ThZeal - The Zeal

The Corporation Trust Incorporated, 300 East Lombard Street, Baltimore MD 21202

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

TABLE OF CONTENTS

Semi-Annual Report

June 30, 2022

Classes ADV, I, P2, S and S2

Voya Variable Product Index Funds

	■ Voya Emerging Markets Index Portfolio			■ Voya Russell™ Mid Cap Growth Index Portfolio
	■ Voya International Index Portfolio			■ Voya Russell™ Mid Cap Index Portfolio
	■ Voya Russell™ Large Cap Growth Index Portfolio			■ Voya Russell™ Small Cap Index Portfolio
	■ Voya Russell™ Large Cap Index Portfolio			■ Voya U.S. Bond Index Portfolio
	■ Voya Russell™ Large Cap Value Index Portfolio

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest.

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.

TABLE OF CONTENTS

	Shareholder Expense Examples					1
	Statements of Assets and Liabilities					3
	Statements of Operations					9
	Statements of Changes in Net Assets					12
	Financial Highlights					17
	Notes to Financial Statements					25
	Portfolios of Investments					46

PROXY VOTING INFORMATION

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Portfolios’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*
Voya Emerging Markets Index Portfolio
Class I		$	1,000.00		$	824.90		0.54%		$	2.44		$	1,000.00		$	1,022.12		0.54%		$	2.71
Class P2			1,000.00			826.80		0.15			0.68			1,000.00			1,024.05		0.15			0.75
Class S			1,000.00			823.70		0.79			3.57			1,000.00			1,020.88		0.79			3.96
Voya International Index Portfolio
Class ADV		$	1,000.00		$	805.10		0.94%		$	4.21		$	1,000.00		$	1,020.13		0.94%		$	4.71
Class I			1,000.00			806.70		0.45			2.02			1,000.00			1,022.56		0.45			2.26
Class P2			1,000.00			807.30		0.15			0.67			1,000.00			1,024.05		0.15			0.75
Class S			1,000.00			805.40		0.70			3.13			1,000.00			1,021.32		0.70			3.51
Class S2			1,000.00			805.10		0.85			3.80			1,000.00			1,020.58		0.85			4.26
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV		$	1,000.00		$	722.20		0.93%		$	3.97		$	1,000.00		$	1,020.18		0.93%		$	4.66
Class I			1,000.00			724.10		0.43			1.84			1,000.00			1,022.66		0.43			2.16
Class S			1,000.00			723.20		0.68			2.91			1,000.00			1,021.42		0.68			3.41

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*
Voya Russell™ Large Cap Index Portfolio
Class ADV		$	1,000.00		$	789.30		0.86%		$	3.82		$	1,000.00		$	1,020.53		0.86%		$	4.31
Class I			1,000.00			791.10		0.36			1.60			1,000.00			1,023.01		0.36			1.81
Class S			1,000.00			790.30		0.61			2.71			1,000.00			1,021.77		0.61			3.06
Class S2			1,000.00			789.50		0.76			3.37			1,000.00			1,021.03		0.76			3.81
Voya Russell™ Large Cap Value Index Portfolio
Class ADV		$	1,000.00		$	885.60		0.85%		$	3.97		$	1,000.00		$	1,020.58		0.85%		$	4.26
Class I			1,000.00			887.90		0.35			1.64			1,000.00			1,023.06		0.35			1.76
Class S			1,000.00			886.90		0.60			2.81			1,000.00			1,021.82		0.60			3.01
Voya Russell™ Mid Cap Growth Index Portfolio
Class I		$	1,000.00		$	688.80		0.40%		$	1.67		$	1,000.00		$	1,022.81		0.40%		$	2.01
Class S			1,000.00			687.80		0.65			2.72			1,000.00			1,021.57		0.65			3.26
Class S2			1,000.00			687.50		0.80			3.35			1,000.00			1,020.83		0.80			4.01
Voya Russell™ Mid Cap Index Portfolio
Class ADV		$	1,000.00		$	780.70		0.90%		$	3.97		$	1,000.00		$	1,020.33		0.90%		$	4.51
Class I			1,000.00			782.70		0.40			1.77			1,000.00			1,022.81		0.40			2.01
Class P2			1,000.00			783.50		0.15			0.66			1,000.00			1,024.05		0.15			0.75
Class S			1,000.00			782.00		0.65			2.87			1,000.00			1,021.57		0.65			3.26
Class S2			1,000.00			781.20		0.80			3.53			1,000.00			1,020.83		0.80			4.01
Voya Russell™ Small Cap Index Portfolio
Class ADV		$	1,000.00		$	762.30		0.95%		$	4.15		$	1,000.00		$	1,020.08		0.95%		$	4.76
Class I			1,000.00			764.10		0.45			1.97			1,000.00			1,022.56		0.45			2.26
Class P2			1,000.00			765.10		0.15			0.66			1,000.00			1,024.05		0.15			0.75
Class S			1,000.00			763.20		0.70			3.06			1,000.00			1,021.32		0.70			3.51
Class S2			1,000.00			762.60		0.85			3.71			1,000.00			1,020.58		0.85			4.26
Voya U.S. Bond Index Portfolio
Class ADV		$	1,000.00		$	894.50		0.86%		$	4.04		$	1,000.00		$	1,020.53		0.86%		$	4.31
Class I			1,000.00			897.20		0.36			1.69			1,000.00			1,023.01		0.36			1.81
Class P2			1,000.00			898.30		0.15			0.71			1,000.00			1,024.05		0.15			0.75
Class S			1,000.00			895.70		0.61			2.87			1,000.00			1,021.77		0.61			3.06
Class S2			1,000.00			896.00		0.76			3.57			1,000.00			1,021.03		0.76			3.81

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

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited)

	Voya Emerging Markets Index Portfolio			Voya International Index Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	668,828,145		$	1,960,099,122		$	1,155,678,125		$	2,037,013,861
Short-term investments at fair value†			3,668,203			164,450,893			2,144,000			5,065,000
Cash			1,543			—			392,902			645,616
Cash collateral for futures contracts			715,600			1,988,841			178,500			357,000
Foreign currencies at value‡			2,910,808			3,256,440			—			—
Receivables:
Investment securities sold			—			—			909,413			348,480
Investment securities and currencies sold			101,461,389			41,627,577			—			—
Fund shares sold			290,929			868,032			2,241,087			2,094,138
Dividends			4,249,542			2,838,339			447,811			1,393,801
Foreign tax reclaims			9,505			8,864,427			—			—
Unrealized appreciation on forward foreign currency contracts			4,853			—			—			—
Prepaid expenses			9,335			25,499			16,210			23,259
Reimbursement due from Investment Adviser			196,505			412,870			11,250			60,310
Other assets			17,758			69,451			23,682			78,658
Total assets			782,364,115			2,184,501,491			1,162,042,980			2,047,080,123
LIABILITIES:
Payable for investment securities and currencies purchased			3,958,421			86,664,055			—			—
Payable for fund shares redeemed			134,541			972,446			187,260			2,031,996
Payable upon receipt of securities loaned			3,668,203			100,270,893			—			—
Unrealized depreciation on forward foreign currency contracts			—			81			—			—
Variation margin payable on futures contracts			62,745			182,280			26,987			53,975
Payable for investment management fees			253,449			750,807			378,196			587,157
Payable for distribution and shareholder service fees			2			171,479			138,786			366,384
Payable to directors under the deferred compensation plan (Note 6)			17,758			69,451			23,682			78,658
Payable for directors fees			2,056			5,501			3,487			5,973
Payable for borrowings against line of credit			87,149,000			—			—			—
Payable for foreign capital gains tax			3,799,454			—			—			—
Other accrued expenses and liabilities			411,363			447,516			332,144			381,591
Total liabilities			99,456,992			189,534,509			1,090,542			3,505,734
NET ASSETS		$	682,907,123		$	1,994,966,982		$	1,160,952,438		$	2,043,574,389
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	779,602,010		$	1,885,920,064		$	381,302,299		$	1,467,023,315
Total distributable earnings (loss)			(96,694,887)			109,046,918			779,650,139			576,551,074
NET ASSETS		$	682,907,123		$	1,994,966,982		$	1,160,952,438		$	2,043,574,389
+ Including securities loaned at value		$	3,480,970		$	90,322,275		$	—		$	—
* Cost of investments in securities		$	751,714,102		$	1,653,388,714		$	423,129,845		$	1,447,521,620
† Cost of short-term investments		$	3,668,203		$	164,450,893		$	2,144,000		$	5,065,000
‡ Cost of foreign currencies		$	2,962,685		$	3,251,846		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited) (continued)

	Voya Emerging Markets Index Portfolio			Voya International Index Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
Class ADV
Net assets			n/a		$	373,960,430		$	7,335		$	129,648,138
Shares authorized			n/a			250,000,000			100,000,000			100,000,000
Par value			n/a		$	0.001		$	0.001		$	0.001
Shares outstanding			n/a			40,669,328			156			5,116,955
Net asset value and redemption price per share			n/a		$	9.20		$	47.12		$	25.34
Class I
Net assets		$	127,107,843		$	456,318,267		$	503,497,804		$	446,189,212
Shares authorized			100,000,000			200,000,000			100,000,000			400,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			12,420,253			48,750,400			10,569,060			17,171,280
Net asset value and redemption price per share		$	10.23		$	9.36		$	47.64		$	25.98
Class P2
Net assets		$	555,789,403		$	1,098,021,932			n/a			n/a
Shares authorized			100,000,000			300,000,000			n/a			n/a
Par value		$	0.001		$	0.001			n/a			n/a
Shares outstanding			53,063,796			115,432,891			n/a			n/a
Net asset value and redemption price per share		$	10.47		$	9.51			n/a			n/a
Class S
Net assets		$	9,877		$	65,429,957		$	657,447,299		$	1,467,630,548
Shares authorized			100,000,000			100,000,000			100,000,000			200,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			959			7,032,492			13,890,668			56,938,154
Net asset value and redemption price per share		$	10.29		$	9.30		$	47.33		$	25.78
Class S2
Net assets			n/a		$	1,236,396			n/a		$	106,491
Shares authorized			n/a			100,000,000			n/a			100,000,000
Par value			n/a		$	0.001			n/a		$	0.001
Shares outstanding			n/a			132,977			n/a			3,991
Net asset value and redemption price per share			n/a		$	9.30			n/a		$	26.68

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited)

	Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	1,289,803,329		$	941,278,964		$	1,211,716,630		$	861,966,070
Investments in affiliates at fair value**			—			—			797,464			—
Short-term investments at fair value†			3,328,000			19,561,969			129,482,609			246,526,967
Cash			372,525			314,870			758,273			1,573,243
Cash collateral for futures contracts			241,500			162,000			283,500			2,282,500
Receivables:
Investment securities sold			—			1,643,442			—			2,888,074
Fund shares sold			44,766			4,718,734			1,766,169			1,945,356
Dividends			1,349,547			291,829			1,415,370			916,434
Foreign tax reclaims			576			351			562			7,832
Prepaid expenses			14,738			11,711			16,825			12,865
Reimbursement due from Investment Adviser			—			27,629			170,203			137,242
Other assets			18,907			17,791			66,119			38,055
Total assets			1,295,173,888			968,029,290			1,346,473,724			1,118,294,638
LIABILITIES:
Payable for investment securities purchased			—			1,402,799			672,697			923,784
Payable for fund shares redeemed			5,056,321			57,226			297,014			128,490
Payable upon receipt of securities loaned			—			18,538,969			126,158,609			217,915,967
Variation margin payable on futures contracts			36,513			26,640			46,620			278,841
Payable for investment management fees			315,342			314,075			443,262			328,561
Payable for distribution and shareholder service fees			256,347			198,259			113,357			103,779
Payable to directors under the deferred compensation plan (Note 6)			18,907			17,791			66,119			38,055
Payable for directors fees			3,635			2,910			3,653			2,559
Other accrued expenses and liabilities			318,025			211,042			492,629			180,682
Total liabilities			6,005,090			20,769,711			128,293,960			219,900,718
NET ASSETS		$	1,289,168,798		$	947,259,579		$	1,218,179,764		$	898,393,920
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,157,989,499		$	1,135,177,003		$	639,331,790		$	692,255,098
Total distributable earnings (loss)			131,179,299			(187,917,424)			578,847,974			206,138,822
NET ASSETS		$	1,289,168,798		$	947,259,579		$	1,218,179,764		$	898,393,920
+ Including securities loaned at value		$	—		$	18,070,823		$	123,043,200		$	211,138,020
* Cost of investments in securities		$	1,166,048,548		$	1,002,258,965		$	692,103,485		$	656,377,856
** Cost of investments in affiliates		$	—		$	—		$	360,528		$	—
† Cost of short-term investments		$	3,328,000		$	19,561,969		$	129,482,609		$	246,526,967

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited) (continued)

	Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
Class ADV
Net assets		$	4,823			n/a		$	167,035,535		$	98,522,957
Shares authorized			100,000,000			n/a			100,000,000			100,000,000
Par value		$	0.001			n/a		$	0.001		$	0.001
Shares outstanding			196			n/a			17,234,123			8,464,278
Net asset value and redemption price per share		$	24.58			n/a		$	9.69		$	11.64
Class I
Net assets		$	84,632,803		$	15,692,658		$	603,970,243		$	217,629,350
Shares authorized			100,000,000			100,000,000			300,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			3,413,674			528,865			58,757,627			17,912,175
Net asset value and redemption price per share		$	24.79		$	29.67		$	10.28		$	12.15
Class P2
Net assets			n/a			n/a		$	257,180,225		$	296,688,543
Shares authorized			n/a			n/a			100,000,000			100,000,000
Par value			n/a			n/a		$	0.001		$	0.001
Shares outstanding			n/a			n/a			24,576,678			24,057,904
Net asset value and redemption price per share			n/a			n/a		$	10.46		$	12.33
Class S
Net assets		$	1,204,531,172		$	929,970,066		$	182,735,225		$	280,750,154
Shares authorized			100,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			49,027,516			31,541,526			18,109,864			23,356,559
Net asset value and redemption price per share		$	24.57		$	29.48		$	10.09		$	12.02
Class S2
Net assets			n/a		$	1,596,855		$	7,258,536		$	4,802,916
Shares authorized			n/a			100,000,000			100,000,000			100,000,000
Par value			n/a		$	0.001		$	0.001		$	0.001
Shares outstanding			n/a			54,431			736,685			408,438
Net asset value and redemption price per share			n/a		$	29.34		$	9.85		$	11.76

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited)

	Voya U.S. Bond Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	3,036,916,837
Short-term investments at fair value†			306,211,213
Cash			139,407
Cash collateral for futures contracts			1,412,970
Cash pledged for centrally cleared swaps (Note 2)			600,000
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)			2,938,805
Receivables:
Investment securities sold on a delayed-delivery or when-issued basis			54,751,911
Fund shares sold			428,575
Dividends			11,360
Interest			13,670,726
Variation margin on centrally cleared swaps			4,862
Prepaid expenses			36,910
Reimbursement due from Investment Adviser			309,367
Other assets			135,829
Total assets			3,417,568,772
LIABILITIES:
Payable for investment securities purchased			43,538,394
Payable for investment securities purchased on a delayed-delivery or when-issued basis			204,681,171
Payable for fund shares redeemed			2,639,831
Payable to broker			668,991
Payable upon receipt of securities loaned			277,563,213
Variation margin payable on futures contracts			670,199
Payable for investment management fees			860,458
Payable for distribution and shareholder service fees			39,377
Payable to directors under the deferred compensation plan (Note 6)			135,829
Payable for directors fees			7,937
Other accrued expenses and liabilities			189,572
Total liabilities			530,994,972
NET ASSETS		$	2,886,573,800
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	3,172,651,019
Total distributable loss			(286,077,219)
NET ASSETS		$	2,886,573,800
+ Including securities loaned at value		$	271,519,406
* Cost of investments in securities		$	3,162,446,332
† Cost of short-term investments		$	306,211,213

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2022 (Unaudited)

	Voya Emerging Markets Index Portfolio			Voya International Index Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	11,640,784		$	42,756,425		$	6,119,371		$	17,609,456
Securities lending income, net			60,914			325,535			1,286			4,840
Total investment income			11,701,698			43,081,960			6,120,657			17,614,296
EXPENSES:
Investment management fees			2,652,061			4,879,974			3,331,300			3,970,291
Distribution and shareholder service fees:
Class ADV			—			1,080,928			21			367,761
Class S			14			91,804			985,513			2,148,087
Class S2			—			2,724			—			337
Transfer agent fees:
Class ADV			—			42,150			2			15,539
Class I			453			49,177			78,565			53,221
Class P2			503			1,269			—			—
Class S			—			7,170			104,053			181,532
Class S2			—			132			—			18
Shareholder reporting expense			1,250			18,813			23,412			12,900
Professional fees			36,545			43,760			30,467			35,760
Custody and accounting expense			464,727			307,160			80,925			101,880
Directors fees			10,285			27,503			17,440			29,865
Licensing fee (Note 7)			122,400			327,310			83,168			132,464
Miscellaneous expense			20,920			58,264			30,485			33,071
Interest expense			7,488			—			334			820
Total expenses			3,316,646			6,938,138			4,765,685			7,083,546
Waived and reimbursed fees			(2,239,453)			(2,603,655)			(787,684)			(278,062)
Net expenses			1,077,193			4,334,483			3,978,001			6,805,484
Net investment income			10,624,505			38,747,477			2,142,656			10,808,812
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)			1,648,240			(14,221,810)			46,287,801			(19,273,961)
Forward foreign currency contracts			(11,431)			(29,018)			—			—
Foreign currency related transactions			(426,514)			(755,380)			—			—
Futures			(2,174,779)			(7,714,292)			(598,579)			(1,184,391)
Net realized gain (loss)			(964,484)			(22,720,500)			45,689,222			(20,458,352)
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)			(168,078,435)			(483,079,615)			(503,612,493)			(547,605,943)
Forward foreign currency contracts			6,032			(81)			—			—
Foreign currency related transactions			(166,176)			(695,831)			—			—
Futures			(69,207)			(601,761)			(208,614)			(340,794)
Net change in unrealized appreciation (depreciation)			(168,307,786)			(484,377,288)			(503,821,107)			(547,946,737)
Net realized and unrealized loss			(169,272,270)			(507,097,788)			(458,131,885)			(568,405,089)
Decrease in net assets resulting from operations		$	(158,647,765)		$	(468,350,311)		$	(455,989,229)		$	(557,596,277)
* Foreign taxes withheld		$	1,349,811		$	4,742,873		$	1,699		$	5,312
^ Foreign capital gains taxes withheld		$	173,691		$	—		$	—		$	—
# Change in foreign capital gains taxes accrued		$	173,691		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2022 (Unaudited)

	Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	16,172,896		$	4,445,934		$	10,305,198		$	5,646,834
Dividends from affiliates			—			—			6,158			—
Securities lending income, net			4,107			86,005			116,439			407,455
Total investment income			16,177,003			4,531,939			10,427,795			6,054,289
EXPENSES:
Investment management fees			2,771,438			2,803,208			2,970,940			2,178,853
Distribution and shareholder service fees:
Class ADV			14			—			482,085			283,130
Class S			1,685,648			1,417,437			270,708			414,549
Class S2			—			3,729			18,062			11,343
Transfer agent fees:
Class ADV			—			—			70,938			43,606
Class I			3,868			388			275,845			93,197
Class P2			—			—			202			245
Class S			55,798			23,677			79,636			127,609
Class S2			—			37			3,318			2,181
Shareholder reporting expense			54,300			8,251			12,670			12,555
Professional fees			72,400			18,278			26,245			21,836
Custody and accounting expense			83,700			61,122			76,110			71,280
Directors fees			18,174			14,549			18,266			12,798
Licensing fee (Note 7)			86,082			71,700			86,444			64,753
Miscellaneous expense			60,291			16,556			34,933			30,514
Interest expense			255			1,181			469			—
Total expenses			4,891,968			4,440,113			4,426,871			3,368,449
Waived and reimbursed fees			(720,993)			(699,148)			(1,082,549)			(840,526)
Net expenses			4,170,975			3,740,965			3,344,322			2,527,923
Net investment income			12,006,028			790,974			7,083,473			3,526,366
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			4,849,891			(122,709,583)			61,887,364			19,749,146
Sale of investments in affiliates			—			—			70,457			—
Futures			(745,021)			(392,497)			(512,515)			(5,589,776)
Net realized gain (loss)			4,104,870			(123,102,080)			61,445,306			14,159,370
Net change in unrealized appreciation (depreciation) on:
Investments			(183,874,633)			(327,318,761)			(421,600,387)			(291,637,755)
Affiliates			—			—			(172,326)			—
Futures			(277,649)			(252,300)			(476,957)			(2,061,187)
Net change in unrealized appreciation (depreciation)			(184,152,282)			(327,571,061)			(422,249,670)			(293,698,942)
Net realized and unrealized loss			(180,047,412)			(450,673,141)			(360,804,364)			(279,539,572)
Decrease in net assets resulting from operations		$	(168,041,384)		$	(449,882,167)		$	(353,720,891)		$	(276,013,206)
* Foreign taxes withheld		$	5,423		$	1,053		$	3,291		$	8,206

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2022 (Unaudited)

	Voya U.S. Bond Index Portfolio
INVESTMENT INCOME:
Dividends		$	32,465
Interest			37,842,916
Securities lending income, net			529,708
Total investment income			38,405,089
EXPENSES:
Investment management fees			5,542,746
Distribution and shareholder service fees:
Class ADV			57,857
Class S			196,643
Class S2			1,982
Transfer agent fees:
Class ADV			558
Class I			37,018
Class P2			845
Class S			3,802
Class S2			24
Shareholder reporting expense			7,240
Professional fees			59,750
Custody and accounting expense			154,992
Directors fees			39,687
Miscellaneous expense			81,894
Total expenses			6,185,038
Waived and reimbursed fees			(1,732,425)
Net expenses			4,452,613
Net investment income			33,952,476
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(143,936,293)
Futures			4,282,713
Swaps			132,432
Net realized loss			(139,521,148)
Net change in unrealized appreciation (depreciation) on:
Investments			(243,080,387)
Futures			1,226,682
Swaps			275,539
Net change in unrealized appreciation (depreciation)			(241,578,166)
Net realized and unrealized loss			(381,099,314)
Decrease in net assets resulting from operations		$	(347,146,838)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Emerging Markets Index Portfolio						Voya International Index Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	10,624,505		$	16,376,484		$	38,747,477		$	52,692,610
Net realized gain (loss)			(964,484)			31,703,112			(22,720,500)			9,490,875
Net change in unrealized appreciation (depreciation)			(168,307,786)			(77,674,918)			(484,377,288)			189,722,715
Increase (decrease) in net assets resulting from operations			(158,647,765)			(29,595,322)			(468,350,311)			251,906,200
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(11,994,066)			(8,487,432)
Class I			(12,544,359)			(2,268,361)			(16,731,056)			(11,937,715)
Class P2			(31,943,320)			(6,354,916)			(40,212,938)			(26,065,167)
Class S			(539)			(97)			(2,292,745)			(1,478,337)
Class S2			—			—			(40,311)			(21,515)
Total distributions			(44,488,218)			(8,623,374)			(71,271,116)			(47,990,166)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			199,972,772			331,715,584			284,788,030			270,119,109
Reinvestment of distributions			44,488,037			8,623,337			71,271,116			47,990,166
			244,460,809			340,338,921			356,059,146			318,109,275
Cost of shares redeemed			(171,925,198)			(283,969,983)			(167,909,429)			(485,741,273)
Net increase (decrease) in net assets resulting from capital share transactions			72,535,611			56,368,938			188,149,717			(167,631,998)
Net increase (decrease) in net assets			(130,600,372)			18,150,242			(351,471,710)			36,284,036
NET ASSETS:
Beginning of year or period			813,507,495			795,357,253			2,346,438,692			2,310,154,656
End of year or period		$	682,907,123		$	813,507,495		$	1,994,966,982		$	2,346,438,692

