Ing Variable Funds N-CSRS 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, 2024 to June 30, 2024

Item 1. Reports to Stockholders.

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

 

TABLE OF CONTENTS

 

Voya Growth and Income Portfolio Class ADV - IAVGX
Voya Growth and Income Portfolio Class I - IIVGX
Voya Growth and Income Portfolio Class S - ISVGX
Voya Growth and Income Portfolio Class S2 - IGISX

 

Voya Growth and Income Portfolio

Semi-Annual Shareholder Report

                   June 30, 2024

Class ADV: IAVGX

This semi-annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.  

What were the Fund’s costs for the last period?  (based on a hypothetical $10,000 investment)

Class Name	Costs of $10K investment	Costs paid as % of $10K investment
Class ADV	$59	1.12%

Fund Statistics 

• Total Net Assets$2,350,182,946
• # of Portfolio Holdings71
• Portfolio Turnover Rate57%

What did the Fund invest in? 

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

Top 10 Holdings 

Microsoft Corp.	8.0%
Apple, Inc.	7.6%
Amazon.com, Inc.	5.4%
Meta Platforms, Inc. - Class A	4.2%
Broadcom, Inc.	3.6%
Advanced Micro Devices, Inc.	2.6%
Salesforce, Inc.	2.5%
Bank of America Corp.	2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.3%
Micron Technology, Inc.	2.3%

Portfolio Composition

Value	Value
Liabilities in Excess of Other Assets	(1.2)%
Short-Term Investments	1.5%
Common Stock	99.7%

Sector Allocation 

Value	Value
Information Technology	33.7%
Health Care	12.8%
Consumer Discretionary	10.1%
Financials	9.9%
Industrials	8.2%
Communication Services	7.5%
Consumer Staples	5.6%
Utilities	4.0%
Energy	4.0%
Materials	2.2%
Real Estate	1.7%
Liabilities in Excess of Other Assets	(1.2)%

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180. 

Voya Growth and Income Portfolio

Class ADV: IAVGX

92913H303-SAR

Voya Growth and Income Portfolio

Semi-Annual Shareholder Report

                   June 30, 2024

Class I: IIVGX

This semi-annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.  

What were the Fund’s costs for the last period?  (based on a hypothetical $10,000 investment)

Class Name	Costs of $10K investment	Costs paid as % of $10K investment
Class I	$36	0.67%

Fund Statistics 

• Total Net Assets$2,350,182,946
• # of Portfolio Holdings71
• Portfolio Turnover Rate57%

What did the Fund invest in? 

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

Top 10 Holdings 

Microsoft Corp.	8.0%
Apple, Inc.	7.6%
Amazon.com, Inc.	5.4%
Meta Platforms, Inc. - Class A	4.2%
Broadcom, Inc.	3.6%
Advanced Micro Devices, Inc.	2.6%
Salesforce, Inc.	2.5%
Bank of America Corp.	2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.3%
Micron Technology, Inc.	2.3%

Portfolio Composition

Value	Value
Liabilities in Excess of Other Assets	(1.2)%
Short-Term Investments	1.5%
Common Stock	99.7%

Sector Allocation 

Value	Value
Information Technology	33.7%
Health Care	12.8%
Consumer Discretionary	10.1%
Financials	9.9%
Industrials	8.2%
Communication Services	7.5%
Consumer Staples	5.6%
Utilities	4.0%
Energy	4.0%
Materials	2.2%
Real Estate	1.7%
Liabilities in Excess of Other Assets	(1.2)%

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180. 

Voya Growth and Income Portfolio

Class I: IIVGX

92913H105-SAR

Voya Growth and Income Portfolio

Semi-Annual Shareholder Report

                   June 30, 2024

Class S: ISVGX

This semi-annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.  

What were the Fund’s costs for the last period?  (based on a hypothetical $10,000 investment)

Class Name	Costs of $10K investment	Costs paid as % of $10K investment
Class S	$49	0.92%

Fund Statistics 

• Total Net Assets$2,350,182,946
• # of Portfolio Holdings71
• Portfolio Turnover Rate57%

What did the Fund invest in? 

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

Top 10 Holdings 

Microsoft Corp.	8.0%
Apple, Inc.	7.6%
Amazon.com, Inc.	5.4%
Meta Platforms, Inc. - Class A	4.2%
Broadcom, Inc.	3.6%
Advanced Micro Devices, Inc.	2.6%
Salesforce, Inc.	2.5%
Bank of America Corp.	2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.3%
Micron Technology, Inc.	2.3%

Portfolio Composition

Value	Value
Liabilities in Excess of Other Assets	(1.2)%
Short-Term Investments	1.5%
Common Stock	99.7%

Sector Allocation 

Value	Value
Information Technology	33.7%
Health Care	12.8%
Consumer Discretionary	10.1%
Financials	9.9%
Industrials	8.2%
Communication Services	7.5%
Consumer Staples	5.6%
Utilities	4.0%
Energy	4.0%
Materials	2.2%
Real Estate	1.7%
Liabilities in Excess of Other Assets	(1.2)%

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180. 

Voya Growth and Income Portfolio

Class S: ISVGX

92913H204-SAR

Voya Growth and Income Portfolio

Semi-Annual Shareholder Report

                   June 30, 2024

Class S2: IGISX

This semi-annual shareholder report contains important information about Voya Growth and Income Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.  

What were the Fund’s costs for the last period?  (based on a hypothetical $10,000 investment)

Class Name	Costs of $10K investment	Costs paid as % of $10K investment
Class S2	$57	1.07%

Fund Statistics 

• Total Net Assets$2,350,182,946
• # of Portfolio Holdings71
• Portfolio Turnover Rate57%

What did the Fund invest in? 

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

Top 10 Holdings 

Microsoft Corp.	8.0%
Apple, Inc.	7.6%
Amazon.com, Inc.	5.4%
Meta Platforms, Inc. - Class A	4.2%
Broadcom, Inc.	3.6%
Advanced Micro Devices, Inc.	2.6%
Salesforce, Inc.	2.5%
Bank of America Corp.	2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.3%
Micron Technology, Inc.	2.3%

Portfolio Composition

Value	Value
Liabilities in Excess of Other Assets	(1.2)%
Short-Term Investments	1.5%
Common Stock	99.7%

Sector Allocation 

Value	Value
Information Technology	33.7%
Health Care	12.8%
Consumer Discretionary	10.1%
Financials	9.9%
Industrials	8.2%
Communication Services	7.5%
Consumer Staples	5.6%
Utilities	4.0%
Energy	4.0%
Materials	2.2%
Real Estate	1.7%
Liabilities in Excess of Other Assets	(1.2)%

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180. 

Voya Growth and Income Portfolio

Class S2: IGISX

92913H402-SAR

(b) Not applicable.

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

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

(b) Not applicable.

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

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

Semi-Annual Financial Statements and Other Information

June 30, 2024

Classes ADV, I, R6, S, and S2

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

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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Table Of Contents

Statements of Assets and Liabilities	1
Statements of Operations	7
Statements of Changes in Net Assets	11
Financial Highlights	14
Notes to Financial Statements	18
Portfolios of Investments	37

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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: https://individuals.voya.com/product/mutual-fund/ prospectuses-reports and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Money Market Portfolio does not file on Form N-PORT.

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

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)

	Voya Balanced Portfolio		Voya Global High Dividend Low Volatility Portfolio		Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*	$	180,712,714	$	472,134,725	$	–
Investments in affiliates at fair value**		99,208,387		–		–
Short-term investments at fair value†		24,243,707		7,595,365		–
Short-term investments at amortized cost		–		–		618,382,825
Repurchase agreements		–		–		188,349,000
Cash		254,627		150,576		38,620
Cash collateral for futures contracts		775,101		–		–
Cash pledged for centrally cleared swaps (Note 2)		300,000		–		–
Cash pledged as collateral for OTC derivatives (Note 2)		1,600		–		–
Foreign currencies at value‡		15,297		–		–
Receivables:
Investment securities and currencies sold		30,388,801		6,356,334		84,268,335
Fund shares sold		141		68,819		771,611
Dividends		89,470		939,551		–
Interest		559,345		827		2,327,756
Foreign tax reclaims		97,512		1,075,700		–
Variation margin on centrally cleared swaps		3,245		–		–
Unrealized appreciation on forward foreign currency contracts		53		–		–
Unrealized appreciation on forward premium swaptions		49,060		–		–
Prepaid expenses		1,277		2,161		2,407
Reimbursement due from Investment Adviser		209,370		13,788		–
Other assets		46,977		56,568		112,130
Total assets		336,956,684		488,394,414		894,252,684
LIABILITIES:
Income distribution payable		–		–		3,393,750
Payable for investment securities and currencies purchased		26,555,266		1,105,217		57,499,054
Payable for fund shares redeemed		369,333		260,623		10,801
Payable upon receipt of securities loaned		–		7,531,365		–
Unrealized depreciation on forward foreign currency contracts		225		–		–
Unrealized depreciation on forward premium swaptions		3,111		–		–
Unrealized depreciation on OTC swap agreements		8,021		–		–
Variation margin payable on futures contracts		147,550		–		–
Payable for investment management fees		151,612		219,834		206,894
Payable for distribution and shareholder service fees		371		75,295		–
Payable to custodian due to foreign currency overdraft§		–		103,963		–
Payable to directors/ trustees under the deferred compensation plan (Note 6)		46,977		56,568		112,130
Payable for directors/ trustees fees		221		556		693
Payable for borrowings against line of credit (Note 9)		–		4,984,000		–
Payable for shareholder notification costs (Note 6)		120,576		–		–
Other accrued expenses and liabilities		153,870		92,446		140,870
Written options, at fair value^		3,902		–		–
Total liabilities		27,561,035		14,429,867		61,364,192
NET ASSETS	$	309,395,649	$	473,964,547	$	832,888,492

See Accompanying Notes to Financial Statements

1

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited) (continued)

		Voya Balanced Portfolio		Voya Global High Dividend Low Volatility Portfolio		Voya Government Money Market Portfolio
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	269,170,749	$	412,561,412	$	833,013,593
Total distributable earnings (loss)			40,224,900		61,403,135		(125,101	)
NET ASSETS		$	309,395,649	$	473,964,547	$	832,888,492
+	Including securities loaned at value	$	—	$	7,124,771	$	—
*	Cost of investments in securities	$	157,005,769	$	435,019,616	$	—
**	Cost of investments in affiliates	$	85,948,981	$	—	$	—
†	Cost of short-term investments	$	24,253,121	$	7,595,365	$	—
‡	Cost of foreign currencies	$	17,175	$	—	$	—
§	Cost of foreign currency overdraft	$	—	$	103,970	$	—
^	Premiums received on written options	$	4,738	$	—	$	—

See Accompanying Notes to Financial Statements

2

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited) (continued)

	Voya Balanced Portfolio		Voya Global High Dividend Low Volatility Portfolio		Voya Government Money Market Portfolio
Class ADV
Net assets		n/a	$	12,255,732		n/a
Shares authorized		n/a		100,000,000		n/a
Par value		n/a	$	0.001		n/a
Shares outstanding		n/a		1,076,598		n/a
Net asset value and redemption price per share		n/a	$	11.38		n/a
Class I
Net assets	$	307,579,040	$	124,180,827	$	832,888,492
Shares authorized		500,000,000		100,000,000		unlimited
Par value	$	0.001	$	0.001	$	1.000
Shares outstanding		20,462,673		10,918,535		832,913,549
Net asset value and redemption price per share	$	15.03	$	11.37	$	1.00
Class S
Net assets	$	1,816,609	$	337,294,797		n/a
Shares authorized		500,000,000		300,000,000		n/a
Par value	$	0.001	$	0.001		n/a
Shares outstanding		121,335		29,505,187		n/a
Net asset value and redemption price per share	$	14.97	$	11.43		n/a
Class S2
Net assets		n/a	$	233,191		n/a
Shares authorized		n/a		100,000,000		n/a
Par value		n/a	$	0.001		n/a
Shares outstanding		n/a		20,723		n/a
Net asset value and redemption price per share		n/a	$	11.25		n/a

See Accompanying Notes to Financial Statements

3

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited)

	Voya Growth and Income Portfolio		Voya Intermediate Bond Portfolio		Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*	$	2,343,876,906	$	1,829,456,867	$	279,229,426
Investments in affiliates at fair value**		–		318,008,990		–
Short-term investments at fair value†		34,979,211		149,674,677		7,100,132
Cash		1,848,701		3,775,912		–
Cash collateral for futures contracts		–		8,816,145		–
Cash pledged for centrally cleared swaps (Note 2)		–		5,566,000		–
Cash pledged as collateral for OTC derivatives (Note 2)		–		10,610		–
Foreign currencies at value‡		–		202,202		–
Receivables:
Investment securities sold		63,258,812		73,916,235		4,058,029
Investment securities sold on a delayed-delivery or when-issued basis		–		28,152,797		–
Fund shares sold		8,857		9,059,917		82,240
Dividends		1,144,085		10,070		535,950
Interest		415		14,531,901		–
Foreign tax reclaims		38,583		–		11,849
Variation margin on centrally cleared swaps		–		134,603		–
Unrealized appreciation on forward foreign currency contracts		–		1,492		–
Unrealized appreciation on forward premium swaptions		–		1,243,795		–
Prepaid expenses		7,921		10,300		1,281
Reimbursement due from Investment Adviser		41,603		96,147		1,016
Other assets		250,801		350,626		44,944
Total assets		2,445,455,895		2,443,019,286		291,064,867
LIABILITIES:
Income distribution payable		–		8,209,376		–
Payable for investment securities purchased		76,602,089		27,376,642		2,708,049
Payable for investment securities purchased on a delayed-delivery or when-issued basis		–		108,072,042		–
Payable for fund shares redeemed		439,344		300,508		26,194
Payable upon receipt of securities loaned		16,106,211		30,483,623		7,100,132
Unrealized depreciation on forward foreign currency contracts		–		6,385		–
Unrealized depreciation on forward premium swaptions		–		77,481		–
Unrealized depreciation on OTC swap agreements		–		196,679		–
Variation margin payable on futures contracts		–		2,171,337		–
Cash received as collateral for OTC derivatives (Note 2)		–		1,300,000		–
Payable for investment management fees		1,150,139		918,979		169,912
Payable for distribution and shareholder service fees		39,848		358,641		15,446
Payable to custodian due to bank overdraft		–		–		52,406
Payable to directors/ trustees under the deferred compensation plan (Note 6)		250,801		350,626		44,944
Payable for directors/ trustees fees		2,110		2,625		850
Other accrued expenses and liabilities		682,407		439,669		108,119
Written options, at fair value^		–		939,097		–
Total liabilities		95,272,949		181,203,710		10,226,052
NET ASSETS	$	2,350,182,946	$	2,261,815,576	$	280,838,815

See Accompanying Notes to Financial Statements

4

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited) (continued)

		Voya Growth and Income Portfolio		Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,693,436,019	$	2,742,010,073		$	286,470,479
Total distributable earnings (loss)			656,746,927		(480,194,497	)		(5,631,664	)
NET ASSETS		$	2,350,182,946	$	2,261,815,576		$	280,838,815
+	Including securities loaned at value	$	15,719,663	$	29,699,472		$	6,655,515
*	Cost of investments in securities	$	1,873,662,877	$	1,917,860,740		$	276,632,414
**	Cost of investments in affiliates	$	—	$	314,701,820		$	—
†	Cost of short-term investments	$	34,979,211	$	149,725,676		$	7,100,132
‡	Cost of foreign currencies	$	—	$	202,249		$	—
^	Premiums received on written options	$	—	$	971,844		$	—

See Accompanying Notes to Financial Statements

5

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2024 (Unaudited) (continued)

	Voya Growth and Income Portfolio		Voya Intermediate Bond Portfolio		Voya Small Company Portfolio
Class ADV
Net assets	$	91,365,361	$	186,234,349	$	8,622,049
Shares authorized		unlimited		unlimited		100,000,000
Par value	$	1.000	$	1.000	$	0.001
Shares outstanding		4,389,126		17,493,041		672,100
Net asset value and redemption price per share	$	20.82	$	10.65	$	12.83
Class I
Net assets	$	2,228,487,244	$	656,568,866	$	206,752,069
Shares authorized		unlimited		unlimited		100,000,000
Par value	$	1.000	$	1.000	$	0.001
Shares outstanding		102,109,127		60,999,734		14,443,917
Net asset value and redemption price per share	$	21.82	$	10.76	$	14.31
Class R6
Net assets		n/a		n/a	$	7,696,380
Shares authorized		n/a		n/a		100,000,000
Par value		n/a		n/a	$	0.001
Shares outstanding		n/a		n/a		536,883
Net asset value and redemption price per share		n/a		n/a	$	14.34
Class S
Net assets	$	29,699,393	$	1,411,041,549	$	57,768,317
Shares authorized		unlimited		unlimited		100,000,000
Par value	$	1.000	$	1.000	$	0.001
Shares outstanding		1,422,827		132,008,982		4,244,286
Net asset value and redemption price per share	$	20.87	$	10.69	$	13.61
Class S2
Net assets	$	630,948	$	7,970,812		n/a
Shares authorized		unlimited		unlimited		n/a
Par value	$	1.000	$	1.000		n/a
Shares outstanding		31,368		748,630		n/a
Net asset value and redemption price per share	$	20.11	$	10.65		n/a

See Accompanying Notes to Financial Statements

6

STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	1,220,976		$	8,539,208		$	35,416
Dividends from affiliated underlying funds		668,484			—			—
Interest, net of foreign taxes withheld*		1,998,891			2,283			21,597,866
Securities lending income, net		29,301			32,516			—
Other		956			1,533			2,516
Total investment income		3,918,608			8,575,540			21,635,798
EXPENSES:
Investment management fees		915,181			1,361,546			1,409,808
Distribution and shareholder service fees:
Class ADV		—			28,034			—
Class S(1)		2,219			437,188			28
Class S2		—			469			—
Class T(2)		—			4,756			—
Transfer agent fees:
Class ADV		—			3,276			—
Class I		135,868			36,159			293,408
Class S(1)		794			102,127			9
Class S2		—			68			—
Class T(2)		—			369			—
Shareholder reporting expense		10,632			12,507			12,198
Registration fees		—			—			2,506
Professional fees		15,968			17,805			22,592
Custody and accounting expense		63,580			33,998			17,550
Shareholder notification costs (Note 6)		191,200			—			—
Directors/ trustees fees		4,416			7,583			9,254
Licensing fee (Note 7)		9,363			—			—
Miscellaneous expense		9,682			15,128			14,784
Interest expense		98			3,156			—
Total expenses		1,359,001			2,064,169			1,782,137
Waived and reimbursed fees		(302,151	)		(127,633	)		(181,272	)
Net expenses		1,056,850			1,936,536			1,600,865
Net investment income		2,861,758			6,639,004			20,034,933
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		2,515,293			19,702,606			(43,417	)
Sale of affiliated underlying funds		737,750			—			—
Forward foreign currency contracts		(498	)		—			—
Foreign currency related transactions		(2,306	)		(72,034	)		—
Futures		(63,119	)		—			—
Swaps		(98,248	)		—			—
Written options		75,911			—			—
Net realized gain (loss)		3,164,783			19,630,572			(43,417	)
Net change in unrealized appreciation (depreciation) on:
Investments		8,209,582			466,683			—
Affiliated underlying funds		7,707,070			—			—
Forward foreign currency contracts		(516	)		—			—
Foreign currency related transactions		(4,167	)		(26,275	)		—
Futures		(504,550	)		—			—

See Accompanying Notes to Financial Statements

7

STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited) (continued)

		Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio		Voya Government Money Market Portfolio
Swaps			(9,243	)		—		—
Written options			5,314			—		—
Net change in unrealized appreciation (depreciation)			15,403,490			440,408		—
Net realized and unrealized gain (loss)			18,568,273			20,070,980		(43,417	)
Increase in net assets resulting from operations		$	21,430,031		$	26,709,984	$	19,991,516
*	Foreign taxes withheld	$	50,448		$	420,993	$	—

(1)	Class S of Voya Government Money Market Portfolio was fully redeemed on close of business May 1, 2024.
(2)	Class T of Global High Dividend Low Volatility Portfolio was fully redeemed on close of business May 1, 2024.

See Accompanying Notes to Financial Statements

8

STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	17,865,691		$	82,912		$	2,903,735
Dividends from affiliated underlying funds		—			10,200,665			—
Interest, net of foreign taxes withheld*		24,340			45,326,606			—
Securities lending income, net		25,387			369,392			73,066
Other		6,542			7,090			907
Total investment income		17,921,960			55,986,665			2,977,708
EXPENSES:
Investment management fees		6,464,890			5,568,461			1,075,751
Distribution and shareholder service fees:
Class ADV		221,837			467,744			21,243
Class S		38,367			1,704,871			75,231
Class S2		1,199			15,826			—
Transfer agent fees:
Class ADV		32,476			51,189			5,840
Class I		744,771			182,913			144,776
Class R6		—			—			4
Class S		11,233			373,129			41,366
Class S2		219			2,165			—
Shareholder reporting expense		38,220			28,851			8,262
Professional fees		52,234			75,314			10,739
Custody and accounting expense		88,452			184,475			26,764
Directors/ trustees fees		23,660			35,814			4,970
Miscellaneous expense		37,268			52,535			9,976
Interest expense		6,257			—			899
Total expenses		7,761,083			8,743,287			1,425,821
Waived and reimbursed fees		(272,570	)		(620,082	)		(93,156	)
Net expenses		7,488,513			8,123,205			1,332,665
Net investment income		10,433,447			47,863,460			1,645,043
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		186,588,591			(9,098,752	)		12,338,234
Sale of affiliated underlying funds		—			951,767			—
Forward foreign currency contracts		—			(15,109	)		—
Foreign currency related transactions		—			13,998			45
Futures		—			79,799			—
Swaps		—			(4,547,447	)		—
Written options		—			2,106,478			—
Net realized gain (loss)		186,588,591			(10,509,266	)		12,338,279
Net change in unrealized appreciation (depreciation) on:
Investments		73,588,770			(21,017,349	)		(17,985,788	)
Affiliated underlying funds		—			398,829			—
Forward foreign currency contracts		—			(14,687	)		—
Foreign currency related transactions		(54	)		22,862			(161	)
Futures		—			(7,249,602	)		—

See Accompanying Notes to Financial Statements

9

STATEMENTS OF OPERATIONS for the six months ended June 30, 2024 (Unaudited) (continued)

		Voya Growth and Income Portfolio		Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Swaps			—		180,120			—
Written options			—		180,985			—
Net change in unrealized appreciation (depreciation)			73,588,716		(27,498,842	)		(17,985,949	)
Net realized and unrealized gain (loss)			260,177,307		(38,008,108	)		(5,647,670	)
Increase (decrease) in net assets resulting from operations		$	270,610,754	$	9,855,352		$	(4,002,627	)
*	Foreign taxes withheld	$	82,364	$	3,535		$	16,488

See Accompanying Notes to Financial Statements

10

Statements Of Changes in net Assets

	Voya Balanced Portfolio						Voya Global High Dividend Low Volatility Portfolio
	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
FROM OPERATIONS:
Net investment income	$	2,861,758		$	6,256,036		$	6,639,004		$	14,022,998
Net realized gain		3,164,783			8,083,286			19,630,572			8,261,340
Net change in unrealized appreciation (depreciation)		15,403,490			29,574,597			440,408			7,774,399
Increase in net assets resulting from operations		21,430,031			43,913,919			26,709,984			30,058,737
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			—			(239,263	)		(628,649	)
Class I		(15,964,580	)		(6,549,871	)		(2,632,438	)		(7,821,746	)
Class S		(89,550	)		(34,101	)		(7,143,670	)		(22,181,478	)
Class S2		—			—			(4,833	)		(13,371	)
Class T(1)		—			—			(6,126	)		(132,365	)
Total distributions		(16,054,130	)		(6,583,972	)		(10,026,330	)		(30,777,609	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		3,429,496			3,258,365			5,753,287			6,090,929
Reinvestment of distributions		16,054,130			6,583,972			10,026,330			30,777,609
		19,483,626			9,842,337			15,779,617			36,868,538
Cost of shares redeemed		(20,489,491	)		(34,104,845	)		(44,981,285	)		(82,358,673	)
Net decrease in net assets resulting from capital share transactions		(1,005,865	)		(24,262,508	)		(29,201,668	)		(45,490,135	)
Net increase (decrease) in net assets		4,370,036			13,067,439			(12,518,014	)		(46,209,007	)
NET ASSETS:
Beginning of year or period		305,025,613			291,958,174			486,482,561			532,691,568
End of year or period	$	309,395,649		$	305,025,613		$	473,964,547		$	486,482,561

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

See Accompanying Notes to Financial Statements

11

Statements Of Changes in net Assets

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024  (Unaudited)			Year Ended December 31, 2023
FROM OPERATIONS:
Net investment income	$	20,034,933		$	29,047,186		$	10,433,447		$	19,975,610
Net realized gain (loss)		(43,417	)		46,211			186,588,591			195,064,515
Net change in unrealized appreciation (depreciation)		—			—			73,588,716			238,557,183
Increase in net assets resulting from operations		19,991,516			29,093,397			270,610,754			453,597,308
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			—			(1,087,142	)		(7,985,344	)
Class I		(20,033,669	)		(29,043,782	)		(25,308,979	)		(180,665,369	)
Class S(1)		(549	)		(3,404	)		(349,032	)		(2,864,812	)
Class S2		—			—			(7,674	)		(54,676	)
Total distributions		(20,034,218	)		(29,047,186	)		(26,752,827	)		(191,570,201	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		97,715,779			312,212,531			267,393,322			15,241,028
Reinvestment of distributions		16,639,920			29,047,175			26,722,109			191,309,903
		114,355,699			341,259,706			294,115,431			206,550,931
Cost of shares redeemed		(72,048,723	)		(73,858,949	)		(192,537,423	)		(215,177,355	)
Net increase (decrease) in net assets resulting from capital share transactions		42,306,976			267,400,757			101,578,008			(8,626,424	)
Net increase in net assets		42,264,274			267,446,968			345,435,935			253,400,683
NET ASSETS:
Beginning of year or period		790,624,218			523,177,250			2,004,747,011			1,751,346,328
End of year or period	$	832,888,492		$	790,624,218		$	2,350,182,946		$	2,004,747,011

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

See Accompanying Notes to Financial Statements

12

Statements Of Changes in net Assets

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,  2023
FROM OPERATIONS:
Net investment income	$	47,863,460		$	93,668,620		$	1,645,043		$	2,285,317
Net realized gain (loss)		(10,509,266	)		(167,701,072	)		12,338,279			17,560,323
Net change in unrealized appreciation (depreciation)		(27,498,842	)		232,307,993			(17,985,949	)		28,858,545
Increase (decrease) in net assets resulting from operations		9,855,352			158,275,541			(4,002,627	)		48,704,185
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(3,715,970	)		(7,128,793	)		(345,296	)		(4,770	)
Class I		(14,952,246	)		(29,314,154	)		(8,310,232	)		(1,010,099	)
Class R6		—			—			(312,443	)		(24,562	)
Class S		(28,822,663	)		(55,309,491	)		(2,352,814	)		(127,469	)
Class S2		(161,148	)		(288,062	)		—			—
Total distributions		(47,652,027	)		(92,040,500	)		(11,320,785	)		(1,166,900	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		92,789,616			55,574,940			6,183,526			12,322,525
Reinvestment of distributions		47,650,513			92,036,551			11,320,785			1,166,900
		140,440,129			147,611,491			17,504,311			13,489,425
Cost of shares redeemed		(156,625,769	)		(318,950,203	)		(24,956,596	)		(59,371,276	)
Net decrease in net assets resulting from capital share transactions		(16,185,640	)		(171,338,712	)		(7,452,285	)		(45,881,851	)
Net increase (decrease) in net assets		(53,982,315	)		(105,103,671	)		(22,775,697	)		1,655,434
NET ASSETS:
Beginning of year or period		2,315,797,891			2,420,901,562			303,614,512			301,959,078
End of year or period	$	2,261,815,576		$	2,315,797,891		$	280,838,815		$	303,614,512

See Accompanying Notes to Financial Statements

13

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
06-30-24+	14.79		0.14	•	0.91		1.05			0.32	0.49	—	0.81	—	15.03	7.23			0.89	0.69	0.69	1.88	307,579	48
12-31-23	13.05		0.29	•	1.76		2.05			0.25	0.06	—	0.31	—	14.79	15.92			0.78	0.69	0.69	2.12	303,166	136
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
Class S
06-30-24+	14.72		0.12	•	0.90		1.02			0.28	0.49	—	0.77	—	14.97	7.06			1.14	0.94	0.94	1.63	1,817	48
12-31-23	12.97		0.25	•	1.76		2.01			0.20	0.06	—	0.26	—	14.72	15.71			1.03	0.94	0.94	1.85	1,860	136
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
Voya Global High Dividend Low Volatility Portfolio
Class ADV
06-30-24+	11.01		0.14	•	0.45		0.59			0.03	0.19	—	0.22	—	11.38	5.42			1.15	1.10	1.10	2.47	12,256	35
12-31-23	11.01		0.27	•	0.37		0.64			0.27	0.37	—	0.64	—	11.01	6.18			1.16	1.10	1.10	2.54	10,354	70
12-31-22	12.32		0.25	•	(0.93	)	(0.68	)		0.24	0.39	—	0.63	—	11.01	(5.38	)		1.15	1.10	1.10	2.23	11,235	68
12-31-21	10.46		0.21	•	1.89		2.10			0.24	—	—	0.24	—	12.32	20.23			1.16	1.10	1.10	1.85	13,886	71
12-31-20	10.83		0.18		(0.35	)	(0.17	)		0.19	—	0.01	0.20	—	10.46	(1.27	)		1.16	1.10	1.10	1.86	13,684	72
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
Class I
06-30-24+	10.99		0.17	•	0.45		0.62			0.05	0.19	—	0.24	—	11.37	5.65			0.65	0.60	0.60	2.93	124,181	35
12-31-23	10.99		0.32	•	0.37		0.69			0.32	0.37	—	0.69	—	10.99	6.74			0.66	0.60	0.60	3.04	122,202	70
12-31-22	12.30		0.30	•	(0.92	)	(0.62	)		0.30	0.39	—	0.69	—	10.99	(4.90	)		0.65	0.60	0.60	2.73	125,985	68
12-31-21	10.44		0.27	•	1.89		2.16			0.30	—	—	0.30	—	12.30	20.87			0.66	0.60	0.60	2.35	144,785	71
12-31-20	10.82		0.23		(0.36	)	(0.13	)		0.24	—	0.01	0.25	—	10.44	(0.83	)		0.66	0.60	0.60	2.36	129,379	72
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
Class S
06-30-24+	11.05		0.15	•	0.46		0.61			0.04	0.19	—	0.23	—	11.43	5.56			0.90	0.85	0.85	2.67	337,295	35
12-31-23	11.05		0.30	•	0.36		0.66			0.29	0.37	—	0.66	—	11.05	6.43			0.91	0.85	0.85	2.78	351,456	70
12-31-22	12.36		0.28	•	(0.93	)	(0.65	)		0.27	0.39	—	0.66	—	11.05	(5.11	)		0.90	0.85	0.85	2.48	392,545	68
12-31-21	10.49		0.24	•	1.90		2.14			0.27	—	—	0.27	—	12.36	20.56			0.91	0.85	0.85	2.10	474,598	71
12-31-20	10.87		0.21		(0.37	)	(0.16	)		0.21	—	0.01	0.22	—	10.49	(1.09	)		0.91	0.85	0.85	2.11	465,405	72
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
Class S2
06-30-24+	10.89		0.14	•	0.45		0.59			0.04	0.19	—	0.23	—	11.25	5.42			1.05	1.00	1.00	2.53	233	35
12-31-23	10.89		0.28	•	0.37		0.65			0.28	0.37	—	0.65	—	10.89	6.37			1.06	1.00	1.00	2.64	229	70
12-31-22	12.20		0.26	•	(0.93	)	(0.67	)		0.25	0.39	—	0.64	—	10.89	(5.33	)		1.05	1.00	1.00	2.34	223	68
12-31-21	10.35		0.22	•	1.88		2.10			0.25	—	—	0.25	—	12.20	20.46			1.06	1.00	1.00	1.92	265	71
12-31-20	10.73		0.19		(0.36	)	(0.17	)		0.20	—	0.01	0.21	—	10.35	(1.25	)		1.06	1.00	1.00	1.95	354	72
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
Voya Government Money Market Portfolio
Class I
06-30-24+	1.00		0.02	•	—		0.02			0.02	—	—	0.02	—	1.00	2.50			0.44	0.40	0.40	4.97	832,888	—
12-31-23	1.00		0.05	•	—		0.05			0.05	—	—	0.05	—	1.00	4.77			0.48	0.43	0.43	4.72	789,249	—
12-31-22	1.00		0.01	•	0.00	*	0.01			0.01	—	—	0.01	—	1.00	1.39			0.50	0.35	0.35	1.43	523,130	—

See Accompanying Notes to Financial Statements

14 

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 Government Money Market Portfolio (continued)
Class I (continued)
12-31-21	1.00		—	•	0.00	*	0.00	*		0.00	*	0.00	*	—	0.00	*	—	1.00	0.09			0.50	0.05	0.05	0.00	*	485,800	—
12-31-20	1.00		0.00	*	0.00	*	0.00	*		0.00	*	0.00	*	—	0.00	*	—	1.00	0.29			0.51	0.17	0.17	0.20		569,945	—
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	—
Voya Growth and Income Portfolio
Class ADV
06-30-24+	18.60		0.05	•	2.42		2.47			—		0.25		—	0.25		—	20.82	13.29			1.20	1.12	1.12	0.53		91,365	57
12-31-23	16.21		0.12	•	4.22		4.34			0.13		1.82		—	1.95		—	18.60	26.78			1.19	1.12	1.12	0.64		83,897	75
12-31-22	22.50		0.13	•	(3.55	)	(3.42	)		0.14		2.73		—	2.87		—	16.21	(15.08	)		1.18	1.11	1.11	0.64		73,784	56
12-31-21	29.29		0.13	•	8.14		8.27			0.19		14.87		—	15.06		—	22.50	28.41			1.16	1.06	1.06	0.39		97,015	65
12-31-20	27.93		0.26		4.22		4.48			0.26		2.86		—	3.12		—	29.29	16.74			1.17	1.07	1.07	0.90		903,118	92
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
Class I
06-30-24+	19.45		0.10	•	2.52		2.62			—		0.25		—	0.25		—	21.82	13.49			0.70	0.67	0.67	0.99		2,228,487	57
12-31-23	16.88		0.21	•	4.41		4.62			0.23		1.82		—	2.05		—	19.45	27.39			0.69	0.67	0.67	1.09		1,890,606	75
12-31-22	23.30		0.22	•	(3.68	)	(3.46	)		0.23		2.73		—	2.96		—	16.88	(14.71	)		0.68	0.66	0.66	1.09		1,644,921	56
12-31-21	29.90		0.29	•	8.33		8.62			0.35		14.87		—	15.22		—	23.30	29.00			0.66	0.61	0.61	0.85		2,137,930	65
12-31-20	28.44		0.39		4.32		4.71			0.39		2.86		—	3.25		—	29.90	17.26			0.67	0.62	0.62	1.35		1,845,796	92
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
Class S
06-30-24+	18.63		0.07	•	2.42		2.49			—		0.25		—	0.25		—	20.87	13.38			0.95	0.92	0.92	0.73		29,699	57
12-31-23	16.23		0.15	•	4.24		4.39			0.17		1.82		—	1.99		—	18.63	27.06			0.94	0.92	0.92	0.84		29,695	75
12-31-22	22.54		0.17	•	(3.57	)	(3.40	)		0.18		2.73		—	2.91		—	16.23	(14.96	)		0.93	0.91	0.91	0.84		32,229	56
12-31-21	29.32		0.20	•	8.16		8.36			0.27		14.87		—	15.14		—	22.54	28.72			0.91	0.86	0.86	0.59		42,612	65
12-31-20	27.96		0.32		4.22		4.54			0.32		2.86		—	3.18		—	29.32	16.93			0.92	0.87	0.87	1.10		482,532	92
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
Class S2
06-30-24+	17.98		0.06	•	2.32		2.38			—		0.25		—	0.25		—	20.11	13.25			1.10	1.07	1.07	0.58		631	57
12-31-23	15.74		0.12	•	4.11		4.23			0.17		1.82		—	1.99		—	17.98	26.90			1.09	1.07	1.07	0.69		549	75
12-31-22	21.97		0.13	•	(3.47	)	(3.34	)		0.16		2.73		—	2.89		—	15.74	(15.08	)		1.08	1.06	1.06	0.69		413	56
12-31-21	28.88		0.15	•	8.03		8.18			0.22		14.87		—	15.09		—	21.97	28.52			1.06	1.01	1.01	0.46		488	65
12-31-20	27.59		0.25	•	4.19		4.44			0.29		2.86		—	3.15		—	28.88	16.81			1.07	1.02	1.02	0.95		367	92
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
Voya Intermediate Bond Portfolio
Class ADV
06-30-24+	10.82		0.21	•	(0.17	)	0.04			0.21		—		—	0.21		—	10.65	0.39			1.09	1.03	1.03	3.99		186,234	72
12-31-23	10.51		0.39	•	0.31		0.70			0.39		—		—	0.39		—	10.82	6.78			1.09	1.03	1.03	3.71		193,771	278
12-31-22	12.68		0.28	•	(2.16	)	(1.88	)		0.29		—		—	0.29		—	10.51	(14.90	)		1.08	1.03	1.03	2.51		203,733	246
12-31-21	13.19		0.26	•	(0.44	)	(0.18	)		0.25		0.00	*	0.08	0.33		—	12.68	(1.42	)		1.07	1.03	1.03	2.01		284,547	139
12-31-20	12.94		0.32		0.61		0.93			0.38		0.30		—	0.68		—	13.19	7.32			1.08	1.03	1.03	2.40		312,654	99
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
Class I
06-30-24+	10.94		0.24	•	(0.18	)	0.06			0.24		—		—	0.24		—	10.76	0.57			0.59	0.53	0.53	4.49		656,569	72
12-31-23	10.63		0.45	•	0.30		0.75			0.44		—		—	0.44		—	10.94	7.28			0.59	0.53	0.53	4.21		712,402	278
12-31-22	12.82		0.34	•	(2.18	)	(1.84	)		0.35		—		—	0.35		—	10.63	(14.44	)		0.58	0.53	0.53	3.02		727,981	246
12-31-21	13.33		0.33	•	(0.45	)	(0.12	)		0.31		0.00	*	0.08	0.39		—	12.82	(0.88	)		0.57	0.53	0.53	2.51		976,144	139
12-31-20	13.08		0.39		0.61		1.00			0.45		0.30		—	0.75		—	13.33	7.81			0.58	0.53	0.53	2.89		1,108,593	99
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
Class S
06-30-24+	10.87		0.23	•	(0.19	)	0.04			0.22		—		—	0.22		—	10.69	0.43			0.84	0.78	0.78	4.24		1,411,042	72

See Accompanying Notes to Financial Statements

15 

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 Intermediate Bond Portfolio (continued)
Class S (continued)
12-31-23	10.56		0.42	•	0.30		0.72			0.41		—		—	0.41	—	10.87	7.03			0.84	0.78	0.78	3.96		1,401,595	278
12-31-22	12.74		0.31	•	(2.17	)	(1.86	)		0.32		—		—	0.32	—	10.56	(14.68	)		0.83	0.78	0.78	2.77		1,481,569	246
12-31-21	13.24		0.29	•	(0.43	)	(0.14	)		0.28		0.00	*	0.08	0.36	—	12.74	(1.07	)		0.82	0.78	0.78	2.26		1,956,289	139
12-31-20	12.99		0.35		0.62		0.97			0.42		0.30		—	0.72	—	13.24	7.57			0.83	0.78	0.78	2.65		2,139,406	99
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
Class S2
06-30-24+	10.82		0.22	•	(0.17	)	0.05			0.22		—		—	0.22	—	10.65	0.44			0.99	0.93	0.93	4.09		7,971	72
12-31-23	10.51		0.40	•	0.31		0.71			0.40		—		—	0.40	—	10.82	6.89			0.99	0.93	0.93	3.81		8,030	278
12-31-22	12.69		0.29	•	(2.17	)	(1.88	)		0.30		—		—	0.30	—	10.51	(14.88	)		0.98	0.93	0.93	2.56		7,618	246
12-31-21	13.19		0.27	•	(0.43	)	(0.16	)		0.26		0.00	*	0.08	0.34	—	12.69	(1.24	)		0.97	0.93	0.93	2.11		15,571	139
12-31-20	12.94		0.33		0.62		0.95			0.40		0.30		—	0.70	—	13.19	7.42			0.98	0.93	0.93	2.50		21,316	99
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
Voya Small Company Portfolio
Class ADV
06-30-24+	13.56		0.05	•	(0.70	)	(0.65	)		0.08		—		—	0.08	—	12.83	(1.52	)		1.43	1.36	1.36	0.73		8,622	86
12-31-23	11.56		0.04	•	1.97		2.01			0.01		—		—	0.01	—	13.56	17.37			1.45	1.36	1.36	0.36		8,712	193
12-31-22	19.74		(0.01	)•	(3.40	)	(3.41	)		—		4.77		—	4.77	—	11.56	(17.04	)		1.46	1.38	1.38	(0.05	)	7,493	209
12-31-21	17.36		(0.10	)•	2.56		2.46			—		0.08		—	0.08	—	19.74	14.19			1.49	1.40	1.40	(0.52	)	8,826	129
12-31-20	15.91		(0.04	)	1.77		1.73			0.01		0.27		—	0.28	—	17.36	11.73			1.52	1.40	1.40	(0.31	)	6,851	134
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
Class I
06-30-24+	15.09		0.09	•	(0.73	)	(0.64	)		0.14		—		—	0.14	—	14.31	(1.31	)		0.93	0.86	0.86	1.21		206,752	86
12-31-23	12.85		0.11	•	2.19		2.30			0.06		—		—	0.06	—	15.09	18.00			0.95	0.86	0.86	0.84		225,540	193
12-31-22	21.22		0.06	•	(3.66	)	(3.60	)		—		4.77		—	4.77	—	12.85	(16.68	)		0.96	0.88	0.88	0.42		226,999	209
12-31-21	18.59		(0.01	)•	2.75		2.74			0.03		0.08		—	0.11	—	21.22	14.76			0.99	0.90	0.90	(0.03	)	344,506	129
12-31-20	17.04		0.05		1.86		1.91			0.09		0.27		—	0.36	—	18.59	12.28			1.02	0.90	0.90	0.19		347,004	134
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
Class R6
06-30-24+	15.11		0.10	•	(0.72	)	(0.62	)		0.15		—		—	0.15	—	14.34	(1.17	)		0.79	0.79	0.79	1.33		7,696	86
12-31-23	12.87		0.12	•	2.19		2.31			0.07		—		—	0.07	—	15.11	18.05			0.80	0.80	0.80	0.92		5,042	193
12-31-22	21.23		0.07	•	(3.66	)	(3.59	)		—		4.77		—	4.77	—	12.87	(16.62	)		0.83	0.83	0.83	0.45		8,465	209
12-31-21	18.60		0.00	*•	2.74		2.74			0.03		0.08		—	0.11	—	21.23	14.77			0.87	0.87	0.87	0.00	*	14,790	129
12-31-20	17.04		0.03		1.89		1.92			0.09		0.27		—	0.36	—	18.60	12.34			0.89	0.89	0.89	0.25		11,466	134
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
Class S
06-30-24+	14.36		0.07	•	(0.72	)	(0.65	)		0.10		—		—	0.10	—	13.61	(1.40	)		1.18	1.11	1.11	0.96		57,768	86
12-31-23	12.23		0.08	•	2.08		2.16			0.03		—		—	0.03	—	14.36	17.68			1.20	1.11	1.11	0.60		64,320	193
12-31-22	20.51		0.03	•	(3.54	)	(3.51	)		—		4.77		—	4.77	—	12.23	(16.86	)		1.21	1.13	1.13	0.18		59,003	209
12-31-21	17.99		(0.06	)•	2.66		2.60			—		0.08		—	0.08	—	20.51	14.47			1.24	1.15	1.15	(0.28	)	80,449	129
12-31-20	16.48		0.00	*	1.83		1.83			0.05		0.27		—	0.32	—	17.99	12.04			1.27	1.15	1.15	(0.06	)	80,512	134
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

⁽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.

See Accompanying Notes to Financial Statements

16 

FINANCIAL HIGHLIGHTS (continued)

⁽³⁾  Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

⁽⁴⁾  Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

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

+ Unaudited.

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

See Accompanying Notes to Financial Statements

17 

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (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, and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/ losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately 

for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (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 each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

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

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

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

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

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

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

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

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

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.

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

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

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

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

(2) Purchases and sales of investment securities, income 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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

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

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

Interest Rate Risk. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. has recently experienced a rising market interest rate environment, which may increase the Portfolios’ exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit 

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

As of June 30, 2024, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $49,141 and $1,717,303, respectively, which represent the gross payments to be received by the Portfolios on OTC purchased options, forward premium swaptions and open forward foreign currency contracts were they to be unwound as of June 30, 2024. At June 30, 2024, Intermediate Bond received $1,300,000 from certain 

counterparties. There was no cash collateral received by Balanced at June 30, 2024.

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, 2024, Balanced and Intermediate Bond had a liability position of $11,357 and $1,124,923, respectively, on forward premium swaptions, forward foreign currency contracts, volatility swaps and OTC written options. If a contingent feature would have been triggered as of June 30, 2024, these Portfolios could have been required to pay these amounts in cash to their counterparties. At June 30, 2024, Balanced and Intermediate Bond pledged $1,600 and $10,610, respectively, in cash collateral to certain counterparties for open OTC derivatives.

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

During the period ended June 30, 2024, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Buy		Sell
Balanced	$	17,621	$	17,644
Intermediate Bond		498,770		500,516

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 open forward foreign currency contracts at June 30, 2024.

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 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, 2024, 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, 2024, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased		Sold
Balanced	$	27,917,409	$	3,667,621
Intermediate Bond		331,700,966		123,561,466

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at June 30, 2024.

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2024, Balanced and Intermediate Bond had purchased foreign currency options to manage their foreign exchange exposure. Balanced and Intermediate Bond had average notional values of $210,000 and $6,000,500 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, 2024.

During the period ended June 30, 2024, Balanced and Intermediate Bond had purchased forward premium swaptions with an average notional value of $2,365,583 and $59,881,320, respectively, to manage its duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at June 30, 2024.

During the period ended June 30, 2024, Balanced and Intermediate Bond had written forward premium swaptions with an average notional value of $1,164,310 and $30,847,691, respectively, to generate income. Please refer to the tables within the Portfolio of Investments for open written forward premium swaptions at June 30, 2024.

During the period ended June 30, 2024, Balanced and Intermediate Bond had purchased interest swaptions to manage its duration strategy. Balanced and Intermediate Bond had average notional values of $2,007,000 and $76,864,234, respectively, on purchased interest swaptions. Please refer to the tables within the Portfolio of Investments for open purchased interest swaptions at June 30, 2024.

During the period ended June 30, 2024, Balanced and Intermediate Bond had written interest swaptions to generate income. Balanced and Intermediate Bond had average notional values of $8,077,000 and $216,376,268, respectively, on written interest swaptions. Please refer to the tables within the Portfolio of Investments for open written interest swaptions at June 30, 2024.

During the period ended June 30, 2024, Balanced and Intermediate Bond had purchased exchange-traded options to manage its duration strategy. Balanced and Intermediate Bond had average notional values of $5,694,967 and $138,232,369, respectively, on purchased exchange-traded options. Please refer to the tables within the Portfolio of Investments for open purchased exchange-traded options at June 30, 2024. 

During the period ended June 30, 2024, Balanced and Intermediate Bond had written exchange-traded options to generate income. Balanced and Intermediate Bond had average notional values of $5,694,967 and $138,232,369, respectively, on written exchange-traded options. Please refer to the tables within the Portfolio of Investments for open written exchange-traded options at June 30, 2024.

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase 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, 2024.

K. Securities Lending. Each Portfolio (except Government Money Market) may temporarily loan up to 33⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending 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, 2024, there was no collateral pledged or received for open when-issued or delayed-delivery transactions.

25

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

26

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

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

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Portfolio of Investments and serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of 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, 2024, 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. Intermediate Bond used CDX swaps to hedge the credit risk associated with various sectors within the credit market.

For the period ended June 30, 2024, Intermediate Bond had an average notional amount of $73,208,610, 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, 2024.

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, 2024, Balanced and Intermediate Bond have 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, 2024, Balanced and Intermediate Bond had average notional amounts of $2,265,330 and $66,416,772, respectively, on Long interest rate swaps.

For the period ended June 30, 2024, Balanced and Intermediate Bond have 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, 2024, Balanced and Intermediate Bond had average

27

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

notional amounts of $8,090,450 and $226,351,800, 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, 2024.

At June 30, 2024, Balanced and Intermediate Bond had pledged $300,000 and $5,566,000, respectively, in cash collateral for open centrally cleared swaps.

Volatility Swap Contracts. Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/ or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, a Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. During the period ended June 30, 2024, Balanced and Intermediate Bond had an average notional amount of $15,000 and $370,000 respectively, on foreign currency volatility swaps (receiver). Please refer to the tables within the Portfolio of Investments for open foreign currency volatility swaps at June 30, 2024.

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended June 30, 2024, 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	$	70,147,225	$	101,366,467
Global High Dividend Low Volatility		171,739,162		203,581,244
Growth and Income		1,230,904,098		1,149,600,148
Intermediate Bond		675,315,172		584,784,330
Small Company		248,110,327		265,790,252

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

	Purchases		Sales
Balanced	$	74,210,194	$	80,097,480
Intermediate Bond		913,846,110		1,064,851,013

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

28

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

accordance with each Portfolio’s investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

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

Under the Plan for Class S shares of the respective Portfolios, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class S shares. Government Money Market’s Class S shares were fully redeemed on close of business May 1, 2024.

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, 2025. 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, 2024, there were no amounts waived or reimbursed to assist the Portfolio in maintaining a yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of June 30, 2024, 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,
	2025		2026		2027		Total
Government
Money
Market	$	1,489,357	$	—	$	—	$	1,489,357

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

During the period ended June 30, 2024, Balanced incurred $191,200 of shareholder notification costs associated with the Portfolio’s merger with and into Voya Balanced Income Portfolio (which is not included in this report).The Investment Adviser or an affiliate reimbursed the Portfolio for these costs.

At June 30, 2024, 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	10.78	%
	Growth and
	Income	5.78
	Intermediate Bond	10.23
	Small Company	5.70
Voya Retirement Insurance and
Annuity Company	Balanced	86.52
	Global High
	Dividend Low
	Volatility	23.45
	Government
	Money Market	86.33
	Growth and
	Income	77.05
	Intermediate Bond	23.79
	Small Company	68.15

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

29

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors/trustees, as described in the DC Plan, to defer the receipt of all or a portion of the directors’/trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director/trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director/trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the directors’/trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’/ trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2024, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Balanced	$	136,513
Global High Dividend Low Volatility		141,374
Government Money Market		293,128
Growth and Income		786,549
Intermediate Bond		608,499
Small Company		191,846

NOTE 7 — LICENSING FEE

Balanced pays an annual licensing fee to S&P Opco, LLC. in order to obtain data and permissions necessary to achieve its respective principal investment strategies.

