17/24

USD 4,952,000

28,239

3,639

Call on 1-Year Interest
Rate Swap

Morgan Stanley
Capital Services LLC

3.800%

Pay

1-day Secured Overnight
Financing Rate

06/14/24

USD 4,952,000

30,265

10,023

Call on 5-Year Interest
Rate Swap

Bank of America N.A.

3.038%

Pay

1-day Secured Overnight
Financing Rate

03/27/28

USD 240,000

10,176

970

Call on 5-Year Interest
Rate Swap

Morgan Stanley
Capital Services LLC

3.060%

Pay

1-day Secured Overnight
Financing Rate

03/14/28

USD 480,000

20,917

2,791

Put on 1-Year Interest
Rate Swap

Goldman Sachs
International

3.900%

Receive

1-day Secured Overnight
Financing Rate

06/17/24

USD 4,952,000

28,239

(12,293)

Put on 1-Year Interest
Rate Swap

Morgan Stanley
Capital Services LLC

3.800%

Receive

1-day Secured Overnight
Financing Rate

06/14/24

USD 4,952,000

30,265

(13,957)

Put on 5-Year Interest
Rate Swap

Bank of America N.A.

3.038%

Receive

1-day Secured Overnight
Financing Rate

03/27/28

USD 240,000

10,176

(118)

Put on 5-Year Interest
Rate Swap

Morgan Stanley
Capital Services LLC

3.060%

Receive

1-day Secured Overnight
Financing Rate

03/14/28

USD 480,000

20,917

1,026

179,194

(7,919)

(1)

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

(2)

Portfolio pays the exercise rate semi-annually and receives 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

EUR – EU Euro
USD – United States Dollar

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

The fair value of derivative instruments as of June 30, 2023 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*		$	10,571
Foreign exchange contracts	Investments in securities at value*			1,398
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			18
Interest rate contracts	Variation margin receivable on futures contracts**			76,465
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			164,246
Interest rate contracts	Unrealized appreciation on purchased OTC forward premium swaptions			6
Interest rate contracts	Unrealized appreciation on written OTC forward premium swaptions			18,449
Total Asset Derivatives			$	271,153
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	28
Equity contracts	Variation margin payable on futures contracts**			97,397
Interest rate contracts	Variation margin payable on futures contracts**			184,800
Interest rate contracts	Variation margin payable on centrally cleared swaps**			226,442
Interest rate contracts	Unrealized depreciation on purchased OTC forward premium swaptions			4,631
Interest rate contracts	Unrealized depreciation on written OTC forward premium swaptions			26,368
Interest rate contracts	Written Options, at fair value			255,227
Total Liability Derivatives			$	794,893

Includes purchased options.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 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		$	—		$	—		$	—		$	(133,682)		$	—		$	(133,682)
Equity contracts			—			—			(745,312)			—			—			(745,312)
Foreign exchange contracts			(37,684)			(2,186)			—			—			5,980			(33,890)
Interest rate contracts			4,548			—			(138,342)			(181,864)			132,137			(188,219)
Total		$	(33,136)		$	(2,186)		$	(883,654)		$	(315,546)		$	138,117		$	(1,101,103)

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		$	—		$	—		$	—		$	43,878		$	—		$	43,878
Equity contracts			—			—			(261,373)			—			—			(261,373)
Foreign exchange contracts			10,400			(10)			—			—			—			10,390
Interest rate contracts			(8,788)			—			20,957			(12,163)			11,200			11,206
Total		$	1,612		$	(10)		$	(240,416)		$	31,715		$	11,200		$	(195,899)

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2023:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs & Co.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	7,221		$	—		$	—		$	4,748		$	—		$	—		$	11,969
Forward foreign currency contracts			—			—			—			—			—			—			—			18			18
Forward premium swaptions			970			6			—			—			3,639			—			13,840			—			18,455
Total Assets		$	970		$	6		$	7,221		$	—		$	3,639		$	4,748		$	13,840		$	18		$	30,442
Liabilities:
Forward foreign currency contracts		$	—		$	28		$	—		$	—		$	—		$	—		$	—		$	—		$	28
Forward premium swaptions			118			4,631			—			—			12,293			—			13,957			—			30,999
Written options			14,859			31,032			43,684			29,699			37,254			11,874			86,825			—			255,227
Total Liabilities		$	14,977		$	35,691		$	43,684		$	29,699		$	49,547		$	11,874		$	100,782		$	—		$	286,254
Net OTC derivative instruments by counterparty, at fair value		$	(14,007)		$	(35,685)		$	(36,463)		$	(29,699)		$	(45,908)		$	(7,126)		$	(86,942)		$	18		$	(255,812)
Total collateral pledged by the Portfolio/ (Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(14,007)		$	(35,685)		$	(36,463)		$	(29,699)		$	(45,908)		$	(7,126)		$	(86,942)		$	18		$	(255,812)

(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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, 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 federal income tax purposes was $292,537,043.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	24,190,653
Gross Unrealized Depreciation		(10,500,007)
Net Unrealized Appreciation	$	13,690,646

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.5%
	Australia: 3.0%
61,939	Ampol Ltd.		$	1,237,324		0.2
156,342	ANZ Group Holdings Ltd.			2,474,866		0.5
616,573	Aurizon Holdings Ltd.			1,613,085		0.3
292,401	Brambles Ltd.			2,811,609		0.6
561,415	Medibank Pvt Ltd.			1,318,753		0.3
95,665	National Australia Bank Ltd.			1,682,547		0.3
307,402	Scentre Group			543,646		0.1
279,007	Telstra Group Ltd.			800,389		0.2
249,026	Transurban Group - Stapled Security			2,371,073		0.5
				14,853,292		3.0
	Austria: 0.2%
20,142	OMV AG			855,276		0.2

	Canada: 3.8%
46,529	BCE, Inc.			2,121,420		0.4
60,968	Element Fleet Management Corp.			928,729		0.2
19,678	iA Financial Corp., Inc.			1,340,585		0.3
34,968	Parkland Corp.			871,066		0.2
35,251	Rogers Communications, Inc.			1,608,281		0.3
37,002	Royal Bank of Canada			3,533,869		0.7
50,607	Suncor Energy, Inc.			1,484,497		0.3
52,937	TELUS Corp.			1,030,169		0.2
20,727	Thomson Reuters Corp.			2,798,438		0.6
49,587	Toronto-Dominion Bank			3,073,477		0.6
				18,790,531		3.8
	Denmark: 0.4%
75,548 (1)	Danske Bank A/S			1,840,078		0.4

	Finland: 0.1%
151,350	Nokia OYJ - Finland			634,137		0.1

	France: 3.2%
91,371	AXA S.A.			2,700,140		0.5
16,526	BNP Paribas			1,042,892		0.2
3,643	Dassault Aviation SA			729,881		0.2
34,697	Edenred			2,324,162		0.5
67,126	Getlink SE			1,142,344		0.2
18,409 (2)	La Francaise des Jeux SAEM			724,556		0.1
257,860	Orange SA			3,013,474		0.6
16,870	Sanofi			1,816,158		0.4
13,194	Thales S.A.			1,976,847		0.4
63,055	Vivendi SE			578,876		0.1
				16,049,330		3.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Germany: 0.3%
30,547	BASF SE		$	1,484,075		0.3

	Hong Kong: 1.5%
240,500	CK Asset Holdings Ltd.			1,336,401		0.3
190,500	CK Hutchison Holdings Ltd.			1,162,687		0.2
27,500	Jardine Matheson Holdings Ltd.			1,379,950		0.3
162,000	Link REIT			901,874		0.2
134,000	MTR Corp.			616,878		0.1
221,000	Power Assets Holdings Ltd.			1,160,135		0.2
498,000	SITC International Holdings Co. Ltd.			911,923		0.2
				7,469,848		1.5
	Ireland: 0.3%
22,912	DCC PLC			1,281,736		0.3

	Israel: 0.5%
137,922	Bank Leumi Le-Israel BM			1,033,533		0.2
248,714	Israel Discount Bank Ltd.			1,242,534		0.3
				2,276,067		0.5
	Italy: 0.9%
61,777	ENI S.p.A.			889,368		0.2
797,267	Intesa Sanpaolo SpA			2,090,240		0.4
325,412	Snam SpA			1,700,722		0.3
				4,680,330		0.9
	Japan: 7.2%
35,000	Daiwa House Industry Co., Ltd.			924,769		0.2
142,200	ENEOS Holdings, Inc.			488,773		0.1
5,000	Hirose Electric Co., Ltd.			665,672		0.1
75,700	Honda Motor Co., Ltd.			2,293,245		0.5
403,800	Japan Post Holdings Co. Ltd.			2,902,211		0.6
137,700 (3)	Japan Tobacco, Inc.			3,016,455		0.6
36,400	KDDI Corp.			1,124,146		0.2
13,900 (3)	McDonald’s Holdings Co. Japan Ltd.			540,414		0.1
50,200	NEC Corp.			2,435,328		0.5
1,450,000	Nippon Telegraph & Telephone Corp.			1,715,794		0.3
6,400	Nitto Denko Corp.			475,045		0.1
198,200	Oji Holdings Corp.			741,083		0.1
26,500	Ono Pharmaceutical Co., Ltd.			478,151		0.1
34,800	ORIX Corp.			634,620		0.1
66,400	Osaka Gas Co., Ltd.			1,017,767		0.2
5,200	Rohm Co., Ltd.			492,566		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
41,900	Secom Co., Ltd.		$	2,835,729		0.6
54,000	Sekisui Chemical Co., Ltd.			780,148		0.2
126,800	Sekisui House Ltd.			2,561,309		0.5
29,600	Sompo Holdings, Inc.			1,328,130		0.3
167,500	Sumitomo Chemical Co., Ltd.			509,101		0.1
53,700	Sumitomo Mitsui Financial Group, Inc.			2,301,552		0.5
22,300	Taisei Corp.			779,125		0.1
108,500	Takeda Pharmaceutical Co., Ltd.			3,409,348		0.7
62,400	Tokio Marine Holdings, Inc.			1,438,543		0.3
				35,889,024		7.2
	Netherlands: 1.5%
291,040	Koninklijke KPN NV			1,039,008		0.2
68,399	NN Group NV			2,531,977		0.5
40,652	OCI NV			976,423		0.2
21,491	Wolters Kluwer NV			2,728,794		0.6
				7,276,202		1.5
	New Zealand: 0.1%
182,788	Spark New Zealand Ltd.			571,999		0.1

	Norway: 0.4%
27,320	Aker BP ASA			640,966		0.1
39,109	Yara International ASA			1,381,795		0.3
				2,022,761		0.4
	Singapore: 0.5%
950,300	Genting Singapore Ltd.			662,621		0.1
260,500	Keppel Corp., Ltd.			1,296,443		0.3
122,000	Singapore Airlines Ltd.			646,359		0.1
				2,605,423		0.5
	Spain: 1.9%
30,667	ACS Actividades de Construccion y Servicios SA			1,078,372		0.2
3,587 (2)	Aena SME SA			580,546		0.1
136,754	Banco Bilbao Vizcaya Argentaria SA			1,050,643		0.2
61,076	Industria de Diseno Textil SA			2,369,010		0.5
75,781 (3)	Redeia Corp. SA			1,274,414		0.3
208,638 (3)	Repsol SA			3,034,438		0.6
				9,387,423		1.9
	Switzerland: 1.9%
32,325	Holcim AG			2,178,939		0.4
21,816	Novartis AG			2,199,477		0.5
3,837	Roche Holding AG-GENUSSCHEIN			1,172,089		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Switzerland (continued)
8,160	Zurich Insurance Group AG		$	3,881,619		0.8
				9,432,124		1.9
	United Kingdom: 5.5%
287,419	Amcor PLC			2,868,442		0.6
259,246	BAE Systems PLC			3,056,840		0.6
511,871	BP PLC			2,980,313		0.6
89,515	British American Tobacco PLC			2,974,182		0.6
117,556	British Land Co. PLC			453,340		0.1
158,952	GSK PLC			2,817,042		0.6
44,199	Hikma Pharmaceuticals PLC			1,063,641		0.2
124,115	Imperial Brands PLC			2,747,224		0.5
467,296	NatWest Group PLC			1,428,289		0.3
51,196	Smiths Group PLC			1,071,112		0.2
240,974	The Sage Group PLC			2,830,707		0.6
13,543	Willis Towers Watson PLC			3,189,376		0.6
				27,480,508		5.5
	United States: 64.3%
50,569	AbbVie, Inc.			6,813,161		1.4
3,239	Acuity Brands, Inc.			528,216		0.1
27,724	AECOM			2,347,946		0.5
11,610	Allison Transmission Holdings, Inc.			655,501		0.1
91,953	Altria Group, Inc.			4,165,471		0.8
28,370	Amdocs Ltd.			2,804,375		0.6
40,509	American Electric Power Co., Inc.			3,410,858		0.7
26,878	American International Group, Inc.			1,546,560		0.3
1,589	Ameriprise Financial, Inc.			527,802		0.1
11,122	Ametek, Inc.			1,800,429		0.4
21,411	Amgen, Inc.			4,753,670		1.0
8,344	Aon PLC			2,880,349		0.6
19,817	Aptargroup, Inc.			2,295,998		0.5
15,480	Assurant, Inc.			1,946,146		0.4
11,811	Automatic Data Processing, Inc.			2,595,940		0.5
49,662	Avnet, Inc.			2,505,448		0.5
37,637	Axis Capital Holdings Ltd.			2,026,000		0.4
77,838	Bristol-Myers Squibb Co.			4,977,740		1.0
17,858	Brown & Brown, Inc.			1,229,345		0.3
39,403	Cardinal Health, Inc.			3,726,342		0.8
16,468	Cheniere Energy, Inc.			2,509,065		0.5
28,057	Church & Dwight Co., Inc.			2,812,153		0.6
10,034	Cigna Corp.			2,815,540		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
1,403	Cintas Corp.		$	697,403		0.1
135,054	Cisco Systems, Inc.			6,987,694		1.4
42,580	Citigroup, Inc.			1,960,383		0.4
16,569	Citizens Financial Group, Inc.			432,120		0.1
26,599	CNO Financial Group, Inc.			629,598		0.1
28,176	Coca-Cola Co.			1,696,759		0.3
41,615	Colgate-Palmolive Co.			3,206,020		0.6
45,051	Commerce Bancshares, Inc.			2,193,984		0.4
28,685	Consolidated Edison, Inc.			2,593,124		0.5
66,082	CSX Corp.			2,253,396		0.5
42,439	CVS Health Corp.			2,933,808		0.6
14,124	Dolby Laboratories, Inc.			1,181,896		0.2
66,847	Dow, Inc.			3,560,271		0.7
54,517	DT Midstream, Inc.			2,702,408		0.5
24,312	DTE Energy Co.			2,674,806		0.5
40,867	Duke Energy Corp.			3,667,405		0.7
37,514	Edison International			2,605,347		0.5
26,688	Electronic Arts, Inc.			3,461,434		0.7
5,217	Elevance Health, Inc.			2,317,861		0.5
41,168	Emerson Electric Co.			3,721,176		0.8
12,932	EOG Resources, Inc.			1,479,938		0.3
186,308	Equitrans Midstream Corp.			1,781,105		0.4
8,687	Erie Indemnity Co.			1,824,357		0.4
7,940	Everest Re Group Ltd.			2,714,368		0.5
44,277	Evergy, Inc.			2,586,662		0.5
51,146	First Hawaiian, Inc.			921,139		0.2
90,686	Flowers Foods, Inc.			2,256,268		0.5
6,237	FMC Corp.			650,769		0.1
24,312	Fortive Corp.			1,817,808		0.4
57,278	Gaming and Leisure Properties, Inc.			2,775,692		0.6
44,957	General Mills, Inc.			3,448,202		0.7
14,362	General Motors Co.			553,799		0.1
69,599	Genpact Ltd.			2,614,834		0.5
74,459	Gentex Corp.			2,178,670		0.4
19,087	Genuine Parts Co.			3,230,093		0.7
56,019	Gilead Sciences, Inc.			4,317,384		0.9
83,486	H&R Block, Inc.			2,660,699		0.5
12,380	Hancock Whitney Corp.			475,144		0.1
13,696	Hanover Insurance Group, Inc.			1,548,059		0.3
43,323	Hartford Financial Services Group, Inc.			3,120,122		0.6
5,070	Humana, Inc.			2,266,949		0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
19,163	International Bancshares Corp.		$	847,005		0.2
23,040	Iridium Communications, Inc.			1,431,245		0.3
65,686	Johnson & Johnson			10,872,347		2.2
4,410	JPMorgan Chase & Co.			641,390		0.1
98,272	Juniper Networks, Inc.			3,078,862		0.6
25,236	Kellogg Co.			1,700,906		0.3
32,748	Kilroy Realty Corp.			985,387		0.2
27,340	Kimberly-Clark Corp.			3,774,560		0.8
30,318	Leidos Holdings, Inc.			2,682,537		0.5
25,026	LKQ Corp.			1,458,265		0.3
1,611	Lockheed Martin Corp.			741,672		0.2
32,539	Loews Corp.			1,932,166		0.4
19,041	Marsh & McLennan Cos., Inc.			3,581,231		0.7
15,740	McDonald’s Corp.			4,696,973		0.9
7,214	McKesson Corp.			3,082,614		0.6
72,723	Merck & Co., Inc.			8,391,507		1.7
23,690	Metlife, Inc.			1,339,196		0.3
105,970	MGIC Investment Corp.			1,673,266		0.3
35,731	Mondelez International, Inc.			2,606,219		0.5
28,080	MSC Industrial Direct Co.			2,675,462		0.5
27,502	NetApp, Inc.			2,101,153		0.4
65,224	New Fortress Energy, Inc.			1,746,699		0.4
79,854	NiSource, Inc.			2,184,007		0.4
63,507	NNN REIT, Inc.			2,717,465		0.6
22,328	NorthWestern Corp.			1,267,337		0.3
121,067	Old Republic International Corp.			3,047,256		0.6
32,062	Oneok, Inc.			1,978,867		0.4
50,859	Patterson Cos., Inc.			1,691,570		0.3
39,180	PepsiCo, Inc.			7,256,920		1.5
73,107	Pfizer, Inc.			2,681,565		0.5
55,197	Philip Morris International, Inc.			5,388,331		1.1
35,382	Phillips 66			3,374,735		0.7
4,091	PPG Industries, Inc.			606,695		0.1
8,149	Procter & Gamble Co.			1,236,529		0.3
38,147	Prosperity Bancshares, Inc.			2,154,543		0.4
11,884	Qualcomm, Inc.			1,414,671		0.3
8,279	Reinsurance Group of America, Inc.			1,148,215		0.2
9,433	Reliance Steel & Aluminum Co.			2,561,908		0.5
229,583	Rithm Capital Corp.			2,146,601		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
62,973	Rollins, Inc.		$	2,697,134		0.5
16,618	Sempra Energy			2,419,415		0.5
20,306	Silgan Holdings, Inc.			952,148		0.2
11,112	Snap-On, Inc.			3,202,367		0.6
36,136	Sonoco Products Co.			2,132,747		0.4
19,302	Targa Resources Corp.			1,468,882		0.3
31,097	Texas Instruments, Inc.			5,598,082		1.1
37,873	TJX Cos., Inc.			3,211,252		0.6
20,119	Travelers Cos, Inc.			3,493,866		0.7
12,208	UMB Financial Corp.			743,467		0.2
2,830	UnitedHealth Group, Inc.			1,360,211		0.3
3,203	Universal Display Corp.			461,648		0.1
67,876	Unum Group			3,237,685		0.7
70,756	US Bancorp			2,337,778		0.5
10,986	Valero Energy Corp.			1,288,658		0.3
150,905	Verizon Communications, Inc.			5,612,157		1.1
58,477	VICI Properties, Inc.			1,837,932		0.4
42,099	Virtu Financial, Inc.			719,472		0.1
42,133	Wells Fargo & Co.			1,798,236		0.4
116,671	Wendy’s Company			2,537,594		0.5
24,294	WestRock Co.			706,227		0.1
75,867	Williams Cos., Inc.			2,475,540		0.5
41,027	WP Carey, Inc.			2,771,784		0.6
48,285	Xcel Energy, Inc.			3,001,878		0.6
				319,337,046		64.3
	Total Common Stock (Cost $462,606,972)			484,217,210		97.5
EXCHANGE-TRADED FUNDS: 1.5%
50,154	iShares MSCI EAFE Value Index ETF			2,454,537		0.5
31,770	iShares Russell 1000 Value ETF			5,014,259		1.0
	Total Exchange-Traded Funds (Cost $7,346,264)			7,468,796		1.5
	Total Long-Term Investments (Cost $469,953,236)			491,686,006		99.0

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.7%
			Repurchase Agreements: 1.6%
	1,909,676	(4)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,910,470, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,947,870, due 04/01/35-09/01/61)		$	1,909,676		0.4
	350,496 (4	)	Citigroup, Inc., Repurchase Agreement dated 06/30/23, 5.07%, due 07/03/23 (Repurchase Amount $350,642, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $357,506, due 10/31/24-08/20/67)			350,496		0.0
	1,909,676	(4)	HSBC Securities USA, Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,910,470, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $1,947,870, due 08/15/23-11/15/57)			1,909,676		0.4
	1,909,676	(4)	Jefferies LLC, Repurchase Agreement dated 06/30/23, 5.17%, due 07/03/23 (Repurchase Amount $1,910,487, collateralized by various U.S. Government Agency Obligations, 0.000%-5.050%, Market Value plus accrued interest $1,947,874, due 07/28/23-06/21/28)			1,909,676		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	1,909,676	(4)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,910,470, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,947,870, due 07/31/23-05/20/53)		$	1,909,676		0.4
			Total Repurchase Agreements (Cost $7,989,200)			7,989,200		1.6

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.1%
	319,000	(5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.030% (Cost $319,000)			319,000		0.1
			Total Short-Term Investments (Cost $8,308,200)			8,308,200		1.7
			Total Investments in Securities (Cost $478,261,436)		$	499,994,206		100.7
			Liabilities in Excess of Other Assets			(3,717,344)		(0.7)
			Net Assets		$	496,276,862		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(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)

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

(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, 2023.

Sector Diversification	Percentage of Net Assets
Financials		21.0%
Health Care		15.3
Industrials		12.9
Consumer Staples		9.7
Information Technology		6.7
Energy		6.7
Utilities		6.4
Consumer Discretionary		6.1
Materials		4.8
Communication Services		4.8
Real Estate		3.1
Exchange-Traded Funds		1.5
Short-Term Investments		1.7
Liabilities in Excess of Other Assets		(0.7)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	14,853,292		$	—		$	14,853,292
Austria			—			855,276			—			855,276
Canada			18,790,531			—			—			18,790,531
Denmark			—			1,840,078			—			1,840,078
Finland			—			634,137			—			634,137
France			—			16,049,330			—			16,049,330
Germany			—			1,484,075			—			1,484,075
Hong Kong			1,379,950			6,089,898			—			7,469,848
Ireland			—			1,281,736			—			1,281,736
Israel			—			2,276,067			—			2,276,067
Italy			—			4,680,330			—			4,680,330
Japan			540,414			35,348,610			—			35,889,024
Netherlands			—			7,276,202			—			7,276,202
New Zealand			—			571,999			—			571,999
Norway			—			2,022,761			—			2,022,761
Singapore			—			2,605,423			—			2,605,423
Spain			—			9,387,423			—			9,387,423
Switzerland			—			9,432,124			—			9,432,124
United Kingdom			6,057,818			21,422,690			—			27,480,508
United States			319,337,046			—			—			319,337,046
Total Common Stock			346,105,759			138,111,451			—			484,217,210
Exchange-Traded Funds			7,468,796			—			—			7,468,796
Short-Term Investments			319,000			7,989,200			—			8,308,200
Total Investments, at fair value		$	353,893,555		$	146,100,651		$	—		$	499,994,206
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(18)		$	—		$	(18)
Total Liabilities		$	—		$	(18)		$	—		$	(18)

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

At June 30, 2023, the following forward foreign currency contracts were outstanding for Voya Global High Dividend Low Volatility Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 43,214

SGD 58,466

The Bank of New York Mellon

7/3/2023

(18)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2023 (Unaudited) (continued)

Currency Abbreviations

SGD – Singapore Dollar

USD – United States Dollar

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

The fair value of derivative instruments as of June 30, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	18
Total Liability Derivatives			$	18

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	(28,667)
Total		$	(28,667)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	(18)
Total		$	(18)

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, 2023:

	The Bank of New York Mellon
Liabilities:
Forward foreign currency contracts		$	18
Total Liabilities		$	18
Net OTC derivative instruments by counterparty, at fair value		$	(18)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—
Net Exposure(1)		$	(18)

(1)

At June 30, 2023, 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 federal income tax purposes was $478,848,657.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	44,419,164
Gross Unrealized Depreciation		(23,316,529)
Net Unrealized Appreciation	$	21,102,635

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2023 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 10.1%
30,000,000	Federal Home Loan Banks, 5.115%, (SOFRRATE + 0.055%), 11/24/2023		$	30,000,000		5.0
30,000,000	Federal Home Loan Banks, 5.180%, (SOFRRATE + 0.120%), 09/06/2023			30,000,000		5.1
	Total U.S. Government Agency Debt (Cost $60,000,000)			60,000,000		10.1
U.S. TREASURY DEBT: 49.9%
24,000,000 (1)	United States Treasury Bill, 5.080%, 08/10/2023			23,863,867		4.0
32,000,000 (1)	United States Treasury Bill, 5.340%, 10/24/2023			31,466,400		5.3
8,000,000 (1)	United States Treasury Bill, 5.530%, 12/28/2023			7,786,446		1.3
200,500,000	United States Treasury Floating Rate Note, 5.278%, (USBMMY3M + 0.029%), 07/31/2023			200,513,232		33.6
34,000,000	United States Treasury Floating Rate Note, 5.284%, (USBMMY3M + 0.035%), 10/31/2023			34,008,575		5.7
	Total U.S. Treasury Debt (Cost $297,638,520)			297,638,520		49.9
U.S. TREASURY REPURCHASE AGREEMENT: 29.2%
	Repurchase Agreement: 29.2%
173,799,000	Deutsche Bank Repurchase Agreement dated 06/30/23, 5.030%, due 07/03/23, $173,871,851 to be received upon repurchase (Collateralized by $286,798,103, U.S. Treasury strips, 0.000%, Market Value plus accrued interest $179,012,970 due 5/15/24-11/15/50), 5.030%, 07/03/2023			173,799,000		29.2
	Total U.S. Treasury Repurchase Agreement (Cost $173,799,000)			173,799,000		29.2

Shares		Value			Percentage of Net Assets
INVESTMENT COMPANIES: 4.2%
25,000,000 (2)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 2.798%, 10/03/22		$	25,000,000		4.2
	Total Investment Companies (Cost $25,000,000)			25,000,000		4.2
	Total Investments in Securities (Cost $556,437,520)		$	556,437,520		93.4
	Assets in Excess of Other Liabilities			39,448,713		6.6
	Net Assets		$	595,886,233		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, 2023.

(2)

Rate shown is the 7-day yield as of June 30, 2023.

Reference Rate Abbreviations:

SOFRRATE

1-day Secured Overnight Financing Rate

USBMMY3M

U.S. Treasury 3-month Bill Money Market Yield

	Investment Type Allocation as of June 30, 2023 (as a percentage of net assets)
	U.S. Treasury Debt			49.9%
	U.S. Treasury Repurchase Agreement			29.2%
	U.S. Government Agency Debt			10.1%
	Investment Companies			4.2%
	Assets in Excess of Other Liabilities			6.6%
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

At June 30, 2023, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
U.S. Government Agency Debt		$	—		$	60,000,000		$	—		$	60,000,000
Investment Companies			25,000,000			—			—			25,000,000
U.S. Treasury Debt			—			297,638,520			—			297,638,520
U.S. Treasury Repurchase Agreement			—			173,799,000			—			173,799,000
Total Investments, at fair value		$	25,000,000		$	531,437,520		$	—		$	556,437,520

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

The following table is a summary of the Portfolio’s repurchase agreements by counterparty which are subject to offset under a MRA as of June 30, 2023:

Counterparty	Government Repurchase Agreement, at fair value	Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank	$173,799,000		$	(173,799,000)		$	—
Totals	$173,799,000		$	(173,799,000)		$	—

(1)

Collateral with a fair value of $179,012,970 has been pledged in connection with the above government repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.5%
	Communication Services: 4.9%
347,767 (1)	Activision Blizzard, Inc.		$	29,316,758		1.5
2,913,545	AT&T, Inc.			46,471,043		2.3
772,140 (1)	Pinterest, Inc.			21,110,308		1.1
				96,898,109		4.9
	Consumer Discretionary: 8.4%
724,651 (1)	Amazon.com, Inc.			94,465,504		4.8
186,953 (1)	Aptiv PLC			19,086,032		1.0
253,764 (1)	Expedia Group, Inc.			27,759,244		1.4
182,581	Ralph Lauren Corp.			22,512,237		1.2
				163,823,017		8.4
	Consumer Staples: 6.5%
872,599	Kraft Heinz Co.			30,977,265		1.6
609,643	Mondelez International, Inc.			44,467,360		2.2
537,068	Philip Morris International, Inc.			52,428,578		2.7
				127,873,203		6.5
	Energy: 4.4%
731,145	BP PLC ADR			25,802,107		1.3
244,079	ConocoPhillips			25,289,025		1.3
362,278	Halliburton Co.			11,951,552		0.6
190,360	Valero Energy Corp.			22,329,228		1.2
				85,371,912		4.4
	Financials: 10.8%
304,863	Apollo Global Management, Inc.			23,416,527		1.2
154,285	Arthur J. Gallagher & Co.			33,876,357		1.8
584,536	Bank of New York Mellon Corp.			26,023,543		1.3
414,364	Hartford Financial Services Group, Inc.			29,842,495		1.5
332,085	Intercontinental Exchange, Inc.			37,552,172		1.9
317,383	JPMorgan Chase & Co.			46,160,184		2.4
467,447	Truist Financial Corp.			14,187,016		0.7
				211,058,294		10.8
	Health Care: 16.4%
203,087	Abbott Laboratories			22,140,545		1.1
235,546 (2)	Alcon, Inc.			19,340,682		1.0
391,100 (1)	Boston Scientific Corp.			21,154,599		1.1
400,478	Bristol-Myers Squibb Co.			25,610,568		1.3
117,039	Cigna Corp.			32,841,143		1.7
64,131	Eli Lilly & Co.			30,076,156		1.5
77,445	HCA Healthcare, Inc.			23,503,009		1.2
255,306	Johnson & Johnson			42,258,249		2.2
56,111	McKesson Corp.			23,976,792		1.2
176,745	Quest Diagnostics, Inc.			24,843,277		1.3
65,843	Stryker Corp.			20,088,041		1.0
97,863 (1)	Vertex Pharmaceuticals, Inc.			34,438,968		1.8
				320,272,029		16.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 7.2%
327,728	Emerson Electric Co.		$	29,623,334		1.5
759,754	Howmet Aerospace, Inc.			37,653,408		1.9
323,381	Ingersoll Rand, Inc.			21,136,182		1.1
77,043	Parker Hannifin Corp.			30,049,852		1.6
49,067	United Rentals, Inc.			21,852,970		1.1
				140,315,746		7.2
	Information Technology: 31.1%
891,926	Apple, Inc.			173,006,886		8.9
355,509	Dolby Laboratories, Inc.			29,748,993		1.5
353,784	Micron Technology, Inc.			22,327,308		1.1
478,748	Microsoft Corp.			163,032,844		8.3
194,113	Nvidia Corp.			82,113,681		4.2
142,446 (1)	Palo Alto Networks, Inc.			36,396,378		1.9
72,038	Roper Technologies, Inc.			34,635,870		1.8
36,776 (1)	ServiceNow, Inc.			20,667,009		1.1
236,385	Taiwan Semiconductor Manufacturing Co., Ltd. ADR			23,855,974		1.2
343,135 (1)	Twilio, Inc.			21,830,249		1.1
				607,615,192		31.1
	Materials: 2.9%
70,907	Air Products & Chemicals, Inc.			21,238,774		1.1
347,697	Alcoa Corp.			11,797,359		0.6
130,775	CF Industries Holdings, Inc.			9,078,401		0.4
56,221	Reliance Steel & Aluminum Co.			15,269,061		0.8
				57,383,595		2.9
	Real Estate: 3.1%
192,761	ProLogis, Inc.			23,638,281		1.2
128,753	Ryman Hospitality Properties			11,963,729		0.6
314,698	Welltower, Inc.			25,455,921		1.3
				61,057,931		3.1
	Utilities: 2.8%
370,655	NextEra Energy, Inc.			27,502,601		1.4
428,110	Public Service Enterprise Group, Inc.			26,803,967		1.4
				54,306,568		2.8
	Total Common Stock (Cost $1,565,678,216)			1,925,975,596		98.5
OTHER(3): —%
	Utilities: —%
10,000,000 (4)(5)	Southern Energy (Escrow)			—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $1,565,678,216)			1,925,975,596		98.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.6%
	Repurchase Agreements: 0.2%
1,000,000 (6)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,000,416, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,020,000, due 04/01/35-09/01/61)		$	1,000,000		0.1
1,000,000 (6)	Citigroup, Inc., Repurchase Agreement dated 06/30/23, 5.07%, due 07/03/23 (Repurchase Amount $1,000,417, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 10/31/24-08/20/67)			1,000,000		0.0
597,461 (6)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/23, 5.07%, due 07/03/23 (Repurchase Amount $597,710, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $609,410, due 07/27/23-07/01/53)			597,461		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (6)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,000,416, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,020,000, due 07/31/23-05/20/53)		$	1,000,000		0.1
	Total Repurchase Agreements (Cost $3,597,461)			3,597,461		0.2

Shares		Value			Percentage of Net Assets
	Mutual Funds: 1.4%
27,311,000 (7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.030% (Cost $27,311,000)			27,311,000		1.4
	Total Short-Term Investments (Cost $30,908,461)			30,908,461		1.6
	Total Investments in Securities (Cost $1,596,586,677)		$	1,956,884,057		100.1
	Liabilities in Excess of Other Assets			(2,293,985)		(0.1)
	Net Assets		$	1,954,590,072		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2023 (Unaudited) (continued)

(2)

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

(3)

Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing.