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Large Cap Growth Index Portfolio						Voya Russell™ Large Cap Index Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	2,142,656		$	3,355,496		$	10,808,812		$	12,911,219
Net realized gain (loss)			45,689,222			109,572,332			(20,458,352)			85,833,439
Net change in unrealized appreciation (depreciation)			(503,821,107)			300,965,178			(547,946,737)			292,753,577
Increase (decrease) in net assets resulting from operations			(455,989,229)			413,893,006			(557,596,277)			391,498,235
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(695)			(53)			(5,899,455)			(6,149,333)
Class I			(49,628,386)			(6,115,054)			(21,862,969)			(25,822,923)
Class S			(63,384,349)			(6,885,357)			(71,354,687)			(31,173,865)
Class S2			—			—			(5,730)			(11,719)
Total distributions			(113,013,430)			(13,000,464)			(99,122,841)			(63,157,840)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			25,071,509			72,021,458			37,207,966			1,435,709,303
Reinvestment of distributions			113,013,430			13,000,464			99,122,841			63,157,840
			138,084,939			85,021,922			136,330,807			1,498,867,143
Cost of shares redeemed			(106,915,421)			(253,842,382)			(171,065,121)			(253,545,660)
Net increase (decrease) in net assets resulting from capital share transactions			31,169,518			(168,820,460)			(34,734,314)			1,245,321,483
Net increase (decrease) in net assets			(537,833,141)			232,072,082			(691,453,432)			1,573,661,878
NET ASSETS:
Beginning of year or period			1,698,785,579			1,466,713,497			2,735,027,821			1,161,365,943
End of year or period		$	1,160,952,438		$	1,698,785,579		$	2,043,574,389		$	2,735,027,821

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Large Cap Value Index Portfolio						Voya Russell™ Mid Cap Growth Index Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	12,006,028		$	16,760,391		$	790,974		$	(921,446)
Net realized gain (loss)			4,104,870			47,358,231			(123,102,080)			107,092,397
Net change in unrealized appreciation (depreciation)			(184,152,282)			143,678,762			(327,571,061)			(39,840,785)
Increase (decrease) in net assets resulting from operations			(168,041,384)			207,797,384			(449,882,167)			66,330,166
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(44)			(85)			—			—
Class I			(1,211,722)			(2,022,225)			(1,757,478)			(879,739)
Class S			(15,328,430)			(15,518,493)			(107,754,474)			(21,929,351)
Class S2			—			—			(182,723)			(76,005)
Total distributions			(16,540,196)			(17,540,803)			(109,694,675)			(22,885,095)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			11,556,498			660,730,602			9,086,456			915,934,449
Reinvestment of distributions			16,540,196			17,540,803			109,694,675			22,885,095
			28,096,694			678,271,405			118,781,131			938,819,544
Cost of shares redeemed			(110,460,720)			(177,715,486)			(102,827,694)			(181,677,038)
Net increase (decrease) in net assets resulting from capital share transactions			(82,364,026)			500,555,919			15,953,437			757,142,506
Net increase (decrease) in net assets			(266,945,606)			690,812,500			(543,623,405)			800,587,577
NET ASSETS:
Beginning of year or period			1,556,114,404			865,301,904			1,490,882,984			690,295,407
End of year or period		$	1,289,168,798		$	1,556,114,404		$	947,259,579		$	1,490,882,984

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Mid Cap Index Portfolio						Voya Russell™ Small Cap Index Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	7,083,473		$	13,818,042		$	3,526,366		$	7,043,679
Net realized gain			61,445,306			111,318,306			14,159,370			96,941,859
Net change in unrealized appreciation (depreciation)			(422,249,670)			185,398,725			(293,698,942)			44,970,910
Increase (decrease) in net assets resulting from operations			(353,720,891)			310,535,073			(276,013,206)			148,956,448
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(16,553,124)			(21,636,582)			(9,998,700)			(402,726)
Class I			(64,413,331)			(77,276,322)			(22,345,692)			(1,694,311)
Class P2			(24,217,584)			(40,543,843)			(29,585,735)			(2,559,370)
Class S			(18,168,027)			(26,697,056)			(28,658,419)			(2,061,604)
Class S2			(767,708)			(1,139,987)			(486,191)			(26,399)
Total distributions			(124,119,774)			(167,293,790)			(91,074,737)			(6,744,410)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			74,983,311			370,686,532			96,794,548			386,310,290
Reinvestment of distributions			124,119,774			167,293,790			91,074,737			6,744,410
			199,103,085			537,980,322			187,869,285			393,054,700
Cost of shares redeemed			(152,798,065)			(427,003,212)			(75,018,332)			(466,266,070)
Net increase (decrease) in net assets resulting from capital share transactions			46,305,020			110,977,110			112,850,953			(73,211,370)
Net increase (decrease) in net assets			(431,535,645)			254,218,393			(254,236,990)			69,000,668
NET ASSETS:
Beginning of year or period			1,649,715,409			1,395,497,016			1,152,630,910			1,083,630,242
End of year or period		$	1,218,179,764		$	1,649,715,409		$	898,393,920		$	1,152,630,910

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya U.S. Bond Index Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	33,952,476		$	51,246,285
Net realized loss			(139,521,148)			(17,329,759)
Net change in unrealized appreciation (depreciation)			(241,578,166)			(91,882,084)
Decrease in net assets resulting from operations			(347,146,838)			(57,965,558)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(146,146)			(751,928)
Class I			(13,458,618)			(57,512,797)
Class P2			(14,640,091)			(52,645,986)
Class S			(1,189,511)			(5,682,253)
Class S2			(6,583)			(40,440)
Total distributions			(29,440,949)			(116,633,404)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			571,817,308			811,265,760
Reinvestment of distributions			29,431,979			116,622,106
			601,249,287			927,887,866
Cost of shares redeemed			(634,282,166)			(885,591,204)
Net increase (decrease) in net assets resulting from capital share transactions			(33,032,879)			42,296,662
Net decrease in net assets			(409,620,666)			(132,302,300)
NET ASSETS:
Beginning of year or period			3,296,194,466			3,428,496,766
End of year or period		$	2,886,573,800		$	3,296,194,466

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Emerging Markets Index Portfolio
Class I
06-30-22+		13.18		0.13•		(2.46)		(2.33)		0.23		0.39		—		0.62		—		10.23		(17.51)		0.81		0.54		0.54		2.25		127,108		16
12-31-21		13.81		0.23•		(0.73)		(0.50)		0.13		—		—		0.13		—		13.18		(3.65)		0.78		0.51		0.51		1.66		256,340		21
12-31-20		12.24		0.18•		1.79		1.97		0.40		—		—		0.40		—		13.81		17.58		0.80		0.53		0.53		1.56		250,721		27
12-31-19		10.66		0.21•		1.65		1.86		0.28		—		—		0.28		—		12.24		17.76		0.87		0.60		0.60		1.88		321,682		20
12-31-18		12.85		0.25		(2.14)		(1.89)		0.30		—		—		0.30		—		10.66		(15.07)		0.81		0.54		0.54		2.05		499,268		12
12-31-17		9.56		0.19•		3.28		3.47		0.18		—		—		0.18		—		12.85		36.65		0.82		0.55		0.55		1.71		502,979		18
Class P2
06-30-22+		13.44		0.16•		(2.51)		(2.35)		0.23		0.39		—		0.62		—		10.47		(17.32)		0.81		0.15		0.15		2.75		555,789		16
12-31-21		14.04		0.29•		(0.76)		(0.47)		0.13		—		—		0.13		—		13.44		(3.37)		0.78		0.15		0.15		2.03		557,155		21
12-31-20		12.39		0.22•		1.83		2.05		0.40		—		—		0.40		—		14.04		17.95		0.80		0.15		0.15		1.90		544,632		27
12-31-19		10.74		0.29•		1.64		1.93		0.28		—		—		0.28		—		12.39		18.29		0.87		0.16		0.16		2.49		303,648		20
12-31-18		12.88		0.29•		(2.13)		(1.84)		0.30		—		—		0.30		—		10.74		(14.64)		0.81		0.15		0.15		2.44		271,954		12
05-03-17(5) - 12-31-17		10.99		0.20•		1.87		2.07		0.18		—		—		0.18		—		12.88		19.15		0.82		0.15		0.15		2.56		219,322		18
Class S
06-30-22+		13.24		0.12•		(2.47)		(2.35)		0.21		0.39		—		0.60		—		10.29		(17.63)		1.06		0.79		0.79		2.00		10		16
12-31-21		13.90		0.22•		(0.76)		(0.54)		0.12		—		—		0.12		—		13.24		(3.91)		1.03		0.76		0.76		1.55		12		21
12-31-20		12.31		0.15•		1.81		1.96		0.37		—		—		0.37		—		13.90		17.27		1.05		0.78		0.78		1.30		4		27
12-31-19		10.71		0.21		1.64		1.85		0.25		—		—		0.25		—		12.31		17.55		1.12		0.85		0.85		1.83		4		20
12-31-18		12.91		0.21		(2.14)		(1.93)		0.27		—		—		0.27		—		10.71		(15.26)		1.06		0.79		0.79		1.71		3		12
12-31-17		9.55		0.17		3.28		3.45		0.09		—		—		0.09		—		12.91		36.35		1.07		0.80		0.80		1.52		4		18
Voya International Index Portfolio
Class ADV
06-30-22+		11.79		0.15•		(2.44)		(2.29)		0.30		—		—		0.30		—		9.20		(19.49)		1.04		0.94		0.94		2.94		373,960		3
12-31-21		10.86		0.19•		0.93		1.12		0.19		—		—		0.19		—		11.79		10.41		1.04		0.94		0.94		1.63		490,645		4
12-31-20		10.39		0.16		0.53		0.69		0.22		—		—		0.22		—		10.86		7.28		1.04		0.95		0.95		1.43		508,888		12
12-31-19		8.83		0.23•		1.58		1.81		0.25		—		—		0.25		—		10.39		20.86		1.03		0.94		0.94		2.39		542,257		15
12-31-18		10.51		0.21•		(1.66)		(1.45)		0.23		—		—		0.23		—		8.83		(14.11)		1.04		0.94		0.94		2.11		524,307		3
12-31-17		8.63		0.19•		1.88		2.07		0.19		—		—		0.19		—		10.51		24.19		1.03		0.94		0.94		2.00		692,747		4
Class I
06-30-22+		12.04		0.19•		(2.51)		(2.32)		0.36		—		—		0.36		—		9.36		(19.33)		0.54		0.45		0.45		3.44		456,318		3
12-31-21		11.09		0.25•		0.94		1.19		0.24		—		—		0.24		—		12.04		10.86		0.54		0.45		0.45		2.11		564,827		4
12-31-20		10.61		0.21		0.54		0.75		0.27		—		—		0.27		—		11.09		7.90		0.54		0.46		0.46		1.98		580,413		12
12-31-19		9.02		0.24•		1.66		1.90		0.31		—		—		0.31		—		10.61		21.44		0.53		0.45		0.45		2.38		700,568		15
12-31-18		10.74		0.26•		(1.69)		(1.43)		0.29		—		—		0.29		—		9.02		(13.73)		0.54		0.45		0.45		2.58		299,378		3
12-31-17		8.81		0.26•		1.91		2.17		0.24		—		—		0.24		—		10.74		24.88		0.53		0.45		0.45		2.65		319,369		4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya International Index Portfolio (continued)
Class P2
06-30-22+		12.22		0.21•		(2.56)		(2.35)		0.36		—		—		0.36		—		9.51		(19.27)		0.52		0.15		0.15		3.84		1,098,022		3
12-31-21		11.21		0.29•		0.97		1.26		0.25		—		—		0.25		—		12.22		11.31		0.52		0.15		0.15		2.43		1,210,240		4
12-31-20		10.70		0.22•		0.56		0.78		0.27		—		—		0.27		—		11.21		8.13		0.52		0.16		0.16		2.24		1,143,697		12
12-31-19		9.07		0.31•		1.63		1.94		0.31		—		—		0.31		—		10.70		21.78		0.53		0.15		0.15		3.10		1,011,708		15
12-31-18		10.76		0.29•		(1.69)		(1.40)		0.29		—		—		0.29		—		9.07		(13.42)		0.54		0.15		0.15		2.84		708,457		3
05-03-17(5) - 12-31-17		9.79		0.16•		1.05		1.21		0.24		—		—		0.24		—		10.76		12.59		0.53		0.15		0.15		2.42		589,019		4
Class S
06-30-22+		11.95		0.17•		(2.49)		(2.32)		0.33		—		—		0.33		—		9.30		(19.46)		0.79		0.70		0.70		3.23		65,430		3
12-31-21		11.01		0.22•		0.94		1.16		0.22		—		—		0.22		—		11.95		10.62		0.79		0.70		0.70		1.87		79,437		4
12-31-20		10.53		0.18		0.54		0.72		0.24		—		—		0.24		—		11.01		7.62		0.79		0.71		0.71		1.66		75,948		12
12-31-19		8.96		0.27		1.58		1.85		0.28		—		—		0.28		—		10.53		21.04		0.78		0.70		0.70		2.60		77,950		15
12-31-18		10.66		0.24		(1.68)		(1.44)		0.26		—		—		0.26		—		8.96		(13.86)		0.79		0.70		0.70		2.33		68,720		3
12-31-17		8.75		0.22•		1.90		2.12		0.21		—		—		0.21		—		10.66		24.51		0.78		0.70		0.70		2.23		81,188		4
Class S2
06-30-22+		11.94		0.17•		(2.49)		(2.32)		0.32		—		—		0.32		—		9.30		(19.49)		0.94		0.85		0.85		3.16		1,236		3
12-31-21		11.00		0.20•		0.94		1.14		0.20		—		—		0.20		—		11.94		10.49		0.94		0.85		0.85		1.72		1,290		4
12-31-20		10.51		0.15		0.56		0.71		0.22		—		—		0.22		—		11.00		7.40		0.94		0.86		0.86		1.49		1,209		12
12-31-19		8.94		0.25•		1.59		1.84		0.27		—		—		0.27		—		10.51		20.93		0.93		0.85		0.85		2.57		1,136		15
12-31-18		10.65		0.22•		(1.68)		(1.46)		0.25		—		—		0.25		—		8.94		(14.07)		0.94		0.85		0.85		2.19		1,289		3
12-31-17		8.71		0.20•		1.91		2.11		0.17		—		—		0.17		—		10.65		24.44		0.93		0.85		0.85		2.03		1,292		4
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV
06-30-22+		71.86		(0.02)•		(19.80)		(19.82)		—		4.92		—		4.92		—		47.12		(27.78)		1.05		0.93		0.93		(0.07)		7		16
12-31-21		55.65		(0.08)•		16.67		16.59		0.10		0.28		—		0.38		—		71.86		29.98		1.04		0.93		0.93		(0.14)		10		22
12-31-20		42.54		0.06		15.22		15.28		0.10		2.07		—		2.17		—		55.65		37.80		1.05		0.93		0.93		0.15		8		13
12-31-19		33.18		0.17•		11.14		11.31		0.20		1.75		—		1.95		—		42.54		35.19		1.04		0.93		0.93		0.45		6		19
12-31-18		35.05		0.17		(0.57)		(0.40)		0.23		1.24		—		1.47		—		33.18		(1.44)		1.03		0.93		0.93		0.49		4		9
12-31-17		27.04		0.20		8.04		8.24		0.23		—		—		0.23		—		35.05		30.60		1.03		0.93		0.93		0.64		4		14
Class I
06-30-22+		72.73		0.14•		(20.06)		(19.92)		0.25		4.92		—		5.17		—		47.64		(27.59)		0.55		0.43		0.43		0.45		503,498		16
12-31-21		56.25		0.23•		16.85		17.08		0.32		0.28		—		0.60		—		72.73		30.67		0.54		0.43		0.43		0.36		722,412		22
12-31-20		42.96		0.31		15.33		15.64		0.28		2.07		—		2.35		—		56.25		38.47		0.55		0.43		0.43		0.65		590,681		13
12-31-19		33.49		0.36		11.24		11.60		0.38		1.75		—		2.13		—		42.96		35.84		0.54		0.43		0.43		0.96		446,528		19
12-31-18		35.35		0.37•		(0.60)		(0.23)		0.39		1.24		—		1.63		—		33.49		(0.97)		0.53		0.43		0.43		1.00		329,022		9
12-31-17		27.24		0.36•		8.10		8.46		0.35		—		—		0.35		—		35.35		31.26		0.53		0.43		0.43		1.15		354,275		14

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Large Cap Growth Index Portfolio (continued)
Class S
06-30-22+		72.15		0.06•		(19.89)		(19.83)		0.07		4.92		—		4.99		—		47.33		(27.68)		0.80		0.68		0.68		0.20		657,447		16
12-31-21		55.81		0.07•		16.75		16.82		0.20		0.28		—		0.47		—		72.15		30.36		0.79		0.68		0.68		0.11		976,363		22
12-31-20		42.68		0.21		15.21		15.42		0.22		2.07		—		2.29		—		55.81		38.13		0.80		0.68		0.68		0.40		876,025		13
12-31-19		33.29		0.26•		11.16		11.42		0.28		1.75		—		2.03		—		42.68		35.47		0.79		0.68		0.68		0.69		700,395		19
12-31-18		35.15		0.27•		(0.59)		(0.32)		0.30		1.24		—		1.54		—		33.29		(1.21)		0.78		0.68		0.68		0.75		321,604		9
12-31-17		27.10		0.28•		8.06		8.34		0.29		—		—		0.29		—		35.15		30.93		0.78		0.68		0.68		0.90		343,310		14
Voya Russell™ Large Cap Index Portfolio
Class ADV
06-30-22+		33.57		0.09•		(7.12)		(7.03)		0.07		1.13		—		1.20		—		25.34		(21.07)		0.89		0.86		0.86		0.63		129,648		8
12-31-21		27.91		0.16•		7.04		7.20		0.25		1.29		—		1.54		—		33.57		26.81		0.92		0.86		0.86		0.53		163,976		23
12-31-20		24.38		0.22•		4.56		4.78		0.29		0.96		—		1.25		—		27.91		21.24		0.94		0.86		0.86		0.90		105,733		6
12-31-19		19.55		0.26•		5.57		5.83		0.30		0.70		—		1.00		—		24.38		30.66		0.89		0.86		0.86		1.16		78,254		5
12-31-18		20.60		0.24•		(1.03)		(0.79)		0.26		—		—		0.26		—		19.55		(3.92)		0.88		0.86		0.86		1.13		54,275		5
12-31-17		17.10		0.22•		3.51		3.73		0.23		—		—		0.23		—		20.60		21.96		0.88		0.87		0.87		1.17		43,874		6
Class I
06-30-22+		34.46		0.17•		(7.32)		(7.15)		0.20		1.13		—		1.33		—		25.98		(20.89)		0.39		0.36		0.36		1.13		446,189		8
12-31-21		28.58		0.32•		7.21		7.53		0.36		1.29		—		1.65		—		34.46		27.41		0.42		0.36		0.36		1.03		565,026		23
12-31-20		24.92		0.34•		4.67		5.01		0.39		0.96		—		1.35		—		28.58		21.86		0.44		0.36		0.36		1.39		457,743		6
12-31-19		19.94		0.36		5.70		6.06		0.38		0.70		—		1.08		—		24.92		31.34		0.39		0.36		0.36		1.66		347,630		5
12-31-18		20.99		0.35•		(1.05)		(0.70)		0.35		—		—		0.35		—		19.94		(3.46)		0.38		0.36		0.36		1.62		260,309		5
12-31-17		17.41		0.32		3.57		3.89		0.31		—		—		0.31		—		20.99		22.57		0.38		0.37		0.37		1.68		272,429		6
Class S
06-30-22+		34.20		0.13•		(7.26)		(7.13)		0.16		1.13		—		1.29		—		25.78		(20.97)		0.64		0.61		0.61		0.87		1,467,631		8
12-31-21		28.37		0.24•		7.17		7.41		0.29		1.29		—		1.58		—		34.20		27.13		0.67		0.61		0.61		0.78		2,005,750		23
12-31-20		24.73		0.28•		4.64		4.92		0.32		0.96		—		1.28		—		28.37		21.58		0.69		0.61		0.61		1.16		596,783		6
12-31-19		19.80		0.32•		5.63		5.95		0.32		0.70		—		1.02		—		24.73		30.96		0.64		0.61		0.61		1.42		592,415		5
12-31-18		20.84		0.29•		(1.04)		(0.75)		0.29		—		—		0.29		—		19.80		(3.69)		0.63		0.61		0.61		1.37		516,424		5
12-31-17		17.29		0.27•		3.55		3.82		0.27		—		—		0.27		—		20.84		22.27		0.63		0.62		0.62		1.43		589,672		6
Class S2
06-30-22+		35.29		0.11•		(7.50)		(7.39)		0.09		1.13		—		1.22		—		26.68		(21.05)		0.79		0.76		0.76		0.70		106		8
12-31-21		29.26		0.21•		7.38		7.59		0.27		1.29		—		1.56		—		35.29		26.92		0.82		0.76		0.76		0.66		276		23
12-31-20		25.47		0.25•		4.79		5.04		0.29		0.96		—		1.25		—		29.26		21.37		0.84		0.76		0.76		0.99		1,107		6
12-31-19		20.35		0.29•		5.81		6.10		0.28		0.70		—		0.98		—		25.47		30.80		0.79		0.76		0.76		1.26		1,012		5
12-31-18		21.38		0.27•		(1.07)		(0.80)		0.23		—		—		0.23		—		20.35		(3.81)		0.78		0.76		0.76		1.22		779		5
12-31-17		17.74		0.25•		3.64		3.89		0.25		—		—		0.25		—		21.38		22.08		0.78		0.77		0.77		1.27		1,264		6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Large Cap Value Index Portfolio
Class ADV
06-30-22+		28.00		0.18•		(3.37)		(3.19)		0.23		—		—		0.23		—		24.58		(11.44)		0.95		0.85		0.85		1.37		5		19
12-31-21		23.26		0.35•		4.83		5.18		0.44		—		—		0.44		—		28.00		22.44		0.95		0.85		0.85		1.34		5		39
12-31-20		23.99		0.39•		(0.35)		0.04		0.12		0.65		—		0.77		—		23.26		1.00		0.95		0.85		0.85		1.87		4		19
12-31-19		20.34		0.40		4.57		4.97		0.45		0.87		—		1.32		—		23.99		25.30		1.01		0.91		0.91		1.87		4		24
12-31-18		23.13		0.38		(1.96)		(1.58)		0.44		0.77		—		1.21		—		20.34		(7.18)		1.01		0.91		0.91		1.73		4		14
12-31-17		20.81		0.35•		2.33		2.68		0.36		—		—		0.36		—		23.13		13.05		0.99		0.89		0.89		1.62		4		13
Class I
06-30-22+		28.31		0.26•		(3.42)		(3.16)		0.36		—		—		0.36		—		24.79		(11.21)		0.45		0.35		0.35		1.90		84,633		19
12-31-21		23.50		0.48•		4.88		5.36		0.55		—		—		0.55		—		28.31		22.99		0.45		0.35		0.35		1.83		99,517		39
12-31-20		24.26		0.50•		(0.37)		0.13		0.24		0.65		—		0.89		—		23.50		1.48		0.45		0.35		0.35		2.37		88,235		19
12-31-19		20.57		0.53•		4.60		5.13		0.57		0.87		—		1.44		—		24.26		25.92		0.51		0.41		0.41		2.38		97,086		24
12-31-18		23.34		0.50•		(1.97)		(1.47)		0.53		0.77		—		1.30		—		20.57		(6.62)		0.51		0.41		0.41		2.24		85,885		14
12-31-17		21.01		0.47		2.31		2.78		0.45		—		—		0.45		—		23.34		13.46		0.49		0.39		0.39		2.12		105,552		13
Class S
06-30-22+		28.04		0.22•		(3.38)		(3.16)		0.31		—		—		0.31		—		24.57		(11.31)		0.70		0.60		0.60		1.65		1,204,531		19
12-31-21		23.28		0.41•		4.84		5.25		0.49		—		—		0.49		—		28.04		22.72		0.70		0.60		0.60		1.58		1,456,592		39
12-31-20		24.08		0.45•		(0.38)		0.07		0.22		0.65		—		0.87		—		23.28		1.20		0.70		0.60		0.60		2.13		777,063		19
12-31-19		20.42		0.46•		4.58		5.04		0.51		0.87		—		1.38		—		24.08		25.61		0.76		0.66		0.66		2.05		894,317		24
12-31-18		23.17		0.45•		(1.96)		(1.51)		0.47		0.77		—		1.24		—		20.42		(6.85)		0.76		0.66		0.66		1.99		265,120		14
12-31-17		20.86		0.41•		2.30		2.71		0.40		—		—		0.40		—		23.17		13.19		0.74		0.64		0.64		1.88		320,793		13
Voya Russell™ Mid Cap Growth Index Portfolio
Class I
06-30-22+		48.49		0.07•		(15.11)		(15.04)		—		3.78		—		3.78		—		29.67		(31.12)		0.52		0.40		0.40		0.38		15,693		28
12-31-21		44.95		0.04•		5.22		5.26		0.11		1.61		—		1.72		—		48.49		12.29		0.54		0.40		0.40		0.09		24,089		63
12-31-20		35.97		0.10		11.35		11.45		0.11		2.36		—		2.47		—		44.95		34.83		0.55		0.40		0.40		0.26		32,555		35
12-31-19		29.71		0.18•		9.69		9.87		0.29		3.32		—		3.61		—		35.97		34.87		0.54		0.40		0.40		0.52		22,121		38
12-31-18		35.21		0.27•		(1.68)		(1.41)		0.23		3.86		—		4.09		—		29.71		(5.14)		0.53		0.40		0.40		0.78		15,151		31
12-31-17		28.51		0.21•		6.78		6.99		0.29		—		—		0.29		—		35.21		24.67		0.55		0.43		0.43		0.67		17,724		26
Class S
06-30-22+		48.28		0.03•		(15.05)		(15.02)		—		3.78		—		3.78		—		29.48		(31.22)		0.77		0.65		0.65		0.13		929,970		28
12-31-21		44.76		(0.05)•		5.19		5.14		0.01		1.61		—		1.62		—		48.28		12.03		0.79		0.65		0.65		(0.11)		1,464,517		63
12-31-20		35.86		0.01		11.31		11.32		0.06		2.36		—		2.42		—		44.76		34.52		0.80		0.65		0.65		0.01		655,413		35
12-31-19		29.62		0.10•		9.65		9.75		0.19		3.32		—		3.51		—		35.86		34.53		0.79		0.65		0.65		0.31		586,966		38
12-31-18		35.11		0.19		(1.68)		(1.49)		0.14		3.86		—		4.00		—		29.62		(5.36)		0.78		0.65		0.65		0.53		244,214		31
12-31-17		28.43		0.13•		6.76		6.89		0.21		—		—		0.21		—		35.11		24.36		0.80		0.68		0.68		0.42		284,959		26