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: 

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

Pursuant to a side letter agreement through May 1, 2025, 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.

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

Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for Government Money Market, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment 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, 2024, 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,
	2025		2026		2027		Total
Balanced	$	155,418	$	112,470	$	165,488	$	433,376
Growth and Income		—		170,094		—		170,094
Intermediate Bond		1,159,621		569,909		36,441		1,765,971
Small Company		229		—		—		229

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, 2024, are as follows:

30

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

	June 30,
	2025		2026		2027		Total
Balanced
Class I	$	—	$	119,505	$	281,927	$	401,432
Class S		—		760		1,685		2,445
Growth and Income
Class ADV	$	—	$	10,386	$	13,144	$	23,530
Class I		—		231,019		303,235		534,254
Class S		—		4,202		4,497		8,699
Class S2		—		60		85		145
Intermediate Bond
Class ADV	$	—	$	45,332	$	110,963	$	156,295
Class I		—		162,124		401,380		563,504
Class S		—		329,975		806,789		1,136,764
Class S2		—		1,737		4,558		6,295
Small Company
Class ADV	$	5,813	$	5,965	$	5,868	$	17,646
Class I		227,107		187,758		150,725		565,590
Class S		53,793		46,929		42,581		143,303

The Expense Limitation Agreements are contractual through May 1, 2025, except for Balanced that is through May 1, 2026 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 10, 2024, 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

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows: 

$400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2024, 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 10, 2024.

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, 2024:

					Approximate
		Approximate			Weighted
		Average			Average
		Daily Balance			Interest Rate
	Days	For Days			For Days
Portfolio	Utilized	Utilized			Utilized
Balanced	1	$	556,000		6.33	%
Global High Dividend Low Volatility	4		4,487,000	(1)	6.33
Growth and Income	4		8,895,750		6.33
Small Company	3		1,703,333		6.33

⁽¹⁾ As of June 30, 2024, Global High Dividend Low Volatility had an outstanding balance of $4,984,000.

						Net
						increase		Proceeds
						(decrease)		from
		Shares	Reinvestment			in		shares	Reinvestment
	Shares	issued in	of	Shares	Shares	shares	Shares	issued in	of	Shares	Shares	Net increase
	sold	merger	distributions	redeemed	converted	outstanding	sold	merger	distributions	redeemed	converted	(decrease)
Year or
period ended	#	#	#	#	#	#	($)	($)	($)	($)	($)	($)
Balanced
Class I
6/30/2024	226,501	—	1,086,765	(1,347,660)	—	(34,394)	3,399,447	—	15,964,580	(20,294,199)	—	(930,172)
12/31/2023	234,476	—	486,979	(2,446,889)	—	(1,725,434)	3,225,942	—	6,549,871	(33,696,947)	—	(23,921,134)
Class S
6/30/2024	1,971	—	6,117	(13,137)	—	(5,049)	30,049	—	89,550	(195,292)	—	(75,693)
12/31/2023	2,349	—	2,545	(29,823)	—	(24,929)	32,423	—	34,101	(407,898)	—	(341,374)
Global High Dividend Low Volatility
Class ADV
6/30/2024	203,795	—	20,729	(88,159)	—	136,365	2,306,286	—	239,263	(1,008,900)	—	1,536,649
12/31/2023	23,211	—	59,586	(163,088)	—	(80,291)	250,966	—	628,649	(1,746,727)	—	(867,112)
Class I
6/30/2024	108,001	—	228,129	(538,751)	—	(202,621)	1,222,185	—	2,632,438	(6,115,613)	—	(2,260,990)
12/31/2023	149,704	—	742,261	(1,236,455)	—	(344,490)	1,608,229	—	7,821,746	(13,184,511)	—	(3,754,536)

31

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES (continued)

						Net
						increase		Proceeds
						(decrease)		from
		Shares	Reinvestment			in		shares	Reinvestment
	Shares	issued in	of	Shares	Shares	shares	Shares	issued in	of	Shares	Shares	Net increase
	sold	merger	distributions	redeemed	converted	outstanding	sold	merger	distributions	redeemed	converted	(decrease)
Year or
period ended	#	#	#	#	#	#	($)	($)	($)	($)	($)	($)
Global High Dividend Low Volatility (continued)
Class S
6/30/2024	196,251	—	616,160	(3,110,967)	—	(2,298,556)	2,190,294	—	7,143,670	(35,503,577)	—	(26,169,613)
12/31/2023	385,383	—	2,093,849	(6,213,341)	—	(3,734,109)	4,157,960	—	22,181,478	(66,750,788)	—	(40,411,350)
Class S2
6/30/2024	148	—	424	(903)	—	(331)	1,657	—	4,833	(10,318)	—	(3,828)
12/31/2023	1,936	—	1,282	(2,595)	—	623	20,706	—	13,371	(27,089)	—	6,988
Class T
6/30/2024(1)	2,831	—	520	(206,600)	—	(203,249)	32,865	—	6,126	(2,342,877)	—	(2,303,886)
12/31/2023	4,898	—	12,533	(59,389)	—	(41,958)	53,068	—	132,365	(649,558)	—	(464,125)
Government Money Market
Class I
6/30/2024	97,715,748	—	16,639,920	(70,673,823)	—	43,681,845	97,715,779	—	16,639,920	(70,673,823)	—	43,681,876
12/31/2023	310,885,025	—	29,043,781	(73,855,561)	—	266,073,245	310,885,025	—	29,043,781	(73,855,561)	—	266,073,245
Class S
6/30/2024(2)	—	—	—	(1,374,869)	—	(1,374,869)	—	—	—	(1,374,900)	—	(1,374,900)
12/31/2023	1,327,506	—	3,394	(3,388)	—	1,327,512	1,327,506	—	3,394	(3,388)	—	1,327,512
Growth and Income
Class ADV
6/30/2024	90,975	—	53,291	(265,957)	—	(121,691)	1,799,013	—	1,087,142	(5,287,901)	—	(2,401,746)
12/31/2023	109,448	—	429,922	(581,411)	—	(42,041)	2,001,286	—	7,985,344	(10,681,412)	—	(694,782)
Class I
6/30/2024	12,294,299	—	1,182,332	(8,593,510)	—	4,883,121	263,374,574	—	25,278,262	(181,168,07)	—	107,484,760
12/31/2023	588,250	—	9,287,892	(10,114,956)	—	(238,814)	10,935,237	—	180,405,071	(192,525,142)	—	(1,184,834)
Class S
6/30/2024	107,539	—	17,068	(295,618)	—	(171,011)	2,208,260	—	349,031	(6,078,521)	—	(3,521,230)
12/31/2023	123,432	—	153,993	(669,270)	—	(391,845)	2,282,418	—	2,864,812	(11,970,702)	—	(6,823,472)
Class S2
6/30/2024	593	—	389	(146)	—	836	11,475	—	7,674	(2,925)	—	16,224
12/31/2023	1,262	—	3,045	(6)	—	4,301	22,087	—	54,676	(99)	—	76,664
Intermediate Bond
Class ADV
6/30/2024	350,840	—	349,822	(1,112,737)	—	(412,075)	3,745,087	—	3,715,971	(11,832,226)	—	(4,371,168)
12/31/2023	567,308	—	675,456	(2,715,922)	—	(1,473,158)	6,026,011	—	7,128,793	(28,589,924)	—	(15,435,120)
Class I
6/30/2024	1,550,787	—	1,391,972	(7,052,555)	—	(4,109,796)	16,682,384	—	14,950,730	(76,152,919)	—	(44,519,805)
12/31/2023	2,955,057	—	2,746,632	(9,078,842)	—	(3,377,153)	31,617,109	—	29,310,205	(96,576,712)	—	(35,649,398)
Class S
6/30/2024	6,689,325	—	2,702,836	(6,374,701)	—	3,017,460	71,773,968	—	28,822,664	(67,968,097)	—	32,628,535
12/31/2023	1,526,428	—	5,219,172	(18,107,325)	—	(11,361,725)	16,252,928	—	55,309,491	(192,003,084)	—	(120,440,665)
Class S2
6/30/2024	55,326	—	15,169	(63,806)	—	6,689	588,177	—	161,148	(672,527)	—	76,798
12/31/2023	157,769	—	27,298	(167,626)	—	17,441	1,678,892	—	288,062	(1,780,483)	—	186,471
Small Company
Class ADV
6/30/2024	38,812	—	26,561	(35,920)	—	29,453	511,578	—	345,296	(465,709)	—	391,165
12/31/2023	82,520	—	417	(88,639)	—	(5,702)	1,009,532	—	4,770	(1,063,546)	—	(49,244)
Class I
6/30/2024	68,468	—	573,119	(1,147,559)	—	(505,972)	1,011,152	—	8,310,232	(16,870,737)	—	(7,549,353)
12/31/2023	232,364	—	79,598	(3,026,063)	—	(2,714,101)	3,214,902	—	1,010,099	(41,457,697)	—	(37,232,696)
Class R6
6/30/2024	221,443	—	21,518	(39,745)	—	203,216	3,241,111	—	312,443	(583,874)	—	2,969,680
12/31/2023	268,162	—	1,934	(594,078)	—	(323,982)	3,644,555	—	24,562	(7,892,034)	—	(4,222,917)
Class S
6/30/2024	101,692	—	170,617	(507,827)	—	(235,518)	1,419,685	—	2,352,814	(7,036,276)	—	(3,263,777)
12/31/2023	338,125	—	10,535	(693,474)	—	(344,814)	4,453,536	—	127,469	(8,957,999)	—	(4,376,994)

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

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

32

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

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.

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, 2024: 

Global High Dividend Low Volatility
	Securities		Cash Collateral			Net
Counterparty	Loaned at Value		Received(1)			Amount
Barclays Capital Inc.	$	1,143,733	$	(1,143,733	)	$	—
BofA Securities Inc		206,878		(206,878	)		—
Citigroup Global
Markets Limited		63,814		(63,814	)		—
HSBC Bank PLC		3,347,728		(3,347,728	)		—
Jefferies LLC		430,658		(430,658	)		—
JP Morgan Securities
Plc.		147,934		(147,934	)		—
Mizuho Securities
USA LLC.		586,519		(586,519	)		—
Morgan Stanley & Co.
LLC		154,449		(154,449	)		—
Nomura Securities
International, Inc.		1,043,058		(1,043,058	)		—
Total	$	7,124,771	$	(7,124,771	)	$	—

⁽¹⁾ Cash collateral with a fair value of $7,531,365 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
	Securities		Cash Collateral			Net
Counterparty	Loaned at Value		Received(1)			Amount
BofA Securities Inc	$	15,719,663	$	(15,719,663	)	$	—
Total	$	15,719,663	$	(15,719,663	)	$	—

⁽¹⁾ Cash collateral with a fair value of $16,106,211 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
	Securities		Cash Collateral			Net
Counterparty	Loaned at Value		Received(1)			Amount
Barclays Bank PLC	$	1,913,934	$	(1,913,934	)	$	—
Barclays Capital Inc.		1,273,084		(1,273,084	)		—
BNP Paribas		1,124,851		(1,124,851	)		—
Canadian Imperial
Bank of Commerce		1,678,216		(1,678,216	)		—
Citigroup Global
Markets Inc.		1,971,276		(1,971,276	)		—
Daiwa Capital
Markets America Inc.		34,419		(34,419	)		—
Goldman, Sachs &
Co. LLC		740,277		(740,277	)		—
HSBC Securities
(USA) Inc.		1,808,762		(1,808,762	)		—
J.P. Morgan Securities
LLC		2,487,388		(2,487,388	)		—
RBC Capital Markets,
LLC		461,154		(461,154	)		—
Societe Generale		13,416,026		(13,416,026	)		—
TD Securities (USA)
Inc.		2,378,091		(2,378,091	)		—

33

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

	Securities		Cash Collateral			Net
Counterparty	Loaned at Value		Received(1)			Amount
US Bancorp
Investments	$	411,994	$	(411,994	)	$	—
Total	$	29,699,472	$	(29,699,472	)	$	—

⁽¹⁾ Cash collateral with a fair value of $30,483,623 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
	Securities		Cash Collateral			Net
Counterparty	Loaned at Value		Received(1)			Amount
BofA Securities Inc	$	290,371	$	(290,371	)	$	—
Goldman, Sachs & Co. LLC		1,270,494		(1,270,494	)		—
J.P. Morgan Securities LLC		784,314		(784,314	)		—
Janney Montgomery Scott LLC		710,833		(710,833	)		—

	Securities		Cash Collateral			Net
Counterparty	Loaned at Value		Received(1)			Amount
Morgan Stanley & Co. LLC	$	1,060,534	$	(1,060,534	)	$	—
National Financial Services LLC		5,868		(5,868	)		—
Nomura Securities International, Inc.		230,045		(230,045	)		—
Scotia Capital (USA) INC		381,549		(381,549	)		—
State Street Bank and Trust Company		965,143		(965,143	)		—
UBS AG		692,665		(692,665	)		—
Wells Fargo Securities LLC		263,699		(263,699	)		—
Total	$	6,655,515	$	(6,655,515	)	$	—

⁽¹⁾ Cash collateral with a fair value of $7,100,132 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.

NOTE 12 — FEDERAL INCOME TAXES

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

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

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

	Year Ended				Year Ended
	December 31, 2023				December 31, 2022
	Ordinary		Long-term		Ordinary		Long-term
	Income		Capital Gains		Income		Capital Gains
Balanced	$	5,352,008	$	1,231,964	$	15,899,870	$	30,166,938
Global High Dividend Low Volatility		13,652,061		17,125,548		23,880,547		8,980,032
Government Money Market		29,047,186		—		7,146,615		—
Growth and Income		81,111,926		110,458,275		39,602,466		231,816,376
Intermediate Bond		92,040,500		—		78,069,297		—
Small Company		1,166,900		—		55,293,825		39,313,708

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, 2023 were:

34

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

	Undistributed		Undistributed		Unrealized							Total
	Ordinary		Long-term		Appreciation/			Capital Loss Carryforwards				Distributable
	Income		Capital Gains		(Depreciation)			Amount			Character	Earnings/(Loss)
Balanced	$	7,781,962	$	8,253,622	$	18,813,415		$	—		—	$	34,848,999
Global High Dividend Low Volatility		2,422,053		6,796,034		35,501,394			—		—		44,719,481
Government Money Market		—		—		—			(82,368	)	Short-term		(82,399	)
									(31	)	Long-term
								$	(82,399	)
Growth and Income		—		26,933,368		385,955,632			—		—		412,889,000
Intermediate Bond		4,056,059		—		(81,416,167	)		(86,399,332	)	Short-term		(442,397,822	)
									(278,638,382	)	Long-term
								$	(365,037,714	)
Small Company		11,261,178		—		(1,569,430	)		—		—		9,691,748

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

As of June 30, 2024, 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”)

The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Portfolio and the financial instruments in which it invests; however, longer-term impacts are still uncertain.

In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other

statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

NOTE 14 — MARKET DISRUPTION AND GEOPOLITICAL RISK

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions,

35

NOTES TO FINANCIAL STATEMENTS as of June 30, 2024 (Unaudited) (continued)

NOTE 14 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)

and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. 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 individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of a Portfolio’s service providers.

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2024, the following Portfolios declared dividends and distributions of:

		Per Share Amounts
	Net Investment	Short-term	Long-term
	Income	Capital Gains	Capital Gains	Payable Date	Record Date
Balanced
Class I	$0.1494	$0.3522	$0.9190	July 12, 2024	July 10, 2024
Class S	$0.1295	$0.3522	$0.9190	July 12, 2024	July 10, 2024
Global High Dividend Low Volatility
Class ADV	$0.1287	$0.0336	$0.1635	July 2, 2024	June 28, 2024
Class I	$0.1405	$0.0336	$0.1635	July 2, 2024	June 28, 2024
Class S	$0.1332	$0.0336	$0.1635	July 2, 2024	June 28, 2024
Class S2	$0.1300	$0.0336	$0.1635	July 2, 2024	June 28, 2024
Government Money Market
Class I	$0.0042	$-	$-	August 1, 2024	Daily
Intermediate Bond
Class ADV	$0.0380	$-	$-	August 1, 2024	Daily
Class I	$0.0430	$-	$-	August 1, 2024	Daily
Class S	$0.0404	$-	$-	August 1, 2024	Daily
Class S2	$0.0389	$-	$-	August 1, 2024	Daily

Reorganization: On January 10, 2024, the Board approved a proposal to reorganize Balanced (the "Merging Portfolio") with and into Voya Balanced Income Portfolio (the "Reorganization"), not included in this report. The Reorganization was completed at the close of business July 12, 2024.

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.

36

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited)

Shares		Value		Percentage of Net Assets
COMMON STOCK: 36.2%
	Communication Services: 2.6%
18,950	Alphabet, Inc. - Class A	$	3,451,742		1.1
21,875	AT&T, Inc.		418,031		0.2
987 (1)	Auto Trader Group PLC		9,934		0.0
28,141	BT Group PLC		49,890		0.0
11,190	Comcast Corp. - Class A		438,200		0.2
2,916	Deutsche Telekom AG, Reg		73,295		0.0
2,398	Informa PLC		25,879		0.0
5,940	Iridium Communications, Inc.		158,123		0.1
3,314	Meta Platforms, Inc. - Class A		1,670,985		0.6
449 (2)	Netflix, Inc.		303,021		0.1
1,308	New York Times Co. - Class A		66,983		0.0
1,436	News Corp. - Class A		39,591		0.0
890	Publicis Groupe SA		94,535		0.0
1,539 (2)	Roku, Inc.		92,232		0.0
1,085 (1)	Scout24 SE		82,898		0.0
600	SoftBank Group Corp.		38,593		0.0
1,116 (2)	Spotify Technology SA		350,190		0.1
3,360	TEGNA, Inc.		46,838		0.0
22,290	Telefonica SA		94,426		0.0
40,371	Telstra Group Ltd.		97,464		0.1
4,002 (2)	TripAdvisor, Inc.		71,276		0.0
5,844	Verizon Communications, Inc.		241,007		0.1
4,090	Vivendi SE		42,747		0.0
84,412	Vodafone Group PLC		74,691		0.0
			8,032,571		2.6
	Consumer Discretionary: 3.8%
1,481	ADT, Inc.		11,256		0.0
300	Aisin Corp.		9,801		0.0
14,562 (2)	Amazon.com, Inc.		2,814,106		0.9
3,378	Aristocrat Leisure Ltd.		111,864		0.0
132	Booking Holdings, Inc.		522,918		0.2
1,106	BorgWarner, Inc.		35,657		0.0
706	Boyd Gaming Corp.		38,901		0.0
2,000	Burberry Group PLC		22,210		0.0
69 (2)	Burlington Stores, Inc.		16,560		0.0
1,008 (2)	CarMax, Inc.		73,927		0.0
640	Cie Financiere Richemont SA		100,021		0.0
760	Cie Generale des Etablissements Michelin SCA		29,375		0.0
1,276	Compass Group PLC		34,762		0.0
184	Continental AG		10,421		0.0
7,741 (2)	Coupang, Inc.		162,174		0.1
727 (2)	Crocs, Inc.		106,098		0.0
165 (2)	Deckers Outdoor Corp.		159,712		0.1
275 (1)(2)	Delivery Hero SE		6,533		0.0
330	Dick’s Sporting Goods, Inc.		70,900		0.0
112	Dillard’s, Inc. - Class A		49,324		0.0
248 (2)	Duolingo, Inc.		51,750		0.0
280 (1)	Evolution AB		29,145		0.0
200	Fast Retailing Co. Ltd.		50,588		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary: (continued)
503 (2)	Five Below, Inc.	$	54,812		0.0
98 (2)	Floor & Decor Holdings, Inc. - Class A		9,742		0.0
7,062	Ford Motor Co.		88,557		0.0
1,269 (2)	GameStop Corp. - Class A		31,332		0.0
1,325	Gap, Inc.		31,654		0.0
10,424	General Motors Co.		484,299		0.2
4,171	Gentex Corp.		140,604		0.1
104,700	Genting Singapore Ltd.		66,552		0.0
1,586 (2)	Goodyear Tire & Rubber Co.		18,001		0.0
90	Graham Holdings Co. - Class B		62,960		0.0
1,082 (2)	Grand Canyon Education, Inc.		151,383		0.1
1,084	H & M Hennes & Mauritz AB - Class B		17,171		0.0
1,223	H&R Block, Inc.		66,323		0.0
680	Harley-Davidson, Inc.		22,807		0.0
14	Hermes International		32,335		0.0
1,240 (2)	Hilton Grand Vacations, Inc.		50,133		0.0
1,295	Hilton Worldwide Holdings, Inc.		282,569		0.1
327	Home Depot, Inc.		112,566		0.0
800	Honda Motor Co. Ltd.		8,600		0.0
1,004	Hyatt Hotels Corp. - Class A		152,528		0.1
3,673	Industria de Diseno Textil SA		182,267		0.1
2,271	KB Home		159,379		0.1
794	Kohl’s Corp.		18,254		0.0
825	Lear Corp.		94,223		0.0
653 (2)	Light & Wonder, Inc.		68,487		0.0
171	Lithia Motors, Inc.		43,169		0.0
363	LKQ Corp.		15,097		0.0
712 (2)	Lululemon Athletica, Inc.		212,674		0.1
152	LVMH Moet Hennessy Louis Vuitton SE		116,704		0.1
2,861	Macy’s, Inc.		54,931		0.0
14,384 (2)	Mattel, Inc.		233,884		0.1
4,100	Mazda Motor Corp.		39,528		0.0
64 (2)	MercadoLibre, Inc.		105,178		0.0
460 (2)	MGM Resorts International		20,442		0.0
187	Next PLC		21,340		0.0
3,627	NIKE, Inc. - Class B		273,367		0.1
8,900	Nissan Motor Co. Ltd.		30,215		0.0
8,022	Nordstrom, Inc.		170,227		0.1
1 (2)	NVR, Inc.		7,589		0.0
4,000	Panasonic Holdings Corp.		32,882		0.0
835	Pandora A/S		125,678		0.1
1,246	Pearson PLC		15,559		0.0
1,279	Prosus NV		45,479		0.0
464	PVH Corp.		49,124		0.0
1,800 (2)	Rakuten Group, Inc.		9,325		0.0

See Accompanying Notes to Financial Statements

37

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary: (continued)
1,165	Ralph Lauren Corp.	$	203,945		0.1
1,108	Renault SA		56,824		0.0
5,900	Sekisui Chemical Co. Ltd.		81,907		0.0
4,000	Sekisui House Ltd.		88,901		0.0
3,919 (2)	Skechers USA, Inc. - Class A		270,881		0.1
200	Sony Group Corp.		17,044		0.0
1,333	Stellantis NV (STLAM)		26,352		0.0
3,300	Subaru Corp.		70,176		0.0
6,698	Tapestry, Inc.		286,607		0.1
2,289 (2)	Taylor Morrison Home Corp.		126,902		0.1
2,675 (2)	Tesla, Inc.		529,329		0.2
548	Texas Roadhouse, Inc.		94,097		0.0
608	Toll Brothers, Inc.		70,029		0.0
1,067 (2)	TopBuild Corp.		411,083		0.1
5,900	Toyota Motor Corp.		121,053		0.1
239 (2)	Ulta Beauty, Inc.		92,223		0.0
3,898 (2)	Under Armour, Inc. - Class A		26,000		0.0
126 (2)	Visteon Corp.		13,444		0.0
16,736	Wendy’s Co.		283,843		0.1
2,255	Whitbread PLC		84,629		0.0
453	Williams-Sonoma, Inc.		127,914		0.1
117	Wingstop, Inc.		49,451		0.0
1,584	Wynn Resorts Ltd.		141,768		0.1
1,951 (1)(2)	Zalando SE		45,799		0.0
			11,868,134		3.8
	Consumer Staples: 2.2%
10,118	Altria Group, Inc.		460,875		0.2
500	Asahi Group Holdings Ltd.		17,692		0.0
474	Associated British Foods PLC		14,800		0.0
6,184 (2)	BellRing Brands, Inc.		353,354		0.1
318 (2)	BJ’s Wholesale Club Holdings, Inc.		27,933		0.0
104 (2)	Boston Beer Co., Inc. - Class A		31,725		0.0
5,638	British American Tobacco PLC		173,197		0.1
2,028	Carrefour SA		28,737		0.0
34	Casey’s General Stores, Inc.		12,973		0.0
955 (2)	Celsius Holdings, Inc.		54,521		0.0
3	Chocoladefabriken Lindt & Spruengli AG - Class PC		35,042		0.0
2,751	Coca-Cola Co.		175,101		0.1
295	Coca-Cola Consolidated, Inc.		320,075		0.1
210	Coca-Cola European Partners PLC - USD		15,303		0.0
1,077	Coca-Cola HBC AG - Class DI		36,655		0.0
3,502	Coles Group Ltd.		39,673		0.0
6,896	Colgate-Palmolive Co.		669,188		0.2
630	Costco Wholesale Corp.		535,494		0.2

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples: (continued)
1,166	Danone SA	$	71,417		0.0
340 (2)	Darling Ingredients, Inc.		12,495		0.0
287 (2)	e.l.f. Beauty, Inc.		60,477		0.0
3,856	Essity AB - Class B		98,578		0.0
3,750	Imperial Brands PLC		95,958		0.0
2,048	Ingredion, Inc.		234,906		0.1
17,588	J Sainsbury PLC		56,666		0.0
5,600	Japan Tobacco, Inc.		151,645		0.1
700	Kirin Holdings Co. Ltd.		9,042		0.0
562	Koninklijke Ahold Delhaize NV		16,538		0.0
200	L’Oreal SA		88,033		0.0
974	Molson Coors Beverage Co. - Class B		49,508		0.0
3,813 (2)	Monster Beverage Corp.		190,459		0.1
4,776	Mowi ASA		79,379		0.0
1,649	Nestle SA		168,320		0.1
4,401	PepsiCo, Inc.		725,857		0.2
3,617 (2)	Performance Food Group Co.		239,120		0.1
5,122	Philip Morris International, Inc.		519,012		0.2
968	Procter & Gamble Co.		159,642		0.1
556	Sysco Corp.		39,693		0.0
30,088	Tesco PLC		116,223		0.1
44	Unilever PLC		2,415		0.0
209	Unilever PLC - NL		11,465		0.0
7,551 (2)	US Foods Holding Corp.		400,052		0.1
1,800	Yakult Honsha Co. Ltd.		32,250		0.0
			6,631,488		2.2
	Energy: 1.5%
1,331	Ampol Ltd.		28,628		0.0
2,410 (2)	Antero Resources Corp.		78,638		0.0
14,883	Baker Hughes Co.		523,435		0.2
30,243	BP PLC		182,086		0.1
1,270	ChampionX Corp.		42,177		0.0
124	Chord Energy Corp.		20,792		0.0
4,511	Civitas Resources, Inc.		311,259		0.1
5,297	ConocoPhillips		605,871		0.2
3,360	Coterra Energy, Inc.		89,611		0.0
202	Diamondback Energy, Inc.		40,438		0.0
15,800	ENEOS Holdings, Inc.		81,425		0.0
2,804	Equitrans Midstream Corp.		36,396		0.0
6,419	Exxon Mobil Corp.		738,955		0.2
1,522	Halliburton Co.		51,413		0.0
534	HF Sinclair Corp.		28,484		0.0
1,142	Marathon Petroleum Corp.		198,114		0.1
2,061	Matador Resources Co.		122,836		0.0
2,982	Murphy Oil Corp.		122,978		0.1
760	OMV AG		33,035		0.0
4,170	ONEOK, Inc.		340,064		0.1
814	Ovintiv, Inc.		38,152		0.0
1,821	PBF Energy, Inc. - Class A		83,802		0.0

See Accompanying Notes to Financial Statements

38

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Energy: (continued)
823	Permian Resources Corp.	$	13,291		0.0
1,754	Phillips 66		247,612		0.1
284	Range Resources Corp.		9,523		0.0
7,794	Repsol SA		123,603		0.1
6,492	Santos Ltd.		32,937		0.0
3,622	Shell PLC		129,913		0.1
655	Tenaris SA		10,075		0.0
42	Texas Pacific Land Corp.		30,839		0.0
670	TotalEnergies SE		44,859		0.0
1,530	Valero Energy Corp.		239,843		0.1
533 (2)	Weatherford International PLC		65,266		0.0
			4,746,350		1.5
	Financials: 4.8%
3,048	3i Group PLC		117,472		0.0
2,759 (1)	ABN AMRO Bank NV		45,313		0.0
435	Affiliated Managers Group, Inc.		67,960		0.0
1,600	AIA Group Ltd.		10,825		0.0
3,287	AIB Group PLC		17,359		0.0
422	Allianz SE		117,203		0.0
1,948	Ally Financial, Inc.		77,277		0.0
1,082	American Financial Group, Inc.		133,108		0.1
1,200	Ameriprise Financial, Inc.		512,628		0.2
690 (1)	Amundi SA		44,627		0.0
2,514	Annaly Capital Management, Inc.		47,917		0.0
586	Aon PLC - Class A		172,038		0.1
1,844	Ares Management Corp. - Class A		245,768		0.1
5,074	AXA SA		166,281		0.1
1,756	Axis Capital Holdings Ltd.		124,061		0.1
9,831	Banco Bilbao Vizcaya Argentaria SA		98,688		0.0
13,070	Banco Santander SA		60,812		0.0
5,889	Bank Leumi Le-Israel BM		48,005		0.0
1,178	Bank of Ireland Group PLC		12,306		0.0
608	Bank OZK		24,928		0.0
46,384	Barclays PLC		122,565		0.1
1,808 (2)	Berkshire Hathaway, Inc. - Class B		735,494		0.2
1,269 (2)	Block, Inc.		81,838		0.0
2,625	BNP Paribas SA		167,874		0.1
15,500	BOC Hong Kong Holdings Ltd.		47,828		0.0
538	Brown & Brown, Inc.		48,103		0.0
360	Cadence Bank		10,181		0.0
2,366	Capital One Financial Corp.		327,573		0.1
2,253	Cboe Global Markets, Inc.		383,145		0.1
10,304	Citigroup, Inc.		653,892		0.2

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: (continued)
724	Citizens Financial Group, Inc.	$	26,086		0.0
2,868	CME Group, Inc.		563,849		0.2
7,071	CNO Financial Group, Inc.		196,008		0.1
1,563	Commerce Bancshares, Inc.		87,184		0.0
4,391	Commerzbank AG		66,604		0.0
148	Commonwealth Bank of Australia		12,537		0.0
4,500	Dai-ichi Life Holdings, Inc.		120,509		0.0
3,294	Danske Bank A/S		98,247		0.0
800	DBS Group Holdings Ltd.		21,071		0.0
6,552	Deutsche Bank AG		104,718		0.0
1,102	East West Bancorp, Inc.		80,700		0.0
11,077	Equitable Holdings, Inc.		452,606		0.2
3,291	Essent Group Ltd.		184,921		0.1
347 (1)	Euronext NV		32,157		0.0
337	Evercore, Inc. - Class A		70,241		0.0
213	Fidelity National Financial, Inc.		10,526		0.0
672	FinecoBank Banca Fineco SpA		9,985		0.0
2,375	First American Financial Corp.		128,131		0.1
5,314	First Horizon Corp.		83,802		0.0
2,578 (2)	Fiserv, Inc.		384,225		0.1
646	Globe Life, Inc.		53,153		0.0
349	Goldman Sachs Group, Inc.		157,860		0.1
1,786	Hancock Whitney Corp.		85,424		0.0
3,318	Hartford Financial Services Group, Inc.		333,592		0.1
4,791	HSBC Holdings PLC		41,356		0.0
3,664	Industrivarden AB - Class A		124,811		0.1
716	ING Groep NV		12,303		0.0
313	Interactive Brokers Group, Inc. - Class A		38,374		0.0
2,188	International Bancshares Corp.		125,176		0.1
47,491	Intesa Sanpaolo SpA		176,496		0.1
4,205	Investor AB - Class B		115,230		0.0
7,300	Japan Post Bank Co. Ltd.		69,313		0.0
2,454	Jefferies Financial Group, Inc.		122,111		0.0
2,249	JPMorgan Chase & Co.		454,883		0.2
1,046	Julius Baer Group Ltd.		58,505		0.0
4,995	Loews Corp.		373,326		0.1
613	Marsh & McLennan Cos., Inc.		129,171		0.1
17,414	Medibank Pvt Ltd.		43,157		0.0
4,124	MetLife, Inc.		289,464		0.1
10,679	MGIC Investment Corp.		230,132		0.1
4,100	Mitsubishi UFJ Financial Group, Inc.		44,247		0.0
356	MSCI, Inc.		171,503		0.1

See Accompanying Notes to Financial Statements

39

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: (continued)
20,496	NatWest Group PLC	$	80,633		0.0
2,842	NN Group NV		132,092		0.1
843	Nordea Bank Abp - EUR		10,049		0.0
2,002	OneMain Holdings, Inc.		97,077		0.0
5,100	ORIX Corp.		113,036		0.0
6,715 (1)	Poste Italiane SpA		85,445		0.0
1,422	Prosperity Bancshares, Inc.		86,941		0.0
9,169	QBE Insurance Group Ltd.		105,843		0.0
813	Reinsurance Group of America, Inc.		166,885		0.1
46	RenaissanceRe Holdings Ltd.		10,281		0.0
27,005	Rithm Capital Corp.		294,625		0.1
5,966	SLM Corp.		124,033		0.1
9,150	Standard Chartered PLC		82,619		0.0
3,703	Starwood Property Trust, Inc.		70,135		0.0
2,900	Sumitomo Mitsui Financial Group, Inc.		194,662		0.1
4,852	Suncorp Group Ltd.		56,108		0.0
4,507	Svenska Handelsbanken AB - Class A		43,070		0.0
3,929	Swedbank AB - Class A		80,931		0.0
9,213	Synchrony Financial		434,762		0.2
1,000	T&D Holdings, Inc.		17,467		0.0
2,931 (2)	Toast, Inc. - Class A		75,532		0.0
3,216	Tradeweb Markets, Inc. - Class A		340,896		0.1
6,561	Truist Financial Corp.		254,895		0.1
1,125 (2)	UMB Financial Corp.		93,848		0.0
4,165	UniCredit SpA		154,130		0.1
4,285	Unum Group		219,006		0.1
11,942	Wells Fargo & Co.		709,235		0.2
62 (2)	WEX, Inc.		10,983		0.0
227	Wintrust Financial Corp.		22,373		0.0
985 (2)	Wise PLC - Class A		8,448		0.0
240	Zions Bancorp NA		10,409		0.0
			14,893,212		4.8
	Health Care: 4.2%
822 (2)	10X Genomics, Inc. - Class A		15,988		0.0
1,215	AbbVie, Inc.		208,397		0.1
2,460	Agilent Technologies, Inc.		318,890		0.1
1,225	Alcon, Inc.		108,893		0.1
8,000	Astellas Pharma, Inc.		78,926		0.0
795	AstraZeneca PLC		123,728		0.1
330 (2)	BioMarin Pharmaceutical, Inc.		27,169		0.0
6,152	Bristol-Myers Squibb Co.		255,493		0.1
943	Bruker Corp.		60,173		0.0
401	Cardinal Health, Inc.		39,426		0.0
5,411 (2)	Centene Corp.		358,749		0.1

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: (continued)
1,300	Chugai Pharmaceutical Co. Ltd.	$	46,291		0.0
930	Cigna Group		307,430		0.1
488	Cochlear Ltd.		107,721		0.1
171	CSL Ltd.		33,532		0.0
5,031	CVS Health Corp.		297,131		0.1
1,300	Daiichi Sankyo Co. Ltd.		45,180		0.0
588 (2)	Demant A/S		25,467		0.0
1,528 (2)	Dexcom, Inc.		173,245		0.1
2,606 (2)	Doximity, Inc. - Class A		72,890		0.0
1,970 (2)	Edwards Lifesciences Corp.		181,969		0.1
3,331 (2)	Elanco Animal Health, Inc.		48,066		0.0
641	Elevance Health, Inc.		347,332		0.1
738	Eli Lilly & Co.		668,170		0.2
575 (2)	Envista Holdings Corp.		9,562		0.0
13,034 (2)	Exelixis, Inc.		292,874		0.1
442 (2)	Fresenius SE & Co. KGaA		13,204		0.0
1,581	GE HealthCare Technologies, Inc.		123,191		0.1
122 (2)	Genmab A/S		30,572		0.0
4,163	Gilead Sciences, Inc.		285,623		0.1
145 (2)	GRAIL, Inc.		2,229		0.0
3,275 (2)	Grifols SA		27,697		0.0
2,493	GSK PLC		47,951		0.0
363 (2)	Haemonetics Corp.		30,031		0.0
1,066 (2)	Halozyme Therapeutics, Inc.		55,816		0.0
504 (2)	HealthEquity, Inc.		43,445		0.0
3,987	Hikma Pharmaceuticals PLC		94,994		0.0
1,100	Hoya Corp.		128,633		0.1
875 (2)	Illumina, Inc.		91,332		0.0
4,077 (2)	Incyte Corp.		247,148		0.1
506 (2)	Inspire Medical Systems, Inc.		67,718		0.0
447 (2)	Insulet Corp.		90,205		0.0
633	Ipsen SA		77,770		0.0
735 (2)	Jazz Pharmaceuticals PLC		78,447		0.0
5,193	Johnson & Johnson		759,009		0.3
3,157 (2)	Lantheus Holdings, Inc.		253,475		0.1
1,041 (2)	LivaNova PLC		57,068		0.0
247	McKesson Corp.		144,258		0.1
159 (2)	Medpace Holdings, Inc.		65,484		0.0
1,272	Medtronic PLC		100,119		0.0
7,824	Merck & Co., Inc.		968,611		0.3
452	Merck KGaA		74,750		0.0
788 (2)	Molina Healthcare, Inc.		234,272		0.1
496 (2)	Natera, Inc.		53,712		0.0
2,236 (2)	Neurocrine Biosciences, Inc.		307,830		0.1
2,647	Novartis AG, Reg		281,830		0.1
2,993	Novo Nordisk A/S - Class B		428,253		0.2
3,800	Ono Pharmaceutical Co. Ltd.		51,921		0.0

See Accompanying Notes to Financial Statements

40

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: (continued)
2,452 (2)	Option Care Health, Inc.	$	67,920		0.0
1,700	Otsuka Holdings Co. Ltd.		71,819		0.0
270 (2)	Penumbra, Inc.		48,592		0.0
3,403 (2)	Progyny, Inc.		97,360		0.0
402 (2)	Regeneron Pharmaceuticals, Inc.		422,514		0.2
418	Roche Holding AG		115,811		0.1
1,050	Sanofi		101,265		0.0
639 (2)	Sarepta Therapeutics, Inc.		100,962		0.0
266	Sonova Holding AG, Reg		81,946		0.0
586	Stryker Corp.		199,386		0.1
3,200	Takeda Pharmaceutical Co. Ltd.		83,002		0.0
469 (2)	Tenet Healthcare Corp.		62,391		0.0
876	Thermo Fisher Scientific, Inc.		484,428		0.2
301 (2)	United Therapeutics Corp.		95,884		0.0
1,421	UnitedHealth Group, Inc.		723,658		0.2
55 (2)	Veeva Systems, Inc. - Class A		10,066		0.0
1,112 (2)	Vertex Pharmaceuticals, Inc.		521,217		0.2
295	Zoetis, Inc.		51,141		0.0
			12,908,652		4.2
	Industrials: 4.3%
901	3M Co.		92,073		0.0
2,459	ABB Ltd., Reg		136,354		0.1
1,360	Acuity Brands, Inc.		328,358		0.1
535	Adecco Group AG		17,749		0.0
1,828	Advanced Drainage Systems, Inc.		293,193		0.1
1,838	AECOM		162,001		0.1
483 (1)	Aena SME SA		97,806		0.0
97	AerCap Holdings NV		9,040		0.0
800	AGC, Inc.		26,031		0.0
92	AGCO Corp.		9,005		0.0
262 (2)	Alaska Air Group, Inc.		10,585		0.0
19,128 (2)	American Airlines Group, Inc.		216,720		0.1
2,477	AMETEK, Inc.		412,941		0.1
19,113	Aurizon Holdings Ltd.		46,430		0.0
1,197	Avis Budget Group, Inc.		125,110		0.1
8,960	BAE Systems PLC		149,243		0.1
6,768 (2)	Brambles Ltd.		65,311		0.0
555	Brenntag SE		37,440		0.0
1,099	Bunzl PLC		41,755		0.0
293	Bureau Veritas SA		8,142		0.0
96 (2)	CACI International, Inc. - Class A		41,292		0.0
341	Carlisle Cos., Inc.		138,177		0.1
4,000	Central Japan Railway Co.		86,709		0.0
1,879	Cie de Saint-Gobain		146,138		0.1
525	Cintas Corp.		367,636		0.1

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: (continued)
10,500	CK Hutchison Holdings Ltd.	$	50,086		0.0
4,607 (2)	Clarivate PLC		26,214		0.0
267 (2)	Clean Harbors, Inc.		60,382		0.0
3,136	Computershare Ltd.		54,848		0.0
5,730 (2)	Copart, Inc.		310,337		0.1
8,160 (2)	Core & Main, Inc. - Class A		399,350		0.1
4,084	CSX Corp.		136,610		0.1
116	Curtiss-Wright Corp.		31,434		0.0
2,428	Daimler Truck Holding AG		96,836		0.0
1,108	DCC PLC		77,329		0.0
6,201	Delta Air Lines, Inc.		294,175		0.1
2,536	Donaldson Co., Inc.		181,476		0.1
3,479	Dun & Bradstreet Holdings, Inc.		32,216		0.0
88	Eiffage SA		8,088		0.0
80	EMCOR Group, Inc.		29,206		0.0
86	EnerSys		8,903		0.0
741	Equifax, Inc.		179,663		0.1
355	Esab Corp.		33,523		0.0
677	Experian PLC		31,451		0.0
178	Exponent, Inc.		16,931		0.0
1,400	FANUC Corp.		38,434		0.0
740	Flowserve Corp.		35,594		0.0
7,577	Fortive Corp.		561,456		0.2
1,631	Fortune Brands Innovations, Inc.		105,917		0.0
5,908 (2)	Gates Industrial Corp. PLC		93,405		0.0
9,834	Genpact Ltd.		316,556		0.1
5,218	Getlink SE		86,396		0.0
2,697	Graco, Inc.		213,818		0.1
1,212 (2)	GXO Logistics, Inc.		61,206		0.0
1,000	Hitachi Ltd.		22,516		0.0
4,464	Husqvarna AB - Class B		35,697		0.0
3,447	Ingersoll Rand, Inc.		313,125		0.1
842	ITT, Inc.		108,770		0.0
2,700	Japan Airlines Co. Ltd.		42,660		0.0
1,800	Jardine Matheson Holdings Ltd.		63,900		0.0
2,240	Johnson Controls International PLC		148,893		0.1
103 (2)	Kirby Corp.		12,332		0.0
1,250	Legrand SA		124,069		0.1
274	Leidos Holdings, Inc.		39,971		0.0
67	Lennox International, Inc.		35,844		0.0
191	Lincoln Electric Holdings, Inc.		36,030		0.0
2,400	Makita Corp.		65,707		0.0
393	ManpowerGroup, Inc.		27,431		0.0
653 (2)	MasTec, Inc.		69,864		0.0
225 (2)	Middleby Corp.		27,587		0.0
368	MSA Safety, Inc.		69,070		0.0
875	MSC Industrial Direct Co., Inc. - Class A		69,396		0.0

See Accompanying Notes to Financial Statements

41

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: (continued)
1,200	Nippon Express Holdings, Inc.	$	55,537		0.0
1,437	nVent Electric PLC		110,089		0.0
1,258	Old Dominion Freight Line, Inc.		222,163		0.1
2,849	Owens Corning		494,928		0.2
488	Parker-Hannifin Corp.		246,835		0.1
3,261	Pentair PLC		250,021		0.1
235	RB Global, Inc.		17,945		0.0
1,044	Regal Rexnord Corp.		141,170		0.1
417	Rexel SA		10,787		0.0
529	Rockwell Automation, Inc.		145,623		0.1
2,370	Rollins, Inc.		115,632		0.0
729	Ryder System, Inc.		90,308		0.0
299 (2)	Saia, Inc.		141,813		0.1
115 (2)	Schneider Electric SE		27,571		0.0
700	Secom Co. Ltd.		41,457		0.0
1,321	Sensata Technologies Holding PLC		49,392		0.0
388	Seven Group Holdings Ltd.		9,693		0.0
1,385	Siemens AG, Reg		257,784		0.1
515	Simpson Manufacturing Co., Inc.		86,793		0.0
1,900	Singapore Airlines Ltd.		9,654		0.0
110 (2)	SiteOne Landscape Supply, Inc.		13,355		0.0
4,614	SKF AB - Class B		92,729		0.0
5,494	Smiths Group PLC		118,212		0.0
7,978	SS&C Technologies Holdings, Inc.		499,981		0.2
1,564	Stanley Black & Decker, Inc.		124,948		0.1
3,000	Sumitomo Corp.		75,366		0.0
78	Teleperformance		8,241		0.0
1,316	Terex Corp.		72,169		0.0
1,199	Timken Co.		96,076		0.0
2,100	TOPPAN Holdings, Inc.		58,255		0.0
4,500	Toyota Tsusho Corp.		87,944		0.0
192	TransUnion		14,239		0.0
3,548 (2)	Uber Technologies, Inc.		257,869		0.1
334	United Rentals, Inc.		216,008		0.1
5,522	Volvo AB - Class B		141,885		0.1
261	Watsco, Inc.		120,906		0.1
2,116	Watts Water Technologies, Inc. - Class A		388,011		0.1
1,230	WESCO International, Inc.		194,980		0.1
239	Westinghouse Air Brake Technologies Corp.		37,774		0.0
273 (2)	WillScot Mobile Mini Holdings Corp.		10,276		0.0
796	Wolters Kluwer NV		131,450		0.1
139 (2)	XPO, Inc.		14,755		0.0
			13,250,565		4.3
	Information Technology: 9.5%
950 (2)	Adobe, Inc.		527,763		0.2

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology: (continued)
1,423 (2)	Advanced Micro Devices, Inc.	$	230,825		0.1
925	Amkor Technology, Inc.		37,019		0.0
23,230	Apple, Inc.		4,892,703		1.6
3,276	Applied Materials, Inc.		773,103		0.3
431 (2)	Arrow Electronics, Inc.		52,048		0.0
93	ASM International, N.V.		71,087		0.0
465	ASML Holding NV		473,913		0.2
1,875	Avnet, Inc.		96,544		0.0
506	BE Semiconductor Industries NV		84,528		0.0
525	Broadcom, Inc.		842,903		0.3
680	Broadridge Financial Solutions, Inc.		133,960		0.1
995 (2)	Cadence Design Systems, Inc.		306,211		0.1
83	Capgemini SE		16,487		0.0
154 (2)	Check Point Software Technologies Ltd.		25,410		0.0
600 (2)	Cirrus Logic, Inc.		76,596		0.0
5,398	Cisco Systems, Inc.		256,459		0.1
401 (2)	Coherent Corp.		29,056		0.0
791 (2)	CommVault Systems, Inc.		96,162		0.0
166	Concentrix Corp.		10,504		0.0
1,895	Dassault Systemes SE		71,254		0.0
98 (2)	Datadog, Inc. - Class A		12,710		0.0
200	Disco Corp.		76,180		0.0
2,911 (2)	DocuSign, Inc.		155,738		0.1
9,124 (2)	Dropbox, Inc. - Class A		205,016		0.1
4,493 (2)	Dynatrace, Inc.		201,017		0.1
80 (2)	Enphase Energy, Inc.		7,977		0.0
478 (2)	ExlService Holdings, Inc.		14,990		0.0
1,192 (2)	F5, Inc.		205,298		0.1
700	Fujitsu Ltd.		10,978		0.0
2,544 (2)	Gitlab, Inc. - Class A		126,488		0.1
10,823	Hewlett Packard Enterprise Co.		229,123		0.1
675	Infineon Technologies AG		24,773		0.0
784	Intuit, Inc.		515,253		0.2
223	Jabil, Inc.		24,260		0.0
400	Keyence Corp.		175,071		0.1
2,125 (2)	Keysight Technologies, Inc.		290,594		0.1
764	KLA Corp.		629,926		0.2
328	Lam Research Corp.		349,271		0.1
971 (2)	Lattice Semiconductor Corp.		56,308		0.0
55 (2)	Manhattan Associates, Inc.		13,567		0.0
259	Mastercard, Inc. - Class A		114,260		0.1
11,633	Microsoft Corp.		5,199,369		1.7
721	MKS Instruments, Inc.		94,148		0.0
470	Monolithic Power Systems, Inc.		386,190		0.1
300	NEC Corp.		24,737		0.0