(4)

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

(5)

Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2023, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(6)

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

(7)

Rate shown is the 7-day yield as of June 30, 2023.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock*		$	1,925,975,596		$	—		$	—		$	1,925,975,596
Other			—			—			—			—
Short-Term Investments			27,311,000			3,597,461			—			30,908,461
Total Investments, at fair value		$	1,953,286,596		$	3,597,461		$	—		$	1,956,884,057

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, 2023, Voya Growth and Income Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Southern Energy (Escrow)

11/30/2005

—

At June 30, 2023, 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 federal income tax purposes was $1,605,383,033.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	433,493,769
Gross Unrealized Depreciation		(81,992,673)
Net Unrealized Appreciation	$	351,501,096

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 27.6%
	Basic Materials: 0.5%
445,000 (1)	Anglo American Capital PLC, 2.250%, 03/17/2028		$	382,923		0.0
1,250,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024			1,215,380		0.1
717,000 (1)	Anglo American Capital PLC, 5.500%, 05/02/2033			700,881		0.0
225,000 (1)	Anglo American Capital PLC, 5.625%, 04/01/2030			224,252		0.0
1,448,000 (2)	BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033			1,442,962		0.1
88,000	Dow Chemical Co., 4.375%, 11/15/2042			74,244		0.0
500,000	Dow Chemical Co/The, 4.625%, 10/01/2044			433,108		0.0
66,000 (2)	Dow Chemical Co/The, 6.300%, 03/15/2033			71,033		0.0
441,000	FMC Corp., 5.150%, 05/18/2026			434,108		0.0
194,000 (1)	Georgia-Pacific LLC, 0.625%, 05/15/2024			186,169		0.0
206,000 (1)	International Flavors & Fragrances, Inc., 1.832%, 10/15/2027			173,891		0.0
183,000	LYB International Finance III LLC, 3.625%, 04/01/2051			126,799		0.0
78,000	LYB International Finance III LLC, 4.200%, 05/01/2050			59,565		0.0
40,000	Mosaic Co/The, 4.875%, 11/15/2041			34,312		0.0
1,670,000	Mosaic Co/The, 5.450%, 11/15/2033			1,628,032		0.1
75,000	Mosaic Co/The, 5.625%, 11/15/2043			70,667		0.0
128,000 (1)	Newcrest Finance Pty Ltd., 3.250%, 05/13/2030			113,036		0.0
164,000 (1)	Newcrest Finance Pty Ltd., 4.200%, 05/13/2050			134,725		0.0
248,000 (1)(2)	Northern Star Resources Ltd., 6.125%, 04/11/2033			240,891		0.0
155,000	Nucor Corp., 4.300%, 05/23/2027			150,531		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
651,000	Nutrien Ltd., 2.950%, 05/13/2030		$	566,077		0.0
104,000	Nutrien Ltd., 5.800%, 03/27/2053			104,439		0.0
80,000	Nutrien Ltd., 5.875%, 12/01/2036			80,402		0.0
79,000	Nutrien Ltd., 5.950%, 11/07/2025			79,508		0.0
342,000 (1)	OCI NV, 6.700%, 03/16/2033			334,547		0.0
914,000	Rio Tinto Finance USA PLC, 5.000%, 03/09/2033			922,447		0.0
984,000	Rio Tinto Finance USA PLC, 5.125%, 03/09/2053			993,034		0.1
306,000	RPM International, Inc., 2.950%, 01/15/2032			242,672		0.0
1,147,000	Steel Dynamics, Inc., 1.650%, 10/15/2027			975,292		0.1
196,000	Westlake Corp., 3.125%, 08/15/2051			122,901		0.0
				12,318,828		0.5
	Communications: 2.3%
1,050,000	Amazon.com, Inc., 2.100%, 05/12/2031			883,495		0.1
2,340,000	Amazon.com, Inc., 2.875%, 05/12/2041			1,806,530		0.1
405,000	Amazon.com, Inc., 3.100%, 05/12/2051			302,563		0.0
268,000	Amazon.com, Inc., 3.250%, 05/12/2061			194,232		0.0
98,000	Amazon.com, Inc., 3.950%, 04/13/2052			85,489		0.0
1,003,000	Amazon.com, Inc., 4.100%, 04/13/2062			864,566		0.1
898,000	Amazon.com, Inc., 4.550%, 12/01/2027			892,896		0.1
428,000	AT&T, Inc., 3.500%, 06/01/2041			328,984		0.0
478,000	AT&T, Inc., 3.500%, 09/15/2053			338,722		0.0
960,000	AT&T, Inc., 3.550%, 09/15/2055			672,767		0.0
2,210,000	AT&T, Inc., 3.650%, 09/15/2059			1,540,216		0.1
267,000	AT&T, Inc., 3.800%, 12/01/2057			193,529		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,353,000	AT&T, Inc., 4.900%, 08/15/2037		$	1,270,918		0.1
1,263,000	Bell Telephone Co. of Canada or Bell Canada/The, 5.100%, 05/11/2033			1,247,983		0.1
764,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			636,540		0.0
98,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.800%, 04/01/2031			78,893		0.0
259,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050			195,628		0.0
26,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/2045			24,461		0.0
761,000	Comcast Corp., 1.950%, 01/15/2031			622,972		0.0
1,018,000	Comcast Corp., 2.650%, 02/01/2030			891,068		0.1
328,000	Comcast Corp., 2.887%, 11/01/2051			220,095		0.0
524,000	Comcast Corp., 2.937%, 11/01/2056			341,611		0.0
62,000	Comcast Corp., 3.200%, 07/15/2036			50,913		0.0
312,000	Comcast Corp., 3.250%, 11/01/2039			247,760		0.0
706,000	Comcast Corp., 3.900%, 03/01/2038			614,067		0.0
1,347,000	Comcast Corp., 3.969%, 11/01/2047			1,117,108		0.1
125,000	Comcast Corp., 4.000%, 08/15/2047			104,297		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
636,000	Comcast Corp., 5.350%, 11/15/2027		$	647,688		0.0
671,000	Comcast Corp., 5.350%, 05/15/2053			681,896		0.0
2,441,000	Comcast Corp., 5.500%, 05/15/2064			2,477,376		0.1
266,000	Comcast Corp., 5.650%, 06/15/2035			279,197		0.0
83,000	Comcast Corp., 6.500%, 11/15/2035			93,110		0.0
588,000	Corning, Inc., 5.450%, 11/15/2079			531,839		0.0
231,000	Discovery Communications LLC, 4.875%, 04/01/2043			188,239		0.0
84,000	Discovery Communications LLC, 5.300%, 05/15/2049			69,791		0.0
608,000	Meta Platforms, Inc., 3.500%, 08/15/2027			577,598		0.0
2,321,000	Meta Platforms, Inc., 4.450%, 08/15/2052			2,019,736		0.1
264,000	Meta Platforms, Inc., 4.650%, 08/15/2062			232,101		0.0
233,000	Meta Platforms, Inc., 4.950%, 05/15/2033			232,914		0.0
340,000	Meta Platforms, Inc., 5.600%, 05/15/2053			349,438		0.0
2,536,000	Meta Platforms, Inc., 5.750%, 05/15/2063			2,626,644		0.1
1,082,000 (1)	NBN Co. Ltd., 1.450%, 05/05/2026			973,558		0.1
550,000 (1)(2)	NBN Co. Ltd., 1.625%, 01/08/2027			487,891		0.0
365,000 (1)	NBN Co. Ltd., 2.500%, 01/08/2032			299,408		0.0
137,000	Orange SA, 9.000%, 03/01/2031			168,322		0.0
649,000	Paramount Global, 4.375%, 03/15/2043			458,326		0.0
1,032,000 (2)	Paramount Global, 4.950%, 01/15/2031			930,422		0.1
1,050,000	Paramount Global, 4.950%, 05/19/2050			788,723		0.0
191,000	Paramount Global, 5.250%, 04/01/2044			145,197		0.0
43,000	Paramount Global, 5.500%, 05/15/2033			38,975		0.0
747,000	Paramount Global, 5.850%, 09/01/2043			637,229		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
963,000	Sprint Nextel Corp., 6.875%, 11/15/2028		$	1,021,640		0.1
2,515,000	Sprint Nextel Corp., 8.750%, 03/15/2032			3,042,451		0.1
136,000	Time Warner Cable Enterprises LLC, 8.375%, 07/15/2033			149,484		0.0
1,000,000	Time Warner Cable LLC, 5.500%, 09/01/2041			832,729		0.1
3,754,000	Time Warner Cable LLC, 5.875%, 11/15/2040			3,314,648		0.2
527,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			457,253		0.0
508,000	T-Mobile USA, Inc., 2.250%, 02/15/2026			467,236		0.0
69,000	T-Mobile USA, Inc., 2.550%, 02/15/2031			57,375		0.0
163,000	T-Mobile USA, Inc., 2.625%, 04/15/2026			151,206		0.0
691,000	T-Mobile USA, Inc., 2.625%, 02/15/2029			600,775		0.0
163,000	T-Mobile USA, Inc., 2.875%, 02/15/2031			137,924		0.0
155,000	T-Mobile USA, Inc., 3.375%, 04/15/2029			140,112		0.0
1,130,000	T-Mobile USA, Inc., 3.500%, 04/15/2031			998,223		0.1
198,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			182,529		0.0
851,000	T-Mobile USA, Inc., 4.375%, 04/15/2040			752,121		0.0
731,000	T-Mobile USA, Inc., 4.500%, 04/15/2050			627,687		0.0
370,000	T-Mobile USA, Inc., 5.750%, 01/15/2054			382,449		0.0
1,193,000	T-Mobile USA, Inc., 5.800%, 09/15/2062			1,213,558		0.1
25,000	TWDC Enterprises 18 Corp., 4.125%, 12/01/2041			22,021		0.0
507,000	Verizon Communications, Inc., 1.750%, 01/20/2031			400,188		0.0
748,000	Verizon Communications, Inc., 2.550%, 03/21/2031			624,751		0.0
279,000	Verizon Communications, Inc., 3.400%, 03/22/2041			215,504		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,094,000	Verizon Communications, Inc., 4.400%, 11/01/2034		$	1,010,325		0.1
422,000	Verizon Communications, Inc., 4.500%, 08/10/2033			398,380		0.0
3,176,000	Verizon Communications, Inc., 4.812%, 03/15/2039			2,974,049		0.1
83,000	Vodafone Group PLC, 5.125%, 06/19/2059			73,753		0.0
422,000	Vodafone Group PLC, 5.750%, 02/10/2063			408,578		0.0
94,000	Walt Disney Co/The, 2.000%, 09/01/2029			80,066		0.0
78,000	Walt Disney Co/The, 4.750%, 09/15/2044			74,144		0.0
55,000	Walt Disney Co/The, 5.400%, 10/01/2043			56,133		0.0
157,000	Walt Disney Co/The, 6.550%, 03/15/2033			174,536		0.0
130,000	Walt Disney Co/The, 8.500%, 02/23/2025			135,891		0.0
				52,881,640		2.3
	Consumer, Cyclical: 1.2%
122,986	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			114,524		0.0
38,676	American Airlines 2016-1 Class AA Pass Through Trust, 3.575%, 07/15/2029			35,885		0.0
1,617,737	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			1,451,646		0.1
97,621	American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 04/15/2030			86,684		0.0
310,270	American Airlines 2017-1 Class AA Pass Through Trust, 3.650%, 08/15/2030			286,187		0.0
1,525,881	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			1,358,319		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
454,646	American Airlines 2019-1 Class AA Pass Through Trust, 3.150%, 08/15/2033		$	396,952		0.0
872,000	American Honda Finance Corp., 4.700%, 01/12/2028			865,719		0.0
86,193	Delta Air Lines 2015-1 Class A Pass Through Trust, 3.875%, 01/30/2029			77,934		0.0
631,248	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			544,781		0.0
176,307 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			171,281		0.0
517,000	Dollar General Corp., 5.200%, 07/05/2028			511,856		0.0
465,000	Dollar General Corp., 5.450%, 07/05/2033			461,750		0.0
935,000	General Motors Co., 6.125%, 10/01/2025			941,732		0.1
985,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			969,853		0.1
1,893,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			1,815,714		0.1
387,000	General Motors Financial Co., Inc., 5.850%, 04/06/2030			383,989		0.0
378,000	Home Depot, Inc./The, 2.750%, 09/15/2051			254,785		0.0
90,000	Home Depot, Inc./The, 3.250%, 04/15/2032			80,895		0.0
250,000	Home Depot, Inc./The, 3.300%, 04/15/2040			203,209		0.0
71,000	Home Depot, Inc./The, 4.950%, 09/15/2052			70,572		0.0
925,000 (1)	Hyundai Capital America, 5.680%, 06/26/2028			918,090		0.0
496,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			405,166		0.0
351,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			282,174		0.0
119,000	Lowe’s Cos, Inc., 4.650%, 04/15/2042			105,941		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
398,000	Lowe’s Cos, Inc., 5.750%, 07/01/2053		$	405,872		0.0
124,000	Lowe’s Cos, Inc., 5.800%, 09/15/2062			122,728		0.0
303,000	Lowe’s Cos, Inc., 5.850%, 04/01/2063			302,356		0.0
109,000	McDonald’s Corp., 5.700%, 02/01/2039			112,475		0.0
666,400 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			668,664		0.0
1,977,000 (2)	Target Corp., 4.400%, 01/15/2033			1,922,831		0.1
910,000	Target Corp., 4.800%, 01/15/2053			871,782		0.0
313,000	Toyota Motor Credit Corp., 1.900%, 01/13/2027			282,812		0.0
595,000	Toyota Motor Credit Corp., 4.450%, 06/29/2029			583,936		0.0
1,150,000	Toyota Motor Credit Corp., 4.550%, 09/20/2027			1,134,710		0.1
223,000	Toyota Motor Credit Corp., 4.700%, 01/12/2033			220,969		0.0
2,027,772	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			1,790,044		0.1
29,805	United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 09/01/2031			25,868		0.0
289,418	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031			261,512		0.0
139,515	United Airlines 2019-1 Class AA Pass Through Trust, 4.150%, 02/25/2033			128,168		0.0
1,512,828	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			1,501,708		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
2,008,892	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026		$	1,993,065		0.1
963,000	Walmart, Inc., 4.000%, 04/15/2030			937,078		0.1
481,000	Walmart, Inc., 4.100%, 04/15/2033			467,288		0.0
1,901,000	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			1,773,950		0.1
449,000	Warnermedia Holdings, Inc., 5.050%, 03/15/2042			378,696		0.0
206,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			167,872		0.0
435,000	Warnermedia Holdings, Inc., 5.391%, 03/15/2062			354,801		0.0
293,000	WW Grainger, Inc., 3.750%, 05/15/2046			237,859		0.0
				29,442,682		1.2
	Consumer, Non-cyclical: 4.7%
109,000	Abbott Laboratories, 4.900%, 11/30/2046			110,125		0.0
1,663,000	AbbVie, Inc., 2.600%, 11/21/2024			1,596,402		0.1
251,000	AbbVie, Inc., 3.200%, 05/14/2026			237,983		0.0
280,000	AbbVie, Inc., 3.200%, 11/21/2029			253,376		0.0
276,000	AbbVie, Inc., 4.050%, 11/21/2039			240,441		0.0
1,257,000	AbbVie, Inc., 4.300%, 05/14/2036			1,155,269		0.1
1,964,000	AbbVie, Inc., 4.400%, 11/06/2042			1,759,839		0.1
870,000	AbbVie, Inc., 4.500%, 05/14/2035			827,079		0.0
292,000	AbbVie, Inc., 4.550%, 03/15/2035			278,294		0.0
1,931,000	AbbVie, Inc., 4.625%, 10/01/2042			1,747,402		0.1
609,000	Altria Group, Inc., 3.700%, 02/04/2051			408,528		0.0
750,000	Altria Group, Inc., 3.875%, 09/16/2046			526,422		0.0
220,000	Amgen, Inc., 2.200%, 02/21/2027			199,978		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
54,000	Amgen, Inc., 2.300%, 02/25/2031		$	44,898		0.0
178,000	Amgen, Inc., 2.450%, 02/21/2030			152,708		0.0
937,000	Amgen, Inc., 2.770%, 09/01/2053			583,007		0.0
347,000	Amgen, Inc., 3.150%, 02/21/2040			265,633		0.0
745,000	Amgen, Inc., 4.400%, 02/22/2062			612,111		0.0
146,000	Amgen, Inc., 5.250%, 03/02/2030			146,403		0.0
990,000	Amgen, Inc., 5.250%, 03/02/2033			991,735		0.1
2,538,000	Amgen, Inc., 5.600%, 03/02/2043			2,547,420		0.1
1,285,000	Amgen, Inc., 5.650%, 03/02/2053			1,302,258		0.1
817,000	Amgen, Inc., 5.750%, 03/02/2063			829,444		0.0
1,375,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			1,338,340		0.1
1,324,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			1,266,582		0.1
355,000	Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038			329,082		0.0
314,000	Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048			282,954		0.0
278,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 01/23/2029			276,945		0.0
1,260,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			1,304,816		0.1
529,000	Astrazeneca Finance LLC, 4.900%, 03/03/2030			530,333		0.0
140,000	BAT Capital Corp., 3.557%, 08/15/2027			128,824		0.0
866,000	BAT Capital Corp., 3.734%, 09/25/2040			617,047		0.0
221,000	BAT Capital Corp., 4.390%, 08/15/2037			176,957		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,132,000	Becton Dickinson & Co., 4.693%, 02/13/2028		$	1,117,269		0.1
176,000	Bristol-Myers Squibb Co., 3.200%, 06/15/2026			168,508		0.0
44,000	Bristol-Myers Squibb Co., 3.400%, 07/26/2029			40,895		0.0
272,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			220,866		0.0
64,000	Bristol-Myers Squibb Co., 3.900%, 03/15/2062			51,479		0.0
1,757,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			1,603,564		0.1
161,000	Bristol-Myers Squibb Co., 4.550%, 02/20/2048			150,300		0.0
94,000	Bristol-Myers Squibb Co., 4.625%, 05/15/2044			88,961		0.0
796,000 (1)	Cargill, Inc., 1.700%, 02/02/2031			633,723		0.0
494,000 (1)	Cargill, Inc., 2.125%, 04/23/2030			413,928		0.0
1,008,000 (1)	Cargill, Inc., 2.125%, 11/10/2031			811,394		0.0
84,000	Centene Corp., 2.450%, 07/15/2028			71,881		0.0
570,000	Centene Corp., 2.625%, 08/01/2031			454,974		0.0
8,931,000	Centene Corp., 3.000%, 10/15/2030			7,450,749		0.3
2,195,000	Cigna Corp., 3.250%, 04/15/2025			2,103,421		0.1
58,000	Cigna Corp., 4.125%, 11/15/2025			56,484		0.0
2,101,000	Cigna Corp., 4.800%, 08/15/2038			1,985,506		0.1
475,000 (1)	Coca-Cola Europacific Partners PLC, 1.500%, 01/15/2027			419,328		0.0
755,000 (1)	CSL Finance PLC, 4.750%, 04/27/2052			703,957		0.0
321,000 (1)	CSL Finance PLC, 4.950%, 04/27/2062			297,649		0.0
952,000	CVS Health Corp., 2.700%, 08/21/2040			665,256		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,075,000	CVS Health Corp., 3.875%, 07/20/2025		$	1,045,089		0.1
1,886,000	CVS Health Corp., 4.125%, 04/01/2040			1,590,931		0.1
284,000	CVS Health Corp., 4.300%, 03/25/2028			274,091		0.0
3,716,000	CVS Health Corp., 4.780%, 03/25/2038			3,431,450		0.2
203,000	CVS Health Corp., 5.125%, 07/20/2045			187,921		0.0
215,000	CVS Health Corp., 5.300%, 06/01/2033			214,773		0.0
703,000	CVS Health Corp., 6.000%, 06/01/2063			723,970		0.0	��
46,778	CVS Pass-Through Trust, 6.943%, 01/10/2030			47,686		0.0
507,000 (1)	Danone SA, 2.589%, 11/02/2023			501,762		0.0
224,000	Diageo Capital PLC, 2.125%, 10/24/2024			214,342		0.0
262,000	Diageo Capital PLC, 3.500%, 09/18/2023			260,810		0.0
200,000	Diageo Capital PLC, 5.300%, 10/24/2027			203,359		0.0
44,000	Elevance Health, Inc., 2.550%, 03/15/2031			36,997		0.0
201,000	Elevance Health, Inc., 2.875%, 09/15/2029			177,233		0.0
165,000	Elevance Health, Inc., 4.625%, 05/15/2042			148,580		0.0
378,000	Elevance Health, Inc., 4.900%, 02/08/2026			371,928		0.0
106,000	Elevance Health, Inc., 5.100%, 01/15/2044			100,826		0.0
1,112,000	Eli Lilly & Co., 4.875%, 02/27/2053			1,143,037		0.1
555,000	Eli Lilly & Co., 4.950%, 02/27/2063			566,882		0.0
998,000	Equifax, Inc., 5.100%, 06/01/2028			984,070		0.1
721,000 (1)	ERAC USA Finance LLC, 5.400%, 05/01/2053			720,378		0.0
612,000 (2)	Estee Lauder Cos, Inc./The, 4.650%, 05/15/2033			602,024		0.0
1,105,000	Estee Lauder Cos, Inc./The, 5.150%, 05/15/2053			1,126,278		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
932,000 (1)	Fresenius Medical Care US Finance III, Inc., 1.875%, 12/01/2026		$	804,447		0.0
1,456,000	Global Payments, Inc., 1.200%, 03/01/2026			1,294,577		0.1
491,000	Global Payments, Inc., 4.450%, 06/01/2028			461,149		0.0
471,000	Global Payments, Inc., 5.950%, 08/15/2052			451,364		0.0
614,000	Haleon US Capital LLC, 3.375%, 03/24/2029			558,324		0.0
345,000	HCA, Inc., 2.375%, 07/15/2031			276,129		0.0
440,000 (1)	HCA, Inc., 3.125%, 03/15/2027			404,333		0.0
130,000 (1)	HCA, Inc., 3.375%, 03/15/2029			115,680		0.0
326,000	HCA, Inc., 3.500%, 09/01/2030			285,919		0.0
670,000 (1)	HCA, Inc., 4.375%, 03/15/2042			555,607		0.0
1,604,000	HCA, Inc., 4.500%, 02/15/2027			1,548,133		0.1
772,000	HCA, Inc., 5.250%, 04/15/2025			762,568		0.0
295,000	HCA, Inc., 5.250%, 06/15/2049			266,465		0.0
930,000	HCA, Inc., 5.500%, 06/01/2033			928,929		0.0
67,000	HCA, Inc., 5.875%, 02/01/2029			67,469		0.0
958,000	HCA, Inc., 5.900%, 06/01/2053			949,946		0.1
253,000	Hershey Co/The, 3.125%, 11/15/2049			186,962		0.0
124,000	Hormel Foods Corp., 3.050%, 06/03/2051			88,486		0.0
1,115,000	Humana, Inc., 1.350%, 02/03/2027			970,790		0.1
155,000	J M Smucker Co/The, 2.750%, 09/15/2041			108,654		0.0
155,000	Johnson & Johnson, 2.100%, 09/01/2040			109,298		0.0
613,000	Johnson & Johnson, 3.625%, 03/03/2037			552,147		0.0
161,000	Johnson & Johnson, 5.850%, 07/15/2038			179,779		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,326,000 (1)	Kenvue, Inc., 4.900%, 03/22/2033		$	1,342,494		0.1
551,000 (1)	Kenvue, Inc., 5.050%, 03/22/2028			555,807		0.0
65,000 (1)	Kenvue, Inc., 5.050%, 03/22/2053			66,407		0.0
1,123,000 (1)	Kenvue, Inc., 5.100%, 03/22/2043			1,142,455		0.1
1,016,000 (1)	Kenvue, Inc., 5.200%, 03/22/2063			1,041,050		0.1
403,000	Kraft Heinz Foods Co., 5.000%, 06/04/2042			377,361		0.0
400,000	Kraft Heinz Foods Co., 5.200%, 07/15/2045			381,139		0.0
384,000 (1)	Mars, Inc., 2.375%, 07/16/2040			264,075		0.0
1,870,000 (1)	Mars, Inc., 3.875%, 04/01/2039			1,587,077		0.1
644,000	McKesson Corp., 5.250%, 02/15/2026			641,858		0.0
1,759,000	Medtronic Global Holdings SCA, 4.500%, 03/30/2033			1,724,721		0.1
230,000	Merck & Co., Inc., 4.500%, 05/17/2033			228,244		0.0
628,000	Merck & Co., Inc., 4.900%, 05/17/2044			630,025		0.0
558,000	Merck & Co., Inc., 5.000%, 05/17/2053			565,712		0.0
579,000	Merck & Co., Inc., 5.150%, 05/17/2063			591,903		0.0
534,000	Molson Coors Beverage Co., 4.200%, 07/15/2046			442,673		0.0
125,000	Mondelez International, Inc., 2.625%, 03/17/2027			115,464		0.0
852,000	Mylan, Inc., 5.200%, 04/15/2048			664,428		0.0
1,145,000 (1)	Nestle Holdings, Inc., 3.900%, 09/24/2038			1,027,694		0.1
1,116,000 (1)	Nestle Holdings, Inc., 4.125%, 10/01/2027			1,092,162		0.1
380,000	PayPal Holdings, Inc., 2.300%, 06/01/2030			322,428		0.0
50,000	PayPal Holdings, Inc., 2.850%, 10/01/2029			44,374		0.0
2,243,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			2,181,695		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
3,383,000	Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033		$	3,371,569		0.2
160,000	Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043			160,466		0.0
2,774,000	Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053			2,886,253		0.1
637,000	Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063			645,143		0.0
2,911,000	Philip Morris International, Inc., 5.375%, 02/15/2033			2,906,194		0.1
147,000	Quanta Services, Inc., 2.350%, 01/15/2032			115,785		0.0
560,000	Reynolds American, Inc., 5.850%, 08/15/2045			498,690		0.0
480,000 (1)	Roche Holdings, Inc., 2.607%, 12/13/2051			325,693		0.0
537,000	Royalty Pharma PLC, 1.200%, 09/02/2025			484,486		0.0
1,160,000	Royalty Pharma PLC, 1.750%, 09/02/2027			995,386		0.1
432,000	S&P Global, Inc., 1.250%, 08/15/2030			340,455		0.0
246,000	S&P Global, Inc., 2.450%, 03/01/2027			227,053		0.0
1,131,000	S&P Global, Inc., 2.700%, 03/01/2029			1,018,757		0.1
1,422,000	S&P Global, Inc., 2.900%, 03/01/2032			1,233,110		0.1
200,000	Takeda Pharmaceutical Co. Ltd., 3.025%, 07/09/2040			151,534		0.0
420,000	Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/2028			417,748		0.0
95,000	Thermo Fisher Scientific, Inc., 4.800%, 11/21/2027			95,484		0.0
830,000 (1)	Triton Container International Ltd., 2.050%, 04/15/2026			724,981		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
657,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031		$	506,155		0.0
153,000	UnitedHealth Group, Inc., 1.150%, 05/15/2026			138,431		0.0
774,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			575,583		0.0
379,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			293,285		0.0
158,000	UnitedHealth Group, Inc., 3.250%, 05/15/2051			118,026		0.0
1,215,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			1,020,234		0.1
518,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047			426,892		0.0
1,171,000	UnitedHealth Group, Inc., 4.200%, 05/15/2032			1,118,389		0.1
61,000	UnitedHealth Group, Inc., 4.450%, 12/15/2048			55,641		0.0
34,000	UnitedHealth Group, Inc., 4.750%, 05/15/2052			32,285		0.0
625,000	UnitedHealth Group, Inc., 5.050%, 04/15/2053			621,692		0.0
976,000	UnitedHealth Group, Inc., 5.200%, 04/15/2063			977,314		0.1
465,000	UnitedHealth Group, Inc., 5.875%, 02/15/2053			516,988		0.0
437,000	Utah Acquisition Sub, Inc., 5.250%, 06/15/2046			344,836		0.0
553,000	Viatris, Inc., 2.700%, 06/22/2030			447,798		0.0
1,827,000	Viatris, Inc., 3.850%, 06/22/2040			1,264,031		0.1
				111,267,912		4.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: 2.1%
321,000	BP Capital Markets America, Inc., 2.772%, 11/10/2050		$	212,662		0.0
1,012,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			691,878		0.0
177,000	BP Capital Markets America, Inc., 3.000%, 02/24/2050			123,537		0.0
174,000	BP Capital Markets America, Inc., 3.937%, 09/21/2028			166,633		0.0
226,000	BP Capital Markets PLC, 3.279%, 09/19/2027			212,937		0.0
752,000 (3)	BP Capital Markets PLC, 4.875%, 12/31/2199			685,918		0.0
302,000 (1)	Cameron LNG LLC, 2.902%, 07/15/2031			260,314		0.0
37,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029			33,534		0.0
624,000 (1)	Cheniere Energy Partners L.P., 5.950%, 06/30/2033			626,596		0.0
989,000	ConocoPhillips Co., 5.300%, 05/15/2053			1,006,858		0.1
3,934,000	Coterra Energy, Inc., 3.900%, 05/15/2027			3,710,635		0.2
33,000	Coterra Energy, Inc., 4.375%, 03/15/2029			30,844		0.0
1,181,000	Diamondback Energy, Inc., 4.250%, 03/15/2052			907,179		0.1
207,000	Diamondback Energy, Inc., 4.400%, 03/24/2051			163,970		0.0
1,093,000	Diamondback Energy, Inc., 6.250%, 03/15/2033			1,131,136		0.1
437,000	Diamondback Energy, Inc., 6.250%, 03/15/2053			442,516		0.0
1,198,000	Enbridge, Inc., 5.700%, 03/08/2033			1,214,995		0.1
979,000 (3)	Enbridge, Inc., 5.750%, 07/15/2080			885,304		0.1
809,000 (3)	Enbridge, Inc., 7.375%, 01/15/2083			795,335		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
798,000 (3)	Enbridge, Inc., 7.625%, 01/15/2083		$	803,882		0.0
582,000	Energy Transfer L.P., 4.250%, 04/01/2024			573,203		0.0
154,000	Energy Transfer L.P., 4.900%, 03/15/2035			141,391		0.0
1,625,000	Energy Transfer L.P., 5.300%, 04/01/2044			1,410,902		0.1
1,936,000	Energy Transfer L.P., 5.300%, 04/15/2047			1,686,539		0.1
845,000	Energy Transfer L.P., 5.350%, 05/15/2045			739,678		0.0
169,000	Energy Transfer L.P., 5.400%, 10/01/2047			149,194		0.0
648,000	Energy Transfer L.P., 5.750%, 02/15/2033			653,133		0.0
399,000	Energy Transfer L.P., 5.800%, 06/15/2038			383,197		0.0
342,000	Energy Transfer L.P., 6.000%, 06/15/2048			324,816		0.0
1,067,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023			1,062,771		0.1
1,385,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025			1,347,600		0.1
1,200,000 (3)	Enterprise Products Operating LLC, 8.304%, 08/16/2077			1,182,936		0.1
55,000	EQT Corp., 5.700%, 04/01/2028			54,339		0.0
826,000	Equinor ASA, 3.125%, 04/06/2030			756,902		0.0
304,000	Exxon Mobil Corp., 2.275%, 08/16/2026			282,147		0.0
95,000	Exxon Mobil Corp., 2.995%, 08/16/2039			75,492		0.0
387,000	Exxon Mobil Corp., 4.227%, 03/19/2040			357,098		0.0
1,000,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024			980,133		0.1
920,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044			817,534		0.0
786,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			725,054		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
779,000	Marathon Petroleum Corp., 5.000%, 09/15/2054		$	644,211		0.0
752,000	Marathon Petroleum Corp., 5.125%, 12/15/2026			744,996		0.0
234,000	Marathon Petroleum Corp., 6.500%, 03/01/2041			241,413		0.0
88,000	MPLX L.P., 1.750%, 03/01/2026			79,921		0.0
206,000	MPLX L.P., 4.000%, 02/15/2025			199,746		0.0
1,100,000	MPLX L.P., 4.000%, 03/15/2028			1,037,416		0.1
91,000	MPLX L.P., 5.200%, 03/01/2047			79,935		0.0
473,000	MPLX L.P., 5.500%, 02/15/2049			429,151		0.0
611,000 (1)	Northern Natural Gas Co., 3.400%, 10/16/2051			418,129		0.0
223,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			231,920		0.0
468,000	Occidental Petroleum Corp., 7.500%, 05/01/2031			511,662		0.0
134,000 (2)	Occidental Petroleum Corp., 8.500%, 07/15/2027			144,869		0.0
414,000	ONEOK Partners L.P., 6.125%, 02/01/2041			400,667		0.0
908,000	ONEOK Partners L.P., 6.200%, 09/15/2043			880,168		0.1
766,000	ONEOK, Inc., 5.850%, 01/15/2026			769,189		0.0
363,000	Ovintiv, Inc., 5.650%, 05/15/2028			356,080		0.0
217,000	Ovintiv, Inc., 6.250%, 07/15/2033			214,173		0.0
238,000	Ovintiv, Inc., 6.500%, 08/15/2034			238,719		0.0
580,000	Ovintiv, Inc., 7.100%, 07/15/2053			597,538		0.0
405,000	Ovintiv, Inc., 7.375%, 11/01/2031			434,595		0.0
164,000	Phillips 66, 0.900%, 02/15/2024			159,162		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
52,000	Pioneer Natural Resources Co., 1.900%, 08/15/2030		$	42,174		0.0
409,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			360,742		0.0
35,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.300%, 01/31/2043			26,212		0.0
1,779,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			1,733,737		0.1
1,522,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			1,443,388		0.1
906,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			892,325		0.1
584,000 (1)	Santos Finance Ltd., 3.649%, 04/29/2031			485,344		0.0
875,000	Schlumberger Investment SA, 4.850%, 05/15/2033			860,901		0.1
104,000	Shell International Finance BV, 2.875%, 11/26/2041			77,838		0.0
170,000	Shell International Finance BV, 3.000%, 11/26/2051			119,945		0.0
604,000	Targa Resources Corp., 4.200%, 02/01/2033			535,099		0.0
530,000	Targa Resources Corp., 4.950%, 04/15/2052			438,564		0.0
274,000	Targa Resources Corp., 6.250%, 07/01/2052			268,198		0.0
138,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.000%, 01/15/2032			119,479		0.0
863,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031			798,521		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
361,000	TotalEnergies Capital International SA, 2.986%, 06/29/2041		$	275,151		0.0
113,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030			100,549		0.0
3,804,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			3,673,729		0.2
247,000	Williams Cos, Inc./The, 5.100%, 09/15/2045			222,403		0.0
330,000	Williams Partners L.P., 3.750%, 06/15/2027			311,619		0.0
				49,410,300		2.1
	Financial: 9.6%
600,000 (1)(3)	ABN AMRO Bank NV, 3.324%, 03/13/2037			456,517		0.0
130,000	Alexandria Real Estate Equities, Inc., 3.550%, 03/15/2052			88,875		0.0
126,000	Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053			113,123		0.0
1,073,000	Alleghany Corp., 3.250%, 08/15/2051			769,194		0.0
661,000	Alleghany Corp., 3.625%, 05/15/2030			614,556		0.0
45,000	Alleghany Corp., 4.900%, 09/15/2044			41,966		0.0
476,000 (3)	American Express Co., 4.990%, 05/01/2026			470,324		0.0
419,000 (3)	American Express Co., 5.043%, 05/01/2034			410,052		0.0
335,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031			266,498		0.0
213,000	American Homes 4 Rent L.P., 3.375%, 07/15/2051			139,877		0.0
653,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032			564,947		0.0
339,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			265,009		0.0
382,000	American International Group, Inc., 3.900%, 04/01/2026			367,315		0.0
1,316,000	American International Group, Inc., 5.125%, 03/27/2033			1,286,135		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
248,000	American Tower Corp., 2.700%, 04/15/2031		$	205,898		0.0
179,000	American Tower Corp., 3.600%, 01/15/2028			165,005		0.0
537,000	American Tower Corp., 3.650%, 03/15/2027			503,295		0.0
93,000	American Tower Corp., 4.400%, 02/15/2026			90,188		0.0
552,000	American Tower Corp., 5.250%, 07/15/2028			546,093		0.0
1,186,000	American Tower Corp., 5.550%, 07/15/2033			1,195,239		0.1
729,000	American Tower Corp., 5.650%, 03/15/2033			739,930		0.0
1,249,000	Arthur J Gallagher & Co., 5.750%, 03/02/2053			1,257,231		0.1
224,000 (1)(3)	ASB Bank Ltd., 5.284%, 06/17/2032			215,159		0.0
1,161,000	Assurant, Inc., 3.700%, 02/22/2030			999,465		0.1
1,314,000 (1)	Aviation Capital Group LLC, 1.950%, 09/20/2026			1,139,731		0.1
863,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024			845,180		0.0
712,000 (1)	Aviation Capital Group LLC, 6.250%, 04/15/2028			711,021		0.0
237,000 (1)	Avolon Holdings Funding Ltd., 2.125%, 02/21/2026			210,808		0.0
3,207,000 (1)	Avolon Holdings Funding Ltd., 2.528%, 11/18/2027			2,707,289		0.1
164,000 (1)	Avolon Holdings Funding Ltd., 4.375%, 05/01/2026			153,349		0.0
131,000 (1)(2)	Avolon Holdings Funding Ltd., 5.500%, 01/15/2026			127,002		0.0
1,000,000	Banco Santander SA, 2.746%, 05/28/2025			939,369		0.1
600,000 (3)	Banco Santander SA, 3.225%, 11/22/2032			475,946		0.0
3,375,000 (3)	Bank of America Corp., 1.530%, 12/06/2025			3,156,486		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
482,000 (3)	Bank of America Corp., 1.658%, 03/11/2027		$	433,975		0.0
4,955,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			4,426,437		0.2
1,668,000 (3)	Bank of America Corp., 1.843%, 02/04/2025			1,625,367		0.1
474,000 (3)	Bank of America Corp., 1.898%, 07/23/2031			377,676		0.0
225,000 (3)	Bank of America Corp., 2.015%, 02/13/2026			210,813		0.0
1,538,000 (3)	Bank of America Corp., 2.087%, 06/14/2029			1,313,179		0.1
349,000 (3)	Bank of America Corp., 2.299%, 07/21/2032			279,241		0.0
2,894,000 (3)	Bank of America Corp., 2.482%, 09/21/2036			2,215,312		0.1
1,139,000 (3)	Bank of America Corp., 2.551%, 02/04/2028			1,028,867		0.1
806,000 (3)	Bank of America Corp., 2.572%, 10/20/2032			656,798		0.0
145,000 (3)	Bank of America Corp., 2.592%, 04/29/2031			121,805		0.0
945,000 (3)	Bank of America Corp., 2.651%, 03/11/2032			783,072		0.0
420,000 (3)	Bank of America Corp., 2.676%, 06/19/2041			295,167		0.0
1,509,000 (3)	Bank of America Corp., 2.687%, 04/22/2032			1,251,196		0.1
519,000 (3)	Bank of America Corp., 2.972%, 02/04/2033			432,836		0.0
1,072,000 (3)	Bank of America Corp., 3.194%, 07/23/2030			945,760		0.1
2,664,000 (3)	Bank of America Corp., 3.419%, 12/20/2028			2,445,304		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
2,723,000 (3)	Bank of America Corp., 3.593%, 07/21/2028		$	2,533,398		0.1
476,000 (3)	Bank of America Corp., 3.705%, 04/24/2028			446,483		0.0
1,465,000 (3)	Bank of America Corp., 3.846%, 03/08/2037			1,253,672		0.1
435,000 (3)	Bank of America Corp., 3.970%, 03/05/2029			407,636		0.0
236,000 (3)	Bank of America Corp., 4.083%, 03/20/2051			195,869		0.0
1,133,000 (3)	Bank of America Corp., 4.271%, 07/23/2029			1,075,822		0.1
2,493,000 (3)	Bank of America Corp., 4.375%, 12/31/2199			2,132,138		0.1
1,046,000 (3)	Bank of America Corp., 5.202%, 04/25/2029			1,035,222		0.1
5,081,000 (3)	Bank of America Corp., 5.288%, 04/25/2034			5,036,063		0.2
252,000	Bank of Montreal, 3.700%, 06/07/2025			243,349		0.0
92,000 (3)	Bank of New York Mellon Corp./The, 4.596%, 07/26/2030			88,818		0.0
3,085,000 (3)	Bank of Nova Scotia/ The, 4.588%, 05/04/2037			2,661,283		0.1
1,396,000 (1)	Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026			1,370,328		0.1
915,000 (3)	Barclays PLC, 7.119%, 06/27/2034			915,151		0.0
65,000	Berkshire Hathaway Finance Corp., 4.400%, 05/15/2042			61,998		0.0
752,000	BlackRock, Inc., 4.750%, 05/25/2033			739,530		0.0
798,000 (1)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			660,499		0.0
1,107,000 (1)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			825,617		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
3,428,000 (1)	Blackstone Holdings Finance Co. LLC, 6.200%, 04/22/2033		$	3,504,760		0.2
907,000 (1)	Blue Owl Credit Income Corp., 7.750%, 09/16/2027			903,311		0.0
655,000 (1)(3)	BPCE SA, 2.045%, 10/19/2027			571,716		0.0
955,000 (1)	BPCE SA, 5.700%, 10/22/2023			950,935		0.1
290,000	Camden Property Trust, 2.800%, 05/15/2030			252,113		0.0
725,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027			621,533		0.0
1,937,000 (3)	Capital One Financial Corp., 3.273%, 03/01/2030			1,646,673		0.1
1,317,000 (3)	Capital One Financial Corp., 6.312%, 06/08/2029			1,309,198		0.1
926,000 (3)	Capital One Financial Corp., 6.377%, 06/08/2034			919,880		0.1
994,000	CBRE Services, Inc., 5.950%, 08/15/2034			982,351		0.1
1,482,000 (3)	Charles Schwab Corp./The, 5.643%, 05/19/2029			1,482,033		0.1
2,257,000 (3)	Charles Schwab Corp./The, 5.853%, 05/19/2034			2,292,167		0.1
757,000	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			602,610		0.0
561,000	CI Financial Corp., 4.100%, 06/15/2051			341,808		0.0
130,000 (3)	Citigroup, Inc., 3.070%, 02/24/2028			119,705		0.0
159,000 (3)	Citigroup, Inc., 4.412%, 03/31/2031			149,580		0.0
807,000	Citizens Financial Group, Inc., 2.500%, 02/06/2030			633,322		0.0
186,000	Citizens Financial Group, Inc., 2.638%, 09/30/2032			131,595		0.0
497,000 (3)	Citizens Financial Group, Inc., 5.641%, 05/21/2037			428,433		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
745,000 (1)	Commonwealth Bank of Australia, 3.743%, 09/12/2039		$	560,905		0.0
538,000 (1)(3)	Cooperatieve Rabobank UA, 4.655%, 08/22/2028			515,340		0.0
1,150,000 (2)	Corebridge Financial, Inc., 3.900%, 04/05/2032			1,000,782		0.1
2,739,000 (3)	Corebridge Financial, Inc., 6.875%, 12/15/2052			2,630,147		0.1
2,000,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023			1,992,720		0.1
738,000	Credit Suisse AG/New York NY, 1.250%, 08/07/2026			635,862		0.0
1,030,000	Credit Suisse AG/New York NY, 5.000%, 07/09/2027			995,093		0.1
344,000	Crown Castle, Inc., 2.100%, 04/01/2031			275,543		0.0
225,000	Crown Castle, Inc., 2.500%, 07/15/2031			185,019		0.0
445,000	Crown Castle, Inc., 2.900%, 03/15/2027			407,645		0.0
166,000	Crown Castle, Inc., 3.300%, 07/01/2030			146,840		0.0
395,000	Crown Castle, Inc., 4.800%, 09/01/2028			383,576		0.0
760,000	CubeSmart L.P., 2.250%, 12/15/2028			641,330		0.0
242,000	CubeSmart L.P., 2.500%, 02/15/2032			191,759		0.0
330,000 (1)	Danske Bank A/S, 4.375%, 06/12/2028			305,016		0.0
813,000 (1)(3)	Depository Trust & Clearing Corp./The, 3.375%, 12/31/2199			599,665		0.0
180,000	Extra Space Storage L.P., 3.900%, 04/01/2029			164,213		0.0
1,994,000	First Horizon Bank, 5.750%, 05/01/2030			1,733,512		0.1
244,000	Goldman Sachs Capital I, 6.345%, 02/15/2034			244,709		0.0
121,000	Goldman Sachs Group, Inc., 6.450%, 05/01/2036			126,652		0.0