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Mid Cap Growth Index Portfolio (continued)
Class S2
06-30-22+		48.10		(0.00)*•		(14.98)		(14.98)		—		3.78		—		3.78		—		29.34		(31.25)		0.92		0.80		0.80		(0.01)		1,597		28
12-31-21		44.66		(0.14)•		5.19		5.05		—		1.61		—		1.61		—		48.10		11.84		0.94		0.80		0.80		(0.30)		2,277		63
12-31-20		35.77		(0.05)		11.30		11.25		—		2.36		—		2.36		—		44.66		34.31		0.95		0.80		0.80		(0.14)		2,327		35
12-31-19		29.55		0.04		9.65		9.69		0.15		3.32		—		3.47		—		35.77		34.36		0.94		0.80		0.80		0.13		1,859		38
12-31-18		35.05		0.14		(1.68)		(1.54)		0.10		3.86		—		3.96		—		29.55		(5.54)		0.93		0.80		0.80		0.39		1,462		31
12-31-17		28.39		0.08•		6.76		6.84		0.18		—		—		0.18		—		35.05		24.19		0.95		0.83		0.83		0.27		1,726		26
Voya Russell™ Mid Cap Index Portfolio
Class ADV
06-30-22+		13.70		0.03•		(2.99)		(2.96)		0.06		0.99		—		1.05		—		9.69		(21.93)		1.02		0.90		0.90		0.54		167,036		12
12-31-21		12.59		0.05•		2.51		2.56		0.09		1.36		—		1.45		—		13.70		21.60		1.02		0.90		0.90		0.39		219,999		33
12-31-20		13.08		0.09		1.24		1.33		0.12		1.70		—		1.82		—		12.59		16.01		1.05		0.90		0.90		0.81		188,952		16
12-31-19		12.51		0.10		3.23		3.33		0.16		2.60		—		2.76		—		13.08		29.32		0.95		0.90		0.90		0.86		189,561		8
12-31-18		15.79		0.12		(1.45)		(1.33)		0.15		1.80		—		1.95		—		12.51		(9.80)(a)		0.95		0.91		0.91		0.81(b)		152,323		11
12-31-17		14.63		0.12		2.29		2.41		0.17		1.08		—		1.25		—		15.79		17.39		0.94		0.93		0.93		0.81		181,784		9
Class I
06-30-22+		14.50		0.06•		(3.16)		(3.10)		0.13		0.99		—		1.12		—		10.28		(21.73)		0.52		0.40		0.40		1.03		603,970		12
12-31-21		13.24		0.13•		2.63		2.76		0.14		1.36		—		1.50		—		14.50		22.17		0.52		0.40		0.40		0.89		857,792		33
12-31-20		13.65		0.16		1.31		1.47		0.18		1.70		—		1.88		—		13.24		16.67		0.55		0.40		0.40		1.31		726,726		16
12-31-19		12.96		0.18•		3.34		3.52		0.23		2.60		—		2.83		—		13.65		29.95		0.45		0.40		0.40		1.35		754,716		8
12-31-18		16.28		0.20•		(1.49)		(1.29)		0.23		1.80		—		2.03		—		12.96		(9.31)(a)		0.45		0.41		0.41		1.28(b)		765,511		11
12-31-17		15.04		0.20•		2.36		2.56		0.24		1.08		—		1.32		—		16.28		17.97		0.44		0.43		0.43		1.28		1,191,269		9
Class P2
06-30-22+		14.73		0.08•		(3.22)		(3.14)		0.14		0.99		—		1.13		—		10.46		(21.65)		0.45		0.15		0.15		1.30		257,180		12
12-31-21		13.41		0.16•		2.67		2.83		0.15		1.36		—		1.51		—		14.73		22.46		0.44		0.15		0.15		1.14		306,920		33
12-31-20		13.77		0.18•		1.34		1.52		0.18		1.70		—		1.88		—		13.41		16.91		0.45		0.15		0.15		1.56		226,685		16
12-31-19		13.01		0.21•		3.38		3.59		0.23		2.60		—		2.83		—		13.77		30.43		0.45		0.15		0.15		1.58		183,282		8
12-31-18		16.31		0.24•		(1.51)		(1.27)		0.23		1.80		—		2.03		—		13.01		(9.15)(a)		0.45		0.16		0.16		1.55(b)		180,790		11
05-03-17(5) - 12-31-17		15.87		0.17•		1.59		1.76		0.24		1.08		—		1.32		—		16.31		12.01		0.44		0.15		0.15		1.68		228,215		9
Class S
06-30-22+		14.22		0.05•		(3.10)		(3.05)		0.09		0.99		—		1.08		—		10.09		(21.80)		0.77		0.65		0.65		0.78		182,735		12
12-31-21		13.02		0.09•		2.58		2.67		0.11		1.36		—		1.47		—		14.22		21.80		0.77		0.65		0.65		0.64		254,761		33
12-31-20		13.45		0.15		1.27		1.42		0.15		1.70		—		1.85		—		13.02		16.32		0.80		0.65		0.65		1.06		240,792		16
12-31-19		12.79		0.16		3.29		3.45		0.19		2.60		—		2.79		—		13.45		29.74		0.70		0.65		0.65		1.10		275,980		8
12-31-18		16.09		0.16•		(1.48)		(1.32)		0.18		1.80		—		1.98		—		12.79		(9.57)(a)		0.70		0.66		0.66		1.06(b)		250,242		11
12-31-17		14.88		0.16•		2.33		2.49		0.20		1.08		—		1.28		—		16.09		17.67		0.69		0.68		0.68		1.05		321,478		9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Mid Cap Index Portfolio (continued)
Class S2
06-30-22+		13.90		0.04•		(3.04)		(3.00)		0.06		0.99		—		1.05		—		9.85		(21.88)		0.92		0.80		0.80		0.63		7,259		12
12-31-21		12.74		0.06•		2.54		2.60		0.08		1.36		—		1.44		—		13.90		21.68		0.92		0.80		0.80		0.48		10,244		33
12-31-20		13.21		0.13		1.23		1.36		0.13		1.70		—		1.83		—		12.74		16.11		0.95		0.80		0.80		0.91		12,343		16
12-31-19		12.60		0.12		3.26		3.38		0.17		2.60		—		2.77		—		13.21		29.56		0.85		0.80		0.80		0.96		14,835		8
12-31-18		15.89		0.13•		(1.46)		(1.33)		0.16		1.80		—		1.96		—		12.60		(9.75)(a)		0.85		0.81		0.81		0.91(b)		12,327		11
12-31-17		14.71		0.15		2.28		2.43		0.17		1.08		—		1.25		—		15.89		17.47		0.84		0.83		0.83		0.91		16,303		9
Voya Russell™ Small Cap Index Portfolio
Class ADV
06-30-22+		16.95		0.02•		(4.03)		(4.01)		0.04		1.26		—		1.30		—		11.64		(23.77)		1.05		0.95		0.95		0.23		98,523		11
12-31-21		14.94		0.02•		2.04		2.06		0.05		—		—		0.05		—		16.95		13.81		1.04		0.95		0.95		0.14		131,976		36
12-31-20		13.75		0.06		2.04		2.10		0.08		0.83		—		0.91		—		14.94		18.93		1.05		0.95		0.95		0.46		113,940		41
12-31-19		12.53		0.07		2.84		2.91		0.09		1.60		—		1.69		—		13.75		24.57		0.98		0.95		0.95		0.54		111,010		22
12-31-18		15.15		0.06		(1.67)		(1.61)		0.10		0.91		—		1.01		—		12.53		(11.68)(c)		0.96		0.96		0.96		0.41(d)		97,210		17
12-31-17		14.48		0.08•		1.78		1.86		0.11		1.08		—		1.19		—		15.15		13.65		0.96		0.95		0.95		0.53		110,992		18
Class I
06-30-22+		17.69		0.06•		(4.21)		(4.15)		0.13		1.26		—		1.39		—		12.15		(23.59)		0.55		0.45		0.45		0.74		217,629		11
12-31-21		15.57		0.11•		2.12		2.23		0.11		—		—		0.11		—		17.69		14.34		0.54		0.45		0.45		0.64		274,932		36
12-31-20		14.30		0.13		2.12		2.25		0.15		0.83		—		0.98		—		15.57		19.56		0.55		0.45		0.45		0.97		252,530		41
12-31-19		12.98		0.14•		2.95		3.09		0.17		1.60		—		1.77		—		14.30		25.17		0.48		0.45		0.45		1.04		390,842		22
12-31-18		15.66		0.14•		(1.74)		(1.60)		0.17		0.91		—		1.08		—		12.98		(11.27)(c)		0.46		0.46		0.46		0.90(d)		386,854		17
12-31-17		14.91		0.15•		1.85		2.00		0.17		1.08		—		1.25		—		15.66		14.27		0.46		0.45		0.45		1.03		463,391		18
Class P2
06-30-22+		17.92		0.08•		(4.27)		(4.19)		0.14		1.26		—		1.40		—		12.33		(23.49)		0.47		0.15		0.15		1.05		296,689		11
12-31-21		15.73		0.17•		2.14		2.31		0.12		—		—		0.12		—		17.92		14.73		0.46		0.15		0.15		0.97		340,433		36
12-31-20		14.44		0.19•		2.08		2.27		0.15		0.83		—		0.98		—		15.73		19.49		0.47		0.15		0.15		1.42		289,711		41
12-31-19		13.06		0.19•		2.96		3.15		0.17		1.60		—		1.77		—		14.44		25.49		0.48		0.15		0.15		1.36		117,341		22
12-31-18		15.70		0.19•		(1.75)		(1.56)		0.17		0.91		—		1.08		—		13.06		(10.98)(c)		0.46		0.16		0.16		1.18(d)		79,563		17
05-03-17(5) - 12-31-17		15.34		0.14•		1.47		1.61		0.17		1.08		—		1.25		—		15.70		11.34		0.46		0.15		0.15		1.38		125,069		18
Class S
06-30-22+		17.47		0.04•		(4.16)		(4.12)		0.07		1.26		—		1.33		—		12.02		(23.68)		0.80		0.70		0.70		0.48		280,750		11
12-31-21		15.39		0.07•		2.09		2.16		0.08		—		—		0.08		—		17.47		14.04		0.79		0.70		0.70		0.37		398,676		36
12-31-20		14.15		0.10		2.10		2.20		0.13		0.83		—		0.96		—		15.39		19.34		0.80		0.70		0.70		0.71		420,955		41
12-31-19		12.86		0.11•		2.90		3.01		0.12		1.60		—		1.72		—		14.15		24.77		0.73		0.70		0.70		0.84		429,300		22
12-31-18		15.51		0.10•		(1.71)		(1.61)		0.13		0.91		—		1.04		—		12.86		(11.43)(c)		0.71		0.71		0.71		0.65(d)		191,769		17
12-31-17		14.78		0.11•		1.83		1.94		0.13		1.08		—		1.21		—		15.51		13.97		0.71		0.70		0.70		0.76		242,692		18

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russell™ Small Cap Index Portfolio (continued)
Class S2
06-30-22+		17.11		0.02•		(4.06)		(4.04)		0.05		1.26		—		1.31		—		11.76		(23.74)		0.95		0.85		0.85		0.33		4,803		11
12-31-21		15.07		0.04•		2.06		2.10		0.06		—		—		0.06		—		17.11		13.95		0.94		0.85		0.85		0.23		6,614		36
12-31-20		13.86		0.09		2.04		2.13		0.09		0.83		—		0.92		—		15.07		19.03		0.95		0.85		0.85		0.56		6,495		41
12-31-19		12.62		0.09		2.86		2.95		0.11		1.60		—		1.71		—		13.86		24.70		0.88		0.85		0.85		0.64		7,379		22
12-31-18		15.24		0.09		(1.70)		(1.61)		0.10		0.91		—		1.01		—		12.62		(11.60)(c)		0.86		0.86		0.86		0.51(d)		6,975		17
12-31-17		14.55		0.09•		1.79		1.88		0.11		1.08		—		1.19		—		15.24		13.76		0.86		0.85		0.85		0.61		8,365		18
Voya U.S. Bond Index Portfolio
Class ADV
06-30-22+		10.71		0.08•		(1.21)		(1.13)		0.06		—		—		0.06		—		9.52		(10.55)		0.88		0.86		0.86		1.57		21,650		249
12-31-21		11.27		0.10•		(0.35)		(0.25)		0.12		0.19		—		0.30		—		10.71		(2.29)		0.89		0.88		0.88		0.91		25,037		488
12-31-20		10.85		0.13		0.59		0.72		0.23		0.07		—		0.30		—		11.27		6.69		0.88		0.88		0.88		1.23		30,573		377
12-31-19		10.27		0.21		0.58		0.79		0.21		—		—		0.21		—		10.85		7.69		0.88		0.88		0.88		1.97		26,983		222
12-31-18		10.55		0.20		(0.29)		(0.09)		0.19		—		—		0.19		—		10.27		(0.84)		0.91		0.90		0.90		1.93		27,118		234
12-31-17		10.49		0.18		0.10		0.28		0.19		0.03		—		0.22		—		10.55		2.68		0.91		0.90		0.90		1.67		31,475		155
Class I
06-30-22+		10.75		0.10•		(1.20)		(1.10)		0.09		—		—		0.09		—		9.56		(10.28)		0.38		0.36		0.36		2.07		1,398,369		249
12-31-21		11.32		0.15•		(0.36)		(0.21)		0.17		0.19		—		0.36		—		10.75		(1.87)		0.39		0.38		0.38		1.42		1,682,328		488
12-31-20		10.90		0.20		0.58		0.78		0.29		0.07		—		0.36		—		11.32		7.20		0.38		0.38		0.38		1.73		1,811,026		377
12-31-19		10.31		0.27•		0.58		0.85		0.26		—		—		0.26		—		10.90		8.30		0.38		0.38		0.38		2.48		1,808,834		222
12-31-18		10.59		0.25		(0.29)		(0.04)		0.24		—		—		0.24		—		10.31		(0.33)		0.41		0.40		0.40		2.44		2,146,798		234
12-31-17		10.53		0.24		0.10		0.34		0.25		0.03		—		0.28		—		10.59		3.19		0.41		0.40		0.40		2.17		2,424,885		155
Class P2
06-30-22+		10.75		0.11•		(1.20)		(1.09)		0.10		—		—		0.10		—		9.56		(10.17)		0.37		0.15		0.15		2.29		1,320,115		249
12-31-21		11.32		0.18•		(0.36)		(0.18)		0.20		0.19		—		0.39		—		10.75		(1.62)		0.38		0.15		0.15		1.64		1,413,117		488
12-31-20		10.90		0.22		0.59		0.81		0.32		0.07		—		0.39		—		11.32		7.47		0.38		0.15		0.15		1.94		1,379,657		377
12-31-19		10.31		0.28		0.60		0.88		0.29		—		—		0.29		—		10.90		8.57		0.38		0.15		0.15		2.70		1,112,415		222
12-31-18		10.59		0.27		(0.28)		(0.01)		0.27		—		—		0.27		—		10.31		(0.08)		0.41		0.15		0.15		2.70		856,890		234
05-03-17(5) - 12-31-17		10.60		0.17•		0.03		0.20		0.18		0.03		—		0.21		—		10.59		1.89		0.41		0.15		0.15		2.34		731,605		155
Class S
06-30-22+		10.72		0.09•		(1.20)		(1.11)		0.08		—		—		0.08		—		9.53		(10.43)		0.63		0.61		0.61		1.82		145,653		249
12-31-21		11.29		0.13•		(0.37)		(0.24)		0.14		0.19		—		0.33		—		10.72		(2.13)		0.64		0.63		0.63		1.16		174,357		488
12-31-20		10.86		0.16		0.60		0.76		0.26		0.07		—		0.33		—		11.29		7.05		0.63		0.63		0.63		1.47		205,870		377
12-31-19		10.28		0.24		0.57		0.81		0.23		—		—		0.23		—		10.86		7.95		0.63		0.63		0.63		2.22		177,236		222
12-31-18		10.56		0.23		(0.29)		(0.06)		0.22		—		—		0.22		—		10.28		(0.58)		0.66		0.65		0.65		2.18		170,552		234
12-31-17		10.50		0.21		0.10		0.31		0.22		0.03		—		0.25		—		10.56		2.94		0.66		0.65		0.65		1.92		190,071		155

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya U.S. Bond Index Portfolio (continued)
Class S2
06-30-22+		10.72		0.08•		(1.19)		(1.11)		0.07		—		—		0.07		—		9.54		(10.40)		0.78		0.76		0.76		1.62		787		249
12-31-21		11.29		0.11•		(0.36)		(0.25)		0.13		0.19		—		0.31		—		10.72		(2.27)		0.79		0.78		0.78		1.02		1,356		488
12-31-20		10.87		0.15•		0.58		0.73		0.24		0.07		—		0.31		—		11.29		6.79		0.78		0.78		0.78		1.33		1,370		377
12-31-19		10.28		0.21		0.60		0.81		0.22		—		—		0.22		—		10.87		7.89		0.78		0.78		0.78		2.07		1,462		222
12-31-18		10.56		0.21•		(0.29)		(0.08)		0.20		—		—		0.20		—		10.28		(0.73)		0.81		0.80		0.80		2.03		1,146		234
12-31-17		10.50		0.19		0.10		0.29		0.20		0.03		—		0.23		—		10.56		2.78		0.81		0.80		0.80		1.77		2,449		155

(1)

Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

Commencement of operations.

(a)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Russell™ Mid Cap Index Portfolio would have been (9.81)%, (9.32)%, (9.16)%, (9.58)% and (9.76)% for Classes ADV, I, P2, S and S2, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, the net investment income ratios for Voya Russell™ Mid Cap Index Portfolio would have been 0.80%, 1.27%, 1.54%, 1.05% and 0.90% for Class ADV, I, P2, S and S2, respectively.

(c)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Russell™ Small Cap Index Portfolio would have been (11.72)%, (11.31)%, (11.02)%, (11.47)% and (11.64)% for Classes ADV, I, P2, S and S2, respectively.

(d)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, the net investment income ratios for Voya RusseII™ Small Cap Index Portfolio would have been 0.37%, 0.86%, 1.14%, 0.61% and 0.47% for Classes ADV, I, P2, S and S2, respectively.

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are fourteen active separate investment series that comprise the Company. The nine series (each, a “Portfolio” and collectively, the “Portfolios”) that are in this report are: Voya Emerging Markets Index Portfolio (“Emerging Markets Index”), Voya International Index Portfolio (“International Index”), Voya Russell™ Large Cap Growth Index Portfolio (“Russell™ Large Cap Growth Index”), Voya Russell™ Large Cap Index Portfolio (“Russell™ Large Cap Index”), Voya Russell™ Large Cap Value Index Portfolio (“Russell™ Large Cap Value Index”), Voya Russell™ Mid Cap Growth Index Portfolio (“Russell™ Mid Cap Growth Index”), Voya Russell™ Mid Cap Index Portfolio (“Russell™ Mid Cap Index”), Voya Russell™ Small Cap Index Portfolio (“Russell™ Small Cap Index”), and Voya U.S. Bond Index Portfolio (“U.S. Bond Index”). All of the Portfolios are diversified. However, in seeking to track the performance of an index, a Portfolio may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of an index. As a result, whether at any time a Portfolio will be considered diversified or non-diversified will depend largely on the make-up of an index at the time. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

The classes of shares included in this report are: Adviser (“Class ADV”), Class I, Class P2, 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 following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under the U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.

A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded.

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolios’ Board of Directors (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not

provided by any of the above methods may be valued based upon quotes furnished by brokers.

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’ (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.

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interest rates, investor perceptions and market liquidity. 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. Each Portfolio’s fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

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 as classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ investments under these levels of classification is included following 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 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 a Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except U.S. Bond Index) declare and pay dividends annually. U.S. Bond Index declares dividends daily and pays dividends, if any, monthly. The Portfolios distribute capital gains distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a 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.

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

G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it 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, the Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

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

Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors

including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

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

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

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a low interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If

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dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

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

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

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

correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To 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, 2022, the maximum amount of loss that Emerging Markets Index would incur if its counterparties failed to perform would be $4,853 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of June 30, 2022. At June 30, 2022, the Portfolio did not receive cash collateral for open OTC derivatives.

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,

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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, 2022, International Index had a liability position of $81 on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2022 the Portfolio could have been required to pay this amount in cash to its counterparty. As of June 30, 2022 there was no collateral posted by International Index for its open OTC derivative instruments.

H. Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

For the period ended June 30, 2022, certain Portfolios have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolios use forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, gain exposure to foreign currencies and to maintain diversity and liquidity of the portfolio.

During the period ended June 30, 2022, Emerging Markets Index had average contract amounts on forward foreign currency contracts to buy and sell of $692,797 and $15,414,464, respectively. International Index had average contract amounts on forward foreign currency contracts to

buy of $1,436,336. Please refer to the tables within the respective Portfolio of Investments for open forward foreign currency contracts as of June 30, 2022.

I. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolios assets are valued.

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2022, with the exception of U.S. Bond Index, the below Portfolios had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. U.S. Bond Index purchased and sold futures contracts as part of its duration strategy. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract

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will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2022, the Portfolios had average notional values on futures contracts purchased and sold as disclosed below.

	Purchased			Sold
Emerging Markets Index		$	12,668,672		$	—
International Index			35,149,920			—
Russell™ Large Cap Growth Index			3,788,750			—
Russell™ Large Cap Index			7,101,650			—
Russell™ Large Cap Value Index			4,858,700			—
Russell™ Mid Cap Growth Index			3,401,730			—
Russell™ Mid Cap Index			5,371,740			—
Russell™ Small Cap Index			25,902,427			—
U.S. Bond Index			9,515,771			71,788,875

Please refer to the tables within each respective Portfolio of Investments for open futures contracts as of June 30, 2022.

J. Swap Agreements. The Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).

The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Portfolios may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statements of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received by a

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

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

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

Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional

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amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

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

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

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

disclosed following the 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, 2022, U.S. Bond Index had bought and sold credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. U.S. Bond Index used CDX swaps to gain additional exposure with various sectors of the credit market and to hedge the credit risk associated with various sectors within the credit market.

For the period ended June 30, 2022, U.S. Bond Index had bought credit protection with an average notional amount of $31,666,667 on credit default swaps. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protection at June 30, 2022.

At June 30, 2022, U.S. Bond Index had pledged $600,000 in cash collateral for open centrally cleared credit default swaps.

K. Securities Lending. Each Portfolio may temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower

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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. Delayed-Delivery or When-Issued Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such securities is identified in each Portfolio’s Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the

terms of the contract. In connection with such purchases, the Portfolios are required to identify liquid assets sufficient to cover the purchase price.

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, 2022, U.S. Bond Index had pledged $2,938,805 in cash collateral with certain counterparties for open delayed-delivery or when-issued transactions.