See Accompanying Notes to Financial Statements

42

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology: (continued)
3,171	NetApp, Inc.	$	408,425		0.2
1,000	NTT Data Group Corp.		14,773		0.0
43,261	NVIDIA Corp.		5,344,464		1.7
118 (2)	Onto Innovation, Inc.		25,908		0.0
3,900	Otsuka Corp.		75,224		0.0
215 (2)	Palo Alto Networks, Inc.		72,887		0.0
506 (2)	Paylocity Holding Corp.		66,716		0.0
5,176 (2)	PayPal Holdings, Inc.		300,363		0.1
5,585 (2)	Pure Storage, Inc. - Class A		358,613		0.1
3,268	Qualcomm, Inc.		650,920		0.2
1,364 (2)	Rambus, Inc.		80,149		0.0
1,500	Renesas Electronics Corp.		28,447		0.0
347 (2)	RingCentral, Inc. - Class A		9,785		0.0
1,753	Sage Group PLC		24,017		0.0
2,359	Salesforce, Inc.		606,499		0.2
415	SAP SE		83,363		0.0
300	SCREEN Holdings Co. Ltd.		27,198		0.0
5,667 (2)	SentinelOne, Inc. - Class A		119,290		0.1
845 (2)	ServiceNow, Inc.		664,736		0.2
2,300	Shimadzu Corp.		57,647		0.0
757	Skyworks Solutions, Inc.		80,681		0.0
411 (2)	Smartsheet, Inc. - Class A		18,117		0.0
969 (2)	Snowflake, Inc. - Class A		130,902		0.1
88 (2)	Super Micro Computer, Inc.		72,103		0.0
97 (2)	Synopsys, Inc.		57,721		0.0
1,829 (2)	Teradata Corp.		63,210		0.0
224	Teradyne, Inc.		33,217		0.0
1,500	TIS, Inc.		29,142		0.0
400	Tokyo Electron Ltd.		87,560		0.0
1,800	Trend Micro, Inc./Japan		73,369		0.0
181 (2)	Trimble, Inc.		10,122		0.0
179	Universal Display Corp.		37,635		0.0
3,690	Visa, Inc. - Class A		968,514		0.3
261 (2)	Wix.com Ltd.		41,517		0.0
462 (2)	Workday, Inc. - Class A		103,285		0.1
945 (2)	Xero Ltd.		85,462		0.0
1,230 (2)	Zoom Video Communications, Inc. - Class A		72,804		0.0
			29,232,562		9.5
	Materials: 1.3%
354	Air Liquide SA		61,096		0.0
221	Akzo Nobel NV		13,470		0.0
659	Alcoa Corp.		26,215		0.0
1,616	Anglo American PLC		51,066		0.0
3,458	ArcelorMittal SA		79,220		0.0
754	Arkema SA		65,706		0.0
691	Ashland, Inc.		65,293		0.0
696	Avient Corp.		30,380		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Materials: (continued)
2,479 (2)	Axalta Coating Systems Ltd.	$	84,707		0.0
3,263	Berry Global Group, Inc.		192,028		0.1
3,936	BHP Group Ltd. - Class DI		112,498		0.1
2,555	BlueScope Steel Ltd.		34,683		0.0
554	Cabot Corp.		50,907		0.0
365	Chemours Co.		8,238		0.0
4,879 (2)	Cleveland-Cliffs, Inc.		75,088		0.0
1,524	Commercial Metals Co.		83,805		0.0
381	Crown Holdings, Inc.		28,343		0.0
1,518	Dow, Inc.		80,530		0.0
49	Eagle Materials, Inc.		10,656		0.0
8,813	Element Solutions, Inc.		239,009		0.1
692	Fortescue Metals Group Ltd.		9,852		0.0
2,647	Freeport-McMoRan, Inc.		128,644		0.1
5	Givaudan SA, Reg		23,683		0.0
971	Heidelberg Materials AG		100,376		0.0
1,915	Holcim AG		169,271		0.1
1,566	Holmen AB - Class B		61,618		0.0
1,560 (2)	James Hardie Industries PLC		48,824		0.0
4,000	JFE Holdings, Inc.		57,730		0.0
190 (2)	Knife River Corp.		13,327		0.0
1,473	Louisiana-Pacific Corp.		121,272		0.1
8,200	Mitsubishi Chemical Group Corp.		45,689		0.0
2,951	Mondi PLC QX		56,645		0.0
1,400	Nitto Denko Corp.		111,044		0.1
245	Nucor Corp.		38,730		0.0
3,277	PPG Industries, Inc.		412,541		0.1
453	Reliance Steel & Aluminum Co.		129,377		0.1
1,226	Rio Tinto Ltd.		97,113		0.0
334	Royal Gold, Inc.		41,803		0.0
3,198	RPM International, Inc.		344,361		0.1
1,645	Sherwin-Williams Co.		490,917		0.2
1,300	Shin-Etsu Chemical Co. Ltd.		50,546		0.0
368	Sika AG, Reg		105,049		0.1
13,360	South32 Ltd. - Class DI		32,413		0.0
288	United States Steel Corp.		10,886		0.0
654	Yara International ASA		18,847		0.0
			4,113,496		1.3
	Real Estate: 1.0%
422	American Homes 4 Rent - Class A		15,681		0.0
303	Boston Properties, Inc.		18,653		0.0
12,759	Brixmor Property Group, Inc.		294,605		0.1
16,400	CapitaLand Ascendas REIT		30,900		0.0
1,187 (2)	CBRE Group, Inc. - Class A		105,774		0.0
11,000	CK Asset Holdings Ltd.		41,207		0.0

See Accompanying Notes to Financial Statements

43

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate: (continued)
5,238	COPT Defense Properties	$	131,107		0.1
632	CubeSmart		28,547		0.0
3,300	Daiwa House Industry Co. Ltd.		84,018		0.0
708	EastGroup Properties, Inc.		120,431		0.1
3,862	Equity Residential		267,791		0.1
1,484	First Industrial Realty Trust, Inc.		70,505		0.0
320	Gaming and Leisure Properties, Inc.		14,467		0.0
4,863	GPT Group		12,966		0.0
16,993	Host Hotels & Resorts, Inc.		305,534		0.1
4,273	Invitation Homes, Inc.		153,358		0.1
631	Iron Mountain, Inc.		56,550		0.0
1,272 (2)	Jones Lang LaSalle, Inc.		261,116		0.1
2,497	Kilroy Realty Corp.		77,831		0.0
1,116	Lamar Advertising Co. - Class A		133,395		0.1
2,152	Land Securities Group PLC		16,815		0.0
5,100	Mitsui Fudosan Co. Ltd.		46,940		0.0
1,100	Nomura Real Estate Holdings, Inc.		27,691		0.0
20,972	Park Hotels & Resorts, Inc.		314,161		0.1
4,679	Regency Centers Corp.		291,034		0.1
4,507	Sabra Health Care REIT, Inc.		69,408		0.0
36,512	Scentre Group		75,678		0.0
262	STAG Industrial, Inc.		9,448		0.0
3,000	Swire Pacific Ltd. - Class A		26,486		0.0
25,800	Swire Properties Ltd.		41,103		0.0
187	WP Carey, Inc.		10,294		0.0
			3,153,494		1.0
	Utilities: 1.0%
432	Acciona SA		51,125		0.0
3,554	Black Hills Corp.		193,267		0.1
45,243	Centrica PLC		77,116		0.0
7,900	Chubu Electric Power Co., Inc.		93,325		0.1
7,629	Edison International		547,838		0.2
745	Entergy Corp.		79,715		0.0
5,677	Evergy, Inc.		300,711		0.1
500	Kansai Electric Power Co., Inc.		8,396		0.0
4,942	National Fuel Gas Co.		267,807		0.1
5,085	NorthWestern Corp.		254,657		0.1
1,079	OGE Energy Corp.		38,520		0.0
1,298	ONE Gas, Inc.		82,877		0.0
1,300	Osaka Gas Co. Ltd.		28,730		0.0
27,873	PG&E Corp.		486,663		0.2
10,500	Power Assets Holdings Ltd.		56,747		0.0
4,332	Red Electrica Corp. SA		75,751		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities: (continued)
2,018	RWE AG	$	69,228		0.0
16,300	Sembcorp Industries Ltd.		57,614		0.0
2,214	Sempra Energy		168,397		0.1
1,520	Terna - Rete Elettrica Nazionale		11,717		0.0
3,800 (2)	Tokyo Electric Power Co. Holdings, Inc.		20,463		0.0
700	Tokyo Gas Co. Ltd.		15,070		0.0
1,895	UGI Corp.		43,396		0.0
			3,029,130		1.0
	Total Common Stock (Cost $87,351,068)		111,859,654		36.2
EXCHANGE-TRADED FUNDS: 4.2%
2,202	iShares Core S&P Mid-Cap ETF		128,861		0.0
2,750	iShares MSCI EAFE ETF		215,407		0.1
731	SPDR S&P 500 ETF Trust		397,825		0.1
142,571	Vanguard FTSE Emerging Markets ETF		6,238,907		2.0
105,475	Vanguard Long-Term Treasury ETF		6,083,798		2.0
			13,064,798		4.2
	Total Exchange-Traded Funds (Cost $12,912,951)		13,064,798		4.2
MUTUAL FUNDS: 32.1%
	Affiliated Investment Companies: 32.1%
2,405,217	Voya Short Term Bond Fund - Class R6		22,296,366		7.2
70,348 (2)	Voya Small Cap Growth Fund - Class R6		3,133,988		1.0
408,243	Voya Small Company Fund - Class R6		6,058,324		2.0
3,099,418	Voya U.S. Stock Index Portfolio - Class I		63,507,072		20.5
413,815	Voya VACS Series HYB Fund		4,212,637		1.4
			99,208,387		32.1
	Total Mutual Funds (Cost $85,948,981)		99,208,387		32.1
PREFERRED STOCK: 0.0%
	Consumer Discretionary: 0.0%
2,051	Porsche Automobil Holding SE		92,565		0.0
	Consumer Staples: 0.0%
779	Henkel AG & Co. KGaA		69,360		0.0
	Total Preferred Stock (Cost $163,650)		161,925		0.0

See Accompanying Notes to Financial Statements

44

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 9.1%
	United States Treasury Bonds: 2.4%
1,000	1.250%, 05/15/2050	$	496		0.0
22,000	1.375%, 11/15/2040		13,890		0.0
2,200	1.625%, 11/15/2050		1,205		0.0
117,400	3.250%, 05/15/2042		97,660		0.0
3,151,700	4.250%, 02/15/2054		3,001,748		1.0
4,227,600	4.625%, 05/15/2044		4,220,333		1.4
			7,335,332		2.4
	United States Treasury Notes: 6.7%
219,300	1.250%, 09/30/2028		192,744		0.1
600,000	2.875%, 04/30/2025		588,756		0.2
442,000	4.250%, 06/30/2031		441,979		0.1
6,882,100	4.375%, 05/15/2034		6,884,789		2.2
7,791,900	4.500%, 05/31/2029		7,846,078		2.5
842,000	4.500%, 05/31/2031		855,814		0.3
2,243,000	4.625%, 06/15/2027		2,249,571		0.7
1,700,000	4.875%, 05/31/2026		1,703,586		0.6
			20,763,317		6.7
	Total U.S. Treasury Obligations (Cost $28,173,685)		28,098,649		9.1
ASSET-BACKED SECURITIES: 4.0%
	Automobile Asset-Backed Securities: 0.3%
150,000 (1)	Bayview Opportunity Master Fund VII Trust 2024-SN1 A3, 5.660%, 03/15/2028		149,850		0.1
9,715	Drive Auto Receivables Trust 2021-2 C, 0.870%, 10/15/2027		9,694		0.0
200,000	Exeter Automobile Receivables Trust 2024-1A B, 5.290%, 08/15/2028		199,171		0.1
100,000 (1)	Ford Credit Auto Owner Trust 2022-1 C, 4.670%, 11/15/2034		97,268		0.0
100,000	GM Financial Automobile Leasing Trust 2022-2 C, 4.330%, 05/20/2026		99,590		0.0
350,000	Honda Auto Receivables Owner Trust 2024-1 A4, 5.170%, 05/15/2030		351,428		0.1
			907,001		0.3
	Home Equity Asset-Backed Securities: 0.0%
39,489 (3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035		38,922		0.0
	Other Asset-Backed Securities: 3.3%
250,000 (1)(3)	AMMC CLO 25 Ltd. 2022-25A A1R, 6.679%, (TSFR3M + 1.350%), 04/15/2035		250,188		0.1

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
234,253 (1)(3)	Apidos Clo Xxv 2016-25A A1R2, 6.475%, (TSFR3M + 1.150%), 10/20/2031	$	234,358		0.1
250,000 (1)(3)	Apidos CLO XXXII 2019-32A A1R, 6.443%, (TSFR3M + 1.100%), 01/20/2033		250,187		0.1
13,666 (1)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046		12,666		0.0
300,000 (1)(3)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 8.343%, (TSFR1M + 3.014%), 11/15/2036		290,872		0.1
250,000 (1)(3)	ARES LII CLO Ltd. 2019-52A A1R, 6.636%, (TSFR3M + 1.312%), 04/22/2031		250,364		0.1
400,000 (1)(3)	ARES XLIV CLO Ltd. 2017-44A A2R, 6.890%, (TSFR3M + 1.562%), 04/15/2034		400,430		0.1
250,000 (1)(3)	Barings CLO Ltd. 2018-4A A1R, 6.479%, (TSFR3M + 1.150%), 10/15/2030		250,113		0.1
250,000 (1)(3)	Benefit Street Partners CLO XIX Ltd. 2019-19A AR, 6.505%, (TSFR3M + 1.180%), 01/15/2033		249,968		0.1
500,000 (1)(3)	BlueMountain CLO Ltd. 2014-2A A2R2, 6.986%, (TSFR3M + 1.662%), 10/20/2030		499,953		0.2
231,582 (1)(3)	BlueMountain CLO Ltd. 2016-3A A1R2, 6.522%, (TSFR3M + 1.200%), 11/15/2030		231,752		0.1
250,000 (1)(3)	BlueMountain CLO XXVIII Ltd. 2021-28A C, 7.590%, (TSFR3M + 2.262%), 04/15/2034		248,324		0.1
455,000 (1)(3)	BlueMountain CLO XXX Ltd. 2020-30A CR, 7.479%, (TSFR3M + 2.150%), 04/15/2035		455,443		0.1
98,250 (1)	Bojangles Issuer LLC 2020-1A A2, 3.832%, 10/20/2050		93,349		0.0
175,771 (1)(3)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A1R2, 6.549%, (TSFR3M + 1.232%), 04/17/2031		175,881		0.0

See Accompanying Notes to Financial Statements

45

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
270,000 (1)(3)	Carlyle Global Market Strategies CLO Ltd. 2015-4A A1RR, 6.545%, (TSFR3M + 1.220%), 07/20/2032	$	270,518		0.1
16,450 (3)	Chase Funding Trust Series 2003-5 2A2, 6.060%, (TSFR1M + 0.714%), 07/25/2033		16,068		0.0
218,098 (1)(3)	CIFC Funding Ltd. 2018-2A A1, 6.626%, (TSFR3M + 1.302%), 04/20/2031		218,468		0.1
61,840 (1)	CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045		55,763		0.0
250,000 (1)(3)	Crestline Denali CLO XVII Ltd. 2018-1A ARR, 6.462%, (TSFR3M + 1.130%), 10/15/2031		250,063		0.1
243,125 (1)	Domino’s Pizza Master Issuer LLC 2021-1A A2I, 2.662%, 04/25/2051		216,258		0.1
94,750 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049		92,262		0.0
250,000 (1)(3)	Eaton Vance Clo Ltd. 2015-1A A2R, 6.836%, (TSFR3M + 1.512%), 01/20/2030		250,120		0.1
250,000 (1)(3)	Galaxy XXVI CLO Ltd. 2018-26A AR, 6.497%, (TSFR3M + 1.170%), 11/22/2031		250,136		0.1
10,644 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040		9,840		0.0
59,501 (1)	Loanpal Solar Loan Ltd. 2020-2GF A, 2.750%, 07/20/2047		48,409		0.0
59,531 (1)	Loanpal Solar Loan Ltd. 2021-1GS A, 2.290%, 01/20/2048		47,935		0.0
100,722 (1)	Loanpal Solar Loan Ltd. 2021-2GS A, 2.220%, 03/20/2048		79,220		0.0
250,000 (1)(3)	Madison Park Funding XLVIII Ltd. 2021-48A C, 7.588%, (TSFR3M + 2.262%), 04/19/2033		251,112		0.1
225,999 (1)(3)	Magnetite XII Ltd. 2015-12A AR4, 6.479%, (TSFR3M + 1.150%), 10/15/2031		226,169		0.1
340,000 (1)(3)	Magnetite XXXI Ltd. 2021-31A A1, 6.690%, (TSFR3M + 1.362%), 07/15/2034		340,204		0.1

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
28,541 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043	$	26,311		0.0
21,909 (1)	Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044		19,173		0.0
46,465 (1)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046		39,014		0.0
53,332 (1)	Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046		41,597		0.0
250,000 (1)(3)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 6.790%, (TSFR3M + 1.462%), 07/15/2029		250,127		0.1
250,000 (1)(3)	OHA Credit Funding 8 Ltd. 2021-8A C, 7.489%, (TSFR3M + 2.162%), 01/18/2034		250,212		0.1
5,992 (1)	Pagaya AI Debt Trust 2022-1 A, 2.030%, 10/15/2029		5,965		0.0
250,000 (1)(3)	Palmer Square CLO Ltd. 2021-1A B, 7.286%, (TSFR3M + 1.962%), 04/20/2034		250,220		0.1
250,000 (1)(3)	Rockland Park CLO Ltd. 2021-1A C, 7.486%, (TSFR3M + 2.162%), 04/20/2034		250,455		0.1
99,750 (1)	Servpro Master Issuer LLC 2024-1A A2, 6.174%, 01/25/2054		100,701		0.0
10,973 (1)	SoFi Consumer Loan Program Trust 2023-1S A, 5.810%, 05/15/2031		10,972		0.0
290,000 (1)(3)	Sound Point CLO XXVIII Ltd. 2020-3A A1R, 6.604%, (TSFR3M + 1.280%), 01/25/2032		290,452		0.1
93,369 (1)	Sunnova Helios XI Issuer LLC 2023-A A, 5.300%, 05/20/2050		91,534		0.0
179,743 (1)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055		146,224		0.0
82,568 (1)	Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056		68,003		0.0
86,908 (1)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055		74,635		0.0
250,000 (1)(3)	Symphony CLO XVI Ltd. 2015-16A ARR, 6.523%, (TSFR3M + 1.200%), 10/15/2031		250,231		0.1

See Accompanying Notes to Financial Statements

46

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
250,000 (1)(3)	Symphony CLO XX Ltd. 2018-20A AR2, 6.437%, (TSFR3M + 1.100%), 01/16/2032	$	250,187		0.1
187,500 (1)	Taco Bell Funding LLC 2016-1A A23, 4.970%, 05/25/2046		184,068		0.1
201,493 (1)(3)	THL Credit Wind River CLO Ltd. 2015-1A A1R3, 6.525%, (TSFR3M + 1.200%), 10/20/2030		201,623		0.1
290,000 (1)(3)	TIAA CLO I Ltd. 2016-1A ARR, 6.575%, (TSFR3M + 1.250%), 07/20/2031		290,352		0.1
250,000 (1)(3)	Venture 37 CLO Ltd. 2019-37A A1RR, 6.590%, (TSFR3M + 1.250%), 07/15/2032		250,082		0.1
93,491 (1)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048		88,002		0.0
194,500 (1)	Zaxby’s Funding LLC 2021-1A A2, 3.238%, 07/30/2051		172,851		0.0
			10,119,384		3.3
	Student Loan Asset-Backed Securities: 0.4%
28,205 (1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045		26,102		0.0
20,385 (1)	Commonbond Student Loan Trust-GS 2017-BGS A1, 2.680%, 09/25/2042		18,531		0.0
26,872 (1)	Commonbond Student Loan Trust-GS 2020-AGS A, 1.980%, 08/25/2050		23,478		0.0
13,938 (1)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043		13,594		0.0
314,380 (1)	Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068		294,938		0.1
95,667 (1)	Navient Private Education Refi Loan Trust 2020-BA A2, 2.120%, 01/15/2069		88,833		0.0
22,312 (1)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069		20,502		0.0
50,345 (1)	Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069		44,523		0.0

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: (continued)
241,066 (1)	Navient Private Education Refi Loan Trust 2021-BA A, 0.940%, 07/15/2069	$	212,065		0.1
196,208 (1)	Navient Private Education Refi Loan Trust 2021-c 2021-CA A, 1.060%, 10/15/2069		172,976		0.1
100,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041		95,545		0.0
170,389 (1)	SMB Private Education Loan Trust 2019-B A2A, 2.840%, 06/15/2037		162,596		0.1
177,586 (1)	SMB Private Education Loan Trust-A 2020-PTA A2A, 1.600%, 09/15/2054		161,987		0.0
18,641 (1)	Sofi Professional Loan Program Trust 2018-C A2FX, 3.590%, 01/25/2048		18,143		0.0
17,760 (1)	Sofi Professional Loan Program Trust 2018-D A2FX, 3.600%, 02/25/2048		17,271		0.0
48,977 (1)	SoFi Professional Loan Program Trust 2020-C AFX, 1.950%, 02/15/2046		44,787		0.0
			1,415,871		0.4
	Total Asset-Backed Securities (Cost $12,647,025)		12,481,178		4.0
COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.1%
500,000 (1)(3)	Arbor Multifamily Mortgage Securities Trust 2021-MF2 E, 2.000%, 06/15/2054		304,215		0.1
500,000 (1)(3)	AREIT Trust 2021-CRE5 D, 8.093%, (TSFR1M + 2.764%), 11/17/2038		475,808		0.2
250,000 (1)	ARZ Trust 2024-BILT C, 6.361%, 06/11/2029		251,708		0.1
3,000,000 (3)(4)	BANK 2017-BNK8 XB, 0.229%, 11/15/2050		17,282		0.0
923,827 (3)(4)	BANK 2019-BN16 XA, 1.096%, 02/15/2052		31,544		0.0
3,545,668 (3)(4)	BANK 2019-BN21 XA, 0.956%, 10/17/2052		121,349		0.1
434,000 (3)	Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3 B, 3.879%, 02/15/2050		403,264		0.1

See Accompanying Notes to Financial Statements

47

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,180,000 (1)(3)(4)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033	$	11,715		0.0
943,826 (3)(4)	Benchmark Mortgage Trust 2019-B9 XA, 1.181%, 03/15/2052		33,692		0.0
650,000 (3)	Benchmark Mortgage Trust 2023-V3 A3, 6.363%, 07/15/2056		671,382		0.2
500,000 (1)(3)	BLP Commercial Mortgage Trust 2024-IND2 B, 7.020%, (TSFR1M + 1.692%), 03/15/2041		496,579		0.2
105,000 (1)(3)	BX Commercial Mortgage Trust 2021-21M E, 7.614%, (TSFR1M + 2.285%), 10/15/2036		103,011		0.1
343,000 (1)(3)	BX Commercial Mortgage Trust 2021-IRON E, 7.793%, (TSFR1M + 2.464%), 02/15/2038		326,811		0.1
309,016 (1)(3)	BX Commercial Mortgage Trust 2021-XL2 B, 6.441%, (TSFR1M + 1.112%), 10/15/2038		304,675		0.1
250,000 (1)(3)	BX Commercial Mortgage Trust 2024-KING A, 6.870%, (TSFR1M + 1.541%), 05/15/2034		250,555		0.1
635,846 (3)(4)	CD Mortgage Trust 2017-CD4 XA, 1.376%, 05/10/2050		17,727		0.0
400,000	Citigroup Commercial Mortgage Trust 2015-GC27 AS, 3.571%, 02/10/2048		394,113		0.1
839,619 (3)(4)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 2.047%, 07/10/2049		22,848		0.0
1,012,711 (3)(4)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.126%, 10/12/2050		25,324		0.0
933,464 (3)(4)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.006%, 09/15/2050		20,369		0.0
1,154,621 (3)(4)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.826%, 06/10/2051		25,826		0.0
1,085,477 (3)(4)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.167%, 08/10/2056		43,380		0.0

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
60,000	Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052	$	52,634		0.0
61,488 (3)	Comm Mortgage Trust 2013-CR13 C, 5.113%, 11/10/2046		57,883		0.0
2,380,000 (1)(3)(4)	COMM Mortgage Trust 2012-CR4 XB, 0.509%, 10/15/2045		21,215		0.0
1,268,775 (3)(4)	COMM Mortgage Trust 2016-CR28 XA, 0.779%, 02/10/2049		9,317		0.0
674,898 (3)(4)	COMM Mortgage Trust 2017-COR2 XA, 1.305%, 09/10/2050		18,549		0.0
130,000 (1)(3)	DBWF Mortgage Trust 2015-LCM D, 3.535%, 06/10/2034		113,624		0.1
500,000 (1)(3)	DK Trust 2024-SPBX C, 7.279%, (TSFR1M + 1.950%), 03/15/2034		497,924		0.2
350,000 (1)(3)	DTP Commercial Mortgage Trust 2023-STE2 A, 6.038%, 01/15/2041		350,727		0.1
450,000 (1)	ELM Trust 2024-ELM C15, 6.189%, 06/10/2039		451,008		0.2
1,631,005 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.967%, 11/25/2030		70,999		0.0
781,624 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.436%, 07/25/2035		77,628		0.0
1,273,283 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.953%, 10/25/2035		81,647		0.0
848,000 (4)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.467%, 12/25/2029		43,445		0.0
300,000 (1)(5)	GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050		234,681		0.1
500,000 (1)(3)	Great Wolf Trust 2024-WOLF A, 6.871%, (TSFR1M + 1.542%), 03/15/2039		499,717		0.2
227,167 (3)(4)	GS Mortgage Securities Trust 2014-GC22 XA, 0.871%, 06/10/2047		184		0.0

See Accompanying Notes to Financial Statements

48

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,307,602 (3)(4)	GS Mortgage Securities Trust 2016-GS4 XA, 0.686%, 11/10/2049	$	13,008		0.0
812,435 (3)(4)	GS Mortgage Securities Trust 2017-GS6 XA, 1.154%, 05/10/2050		18,332		0.0
1,046,032 (3)(4)	GS Mortgage Securities Trust 2019-GC38 XA, 1.171%, 02/10/2052		39,861		0.0
1,916,395 (3)(4)	GS Mortgage Securities Trust 2019-GC42 XA, 0.933%, 09/10/2052		66,800		0.0
90,000	GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052		81,062		0.0
1,295,243 (3)(4)	GS Mortgage Securities Trust 2020-GC47 XA, 1.241%, 05/12/2053		64,096		0.0
175,000 (1)(3)	GSMS Trustair 2024-FAIR A, 6.072%, 07/15/2029		173,966		0.1
1,080,776 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.706%, 12/15/2049		11,114		0.0
1,215,762 (3)(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 2014-C19 XA, 1.019%, 12/15/2047		2,017		0.0
62,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052		56,842		0.0
3,136,741 (3)(4)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.728%, 11/15/2052		87,050		0.0
1,001,661 (4)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.410%, 05/15/2054		58,592		0.0
650,000 (1)(3)	PFP Ltd. 2023-10 A, 7.694%, (TSFR1M + 2.365%), 09/16/2038		654,089		0.2
1,825,964 (3)(4)	UBS Commercial Mortgage Trust 2018-C9 XA, 1.077%, 03/15/2051		50,759		0.0
60,000	UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 10/15/2052		52,780		0.0
400,000	Wells Fargo Commercial Mortgage Trust 2016-LC25 A4, 3.640%, 12/15/2059		381,864		0.1
400,000 (1)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051		309,708		0.1

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,046 (3)(4)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.735%, 08/15/2052	$	124		0.0
500,000 (1)	WSTN Trust 2023-MAUI A, 6.518%, 07/05/2037		501,901		0.2
	Total Commercial Mortgage-Backed Securities (Cost $9,845,320)		9,558,324		3.1
COLLATERALIZED MORTGAGE OBLIGATIONS: 1.1%
36,655 (3)	Alternative Loan Trust 2004-J7 M1, 5.189%, (TSFR1M + 1.134%), 10/25/2034		35,871		0.0
34,928	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035		24,047		0.0
65,563 (3)	Alternative Loan Trust 2005-J2 1A12, 5.500%, (TSFR1M + 0.514%), 04/25/2035		50,061		0.0
15,051	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		7,328		0.0
71,338 (3)	Alternative Loan Trust 2006-19CB A12, 5.860%, (TSFR1M + 0.514%), 08/25/2036		33,006		0.0
22,380 (3)	Alternative Loan Trust 2007-23CB A3, 5.960%, (TSFR1M + 0.614%), 09/25/2037		8,564		0.0
96,450 (3)	Alternative Loan Trust 2007-2CB 2A1, 5.750%, (TSFR1M + 0.714%), 03/25/2037		41,166		0.0
600,000 (1)	Arroyo Mortgage Trust 2022-1 A3, 3.650%, 12/25/2056		469,261		0.2
18,365 (3)	Bear Stearns ALT-A Trust 2005-7 21A1, 5.805%, 09/25/2035		14,611		0.0
500,000 (1)(3)	Bellemeade Re Ltd. 2022-1 M1C, 9.035%, (SOFR30A + 3.700%), 01/26/2032		513,235		0.2
46,206 (3)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 5.439%, 03/25/2036		34,389		0.0
24,134 (3)	Citigroup Mortgage Loan Trust 2007-10 22AA, 4.560%, 09/25/2037		21,375		0.0

See Accompanying Notes to Financial Statements

49

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
100,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 8.450%, (SOFR30A + 3.114%), 01/25/2040	$	103,039		0.0
2,321	Fannie Mae REMIC Trust 2011-113 CL, 4.000%, 11/25/2041		58		0.0
2,819	Fannie Mae REMIC Trust 2018-11 BX, 4.000%, 12/25/2047		2,570		0.0
415	Fannie Mae REMIC Trust 2018-8 AB, 3.500%, 10/25/2047		380		0.0
82,398 (1)(3)	Flagstar Mortgage Trust 2018-1 B3, 3.939%, 03/25/2048		73,202		0.0
902	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033		854		0.0
3,266	Freddie Mac REMIC Trust 4495 PA, 3.500%, 09/15/2043		3,138		0.0
133,265 (1)(3)	Freddie Mac STACR REMIC Trust 2021-DNA5 M2, 6.985%, (SOFR30A + 1.650%), 01/25/2034		134,172		0.1
600,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 9.085%, (SOFR30A + 3.750%), 12/25/2041		622,236		0.2
13,641 (3)	HomeBanc Mortgage Trust 2004-1 2A, 6.320%, (TSFR1M + 0.974%), 08/25/2029		13,017		0.0
26,363 (1)(3)	JP Morgan Mortgage Trust 2019-LTV3 A5, 3.500%, 03/25/2050		25,415		0.0
130,621 (1)(3)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050		109,640		0.1
200,000 (1)(3)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		187,287		0.1
7,048	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037		5,911		0.0
281,328 (1)(3)	Sequoia Mortgage Trust 2024-3 A19, 6.000%, 04/25/2054		276,101		0.1
273,761 (1)(3)	Triangle Re Ltd. 2021-3 M1B, 8.235%, (SOFR30A + 2.900%), 02/25/2034		276,558		0.1
31,044 (3)	WaMu Mortgage Pass-Through Certificates 2005-AR11 A1C3, 6.480%, (TSFR1M + 1.134%), 08/25/2045		29,297		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
13,545 (3)	WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 3.796%, 10/25/2036	$	11,832		0.0
18,565 (3)	WaMu Mortgage Pass-Through Certificates 2006-AR8 1A4, 4.394%, 08/25/2046		15,998		0.0
90,709 (3)	WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.209%, 12/25/2036		78,527		0.0
46,998 (3)	WaMu Mortgage Pass-Through Certificates 2007-HY7 2A2, 3.973%, 07/25/2037		39,076		0.0
14,582 (3)	WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 6.440%, (TSFR1M + 1.094%), 10/25/2045		13,681		0.0
116,676 (3)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR6 2A, 6.113%, (12MTA + 0.960%), 08/25/2046		58,780		0.0
9,009 (3)	Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 5.890%, (TSFR1M + 0.544%), 06/25/2037		7,305		0.0
7,274 (3)	Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.170%, 04/25/2036		6,752		0.0
11,369 (3)	Wells Fargo Mortgage Backed Securities Trust 2007-AR7 A1, 5.968%, 12/28/2037		9,726		0.0
	Total Collateralized Mortgage Obligations (Cost $3,620,844)		3,357,466		1.1
CORPORATE BONDS/NOTES: 0.3%
	Basic Materials: 0.1%
200,000 (1)	Corp Nacional del Cobre de Chile, 6.440%, 01/26/2036		206,125		0.1
	Consumer, Non-cyclical: 0.1%
200,000 (1)	Minerva Luxembourg SA, 8.875%, 09/13/2033		207,875		0.1
	Energy: 0.1%
120,000	Ecopetrol SA, 8.375%, 01/19/2036		118,200		0.0
200,000	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036		172,625		0.1

See Accompanying Notes to Financial Statements

50

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
200,000 (1)	Petroleos del Peru SA, 4.750%, 06/19/2032	$	150,125		0.0
			440,950		0.1
	Technology: 0.0%
20,000	Fiserv, Inc., 2.750%, 07/01/2024		20,000		0.0
	Utilities: 0.0%
4,000 (3)	Duke Energy Corp., 4.875%, 12/31/2199		3,975		0.0
34,000	South Jersey Industries, Inc., 5.020%, 04/15/2031		26,811		0.0
			30,786		0.0
	Total Corporate Bonds/Notes (Cost $946,877)		905,736		0.3
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.3%
	Federal Home Loan Mortgage Corporation: 0.1%(6)
38,299	4.500%, 08/01/2041		37,209		0.0
149,740	4.500%, 09/01/2041		145,697		0.1
1,597	5.500%, 07/01/2037		1,605		0.0
1,196	6.500%, 12/01/2031		1,220		0.0
			185,731		0.1
	Federal National Mortgage Association: 0.1%(6)
305,899	4.500%, 09/01/2047		304,131		0.1
	Government National Mortgage Association: 0.0%
31,715	4.500%, 08/20/2041		30,947		0.0
61,108	4.500%, 09/15/2047		58,785		0.0
			89,732		0.0
	Uniform Mortgage-Backed Securities: 0.1%
11,898	4.500%, 11/01/2040		11,562		0.0
25,999	4.500%, 10/01/2041		25,215		0.0
148,435	5.000%, 05/01/2042		146,930		0.1
38,803	5.500%, 12/01/2036		38,918		0.0
103	7.000%, 10/01/2029		119		0.0
745	7.000%, 01/01/2032		766		0.0
			223,510		0.1
	Total U.S. Government Agency Obligations (Cost $879,749)		803,104		0.3
SOVEREIGN BONDS: 0.1%
200,000	Colombia Government International Bond, 3.125%, 04/15/2031		158,300		0.0
200,000	Panama Government International Bond, 8.000%, 03/01/2038		211,450		0.1

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
50,000 (1)	Romanian Government International Bond, 6.375%, 01/30/2034	$	50,335		0.0
	Total Sovereign Bonds (Cost $449,686)		420,085		0.1
PURCHASED OPTIONS(7): 0.0%
	Total Purchased Options (Cost $14,914)		1,795		0.0
	Total Long-Term Investments (Cost $242,954,750)		279,921,101		90.5
SHORT-TERM INVESTMENTS: 7.8%
	U.S. Treasury Obligations: 0.9%
2,775,000 (8)	United States Treasury Bill, 4.860%, 07/11/2024 (Cost $2,770,960)		2,770,956		0.9
	Commercial Paper: 6.9%
1,250,000	American Electric Power Co., Inc., 6.790%, 07/09/2024		1,247,918		0.4
380,000	American Honda Finance Corp., 6.900%, 07/08/2024		379,428		0.1
2,000,000	AT&T, Inc., 6.660%, 07/10/2024		1,996,365		0.6
2,875,000	Barton Capital, 6.540%, 07/10/2024		2,869,874		0.9
2,000,000	Consolidated Edison, 16.550%, 07/01/2024		1,999,096		0.7
2,000,000	Entergy Corp., 10.980%, 07/02/2024		1,998,801		0.7
2,000,000	Fiserv, Inc., 6.690%, 07/10/2024		1,996,352		0.6
1,000,000	Kellanova, 4.980%, 07/10/2024		998,640		0.3
2,000,000	McCormick & Company, Inc., 6.580%, 07/11/2024		1,996,054		0.6
2,000,000	McDonald’s Corp., 6.660%, 07/10/2024		1,996,365		0.6
2,000,000	Sherwin-Williams Co., 6.910%, 07/08/2024		1,996,982		0.7

See Accompanying Notes to Financial Statements

51

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Commercial Paper (continued)
2,000,000	Volkswagen Group, 7.160%, 07/08/2024	$	1,996,876		0.7
	Total Commercial Paper (Cost $21,482,161)		21,472,751		6.9
	Total Short-Term Investments (Cost $24,253,121)		24,243,707		7.8
	Total Investments in Securities (Cost $267,207,871)	$	304,164,808		98.3
	Assets in Excess of Other Liabilities		5,230,841		1.7
	Net Assets	$	309,395,649		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)	Non-income producing security.
(3)	Variable rate security. Rate shown is the rate in effect as of June 30, 2024.
(4)	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.
(5)	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.
(6)	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.
(7)	The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(8)	Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2024.

Currency Abbreviations:
EUR	EU Euro

Reference Rate Abbreviations:
12MTA	12-month Treasury Average
SOFR30A	30-day Secured Overnight Financing Rate
TSFR1M	1-month CME Term Secured Overnight Financing Rate
TSFR3M	3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

52

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 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, 2024
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	7,348,219		$	684,352		$	—	$	8,032,571
Consumer Discretionary		10,127,094			1,741,040			—		11,868,134
Consumer Staples		5,287,763			1,343,725			—		6,631,488
Energy		4,079,789			666,561			—		4,746,350
Financials		11,500,275			3,392,937			—		14,893,212
Health Care		10,627,496			2,281,156			—		12,908,652
Industrials		10,530,775			2,719,790			—		13,250,565
Information Technology		27,617,352			1,615,210			—		29,232,562
Materials		2,763,702			1,349,794			—		4,113,496
Real Estate		2,749,690			403,804			—		3,153,494
Utilities		2,463,848			565,282			—		3,029,130
Total Common Stock		95,096,003			16,763,651			—		111,859,654
Asset-Backed Securities		—			12,481,178			—		12,481,178
Collateralized Mortgage Obligations		—			3,357,466			—		3,357,466
Commercial Mortgage-Backed Securities		—			9,558,324			—		9,558,324
Corporate Bonds/Notes		—			905,736			—		905,736
Exchange-Traded Funds		13,064,798			—			—		13,064,798
Mutual Funds		99,208,387			—			—		99,208,387
Preferred Stock		—			161,925			—		161,925
Purchased Options		1,767			28			—		1,795
Short-Term Investments		—			24,243,707			—		24,243,707
Sovereign Bonds		—			420,085			—		420,085
U.S. Government Agency Obligations		—			803,104			—		803,104
U.S. Treasury Obligations		—			28,098,649			—		28,098,649
Total Investments, at fair value	$	207,370,955		$	96,793,853		$	—	$	304,164,808
Other Financial Instruments+
Centrally Cleared Interest Rate Swaps		—			5,956			—		5,956
Forward Foreign Currency Contracts		—			53			—		53
Forward Premium Swaptions		—			49,060			—		49,060
Futures		27,917			—			—		27,917
Total Assets	$	207,398,872		$	96,848,922		$	—	$	304,247,794
Liabilities Table
Other Financial Instruments+
Centrally Cleared Interest Rate Swaps	$	—		$	(14,234	)	$	—	$	(14,234	)
Forward Foreign Currency Contracts		—			(225	)		—		(225	)
Forward Premium Swaptions		—			(3,111	)		—		(3,111	)
Futures		(121,196	)		—			—		(121,196	)
OTC volatility swaps		—			(8,021	)		—		(8,021	)
Written Options		(3,902	)		—			—		(3,902	)
Total Liabilities	$	(125,098	)	$	(25,591	)	$	—	$	(150,689	)

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

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

⁺ Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

See Accompanying Notes to Financial Statements

53

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2024, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2023		Purchases at Cost		Sales at Cost			Change In Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2024		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Short Term Bond Fund - Class R6	$	21,287,211	$	1,527,070	$	(377,448	)	$	(140,467	)	$	22,296,366	$	507,262	$	(2,448	)	$	—
Voya Small Cap Growth Fund - Class R6		3,120,362		—		(293,388	)		307,014			3,133,988		—		50,732			—
Voya Small Company Fund - Class R6		6,080,812		247,200		(185,140	)		(84,548	)		6,058,324		—		14,860			—
Voya U.S. Stock Index Portfolio - Class I		55,531,356		4,358,289		(4,055,394	)		7,672,821			63,507,072		—		674,606			—
Voya VACS Series HYB Fund		4,099,179		161,208		—			(47,750	)		4,212,637		161,222		—			—
	$	90,118,920	$	6,293,767	$	(4,911,370	)	$	7,707,070		$	99,208,387	$	668,484	$	737,750		$	—

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

At June 30, 2024, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency	Purchased	Currency	Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	17,644	EUR	16,401	Morgan Stanley Capital Services LLC	08/02/24	$	53
EUR	16,401	USD	17,814	Morgan Stanley Capital Services LLC	08/02/24		(222	)
EUR	1,533	USD	1,647	UBS AG	08/02/24		(3	)
						$	(172	)

At June 30, 2024, 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 2-Year Note	81	09/30/24	$	16,541,719	$	17,739
U.S. Treasury 5-Year Note	80	09/30/24		8,526,250		(12,417	)
U.S. Treasury 10-Year Note	100	09/19/24		10,998,437		(38,056	)
U.S. Treasury Long Bond	12	09/19/24		1,419,750		10,178
U.S. Treasury Ultra 10-Year Note	27	09/19/24		3,065,344		(19,805	)
U.S. Treasury Ultra Long Bond	50	09/19/24		6,267,188		(50,918	)
			$	46,818,688	$	(93,279	)

At June 30, 2024, 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	28-day MXN TIIE-BANXICO	Monthly	9.000%	Monthly	08/14/28	MXN	5,258,000	$	(6,397	)	$	(6,397	)
Pay	28-day MXN TIIE-BANXICO	Monthly	8.860	Monthly	08/09/28	MXN	5,298,000		(7,837	)		(7,837	)
Receive	1-day Secured Overnight Financing Rate	Annual	4.526	Annual	06/18/26	USD	4,698,900		5,956			5,956
								$	(8,278	)	$	(8,278	)

At June 30, 2024, the following OTC volatility swaps were outstanding for Voya Balanced Portfolio:

Pay/ Receive Volatility(1)

Reference Entity

Volatility Strike Rate

Counterparty

Maturity Date

Currency

Notional Amount

Fair Value

Unrealized Appreciation (Depreciation)

Receive

USD vs. CAD Spot Exchange Rate

5.187%

BNP Paribas

09/13/24

USD

2,000

$

(875

)

$

(875

)

See Accompanying Notes to Financial Statements

54

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Pay/ Receive Volatility(1)	Reference Entity	Volatility Strike Rate	Counterparty	Maturity Date	Currency	Notional Amount		Fair Value			Unrealized Appreciation (Depreciation)
	USD vs. CAD Spot Exchange
Receive	Rate	5.555%	BNP Paribas	10/10/24	USD		1,000	$	(713	)	$	(713	)
	GBP vs. USD Spot Exchange
Receive	Rate	6.625%	BNP Paribas	09/17/24	USD		1,000		(504	)		(504	)
	USD vs. CAD Spot Exchange
Receive	Rate	5.200%	Deutsche Bank AG	09/13/24	USD		2,000		(901	)		(901	)
	GBP vs. USD Spot Exchange
Receive	Rate	6.600%	Deutsche Bank AG	09/17/24	USD		1,000		(480	)		(480	)
	USD vs. CAD Spot Exchange
Receive	Rate	5.250%	Goldman Sachs International	09/19/24	USD		2,000		(860	)		(860	)
	GBP vs. USD Spot Exchange
Receive	Rate	6.525%	Goldman Sachs International	09/17/24	USD		1,000		(405	)		(405	)
	GBP vs. USD Spot Exchange
Receive	Rate	6.675%	Goldman Sachs International	09/19/24	USD		4,000		(2,025	)		(2,025	)
	USD vs. CAD Spot Exchange
Receive	Rate	5.555%	Standard Chartered Bank	10/10/24	USD		1,000		(714	)		(714	)
	USD vs. CAD Spot Exchange
Receive	Rate	5.200%	UBS AG	10/03/24	USD		2,000		(544	)		(544	)
								$	(8,021	)	$	(8,021	)

⁽¹⁾ Payments made at maturity date.

At June 30, 2024, the following purchased exchange-traded options were outstanding for Voya Balanced Portfolio:

Description	Put/Call	Expiration Date	Exercise Price		Number of Contracts	Notional Amount		Cost		Fair Value
3-Month Euribor	Put	12/16/24		96.38 EUR	11	EUR	2,658,837	$	1,504	$	883
3-Month Euribor	Call	12/16/24		97.38 EUR	11	EUR	2,658,838		2,994		884
								$	4,498	$	1,767

At June 30, 2024, the following exchange-traded written options were outstanding for Voya Balanced Portfolio:

Description	Put/Call	Expiration Date	Exercise Price		Number of Contracts	Notional Amount		Premiums Received		Fair Value
3-Month Euribor	Put	12/16/24		96.63 EUR	11	EUR	2,658,837	$	2,965	$	(3,313	)
3-Month Euribor	Call	12/16/24		97.63 EUR	11	EUR	2,658,838		1,773		(589	)
								$	4,738	$	(3,902	)

At June 30, 2024, 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	$	28
							$	10,416	$	28

At June 30, 2024, the following OTC purchased forward premium swaptions were outstanding for Voya Balanced Portfolio:

Description	Counterparty	Exercise Rate(1)	Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premium receivable/ (payable) at expiration(2)			Unrealized Appreciation/​ (Depreciation)
Call on 30-Year				1-day Secured Overnight
Interest Rate Swap	Barclays Bank PLC	17.500%	Receive	Financing Rate	06/14/27	USD	439,500	$	(76,913	)	$	11,176
Call on 30-Year				1-day Secured Overnight
Interest Rate Swap	Barclays Bank PLC	17.700%	Receive	Financing Rate	05/28/27	USD	740,000		(130,980	)		17,895
Put on 30-Year				1-day Secured Overnight
Interest Rate Swap	Barclays Bank PLC	18.000%	Pay	Financing Rate	05/25/27	USD	925,000		(166,500	)		19,989
								$	(374,393	)	$	49,060

See Accompanying Notes to Financial Statements

55

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

At June 30, 2024, the following OTC written forward premium swaptions were outstanding for Voya Balanced Portfolio:

Description	Counterparty	Exercise Rate(1)	Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premium receivable/ (payable) at expiration(2)		Unrealized Appreciation/ ​ (Depreciation)
Put on 5-Year Interest Rate Swap	UBS AG	3.000%	Receive	6-month EUR-EURIBOR	04/09/29	EUR	753,000	$	20,564	$	(3,111	)
								$	20,564	$	(3,111	)

⁽¹⁾ 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.

⁽²⁾ 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
MXN	—	Mexican Peso
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, 2024 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*	$	28
Interest rate contracts	Investments in securities at value*		1,767
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		53
Interest rate contracts	Unrealized appreciation on forward premium swaptions		49,060
Interest rate contracts	Variation margin receivable on futures contracts**		27,917
Interest rate contracts	Variation margin receivable on centrally cleared swaps**		5,956
Total Asset Derivatives		$	84,781
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	225
Interest rate contracts	Unrealized depreciation on forward premium swaptions		3,111
Interest rate contracts	Variation margin payable on futures contracts**		121,196
Interest rate contracts	Variation margin payable on centrally cleared swaps**		14,234
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements		8,021
Interest rate contracts	Written options, at fair value		3,902
Total Liability Derivatives		$	150,689

* Includes purchased options.