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
20,000 (3)	Goldman Sachs Group, Inc./The, 2.383%, 07/21/2032		$	16,028		0.0
181,000	Goldman Sachs Group, Inc./The, 3.500%, 04/01/2025			173,988		0.0
24,000	Goldman Sachs Group, Inc./The, 6.250%, 02/01/2041			25,818		0.0
106,000	Goldman Sachs Group, Inc./The, 7.023%, (US0003M + 1.750%), 10/28/2027			107,811		0.0
507,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			521,093		0.0
3,208,000 (1)	Hartford Financial Services Group, Inc./The, 7.446%, (US0003M + 2.125%), 02/12/2067			2,670,837		0.1
1,292,000	Healthpeak OP LLC, 5.250%, 12/15/2032			1,258,521		0.1
1,070,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027			944,884		0.1
1,875,000 (3)	HSBC Holdings PLC, 2.206%, 08/17/2029			1,570,348		0.1
1,331,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			1,264,924		0.1
1,257,000 (3)	HSBC Holdings PLC, 2.999%, 03/10/2026			1,192,459		0.1
1,710,000 (3)	HSBC Holdings PLC, 4.600%, 12/31/2199			1,306,012		0.1
900,000 (3)	HSBC Holdings PLC, 6.332%, 03/09/2044			933,841		0.1
1,586,000 (3)	HSBC Holdings PLC, 6.547%, 06/20/2034			1,580,815		0.1
561,000 (3)	Huntington Bancshares, Inc./OH, 2.487%, 08/15/2036			395,849		0.0
129,000	Huntington Bancshares, Inc./OH, 2.550%, 02/04/2030			103,477		0.0
1,453,000	Huntington National Bank/The, 5.650%, 01/10/2030			1,388,823		0.1
359,000 (3)	ING Groep NV, 4.017%, 03/28/2028			337,177		0.0
2,013,000 (1)	Intact Financial Corp., 5.459%, 09/22/2032			2,007,042		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,067,000	Intercontinental Exchange, Inc., 1.850%, 09/15/2032		$	820,540		0.0
135,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030			113,275		0.0
1,059,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			754,831		0.0
629,000	Intercontinental Exchange, Inc., 4.000%, 09/15/2027			613,292		0.0
112,000	Intercontinental Exchange, Inc., 4.250%, 09/21/2048			97,061		0.0
189,000	Intercontinental Exchange, Inc., 4.350%, 06/15/2029			184,660		0.0
33,000	Intercontinental Exchange, Inc., 4.950%, 06/15/2052			31,326		0.0
969,000 (1)(3)	Intesa Sanpaolo SpA, 7.778%, 06/20/2054			966,643		0.1
389,000	Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031			298,477		0.0
2,145,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028			1,825,922		0.1
108,000	Invitation Homes Operating Partnership L.P., 2.700%, 01/15/2034			81,912		0.0
331,000 (2)	Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032			296,837		0.0
2,621,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025			2,488,652		0.1
1,777,000 (3)	JPMorgan Chase & Co., 1.040%, 02/04/2027			1,583,341		0.1
984,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027			869,292		0.0
994,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027			893,319		0.0

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,976,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029		$	1,696,163		0.1
140,000 (3)	JPMorgan Chase & Co., 2.083%, 04/22/2026			131,165		0.0
533,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028			474,083		0.0
268,000 (3)	JPMorgan Chase & Co., 2.301%, 10/15/2025			255,486		0.0
304,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026			288,412		0.0
2,843,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028			2,612,476		0.1
163,000 (3)	JPMorgan Chase & Co., 3.109%, 04/22/2041			123,870		0.0
437,000 (3)	JPMorgan Chase & Co., 3.109%, 04/22/2051			305,831		0.0
283,000 (3)	JPMorgan Chase & Co., 3.509%, 01/23/2029			261,853		0.0
224,000 (3)	JPMorgan Chase & Co., 3.960%, 01/29/2027			215,465		0.0
459,000 (3)	JPMorgan Chase & Co., 4.452%, 12/05/2029			440,232		0.0
562,000	KeyBank NA/Cleveland OH, 4.900%, 08/08/2032			446,801		0.0
1,451,000 (3)	KeyCorp, 4.789%, 06/01/2033			1,217,112		0.1
435,000	Kite Realty Group L.P., 4.000%, 10/01/2026			390,485		0.0
454,000	Life Storage L.P., 2.400%, 10/15/2031			360,373		0.0
605,000	Life Storage L.P., 4.000%, 06/15/2029			549,599		0.0
317,000 (3)	Lloyds Banking Group PLC, 2.438%, 02/05/2026			298,621		0.0
200,000 (3)	Lloyds Banking Group PLC, 3.870%, 07/09/2025			194,871		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
640,000 (3)	Lloyds Banking Group PLC, 5.871%, 03/06/2029		$	635,347		0.0
2,704,000 (3)	Lloyds Banking Group PLC, 8.000%, 12/31/2199			2,477,270		0.1
420,000 (1)	LSEGA Financing PLC, 1.375%, 04/06/2026			374,767		0.0
1,028,000 (1)	Metropolitan Life Global Funding I, 5.150%, 03/28/2033			1,017,491		0.1
62,000	Mid-America Apartments L.P., 1.700%, 02/15/2031			49,002		0.0
308,000	Mid-America Apartments L.P., 2.750%, 03/15/2030			267,540		0.0
176,000	Mid-America Apartments L.P., 3.600%, 06/01/2027			166,380		0.0
290,000	Mid-America Apartments L.P., 4.200%, 06/15/2028			277,124		0.0
382,000	Mitsubishi UFJ Financial Group, Inc., 1.412%, 07/17/2025			349,924		0.0
1,767,000 (3)	Mizuho Financial Group, Inc., 5.748%, 07/06/2034			1,774,264		0.1
620,000 (3)	Morgan Stanley, 0.791%, 01/22/2025			600,947		0.0
213,000 (3)	Morgan Stanley, 0.985%, 12/10/2026			190,014		0.0
2,728,000 (3)	Morgan Stanley, 1.512%, 07/20/2027			2,417,929		0.1
1,617,000 (3)	Morgan Stanley, 1.593%, 05/04/2027			1,448,359		0.1
295,000 (3)	Morgan Stanley, 1.928%, 04/28/2032			230,425		0.0
1,074,000 (3)	Morgan Stanley, 2.188%, 04/28/2026			1,008,652		0.1
519,000 (3)	Morgan Stanley, 2.475%, 01/21/2028			468,768		0.0
61,000 (3)	Morgan Stanley, 2.511%, 10/20/2032			49,298		0.0
165,000 (3)	Morgan Stanley, 2.699%, 01/22/2031			140,400		0.0
642,000 (3)	Morgan Stanley, 2.720%, 07/22/2025			619,307		0.0

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
983,000 (3)	Morgan Stanley, 2.802%, 01/25/2052		$	646,138		0.0
1,635,000 (3)	Morgan Stanley, 3.591%, 07/22/2028			1,509,910		0.1
538,000	Morgan Stanley, 3.875%, 01/27/2026			519,523		0.0
4,000,000	Morgan Stanley, 4.000%, 07/23/2025			3,884,834		0.2
1,343,000 (3)	Morgan Stanley, 5.164%, 04/20/2029			1,327,606		0.1
6,476,000 (3)	Morgan Stanley, 5.250%, 04/21/2034			6,397,762		0.3
1,879,000 (3)	Morgan Stanley, 5.297%, 04/20/2037			1,778,934		0.1
4,536,000 (3)	Morgan Stanley, 5.948%, 01/19/2038			4,479,778		0.2
377,000 (3)	Morgan Stanley, 6.296%, 10/18/2028			387,735		0.0
1,793,000 (3)	Morgan Stanley, 6.342%, 10/18/2033			1,908,219		0.1
1,064,000 (3)	NatWest Group PLC, 5.808%, 09/13/2029			1,049,209		0.1
1,329,000 (1)	New York Life Global Funding, 4.550%, 01/28/2033			1,281,336		0.1
1,074,000 (3)	Northern Trust Corp., 3.375%, 05/08/2032			953,550		0.1
2,420,000	Northern Trust Corp., 6.125%, 11/02/2032			2,510,051		0.1
1,244,000	Old Republic International Corp., 3.850%, 06/11/2051			889,565		0.0
5,000,000	ORIX Corp., 3.250%, 12/04/2024			4,802,074		0.2
3,325,000 (3)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			2,781,279		0.1
295,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032			199,221		0.0
1,130,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			1,104,615		0.1
538,000 (3)	PNC Financial Services Group, Inc./The, 6.000%, 12/31/2199			485,545		0.0
3,040,000 (3)	PNC Financial Services Group, Inc./The, 6.250%, 12/31/2199			2,736,760		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,102,000	Prologis L.P., 5.125%, 01/15/2034		$	1,094,802		0.1
805,000	Prologis L.P., 5.250%, 06/15/2053			791,859		0.0
405,000	Realty Income Corp., 3.950%, 08/15/2027			385,176		0.0
704,000	Realty Income Corp., 4.875%, 06/01/2026			696,784		0.0
1,158,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031			904,109		0.0
42,000	Royal Bank of Canada, 3.625%, 05/04/2027			39,761		0.0
89,000	Royal Bank of Canada, 4.240%, 08/03/2027			85,898		0.0
448,000	Sabra Health Care L.P., 3.200%, 12/01/2031			334,726		0.0
640,000 (3)	Santander UK Group Holdings PLC, 2.469%, 01/11/2028			559,331		0.0
164,000 (3)	State Street Corp., 5.820%, 11/04/2028			168,126		0.0
248,000	Sumitomo Mitsui Financial Group, Inc., 5.520%, 01/13/2028			249,185		0.0
162,000	Toronto-Dominion Bank/The, 2.800%, 03/10/2027			148,552		0.0
467,000 (3)	Truist Financial Corp., 1.267%, 03/02/2027			412,091		0.0
683,000 (3)	Truist Financial Corp., 4.800%, 12/31/2199			583,965		0.0
1,409,000 (3)	Truist Financial Corp., 5.100%, 12/31/2199			1,225,830		0.1
5,893,000 (3)	Truist Financial Corp., 5.867%, 06/08/2034			5,898,103		0.3
889,000 (2)	Truist Financial Corp., 6.202%, (US0003M + 0.650%), 03/15/2028			774,089		0.0
2,983,000	UBS AG, 5.125%, 05/15/2024			2,937,450		0.1
750,000 (1)(3)	UBS Group AG, 1.364%, 01/30/2027			657,594		0.0
525,000 (1)(3)	UBS Group AG, 4.375%, 12/31/2199			371,143		0.0
633,000 (1)(3)	UBS Group AG, 4.751%, 05/12/2028			600,390		0.0
391,000 (3)	UBS Group AG, 5.125%, 12/31/2199			341,534		0.0
3,250,000 (1)(3)	UBS Group AG, 6.537%, 08/12/2033			3,331,294		0.2

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,852,000 (1)(3)	UBS Group AG, 9.016%, 11/15/2033		$	2,221,260		0.1
899,000 (3)	US Bancorp, 5.836%, 06/12/2034			905,917		0.0
163,000	Ventas Realty L.P., 5.700%, 09/30/2043			153,999		0.0
370,000 (3)	Wells Fargo & Co., 2.164%, 02/11/2026			348,609		0.0
1,678,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			1,598,566		0.1
539,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041			396,896		0.0
245,000 (3)	Wells Fargo & Co., 4.611%, 04/25/2053			215,070		0.0
594,000 (3)	Wells Fargo & Co., 5.013%, 04/04/2051			553,719		0.0
4,480,000 (3)	Wells Fargo & Co., 5.389%, 04/24/2034			4,453,469		0.2
61,000	Weyerhaeuser Co., 4.000%, 03/09/2052			48,783		0.0
434,000	Weyerhaeuser Co., 4.750%, 05/15/2026			426,544		0.0
				224,437,305		9.6
	Industrial: 1.8%
593,000	Avnet, Inc., 5.500%, 06/01/2032			563,552		0.0
689,000	Avnet, Inc., 6.250%, 03/15/2028			696,119		0.0
1,472,000	Berry Global, Inc., 1.650%, 01/15/2027			1,270,847		0.1
1,581,000	Boeing Co/The, 3.250%, 02/01/2028			1,452,623		0.1
446,000	Boeing Co/The, 3.250%, 02/01/2035			361,920		0.0
340,000	Boeing Co/The, 3.625%, 02/01/2031			306,323		0.0
211,000	Boeing Co/The, 3.850%, 11/01/2048			155,885		0.0
768,000	Boeing Co/The, 4.875%, 05/01/2025			757,343		0.0
980,000	Boeing Co/The, 5.150%, 05/01/2030			971,181		0.1
283,000	Boeing Co/The, 5.705%, 05/01/2040			282,509		0.0
1,204,000	Boeing Co/The, 5.805%, 05/01/2050			1,200,627		0.1
400,000	Boeing Co/The, 5.930%, 05/01/2060			396,475		0.0
1,498,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			1,239,999		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
114,000	Burlington Northern Santa Fe LLC, 4.050%, 06/15/2048		$	97,880		0.0
170,000	Burlington Northern Santa Fe LLC, 4.150%, 04/01/2045			148,156		0.0
42,000	Burlington Northern Santa Fe LLC, 4.375%, 09/01/2042			38,038		0.0
269,000	Burlington Northern Santa Fe LLC, 4.400%, 03/15/2042			244,019		0.0
9,000	Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043			8,189		0.0
198,000	Burlington Northern Santa Fe LLC, 4.550%, 09/01/2044			182,800		0.0
126,000	Burlington Northern Santa Fe LLC, 4.900%, 04/01/2044			122,066		0.0
146,000	Burlington Northern Santa Fe LLC, 5.150%, 09/01/2043			144,720		0.0
1,172,000	Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054			1,196,619		0.1
62,000	CNH Industrial Capital LLC, 5.450%, 10/14/2025			61,611		0.0
1,000,000	CSX Corp., 4.650%, 03/01/2068			897,154		0.0
160,000	Deere & Co., 3.100%, 04/15/2030			146,420		0.0
646,000	Fortune Brands Innovations, Inc., 5.875%, 06/01/2033			647,166		0.0
83,000	Honeywell International, Inc., 5.000%, 02/15/2033			84,684		0.0
265,000	John Deere Capital Corp., 3.350%, 04/18/2029			246,715		0.0
2,323,000	John Deere Capital Corp., 4.700%, 06/10/2030			2,309,297		0.1
765,000	John Deere Capital Corp., 4.750%, 01/20/2028			764,922		0.0

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
901,000	Lockheed Martin Corp., 4.750%, 02/15/2034		$	899,352		0.0
912,000	Lockheed Martin Corp., 5.200%, 02/15/2055			941,949		0.1
399,000	Lockheed Martin Corp., 5.250%, 01/15/2033			413,516		0.0
290,000	Lockheed Martin Corp., 5.900%, 11/15/2063			330,433		0.0
64,000	Norfolk Southern Corp., 2.900%, 08/25/2051			42,470		0.0
219,000	Norfolk Southern Corp., 3.950%, 10/01/2042			180,025		0.0
387,000	Norfolk Southern Corp., 4.100%, 05/15/2121			273,620		0.0
57,000	Northrop Grumman Corp., 4.950%, 03/15/2053			55,585		0.0
797,000	Northrop Grumman Corp., 5.150%, 05/01/2040			785,914		0.0
203,000	Parker-Hannifin Corp., 4.250%, 09/15/2027			196,994		0.0
1,295,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			1,152,444		0.1
1,661,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			1,467,925		0.1
2,021,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 6.200%, 06/15/2030			2,033,479		0.1
118,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			117,710		0.0
177,000	Raytheon Technologies Corp., 4.350%, 04/15/2047			157,088		0.0
1,671,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			1,538,604		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
2,315,000	Raytheon Technologies Corp., 4.500%, 06/01/2042		$	2,132,429		0.1
17,000	Raytheon Technologies Corp., 4.800%, 12/15/2043			15,824		0.0
898,000	Raytheon Technologies Corp., 5.150%, 02/27/2033			910,668		0.0
1,007,000	Raytheon Technologies Corp., 5.375%, 02/27/2053			1,046,731		0.1
119,000	Republic Services, Inc., 2.900%, 07/01/2026			111,584		0.0
1,073,000	Ryder System, Inc., 5.250%, 06/01/2028			1,060,263		0.1
1,070,000 (1)	Sealed Air Corp., 1.573%, 10/15/2026			931,598		0.1
1,624,000 (1)	SMBC Aviation Capital Finance DAC, 1.900%, 10/15/2026			1,420,958		0.1
470,000	Trane Technologies Financing Ltd., 5.250%, 03/03/2033			476,033		0.0
47,000	Trane Technologies Global Holding Co. Ltd., 3.750%, 08/21/2028			44,534		0.0
64,000	Trane Technologies Luxembourg Finance SA, 3.500%, 03/21/2026			61,148		0.0
845,000	Trane Technologies Luxembourg Finance SA, 3.550%, 11/01/2024			819,008		0.0
46,000	Trane Technologies Luxembourg Finance SA, 3.800%, 03/21/2029			43,367		0.0
2,250,000 (1)	TTX Co., 3.600%, 01/15/2025			2,178,987		0.1
265,000 (1)(2)	TTX Co., 5.650%, 12/01/2052			281,439		0.0
48,000	Union Pacific Corp., 3.375%, 02/01/2035			41,124		0.0
208,000	Union Pacific Corp., 3.550%, 08/15/2039			174,981		0.0