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended June 30, 2022, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities and U.S. government securities were as follows:

	Purchases			Sales
Emerging Markets Index		$	177,192,580		$	146,366,398
International Index			192,992,583			63,043,361
Russell™ Large Cap Growth Index			223,272,373			310,063,062
Russell™ Large Cap Index			192,849,956			336,128,020
Russell™ Large Cap Value Index			277,001,661			367,343,189
Russell™ Mid Cap Growth Index			335,112,339			427,483,222
Russell™ Mid Cap Index			171,103,812			244,398,216
Russell™ Small Cap Index			110,976,838			113,607,101
U.S. Bond Index			31,184,404			95,587,144

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

			Purchases						Sales
U.S. Bond Index				$	8,214,872,760					$	8,087,522,026

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

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:

	Emerging Markets Index(1)			0.65%
	International Index			0.48% on the first $500 million; 0.46% on the next $500 million; 0.44% on the next $500 million; and 0.42% thereafter
	Russell™ Large Cap Growth Index(2)			0.50% on the first $500 million; 0.48% on the next $500 million; and 0.46% thereafter
	Russell™ Large Cap Index			0.35% on the first $1 billion; 0.33% on the next $1 billion; and 0.31% thereafter
	Russell™ Large Cap Value Index(2)			0.50% on the first $250 million; 0.40% on the next $250 million; and 0.35% thereafter
	Russell™ Mid Cap Growth Index(2)			0.50% on the first $500 million; 0.48% on the next $500 million; and 0.46% thereafter
	Russell™ Mid Cap Index			0.41% on the first $2 billion; 0.34% on the next $2 billion; and 0.28% thereafter
	Russell™ Small Cap Index			0.43% on the first $1 billion; 0.41% on the next $1 billion; and 0.39% thereafter
	U.S. Bond Index			0.39% on the first $500 million; 0.37% on the next $500 million; 0.35% on the next $1 billion; 0.33% on the next $2 billion; 0.31% on the next $2 billion; and 0.29% thereafter

(1)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.27% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(2)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.10% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios’ assets in accordance with the Portfolios’ investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV shares of the respective Portfolios are subject to a shareholder service and distribution plan and Class S2 shares of the respective Portfolios are subject to a shareholder services and distribution plan (collectively the “Plans”). Under the Plans, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the 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 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 average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index. This waiver is not eligble for recoupment. Termination or modification of this waiver requires approval by the Board.

Class S shares of the Portfolios have a shareholder services and distribution plan (the “Plan”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or distribution of each Portfolio’s Class S shares. Pursuant to the Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio’s 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 Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	Russell™ Large Cap Growth Index		19.26%
Security Life of Denver Insurance Company	Russell™ Large Cap Growth Index		5.55
Voya Index Solution 2025 Portfolio	Emerging Markets Index		11.05
	International Index		5.91
	U.S. Bond Index		12.31
Voya Index Solution 2030 Portfolio	Emerging Markets Index		7.94
	International Index		5.79
	U.S. Bond Index		6.91
Voya Index Solution 2035 Portfolio	Emerging Markets Index		15.98
	International Index		10.27
	Russell™ Small Cap Index		6.65
	U.S. Bond Index		9.09
Voya Index Solution 2040 Portfolio	Emerging Markets Index		9.08
Voya Index Solution 2040 Portfolio	International Index		6.52
Voya Index Solution 2045 Portfolio	Emerging Markets Index		13.39
	International Index		9.57
	Russell™ Small Cap Index		6.02
Voya Index Solution 2050 Portfolio	Emerging Markets Index		7.45
Voya Index Solution 2050 Portfolio	International Index		5.32
Voya Index Solution 2055 Portfolio	Emerging Markets Index		7.61
Voya Index Solution 2055 Portfolio	International Index		5.44
Voya Index Solution Income Portfolio	U.S. Bond Index		12.60
Voya Institutional Trust Company	Russell™ Large Cap Growth Index		15.72
	Russell™ Large Cap Index		11.64
	Russell™ Mid Cap Index		18.21
	Russell™ Small Cap Index		13.83
Voya Retirement Conservative Portfolio	U.S. Bond Index		7.25
Voya Retirement Growth Portfolio	Emerging Markets Index		11.48
	International Index		10.71
	Russell™ Mid Cap Index		12.55
	U.S. Bond Index		10.28
Voya Retirement Insurance and Annuity Company	Russell™ Large Cap Growth Index		17.32
	Russell™ Large Cap Index		18.18
	Russell™ Mid Cap Index		27.35
	Russell™ Small Cap Index		19.36
Voya Retirement Moderate Growth Portfolio	Russell™ Mid Cap Index		5.46
	U.S. Bond Index		15.25

Voya Retirement Moderate Portfolio	U.S. Bond Index		13.18

broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Portfolio. Any amounts credited to the Portfolios are reflected as brokerage commission recapture on the accompanying Statements of Operations.

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

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Emerging Markets Index		$	252
International Index			97,364
Russell™ Large Cap Growth Index			181,113
Russell™ Large Cap Index			248,784
Russell™ Large Cap Value Index			57,686
Russell™ Mid Cap Growth Index			23,090
Russell™ Mid Cap Index			428,899
Russell™ Small Cap Index			266,038
U.S. Bond Index			40,211

NOTE 7 — LICENSING FEES

The following Portfolios pay an annual licensing fee to the licensor listed below:

Portfolio			Licensor
Emerging Markets Index			MSCI Inc.
International Index			MSCI Inc.
Russell™ Large Cap Growth Index, Russell™ Large Cap Index, Russell™ Large Cap Value Index, Russell™ Mid Cap Growth Index, Russell™ Mid Cap Index, and Russell™ Small Cap Index			Frank Russell Company

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV		Class I		Class P2		Class S		Class S2
Emerging Markets Index		N/A		N/A		0.15%		N/A		N/A
International Index(1)		1.00%		0.50%		0.15%		0.75%		0.90%
Russell™ Large Cap Growth Index(2)		N/A		N/A		N/A		N/A		N/A
Russell™ Large Cap Index(3)		0.87%		0.37%		N/A		0.62%		0.77%
Russell™ Large Cap Value Index(2)		N/A		N/A		N/A		N/A		N/A
Russell™ Mid Cap Growth Index(4)		N/A		0.43%		N/A		0.68%		0.83%
Russell™ Mid Cap Index(5)		0.93%		0.43%		0.15%		0.68%		0.83%
Russell™ Small Cap Index		0.95%		0.45%		0.15%		0.70%		0.85%
U.S. Bond Index(6)		0.88%		0.38%		0.15%		0.63%		0.78%

(1)

Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits for International Index to 0.95%, 0.45%, 0.70% and 0.85% for Class ADV, Class I, Class S and Class S2, respectively. Termination or modification of this obligation requires approval by the Board.

(2)

Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has agreed to waive all or a portion of the management fee so that the expense limits are 0.93%, 0.43%, and 0.68% for Class ADV, Class I, and Class S, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(3)

Pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits for Russell™ Large Cap Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(4)

Pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Growth Index to 0.40%, 0.65%, and 0.80% for Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.Termination or modification of this obligation requires approval by the Board.

(5)

Pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits for Russell™ Mid Cap Index to 0.90%, 0.40%, 0.65% and 0.80% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(6)

Effective January 1, 2022, pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits for U.S Bond Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

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

As of June 30, 2022, the amount of waived and/or reimbursed fees that are subject to recoupment by the Investment Adviser and the related expiration dates are as follows:

	June 30,
	2023			2024			2025			Total
Emerging Markets Index		$	1,167,997		$	1,728,236		$	2,216,182		$	5,112,415
International Index			4,311,280			5,338,995			5,407,393			15,057,668
Russell™ Mid Cap Index			512,656			734,247			967,991			2,214,894
Russell™ Small Cap Index			733,936			1,412,027			1,731,553			3,877,516
U.S. Bond Index			2,464,006			3,215,699			1,673,257			7,352,962

The Expense Limitation Agreement is contractual through May 1, 2023, except for International Index which is through May 1, 2024, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 9 — LINE OF CREDIT (continued)

committed line amount payable quarterly in arrears. Prior to June 13, 2022, 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 13, 2022.

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 six months ended June 30, 2022:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Emerging Markets Index(1)		2		$	52,039,000		2.59%
Russell™ Large Cap Growth Index		5			1,705,400		1.41
Russell™ Large Cap Index		6			3,513,833		1.40
Russell™ Large Cap Value Index		3			2,221,667		1.38
Russell™ Mid Cap Growth Index		9			3,128,244		1.51
Russell™ Mid Cap Index		5			2,207,400		1.53

(1)

As of June 30, 2022, Emerging Markets Index had an outstanding balance of $87,149,000.

NOTE 10 — CAPITAL SHARES

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Emerging Markets Index
Class I
6/30/2022		1,855,477		—		1,253,183		(10,136,200)		(7,027,540)		22,584,500		—		12,544,359		(107,056,213)		(71,927,354)
12/31/2021		5,339,915		—		164,017		(4,205,054)		1,298,878		75,659,918		—		2,268,361		(59,312,257)		18,616,022
Class P2
6/30/2022		13,947,973		—		3,122,514		(5,447,194)		11,623,293		177,387,240		—		31,943,320		(64,868,376)		144,462,184
12/31/2021		17,793,677		—		451,344		(15,602,715)		2,642,306		256,047,331		—		6,354,916		(224,657,726)		37,744,521
Class S
6/30/2022		87		—		36		(49)		74		1,032		—		358		(609)		781
12/31/2021		582		—		4		— *		586		8,335		—		60		—*		8,395
International Index
Class ADV
6/30/2022		634,089		—		1,274,608		(2,846,329)		(937,632)		7,099,259		—		11,994,066		(30,139,067)		(11,045,742)
12/31/2021		1,279,079		—		751,765		(7,269,938)		(5,239,094)		14,952,614		—		8,487,432		(83,859,447)		(60,419,401)
Class I
6/30/2022		3,952,581		—		1,748,282		(3,847,541)		1,853,322		41,518,939		—		16,731,056		(41,698,959)		16,551,036
12/31/2021		2,749,195		—		1,038,062		(9,244,401)		(5,457,144)		32,667,959		—		11,937,715		(107,966,563)		(63,360,889)
Class P2
6/30/2022		20,366,941		—		4,137,134		(8,131,219)		16,372,856		227,806,118		—		40,212,938		(89,829,336)		178,189,720
12/31/2021		18,114,944		—		2,239,276		(23,306,826)		(2,952,606)		216,398,368		—		26,065,167		(283,329,707)		(40,866,172)
Class S
6/30/2022		713,372		—		240,834		(566,950)		387,256		7,953,135		—		2,292,745		(6,073,007)		4,172,873
12/31/2021		496,496		—		129,338		(879,125)		(253,291)		5,824,691		—		1,478,337		(10,264,945)		(2,961,917)
Class S2
6/30/2022		36,659		—		4,239		(15,919)		24,979		410,579		—		40,311		(169,060)		281,830
12/31/2021		23,691		—		1,882		(27,444)		(1,871)		275,477		—		21,515		(320,611)		(23,619)
Russell™ Large Cap Growth Index
Class ADV
6/30/2022		—		—		14		—		14		—		—		695		—		695
12/31/2021		—		—		1		—		1		—		—		53		—		53
Class I
6/30/2022		188,305		—		1,012,618		(564,370)		636,553		11,519,542		—		49,628,386		(34,574,680)		26,573,248
12/31/2021		489,409		—		107,281		(1,166,070)		(569,380)		30,939,566		—		6,115,054		(72,430,255)		(35,375,635)
Class S
6/30/2022		256,845		—		1,301,260		(1,199,431)		358,674		13,551,967		—		63,384,349		(72,340,741)		4,595,575
12/31/2021		658,734		—		121,585		(2,944,645)		(2,164,326)		41,081,892		—		6,885,357		(181,412,127)		(133,444,878)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Russell™ Large Cap Index
Class ADV
6/30/2022		240,957		—		225,342		(234,446)		231,853		7,377,407		—		5,899,455		(6,747,109)		6,529,753
12/31/2021		1,298,338		—		216,678		(418,381)		1,096,635		39,970,507		—		6,149,333		(12,727,337)		33,392,503
Class I
6/30/2022		797,982		—		814,870		(837,302)		775,550		25,214,085		—		21,862,969		(25,562,829)		21,514,225
12/31/2021		1,345,762		—		889,219		(1,857,345)		377,636		42,262,166		—		25,822,923		(57,446,949)		10,638,140
Class S
6/30/2022		159,063		—		2,679,485		(4,550,558)		(1,712,010)		4,604,404		—		71,354,687		(138,614,703)		(62,655,612)
12/31/2021		42,259,178		—		1,080,176		(5,724,018)		37,615,336		1,353,430,971		—		31,173,865		(182,400,725)		1,202,204,111
Class S2
6/30/2022		371		—		208		(4,396)		(3,817)		12,070		—		5,730		(140,480)		(122,680)
12/31/2021		1,433		—		393		(31,831)		(30,005)		45,659		—		11,719		(970,649)		(913,271)
Russell™ Large Cap Value Index
Class ADV
6/30/2022		—		—		2		—		2		—		—		44		—		44
12/31/2021		—		—		3		—		3		—		—		85		—		85
Class I
6/30/2022		134,337		—		47,130		(282,839)		(101,372)		3,724,195		—		1,211,722		(7,757,938)		(2,822,021)
12/31/2021		176,640		—		77,037		(493,896)		(240,219)		4,642,911		—		2,022,225		(13,091,969)		(6,426,833)
Class S
6/30/2022		290,980		—		601,351		(3,805,545)		(2,913,214)		7,832,303		—		15,328,430		(102,702,782)		(79,542,049)
12/31/2021		24,225,013		—		595,948		(6,254,317)		18,566,644		656,087,691		—		15,518,493		(164,623,517)		506,982,667
Russell™ Mid Cap Growth Index
Class I
6/30/2022		26,182		—		58,369		(52,434)		32,117		1,000,990		—		1,757,478		(2,149,271)		609,197
12/31/2021		157,274		—		20,926		(405,676)		(227,476)		7,458,554		—		879,739		(18,991,736)		(10,653,443)
Class S
6/30/2022		239,290		—		3,600,216		(2,633,794)		1,205,712		8,014,088		—		107,754,474		(100,646,941)		15,121,621
12/31/2021		18,593,666		—		523,124		(3,424,017)		15,692,773		908,410,678		—		21,929,351		(162,320,059)		768,019,970
Class S2
6/30/2022		1,803		—		6,136		(855)		7,084		71,378		—		182,723		(31,482)		222,619
12/31/2021		1,372		—		1,818		(7,956)		(4,766)		65,217		—		76,005		(365,243)		(224,021)
Russell™ Mid Cap Index
Class ADV
6/30/2022		520,191		—		1,632,458		(976,673)		1,175,976		6,120,490		—		16,553,123		(11,586,796)		11,086,817
12/31/2021		1,202,726		—		1,757,643		(1,905,327)		1,055,042		16,087,390		—		21,636,582		(25,348,284)		12,375,688
Class I
6/30/2022		1,813,297		—		5,991,938		(8,215,569)		(410,334)		22,805,919		—		64,413,332		(93,426,169)		(6,206,918)
12/31/2021		9,568,024		—		5,953,492		(11,251,292)		4,270,224		132,702,455		—		77,276,322		(158,527,437)		51,451,340
Class P2
6/30/2022		3,043,974		—		2,213,673		(1,515,689)		3,741,958		38,215,161		—		24,217,584		(19,981,148)		42,451,597
12/31/2021		12,904,755		—		3,078,500		(12,055,913)		3,927,342		195,339,744		—		40,543,843		(175,611,022)		60,272,565
Class S
6/30/2022		582,697		—		1,720,457		(2,102,863)		200,291		7,219,314		—		18,168,027		(26,351,851)		(964,510)
12/31/2021		1,749,399		—		2,092,246		(4,430,528)		(588,883)		24,664,151		—		26,697,056		(61,301,934)		(9,940,727)
Class S2
6/30/2022		50,150		—		74,463		(124,678)		(65)		622,427		—		767,708		(1,452,101)		(61,966)
12/31/2021		139,136		—		91,345		(462,340)		(231,859)		1,892,792		—		1,139,987		(6,214,535)		(3,181,756)
Russell™ Small Cap Index
Class ADV
6/30/2022		331,114		—		844,485		(497,681)		677,918		4,661,713		—		9,998,700		(7,035,753)		7,624,660
12/31/2021		1,349,494		—		24,998		(1,212,542)		161,950		22,737,619		—		402,726		(20,611,576)		2,528,769
Class I
6/30/2022		1,468,435		—		1,809,368		(909,943)		2,367,860		22,572,040		—		22,345,692		(13,644,008)		31,273,724
12/31/2021		2,022,021		—		101,093		(2,799,501)		(676,387)		35,499,648		—		1,694,311		(48,656,289)		(11,462,330)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Russell™ Small Cap Index (continued)
Class P2
6/30/2022		4,140,063		—		2,361,192		(1,443,441)		5,057,814		65,168,279		—		29,585,735		(22,646,555)		72,107,459
12/31/2021		16,645,262		—		151,084		(16,209,468)		586,878		296,856,918		—		2,559,370		(283,149,055)		16,267,233
Class S
6/30/2022		266,156		—		2,345,206		(2,078,212)		533,150		3,860,537		—		28,658,419		(30,880,406)		1,638,550
12/31/2021		1,744,927		—		124,343		(6,404,586)		(4,535,316)		29,447,673		—		2,061,604		(111,316,824)		(79,807,547)
Class S2
6/30/2022		37,989		—		40,652		(56,805)		21,836		531,979		—		486,191		(811,610)		206,560
12/31/2021		103,230		—		1,625		(149,094)		(44,239)		1,768,432		—		26,399		(2,532,326)		(737,495)
U.S. Bond Index
Class ADV
6/30/2022		126,069		—		14,746		(205,625)		(64,810)		1,269,678		—		146,146		(2,031,278)		(615,454)
12/31/2021		251,277		—		69,219		(694,250)		(373,754)		2,735,285		—		751,927		(7,584,145)		(4,096,933)
Class I
6/30/2022		12,480,012		—		1,350,143		(24,061,823)		(10,231,668)		122,558,498		—		13,457,201		(236,884,263)		(100,868,564)
12/31/2021		31,307,120		—		5,273,471		(40,102,857)		(3,522,266)		343,863,739		—		57,501,500		(439,237,562)		(37,872,323)
Class P2
6/30/2022		42,992,457		—		1,470,133		(37,803,178)		6,659,412		440,898,555		—		14,632,538		(376,902,585)		78,628,508
12/31/2021		41,268,522		—		4,829,550		(36,521,820)		9,576,252		451,748,754		—		52,645,986		(398,671,042)		105,723,698
Class S
6/30/2022		682,199		—		119,727		(1,789,508)		(987,582)		6,959,334		—		1,189,511		(17,882,319)		(9,733,474)
12/31/2021		1,162,250		—		522,535		(3,660,226)		(1,975,441)		12,672,529		—		5,682,253		(39,868,937)		(21,514,155)
Class S2
6/30/2022		13,413		—		659		(57,995)		(43,923)		131,243		—		6,583		(581,721)		(443,895)
12/31/2021		22,417		—		3,718		(21,065)		5,070		245,453		—		40,440		(229,518)		56,375

NOTE 11 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

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 the respective Portfolios’ securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2022:

Emerging Markets Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Arbitrage		$	136,997		$	(136,997)		$	—
BNP Paribas Securities Corp.			151,445			(151,445)			—
BofA Securities Inc			830,881			(830,881)			—
Citigroup Global Markets Limited			664,996			(664,996)			—
Cowen Excecution Services LLC			126,150			(126,150)			—
Credit Suisse Securities (USA) LLC			180,971			(180,971)			—
Goldman Sachs International			78,708			(78,708)			—
J.P. Morgan Securities LLC			9,181			(9,181)			—
Jefferies LLC			275,252			(275,252)			—
JP Morgan Securities Plc.			177,852			(177,852)			—
Merrill Lynch International			199,789			(199,789)			—
Morgan Stanley & Co. LLC			326,691			(326,691)			—
State Street Bank and Trust Company			322,057			(322,057)			—
Total		$	3,480,970		$	(3,480,970)		$	—

(1)

Cash collateral with a fair value of $3,668,203 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.

International Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	5,351,010		$	(5,351,010)		$	—
Barclays Capital Inc.			4,847,970			(4,847,970)			—
BMO Capital Markets Corp			486,366			(486,366)			—
BNP Paribas Arbitrage			1,375,209			(1,375,209)			—
BofA Securities Inc			2,087,250			(2,087,250)			—
Citigroup Global Markets Inc.			7,236,636			(7,236,636)			—
Citigroup Global Markets Limited			14,887,561			(14,887,561)			—
Daiwa Capital Markets America Inc.			2,097,453			(2,097,453)			—
Goldman Sachs International			992,266			(992,266)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman Sachs & Co. LLC			1,704			(1,704)			—
HSBC Bank PLC			4,853,038			(4,853,038)			—
J.P. Morgan Securities LLC			255,812			(255,812)			—
JP Morgan Securities Plc.			14,531,994			(14,531,994)			—
Merrill Lynch International			15,992,893			(15,992,893)			—
Morgan Stanley & Co. International PLC			333,911			(333,911)			—
Morgan Stanley & Co. LLC			2,784,544			(2,784,544)			—
MUFG Securities EMEA plc			1,534,479			(1,534,479)			—
Societe Generale			53,189			(53,189)			—
State Street Bank and Trust Company			9,034,660			(9,034,660)			—
UBS AG			1,584,330			(1,584,330)			—
Total		$	90,322,275		$	(90,322,275)		$	—

(1)

Cash collateral with a fair value of $100,270,893 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.

Russell™ Mid Cap Growth Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	244,638		$	(244,638)		$	—
Barclays Capital Inc.			2,358,042			(2,358,042)			—
BNP Paribas Prime Brokerage Intl Ltd			2,019,292			(2,019,292)			—
BNP Paribas Securities Corp.			124,083			(124,083)			—
BofA Securities Inc			5,956,878			(5,956,878)			—
CIBC World Markets Corporation			35,819			(35,819)			—
Citigroup Global Markets Inc.			560,773			(560,773)			—
Cowen Excecution Services LLC			9,245			(9,245)			—
Goldman Sachs & Co. LLC			601,545			(601,545)			—
Industrial And Commercial Bank Of China			3,903,727			(3,903,727)			—
J.P. Morgan Securities LLC			280,580			(280,580)			—
Mizuho Securities USA LLC.			4,677			(4,677)			—
Morgan Stanley & Co. LLC			1,078,970			(1,078,970)			—
National Financial Services LLC			523,442			(523,442)			—
Natixis Securities America LLC			27,001			(27,001)			—
State Street Bank and Trust Company			1,839			(1,839)			—
TD Prime Services LLC			340,272			(340,272)			—
Total		$	18,070,823		$	(18,070,823)		$	—

(1)

Cash collateral with a fair value of $18,538,969 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

Russell™ Mid Cap Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	733,865		$	(733,865)		$	—
Barclays Capital Inc.			136,960			(136,960)			—
BMO Capital Markets Corp			3,909,590			(3,909,590)			—
BNP Paribas Prime Brokerage Intl Ltd			6,277,189			(6,277,189)			—
BNP Paribas Securities Corp.			943,669			(943,669)			—
BofA Securities Inc			7,072,865			(7,072,865)			—
Citadel Securities LLC			2,013,160			(2,013,160)			—
Citigroup Global Markets Inc.			9,256,777			(9,256,777)			—
Cowen Execution Services LLC			1,211,919			(1,211,919)			—
Goldman Sachs & Co. LLC			4,406,786			(4,406,786)			—
HSBC Bank PLC			343,670			(343,670)			—
J.P. Morgan Securities LLC			20,319,509			(20,319,509)			—
Mirae Asset Securities (USA) Inc.			980,890			(980,890)			—
Morgan Stanley & Co. LLC			8,280,179			(8,280,179)			—
National Bank of Canada Financial Inc			3,185,815			(3,185,815)			—
National Financial Services LLC			4,522,373			(4,522,373)			—
Natixis Securities America LLC			6,647,306			(6,647,306)			—
Scotia Capital (USA) INC			278,302			(278,302)			—
SG Americas Securities, LLC			215,439			(215,439)			—
State Street Bank and Trust Company			23,111,757			(23,111,757)			—
TD Prime Services LLC			1,360,306			(1,360,306)			—
UBS AG			3,415,258			(3,415,258)			—
Wells Fargo Bank NA			13,371,222			(13,371,222)			—
Wells Fargo Securities LLC			1,048,394			(1,048,394)			—
Total		$	123,043,200		$	(123,043,200)		$	—

(1)

Cash collateral with a fair value of $126,158,609 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.