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2024 was as follows:

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

See Accompanying Notes to Financial Statements

56

Voya Balanced Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options		Total
Equity contracts	$	—		$	—		$	(4,267	)	$	—		$	—	$	(4,267	)
Foreign exchange contracts		—			(498	)		—			—			—		(498	)
Interest rate contracts		(25,476	)		—			(58,852	)		(98,248	)		75,911		(106,665	)
Total	$	(25,476	)	$	(498	)	$	(63,119	)	$	(98,248	)	$	75,911	$	(111,430	)

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
Foreign exchange contracts	$	(658	)	$	(516	)	$	—		$	(8,021	)	$	—	$	(9,195	)
Interest rate contracts		62,947			—			(504,550	)		(1,222	)		5,314		(437,511	)
Total	$	62,289		$	(516	)	$	(504,550	)	$	(9,243	)	$	5,314	$	(446,706	)

^* 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, 2024:

	Barclays Bank PLC		BNP Paribas			Deutsche Bank AG			Goldman Sachs  International			Morgan Stanley  Capital Services LLC			Standard Chartered Bank			UBS AG			Total
Assets:
Purchased options	$	—	$	28		$	—		$	—		$	—		$	—		$	—		$	28
Forward foreign currency contracts		—		—			—			—			53			—			—			53
Forward premium swaptions		49,060		—			—			—			—			—			—			49,060
Total Assets	$	49,060	$	28		$	—		$	—		$	53		$	—		$	—		$	49,141
Liabilities:
Forward foreign currency contracts	$	—	$	—		$	—		$	—		$	222		$	—		$	3		$	225
Forward premium swaptions		—		—			—			—			—			—			3,111			3,111
Volatility Swaps		—		2,092			1,381			3,290			—			714			544			8,021
Total Liabilities	$	—	$	2,092		$	1,381		$	3,290		$	222		$	714		$	3,658		$	11,357
Net OTC derivative instruments by counterparty, at fair value	$	49,060	$	(2,064	)	$	(1,381	)	$	(3,290	)	$	(169	)	$	(714	)	$	(3,658	)	$	37,784
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—	$	—		$	—		$	—		$	—		$	714		$	—		$	714
Net Exposure(1)(2)	$	49,060	$	(2,064	)	$	(1,381	)	$	(3,290	)	$	(169	)	$	—		$	(3,658	)	$	38,498

⁽¹⁾ Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

⁽²⁾ At June 30, 2024, the Portfolio had pledged $1,600 in cash collateral to Standard Chartered Bank. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2024, 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 $269,878,228.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	40,774,088
Gross Unrealized Depreciation		(6,557,183	)
Net Unrealized Appreciation	$	34,216,905

See Accompanying Notes to Financial Statements

57

Voya Global High Dividend	PORTFOLIO OF INVESTMENTS
Low Volatility Portfolio	as of June 30, 2024 (Unaudited)

Shares		Value		Percentage of Net Assets
COMMON STOCK: 98.6%
	Australia: 2.5%
56,514	Ampol Ltd.	$	1,215,527		0.3
314,666	Aurizon Holdings Ltd.		764,397		0.2
201,540 (1)	Brambles Ltd.		1,944,842		0.4
104,919	Computershare Ltd.		1,835,010		0.4
442,684	Medibank Pvt Ltd.		1,097,108		0.2
208,241	QBE Insurance Group Ltd.		2,403,848		0.5
1,001,159	Telstra Group Ltd.		2,417,011		0.5
			11,677,743		2.5
	Bermuda: 0.5%
33,910	Axis Capital Holdings Ltd.		2,395,742		0.5
	Canada: 3.6%
16,860 (2)	Canadian Imperial Bank of Commerce		801,684		0.2
88,442	Cenovus Energy, Inc.		1,738,391		0.4
17,730	iA Financial Corp., Inc.		1,113,398		0.2
96,772	Keyera Corp.		2,680,232		0.6
48,661 (2)	Parkland Corp.		1,364,094		0.3
39,996	Pembina Pipeline Corp.		1,484,008		0.3
12,318	Rogers Communications, Inc. - Class B		455,605		0.1
77,351	Suncor Energy, Inc.		2,948,616		0.6
60,854	TELUS Corp.		921,228		0.2
15,147	Thomson Reuters Corp.		2,553,306		0.5
10,700 (2)	West Fraser Timber Co. Ltd.		821,789		0.2
			16,882,351		3.6
	Denmark: 0.6%
96,374	Danske Bank A/S		2,874,454		0.6
	France: 2.3%
82,323	AXA SA		2,697,827		0.6
33,350	Carrefour SA		472,578		0.1
10,220	Cie de Saint-Gobain		794,852		0.2
14,195	Cie Generale des Etablissements Michelin SCA		548,653		0.1
23,956	Danone SA		1,467,300		0.3
60,479	Getlink SE		1,001,375		0.2
232,298	Orange SA		2,330,068		0.5
15,202	Sanofi		1,466,129		0.3
			10,778,782		2.3
	Germany: 1.4%
7,648	Allianz SE		2,124,087		0.5
32,244	Daimler Truck Holding AG		1,285,992		0.3
82,463	Deutsche Telekom AG, Reg		2,072,750		0.4
12,929 (3)	Scout24 SE		987,825		0.2
			6,470,654		1.4
	Hong Kong: 1.0%
614,500	BOC Hong Kong Holdings Ltd.		1,896,159		0.4
122,000	CK Asset Holdings Ltd.		457,020		0.1
143,000	CK Hutchison Holdings Ltd.		682,121		0.2
19,200	Jardine Matheson Holdings Ltd.		681,600		0.1

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Hong Kong (continued)
179,500	Power Assets Holdings Ltd.	$	970,103		0.2
			4,687,003		1.0
	Israel: 0.2%
106,480	Bank Leumi Le-Israel BM		867,981		0.2
	Italy: 1.6%
834,134	Intesa Sanpaolo SpA		3,099,988		0.6
99,317 (3)	Poste Italiane SpA		1,263,764		0.3
91,676	UniCredit SpA		3,392,566		0.7
			7,756,318		1.6
	Japan: 6.8%
112,900	Central Japan Railway Co.		2,447,348		0.5
111,000	Chubu Electric Power Co., Inc.		1,311,279		0.3
47,900	Dai-ichi Life Holdings, Inc.		1,282,755		0.3
49,600	Daiwa House Industry Co. Ltd.		1,262,810		0.3
1,600	Disco Corp.		609,439		0.1
401,700	ENEOS Holdings, Inc.		2,070,142		0.4
4,900	Hoya Corp.		573,003		0.1
35,200	Japan Airlines Co. Ltd.		556,160		0.1
123,300	Japan Post Bank Co. Ltd.		1,170,730		0.3
103,500	Japan Post Holdings Co. Ltd.		1,028,762		0.2
107,900 (2)	Japan Tobacco, Inc.		2,921,872		0.6
65,600	JFE Holdings, Inc.		946,781		0.2
33,700 (2)	Kirin Holdings Co. Ltd.		435,323		0.1
37,200 (2)	Nippon Express Holdings, Inc.		1,721,636		0.4
1,323,100	Nippon Telegraph & Telephone Corp.		1,251,128		0.3
21,900	Nitto Denko Corp.		1,737,039		0.4
19,500	Nomura Real Estate Holdings, Inc.		490,881		0.1
45,000	Ono Pharmaceutical Co. Ltd.		614,849		0.1
34,200	Otsuka Corp.		659,654		0.1
11,400	Otsuka Holdings Co. Ltd.		481,613		0.1
23,600	Secom Co. Ltd.		1,397,687		0.3
102,900	Sekisui Chemical Co. Ltd.		1,428,520		0.3
115,800	Sekisui House Ltd.		2,573,678		0.5
20,600	Sumitomo Corp.		517,512		0.1
48,600	Takeda Pharmaceutical Co. Ltd.		1,260,599		0.3
35,400	Trend Micro, Inc./Japan		1,442,933		0.3
			32,194,133		6.8
	Jordan: 0.1%
23,291	Hikma Pharmaceuticals PLC		554,929		0.1
	Netherlands: 0.9%
5,261	BE Semiconductor Industries NV		878,857		0.2
61,627	NN Group NV		2,864,330		0.6
4,277	Wolters Kluwer NV		706,297		0.1
			4,449,484		0.9
	New Zealand: 0.1%
190,293	Spark New Zealand Ltd.		482,174		0.1

See Accompanying Notes to Financial Statements

58 

Voya Global High Dividend	PORTFOLIO OF INVESTMENTS
Low Volatility Portfolio	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Norway: 0.2%
104,902	Telenor ASA	$	1,195,708		0.2
	Singapore: 0.8%
86,400	DBS Group Holdings Ltd.		2,275,673		0.5
1,564,400	Genting Singapore Ltd.		994,399		0.2
56,900	Oversea-Chinese Banking Corp. Ltd.		604,243		0.1
			3,874,315		0.8
	Spain: 1.9%
34,640	ACS Actividades de Construccion y Servicios SA		1,496,170		0.3
7,375 (3)	Aena SME SA		1,493,417		0.3
53,135	Industria de Diseno Textil SA		2,636,739		0.6
103,010	Repsol SA		1,633,603		0.4
372,907 (2)	Telefonica SA		1,579,725		0.3
			8,839,654		1.9
	Sweden: 0.6%
42,548	Essity AB - Class B		1,087,732		0.2
38,358	SKF AB - Class B		770,891		0.2
57,330	Swedbank AB - Class A		1,180,898		0.2
			3,039,521		0.6
	Switzerland: 1.5%
37,526	Holcim AG		3,317,001		0.7
36,203	Novartis AG, Reg		3,854,594		0.8
			7,171,595		1.5
	United Kingdom: 3.4%
145,126	BAE Systems PLC		2,417,301		0.5
237,010	BP PLC		1,426,978		0.3
114,439	British American Tobacco PLC		3,515,515		0.7
399,161	Centrica PLC		680,365		0.1
36,451	Compass Group PLC		993,043		0.2
54,801	Imperial Brands PLC		1,402,288		0.3
67,870	Pearson PLC		847,502		0.2
86,816	Sage Group PLC		1,189,402		0.3
58,251	Smiths Group PLC		1,253,359		0.3
65,841	Standard Chartered PLC		594,506		0.1
601,095	Vodafone Group PLC		531,870		0.1
34,059	Whitbread PLC		1,278,213		0.3
			16,130,342		3.4
	United States: 68.6%
41,367	AbbVie, Inc.		7,095,268		1.5
6,425	Acuity Brands, Inc.		1,551,252		0.3
17,647	AECOM		1,555,407		0.3
10,461	Allison Transmission Holdings, Inc.		793,990		0.2
19,696	Allstate Corp.		3,144,663		0.7
8,443	Alphabet, Inc. - Class A		1,537,892		0.3
87,683	Altria Group, Inc.		3,993,961		0.8
28,616	Amdocs Ltd.		2,258,375		0.5
10,622	American Electric Power Co., Inc.		931,974		0.2
6,765	American Financial Group, Inc.		832,230		0.2
1,432	Ameriprise Financial, Inc.		611,736		0.1
14,477	AmerisourceBergen Corp.		3,261,668		0.7
14,845	AMETEK, Inc.		2,474,810		0.5

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
7,519	Aon PLC - Class A	$	2,207,428		0.5
8,619	Applied Materials, Inc.		2,033,998		0.4
13,948	Assurant, Inc.		2,318,855		0.5
86,698	AT&T, Inc.		1,656,799		0.4
16,574	Automatic Data Processing, Inc.		3,956,048		0.8
21,238	Avnet, Inc.		1,093,545		0.2
79,723	Baker Hughes Co.		2,803,858		0.6
16,459	Black Hills Corp.		895,040		0.2
90,829	Bristol-Myers Squibb Co.		3,772,128		0.8
51,481	Brixmor Property Group, Inc.		1,188,696		0.3
13,192	Broadridge Financial Solutions, Inc.		2,598,824		0.5
16,091	Brown & Brown, Inc.		1,438,696		0.3
4,786	Cabot Corp.		439,785		0.1
7,457	Capital One Financial Corp.		1,032,422		0.2
26,315	Cardinal Health, Inc.		2,587,291		0.5
16,614	Cboe Global Markets, Inc.		2,825,377		0.6
5,128	Chevron Corp.		802,122		0.2
12,035	Cigna Group		3,978,410		0.8
3,777	Cintas Corp.		2,644,882		0.6
116,553	Cisco Systems, Inc.		5,537,433		1.2
55,111	Citigroup, Inc.		3,497,344		0.7
14,407	Civitas Resources, Inc.		994,083		0.2
18,370	CME Group, Inc.		3,611,542		0.8
32,176	CNO Financial Group, Inc.		891,919		0.2
25,386	Coca-Cola Co.		1,615,819		0.3
33,331	Colgate-Palmolive Co.		3,234,440		0.7
47,004	Comcast Corp. - Class A		1,840,677		0.4
39,131	Commerce Bancshares, Inc.		2,182,727		0.5
36,802	ConocoPhillips		4,209,413		0.9
103,058	Coterra Energy, Inc.		2,748,557		0.6
18,552	CSX Corp.		620,564		0.1
53,826	CVS Health Corp.		3,178,963		0.7
60,227	Dow, Inc.		3,195,042		0.7
21,906	DTE Energy Co.		2,431,785		0.5
42,065	Edison International		3,020,688		0.6
47,240	Element Solutions, Inc.		1,281,149		0.3
8,278	Elevance Health, Inc.		4,485,517		0.9
27,082	Entergy Corp.		2,897,774		0.6
3,864	EOG Resources, Inc.		486,362		0.1
36,381	Equitable Holdings, Inc.		1,486,528		0.3
37,504	Equity Residential		2,600,527		0.5
39,413	Essent Group Ltd.		2,214,616		0.5
53,674	Evergy, Inc.		2,843,112		0.6
21,906	Fortive Corp.		1,623,235		0.3
51,608	Gaming and Leisure Properties, Inc.		2,333,198		0.5
46,188	General Mills, Inc.		2,921,853		0.6
27,687	General Motors Co.		1,286,338		0.3
76,406	Genpact Ltd.		2,459,509		0.5
13,734	Genuine Parts Co.		1,899,687		0.4
58,140	Gilead Sciences, Inc.		3,988,985		0.8
53,022	H&R Block, Inc.		2,875,383		0.6
30,994	Hartford Financial Services Group, Inc.		3,116,137		0.7

See Accompanying Notes to Financial Statements

59 

Voya Global High Dividend	PORTFOLIO OF INVESTMENTS
Low Volatility Portfolio	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
29,016	Hewlett Packard Enterprise Co.	$	614,269		0.1
5,754	Hilton Worldwide Holdings, Inc.		1,255,523		0.3
61,472	Host Hotels & Resorts, Inc.		1,105,267		0.2
5,242	Humana, Inc.		1,958,673		0.4
19,335	Ingredion, Inc.		2,217,724		0.5
19,173	International Bancshares Corp.		1,096,887		0.2
11,873	International Business Machines Corp.		2,053,435		0.4
20,758	Iridium Communications, Inc.		552,578		0.1
53,680	Johnson & Johnson		7,845,869		1.7
24,632	Kimberly-Clark Corp.		3,404,142		0.7
1,663	KLA Corp.		1,371,160		0.3
62,839	Kraft Heinz Co.		2,024,673		0.4
22,349	Leidos Holdings, Inc.		3,260,272		0.7
39,265	Loews Corp.		2,934,666		0.6
12,163	LyondellBasell Industries NV - Class A		1,163,513		0.2
10,868	ManpowerGroup, Inc.		758,586		0.2
11,530	Marathon Petroleum Corp.		2,000,224		0.4
15,579	Marsh & McLennan Cos., Inc.		3,282,807		0.7
4,371	McKesson Corp.		2,552,839		0.5
38,477	Merck & Co., Inc.		4,763,453		1.0
36,118	MetLife, Inc.		2,535,122		0.5
137,594	MGIC Investment Corp.		2,965,151		0.6
13,161	Molson Coors Beverage Co. - Class B		668,974		0.1
8,058	Mondelez International, Inc. - Class A		527,315		0.1
866	Monolithic Power Systems, Inc.		711,575		0.2
26,747	MSC Industrial Direct Co., Inc. - Class A		2,121,305		0.4
34,638	National Fuel Gas Co.		1,877,033		0.4
24,780	NetApp, Inc.		3,191,664		0.7
3,342	NewMarket Corp.		1,723,035		0.4
71,948	NiSource, Inc.		2,072,822		0.4
20,920	NorthWestern Corp.		1,047,674		0.2
15,155	NVIDIA Corp.		1,872,249		0.4
58,901	OGE Energy Corp.		2,102,766		0.4
11,874	ONE Gas, Inc.		758,155		0.2
25,619	OneMain Holdings, Inc.		1,242,265		0.3
40,961	ONEOK, Inc.		3,340,369		0.7
7,544	Owens Corning		1,310,544		0.3
60,486	Park Hotels & Resorts, Inc.		906,080		0.2
36,708	PepsiCo, Inc.		6,054,250		1.3
60,971	PG&E Corp.		1,064,554		0.2
49,732	Philip Morris International, Inc.		5,039,344		1.1
26,776	Phillips 66		3,779,968		0.8
10,307	PPG Industries, Inc.		1,297,548		0.3
14,838	Procter & Gamble Co.		2,447,083		0.5
10,317	Prosperity Bancshares, Inc.		630,781		0.1
17,290	Prudential Financial, Inc.		2,026,215		0.4
15,131	Qualcomm, Inc.		3,013,793		0.6

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
11,336	Regency Centers Corp.	$	705,099		0.2
14,344	Reinsurance Group of America, Inc.		2,944,393		0.6
2,568	Republic Services, Inc.		499,065		0.1
172,195	Rithm Capital Corp.		1,878,647		0.4
56,738	Rollins, Inc.		2,768,247		0.6
25,481	RPM International, Inc.		2,743,794		0.6
13,468	Ryder System, Inc.		1,668,416		0.4
39,152	Sabra Health Care REIT, Inc.		602,941		0.1
29,946	Sempra Energy		2,277,693		0.5
8,046	Sherwin-Williams Co.		2,401,168		0.5
5,381	Skyworks Solutions, Inc.		573,507		0.1
37,547	SLM Corp.		780,602		0.2
10,013	Snap-on, Inc.		2,617,298		0.6
42,569	SS&C Technologies Holdings, Inc.		2,667,799		0.6
40,274	Synchrony Financial		1,900,530		0.4
22,210	Tapestry, Inc.		950,366		0.2
34,983	TEGNA, Inc.		487,663		0.1
12,382	Texas Roadhouse, Inc.		2,126,113		0.4
7,454	Tradeweb Markets, Inc. - Class A		790,124		0.2
15,313	Travelers Cos., Inc.		3,113,745		0.7
15,358	UnitedHealth Group, Inc.		7,821,215		1.7
56,699	Unum Group		2,897,886		0.6
21,613	Valero Energy Corp.		3,388,054		0.7
135,950	Verizon Communications, Inc.		5,606,578		1.2
95,356	VICI Properties, Inc.		2,730,996		0.6
9,395	Visa, Inc. - Class A		2,465,906		0.5
4,991	Watts Water Technologies, Inc. - Class A		915,200		0.2
87,477	Wells Fargo & Co.		5,195,259		1.1
157,554	Wendy’s Co.		2,672,116		0.6
8,964	Xcel Energy, Inc.		478,767		0.1
			325,141,717		68.6
	Total Common Stock
	(Cost $430,238,942)		467,464,600		98.6
EXCHANGE-TRADED FUNDS: 0.8%
21,063	iShares MSCI EAFE Value ETF		1,117,181		0.2
16,208	iShares Russell 1000 Value ETF		2,827,810		0.6
			3,944,991		0.8
	Total Exchange-Traded Funds
	(Cost $3,980,360)		3,944,991		0.8
PREFERRED STOCK: 0.2%
	Germany: 0.2%
16,067	Porsche Automobil Holding SE		725,134		0.2
	Total Preferred Stock
	(Cost $800,314)		725,134		0.2

See Accompanying Notes to Financial Statements

60 

Voya Global High Dividend	PORTFOLIO OF INVESTMENTS
Low Volatility Portfolio	as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
PREFERRED STOCK: (continued)
	Germany (continued)
	Total Long-Term Investments
	(Cost $435,019,616)	$	472,134,725	99.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.6%
	Repurchase Agreements: 1.6%
431,377 (4)	Bethesda Securities, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $431,570, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-6.070%, Market Value plus accrued interest $440,005, due 10/01/27-01/01/57)		431,377		0.1
1,799,996 (4)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,800,799, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,835,996, due 08/08/24-04/20/74)		1,799,996		0.4
1,799,996 (4)	CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,800,799, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,835,996, due 04/30/27-04/20/72)		1,799,996		0.4

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,799,996 (4)	Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $1,800,801, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $1,835,996, due 01/15/25-11/01/53)	$	1,799,996		0.4
1,700,000 (4)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $1,700,762, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $1,730,685, due 10/15/25-02/15/53)		1,700,000		0.3
	Total Repurchase Agreements
	(Cost $7,531,365)		7,531,365		1.6

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.0%
64,000 (5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220%
	(Cost $64,000)	$	64,000		0.0
	Total Short-Term Investments
	(Cost $7,595,365)		7,595,365		1.6
	Total Investments in Securities
	(Cost $442,614,981)	$	479,730,090		101.2
	Liabilities in Excess of Other Assets		(5,765,543	)	(1.2	)
	Net Assets	$	473,964,547		100.0

See Accompanying Notes to Financial Statements

61 

Voya Global High Dividend	PORTFOLIO OF INVESTMENTS
Low Volatility Portfolio	as of June 30, 2024 (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⁾ 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.

⁽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, 2024.

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 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, 2024
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	11,677,743	$	—	$	11,677,743
Bermuda		2,395,742		—		—		2,395,742
Canada		16,882,351		—		—		16,882,351
Denmark		—		2,874,454		—		2,874,454
France		—		10,778,782		—		10,778,782
Germany		—		6,470,654		—		6,470,654
Hong Kong		681,600		4,005,403		—		4,687,003
Israel		—		867,981		—		867,981
Italy		—		7,756,318		—		7,756,318
Japan		—		32,194,133		—		32,194,133
Jordan		—		554,929		—		554,929
Netherlands		—		4,449,484		—		4,449,484
New Zealand		482,174		—		—		482,174
Norway		1,195,708		—		—		1,195,708
Singapore		—		3,874,315		—		3,874,315
Spain		—		8,839,654		—		8,839,654
Sweden		—		3,039,521		—		3,039,521
Switzerland		—		7,171,595		—		7,171,595
United Kingdom		—		16,130,342		—		16,130,342
United States		325,141,717		—		—		325,141,717
Total Common Stock		346,779,292		120,685,308		—		467,464,600
Exchange-Traded Funds		3,944,991		—		—		3,944,991
Preferred Stock		—		725,134		—		725,134
Short-Term Investments		64,000		7,531,365		—		7,595,365
Total Investments, at fair value	$	350,788,283	$	128,941,807	$	—	$	479,730,090

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

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

At June 30, 2024, 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 $443,739,226.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	52,678,279
Gross Unrealized Depreciation		(16,736,477	)
Net Unrealized Appreciation	$	35,941,802

See Accompanying Notes to Financial Statements

62 

Voya Government Money Market Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
U.S. TREASURY DEBT: 55.7%
134,000,000 (1)	United States Treasury Bill, 5.120%, 07/23/2024	$	133,570,084		16.0
19,000,000 (1)	United States Treasury Bill, 5.280%, 08/20/2024		18,861,194		2.3
31,000,000 (1)	United States Treasury Bill, 5.290%, 09/19/2024		30,638,505		3.7
20,000,000 (1)	United States Treasury Bill, 5.310%, 10/29/2024		19,654,900		2.4
36,750,000 (1)	United States Treasury Bill, 5.320%, 11/14/2024		36,032,579		4.3
27,500,000 (1)	United States Treasury Bill, 5.320%, 12/05/2024		26,882,358		3.2
41,750,000 (1)	United States Treasury Bill, 5.340%, 10/08/2024		41,149,465		5.0
9,250,000 (2)	United States Treasury Floating Rate Notes, 4.931%, (USBMMY3M + 0.200%), 01/31/2025		9,257,954		1.1
110,250,000 (2)	United States Treasury Floating Rate Notes, 5.347%, (USBMMY3M + 0.037%), 07/31/2024		110,250,668		13.2
37,750,000 (2)	United States Treasury Floating Rate Notes, 5.450%, (USBMMY3M + 0.140%), 10/31/2024		37,762,942		4.5
			464,060,649		55.7
	Total U.S. Treasury Debt
	(Cost $464,060,649)		464,060,649		55.7
U.S. GOVERNMENT AGENCY DEBT: 18.6%
1,000,000 (2)	Federal Farm Credit Banks Funding Corp., 5.410%, (SOFRRATE + 0.080%), 11/08/2024		1,000,004		0.1
33,000,000 (1)	Federal Home Loan Bank Discount Notes, 15.970%, 07/01/2024		33,000,000		4.0
18,250,000	Federal Home Loan Banks, 1.150%, 12/10/2024		17,924,816		2.2
400,000	Federal Home Loan Banks, 2.875%, 09/13/2024		397,893		0.0
36,500,000 (2)	Federal Home Loan Banks, 5.330%, (SOFRRATE + 0.000%), 07/09/2024		36,500,000		4.4
18,250,000 (2)	Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.010%), 08/27/2024		18,250,000		2.2
18,250,000 (2)	Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.010%), 09/23/2024		18,250,000		2.2
9,000,000 (2)	Federal Home Loan Banks, 5.340%, (SOFRRATE + 0.010%), 09/24/2024		9,000,000		1.1

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: (continued)
9,500,000 (2)	Federal Home Loan Banks, 5.350%, (SOFRRATE + 0.020%), 01/02/2025	$	9,500,000		1.1
1,250,000	Federal Home Loan Banks, 5.370%, 05/20/2025		1,249,463		0.2
9,250,000 (2)	Federal Home Loan Banks 0004, 5.335%, (SOFRRATE + 0.005%), 08/26/2024		9,250,000		1.1
			154,322,176		18.6
	Total U.S. Government Agency Debt
	(Cost $154,322,176)		154,322,176		18.6
U.S. TREASURY REPURCHASE AGREEMENTS: 22.6%
188,349,000	Deutsche Bank, Repurchase Agreement dated 06/28/2024, 5.330%, due 07/01/2024 $188,432,658 to be received upon repurchase (Collateralized by $207,660,700, various U.S. Treasuries, 0.375-3.75%, Market Value plus accrued interest $192,115,989 due 12/31/25-5/31/30)		188,349,000		22.6
	Total U.S. Treasury Repurchase Agreements
	(Cost $188,349,000)		188,349,000		22.6
	Total Investments in Securities
	(Cost $806,731,825)	$	806,731,825		96.9
	Assets in Excess of Other Liabilities		26,156,667		3.1
	Net Assets	$	832,888,492		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, 2024.

⁽²⁾ Variable rate security. Rate shown is the rate in effect as of June 30, 2024.

Reference Rate Abbreviations:

SOFRRATE	1-day Secured Overnight Financing Rate
USBMMY3M	U.S. Treasury 3-month Bill Money Market Yield

At June 30, 2024, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

See Accompanying Notes to Financial Statements

63 

Voya Government Money Market Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 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, 2024
Asset Table
Investments, at fair value
U.S. Government Agency Debt	$	—	$	154,322,176	$	—	$	154,322,176
U.S. Treasury Debt		—		464,060,649		—		464,060,649
U.S. Treasury Repurchase Agreements		—		188,349,000		—		188,349,000
Total Investments, at fair value	$	—	$	806,731,825	$	—	$	806,731,825

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

The following table is a summary of the Fund’s treasury repurchase agreement by counterparty which is subject to offset under a MRA as of June 30, 2024:

Counterparty	U.S. Treasury Repurchase Agreements, at fair value		Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank	$	188,349,000	$	(188,349,000	)	$	—
Totals	$	188,349,000	$	(188,349,000	)	$	—

⁽¹⁾ Collateral with a fair value of $192,115,989 has been pledged in connection with the above treasury repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

64 

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited)

Shares		Value		Percentage of Net Assets
COMMON STOCK: 99.7%
	Communication Services: 7.5%
2,532,002	AT&T, Inc.	$	48,386,558		2.1
194,760	Meta Platforms, Inc. - Class A		98,201,887		4.2
646,561 (1)	Pinterest, Inc. - Class A		28,493,944		1.2
			175,082,389		7.5
	Consumer Discretionary: 10.1%
659,281 (1)	Amazon.com, Inc.		127,406,053		5.4
176,042	Dollar General Corp.		23,278,034		1.0
650,376	Las Vegas Sands Corp.		28,779,138		1.2
253,666	PVH Corp.		26,855,619		1.2
715,291	Tapestry, Inc.		30,607,302		1.3
			236,926,146		10.1
	Consumer Staples: 5.6%
1,380,020	Kenvue, Inc.		25,088,763		1.1
789,844	Kraft Heinz Co.		25,448,774		1.1
539,461	McCormick & Co., Inc.		38,269,363		1.6
428,966	Philip Morris International, Inc.		43,467,125		1.8
			132,274,025		5.6
	Energy: 4.0%
793,970	BP PLC, ADR		28,662,317		1.2
399,734 (2)	Chesapeake Energy Corp.		32,854,138		1.4
292,280	ConocoPhillips		33,430,986		1.4
			94,947,441		4.0
	Financials: 9.9%
249,319	Apollo Global Management, Inc.		29,437,094		1.2
123,398	Arthur J Gallagher & Co.		31,998,335		1.4
1,425,394	Bank of America Corp.		56,687,919		2.4
337,042	Bank of New York Mellon Corp.		20,185,446		0.9
189,905	Hartford Financial Services Group, Inc.		19,093,049		0.8
288,033	Intercontinental Exchange, Inc.		39,428,837		1.7
281,527	Raymond James Financial, Inc.		34,799,553		1.5
			231,630,233		9.9
	Health Care: 12.8%
290,150	Abbott Laboratories		30,149,487		1.3
226,686	AbbVie, Inc.		38,881,183		1.7
124,163	Amgen, Inc.		38,794,729		1.7
85,183	Cigna Group		28,158,944		1.2
44,485	Elevance Health, Inc.		24,104,642		1.0
89,929	HCA Healthcare, Inc.		28,892,389		1.2
119,088	Stryker Corp.		40,519,692		1.7
77,624	Thermo Fisher Scientific, Inc.		42,926,072		1.8
61,162 (1)	Vertex Pharmaceuticals, Inc.		28,667,853		1.2
			301,094,991		12.8

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 8.2%
155,094	Booz Allen Hamilton Holding Corp.	$	23,868,967		1.0
587,695 (1)	Copart, Inc.		31,829,561		1.4
168,288	Dover Corp.		30,367,570		1.3
191,641	Emerson Electric Co.		21,111,172		0.9
337,521	Ingersoll Rand, Inc.		30,660,408		1.3
62,077	Parker-Hannifin Corp.		31,399,167		1.3
50,075 (1)	Saia, Inc.		23,750,072		1.0
			192,986,917		8.2
	Information Technology: 33.7%
110,874	Accenture PLC - Class A		33,640,280		1.4
374,926 (1)	Advanced Micro Devices, Inc.		60,816,746		2.6
848,671	Apple, Inc.		178,747,086		7.6
52,599	Broadcom, Inc.		84,449,273		3.6
1,060,439 (1)	Dropbox, Inc. - Class A		23,828,064		1.0
402,882	Micron Technology, Inc.		52,991,070		2.3
419,789	Microsoft Corp.		187,624,694		8.0
232,262	Salesforce, Inc.		59,714,560		2.5
310,619	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		53,988,688		2.3
147,319	Visa, Inc. - Class A		38,666,818		1.6
79,060 (1)	Workday, Inc. - Class A		17,674,654		0.8
			792,141,933		33.7
	Materials: 2.2%
547,268	Alcoa Corp.		21,770,321		0.9
220,665	CF Industries Holdings, Inc.		16,355,690		0.7
45,642	Reliance Steel & Aluminum Co.		13,035,355		0.6
			51,161,366		2.2
	Real Estate: 1.7%
394,168	Welltower, Inc.		41,092,014		1.7
	Utilities: 4.0%
336,211	Duke Energy Corp.		33,698,428		1.4
381,131	NextEra Energy, Inc.		26,987,886		1.2
459,337	Public Service Enterprise Group, Inc.		33,853,137		1.4
			94,539,451		4.0
	Total Common Stock
	(Cost $1,873,662,877)		2,343,876,906		99.7
OTHER(3): 0.0%
	Utilities: 0.0%
10,000,000 (4)(5)	Southern Energy		—		0.0
	Total Other
	(Cost $—)		—		0.0
	Total Long-Term Investments
	(Cost $1,873,662,877)		2,343,876,906		99.7

See Accompanying Notes to Financial Statements

65 

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
	Repurchase Agreements: 0.5%
3,849,247 (6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $3,850,965, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $3,926,232, due 08/08/24-04/20/74)	$	3,849,247		0.2
1,047,717 (6)	CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,048,185, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,068,671, due 04/30/27-04/20/72)		1,047,717		0.0
3,849,247 (6)	Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $3,850,968, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $3,926,233, due 01/15/25-11/01/53)		3,849,247		0.2

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
3,700,000 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $3,701,657, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $3,766,784, due 10/15/25-02/15/53)	$	3,700,000		0.1
	Total Repurchase Agreements
	(Cost $12,446,211)		12,446,211		0.5
	Time Deposits: 0.2%
380,000 (6)	BNP Paribas SA, 5.290%, 07/01/2024
	(Cost $380,000)		380,000		0.1
380,000 (6)	Canadian Imperial Bank of Commerce, 5.310%, 07/01/2024
	(Cost $380,000)		380,000		0.1
380,000 (6)	Credit Agricole Corporate and Investment Bank, 5.300%, 07/01/2024
	(Cost $380,000)		380,000		0.0
360,000 (6)	DZ Bank AG, 5.300%, 07/01/2024
	(Cost $360,000)		360,000		0.0
370,000 (6)	HSBC Bank PLC, 5.380%, 07/01/2024
	(Cost $370,000)		370,000		0.0
320,000 (6)	Landesbank Hessen Thueringen Girozentrale, 5.320%, 07/01/2024
	(Cost $320,000)		320,000		0.0
370,000 (6)	Mizuho Bank Ltd., 5.320%, 07/01/2024
	(Cost $370,000)		370,000		0.0
380,000 (6)	Royal Bank of Canada, 5.320%, 07/01/2024
	(Cost $380,000)		380,000		0.0
370,000 (6)	Skandinaviska Enskilda Banken AB,
	5.310%, 07/01/2024
	(Cost $370,000)		370,000		0.0
350,000 (6)	Svenska Handelsbanken AB, 5.310%, 07/01/2024
	(Cost $350,000)		350,000		0.0
	Total Time Deposits
	(Cost $3,660,000)		3,660,000		0.2

See Accompanying Notes to Financial Statements

66 

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.8%
18,873,000 (7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220%
	(Cost $18,873,000)	$	18,873,000		0.8
	Total Short-Term Investments
	(Cost $34,979,211)	$	34,979,211		1.5
	Total Investments in Securities
	(Cost $1,908,642,088)	$	2,378,856,117		101.2
	Liabilities in Excess of Other Assets		(28,673,171	)	(1.2)
	Net Assets	$	2,350,182,946		100.0

ADR American Depositary Receipt

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

⁽¹⁾ Non-income producing security.

⁽²⁾ Security, or a portion of the security, is on loan.

⁽³⁾ 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, 2024, the Portfolio held restricted securities with a fair value of $– or —% 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, 2024.

See Accompanying Notes to Financial Statements

67 

Voya Growth and Income Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 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, 2024
Asset Table
Investments, at fair value
Common Stock*	$	2,343,876,906	$	—	$	—	$	2,343,876,906
Short-Term Investments		18,873,000		16,106,211		—		34,979,211
Total Investments, at fair value	$	2,362,749,906	$	16,106,211	$	—	$	2,378,856,117

^ 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, 2024, Voya Growth and Income Portfolio held the following restricted securities:

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

At June 30, 2024, 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 $1,919,311,838.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	497,242,142
Gross Unrealized Depreciation		(37,697,794	)
Net Unrealized Appreciation	$	459,544,348

See Accompanying Notes to Financial Statements

68 

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 26.6%
	Basic Materials: 0.4%
580,000	Air Products and Chemicals, Inc., 4.850%, 02/08/2034	$	569,542		0.0
1,695,000 (1)	Anglo American Capital PLC, 2.250%, 03/17/2028		1,520,199		0.1
1,250,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024		1,243,437		0.1
414,000 (1)	Anglo American Capital PLC, 5.500%, 05/02/2033		408,782		0.0
566,000 (1)	Anglo American Capital PLC, 5.750%, 04/05/2034		568,346		0.0
473,000 (2)	BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033		464,052		0.0
871,000	BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030		883,379		0.0
901,000	BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033		901,975		0.1
414,000	FMC Corp., 5.150%, 05/18/2026		411,305		0.0
185,000 (1)	Glencore Funding LLC, 5.893%, 04/04/2054		178,055		0.0
612,000	Nutrien Ltd., 2.950%, 05/13/2030		542,010		0.0
827,000 (2)	Nutrien Ltd., 5.400%, 06/21/2034		815,055		0.0
75,000	Nutrien Ltd., 5.875%, 12/01/2036		76,942		0.0
74,000	Nutrien Ltd., 5.950%, 11/07/2025		74,426		0.0
1,078,000	Steel Dynamics, Inc., 1.650%, 10/15/2027		961,292		0.1
			9,618,797		0.4
	Communications: 1.6%
445,000	Amazon.com, Inc., 2.100%, 05/12/2031		375,081		0.0
185,000	AT&T, Inc., 3.500%, 06/01/2041		141,428		0.0
1,115,000	AT&T, Inc., 3.650%, 09/15/2059		748,351		0.0
1,107,000	AT&T, Inc., 4.900%, 08/15/2037		1,039,709		0.1
718,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029		613,906		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
454,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061	$	296,472		0.0
852,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050		625,630		0.0
1,335,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029		1,339,871		0.1
925,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034		925,855		0.1
1,051,000	Cisco Systems, Inc., 4.950%, 02/26/2031		1,050,459		0.1
928,000	Cisco Systems, Inc., 5.050%, 02/26/2034		927,658		0.1
444,000	Cisco Systems, Inc., 5.300%, 02/26/2054		435,181		0.0
502,000	Cisco Systems, Inc., 5.350%, 02/26/2064		489,013		0.0
715,000	Comcast Corp., 1.950%, 01/15/2031		590,765		0.0
957,000	Comcast Corp., 2.650%, 02/01/2030		847,620		0.1
297,000	Comcast Corp., 3.200%, 07/15/2036		240,127		0.0
315,000	Comcast Corp., 3.900%, 03/01/2038		267,111		0.0
510,000	Comcast Corp., 5.300%, 06/01/2034		511,468		0.0
1,709,000	Comcast Corp., 5.500%, 05/15/2064		1,645,616		0.1
725,000	Discovery Communications LLC, 3.625%, 05/15/2030		638,210		0.0
1,275,000	Meta Platforms, Inc., 4.450%, 08/15/2052		1,099,958		0.1
166,000	Meta Platforms, Inc., 4.650%, 08/15/2062		143,197		0.0
1,406,000	Meta Platforms, Inc., 5.750%, 05/15/2063		1,445,742		0.1
636,000	Motorola Solutions, Inc., 5.000%, 04/15/2029		631,257		0.0
1,082,000 (1)	NBN Co. Ltd., 1.450%, 05/05/2026		1,010,552		0.1
550,000 (1)	NBN Co. Ltd., 1.625%, 01/08/2027		504,715		0.0

See Accompanying Notes to Financial Statements

69

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
518,000 (1)	NBN Co. Ltd., 2.500%, 01/08/2032	$	432,847		0.0
814,000 (1)(2)	NBN Co. Ltd., 6.000%, 10/06/2033		859,541		0.1
1,058,000	Netflix, Inc., 5.875%, 11/15/2028		1,090,382		0.1
130,000	Orange SA, 9.000%, 03/01/2031		155,115		0.0
211,000	Paramount Global, 4.950%, 05/19/2050		147,094		0.0
314,000	Paramount Global, 5.850%, 09/01/2043		247,102		0.0
1,631,000	Sprint Capital Corp., 6.875%, 11/15/2028		1,730,201		0.1
2,059,000	Sprint Capital Corp., 8.750%, 03/15/2032		2,478,413		0.1
432,000	Time Warner Cable LLC, 5.500%, 09/01/2041		360,093		0.0
865,000	Time Warner Cable LLC, 5.875%, 11/15/2040		751,192		0.0
495,000	T-Mobile USA, Inc., 2.050%, 02/15/2028		444,727		0.0
477,000	T-Mobile USA, Inc., 2.250%, 02/15/2026		453,353		0.0
64,000	T-Mobile USA, Inc., 2.550%, 02/15/2031		54,345		0.0
154,000	T-Mobile USA, Inc., 2.625%, 04/15/2026		146,604		0.0
650,000	T-Mobile USA, Inc., 2.625%, 02/15/2029		582,743		0.0
154,000	T-Mobile USA, Inc., 2.875%, 02/15/2031		133,826		0.0
146,000	T-Mobile USA, Inc., 3.375%, 04/15/2029		134,942		0.0
1,223,000	T-Mobile USA, Inc., 3.500%, 04/15/2031		1,100,188		0.1
186,000	T-Mobile USA, Inc., 3.875%, 04/15/2030		173,922		0.0
565,000	T-Mobile USA, Inc., 4.375%, 04/15/2040		489,872		0.0
458,000	T-Mobile USA, Inc., 4.500%, 04/15/2050		382,778		0.0
358,000	T-Mobile USA, Inc., 6.000%, 06/15/2054		370,503		0.0
476,000	Verizon Communications, Inc., 1.750%, 01/20/2031		385,347		0.0
933,000	Verizon Communications, Inc., 2.355%, 03/15/2032		763,026		0.0
472,000	Verizon Communications, Inc., 2.550%, 03/21/2031		401,136		0.0
121,000	Verizon Communications, Inc., 3.400%, 03/22/2041		92,583		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: (continued)
1,116,000	Verizon Communications, Inc., 4.400%, 11/01/2034	$	1,034,614		0.1
696,000	Verizon Communications, Inc., 4.812%, 03/15/2039		645,852		0.0
305,000	Verizon Communications, Inc., 5.500%, 02/23/2054		298,786		0.0
455,000	Verizon Communications, Inc., 6.550%, 09/15/2043		499,777		0.0
668,000	Vodafone Group PLC, 5.875%, 06/28/2064		642,969		0.0
			36,068,825		1.6
	Consumer, Cyclical: 1.9%
81,352	American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029		77,248		0.0
29,585	American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029		27,995		0.0
1,423,316	American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029		1,322,241		0.1
61,520	American Airlines Pass Through Trust 2016-3, AA, 3.000%, 04/15/2030		56,681		0.0
1,241,815	American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031		1,145,732		0.1
310,067	American Airlines Pass Through Trust 2019-1, AA, 3.150%, 08/15/2033		277,103		0.0
820,000	American Honda Finance Corp., 4.700%, 01/12/2028		812,407		0.0
580,000	American Honda Finance Corp., 5.650%, 11/15/2028		594,546		0.0
133,000	American Honda Finance Corp., GMTN, 4.900%, 01/10/2034		129,116		0.0
1,007,000	American Honda Finance Corp., GMTN, 5.850%, 10/04/2030		1,051,145		0.1
386,000	AutoZone, Inc., 6.250%, 11/01/2028		402,595		0.0
570,000	Choice Hotels International, Inc., 5.850%, 08/01/2034		562,008		0.0

See Accompanying Notes to Financial Statements

70

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
520,430	Delta Air Lines Pass Through Trust 20-1, A, 2.500%, 12/10/2029	$	473,122		0.0
165,741 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028		161,481		0.0
2,341,000	Ford Motor Credit Co. LLC, 4.000%, 11/13/2030		2,091,198		0.1
1,580,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027		1,501,974		0.1
965,000	Ford Motor Credit Co. LLC, 5.800%, 03/08/2029		962,064		0.1
880,000	General Motors Co., 6.125%, 10/01/2025		884,898		0.0
1,172,000	General Motors Financial Co., Inc., 2.350%, 01/08/2031		961,992		0.1
3,182,000	General Motors Financial Co., Inc., 5.550%, 07/15/2029		3,182,894		0.2
588,000	General Motors Financial Co., Inc., 5.950%, 04/04/2034		588,733		0.0
444,000	General Motors Financial Co., Inc., 6.100%, 01/07/2034		449,004		0.0
994,000	Home Depot, Inc., 2.700%, 04/15/2030		885,911		0.0
335,000	Home Depot, Inc., 5.400%, 06/25/2064		326,749		0.0
440,000	Hyatt Hotels Corp., 5.250%, 06/30/2029		436,518		0.0
987,000 (1)(2)	Hyundai Capital America, 5.300%, 06/24/2029		981,948		0.1
264,000 (1)	Hyundai Capital America, 5.400%, 01/08/2031		262,352		0.0
870,000 (1)	Hyundai Capital America, 5.680%, 06/26/2028		879,495		0.0
2,093,000 (1)	Hyundai Capital America, 6.100%, 09/21/2028		2,150,100		0.1
926,000 (1)	Hyundai Capital America, 6.500%, 01/16/2029		967,357		0.1
220,000	Lowe’s Cos., Inc., 4.450%, 04/01/2062		171,189		0.0
249,000	Lowe’s Cos., Inc., 5.750%, 07/01/2053		245,534		0.0
55,000	Lowe’s Cos., Inc., 5.800%, 09/15/2062		53,521		0.0
213,000	Lowe’s Cos., Inc., 5.850%, 04/01/2063		207,826		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: (continued)
394,000	Marriott International, Inc., 4.875%, 05/15/2029	$	389,114		0.0
303,454 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027		304,301		0.0
891,000	PACCAR Financial Corp., MTN, 5.000%, 03/22/2034		888,148		0.0
1,071,000	Toyota Motor Credit Corp., 5.550%, 11/20/2030		1,100,582		0.1
498,617	United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029		500,571		0.0
1,900,690	United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030		1,735,513		0.1
673,876	US Airways Pass Through Trust 2012-1, A, 5.900%, 04/01/2026		673,456		0.0
2,015,000 (1)	Volkswagen Group of America Finance LLC, 5.250%, 03/22/2029		2,002,807		0.1
2,170,000 (1)	Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027		2,171,304		0.1
604,000 (1)(2)	Volkswagen Group of America Finance LLC, 5.900%, 09/12/2033		614,638		0.0
1,654,000 (1)	Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030		1,735,371		0.1
906,000	Walmart, Inc., 4.000%, 04/15/2030		880,111		0.0
1,787,000	Warnermedia Holdings, Inc., 3.755%, 03/15/2027		1,697,038		0.1
851,000	Warnermedia Holdings, Inc., 5.050%, 03/15/2042		692,586		0.0
1,987,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052		1,548,097		0.1
919,000	Warnermedia Holdings, Inc., 5.391%, 03/15/2062		717,798		0.0
			42,936,112		1.9
	Consumer, Non-cyclical: 4.2%
236,000	AbbVie, Inc., 3.200%, 05/14/2026		227,980		0.0
423,000	AbbVie, Inc., 3.200%, 11/21/2029		388,250		0.0
719,000	AbbVie, Inc., 4.050%, 11/21/2039		624,865		0.0
240,000	AbbVie, Inc., 4.550%, 03/15/2035		227,749		0.0

See Accompanying Notes to Financial Statements

71

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
1,548,000	AbbVie, Inc., 4.950%, 03/15/2031	$	1,544,488		0.1
817,000	AbbVie, Inc., 5.050%, 03/15/2034		814,920		0.1
605,000	AbbVie, Inc., 5.400%, 03/15/2054		598,674		0.0
608,000	AbbVie, Inc., 5.500%, 03/15/2064		600,686		0.0
807,000	Altria Group, Inc., 6.200%, 11/01/2028		837,318		0.1
207,000	Amgen, Inc., 2.200%, 02/21/2027		192,069		0.0
50,000	Amgen, Inc., 2.300%, 02/25/2031		42,033		0.0
167,000	Amgen, Inc., 2.450%, 02/21/2030		145,695		0.0
284,000	Amgen, Inc., 3.150%, 02/21/2040		212,368		0.0
137,000	Amgen, Inc., 5.250%, 03/02/2030		138,047		0.0
513,000	Amgen, Inc., 5.750%, 03/02/2063		502,829		0.0
1,548,000	Astrazeneca Finance LLC, 4.900%, 02/26/2031		1,544,545		0.1
33,000	BAT Capital Corp., 3.557%, 08/15/2027		31,355		0.0
181,000	BAT Capital Corp., 4.390%, 08/15/2037		152,835		0.0
383,000	BAT Capital Corp., 5.834%, 02/20/2031		388,530		0.0
1,071,000	BAT Capital Corp., 6.000%, 02/20/2034		1,083,980		0.1
350,000	BAT Capital Corp., 7.079%, 08/02/2043		369,139		0.0
1,064,000	Becton Dickinson & Co., 4.693%, 02/13/2028		1,049,150		0.1
165,000	Bristol-Myers Squibb Co., 3.200%, 06/15/2026		159,133		0.0
40,000	Bristol-Myers Squibb Co., 3.400%, 07/26/2029		37,284		0.0
619,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039		537,430		0.0
650,000	Bristol-Myers Squibb Co., 5.100%, 02/22/2031		652,670		0.0
442,000	Bristol-Myers Squibb Co., 5.650%, 02/22/2064		432,107		0.0
541,000	Bristol-Myers Squibb Co., 6.400%, 11/15/2063		587,835		0.0
916,000	Campbell Soup Co., 5.200%, 03/21/2029		916,835		0.1
242,000	Cardinal Health, Inc., 5.450%, 02/15/2034		241,037		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
748,000 (1)	Cargill, Inc., 1.700%, 02/02/2031	$	611,009		0.0
463,000 (1)	Cargill, Inc., 2.125%, 04/23/2030		397,438		0.0
826,000 (1)	Cargill, Inc., 2.125%, 11/10/2031		675,693		0.0
893,000	Cencora, Inc., 5.125%, 02/15/2034		877,099		0.1
218,000	Centene Corp., 2.450%, 07/15/2028		193,719		0.0
774,000	Centene Corp., 2.500%, 03/01/2031		635,784		0.0
466,000	Centene Corp., 2.625%, 08/01/2031		383,146		0.0
7,722,000	Centene Corp., 3.000%, 10/15/2030		6,608,518		0.3
1,414,000	Cigna Group, 2.375%, 03/15/2031		1,186,807		0.1
1,721,000	Cigna Group, 4.800%, 08/15/2038		1,582,434		0.1
824,000 (2)	Cigna Group, 5.250%, 02/15/2034		812,921		0.1
844,000	Cigna Group, 5.600%, 02/15/2054		810,892		0.1
658,000	Coca-Cola Co., 5.300%, 05/13/2054		653,444		0.0
666,000	Coca-Cola Co., 5.400%, 05/13/2064		660,813		0.0
935,000	Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029		939,513		0.1
929,000 (1)	CSL Finance PLC, 5.417%, 04/03/2054		897,424		0.1
412,000	CVS Health Corp., 2.700%, 08/21/2040		273,994		0.0
1,543,000	CVS Health Corp., 4.125%, 04/01/2040		1,247,782		0.1
1,637,000	CVS Health Corp., 4.780%, 03/25/2038		1,462,399		0.1
345,000	CVS Health Corp., 5.625%, 02/21/2053		320,591		0.0
679,000	CVS Health Corp., 5.700%, 06/01/2034		677,421		0.0
123,000	CVS Health Corp., 6.000%, 06/01/2063		117,899		0.0
436,000	CVS Health Corp., 6.050%, 06/01/2054		427,890		0.0
38,501	CVS Pass-Through Trust, 6.943%, 01/10/2030		38,927		0.0
1,566,000 (1)	Element Fleet Management Corp., 5.643%, 03/13/2027		1,570,330		0.1
725,000 (1)	Element Fleet Management Corp., 6.319%, 12/04/2028		749,794		0.0
355,000	Elevance Health, Inc., 4.900%, 02/08/2026		352,350		0.0
549,000	Eli Lilly & Co., 4.700%, 02/09/2034		538,513		0.0

See Accompanying Notes to Financial Statements

72

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
271,000	Eli Lilly & Co., 5.000%, 02/09/2054	$	258,995		0.0
725,000	Equifax, Inc., 3.100%, 05/15/2030		646,959		0.0
1,369,000	Global Payments, Inc., 1.200%, 03/01/2026		1,274,854		0.1
1,129,000	Global Payments, Inc., 3.200%, 08/15/2029		1,014,771		0.1
462,000	Global Payments, Inc., 4.450%, 06/01/2028		446,547		0.0
304,000	Global Payments, Inc., 5.950%, 08/15/2052		293,194		0.0
282,000	HCA, Inc., 2.375%, 07/15/2031		231,652		0.0
413,000	HCA, Inc., 3.125%, 03/15/2027		390,287		0.0
123,000	HCA, Inc., 3.375%, 03/15/2029		113,086		0.0
307,000	HCA, Inc., 3.500%, 09/01/2030		277,009		0.0
290,000	HCA, Inc., 4.375%, 03/15/2042		238,625		0.0
1,508,000	HCA, Inc., 4.500%, 02/15/2027		1,473,942		0.1
822,000	HCA, Inc., 5.125%, 06/15/2039		761,871		0.0
725,000	HCA, Inc., 5.250%, 04/15/2025		721,785		0.0
185,000	HCA, Inc., 5.250%, 06/15/2049		165,041		0.0
875,000	HCA, Inc., 5.450%, 04/01/2031		874,616		0.1
359,000	HCA, Inc., 6.000%, 04/01/2054		354,952		0.0
316,000	HCA, Inc., 6.100%, 04/01/2064		309,143		0.0
1,335,000 (1)	Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029		1,329,594		0.1
890,000	Humana, Inc., 5.375%, 04/15/2031		885,558		0.1
1,355,000	Icon Investments Six DAC, 5.849%, 05/08/2029		1,377,160		0.1
1,355,000 (1)	Imperial Brands Finance PLC, 5.500%, 02/01/2030		1,342,711		0.1
690,000 (1)	Imperial Brands Finance PLC, 5.875%, 07/01/2034		676,644		0.0
67,000	Johnson & Johnson, 2.100%, 09/01/2040		44,741		0.0
502,000	Johnson & Johnson, 3.625%, 03/03/2037		438,410		0.0
480,000 (2)	Johnson & Johnson, 4.950%, 06/01/2034		485,774		0.0
133,000	Johnson & Johnson, 5.850%, 07/15/2038		143,753		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
1,085,000	Kenvue, Inc., 4.900%, 03/22/2033	$	1,073,441		0.1
518,000	Kenvue, Inc., 5.050%, 03/22/2028		520,969		0.0
181,000	Kenvue, Inc., 5.100%, 03/22/2043		174,871		0.0
637,000	Kenvue, Inc., 5.200%, 03/22/2063		601,813		0.0
484,000	Keurig Dr Pepper, Inc., 5.050%, 03/15/2029		483,432		0.0
166,000 (1)	Mars, Inc., 2.375%, 07/16/2040		111,853		0.0
1,530,000 (1)	Mars, Inc., 3.875%, 04/01/2039		1,301,417		0.1
870,000	Medtronic Global Holdings SCA, 4.500%, 03/30/2033		836,722		0.1
764,000	Mondelez International, Inc., 4.750%, 02/20/2029		755,109		0.0
619,000 (1)(2)	Nestle Capital Corp., 4.875%, 03/12/2034		611,227		0.0
388,000 (1)	Nestle Capital Corp., 5.100%, 03/12/2054		370,954		0.0
1,275,000	PayPal Holdings, Inc., 5.150%, 06/01/2034		1,259,802		0.1
675,000	Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030		665,534		0.0
1,813,000	Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033		1,767,287		0.1
299,000	Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053		288,599		0.0
1,833,000	Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063		1,731,545		0.1
1,050,000	Philip Morris International, Inc., 4.875%, 02/13/2029		1,038,695		0.1
703,000	Philip Morris International, Inc., 5.250%, 02/13/2034		689,947		0.0
637,000	Philip Morris International, Inc., 5.625%, 09/07/2033		642,825		0.0
271,000	Quest Diagnostics, Inc., 2.800%, 06/30/2031		232,098		0.0
277,000	Quest Diagnostics, Inc., 2.950%, 06/30/2030		246,043		0.0
573,000	Quest Diagnostics, Inc., 6.400%, 11/30/2033		613,591		0.0
352,000	Reynolds American, Inc., 5.850%, 08/15/2045		325,031		0.0
2,247,000 (1)	Roche Holdings, Inc., 5.489%, 11/13/2030		2,312,926		0.1
596,000 (1)	Roche Holdings, Inc., 5.593%, 11/13/2033		618,350		0.0