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
21,000	Union Pacific Corp., 3.600%, 09/15/2037		$	17,944		0.0
195,000	Union Pacific Corp., 3.750%, 02/05/2070			147,802		0.0
444,000	Union Pacific Corp., 3.799%, 10/01/2051			364,373		0.0
286,000	Union Pacific Corp., 3.839%, 03/20/2060			227,997		0.0
120,000	Union Pacific Corp., 3.875%, 02/01/2055			97,164		0.0
30,000	Union Pacific Corp., 3.950%, 08/15/2059			24,319		0.0
543,000	Union Pacific Corp., 5.150%, 01/20/2063			545,563		0.0
336,000	Waste Connections, Inc., 2.600%, 02/01/2030			290,979		0.0
519,000	Waste Management, Inc., 4.625%, 02/15/2030			511,766		0.0
465,000	Waste Management, Inc., 4.625%, 02/15/2033			455,859		0.0
120,000	WRKCo, Inc., 4.650%, 03/15/2026			116,485		0.0
386,000	Xylem, Inc./NY, 3.250%, 11/01/2026			363,101		0.0
				42,496,995		1.8
	Technology: 1.6%
1,302,000	Advanced Micro Devices, Inc., 3.924%, 06/01/2032			1,234,792		0.1
1,934,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052			1,762,742		0.1
246,000	Apple, Inc., 2.700%, 08/05/2051			171,578		0.0
885,000	Apple, Inc., 2.850%, 08/05/2061			603,139		0.0
2,242,000	Apple, Inc., 3.850%, 05/04/2043			2,002,377		0.1
150,000	Apple, Inc., 3.850%, 08/04/2046			132,151		0.0
313,000	Apple, Inc., 4.100%, 08/08/2062			274,287		0.0
316,000	Apple, Inc., 4.150%, 05/10/2030			311,156		0.0
209,000 (2)	Apple, Inc., 4.300%, 05/10/2033			207,982		0.0
66,000	Apple, Inc., 4.375%, 05/13/2045			62,724		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
179,000	Apple, Inc., 4.650%, 02/23/2046		$	176,713		0.0
126,000 (1)	Broadcom, Inc., 2.450%, 02/15/2031			102,528		0.0
1,575,000 (1)	Broadcom, Inc., 3.187%, 11/15/2036			1,191,196		0.1
183,000 (1)	Broadcom, Inc., 3.419%, 04/15/2033			153,120		0.0
3,768,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037			3,412,174		0.2
1,000,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			1,016,870		0.1
408,000	Fiserv, Inc., 3.500%, 07/01/2029			372,603		0.0
142,000	Fiserv, Inc., 5.450%, 03/02/2028			142,771		0.0
752,000	HP, Inc., 2.650%, 06/17/2031			606,464		0.0
472,000	Intel Corp., 2.800%, 08/12/2041			336,735		0.0
111,000	Intel Corp., 3.700%, 07/29/2025			107,984		0.0
43,000	Intel Corp., 5.200%, 02/10/2033			43,430		0.0
1,846,000	International Business Machines Corp., 3.500%, 05/15/2029			1,704,737		0.1
187,000	International Business Machines Corp., 4.150%, 07/27/2027			181,950		0.0
141,000	International Business Machines Corp., 4.900%, 07/27/2052			131,922		0.0
796,000	KLA Corp., 5.250%, 07/15/2062			806,573		0.1
1,668,000	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			1,440,161		0.1
928,000	Kyndryl Holdings, Inc., 2.700%, 10/15/2028			755,599		0.0
625,000	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			469,318		0.0
3,000	Microsoft Corp., 2.525%, 06/01/2050			2,077		0.0
3,513,000	Microsoft Corp., 2.921%, 03/17/2052			2,615,856		0.1
44,000	Microsoft Corp., 3.450%, 08/08/2036			40,157		0.0
478,000	NVIDIA Corp., 1.550%, 06/15/2028			417,507		0.0

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
105,000	NVIDIA Corp., 2.000%, 06/15/2031		$	88,006		0.0
167,000	NVIDIA Corp., 3.500%, 04/01/2040			143,117		0.0
56,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.125%, 02/15/2042			39,268		0.0
511,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			341,149		0.0
143,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			126,621		0.0
233,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 5.000%, 01/15/2033			223,846		0.0
2,265,000	Oracle Corp., 2.300%, 03/25/2028			2,000,158		0.1
197,000	Oracle Corp., 2.800%, 04/01/2027			181,169		0.0
170,000	Oracle Corp., 2.950%, 05/15/2025			162,208		0.0
404,000	Oracle Corp., 3.250%, 11/15/2027			374,989		0.0
998,000	Oracle Corp., 3.650%, 03/25/2041			769,540		0.0
1,261,000	Oracle Corp., 3.800%, 11/15/2037			1,031,753		0.1
148,000	Oracle Corp., 3.850%, 07/15/2036			123,615		0.0
170,000	Oracle Corp., 3.850%, 04/01/2060			119,923		0.0
338,000	Oracle Corp., 4.125%, 05/15/2045			265,105		0.0
215,000	Oracle Corp., 4.300%, 07/08/2034			195,338		0.0
804,000	Oracle Corp., 6.150%, 11/09/2029			837,952		0.1
1,750,000	QUALCOMM, Inc., 6.000%, 05/20/2053			1,960,197		0.1
236,000	Salesforce, Inc., 2.700%, 07/15/2041			173,566		0.0
194,000	Texas Instruments, Inc., 3.650%, 08/16/2032			180,307		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
327,000	Texas Instruments, Inc., 3.875%, 03/15/2039		$	293,247		0.0
767,000	Texas Instruments, Inc., 4.900%, 03/14/2033			786,152		0.0
789,000	Texas Instruments, Inc., 5.000%, 03/14/2053			800,267		0.0
2,421,000	Texas Instruments, Inc., 5.050%, 05/18/2063			2,427,868		0.1
809,000	VMware, Inc., 1.400%, 08/15/2026			714,778		0.0
				37,351,512		1.6
	Utilities: 3.8%
1,198,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025			1,140,990		0.1
1,068,000	AES Corp./The, 1.375%, 01/15/2026			954,549		0.1
880,000 (1)	AES Corp./The, 3.950%, 07/15/2030			789,728		0.0
952,000	AES Corp./The, 5.450%, 06/01/2028			935,645		0.1
100,000	Alabama Power Co., 3.450%, 10/01/2049			73,391		0.0
135,000	Alabama Power Co., 3.750%, 03/01/2045			106,297		0.0
139,000	Alabama Power Co., 4.300%, 07/15/2048			118,659		0.0
101,000 (1)	Alliant Energy Finance LLC, 3.600%, 03/01/2032			87,990		0.0
794,000 (3)	American Electric Power Co., Inc., 3.875%, 02/15/2062			634,589		0.0
503,000 (1)	American Transmission Systems, Inc., 2.650%, 01/15/2032			416,736		0.0
1,377,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			1,285,134		0.1
184,000	Appalachian Power Co., 3.400%, 06/01/2025			176,343		0.0
256,000	Appalachian Power Co., 4.500%, 03/01/2049			216,461		0.0

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
167,000	Avangrid, Inc., 3.150%, 12/01/2024		$	160,265		0.0
323,000	Avangrid, Inc., 3.200%, 04/15/2025			307,301		0.0
833,000	Avangrid, Inc., 3.800%, 06/01/2029			759,946		0.0
405,000	Baltimore Gas and Electric Co., 5.400%, 06/01/2053			411,964		0.0
583,000	Black Hills Corp., 3.050%, 10/15/2029			499,761		0.0
1,800,000	Black Hills Corp., 4.250%, 11/30/2023			1,787,724		0.1
272,000	Black Hills Corp., 4.350%, 05/01/2033			242,500		0.0
537,000 (3)	CMS Energy Corp., 3.750%, 12/01/2050			415,799		0.0
1,363,000 (3)	CMS Energy Corp., 4.750%, 06/01/2050			1,175,219		0.1
156,000	Commonwealth Edison Co., 5.900%, 03/15/2036			163,088		0.0
651,000	Connecticut Light and Power Co/The, 5.250%, 01/15/2053			661,855		0.0
400,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			395,625		0.0
78,000 (3)	Dominion Energy, Inc., 3.071%, 08/15/2024			75,365		0.0
187,000 (3)	Dominion Energy, Inc., 4.350%, 12/31/2199			158,038		0.0
1,164,000	Dominion Energy, Inc., 5.375%, 11/15/2032			1,168,735		0.1
286,000	DTE Electric Co., 5.400%, 04/01/2053			295,558		0.0
405,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			343,971		0.0
131,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			103,375		0.0
1,189,000	Duke Energy Carolinas LLC, 3.875%, 03/15/2046			949,792		0.1
940,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			781,144		0.0
72,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041			62,437		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,009,000	Duke Energy Carolinas LLC, 5.350%, 01/15/2053		$	1,023,661		0.1
137,000	Duke Energy Carolinas LLC, 6.450%, 10/15/2032			148,103		0.0
52,000	Duke Energy Corp., 3.150%, 08/15/2027			48,050		0.0
360,000 (3)	Duke Energy Corp., 4.875%, 12/31/2199			346,644		0.0
930,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			764,556		0.0
582,000	Duke Energy Florida LLC, 5.950%, 11/15/2052			635,241		0.0
399,000	Duke Energy Indiana LLC, 5.400%, 04/01/2053			402,817		0.0
231,000	Duke Energy Ohio, Inc., 3.700%, 06/15/2046			176,097		0.0
121,000	Duke Energy Ohio, Inc., 4.300%, 02/01/2049			101,445		0.0
240,000	Duke Energy Ohio, Inc., 5.650%, 04/01/2053			246,466		0.0
479,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			373,879		0.0
199,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			168,313		0.0
186,000	Duke Energy Progress LLC, 4.100%, 03/15/2043			156,518		0.0
1,248,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			1,041,490		0.1
485,000 (1)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			388,547		0.0
262,000 (1)	Enel Finance America LLC, 7.100%, 10/14/2027			275,490		0.0
738,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			461,415		0.0
245,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			175,617		0.0

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
19,000	Entergy Arkansas LLC, 4.000%, 06/01/2028		$	18,084		0.0
446,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			374,637		0.0
406,000	Entergy Arkansas LLC, 5.150%, 01/15/2033			407,253		0.0
1,626,000	Entergy Corp., 0.900%, 09/15/2025			1,460,983		0.1
745,000	Entergy Corp., 2.400%, 06/15/2031			603,881		0.0
417,000	Entergy Corp., 2.800%, 06/15/2030			353,987		0.0
172,000	Entergy Louisiana LLC, 0.620%, 11/17/2023			168,738		0.0
8,000	Entergy Louisiana LLC, 3.250%, 04/01/2028			7,365		0.0
34,000	Entergy Louisiana LLC, 4.050%, 09/01/2023			33,893		0.0
117,000	Entergy Louisiana LLC, 5.590%, 10/01/2024			116,670		0.0
72,000	Entergy Mississippi LLC, 3.500%, 06/01/2051			53,143		0.0
111,000	Entergy Mississippi LLC, 3.850%, 06/01/2049			86,342		0.0
940,000	Entergy Mississippi LLC, 5.000%, 09/01/2033			922,955		0.1
1,088,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049			769,673		0.0
1,017,000	Evergy Kansas Central, Inc., 5.700%, 03/15/2053			1,049,185		0.1
1,364,000	Eversource Energy, 1.400%, 08/15/2026			1,212,456		0.1
1,320,000	Eversource Energy, 2.900%, 03/01/2027			1,217,062		0.1
810,000	Eversource Energy, 5.125%, 05/15/2033			798,822		0.0
797,000	Eversource Energy, 5.450%, 03/01/2028			803,047		0.0
357,000	Exelon Corp., 4.950%, 06/15/2035			342,801		0.0
1,279,000	Exelon Corp., 5.150%, 03/15/2028			1,273,906		0.1
12,000	Florida Power & Light Co., 2.875%, 12/04/2051			8,311		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
611,000	Florida Power & Light Co., 4.625%, 05/15/2030		$	601,949		0.0
428,000	Florida Power & Light Co., 4.800%, 05/15/2033			425,149		0.0
122,000	Florida Power & Light Co., 5.400%, 09/01/2035			122,507		0.0
74,000	Florida Power & Light Co., 5.650%, 02/01/2037			77,704		0.0
1,505,000	Georgia Power Co., 2.200%, 09/15/2024			1,439,064		0.1
523,000	Georgia Power Co., 4.650%, 05/16/2028			512,841		0.0
121,000	Iberdrola International BV, 5.810%, 03/15/2025			121,485		0.0
89,000 (2)	Indiana Michigan Power Co., 3.850%, 05/15/2028			84,380		0.0
276,000	Indiana Michigan Power Co., 5.625%, 04/01/2053			283,782		0.0
110,000	Indiana Michigan Power Co., 6.050%, 03/15/2037			115,571		0.0
3,640,000	Interstate Power and Light Co., 3.250%, 12/01/2024			3,515,352		0.2
234,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030			211,960		0.0
289,000 (1)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			238,659		0.0
2,802,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			2,711,719		0.1
382,000	Kentucky Utilities Co., 5.450%, 04/15/2033			389,412		0.0
382,000	Louisville Gas and Electric Co., 5.450%, 04/15/2033			389,380		0.0
662,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025			634,329		0.0
56,000	MidAmerican Energy Co., 4.800%, 09/15/2043			52,162		0.0

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
2,816,000	Mississippi Power Co., 4.250%, 03/15/2042		$	2,348,788		0.1
320,000	Mississippi Power Co., 4.750%, 10/15/2041			272,297		0.0
1,002,000 (1)	Monongahela Power Co., 3.550%, 05/15/2027			940,306		0.1
188,000 (1)	Narragansett Electric Co/The, 3.395%, 04/09/2030			167,951		0.0
1,490,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			1,260,484		0.1
749,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032			624,439		0.0
126,000	National Rural Utilities Cooperative Finance Corp., 3.400%, 02/07/2028			117,465		0.0
159,000	National Rural Utilities Cooperative Finance Corp., 4.023%, 11/01/2032			146,312		0.0
275,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032			255,257		0.0
355,000 (3)	National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046			333,700		0.0
636,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033			665,596		0.0
932,000 (3)	National Rural Utilities Cooperative Finance Corp., 7.125%, 09/15/2053			934,366		0.1
1,130,000 (3)	National Rural Utilities Cooperative Finance Corp., 8.209%, (US0003M + 2.910%), 04/30/2043			1,101,298		0.1
385,000 (1)	New York State Electric & Gas Corp., 3.250%, 12/01/2026			359,231		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,181,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027		$	1,053,457		0.1
335,000	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			271,910		0.0
1,215,000 (3)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			1,026,103		0.1
963,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024			947,448		0.1
186,000	NextEra Energy Capital Holdings, Inc., 4.450%, 06/20/2025			182,566		0.0
569,000	NextEra Energy Capital Holdings, Inc., 5.050%, 02/28/2033			560,520		0.0
1,180,000	NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025			1,184,963		0.1
526,000	NSTAR Electric Co., 1.950%, 08/15/2031			422,371		0.0
951,000	ONE Gas, Inc., 1.100%, 03/11/2024			920,327		0.0
123,000	ONE Gas, Inc., 4.250%, 09/01/2032			116,356		0.0
124,000	Pacific Gas and Electric Co., 3.250%, 06/01/2031			100,938		0.0
809,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			578,525		0.0
716,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			542,978		0.0
405,000	PacifiCorp, 4.100%, 02/01/2042			324,221		0.0
1,341,000	PacifiCorp, 5.350%, 12/01/2053			1,226,455		0.1
935,000	PacifiCorp, 5.500%, 05/15/2054			878,523		0.0
135,000	PECO Energy Co., 2.850%, 09/15/2051			89,368		0.0
666,000	PECO Energy Co., 4.900%, 06/15/2033			665,133		0.0
482,000 (1)	Pennsylvania Electric Co., 5.150%, 03/30/2026			474,932		0.0

See Accompanying Notes to Financial Statements

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Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
123,000	Piedmont Natural Gas Co., Inc., 3.600%, 09/01/2025		$	116,252		0.0
848,000	PPL Electric Utilities Corp., 5.250%, 05/15/2053			866,025		0.0
252,000	Public Service Co. of Colorado, 5.250%, 04/01/2053			242,350		0.0
149,000	Public Service Co. of New Hampshire, 5.150%, 01/15/2053			149,926		0.0
219,000	Public Service Co. of Oklahoma, 2.200%, 08/15/2031			177,274		0.0
191,000	Public Service Co. of Oklahoma, 3.150%, 08/15/2051			126,923		0.0
90,000	Public Service Electric and Gas Co., 3.000%, 05/15/2027			84,191		0.0
65,000	Public Service Electric and Gas Co., 3.800%, 03/01/2046			52,684		0.0
139,000	Public Service Electric and Gas Co., 5.125%, 03/15/2053			140,346		0.0
1,478,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			1,196,079		0.1
915,000	Public Service Enterprise Group, Inc., 5.850%, 11/15/2027			934,109		0.1
1,860,000 (3)	Sempra Energy, 4.125%, 04/01/2052			1,507,151		0.1
775,000	Sempra Energy, 5.500%, 08/01/2033			770,457		0.0
1,785,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			1,500,103		0.1
35,000	Southern California Edison Co., 3.650%, 02/01/2050			26,082		0.0
139,000	Southern California Edison Co., 4.000%, 04/01/2047			110,570		0.0
215,000	Southern California Edison Co., 4.050%, 03/15/2042			174,291		0.0
1,481,000 (3)	Southern Co/The, 3.750%, 09/15/2051			1,264,033		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,744,000 (3)	Southern Co/The, 4.000%, 01/15/2051		$	1,617,246		0.1
780,000	Southern Co/The, 5.113%, 08/01/2027			773,334		0.0
1,499,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			1,355,904		0.1
381,000	Southwestern Electric Power Co., 5.300%, 04/01/2033			376,418		0.0
580,000	Tampa Electric Co., 4.350%, 05/15/2044			492,827		0.0
95,000	Tucson Electric Power Co., 4.000%, 06/15/2050			74,797		0.0
62,000	Union Electric Co., 2.150%, 03/15/2032			49,685		0.0
282,000	Union Electric Co., 5.450%, 03/15/2053			287,948		0.0
423,000	Virginia Electric and Power Co., 3.800%, 04/01/2028			401,144		0.0
521,000	Virginia Electric and Power Co., 5.450%, 04/01/2053			522,170		0.0
1,683,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			1,438,526		0.1
396,000	WEC Energy Group, Inc., 2.200%, 12/15/2028			341,021		0.0
252,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			249,756		0.0
345,000	WEC Energy Group, Inc., 5.150%, 10/01/2027			344,733		0.0
861,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			739,049		0.0
127,000	Wisconsin Power and Light Co., 3.000%, 07/01/2029			113,978		0.0
				88,512,888		3.8
	Total Corporate Bonds/Notes (Cost $685,727,842)			648,120,062		27.6

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.3%
976,642	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035		$	710,035		0.0
1,173,525	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			996,446		0.1
197,804 (4)	Alternative Loan Trust 2005-J3 2A2, 0.155%, (-1.000*US0001M + 5.000%), 05/25/2035			6,496		0.0
1,114,983	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			587,934		0.0
1,501,206	Alternative Loan Trust 2007-23CB A3, 5.650%, (US0001M + 0.500%), 09/25/2037			602,955		0.0
69,421	Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			54,411		0.0
1,338,515 (1)	Bayview MSR Opportunity Master Fund Trust 2022-2 AF, 5.000%, (SOFR30A + 0.850%), 12/25/2051			1,230,962		0.1
311,100 (3)	Bear Stearns ALT-A Trust 2005-10 22A1, 4.523%, 01/25/2036			286,560		0.0
210,581 (3)	Bear Stearns ALT-A Trust 2005-4 23A1, 4.195%, 05/25/2035			198,873		0.0
743,719 (3)	Bear Stearns ALT-A Trust 2006-6 31A1, 3.781%, 11/25/2036			422,301		0.0
849,652 (3)	Bear Stearns ALT-A Trust 2006-6 32A1, 3.817%, 11/25/2036			449,275		0.0
1,923 (3)	Bear Stearns ARM Trust 2005-12 13A1, 4.411%, 02/25/2036			1,457		0.0
66,700 (3)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 4.098%, 01/26/2036			53,429		0.0
3,300,000 (1)	Bellemeade RE 2021-3 A M1C Ltd., 6.617%, (SOFR30A + 1.550%), 09/25/2031			3,214,497		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
110,605 (3)	Chase Mortgage Finance Trust Series 2005-A1 1A1, 3.883%, 12/25/2035		$	101,088		0.0
1,220,841 (3)	CHL Mortgage Pass-Through Trust 2004-22 A3, 3.810%, 11/25/2034			1,110,610		0.1
10,606 (3)	CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 3.864%, 02/20/2035			10,576		0.0
11,461	CHL Mortgage Pass-Through Trust 2005-2 2A3, 5.830%, (US0001M + 0.680%), 03/25/2035			10,427		0.0
1,402,741 (1)(3)	CIM Trust 2020-J1 B3, 3.447%, 07/25/2050			1,125,026		0.1
458,829	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037			403,568		0.0
663,551 (3)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.974%, 09/25/2037			582,677		0.0
586,467 (1)(3)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			550,045		0.0
19,391 (3)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 4.418%, 08/25/2035			18,910		0.0
931,078	Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			902,409		0.0
174,678	CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037			155,072		0.0
2,700,000 (1)	Connecticut Avenue Securities Trust 2020-R02 2B1, 8.150%, (US0001M + 3.000%), 01/25/2040			2,597,605		0.1
499,060 (1)	Connecticut Avenue Securities Trust 2020-R02 2M2, 7.150%, (US0001M + 2.000%), 01/25/2040			499,779		0.0

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,500,000 (1)	Connecticut Avenue Securities Trust 2021-R01 1B1, 8.167%, (SOFR30A + 3.100%), 10/25/2041		$	1,482,033		0.1
1,500,000 (1)	Connecticut Avenue Securities Trust 2021-R03 1B1, 7.817%, (SOFR30A + 2.750%), 12/25/2041			1,461,086		0.1
8,600,000 (1)	Connecticut Avenue Securities Trust 2022-R01 1B1, 8.217%, (SOFR30A + 3.150%), 12/25/2041			8,463,377		0.4
1,000,000 (1)	Connecticut Avenue Securities Trust 2022-R08 1B1, 10.667%, (SOFR30A + 5.600%), 07/25/2042			1,054,500		0.1
694,953	Countrywide Alternative Loan Trust 2005-53T2 2A6, 5.650%, (US0001M + 0.500%), 11/25/2035			355,226		0.0
97,854 (3)	DSLA Mortgage Loan Trust 2004-AR3 2A1, 5.235%, 07/19/2044			89,207		0.0
800,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.800%, (US0001M + 3.650%), 02/25/2040			825,956		0.0
1,000,000	Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			949,787		0.0
11,496,192	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			11,214,539		0.5
677,386	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			612,555		0.0
13,642,191 (4)	Fannie Mae 2016-82 SD, 0.900%, (-1.000*SOFR30A + 6.050%), 11/25/2046			1,054,772		0.1
363,491	Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			354,709		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
130,986 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 7.600%, (US0001M + 2.450%), 07/25/2031		$	131,537		0.0
465,404 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 7.200%, (US0001M + 2.050%), 01/25/2040			467,414		0.0
2,401,611 (4)	Fannie Mae Interest Strip 421 C11, 6.500%, 05/25/2039			433,443		0.0
212,583 (4)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043			32,840		0.0
203,359 (4)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			29,656		0.0
546	Fannie Mae REMIC Trust 1994-77 FB, 6.650%, (SOFR30A + 1.500%), 04/25/2024			548		0.0
126,695	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			125,607		0.0
8,285	Fannie Mae REMIC Trust 2002-21 FC, 6.050%, (SOFR30A + 0.900%), 04/25/2032			8,338		0.0
467,349 (4)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			85,385		0.0
19,192	Fannie Mae REMIC Trust 2004-11 A, 5.258%, (SOFR30A + 0.120%), 03/25/2034			19,143		0.0
219,763	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			219,563		0.0
122,348	Fannie Mae REMIC Trust 2005-74 DK, 3.398%, (-4.000*SOFR30A + 24.000%), 07/25/2035			118,113		0.0
2,196,880 (4)	Fannie Mae REMIC Trust 2005-92 SC, 1.530%, (-1.000*SOFR30A + 6.680%), 10/25/2035			169,753		0.0

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
105,625	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036		$	107,160		0.0
451,929	Fannie Mae REMIC Trust 2006-104 ES, 7.698%, (-5.000*SOFR30A + 33.450%), 11/25/2036			581,676		0.0
2,324,419 (4)	Fannie Mae REMIC Trust 2006-12 SD, 1.600%, (-1.000*SOFR30A + 6.750%), 10/25/2035			136,267		0.0
1,269,478 (4)	Fannie Mae REMIC Trust 2006-123 UI, 1.590%, (-1.000*SOFR30A + 6.740%), 01/25/2037			112,419		0.0
164,121 (4)	Fannie Mae REMIC Trust 2006-72 HS, 1.550%, (-1.000*SOFR30A + 6.700%), 08/25/2026			3,183		0.0
353,019	Fannie Mae REMIC Trust 2007-73 A1, 5.036%, (SOFR30A + 0.060%), 07/25/2037			342,193		0.0
209,295	Fannie Mae REMIC Trust 2008-20 SP, 2.624%, (-2.500*SOFR30A + 15.500%), 03/25/2038			210,170		0.0
1,103,239	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			1,064,322		0.1
3,668,554 (4)	Fannie Mae REMIC Trust 2010-102 SB, 1.450%, (-1.000*SOFR30A + 6.600%), 09/25/2040			371,440		0.0
1,193,413 (4)	Fannie Mae REMIC Trust 2010-116 SE, 1.450%, (-1.000*SOFR30A + 6.600%), 10/25/2040			99,102		0.0
3,278,084 (4)	Fannie Mae REMIC Trust 2010-123 SL, 0.920%, (-1.000*SOFR30A + 6.070%), 11/25/2040			208,155		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,808,476 (4)	Fannie Mae REMIC Trust 2010-55 AS, 1.270%, (-1.000*SOFR30A + 6.420%), 06/25/2040		$	148,399		0.0
3,455,882	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			3,452,333		0.2
376,441	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			373,043		0.0
1,202,867 (4)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			117,066		0.0
286,918 (4)	Fannie Mae REMIC Trust 2012-10 US, 1.300%, (-1.000*SOFR30A + 6.450%), 02/25/2042			30,652		0.0
98,042	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			94,895		0.0
4,238,683 (4)	Fannie Mae REMIC Trust 2012-113 SG, 0.950%, (-1.000*SOFR30A + 6.100%), 10/25/2042			428,922		0.0
2,954,435 (4)	Fannie Mae REMIC Trust 2012-122 SB, 1.000%, (-1.000*SOFR30A + 6.150%), 11/25/2042			308,410		0.0
1,213,970 (4)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			73,714		0.0
765,285	Fannie Mae REMIC Trust 2012-131 BS, 0.158%, (-1.200*US0001M + 5.400%), 12/25/2042			491,028		0.0
4,882,301 (4)	Fannie Mae REMIC Trust 2012-137 SN, 0.950%, (-1.000*SOFR30A + 6.100%), 12/25/2042			440,976		0.0
131,582 (4)	Fannie Mae REMIC Trust 2012-15 SP, 1.470%, (-1.000*SOFR30A + 6.620%), 06/25/2040			368		0.0

See Accompanying Notes to Financial Statements

114

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
749,269 (4)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042		$	104,016		0.0
4,212,016 (4)	Fannie Mae REMIC Trust 2013-60 DS, 1.050%, (-1.000*SOFR30A + 6.200%), 06/25/2033			256,643		0.0
4,636,418 (4)	Fannie Mae REMIC Trust 2013-9 DS, 1.000%, (-1.000*SOFR30A + 6.150%), 02/25/2043			510,765		0.0
9,895,707 (4)	Fannie Mae REMIC Trust 2013-9 SA, 1.000%, (-1.000*SOFR30A + 6.150%), 03/25/2042			459,761		0.0
10,933,996 (4)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			2,220,005		0.1
1,944,235 (4)	Fannie Mae REMICS 2005-66 SY, 1.550%, (-1.000*SOFR30A + 6.700%), 07/25/2035			164,354		0.0
2,980,128 (4)	Fannie Mae REMICS 2006-120 QD, 0.083%, (-1.000*SOFR30A + 4.700%), 10/25/2036			53,056		0.0
1,438,741 (4)	Fannie Mae REMICS 2006-59 XS, 2.050%, (-1.000*SOFR30A + 7.200%), 07/25/2036			121,789		0.0
1,568,885 (4)	Fannie Mae REMICS 2007-53 SX, 0.950%, (-1.000*SOFR30A + 6.100%), 06/25/2037			112,505		0.0
4,076,431 (4)	Fannie Mae REMICS 2010-112 PI, 6.000%, 10/25/2040			851,529		0.0
9,261,334 (4)	Fannie Mae REMICS 2010-139 SA, 0.880%, (-1.000*SOFR30A + 6.030%), 12/25/2040			741,169		0.0
517,437	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			510,354		0.0
48,487	Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			45,188		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,300,370 (4)	Fannie Mae REMICS 2011-149 ES, 0.850%, (-1.000*SOFR30A + 6.000%), 07/25/2041		$	34,289		0.0
1,388,094	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041			1,422,408		0.1
10,578,187 (4)	Fannie Mae REMICS 2012-134 SF, 1.000%, (-1.000*SOFR30A + 6.150%), 12/25/2042			1,023,386		0.1
7,574,664 (4)	Fannie Mae REMICS 2012-19 S, 0.800%, (-1.000*SOFR30A + 5.950%), 03/25/2042			683,844		0.0
3,530,384 (4)	Fannie Mae REMICS 2012-30 TS, 1.300%, (-1.000*SOFR30A + 6.450%), 04/25/2042			382,249		0.0
14,526,855 (4)	Fannie Mae REMICS 2016-2 IO, 5.500%, 02/25/2046			2,305,854		0.1
3,642,073 (4)	Fannie Mae REMICS 2016-54 SD, 0.850%, (-1.000*SOFR30A + 6.000)%, 08/25/2046			357,200		0.0
5,830,100 (4)	Fannie Mae REMICS 2016-62 SC, 0.850%, (-1.000*SOFR30A + 6.000%), 09/25/2046			642,309		0.0
22,730,346 (4)	Fannie Mae REMICS 2016-88 CS, 0.900%, (-1.000*SOFR30A + 6.050%), 12/25/2046			1,727,679		0.1
5,964,632 (4)	Fannie Mae REMICS 2016-93 SL, 1.500%, (-1.000*SOFR30A + 6.650%), 12/25/2046			403,362		0.0
880,566	Fannie Mae REMICS 2016-97 PA, 3.000%, 12/25/2044			821,974		0.0
7,410,626 (4)	Fannie Mae REMICS 2017-23 IO, 6.000%, 04/25/2047			1,564,162		0.1
1,095,535	Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			976,014		0.1
3,651,597	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			3,416,408		0.2

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
201,223	Fannie Mae REMICS 2018-27 EA, 3.000%, 05/25/2048		$	180,113		0.0
3,388,003 (4)	Fannie Mae REMICS 2018-43 SE, 1.100%, (-1.000*SOFR30A + 6.250%), 09/25/2038			251,248		0.0
512,842	Fannie Mae REMICS 2018-64 ET, 3.000%, 09/25/2048			462,451		0.0
5,954,740 (4)	Fannie Mae REMICS 2019-18 SA, 0.900%, (-1.000*SOFR30A + 6.050%), 05/25/2049			454,828		0.0
5,031,870 (4)	Fannie Mae REMICS 2019-25 PS, 0.900%, (-1.000*SOFR30A + 6.050%), 06/25/2049			505,942		0.0
14,323,298 (4)	Fannie Mae REMICS 2019-33 PS, 0.900%, (-1.000*SOFR30A + 6.050%), 07/25/2049			1,500,636		0.1
11,361,039 (4)	Fannie Mae REMICS 2020-71 TI, 3.000%, 10/25/2050			1,849,150		0.1
9,825,958 (4)	Fannie Mae REMICS 2020-94 SC, 0.800%, (-1.000*SOFR30A + 5.950%), 07/25/2050			1,068,949		0.1
12,808,045 (4)	Fannie Mae REMICS 2021-13 BI, 3.000%, 02/25/2050			2,115,957		0.1
12,741,879 (4)	Fannie Mae REMICS 2021-17 KI, 4.500%, 04/25/2051			2,773,705		0.1
18,188,185 (4)	Fannie Mae REMICS 2021-8 TI, 4.000%, 03/25/2051			3,586,850		0.2
7,252,092	Fannie Mae REMICS 2022-5 CZ, 2.500%, 02/25/2052			4,676,612		0.2
123,730 (3)	First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 4.386%, 03/25/2035			77,413		0.0
54,866 (3)	First Horizon Asset Securities, Inc. 2005-AR6 4A1, 4.152%, 02/25/2036			49,164		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
18,845 (3)	First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 4.715%, 08/25/2035		$	13,464		0.0
1,296,068 (1)(3)	Flagstar Mortgage Trust 2018-1 B1, 3.945%, 03/25/2048			1,133,305		0.1
1,814,495 (1)(3)	Flagstar Mortgage Trust 2018-1 B3, 3.945%, 03/25/2048			1,547,231		0.1
1,597,149 (1)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.012%, 04/25/2048			1,412,110		0.1
2,557,899 (4)	Freddie Mac 2815 GS, 0.807%, (-1.000*SOFR30A + 6.000%), 03/15/2034			155,978		0.0
87,531	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			87,719		0.0
82,792	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			82,693		0.0
46,036	Freddie Mac REMIC Trust 2411 FJ, 5.543%, (SOFR30A + 0.350%), 12/15/2029			45,872		0.0
56,770	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			56,740		0.0
143,170	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			143,799		0.0
59,800	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			60,033		0.0
124,453 (4)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			20,672		0.0
180,706	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			180,237		0.0
524,041	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			515,232		0.0
380,040	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			373,645		0.0
480,174	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			475,594		0.0