Russell™ Small Cap Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	2,261,507		$	(2,261,507)		$	—
BMO Capital Markets Corp			1,759,508			(1,759,508)			—
BNP Paribas			237,002			(237,002)			—
BNP Paribas Prime Brokerage Intl Ltd			10,004,892			(10,004,892)			—
BNP Paribas Securities Corp.			1,385,257			(1,385,257)			—
BofA Securities Inc			6,911,250			(6,911,250)			—
Cantor Fitzgerald & Co			5,375			(5,375)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
CIBC World Markets Corporation			237,297			(237,297)			—
Citadel Securities LLC			626,284			(626,284)			—
Citigroup Global Markets Inc.			13,333,635			(13,333,635)			—
Cowen Execution Services LLC			621,247			(621,247)			—
Goldman Sachs & Co. LLC			19,078,775			(19,078,775)			—
HSBC Bank PLC			730,686			(730,686)			—
J.P. Morgan Securities LLC			53,891,964			(53,891,964)			—
Mizuho Securities USA LLC.			877,817			(877,817)			—
Morgan Stanley & Co. LLC			21,303,623			(21,303,623)			—
National Bank of Canada Financial Inc			4,190,885			(4,190,885)			—
National Financial Services LLC			12,049,397			(12,049,397)			—
Natixis Securities America LLC			3,129,229			(3,129,229)			—
Raymond James & Associates, Inc.			2,727,423			(2,727,423)			—
Scotia Capital (USA) INC			310,043			(310,043)			—
SG Americas Securities, LLC			112,391			(112,391)			—
State Street Bank and Trust Company			24,131,389			(24,131,389)			—
TD Prime Services LLC			8,037,282			(8,037,282)			—
UBS AG			3,896,934			(3,896,934)			—
Wells Fargo Bank NA			6,642,942			(6,642,942)			—
Wells Fargo Securities LLC			12,643,987			(12,643,987)			—
Total		$	211,138,020		$	(211,138,020)		$	—

(1)

Cash collateral with a fair value of $217,915,967 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.

U.S Bond Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	18,237,051		$	(18,237,051)		$	—
Barclays Capital Inc.			2,789,558			(2,789,558)			—
BMO Capital Markets Corp			2,491,434			(2,491,434)			—
BNP Paribas			4,667,212			(4,667,212)			—
BNP Paribas Prime Brokerage Intl Ltd			2,272,565			(2,272,565)			—
BofA Securities Inc			37,637,073			(37,637,073)			—
Citadel Clearing LLC			890,745			(890,745)			—
Citigroup Global Markets Inc.			10,480,858			(10,480,858)			—
Daiwa Capital Markets America Inc.			431,257			(431,257)			—
Goldman Sachs & Co. LLC			3,956,758			(3,956,758)			—
Mizuho Securities USA LLC.			1,386,057			(1,386,057)			—
Morgan Stanley & Co. LLC			4,056,643			(4,056,643)			—
MUFG Securities Americas Inc.			5,305,015			(5,305,015)			—
National Bank Financial Inc			1,199,434			(1,199,434)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

U.S Bond Index (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)		Net Amount
National Financial Services LLC		90,171		(90,171)		—
NatWest Markets Securities Inc.		5,726,494		(5,726,494)		—
Nomura Securities International, Inc.		737,983		(737,983)		—
Scotia Capital (USA) INC		652,483		(652,483)		—
Societe Generale		133,240,457		(133,240,457)		—
State Street Bank and Trust Company		1,868,317		(1,868,317)		—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
TD Securities (USA) Inc.			16,098,365			(16,098,365)			—
Truist Securities INC			1,465,781			(1,465,781)			—
UBS AG			3,252,409			(3,252,409)			—
UBS Securities LLC.			5,412,479			(5,412,479)			—
Wells Fargo Securities LLC			7,172,809			(7,172,809)			—
Total		$	271,519,406		$	(271,519,406)		$	—

(1)

Cash collateral with a fair value of $277,563,213 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 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 foreign currency transactions, futures contracts, capital loss carryforwards, income from passive foreign investment companies (PFICs), paydown gains, wash sale deferrals and de minimis distributions in excess of net investment income.

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

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

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Emerging Markets Index		$	8,623,374		$	—		$	21,565,758		$	—
International Index			47,990,166			—			62,220,370			—
Russell™ Large Cap Growth Index			6,134,829			6,865,635			7,939,724			50,949,199
Russell™ Large Cap Index			15,642,536			47,515,304			16,509,503			36,354,256
Russell™ Large Cap Value Index			17,540,803			—			9,172,014			24,435,186
Russell™ Mid Cap Growth Index			197,134			22,687,961			1,025,657			37,098,021
Russell™ Mid Cap Index			22,956,037			144,337,753			21,362,333			173,317,181
Russell™ Small Cap Index			6,744,410			—			12,961,895			49,377,425
U.S. Bond Index			105,104,570			11,528,834			97,878,029			6,255,768

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, 2021 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Other			Total Distributable Earnings/ (Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/ (Loss)
Emerging Markets Index		$	16,627,823		$	27,857,154		$	65,940,211		$	—		—		—		$	(3,984,092)		$	106,441,096
International Index			71,264,414			—			732,827,226			(9,135,200)		Short-term		None			(44,610)			648,668,345
												(146,243,485)		Long-term		None
											$	(155,378,685)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Other			Total Distributable Earnings/ (Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/ (Loss)
Russell™ Large Cap Growth Index		$	26,136,828		$	86,956,350		$	1,235,574,616		$	—		—		—		$	(14,996)		$	1,348,652,798
Russell™ Large Cap Index			18,705,889			80,453,075			1,134,144,716			—		—		—			(33,488)			1,233,270,192
Russell™ Large Cap Value Index			16,644,342			—			301,521,644			(2,393,436)		Short-term		None			(11,671)			315,760,879
Russell™ Mid Cap Growth Index			28,306,722			81,366,885			261,996,988			—		—		—			(11,177)			371,659,418
Russell™ Mid Cap Index			33,837,996			90,688,100			932,202,264			—		—		—			(39,721)			1,056,688,639
Russell™ Small Cap Index			21,558,738			69,548,055			482,141,381			—		—		—			(21,409)			573,226,765
U.S. Bond Index			—			—			113,356,192			(21,585,511)		Short-term		None			(1,260,113)			90,510,568

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

As of June 30, 2022, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

NOTE 14 — LIQUIDITY

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 14 — LIQUIDITY (continued)

under current market conditions. The Committee also utilizes Portfolio-specific data, including information regarding a Portfolio’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2021 through December 31, 2021, the Program supported the Portfolios’ ability to honor redemption requests in a timely manner and the Program Administrator’s management of each Portfolio’s liquidity risk, including during any periods of market volatility and net redemptions.

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

NOTE 15 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual

issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios’ service providers.

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2022, the following Portfolio declared dividends from net investment income of:

Per Share
Amount

Payable
Date

Record
Date

U.S. Bond Index

Class ADV

0.0125

August 1, 2022

Daily

Class I

0.0166

August 1, 2022

Daily

Class P2

0.0187

August 1, 2022

Daily

Class S

0.0146

August 1, 2022

Daily

Class S2

0.0134

August 1, 2022

Daily

Reorganization: Effective close of business July 8, 2022, International Index (the “Acquiring Portfolio”) acquired all the net assets and assumed all liabilities of VY® T.Rowe Price International Stock Portfolio (the “Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2022, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended July 8, 2022, are as follows (Unaudited):

Net investment income	$	43,297,353
Net realized and unrealized loss on investments	$	(512,439,452)
Net decrease in net assets resulting from operations	$	(469,142,099)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since July 8, 2022.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 16 — SUBSEQUENT EVENTS (continued)

Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

	Total Net Assets of Appreciation (000s)			Total Net Assets of Acquiring Portfolio (000s)						Acquired Portfolio’s Capital Loss Carryforwards (000s)						Acquired Portfolio’s Unrealized Appreciation (000s)						Portfolios’ Conversion Ratio
	$150,216				$	1,995,297					$	0					$	2,320						1.290

The net assets of the Acquiring Portfolio after the acquisition of Acquired Portfolio were $2,145,513,244.

In connection with the reorganization, the new management fee for International Index, effective close of

business July 8, 2022, is 0.48% on the first $500 million; 0.46% on the next $500 million; 0.44% on the next $500 million; 0.42% on the next $500 million; and 0.40% thereafter.