See Accompanying Notes to Financial Statements

73

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
505,000	Royalty Pharma PLC, 1.200%, 09/02/2025	$	479,750		0.0
1,090,000	Royalty Pharma PLC, 1.750%, 09/02/2027		979,510		0.1
725,000	Royalty Pharma PLC, 2.200%, 09/02/2030		604,456		0.0
556,000	Royalty Pharma PLC, 3.300%, 09/02/2040		402,185		0.0
615,000	Royalty Pharma PLC, 5.150%, 09/02/2029		609,941		0.0
405,000	S&P Global, Inc., 1.250%, 08/15/2030		327,481		0.0
1,063,000	S&P Global, Inc., 2.700%, 03/01/2029		963,947		0.1
904,000 (1)	Solventum Corp., 5.450%, 03/13/2031		892,895		0.1
839,000 (1)	Solventum Corp., 5.600%, 03/23/2034		824,398		0.1
288,000 (1)(2)	Solventum Corp., 5.900%, 04/30/2054		275,483		0.0
325,000	Takeda Pharmaceutical Co. Ltd., 5.300%, 07/05/2034		323,032		0.0
565,000	Takeda Pharmaceutical Co. Ltd., 5.650%, 07/05/2044		555,828		0.0
595,000	Takeda Pharmaceutical Co. Ltd., 5.650%, 07/05/2054		581,480		0.0
665,000	Takeda Pharmaceutical Co. Ltd., 5.800%, 07/05/2064		650,320		0.0
1,336,000	Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030		1,338,254		0.1
780,000 (1)	Triton Container International Ltd., 2.050%, 04/15/2026		727,678		0.0
538,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031		451,503		0.0
790,000	Tyson Foods, Inc., 5.400%, 03/15/2029		791,303		0.0
472,000	Unilever Capital Corp., 5.000%, 12/08/2033		473,455		0.0
173,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040		124,384		0.0
164,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041		121,119		0.0
492,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039		397,755		0.0
324,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047		247,194		0.0
675,000	UnitedHealth Group, Inc., 5.000%, 04/15/2034		666,485		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical: (continued)
396,000	UnitedHealth Group, Inc., 5.200%, 04/15/2063	$	366,915		0.0
387,000	UnitedHealth Group, Inc., 5.375%, 04/15/2054		376,222		0.0
414,000	UnitedHealth Group, Inc., 5.500%, 04/15/2064		401,175		0.0
177,000	Utah Acquisition Sub, Inc., 5.250%, 06/15/2046		145,737		0.0
520,000	Viatris, Inc., 2.700%, 06/22/2030		441,568		0.0
496,000	Viatris, Inc., 3.850%, 06/22/2040		362,466		0.0
1,209,000	Viatris, Inc., 4.000%, 06/22/2050		814,225		0.1
760,000	Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028		764,821		0.0
			94,315,100		4.2
	Energy: 1.6%
279,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051		177,260		0.0
163,000	BP Capital Markets America, Inc., 3.937%, 09/21/2028		156,412		0.0
282,000	BP Capital Markets America, Inc., 4.893%, 09/11/2033		274,355		0.0
215,000	BP Capital Markets America, Inc., 4.989%, 04/10/2034		210,415		0.0
213,000	BP Capital Markets PLC, 3.279%, 09/19/2027		201,928		0.0
688,000 (3)	BP Capital Markets PLC, 4.875%, 12/31/2199		650,770		0.0
248,000 (1)	Cameron LNG LLC, 2.902%, 07/15/2031		213,564		0.0
33,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029		30,505		0.0
338,000	Cheniere Energy Partners L.P., 4.500%, 10/01/2029		322,204		0.0
848,000	Cheniere Energy Partners L.P., 5.950%, 06/30/2033		860,355		0.1
208,000 (1)	Cheniere Energy, Inc., 5.650%, 04/15/2034		208,294		0.0
1,150,000 (1)	Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028		1,176,530		0.1
716,000	ConocoPhillips Co., 5.700%, 09/15/2063		711,954		0.0

See Accompanying Notes to Financial Statements

74

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
866,000	Diamondback Energy, Inc., 4.250%, 03/15/2052	$	671,735		0.0
586,000	Diamondback Energy, Inc., 5.750%, 04/18/2054		568,489		0.0
651,000	Diamondback Energy, Inc., 5.900%, 04/18/2064		628,874		0.0
432,000	Enbridge, Inc., 5.625%, 04/05/2034		431,457		0.0
921,000 (3)	Enbridge, Inc. 20-A, 5.750%, 07/15/2080		870,513		0.1
725,000	Energy Transfer L.P., 3.750%, 05/15/2030		667,174		0.0
126,000	Energy Transfer L.P., 4.900%, 03/15/2035		117,113		0.0
702,000	Energy Transfer L.P., 5.300%, 04/01/2044		633,258		0.0
365,000	Energy Transfer L.P., 5.350%, 05/15/2045		326,207		0.0
435,000	Energy Transfer L.P., 5.550%, 05/15/2034		430,783		0.0
733,000	Energy Transfer L.P., 5.950%, 05/15/2054		714,230		0.0
215,000	Energy Transfer L.P., 6.000%, 06/15/2048		207,380		0.0
327,000	Energy Transfer L.P. 20Y, 5.800%, 06/15/2038		320,367		0.0
668,000 (1)	Eni SpA, 5.500%, 05/15/2034		662,104		0.0
532,000 (1)	Eni SpA, 5.950%, 05/15/2054		522,879		0.0
1,302,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025		1,287,091		0.1
1,128,000 (3)	Enterprise Products Operating LLC D, 8.574%, (TSFR3M + 3.248%), 08/16/2077		1,124,155		0.1
826,000	Equinor ASA, 3.125%, 04/06/2030		753,529		0.0
1,386,000	Hess Corp., 4.300%, 04/01/2027		1,351,929		0.1
312,000	Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043		273,234		0.0
398,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044		364,843		0.0
707,000	Marathon Petroleum Corp., 5.125%, 12/15/2026		704,546		0.0
83,000	MPLX L.P., 1.750%, 03/01/2026		78,036		0.0
1,181,000	MPLX L.P., 2.650%, 08/15/2030		1,018,172		0.1
467,000	MPLX L.P., 4.000%, 03/15/2028		446,997		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
373,000	MPLX L.P., 5.500%, 06/01/2034	$	367,500		0.0
1,215,000	Occidental Petroleum Corp., 6.125%, 01/01/2031		1,244,348		0.1
773,000	Occidental Petroleum Corp., 6.200%, 03/15/2040		774,990		0.1
158,000 (2)	Occidental Petroleum Corp., 6.600%, 03/15/2046		164,930		0.0
127,000	Occidental Petroleum Corp., 8.500%, 07/15/2027		136,186		0.0
393,000	ONEOK Partners L.P., 6.200%, 09/15/2043		395,845		0.0
720,000	ONEOK, Inc., 5.850%, 01/15/2026		723,989		0.0
347,000	Ovintiv, Inc., 5.650%, 05/15/2028		351,067		0.0
294,000	Ovintiv, Inc., 7.100%, 07/15/2053		322,824		0.0
14,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.300%, 01/31/2043		11,056		0.0
823,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028		794,291		0.1
852,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027		845,082		0.1
840,000 (1)	Schlumberger Holdings Corp., 5.000%, 11/15/2029		833,972		0.1
433,000	Schlumberger Investment SA, 2.650%, 06/26/2030		381,274		0.0
337,000	Targa Resources Corp., 6.250%, 07/01/2052		340,437		0.0
353,000	Targa Resources Corp., 6.500%, 03/30/2034		373,969		0.0
807,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031		770,587		0.1
386,000	TotalEnergies Capital SA, 5.150%, 04/05/2034		386,287		0.0
900,000	TotalEnergies Capital SA, 5.488%, 04/05/2054		888,187		0.1
500,000	TotalEnergies Capital SA, 5.638%, 04/05/2064		495,485		0.0
470,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030		424,312		0.0
568,000	Western Midstream Operating L.P., 4.750%, 08/15/2028		555,683		0.0

See Accompanying Notes to Financial Statements

75

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: (continued)
3,576,000	Williams Cos., Inc., 4.000%, 09/15/2025	$	3,508,468		0.2
396,000 (2)	Williams Cos., Inc., 4.900%, 03/15/2029		390,730		0.0
107,000	Williams Cos., Inc., 5.100%, 09/15/2045		96,481		0.0
			35,947,621		1.6
	Financial: 9.9%
600,000 (1)(3)	ABN AMRO Bank NV, 3.324%, 03/13/2037		492,009		0.0
935,000	Air Lease Corp., MTN, 5.200%, 07/15/2031		914,023		0.0
344,000	Alleghany Corp., 3.250%, 08/15/2051		232,533		0.0
503,000	Alleghany Corp., 4.900%, 09/15/2044		469,142		0.0
447,000 (3)	American Express Co., 4.990%, 05/01/2026		444,500		0.0
880,000 (3)	American Express Co., 5.098%, 02/16/2028		876,235		0.0
1,772,000 (3)	American Express Co., 5.282%, 07/27/2029		1,775,875		0.1
1,055,000 (3)	American Express Co., 5.532%, 04/25/2030		1,067,407		0.1
276,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031		224,385		0.0
247,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032		216,095		0.0
1,608,000	American Homes 4 Rent L.P., 5.500%, 02/01/2034		1,581,852		0.1
1,081,000	American International Group, Inc., 3.400%, 06/30/2030		983,721		0.1
1,352,000	American International Group, Inc., 4.200%, 04/01/2028		1,307,740		0.1
41,000	American International Group, Inc., 4.375%, 01/15/2055		32,092		0.0
1,874,000	American International Group, Inc., 5.125%, 03/27/2033		1,847,030		0.1
233,000	American Tower Corp., 2.700%, 04/15/2031		197,192		0.0
168,000	American Tower Corp., 3.600%, 01/15/2028		158,612		0.0
505,000	American Tower Corp., 3.650%, 03/15/2027		483,785		0.0
87,000	American Tower Corp., 4.400%, 02/15/2026		85,493		0.0
519,000	American Tower Corp., 5.250%, 07/15/2028		518,122		0.0
971,000	American Tower Corp., 5.550%, 07/15/2033		970,347		0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
679,000	Ameriprise Financial, Inc., 5.700%, 12/15/2028	$	695,566		0.0
865,000	Aon North America, Inc., 5.125%, 03/01/2027		863,868		0.0
2,736,000	Aon North America, Inc., 5.150%, 03/01/2029		2,729,422		0.1
302,000	Aon North America, Inc., 5.750%, 03/01/2054		295,637		0.0
774,000	Arthur J Gallagher & Co., 5.450%, 07/15/2034		768,281		0.0
78,000	Arthur J Gallagher & Co., 5.750%, 07/15/2054		75,862		0.0
103,000	Arthur J Gallagher & Co., 6.750%, 02/15/2054		113,516		0.0
2,575,000 (1)	Athene Global Funding, 5.684%, 02/23/2026		2,582,174		0.1
812,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024		809,978		0.0
1,000,000	Banco Santander SA, 2.746%, 05/28/2025		974,257		0.1
1,200,000 (3)	Banco Santander SA, 5.538%, 03/14/2030		1,191,417		0.1
4,658,000 (3)	Bank of America Corp., 1.734%, 07/22/2027		4,318,455		0.2
286,000 (3)	Bank of America Corp., 2.299%, 07/21/2032		234,217		0.0
660,000 (3)	Bank of America Corp., 2.572%, 10/20/2032		547,278		0.0
1,393,000 (3)	Bank of America Corp., 2.592%, 04/29/2031		1,204,803		0.1
998,000 (3)	Bank of America Corp., 2.687%, 04/22/2032		843,819		0.0
3,609,000 (3)	Bank of America Corp., 3.419%, 12/20/2028		3,394,669		0.2
447,000 (3)	Bank of America Corp., 3.705%, 04/24/2028		428,269		0.0
983,000 (3)	Bank of America Corp., 5.202%, 04/25/2029		981,684		0.1
662,000 (3)	Bank of America Corp., 5.288%, 04/25/2034		655,444		0.0
1,662,000 (3)	Bank of America Corp., 5.468%, 01/23/2035		1,660,931		0.1
2,495,000 (3)	Bank of America Corp., 5.872%, 09/15/2034		2,567,576		0.1
1,884,000 (3)	Bank of America Corp., GMTN, 3.593%, 07/21/2028		1,793,714		0.1
212,000 (3)	Bank of America Corp., MTN, 2.015%, 02/13/2026		207,185		0.0
1,447,000 (3)	Bank of America Corp., MTN, 2.087%, 06/14/2029		1,283,974		0.1

See Accompanying Notes to Financial Statements

76

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
1,071,000 (3)	Bank of America Corp., MTN, 2.551%, 02/04/2028	$	999,840		0.1
645,000 (3)	Bank of America Corp., MTN, 2.884%, 10/22/2030		574,246		0.0
425,000 (3)	Bank of America Corp., MTN, 2.972%, 02/04/2033		359,804		0.0
2,051,000 (3)	Bank of America Corp., MTN, 3.194%, 07/23/2030		1,862,941		0.1
1,065,000 (3)	Bank of America Corp., MTN, 4.271%, 07/23/2029		1,026,398		0.1
453,000 (3)	Bank of America Corp. N, 1.658%, 03/11/2027		424,881		0.0
508,000 (3)	Bank of America Corp. N, 2.651%, 03/11/2032		430,022		0.0
1,335,000	Bank of Montreal, 5.511%, 06/04/2031		1,349,663		0.1
408,000 (3)	Bank of New York Mellon Corp., MTN, 4.289%, 06/13/2033		380,877		0.0
1,270,000 (3)	Bank of New York Mellon Corp., MTN, 4.975%, 03/14/2030		1,262,684		0.1
881,000 (3)	Bank of New York Mellon Corp., MTN, 5.188%, 03/14/2035		869,938		0.0
218,000 (3)	Bank of Nova Scotia, 4.588%, 05/04/2037		196,443		0.0
1,396,000 (1)	Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026		1,384,953		0.1
428,000	BlackRock Funding, Inc., 5.000%, 03/14/2034		424,837		0.0
529,000 (1)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028		462,605		0.0
1,288,000 (1)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032		1,014,585		0.1
221,000 (1)	Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030		193,212		0.0
960,000 (1)	Blackstone Private Credit Fund, 5.950%, 07/16/2029		940,568		0.0
1,045,000	Blackstone Secured Lending Fund, 5.875%, 11/15/2027		1,037,840		0.1
440,000	Blue Owl Credit Income Corp., 6.650%, 03/15/2031		430,289		0.0
853,000	Blue Owl Credit Income Corp., 7.750%, 09/16/2027		876,844		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
776,000 (1)(3)	BNP Paribas SA, 5.176%, 01/09/2030	$	768,106		0.0
959,000 (1)	BPCE SA, 5.203%, 01/18/2027		956,245		0.0
940,000 (1)	BPCE SA, 5.281%, 05/30/2029		936,754		0.0
959,000 (1)(3)	BPCE SA, 5.716%, 01/18/2030		957,365		0.0
783,000	Brookfield Finance, Inc., 3.625%, 02/15/2052		545,439		0.0
1,050,000	Brookfield Finance, Inc., 5.675%, 01/15/2035		1,039,337		0.1
570,000 (1)(3)	CaixaBank SA, 5.673%, 03/15/2030		567,808		0.0
976,000	Camden Property Trust, 4.900%, 01/15/2034		934,273		0.0
958,000	Camden Property Trust, 5.850%, 11/03/2026		972,035		0.1
1,040,000	Canadian Imperial Bank of Commerce, 5.260%, 04/08/2029		1,038,296		0.1
681,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027		624,600		0.0
1,001,000 (3)	Charles Schwab Corp., 6.196%, 11/17/2029		1,041,411		0.1
414,000 (3)	Charles Schwab Corp. H, 4.000%, 12/31/2199		354,079		0.0
1,227,000	Citizens Financial Group, Inc., 2.500%, 02/06/2030		1,041,143		0.1
1,345,000 (3)	Citizens Financial Group, Inc., 5.641%, 05/21/2037		1,248,696		0.1
716,000 (2)(3)	Citizens Financial Group, Inc., 6.645%, 04/25/2035		740,437		0.0
1,491,000	CNO Financial Group, Inc., 6.450%, 06/15/2034		1,490,688		0.1
1,335,000 (1)	CNO Global Funding, 5.875%, 06/04/2027		1,340,149		0.1
745,000 (1)	Commonwealth Bank of Australia, 3.743%, 09/12/2039		592,323		0.0
2,654,000 (1)(3)	Cooperatieve Rabobank UA, 5.447%, 03/05/2030		2,655,147		0.1
1,036,000	Corebridge Financial, Inc., 3.850%, 04/05/2029		971,524		0.1
1,756,000	Corebridge Financial, Inc., 3.900%, 04/05/2032		1,572,394		0.1
1,020,000	Corebridge Financial, Inc., 5.750%, 01/15/2034		1,027,390		0.1
682,000 (1)	Corebridge Financial, Inc., 6.050%, 09/15/2033		699,901		0.0

See Accompanying Notes to Financial Statements

77

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
751,000 (3)	Corebridge Financial, Inc., 6.875%, 12/15/2052	$	758,310		0.0
738,000	Credit Suisse AG/ New York NY, 1.250%, 08/07/2026		678,600		0.0
1,030,000	Credit Suisse AG/ New York NY, 5.000%, 07/09/2027		1,021,838		0.1
692,000	Crown Castle, Inc., 2.100%, 04/01/2031		560,641		0.0
185,000	Crown Castle, Inc., 2.500%, 07/15/2031		152,923		0.0
417,000	Crown Castle, Inc., 2.900%, 03/15/2027		391,532		0.0
725,000	Crown Castle, Inc., 3.300%, 07/01/2030		646,384		0.0
1,236,000	Crown Castle, Inc., 4.800%, 09/01/2028		1,210,585		0.1
274,000	Crown Castle, Inc., 5.100%, 05/01/2033		264,433		0.0
619,000	Crown Castle, Inc., 5.600%, 06/01/2029		624,476		0.0
466,000	Crown Castle, Inc., 5.800%, 03/01/2034		470,973		0.0
714,000	CubeSmart L.P., 2.250%, 12/15/2028		629,110		0.0
892,000 (1)(3)	Danske Bank A/S, 5.705%, 03/01/2030		894,842		0.0
813,000 (1)(3)	Depository Trust & Clearing Corp. D, 3.375%, 12/31/2199		765,622		0.0
2,015,000	Deutsche Bank AG/ New York NY, 5.414%, 05/10/2029		2,012,535		0.1
2,665,000	Enact Holdings, Inc., 6.250%, 05/28/2029		2,666,872		0.1
1,775,000	Essent Group Ltd., 6.250%, 07/01/2029		1,774,752		0.1
603,000	Extra Space Storage L.P., 3.900%, 04/01/2029		568,276		0.0
569,000	Extra Space Storage L.P., 4.000%, 06/15/2029		533,850		0.0
1,863,000 (1)	Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029		1,859,114		0.1
3,627,000 (2)	First Horizon Bank, 5.750%, 05/01/2030		3,458,940		0.2
821,000 (3)	Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027		818,598		0.0
417,000 (3)	Goldman Sachs Bank USA/New York NY, 5.414%, 05/21/2027		416,451		0.0
1,049,000 (3)	Goldman Sachs Group, Inc., 3.102%, 02/24/2033		896,240		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
520,000 (3)	Goldman Sachs Group, Inc., 5.727%, 04/25/2030	$	529,350		0.0
321,000 (3)	Goldman Sachs Group, Inc., 5.851%, 04/25/2035		328,938		0.0
520,000 (3)	Goldman Sachs Group, Inc., 6.484%, 10/24/2029		543,005		0.0
2,000,000 (1)(3)	Hartford Financial Services Group, Inc. ICON, 7.709%, (TSFR3M + 2.387%), 02/12/2067		1,782,808		0.1
1,057,000	Healthpeak OP LLC, 5.250%, 12/15/2032		1,038,301		0.1
1,875,000 (3)	HSBC Holdings PLC, 2.206%, 08/17/2029		1,648,705		0.1
1,331,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025		1,315,648		0.1
814,000 (3)	HSBC Holdings PLC, 2.804%, 05/24/2032		681,449		0.0
1,257,000 (2)(3)	HSBC Holdings PLC, 2.999%, 03/10/2026		1,233,408		0.1
690,000 (3)	HSBC Holdings PLC, 5.597%, 05/17/2028		692,876		0.0
535,000 (3)	Huntington Bancshares, Inc., 2.487%, 08/15/2036		406,512		0.0
1,368,000 (3)	Huntington Bancshares, Inc., 5.709%, 02/02/2035		1,347,420		0.1
1,075,000 (3)	Huntington National Bank, 4.125%, 07/02/2029		1,074,873		0.1
396,000 (3)	ING Groep NV, 5.550%, 03/19/2035		391,144		0.0
1,337,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030		1,132,750		0.1
1,019,000 (1)	Intercontinental Exchange, Inc., 3.625%, 09/01/2028		961,155		0.0
1,024,000	Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031		813,501		0.0
2,016,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028		1,786,628		0.1
272,000 (2)	Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032		248,306		0.0
1,646,000	Jefferies Financial Group, Inc., 6.200%, 04/14/2034		1,668,018		0.1

See Accompanying Notes to Financial Statements

78

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
1,432,000	Jones Lang LaSalle, Inc., 6.875%, 12/01/2028	$	1,508,830		0.1
1,670,000 (3)	JPMorgan Chase & Co., 1.040%, 02/04/2027		1,556,197		0.1
926,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027		850,699		0.0
2,048,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027		1,911,938		0.1
2,477,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029		2,204,089		0.1
272,000 (3)	JPMorgan Chase & Co., 2.083%, 04/22/2026		264,188		0.0
501,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028		459,873		0.0
286,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026		280,354		0.0
2,673,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028		2,518,251		0.1
752,000 (3)	JPMorgan Chase & Co., 3.509%, 01/23/2029		711,434		0.0
725,000 (3)	JPMorgan Chase & Co., 3.702%, 05/06/2030		678,095		0.0
1,054,000 (3)	JPMorgan Chase & Co., 4.452%, 12/05/2029		1,023,488		0.1
731,000 (3)	JPMorgan Chase & Co., 5.012%, 01/23/2030		725,540		0.0
1,972,000 (3)	JPMorgan Chase & Co., 5.336%, 01/23/2035		1,961,046		0.1
725,000 (3)	JPMorgan Chase & Co., 5.571%, 04/22/2028		731,027		0.0
725,000 (3)	JPMorgan Chase & Co., 5.581%, 04/22/2030		736,651		0.0
1,693,000 (3)	JPMorgan Chase & Co., 5.766%, 04/22/2035		1,737,679		0.1
1,757,000 (3)	KeyCorp, 6.401%, 03/06/2035		1,782,181		0.1
581,000 (3)	KeyCorp, MTN, 4.789%, 06/01/2033		531,139		0.0
408,000	Kite Realty Group L.P., 4.000%, 10/01/2026		395,003		0.0
2,000,000 (3)	Lloyds Banking Group PLC, 5.721%, 06/05/2030		2,017,092		0.1
1,365,000 (2)(3)	Lloyds Banking Group PLC, 8.000%, 12/31/2199		1,398,720		0.1
705,000	LPL Holdings, Inc., 5.700%, 05/20/2027		708,041		0.0
943,000 (1)	Lseg US Fin Corp., 4.875%, 03/28/2027		933,747		0.0
1,105,000 (1)	Lseg US Fin Corp., 5.297%, 03/28/2034		1,102,503		0.1
137,000	Marsh & McLennan Cos., Inc., 5.450%, 03/15/2054		133,291		0.0
666,000	Mid-America Apartments L.P., 5.300%, 02/15/2032		663,423		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
860,000 (3)	Mitsubishi UFJ Financial Group, Inc., 5.258%, 04/17/2030	$	858,219		0.0
1,025,000 (3)	Mizuho Financial Group, Inc., 5.594%, 07/10/2035		1,021,410		0.1
1,520,000 (3)	Morgan Stanley, 1.593%, 05/04/2027		1,417,656		0.1
737,000 (3)	Morgan Stanley, 2.188%, 04/28/2026		715,864		0.0
487,000 (3)	Morgan Stanley, 2.475%, 01/21/2028		454,202		0.0
621,000 (3)	Morgan Stanley, 2.484%, 09/16/2036		491,529		0.0
1,537,000 (3)	Morgan Stanley, 3.591%, 07/22/2028		1,461,959		0.1
524,000 (3)	Morgan Stanley, 5.466%, 01/18/2035		522,825		0.0
702,000 (3)	Morgan Stanley, 5.831%, 04/19/2035		719,870		0.0
2,198,000 (3)	Morgan Stanley, 5.942%, 02/07/2039		2,174,919		0.1
1,483,000 (3)	Morgan Stanley, 5.948%, 01/19/2038		1,475,195		0.1
1,752,000 (3)	Morgan Stanley, 6.296%, 10/18/2028		1,808,255		0.1
1,639,000 (3)	Morgan Stanley, GMTN, 1.512%, 07/20/2027		1,515,530		0.1
506,000	Morgan Stanley, GMTN, 3.875%, 01/27/2026		494,851		0.0
604,000 (3)	Morgan Stanley, MTN, 2.720%, 07/22/2025		602,877		0.0
1,845,000	Morgan Stanley, MTN, 3.125%, 07/27/2026		1,764,286		0.1
1,987,000 (3)	Morgan Stanley, MTN, 5.164%, 04/20/2029		1,980,998		0.1
672,000 (3)	Morgan Stanley, MTN, 5.250%, 04/21/2034		661,795		0.0
1,355,000	National Bank of Canada, 5.600%, 12/18/2028		1,369,836		0.1
1,005,000 (3)	NatWest Group PLC, 5.076%, 01/27/2030		987,697		0.1
1,161,000 (3)	NatWest Group PLC, 5.778%, 03/01/2035		1,165,346		0.1
1,650,000 (1)	NatWest Markets PLC, 5.410%, 05/17/2029		1,655,723		0.1
25,000 (1)	New York Life Insurance Co., 4.450%, 05/15/2069		20,134		0.0
244,000	NMI Holdings, Inc., 6.000%, 08/15/2029		242,080		0.0
1,108,000 (3)	Northern Trust Corp., 3.375%, 05/08/2032		1,047,119		0.1
2,383,000 (1)	Nuveen LLC, 5.550%, 01/15/2030		2,396,767		0.1
2,565,000	Old Republic International Corp., 5.750%, 03/28/2034		2,559,934		0.1

See Accompanying Notes to Financial Statements

79

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
242,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032	$	177,614		0.0
1,760,000 (3)	PNC Financial Services Group, Inc., 5.492%, 05/14/2030		1,770,198		0.1
1,149,000 (3)	PNC Financial Services Group, Inc., 5.676%, 01/22/2035		1,155,621		0.1
1,726,000 (3)	PNC Financial Services Group, Inc. W, 6.250%, 12/31/2199		1,686,251		0.1
260,000	Prologis L.P., 5.250%, 03/15/2054		245,937		0.0
1,308,000 (1)	Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029		1,309,367		0.1
379,000 (1)	Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034		379,486		0.0
381,000	Realty Income Corp., 3.950%, 08/15/2027		367,540		0.0
846,000	Realty Income Corp., 5.125%, 02/15/2034		821,504		0.0
755,000 (3)	Regions Financial Corp., 5.722%, 06/06/2030		754,756		0.0
2,815,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031		2,246,706		0.1
665,000 (1)	RGA Global Funding, 5.448%, 05/24/2029		666,945		0.0
366,000	Sabra Health Care L.P., 3.200%, 12/01/2031		304,410		0.0
640,000 (3)	Santander UK Group Holdings PLC, 2.469%, 01/11/2028		590,779		0.0
890,000 (3)	State Street Corp., 5.684%, 11/21/2029		910,933		0.0
2,321,000 (3)	State Street Corp., 6.123%, 11/21/2034		2,411,830		0.1
669,000	Sun Communities Operating L.P., 5.500%, 01/15/2029		669,424		0.0
2,400,000 (1)(3)	Swiss RE Subordinated Finance PLC, 5.698%, 04/05/2035		2,380,139		0.1
302,000 (1)	Teachers Insurance & Annuity Association of America, 3.300%, 05/15/2050		201,042		0.0
438,000 (3)	Truist Financial Corp., MTN, 1.267%, 03/02/2027		407,500		0.0
1,109,000 (3)	Truist Financial Corp., MTN, 4.916%, 07/28/2033		1,026,905		0.1
2,175,000 (2)(3)	Truist Financial Corp., MTN, 5.435%, 01/24/2030		2,169,768		0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: (continued)
1,281,000 (3)	Truist Financial Corp., MTN, 5.711%, 01/24/2035	$	1,275,984		0.1
750,000 (1)(3)	UBS Group AG, 1.364%, 01/30/2027		700,664		0.0
528,000 (1)(3)	UBS Group AG, 6.301%, 09/22/2034		549,346		0.0
769,000 (1)(3)	UBS Group AG, 9.250%, 12/31/2199		829,292		0.0
253,000 (1)(3)	UBS Group AG, 9.250%, 12/31/2199		283,965		0.0
741,000 (3)	US Bancorp, 5.384%, 01/23/2030		743,134		0.0
203,000 (3)	Wells Fargo & Co., 2.188%, 04/30/2026		197,158		0.0
738,000 (3)	Wells Fargo & Co., 5.389%, 04/24/2034		729,856		0.0
129,000 (3)	Wells Fargo & Co., 5.499%, 01/23/2035		128,600		0.0
347,000 (3)	Wells Fargo & Co., MTN, 2.164%, 02/11/2026		339,528		0.0
385,000 (3)	Wells Fargo & Co., MTN, 3.526%, 03/24/2028		367,298		0.0
208,000 (3)	Wells Fargo & Co., MTN, 4.540%, 08/15/2026		205,476		0.0
1,103,000 (1)	Westpac New Zealand Ltd., 5.132%, 02/26/2027		1,100,037		0.1
407,000	Weyerhaeuser Co., 4.750%, 05/15/2026		402,485		0.0
1,391,000	Willis North America, Inc., 5.900%, 03/05/2054		1,349,303		0.1
			223,388,064		9.9
	Industrial: 2.1%
755,000	AGCO Corp., 5.450%, 03/21/2027		757,022		0.0
454,000	Amcor Group Finance PLC, 5.450%, 05/23/2029		455,671		0.0
486,000	Avnet, Inc., 5.500%, 06/01/2032		470,339		0.0
648,000	Avnet, Inc., 6.250%, 03/15/2028		665,494		0.0
1,305,000 (1)	BAE Systems PLC, 5.125%, 03/26/2029		1,299,508		0.1
385,000 (1)	BAE Systems PLC, 5.250%, 03/26/2031		384,116		0.0
345,000 (1)	BAE Systems PLC, 5.500%, 03/26/2054		337,569		0.0
1,385,000 (2)	Berry Global, Inc., 1.650%, 01/15/2027		1,261,834		0.1
132,000	Boeing Co., 5.705%, 05/01/2040		121,769		0.0
313,000 (1)	Boeing Co., 6.858%, 05/01/2054		321,450		0.0

See Accompanying Notes to Financial Statements

80

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
692,000 (1)	Boeing Co., 7.008%, 05/01/2064	$	709,047		0.0
648,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046		512,228		0.0
365,000	Burlington Northern Santa Fe LLC, 5.200%, 04/15/2054		349,943		0.0
345,000	Burlington Northern Santa Fe LLC, 5.500%, 03/15/2055		345,881		0.0
497,000	Canadian Pacific Railway Co., 2.875%, 11/15/2029		445,470		0.0
210,000	Carrier Global Corp., 2.722%, 02/15/2030		185,597		0.0
293,000	Carrier Global Corp., 5.900%, 03/15/2034		305,940		0.0
378,000 (1)	CIMIC Finance USA Pty Ltd., 7.000%, 03/25/2034		382,945		0.0
1,285,000	CNH Industrial Capital LLC, 5.100%, 04/20/2029		1,280,250		0.1
1,323,000	CNH Industrial Capital LLC, 5.500%, 01/12/2029		1,337,493		0.1
965,000	CRH SMW Finance DAC, 5.200%, 05/21/2029		964,691		0.1
159,000	FedEx Corp., 3.875%, 08/01/2042		124,476		0.0
383,000	FedEx Corp., 4.100%, 02/01/2045		302,010		0.0
206,000	FedEx Corp., 4.400%, 01/15/2047		168,144		0.0
693,000	FedEx Corp., 4.550%, 04/01/2046		578,162		0.0
725,000	Fortune Brands Innovations, Inc., 3.250%, 09/15/2029		657,228		0.0
528,000	Fortune Brands Innovations, Inc., 5.875%, 06/01/2033		535,313		0.0
725,000	GATX Corp., 4.000%, 06/30/2030		674,926		0.0
425,000	GATX Corp., 6.050%, 06/05/2054		425,959		0.0
1,383,000	HEICO Corp., 5.250%, 08/01/2028		1,385,620		0.1
1,081,000	Honeywell International, Inc., 5.250%, 03/01/2054		1,049,724		0.1
725,000	Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030		682,087		0.0
370,000	Ingersoll Rand, Inc., 5.176%, 06/15/2029		370,111		0.0
469,000	Ingersoll Rand, Inc., 5.400%, 08/14/2028		473,521		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
318,000	Ingersoll Rand, Inc., 5.450%, 06/15/2034	$	320,892		0.0
200,000	Ingersoll Rand, Inc., 5.700%, 08/14/2033		204,557		0.0
2,185,000	John Deere Capital Corp., MTN, 4.700%, 06/10/2030		2,164,483		0.1
1,550,000	John Deere Capital Corp., MTN, 4.900%, 03/07/2031		1,543,036		0.1
865,000	John Deere Capital Corp., MTN1, 5.050%, 06/12/2034		862,507		0.1
636,000	L3Harris Technologies, Inc., 5.050%, 06/01/2029		631,747		0.0
659,000	Lockheed Martin Corp., 4.150%, 06/15/2053		532,174		0.0
394,000	Lockheed Martin Corp., 4.750%, 02/15/2034		383,808		0.0
621,000	Lockheed Martin Corp., 4.800%, 08/15/2034		606,670		0.0
509,000	Lockheed Martin Corp., 5.200%, 02/15/2064		481,681		0.0
182,000	Lockheed Martin Corp., 5.900%, 11/15/2063		191,131		0.0
540,000 (2)	Mohawk Industries, Inc., 5.850%, 09/18/2028		551,062		0.0
111,000	Norfolk Southern Corp., 5.050%, 08/01/2030		110,872		0.0
386,000	Norfolk Southern Corp., 5.550%, 03/15/2034		393,982		0.0
1,008,000	Norfolk Southern Corp., 5.950%, 03/15/2064		1,028,141		0.1
1,217,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.200%, 11/15/2025		1,146,765		0.1
1,562,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026		1,449,227		0.1
893,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029		885,716		0.1
2,321,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029		2,320,659		0.1
1,156,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.200%, 06/15/2030		1,203,892		0.1
1,369,000	Raytheon Technologies Corp., 4.450%, 11/16/2038		1,209,632		0.1
1,002,000	Raytheon Technologies Corp., 4.500%, 06/01/2042		868,529		0.1

See Accompanying Notes to Financial Statements

81

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: (continued)
7,000	Raytheon Technologies Corp., 4.800%, 12/15/2043	$	6,243		0.0
85,000 (2)	Ryder System, Inc., 6.300%, 12/01/2028		88,519		0.0
717,000	Ryder System, Inc., 6.600%, 12/01/2033		766,039		0.0
724,000	Ryder System, Inc., MTN, 5.250%, 06/01/2028		725,734		0.0
133,000	Ryder System, Inc., MTN, 5.375%, 03/15/2029		133,566		0.0
1,507,000	Ryder System, Inc., MTN, 5.500%, 06/01/2029		1,521,748		0.1
1,006,000 (1)	Sealed Air Corp., 1.573%, 10/15/2026		916,558		0.1
1,686,000 (1)(2)	Smurfit Kappa Treasury ULC, 5.200%, 01/15/2030		1,677,971		0.1
644,000 (1)	Smurfit Kappa Treasury ULC, 5.438%, 04/03/2034		638,745		0.0
772,000 (1)	Smurfit Kappa Treasury ULC, 5.777%, 04/03/2054		768,345		0.0
51,000	Union Pacific Corp., 4.050%, 11/15/2045		41,517		0.0
487,000	Waste Management, Inc., 4.625%, 02/15/2030		479,360		0.0
861,000	Waste Management, Inc., 4.875%, 02/15/2034		844,405		0.0
725,000	Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028		710,988		0.0
			48,732,439		2.1
	Technology: 1.5%
758,000	Adobe, Inc., 4.950%, 04/04/2034		754,908		0.0
120,000	Apple, Inc., 3.750%, 09/12/2047		95,826		0.0
1,292,000 (1)	Booz Allen Hamilton, Inc., 3.875%, 09/01/2028		1,217,675		0.1
1,331,000 (1)	Booz Allen Hamilton, Inc., 4.000%, 07/01/2029		1,247,593		0.1
1,629,000 (1)	Broadcom, Inc., 2.450%, 02/15/2031		1,372,422		0.1
2,632,000 (1)	Broadcom, Inc., 3.187%, 11/15/2036		2,083,888		0.1
2,370,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037		2,230,159		0.1
1,334,000 (2)	Concentrix Corp., 6.600%, 08/02/2028		1,350,721		0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology: (continued)
1,720,000 (2)	Concentrix Corp., 6.850%, 08/02/2033	$	1,702,887		0.1
910,000 (1)	Constellation Software, Inc./Canada, 5.158%, 02/16/2029		909,911		0.1
372,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		376,032		0.0
317,000	Fiserv, Inc., 4.400%, 07/01/2049		257,528		0.0
934,000	Fiserv, Inc., 5.150%, 03/15/2027		934,779		0.1
446,000 (1)	Foundry JV Holdco LLC, 5.875%, 01/25/2034		442,666		0.0
488,000 (1)	Foundry JV Holdco LLC, 5.900%, 01/25/2030		495,317		0.0
615,000	HP, Inc., 2.650%, 06/17/2031		521,476		0.0
1,233,000	IBM International Capital Pte Ltd., 4.750%, 02/05/2031		1,208,537		0.1
384,000	IBM International Capital Pte Ltd., 5.250%, 02/05/2044		364,285		0.0
524,000	IBM International Capital Pte Ltd., 5.300%, 02/05/2054		490,392		0.0
204,000	Intel Corp., 2.800%, 08/12/2041		141,243		0.0
105,000	Intel Corp., 3.700%, 07/29/2025		103,229		0.0
34,000 (2)	Intel Corp., 5.200%, 02/10/2033		33,963		0.0
382,000	Intel Corp., 5.600%, 02/21/2054		370,399		0.0
336,000	Intel Corp., 5.700%, 02/10/2053		330,509		0.0
1,136,000	International Business Machines Corp., 3.500%, 05/15/2029		1,062,363		0.1
687,000	Intuit, Inc., 5.125%, 09/15/2028		693,543		0.0
913,000	Intuit, Inc., 5.200%, 09/15/2033		917,154		0.1
1,324,000	Intuit, Inc., 5.500%, 09/15/2053		1,331,234		0.1
434,000 (2)	KLA Corp., 4.700%, 02/01/2034		421,978		0.0
499,000	KLA Corp., 5.250%, 07/15/2062		476,925		0.0
725,000	Kyndryl Holdings, Inc., 2.700%, 10/15/2028		644,826		0.0
645,000	Marvell Technology, Inc., 5.750%, 02/15/2029		658,838		0.0
269,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 05/11/2041		197,597		0.0

See Accompanying Notes to Financial Statements

82

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology: (continued)
134,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030	$	121,423		0.0
233,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 5.000%, 01/15/2033		227,599		0.0
2,129,000	Oracle Corp., 2.300%, 03/25/2028		1,925,390		0.1
185,000	Oracle Corp., 2.800%, 04/01/2027		173,736		0.0
159,000	Oracle Corp., 2.950%, 05/15/2025		155,410		0.0
380,000	Oracle Corp., 3.250%, 11/15/2027		358,376		0.0
568,000	Oracle Corp., 3.600%, 04/01/2050		397,899		0.0
432,000	Oracle Corp., 3.650%, 03/25/2041		330,818		0.0
1,033,000	Oracle Corp., 3.800%, 11/15/2037		851,633		0.0
121,000	Oracle Corp., 3.850%, 07/15/2036		102,073		0.0
609,000	Oracle Corp., 3.850%, 04/01/2060		419,060		0.0
563,000	Oracle Corp., 3.950%, 03/25/2051		416,584		0.0
176,000	Oracle Corp., 4.300%, 07/08/2034		160,362		0.0
937,000	QUALCOMM, Inc., 6.000%, 05/20/2053		1,011,558		0.1
665,000	Take-Two Interactive Software, Inc., 5.400%, 06/12/2029		668,972		0.0
725,000	Teledyne FLIR LLC, 2.500%, 08/01/2030		617,668		0.0
269,000	Texas Instruments, Inc., 3.875%, 03/15/2039		234,929		0.0
919,000	Texas Instruments, Inc., 5.050%, 05/18/2063		854,744		0.0
			34,469,037		1.5
	Utilities: 3.4%
1,126,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025		1,099,423		0.1
1,335,000	AEP Texas, Inc., 5.450%, 05/15/2029		1,342,384		0.1
592,000	AEP Transmission Co. LLC, 5.150%, 04/01/2034		579,023		0.0
1,004,000	AES Corp., 1.375%, 01/15/2026		941,296		0.1
1,138,000	AES Corp., 2.450%, 01/15/2031		937,435		0.1
828,000 (1)	AES Corp., 3.950%, 07/15/2030		757,672		0.0
895,000	AES Corp., 5.450%, 06/01/2028		893,308		0.1
59,000	Alabama Power Co., 3.750%, 03/01/2045		45,339		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
434,000	Alabama Power Co., 5.850%, 11/15/2033	$	451,947		0.0
87,000	Alabama Power Co. A, 4.300%, 07/15/2048		71,407		0.0
665,000 (3)	Algonquin Power & Utilities Corp., 5.365%, 06/15/2026		662,100		0.0
83,000 (1)	Alliant Energy Finance LLC, 3.600%, 03/01/2032		72,299		0.0
1,043,000	Ameren Corp., 5.000%, 01/15/2029		1,032,893		0.1
412,000 (1)	American Transmission Systems, Inc., 2.650%, 01/15/2032		342,971		0.0
595,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044		533,840		0.0
546,000	American Water Capital Corp., 5.150%, 03/01/2034		541,647		0.0
1,065,000	American Water Capital Corp., 5.450%, 03/01/2054		1,028,369		0.1
156,000	Avangrid, Inc., 3.150%, 12/01/2024		154,304		0.0
304,000	Avangrid, Inc., 3.200%, 04/15/2025		297,719		0.0
783,000	Avangrid, Inc., 3.800%, 06/01/2029		728,751		0.0
548,000	Black Hills Corp., 3.050%, 10/15/2029		487,646		0.0
440,000	Black Hills Corp., 6.000%, 01/15/2035		442,886		0.0
550,000	CenterPoint Energy, Inc., 5.400%, 06/01/2029		552,185		0.0
505,000 (3)	CMS Energy Corp., 3.750%, 12/01/2050		422,920		0.0
1,281,000 (3)	CMS Energy Corp., 4.750%, 06/01/2050		1,174,591		0.1
128,000	Commonwealth Edison Co., 5.900%, 03/15/2036		132,862		0.0
447,000	Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054		378,509		0.0
328,000	Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035		325,815		0.0
2,099,000	DTE Energy Co., 5.100%, 03/01/2029		2,082,568		0.1
381,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031		324,729		0.0
57,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045		43,029		0.0

See Accompanying Notes to Financial Statements

83

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
514,000	Duke Energy Carolinas LLC, 3.875%, 03/15/2046	$	395,082		0.0
407,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042		328,245		0.0
31,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041		25,942		0.0
633,000	Duke Energy Carolinas LLC, 5.350%, 01/15/2053		601,886		0.0
113,000	Duke Energy Carolinas LLC, 6.450%, 10/15/2032		120,928		0.0
48,000	Duke Energy Corp., 3.150%, 08/15/2027		45,283		0.0
360,000 (3)	Duke Energy Corp., 4.875%, 12/31/2199		357,786		0.0
762,000	Duke Energy Florida LLC, 2.400%, 12/15/2031		633,139		0.0
349,000	Duke Energy Florida LLC, 5.875%, 11/15/2033		363,139		0.0
100,000	Duke Energy Ohio, Inc., 3.700%, 06/15/2046		73,712		0.0
76,000	Duke Energy Ohio, Inc., 4.300%, 02/01/2049		61,310		0.0
207,000	Duke Energy Progress LLC, 3.700%, 10/15/2046		154,248		0.0
86,000	Duke Energy Progress LLC, 4.100%, 05/15/2042		70,446		0.0
81,000	Duke Energy Progress LLC, 4.100%, 03/15/2043		65,694		0.0
539,000	Duke Energy Progress LLC, 4.200%, 08/15/2045		435,576		0.0
456,000 (1)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030		384,201		0.0
463,000	Entergy Arkansas LLC, 2.650%, 06/15/2051		269,744		0.0
279,000	Entergy Arkansas LLC, 4.200%, 04/01/2049		222,198		0.0
609,000	Entergy Corp., 2.400%, 06/15/2031		503,027		0.0
392,000	Entergy Corp., 2.800%, 06/15/2030		342,615		0.0
355,000 (3)	Entergy Corp., 7.125%, 12/01/2054		352,741		0.0
237,000	Entergy Louisiana LLC, 5.350%, 03/15/2034		235,347		0.0
771,000	Entergy Mississippi LLC, 5.000%, 09/01/2033		747,562		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
1,289,000	Essential Utilities, Inc., 2.704%, 04/15/2030	$	1,121,462		0.1
439,000	Essential Utilities, Inc., 5.375%, 01/15/2034		431,549		0.0
682,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049		456,618		0.0
311,000	Evergy Kansas Central, Inc., 5.900%, 11/15/2033		319,990		0.0
725,000	Eversource Energy, 2.550%, 03/15/2031		604,261		0.0
1,241,000	Eversource Energy, 2.900%, 03/01/2027		1,166,393		0.1
326,000	Eversource Energy, 5.125%, 05/15/2033		313,119		0.0
749,000	Eversource Energy, 5.450%, 03/01/2028		751,531		0.0
544,000	Eversource Energy, 5.500%, 01/01/2034		533,994		0.0
816,000	Eversource Energy, 5.950%, 02/01/2029		834,193		0.1
1,282,000	Eversource Energy U, 1.400%, 08/15/2026		1,177,492		0.1
293,000	Exelon Corp., 4.950%, 06/15/2035		273,006		0.0
1,202,000	Exelon Corp., 5.150%, 03/15/2028		1,199,683		0.1
1,043,000	Exelon Corp., 5.150%, 03/15/2029		1,039,371		0.1
1,005,000	FirstEnergy Corp. B, 4.150%, 07/15/2027		965,060		0.1
8,000	Florida Power & Light Co., 2.875%, 12/04/2051		5,085		0.0
575,000	Florida Power & Light Co., 4.625%, 05/15/2030		563,691		0.0
100,000	Florida Power & Light Co., 5.400%, 09/01/2035		100,687		0.0
61,000	Florida Power & Light Co., 5.650%, 02/01/2037		62,690		0.0
491,000	Georgia Power Co., 4.650%, 05/16/2028		483,619		0.0
114,000	Iberdrola International BV, 5.810%, 03/15/2025		113,870		0.0
83,000	Indiana Michigan Power Co., 3.850%, 05/15/2028		79,026		0.0
174,000	Indiana Michigan Power Co., 5.625%, 04/01/2053		169,545		0.0
91,000	Indiana Michigan Power Co., 6.050%, 03/15/2037		94,470		0.0
220,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030		204,330		0.0

See Accompanying Notes to Financial Statements

84

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
237,000 (1)	Jersey Central Power & Light Co., 2.750%, 03/01/2032	$	195,995		0.0
2,634,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026		2,588,441		0.1
313,000	Kentucky Utilities Co. KENT, 5.450%, 04/15/2033		315,154		0.0
725,000 (1)(2)	Liberty Utilities Co., 5.577%, 01/31/2029		728,298		0.0
1,322,000 (1)	Liberty Utilities Co., 5.869%, 01/31/2034		1,324,451		0.1
313,000	Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033		314,798		0.0
623,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025		613,239		0.0
24,000	MidAmerican Energy Co., 4.800%, 09/15/2043		21,774		0.0
138,000	Mississippi Power Co., 4.750%, 10/15/2041		118,276		0.0
1,218,000	Mississippi Power Co. 12-A, 4.250%, 03/15/2042		1,004,458		0.1
942,000 (1)	Monongahela Power Co., 3.550%, 05/15/2027		898,445		0.1
817,000 (1)	Monongahela Power Co., 5.850%, 02/15/2034		832,353		0.1
177,000 (1)	Narragansett Electric Co., 3.395%, 04/09/2030		162,263		0.0
1,101,000	National Grid PLC, 5.418%, 01/11/2034		1,077,111		0.1
1,401,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030		1,212,553		0.1
613,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032		517,596		0.0
119,000	National Rural Utilities Cooperative Finance Corp., 3.400%, 02/07/2028		112,901		0.0
131,000	National Rural Utilities Cooperative Finance Corp., 4.023%, 11/01/2032		120,257		0.0
226,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032		208,381		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
334,000 (3)	National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046	$	326,217		0.0
520,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033		534,738		0.0
1,062,000 (3)	National Rural Utilities Cooperative Finance Corp., 8.501%, (TSFR3M + 3.172%), 04/30/2043		1,062,022		0.1
607,000	National Rural Utilities Cooperative Finance Corp., GMTN, 5.000%, 02/07/2031		601,218		0.0
234,000	Nevada Power Co., 6.000%, 03/15/2054		238,201		0.0
362,000 (1)	New York State Electric & Gas Corp., 3.250%, 12/01/2026		341,510		0.0
1,110,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027		1,022,938		0.1
1,142,000 (3)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082		1,058,418		0.1
175,000	NextEra Energy Capital Holdings, Inc., 4.450%, 06/20/2025		173,202		0.0
631,000 (3)	NextEra Energy Capital Holdings, Inc., 6.700%, 09/01/2054		632,337		0.0
983,000 (1)	Niagara Mohawk Power Corp., 1.960%, 06/27/2030		817,926		0.1
644,000 (1)	Niagara Mohawk Power Corp., 5.664%, 01/17/2054		620,056		0.0
313,000	Northern States Power Co., 5.650%, 06/15/2054		312,578		0.0
431,000	NSTAR Electric Co., 1.950%, 08/15/2031		349,529		0.0
355,000	NSTAR Electric Co., 5.400%, 06/01/2034		355,469		0.0
335,000	OGE Energy Corp., 5.450%, 05/15/2029		337,678		0.0
665,000 (1)	Oncor Electric Delivery Co. LLC, 5.550%, 06/15/2054		652,679		0.0
350,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045		269,484		0.0
310,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042		246,146		0.0
175,000	PacifiCorp, 4.100%, 02/01/2042		137,731		0.0