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,998,520 (4)	Freddie Mac REMIC Trust 3045 DI, 1.537%, (-1.000*SOFR30A + 6.730%), 10/15/2035		$	230,374		0.0
5,800 (4)	Freddie Mac REMIC Trust 3064 SP, 1.407%, (-1.000*US0001M + 6.600%), 03/15/2035			9		0.0
200,170	Freddie Mac REMIC Trust 3065 DC, 4.280%, (-3.000*SOFR30A + 19.860%), 03/15/2035			196,953		0.0
262,510 (4)	Freddie Mac REMIC Trust 3102 IS, 5.525%, (-3.667*SOFR30A + 24.567%), 01/15/2036			53,125		0.0
1,583,272	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			1,569,020		0.1
952,092 (4)	Freddie Mac REMIC Trust 3170 SA, 1.407%, (-1.000*SOFR30A + 6.600%), 09/15/2033			68,478		0.0
407,293 (4)	Freddie Mac REMIC Trust 3171 PS, 1.292%, (-1.000*SOFR30A + 6.485%), 06/15/2036			23,766		0.0
729,788	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			720,315		0.0
175,478 (3)	Freddie Mac REMIC Trust 3524 LA, 5.091%, 03/15/2033			168,136		0.0
29,747	Freddie Mac REMIC Trust 3556 NT, 8.293%, (SOFR30A + 3.100%), 03/15/2038			30,249		0.0
3,450,729 (4)	Freddie Mac REMIC Trust 3589 SB, 1.007%, (-1.000*SOFR30A + 6.200%), 10/15/2039			291,912		0.0
392,370 (4)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			44,930		0.0
3,464,507	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			3,479,386		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,181,494	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036		$	1,208,817		0.1
593,042	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			601,463		0.0
666,275	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			620,181		0.0
2,375,520 (4)	Freddie Mac REMIC Trust 3856 KS, 1.357%, (-1.000*SOFR30A + 6.550%), 05/15/2041			224,326		0.0
906,370	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			887,157		0.0
428,339 (4)	Freddie Mac REMIC Trust 3925 SD, 0.857%, (-1.000*SOFR30A + 6.050%), 07/15/2040			10,198		0.0
1,357,720 (4)	Freddie Mac REMIC Trust 3925 SL, 0.857%, (-1.000*SOFR30A + 6.050%), 01/15/2041			19,706		0.0
6,517,791 (4)	Freddie Mac REMIC Trust 3951 SN, 1.357%, (-1.000*SOFR30A + 6.550%), 11/15/2041			702,095		0.0
387,873	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			375,005		0.0
951,465	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042			1,006,648		0.1
406,196 (4)	Freddie Mac REMIC Trust 4094 YS, 1.507%, (-1.000*SOFR30A + 6.700%), 04/15/2040			1,562		0.0
3,550,340 (4)	Freddie Mac REMIC Trust 4102 MS, 1.407%, (-1.000*SOFR30A + 6.600%), 09/15/2042			429,994		0.0
442,577 (4)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			71,273		0.0

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,656,550	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033		$	3,374,153		0.2
20,531,702	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			20,081,959		0.9
4,352,923 (4)	Freddie Mac REMIC Trust 4313 SD, 0.957%, (-1.000*SOFR30A + 6.150%), 03/15/2044			316,445		0.0
6,671,788 (4)	Freddie Mac REMIC Trust 4313 SE, 0.957%, (-1.000*SOFR30A + 6.150%), 03/15/2044			553,111		0.0
174,483 (4)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			3,550		0.0
671,964 (4)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			91,821		0.0
8,057,913	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			7,625,464		0.3
1,760,463 (4)	Freddie Mac REMIC Trust 4346 ST, 1.007%, (-1.000*SOFR30A + 6.200%), 07/15/2039			46,750		0.0
13,105,361	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			12,402,012		0.5
2,062,983 (4)	Freddie Mac REMIC Trust 4386 LS, 0.907%, (-1.000*SOFR30A + 6.100%), 09/15/2044			188,983		0.0
4,553,191 (4)	Freddie Mac REMICS 3284 CI, 0.927%, (-1.000*SOFR30A + 6.120%), 03/15/2037			356,912		0.0
1,954,127 (4)	Freddie Mac REMICS 3311 IC, 1.217%, (-1.000*SOFR30A + 6.410%), 05/15/2037			176,780		0.0
4,216,819 (4)	Freddie Mac REMICS 3510 IC, 0.887%, (-1.000*SOFR30A + 6.080%), 08/15/2037			329,667		0.0
2,080,396 (4)	Freddie Mac REMICS 3575 ST, 1.407%, (-1.000*SOFR30A + 6.600%), 04/15/2039			213,553		0.0

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,797,407 (4)		Freddie Mac REMICS 3702 SB, 0.041%, (-1.000*SOFR30A + 4.500%), 08/15/2040		$	231,270		0.0
8,154,671 (4)		Freddie Mac REMICS 4139 CS, 0.957%, (-1.000*SOFR30A + 6.150%), 12/15/2042			892,322		0.0
4,030,483 (4)		Freddie Mac REMICS 4147 IB, 4.000%, 09/15/2047			700,070		0.0
4,507,329 (4)		Freddie Mac REMICS 4150 IO, 3.500%, 01/15/2043			673,565		0.0
2,071,860 (4)		Freddie Mac REMICS 4465 MI, 5.000%, 03/15/2041			348,258		0.0
6,779,412 (4)		Freddie Mac REMICS 4675 KS, 0.807%, (-1.000*SOFR30A + 6.000%), 04/15/2047			694,967		0.0
1,764,315		Freddie Mac REMICS 4753 VZ, 3.000%, 12/15/2047			1,347,169		0.1
1,646,694		Freddie Mac REMICS 4755 Z, 3.000%, 02/15/2048			1,404,722		0.1
16,106,770		Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048			14,462,979		0.6
773,044		Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048			724,716		0.0
5,546,147 (4)		Freddie Mac REMICS 4892 ES, 1.000%, (-1.000*SOFR30A + 6.150%), 07/25/2045			544,827		0.0
16,116,595 (4)		Freddie Mac REMICS 4901 BS, 0.950%, (-1.000*SOFR30A + 6.100%), 07/25/2049			1,258,920		0.1
2,196,874 (4)	��	Freddie Mac REMICS 4953 AI, 4.000%, 02/25/2050			418,847		0.0
5,398,489 (4)		Freddie Mac REMICS 4988 IJ, 4.500%, 12/15/2047			996,949		0.1
12,284,962 (4)		Freddie Mac REMICS 4995 SB, 0.950%, (-1.000*SOFR30A + 6.100%), 07/25/2050			1,319,060		0.1

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,417,566 (4)	Freddie Mac REMICS 5015 EI, 4.500%, 09/25/2050		$	908,948		0.0
34,508,828 (4)	Freddie Mac REMICS 5072 IU, 2.500%, 02/25/2051			5,013,311		0.2
28,822,553 (4)	Freddie Mac REMICS 5077 LI, 3.000%, 02/25/2051			4,367,000		0.2
17,312,661 (4)	Freddie Mac REMICS 5118 LI, 3.000%, 06/25/2041			1,989,796		0.1
13,716,885 (4)	Freddie Mac REMICS 5124 IQ, 3.500%, 07/25/2051			2,480,269		0.1
23,043,987 (4)	Freddie Mac REMICS 5171 DI, 3.000%, 12/25/2051			4,071,013		0.2
24,494,284 (4)	Freddie Mac REMICS 5211 IH, 3.500%, 04/25/2052			3,871,640		0.2
8,348,713	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			7,880,786		0.3
2,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 8.467%, (SOFR30A + 3.400%), 10/25/2041			1,995,411		0.1
2,550,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 7.167%, (SOFR30A + 2.100%), 09/25/2041			2,426,530		0.1
5,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.817%, (SOFR30A + 3.750%), 12/25/2041			4,776,324		0.2
2,400,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 7.417%, (SOFR30A + 2.350%), 12/25/2041			2,281,284		0.1
4,000,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 8.467%, (SOFR30A + 3.400%), 01/25/2042			3,849,790		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,500,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 7.567%, (SOFR30A + 2.500%), 01/25/2042		$	2,422,673		0.1
1,800,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 10.317%, (SOFR30A + 5.250%), 03/25/2042			1,866,737		0.1
1,400,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 10.417%, (SOFR30A + 5.350%), 08/25/2042			1,459,181		0.1
4,420,887 (4)	Freddie Mac Strips 228 IO, 6.000%, 02/01/2035			780,893		0.0
307,915 (3)(4)	Freddie Mac Strips 347 118, 4.500%, 02/15/2044			53,735		0.0
8,314,143 (3)(4)	Freddie Mac Strips 347 C29, 3.000%, 01/15/2044			1,169,137		0.1
7,169,733 (3)(4)	Freddie Mac Strips 347 C30, 3.500%, 02/15/2044			1,150,478		0.1
2,701,774 (3)(4)	Freddie Mac Strips 347 C31, 4.000%, 02/15/2044			439,614		0.0
6,768,004 (4)	Freddie Mac Strips 351 C1, 2.500%, 02/15/2031			353,383		0.0
4,738,565 (4)	Freddie Mac Strips 351 C11, 3.500%, 02/15/2031			371,550		0.0
6,143,718 (4)	Freddie Mac Strips 351 C12, 4.000%, 02/15/2031			549,178		0.0
4,436,997 (4)	Freddie Mac Strips 351 C13, 3.000%, 02/15/2031			300,337		0.0
7,176,534 (4)	Freddie Mac Strips 351 C2, 3.000%, 02/15/2031			465,034		0.0
5,969,449 (4)	Freddie Mac Strips 351 C7, 3.000%, 02/15/2031			383,677		0.0

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,531,323 (4)	Freddie Mac Strips 351 C8, 3.500%, 02/15/2031		$	516,839		0.0
5,008,534 (4)	Freddie Mac Strips Series 311 S1, 0.757%, (-1.000*SOFR30A + 5.950%), 08/15/2043			509,386		0.0
1,938,868 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 7.367%, (SOFR30A + 2.300%), 08/25/2033			1,941,246		0.1
1,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, 8.717%, (SOFR30A + 3.650%), 11/25/2041			996,657		0.1
2,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M2, 11.067%, (SOFR30A + 6.000%), 07/25/2042			2,124,646		0.1
1,552,824	Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			1,619,746		0.1
1,515,192	Freddie Mac Structured Pass Through Certificates T-62 1A1, 5.176%, (12MTA + 1.200%), 10/25/2044			1,392,966		0.1
1,785	Freddie Mac-Ginnie Mae Series 27 FC, 6.875%, (PRIME + (1.375%)), 03/25/2024			1,769		0.0
5,529,222 (4)	Ginnie Mae 2007-35 KY, 1.292%, (-1.000*US0001M + 6.450)%, 06/16/2037			485,425		0.0
420,121	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			374,024		0.0
391,381	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			349,990		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
166,018	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042		$	143,532		0.0
121,519	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			102,961		0.0
26,818,423 (4)	Ginnie Mae 2019-143 SC, 0.893%, (-1.000*US0001M + 6.050%), 04/20/2046			2,719,717		0.1
27,048,230 (4)	Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051			4,225,502		0.2
12,153,208 (4)	Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051			1,638,628		0.1
370,828 (4)	Ginnie Mae Series 2005-7 AH, 1.612%, (-1.000*US0001M + 6.770%), 02/16/2035			27,170		0.0
189,824	Ginnie Mae Series 2007-8 SP, 5.362%, (-3.242*US0001M + 22.049%), 03/20/2037			219,565		0.0
1,147,008 (4)	Ginnie Mae Series 2008-35 SN, 1.254%, (-1.000*US0001M + 6.400%), 04/20/2038			83,162		0.0
592,421 (4)	Ginnie Mae Series 2008-40 PS, 1.342%, (-1.000*US0001M + 6.500%), 05/16/2038			41,266		0.0
4,817,377 (4)	Ginnie Mae Series 2009-106 SU, 1.054%, (-1.000*US0001M + 6.200%), 05/20/2037			393,580		0.0
1,633,196 (4)	Ginnie Mae Series 2009-25 KS, 1.054%, (-1.000*US0001M + 6.200%), 04/20/2039			150,185		0.0
785,243	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			778,614		0.0
849,993	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			832,779		0.0

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
8,347,089	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039		$	8,226,323		0.4
869,389 (4)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			70,151		0.0
946,859 (4)	Ginnie Mae Series 2010-116 NS, 1.492%, (-1.000*US0001M + 6.650%), 09/16/2040			64,651		0.0
3,118,185 (4)	Ginnie Mae Series 2010-116 SK, 1.474%, (-1.000*US0001M + 6.620%), 08/20/2040			259,661		0.0
2,730,602 (4)	Ginnie Mae Series 2010-149 HS, 0.942%, (-1.000*US0001M + 6.100%), 05/16/2040			37,747		0.0
1,107,159 (4)	Ginnie Mae Series 2010-4 SP, 1.342%, (-1.000*US0001M + 6.500%), 01/16/2039			25,119		0.0
1,514,570	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			1,488,823		0.1
419,349 (4)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			22,529		0.0
1,044,500 (4)	Ginnie Mae Series 2010-68 MS, 0.704%, (-1.000*US0001M + 5.850%), 06/20/2040			84,412		0.0
2,562,172 (4)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			526,740		0.0
540,535 (4)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			14,323		0.0
15,283	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			15,435		0.0
2,516,783 (4)	Ginnie Mae Series 2011-80 KS, 1.524%, (-1.000*US0001M + 6.670%), 06/20/2041			261,281		0.0

Principal Amount†			Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
53,114 (4)		Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040		$	3,479		0.0
5,055,983 (4)		Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			773,303		0.0
4,768,624 (4)		Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043			1,024,876		0.1
4,164,479		Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043			3,819,861		0.2
4,236,932 (4)		Ginnie Mae Series 2014-3 SU, 0.904%, (-1.000*US0001M + 6.050%), 07/20/2039			341,514		0.0
5,343,147 (4)		Ginnie Mae Series 2014-55 MS, 1.042%, (-1.000*US0001M + 6.200%), 04/16/2044			453,878		0.0
3,985,659 (4)		Ginnie Mae Series 2014-56 SP, 1.042%, (-1.000*US0001M + 6.200%), 12/16/2039			254,222		0.0
4,937,436 (4)	��	Ginnie Mae Series 2014-58 CS, 0.442%, (-1.000*US0001M + 5.600%), 04/16/2044			248,244		0.0
6,355,937 (4)		Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			1,160,979		0.1
2,392,341 (4)		Ginnie Mae Series 2014-99 S, 0.454%, (-1.000*US0001M + 5.600%), 06/20/2044			196,261		0.0
1,184,079		Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048			1,083,627		0.1
1,358,927		Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			1,265,652		0.1
195,173 (1)(3)		GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049			181,668		0.0

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,331	GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032		$	1,302		0.0
33,111	HarborView Mortgage Loan Trust 2005-2 2A1A, 5.597%, (US0001M + 0.440%), 05/19/2035			30,311		0.0
86,702	HomeBanc Mortgage Trust 2004-1 2A, 6.010%, (US0001M + 0.860%), 08/25/2029			82,575		0.0
1,568,428	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 5.570%, (US0001M + 0.420%), 02/25/2046			1,166,990		0.1
3,683 (3)	JP Morgan Mortgage Trust 2005-A1 6T1, 4.086%, 02/25/2035			3,397		0.0
39,343 (3)	JP Morgan Mortgage Trust 2007-A1 5A5, 4.047%, 07/25/2035			38,493		0.0
957,338 (1)(3)	JP Morgan Mortgage Trust 2017-6 B3, 3.780%, 12/25/2048			840,466		0.0
1,470,200 (1)(3)	JP Morgan Mortgage Trust 2018-1 B1, 3.612%, 06/25/2048			1,256,691		0.1
1,470,200 (1)(3)	JP Morgan Mortgage Trust 2018-1 B2, 3.612%, 06/25/2048			1,236,157		0.1
1,818,106 (1)(3)	JP Morgan Mortgage Trust 2018-1 B3, 3.612%, 06/25/2048			1,529,030		0.1
1,854,325 (1)(3)	JP Morgan Mortgage Trust 2019-8 B3A, 3.418%, 03/25/2050			1,533,333		0.1
5,180 (1)(3)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			5,140		0.0
1,346,481 (1)(3)	JP Morgan Mortgage Trust 2020-8 B2, 3.503%, 03/25/2051			1,088,474		0.1
1,787,248 (1)(3)	JP Morgan Mortgage Trust 2020-8 B3, 3.503%, 03/25/2051			1,445,800		0.1
1,004,332,385 (1)(4)	L Street Securities 2017-PM1 XIO, 13.000%, 10/25/2048			2,949,473		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,485,871 (4)	Lehman Mortgage Trust 2006-9 2A5, 1.470%, (-1.000*US0001M + 6.620%), 01/25/2037		$	560,623		0.0
28,148 (3)	Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 3.918%, 05/25/2033			26,994		0.0
11,258	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 5.650%, (US0001M + 0.250%), 11/25/2035			10,591		0.0
2,000,000	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 6.950%, (US0001M + 1.800%), 09/25/2035			1,939,641		0.1
6,500,000 (1)	Mortgage Insurance-Linked Notes 2021-3 M1B, 7.967%, (SOFR30A + 2.900%), 02/25/2034			6,433,441		0.3
1,233,480 (1)(3)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,164,945		0.1
11,440 (1)(3)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030			10,968		0.0
2,900,000 (1)	Oaktown Re VII Ltd. 2021-2 M1C, 8.417%, (SOFR30A + 3.350%), 04/25/2034			2,880,482		0.1
332,994	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			277,815		0.0
1,163	RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032			1,128		0.0
1,498,823	Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057			1,443,886		0.1
643,619	Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057			559,425		0.0

See Accompanying Notes to Financial Statements

122

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
856,163	Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057		$	741,353		0.0
675,854	Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058			584,953		0.0
688,935	Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058			598,619		0.0
892,772	Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058			776,094		0.0
178,883	Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058			155,539		0.0
21,912	Sequoia Mortgage Trust 2003-4 2A1, 5.857%, (US0001M + 0.350%), 07/20/2033			20,065		0.0
11,274 (3)	Sequoia Mortgage Trust 2005-4 2A1, 4.601%, 04/20/2035			11,185		0.0
594,384 (1)(3)	Sequoia Mortgage Trust 2015-2 B3, 3.764%, 05/25/2045			502,564		0.0
774,636 (1)(3)	Sequoia Mortgage Trust 2015-3 B3, 3.724%, 07/25/2045			557,423		0.0
107,574 (1)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			98,929		0.0
1,950,559 (1)(3)	Sequoia Mortgage Trust 2020-3 B3, 3.322%, 04/25/2050			1,536,499		0.1
698,000 (1)(3)	Starwood Mortgage Residential Trust 2020-1, 2.878%, 02/25/2050			573,328		0.0
25,869 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-17 3A1, 4.222%, 08/25/2035			22,444		0.0
483,027 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 5.404%, 04/25/2035			446,033		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
90,193	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 5.646%, (US0001M + 0.250%), 07/19/2035		$	86,483		0.0
53,410	Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 5.646%, (US0001M + 0.250%), 07/19/2035			48,664		0.0
122,722 (3)	Thornburg Mortgage Securities Trust 2006-5 A1, 3.442%, 10/25/2046			115,856		0.0
1,352,592 (1)(3)	Verus Securitization Trust 2021-4 A1, 0.938%, 07/25/2066			1,063,442		0.1
3,273	WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 3.823%, (COF 11 + 1.250%), 02/27/2034			3,084		0.0
11,426	WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 5.376%, (12MTA + 1.400%), 08/25/2042			10,789		0.0
17,364	WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 5.790%, (US0001M + 0.640%), 01/25/2045			16,506		0.0
382,828 (3)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.230%, 10/25/2036			346,585		0.0
213,015	WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 5.024%, (12MTA + 1.048%), 07/25/2046			179,351		0.0
32,620,794 (3)(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.405%, 08/25/2045			29,783		0.0

See Accompanying Notes to Financial Statements

123

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
787,328	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 6.130%, (US0001M + 0.490%), 10/25/2045		$	741,346		0.0
418,199 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.816%, 10/25/2036			379,251		0.0
715,334 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.436%, 12/25/2036			624,358		0.0
1,419,777 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.693%, 08/25/2046			1,273,730		0.1
1,265,573 (3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.597%, 07/25/2037			1,073,708		0.1
1,564,454	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			1,293,396		0.1
134,167	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			125,140		0.0
1,173,983	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 5.350%, (US0001M + 0.200%), 12/25/2036			594,217		0.0
725,547	Wells Fargo Alternative Loan 2007-PA2 2A1, 5.580%, (US0001M + 0.430%), 06/25/2037			585,262		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
50,043 (3)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 4.683%, 05/25/2035		$	50,399		0.0
139,699 (3)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.692%, 04/25/2036			131,660		0.0
555,473 (1)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.753%, 08/20/2045			493,359		0.0
	Total Collateralized Mortgage Obligations (Cost $389,587,418)			334,083,687		14.3
MUNICIPAL BONDS: 0.1%
	California: 0.1%
500,000	California State University, 6.434%, 11/01/2030			541,541		0.1
200,000	Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033			225,097		0.0
300,000	Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040			377,582		0.0
200,000	Regents of the University of California Medical Center Pooled Revenue, 6.398%, 05/15/2031			214,769		0.0
300,000	Regents of the University of California Medical Center Pooled Revenue, 6.548%, 05/15/2048			350,787		0.0
	Total Municipal Bonds (Cost $1,500,000)			1,709,776		0.1
U.S. TREASURY OBLIGATIONS: 8.7%
	U.S. Treasury Bonds: 3.2%
17,000	1.250%, 05/15/2050			9,569		0.0
920,000	1.375%, 11/15/2040			616,256		0.0
77,000	1.625%, 11/15/2050			47,862		0.0
100	2.000%, 11/15/2041			73		0.0
1,315,300	2.750%, 08/15/2032			1,206,043		0.1
3,046,300	2.875%, 05/15/2052			2,525,930		0.1
4,011,100	3.250%, 05/15/2042			3,581,317		0.2
13,694,200	3.375%, 05/15/2033			13,208,484		0.6
19,955,100	3.625%, 02/15/2053			19,156,896		0.8

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Bonds (continued)
34,814,700 (2)	3.875%, 05/15/2043		$	33,976,971		1.4
				74,329,401		3.2
	U.S. Treasury Notes: 5.5%
25,000	0.125%, 10/15/2023			24,639		0.0
16,997,000	0.250%, 06/15/2024			16,184,415		0.7
4,476,400	0.500%, 11/30/2023			4,388,359		0.2
4,427,600	0.875%, 01/31/2024			4,313,399		0.2
170,000	0.875%, 06/30/2026			153,209		0.0
1,757,900	1.250%, 11/30/2026			1,584,204		0.1
8,250,800	1.250%, 09/30/2028			7,144,355		0.3
139,400	1.500%, 01/31/2027			126,299		0.0
1,600,500	1.500%, 11/30/2028			1,400,344		0.1
54,300	2.750%, 04/30/2027			51,304		0.0
11,837,000	3.625%, 05/31/2028			11,578,990		0.5
8,204,400	3.750%, 05/31/2030			8,090,949		0.3
31,777,000	3.750%, 06/30/2030			31,359,927		1.3
13,954,000	4.000%, 06/30/2028			13,878,779		0.6
10,929,000	4.125%, 06/15/2026			10,819,710		0.5
8,225,800 (2)	4.250%, 05/31/2025			8,122,817		0.3
9,835,600	4.625%, 06/30/2025			9,791,225		0.4
				129,012,924		5.5
	Total U.S. Treasury Obligations (Cost $206,872,956)			203,342,325		8.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 21.7%
	Federal Home Loan Mortgage Corporation: 2.3%(5)
479,839	2.500%, 05/01/2030			445,962		0.0
287,858	2.500%, 05/01/2030			268,490		0.0
668,589	2.500%, 06/01/2030			621,340		0.0
1,784,385	3.000%, 03/01/2045			1,613,885		0.1
2,437,969	3.000%, 03/01/2045			2,205,066		0.1
2,067,321	3.000%, 04/01/2045			1,869,802		0.1
1,932,178	3.000%, 04/01/2045			1,747,564		0.1
4,696,054	3.000%, 10/01/2046			4,234,230		0.2
3,644,911	3.000%, 10/01/2046			3,268,935		0.2
5,151,293	3.000%, 03/01/2048			4,620,172		0.2
775,293	3.500%, 08/01/2042			724,987		0.0
1,993,399	3.500%, 03/01/2045			1,857,272		0.1
343,984	3.500%, 04/01/2045			320,637		0.0
808,918	3.500%, 05/01/2045			753,671		0.0
469,197	3.500%, 06/01/2045			437,154		0.0
475,073	3.500%, 07/01/2045			443,352		0.0
542,792	3.500%, 07/01/2045			505,725		0.0
499,155	3.500%, 08/01/2045			466,147		0.0
586,707	3.500%, 08/01/2045			546,634		0.0
804,238	3.500%, 08/01/2045			749,313		0.0
265,272	3.500%, 08/01/2045			247,154		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
397,100	3.500%, 08/01/2045		$	370,313		0.0
873,303	3.500%, 09/01/2045			814,212		0.1
127,356	3.500%, 09/01/2045			118,834		0.0
665,898	3.500%, 09/01/2045			620,418		0.0
1,027,315	3.500%, 11/01/2045			957,153		0.1
3,522,121	3.500%, 12/01/2046			3,266,937		0.2
9,339,834	3.500%, 03/01/2048			8,658,724		0.4
33,158	3.622%, (US0012M + 1.345%), 09/01/2035	��		33,063		0.0
532,019	4.000%, 10/01/2041			509,392		0.0
858,227	4.000%, 12/01/2041			821,732		0.1
142,217	4.000%, 07/01/2045			136,264		0.0
84,894	4.000%, 09/01/2045			80,860		0.0
873,611	4.000%, 09/01/2045			835,568		0.1
1,144,243	4.000%, 09/01/2045			1,095,485		0.1
1,513,888	4.000%, 09/01/2045			1,448,907		0.1
672,755	4.000%, 05/01/2047			645,545		0.0
193,173	4.000%, 11/01/2047			183,279		0.0
179,663	4.000%, 03/01/2048			171,620		0.0
813,760	4.000%, 06/01/2048			781,778		0.0
3,935	4.339%, (H15T1Y + 2.250%), 11/01/2031			3,831		0.0
6	4.354%, (H15T1Y + 2.210%), 06/01/2024			6		0.0
6,021	4.375%, (H15T1Y + 2.250%), 11/01/2035			6,024		0.0
3,521	4.500%, 06/01/2039			3,483		0.0
10,403	4.500%, 09/01/2040			10,292		0.0
34,792	4.500%, 03/01/2041			34,420		0.0
156,797	4.500%, 08/01/2041			154,098		0.0
279,015	4.500%, 08/01/2041			276,025		0.0
129,791	4.500%, 09/01/2041			128,400		0.0
695,516	4.500%, 09/01/2041			688,062		0.0
108,465	4.500%, 09/01/2041			107,303		0.0
286,341	4.500%, 09/01/2041			283,272		0.0
41,777	4.511%, (H15T1Y + 2.462%), 01/01/2029			40,960		0.0
1,219	4.593%, (H15T1Y + 2.250%), 03/01/2036			1,200		0.0
12,477	5.000%, 05/01/2028			12,424		0.0
59,054	5.000%, 05/01/2035			59,580		0.0
150,492	5.000%, 01/01/2041			151,841		0.0
85,856	5.000%, 04/01/2041			86,758		0.0
231,529	5.066%, (US0012M + 1.721%), 06/01/2035			233,576		0.0
1,613	5.250%, (H15T1Y + 2.250%), 04/01/2032			1,591		0.0
6,131	5.500%, 03/01/2034			6,284		0.0

See Accompanying Notes to Financial Statements

125

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
1,198	5.500%, 05/01/2036		$	1,197		0.0
42,874	5.500%, 06/01/2036			43,981		0.0
4,902	5.500%, 12/01/2036			5,044		0.0
22,591	5.500%, 03/01/2037			22,615		0.0
5,987	5.500%, 04/01/2037			6,162		0.0
37,522	5.500%, 05/01/2037			38,605		0.0
63,114	5.500%, 07/01/2037			64,949		0.0
7,245	5.500%, 09/01/2037			7,224		0.0
6,992	5.500%, 10/01/2037			7,188		0.0
22,253	5.500%, 11/01/2037			22,900		0.0
69,600	5.500%, 12/01/2037			71,624		0.0
20,244	5.500%, 12/01/2037			20,731		0.0
4,711	5.500%, 01/01/2038			4,848		0.0
4,740	5.500%, 01/01/2038			4,825		0.0
46,981	5.500%, 02/01/2038			48,347		0.0
63,834	5.500%, 02/01/2038			65,573		0.0
45,111	5.500%, 03/01/2038			46,358		0.0
55,788	5.500%, 04/01/2038			57,364		0.0
4,881	5.500%, 05/01/2038			5,013		0.0
46,090	5.500%, 05/01/2038			46,898		0.0
34,293	5.500%, 06/01/2038			35,026		0.0
124,520	5.500%, 06/01/2038			127,862		0.0
111,754	5.500%, 07/01/2038			114,935		0.0
5,003	5.500%, 08/01/2038			5,114		0.0
23,248	5.500%, 08/01/2038			23,872		0.0
25,820	5.500%, 09/01/2038			26,512		0.0
25,234	5.500%, 10/01/2038			25,911		0.0
22,365	5.500%, 10/01/2038			22,978		0.0
2,391	5.500%, 11/01/2038			2,454		0.0
82,935	5.500%, 11/01/2038			85,177		0.0
5,668	5.500%, 12/01/2038			5,825		0.0
9,094	5.500%, 12/01/2038			9,342		0.0
20,320	5.500%, 01/01/2039			20,873		0.0
43,373	5.500%, 03/01/2039			44,500		0.0
16,522	5.500%, 07/01/2039			16,839		0.0
11,035	5.500%, 12/01/2039			11,336		0.0
74,440	5.500%, 03/01/2040			76,468		0.0
48,031	5.500%, 08/01/2040			49,330		0.0
35,478	5.500%, 08/01/2040			35,390		0.0
24,603	5.500%, 08/01/2040			25,189		0.0
176,772	6.000%, 09/01/2027			178,620		0.0
3,890	6.000%, 02/01/2029			3,931		0.0
4,599	6.000%, 05/01/2035			4,751		0.0
210,108	6.000%, 03/01/2037			218,547		0.0
1,770	6.000%, 05/01/2037			1,841		0.0
23,320	6.000%, 07/01/2037			24,247		0.0
5,849	6.000%, 08/01/2037			6,008		0.0
27,516	6.000%, 08/01/2037			28,621		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
157,624	6.000%, 09/01/2037		$	163,698		0.0
442	6.000%, 10/01/2037			460		0.0
5,989	6.000%, 11/01/2037			6,227		0.0
5,229	6.000%, 12/01/2037			5,413		0.0
1,811	6.000%, 12/01/2037			1,834		0.0
146,298	6.000%, 01/01/2038			151,578		0.0
894	6.000%, 04/01/2038			926		0.0
5,661	6.000%, 06/01/2038			5,763		0.0
326	6.000%, 07/01/2038			332		0.0
13,510	6.000%, 08/01/2038			13,684		0.0
37,756	6.000%, 11/01/2038			38,825		0.0
11,668	6.000%, 05/01/2039			11,889		0.0
6,888	6.000%, 08/01/2039			7,030		0.0
1,624	6.000%, 09/01/2039			1,642		0.0
456,366	6.500%, 09/01/2034			471,842		0.0
				54,491,094		2.3
	Federal National Mortgage Association: 0.0%(5)
33,005	3.637%, (US0012M + 1.486%), 07/01/2035			32,252		0.0
22,361	3.691%, (US0006M + 1.373%), 09/01/2035			21,817		0.0
11,036	3.714%, (US0012M + 1.444%), 08/01/2035			10,793		0.0
127,072	3.908%, (US0012M + 1.661%), 10/01/2035			124,759		0.0
312,446	3.933%, (H15T1Y + 1.711%), 08/01/2035			307,687		0.0
45,604	4.001%, (US0012M + 1.610%), 02/01/2034			44,662		0.0
121,019	4.060%, (US0012M + 1.810%), 09/01/2034			120,677		0.0
18,363	4.175%, (US0012M + 1.675%), 02/01/2035			17,955		0.0
1,471	4.183%, (COF 11 + 1.251%), 05/01/2036			1,443		0.0
57,878	4.300%, (H15T1Y + 2.175%), 10/01/2035			56,753		0.0
49,512	4.357%, (US0012M + 1.480%), 04/01/2035			48,334		0.0
10,043	4.496%, (COF 11 + 1.926%), 12/01/2036			9,959		0.0
1,129	4.548%, (H15T1Y + 2.215%), 09/01/2031			1,107		0.0
6,719	4.585%, (H15T1Y + 2.210%), 04/01/2032			6,525		0.0
40,415	4.944%, (12MTA + 1.200%), 08/01/2042			39,121		0.0