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

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 96.0%
	Brazil: 3.5%
478,800	Ambev SA		$	1,224,115		0.2
66,944	Americanas SA			172,302		0.0
51,900	Atacadao Distribuicao Comercio e Industria Ltd.			165,316		0.0
626,007	B3 SA - Brasil Bolsa Balcao			1,316,978		0.2
147,310	Banco Bradesco SA			403,921		0.1
120,300	Banco BTG Pactual SA - Unit			514,903		0.1
88,900	Banco do Brasil S.A.			566,343		0.1
37,300	Banco Santander Brasil SA - Unit			204,979		0.0
72,400	BB Seguridade Participacoes SA			359,686		0.1
61,195 (1)	BRF - Brasil Foods SA			158,792		0.0
125,000	CCR SA			300,232		0.0
105,840	Centrais Eletricas Brasileiras SA			933,731		0.1
34,900	Cia de Saneamento Basico do Estado de Sao Paulo			280,150		0.0
71,200	Cia Siderurgica Nacional S.A.			209,650		0.0
124,400	Cosan SA			432,379		0.1
18,100	CPFL Energia SA			106,868		0.0
21,100	Energisa SA - Unit			162,601		0.0
19,650	Engie Brasil Energia SA			154,693		0.0
105,407	Equatorial Energia SA			460,826		0.1
473,607 (2)	Hapvida Participacoes e Investimentos S/A			494,109		0.1
43,100	Hypera S.A.			313,525		0.1
85,000	JBS SA			514,049		0.1
79,600	Klabin SA - Unit			307,239		0.1
61,689	Localiza Rent a Car SA			617,426		0.1
101,218	Lojas Renner SA			436,517		0.1
311,560	Magazine Luiza SA			140,497		0.0
91,471	Natura & Co. Holding SA			235,780		0.0
72,900 (1)	Petro Rio SA			306,034		0.0
378,698	Petroleo Brasileiro SA			2,211,354		0.3
110,300	Raia Drogasil SA			405,712		0.1
40,500 (2)	Rede D’Or Sao Luiz SA			224,344		0.0
130,900	Rumo SA			398,694		0.1
76,944	Suzano SA			732,324		0.1
51,500	Telefonica Brasil SA-VIVT3			466,147		0.1
86,700	TIM SA/Brazil			211,554		0.0
54,321	Totvs S.A.			241,948		0.0
74,000	Ultrapar Participacoes SA			174,485		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Brazil (continued)
408,150	Vale SA		$	5,975,495		0.9
121,320	Vibra Energia SA			386,670		0.1
171,108	Weg S.A.			864,785		0.1
				23,787,153		3.5
	Chile: 0.3%
4,720,558	Banco de Chile			429,539		0.1
5,760	Banco de Credito e Inversiones SA			168,610		0.0
6,804,924	Banco Santander Chile			274,748		0.1
150,149	Cencosud SA			191,112		0.0
12,913	Cia Cervecerias Unidas banc SA			81,617		0.0
1,475,445	Cia Sud Americana de Vapores SA			131,828		0.0
118,283	Empresas CMPC SA			196,569		0.0
39,826	Empresas COPEC SA			293,818		0.1
2,179,519	Enel Americas SA			206,872		0.0
2,770,614	Enel Chile SA			62,649		0.0
75,442	Falabella SA			176,756		0.0
				2,214,118		0.3
	China: 34.7%
8,933	360 DigiTech, Inc. ADR			154,541		0.0
57,300	360 Security Technology, Inc. - A Shares			73,089		0.0
16,600	37 Interactive Entertainment Network Technology Group Co. Ltd.			52,852		0.0
157,000 (2)	3SBio, Inc.			125,101		0.0
75,000	AAC Technologies Holdings, Inc.			173,285		0.0
4,739 (1)	Advanced Micro-Fabrication Equipment, Inc. China - A Shares			82,883		0.0
17,000	AECC Aviation Power Co. Ltd. - A Shares			115,589		0.0
558,500	Agricultural Bank of China Ltd. - A Shares			252,112		0.1
2,946,000	Agricultural Bank of China Ltd. - H Shares			1,113,752		0.2
34,133	Aier Eye Hospital Group Co. Ltd. - A Shares			228,745		0.1
262,000 (1)	Air China Ltd. - H Shares			228,334		0.1
1,549,200 (1)	Alibaba Group Holding Ltd.			22,099,947		3.3
484,000 (1)	Alibaba Health Information Technology Ltd.			336,271		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
1,240,000 (1)	Alibaba Pictures Group Ltd.		$	121,919		0.0
70,750 (2)	A-Living Smart City Services Co. Ltd - H Shares			113,895		0.0
88,700 (1)	Aluminum Corp. of China Ltd. - A Shares			62,964		0.0
396,000	Aluminum Corp. of China Ltd. - H Shares			148,859		0.0
2,432 (1)	Amlogic Shanghai Co. Ltd. - A Shares			36,754		0.0
6,300	Angel Yeast Co. Ltd. - A Shares			45,954		0.0
28,100	Anhui Conch Cement Co., Ltd. - A Shares			148,364		0.0
126,500	Anhui Conch Cement Co., Ltd. - H Shares			549,000		0.1
2,200	Anhui Gujing Distillery Co. Ltd. - A Shares			82,198		0.0
13,100	Anhui Gujing Distillery Co. Ltd. - B Shares			204,556		0.0
4,600	Anhui Kouzi Distillery Co. Ltd. - A Shares			40,334		0.0
5,000	Anhui Yingjia Distillery Co. Ltd. - A Shares			48,733		0.0
2,200	Anjoy Foods Group Co. Ltd. - A Shares			55,246		0.0
124,000	Anta Sports Products Ltd.			1,525,991		0.2
1,700	Asymchem Laboratories Tianjin Co. Ltd. - A Shares			73,372		0.0
7,784	Autohome, Inc. ADR			306,145		0.1
14,300	Avary Holding Shenzhen Co. Ltd. - A Shares			64,732		0.0
28,500	AVIC Electromechanical Systems Co. Ltd. - A Shares			52,669		0.0
6,500	AVIC Helicopter Co. Ltd. - A Shares			43,845		0.0
114,500	AVIC Industry-Finance Holdings Co. Ltd. - A Shares			59,260		0.0
250,000	AviChina Industry & Technology Co. Ltd. - H Shares			142,912		0.0
160,000 (1)	Baidu, Inc.			3,030,911		0.5
8,368 (1)	Baidu, Inc. ADR			1,244,573		0.2
157,100	Bank of Beijing Co. Ltd. - A Shares			106,656		0.0
26,800	Bank of Chengdu Co. Ltd. - A Shares			66,503		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
241,100	Bank of China Ltd. - A Shares		$	117,483		0.0
8,082,000	Bank of China Ltd. - H Shares			3,229,336		0.5
240,600	Bank of Communications Co. Ltd. - A Shares			179,162		0.0
886,000	Bank of Communications Co., Ltd. - H Shares			614,131		0.1
42,226	Bank of Hangzhou Co. Ltd. - A Shares			94,621		0.0
107,070	Bank of Jiangsu Co. Ltd. - A Shares			114,053		0.0
70,157	Bank of Nanjing Co. Ltd. - A Shares			109,362		0.0
42,900	Bank of Ningbo Co. Ltd. - A Shares			229,989		0.1
106,100	Bank of Shanghai Co. Ltd. - A Shares			103,928		0.0
143,900	Baoshan Iron & Steel Co. Ltd. - A Shares			129,580		0.0
4,791 (1)(3)	BeiGene Ltd. ADR			775,423		0.1
198,000 (1)	Beijing Capital International Airport Co., Ltd. - H Shares			135,115		0.0
3,800	Beijing Easpring Material Technology Co. Ltd. - A Shares			51,514		0.0
30,400	Beijing Enlight Media Co. Ltd. - A Shares			43,081		0.0
53,000	Beijing Enterprises Holdings Ltd.			188,439		0.0
412,000	Beijing Enterprises Water Group Ltd.			124,300		0.0
2,809	Beijing Kingsoft Office Software, Inc. - A Shares			82,884		0.0
11,300	Beijing New Building Materials PLC - A Shares			58,582		0.0
400	Beijing Roborock Technology Co. Ltd. - A Shares			36,946		0.0
10,980	Beijing Tiantan Biological Products Corp. Ltd. - A Shares			39,963		0.0
3,595	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. - A Shares			83,446		0.0
261,100	Beijing-Shanghai High Speed Railway Co. Ltd. - A Shares			196,035		0.0
18,780 (1)	Bilibili, Inc.			481,447		0.1
266,800	BOE Technology Group Co. Ltd. - A Shares			157,177		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
334,000 (3)	Bosideng International Holdings Ltd.		$	207,504		0.0
308,000 (1)(4)	Brilliance China Automotive Holdings Ltd.			140,914		0.0
11,700	BYD Co. Ltd. - A Shares			584,606		0.1
83,500	Byd Co., Ltd. - H Shares			3,365,843		0.5
69,000	BYD Electronic International Co. Ltd.			218,375		0.0
12,000	By-health Co. Ltd. - A Shares			38,872		0.0
40,820	Caitong Securities Co. Ltd. - A Shares			48,129		0.0
10,200 (1)(2)(3)	CanSino Biologics, Inc. - H Shares			104,672		0.0
1,078,000 (2)	CGN Power Co. Ltd. - H Shares			261,134		0.1
2,800	Changchun High & New Technology Industry Group, Inc. - A Shares			97,873		0.0
59,300	Changjiang Securities Co. Ltd. - A Shares			52,666		0.0
2,100	Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - A Shares			53,722		0.0
15,600	Chaozhou Three-Circle Group Co. Ltd. - A Shares			70,250		0.0
6,500	Chengxin Lithium Group Co. Ltd. - A Shares			58,825		0.0
19,400 (1)	Chifeng Jilong Gold Mining Co. Ltd. - A Shares			45,802		0.0
20,400	China Baoan Group Co. Ltd. - A Shares			41,187		0.0
927,000	China Cinda Asset Management Co. Ltd. - H Shares			145,464		0.0
911,000	China CITIC Bank Corp. Ltd. - H Shares			408,050		0.1
215,000	China Coal Energy Co. - H Shares			181,676		0.0
252,000	China Communications Services Corp., Ltd. - H Shares			110,853		0.0
169,000	China Conch Venture Holdings Ltd.			368,618		0.1
9,787,000	China Construction Bank - H Shares			6,598,899		1.0
81,300	China Construction Bank Corp. - A Shares			73,667		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
35,700	China CSSC Holdings Ltd. - A Shares		$	101,298		0.0
58,100 (1)	China Eastern Airlines Corp. Ltd. - A Shares			47,744		0.0
279,400 (1)	China Energy Engineering Corp. Ltd.			98,976		0.0
291,300	China Everbright Bank Co. Ltd. - A Shares			131,133		0.0
278,000	China Everbright Bank Co. Ltd. - H Shares			90,099		0.0
380,000	China Everbright Environment Group Ltd.			224,701		0.1
420,000	China Evergrande Group			55,440		0.0
364,000 (2)	China Feihe Ltd.			419,125		0.1
408,000	China Galaxy Securities Co. Ltd. - H Shares			236,033		0.1
311,000	China Gas Holdings Ltd.			481,466		0.1
30,100	China Greatwall Technology Group Co. Ltd. - A Shares			48,766		0.0
234,000 (3)	China Hongqiao Group Ltd.			263,611		0.1
8,100	China International Capital Corp. Ltd. - A Shares			54,001		0.0
154,000 (2)	China International Capital Corp. Ltd. - H Shares			328,826		0.1
594,000	China Jinmao Holdings Group Ltd.			160,100		0.0
29,603	China Jushi Co. Ltd. - A Shares			77,063		0.0
113,000	China Lesso Group Holdings Ltd.			171,047		0.0
21,900	China Life Insurance Co. Ltd. - A Shares			101,900		0.0
751,000	China Life Insurance Co., Ltd. - H Shares			1,311,053		0.2
43,000 (1)(2)	China Literature Ltd.			208,289		0.0
340,000	China Longyuan Power Group Corp. Ltd. - H Shares			658,909		0.1
140,000	China Medical System Holdings Ltd.			218,262		0.0
60,000	China Meidong Auto Holdings Ltd.			190,662		0.0
323,000	China Mengniu Dairy Co., Ltd.			1,619,249		0.3
129,600	China Merchants Bank Co. Ltd. - A Shares			819,596		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
395,380	China Merchants Bank Co., Ltd. - H Shares		$	2,670,565		0.4
136,428	China Merchants Port Holdings Co. Ltd.			232,361		0.1
54,970	China Merchants Securities Co. Ltd. - A Shares			118,538		0.0
53,600	China Merchants Shekou Industrial Zone Holdings Co. Ltd. - A Shares			107,732		0.0
8,200	China Minmetals Rare Earth Co. Ltd. - A Shares			38,415		0.0
231,480	China Minsheng Banking Corp. Ltd. - A Shares			128,722		0.0
625,600	China Minsheng Banking Corp. Ltd. - H Shares			223,345		0.1
109,000	China Molybdenum Co. Ltd. - A Shares			93,277		0.0
406,000	China National Building Material Co., Ltd. - H Shares			434,892		0.1
42,400	China National Chemical Engineering Co. Ltd. - A Shares			59,739		0.0
116,300	China National Nuclear Power Co. Ltd. - A Shares			119,406		0.0
23,900	China Northern Rare Earth Group High-Tech Co. Ltd. - A Shares			125,924		0.0
184,000	China Oilfield Services Ltd. - H Shares			179,668		0.0
392,500	China Overseas Land & Investment Ltd.			1,248,529		0.2
135,000	China Overseas Property Holdings Ltd.			145,520		0.0
48,803	China Pacific Insurance Group Co. Ltd. - A Shares			172,017		0.0
262,600	China Pacific Insurance Group Co., Ltd. - H Shares			644,948		0.1
248,652	China Petroleum & Chemical Corp. - A Shares			151,418		0.0
2,547,600	China Petroleum & Chemical Corp. - H Shares			1,147,948		0.2
557,000	China Power International Development Ltd. - H Shares			353,931		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
154,300	China Railway Group Ltd. - A Shares		$	141,686		0.0
410,000	China Railway Group Ltd. - H Shares			253,806		0.1
166,000	China Resources Beer Holdings Co Ltd.			1,240,514		0.2
280,000	China Resources Cement Holdings Ltd. - H Shares			188,642		0.0
94,600	China Resources Gas Group Ltd.			440,970		0.1
328,444	China Resources Land Ltd.			1,540,169		0.2
8,900	China Resources Microelectronics Ltd. - A Shares			78,833		0.0
70,200 (2)	China Resources Mixc Lifestyle Services Ltd.			348,746		0.1
198,000	China Resources Power Holdings Co.			408,980		0.1
7,800	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. - A Shares			52,508		0.0
472,000 (1)	China Ruyi Holdings Ltd.			173,417		0.0
43,070	China Shenhua Energy Co. Ltd. - A Shares			214,112		0.0
343,000	China Shenhua Energy Co., Ltd. - H Shares			983,821		0.2
66,600 (1)	China Southern Airlines Co. Ltd. - A Shares			72,899		0.0
192,000 (1)	China Southern Airlines Co., Ltd. - H Shares			111,327		0.0
281,540	China State Construction Engineering Corp. Ltd. - A Shares			223,753		0.1
212,000	China State Construction International Holdings Ltd.			234,610		0.1
181,000	China Suntien Green Energy Corp. Ltd. - H Shares			92,197		0.0
153,028	China Taiping Insurance Holdings Co., Ltd.			189,016		0.0
183,800	China Three Gorges Renewables Group Co. Ltd. - A Shares			172,901		0.0
12,212	China Tourism Group Duty Free Corp. Ltd. - A Shares			425,744		0.1
4,506,000 (2)	China Tower Corp. Ltd. - H Shares			580,607		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
292,000	China Traditional Chinese Medicine Holdings Co. Ltd.		$	181,307		0.0
232,200	China United Network Communications Ltd. - A Shares			120,136		0.0
70,500	China Vanke Co. Ltd. - A Shares			215,946		0.0
164,700	China Vanke Co. Ltd. - H Shares			414,678		0.1
142,000	China Yangtze Power Co. Ltd. - A Shares			490,754		0.1
3,400	China Zhenhua Group Science & Technology Co. Ltd. - A Shares			69,245		0.0
284,000	Chinasoft International Ltd.			291,462		0.1
3,300	Chongqing Brewery Co. Ltd. - A Shares			72,374		0.0
71,760	Chongqing Changan Automobile Co. Ltd. - A Shares			186,174		0.0
10,200	Chongqing Zhifei Biological Products Co. Ltd. - A Shares			169,402		0.0
82,000	CIFI Ever Sunshine Services Group Ltd.			105,117		0.0
422,104	CIFI Holdings Group Co. Ltd.			212,774		0.0
592,000	CITIC Ltd.			603,495		0.1
86,360	CITIC Securities Co. Ltd. - A Shares			280,406		0.1
204,825	CITIC Securities Co. Ltd. - H Shares			459,132		0.1
363,000	CMOC Group Ltd. - H Shares			202,702		0.0
2,200	CNGR Advanced Material Co. Ltd. - A Shares			40,844		0.0
14,400	Contemporary Amperex Technology Co. Ltd. - A Shares			1,153,619		0.2
85,760	COSCO SHIPPING Holdings Co. Ltd. - A Shares			178,579		0.0
315,650	COSCO Shipping Holdings Co., Ltd. - H Shares			443,060		0.1
188,000	COSCO Shipping Ports, Ltd.			132,952		0.0
827,133	Country Garden Holdings Co. Ltd.			516,199		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
206,000	Country Garden Services Holdings Co. Ltd. - H Shares		$	924,501		0.2
123,600	CRRC Corp. Ltd. - A Shares			96,157		0.0
494,000	CRRC Corp. Ltd. - H Shares			184,130		0.0
29,100	CSC Financial Co. Ltd. - A Shares			126,066		0.0
917,360	CSPC Pharmaceutical Group Ltd.			916,924		0.2
214,000 (2)	Dali Foods Group Co. Ltd.			113,821		0.0
108,700	Daqin Railway Co. Ltd. - A Shares			107,050		0.0
5,998 (1)	Daqo New Energy Corp. ADR			428,137		0.1
8,032	DaShenLin Pharmaceutical Group Co. Ltd. - A Shares			37,552		0.0
24,300	Dongfang Electric Corp. Ltd. - A Shares			59,881		0.0
288,000	Dongfeng Motor Group Co., Ltd. - H Shares			219,254		0.0
151,000	Dongyue Group Ltd.			189,425		0.0
84,436	East Money Information Co. Ltd. - A Shares			321,600		0.1
2,800	Ecovacs Robotics Co. Ltd. - A Shares			51,126		0.0
80,800	ENN Energy Holdings Ltd.			1,335,521		0.2
12,045	Eve Energy Co. Ltd. - A Shares			176,450		0.0
30,600	Everbright Securities Co. Ltd. - A Shares			72,173		0.0
36,100 (1)	Fangda Carbon New Material Co. Ltd. - A Shares			41,012		0.0
164,000	Far East Horizon Ltd.			137,761		0.0
43,000	First Capital Securities Co. Ltd. - A Shares			41,290		0.0
12,600	Flat Glass Group Co. Ltd. - A Shares			71,913		0.0
39,000	Flat Glass Group Co. Ltd. - H Shares			137,294		0.0
97,600	Focus Media Information Technology Co. Ltd. - A Shares			98,364		0.0
24,208	Foshan Haitian Flavouring & Food Co. Ltd. - A Shares			327,655		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
255,968	Fosun International Ltd.		$	236,454		0.1
74,600	Founder Securities Co. Ltd. - A Shares			74,911		0.0
69,900	Foxconn Industrial Internet Co. Ltd. - A Shares			102,908		0.0
13,900	Fuyao Glass Industry Group Co. Ltd. - A Shares			86,794		0.0
61,200 (2)	Fuyao Glass Industry Group Co. Ltd. - H Shares			309,607		0.1
7,200	Ganfeng Lithium Co. Ltd. - A Shares			160,542		0.0
36,840 (2)	Ganfeng Lithium Co. Ltd. - H Shares			406,035		0.1
118,400	GD Power Development Co. Ltd. - A Shares			69,287		0.0
89,200 (1)	GDS Holdings Ltd.			375,103		0.1
613,000	Geely Automobile Holdings Ltd.			1,403,985		0.2
33,100	GEM Co. Ltd. - A Shares			45,094		0.0
34,900	Gemdale Corp. - A Shares			70,158		0.0
118,000 (1)	Genscript Biotech Corp. - H Shares			429,087		0.1
37,300	GF Securities Co. Ltd. - A Shares			104,523		0.0
114,400	GF Securities Co. Ltd. - H Shares			151,575		0.0
5,060	Gigadevice Semiconductor Beijing, Inc. - A Shares			108,037		0.0
2,700	Ginlong Technologies Co. Ltd. - A Shares			86,304		0.0
22,800	GoerTek, Inc. - A Shares			114,523		0.0
11,400	Gotion High-tech Co. Ltd. - A Shares			77,927		0.0
16,600	Great Wall Motor Co. Ltd. - A Shares			92,016		0.0
311,000	Great Wall Motor Co. Ltd. - H Shares			644,144		0.1
20,100	Gree Electric Appliances, Inc. of Zhuhai - A Shares			101,487		0.0
90,000	Greentown China Holdings Ltd. - H Shares			187,132		0.0
150,000	Greentown Service Group Co. Ltd.			169,784		0.0
11,400	Guangdong Haid Group Co. Ltd. - A Shares			102,292		0.0
298,000	Guangdong Investment Ltd.			314,996		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
2,600	Guangdong Kinlong Hardware Products Co. Ltd. - A Shares		$	50,488		0.0
46,200	Guanghui Energy Co. Ltd. - A Shares			72,574		0.0
32,300	Guangzhou Automobile Group Co. Ltd. - A Shares			73,695		0.0
301,200	Guangzhou Automobile Group Co. Ltd. - H Shares			292,206		0.1
14,300	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - A Shares			67,478		0.0
23,500	Guangzhou Haige Communications Group, Inc. Co. - A Shares			31,973		0.0
3,200	Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares			39,473		0.0
4,500	Guangzhou Shiyuan Electronic Technology Co. Ltd. - A Shares			50,680		0.0
13,140	Guangzhou Tinci Materials Technology Co. Ltd. - A Shares			122,075		0.0
54,400	Guosen Securities Co. Ltd. - A Shares			77,989		0.0
56,900	Guotai Junan Securities Co. Ltd. - A Shares			129,524		0.0
40,040	Guoyuan Securities Co. Ltd. - A Shares			37,272		0.0
114,000 (1)(2)(3)	Haidilao International Holding Ltd.			266,920		0.1
43,400	Haier Smart Home Co. Ltd. - A Shares			178,490		0.0
230,000	Haier Smart Home Co. Ltd. - H Shares			856,050		0.1
66,000	Haitian International Holdings Ltd.			168,826		0.0
65,300	Haitong Securities Co. Ltd. - A Shares			95,916		0.0
291,600	Haitong Securities Co. Ltd. - H Shares			214,656		0.0
1,908,000 (1)(4)(5)	Hanergy Mobile Energy Holding Group Co Ltd.			–		–
8,000	Hangzhou First Applied Material Co. Ltd. - A Shares			78,599		0.0
3,700	Hangzhou Lion Electronics Co. Ltd. - A Shares			37,390		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
8,200	Hangzhou Robam Appliances Co. Ltd. - A Shares		$	44,191		0.0
9,100	Hangzhou Silan Microelectronics Co. Ltd. - A Shares			70,989		0.0
3,100	Hangzhou Tigermed Consulting Co. Ltd. - A Shares			53,127		0.0
11,600 (2)	Hangzhou Tigermed Consulting Co. Ltd. - H Shares			134,531		0.0
122,000 (2)	Hansoh Pharmaceutical Group Co. Ltd.			247,043		0.1
24,300	Henan Shuanghui Investment & Development Co. Ltd. - A Shares			106,493		0.0
65,500	Hengan International Group Co., Ltd.			308,312		0.1
37,020	Hengli Petrochemical Co. Ltd. - A Shares			123,226		0.0
28,470	Hengyi Petrochemical Co. Ltd. - A Shares			44,766		0.0
106,800	Hesteel Co. Ltd. - A Shares			36,095		0.0
4,100	Hithink RoyalFlush Information Network Co. Ltd. - A Shares			59,076		0.0
78,452 (3)	Hopson Development Holdings Ltd.			119,588		0.0
3,300	Hoshine Silicon Industry Co. Ltd. - A Shares			58,347		0.0
59,000 (1)(2)	Hua Hong Semiconductor Ltd.			214,162		0.0
11,140	Huadong Medicine Co. Ltd. - A Shares			75,361		0.0
45,900	Huafon Chemical Co. Ltd. - A Shares			57,999		0.0
15,230	Hualan Biological Engineering, Inc. - A Shares			52,006		0.0
64,700	Huaneng Power International, Inc. - A Shares			68,137		0.0
396,000	Huaneng Power International, Inc. - H Shares			197,159		0.0
52,000	Huatai Securities Co. Ltd. - A Shares			110,640		0.0
156,000 (2)	Huatai Securities Co. Ltd. - H Shares			232,048		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
97,800	Huaxia Bank Co. Ltd. - A Shares		$	76,204		0.0
14,600	Huaxin Cement Co. Ltd. - A Shares			42,604		0.0
24,300	Huayu Automotive Systems Co. Ltd. - A Shares			83,622		0.0
19,859	Huazhu Group Ltd. ADR			756,628		0.1
6,800	Hubei Xingfa Chemicals Group Co. Ltd. - A Shares			44,810		0.0
3,300	Huizhou Desay Sv Automotive Co. Ltd. - A Shares			73,113		0.0
15,100	Humanwell Healthcare Group Co. Ltd. - A Shares			36,121		0.0
11,510	Hundsun Technologies, Inc. - A Shares			75,074		0.0
8,882 (1)	Hutchmed China Ltd. ADR			112,268		0.0
34,800 (2)(3)	Hygeia Healthcare Holdings Co. Ltd.			232,062		0.1
17,600	Iflytek Co. Ltd. - A Shares			108,676		0.0
1,127	Imeik Technology Development Co. Ltd. - A Shares			101,273		0.0
5,716,000	Industrial & Commercial Bank of China - H Shares			3,410,446		0.5
428,400	Industrial & Commercial Bank of China Ltd. - A Shares			305,465		0.1
131,900	Industrial Bank Co. Ltd. - A Shares			393,117		0.1
45,400	Industrial Securities Co. Ltd. - A Shares - A Shares			47,943		0.0
4,000	Ingenic Semiconductor Co. Ltd. - A Shares			63,773		0.0
303,500	Inner Mongolia BaoTou Steel Union Co. Ltd. - A Shares			106,728		0.0
72,100	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. - A Shares			52,612		0.0
42,200	Inner Mongolia Yili Industrial Group Co. Ltd. - A Shares - XSSC			245,837		0.1
117,100 (1)	Inner Mongolia Yitai Coal Co. - A Shares			191,915		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
34,800	Inner Mongolia Yuan Xing Energy Co. Ltd. - A Shares		$	54,793		0.0
105,000 (1)(2)	Innovent Biologics, Inc.			469,777		0.1
14,268	Inspur Electronic Information Industry Co. Ltd. - A Shares			56,591		0.0
35,241 (1)	iQIYI, Inc. ADR			148,012		0.0
14,260	JA Solar Technology Co. Ltd. - A Shares			168,464		0.0
5,380	Jafron Biomedical Co. Ltd. - A Shares			40,965		0.0
5,590	Jason Furniture Hangzhou Co. Ltd. - A Shares			47,359		0.0
13,800	JCET Group Co. Ltd. - A Shares			55,813		0.0
114,300 (1)(2)	JD Health International, Inc. - H Shares			904,790		0.1
204,659	JD.com, Inc. - Class A			6,594,735		1.0
29,100	Jiangsu Eastern Shenghong Co. Ltd. - A Shares			73,811		0.0
128,000	Jiangsu Expressway Co. Ltd. - H Shares			129,127		0.0
8,320	Jiangsu Hengli Hydraulic Co. Ltd. - A Shares			76,807		0.0
41,877	Jiangsu Hengrui Medicine Co. Ltd. - A Shares			232,427		0.1
7,700	Jiangsu King’s Luck Brewery JSC Ltd. - A Shares			58,746		0.0
9,576	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - A Shares			262,615		0.1
11,000	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. - A Shares			42,185		0.0
22,500	Jiangsu Zhongtian Technology Co. Ltd. - A Shares			77,921		0.0
134,000	Jiangxi Copper Co., Ltd. - H Shares			183,239		0.0
10,100 (1)	Jiangxi Special Electric Motor Co. Ltd. - A Shares			37,886		0.0
153,000 (2)	Jinxin Fertility Group Ltd.			141,109		0.0