See Accompanying Notes to Financial Statements

85

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
453,000 (1)	Pennsylvania Electric Co., 5.150%, 03/30/2026	$	450,186		0.0
119,000	Public Service Co. of Oklahoma K, 3.150%, 08/15/2051		76,693		0.0
49,000	Public Service Electric and Gas Co., MTN, 3.000%, 05/15/2027		46,487		0.0
546,000	Public Service Electric and Gas Co., MTN, 5.200%, 03/01/2034		546,438		0.0
1,210,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031		996,910		0.1
1,995,000	Public Service Enterprise Group, Inc., 5.200%, 04/01/2029		1,989,970		0.1
861,000	Public Service Enterprise Group, Inc., 5.850%, 11/15/2027		876,148		0.1
1,785,000	South Jersey Industries, Inc., 5.020%, 04/15/2031		1,407,582		0.1
579,000	Southern California Edison Co., 5.450%, 06/01/2031		583,367		0.0
733,000	Southern Co., 5.113%, 08/01/2027		731,556		0.0
1,392,000 (3)	Southern Co. 21-A, 3.750%, 09/15/2051		1,310,027		0.1
312,000	Southwestern Electric Power Co., 5.300%, 04/01/2033		302,540		0.0
1,410,000	Southwestern Electric Power Co. N, 1.650%, 03/15/2026		1,327,152		0.1
360,000	Southwestern Public Service Co., 6.000%, 06/01/2054		359,276		0.0
251,000	Tampa Electric Co., 4.350%, 05/15/2044		209,316		0.0
398,000	Virginia Electric and Power Co. A, 3.800%, 04/01/2028		381,147		0.0
1,582,000	WEC Energy Group, Inc., 1.375%, 10/15/2027		1,402,834		0.1
372,000	WEC Energy Group, Inc., 2.200%, 12/15/2028		328,287		0.0
237,000	WEC Energy Group, Inc., 5.000%, 09/27/2025		235,543		0.0
324,000	WEC Energy Group, Inc., 5.150%, 10/01/2027		323,201		0.0
810,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028		717,523		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: (continued)
562,000	Wisconsin Power and Light Co., 5.375%, 03/30/2034	$	558,740		0.0
			76,354,197		3.4
	Total Corporate Bonds/ Notes (Cost $613,231,566)		601,830,192		26.6
U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.9%
	Federal Home Loan Mortgage Corporation: 2.1%(4)
177,649	2.500%, 05/01/2030		166,853		0.0
361,608	2.500%, 05/01/2030		339,026		0.0
500,650	2.500%, 06/01/2030		471,659		0.0
1,687,734	3.000%, 03/01/2045		1,484,713		0.1
2,065,917	3.000%, 03/01/2045		1,823,853		0.1
1,839,981	3.000%, 04/01/2045		1,619,415		0.1
1,879,550	3.000%, 04/01/2045		1,657,358		0.1
3,329,130	3.000%, 10/01/2046		2,913,858		0.1
4,241,597	3.000%, 10/01/2046		3,718,245		0.2
4,759,797	3.000%, 03/01/2048		4,165,914		0.2
659,865	3.500%, 08/01/2042		600,337		0.0
1,849,773	3.500%, 03/01/2045		1,679,359		0.1
228,251	3.500%, 04/01/2045		207,009		0.0
784,404	3.500%, 05/01/2045		711,400		0.1
341,641	3.500%, 06/01/2045		309,775		0.0
455,412	3.500%, 07/01/2045		413,659		0.0
520,494	3.500%, 07/01/2045		472,544		0.0
255,171	3.500%, 08/01/2045		231,502		0.0
380,137	3.500%, 08/01/2045		345,122		0.0
449,060	3.500%, 08/01/2045		407,125		0.0
478,925	3.500%, 08/01/2045		435,062		0.0
775,269	3.500%, 08/01/2045		703,601		0.1
515,119	3.500%, 09/01/2045		467,177		0.0
707,557	3.500%, 09/01/2045		642,382		0.0
846,679	3.500%, 11/01/2045		766,650		0.1
3,257,772	3.500%, 12/01/2046		2,953,623		0.2
8,440,865	3.500%, 03/01/2048		7,647,897		0.4
472,459	4.000%, 10/01/2041		443,174		0.0
507,177	4.000%, 12/01/2041		475,825		0.0
130,244	4.000%, 07/01/2045		122,150		0.0
76,696	4.000%, 09/01/2045		71,526		0.0
657,378	4.000%, 09/01/2045		615,135		0.0
1,106,860	4.000%, 09/01/2045		1,038,071		0.1
1,335,864	4.000%, 09/01/2045		1,252,841		0.1
583,537	4.000%, 05/01/2047		548,694		0.0
175,842	4.000%, 11/01/2047		163,007		0.0
174,635	4.000%, 03/01/2048		163,581		0.0
727,274	4.000%, 06/01/2048		688,494		0.0
3,252	4.500%, 06/01/2039		3,164		0.0
9,374	4.500%, 09/01/2040		9,110		0.0
33,129	4.500%, 03/01/2041		32,234		0.0
150,996	4.500%, 08/01/2041		146,699		0.0
260,699	4.500%, 08/01/2041		253,659		0.0
102,966	4.500%, 09/01/2041		100,163		0.0
123,786	4.500%, 09/01/2041		120,443		0.0
234,339	4.500%, 09/01/2041		228,010		0.0
671,516	4.500%, 09/01/2041		651,712		0.0
8,704	5.000%, 05/01/2028		8,654		0.0
50,331	5.000%, 05/01/2035		49,732		0.0

See Accompanying Notes to Financial Statements

86

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
144,333	5.000%, 01/01/2041	$	142,860		0.0
80,536	5.000%, 04/01/2041		78,941		0.0
5,137	5.500%, 03/01/2034		5,165		0.0
772	5.500%, 05/01/2036		768		0.0
36,925	5.500%, 06/01/2036		37,122		0.0
4,169	5.500%, 12/01/2036		4,191		0.0
19,760	5.500%, 03/01/2037		19,526		0.0
5,154	5.500%, 04/01/2037		5,182		0.0
32,214	5.500%, 05/01/2037		32,386		0.0
55,001	5.500%, 07/01/2037		55,295		0.0
6,795	5.500%, 09/01/2037		6,832		0.0
5,848	5.500%, 10/01/2037		5,880		0.0
19,503	5.500%, 11/01/2037		19,607		0.0
17,603	5.500%, 12/01/2037		17,697		0.0
62,130	5.500%, 12/01/2037		62,462		0.0
3,888	5.500%, 01/01/2038		3,914		0.0
4,003	5.500%, 01/01/2038		4,024		0.0
41,396	5.500%, 02/01/2038		41,616		0.0
56,232	5.500%, 02/01/2038		56,533		0.0
40,661	5.500%, 03/01/2038		40,878		0.0
49,680	5.500%, 04/01/2038		49,945		0.0
4,272	5.500%, 05/01/2038		4,295		0.0
44,101	5.500%, 05/01/2038		44,337		0.0
30,892	5.500%, 06/01/2038		30,951		0.0
105,657	5.500%, 06/01/2038		106,222		0.0
99,513	5.500%, 07/01/2038		100,043		0.0
4,510	5.500%, 08/01/2038		4,518		0.0
20,272	5.500%, 08/01/2038		20,380		0.0
22,524	5.500%, 09/01/2038		22,644		0.0
19,919	5.500%, 10/01/2038		20,025		0.0
22,574	5.500%, 10/01/2038		22,695		0.0
2,187	5.500%, 11/01/2038		2,198		0.0
77,701	5.500%, 11/01/2038		78,117		0.0
4,109	5.500%, 12/01/2038		4,131		0.0
7,934	5.500%, 12/01/2038		7,977		0.0
17,316	5.500%, 01/01/2039		17,408		0.0
38,990	5.500%, 03/01/2039		39,198		0.0
14,912	5.500%, 07/01/2039		14,991		0.0
9,700	5.500%, 12/01/2039		9,751		0.0
66,739	5.500%, 03/01/2040		67,095		0.0
21,696	5.500%, 08/01/2040		21,811		0.0
34,234	5.500%, 08/01/2040		34,417		0.0
42,787	5.500%, 08/01/2040		43,015		0.0
27,073 (3)	5.626%, (RFUCCT1Y + 1.345%), 09/01/2035		27,503		0.0
114,149	6.000%, 09/01/2027		114,630		0.0
3,148	6.000%, 02/01/2029		3,205		0.0
3,873	6.000%, 05/01/2035		3,940		0.0
168,956	6.000%, 03/01/2037		173,643		0.0
1,536	6.000%, 05/01/2037		1,573		0.0
20,425	6.000%, 07/01/2037		20,922		0.0
4,956	6.000%, 08/01/2037		5,066		0.0
24,222	6.000%, 08/01/2037		24,811		0.0
129,748	6.000%, 09/01/2037		132,904		0.0
353	6.000%, 10/01/2037		361		0.0
5,212	6.000%, 11/01/2037		5,338		0.0
1,711	6.000%, 12/01/2037		1,729		0.0
4,958	6.000%, 12/01/2037		5,078		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
138,737	6.000%, 01/01/2038	$	142,113		0.0
814	6.000%, 04/01/2038		834		0.0
5,097	6.000%, 06/01/2038		5,197		0.0
298	6.000%, 07/01/2038		303		0.0
10,146	6.000%, 08/01/2038		10,297		0.0
35,707	6.000%, 11/01/2038		36,505		0.0
11,224	6.000%, 05/01/2039		11,409		0.0
6,596	6.000%, 08/01/2039		6,730		0.0
1,566	6.000%, 09/01/2039		1,584		0.0
3,503 (3)	6.338%, (H15T1Y + 2.250%), 11/01/2031		3,484		0.0
381,224	6.500%, 09/01/2034		390,468		0.0
29,872 (3)	6.507%, (H15T1Y + 2.436%), 01/01/2029		29,695		0.0
203,058 (3)	7.043%, (RFUCCT1Y + 1.733%), 06/01/2035		208,334		0.0
1,471 (3)	7.125%, (H15T1Y + 2.250%), 04/01/2032		1,478		0.0
			47,317,373		2.1
	Federal National Mortgage Association: 0.0%(4)
1,035 (3)	4.569%, (ECOFC + 1.257%), 05/01/2036		1,016		0.0
6,309 (3)	5.152%, (ECOFC + 1.928%), 12/01/2036		6,238		0.0
10,075 (3)	5.722%, (RFUCCT1Y + 1.473%), 08/01/2035		10,076		0.0
11,556 (3)	5.748%, (RFUCCT6M + 1.373%), 09/01/2035		11,435		0.0
117,184 (3)	5.908%, (RFUCCT1Y + 1.658%), 10/01/2035		118,258		0.0
218,219 (3)	5.951%, (H15T1Y + 1.805%), 08/01/2035		219,644		0.0
38,143 (3)	5.998%, (RFUCCT1Y + 1.647%), 02/01/2034		38,267		0.0
97,359 (3)	6.060%, (RFUCCT1Y + 1.810%), 09/01/2034		98,728		0.0
17,191 (3)	6.175%, (RFUCCT1Y + 1.675%), 02/01/2035		17,314		0.0
54,653 (3)	6.300%, (H15T1Y + 2.175%), 10/01/2035		55,544		0.0
20,157 (3)	6.314%, (12MTA + 1.200%), 08/01/2042		20,002		0.0
28,631 (3)	6.314%, (12MTA + 1.200%), 08/01/2042		28,343		0.0
9,648 (3)	6.314%, (12MTA + 1.200%), 10/01/2044		9,636		0.0
16,982 (3)	6.314%, (12MTA + 1.200%), 10/01/2044		16,762		0.0
46,421 (3)	6.358%, (RFUCCT1Y + 1.552%), 04/01/2035		46,536		0.0
921 (3)	6.523%, (H15T1Y + 2.215%), 09/01/2031		923		0.0
6,107 (3)	6.585%, (H15T1Y + 2.210%), 04/01/2032		6,104		0.0
13,340 (3)	6.848%, (RFUCCT1M + 1.559%), 02/01/2033		13,399		0.0
			718,225		0.0

See Accompanying Notes to Financial Statements

87

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association: 4.5%
3,826,133	2.500%, 08/20/2051	$	3,218,694		0.2
3,114,911	2.500%, 09/20/2051		2,620,362		0.1
1,610,565	2.500%, 11/20/2051		1,354,492		0.1
3,264,763	2.500%, 12/20/2051		2,746,224		0.1
5,238,962	2.500%, 03/20/2052		4,406,068		0.2
4,451,056	2.500%, 04/20/2052		3,743,415		0.2
32,600,000 (5)	2.500%, 07/15/2054		27,408,195		1.2
12,002,140	3.000%, 04/20/2045		10,673,825		0.5
864,383	3.000%, 11/20/2051		754,073		0.0
940,082	3.000%, 03/20/2052		816,565		0.0
13,265,000 (5)	3.000%, 07/15/2054		11,559,204		0.5
1,781,167	3.500%, 07/20/2046		1,577,904		0.1
253,709	3.500%, 07/20/2047		231,028		0.0
4,125,790	3.500%, 12/20/2047		3,743,639		0.2
2,321,112	3.500%, 01/20/2048		2,110,944		0.1
5,033,398	3.500%, 05/20/2050		4,558,893		0.2
323,352	4.000%, 11/20/2040		307,338		0.0
591,511	4.000%, 03/20/2046		552,441		0.0
5,168,828	4.000%, 03/20/2053		4,778,450		0.2
13,391,500 (5)	4.000%, 07/15/2054		12,376,152		0.6
517,478	4.500%, 08/20/2041		504,941		0.0
234,583	4.500%, 01/20/2047		227,452		0.0
1,591	5.000%, 11/15/2035		1,585		0.0
3,367	5.000%, 11/15/2035		3,325		0.0
4,068	5.000%, 11/15/2035		4,078		0.0
11,523	5.000%, 11/15/2035		11,381		0.0
12,807	5.000%, 06/15/2037		12,663		0.0
26,656	5.000%, 03/15/2038		26,317		0.0
56,006	5.000%, 03/15/2038		56,272		0.0
2,246	5.000%, 06/15/2038		2,210		0.0
784	5.000%, 09/15/2038		782		0.0
7,788	5.000%, 11/15/2038		7,816		0.0
26,784	5.000%, 11/15/2038		26,900		0.0
6,923	5.000%, 12/15/2038		6,944		0.0
38,540	5.000%, 12/15/2038		38,715		0.0
551,105	5.000%, 12/15/2038		553,275		0.0
33,529	5.000%, 01/15/2039		33,668		0.0
65,881	5.000%, 01/15/2039		65,600		0.0
410,716	5.000%, 01/15/2039		410,791		0.0
16,947	5.000%, 02/15/2039		16,946		0.0
38,270	5.000%, 02/15/2039		38,436		0.0
57,837	5.000%, 02/15/2039		57,900		0.0
1,422	5.000%, 03/15/2039		1,425		0.0
44,888	5.000%, 03/15/2039		44,957		0.0
46,788	5.000%, 03/15/2039		46,851		0.0
75,710	5.000%, 03/15/2039		75,856		0.0
46,297	5.000%, 04/15/2039		46,413		0.0
362	5.000%, 05/15/2039		357		0.0
28,296	5.000%, 05/15/2039		28,340		0.0
61,654	5.000%, 05/15/2039		61,821		0.0
39,024	5.000%, 07/15/2039		39,144		0.0
28,859	5.000%, 09/15/2039		28,736		0.0
7,857	5.000%, 11/15/2039		7,729		0.0
1,061	5.000%, 04/15/2040		1,055		0.0
6,762	5.000%, 06/15/2040		6,758		0.0
14,831	5.000%, 09/15/2040		14,904		0.0
28,792	5.000%, 10/15/2040		28,828		0.0
43,980	5.000%, 05/15/2042		43,567		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
166,476	5.000%, 02/20/2043	$	166,481		0.0
			102,289,125		4.5
	Uniform Mortgage-Backed Securities: 13.3%
3,620,885	2.000%, 10/01/2050		2,860,241		0.1
909,432	2.000%, 11/01/2051		726,159		0.0
2,521,911	2.000%, 11/01/2051		2,009,387		0.1
5,747,105	2.000%, 11/01/2051		4,513,168		0.2
4,587,581	2.000%, 12/01/2051		3,599,705		0.2
5,938,261	2.000%, 12/01/2051		4,695,097		0.2
1,708,666	2.000%, 02/01/2052		1,358,657		0.1
3,195,655	2.000%, 02/01/2052		2,545,419		0.1
2,933,685	2.000%, 03/01/2052		2,302,783		0.1
35,700,000 (5)	2.000%, 08/15/2054		27,953,379		1.3
726,925	2.500%, 05/01/2030		684,758		0.0
1,049,953	2.500%, 06/01/2030		989,663		0.1
1,385,515	2.500%, 06/01/2030		1,304,371		0.1
581,373	2.500%, 07/01/2030		546,995		0.0
5,401,074	2.500%, 07/01/2050		4,458,233		0.2
16,768,577	2.500%, 11/01/2050		14,001,456		0.6
7,300,377	2.500%, 02/01/2051		5,986,384		0.3
9,238,654	2.500%, 03/01/2051		7,610,831		0.4
4,315,172	2.500%, 04/01/2051		3,552,323		0.2
3,482,098	2.500%, 11/01/2051		2,869,951		0.1
3,322,996	2.500%, 12/01/2051		2,755,460		0.1
4,194,474	2.500%, 12/01/2051		3,491,260		0.2
4,507,897	2.500%, 01/01/2052		3,746,979		0.2
2,367,301	2.500%, 02/01/2052		1,978,839		0.1
3,747,669	2.500%, 02/01/2052		3,097,802		0.2
3,913,205	2.500%, 02/01/2052		3,255,440		0.2
4,310,493	2.500%, 02/01/2052		3,563,990		0.2
4,379,565	2.500%, 02/01/2052		3,589,459		0.2
5,635,909	2.500%, 02/01/2052		4,656,882		0.2
1,515,976	3.000%, 08/01/2030		1,449,036		0.1
743,259	3.000%, 09/01/2030		708,561		0.0
698,621	3.000%, 08/01/2043		616,534		0.0
1,191,740	3.000%, 09/01/2043		1,051,676		0.1
4,398,195	3.000%, 04/01/2045		3,873,319		0.2
2,728,368	3.000%, 08/01/2046		2,387,290		0.1
258,386	3.000%, 09/01/2046		225,869		0.0
5,477,335	3.000%, 11/01/2046		4,787,754		0.2
3,624,958	3.000%, 01/01/2047		3,169,629		0.2
2,274,522	3.000%, 02/01/2052		1,958,269		0.1
3,865,626	3.000%, 02/01/2052		3,345,649		0.2
5,159,238	3.000%, 04/01/2052		4,443,499		0.2
3,502,238	3.000%, 05/01/2052		3,016,412		0.2
8,244,786	3.000%, 05/01/2052		7,070,872		0.3
5,355,768	3.000%, 10/01/2052		4,563,299		0.2
382,634	3.500%, 12/01/2041		351,927		0.0
66,292	3.500%, 08/01/2042		60,662		0.0
335,530	3.500%, 08/01/2042		305,445		0.0
272,587	3.500%, 10/01/2042		248,267		0.0
461,334	3.500%, 10/01/2042		420,319		0.0
201,867	3.500%, 03/01/2043		184,310		0.0
1,737,690	3.500%, 01/01/2046		1,574,693		0.1
2,802,622	3.500%, 02/01/2046		2,537,965		0.1
2,018,245	3.500%, 08/01/2046		1,827,429		0.1
11,591,684	3.500%, 08/01/2046		10,498,327		0.5
1,859,485	3.500%, 09/01/2047		1,681,865		0.1

See Accompanying Notes to Financial Statements

88

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
5,373,359	3.500%, 07/01/2048	$	4,862,328		0.2
2,044,683	3.500%, 02/01/2052		1,828,470		0.1
1,316	4.000%, 05/01/2029		1,284		0.0
12,492	4.000%, 11/01/2030		12,159		0.0
6,943	4.000%, 02/01/2031		6,751		0.0
3,983	4.000%, 10/01/2031		3,865		0.0
3,172,457	4.000%, 12/01/2039		2,995,300		0.1
171,975	4.000%, 07/01/2042		161,847		0.0
381,929	4.000%, 07/01/2042		360,584		0.0
1,488,260	4.000%, 07/01/2042		1,402,923		0.1
132,723	4.000%, 08/01/2042		125,312		0.0
1,157,447	4.000%, 08/01/2043		1,087,175		0.1
1,932,894	4.000%, 09/01/2043		1,823,791		0.1
65,259	4.000%, 10/01/2043		61,239		0.0
138,394	4.000%, 10/01/2043		129,815		0.0
3,404,473	4.000%, 01/01/2045		3,223,326		0.2
345,067	4.000%, 06/01/2045		323,203		0.0
678,821	4.000%, 07/01/2045		640,486		0.0
1,429,786	4.000%, 07/01/2045		1,345,066		0.1
2,652,538	4.000%, 02/01/2046		2,484,508		0.1
518,000	4.000%, 06/01/2047		486,437		0.0
62,161	4.000%, 03/01/2048		57,763		0.0
294,090	4.000%, 03/01/2048		274,345		0.0
4,530,302	4.000%, 06/01/2048		4,198,228		0.2
2,350,626	4.000%, 09/01/2048		2,202,579		0.1
4,468,546	4.000%, 05/01/2051		4,155,595		0.2
4,414,955	4.000%, 05/01/2052		4,064,657		0.2
4,519,265	4.000%, 08/01/2052		4,139,636		0.2
10,164,537	4.000%, 11/01/2052		9,442,618		0.4
4,334	4.500%, 10/01/2025		4,284		0.0
40,929	4.500%, 07/01/2026		40,580		0.0
167,721	4.500%, 04/01/2029		164,995		0.0
2,622	4.500%, 06/01/2029		2,583		0.0
31,624	4.500%, 06/01/2029		31,091		0.0
32,783	4.500%, 07/01/2029		32,295		0.0
775	4.500%, 10/01/2029		764		0.0
5,205	4.500%, 06/01/2030		5,098		0.0
163,383	4.500%, 10/01/2030		160,767		0.0
39,073	4.500%, 02/01/2031		38,237		0.0
26,997	4.500%, 05/01/2031		26,582		0.0
21,420	4.500%, 10/01/2033		20,751		0.0
11,220	4.500%, 01/01/2034		10,862		0.0
2,120	4.500%, 07/01/2034		2,053		0.0
2,950	4.500%, 09/01/2035		2,834		0.0
14,431	4.500%, 09/01/2035		13,971		0.0
20,278	4.500%, 11/01/2035		19,633		0.0
112,043	4.500%, 02/01/2036		106,952		0.0
39,075	4.500%, 01/01/2037		37,829		0.0
21,324	4.500%, 09/01/2037		20,658		0.0
1,443	4.500%, 02/01/2038		1,402		0.0
13,377	4.500%, 01/01/2039		12,999		0.0
18,639	4.500%, 02/01/2039		18,113		0.0
8,893	4.500%, 04/01/2039		8,634		0.0
24,019	4.500%, 04/01/2039		23,341		0.0
44,191	4.500%, 04/01/2039		42,550		0.0
300	4.500%, 05/01/2039		291		0.0
2,601	4.500%, 05/01/2039		2,528		0.0
8,523	4.500%, 05/01/2039		8,282		0.0
42,123	4.500%, 05/01/2039		40,933		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
45,374	4.500%, 05/01/2039	$	44,094		0.0
52,052	4.500%, 05/01/2039		50,583		0.0
575,479	4.500%, 05/01/2039		559,226		0.0
4,126	4.500%, 06/01/2039		4,009		0.0
70,682	4.500%, 06/01/2039		68,686		0.0
9,374	4.500%, 07/01/2039		9,109		0.0
15,432	4.500%, 07/01/2039		14,939		0.0
31,646	4.500%, 07/01/2039		30,752		0.0
33,971	4.500%, 08/01/2039		33,011		0.0
36,865	4.500%, 08/01/2039		35,579		0.0
66,721	4.500%, 08/01/2039		64,837		0.0
119,881	4.500%, 08/01/2039		116,497		0.0
123,081	4.500%, 09/01/2039		118,906		0.0
103,620	4.500%, 10/01/2039		100,693		0.0
6,234	4.500%, 11/01/2039		6,058		0.0
54,096	4.500%, 11/01/2039		52,568		0.0
3,263	4.500%, 12/01/2039		3,171		0.0
6,252	4.500%, 12/01/2039		6,075		0.0
3,171	4.500%, 01/01/2040		3,082		0.0
220,093	4.500%, 01/01/2040		213,468		0.0
52,250	4.500%, 02/01/2040		50,774		0.0
102,677	4.500%, 02/01/2040		99,776		0.0
32,144	4.500%, 04/01/2040		31,236		0.0
318,798	4.500%, 04/01/2040		309,792		0.0
32,094	4.500%, 05/01/2040		31,194		0.0
156,008	4.500%, 05/01/2040		151,272		0.0
2,209	4.500%, 06/01/2040		2,147		0.0
22,825	4.500%, 06/01/2040		22,180		0.0
37,616	4.500%, 06/01/2040		36,553		0.0
67,770	4.500%, 06/01/2040		65,857		0.0
168,783	4.500%, 06/01/2040		164,019		0.0
11,439	4.500%, 07/01/2040		11,116		0.0
50,135	4.500%, 07/01/2040		48,718		0.0
74,713	4.500%, 07/01/2040		72,603		0.0
1,290	4.500%, 08/01/2040		1,254		0.0
2,884	4.500%, 08/01/2040		2,803		0.0
16,376	4.500%, 08/01/2040		15,913		0.0
18,283	4.500%, 08/01/2040		17,767		0.0
43,481	4.500%, 08/01/2040		42,253		0.0
45,104	4.500%, 08/01/2040		43,830		0.0
48,759	4.500%, 08/01/2040		46,828		0.0
8,480	4.500%, 09/01/2040		8,241		0.0
10,568	4.500%, 09/01/2040		10,270		0.0
11,867	4.500%, 09/01/2040		11,427		0.0
16,714	4.500%, 09/01/2040		16,242		0.0
16,738	4.500%, 09/01/2040		16,265		0.0
71,106	4.500%, 09/01/2040		69,067		0.0
133,488	4.500%, 09/01/2040		129,717		0.0
16,747	4.500%, 10/01/2040		16,274		0.0
18,175	4.500%, 10/01/2040		17,662		0.0
52,953	4.500%, 10/01/2040		51,147		0.0
89,929	4.500%, 10/01/2040		87,390		0.0
103,041	4.500%, 10/01/2040		100,130		0.0
27,452	4.500%, 11/01/2040		26,677		0.0
31,280	4.500%, 11/01/2040		30,396		0.0
114,243	4.500%, 11/01/2040		109,663		0.0
229,198	4.500%, 11/01/2040		222,727		0.0
644,430	4.500%, 11/01/2040		626,222		0.0
1,915	4.500%, 12/01/2040		1,861		0.0

See Accompanying Notes to Financial Statements

89

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
11,207	4.500%, 12/01/2040	$	10,827		0.0
14,404	4.500%, 12/01/2040		13,997		0.0
15,406	4.500%, 12/01/2040		14,971		0.0
21,920	4.500%, 12/01/2040		21,301		0.0
27,512	4.500%, 12/01/2040		26,734		0.0
65,788	4.500%, 12/01/2040		63,929		0.0
67,161	4.500%, 12/01/2040		65,221		0.0
132,538	4.500%, 12/01/2040		128,794		0.0
11,091	4.500%, 01/01/2041		10,778		0.0
25,934	4.500%, 01/01/2041		25,202		0.0
78,985	4.500%, 01/01/2041		76,081		0.0
142,755	4.500%, 01/01/2041		138,661		0.0
308,345	4.500%, 01/01/2041		299,632		0.0
14,167	4.500%, 02/01/2041		13,767		0.0
35,012	4.500%, 02/01/2041		34,024		0.0
47,246	4.500%, 02/01/2041		45,911		0.0
50,803	4.500%, 02/01/2041		49,367		0.0
53,291	4.500%, 02/01/2041		51,182		0.0
2,663	4.500%, 03/01/2041		2,588		0.0
10,663	4.500%, 03/01/2041		10,178		0.0
13,181	4.500%, 03/01/2041		12,809		0.0
16,926	4.500%, 03/01/2041		16,448		0.0
24,407	4.500%, 03/01/2041		23,718		0.0
32,619	4.500%, 03/01/2041		31,698		0.0
51,061	4.500%, 03/01/2041		49,618		0.0
67,092	4.500%, 03/01/2041		65,199		0.0
111,767	4.500%, 03/01/2041		107,655		0.0
3,280	4.500%, 04/01/2041		3,188		0.0
14,768	4.500%, 04/01/2041		14,178		0.0
24,643	4.500%, 04/01/2041		23,947		0.0
68,593	4.500%, 04/01/2041		65,966		0.0
136,704	4.500%, 04/01/2041		132,840		0.0
245,342	4.500%, 04/01/2041		238,414		0.0
2,250	4.500%, 05/01/2041		2,187		0.0
4,078	4.500%, 05/01/2041		3,963		0.0
10,619	4.500%, 05/01/2041		10,297		0.0
12,734	4.500%, 05/01/2041		12,374		0.0
16,824	4.500%, 05/01/2041		16,348		0.0
124,796	4.500%, 05/01/2041		121,040		0.0
133,310	4.500%, 05/01/2041		129,320		0.0
159,308	4.500%, 05/01/2041		154,805		0.0
243,432	4.500%, 05/01/2041		236,552		0.0
9,030	4.500%, 06/01/2041		8,775		0.0
45,151	4.500%, 06/01/2041		43,809		0.0
168,730	4.500%, 06/01/2041		163,683		0.0
1,523	4.500%, 07/01/2041		1,467		0.0
2,568	4.500%, 07/01/2041		2,495		0.0
7,603	4.500%, 07/01/2041		7,388		0.0
16,123	4.500%, 07/01/2041		15,670		0.0
30,630	4.500%, 07/01/2041		29,464		0.0
72,701	4.500%, 07/01/2041		70,647		0.0
126,656	4.500%, 07/01/2041		123,050		0.0
11,637	4.500%, 08/01/2041		11,308		0.0
19,999	4.500%, 08/01/2041		19,192		0.0
39,945	4.500%, 08/01/2041		38,523		0.0
61,040	4.500%, 08/01/2041		59,315		0.0
82,445	4.500%, 08/01/2041		80,115		0.0
107,268	4.500%, 08/01/2041		103,215		0.0
120,537	4.500%, 08/01/2041		115,659		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
147,975	4.500%, 08/01/2041	$	143,613		0.0
3,236	4.500%, 09/01/2041		3,145		0.0
8,404	4.500%, 09/01/2041		8,167		0.0
41,257	4.500%, 09/01/2041		40,057		0.0
382,726	4.500%, 09/01/2041		371,751		0.0
13,808	4.500%, 10/01/2041		13,418		0.0
22,842	4.500%, 10/01/2041		22,168		0.0
41,102	4.500%, 10/01/2041		39,519		0.0
80,186	4.500%, 10/01/2041		77,921		0.0
143,378	4.500%, 10/01/2041		139,207		0.0
178,231	4.500%, 10/01/2041		173,195		0.0
394,933	4.500%, 10/01/2041		383,037		0.0
801,667	4.500%, 10/01/2041		777,187		0.1
2,349	4.500%, 11/01/2041		2,283		0.0
184,424	4.500%, 11/01/2041		179,174		0.0
167,940	4.500%, 12/01/2041		162,246		0.0
421,735	4.500%, 12/01/2041		409,380		0.0
7,660	4.500%, 01/01/2042		7,444		0.0
10,417	4.500%, 01/01/2042		10,036		0.0
18,115	4.500%, 01/01/2042		17,593		0.0
31,532	4.500%, 03/01/2042		30,531		0.0
25,659	4.500%, 04/01/2042		24,528		0.0
10,597	4.500%, 06/01/2042		10,267		0.0
4,360	4.500%, 08/01/2042		4,237		0.0
3,879	4.500%, 09/01/2042		3,706		0.0
6,165	4.500%, 01/01/2043		5,904		0.0
4,071	4.500%, 12/01/2043		3,935		0.0
41,004	4.500%, 04/01/2047		39,587		0.0
19,742	4.500%, 05/01/2047		19,000		0.0
45,569	4.500%, 06/01/2047		43,849		0.0
66,246	4.500%, 06/01/2047		63,744		0.0
62,559	4.500%, 07/01/2047		60,494		0.0
233,501	4.500%, 07/01/2047		224,442		0.0
15,675	4.500%, 08/01/2047		15,054		0.0
5,362,533	4.500%, 10/01/2052		5,064,933		0.2
5,800	5.000%, 04/01/2026		5,745		0.0
8,522	5.000%, 05/01/2026		8,441		0.0
7,718	5.000%, 08/01/2027		7,642		0.0
5,359	5.000%, 04/01/2028		5,322		0.0
4,601,480	5.000%, 05/01/2042		4,554,824		0.2
607,203	5.000%, 09/01/2052		588,326		0.0
30,024,198	5.000%, 10/01/2052		29,080,762		1.3
1,034	5.500%, 07/01/2026		1,020		0.0
1,491	5.500%, 12/01/2027		1,489		0.0
7,632	5.500%, 04/01/2028		7,603		0.0
2,212	5.500%, 08/01/2028		2,213		0.0
3,091	5.500%, 01/01/2029		3,073		0.0
26,459	5.500%, 10/01/2029		26,465		0.0
29,678	5.500%, 04/01/2033		29,781		0.0
10,435	5.500%, 10/01/2033		10,477		0.0
455	5.500%, 11/01/2033		463		0.0
1,864	5.500%, 11/01/2033		1,860		0.0
3,069	5.500%, 11/01/2033		3,082		0.0
3,458	5.500%, 11/01/2033		3,450		0.0
741	5.500%, 12/01/2033		744		0.0
9,046	5.500%, 12/01/2033		9,082		0.0
23,621	5.500%, 12/01/2033		23,716		0.0
53,974	5.500%, 12/01/2033		54,192		0.0
160,782	5.500%, 12/01/2033		160,325		0.0

See Accompanying Notes to Financial Statements

90

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
210	5.500%, 01/01/2034	$	212		0.0
3,048	5.500%, 01/01/2034		3,063		0.0
7,596	5.500%, 01/01/2034		7,626		0.0
12,896	5.500%, 01/01/2034		12,926		0.0
58,434	5.500%, 01/01/2034		58,670		0.0
2,443	5.500%, 06/01/2034		2,453		0.0
4,097	5.500%, 11/01/2034		4,121		0.0
23,903	5.500%, 11/01/2034		24,000		0.0
490	5.500%, 12/01/2034		492		0.0
7,026	5.500%, 01/01/2035		7,054		0.0
14,871	5.500%, 01/01/2035		14,931		0.0
19,660	5.500%, 01/01/2035		19,672		0.0
5,550	5.500%, 02/01/2035		5,553		0.0
682,870	5.500%, 02/01/2035		685,633		0.0
4,358	5.500%, 07/01/2035		4,376		0.0
373,353	5.500%, 08/01/2035		374,864		0.0
1,517	5.500%, 10/01/2035		1,550		0.0
282	5.500%, 11/01/2035		282		0.0
25,943	5.500%, 11/01/2035		26,048		0.0
388	5.500%, 12/01/2035		390		0.0
420	5.500%, 12/01/2035		420		0.0
6,553	5.500%, 12/01/2035		6,579		0.0
61,729	5.500%, 12/01/2035		61,979		0.0
4,675	5.500%, 01/01/2036		4,694		0.0
39,882	5.500%, 01/01/2036		40,044		0.0
374	5.500%, 02/01/2036		375		0.0
5,945	5.500%, 04/01/2036		5,969		0.0
474,077	5.500%, 07/01/2036		475,995		0.0
372	5.500%, 08/01/2036		373		0.0
23,776	5.500%, 09/01/2036		23,872		0.0
39,702	5.500%, 09/01/2036		39,862		0.0
602	5.500%, 12/01/2036		604		0.0
942	5.500%, 12/01/2036		946		0.0
65,261	5.500%, 12/01/2036		65,525		0.0
66,634	5.500%, 12/01/2036		66,903		0.0
6,466	5.500%, 01/01/2037		6,492		0.0
34,236	5.500%, 01/01/2037		34,375		0.0
52,382	5.500%, 02/01/2037		52,595		0.0
137,249	5.500%, 03/01/2037		136,755		0.0
5,983	5.500%, 04/01/2037		6,007		0.0
422	5.500%, 05/01/2037		423		0.0
1,206	5.500%, 05/01/2037		1,205		0.0
6,685	5.500%, 05/01/2037		6,712		0.0
12,328	5.500%, 05/01/2037		12,378		0.0
12,696	5.500%, 06/01/2037		12,748		0.0
28,494	5.500%, 06/01/2037		28,609		0.0
14,002	5.500%, 07/01/2037		13,962		0.0
7,755	5.500%, 08/01/2037		7,787		0.0
20,860	5.500%, 08/01/2037		20,944		0.0
22,694	5.500%, 08/01/2037		22,786		0.0
55,756	5.500%, 09/01/2037		55,982		0.0
374	5.500%, 11/01/2037		375		0.0
194,019	5.500%, 01/01/2038		194,807		0.0
372	5.500%, 02/01/2038		374		0.0
621	5.500%, 02/01/2038		624		0.0
3,475	5.500%, 03/01/2038		3,489		0.0
174,947	5.500%, 03/01/2038		175,658		0.0
241	5.500%, 04/01/2038		241		0.0
8,171	5.500%, 04/01/2038		8,176		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
26,666	5.500%, 04/01/2038	$	26,774		0.0
1,502	5.500%, 05/01/2038		1,508		0.0
4,887	5.500%, 05/01/2038		4,912		0.0
49,341	5.500%, 05/01/2038		49,371		0.0
10,949	5.500%, 06/01/2038		10,993		0.0
43,898	5.500%, 06/01/2038		44,076		0.0
896,681	5.500%, 06/01/2038		900,321		0.1
204	5.500%, 07/01/2038		205		0.0
21,293	5.500%, 07/01/2038		21,379		0.0
24,217	5.500%, 07/01/2038		24,315		0.0
25,072	5.500%, 07/01/2038		25,174		0.0
5,709	5.500%, 08/01/2038		5,732		0.0
12,242	5.500%, 08/01/2038		12,292		0.0
35,044	5.500%, 08/01/2038		35,125		0.0
29,294	5.500%, 11/01/2038		29,440		0.0
98,450	5.500%, 11/01/2038		98,850		0.0
107	5.500%, 12/01/2038		107		0.0
17,347	5.500%, 12/01/2038		17,434		0.0
27,170	5.500%, 01/01/2039		27,281		0.0
52,432	5.500%, 01/01/2039		52,645		0.0
177,442	5.500%, 01/01/2039		178,163		0.0
10,192	5.500%, 03/01/2039		10,233		0.0
91,433	5.500%, 06/01/2039		91,804		0.0
161,788	5.500%, 06/01/2039		162,445		0.0
8,949	5.500%, 07/01/2041		8,985		0.0
177,216	5.500%, 09/01/2041		177,932		0.0
28,828	6.000%, 11/01/2028		29,180		0.0
176	6.000%, 04/01/2031		181		0.0
190	6.000%, 01/01/2032		192		0.0
409	6.000%, 11/01/2032		412		0.0
432	6.000%, 11/01/2032		434		0.0
23,071	6.000%, 01/01/2033		23,405		0.0
1,788	6.000%, 09/01/2033		1,825		0.0
305	6.000%, 01/01/2034		309		0.0
20,523	6.000%, 06/01/2035		20,766		0.0
3,084	6.000%, 07/01/2035		3,131		0.0
4,146	6.000%, 07/01/2035		4,189		0.0
5,031	6.000%, 07/01/2035		5,090		0.0
6,131	6.000%, 07/01/2035		6,257		0.0
324	6.000%, 10/01/2035		327		0.0
865	6.000%, 10/01/2035		872		0.0
27,202	6.000%, 11/01/2035		27,671		0.0
1,999	6.000%, 12/01/2035		2,017		0.0
23,501	6.000%, 12/01/2035		23,983		0.0
173,819	6.000%, 12/01/2035		175,359		0.0
3,691	6.000%, 01/01/2036		3,750		0.0
17,841	6.000%, 02/01/2036		18,233		0.0
26,549	6.000%, 02/01/2036		27,144		0.0
14,564	6.000%, 03/01/2036		14,841		0.0
17,522	6.000%, 03/01/2036		18,284		0.0
10,072	6.000%, 04/01/2036		10,303		0.0
21,580	6.000%, 04/01/2036		22,075		0.0
7,246	6.000%, 05/01/2036		7,328		0.0
304	6.000%, 06/01/2036		310		0.0
1,649	6.000%, 06/01/2036		1,670		0.0
1,098	6.000%, 07/01/2036		1,112		0.0
1,265	6.000%, 07/01/2036		1,274		0.0
9,998	6.000%, 07/01/2036		10,121		0.0
37,609	6.000%, 07/01/2036		38,397		0.0

See Accompanying Notes to Financial Statements

91

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,247	6.000%, 08/01/2036	$	1,259		0.0
1,980	6.000%, 08/01/2036		2,026		0.0
10,206	6.000%, 08/01/2036		10,441		0.0
11,231	6.000%, 08/01/2036		11,399		0.0
100,280	6.000%, 08/01/2036		101,746		0.0
290,324	6.000%, 08/01/2036		294,724		0.0
71	6.000%, 09/01/2036		71		0.0
7,538	6.000%, 09/01/2036		7,711		0.0
7,909	6.000%, 09/01/2036		8,019		0.0
11,307	6.000%, 09/01/2036		11,446		0.0
12,931	6.000%, 09/01/2036		13,193		0.0
27,478	6.000%, 09/01/2036		28,084		0.0
51,117	6.000%, 09/01/2036		51,559		0.0
2,079	6.000%, 10/01/2036		2,096		0.0
7,113	6.000%, 10/01/2036		7,184		0.0
9,126	6.000%, 10/01/2036		9,332		0.0
17,639	6.000%, 10/01/2036		18,071		0.0
21,646	6.000%, 10/01/2036		22,145		0.0
21,986	6.000%, 10/01/2036		22,491		0.0
6,406	6.000%, 11/01/2036		6,500		0.0
13,858	6.000%, 11/01/2036		13,968		0.0
19,943	6.000%, 11/01/2036		20,401		0.0
1,270	6.000%, 12/01/2036		1,289		0.0
2,002	6.000%, 12/01/2036		2,048		0.0
2,983	6.000%, 12/01/2036		3,027		0.0
12,581	6.000%, 12/01/2036		12,730		0.0
21,961	6.000%, 12/01/2036		22,467		0.0
192	6.000%, 01/01/2037		194		0.0
341	6.000%, 01/01/2037		349		0.0
6,444	6.000%, 01/01/2037		6,592		0.0
9,723	6.000%, 01/01/2037		9,800		0.0
7,008	6.000%, 02/01/2037		7,114		0.0
8,439	6.000%, 02/01/2037		8,634		0.0
47,418	6.000%, 02/01/2037		48,509		0.0
339	6.000%, 03/01/2037		345		0.0
4,207	6.000%, 03/01/2037		4,253		0.0
4,286	6.000%, 03/01/2037		4,385		0.0
6,730	6.000%, 03/01/2037		6,803		0.0
9,637	6.000%, 03/01/2037		9,858		0.0
76,449	6.000%, 03/01/2037		78,358		0.0
596	6.000%, 04/01/2037		602		0.0
678	6.000%, 04/01/2037		685		0.0
1,119	6.000%, 04/01/2037		1,145		0.0
1,956	6.000%, 04/01/2037		1,988		0.0
3,894	6.000%, 04/01/2037		3,963		0.0
8,744	6.000%, 04/01/2037		8,945		0.0
11,257	6.000%, 04/01/2037		11,509		0.0
12,868	6.000%, 04/01/2037		13,065		0.0
14,041	6.000%, 04/01/2037		14,365		0.0
19,240	6.000%, 04/01/2037		19,436		0.0
25,261	6.000%, 04/01/2037		25,515		0.0
33,946	6.000%, 04/01/2037		34,785		0.0
61,266	6.000%, 04/01/2037		62,676		0.0
525	6.000%, 05/01/2037		533		0.0
4,475	6.000%, 05/01/2037		4,578		0.0
5,147	6.000%, 05/01/2037		5,207		0.0
6,794	6.000%, 05/01/2037		6,848		0.0
9,562	6.000%, 05/01/2037		9,782		0.0
9,891	6.000%, 05/01/2037		9,980		0.0

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
11,829	6.000%, 05/01/2037	$	11,933		0.0
12,034	6.000%, 05/01/2037		12,139		0.0
18,671	6.000%, 05/01/2037		19,101		0.0
46,705	6.000%, 05/01/2037		47,780		0.0
3,189	6.000%, 06/01/2037		3,261		0.0
3,383	6.000%, 06/01/2037		3,427		0.0
3,721	6.000%, 06/01/2037		3,806		0.0
4,534	6.000%, 06/01/2037		4,570		0.0
22,042	6.000%, 06/01/2037		22,218		0.0
32,987	6.000%, 06/01/2037		33,747		0.0
2,141	6.000%, 07/01/2037		2,186		0.0
4,261	6.000%, 07/01/2037		4,359		0.0
4,547	6.000%, 07/01/2037		4,681		0.0
4,891	6.000%, 07/01/2037		4,930		0.0
5,303	6.000%, 07/01/2037		5,347		0.0
5,941	6.000%, 07/01/2037		6,019		0.0
11,836	6.000%, 07/01/2037		11,989		0.0
28,905	6.000%, 07/01/2037		29,328		0.0
30,171	6.000%, 07/01/2037		30,866		0.0
3,965	6.000%, 08/01/2037		4,057		0.0
5,327	6.000%, 08/01/2037		5,396		0.0
7,005	6.000%, 08/01/2037		7,078		0.0
8,036	6.000%, 08/01/2037		8,099		0.0
11,089	6.000%, 08/01/2037		11,344		0.0
15,681	6.000%, 08/01/2037		15,854		0.0
25,740	6.000%, 08/01/2037		26,333		0.0
32,162	6.000%, 08/01/2037		32,470		0.0
488	6.000%, 09/01/2037		496		0.0
1,302	6.000%, 09/01/2037		1,332		0.0
5,078	6.000%, 09/01/2037		5,131		0.0
8,745	6.000%, 09/01/2037		8,946		0.0
55,882	6.000%, 09/01/2037		57,169		0.0
139,087	6.000%, 09/01/2037		142,290		0.0
545	6.000%, 10/01/2037		553		0.0
18,650	6.000%, 10/01/2037		19,079		0.0
572	6.000%, 11/01/2037		585		0.0
20,279	6.000%, 11/01/2037		20,745		0.0
28,860	6.000%, 11/01/2037		29,522		0.0
779	6.000%, 12/01/2037		797		0.0
16,103	6.000%, 12/01/2037		16,474		0.0
31,867	6.000%, 12/01/2037		32,372		0.0
33,338	6.000%, 12/01/2037		34,105		0.0
15,120	6.000%, 02/01/2038		15,438		0.0
52,206	6.000%, 02/01/2038		52,874		0.0
71,758	6.000%, 02/01/2038		73,269		0.0
652	6.000%, 03/01/2038		661		0.0
3,572	6.000%, 03/01/2038		3,610		0.0
15,973	6.000%, 03/01/2038		16,340		0.0
1,913	6.000%, 05/01/2038		1,957		0.0
43,906	6.000%, 05/01/2038		44,917		0.0
6,391	6.000%, 06/01/2038		6,538		0.0
24,176	6.000%, 07/01/2038		24,733		0.0
61,798	6.000%, 07/01/2038		62,976		0.0
746	6.000%, 08/01/2038		763		0.0
3,017	6.000%, 09/01/2038		3,056		0.0
3,901	6.000%, 09/01/2038		3,990		0.0
13,416	6.000%, 09/01/2038		13,630		0.0
14,017	6.000%, 09/01/2038		14,312		0.0
329	6.000%, 10/01/2038		332		0.0

See Accompanying Notes to Financial Statements

92

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,118	6.000%, 10/01/2038	$	1,144		0.0
7,396	6.000%, 10/01/2038		7,566		0.0
8,053	6.000%, 10/01/2038		8,238		0.0
10,809	6.000%, 10/01/2038		10,895		0.0
17,125	6.000%, 10/01/2038		17,520		0.0
409	6.000%, 11/01/2038		419		0.0
1,039	6.000%, 11/01/2038		1,050		0.0
80,552	6.000%, 11/01/2038		82,013		0.0
772	6.000%, 12/01/2038		783		0.0
10,873	6.000%, 12/01/2038		11,058		0.0
39,429	6.000%, 12/01/2038		40,337		0.0
768	6.000%, 10/01/2039		786		0.0
10,081	6.000%, 10/01/2039		10,313		0.0
228,856	6.000%, 02/01/2040		234,130		0.0
9,518	6.000%, 04/01/2040		9,737		0.0
69,941	6.000%, 09/01/2040		71,047		0.0
102,410	6.000%, 10/01/2040		104,769		0.0
149,198	6.000%, 05/01/2041		152,635		0.0
417	6.500%, 04/01/2027		425		0.0
204	6.500%, 02/01/2028		208		0.0
4,191	6.500%, 01/01/2032		4,268		0.0
4,045	6.500%, 04/01/2032		4,146		0.0
3,086	6.500%, 10/01/2032		3,160		0.0
10,246	6.500%, 10/01/2032		10,529		0.0
3,132	6.500%, 03/01/2038		3,284		0.0
51	7.000%, 08/01/2025		53		0.0
1,070	7.000%, 03/01/2026		1,100		0.0
315	7.000%, 12/01/2027		324		0.0
134,460	7.000%, 03/01/2038		138,360		0.0
385,263	7.000%, 04/01/2038		396,795		0.0
4,469	7.500%, 09/01/2031		4,552		0.0
			299,784,749		13.3
	Total U.S. Government Agency Obligations (Cost $479,701,742)		450,109,472		19.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 13.5%
642,117 (3)	Alternative Loan Trust 2005-53T2 2A6, 5.960%, (TSFR1M + 0.614%), 11/25/2035		345,491		0.0
940,259	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035		647,348		0.0
1,053,367	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035		859,355		0.0
183,383 (3)(6)	Alternative Loan Trust 2005-J3 2A2, 10.196%, (-1.000*TSFR1M + 4.886%), 05/25/2035		4,012		0.0
1,099,719	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		535,408		0.0
1,475,837 (3)	Alternative Loan Trust 2007-23CB A3, 5.960%, (TSFR1M + 0.614%), 09/25/2037		564,751		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
66,887	Banc of America Funding Trust 2007-8 4A1, 6.000%, 08/25/2037	$	51,594		0.0
1,266,100 (1)(3)	Bayview MSR Opportunity Master Fund Trust 2022-2 AF, 5.000%, (SOFR30A + 0.850%), 12/25/2051		1,170,894		0.1
274,398 (3)	Bear Stearns ALT-A Trust 2005-10 22A1, 5.534%, 01/25/2036		251,201		0.0
181,408 (3)	Bear Stearns ALT-A Trust 2005-4 23A1, 5.310%, 05/25/2035		169,076		0.0
700,192 (3)	Bear Stearns ALT-A Trust 2006-6 31A1, 4.386%, 11/25/2036		378,431		0.0
831,114 (3)	Bear Stearns ALT-A Trust 2006-6 32A1, 4.652%, 11/25/2036		426,916		0.0
1,564 (3)	Bear Stearns ARM Trust 2005-12 13A1, 5.011%, 02/25/2036		1,151		0.0
59,423 (3)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 5.159%, 01/26/2036		43,730		0.0
3,300,000 (1)(3)	Bellemeade RE Ltd. 2021-3A M1C, 6.885%, (SOFR30A + 1.550%), 09/25/2031		3,298,008		0.2
68,599 (3)	Chase Mortgage Finance Trust Series 2005-A1 1A1, 4.642%, 12/25/2035		62,857		0.0
1,034,230 (3)	CHL Mortgage Pass-Through Trust 2004-22 A3, 4.712%, 11/25/2034		930,182		0.1
6,337 (3)	CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 5.069%, 02/20/2035		6,310		0.0
10,805 (3)	CHL Mortgage Pass-Through Trust 2005-2 2A3, 6.140%, (TSFR1M + 0.794%), 03/25/2035		9,764		0.0
1,363,992 (1)(3)	CIM Trust 2020-J1 B3, 3.434%, 07/25/2050		1,115,496		0.1
417,491	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037		366,901		0.0
16,179 (3)	Citigroup Mortgage Loan Trust 2005-3 2A2A, 5.731%, 08/25/2035		15,074		0.0
698,388	Citigroup Mortgage Loan Trust 2005-8 3A1, 5.500%, 09/25/2035		679,637		0.0