See Accompanying Notes to Financial Statements

126

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association (continued)
23,279	4.944%, (12MTA + 1.200%), 08/01/2042		$	22,578		0.0
12,609	4.944%, (12MTA + 1.200%), 10/01/2044			12,181		0.0
20,201	4.944%, (12MTA + 1.200%), 10/01/2044			19,282		0.0
25,575	6.333%, (US0001M + 1.422%), 02/01/2033			25,736		0.0
				923,621		0.0
	Government National Mortgage Association: 4.9%
1,209,505	2.500%, 05/20/2051			1,051,817		0.1
4,176,226	2.500%, 08/20/2051			3,624,483		0.2
3,403,417	2.500%, 09/20/2051			2,952,795		0.1
1,749,869	2.500%, 11/20/2051			1,516,419		0.1
3,550,220	2.500%, 12/20/2051			3,077,988		0.1
5,702,122	2.500%, 03/20/2052			4,942,041		0.2
15,932,469	2.500%, 04/20/2052			13,811,199		0.6
24,347,004	2.500%, 05/20/2052			21,104,297		0.9
13,312,592	3.000%, 04/20/2045			12,144,840		0.5
947,294	3.000%, 11/20/2051			849,731		0.1
1,027,890	3.000%, 03/20/2052			915,939		0.1
13,265,000 (6)	3.000%, 08/15/2053			11,865,439		0.5
1,879,183	3.500%, 07/20/2046			1,698,599		0.1
281,668	3.500%, 07/20/2047			264,019		0.0
4,578,656	3.500%, 12/20/2047			4,289,875		0.2
2,596,206	3.500%, 01/20/2048			2,429,924		0.1
5,661,465	3.500%, 05/20/2050			5,278,179		0.2
361,129	4.000%, 11/20/2040			350,870		0.0
656,876	4.000%, 03/20/2046			631,979		0.0
18,942,000 (6)	4.000%, 07/15/2053			17,926,087		0.8
572,903	4.500%, 08/20/2041			569,261		0.0
265,181	4.500%, 01/20/2047			262,757		0.0
1,690	5.000%, 11/15/2035			1,681		0.0
12,342	5.000%, 11/15/2035			12,287		0.0
4,185	5.000%, 11/15/2035			4,167		0.0
4,398	5.000%, 11/15/2035			4,446		0.0
13,524	5.000%, 06/15/2037			13,415		0.0
28,070	5.000%, 03/15/2038			28,157		0.0
72,309	5.000%, 03/15/2038			72,925		0.0
3,022	5.000%, 06/15/2038			2,998		0.0
851	5.000%, 09/15/2038			847		0.0
28,376	5.000%, 11/15/2038			28,594		0.0
8,374	5.000%, 11/15/2038			8,387		0.0
43,515	5.000%, 12/15/2038			43,960		0.0
7,278	5.000%, 12/15/2038			7,266		0.0
625,342	5.000%, 12/15/2038			630,606		0.0
71,031	5.000%, 01/15/2039			71,242		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
441,668	5.000%, 01/15/2039		$	444,758		0.0
41,344	5.000%, 01/15/2039			41,679		0.0
40,459	5.000%, 02/15/2039			40,771		0.0
62,559	5.000%, 02/15/2039			62,848		0.0
17,717	5.000%, 02/15/2039			17,800		0.0
1,492	5.000%, 03/15/2039			1,500		0.0
83,324	5.000%, 03/15/2039			83,846		0.0
49,120	5.000%, 03/15/2039			49,384		0.0
48,970	5.000%, 03/15/2039			49,232		0.0
51,081	5.000%, 04/15/2039			51,375		0.0
381	5.000%, 05/15/2039			378		0.0
29,774	5.000%, 05/15/2039			29,942		0.0
66,884	5.000%, 05/15/2039			67,381		0.0
43,776	5.000%, 07/15/2039			44,074		0.0
30,763	5.000%, 09/15/2039			30,799		0.0
8,216	5.000%, 11/15/2039			8,210		0.0
1,217	5.000%, 04/15/2040			1,220		0.0
7,604	5.000%, 06/15/2040			7,640		0.0
5,574	5.000%, 09/15/2040			5,516		0.0
16,105	5.000%, 09/15/2040			16,193		0.0
32,302	5.000%, 10/15/2040			32,487		0.0
45,430	5.000%, 05/15/2042			45,250		0.0
197,417	5.000%, 02/20/2043			200,720		0.0
				113,822,519		4.9
	Uniform Mortgage-Backed Securities: 14.5%
3,856,173	2.000%, 10/01/2050			3,178,367		0.1
6,740,302	2.000%, 12/01/2050			5,549,177		0.3
2,728,429	2.000%, 11/01/2051			2,248,453		0.1
991,928	2.000%, 11/01/2051			816,438		0.0
4,857,425	2.000%, 12/01/2051			3,968,848		0.2
6,374,604	2.000%, 12/01/2051			5,223,826		0.2
1,846,168	2.000%, 02/01/2052			1,518,989		0.1
3,510,409	2.000%, 02/01/2052			2,890,566		0.1
7,854,402	2.000%, 03/01/2052			6,416,489		0.3
36,823,000 (6)	2.000%, 07/15/2053			30,038,075		1.3
920,416	2.500%, 05/01/2030			855,986		0.1
1,355,530	2.500%, 06/01/2030			1,260,809		0.1
1,824,938	2.500%, 06/01/2030			1,697,250		0.1
776,288	2.500%, 07/01/2030			722,025		0.0
5,807,179	2.500%, 07/01/2050			4,965,020		0.2
18,208,756	2.500%, 11/01/2050			15,678,011		0.7
7,747,939	2.500%, 02/01/2051			6,609,509		0.3
9,962,438	2.500%, 03/01/2051			8,501,481		0.4
4,629,735	2.500%, 04/01/2051			3,949,744		0.2
9,331,784	2.500%, 11/01/2051			7,970,592		0.4
3,560,432	2.500%, 12/01/2051			3,050,522		0.1
4,551,683	2.500%, 12/01/2051			3,911,411		0.2

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
4,884,964	2.500%, 01/01/2052		$	4,185,913		0.2
4,725,729	2.500%, 02/01/2052			4,016,788		0.2
4,042,424	2.500%, 02/01/2052			3,454,257		0.2
4,592,480	2.500%, 02/01/2052			3,925,725		0.2
2,661,635	2.500%, 02/01/2052			2,291,881		0.1
4,303,070	2.500%, 02/01/2052			3,693,601		0.2
1,932,032	3.000%, 08/01/2030			1,842,012		0.1
971,249	3.000%, 09/01/2030			926,076		0.1
765,200	3.000%, 08/01/2043			691,324		0.0
1,309,959	3.000%, 09/01/2043			1,183,539		0.1
4,843,986	3.000%, 04/01/2045			4,376,081		0.2
2,944,503	3.000%, 08/01/2046			2,643,620		0.1
281,125	3.000%, 09/01/2046			251,855		0.0
6,007,980	3.000%, 11/01/2046			5,381,966		0.2
3,952,614	3.000%, 01/01/2047			3,543,801		0.2
2,541,362	3.000%, 02/01/2052			2,254,767		0.1
4,358,914	3.000%, 02/01/2052			3,876,882		0.2
5,573,462	3.000%, 04/01/2052			4,949,438		0.2
9,379,510	3.000%, 05/01/2052			8,299,677		0.4
3,782,840	3.000%, 05/01/2052			3,358,360		0.2
5,495,000 (6)	3.000%, 07/15/2053			4,837,102		0.2
427,264	3.500%, 12/01/2041			400,295		0.0
375,340	3.500%, 08/01/2042			351,651		0.0
73,727	3.500%, 08/01/2042			69,074		0.0
295,659	3.500%, 10/01/2042			276,661		0.0
496,634	3.500%, 10/01/2042			465,006		0.0
212,435	3.500%, 03/01/2043			199,021		0.0
1,840,277	3.500%, 01/01/2046			1,712,632		0.1
2,967,622	3.500%, 02/01/2046			2,761,761		0.1
12,960,622	3.500%, 08/01/2046			12,061,594		0.5
2,076,378	3.500%, 08/01/2046			1,924,961		0.1
2,008,926	3.500%, 09/01/2047			1,855,320		0.1
5,970,273	3.500%, 07/01/2048			5,523,035		0.3
2,330,614	3.500%, 02/01/2052			2,139,473		0.1
1,869	4.000%, 05/01/2029			1,825		0.0
15,993	4.000%, 11/01/2030			15,617		0.0
8,743	4.000%, 02/01/2031			8,537		0.0
5,089	4.000%, 10/01/2031			4,970		0.0
3,602,652	4.000%, 12/01/2039			3,466,310		0.2
187,890	4.000%, 07/01/2042			180,757		0.0
463,584	4.000%, 07/01/2042			446,015		0.0
1,713,067	4.000%, 07/01/2042			1,648,134		0.1
295,800	4.000%, 08/01/2042			285,605		0.0
1,202,535	4.000%, 08/01/2043			1,156,387		0.1
2,066,281	4.000%, 09/01/2043			1,987,095		0.1
68,995	4.000%, 10/01/2043			66,317		0.0
143,857	4.000%, 10/01/2043			137,797		0.0
3,858,271	4.000%, 01/01/2045			3,732,513		0.2

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
376,302	4.000%, 06/01/2045		$	359,740		0.0
1,605,879	4.000%, 07/01/2045			1,536,656		0.1
698,467	4.000%, 07/01/2045			668,841		0.0
2,893,156	4.000%, 02/01/2046			2,764,927		0.1
571,898	4.000%, 06/01/2047			547,721		0.0
88,863	4.000%, 03/01/2048			84,778		0.0
358,502	4.000%, 03/01/2048			342,026		0.0
4,977,166	4.000%, 06/01/2048			4,748,403		0.2
2,711,290	4.000%, 09/01/2048			2,593,753		0.1
4,946,360	4.000%, 05/01/2051			4,706,422		0.2
4,718,538	4.000%, 05/01/2052			4,441,326		0.2
4,777,894	4.000%, 08/01/2052			4,487,858		0.2
11,255,898	4.000%, 11/01/2052			10,723,757		0.5
33,195,000 (6)	4.000%, 07/15/2053			31,155,323		1.3
10,040	4.500%, 10/01/2025			9,864		0.0
129,833	4.500%, 07/01/2026			128,089		0.0
229,524	4.500%, 04/01/2029			225,421		0.0
3,463	4.500%, 06/01/2029			3,401		0.0
42,070	4.500%, 06/01/2029			41,318		0.0
43,381	4.500%, 07/01/2029			42,605		0.0
1,055	4.500%, 10/01/2029			1,025		0.0
6,435	4.500%, 06/01/2030			6,307		0.0
221,882	4.500%, 10/01/2030			217,907		0.0
54,087	4.500%, 02/01/2031			53,117		0.0
33,251	4.500%, 05/01/2031			32,655		0.0
25,686	4.500%, 10/01/2033			25,335		0.0
12,205	4.500%, 01/01/2034			12,030		0.0
2,800	4.500%, 07/01/2034			2,761		0.0
3,205	4.500%, 09/01/2035			3,140		0.0
17,633	4.500%, 09/01/2035			17,420		0.0
23,275	4.500%, 11/01/2035			22,945		0.0
119,248	4.500%, 02/01/2036			115,449		0.0
48,426	4.500%, 01/01/2037			47,853		0.0
25,389	4.500%, 09/01/2037			25,042		0.0
1,515	4.500%, 02/01/2038			1,487		0.0
14,006	4.500%, 01/01/2039			13,840		0.0
1,907	4.500%, 02/01/2039			1,855		0.0
21,724	4.500%, 02/01/2039			21,467		0.0
9,923	4.500%, 04/01/2039			9,806		0.0
47,249	4.500%, 04/01/2039			46,322		0.0
31,867	4.500%, 04/01/2039			31,490		0.0
49,234	4.500%, 05/01/2039			48,651		0.0
49,802	4.500%, 05/01/2039			49,212		0.0
627,002	4.500%, 05/01/2039			619,571		0.0
61,040	4.500%, 05/01/2039			60,317		0.0
2,847	4.500%, 05/01/2039			2,813		0.0
315	4.500%, 05/01/2039			311		0.0
9,630	4.500%, 05/01/2039			9,516		0.0

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
4,340	4.500%, 06/01/2039		$	4,289		0.0
78,446	4.500%, 06/01/2039			77,517		0.0
17,257	4.500%, 07/01/2039			16,941		0.0
36,435	4.500%, 07/01/2039			36,003		0.0
10,739	4.500%, 07/01/2039			10,612		0.0
75,940	4.500%, 08/01/2039			75,041		0.0
42,557	4.500%, 08/01/2039			41,832		0.0
37,193	4.500%, 08/01/2039			36,752		0.0
133,312	4.500%, 08/01/2039			131,733		0.0
142,387	4.500%, 09/01/2039			139,961		0.0
115,570	4.500%, 10/01/2039			114,200		0.0
6,961	4.500%, 11/01/2039			6,879		0.0
57,028	4.500%, 11/01/2039			56,352		0.0
6,524	4.500%, 12/01/2039			6,405		0.0
3,537	4.500%, 12/01/2039			3,495		0.0
3,317	4.500%, 01/01/2040			3,250		0.0
249,050	4.500%, 01/01/2040			246,101		0.0
58,700	4.500%, 02/01/2040			58,004		0.0
114,198	4.500%, 02/01/2040			112,844		0.0
36,749	4.500%, 04/01/2040			36,218		0.0
360,970	4.500%, 04/01/2040			355,753		0.0
170,180	4.500%, 05/01/2040			167,946		0.0
33,583	4.500%, 05/01/2040			33,157		0.0
2,618	4.500%, 06/01/2040			2,587		0.0
24,298	4.500%, 06/01/2040			24,010		0.0
76,059	4.500%, 06/01/2040			75,158		0.0
42,361	4.500%, 06/01/2040			41,749		0.0
187,780	4.500%, 06/01/2040			185,556		0.0
14,432	4.500%, 07/01/2040			14,261		0.0
52,600	4.500%, 07/01/2040			51,976		0.0
87,566	4.500%, 07/01/2040			86,527		0.0
31,639	4.500%, 08/01/2040			31,264		0.0
17,140	4.500%, 08/01/2040			16,937		0.0
53,860	4.500%, 08/01/2040			53,222		0.0
3,202	4.500%, 08/01/2040			3,144		0.0
46,972	4.500%, 08/01/2040			46,415		0.0
56,534	4.500%, 08/01/2040			55,277		0.0
1,417	4.500%, 08/01/2040			1,400		0.0
142,751	4.500%, 09/01/2040			141,058		0.0
73,911	4.500%, 09/01/2040			72,556		0.0
9,843	4.500%, 09/01/2040			9,649		0.0
18,832	4.500%, 09/01/2040			18,608		0.0
18,678	4.500%, 09/01/2040			18,457		0.0
12,335	4.500%, 09/01/2040			12,037		0.0
11,642	4.500%, 09/01/2040			11,504		0.0
116,236	4.500%, 10/01/2040			114,859		0.0
55,025	4.500%, 10/01/2040			54,372		0.0
21,083	4.500%, 10/01/2040			20,833		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
108,741	4.500%, 10/01/2040		$	107,453		0.0
17,655	4.500%, 10/01/2040			17,446		0.0
36,687	4.500%, 11/01/2040			36,252		0.0
36,157	4.500%, 11/01/2040			35,728		0.0
275,379	4.500%, 11/01/2040			268,188		0.0
724,530	4.500%, 11/01/2040			715,939		0.0
277,176	4.500%, 11/01/2040			273,891		0.0
2,009	4.500%, 12/01/2040			1,985		0.0
17,445	4.500%, 12/01/2040			17,193		0.0
140,870	4.500%, 12/01/2040			139,200		0.0
68,651	4.500%, 12/01/2040			67,837		0.0
28,832	4.500%, 12/01/2040			28,490		0.0
16,548	4.500%, 12/01/2040			16,351		0.0
24,093	4.500%, 12/01/2040			23,808		0.0
69,849	4.500%, 12/01/2040			69,021		0.0
11,877	4.500%, 12/01/2040			11,613		0.0
29,092	4.500%, 01/01/2041			28,747		0.0
160,992	4.500%, 01/01/2041			159,083		0.0
338,090	4.500%, 01/01/2041			334,083		0.0
12,153	4.500%, 01/01/2041			12,009		0.0
88,066	4.500%, 01/01/2041			87,023		0.0
55,303	4.500%, 02/01/2041			54,648		0.0
16,017	4.500%, 02/01/2041			15,785		0.0
55,679	4.500%, 02/01/2041			54,398		0.0
39,360	4.500%, 02/01/2041			38,894		0.0
52,367	4.500%, 02/01/2041			51,746		0.0
71,144	4.500%, 03/01/2041			69,333		0.0
34,831	4.500%, 03/01/2041			34,418		0.0
11,066	4.500%, 03/01/2041			10,725		0.0
151,903	4.500%, 03/01/2041			148,228		0.0
19,243	4.500%, 03/01/2041			19,015		0.0
2,980	4.500%, 03/01/2041			2,945		0.0
54,559	4.500%, 03/01/2041			53,912		0.0
26,260	4.500%, 03/01/2041			25,744		0.0
17,168	4.500%, 03/01/2041			16,964		0.0
27,190	4.500%, 04/01/2041			26,868		0.0
287,793	4.500%, 04/01/2041			286,209		0.0
15,766	4.500%, 04/01/2041			15,292		0.0
71,155	4.500%, 04/01/2041			69,113		0.0
3,429	4.500%, 04/01/2041			3,388		0.0
154,668	4.500%, 04/01/2041			152,833		0.0
145,177	4.500%, 05/01/2041			143,456		0.0
5,126	4.500%, 05/01/2041			5,065		0.0
18,578	4.500%, 05/01/2041			18,309		0.0
11,017	4.500%, 05/01/2041			10,708		0.0
167,341	4.500%, 05/01/2041			163,837		0.0
2,510	4.500%, 05/01/2041			2,474		0.0
13,418	4.500%, 05/01/2041			13,259		0.0

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
289,804	4.500%, 05/01/2041		$	286,366		0.0
139,848	4.500%, 05/01/2041			137,529		0.0
175,101	4.500%, 06/01/2041			173,024		0.0
46,830	4.500%, 06/01/2041			45,970		0.0
10,488	4.500%, 06/01/2041			10,364		0.0
76,010	4.500%, 07/01/2041			75,108		0.0
37,546	4.500%, 07/01/2041			37,101		0.0
1,600	4.500%, 07/01/2041			1,569		0.0
138,607	4.500%, 07/01/2041			136,963		0.0
17,031	4.500%, 07/01/2041			16,837		0.0
9,230	4.500%, 07/01/2041			9,121		0.0
2,945	4.500%, 07/01/2041			2,910		0.0
20,709	4.500%, 08/01/2041			20,126		0.0
92,087	4.500%, 08/01/2041			90,995		0.0
13,313	4.500%, 08/01/2041			13,155		0.0
153,296	4.500%, 08/01/2041			150,485		0.0
50,655	4.500%, 08/01/2041			49,865		0.0
79,318	4.500%, 08/01/2041			78,378		0.0
116,113	4.500%, 08/01/2041			112,873		0.0
125,355	4.500%, 08/01/2041			122,569		0.0
402,905	4.500%, 09/01/2041			397,079		0.0
50,141	4.500%, 09/01/2041			49,123		0.0
3,561	4.500%, 09/01/2041			3,509		0.0
9,141	4.500%, 09/01/2041			9,032		0.0
42,609	4.500%, 10/01/2041			41,578		0.0
16,039	4.500%, 10/01/2041			15,849		0.0
24,437	4.500%, 10/01/2041			24,148		0.0
438,509	4.500%, 10/01/2041			433,308		0.0
83,940	4.500%, 10/01/2041			82,238		0.0
153,573	4.500%, 10/01/2041			150,634		0.0
193,758	4.500%, 10/01/2041			190,958		0.0
832,055	4.500%, 10/01/2041			822,185		0.0
224,936	4.500%, 11/01/2041			222,268		0.0
2,861	4.500%, 11/01/2041			2,827		0.0
502,211	4.500%, 12/01/2041			496,254		0.0
176,842	4.500%, 12/01/2041			174,747		0.0
8,745	4.500%, 01/01/2042			8,641		0.0
20,070	4.500%, 01/01/2042			19,832		0.0
11,812	4.500%, 01/01/2042			11,518		0.0
32,648	4.500%, 03/01/2042			31,986		0.0
4,116	4.500%, 03/01/2042			4,002		0.0
26,560	4.500%, 04/01/2042			25,679		0.0
11,209	4.500%, 06/01/2042			11,024		0.0
4,902	4.500%, 08/01/2042			4,844		0.0
4,007	4.500%, 09/01/2042			3,870		0.0
6,349	4.500%, 01/01/2043			6,146		0.0
4,534	4.500%, 12/01/2043			4,452		0.0
42,137	4.500%, 04/01/2047			41,188		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
20,221	4.500%, 05/01/2047		$	19,765		0.0
93,555	4.500%, 06/01/2047			91,910		0.0
46,622	4.500%, 06/01/2047			45,493		0.0
258,390	4.500%, 07/01/2047			253,844		0.0
65,197	4.500%, 07/01/2047			63,728		0.0
16,013	4.500%, 08/01/2047			15,648		0.0
5,742,972	4.500%, 10/01/2052			5,525,637		0.3
35	5.000%, 12/01/2023			35		0.0
14,296	5.000%, 04/01/2026			14,163		0.0
17,781	5.000%, 05/01/2026			17,616		0.0
17,424	5.000%, 08/01/2027			17,261		0.0
7,754	5.000%, 04/01/2028			7,694		0.0
5,514,780	5.000%, 05/01/2042			5,557,563		0.3
93	5.500%, 09/01/2023			93		0.0
19	5.500%, 01/01/2025			19		0.0
6	5.500%, 08/01/2025			6		0.0
1,959	5.500%, 07/01/2026			1,951		0.0
2,269	5.500%, 12/01/2027			2,260		0.0
9,615	5.500%, 04/01/2028			9,575		0.0
3,020	5.500%, 08/01/2028			3,007		0.0
4,418	5.500%, 01/01/2029			4,402		0.0
34,448	5.500%, 10/01/2029			34,363		0.0
34,962	5.500%, 04/01/2033			35,141		0.0
11,271	5.500%, 10/01/2033			11,237		0.0
3,500	5.500%, 11/01/2033			3,584		0.0
5,448	5.500%, 11/01/2033			5,466		0.0
2,260	5.500%, 11/01/2033			2,252		0.0
519	5.500%, 11/01/2033			519		0.0
28,248	5.500%, 12/01/2033			28,922		0.0
60,152	5.500%, 12/01/2033			60,461		0.0
9,742	5.500%, 12/01/2033			9,793		0.0
179,296	5.500%, 12/01/2033			181,209		0.0
848	5.500%, 12/01/2033			868		0.0
14,209	5.500%, 01/01/2034			14,165		0.0
257	5.500%, 01/01/2034			256		0.0
6,866	5.500%, 01/01/2034			6,838		0.0
8,184	5.500%, 01/01/2034			8,315		0.0
64,168	5.500%, 01/01/2034			65,627		0.0
2,707	5.500%, 06/01/2034			2,734		0.0
28,024	5.500%, 11/01/2034			28,693		0.0
4,538	5.500%, 11/01/2034			4,519		0.0
564	5.500%, 12/01/2034			578		0.0
8,408	5.500%, 01/01/2035			8,608		0.0
21,282	5.500%, 01/01/2035			21,245		0.0
16,504	5.500%, 01/01/2035			16,900		0.0
795,926	5.500%, 02/01/2035			815,427		0.0
8,708	5.500%, 02/01/2035			8,743		0.0
5,971	5.500%, 07/01/2035			6,066		0.0

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
457,932	5.500%, 08/01/2035		$	469,330		0.0
2,091	5.500%, 10/01/2035			2,138		0.0
307	5.500%, 11/01/2035			307		0.0
28,808	5.500%, 11/01/2035			29,115		0.0
463	5.500%, 12/01/2035			474		0.0
465	5.500%, 12/01/2035			477		0.0
7,023	5.500%, 12/01/2035			7,216		0.0
73,529	5.500%, 12/01/2035			75,397		0.0
5,121	5.500%, 01/01/2036			5,256		0.0
46,336	5.500%, 01/01/2036			47,561		0.0
398	5.500%, 02/01/2036			396		0.0
6,919	5.500%, 04/01/2036			7,101		0.0
556,403	5.500%, 07/01/2036			570,036		0.0
401	5.500%, 08/01/2036			412		0.0
45,857	5.500%, 09/01/2036			46,951		0.0
27,644	5.500%, 09/01/2036			28,303		0.0
685	5.500%, 12/01/2036			703		0.0
992	5.500%, 12/01/2036			1,020		0.0
70,443	5.500%, 12/01/2036			72,183		0.0
75,146	5.500%, 12/01/2036			77,242		0.0
6,936	5.500%, 01/01/2037			7,129		0.0
42,735	5.500%, 01/01/2037			43,927		0.0
59,463	5.500%, 02/01/2037			61,122		0.0
161,449	5.500%, 03/01/2037			164,450		0.0
6,656	5.500%, 04/01/2037			6,842		0.0
15,126	5.500%, 05/01/2037			15,542		0.0
7,339	5.500%, 05/01/2037			7,543		0.0
1,268	5.500%, 05/01/2037			1,288		0.0
495	5.500%, 05/01/2037			509		0.0
30,326	5.500%, 06/01/2037			30,726		0.0
13,378	5.500%, 06/01/2037			13,691		0.0
14,872	5.500%, 07/01/2037			14,916		0.0
24,141	5.500%, 08/01/2037			24,815		0.0
8,948	5.500%, 08/01/2037			9,172		0.0
23,856	5.500%, 08/01/2037			24,487		0.0
61,485	5.500%, 09/01/2037			63,200		0.0
458	5.500%, 11/01/2037			470		0.0
215,098	5.500%, 01/01/2038			220,876		0.0
677	5.500%, 02/01/2038			696		0.0
420	5.500%, 02/01/2038			431		0.0
206,703	5.500%, 03/01/2038			212,091		0.0
3,637	5.500%, 03/01/2038			3,645		0.0
349	5.500%, 04/01/2038			355		0.0
8,720	5.500%, 04/01/2038			8,707		0.0
31,902	5.500%, 04/01/2038			32,685		0.0
5,204	5.500%, 05/01/2038			5,338		0.0
1,692	5.500%, 05/01/2038			1,737		0.0
51,870	5.500%, 05/01/2038			51,922		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,020,188	5.500%, 06/01/2038		$	1,052,092		0.1
49,612	5.500%, 06/01/2038			50,996		0.0
11,542	5.500%, 06/01/2038			11,832		0.0
23,521	5.500%, 07/01/2038			24,125		0.0
28,460	5.500%, 07/01/2038			29,254		0.0
28,744	5.500%, 07/01/2038			29,450		0.0
240	5.500%, 07/01/2038			246		0.0
6,532	5.500%, 08/01/2038			6,700		0.0
14,314	5.500%, 08/01/2038			14,624		0.0
48,230	5.500%, 08/01/2038			49,445		0.0
31,022	5.500%, 11/01/2038			31,916		0.0
112,969	5.500%, 11/01/2038			116,005		0.0
111	5.500%, 12/01/2038			113		0.0
19,091	5.500%, 12/01/2038			19,614		0.0
59,858	5.500%, 01/01/2039			61,528		0.0
31,142	5.500%, 01/01/2039			32,011		0.0
202,224	5.500%, 01/01/2039			207,866		0.0
11,670	5.500%, 03/01/2039			11,984		0.0
183,039	5.500%, 06/01/2039			188,145		0.0
109,730	5.500%, 06/01/2039			112,791		0.0
10,401	5.500%, 07/01/2041			10,665		0.0
205,717	5.500%, 09/01/2041			210,337		0.0
40,162	6.000%, 11/01/2028			40,538		0.0
198	6.000%, 04/01/2031			201		0.0
216	6.000%, 01/01/2032			218		0.0
473	6.000%, 11/01/2032			478		0.0
462	6.000%, 11/01/2032			476		0.0
31,562	6.000%, 01/01/2033			32,609		0.0
2,006	6.000%, 09/01/2033			2,034		0.0
327	6.000%, 01/01/2034			333		0.0
23,682	6.000%, 06/01/2035			23,987		0.0
5,384	6.000%, 07/01/2035			5,444		0.0
3,336	6.000%, 07/01/2035			3,436		0.0
6,955	6.000%, 07/01/2035			7,225		0.0
4,383	6.000%, 07/01/2035			4,425		0.0
971	6.000%, 10/01/2035			980		0.0
351	6.000%, 10/01/2035			355		0.0
33,265	6.000%, 11/01/2035			34,434		0.0
2,116	6.000%, 12/01/2035			2,136		0.0
27,347	6.000%, 12/01/2035			28,412		0.0
184,826	6.000%, 12/01/2035			186,781		0.0
4,140	6.000%, 01/01/2036			4,217		0.0
21,540	6.000%, 02/01/2036			22,379		0.0
29,274	6.000%, 02/01/2036			30,415		0.0
15,418	6.000%, 03/01/2036			15,775		0.0
20,444	6.000%, 03/01/2036			21,452		0.0
26,314	6.000%, 04/01/2036			27,340		0.0
11,468	6.000%, 04/01/2036			11,902		0.0