2,300	JiuGui Liquor Co. Ltd. - A Shares			63,965		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
75,000 (2)(3)	Jiumaojiu International Holdings Ltd.		$	199,768		0.0
2,400	Joinn Laboratories China Co. Ltd. - A Shares			40,878		0.0
5,730	JOYY, Inc. ADR			171,098		0.0
5,200	Juewei Food Co. Ltd. - A Shares			44,984		0.0
8,677 (1)	Kanzhun Ltd. ADR			228,032		0.0
31,970 (1)	KE Holdings, Inc. ADR			573,861		0.1
68,000	Kingboard Holdings Ltd.			257,873		0.1
95,000	Kingboard Laminates Holdings Ltd.			117,391		0.0
266,000 (1)	Kingdee International Software Group Co., Ltd.			626,699		0.1
98,200	Kingsoft Corp. Ltd.			383,705		0.1
178,300 (1)(2)	Kuaishou Technology			2,003,856		0.3
18,400 (1)	Kuang-Chi Technologies Co. Ltd. - A Shares			47,588		0.0
400,000	Kunlun Energy Co. Ltd.			328,020		0.1
7,700	Kweichow Moutai Co. Ltd. - A Shares (Nth SSE-SEHK)			2,355,064		0.4
21,300	LB Group Co. Ltd. - A Shares			63,914		0.0
4,782 (1)	Legend Biotech Corp. ADR			263,010		0.1
740,000	Lenovo Group Ltd.			695,384		0.1
34,800	Lens Technology Co. Ltd. - A Shares			57,780		0.0
17,800	Lepu Medical Technology Beijing Co. Ltd. - A Shares			49,440		0.0
55,815 (1)	Li Auto, Inc. ADR			2,138,273		0.3
240,500	Li Ning Co. Ltd.			2,239,318		0.3
63,400 (1)	Lingyi iTech Guangdong Co. - A Shres - A Shares			47,647		0.0
171,000 (4)	Logan Group Co. Ltd.			42,757		0.0
186,500 (2)	Longfor Group Holdings Ltd.			887,021		0.1
47,144	LONGi Green Energy Technology Co. Ltd. - A Shares			471,519		0.1
85,930	Lufax Holding Ltd. ADR			515,580		0.1
45,266	Luxshare Precision Industry Co. Ltd. - A Shares			228,925		0.1
9,200	Luzhou Laojiao Co. Ltd. - A Shares			339,568		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
14,290	Mango Excellent Media Co. Ltd. - A Shares		$	71,506		0.0
3,136	Maxscend Microelectronics Co. Ltd. - A Shares			63,431		0.0
417,800 (1)(2)	Meituan Class B			10,425,902		1.5
135,800	Metallurgical Corp. of China Ltd. - A Shares			71,002		0.0
64,800 (1)(3)	Microport Scientific Corp.			188,179		0.0
15,600	Ming Yang Smart Energy Group Ltd. - A Shares			79,065		0.0
68,000	Ming Yuan Cloud Group Holdings Ltd.			109,614		0.0
78,000	Minth Group Ltd.			213,711		0.0
312,000 (1)	MMG Ltd.			115,844		0.0
6,740	Montage Technology Co. Ltd. - A Shares			61,062		0.0
33,112	Muyuan Foods Co. Ltd. - A Shares			274,153		0.1
8,788	Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. - A Shares			37,057		0.0
43,484	NARI Technology Co. Ltd. - A Shares			175,956		0.0
17,400 (1)	National Silicon Industry Group Co. Ltd. - A Shares			59,925		0.0
3,300	NAURA Technology Group Co. Ltd. - A Shares			137,174		0.0
211,700	NetEase, Inc.			3,988,323		0.6
14,600	New China Life Insurance Co. Ltd. - A Shares			70,378		0.0
90,500	New China Life Insurance Co. Ltd. - H Shares			254,690		0.1
28,500 (1)	New Hope Liuhe Co. Ltd. - A Shares			65,278		0.0
156,200 (1)	New Oriental Education & Technology Group, Inc.			317,864		0.1
172,000	Nine Dragons Paper Holdings Ltd.			145,826		0.0
10,500	Ninestar Corp. - A Shares			79,622		0.0
1,200	Ningbo Deye Technology Co. Ltd. - A Shares			50,367		0.0
4,800	Ningbo Orient Wires & Cables Co. Ltd. - A Shares			54,957		0.0
2,904	Ningbo Ronbay New Energy Technology Co. Ltd. - A Shares			56,611		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
16,893	Ningbo Shanshan Co. Ltd. - A Shares		$	75,122		0.0
6,900	Ningbo Tuopu Group Co. Ltd. - A Shares			70,775		0.0
38,700	Ningxia Baofeng Energy Group Co. Ltd. - A Shares			84,716		0.0
134,085 (1)	NIO, Inc. ADR			2,912,326		0.4
179,400 (2)	Nongfu Spring Co. Ltd. - H Shares			1,035,236		0.2
61,300	Offshore Oil Engineering Co. Ltd. - A Shares			37,952		0.0
3,520	Oppein Home Group, Inc. - A Shares			79,311		0.0
13,500	Orient Overseas International Ltd.			359,686		0.1
53,120	Orient Securities Co. Ltd./China - A Shares			81,268		0.0
6,380	Ovctek China, Inc. - A Shares			54,637		0.0
953,000	Peoples Insurance Co. Group of China Ltd. - H Shares			291,794		0.1
157,100	PetroChina Co. Ltd. - A Shares			123,848		0.0
2,120,000	PetroChina Co., Ltd. - H Shares			994,293		0.2
7,050	Pharmaron Beijing Co. Ltd. - A Shares			100,340		0.0
22,050 (2)	Pharmaron Beijing Co. Ltd. - H Shares			221,479		0.0
709,244	PICC Property & Casualty Co., Ltd. - H Shares			739,604		0.1
44,756 (1)	Pinduoduo, Inc. ADR			2,765,921		0.4
124,600	Ping An Bank Co. Ltd. - A Shares			279,624		0.1
55,100 (1)(2)	Ping An Healthcare and Technology Co. Ltd.			163,935		0.0
73,100	Ping An Insurance Group Co. of China Ltd. - A Shares			511,236		0.1
641,500	Ping An Insurance Group Co. of China Ltd. - H Shares			4,415,602		0.7
21,100	Pingdingshan Tianan Coal Mining Co. Ltd. - A Shares			42,835		0.0
76,100	Poly Developments and Holdings Group Co. Ltd. - A Shares			198,764		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
57,600 (2)	Pop Mart International Group Ltd.		$	279,478		0.1
181,700	Postal Savings Bank of China Co. Ltd. - A Shares			146,582		0.0
802,000 (2)	Postal Savings Bank of China Co. Ltd. - H Shares			639,129		0.1
99,000	Power Construction Corp. of China Ltd. - A Shares			116,585		0.0
1,300	Proya Cosmetics Co. Ltd. - A Shares			32,088		0.0
48,638 (1)	RLX Technology, Inc. ADR			103,599		0.0
65,350	Rongsheng Petrochemical Co. Ltd. - A Shares			150,521		0.0
53,400	SAIC Motor Corp. Ltd. - A Shares			142,383		0.0
3,100	Sangfor Technologies, Inc. - A Shares			48,173		0.0
116,000	Sany Heavy Equipment International Holdings Co. Ltd.			122,608		0.0
55,700	Sany Heavy Industry Co. Ltd. - A Shares			158,955		0.0
17,825	Satellite Chemical Co. Ltd. - A Shares			68,937		0.0
47,200	SDIC Power Holdings Co. Ltd. - A Shares			74,067		0.0
201,333 (1)	Seazen Group Ltd.			99,783		0.0
16,700	Seazen Holdings Co. Ltd. - A Shares			63,512		0.0
30,900	SF Holding Co. Ltd. - A Shares			258,074		0.1
2,700	SG Micro Corp. - A Shares			73,710		0.0
62,700	Shaanxi Coal Industry Co. Ltd. - A Shares			198,376		0.0
20,964	Shandong Gold Mining Co. Ltd. - A Shares			57,718		0.0
83,000 (2)	Shandong Gold Mining Co. Ltd. - H Shares			144,129		0.0
17,410	Shandong Hualu Hengsheng Chemical Co. Ltd. - A Shares			76,080		0.0
11,200	Shandong Linglong Tyre Co. Ltd. - A Shares			42,507		0.0
88,030	Shandong Nanshan Aluminum Co. Ltd. - A Shares			48,597		0.0
255,200	Shandong Weigao Group Medical Polymer Co., Ltd. - H Shares			298,053		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
8,028	Shanghai Bairun Investment Holding Group Co. Ltd. - A Shares		$	36,084		0.0
9,190	Shanghai Baosight Software Co. Ltd. - A Shares			75,190		0.0
41,600 (1)	Shanghai Baosight Software Co., Ltd. - Class B			175,758		0.0
88,800	Shanghai Construction Group Co. Ltd. - A Shares			40,188		0.0
97,400	Shanghai Electric Group Co. Ltd. - A Shares			59,889		0.0
11,200	Shanghai Fosun Pharmaceutical Group Co. Ltd. - A Shares			73,773		0.0
52,500	Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares			195,290		0.0
8,000 (1)	Shanghai International Airport Co. Ltd. - A Shares			67,922		0.0
71,200	Shanghai International Port Group Co. Ltd. - A Shares			62,127		0.0
5,700	Shanghai Jinjiang International Hotels Co. Ltd. - A Shares			53,683		0.0
4,800 (1)	Shanghai Junshi Biosciences Co. Ltd. - A Shares			54,021		0.0
139,033 (1)	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - B Shares			122,318		0.0
5,800	Shanghai M&G Stationery, Inc. - A Shares			48,658		0.0
108,600	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares			180,319		0.0
189,900	Shanghai Pudong Development Bank Co. Ltd. - A Shares			227,530		0.1
9,180	Shanghai Putailai New Energy Technology Co. Ltd. - A Shares			116,307		0.0
62,200	Shanghai RAAS Blood Products Co. Ltd. - A Shares			55,144		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
28,064	Shanghai Yuyuan Tourist Mart Group Co. Ltd. - A Shares		$	39,616		0.0
28,900	Shanxi Coking Coal Energy Group Co. Ltd. - A Shares			57,806		0.0
21,950	Shanxi Lu’an Environmental Energy Development Co. Ltd. - A Shares			47,813		0.0
26,700	Shanxi Meijin Energy Co. Ltd. - A Shares			48,780		0.0
43,520	Shanxi Securities Co. Ltd. - A Shares			37,407		0.0
50,200	Shanxi Taigang Stainless Steel Co. Ltd. - A Shares			40,853		0.0
7,580	Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - A Shares			368,563		0.1
16,100	Shenghe Resources Holding Co. Ltd. - A Shares			54,426		0.0
20,000	Shengyi Technology Co. Ltd. - A Shares			50,875		0.0
4,320	Shennan Circuits Co. Ltd. - A Shares			60,641		0.0
165,700	Shenwan Hongyuan Group Co. Ltd. - A Shares			106,367		0.0
5,760	Shenzhen Capchem Technology Co. Ltd. - A Shares			45,365		0.0
1,100	Shenzhen Dynanonic Co. Ltd. - A Shares			67,216		0.0
17,000	Shenzhen Inovance Technology Co. Ltd. - A Shares			167,714		0.0
130,980	Shenzhen International Holdings Ltd.			129,099		0.0
8,160	Shenzhen Kangtai Biological Products Co. Ltd. - A Shares			55,186		0.0
7,600	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - A Shares			356,367		0.1
63,400	Shenzhen Overseas Chinese Town Co. Ltd. - A Shares			61,593		0.0
4,400	Shenzhen Transsion Holdings Co. Ltd. - A Shares			58,862		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
84,500	Shenzhou International Group Holdings Ltd.		$	1,031,374		0.2
13,860	Shijiazhuang Yiling Pharmaceutical Co. Ltd. - A Shares			50,311		0.0
150,500 (3)(4)	Shimao Group Holdings Ltd.			76,297		0.0
32,500	Sichuan Chuantou Energy Co. Ltd. - A Shares			57,901		0.0
15,800	Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares			44,190		0.0
38,300	Sichuan Road & Bridge Co. Ltd. - A Shares			60,320		0.0
3,300	Sichuan Swellfun Co. Ltd. - A Shares			45,713		0.0
8,000	Silergy Corp.			646,875		0.1
1,066,250	Sino Biopharmaceutical Ltd.			679,866		0.1
13,000	Sinoma Science & Technology Co. Ltd. - A Shares			53,510		0.0
3,120	Sinomine Resource Group Co. Ltd. - A Shares			43,303		0.0
136,800	Sinopharm Group Co. - H Shares			331,211		0.1
73,000	Sinotruk Hong Kong Ltd.			102,743		0.0
2,485 (1)	Skshu Paint Co. Ltd. - A Shares			48,120		0.0
184,000 (2)(3)	Smoore International Holdings Ltd.			567,891		0.1
24,240	Songcheng Performance Development Co. Ltd. - A Shares			55,692		0.0
1,100	StarPower Semiconductor Ltd. - A Shares			63,572		0.0
376,000 (4)	Sunac China Holdings Ltd.			197,516		0.1
9,300	Sungrow Power Supply Co. Ltd. - A Shares			136,930		0.0
72,800	Sunny Optical Technology Group Co. Ltd.			1,193,685		0.2
12,200	Sunwoda Electronic Co. Ltd. - A Shares			57,822		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
15,600	Suzhou Dongshan Precision Manufacturing Co. Ltd. - A Shares		$	53,571		0.0
1,280	Suzhou Maxwell Technologies Co. Ltd. - A Shares			94,300		0.0
4,300	Suzhou TA&A Ultra Clean Technology Co. Ltd. - A Shares			56,461		0.0
43,368 (1)	TAL Education Group ADR			211,202		0.0
25,400	TBEA Co. Ltd. - A Shares			104,224		0.0
110,500	TCL Technology Group Corp. - A Shares			79,249		0.0
21,300	TCL Zhonghuan Renewable Energy Technology Co. Ltd.			187,674		0.0
637,100	Tencent Holdings Ltd.			28,838,425		4.2
72,559 (1)	Tencent Music Entertainment Group ADR			364,246		0.1
2,700	Thunder Software Technology Co. Ltd. - A Shares			52,818		0.0
34,900	Tianshan Aluminum Group Co. Ltd. - A Shares			34,150		0.0
33,900	Tianshui Huatian Technology Co. Ltd. - A Shares			47,585		0.0
9,700 (1)	Tibet Summit Resources Co. Ltd. - A Shares			41,722		0.0
204,000	Tingyi Cayman Islands Holding Corp.			350,588		0.1
26,600	Titan Wind Energy Suzhou Co. Ltd. - A Shares			65,878		0.0
18,592	Toly Bread Co. Ltd. - A Shares			46,031		0.0
123,200 (1)	Tongcheng Travel Holdings Ltd.			266,374		0.1
17,900	Tongkun Group Co. Ltd. - A Shares			42,579		0.0
82,700	Tongling Nonferrous Metals Group Co. Ltd. - A Shares			40,415		0.0
28,600	Tongwei Co. Ltd. - A Shares			256,491		0.1
2,000 (1)	Topchoice Medical Corp. - A Shares			52,263		0.0
204,000 (2)	Topsports International Holdings Ltd. - H Shares			185,786		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
98,000	Travelsky Technology Ltd. - H Shares		$	191,094		0.0
13,753	Trina Solar Co. Ltd. - A Shares			134,628		0.0
55,291 (1)	Trip.com Group Ltd. ADR			1,517,738		0.2
5,300	Tsingtao Brewery Co. Ltd. - A Shares			82,471		0.0
62,000	Tsingtao Brewery Co., Ltd. - H Shares			645,392		0.1
4,400	Unigroup Guoxin Microelectronics Co. Ltd. - A Shares			124,891		0.0
133,000	Uni-President China Holdings Ltd.			114,368		0.0
22,900	Unisplendour Corp. Ltd. - A Shares			66,514		0.0
37,000	Vinda International Holdings Ltd.			94,906		0.0
46,217 (1)	Vipshop Holdings Ltd. ADR			457,086		0.1
10,540	Walvax Biotechnology Co. Ltd. - A Shares			76,290		0.0
20,000	Wanhua Chemical Group Co. Ltd. - A Shares			290,408		0.1
490,000	Want Want China Holdings Ltd.			427,312		0.1
7,292 (1)	Weibo Corp. ADR			168,664		0.0
42,100	Weichai Power Co. Ltd. - A Shares			78,646		0.0
199,000	Weichai Power Co. Ltd. - H Shares			316,928		0.1
40,920 (1)	Wens Foodstuffs Group Co. Ltd. - A Shares			130,301		0.0
47,500	Western Securities Co. Ltd. - A Shares			46,519		0.0
3,223	Western Superconducting Technologies Co. Ltd. - A Shares			44,494		0.0
7,000	Westone Information Industry, Inc. - A Shares			44,990		0.0
124,000	Wharf Holdings Ltd.			451,873		0.1
5,600	Will Semiconductor Co. Ltd. Shanghai - A Shares			145,333		0.0
8,100	Wingtech Technology Co. Ltd. - A Shares			103,429		0.0
43,500	Wuchan Zhongda Group Co. Ltd. - A Shares			33,390		0.0
24,676	Wuhan Guide Infrared Co. Ltd. - A Shares			47,543		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
24,000	Wuliangye Yibin Co. Ltd. - A Shares		$	725,618		0.1
21,230	WUS Printed Circuit Kunshan Co. Ltd. - A Shares			46,935		0.0
16,676	WuXi AppTec Co. Ltd. - A Shares			259,695		0.1
35,341 (2)	WuXi AppTec Co. Ltd. - H Shares			472,790		0.1
366,000 (1)(2)	Wuxi Biologics Cayman, Inc.			3,391,145		0.5
4,920	Wuxi Lead Intelligent Equipment Co. Ltd. - A Shares			46,529		0.0
2,800	Wuxi Shangji Automation Co. Ltd. - A Shares			65,438		0.0
66,700	XCMG Construction Machinery Co. Ltd. - A Shares			53,805		0.0
1,560,400 (1)(2)	Xiaomi Corp. - B Shares			2,730,185		0.4
20,700	Xinjiang Goldwind Science & Technology Co. Ltd. - A Shares			45,901		0.0
80,652	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares			151,322		0.0
498,000	Xinyi Solar Holdings Ltd.			771,676		0.1
43,143 (1)	XPeng, Inc. ADR			1,369,359		0.2
135,500 (3)	Xtep International Holdings Ltd.			245,517		0.1
124,000 (2)	Yadea Group Holdings Ltd.			243,190		0.1
4,900	Yangzhou Yangjie Electronic Technology Co. Ltd. - A Shares			52,397		0.0
154,000	Yankuang Energy Group Co. Ltd.			481,763		0.1
17,000	Yankuang Energy Group Co. Ltd. - A Shares			100,258		0.0
8,100	Yantai Jereh Oilfield Services Group Co. Ltd. - A Shares			48,772		0.0
6,400	Yealink Network Technology Corp. Ltd. - A Shares			72,917		0.0
48,000	Yihai International Holding Ltd.			173,159		0.0
9,100 (1)	Yihai Kerry Arawana Holdings Co. Ltd. - A Shares			73,558		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
32,620	Yintai Gold Co. Ltd. - A Shares		$	47,083		0.0
3,100	YongXing Special Materials Technology Co. Ltd. - A Shares			70,805		0.0
27,518	Yonyou Network Technology Co. Ltd. - A Shares			89,555		0.0
1,800 (1)	Youngy Co. Ltd. - A Shares			41,483		0.0
24,700	YTO Express Group Co. Ltd.			75,228		0.0
148,200	Yuexiu Property Co. Ltd.			190,440		0.0
43,429	Yum China Holdings, Inc.			2,106,306		0.3
24,154	Yunda Holding Co. Ltd. - A Shares			61,664		0.0
24,400	Yunnan Aluminium Co. Ltd. - A Shares			36,004		0.0
12,600	Yunnan Baiyao Group Co. Ltd. - A Shares			113,796		0.0
1,800	Yunnan Botanee Bio-Technology Group Co. Ltd. - A Shares			58,511		0.0
5,600	Yunnan Energy New Material Co. Ltd. - A Shares			209,947		0.0
8,834 (1)	Zai Lab Ltd. ADR			306,363		0.1
3,900	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A Shares			208,108		0.0
126,500 (1)(3)	Zhaojin Mining Industry Co. Ltd. - H Shares			109,284		0.0
69,080 (1)	Zhejiang Century Huatong Group Co. Ltd. - A Shares			49,942		0.0
14,900	Zhejiang Chint Electrics Co. Ltd. - A Shares			79,863		0.0
25,500	Zhejiang Dahua Technology Co. Ltd. - A Shares			62,686		0.0
142,000 (1)	Zhejiang Expressway Co., Ltd. - H Shares			130,883		0.0
3,298	Zhejiang HangKe Technology, Inc. Co. - A Shares			34,659		0.0
12,960	Zhejiang Huahai Pharmaceutical Co. Ltd. - A Shares			43,947		0.0
10,220	Zhejiang Huayou Cobalt Co. Ltd. - A Shares			146,511		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
9,300	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. - A Shares		$	94,243		0.0
22,112	Zhejiang NHU Co. Ltd. - A Shares			75,377		0.0
3,900	Zhejiang Supor Co. Ltd. - A Shares			32,851		0.0
12,700	Zhejiang Weixing New Building Materials Co. Ltd. - A Shares			45,643		0.0
34,800 (1)	Zheshang Securities Co. Ltd. - A Shares			59,287		0.0
73,600 (1)(2)(3)	ZhongAn Online P&C Insurance Co. Ltd. - H Shares			240,375		0.1
7,700	Zhongji Innolight Co. Ltd. - A Shares			35,760		0.0
62,000	Zhongsheng Group Holdings Ltd.			438,065		0.1
47,100	Zhongtai Securities Co. Ltd. - A Shares			53,929		0.0
61,700	Zhuzhou CRRC Times Electric Co., Ltd. - H Shares			305,097		0.1
20,480	Zhuzhou Kibing Group Co. Ltd. - A Shares			39,161		0.0
139,200	Zijin Mining Group Co. Ltd. - A Shares			193,971		0.0
576,000	Zijin Mining Group Co., Ltd. - H Shares			700,927		0.1
52,000	Zoomlion Heavy Industry Science and Technology Co. Ltd. - A Shares			47,952		0.0
123,600	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares			66,157		0.0
26,500	ZTE Corp. - A Shares			101,357		0.0
75,440	ZTE Corp. - H Shares			176,437		0.0
43,018	ZTO Express Cayman, Inc. ADR			1,180,844		0.2
				237,170,723		34.7
	Colombia: 0.2%
11,625	Bancolombia SA ADR			358,399		0.1
30,014	Bancolombia SA			245,817		0.0
586,095	Ecopetrol SA			318,787		0.1
55,432	Interconexion Electrica SA ESP			278,537		0.0
				1,201,540		0.2
	Czech Republic: 0.2%
16,784	CEZ AS			757,329		0.1
7,881	Komercni Banka AS			223,114		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Czech Republic (continued)
36,655 (2)	Moneta Money Bank AS		$	133,062		0.0
				1,113,505		0.2
	Egypt: 0.1%
176,520	Commercial International Bank Egypt SAE			349,613		0.1
110,048	Eastern Co. SAE			60,213		0.0
51,430 (1)	Egyptian Financial Group-Hermes Holding			32,636		0.0
				442,462		0.1
	Greece: 0.3%
231,722 (1)	Alpha Services and Holdings SA			204,700		0.0
268,728 (1)	Eurobank Ergasias Services and Holdings SA			241,063		0.1
4,349 (1)(4)	FF Group			—		—
21,203	Hellenic Telecommunications Organization SA			370,309		0.1
12,680	Jumbo SA			184,607		0.0
6,677	Mytilineos SA			98,834		0.0
55,888 (1)	National Bank of Greece SA			167,194		0.0
20,245	OPAP S.A.			291,194		0.1
21,919 (1)	Public Power Corp.			121,473		0.0
				1,679,374		0.3
	Hungary: 0.2%
42,166	MOL Hungarian Oil & Gas PLC			326,173		0.1
22,976	OTP Bank Nyrt			515,484		0.1
14,646	Richter Gedeon Nyrt			265,063		0.0
				1,106,720		0.2
	India: 12.4%
8,740	ACC Ltd.			235,821		0.0
28,208	Adani Enterprises Ltd.			785,146		0.1
31,961 (1)	Adani Green Energy Ltd.			784,884		0.1
51,735	Adani Ports & Special Economic Zone, Ltd.			441,455		0.1
78,919 (1)	Adani Power Ltd.			265,115		0.0
28,101	Adani Total Gas Ltd.			853,325		0.1
28,060 (1)	Adani Transmissions Ltd.			883,226		0.1
64,359	Ambuja Cements Ltd.			296,792		0.1
10,297	Apollo Hospitals Enterprise Ltd.			481,765		0.1
39,155	Asian Paints Ltd.			1,340,502		0.2
15,890 (1)(2)	AU Small Finance Bank Ltd.			119,577		0.0
27,132	Aurobindo Pharma Ltd.			176,627		0.0
16,511 (1)(2)	Avenue Supermarts Ltd.			714,746		0.1
230,707 (1)	Axis Bank Ltd.			1,868,743		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
7,117	Bajaj Auto Ltd.		$	335,218		0.1
27,557	Bajaj Finance Ltd.			1,896,119		0.3
3,864	Bajaj Finserv Ltd.			537,847		0.1
7,973	Balkrishna Industries Ltd.			218,000		0.0
65,889 (2)	Bandhan Bank Ltd.			221,074		0.0
24,866	Berger Paints India Ltd.			179,595		0.0
123,627	Bharat Electronics Ltd.			366,881		0.1
26,243	Bharat Forge Ltd.			217,339		0.0
87,928	Bharat Petroleum Corp. Ltd.			344,547		0.1
223,651 (1)	Bharti Airtel Ltd.			1,945,351		0.3
43,611	Biocon Ltd.			170,746		0.0
11,011	Britannia Industries Ltd.			484,757		0.1
42,117	Cholamandalam Investment and Finance Co. Ltd.			331,770		0.1
49,794	Cipla Ltd.			579,542		0.1
158,737	Coal India Ltd.			373,648		0.1
12,428	Colgate-Palmolive India Ltd.			234,291		0.0
27,140	Container Corp. Of India Ltd.			204,742		0.0
62,419	Dabur India Ltd.			392,675		0.1
13,555	Divis Laboratories Ltd.			624,799		0.1
62,349	DLF Ltd.			248,112		0.0
11,892	Dr Reddys Laboratories Ltd.			662,944		0.1
14,001	Eicher Motors Ltd.			497,422		0.1
158,135	GAIL India Ltd.			271,412		0.0
40,911 (1)	Godrej Consumer Products Ltd.			393,734		0.1
12,861 (1)	Godrej Properties Ltd.			193,372		0.0
28,129	Grasim Industries Ltd.			472,192		0.1
25,441	Havells India Ltd.			355,212		0.1
110,370	HCL Technologies Ltd.			1,366,593		0.2
97,872 (2)	HDFC Life Insurance Co., Ltd.			683,364		0.1
11,324	Hero Motocorp Ltd.			391,757		0.1
138,191	Hindalco Industries Ltd.			595,935		0.1
65,518	Hindustan Petroleum Corp. Ltd.			180,891		0.0
83,695	Hindustan Unilever Ltd.			2,373,048		0.4
175,327	Housing Development Finance Corp.			4,850,722		0.7
523,134	ICICI Bank Ltd.			4,699,795		0.7
24,707 (2)	ICICI Lombard General Insurance Co. Ltd.			351,795		0.1
37,018 (2)	ICICI Prudential Life Insurance Co. Ltd.			230,012		0.0
288,023	Indian Oil Corp. Ltd.			271,675		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
24,709	Indian Railway Catering & Tourism Corp. Ltd.		$	181,097		0.0
30,386	Indraprastha Gas Ltd.			137,242		0.0
68,464	Indus Towers Ltd.			181,985		0.0
7,292	Info Edge India Ltd.			348,207		0.1
343,026	Infosys Ltd.			6,375,663		0.9
9,506 (1)(2)	InterGlobe Aviation Ltd.			194,530		0.0
300,918	ITC Ltd.			1,045,434		0.2
42,625	Jindal Steel & Power Ltd.			178,580		0.0
73,992	JSW Steel Ltd.			531,197		0.1
40,667	Jubilant Foodworks Ltd.			265,158		0.0
56,459	Kotak Mahindra Bank Ltd.			1,194,094		0.2
5,343 (2)	Larsen & Toubro Infotech Ltd.			270,338		0.0
69,644	Larsen & Toubro Ltd.			1,380,616		0.2
21,081	Lupin Ltd.			163,307		0.0
88,949	Mahindra & Mahindra Ltd.			1,237,099		0.2
52,370	Marico Ltd.			317,608		0.1
12,338	Maruti Suzuki India Ltd.			1,329,888		0.2
6,763	MindTree Ltd.			248,485		0.0
126,733	Motherson Sumi Systems Ltd.			190,505		0.0
8,711	Mphasis Ltd.			254,214		0.0
203	MRF Ltd.			182,385		0.0
12,456	Muthoot Finance Ltd.			154,347		0.0
3,415	Nestle India Ltd.			757,704		0.1
392,917	NTPC Ltd.			711,968		0.1
257,653	Oil & Natural Gas Corp., Ltd.			493,333		0.1
628	Page Industries Ltd.			320,120		0.1
77,614	Petronet LNG Ltd.			213,912		0.0
7,778	PI Industries Ltd.			252,849		0.0
15,643	Pidilite Industries Ltd.			414,774		0.1
12,039	Piramal Enterprises, Ltd.			253,641		0.0
320,818	Power Grid Corp. of India Ltd.			863,408		0.1
310,533	Reliance Industries Ltd.			10,253,606		1.5
24,075	SBI Cards & Payment Services Ltd.			234,868		0.0
46,255 (2)	SBI Life Insurance Co. Ltd.			635,228		0.1