See Accompanying Notes to Financial Statements

93

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
622,771 (3)	Citigroup Mortgage Loan Trust 2007-10 22AA, 4.560%, 09/25/2037	$	551,578		0.0
472,111 (1)(3)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058		449,604		0.0
163,425	CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037		144,672		0.0
800,000 (1)(3)	Connecticut Avenue Securities Trust 2020-SBT1 1M2, 9.100%, (SOFR30A + 3.764%), 02/25/2040		850,879		0.0
8,600,000 (1)(3)	Connecticut Avenue Securities Trust 2022-R01 1B1, 8.485%, (SOFR30A + 3.150%), 12/25/2041		8,907,009		0.4
77,876 (3)	DSLA Mortgage Loan Trust 2004-AR3 2A1, 6.146%, 07/19/2044		70,756		0.0
20,573 (1)(3)	Fannie Mae Connecticut Avenue Securities 2019-R01 2M2, 7.900%, (SOFR30A + 2.564%), 07/25/2031		20,574		0.0
2,700,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 8.450%, (SOFR30A + 3.114%), 01/25/2040		2,782,062		0.1
1,500,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2021-R01 1B1, 8.435%, (SOFR30A + 3.100%), 10/25/2041		1,545,858		0.1
1,500,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2021-R03 1B1, 8.085%, (SOFR30A + 2.750%), 12/25/2041		1,532,908		0.1
1,000,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2022-R08 1B1, 10.935%, (SOFR30A + 5.600%), 07/25/2042		1,102,122		0.1
2,269,638 (6)	Fannie Mae Interest Strip 409 C29, 5.000%, 04/25/2042		451,750		0.0
187,500 (6)	Fannie Mae Interest Strip 418 10, 4.000%, 08/25/2043		29,028		0.0
183,442 (6)	Fannie Mae Interest Strip 418 15, 3.500%, 08/25/2043		26,696		0.0
1,953,909 (6)	Fannie Mae Interest Strip 421 C11, 6.500%, 05/25/2039		333,683		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
84,824	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029	$	84,874		0.0
4,762 (3)	Fannie Mae REMIC Trust 2002-21 FC, 6.350%, (SOFR30A + 1.014%), 04/25/2032		4,783		0.0
379,466 (6)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033		65,701		0.0
14,110 (3)	Fannie Mae REMIC Trust 2004-11 A, 5.558%, (SOFR30A + 0.234%), 03/25/2034		14,082		0.0
184,944	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036		187,712		0.0
1,585,726 (3)(6)	Fannie Mae REMIC Trust 2005-66 SY, 1.250%, (-1.000*SOFR30A + 6.586%), 07/25/2035		125,628		0.0
116,833 (3)	Fannie Mae REMIC Trust 2005-74 DK, 2.201%, (-1.000*SOFR30A + 23.542%), 07/25/2035		110,756		0.0
1,845,966 (3)(6)	Fannie Mae REMIC Trust 2005-92 SC, 1.230%, (-1.000*SOFR30A + 6.566%), 10/25/2035		133,186		0.0
89,208	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036		90,700		0.0
378,327 (3)	Fannie Mae REMIC Trust 2006-104 ES, 6.201%, (-1.000*SOFR30A + 32.878%), 11/25/2036		463,544		0.0
1,742,703 (3)(6)	Fannie Mae REMIC Trust 2006-12 SD, 1.300%, (-1.000*SOFR30A + 6.636%), 10/25/2035		94,780		0.0
2,285,657 (3)(6)	Fannie Mae REMIC Trust 2006-120 QD, 9.896%, (-1.000*SOFR30A + 4.586%), 10/25/2036		30,768		0.0
1,089,868 (3)(6)	Fannie Mae REMIC Trust 2006-123 UI, 1.290%, (-1.000*SOFR30A + 6.626%), 01/25/2037		92,673		0.0
1,214,583 (3)(6)	Fannie Mae REMIC Trust 2006-59 XS, 1.750%, (-1.000*SOFR30A + 7.086%), 07/25/2036		94,603		0.0

See Accompanying Notes to Financial Statements

94

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
92,654 (3)(6)	Fannie Mae REMIC Trust 2006-72 HS, 1.250%, (-1.000*SOFR30A + 6.586%), 08/25/2026	$	1,256		0.0
1,350,915 (3)(6)	Fannie Mae REMIC Trust 2007-53 SX, 0.650%, (-1.000*SOFR30A + 5.986%), 06/25/2037		92,239		0.0
290,151 (3)	Fannie Mae REMIC Trust 2007-73 A1, 6.087%, (SOFR30A + 0.174%), 07/25/2037		282,810		0.0
177,788 (3)	Fannie Mae REMIC Trust 2008-20 SP, 1.875%, (-1.000*SOFR30A + 15.214%), 03/25/2038		165,939		0.0
925,015	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036		905,654		0.1
3,178,123 (3)(6)	Fannie Mae REMIC Trust 2010-102 SB, 1.150%, (-1.000*SOFR30A + 6.486%), 09/25/2040		299,912		0.0
3,653,578 (6)	Fannie Mae REMIC Trust 2010-112 PI, 6.000%, 10/25/2040		759,169		0.0
1,017,269 (3)(6)	Fannie Mae REMIC Trust 2010-116 SE, 1.150%, (-1.000*SOFR30A + 6.486%), 10/25/2040		79,590		0.0
2,714,753 (3)(6)	Fannie Mae REMIC Trust 2010-123 SL, 0.620%, (-1.000*SOFR30A + 5.956%), 11/25/2040		155,576		0.0
8,128,580 (3)(6)	Fannie Mae REMIC Trust 2010-139 SA, 0.580%, (-1.000*SOFR30A + 5.916%), 12/25/2040		612,180		0.0
1,556,561 (3)(6)	Fannie Mae REMIC Trust 2010-55 AS, 0.970%, (-1.000*SOFR30A + 6.306%), 06/25/2040		121,124		0.0
3,037,219	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040		3,044,321		0.1
236,462	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040		235,898		0.0
469,628	Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041		462,380		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
42,643	Fannie Mae REMIC Trust 2011-127 UY, 3.500%, 12/25/2041	$	39,193		0.0
1,000,000	Fannie Mae REMIC Trust 2011-128 KB, 4.500%, 12/25/2041		958,592		0.1
1,085,893 (3)(6)	Fannie Mae REMIC Trust 2011-149 ES, 0.550%, (-1.000*SOFR30A + 5.886%), 07/25/2041		26,448		0.0
808,096 (6)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041		78,119		0.0
9,945,667	Fannie Mae REMIC Trust 2011-99 CZ, 4.500%, 10/25/2041		9,546,506		0.4
275,582 (3)(6)	Fannie Mae REMIC Trust 2012-10 US, 1.000%, (-1.000*SOFR30A + 6.336%), 02/25/2042		27,586		0.0
43,691	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041		43,038		0.0
608,974	Fannie Mae REMIC Trust 2012-110 CA, 3.000%, 10/25/2042		543,160		0.0
3,790,673 (3)(6)	Fannie Mae REMIC Trust 2012-113 SG, 0.650%, (-1.000*SOFR30A + 5.986%), 10/25/2042		350,203		0.0
2,687,656 (3)(6)	Fannie Mae REMIC Trust 2012-122 SB, 0.700%, (-1.000*SOFR30A + 6.036%), 11/25/2042		255,954		0.0
876,848 (6)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032		48,754		0.0
765,285 (3)	Fannie Mae REMIC Trust 2012-131 BS, 10.546%, (-1.000*SOFR30A + 5.263%), 12/25/2042		432,496		0.0
9,387,019 (3)(6)	Fannie Mae REMIC Trust 2012-134 SF, 0.700%, (-1.000*SOFR30A + 6.036%), 12/25/2042		842,690		0.0
4,287,382 (3)(6)	Fannie Mae REMIC Trust 2012-137 SN, 0.650%, (-1.000*SOFR30A + 5.986%), 12/25/2042		357,633		0.0
6,808,266 (3)(6)	Fannie Mae REMIC Trust 2012-19 S, 0.500%, (-1.000*SOFR30A + 5.836%), 03/25/2042		558,253		0.0

See Accompanying Notes to Financial Statements

95

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,108,188 (3)(6)	Fannie Mae REMIC Trust 2012-30 TS, 1.000%, (-1.000*SOFR30A + 6.336%), 04/25/2042	$	313,831		0.0
675,683 (6)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042		93,466		0.0
3,565,415 (3)(6)	Fannie Mae REMIC Trust 2013-60 DS, 0.750%, (-1.000*SOFR30A + 6.086%), 06/25/2033		190,282		0.0
4,008,717 (3)(6)	Fannie Mae REMIC Trust 2013-9 DS, 0.700%, (-1.000*SOFR30A + 6.036%), 02/25/2043		403,530		0.0
7,774,635 (3)(6)	Fannie Mae REMIC Trust 2013-9 SA, 0.700%, (-1.000*SOFR30A + 6.036%), 03/25/2042		291,169		0.0
9,416,072 (6)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045		1,882,634		0.1
12,067,844 (6)	Fannie Mae REMIC Trust 2016-2 IO, 5.500%, 02/25/2046		1,851,212		0.1
3,292,690 (3)(6)	Fannie Mae REMIC Trust 2016-54 SD, 0.550%, (-1.000*SOFR30A + 5.886%), 08/25/2046		348,656		0.0
5,184,693 (3)(6)	Fannie Mae REMIC Trust 2016-62 SC, 0.550%, (-1.000*SOFR30A + 5.886%), 09/25/2046		517,912		0.0
11,677,086 (3)(6)	Fannie Mae REMIC Trust 2016-82 SD, 0.600%, (-1.000*SOFR30A + 5.936%), 11/25/2046		825,158		0.0
19,532,653 (3)(6)	Fannie Mae REMIC Trust 2016-88 CS, 0.600%, (-1.000*SOFR30A + 5.936%), 12/25/2046		1,341,868		0.1
204,911	Fannie Mae REMIC Trust 2016-88 EA, 3.500%, 01/25/2045		202,244		0.0
4,731,101 (3)(6)	Fannie Mae REMIC Trust 2016-93 SL, 1.200%, (-1.000*SOFR30A + 6.536%), 12/25/2046		297,062		0.0
6,684,147 (6)	Fannie Mae REMIC Trust 2017-23 IO, 6.000%, 04/25/2047		1,405,529		0.1

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,027,036	Fannie Mae REMIC Trust 2017-54 D, 3.000%, 07/25/2047	$	894,363		0.1
3,311,082	Fannie Mae REMIC Trust 2018-11 BX, 4.000%, 12/25/2047		3,018,668		0.1
178,635	Fannie Mae REMIC Trust 2018-27 EA, 3.000%, 05/25/2048		155,661		0.0
2,861,417 (3)(6)	Fannie Mae REMIC Trust 2018-43 SE, 0.800%, (-1.000*SOFR30A + 6.136%), 09/25/2038		198,066		0.0
466,851	Fannie Mae REMIC Trust 2018-64 ET, 3.000%, 09/25/2048		404,915		0.0
5,184,549 (3)(6)	Fannie Mae REMIC Trust 2019-18 SA, 0.600%, (-1.000*SOFR30A + 5.936%), 05/25/2049		380,550		0.0
4,422,899 (3)(6)	Fannie Mae REMIC Trust 2019-25 PS, 0.600%, (-1.000*SOFR30A + 5.936%), 06/25/2049		432,742		0.0
12,719,615 (3)(6)	Fannie Mae REMIC Trust 2019-33 PS, 0.600%, (-1.000*SOFR30A + 5.936%), 07/25/2049		1,294,736		0.1
10,417,231 (6)	Fannie Mae REMIC Trust 2020-71 TI, 3.000%, 10/25/2050		1,765,400		0.1
8,860,230 (3)(6)	Fannie Mae REMIC Trust 2020-94 SC, 0.500%, (-1.000*SOFR30A + 5.836%), 07/25/2050		921,941		0.1
11,890,665 (6)	Fannie Mae REMIC Trust 2021-13 BI, 3.000%, 02/25/2050		2,074,346		0.1
15,085,635 (6)	Fannie Mae REMIC Trust 2021-17 KI, 4.500%, 04/25/2051		3,554,256		0.2
16,404,954 (6)	Fannie Mae REMIC Trust 2021-8 TI, 4.000%, 03/25/2051		3,533,685		0.2
99,372 (3)	First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 5.261%, 03/25/2035		57,318		0.0
52,180 (3)	First Horizon Asset Securities, Inc. 2005-AR6 4A1, 5.437%, 02/25/2036		48,198		0.0
18,229 (3)	First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 6.231%, 08/25/2035		12,547		0.0

See Accompanying Notes to Financial Statements

96

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,235,969 (1)(3)	Flagstar Mortgage Trust 2018-1 B1, 3.939%, 03/25/2048	$	1,106,991		0.1
1,730,357 (1)(3)	Flagstar Mortgage Trust 2018-1 B3, 3.939%, 03/25/2048		1,537,231		0.1
1,534,414 (1)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.005%, 04/25/2048		1,363,549		0.1
58,740	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029		58,784		0.0
58,363	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029		58,138		0.0
36,357 (3)	Freddie Mac REMIC Trust 2411 FJ, 5.798%, (SOFR30A + 0.464%), 12/15/2029		36,205		0.0
36,435	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032		36,331		0.0
54,069	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033		54,849		0.0
101,415 (6)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033		16,159		0.0
2,076,814 (3)(6)	Freddie Mac REMIC Trust 2815 GS, 0.552%, (-1.000*SOFR30A + 5.886%), 03/15/2034		115,454		0.0
455,931	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034		456,250		0.0
339,252	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035		339,499		0.0
2,420,981 (3)(6)	Freddie Mac REMIC Trust 3045 DI, 1.282%, (-1.000*SOFR30A + 6.616%), 10/15/2035		174,122		0.0
161,014 (3)	Freddie Mac REMIC Trust 3065 DC, 3.517%, (-1.000*SOFR30A + 19.517%), 03/15/2035		157,260		0.0
188,615 (3)(6)	Freddie Mac REMIC Trust 3102 IS, 4.592%, (-1.000*SOFR30A + 24.147%), 01/15/2036		37,121		0.0
761,888 (3)(6)	Freddie Mac REMIC Trust 3170 SA, 1.152%, (-1.000*SOFR30A + 6.486%), 09/15/2033		48,234		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
304,767 (3)(6)	Freddie Mac REMIC Trust 3171 PS, 1.037%, (-1.000*SOFR30A + 6.371%), 06/15/2036	$	17,204		0.0
3,836,910 (3)(6)	Freddie Mac REMIC Trust 3284 CI, 0.672%, (-1.000*SOFR30A + 6.006%), 03/15/2037		277,293		0.0
1,674,568 (3)(6)	Freddie Mac REMIC Trust 3311 IC, 0.962%, (-1.000*SOFR30A + 6.296%), 05/15/2037		144,174		0.0
3,690,144 (3)(6)	Freddie Mac REMIC Trust 3510 IC, 0.632%, (-1.000*SOFR30A + 5.966%), 08/15/2037		265,883		0.0
145,209 (3)(6)	Freddie Mac REMIC Trust 3524 LA, 4.974%, 03/15/2033		142,691		0.0
22,913 (3)	Freddie Mac REMIC Trust 3556 NT, 8.548%, (SOFR30A + 3.214%), 03/15/2038		23,571		0.0
1,869,844 (3)(6)	Freddie Mac REMIC Trust 3575 ST, 1.152%, (-1.000*SOFR30A + 6.486%), 04/15/2039		184,858		0.0
3,018,616 (3)(6)	Freddie Mac REMIC Trust 3589 SB, 0.752%, (-1.000*SOFR30A + 6.086%), 10/15/2039		244,821		0.0
291,792 (6)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040		31,723		0.0
2,996,818	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034		3,056,091		0.1
1,012,284	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036		1,034,802		0.1
5,778,502 (3)(6)	Freddie Mac REMIC Trust 3702 SB, 9.696%, (-1.000*SOFR30A + 4.386%), 08/15/2040		167,636		0.0
611,127	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041		581,639		0.0
1,979,299 (3)(6)	Freddie Mac REMIC Trust 3856 KS, 1.102%, (-1.000*SOFR30A + 6.436%), 05/15/2041		179,992		0.0
825,342	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041		805,468		0.0

See Accompanying Notes to Financial Statements

97

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
285,455 (3)(6)	Freddie Mac REMIC Trust 3925 SD, 0.602%, (-1.000*SOFR30A + 5.936%), 07/15/2040	$	5,037		0.0
824,035 (3)(6)	Freddie Mac REMIC Trust 3925 SL, 0.602%, (-1.000*SOFR30A + 5.936%), 01/15/2041		8,728		0.0
5,701,406 (3)(6)	Freddie Mac REMIC Trust 3951 SN, 1.102%, (-1.000*SOFR30A + 6.436%), 11/15/2041		568,388		0.0
311,972	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042		306,050		0.0
802,483	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042		851,242		0.0
3,097,739 (3)(6)	Freddie Mac REMIC Trust 4059 SP, 1.102%, (-1.000*SOFR30A + 6.436%), 06/15/2042		320,576		0.0
3,237,033 (3)(6)	Freddie Mac REMIC Trust 4102 MS, 1.152%, (-1.000*SOFR30A + 6.486%), 09/15/2042		368,752		0.0
7,174,888 (3)(6)	Freddie Mac REMIC Trust 4139 CS, 0.702%, (-1.000*SOFR30A + 6.036%), 12/15/2042		712,674		0.0
4,051,119 (6)	Freddie Mac REMIC Trust 4150 IO, 3.500%, 01/15/2043		597,023		0.0
400,310 (6)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043		63,280		0.0
3,566,667	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033		3,377,378		0.2
18,272,641	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041		17,773,618		0.8
3,730,687 (3)(6)	Freddie Mac REMIC Trust 4313 SD, 0.702%, (-1.000*SOFR30A + 6.036%), 03/15/2044		250,210		0.0
5,816,753 (3)(6)	Freddie Mac REMIC Trust 4313 SE, 0.702%, (-1.000*SOFR30A + 6.036%), 03/15/2044		439,859		0.0
39,246 (6)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042		180		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
566,455 (6)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043	$	72,880		0.0
12,607,548	Freddie Mac REMIC Trust 4335 XZ, 4.250%, 05/15/2044		12,079,945		0.5
6,882,992	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044		6,398,935		0.3
1,271,192 (3)(6)	Freddie Mac REMIC Trust 4346 ST, 0.752%, (-1.000*SOFR30A + 6.086%), 07/15/2039		29,702		0.0
7,345,449	Freddie Mac REMIC Trust 4348 ZX, 4.250%, 06/15/2044		6,970,480		0.3
1,856,726 (3)(6)	Freddie Mac REMIC Trust 4386 LS, 0.652%, (-1.000*SOFR30A + 5.986%), 09/15/2044		157,111		0.0
1,723,385 (6)	Freddie Mac REMIC Trust 4465 MI, 5.000%, 03/15/2041		274,622		0.0
6,193,815 (3)(6)	Freddie Mac REMIC Trust 4675 KS, 0.552%, (-1.000*SOFR30A + 5.886%), 04/15/2047		608,439		0.0
3,575,188 (6)	Freddie Mac REMIC Trust 4717 IB, 4.000%, 09/15/2047		732,843		0.0
1,817,978	Freddie Mac REMIC Trust 4753 VZ, 3.000%, 12/15/2047		1,382,031		0.1
1,696,779	Freddie Mac REMIC Trust 4755 Z, 3.000%, 02/15/2048		1,434,992		0.1
16,679,639	Freddie Mac REMIC Trust 4771 HZ, 3.500%, 03/15/2048		14,722,595		0.7
700,827	Freddie Mac REMIC Trust 4787 PY, 4.000%, 05/15/2048		638,475		0.0
5,372,061 (3)(6)	Freddie Mac REMIC Trust 4845 S, 1.252%, (-1.000*SOFR30A + 6.586%), 12/15/2048		468,553		0.0
4,931,251 (3)(6)	Freddie Mac REMIC Trust 4892 ES, 0.700%, (-1.000*SOFR30A + 6.036%), 07/25/2045		488,030		0.0
13,884,380 (3)(6)	Freddie Mac REMIC Trust 4901 BS, 0.650%, (-1.000*SOFR30A + 5.986%), 07/25/2049		986,666		0.1

See Accompanying Notes to Financial Statements

98

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,259,001 (6)	Freddie Mac REMIC Trust 4953 AI, 4.000%, 02/25/2050	$	443,579		0.0
4,749,584 (6)	Freddie Mac REMIC Trust 4988 IJ, 4.500%, 12/15/2047		866,970		0.0
11,239,347 (3)(6)	Freddie Mac REMIC Trust 4995 SB, 0.650%, (-1.000*SOFR30A + 5.986%), 07/25/2050		1,235,851		0.1
3,905,409 (6)	Freddie Mac REMIC Trust 5015 EI, 4.500%, 09/25/2050		916,209		0.1
49,053,255 (6)	Freddie Mac REMIC Trust 5050 IM, 3.500%, 10/25/2050		9,649,065		0.4
32,935,861 (6)	Freddie Mac REMIC Trust 5072 IU, 2.500%, 02/25/2051		5,241,782		0.2
26,370,451 (6)	Freddie Mac REMIC Trust 5077 LI, 3.000%, 02/25/2051		4,290,612		0.2
15,088,977 (6)	Freddie Mac REMIC Trust 5118 LI, 3.000%, 06/25/2041		1,667,975		0.1
12,371,029 (6)	Freddie Mac REMIC Trust 5124 IQ, 3.500%, 07/25/2051		2,248,182		0.1
21,771,608 (6)	Freddie Mac REMIC Trust 5171 DI, 3.000%, 12/25/2051		4,011,488		0.2
21,989,787 (6)	Freddie Mac REMIC Trust 5211 IH, 3.500%, 04/25/2052		3,699,199		0.2
2,000,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 8.735%, (SOFR30A + 3.400%), 10/25/2041		2,074,145		0.1
1,000,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021-DNA7 B1, 8.985%, (SOFR30A + 3.650%), 11/25/2041		1,044,777		0.1
2,550,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 7.435%, (SOFR30A + 2.100%), 09/25/2041		2,575,369		0.1
2,400,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 7.685%, (SOFR30A + 2.350%), 12/25/2041		2,433,268		0.1
2,500,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 7.835%, (SOFR30A + 2.500%), 01/25/2042		2,550,924		0.1

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,800,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 10.585%, (SOFR30A + 5.250%), 03/25/2042	$	1,951,294		0.1
2,000,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022-HQA2 M2, 11.335%, (SOFR30A + 6.000%), 07/25/2042		2,224,117		0.1
1,400,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 10.685%, (SOFR30A + 5.350%), 08/25/2042		1,538,986		0.1
3,770,828 (6)	Freddie Mac Strips 228 IO, 6.000%, 02/01/2035		615,100		0.0
7,505,465 (3)(6)	Freddie Mac Strips 268 S5, 0.552%, (-1.000*SOFR30A + 5.886%), 08/15/2042		684,063		0.0
4,584,212 (3)(6)	Freddie Mac Strips 311 S1, 0.502%, (-1.000*SOFR30A + 5.836%), 08/15/2043		410,278		0.0
271,973 (3)(6)	Freddie Mac Strips 347 118, 4.500%, 02/15/2044		48,431		0.0
7,572,674 (3)(6)	Freddie Mac Strips 347 C29, 3.000%, 01/15/2044		1,082,398		0.1
6,464,924 (3)(6)	Freddie Mac Strips 347 C30, 3.500%, 02/15/2044		1,061,720		0.1
2,436,956 (3)(6)	Freddie Mac Strips 347 C31, 4.000%, 02/15/2044		397,986		0.0
5,275,902 (6)	Freddie Mac Strips 351 C1, 2.500%, 02/15/2031		246,404		0.0
3,686,817 (6)	Freddie Mac Strips 351 C11, 3.500%, 02/15/2031		261,193		0.0
4,694,012 (6)	Freddie Mac Strips 351 C12, 4.000%, 02/15/2031		373,341		0.0
3,585,829 (6)	Freddie Mac Strips 351 C13, 3.000%, 02/15/2031		217,903		0.0
5,647,468 (6)	Freddie Mac Strips 351 C2, 3.000%, 02/15/2031		329,379		0.0
4,629,481 (6)	Freddie Mac Strips 351 C7, 3.000%, 02/15/2031		266,082		0.0
5,276,095 (6)	Freddie Mac Strips 351 C8, 3.500%, 02/15/2031		374,010		0.0
1,621,979	Freddie Mac Structured Pass-Through Certificates T-54 2A, 6.500%, 02/25/2043		1,632,034		0.1

See Accompanying Notes to Financial Statements

99

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,338,473 (3)	Freddie Mac Structured Pass-Through Certificates T-62 1A1, 6.353%, (12MTA + 1.200%), 10/25/2044	$	1,211,312		0.1
283,297 (3)(6)	Ginnie Mae 2005-7 AH, 1.327%, (-1.000*TSFR1M + 6.656%), 02/16/2035		19,487		0.0
4,883,538 (3)(6)	Ginnie Mae 2007-35 KY, 1.007%, (-1.000*TSFR1M + 6.336%), 06/16/2037		408,611		0.0
162,643 (3)	Ginnie Mae 2007-8 SP, 4.367%, (-1.000*TSFR1M + 21.677%), 03/20/2037		181,982		0.0
991,662 (3)(6)	Ginnie Mae 2008-35 SN, 0.947%, (-1.000*TSFR1M + 6.286%), 04/20/2038		67,070		0.0
474,562 (3)(6)	Ginnie Mae 2008-40 PS, 1.057%, (-1.000*TSFR1M + 6.386%), 05/16/2038		29,568		0.0
4,232,323 (3)(6)	Ginnie Mae 2009-106 SU, 0.747%, (-1.000*TSFR1M + 6.086%), 05/20/2037		325,488		0.0
1,441,996 (3)(6)	Ginnie Mae 2009-25 KS, 0.747%, (-1.000*TSFR1M + 6.086%), 04/20/2039		125,538		0.0
704,854	Ginnie Mae 2009-29 PB, 4.750%, 05/20/2039		689,014		0.0
757,251	Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039		739,137		0.0
7,448,151	Ginnie Mae 2009-33 ZB, 6.000%, 05/20/2039		7,579,809		0.3
631,921 (6)	Ginnie Mae 2010-106 IP, 5.000%, 03/20/2040		43,277		0.0
731,318 (3)(6)	Ginnie Mae 2010-116 NS, 1.207%, (-1.000*TSFR1M + 6.536%), 09/16/2040		46,425		0.0
2,668,135 (3)(6)	Ginnie Mae 2010-116 SK, 1.167%, (-1.000*TSFR1M + 6.506%), 08/20/2040		206,872		0.0
1,461,044 (3)(6)	Ginnie Mae 2010-149 HS, 0.657%, (-1.000*TSFR1M + 5.986%), 05/16/2040		12,967		0.0
811,235 (3)(6)	Ginnie Mae 2010-4 SP, 1.057%, (-1.000*TSFR1M + 6.386%), 01/16/2039		16,153		0.0
1,362,944	Ginnie Mae 2010-59 ZA, 4.500%, 05/20/2040		1,329,287		0.1
243,755 (6)	Ginnie Mae 2010-6 IA, 5.000%, 11/20/2039		9,084		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
934,697 (3)(6)	Ginnie Mae 2010-68 MS, 0.397%, (-1.000*TSFR1M + 5.736%), 06/20/2040	$	68,795		0.0
2,215,398 (6)	Ginnie Mae 2010-9 JI, 5.000%, 01/20/2040		456,997		0.0
193,274 (6)	Ginnie Mae 2011-116 BI, 4.000%, 08/16/2026		2,832		0.0
2,228,836 (3)(6)	Ginnie Mae 2011-80 KS, 1.217%, (-1.000*TSFR1M + 6.556%), 06/20/2041		222,218		0.0
38,531 (6)	Ginnie Mae 2012-40 NI, 4.500%, 05/20/2040		2,171		0.0
4,286,619 (6)	Ginnie Mae 2013-167 PI, 5.500%, 11/20/2043		662,504		0.0
4,243,369 (6)	Ginnie Mae 2013-184 JI, 5.500%, 12/16/2043		899,900		0.1
330,033	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042		296,508		0.0
321,183	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043		282,817		0.0
147,147	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042		126,904		0.0
110,102	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042		94,747		0.0
3,476,403	Ginnie Mae 2014-3 EP, 2.750%, 02/16/2043		3,221,471		0.2
3,729,358 (3)(6)	Ginnie Mae 2014-3 SU, 0.597%, (-1.000*TSFR1M + 5.936%), 07/20/2039		282,268		0.0
4,762,618 (3)(6)	Ginnie Mae 2014-55 MS, 0.757%, (-1.000*TSFR1M + 6.086%), 04/16/2044		384,579		0.0
3,426,767 (3)(6)	Ginnie Mae 2014-56 SP, 0.757%, (-1.000*TSFR1M + 6.086%), 12/16/2039		202,823		0.0
4,216,781 (3)(6)	Ginnie Mae 2014-58 CS, 0.157%, (-1.000*TSFR1M + 5.486%), 04/16/2044		187,612		0.0
5,382,464 (6)	Ginnie Mae 2014-79 BI, 6.000%, 05/16/2044		962,374		0.1
2,122,076 (3)(6)	Ginnie Mae 2014-99 S, 0.147%, (-1.000*TSFR1M + 5.486%), 06/20/2044		161,420		0.0
1,040,769	Ginnie Mae 2018-112 AL, 3.500%, 08/20/2048		936,920		0.1
1,215,293	Ginnie Mae 2018-126 A, 3.500%, 09/20/2048		1,093,745		0.1
23,712,640 (3)(6)	Ginnie Mae 2019-143 SC, 0.597%, (-1.000*TSFR1M + 5.936%), 04/20/2046		2,329,558		0.1
24,473,541 (6)	Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051		3,871,298		0.2

See Accompanying Notes to Financial Statements

100

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
11,125,002 (6)	Ginnie Mae 2021-41 MI, 2.000%, 03/20/2051	$	1,270,016		0.1
11,215,067 (6)	Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051		1,591,832		0.1
151,680 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		139,149		0.0
879,117 (1)(3)	GS Mortgage-Backed Securities Trust 2023-PJ4 A3, 6.000%, 01/25/2054		873,561		0.0
1,331	GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032		1,321		0.0
30,690 (3)	HarborView Mortgage Loan Trust 2005-2 2A1A, 5.893%, (TSFR1M + 0.554%), 05/19/2035		28,531		0.0
67,009 (3)	HomeBanc Mortgage Trust 2004-1 2A, 6.320%, (TSFR1M + 0.974%), 08/25/2029		63,941		0.0
1,449,821 (3)	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 5.880%, (TSFR1M + 0.534%), 02/25/2046		991,500		0.1
1,104,420 (1)(3)	J.P. Morgan Mortgage Trust 2024-1 A9, 6.000%, 06/25/2054		1,083,899		0.1
3,404 (3)	JP Morgan Mortgage Trust 2005-A1 6T1, 5.643%, 02/25/2035		3,113		0.0
33,094 (3)	JP Morgan Mortgage Trust 2007-A1 5A5, 5.514%, 07/25/2035		32,117		0.0
909,885 (1)(3)	JP Morgan Mortgage Trust 2017-6 B3, 3.778%, 12/25/2048		800,337		0.0
1,375,000 (1)(3)	JP Morgan Mortgage Trust 2018-1 B1, 3.586%, 06/25/2048		1,205,760		0.1
1,374,934 (1)(3)	JP Morgan Mortgage Trust 2018-1 B2, 3.586%, 06/25/2048		1,203,685		0.1
1,700,297 (1)(3)	JP Morgan Mortgage Trust 2018-1 B3, 3.586%, 06/25/2048		1,492,070		0.1
1,807,582 (1)(3)	JP Morgan Mortgage Trust 2019-8 B3A, 3.421%, 03/25/2050		1,513,634		0.1
1,304,522 (1)(3)	JP Morgan Mortgage Trust 2020-8 B2, 3.501%, 03/25/2051		1,101,007		0.1
1,731,555 (1)(3)	JP Morgan Mortgage Trust 2020-8 B3, 3.501%, 03/25/2051		1,468,299		0.1

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,416,016 (3)(6)	Lehman Mortgage Trust 2006-9 2A5, 1.160%, (-1.000*TSFR1M + 6.506%), 01/25/2037	$	581,487		0.0
24,230 (3)	Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 5.637%, 05/25/2033		23,009		0.0
10,442 (3)	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 5.960%, (TSFR1M + 0.614%), 11/25/2035		9,657		0.0
2,000,000 (3)	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 7.260%, (TSFR1M + 1.914%), 09/25/2035		1,999,787		0.1
2,369,351 (1)	Morgan Stanley Residential Mortgage Loan Trust 2024-2 B2, 7.199%, 03/25/2054		2,487,011		0.1
1,071,566 (1)(3)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057		1,021,063		0.1
10,161 (1)(3)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030		9,817		0.0
2,900,000 (1)(3)	Oaktown Re VII Ltd. 2021-2 M1C, 8.685%, (SOFR30A + 3.350%), 04/25/2034		2,959,848		0.1
914,639,951 (1)(6)	PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048		3,715,953		0.2
299,547	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037		251,202		0.0
1,055	RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032		1,020		0.0
1,382,947	Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057		1,315,526		0.1
606,145	Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057		522,377		0.0
795,419	Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057		680,540		0.0
632,781	Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058		537,732		0.0

See Accompanying Notes to Financial Statements

101

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
640,485	Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058	$	549,513		0.0
817,045	Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058		700,465		0.0
168,514	Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058		144,193		0.0
16,666 (3)	Sequoia Mortgage Trust 2003-4 2A1, 6.153%, (TSFR1M + 0.814%), 07/20/2033		16,042		0.0
8,200 (3)	Sequoia Mortgage Trust 2005-4 2A1, 6.597%, 04/20/2035		8,047		0.0
523,718 (1)(3)	Sequoia Mortgage Trust 2015-2 B3, 3.757%, 05/25/2045		439,528		0.0
774,636 (1)(3)	Sequoia Mortgage Trust 2015-3 B3, 3.725%, 07/25/2045		555,978		0.0
85,860 (1)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048		78,425		0.0
1,898,260 (1)(3)	Sequoia Mortgage Trust 2020-3 B3, 3.315%, 04/25/2050		1,578,052		0.1
698,000 (1)(3)	Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050		593,715		0.0
426,541 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 5.985%, 04/25/2035		380,390		0.0
22,938 (3)	Structured Adjustable Rate Mortgage Loan Trust Series 2005-17 3A1, 4.825%, 08/25/2035		19,259		0.0
60,101 (3)	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 5.953%, (TSFR1M + 0.614%), 07/19/2035		58,227		0.0
47,195 (3)	Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 5.953%, (TSFR1M + 0.614%), 07/19/2035		43,930		0.0
99,520 (3)	Thornburg Mortgage Securities Trust 2006-5 A1, 5.404%, 10/25/2046		91,348		0.0
5,931,478 (1)(3)	Triangle Re Ltd. 2021-3 M1B, 8.235%, (SOFR30A + 2.900%), 02/25/2034		5,992,084		0.3

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,189,106 (1)(3)	Verus Securitization Trust 2021-4 A1, 0.938%, 07/25/2066	$	964,851		0.1
2,944 (3)	WaMu Mortgage Pass-Through Certificates 2002-AR2 A, 4.448%, (ECOFC + 1.250%), 02/27/2034		2,743		0.0
10,196 (3)	WaMu Mortgage Pass-Through Certificates 2002-AR9 1A, 6.553%, (12MTA + 1.400%), 08/25/2042		9,552		0.0
15,458 (3)	WaMu Mortgage Pass-Through Certificates 2005-AR1 A1A, 6.100%, (TSFR1M + 0.754%), 01/25/2045		14,668		0.0
28,022,093 (3)(6)	WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045		27,900		0.0
383,438 (3)	WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.478%, 10/25/2036		337,909		0.0
353,505 (3)	WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 3.796%, 10/25/2036		308,810		0.0
638,522 (3)	WaMu Mortgage Pass-Through Certificates 2006-AR16 2A1, 4.355%, 12/25/2036		541,646		0.0
186,011 (3)	WaMu Mortgage Pass-Through Certificates 2006-AR7 3A, 6.201%, (12MTA + 1.048%), 07/25/2046		156,308		0.0
1,313,691 (3)	WaMu Mortgage Pass-Through Certificates 2006-AR8 1A4, 4.394%, 08/25/2046		1,132,066		0.1
1,162,252 (3)	WaMu Mortgage Pass-Through Certificates 2007-HY7 2A2, 3.973%, 07/25/2037		966,340		0.1
652,527 (3)	WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 6.440%, (TSFR1M + 1.094%), 10/25/2045		612,201		0.0
1,119,189 (3)	Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR10 A1, 5.660%, (TSFR1M + 0.314%), 12/25/2036		531,624		0.0

See Accompanying Notes to Financial Statements

102

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
121,887	Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035	$	106,582		0.0
650,252 (3)	Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 5.890%, (TSFR1M + 0.544%), 06/25/2037		527,283		0.0
42,613 (3)	Wells Fargo Mortgage Backed Securities Trust 2005-AR7 1A1, 6.154%, 05/25/2035		42,692		0.0
128,734 (3)	Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.170%, 04/25/2036		119,502		0.0
518,718 (1)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.754%, 08/20/2045		463,379		0.0
	Total Collateralized Mortgage Obligations (Cost $348,838,618)		305,759,200		13.5
ASSET-BACKED SECURITIES: 12.1%
	Automobile Asset-Backed Securities: 0.3%
1,750,000 (1)	Bayview Opportunity Master Fund VII Trust 2024-SN1 A3, 5.660%, 03/15/2028		1,748,251		0.1
2,050,000	Exeter Automobile Receivables Trust 2024-1A B, 5.290%, 08/15/2028		2,041,499		0.1
312,783 (1)	GLS Auto Receivables Issuer Trust 2021-4A C, 1.940%, 10/15/2027		308,219		0.0
2,750,000 (1)	GM Financial Revolving Receivables Trust 2024-1 A, 4.980%, 12/11/2036		2,743,319		0.1
			6,841,288		0.3
	Home Equity Asset-Backed Securities: 0.0%
1,000,055 (1)(3)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038		768,165		0.0
8,093 (3)	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 6.375%, (TSFR1M + 1.029%), 03/25/2035		8,079		0.0
39,110 (3)	Renaissance Home Equity Loan Trust 2003-2 A, 4.284%, (TSFR1M + 0.994%), 08/25/2033		35,201		0.0

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities: (continued)
513,357 (3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035	$	505,990		0.0
			1,317,435		0.0
	Other Asset-Backed Securities: 11.0%
2,000,000 (1)(3)	AGL CLO 12 Ltd. 2021-12A C, 7.436%, (TSFR3M + 2.112%), 07/20/2034		2,004,520		0.1
2,353,905 (1)(3)(6)(7)	American Homes 4 Rent Trust 2015-SFR1 XS, 3.232%, 04/17/2052		—		—
5,670,000 (1)(3)	AMMC CLO 25 Ltd. 2022-25A A1R, 6.679%, (TSFR3M + 1.350%), 04/15/2035		5,674,253		0.3
3,982,298 (1)(3)	Apidos Clo Xxv 2016-25A A1R2, 6.475%, (TSFR3M + 1.150%), 10/20/2031		3,984,086		0.2
4,000,000 (1)(3)	Apidos CLO XXXII 2019-32A A1R, 6.443%, (TSFR3M + 1.100%), 01/20/2033		4,003,000		0.2
2,000,000 (1)(3)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 6.793%, (TSFR1M + 1.464%), 11/15/2036		1,996,014		0.1
2,740,000 (1)(3)	ARES LII CLO Ltd. 2019-52A A1R, 6.636%, (TSFR3M + 1.312%), 04/22/2031		2,743,987		0.1
3,470,000 (1)(3)	Barings CLO Ltd. 2017-1A A2, 6.939%, (TSFR3M + 1.612%), 07/18/2029		3,475,909		0.2
4,393,000 (1)(3)	Barings CLO Ltd. 2018-3A A2, 6.886%, (TSFR3M + 1.562%), 07/20/2029		4,394,296		0.2
696,667 (1)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046		620,336		0.0
346,860 (3)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 6.148%, 10/25/2036		343,877		0.0
5,300,000 (1)(3)	Benefit Street Partners CLO XIX Ltd. 2019-19A AR, 6.505%, (TSFR3M + 1.180%), 01/15/2033		5,299,316		0.2
1,950,000 (1)(3)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A2R, 7.040%, (TSFR3M + 1.712%), 10/15/2034		1,952,962		0.1

See Accompanying Notes to Financial Statements

103

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
5,280,074 (1)(3)	BlueMountain CLO Ltd. 2016-3A A1R2, 6.522%, (TSFR3M + 1.200%), 11/15/2030	$	5,283,939		0.2
1,450,000 (1)(3)	BlueMountain CLO XXVIII Ltd. 2021-28A C, 7.590%, (TSFR3M + 2.262%), 04/15/2034		1,440,278		0.1
5,000,000 (1)(3)	BlueMountain CLO XXXI Ltd. 2021-31A C, 7.588%, (TSFR3M + 2.262%), 04/19/2034		4,968,225		0.2
2,308,875 (1)	Bojangles Issuer LLC 2020-1A A2, 3.832%, 10/20/2050		2,193,704		0.1
3,490,000 (1)(3)	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 6.756%, (TSFR3M + 1.432%), 07/20/2034		3,491,134		0.2
3,000,000 (1)(3)	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 7.586%, (TSFR3M + 2.262%), 07/20/2034		3,003,654		0.1
1,750,000 (1)(3)	California Street CLO IX L.P. 2012-9A CR3, 8.089%, (TSFR3M + 2.762%), 07/16/2032		1,738,784		0.1
1,082,752 (1)(3)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A1R2, 6.549%, (TSFR3M + 1.232%), 04/17/2031		1,083,429		0.0
2,400,000 (1)(3)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 6.709%, (TSFR3M + 1.392%), 04/17/2031		2,401,591		0.1
6,650,000 (1)(3)	Carlyle Global Market Strategies CLO Ltd. 2015-4A A1RR, 6.545%, (TSFR3M + 1.220%), 07/20/2032		6,662,768		0.3
5,500,000 (1)(3)	Carlyle Global Market Strategies CLO Ltd. 2016-1A BR2, 7.636%, (TSFR3M + 2.312%), 04/20/2034		5,508,943		0.2
3,250,000 (1)(3)	Cedar Funding IV CLO Ltd. 2014-4A CRR, 7.588%, (TSFR3M + 2.262%), 07/23/2034		3,256,269		0.1
3,000,000 (1)(3)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 7.029%, (TSFR3M + 1.712%), 10/17/2034		3,004,071		0.1
28,520 (3)	Chase Funding Trust Series 2002-4 2A1, 6.200%, (TSFR1M + 0.854%), 10/25/2032		27,907		0.0

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
106,708 (3)	Chase Funding Trust Series 2003-5 2A2, 6.060%, (TSFR1M + 0.714%), 07/25/2033	$	104,226		0.0
1,613,929 (1)(3)	CIFC Funding Ltd. 2018-2A A1, 6.626%, (TSFR3M + 1.302%), 04/20/2031		1,616,663		0.1
917,854 (1)	CLI Funding VIII LLC 2022-1A A, 2.720%, 01/18/2047		820,015		0.0
5,650,000 (1)(3)	Crestline Denali CLO XVII Ltd. 2018-1A ARR, 6.462%, (TSFR3M + 1.130%), 10/15/2031		5,651,424		0.2
904,875 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049		858,951		0.0
476,250 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049		461,464		0.0
288,000 (1)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049		263,069		0.0
1,326,500 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049		1,291,671		0.1
918,123 (1)(3)	Dryden 38 Senior Loan Fund 2015-38A ARR, 6.479%, (TSFR3M + 1.150%), 07/15/2030		918,825		0.0
2,374,416 (1)(3)	FS Rialto 2021-FL3 A, 6.693%, (TSFR1M + 1.364%), 11/16/2036		2,364,258		0.1
5,110,000 (1)(3)	Galaxy XXVI CLO Ltd. 2018-26A AR, 6.497%, (TSFR3M + 1.170%), 11/22/2031		5,112,780		0.2
95,662 (3)	GSAMP Trust 2007-FM1 A2A, 5.530%, (TSFR1M + 0.184%), 12/25/2036		45,236		0.0
754,653 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040		697,673		0.0
493,490 (1)(3)	HGI CRE CLO Ltd. 2022-FL3 A, 7.033%, (SOFR30A + 1.700%), 04/20/2037		494,065		0.0
10,000,000 (1)(3)	LCM 26 Ltd. 26A A2, 6.836%, (TSFR3M + 1.512%), 01/20/2031		10,005,120		0.4
2,050,000 (1)(3)	LCM 30 Ltd. 30A AR, 6.666%, (TSFR3M + 1.342%), 04/20/2031		2,051,781		0.1
2,450,000 (1)(3)	LCM 30 Ltd. 30A CR, 7.586%, (TSFR3M + 2.262%), 04/20/2031		2,403,315		0.1

See Accompanying Notes to Financial Statements

104

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
57,732 (3)	Long Beach Mortgage Loan Trust 2004-4 1A1, 6.020%, (TSFR1M + 0.674%), 10/25/2034	$	55,381		0.0
2,090,000 (1)(3)	Madison Park Funding XLVIII Ltd. 2021-48A C, 7.588%, (TSFR3M + 2.262%), 04/19/2033		2,099,296		0.1
1,650,000 (1)(3)	Madison Park Funding XXI Ltd. 2016-21A ABRR, 6.990%, (TSFR3M + 1.662%), 10/15/2032		1,650,835		0.1
3,480,387 (1)(3)	Magnetite XII Ltd. 2015-12A AR4, 6.479%, (TSFR3M + 1.150%), 10/15/2031		3,482,998		0.2
8,230,000 (1)(3)	Magnetite XXXI Ltd. 2021-31A A1, 6.690%, (TSFR3M + 1.362%), 07/15/2034		8,234,930		0.4
3,532,000 (1)(3)	MF1 Ltd. 2021-FL7 AS, 6.896%, (TSFR1M + 1.564%), 10/16/2036		3,491,479		0.2
1,070,294 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043		986,640		0.0
328,636 (1)	Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044		287,595		0.0
1,239,538 (1)	Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043		1,157,294		0.1
2,350,000 (1)(3)	Neuberger Berman CLO XVII Ltd. 2014-17A AR3, 6.733%, (TSFR3M + 1.400%), 07/22/2038		2,351,763		0.1
1,450,000 (1)(3)	OCP Clo Ltd. 2019-17A A1R, 6.626%, (TSFR3M + 1.302%), 07/20/2032		1,450,976		0.1
1,450,000 (1)(3)	OCP Clo Ltd. 2019-17A AR2, (TSFR3M + 1.400%), 07/20/2037		1,451,088		0.1
5,050,000 (1)(3)	OCP CLO Ltd. 2021-21A C, 7.486%, (TSFR3M + 2.162%), 07/20/2034		5,053,757		0.2
3,655,000 (1)(3)	Octagon Investment Partners 29 Ltd. 2016-1A A1R2, 6.741%, (TSFR3M + 1.420%), 07/18/2037		3,657,741		0.2
4,000,000 (1)(3)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 6.938%, (TSFR3M + 1.612%), 07/19/2030		4,002,164		0.2

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
1,500,000 (1)(3)	OHA Credit Funding 8 Ltd. 2021-8A C, 7.489%, (TSFR3M + 2.162%), 01/18/2034	$	1,501,271		0.1
1,800,000 (1)(3)	OHA Credit Funding 9 Ltd. 2021-9A C, 7.488%, (TSFR3M + 2.162%), 07/19/2035		1,803,065		0.1
4,000,000 (1)(3)	Palmer Square CLO Ltd. 2013-2A BR3, 7.429%, (TSFR3M + 2.112%), 10/17/2031		4,004,972		0.2
7,000,000 (1)(3)	Palmer Square CLO Ltd. 2021-2A C, 7.390%, (TSFR3M + 2.062%), 07/15/2034		7,008,043		0.3
2,000,000 (1)(3)	Palmer Square CLO Ltd. 2021-3A A2, 6.990%, (TSFR3M + 1.662%), 01/15/2035		2,001,250		0.1
95,759 (3)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.416%, 01/25/2036		94,445		0.0
2,450,000 (1)(3)	Rockland Park CLO Ltd. 2021-1A C, 7.486%, (TSFR3M + 2.162%), 04/20/2034		2,454,454		0.1
49,908 (3)	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 5.620%, (TSFR1M + 0.274%), 11/25/2036		13,022		0.0
1,490,583 (1)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050		1,417,540		0.1
2,600,000 (1)(3)	Sound Point CLO XXIX Ltd. 2021-1A C1, 7.885%, (TSFR3M + 2.562%), 04/25/2034		2,602,340		0.1
2,800,000 (1)(3)	Sound Point CLO XXVI Ltd. 2020-1A C1R, 7.786%, (TSFR3M + 2.462%), 07/20/2034		2,802,433		0.1
7,210,000 (1)(3)	Sound Point CLO XXVIII Ltd. 2020-3A A1R, 6.604%, (TSFR3M + 1.280%), 01/25/2032		7,221,226		0.3
1,733,051 (1)	Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049		1,630,478		0.1
4,270,000 (1)(3)	Symphony CLO XVI Ltd. 2015-16A ARR, 6.523%, (TSFR3M + 1.200%), 10/15/2031		4,273,954		0.2
4,810,000 (1)(3)	Symphony CLO XX Ltd. 2018-20A AR2, 6.437%, (TSFR3M + 1.100%), 01/16/2032		4,813,608		0.2