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
8,504	6.000%, 05/01/2036		$	8,653		0.0
1,920	6.000%, 06/01/2036			1,964		0.0
324	6.000%, 06/01/2036			332		0.0
11,240	6.000%, 07/01/2036			11,360		0.0
44,110	6.000%, 07/01/2036			45,828		0.0
2,454	6.000%, 07/01/2036			2,478		0.0
1,162	6.000%, 07/01/2036			1,178		0.0
113,770	6.000%, 08/01/2036			115,722		0.0
2,226	6.000%, 08/01/2036			2,313		0.0
308,011	6.000%, 08/01/2036			315,735		0.0
11,973	6.000%, 08/01/2036			12,200		0.0
1,442	6.000%, 08/01/2036			1,461		0.0
11,420	6.000%, 08/01/2036			11,865		0.0
11,905	6.000%, 09/01/2036			12,097		0.0
8,493	6.000%, 09/01/2036			8,824		0.0
31,281	6.000%, 09/01/2036			32,497		0.0
53,959	6.000%, 09/01/2036			54,473		0.0
75	6.000%, 09/01/2036			76		0.0
8,377	6.000%, 09/01/2036			8,505		0.0
16,282	6.000%, 09/01/2036			16,755		0.0
26,226	6.000%, 10/01/2036			27,248		0.0
10,052	6.000%, 10/01/2036			10,444		0.0
18,739	6.000%, 10/01/2036			19,442		0.0
2,186	6.000%, 10/01/2036			2,207		0.0
7,609	6.000%, 10/01/2036			7,685		0.0
25,441	6.000%, 10/01/2036			26,200		0.0
8,744	6.000%, 11/01/2036			8,917		0.0
22,073	6.000%, 11/01/2036			22,934		0.0
14,561	6.000%, 11/01/2036			14,708		0.0
2,261	6.000%, 12/01/2036			2,349		0.0
1,334	6.000%, 12/01/2036			1,358		0.0
3,457	6.000%, 12/01/2036			3,500		0.0
19,142	6.000%, 12/01/2036			19,346		0.0
25,074	6.000%, 12/01/2036			26,051		0.0
501	6.000%, 01/01/2037			511		0.0
10,233	6.000%, 01/01/2037			10,337		0.0
361	6.000%, 01/01/2037			374		0.0
7,036	6.000%, 01/01/2037			7,311		0.0
9,434	6.000%, 02/01/2037			9,801		0.0
50,394	6.000%, 02/01/2037			51,914		0.0
7,380	6.000%, 02/01/2037			7,484		0.0
658	6.000%, 02/01/2037			665		0.0
10,661	6.000%, 03/01/2037			11,077		0.0
4,411	6.000%, 03/01/2037			4,455		0.0
80,389	6.000%, 03/01/2037			82,518		0.0
356	6.000%, 03/01/2037			369		0.0
4,550	6.000%, 03/01/2037			4,728		0.0
7,205	6.000%, 03/01/2037			7,282		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
64,577	6.000%, 04/01/2037		$	67,042		0.0
13,007	6.000%, 04/01/2037			13,354		0.0
5,142	6.000%, 04/01/2037			5,297		0.0
9,444	6.000%, 04/01/2037			9,812		0.0
16,679	6.000%, 04/01/2037			17,329		0.0
26,918	6.000%, 04/01/2037			27,198		0.0
18,652	6.000%, 04/01/2037			18,857		0.0
20,170	6.000%, 04/01/2037			20,369	��	0.0
624	6.000%, 04/01/2037			630		0.0
1,367	6.000%, 04/01/2037			1,420		0.0
37,930	6.000%, 04/01/2037			39,444		0.0
2,115	6.000%, 04/01/2037			2,150		0.0
712	6.000%, 04/01/2037			719		0.0
19,825	6.000%, 05/01/2037			20,423		0.0
12,610	6.000%, 05/01/2037			12,731		0.0
15,224	6.000%, 05/01/2037			15,406		0.0
52,642	6.000%, 05/01/2037			54,693		0.0
4,924	6.000%, 05/01/2037			5,056		0.0
568	6.000%, 05/01/2037			577		0.0
7,238	6.000%, 05/01/2037			7,308		0.0
5,397	6.000%, 05/01/2037			5,458		0.0
10,602	6.000%, 05/01/2037			11,015		0.0
10,366	6.000%, 05/01/2037			10,465		0.0
1,226	6.000%, 06/01/2037			1,239		0.0
3,438	6.000%, 06/01/2037			3,532		0.0
23,111	6.000%, 06/01/2037			23,337		0.0
35,330	6.000%, 06/01/2037			36,666		0.0
3,556	6.000%, 06/01/2037			3,596		0.0
4,043	6.000%, 06/01/2037			4,201		0.0
4,824	6.000%, 06/01/2037			4,871		0.0
30,275	6.000%, 07/01/2037			30,589		0.0
12,607	6.000%, 07/01/2037			12,737		0.0
5,999	6.000%, 07/01/2037			6,056		0.0
7,393	6.000%, 07/01/2037			7,472		0.0
4,601	6.000%, 07/01/2037			4,781		0.0
11,253	6.000%, 07/01/2037			11,389		0.0
2,262	6.000%, 07/01/2037			2,323		0.0
33,879	6.000%, 07/01/2037			35,159		0.0
4,818	6.000%, 07/01/2037			5,023		0.0
7,340	6.000%, 08/01/2037			7,420		0.0
8,413	6.000%, 08/01/2037			8,495		0.0
34,627	6.000%, 08/01/2037			34,957		0.0
30,826	6.000%, 08/01/2037			32,028		0.0
5,696	6.000%, 08/01/2037			5,756		0.0
11,637	6.000%, 08/01/2037			12,036		0.0
4,161	6.000%, 08/01/2037			4,303		0.0
16,415	6.000%, 08/01/2037			16,577		0.0
10,104	6.000%, 09/01/2037			10,498		0.0

See Accompanying Notes to Financial Statements

132

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
5,546	6.000%, 09/01/2037		$	5,598		0.0
517	6.000%, 09/01/2037			524		0.0
1,499	6.000%, 09/01/2037			1,557		0.0
159,536	6.000%, 09/01/2037			165,756		0.0
59,378	6.000%, 09/01/2037			60,945		0.0
582	6.000%, 10/01/2037			591		0.0
20,916	6.000%, 10/01/2037			21,714		0.0
24,080	6.000%, 11/01/2037			24,948		0.0
31,591	6.000%, 11/01/2037			32,670		0.0
655	6.000%, 11/01/2037			679		0.0
17,307	6.000%, 12/01/2037			17,735		0.0
909	6.000%, 12/01/2037			941		0.0
36,019	6.000%, 12/01/2037			36,699		0.0
43,873	6.000%, 12/01/2037			45,583		0.0
54,625	6.000%, 02/01/2038			55,574		0.0
79,053	6.000%, 02/01/2038			81,815		0.0
15,916	6.000%, 02/01/2038			16,472		0.0
769	6.000%, 03/01/2038			791		0.0
3,727	6.000%, 03/01/2038			3,762		0.0
16,851	6.000%, 03/01/2038			17,425		0.0
2,172	6.000%, 05/01/2038			2,255		0.0
46,436	6.000%, 05/01/2038			47,905		0.0
7,199	6.000%, 06/01/2038			7,480		0.0
76,602	6.000%, 07/01/2038			78,772		0.0
29,067	6.000%, 07/01/2038			30,082		0.0
786	6.000%, 08/01/2038			811		0.0
4,366	6.000%, 09/01/2038			4,536		0.0
3,178	6.000%, 09/01/2038			3,213		0.0
15,402	6.000%, 09/01/2038			15,951		0.0
13,988	6.000%, 09/01/2038			14,182		0.0
8,072	6.000%, 10/01/2038			8,364		0.0
1,406	6.000%, 10/01/2038			1,444		0.0
19,063	6.000%, 10/01/2038			19,744		0.0
11,316	6.000%, 10/01/2038			11,426		0.0
343	6.000%, 10/01/2038			346		0.0
9,175	6.000%, 10/01/2038			9,529		0.0
111,198	6.000%, 11/01/2038			113,686		0.0
1,083	6.000%, 11/01/2038			1,094		0.0
426	6.000%, 11/01/2038			438		0.0
822	6.000%, 12/01/2038			832		0.0
44,575	6.000%, 12/01/2038			46,313		0.0
11,697	6.000%, 12/01/2038			11,908		0.0
889	6.000%, 10/01/2039			924		0.0
11,292	6.000%, 10/01/2039			11,709		0.0
261,802	6.000%, 02/01/2040			270,729		0.0
11,182	6.000%, 04/01/2040			11,586		0.0
72,333	6.000%, 09/01/2040			73,096		0.0
116,542	6.000%, 10/01/2040			120,991		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
169,481	6.000%, 05/01/2041		$	176,065		0.0
1,307	6.500%, 04/01/2027			1,335		0.0
450	6.500%, 02/01/2028			459		0.0
4,619	6.500%, 01/01/2032			4,724		0.0
4,846	6.500%, 04/01/2032			5,010		0.0
11,119	6.500%, 10/01/2032			11,363		0.0
7,439	6.500%, 10/01/2032			7,602		0.0
3,600	6.500%, 03/01/2038			3,801		0.0
160	7.000%, 08/01/2025			159		0.0
3,277	7.000%, 03/01/2026			3,267		0.0
975	7.000%, 03/01/2026			968		0.0
410	7.000%, 12/01/2027			406		0.0
142,010	7.000%, 03/01/2038			148,207		0.0
411,674	7.000%, 04/01/2038			434,149		0.0
5,088	7.500%, 09/01/2031			5,198		0.0
				339,095,336		14.5
	Total U.S. Government Agency Obligations (Cost $531,961,870)			508,332,570		21.7
ASSET-BACKED SECURITIES: 7.2%
	Automobile Asset-Backed Securities: 0.0%
350,000 (1)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			331,191		0.0

	Home Equity Asset-Backed Securities: 0.1%
1,086,059 (1)(3)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			859,570		0.1
397,941	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 6.065%, (US0001M + 0.915%), 03/25/2035			392,039		0.0
42,419	Renaissance Home Equity Loan Trust 2003-2 A, 3.823%, (US0001M + 0.880%), 08/25/2033			38,356		0.0
693,055 (3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			677,685		0.0

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities (continued)
50,754	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 5.310%, (US0001M + 0.160%), 11/25/2036		$	14,779		0.0
				1,982,429		0.1
	Other Asset-Backed Securities: 6.4%
2,000,000 (1)	AGL CLO 12 Ltd. 2021-12A C, 7.100%, (US0003M + 1.850%), 07/20/2034			1,906,268		0.1
2,385,322 (1)(3)(4)(7)	American Homes 4 Rent 2015-SFR1 XS, 3.232%, 04/17/2052			—		—
650,000 (1)	AMMC CLO 16 Ltd. 2015-16A CR2, 7.201%, (US0003M + 1.950%), 04/14/2029			650,028		0.0
3,470,000 (1)	Babson CLO Ltd. 2017-1A A2, 6.612%, (US0003M + 1.350%), 07/18/2029			3,423,360		0.1
4,393,000 (1)	Babson CLO Ltd. 2018-3A A2, 6.550%, (US0003M + 1.300%), 07/20/2029			4,363,110		0.2
791,667 (1)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046			676,684		0.0
435,067 (3)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 4.655%, 10/25/2036			429,419		0.0
2,250,000 (1)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 7.400%, (US0003M + 2.150%), 01/20/2032			2,168,849		0.1
2,000,000 (1)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A1R, 6.430%, (US0003M + 1.170%), 10/15/2034			1,962,558		0.1
1,950,000 (1)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A2R, 6.710%, (US0003M + 1.450%), 10/15/2034			1,880,687		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,450,000 (1)	BlueMountain CLO Ltd. 2021-28A C, 7.260%, (US0003M + 2.000%), 04/15/2034		$	1,370,612		0.1
5,000,000 (1)	BlueMountain CLO XXXI Ltd. 2021-31A C, 7.265%, (US0003M + 2.000%), 04/19/2034			4,780,560		0.2
2,320,625 (1)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			2,101,164		0.1
3,490,000 (1)	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 6.420%, (US0003M + 1.170%), 07/20/2034			3,411,639		0.1
3,000,000 (1)	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 7.250%, (US0003M + 2.000%), 07/20/2034			2,813,640		0.1
1,750,000 (1)	California Street CLO IX L.P. 2012-9A CR3, 7.760%, (US0003M + 2.500%), 07/16/2032			1,679,886		0.1
5,500,000 (1)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A BR2, 7.300%, (US0003M + 2.050%), 04/20/2034			5,230,874		0.2
2,400,000 (1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 6.390%, (US0003M + 1.130%), 04/17/2031			2,324,489		0.1
3,250,000 (1)	Cedar Funding IV CLO Ltd. 2014-4A CRR, 7.273%, (US0003M + 2.000%), 07/23/2034			3,075,885		0.1
3,000,000 (1)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 6.710%, (US0003M + 1.450%), 10/17/2034			2,920,962		0.1
35,154	Chase Funding Trust Series 2002-4 2A1, 5.890%, (US0001M + 0.740%), 10/25/2032			33,743		0.0

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
106,708	Chase Funding Trust Series 2003-5 2A2, 5.750%, (US0001M + 0.600%), 07/25/2033		$	101,918		0.0
1,009,853 (1)	CLI Funding VIII LLC 2022-1A A1, 2.720%, 01/18/2047			859,728		0.0
914,375 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			837,424		0.0
481,250 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			450,338		0.0
290,250 (1)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			254,380		0.0
1,340,500 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,264,036		0.1
3,634,650 (1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,554,482		0.2
3,000,000 (1)	Galaxy XXII CLO Ltd. 2016-22A ARR, 6.460%, (US0003M + 1.200%), 04/16/2034			2,938,932		0.1
99,156	GSAMP Trust 2007-FM1 A2A, 5.220%, (US0001M + 0.070%), 12/25/2036			48,644		0.0
890,936 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			806,616		0.0
500,000 (1)	HGI CRE CLO 2021-FL3 A Ltd., 6.767%, (SOFR30A + 1.700%), 04/20/2037			492,443		0.0
10,000,000 (1)	LCM 26A A2 Ltd., 6.500%, (US0003M + 1.250%), 01/20/2031			9,721,780		0.4
2,450,000 (1)	LCM 30A CR Ltd., 7.250%, (US0003M + 2.000%), 04/20/2031			2,326,285		0.1
58,753	Long Beach Mortgage Loan Trust 2004-4 1A1, 5.710%, (US0001M + 0.560%), 10/25/2034			54,621		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,090,000 (1)	Madison Park Funding XLVIII Ltd. 2021-48A C, 7.265%, (US0003M + 2.000%), 04/19/2033		$	2,025,315		0.1
1,650,000 (1)	Madison Park Funding XXI Ltd. 2016-21A ABRR, 6.660%, (US0003M + 1.400%), 10/15/2032			1,619,876		0.1
98,251 (1)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			98,165		0.0
1,244,953 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			1,138,514		0.1
381,502 (1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			338,417		0.0
1,454,122 (1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			1,320,745		0.1
1,500,000 (1)	Oak Hill Credit Partners 2021-8A C, 7.162%, (US0003M + 1.900%), 01/18/2034			1,435,323		0.1
5,050,000 (1)	OCP CLO 2021-21A C Ltd., 7.150%, (US0003M + 1.900%), 07/20/2034			4,767,013		0.2
4,000,000 (1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 6.615%, (US0003M + 1.350%), 07/19/2030			3,877,140		0.2
1,800,000 (1)	OHA Credit Funding 9 Ltd. 2021-9A C, 7.165%, (US0003M + 1.900%), 07/19/2035			1,730,749		0.1
4,000,000 (1)	Palmer Square CLO 2013-2A BR3 Ltd., 7.110%, (US0003M + 1.850%), 10/17/2031			3,819,636		0.2
2,000,000 (1)	Palmer Square CLO 2021-3A A2 Ltd., 6.660%, (US0003M + 1.400%), 01/15/2035			1,970,404		0.1
7,000,000 (1)	Palmer Square CLO Ltd. 2021-2A C, 7.060%, (US0003M + 1.800%), 07/15/2034			6,659,282		0.3

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
219,663 (3)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.542%, 01/25/2036		$	214,631		0.0
2,450,000 (1)	Rockland Park CLO Ltd. 2021-1A C, 7.150%, (US0003M + 1.900%), 04/20/2034			2,331,692		0.1
84,356	Small Business Administration Participation Certificates 2007-20L 1, 5.290%, 12/01/2027			82,938		0.0
1,506,083 (1)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050			1,368,784		0.1
2,600,000 (1)	Sound Point CLO XXIX Ltd. 2021-1A C1, 7.555%, (US0003M + 2.300%), 04/25/2034			2,452,598		0.1
2,800,000 (1)	Sound Point CLO XXVI Ltd. 2021-1A C1R, 7.450%, (US0003M + 2.200%), 07/20/2034			2,639,804		0.1
1,789,672 (1)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			1,680,582		0.1
8,200,000 (1)	Symphony CLO XXV Ltd. 2021-25A C, 7.315%, (US0003M + 2.050%), 04/19/2034			7,836,256		0.3
1,719,000 (1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,625,893		0.1
6,000,000 (1)	TCW CLO 2020-1A CRR Ltd., 7.300%, (US0003M + 2.050%), 04/20/2034			5,676,186		0.2
7,100,000 (1)	TCW CLO 2023-1A C Ltd., 8.291%, (TSFR3M + 3.500%), 04/28/2036			6,998,846		0.3
7,000,000 (1)	THL Credit Wind River 2017-3A CR Clo Ltd., 7.760%, (US0003M + 2.500%), 04/15/2035			6,679,162		0.3
7,000,000 (1)	Trinitas Clo VII Ltd. 2017-7A A1R, 6.455%, (US0003M + 1.200%), 01/25/2035			6,836,445		0.3

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,132,250 (1)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046		$	951,863		0.0
				149,092,303		6.4
	Student Loan Asset-Backed Securities: 0.7%
387,079 (1)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			342,674		0.0
290,279 (1)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			267,037		0.0
475,522 (1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			442,715		0.0
2,000,000 (1)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			1,878,062		0.1
1,550,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,315,215		0.0
1,500,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,366,536		0.1
2,500,000 (1)(3)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,342,631		0.1
2,100,000 (1)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			1,867,860		0.1
2,200,000 (1)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			1,972,593		0.1
5,000,000 (1)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			4,487,595		0.2
551,996 (1)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			528,663		0.0

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
1,000,000 (1)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048		$	919,948		0.0
				17,731,529		0.7
	Total Asset-Backed Securities (Cost $177,734,695)			169,137,452		7.2
COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.6%
12,207,396 (3)(4)	BANK 2019-BNK16 XA, 1.102%, 02/15/2052			505,153		0.0
50,353,268 (3)(4)	Bank 2019-BNK19 XA, 1.080%, 08/15/2061			2,202,024		0.1
22,800,000 (1)(3)(4)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			259,551		0.0
26,637,428 (3)(4)	Benchmark 2019-B12 XA Mortgage Trust, 1.162%, 08/15/2052			1,011,270		0.1
18,955,149 (3)(4)	Benchmark 2019-B9 XA Mortgage Trust, 1.189%, 03/15/2052			830,957		0.0
3,537,000 (1)(8)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052			2,282,199		0.1
1,348,000 (1)(3)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.512%, 05/25/2052			934,717		0.0
452,123 (1)	BX 2021-MFM1 D, 6.762%, (TSFR1M + 1.615%), 01/15/2034			439,766		0.0
3,129,048 (1)	BX Commercial Mortgage Trust 2021-21M E, 7.364%, (US0001M + 2.171%), 10/15/2036			2,940,633		0.1
2,500,000 (1)	BX Trust 2019-ATL B, 6.580%, (US0001M + 1.387%), 10/15/2036			2,426,962		0.1
1,000,000 (1)	BX Trust 2023-DELC A, 7.690%, (TSFR1M + 2.690%), 05/15/2038			1,000,267		0.0
16,696,975 (3)(4)	CD 2016-CD1 Mortgage Trust XA, 1.499%, 08/10/2049			493,276		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
34,077,842 (3)(4)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.011%, 09/15/2050		$	948,869		0.0
46,528,954 (3)(4)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.828%, 06/10/2051			1,292,726		0.1
1,000,000 (1)(3)	Citigroup Commercial Mortgage Trust 2023-SMRT C, 6.048%, 06/10/2028			964,677		0.0
2,106,995 (3)(4)	COMM 2012-CR3 XA, 1.380%, 10/15/2045			4,810		0.0
65,166,000 (1)(3)(4)	COMM 2012-CR4 XB, 0.502%, 10/15/2045			124,793		0.0
66,527,319 (3)(4)	COMM 2016-CR28 XA, 0.742%, 02/10/2049			904,070		0.0
3,906,000 (1)(3)	COMM 2020-CBM F Mortgage Trust, 3.754%, 02/10/2037			3,430,268		0.2
750,000 (1)	CSAIL 2020-C19 E Commercial Mortgage Trust, 2.500%, 03/15/2053			357,634		0.0
2,736,000 (1)	CSWF 2021-SOP2 D, 7.510%, (US0001M + 2.317%), 06/15/2034			2,217,720		0.1
252,087 (1)(7)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044			251,658		0.0
10,317,206 (4)	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			1,386,237		0.1
10,700,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.906%, 12/25/2041			18,277		0.0
5,200,000 (1)(8)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			2,941,859		0.1
66,135,035 (1)(4)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029			207,257		0.0

See Accompanying Notes to Financial Statements

137

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
7,380,000 (1)(4)		FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029		$	30,542		0.0
1,000,000 (1)(3)	��	FRR Re-REMIC Trust 2018-C1 B725, 2.825%, 02/27/2050			949,302		0.0
3,000,000 (1)(3)(9)		FRR Re-REMIC Trust 2018-C1 C725, 0.260%, 02/27/2050			2,800,975		0.1
2,845,000 (1)(3)		GAM RE-REMIC TR 2021-FFR2 BK78, 2.520%, 09/27/2051			2,039,063		0.1
2,164,000 (1)(8)		GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			1,844,809		0.1
2,631,000 (1)(8)		GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051			2,211,014		0.1
1,140,000 (1)(3)		GAM RE-REMIC TR 2021-FFR2 CK49, 1.110%, 09/27/2051			953,816		0.0
1,817,000 (1)(8)		GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			1,058,399		0.1
2,163,000 (1)(8)		GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051			1,806,640		0.1
2,140,000 (1)(8)		GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			1,699,206		0.1
6,158,000 (1)(8)		GAM Re-REMIC Trust 2021-FRR1 1B, 0.000%, 11/29/2050			4,193,812		0.2
8,097,000 (1)(8)		GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050			5,353,060		0.2
4,451,000 (1)(3)		GAM Resecuritization Trust 2022-FRR3 BK47, 2.021%, 11/27/2050			3,294,903		0.1
3,030,000 (1)(9)		GAM Resecuritization Trust 2022-FRR3 BK61, 1.170%, 01/29/2052			2,171,000		0.1
3,298,000 (1)(9)		GAM Resecuritization Trust 2022-FRR3 BK89, 1.870%, 01/27/2052			1,935,515		0.1
1,723,000 (1)(9)		GAM Resecuritization Trust 2022-FRR3 C728, 0.470%, 08/27/2050			1,515,345		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,756,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.740%, 05/27/2048		$	1,460,693		0.1
2,125,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.420%, 11/27/2049			1,460,614		0.1
483,000 (1)(3)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.400%, 01/29/2052			332,856		0.0
1,728,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK89, 2.060%, 01/27/2052			958,304		0.0
1,724,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 D728, 0.520%, 01/29/2052			1,487,304		0.1
1,388,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.590%, 10/27/2047			1,202,600		0.1
1,755,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK47, 0.810%, 05/27/2048			1,433,598		0.1
14,751,402 (3)(4)	GS Mortgage Securities Trust 2013-GC16 XA, 1.161%, 11/10/2046			30,824		0.0
37,792,408 (3)(4)	GS Mortgage Securities Trust 2014-GC22 XA, 1.089%, 06/10/2047			168,824		0.0
104,852,709 (3)(4)	GS Mortgage Securities Trust 2019-GC42 XA, 0.928%, 09/10/2052			3,746,314		0.2
37,449,138 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.712%, 12/15/2049			561,803		0.0
1,812,167 (3)(4)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.063%, 10/15/2048			24,175	��	0.0

See Accompanying Notes to Financial Statements

138

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
688,079 (1)	Life 2021-BMR F Mortgage Trust, 7.612%, (TSFR1M + 2.350%), 03/15/2038		$	653,111		0.0
1,377,390 (1)	Med Trust 2021-MDLN D, 7.194%, (US0001M + 2.000%), 11/15/2038			1,315,964		0.1
1,350,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049			1,045,238		0.1
1,140,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB60, 2.440%, 11/08/2049			916,595		0.0
420,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049			312,731		0.0
530,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049			373,108		0.0
500,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050			339,227		0.0
21,772,433 (3)(4)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.158%, 12/15/2047			250,554		0.0
24,754,023 (3)(4)	Wells Fargo Commercial Mortgage Trust 2021-C59 E, 1.661%, 04/15/2054			1,966,982		0.1
383,296 (1)(3)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.636%, 11/15/2044			373,043		0.0
	Total Commercial Mortgage-Backed Securities (Cost $93,444,698)			84,649,493		3.6

Shares		Value		Percentage of Net Assets
MUTUAL FUNDS: 17.4%
	Affiliated Investment Companies: 17.4%
10,855,906	Voya VACS Series EMCD Fund		89,669,784		3.8
12,085,232	Voya VACS Series EMHCD Fund		122,181,698		5.2
6,960,722	Voya VACS Series HYB Fund		69,885,650		3.0
12,500,999	Voya VACS Series SC Fund		125,885,055		5.4

Value

Percentage
of Net
Assets

MUTUAL FUNDS: (continued)

Affiliated Investment
Companies (continued)

Total Mutual Funds
(Cost $421,863,570)

407,622,187

17.4

		Value		Percentage of Net Assets
PURCHASED OPTIONS(10): 0.0%
	Total Purchased Options (Cost $926,785)		344,970		0.0
	Total Long-Term Investments (Cost $2,509,619,834)		2,357,342,522		100.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.9%
	Commercial Paper: 1.1%
6,200,000	Dominion Energy, Inc., 5.260%, 07/03/2023		6,197,321		0.3
20,000,000	Entergy Corp., 5.300%, 07/05/2023		19,985,481		0.8
	Total Commercial Paper (Cost $26,186,641)		26,182,802		1.1

	Repurchase Agreements: 0.7%
3,883,800 (11)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $3,885,415, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $3,961,476, due 04/01/35-09/01/61)		3,883,800		0.2

See Accompanying Notes to Financial Statements

139

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,411,965 (11)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/23, 5.08%, due 07/03/23 (Repurchase Amount $2,412,972, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,460,204, due 10/13/23-02/20/73)		$	2,411,965		0.1
2,139,611 (11)	Citadel Securities LLC, Repurchase Agreement dated 06/30/23, 5.11%, due 07/03/23 (Repurchase Amount $2,140,510, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $2,183,334, due 07/15/23-02/15/53)			2,139,611		0.1
137,910 (11)	Citigroup, Inc., Repurchase Agreement dated 06/30/23, 5.07%, due 07/03/23 (Repurchase Amount $137,967, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $140,668, due 10/31/24-08/20/67)			137,910		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
3,883,800 (11)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $3,885,415, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $3,961,476, due 07/31/23-05/20/53)		$	3,883,800		0.2
3,566,351 (11)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/23, 5.15%, due 07/03/23 (Repurchase Amount $3,567,861, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $3,637,763, due 07/15/25-02/15/51)			3,566,351		0.1
	Total Repurchase Agreements (Cost $16,023,437)			16,023,437		0.7

See Accompanying Notes to Financial Statements

140

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.1%
2,698,000 (12)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.030% (Cost $2,698,000)		$	2,698,000		0.1
	Total Short-Term Investments (Cost $44,908,078)			44,904,239		1.9
	Total Investments in Securities (Cost $2,554,527,912)		$	2,402,246,761		102.5
	Liabilities in Excess of Other Assets			(58,437,398)		(2.5)
	Net Assets		$	2,343,809,363		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, 2023.

(4)

(5)

(6)

Represents or includes a TBA transaction.

(7)

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

(8)

(9)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2023.

(10)

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

(11)

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

(12)

Rate shown is the 7-day yield as of June 30, 2023.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

COF 11

11th District Costs of Funds

H15T1Y

U.S. Treasury 1-Year Constant Maturity

PRIME

Federal Reserve Bank Prime Loan Rate

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

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0006M

6-month LIBOR

US0012M

12-month LIBOR

	Investment Type Allocation as of June 30, 2023 (as a percentage of net assets)
	Corporate Bonds/Notes			27.6%
	U.S. Government Agency Obligations			21.7%
	Mutual Funds			17.4%
	Collateralized Mortgage Obligations			14.3%
	U.S. Treasury Obligations			8.7%
	Asset-Backed Securities			7.2%
	Commercial Mortgage-Backed Securities			3.6%
	Municipal Bonds			0.1%
	Purchased Options			0.0%^
	Liabilities in Excess of Other Assets*			(0.6)%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

141

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Mutual Funds		$	407,622,187		$	—		$	—		$	407,622,187
Purchased Options			—			344,970			—			344,970
Corporate Bonds/Notes			—			648,120,062			—			648,120,062
Collateralized Mortgage Obligations			—			334,083,687			—			334,083,687
Municipal Bonds			—			1,709,776			—			1,709,776
Asset-Backed Securities			—			169,137,452			—			169,137,452
U.S. Government Agency Obligations			—			508,332,570			—			508,332,570
Commercial Mortgage-Backed Securities			—			84,397,835			251,658			84,649,493
U.S. Treasury Obligations			—			203,342,325			—			203,342,325
Short-Term Investments			2,698,000			42,206,239			—			44,904,239
Total Investments, at fair value		$	410,320,187		$	1,991,674,916		$	251,658		$	2,402,246,761
Other Financial Instruments+
Centrally Cleared Swaps			—			6,102,817			—			6,102,817
Forward Foreign Currency Contracts			—			528			—			528
Forward Premium Swaptions			—			528,238			—			528,238
Futures			1,655,604			—			—			1,655,604
Total Assets		$	411,975,791		$	1,998,306,499		$	251,658		$	2,410,533,948
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(6,591,699)		$	—		$	(6,591,699)
Forward Foreign Currency Contracts			—			(822)			—			(822)
Forward Premium Swaptions			—			(856,615)			—			(856,615)
Futures			(210,466)			—			—			(210,466)
Written Options			—			(7,442,838)			—			(7,442,838)
Total Liabilities		$	(210,466)		$	(14,891,974)		$	—		$	(15,102,440)

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

Transactions with Affiliates

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

See Accompanying Notes to Financial Statements

142

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended June 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Hard Currency Debt Fund - Class P		$	116,943,433		$	565,768		$	(153,657,286)		$	36,130,085		$	—		$	911,117		$	(35,888,267)		$	—
Voya High Yield Bond Fund - Class P			71,064,002			405,008			(83,494,647)			12,025,637			—			758,782			(11,279,945)			—
Voya Investment Grade Credit Fund - Class P			149,477,522			1,112,689			(180,280,913)			29,690,702			—			1,517,391			(25,677,743)			—
Voya Securitized Credit Fund - Class P			122,428,596			—			(129,927,574)			7,498,978			—			991,842			(4,998,493)			—
Voya VACS Series EMCD Fund			86,773,176			2,372,964			—			523,644			89,669,784			2,372,939			—			—
Voya VACS Series EMHCD Fund			—			120,860,184			—			1,321,514			122,181,698			2,763,817			—			—
Voya VACS Series HYB Fund			—			74,625,296			(5,004,995)			265,349			69,885,650			2,056,643			5,005			—
Voya VACS Series SC Fund			—			125,009,985			—			875,070			125,885,055			2,029,880			—			—
		$	546,686,729		$	324,951,894		$	(552,365,415)		$	88,330,979		$	407,622,187		$	13,402,411		$	(77,839,443)		$	—

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

At June 30, 2023, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

EUR 1,639,102

USD 1,793,602

Barclays Bank PLC

08/18/23

(822)

USD 1,478,205

EUR 1,351,011

Standard Chartered Bank

08/18/23

528

(294)

At June 30, 2023, 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		4		09/20/23		$	449,063		$	(3,011)
U.S. Treasury 2-Year Note		169		09/29/23			34,365,094			(149,920)
U.S. Treasury Long Bond		72		09/20/23			9,137,250			(57,535)
U.S. Treasury Ultra Long Bond		647		09/20/23			88,133,531			187,298
						$	132,084,938		$	(23,168)
Short Contracts:
U.S. Treasury 5-Year Note		(492)		09/29/23			(52,690,125)			361,930
U.S. Treasury Ultra 10-Year Note		(945)		09/20/23			(111,923,438)			1,106,376
						$	(164,613,563)		$	1,468,306

At June 30, 2023, 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 33, Version 13	Buy		(5.000)	12/20/24	USD 27,986,640		$	(880,148)		$	1,316,289
							$	(880,148)		$	1,316,289

(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.

See Accompanying Notes to Financial Statements

143

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

(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, 2023, 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

3.270%

Annual

02/20/25

USD 50,815,000

(698,807)

Pay

1-day Secured Overnight Financing Rate

Annual

3.332

Annual

02/20/25

USD 11,094,608

(146,110)

Pay

1-day Secured Overnight Financing Rate

Annual

4.362

Annual

02/20/25

USD 22,020,000

(77,459)

Pay

1-day Secured Overnight Financing Rate

Annual

4.472

Annual

02/20/25

USD 8,368,000

(20,830)

Pay

1-day Secured Overnight Financing Rate

Annual

2.988

Annual

03/16/33

USD 2,501,000

(14,169)

Pay

1-day Secured Overnight Financing Rate

Annual

3.058

Annual

05/10/33

USD 15,780,000

(697,972)

Pay

1-day Secured Overnight Financing Rate

Annual

3.085

Annual

05/10/33

USD 10,099,000

(424,231)

Pay

1-day Secured Overnight Financing Rate

Annual

3.289

Annual

05/10/33

USD 13,886,108

(347,665)

Pay

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/10/33

USD 18,935,517

(168,517)

Pay

1-day Secured Overnight Financing Rate

Annual

3.065

Annual

05/11/33

USD 14,139,000

(616,861)

Pay

1-day Secured Overnight Financing Rate

Annual

3.139

Annual

05/12/33

USD 8,205,096

(307,165)

Pay

1-day Secured Overnight Financing Rate

Annual

3.164

Annual

05/12/33

USD 7,574,000

(267,724)

Pay

1-day Secured Overnight Financing Rate

Annual

3.200

Annual

05/12/33

USD 10,099,000

(326,605)

Pay

1-day Secured Overnight Financing Rate

Annual

3.212

Annual

05/12/33

USD 7,220,982

(226,168)

Pay

1-day Secured Overnight Financing Rate

Annual

3.214

Annual

05/12/33

USD 6,943,010

(216,178)

Pay

1-day Secured Overnight Financing Rate

Annual

3.216

Annual

05/12/33

USD 3,471,504

(107,508)

Pay

1-day Secured Overnight Financing Rate

Annual

3.233

Annual

05/12/33

USD 8,205,000

(242,774)

Pay

1-day Secured Overnight Financing Rate

Annual

3.456

Annual

05/17/33

USD 9,593,000

(103,456)

Pay

1-day Secured Overnight Financing Rate

Annual

2.995

Annual

06/09/33

USD 25,247,000

(1,207,846)

Pay

1-day Secured Overnight Financing Rate

Annual

3.415

Annual

08/23/33

USD 2,891,000

(25,878)

Pay

1-day Secured Overnight Financing Rate

Annual

3.435

Annual

08/23/33

USD 2,790,000

(20,371)

Pay

1-day Secured Overnight Financing Rate

Annual

3.524

Annual

08/23/33

USD 972,000

—

Pay

1-day Secured Overnight Financing Rate

Annual

3.392

Annual

09/13/33

USD 6,252,000

(60,340)

Pay

1-day Secured Overnight Financing Rate

Annual

3.405

Annual

09/13/33

USD 5,252,000

(45,063)

Pay

1-day Secured Overnight Financing Rate

Annual

3.406

Annual

09/13/33

USD 1,528,000

(12,927)

Pay

1-day Secured Overnight Financing Rate

Annual

3.421

Annual

09/13/33

USD 5,001,000

(36,272)

Pay

1-day Secured Overnight Financing Rate

Annual

3.519

Annual

09/13/33

USD 2,362,000

—

Receive

1-day Secured Overnight Financing Rate

Annual

3.559

Annual

02/20/25

USD 34,724,000

383,330

Receive

1-day Secured Overnight Financing Rate

Annual

3.564

Annual

02/20/25

USD 22,274,000

244,834

Receive

1-day Secured Overnight Financing Rate

Annual

3.718

Annual

02/20/25

USD 19,818,000

189,351

Receive

1-day Secured Overnight Financing Rate

Annual

4.073

Annual

02/20/25

USD 22,020,000

137,106

Receive

1-day Secured Overnight Financing Rate

Annual

4.116

Annual

02/20/25

USD 22,020,000

128,239

Receive

1-day Secured Overnight Financing Rate

Annual

4.258

Annual

02/20/25

USD 18,124,000

81,428

Receive

1-day Secured Overnight Financing Rate

Annual

4.369

Annual

02/20/25

USD 16,938,000

58,501

Receive

1-day Secured Overnight Financing Rate

Annual

4.426

Annual

02/20/25

USD 13,974,000

40,832

Receive

1-day Secured Overnight Financing Rate

Annual

4.464

Annual

02/20/25

USD 29,981,000

76,973

Receive

1-day Secured Overnight Financing Rate

Annual

4.586

Annual

02/20/25

USD 35,570,000

50,490

Receive

1-day Secured Overnight Financing Rate

Annual

4.711

Annual

02/20/25

USD 42,346,000

10,716

Receive

1-day Secured Overnight Financing Rate

Annual

3.180

Annual

05/11/33

USD 42,289,000

1,439,744

Receive

1-day Secured Overnight Financing Rate

Annual

3.337

Annual

05/11/33

USD 5,301,732

111,247

Receive

1-day Secured Overnight Financing Rate

Annual

3.292

Annual

05/12/33

USD 47,591,000

1,173,696

Receive

1-day Secured Overnight Financing Rate

Annual

3.296

Annual

05/12/33

USD 7,574,000

184,577

Receive

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/12/33

USD 10,730,000

94,203

Receive

1-day Secured Overnight Financing Rate

Annual

3.598

Annual

05/12/33

USD 6,943,000

(5,550)

Receive

1-day Secured Overnight Financing Rate

Annual

3.643

Annual

05/12/33

USD 17,673,000

(80,056)

Receive

1-day Secured Overnight Financing Rate

Annual

3.689

Annual

05/12/33

USD 6,943,000

(58,398)

Receive

1-day Secured Overnight Financing Rate

Annual

3.172

Annual

05/16/33

USD 5,428,000

186,839

Receive

1-day Secured Overnight Financing Rate

Annual

3.405

Annual

08/23/33

USD 1,250,000

12,215

See Accompanying Notes to Financial Statements

144

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (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

3.409%

Annual

08/23/33

USD 5,681,000

53,724

Receive

1-day Secured Overnight Financing Rate

Annual

3.463

Annual

08/23/33

USD 4,040,000

20,013

Receive

1-day Secured Overnight Financing Rate

Annual

3.543

Annual

08/23/33

USD 6,059,000

(10,024)

Receive

1-day Secured Overnight Financing Rate

Annual

3.427

Annual

09/13/33

USD 3,056,000

20,613

Receive

1-day Secured Overnight Financing Rate

Annual

3.525

Annual

09/13/33

USD 11,948,000

(16,232)

Receive

1-day Secured Overnight Financing Rate

Annual

3.147

Annual

10/13/33

USD 2,421,000

67,663

Receive

1-day Secured Overnight Financing Rate

Annual

3.319

Annual

10/13/33

USD 692,000

9,580

Receive

1-day Secured Overnight Financing Rate

Annual

3.445

Annual

10/13/33

USD 2,421,000

8,617

Receive

1-day Secured Overnight Financing Rate

Annual

3.475

Annual

10/13/33

USD 1,903,000

1,997

Receive

1-day Secured Overnight Financing Rate

Annual

3.506

Annual

10/13/33

USD 1,730,000

(2,543)

(1,805,171)

At June 30, 2023, the following OTC purchased foreign currency options were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount

Cost

Fair
Value

Call JPY vs. Put USD

BNP Paribas

02/27/25

107.500

USD 6,000,500

$297,625

$39,936

$297,625

$39,936

At June 30, 2023, 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 10-Year Interest Rate Swap(1)

BNP Paribas

Receive

2.250%

1-day Secured Overnight
Financing Rate

05/16/24

USD 31,589,600

342,221

168,027

Call on 10-Year Interest Rate Swap(1)

JPMorgan Chase
Bank N.A.

Receive

2.213%

1-day Secured Overnight
Financing Rate

05/16/24

USD 26,324,700

286,939

137,007

629,160

305,034

At June 30, 2023, 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)

Bank of America N.A.

Pay

3.550%

1-day Secured Overnight Financing Rate

09/11/23

USD 13,893,000

375,806

(226,594)

Call on 10-Year Interest Rate Swap(2)

BNP Paribas

Pay

3.033%

1-day Secured Overnight Financing Rate

10/11/23

USD 17,296,000

463,965

(98,101)

Call on 10-Year Interest Rate Swap(2)

Citibank N.A.

Pay

3.540%

1-day Secured Overnight Financing Rate

09/11/23

USD 27,786,000

751,611

(441,521)

Call on 10-Year Interest Rate Swap(2)

Goldman Sachs International

Pay

3.460%

1-day Secured Overnight Financing Rate

08/21/23

USD 25,247,000

637,487

(244,314)

Call on 10-Year Interest Rate Swap(2)

Goldman Sachs International

Pay

3.570%

1-day Secured Overnight Financing Rate

09/07/23

USD 13,893,000

371,117

(231,151)

Call on 1-Year Interest Rate Swap(2)

Barclays Bank PLC

Pay

4.170%

1-day Secured Overnight Financing Rate

02/16/24

USD 84,692,000

398,476

(203,344)

Call on 1-Year Interest Rate Swap(2)

Morgan Stanley Capital
Services LLC

Pay

3.520%

1-day Secured Overnight Financing Rate

01/24/24

USD 169,383,000

737,239

(176,784)

Put on 10-Year Interest Rate Swap(1)

Bank of America N.A.

Receive

3.550%

1-day Secured Overnight Financing Rate

09/11/23

USD 13,893,000

375,806

(203,503)

Put on 10-Year Interest Rate Swap(1)

BNP Paribas

Receive

3.033%

1-day Secured Overnight Financing Rate

10/11/23

USD 17,296,000

463,965

(770,717)

See Accompanying Notes to Financial Statements

145

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Put on 10-Year Interest Rate Swap(1)

BNP Paribas

Receive

4.050%

1-day Secured Overnight Financing Rate

05/16/24

USD 31,589,600

342,221

(411,146)

Put on 10-Year Interest Rate Swap(1)

Citibank N.A.

Receive

3.540%

1-day Secured Overnight Financing Rate

09/11/23

USD 27,786,000

751,611

(418,079)

Put on 10-Year Interest Rate Swap(1)

Goldman Sachs International

Receive

3.460%

1-day Secured Overnight Financing Rate

08/21/23

USD 25,247,000

637,487

(419,281)

Put on 10-Year Interest Rate Swap(1)

Goldman Sachs International

Receive

3.570%

1-day Secured Overnight Financing Rate

09/07/23

USD 13,893,000

371,117

(186,786)

Put on 10-Year Interest Rate Swap(1)

JPMorgan Chase Bank
N.A.

Receive

4.050%

1-day Secured Overnight Financing Rate

05/16/24

USD 26,324,700

286,939

(342,623)

Put on 1-Year Interest Rate Swap(1)

Barclays Bank PLC

Receive

4.170%

1-day Secured Overnight Financing Rate

02/16/24

USD 84,692,000

398,476

(704,794)

Put on 1-Year Interest Rate Swap(1)

Morgan Stanley Capital
Services LLC

Receive

3.520%

1-day Secured Overnight Financing Rate

01/24/24

USD 169,383,000

737,239

(2,364,100)

8,100,562

(7,442,838)

At June 30, 2023, 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 30-Year Interest
Rate Swap

Barclays Bank PLC

17.500%

Receive

1-day Secured Overnight Financing Rate

06/14/27

USD 12,484,500

2,184,788

184

Call on 30-Year Interest
Rate Swap

Barclays Bank PLC

17.700%

Receive

1-day Secured Overnight Financing Rate

05/28/27

USD 20,904,800

3,700,150

(29,200)

Put on 30-Year Interest
Rate Swap

Barclays Bank PLC

18.000%

Pay

1-day Secured Overnight Financing Rate

05/25/27

USD 19,473,000

3,505,140

(75,713)

9,390,078

(104,729)

At June 30, 2023, 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 1-Year Interest
Rate Swap

Goldman Sachs International

3.900%

Pay

1-day Secured Overnight Financing Rate

06/17/24

USD 141,167,000

805,005

103,738

Call on 1-Year Interest
Rate Swap

Morgan Stanley Capital
Services LLC

3.800%

Pay

1-day Secured Overnight Financing Rate

06/14/24

USD 141,167,000

851,613

285,733

Call on 5-Year Interest
Rate Swap

Bank of America N.A.

3.038%

Pay

1-day Secured Overnight Financing Rate

03/27/28

USD 6,947,000

294,553

28,084

Call on 5-Year Interest
Rate Swap

Morgan Stanley Capital
Services LLC

3.060%

Pay

1-day Secured Overnight Financing Rate

03/14/28

USD 13,893,000

605,414

80,791

Put on 1-Year Interest
Rate Swap

Goldman Sachs International

3.900%

Receive

1-day Secured Overnight Financing Rate

06/17/24

USD 141,167,000

805,005

(350,426)

Put on 1-Year Interest
Rate Swap

Morgan Stanley Capital
Services LLC

3.800%

Receive

1-day Secured Overnight Financing Rate

06/14/24

USD 141,167,000

862,770

(397,873)

Put on 5-Year Interest
Rate Swap

Bank of America N.A.

3.038%

Receive

1-day Secured Overnight Financing Rate

03/27/28

USD 6,947,000

294,553

(3,403)

Put on 5-Year Interest
Rate Swap

Morgan Stanley Capital
Services LLC

3.060%

Receive

1-day Secured Overnight Financing Rate

03/14/28

USD 13,893,000

605,414

29,708

5,124,327

(223,648)

See Accompanying Notes to Financial Statements

146

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

(1)

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

(2)

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

(3)

(4)

Currency Abbreviations

EUR – EU Euro

USD – United States Dollar

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

The fair value of derivative instruments as of June 30, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	39,936
Interest rate contracts	Investments in securities at value*			305,034
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			528
Interest rate contracts	Variation margin receivable on futures contracts**			1,655,604
Credit contracts	Variation margin receivable on centrally cleared swaps**			1,316,289
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			4,786,528
Interest rate contracts	Unrealized appreciation on OTC purchased forward premium swaptions			184
Interest rate contracts	Unrealized appreciation on OTC written forward premium swaptions			528,054
Total Asset Derivatives			$	8,632,157
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	822
Interest rate contracts	Variation margin payable on futures contracts**			210,466
Interest rate contracts	Variation margin payable on centrally cleared swaps**			6,591,699
Interest rate contracts	Unrealized depreciation on OTC purchased forward premium swaptions			104,913
Interest rate contracts	Unrealized depreciation on OTC written forward premium swaptions			751,702
Interest rate contracts	Written options, at fair value			7,442,838
Total Liability Derivatives			$	15,102,440

Includes purchased options.

See Accompanying Notes to Financial Statements

147

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2023 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		$	—		$	—		$	—		$	(7,647,900)		$	—		$	(7,647,900)
Equity contracts			—			—			(143,402)			—			—			(143,402)
Foreign exchange contracts			(1,107,350)			(5,629)			—			—			175,510			(937,469)
Interest rate contracts			28,133			—			(3,797,566)			(5,229,920)			3,841,057			(5,158,296)
Total		$	(1,079,217)		$	(5,629)		$	(3,940,968)		$	(12,877,820)		$	4,016,567		$	(13,887,067)

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		$	—		$	—		$	—		$	2,974,248					$	2,974,248
Foreign exchange contracts			309,004			(294)			—			—			—			308,710
Interest rate contracts			(229,026)			—			1,480,265			(348,200)			320,961			1,224,000
Total		$	79,978		$	(294)		$	1,480,265		$	2,626,048		$	320,961		$	4,506,958

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2023:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs International			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	207,963		$	—		$	—		$	137,007		$	—		$	—		$	344,970
Forward foreign currency contracts			—			—			—			—			—			—			—			528			528
Forward premium swaptions			28,084			184			—			—			103,738			—			396,232			—			528,238
Total Assets		$	28,084		$	184		$	207,963		$	—		$	103,738		$	137,007		$	396,232		$	528		$	873,736
Liabilities:
Forward foreign currency contracts		$	—		$	822		$	—		$	—		$	—		$	—		$	—		$	—		$	822
Forward premium swaptions			3,403			104,913			—			—			350,426			—			397,873			—			856,615
Written options			430,097			908,138			1,279,964			859,601			1,081,532			342,622			2,540,884			—			7,442,838
Total Liabilities		$	433,500		$	1,013,873		$	1,279,964		$	859,601		$	1,431,958		$	342,622		$	2,938,757		$	—		$	8,300,275
Net OTC derivative instruments by counterparty, at fair value		$	(405,416)		$	(1,013,689)		$	(1,072,001)		$	(859,601)		$	(1,328,220)		$	(205,615)		$	(2,542,525)		$	528		$	(7,426,539)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	1,013,689		$	920,000		$	859,601		$	1,190,000		$	140,000		$	2,210,000		$	—		$	6,333,290
Net Exposure(1)(2)		$	(405,416)		$	—		$	(152,001)		$	—		$	(138,220)		$	(65,615)		$	(332,525)		$	528		$	(1,093,249)

(1)

(2)

At December 31, 2022, the Portfolio had pledged $1,020,000 and $1,110,000 in cash collateral to Barclays Bank PLC and Citibank N.A., respectively. In addition, the Portfolio had received $760,000 in cash collateral from Bank of America N.A. Excess cash collateral is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

148

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2023 (Unaudited) (continued)

At June 30, 2023, 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 federal income tax purposes was $2,552,754,312.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	15,867,854
Gross Unrealized Depreciation		(175,387,093)
Net Unrealized Depreciation	$	(159,519,239)

See Accompanying Notes to Financial Statements

149

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.9%
	Communication Services: 2.5%
1,019,077 (1)	Globalstar, Inc.		$	1,100,603		0.4
98,609 (1)	Playtika Holding Corp.			1,143,864		0.4
395,469 (1)	Vimeo, Inc.			1,629,332		0.5
50,117 (1)	Yelp, Inc.			1,824,760		0.6
23,324 (1)	Ziff Davis, Inc.			1,634,080		0.6
				7,332,639		2.5
	Consumer Discretionary: 7.6%
55,347	Acushnet Holdings Corp.			3,026,374		1.0
153,941	Arko Corp.			1,223,831		0.4
73,637	Gentex Corp.			2,154,619		0.7
194,529 (1)	GrowGeneration Corp.			661,399		0.2
44,400	H&R Block, Inc.			1,415,028		0.5
24,678	Harley-Davidson, Inc.			868,912		0.3
46,520	International Game Technology PLC			1,483,523		0.5
16,306	KB Home			843,183		0.3
77,602 (1)	Lindblad Expeditions Holdings, Inc.			844,310		0.3
8,003	Murphy USA, Inc.			2,489,813		0.9
177,928 (1)	Peloton Interactive, Inc.			1,368,266		0.5
31,999	Red Rock Resorts, Inc.			1,496,913		0.5
25,050	Sonic Automotive, Inc.			1,194,134		0.4
58,931	Steven Madden Ltd.			1,926,455		0.7
116,143 (1)	Udemy, Inc.			1,246,214		0.4
				22,242,974		7.6
	Consumer Staples: 1.1%
27,744 (1)	National Beverage Corp.			1,341,422		0.5
145,540	Primo Water Corp.			1,825,072		0.6
				3,166,494		1.1
	Energy: 6.0%
179,974	Antero Midstream Corp.			2,087,698		0.7
43,254	California Resources Corp.			1,958,974		0.7
482,627 (1)	Clean Energy Fuels Corp.			2,393,830		0.8
173,943	Excelerate Energy, Inc.			3,536,261		1.2
41,047	Murphy Oil Corp.			1,572,100		0.5
209,655	Permian Resources Corp.			2,297,819		0.8
171,269	SFL Corp. Ltd.			1,597,940		0.5
108,196	World Kinect Corp.			2,237,493		0.8
				17,682,115		6.0
	Financials: 17.5%
262,408 (2)	AGNC Investment Corp.			2,658,193		0.9
100,976 (1)	Ambac Financial Group, Inc.			1,437,898		0.5
36,107	Arrow Financial Corp.			727,195		0.2
110,485	Associated Banc-Corp.			1,793,171		0.6
89,608	Atlantic Union Bankshares Corp.			2,325,328		0.8
60,190	BankUnited, Inc.			1,297,094		0.4
68,779	BCB Bancorp, Inc.			807,465		0.3
63,534	Berkshire Hills Bancorp, Inc.			1,317,060		0.4
441,016	BGC Partners, Inc.			1,953,701		0.7
104,084	Capstar Financial Holdings, Inc.			1,277,111		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
101,953	ConnectOne Bancorp, Inc.		$	1,691,400		0.6
121,603	Eastern Bankshares, Inc.			1,492,069		0.5
46,147	EVERTEC, Inc.			1,699,594		0.6
80,364	Farmers National Banc Corp.			994,103		0.3
169,582	First BanCorp. Puerto Rico			2,072,292		0.7
13,965	HCI Group, Inc.			862,758		0.3
142,444	KKR Real Estate Finance Trust, Inc.			1,733,543		0.6
129,168	Ladder Capital Corp.			1,401,473		0.5
53,421	NBT Bancorp., Inc.			1,701,459		0.6
39,808 (1)	NMI Holdings, Inc.			1,027,842		0.4
92,250	Old Republic International Corp.			2,321,932		0.8
34,101	Origin Bancorp, Inc.			999,159		0.3
72,004	Pacific Premier Bancorp, Inc.			1,489,043		0.5
276,795 (1)	Payoneer Global, Inc.			1,331,384		0.5
105,863	ProAssurance Corp.			1,597,473		0.5
56,355	Provident Financial Services, Inc.			920,841		0.3
304,035	Redwood Trust, Inc.			1,936,703		0.7
44,952 (1)	Remitly Global, Inc.			845,997		0.3
144,570 (1)	Robinhood Markets, Inc.			1,442,809		0.5
25,421	SEI Investments Co.			1,515,600		0.5
102,013	Simmons First National Corp.			1,759,724		0.6
88,651 (1)	StoneCo Ltd.			1,129,414		0.4
39,462	United Community Banks, Inc./GA			986,155		0.3
149,681	Valley National Bancorp			1,160,028		0.4
51,206	Victory Capital Holdings, Inc.			1,615,037		0.6
				51,322,048		17.5
	Health Care: 17.5%
703,382 (1)	23andMe Holding Co.			1,230,919		0.4
162,234 (1)	Alignment Healthcare, Inc.			932,845		0.3
206,342 (1)	Amicus Therapeutics, Inc.			2,591,656		0.9
21,399 (1)	Arrowhead Pharmaceuticals, Inc.			763,088		0.3
70,609 (1)	Avanos Medical, Inc.			1,804,766		0.6
251,156 (1)	BioCryst Pharmaceuticals, Inc.			1,768,138		0.6
15,977	Bio-Techne Corp.			1,304,203		0.4
25,325	Bruker Corp.			1,872,024		0.6
48,633 (1)	Castle Biosciences, Inc.			667,245		0.2
107,510 (1)	Catalyst Pharmaceuticals, Inc.			1,444,934		0.5
779,003 (1)	Cerus Corp.			1,916,347		0.6
190,691 (1)	Coherus Biosciences, Inc.			814,251		0.3
236,442 (1)	Community Health Systems, Inc.			1,040,345		0.4

See Accompanying Notes to Financial Statements

150

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
97,565 (1)	Corcept Therapeutics, Inc.		$	2,170,821		0.7
26,464 (1)	Haemonetics Corp.			2,253,145		0.8
74,539 (1)	Halozyme Therapeutics, Inc.			2,688,622		0.9
22,304 (1)	HealthEquity, Inc.			1,408,275		0.5
117,533 (1)	Hims & Hers Health, Inc.			1,104,810		0.4
97,532 (1)	Insmed, Inc.			2,057,925		0.7
512,882 (1)	MannKind Corp.			2,087,430		0.7
11,925 (1)	Medpace Holdings, Inc.			2,864,027		1.0
95,121 (1)	NextGen Healthcare, Inc.			1,542,863		0.5
883,595 (1)	Opko Health, Inc.			1,917,401		0.7
54,400 (1)	Option Care Health, Inc.			1,767,456		0.6
94,833	Patterson Cos., Inc.			3,154,146		1.1
66,855 (1)	Privia Health Group, Inc.			1,745,584		0.6
44,747 (1)	QIAGEN NV			2,014,957		0.7
375,515 (1)	Rigel Pharmaceuticals, Inc.			484,414		0.2
72,806	Select Medical Holdings Corp.			2,319,599		0.8
126,720 (1)	Veradigm, Inc.			1,596,672		0.5
				51,328,908		17.5
	Industrials: 18.3%
56,578	ABM Industries, Inc.			2,413,052		0.8
47,081	Allison Transmission Holdings, Inc.			2,658,193		0.9
24,120	Apogee Enterprises, Inc.			1,144,976		0.4
51,053	Barnes Group, Inc.			2,153,926		0.7
166,495 (1)	CoreCivic, Inc.			1,566,718		0.5
45,807	CSG Systems International, Inc.			2,415,861		0.8
20,224	CSW Industrials, Inc.			3,361,027		1.1
126,688 (1)	First Advantage Corp.			1,952,262		0.7
25,993	Franklin Electric Co., Inc.			2,674,680		0.9
136,274 (1)(2)	Geo Group, Inc./The			975,722		0.3
101,177	Hillenbrand, Inc.			5,188,357		1.8
116,622 (1)	Hudson Technologies, Inc.			1,121,904		0.4
19,499	Insperity, Inc.			2,319,601		0.8
44,480	Kennametal, Inc.			1,262,787		0.4
90,009 (1)	Legalzoom.com, Inc.			1,087,309		0.4
80,647 (1)	Manitowoc Co., Inc./The			1,518,583		0.5
105,589	Marten Transport Ltd.			2,270,163		0.8
261,501	Mueller Water Products, Inc.			4,244,161		1.5
210,882 (1)	NOW, Inc.			2,184,737		0.7
79,972 (1)	Resideo Technologies, Inc.			1,412,306		0.5
105,248	Shyft Group, Inc./The			2,321,771		0.8
77,480	Wabash National Corp.			1,986,587		0.7
16,877	Watts Water Technologies, Inc.			3,100,811		1.1
83,053	Zurn Elkay Water Solutions Corp.			2,233,295		0.8
				53,568,789		18.3
	Information Technology: 14.1%
133,177	A10 Networks, Inc.			1,943,052		0.7
84,997 (1)	ACI Worldwide, Inc.			1,969,380		0.7

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Information Technology (continued)
23,129 (1)		Agilysys, Inc.		$	1,587,575		0.5
13,797 (1)		Altair Engineering, Inc.			1,046,364		0.4
83,153 (1)		Avid Technology, Inc.			2,120,402		0.7
84,493 (1)		Box, Inc.			2,482,404		0.9
41,195 (2)		Clear Secure, Inc.			954,488		0.3
29,441		Cognex Corp.			1,649,285		0.6
89,391 (1)		Dropbox, Inc.			2,384,058		0.8
59,750 (1)		EngageSmart, Inc.			1,140,628		0.4
106,781		Gen Digital, Inc.			1,980,788		0.7
14,967 (1)		Intapp, Inc.			627,267		0.2
41,229 (1)		MACOM Technology Solutions Holdings, Inc.			2,701,736		0.9
56,664 (1)		N-Able, Inc.			816,528		0.3
41,190 (1)		Nutanix, Inc.			1,155,380		0.4
38,971 (1)		Photronics, Inc.			1,005,062		0.3
88,417 (1)		PowerSchool Holdings, Inc.			1,692,301		0.6
26,381 (1)		Procore Technologies, Inc.			1,716,612		0.6
34,678		Sapiens International Corp. NV			922,435		0.3
31,986 (1)		Smartsheet, Inc.			1,223,784		0.4
39,135 (1)		Squarespace, Inc.			1,234,318		0.4
22,374 (1)		Tenable Holdings, Inc.			974,388		0.3
48,813 (1)		Varonis Systems, Inc.			1,300,866		0.4
42,188 (1)		Veeco Instruments, Inc.			1,083,388		0.4
244,688 (1)		Viavi Solutions, Inc.			2,772,315		0.9
58,768 (1)		Yext, Inc.			664,666		0.2
140,613 (1)		Zeta Global Holdings Corp.			1,200,835		0.4
93,911 (1)		Zuora, Inc.			1,030,204		0.4
					41,380,509		14.1
		Materials: 6.7%
19,585		Ashland, Inc.			1,702,132		0.6
53,901		Avient Corp.			2,204,551		0.7
14,695		Balchem Corp.			1,981,033		0.7
273,207		Element Solutions, Inc.			5,245,575		1.8
287,911		Glatfelter Corp.			869,491		0.3
416,513		Hecla Mining Co.			2,145,042		0.7
37,022		Minerals Technologies, Inc.			2,135,799		0.7
48,789		Sensient Technologies Corp.			3,470,362		1.2
					19,753,985		6.7
		Real Estate: 5.4%
235,271 (1)		Anywhere Real Estate, Inc.			1,571,610		0.5
156,567		Apartment Investment and Management Co.			1,333,951		0.5
72,179	��	CareTrust REIT, Inc.			1,433,475		0.5
123,759 (2)		Empire State Realty Trust, Inc.			926,955		0.3
16,164		First Industrial Realty Trust, Inc.			850,873		0.3
57,663 (2)		Gladstone Land Corp.			938,177		0.3
77,032		Global Net Lease, Inc.			791,889		0.3
127,663		Macerich Co.			1,438,762		0.5
443,908 (1)		Opendoor Technologies, Inc.			1,784,510		0.6

See Accompanying Notes to Financial Statements

151

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
78,788	Plymouth Industrial REIT, Inc.		$	1,813,700		0.6
174,748	Sabra Healthcare REIT, Inc.			2,056,784		0.7
153,466	Summit Hotel Properties, Inc.			999,063		0.3
				15,939,749		5.4
	Utilities: 1.2%
23,288	ALLETE, Inc.			1,350,005		0.5
51,981	Avista Corp.			2,041,294		0.7
				3,391,299		1.2
	Total Common Stock
	(Cost $285,006,246)			287,109,509		97.9
EXCHANGE-TRADED FUNDS: 1.7%
27,293	iShares Russell 2000 ETF			5,111,160		1.7
	Total Exchange-Traded Funds (Cost $4,956,060)			5,111,160		1.7
	Total Long-Term Investments (Cost $289,962,306)			292,220,669		99.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
	Repurchase Agreements: 1.2%
1,000,000 (3)	Bank of America Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,000,416, collateralized by various U.S. Government Agency Obligations, 2.000%-6.500%, Market Value plus accrued interest $1,020,000, due 04/01/35-09/01/61)		1,000,000		0.3
1,000,000 (3)	Citigroup, Inc., Repurchase Agreement dated 06/30/23, 5.07%, due 07/03/23 (Repurchase Amount $1,000,417, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 10/31/24-08/20/67)		1,000,000		0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
541,532 (3)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/23, 5.07%, due 07/03/23 (Repurchase Amount $541,758, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $552,363, due 07/27/23-07/01/53)		$	541,532		0.2
1,000,000 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/23, 5.06%, due 07/03/23 (Repurchase Amount $1,000,416, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,020,000, due 07/31/23-05/20/53)			1,000,000		0.3
	Total Repurchase Agreements (Cost $3,541,532)		��	3,541,532		1.2

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.3%
876,000 (4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.030% (Cost $876,000)			876,000		0.3
	Total Short-Term Investments
	(Cost $4,417,532)			4,417,532		1.5
	Total Investments in Securities (Cost $294,379,838)		$	296,638,201		101.1
	Liabilities in Excess of Other Assets			(3,366,764)		(1.1)
	Net Assets		$	293,271,437		100.0

See Accompanying Notes to Financial Statements

152

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2023 (Unaudited) (continued)

†

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)

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, 2023.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 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, 2023
Asset Table
Investments, at fair value
Common Stock*		$	287,109,509		$	—		$	—		$	287,109,509
Exchange-Traded Funds			5,111,160			—			—			5,111,160
Short-Term Investments			876,000			3,541,532			—			4,417,532
Total Investments, at fair value		$	293,096,669		$	3,541,532		$	—		$	296,638,201

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, 2023, 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 federal income tax purposes was $316,077,090.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	20,287,227
Gross Unrealized Depreciation		(39,726,374)
Net Unrealized Depreciation	$	(19,439,147)

See Accompanying Notes to Financial Statements

153

TABLE OF CONTENTS

Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

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RETIREMENT | INVESTMENTS | INSURANCE

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Item 2. Code of Ethics.

Not required for semi-annual filing.

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Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

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Not applicable.

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(a)(2)

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.

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Not applicable.

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(b)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Variable Funds

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: September 5, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: September 5, 2023

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: September 5, 2023

Ing Variable Funds N-CSRSCertified semi-annual shareholder report (management investment company)