See Accompanying Notes to Financial Statements

105

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: (continued)
8,200,000 (1)(3)	Symphony CLO XXV Ltd. 2021-25A C, 7.638%, (TSFR3M + 2.312%), 04/19/2034	$	8,221,279		0.4
2,210,625 (1)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051		1,814,681		0.1
6,000,000 (1)(3)	TCW CLO Ltd. 2020-1A CRR, 7.636%, (TSFR3M + 2.312%), 04/20/2034		6,011,268		0.3
7,100,000 (1)(3)	TCW CLO Ltd. 2023-1A C, 8.825%, (TSFR3M + 3.500%), 04/28/2036		7,151,177		0.3
7,000,000 (1)(3)	THL Credit Wind River CLO Ltd. 2017-3A CR, 8.090%, (TSFR3M + 2.762%), 04/15/2035		7,011,508		0.3
7,210,000 (1)(3)	TIAA CLO I Ltd. 2016-1A ARR, 6.575%, (TSFR3M + 1.250%), 07/20/2031		7,218,760		0.3
7,000,000 (1)(3)	Trinitas Clo VII Ltd. 2017-7A A1R, 6.785%, (TSFR3M + 1.462%), 01/25/2035		7,002,723		0.3
1,013,250 (1)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046		892,602		0.0
60,062	United States Small Business Administration 2007-20L 1, 5.290%, 12/01/2027		59,271		0.0
3,980,000 (1)(3)	Venture 37 CLO Ltd. 2019-37A A1RR, 6.590%, (TSFR3M + 1.250%), 07/15/2032		3,981,309		0.2
			248,138,404		11.0
	Student Loan Asset-Backed Securities: 0.8%
338,457 (1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045		313,218		0.0
294,071 (1)	Commonbond Student Loan Trust-GS 2017-BGS B, 3.260%, 09/25/2042		258,399		0.0
242,901 (1)	Commonbond Student Loan Trust-GS 2018-AGS A1, 3.210%, 02/25/2044		224,309		0.0
1,505,851 (1)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042		1,436,946		0.1
1,550,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045		1,350,659		0.1

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: (continued)
1,500,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041	$	1,433,184		0.1
567,963 (1)	SMB Private Education Loan Trust 2019-B A2A, 2.840%, 06/15/2037		541,988		0.0
1,951,531 (1)	SMB Private Education Loan Trust 2024-A A1A, 5.240%, 03/15/2056		1,946,468		0.1
554,957 (1)	SMB Private Education Loan Trust-A 2020-PTA A2A, 1.600%, 09/15/2054		506,210		0.0
2,200,000 (1)	Sofi Professional Loan Program LLC 2018-A B, 3.610%, 02/25/2042		2,014,667		0.1
2,100,000 (1)	SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041		1,917,697		0.1
5,000,000 (1)	Sofi Professional Loan Program Trust 2018-B BFX, 3.830%, 08/25/2047		4,590,104		0.2
372,825 (1)	Sofi Professional Loan Program Trust 2018-C A2FX, 3.590%, 01/25/2048		362,854		0.0
1,000,000 (1)	SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048		914,448		0.0
			17,811,151		0.8
	Total Asset-Backed Securities (Cost $276,329,784)		274,108,278		12.1
COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.2%
1,971,929 (1)(3)	AREIT LLC 2023-CRE8 A, 7.441%, (TSFR1M + 2.112%), 08/17/2041		1,979,917		0.1
11,828,490 (3)(6)	BANK 2019-BN16 XA, 1.096%, 02/15/2052		403,882		0.0
50,003,861 (3)(6)	BANK 2019-BN19 XA, 1.072%, 08/15/2061		1,850,648		0.1
450,000	BANK5 Trust 2024-5YR6 A3, 6.225%, 05/15/2057		465,409		0.0
22,800,000 (1)(3)(6)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033		122,519		0.0
26,514,393 (3)(6)	Benchmark Mortgage Trust 2019-B12 XA, 1.160%, 08/15/2052		1,058,537		0.0
18,626,398 (3)(6)	Benchmark Mortgage Trust 2019-B9 XA, 1.181%, 03/15/2052		664,910		0.0

See Accompanying Notes to Financial Statements

106

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,700,000 (1)(3)	BIG Commercial Mortgage Trust 2022-BIG B, 7.070%, (TSFR1M + 1.741%), 02/15/2039	$	1,678,539		0.1
2,500,000 (1)(3)	BLP Commercial Mortgage Trust 2024-IND2 C, 7.220%, (TSFR1M + 1.891%), 03/15/2041		2,486,418		0.1
3,537,000 (1)(8)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052		2,587,991		0.1
1,348,000 (1)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.445%, 05/25/2052		1,037,829		0.0
1,000,000 (1)(3)	BOCA Commercial Mortgage Trust 2022-BOCA A, 7.098%, (TSFR1M + 1.770%), 05/15/2039		1,000,233		0.0
383,131 (1)(3)	BX 2021-MFM1 D, 6.943%, (TSFR1M + 1.614%), 01/15/2034		377,511		0.0
2,940,000 (1)(3)	BX Commercial Mortgage Trust 2021-21M E, 7.614%, (TSFR1M + 2.285%), 10/15/2036		2,884,311		0.1
1,000,000 (1)(3)	BX Commercial Mortgage Trust 2024-KING A, 6.870%, (TSFR1M + 1.541%), 05/15/2034		1,002,219		0.0
1,000,000 (1)(3)	BX Commercial Mortgage Trust 2024-MDHS A, 6.970%, (TSFR1M + 1.641%), 05/15/2041		999,276		0.0
2,000,000 (1)(3)	BX Commercial Mortgage Trust 2024-MF D, 8.019%, (TSFR1M + 2.690%), 02/15/2039		1,988,001		0.1
2,397,456 (1)(3)	BX Commercial Mortgage Trust 2024-XL5 C, 7.270%, (TSFR1M + 1.941%), 03/15/2041		2,381,654		0.1
1,000,000 (1)(3)	BX Trust 2023-DELC A, 8.019%, (TSFR1M + 2.690%), 05/15/2038		1,004,701		0.0
1,500,000 (1)(3)	BX Trust 2024-BIO B, 7.270%, (TSFR1M + 1.941%), 02/15/2041		1,494,632		0.1
16,048,983 (3)(6)	CD Mortgage Trust 2016-CD1 XA, 1.478%, 08/10/2049		284,542		0.0
1,500,000	CD Mortgage Trust 2018-CD7 A4, 4.279%, 08/15/2051		1,433,501		0.1

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
33,604,701 (3)(6)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.006%, 09/15/2050	$	733,278		0.0
46,045,168 (3)(6)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.826%, 06/10/2051		1,029,897		0.0
1,000,000 (3)	Citigroup Commercial Mortgage Trust 2020-GC46 B, 3.150%, 02/15/2053		842,081		0.0
1,650,000 (1)(3)	Citigroup Commercial Mortgage Trust 2023-SMRT C, 6.048%, 10/12/2040		1,623,954		0.1
65,166,000 (1)(3)(6)	COMM Mortgage Trust 2012-CR4 XB, 0.509%, 10/15/2045		580,883		0.0
1,500,000 (3)	COMM Mortgage Trust 2015-CR27 B, 4.485%, 10/10/2048		1,412,659		0.1
65,407,625 (3)(6)	COMM Mortgage Trust 2016-CR28 XA, 0.779%, 02/10/2049		480,321		0.0
1,500,000 (3)	COMM Mortgage Trust 2017-COR2 B, 4.206%, 09/10/2050		1,352,454		0.1
3,906,000 (1)(3)	COMM Mortgage Trust 2020-CBM F, 3.754%, 02/10/2037		3,719,555		0.2
500,000 (3)	CSAIL Commercial Mortgage Trust 2018-C14 B, 5.041%, 11/15/2051		448,848		0.0
2,000,000 (1)(3)	DTP Commercial Mortgage Trust 2023-STE2 A, 6.038%, 01/15/2041		2,004,155		0.1
10,157,286	Freddie Mac Multifamily ML Certificates US XUS, 1.846%, 07/25/2037		1,331,277		0.1
2,300,000 (1)(8)	FREMF Mortgage Trust 2019-KG01 C, 0.000%, 05/25/2029		1,468,639		0.1
65,784,980 (1)(6)	FREMF Mortgage Trust 2019-KG01 X2A, 0.100%, 04/25/2029		155,601		0.0
7,380,000 (1)(6)	FREMF Mortgage Trust 2019-KG01 X2B, 0.100%, 05/25/2029		26,188		0.0
4,158,000 (1)(8)	GAM Re-REMIC Trust 2021-FRR1 1B, 0.000%, 11/29/2050		3,298,944		0.1
4,451,000 (1)	GAM RE-REMIC Trust 2022-FRR3 BK71, 2.000%, 11/27/2050		3,652,457		0.2
2,598,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052		1,819,054		0.1

See Accompanying Notes to Financial Statements

107

Voya Intermediate Bond Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,723,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 C728, 0.000%, 08/27/2050	$	1,686,542		0.1
1,756,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048		1,618,055		0.1
1,724,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 D728, 0.000%, 08/27/2050		1,675,954		0.1
1,388,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 DK41, 0.000%, 10/27/2047		1,341,672		0.1
1,755,000 (1)(8)	GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048		1,596,186		0.1
2,845,000 (1)	GAM RE-REMIC TRUST 2021-FRR2 BK78, 2.393%, 09/27/2051		2,246,183		0.1
2,164,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 C730, 0.000%, 09/27/2051		2,060,704		0.1
2,631,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 CK44, 0.000%, 09/27/2051		2,487,999		0.1
1,140,000 (1)	GAM RE-REMIC TRUST 2021-FRR2 CK49, 1.007%, 09/27/2051		1,045,362		0.0
1,817,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051		1,214,829		0.1
2,163,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051		2,048,284		0.1
2,140,000 (1)(8)	GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051		1,898,386		0.1
2,500,000 (1)(3)	Great Wolf Trust 2024-WOLF D, 8.219%, (TSFR1M + 2.890%), 03/15/2039		2,506,964		0.1
8,996,146 (3)(6)	GS Mortgage Securities Trust 2014-GC22 XA, 0.871%, 06/10/2047		7,276		0.0
98,184,660 (3)(6)	GS Mortgage Securities Trust 2019-GC42 XA, 0.933%, 09/10/2052		3,422,418		0.2
2,000,000 (1)(3)	HILT COMMERCIAL MORTGAGE TRUST 2024-ORL A, 6.870%, (TSFR1M + 1.541%), 05/15/2037		1,998,354		0.1

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
36,745,625 (3)(6)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.706%, 12/15/2049	$	377,872		0.0
2,000,000 (3)	JPMBB Commercial Mortgage Securities Trust 2014-C25 B, 4.347%, 11/15/2047		1,830,196		0.1
1,735,095 (3)(6)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.048%, 10/15/2048		5,308		0.0
3,000,000 (3)	JPMBB Commercial Mortgage Securities Trust 2015-C29 C, 4.326%, 05/15/2048		2,760,056		0.1
688,079 (1)(3)	Life Mortgage Trust 2021-BMR F, 7.793%, (TSFR1M + 2.464%), 03/15/2038		660,978		0.0
5,000,000 (1)(3)	Life Mortgage Trust 2022-BMR2 A1, 6.624%, (TSFR1M + 1.295%), 05/15/2039		4,917,239		0.2
1,250,000 (1)(3)	MED Commercial Mortgage Trust 2024-MOB A, 6.920%, (TSFR1M + 1.592%), 05/15/2041		1,244,460		0.1
1,377,390 (1)(3)	Med Trust 2021-MDLN D, 7.443%, (TSFR1M + 2.114%), 11/15/2038		1,378,120		0.1
5,000,000 (1)(3)	MF1 LLC 2024-FL14 A, 7.076%, (TSFR1M + 1.737%), 03/19/2039		5,015,507		0.2
4,850,000 (1)(3)	PFP Ltd. 2023-10 A, 7.694%, (TSFR1M + 2.365%), 09/16/2038		4,880,509		0.2
1,350,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049		1,174,212		0.1
1,140,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB60, 2.390%, 11/08/2049		995,476		0.0
420,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049		357,784		0.0
530,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049		420,608		0.0
2,370,000 (1)(3)	SMRT 2022-MINI D, 7.279%, (TSFR1M + 1.950%), 01/15/2039		2,326,277		0.1
20,928,070 (3)(6)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.152%, 12/15/2047		38,203		0.0

See Accompanying Notes to Financial Statements

108

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,164,694	Wells Fargo Commercial Mortgage Trust 2015-SG1 A4, 3.789%, 09/15/2048	$	1,137,435		0.1
2,500,000	Wells Fargo Commercial Mortgage Trust 2019-C49 B, 4.546%, 03/15/2052		2,343,709		0.1
24,550,207 (3)(6)	Wells Fargo Commercial Mortgage Trust 2021-C59 XA, 1.644%, 04/15/2054		1,703,561		0.1
	Total Commercial Mortgage-Backed Securities (Cost $117,149,930)		117,590,103		5.2
U.S. TREASURY OBLIGATIONS: 3.4%
	United States Treasury Bonds: 1.5%
17,000	1.250%, 05/15/2050		8,429		0.0
920,000	1.375%, 11/15/2040		580,858		0.0
77,000	1.625%, 11/15/2050		42,171		0.0
100	2.000%, 11/15/2041		69		0.0
3,046,300	2.875%, 05/15/2052		2,233,200		0.1
4,011,100	3.250%, 05/15/2042		3,336,655		0.1
16,090,100	4.250%, 02/15/2054		15,324,563		0.7
12,680,600 (2)	4.625%, 05/15/2044		12,658,805		0.6
			34,184,750		1.5
	United States Treasury Notes: 1.9%
170,000	0.875%, 06/30/2026		157,728		0.0
1,757,900	1.250%, 11/30/2026		1,623,757		0.1
8,250,800	1.250%, 09/30/2028		7,251,680		0.3
139,400	1.500%, 01/31/2027		129,029		0.0
1,600,500	1.500%, 11/30/2028		1,416,630		0.1
54,300	2.750%, 04/30/2027		51,740		0.0
1,315,300	2.750%, 08/15/2032		1,170,643		0.1
17,000,000	4.250%, 06/30/2029		16,930,274		0.7
4,318,400	4.375%, 05/15/2034		4,320,087		0.2
156,800 (2)	4.500%, 05/31/2029		157,890		0.0
10,083,000	4.625%, 06/15/2027		10,112,540		0.4
404,000	4.875%, 05/31/2026		404,852		0.0
			43,726,850		1.9
	Total U.S. Treasury Obligations (Cost $80,217,417)		77,911,600		3.4
MUNICIPAL BONDS: 0.1%
	California: 0.1%
500,000	California State University, 6.434%, 11/01/2030		522,757		0.1
200,000	Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033		217,899		0.0
300,000	Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040		354,824		0.0

Principal Amount†		Value		Percentage of Net Assets
MUNICIPAL BONDS: (continued)
	California: (continued)
200,000	Regents of the University of California Medical Center Pooled Revenue H, 6.398%, 05/15/2031	$	207,909		0.0
300,000	Regents of the University of California Medical Center Pooled Revenue H, 6.548%, 05/15/2048		329,726		0.0
			1,633,115		0.1
	Total Municipal Bonds (Cost $1,500,000)		1,633,115		0.1
Shares		Value		Percentage of Net Assets
MUTUAL FUNDS: 14.1%
	Affiliated Investment Companies: 14.1%
6,042,196	Voya VACS Series EMCD Fund		51,781,616		2.3
9,498,587	Voya VACS Series EMHCD Fund		98,880,294		4.4
6,720,627	Voya VACS Series HYB Fund		68,415,985		3.0
9,494,347	Voya VACS Series SC Fund		98,931,095		4.4
			318,008,990		14.1
	Total Mutual Funds (Cost $314,701,820)		318,008,990		14.1
PURCHASED OPTIONS(9): 0.0%
	Total Purchased Options (Cost $891,683)		514,907		0.0
	Total Long-Term Investments (Cost $2,232,562,560)		2,147,465,857		94.9
Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.6%
	Commercial Paper: 5.1%
18,000,000	Barton Capital, 16.010%, 07/01/2024		17,991,999		0.8
40,000,000	Concord Minutemen Capital Co. LLC, 10.900%, 07/02/2024		39,976,197		1.8
22,700,000	Duke Energy Co., 16.550%, 07/01/2024		22,689,739		1.0
20,000,000	Johnson Controls International plc, 16.430%, 07/01/2024		19,991,026		0.9
13,425,000	Jupiter Securitization, 15.850%, 07/01/2024		13,419,093		0.6
	Total Commercial Paper (Cost $114,119,053)		114,068,054		5.1

See Accompanying Notes to Financial Statements

109

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 1.0%
7,285,305 (10)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $7,288,556, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $7,431,011, due 08/08/24-04/20/74)	$	7,285,305		0.3
1,813,013 (10)	CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,813,822, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,849,273, due 04/30/27-04/20/72)		1,813,013		0.1
7,285,305 (10)	Marex Capital Markets Inc., Repurchase Agreement dated 06/28/2024, 5.440%, due 07/01/2024 (Repurchase Amount $7,288,562, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%-7.000%, Market Value plus accrued interest $7,431,013, due 01/15/25-11/01/53)		7,285,305		0.3

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
7,000,000 (10)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $7,003,136, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $7,126,348, due 10/15/25-02/15/53)	$	7,000,000	0.3
	Total Repurchase Agreements (Cost $23,383,623)		23,383,623	1.0
	Time Deposits: 0.3%
740,000 (10)	BNP Paribas SA, 5.290%, 07/01/2024		740,000	0.1
740,000 (10)	Canadian Imperial Bank of Commerce, 5.310%, 07/01/2024		740,000	0.1
740,000 (10)	Credit Agricole Corporate and Investment Bank, 5.300%, 07/01/2024		740,000	0.1
690,000 (10)	DZ Bank AG, 5.300%, 07/01/2024		690,000	0.0
720,000 (10)	HSBC Bank PLC, 5.380%, 07/01/2024		720,000	0.0
630,000 (10)	Landesbank Hessen Thueringen Girozentrale, 5.320%, 07/01/2024		630,000	0.0
710,000 (10)	Mizuho Bank Ltd., 5.320%, 07/01/2024		710,000	0.0
740,000 (10)	Royal Bank of Canada, 5.320%, 07/01/2024		740,000	0.0
720,000 (10)	Skandinaviska Enskilda Banken AB, 5.310%, 07/01/2024		720,000	0.0
670,000 (10)	Svenska Handelsbanken AB, 5.310%, 07/01/2024		670,000	0.0
	Total Time Deposits (Cost $7,100,000)		7,100,000	0.3

See Accompanying Notes to Financial Statements

110 

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.2%
5,123,000 (11)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220% (Cost $5,123,000)	$	5,123,000			0.2
	Total Short-Term Investments (Cost $149,725,676)	$	149,674,677			6.6
	Total Investments in Securities (Cost $2,382,288,236)	$	2,297,140,534			101.5
	Liabilities in Excess of Other Assets		(35,324,958	)		(1.5	)
	Net Assets	$	2,261,815,576			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, 2024.

⁽⁴⁾ The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

⁽⁵⁾ Represents or includes a TBA transaction.

⁽⁶⁾ Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

⁽⁷⁾ For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

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

⁽¹¹⁾ Rate shown is the 7-day yield as of June 30, 2024.

Currency Abbreviations:

EUR EU Euro

Reference Rate Abbreviations:

12MTA	12-month Treasury Average
H15T1Y	U.S. Treasury 1-Year Constant Maturity
RFUCCT1M	FTSE USD IBOR Consumer Cash Fallbacks Term 1Y
RFUCCT1Y	FTSE USD IBOR Consumer Cash Fallbacks Term 1Y
SOFR30A	30-day Secured Overnight Financing Rate
TSFR1M	1-month CME Term Secured Overnight Financing Rate
TSFR3M	3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

111 

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets			Significant Other			Significant
	for Identical			Observable			Unobservable		Fair Value
	Investments			Inputs			Inputs		at
	(Level 1)			(Level 2)			(Level 3)		June 30, 2024
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—		$	601,830,192		$	—	$	601,830,192
U.S. Government Agency Obligations		—			450,109,472			—		450,109,472
Mutual Funds		318,008,990			—			—		318,008,990
Collateralized Mortgage Obligations		—			305,759,200			—		305,759,200
Asset-Backed Securities		—			274,108,278			—		274,108,278
Commercial Mortgage-Backed Securities		—			117,590,103			—		117,590,103
U.S. Treasury Obligations		—			77,911,600			—		77,911,600
Municipal Bonds		—			1,633,115			—		1,633,115
Purchased Options		42,891			472,016			—		514,907
Short-Term Investments		5,123,000			144,551,677			—		149,674,677
Total Investments, at fair value	$	323,174,881		$	1,973,965,653		$	—	$	2,297,140,534
Other Financial Instruments+
Centrally Cleared Credit Default Swaps		—			1,672,826			—		1,672,826
Centrally Cleared Interest Rate Swaps		—			160,053			—		160,053
Forward Foreign Currency Contracts		—			1,492			—		1,492
Forward Premium Swaptions		—			1,243,795			—		1,243,795
Futures		797,878			—			—		797,878
Total Assets	$	323,972,759		$	1,977,043,819		$	—	$	2,301,016,578
Liabilities Table
Other Financial Instruments+
Centrally Cleared Credit Default Swaps	$	—		$	(1,444,293	)	$	—	$	(1,444,293	)
Centrally Cleared Interest Rate Swaps		—			(392,257	)		—		(392,257	)
Forward Foreign Currency Contracts		—			(6,385	)		—		(6,385	)
Forward Premium Swaptions		—			(77,481	)		—		(77,481	)
Futures		(541,210	)		—			—		(541,210	)
OTC volatility swaps		—			(196,679	)		—		(196,679	)
Written Options		(94,719	)		(844,378	)		—		(939,097	)
Total Liabilities	$	(635,929	)	$	(2,961,473	)	$	—	$	(3,597,402	)

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

⁺ Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2024, where the following issuers were considered an affiliate:

								Change In			Ending						Net
	Beginning							Unrealized			Fair				Realized		Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/		Gain
Issuer	at 12/31/2023		at Cost		at Cost			(Depreciation)			6/30/2024		Income		(Losses)		Distributions
Voya VACS Series EMCD Fund	$	50,025,107	$	1,515,098	$	—		$	241,411		$	51,781,616	$	1,546,978	$	—	$	—
Voya VACS Series EMHCD Fund		95,931,889		3,118,346		—			(169,941	)		98,880,294		3,142,185		—		—
Voya VACS Series HYB Fund		71,503,754		2,750,182		(4,916,415	)		(921,536	)		68,415,985		2,750,375		83,581		—
Voya VACS Series SC Fund		121,814,000		—		(24,131,800	)		1,248,895			98,931,095		2,761,127		868,186		—
	$	339,274,750	$	7,383,626	$	(29,048,215	)	$	398,829		$	318,008,990	$	10,200,665	$	951,767	$	—

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

See Accompanying Notes to Financial Statements

112 

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

At June 30, 2024, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
USD	500,516	EUR	465,262	Morgan Stanley Capital Services LLC	08/02/24	$	1,492
EUR	465,262	USD	505,329	Morgan Stanley Capital Services LLC	08/02/24		(6,305	)
EUR	38,090	USD	40,934	UBS AG	08/02/24		(80	)
						$	(4,893	)

At June 30, 2024, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:

						Unrealized
	Number	Expiration	Notional			Appreciation/
Description	of Contracts	Date	Amount			(Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note	737	09/30/24	$	150,509,219		$	(165,359	)
U.S. Treasury 5-Year Note	18	09/30/24		1,918,406			(1,241	)
U.S. Treasury 10-Year Note	625	09/19/24		68,740,234			(374,610	)
U.S. Treasury Long Bond	389	09/19/24		46,023,563			233,957
U.S. Treasury Ultra Long Bond	1,075	09/19/24		134,744,531			543,782
			$	401,935,953		$	236,529
Short Contracts:
U.S. Treasury Ultra 10-Year Note	(239)	09/19/24		(27,133,969	)		20,139
			$	(27,133,969	)	$	20,139

At June 30, 2024, 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⁾

		(Pay)/
		Receive							Unrealized
	Buy/Sell	Financing	Termination	Notional		Fair			Appreciation/
Reference Entity/Obligation	Protection	Rate (%)(2)	Date	Amount(3)		Value(4)			(Depreciation)
CDX North American High Yield Index Series 33, Version 14	Buy	(5.000)	12/20/24	USD	27,668,610	$	(498,652	)	$	1,672,826
CDX North American High Yield Index Series 40, Version 2	Buy	(5.000)	06/20/28	USD	45,540,000		(2,856,534	)		(1,444,293	)
						$	(3,355,186	)	$	228,533

⁽¹⁾ If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ Payments made quarterly.

⁽³⁾ The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

⁽⁴⁾ The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.

At June 30, 2024, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:

Floating

Rate Index

Fixed Rate

Unrealized

Pay/Receive

Payment

Fixed

Payment

Maturity

Notional

Fair

Appreciation/

Floating Rate

Floating Rate Index

Frequency

Rate

Frequency

Date

Amount

Value

(Depreciation)

Pay

28-day MXN TIIE-BANXICO

Monthly

9.990%

Monthly

06/25/27

MXN

93,057,000

$

12,146

$

12,146

Pay

28-day MXN TIIE-BANXICO

Monthly

9.000

Monthly

08/14/28

MXN

144,762,000

(176,139

)

(176,139

)

Pay

28-day MXN TIIE-BANXICO

Monthly

8.860

Monthly

08/09/28

MXN

146,106,000

(216,118

)

(216,118

)

Receive

1-day Secured Overnight Financing Rate

Annual

4.526

Annual

06/18/26

USD

116,682,600

147,907

147,907

$

(232,204

)

$

(232,204

)

See Accompanying Notes to Financial Statements

113 

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

At June 30, 2024, the following OTC volatility swaps were outstanding for Voya Intermediate Bond Portfolio:

Pay/		Volatility								Unrealized
Receive		Strike		Maturity		Notional				Appreciation
Volatility(1)	Reference Entity	Rate	Counterparty	Date	Currency	Amount	Fair Value			(Depreciation)
Receive	USD vs. CAD Spot Exchange Rate	5.187%	BNP Paribas	09/13/24	USD	46,000	$	(20,129	)	$	(20,129	)
Receive	USD vs. CAD Spot Exchange Rate	5.555%	BNP Paribas	10/10/24	USD	31,000		(22,123	)		(22,123	)
Receive	GBP vs. USD Spot Exchange Rate	6.625%	BNP Paribas	09/17/24	USD	23,000		(11,594	)		(11,594	)
Receive	USD vs. CAD Spot Exchange Rate	5.200%	Deutsche Bank AG	09/13/24	USD	46,000		(20,721	)		(20,721	)
Receive	GBP vs. USD Spot Exchange Rate	6.600%	Deutsche Bank AG	09/17/24	USD	23,000		(11,026	)		(11,026	)
Receive	USD vs. CAD Spot Exchange Rate	5.250%	Goldman Sachs International	09/19/24	USD	46,000		(19,773	)		(19,773	)
Receive	GBP vs. USD Spot Exchange Rate	6.525%	Goldman Sachs International	09/17/24	USD	23,000		(9,322	)		(9,322	)
Receive	GBP vs. USD Spot Exchange Rate	6.675%	Goldman Sachs International	09/19/24	USD	93,000		(47,083	)		(47,083	)
Receive	USD vs. CAD Spot Exchange Rate	5.555%	Standard Chartered Bank	10/10/24	USD	31,000		(22,124	)		(22,124	)
Receive	USD vs. CAD Spot Exchange Rate	5.200%	UBS AG	10/03/24	USD	47,000		(12,784	)		(12,784	)
							$	(196,679	)	$	(196,679	)

⁽¹⁾       Payments made at maturity date.

At June 30, 2024, the following purchased exchange-traded options were outstanding for Voya Intermediate Bond Portfolio:

		Expiration	Exercise	Number of
Description	Put/Call	Date	Price	Contracts	Notional Amount		Cost		Fair Value
3-Month Euribor	Put	12/16/24	96.38 EUR	267	EUR	64,537,237	$	36,510	$	21,445
3-Month Euribor	Call	12/16/24	97.38 EUR	267	EUR	64,537,238		72,666		21,446
							$	109,176	$	42,891

At June 30, 2024, the following exchange-traded written options were outstanding for Voya Intermediate Bond Portfolio:

		Expiration	Exercise	Number of	Notional		Premiums
Description	Put/Call	Date	Price	Contracts	Amount		Received		Fair Value
3-Month Euribor	Put	12/16/24	96.63 EUR	267	EUR	64,537,237	$	71,961	$	(80,422	)
3-Month Euribor	Call	12/16/24	97.63 EUR	267	EUR	64,537,238		43,035		(14,297	)
							$	114,996	$	(94,719	)

At June 30, 2024, the following OTC purchased foreign currency options were outstanding for Voya Intermediate Bond Portfolio:

		Expiration	Exercise
Description	Counterparty	Date	Price	Notional Amount		Cost		Fair Value
Call JPY vs. Put USD	BNP Paribas	02/27/25	107.500	USD	6,000,500	$	297,625	$	800
						$	297,625	$	800

At June 30, 2024, the following OTC purchased interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:

		Pay/
		Receive
		Exercise	Exercise	Floating Rate	Expiration	Notional
Description	Counterparty	Rate	Rate	Index	Date	Amount		Cost		Fair Value
Call on 10-Year Interest Rate Swap(1)	Mizuho Capital Markets LLC	Receive	3.630%	1-day Secured Overnight Financing Rate	08/26/24	USD	24,536,000	$	143,290	$	126,044
Put on 10-Year Interest Rate Swap(2)	Mizuho Capital Markets LLC	Pay	4.130%	1-day Secured Overnight Financing Rate	08/26/24	USD	24,536,000		147,216		142,970
Put on 2-Year Interest Rate Swap(2)	Goldman Sachs International	Pay	3.100%	6-month EUR-EURIBOR	12/20/24	EUR	61,340,000		194,376		202,202
								$	484,882	$	471,216

See Accompanying Notes to Financial Statements

114 

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

At June 30, 2024, the following OTC written interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:

		Pay/Receive
		Exercise	Exercise	Floating Rate	Expiration	Notional		Premiums
Description	Counterparty	Rate	Rate	Index	Date	Amount		Received		Fair Value
Call on 10-Year Interest Rate Swap(2)	Mizuho Capital Markets LLC	Pay	3.880%	1-day Secured Overnight Financing Rate	08/26/24	USD	24,536,000	$	331,236	$	(304,668	)
Put on 10-Year Interest Rate Swap(1)	Mizuho Capital Markets LLC	Receive	3.880%	1-day Secured Overnight Financing Rate	08/26/24	USD	24,536,000		331,236		(335,910	)
Put on 2-Year Interest Rate Swap(1)	Goldman Sachs International	Receive	3.280%	6-month EUR-EURIBOR	12/20/24	EUR	61,340,000		120,828		(126,082	)
Put on 2-Year Interest Rate Swap(1)	Goldman Sachs International	Receive	3.453%	6-month EUR-EURIBOR	12/20/24	EUR	61,340,000		73,548		(77,718	)
								$	856,848	$	(844,378	)

At June 30, 2024, the following OTC purchased forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

Pay/

Premium

Receive

receivable/​

Unrealized

Exercise

Exercise

Floating Rate

Expiration

Notional

(payable)

Appreciation/​

Description

Counterparty

Rate(3)

Rate

Index

Date

Amount

at expiration

(4)

(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

)

$

317,451

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

)

505,529

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

)

420,815

$

(9,390,078

)

$

1,243,795

At June 30, 2024, the following OTC written forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

Pay/

Premium

Receive

receivable/​

Unrealized

Exercise

Exercise

Floating Rate

Expiration

Notional

(payable)

Appreciation/​

Description

Counterparty

Rate(3)

Rate

Index

Date

Amount

at expiration

(4)

(Depreciation)

Put on 5-Year Interest Rate Swap

UBS AG

3.000%

Receive

6-month EUR-EURIBOR

04/09/29

EUR

18,752,000

$

512,103

$

(77,481

)

$

512,103

$

(77,481

)

⁽¹⁾ Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly.

⁽²⁾ Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly.

⁽³⁾ Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

⁽⁴⁾ Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

Currency Abbreviations:

EUR	—	EU Euro
MXN	—	Mexican Peso
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, 2024 was as follows:

See Accompanying Notes to Financial Statements

115 

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

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*	$	800
Interest rate contracts	Investments in securities at value*		514,107
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,492
Interest rate contracts	Unrealized appreciation on forward premium swaptions		1,243,795
Interest rate contracts	Variation margin receivable on futures contracts**		797,878
Credit contracts	Variation margin receivable on centrally cleared swaps**		1,672,826
Interest rate contracts	Variation margin receivable on centrally cleared swaps**		160,053
Total Asset Derivatives		$	4,390,951
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	6,385
Interest rate contracts	Unrealized depreciation on forward premium swaptions		77,481
Interest rate contracts	Variation margin payable on futures contracts**		541,210
Credit contracts	Variation margin payable on centrally cleared swaps**		1,444,293
Interest rate contracts	Variation margin payable on centrally cleared swaps**		392,257
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements		196,679
Interest rate contracts	Written options, at fair value		939,097
Total Liability Derivatives		$	3,597,402

* Includes purchased options.

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2024 was as follows:

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

				Forward
				foreign
Derivatives not accounted for as hedging				currency									Written
instruments	Investments*			contracts			Futures			Swaps			options		Total
Credit contracts	$	—		$	—		$	—		$	(1,850,551	)	$	—	$	(1,850,551	)
Equity contracts		—			—			(120,945	)		—			—		(120,945	)
Foreign exchange contracts		—			(15,109	)		—			—			—		(15,109	)
Interest rate contracts		(727,907	)		—			200,744			(2,696,896	)		2,106,478		(1,117,581	)
Total	$	(727,907	)	$	(15,109	)	$	79,799		$	(4,547,447	)	$	2,106,478	$	(3,104,186	)

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

				Forward
				foreign
Derivatives not accounted for as hedging				currency									Written
instruments	Investments*			contracts			Futures			Swaps			options		Total
Credit contracts	$	—		$	—		$	—		$	383,282		$	—	$	383,282
Foreign exchange contracts		(18,812	)		(14,687	)		—			(196,679	)		—		(230,177	)
Interest rate contracts		1,639,508			—			(7,249,602	)		(6,483	)		180,985		(5,435,592	)
Total	$	1,620,696		$	(14,687	)	$	(7,249,602	)	$	180,120		$	180,985	$	(5,282,487	)

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

See Accompanying Notes to Financial Statements

116 

Voya Intermediate Bond Portfolio PORTFOLIO OF INVESTMENTS
as of June 30, 2024 (Unaudited) (continued)

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2024:

																Morgan
										Goldman			Mizuho			Stanley			Standard
	Barclays Bank						Deutsche			Sachs			Capital			Capital			Chartered
	PLC			BNP Paribas			Bank AG			International			Markets LLC			Services LLC			Bank			UBS AG			Total
Assets:
Purchased options	$	—		$	800		$	—		$	202,202		$	269,014		$	—		$	—		$	—		$	472,016
Forward foreign currency contracts		—			—			—			—			—			1,492			—			—			1,492
Forward premium swaptions		1,243,795			—			—			—			—			—			—			—			1,243,795
Total Assets	$	1,243,795		$	800		$	—		$	202,202		$	269,014		$	1,492		$	—		$	—		$	1,717,303
Liabilities:
Forward foreign currency contracts	$	—		$	—		$	—		$	—		$	—		$	6,305		$	—		$	80		$	6,385
Forward premium swaptions		—			—			—			—			—			—			—			77,481			77,481
Volatility Swaps		—			53,846			31,747			76,178			—			—			22,124			12,784			196,679
Written options		—			—			—			203,800			640,578			—			—			—			844,378
Total Liabilities	$	—		$	53,846		$	31,747		$	279,978		$	640,578		$	6,305		$	22,124		$	90,345		$	1,124,923
Net OTC derivative instruments by counterparty, at fair value	$	1,243,795		$	(53,046	)	$	(31,747	)	$	(77,776	)	$	(371,564	)	$	(4,813	)	$	(22,124	)	$	(90,345	)	$	592,380
Total collateral pledged by the Portfolio/(Received from counterparty)	$	(1,243,795	)	$	—		$	—		$	—		$	—		$	4,813		$	22,124		$	—		$	(1,216,858	)
Net Exposure(1)(2)	$	—		$	(53,046	)	$	(31,747	)	$	(77,776	)	$	(371,564	)	$	—		$	—		$	(90,345	)	$	(624,478	)

⁽¹⁾ Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

⁽²⁾ At June 30, 2024, the Portfolio had pledged $20,000 and $49,600, respectively, in cash collateral to Morgan Stanley Capital Services LLC and Standard Chartered Bank, respectively. In addition, the Portfolio received $1,300,000 in cash collateral from Barclays Bank PLC. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2024, 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 $2,406,455,320.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	6,686,445
Gross Unrealized Depreciation		(115,601,454	)
Net Unrealized Depreciation	$	(108,915,009	)

See Accompanying Notes to Financial Statements

117 

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited)

Shares		Value		Percentage of Net Assets
COMMON STOCK: 98.0%
	Communication Services: 2.1%
645,935 (1)	Globalstar, Inc.	$	723,447		0.2
603,760 (1)	Vimeo, Inc.		2,252,025		0.8
29,013 (1)	Yelp, Inc.		1,072,030		0.4
114,410 (1)	ZipRecruiter, Inc. - Class A		1,039,987		0.4
64,604 (1)	ZoomInfo Technologies, Inc.		824,993		0.3
			5,912,482		2.1
	Consumer Discretionary: 7.1%
37,389	Acushnet Holdings Corp.		2,373,454		0.8
111,793	Arko Corp.		700,942		0.3
64,232	Gentex Corp.		2,165,261		0.8
296,965 (1)	GrowGeneration Corp.		638,475		0.2
57,109	H&R Block, Inc.		3,097,021		1.1
46,516	International Game Technology PLC		951,717		0.3
49,523	Red Rock Resorts, Inc. - Class A		2,720,298		1.0
94,018	Steven Madden Ltd.		3,976,961		1.4
67,665 (1)	Tri Pointe Homes, Inc.		2,520,521		0.9
81,928 (1)	Udemy, Inc.		707,039		0.3
			19,851,689		7.1
	Consumer Staples: 3.1%
78,780 (1)	BellRing Brands, Inc.		4,501,489		1.6
184,624	Dole PLC		2,259,798		0.8
95,038	Primo Water Corp.		2,077,531		0.7
			8,838,818		3.1
	Energy: 6.2%
400,947 (1)	Clean Energy Fuels Corp.		1,070,528		0.4
245,040	Excelerate Energy, Inc. - Class A		4,518,538		1.6
79,530 (2)	HighPeak Energy, Inc.		1,118,192		0.4
109,791	Murphy Oil Corp.		4,527,781		1.6
246,308	Permian Resources Corp.		3,977,874		1.4
166,308	SFL Corp. Ltd.		2,308,355		0.8
			17,521,268		6.2
	Financials: 19.4%
26,102 (1)	Ambac Financial Group, Inc.		334,628		0.1
67,601	Arrow Financial Corp.		1,761,006		0.6
95,695	Associated Banc-Corp.		2,023,949		0.7
60,964	Atlantic Union Bankshares Corp.		2,002,667		0.7
115,573	BCB Bancorp, Inc.		1,228,541		0.4
63,306	Berkshire Hills Bancorp, Inc.		1,443,377		0.5
137,194	BGC Group, Inc. - Class A		1,138,710		0.4
150,369 (2)	Blackstone Mortgage Trust, Inc. - Class A		2,619,428		0.9
80,373	ConnectOne Bancorp, Inc.		1,518,246		0.5
110,407	CVB Financial Corp.		1,903,417		0.7

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: (continued)
132,616	Eastern Bankshares, Inc.	$	1,853,972		0.7
66,993	Farmers National Banc Corp.		836,743		0.3
325,710	First BanCorp/Puerto Rico		5,957,236		2.1
214,846 (1)	Genworth Financial, Inc. - Class A		1,297,670		0.5
48,398	Hancock Whitney Corp.		2,314,876		0.8
57,829	Hilltop Holdings, Inc.		1,808,891		0.7
14,728	International Bancshares Corp.		842,589		0.3
159,959	KKR Real Estate Finance Trust, Inc.		1,447,629		0.5
198,599	Ladder Capital Corp.		2,242,183		0.8
107,071 (1)	LendingClub Corp.		905,821		0.3
159,621 (1)	Marqeta, Inc. - Class A		874,723		0.3
162,996	MFA Financial, Inc.		1,734,277		0.6
47,124	NBT Bancorp, Inc.		1,818,986		0.7
40,664	Origin Bancorp, Inc.		1,289,862		0.5
91,109	Pacific Premier Bancorp, Inc.		2,092,774		0.8
72,789 (1)	Pagseguro Digital Ltd. - Class A		850,903		0.3
74,157 (1)	ProAssurance Corp.		906,199		0.3
66,790	Provident Financial Services, Inc.		958,436		0.3
305,846	Redwood Trust, Inc.		1,984,941		0.7
86,697	Simmons First National Corp. - Class A		1,524,133		0.6
55,462	United Community Banks, Inc.		1,412,062		0.5
195,802	Valley National Bancorp		1,366,698		0.5
115,394	WisdomTree, Inc.		1,143,555		0.4
63,044	XP, Inc. - Class A		1,108,944		0.4
			54,548,072		19.4
	Health Care: 11.1%
192,132 (1)	Alignment Healthcare, Inc.		1,502,472		0.5
189,567 (1)	Amicus Therapeutics, Inc.		1,880,505		0.7
16,633 (1)	Amphastar Pharmaceuticals, Inc.		665,320		0.2
70,594 (1)	Avanos Medical, Inc.		1,406,232		0.5
315,986 (1)	BioCryst Pharmaceuticals, Inc.		1,952,793		0.7
36,806	Bio-Techne Corp.		2,637,150		1.0
33,653	Bruker Corp.		2,147,398		0.8
782,553 (1)	Cerus Corp.		1,377,293		0.5
68,803	DENTSPLY SIRONA, Inc.		1,713,883		0.6
59,058 (1)	Elanco Animal Health, Inc.		852,207		0.3
29,823 (1)	Insmed, Inc.		1,998,141		0.7
176,671 (1)	MannKind Corp.		922,223		0.3
1,171,328 (1)(2)	OPKO Health, Inc.		1,464,160		0.5

See Accompanying Notes to Financial Statements

118

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: (continued)
125,071 (1)	Option Care Health, Inc.	$	3,464,467		1.2
51,280 (1)	Orthofix Medical, Inc.		679,973		0.3
82,025	Patterson Cos., Inc.		1,978,443		0.7
103,162	QIAGEN N.V.		4,238,927		1.5
45,992 (1)	Rigel Pharmaceuticals, Inc.		378,054		0.1
			31,259,641		11.1
	Industrials: 12.9%
28,640	Allison Transmission Holdings, Inc.		2,173,776		0.8
24,696	Apogee Enterprises, Inc.		1,551,773		0.5
7,119	Armstrong World Industries, Inc.		806,156		0.3
24,908	Cadre Holdings, Inc.		835,912		0.3
165,389 (1)	CoreCivic, Inc.		2,146,749		0.8
25,321	Crane Holdings Co.		1,555,216		0.5
45,404 (2)	First Advantage Corp.		729,642		0.3
8,306	Franklin Electric Co., Inc.		800,034		0.3
187,812 (1)	GEO Group, Inc.		2,696,980		1.0
50,265	Hillenbrand, Inc.		2,011,605		0.7
17,469	Insperity, Inc.		1,593,348		0.6
30,184 (2)	Kennametal, Inc.		710,531		0.2
141,440 (1)	Legalzoom.com, Inc.		1,186,682		0.4
140,165 (1)	Manitowoc Co., Inc.		1,616,102		0.6
63,324	Marten Transport Ltd.		1,168,328		0.4
126,297	Mueller Water Products, Inc. - Class A		2,263,242		0.8
142,585 (1)	NOW, Inc.		1,957,692		0.7
38,921	nVent Electric PLC		2,981,738		1.1
440,332 (1)	Planet Labs PBC		819,018		0.3
67,428 (1)	Resideo Technologies, Inc.		1,318,892		0.5
65,947	REV Group, Inc.		1,641,421		0.6
107,273	Shyft Group, Inc.		1,272,258		0.4
54,051 (1)	Titan Machinery, Inc.		859,411		0.3
64,237	Wabash National Corp.		1,402,936		0.5
			36,099,442		12.9
	Information Technology: 16.5%
347,355 (1)	8x8, Inc.		771,128		0.3
120,145	A10 Networks, Inc.		1,664,008		0.6
80,298 (1)	ACI Worldwide, Inc.		3,178,998		1.1
37,800 (1)	Alkami Technology, Inc.		1,076,544		0.4
188,173 (1)	Box, Inc. - Class A		4,975,294		1.8
159,054	Clear Secure, Inc. - Class A		2,975,900		1.1
53,409 (1)	Cohu, Inc.		1,767,838		0.6
39,945	CSG Systems International, Inc.		1,644,536		0.6
24,662	CTS Corp.		1,248,637		0.4
116,385 (1)	Dropbox, Inc. - Class A		2,615,171		0.9
28,947	EVERTEC, Inc.		962,488		0.3
87,398 (1)	ExlService Holdings, Inc.		2,740,801		1.0
89,897 (1)	Knowles Corp.		1,551,622		0.5

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology: (continued)
6,445	Littelfuse, Inc.	$	1,647,278		0.6
94,886 (1)	MaxLinear, Inc.		1,911,004		0.7
20,169 (1)	Nutanix, Inc. - Class A		1,146,608		0.4
5,933 (1)	PowerSchool Holdings, Inc. - Class A		132,840		0.0
539,968 (1)	Sabre Corp.		1,441,715		0.5
38,804	Sapiens International Corp. NV		1,316,620		0.5
106,517 (1)	Sprinklr, Inc. - Class A		1,024,693		0.4
35,761 (1)	Teradata Corp.		1,235,900		0.4
25,440 (1)	Varonis Systems, Inc.		1,220,357		0.4
193,361 (1)	Viavi Solutions, Inc.		1,328,390		0.5
81,395 (1)	Weave Communications, Inc.		734,183		0.3
21,948 (1)	Workiva, Inc.		1,601,984		0.6
135,115 (1)	Yext, Inc.		722,865		0.3
96,248 (1)	Zeta Global Holdings Corp. - Class A		1,698,777		0.6
197,086 (1)	Zuora, Inc. - Class A		1,957,064		0.7
			46,293,243		16.5
	Materials: 4.2%
13,168	Balchem Corp.		2,027,213		0.7
89,619 (1)	Constellium SE		1,689,318		0.6
179,282	Element Solutions, Inc.		4,862,128		1.7
12,762	Minerals Technologies, Inc.		1,061,288		0.4
387,879 (1)	Rayonier Advanced Materials, Inc.		2,110,062		0.8
			11,750,009		4.2
	Real Estate: 11.8%
218,767	Acadia Realty Trust		3,920,305		1.4
172,991 (1)	Anywhere Real Estate, Inc.		572,600		0.2
254,525 (1)	Apartment Investment and Management Co. - Class A		2,110,012		0.8
150,280	Brandywine Realty Trust		673,254		0.2
193,457	DiamondRock Hospitality Co.		1,634,712		0.6
114,626	Empire State Realty Trust, Inc. - Class A		1,075,192		0.4
83,285	Essential Properties Realty Trust, Inc.		2,307,827		0.8
87,149 (2)	eXp World Holdings, Inc.		983,477		0.3
48,743	First Industrial Realty Trust, Inc.		2,315,780		0.8
77,343	Gladstone Land Corp.		1,058,826		0.4
346,514	Hudson Pacific Properties, Inc.		1,666,732		0.6
98,495	Kimco Realty Corp.		1,916,713		0.7
114,949	Omega Healthcare Investors, Inc.		3,937,003		1.4
56,780	Peakstone Realty Trust		601,868		0.2
33,753	Plymouth Industrial REIT, Inc.		721,639		0.3

See Accompanying Notes to Financial Statements

119

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate: (continued)
111,529	Retail Opportunity Investments Corp.	$	1,386,306		0.5
203,706	Sabra Health Care REIT, Inc.		3,137,072		1.1
222,855	Summit Hotel Properties, Inc.		1,334,901		0.5
288,657	Uniti Group, Inc.		842,878		0.3
32,127	Vornado Realty Trust		844,619		0.3
			33,041,716		11.8
	Utilities: 3.6%
136,764	Avista Corp.		4,733,402		1.7
121,261	Portland General Electric Co.		5,243,326		1.9
			9,976,728		3.6
	Total Common Stock (Cost $272,494,076)		275,093,108		98.0
EXCHANGE-TRADED FUNDS: 1.5%
20,387	iShares Russell 2000 ETF		4,136,318		1.5
	Total Exchange-Traded Funds (Cost $4,138,338)		4,136,318		1.5
	Total Long-Term Investments (Cost $276,632,414)		279,229,426		99.5
Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
	Repurchase Agreements: 2.5%
1,696,931 (3)	Bethesda Securities, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $1,697,691, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-6.070%, Market Value plus accrued interest $1,730,870, due 10/01/27-01/01/57)		1,696,931		0.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
409,339 (3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $409,522, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $417,526, due 08/08/24-04/20/74)	$	409,339		0.1
1,696,931 (3)	CF Secured LLC, Repurchase Agreement dated 06/28/2024, 5.430%, due 07/01/2024 (Repurchase Amount $1,697,688, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,730,870, due 04/30/27-04/20/72)		1,696,931		0.6
1,696,931 (3)	National Bank Financial, Inc., Repurchase Agreement dated 06/28/2024, 5.340%, due 07/01/2024 (Repurchase Amount $1,697,676, collateralized by various U.S. Government Securities, 0.750%-4.375%, Market Value plus accrued interest $1,730,875, due 07/01/24-09/09/49)		1,696,931		0.6

See Accompanying Notes to Financial Statements

120

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,600,000 (3)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/28/2024, 5.450%, due 07/01/2024 (Repurchase Amount $1,600,717, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $1,628,880, due 10/15/25-02/15/53)	$	1,600,000		0.6
	Total Repurchase Agreements (Cost $7,100,132)		7,100,132		2.5
	Total Short-Term Investments (Cost $7,100,132)		7,100,132		2.5
	Total Investments in Securities (Cost $283,732,546)	$	286,329,558		102.0
	Liabilities in Excess of Other Assets		(5,490,743)		(2.0)
	Net Assets	$	280,838,815		100.0

†	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.

See Accompanying Notes to Financial Statements

121

Voya Small Company Portfolio PORTFOLIO OF INVESTMENTS as of June 30, 2024 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 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, 2024
Asset Table
Investments, at fair value
Common Stock*	$	275,093,108	$	—	$	—	$	275,093,108
Exchange-Traded Funds		4,136,318		—		—		4,136,318
Short-Term Investments		—		7,100,132		—		7,100,132
Total Investments, at fair value	$	279,229,426	$	7,100,132	$	—	$	286,329,558

^	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, 2024, 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 $305,884,518.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	19,096,452
Gross Unrealized Depreciation		(38,651,832	)
Net Unrealized Depreciation	$	(19,555,380	)

See Accompanying Notes to Financial Statements

122

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Investment Adviser	Custodian
Voya Investments, LLC	The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100	225 Liberty Street
Scottsdale, Arizona 85258	New York, New York 10286
Distributor	Legal Counsel
Voya Investments Distributor, LLC	Ropes & Gray LLP
7337 East Doubletree Ranch Road, Suite 100	Prudential Tower
Scottsdale, Arizona 85258	800 Boylston Street
	Boston, Massachusetts 02199
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract or variable life insurance policy and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract or variable life insurance policy and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

VPSAR-CAPAPALL (0624) 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Included under Item 7.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Included under Item 7.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

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

(b) There were no significant changes in the registrant’s internal controls that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1) The Code of Ethics is not required for the semi-annual filing.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3)(1) Not applicable.

(a)(3)(2) Not applicable.

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

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, 2024

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, 2024

By	/s/ Todd Modic
	Todd Modic
	Principal Financial Officer

Date: September 5, 2024