1,163	Shree Cement Ltd.			281,017		0.0
19,228	Shriram Transport Finance Co. Ltd.			313,964		0.1
7,239	Siemens, Ltd.			220,584		0.0
15,257	SRF Ltd.			436,951		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
179,623	State Bank of India		$	1,065,262		0.2
97,858	Sun Pharmaceutical Industries Ltd.			1,030,704		0.2
94,034	Tata Consultancy Services Ltd.			3,904,941		0.6
56,295	Tata Consumer Products Ltd.			505,117		0.1
3,545	Tata Elxsi Ltd.			368,548		0.1
169,750 (1)	Tata Motors Ltd.			884,904		0.1
148,641	Tata Power Co. Ltd.			382,279		0.1
75,048	Tata Steel Ltd.			827,474		0.1
59,408	Tech Mahindra Ltd.			755,733		0.1
36,142	Titan Co., Ltd.			890,847		0.1
5,236	Torrent Pharmaceuticals Ltd.			190,006		0.0
18,546	Trent Ltd.			253,130		0.0
10,530	Ultratech Cement Ltd.			750,686		0.1
29,526 (1)	United Spirits Ltd.			284,844		0.0
51,609	UPL Ltd.			414,402		0.1
77,100	Vedanta Ltd.			218,362		0.0
138,161	Wipro Ltd.			731,270		0.1
1,158,996 (1)	Yes Bank Ltd.			186,139		0.0
162,487 (1)	Zomato Ltd.			111,483		0.0
				84,772,689		12.4
	Indonesia: 1.8%
1,507,700	Adaro Energy Indonesia Tbk PT			290,358		0.1
784,600 (1)	Adaro Minerals Indonesia Tbk PT			83,213		0.0
876,100	Aneka Tambang Tbk			105,781		0.0
2,077,700	Astra International Tbk PT			925,962		0.1
5,644,100	Bank Central Asia Tbk PT			2,748,338		0.4
426,200 (1)	Bank Jago Tbk PT			262,327		0.1
1,907,300	Bank Mandiri Persero TBK PT			1,018,529		0.2
769,900	Bank Negara Indonesia Persero Tbk PT			406,691		0.1
6,941,338	Bank Rakyat Indonesia			1,938,478		0.3
2,876,500	Barito Pacific Tbk PT			145,947		0.0
749,000	Charoen Pokphand Indonesia Tbk PT			301,807		0.1
46,200	Gudang Garam Tbk PT			96,727		0.0
287,300	Indah Kiat Pulp & Paper Tbk PT			146,851		0.0
238,900	Indofood CBP Sukses Makmur TBK PT			153,279		0.0
449,000	Indofood Sukses Makmur Tbk PT			212,676		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Indonesia (continued)
2,200,900	Kalbe Farma Tbk PT		$	245,505		0.0
1,250,756 (1)	Merdeka Copper Gold Tbk PT			334,984		0.1
2,388,500	Sarana Menara Nusantara Tbk PT			176,460		0.0
324,900	Semen Indonesia Persero Tbk PT			155,657		0.0
1,682,500	Sumber Alfaria Trijaya Tbk PT			230,679		0.0
5,048,100	Telkom Indonesia Persero Tbk PT			1,358,014		0.2
832,900	Tower Bersama Infrastructure Tbk PT			164,685		0.0
773,500	Unilever Indonesia Tbk PT			248,013		0.0
174,000	United Tractors Tbk PT			332,307		0.1
259,700	Vale Indonesia Tbk PT			98,829		0.0
				12,182,097		1.8
	Kuwait: 0.8%
148,533	Agility Public Warehousing Co. KSC			394,743		0.1
135,834	Boubyan Bank KSCP			342,242		0.0
160,968	Gulf Bank KSCP			167,476		0.0
524,734	Kuwait Finance House KSCP			1,491,873		0.2
65,382	Mabanee Co. KPSC			160,653		0.0
220,936	Mobile Telecommunications Co. KSCP			428,144		0.1
732,360	National Bank of Kuwait SAKP			2,491,647		0.4
				5,476,778		0.8
	Malaysia: 1.4%
192,100	AMMB Holdings Bhd			162,673		0.0
274,800	Axiata Group Bhd			176,446		0.0
677,900	CIMB Group Holdings Bhd			762,857		0.1
371,542	Dialog Group BHD			179,659		0.0
312,700	Digi.Com BHD			248,537		0.1
217,300	Genting Bhd			224,076		0.0
306,300	Genting Malaysia BHD			197,684		0.0
67,300	HAP Seng Consolidated Bhd			108,871		0.0
167,500	Hartalega Holdings Bhd			116,290		0.0
67,772	Hong Leong Bank BHD			314,900		0.1
24,092	Hong Leong Financial Group Bhd			101,144		0.0
176,500	IHH Healthcare Bhd			258,297		0.1
289,000	Inari Amertron Bhd			173,705		0.0
264,600	IOI Corp. Bhd			230,531		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Malaysia (continued)
45,800	Kuala Lumpur Kepong Bhd		$	227,987		0.0
483,100	Malayan Banking BHD			941,539		0.2
71,100 (1)	Malaysia Airports Holdings Bhd			106,443		0.0
234,100	Maxis Bhd			175,332		0.0
135,600	MISC Bhd			218,484		0.0
175,800 (2)	MR DIY Group M Bhd			82,599		0.0
7,000	Nestle Malaysia Bhd			210,596		0.0
248,900	Petronas Chemicals Group Bhd			508,254		0.1
31,100	Petronas Dagangan BHD			149,140		0.0
80,500	Petronas Gas BHD			300,158		0.1
65,980	PPB Group Bhd			237,423		0.1
376,700	Press Metal Aluminium Holdings Bhd			407,536		0.1
1,484,600	Public Bank BHD			1,472,672		0.2
117,200	QL Resources Bhd			138,273		0.0
151,876	RHB Bank Bhd			197,467		0.0
302,000	Sime Darby Bhd			146,118		0.0
221,700	Sime Darby Plantation Bhd			217,862		0.0
117,600	Telekom Malaysia BHD			140,164		0.0
258,200	Tenaga Nasional BHD			467,456		0.1
532,400	Top Glove Corp. Bhd			125,825		0.0
				9,726,998		1.4
	Mexico: 2.1%
303,300	Alfa SA de CV			215,679		0.0
2,870,300	America Movil SAB de CV-AMXL			2,937,456		0.4
44,900	Arca Continental SAB de CV			296,133		0.0
1,564,621 (1)	Cemex SA de CV - Unit			610,770		0.1
53,300	Coca-Cola Femsa SAB de CV - Unit			295,450		0.0
327,900	Fibra Uno Administracion SA de CV			327,093		0.1
197,600	Fomento Economico Mexicano SAB de CV - Unit			1,333,710		0.2
21,410	Gruma SAB de CV			236,410		0.0
37,085	Grupo Aeroportuario del Pacifico SA de CV			518,447		0.1
19,640	Grupo Aeroportuario del Sureste SA de CV			387,155		0.1
137,200	Grupo Bimbo SAB de CV			448,316		0.1
45,500 (3)	Grupo Carso SAB de CV			168,361		0.0
264,577	Grupo Financiero Banorte			1,478,826		0.2
221,400 (1)	Grupo Financiero Inbursa SA			354,293		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Mexico (continued)
317,700	Grupo Mexico SA de CV Series B		$	1,324,072		0.2
242,100	Grupo Televisa S.A. - Unit			396,688		0.1
14,440	Industrias Penoles, S.A. de C.V.			133,927		0.0
155,900	Kimberly-Clark de Mexico SA de CV			211,645		0.0
133,400	Operadora de Sites Mexicanos SA de CV			154,299		0.0
104,750	Orbia Advance Corp. SAB de CV			245,864		0.0
23,225	Promotora y Operadora de Infraestructura SAB de CV			170,767		0.0
8,702	Southern Copper Corp.			433,447		0.1
532,100	Wal-Mart de Mexico SAB de CV			1,831,041		0.3
				14,509,849		2.1
	Peru: 0.2%
23,121	Cia de Minas Buenaventura SAA ADR			152,598		0.0
7,360	Credicorp Ltd.			882,538		0.2
				1,035,136		0.2
	Philippines: 0.7%
176,010	Aboitiz Equity Ventures, Inc.			152,153		0.0
755,495	AC Energy Corp.			110,551		0.0
25,225	Ayala Corp.			275,556		0.1
754,190	Ayala Land, Inc.			350,561		0.1
185,490	Bank of the Philippine Islands			286,091		0.1
201,859	BDO Unibank, Inc.			406,116		0.1
227,700 (1)	Converge Information and Communications Technology Solutions, Inc.			87,765		0.0
2,760	Globe Telecom, Inc.			113,906		0.0
9,030	GT Capital Holdings, Inc.			80,405		0.0
104,910	International Container Terminal Services, Inc.			351,262		0.1
308,859	JG Summit Holdings, Inc.			273,505		0.0
44,940	Jollibee Foods Corp.			166,509		0.0
23,210	Manila Electric Co.			152,013		0.0
1,035,100	Metro Pacific Investments Corp.			66,481		0.0
186,132	Metropolitan Bank & Trust Co.			161,918		0.0
660,100 (1)(2)	Monde Nissin Corp.			156,219		0.0
8,815	PLDT, Inc.			269,210		0.0
24,722	SM Investments Corp.			351,793		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Philippines (continued)
1,178,700	SM Prime Holdings, Inc.		$	784,390		0.1
88,040	Universal Robina Corp.			177,779		0.0
				4,774,183		0.7
	Poland: 0.6%
37,511 (1)(2)(3)	Allegro.eu SA			201,653		0.0
18,792	Bank Polska Kasa Opieki SA			344,009		0.1
6,844 (3)	CD Projekt SA			147,043		0.0
27,344	Cyfrowy Polsat SA			129,529		0.0
5,038 (1)(2)	Dino Polska SA			359,344		0.1
14,365	KGHM Polska Miedz SA			383,802		0.1
113	LPP SA			228,297		0.0
1,508 (1)	mBank SA			76,108		0.0
70,312	Orange Polska SA			98,407		0.0
92,171 (1)	PGE Polska Grupa Energetyczna SA			220,070		0.0
30,607	Polski Koncern Naftowy Orlen			469,988		0.1
179,055	Polskie Gornictwo Naftowe I Gazownictwo SA			228,408		0.0
89,050 (1)	Powszechna Kasa Oszczednosci Bank Polski SA			558,555		0.1
62,548	Powszechny Zaklad Ubezpieczen SA			419,341		0.1
3,576	Santander Bank Polska SA			186,376		0.0
				4,050,930		0.6
	Qatar: 1.0%
194,938	Barwa Real Estate Co.			178,979		0.0
206,195	Commercial Bank PQSC			388,194		0.1
154,562	Industries Qatar QSC			678,133		0.1
575,715	Masraf Al Rayan			653,609		0.1
457,504	Mesaieed Petrochemical Holding Co.			313,091		0.1
79,457	Ooredoo QPSC			168,000		0.0
43,254	Qatar Electricity & Water Co. QSC			208,089		0.0
49,542	Qatar Fuel QSC			242,830		0.0
256,507	Qatar Gas Transport Co. Ltd.			263,832		0.0
78,206	Qatar International Islamic Bank QSC			229,116		0.0
169,744	Qatar Islamic Bank SAQ			1,037,085		0.2
470,816	Qatar National Bank QPSC			2,584,610		0.4
				6,945,568		1.0
	Romania: 0.0%
48,083	NEPI Rockcastle S.A.			256,427		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Russia: —%
292,495 (4)	Alrosa PJSC		$	—		—
1,334,323 (4)	Gazprom PJSC			—		—
4,339,761 (4)	Inter RAO UES PJSC			—		—
46,982 (4)	Lukoil PJSC			—		—
39,657 (4)	Magnit PJSC GDR			—		—
7,016 (4)	MMC Norilsk Nickel OJSC			—		—
49,141 (4)	Mobile TeleSystems PJSC ADR			—		—
170,929 (1)(4)	Moscow Exchange MICEX-RTS PJ			—		—
10,199 (4)	Novatek PJSC GDR			—		—
166,658 (4)	Novolipetsk Steel PJSC			—		—
5,981 (1)(4)	Ozon Holdings PLC ADR			—		—
15,582 (4)	PhosAgro PJSC GDR			—		—
100 (1)(4)	PhosAgro PJSC			—		—
40,645 (4)	Polymetal International PLC			—		—
3,794 (4)	Polyus PJSC			—		—
126,916 (4)	Rosneft Oil Co. PJSC			—		—
1,201,542 (1)(4)(5)	Sberbank of Russia PJSC			—		—
23,691 (4)	Severstal PAO			—		—
770,779 (4)	Surgutneftegas PJSC			—		—
160,492 (4)	Tatneft PJSC			—		—
13,582 (1)(4)	TCS Group Holding PLC GDR			—		—
344,289 (1)(4)	United Co. RUSAL International PJSC			—		—
13,851 (1)(4)	VK Co. Ltd. GDR			—		—
377,182,805 (1)(4)(5)	VTB Bank PJSC			—		—
2,448 (4)	X5 Retail Group N.V. - FIVEL GDR			—		—
10,806 (4)	X5 Retail Group NV - FIVE GDR			—		—
34,476 (1)(4)	Yandex NV			—		—
				—		—
	Saudi Arabia: 4.2%
8,236 (1)	ACWA Power Co.			328,576		0.1
13,420	Advanced Petrochemical Co.			184,023		0.0
200,011	Al Rajhi Bank			4,406,530		0.7
100,992	Alinma Bank			902,522		0.1
24,970	Almarai Co. JSC			349,421		0.1
61,421	Arab National Bank			484,133		0.1
50,435 (1)	Bank AlBilad			589,870		0.1
42,568	Bank Al-Jazira			254,005		0.0
60,353	Banque Saudi Fransi			764,544		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Saudi Arabia (continued)
6,244	Bupa Arabia for Cooperative Insurance Co.		$	265,060		0.0
56,582 (1)	Dar Al Arkan Real Estate Development Co.			162,614		0.0
8,857	Dr Sulaiman Al Habib Medical Services Group Co.			458,944		0.1
2,405	Elm Co.			163,208		0.0
41,180 (1)	Emaar Economic City			108,564		0.0
38,462	Etihad Etisalat Co.			359,100		0.1
6,043	Jarir Marketing Co.			262,324		0.0
45,668 (1)	Mobile Telecommunications Co. Saudi Arabia			137,183		0.0
4,998	Mouwasat Medical Services Co.			283,849		0.0
36,043 (1)	National Industrialization Co.			155,271		0.0
52,918 (1)	Rabigh Refining & Petrochemical Co.			240,478		0.0
137,901	Riyad Bank			1,183,284		0.2
22,014	SABIC Agri-Nutrients Co.			809,935		0.1
37,213	Sahara International Petrochemical Co.			499,078		0.1
88,522 (1)	Saudi Arabian Mining Co.			1,181,468		0.2
245,166 (2)	Saudi Arabian Oil Co.			2,533,816		0.4
91,717	Saudi Basic Industries Corp.			2,487,133		0.4
94,478	Saudi British Bank/The			1,026,192		0.2
83,818	Saudi Electricity Co.			542,196		0.1
38,281	Saudi Industrial Investment Group			291,355		0.0
49,731	Saudi Investment Bank/The			259,187		0.0
76,119 (1)	Saudi Kayan Petrochemical Co.			320,712		0.1
223,680	Saudi National Bank			3,937,312		0.6
3,765 (1)	Saudi Research & Media Group			189,266		0.0
3,750	Saudi Tadawul Group Holding Co.			188,893		0.0
60,922	Saudi Telecom Co.			1,579,787		0.2
26,477	Savola Group/The			237,499		0.0
25,998	Yanbu National Petrochemical Co.			350,161		0.1
				28,477,493		4.2
	Singapore: 0.0%
21,500 (2)	BOC Aviation Ltd.			181,774		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Africa: 3.4%
81,956	Absa Group Ltd.		$	782,542		0.1
11,592	African Rainbow Minerals Ltd.			152,304		0.0
5,398	Anglo American Platinum Ltd.			472,818		0.1
42,917	AngloGold Ashanti Ltd.			633,675		0.1
39,607	Aspen Pharmacare Holdings Ltd.			340,454		0.1
33,966	Bid Corp. Ltd.			640,560		0.1
29,762	Bidvest Group Ltd.			383,423		0.1
8,867	Capitec Bank Holdings Ltd.			1,086,742		0.2
24,998	Clicks Group Ltd.			419,959		0.1
51,290 (1)	Discovery Ltd.			405,655		0.1
24,894	Exxaro Resources Ltd.			302,452		0.0
514,694	FirstRand Ltd.			1,980,763		0.3
34,388	Foschini Group Ltd./The			257,877		0.0
91,392	Gold Fields Ltd.			842,926		0.1
352,898	Growthpoint Properties Ltd.			267,893		0.0
57,598	Harmony Gold Mining Co., Ltd.			180,092		0.0
86,479	Impala Platinum Holdings Ltd.			959,436		0.1
6,543	Kumba Iron Ore Ltd.			212,118		0.0
26,379 (3)	Mr Price Group Ltd.			289,262		0.0
172,978	MTN Group Ltd.			1,407,627		0.2
38,964	MultiChoice Group			277,367		0.0
22,228	Naspers Ltd.			3,247,212		0.5
46,343	Nedbank Group Ltd.			593,173		0.1
34,526 (1)	Northam Platinum Holdings Ltd.			363,517		0.1
471,384 (3)	Old Mutual Ltd.			319,489		0.0
176,472 (2)	Pepkor Holdings Ltd.			207,400		0.0
14,327	Reinet Investments SCA			251,688		0.0
53,880	Remgro Ltd.			430,245		0.1
181,053	Sanlam Ltd.			588,464		0.1
57,835 (1)	Sasol Ltd.			1,333,619		0.2
51,588	Shoprite Holdings Ltd.			628,549		0.1
286,677	Sibanye Stillwater Ltd.			711,955		0.1
20,027 (3)	Spar Group Ltd.			170,027		0.0
136,347	Standard Bank Group Ltd.			1,300,854		0.2
64,208 (3)	Vodacom Group Pty Ltd.			519,957		0.1
101,511	Woolworths Holdings Ltd./South Africa			338,500		0.1
				23,300,594		3.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea: 10.4%
2,839 (1)	Alteogen, Inc.		$	133,907		0.0
3,002	Amorepacific Corp.			301,735		0.1
2,911	AMOREPACIFIC Group			83,886		0.0
833	BGF retail Co. Ltd.			121,565		0.0
8,671	Celltrion Healthcare Co. Ltd.			460,248		0.1
1,699 (1)	Celltrion Pharm, Inc.			103,444		0.0
10,047	Celltrion, Inc.			1,387,006		0.2
7,558	Cheil Worldwide, Inc.			138,804		0.0
847	CJ CheilJedang Corp.			247,955		0.0
1,482	CJ Corp.			88,986		0.0
1,134	CJ ENM Co. Ltd.			82,060		0.0
868 (1)	CJ Logistics Corp.			76,519		0.0
5,704	Coway Co. Ltd.			282,217		0.1
4,829	DB Insurance Co. Ltd.			228,775		0.0
5,207	Doosan Bobcat, Inc.			116,514		0.0
40,987 (1)	Doosan Heavy Industries and Construction Co. Ltd.			615,549		0.1
4,985	Ecopro BM Co. Ltd.			439,296		0.1
2,179	E-Mart, Inc.			177,666		0.0
1,778	F&F Co. Ltd. / New			184,780		0.0
567	Green Cross Corp./South Korea			73,744		0.0
6,688	GS Engineering & Construction Corp.			163,233		0.0
4,877	GS Holdings Corp.			157,574		0.0
30,583	Hana Financial Group, Inc.			929,532		0.1
7,669	Hankook Tire & Technology Co. Ltd.			195,507		0.0
698	Hanmi Pharm Co. Ltd.			166,303		0.0
19,068	Hanon Systems Corp.			148,242		0.0
11,727 (1)	Hanwha Solutions Corp.			343,377		0.1
4,833	HD Hyundai Co. Ltd.			222,058		0.0
9,940 (1)	HLB, Inc.			272,213		0.1
27,460	HMM Co. Ltd			522,798		0.1
3,435	Hotel Shilla Co. Ltd.			189,057		0.0
1,697 (1)	HYBE Co. Ltd.			190,600		0.0
8,013	Hyundai Engineering & Construction Co. Ltd.			256,279		0.0
1,870	Hyundai Glovis Co., Ltd.			259,970		0.0
1,879 (1)	Hyundai Heavy Industries Co. Ltd.			207,383		0.0
6,253	Hyundai Mobis Co. Ltd.			963,819		0.2
14,201	Hyundai Motor Co.			1,984,556		0.3
8,892	Hyundai Steel Co.			220,553		0.0
2,425	Iljin Materials Co. Ltd.			131,254		0.0
26,410	Industrial Bank Of Korea			196,140		0.0
31,921	Kakao Corp.			1,729,643		0.3
3,729 (1)	Kakao Games Corp.			141,721		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
12,189 (1)	KakaoBank Corp.		$	284,753		0.1
9,954 (1)	Kangwon Land, Inc.			195,454		0.0
40,256	KB Financial Group, Inc.			1,503,293		0.2
26,900	Kia Corp.			1,605,541		0.2
7,589	Korea Aerospace Industries Ltd.			313,833		0.1
26,014 (1)	Korea Electric Power Corp.			453,676		0.1
4,205	Korea Investment Holdings Co., Ltd.			200,448		0.0
4,376 (1)	Korea Shipbuilding & Offshore Engineering Co. Ltd.			317,645		0.1
885	Korea Zinc Co., Ltd.			333,108		0.1
17,421 (1)	Korean Air Lines Co. Ltd.			339,761		0.1
2,511 (1)	Krafton, Inc.			424,199		0.1
11,222	KT&G Corp.			711,304		0.1
1,858	Kumho Petrochemical Co. Ltd.			199,843		0.0
2,330 (1)	L&F Co. Ltd.			379,830		0.1
5,044	LG Chem Ltd.			2,003,890		0.3
9,417	LG Corp.			566,426		0.1
23,484	LG Display Co., Ltd.			263,490		0.0
10,851	LG Electronics, Inc.			739,997		0.1
2,147 (1)	LG Energy Solution Ltd.			619,276		0.1
972	LG Household & Health Care Ltd.			510,685		0.1
1,468	LG Innotek Co. Ltd.			389,373		0.1
21,555 (1)	LG Uplus Corp.			212,125		0.0
1,754	Lotte Chemical Corp.			244,535		0.0
1,068	Lotte Shopping Co. Ltd.			85,837		0.0
3,205	Meritz Financial Group, Inc.			64,041		0.0
3,909	Meritz Fire & Marine Insurance Co., Ltd.			100,102		0.0
28,872	Meritz Securities Co. Ltd.			101,474		0.0
27,238	Mirae Asset Securities Co. Ltd.			139,059		0.0
13,433	NAVER Corp.			2,505,612		0.4
1,686	NCSoft Corp.			455,105		0.1
2,205 (2)	Netmarble Corp.			117,204		0.0
14,619	NH Investment & Securities Co., Ltd.			102,263		0.0
2,431	Orion Corp./Republic of Korea			195,490		0.0
28,027	Pan Ocean Co. Ltd.			128,775		0.0
3,089 (1)	Pearl Abyss Corp.			121,828		0.0
2,867	POSCO Chemical Co., Ltd.			237,432		0.0
8,018	POSCO Holdings, Inc.			1,429,907		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
1,738	S-1 Corp.		$	86,179		0.0
1,801 (1)(2)	Samsung Biologics Co. Ltd.			1,101,072		0.2
8,596	Samsung C&T Corp.			818,377		0.1
5,770	Samsung Electro-Mechanics Co. Ltd.			583,772		0.1
487,425	Samsung Electronics Co., Ltd. 005930			21,499,029		3.2
16,376 (1)	Samsung Engineering Co. Ltd.			272,182		0.1
3,171	Samsung Fire & Marine Insurance Co. Ltd.			492,658		0.1
63,931 (1)	Samsung Heavy Industries Co., Ltd.			299,031		0.1
7,662	Samsung Life Insurance Co. Ltd.			370,268		0.1
5,607	Samsung SDI Co., Ltd.			2,312,243		0.3
3,546	Samsung SDS Co. Ltd.			356,110		0.1
6,252	Samsung Securities Co. Ltd.			161,612		0.0
3,754	SD Biosensor, Inc.			112,506		0.0
3,777	Seegene, Inc.			105,335		0.0
47,400	Shinhan Financial Group Co., Ltd.			1,359,170		0.2
3,195 (1)	SK Biopharmaceuticals Co. Ltd.			184,833		0.0
2,363 (1)	SK Bioscience Co. Ltd.			183,747		0.0
1,124	SK Chemicals Co. Ltd.			79,917		0.0
55,647	SK Hynix, Inc.			3,929,464		0.6
2,566 (1)(2)	SK IE Technology Co. Ltd.			195,018		0.0
5,642 (1)	SK Innovation Co. Ltd.			837,597		0.1
10,079 (1)	SK Square Co. Ltd.			304,488		0.1
2,610	SK Telecom Co., Ltd.			104,742		0.0
3,780	SK, Inc.			629,063		0.1
2,149	SKC Co., Ltd.			220,986		0.0
4,620	S-Oil Corp.			368,234		0.1
52,335	Woori Financial Group, Inc.			489,894		0.1
5,352	Yuhan Corp.			231,497		0.0
				71,222,106		10.4
	Taiwan: 14.0%
52,000	Accton Technology Corp.			418,288		0.1
306,462	Acer, Inc.			224,088		0.0
43,659	Advantech Co. Ltd.			508,073		0.1
14,603	Airtac International Group			487,417		0.1
334,243	ASE Technology Holding Co. Ltd.			860,848		0.1
261,356	Asia Cement Corp.			385,462		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
3,000	ASMedia Technology, Inc.		$	112,979		0.0
72,000	Asustek Computer, Inc.			753,011		0.1
838,000	AU Optronics Corp.			458,833		0.1
70,000	Catcher Technology Co., Ltd.			390,494		0.1
806,079	Cathay Financial Holding Co., Ltd.			1,380,307		0.2
139,914	Chailease Holding Co. Ltd.			981,699		0.1
476,989	Chang Hwa Commercial Bank Ltd.			278,613		0.0
181,650	Cheng Shin Rubber Industry Co. Ltd.			216,427		0.0
284,000 (1)	China Airlines Ltd.			225,038		0.0
1,593,100	China Development Financial Holding Corp.			788,930		0.1
1,205,535	China Steel Corp.			1,154,300		0.2
386,000	Chunghwa Telecom Co., Ltd.			1,585,083		0.2
439,000	Compal Electronics, Inc.			336,116		0.1
1,790,170	CTBC Financial Holding Co. Ltd.			1,514,217		0.2
198,703	Delta Electronics, Inc.			1,481,580		0.2
88,000	E Ink Holdings, Inc.			561,903		0.1
1,228,883	E.Sun Financial Holding Co., Ltd.			1,199,597		0.2
19,386	Eclat Textile Co. Ltd.			271,538		0.0
7,000	eMemory Technology, Inc.			245,562		0.0
260,000 (1)	Eva Airways Corp.			277,415		0.0
259,142	Evergreen Marine Corp. Taiwan Ltd.			736,551		0.1
327,685	Far Eastern New Century Corp.			350,770		0.1
164,000	Far EasTone Telecommunications Co., Ltd.			461,545		0.1
44,891	Feng TAY Enterprise Co., Ltd.			264,885		0.0
1,058,092	First Financial Holding Co., Ltd.			933,832		0.1
355,600	Formosa Chemicals & Fibre Co.			893,783		0.1
113,000	Formosa Petrochemical Corp.			356,195		0.1
421,600	Formosa Plastics Corp.			1,539,447		0.2
722,364	Fubon Financial Holding Co., Ltd.			1,452,926		0.2
31,000	Giant Manufacturing Co., Ltd.			250,586		0.0
22,000	Globalwafers Co. Ltd.			336,153		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
1,270,170	HON HAI Precision Industry Co., Ltd.		$	4,662,976		0.7
31,000	Hotai Motor Co. Ltd.			632,393		0.1
875,842	Hua Nan Financial Holdings Co. Ltd.			666,848		0.1
1,024,439	Innolux Corp.			416,856		0.1
270,000	Inventec Co., Ltd.			228,288		0.0
10,000	Largan Precision Co. Ltd.			581,133		0.1
206,538	Lite-On Technology Corp.			401,945		0.1
154,820	MediaTek, Inc.			3,398,482		0.5
1,108,826	Mega Financial Holdings Co., Ltd.			1,317,599		0.2
70,000	Micro-Star International Co., Ltd.			267,412		0.0
6,000	momo.com, Inc.			129,084		0.0
482,890	Nan Ya Plastics Corp.			1,347,937		0.2
23,000	Nan Ya Printed Circuit Board Corp.			202,317		0.0
123,000	Nanya Technology Corp.			204,705		0.0
18,000	Nien Made Enterprise Co. Ltd.			177,661		0.0
59,000	Novatek Microelectronics Corp., Ltd.			600,275		0.1
8,000	Parade Technologies Ltd.			311,445		0.1
205,000	Pegatron Corp.			393,074		0.1
224,000	Pou Chen Corp.			222,473		0.0
271,000	Powerchip Semiconductor Manufacturing Corp.			367,053		0.1
58,000	President Chain Store Corp.			531,332		0.1
276,000	Quanta Computer, Inc.			740,413		0.1
46,760	Realtek Semiconductor Corp.			571,899		0.1
120,719	Ruentex Development Co. Ltd.			298,354		0.0
364,349	Shanghai Commercial & Savings Bank Ltd./The			651,722		0.1
1,357,529	Shin Kong Financial Holding Co., Ltd.			400,119		0.1
1,044,454	SinoPac Financial Holdings Co., Ltd.			590,446		0.1
140,800	Synnex Technology International Corp.			252,054		0.0
1,049,871	Taishin Financial Holdings Co., Ltd.			575,932		0.1
583,119	Taiwan Cement Corp.			775,983		0.1
970,837	Taiwan Cooperative Financial Holding Co. Ltd.			877,846		0.1
193,000	Taiwan High Speed Rail Corp.			182,110		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
175,000	Taiwan Mobile Co., Ltd.		$	635,900		0.1
2,513,000	Taiwan Semiconductor Manufacturing Co., Ltd.			40,274,224		5.9
129,000	Unimicron Technology Corp.			690,390		0.1
488,209	Uni-President Enterprises Corp.			1,100,769		0.2
1,206,000	United Microelectronics Corp.			1,612,042		0.2
91,000	Vanguard International Semiconductor Corp.			236,726		0.0
7,000	Voltronic Power Technology Corp.			339,574		0.1
261,000	Walsin Lihwa Corp.			316,393		0.1
62,300	Wan Hai Lines Ltd.			249,100		0.0
34,000	Win Semiconductors Corp.			220,739		0.0
303,000	Winbond Electronics Corp.			221,696		0.0
9,000	Wiwynn Corp.			210,891		0.0
165,280	WPG Holdings Ltd.			306,687		0.1
44,537	Yageo Corp.			461,889		0.1
178,000	Yang Ming Marine Transport Corp.			492,313		0.1
986,409	Yuanta Financial Holding Co., Ltd.			653,313		0.1
68,000	Zhen Ding Technology Holding Ltd.			235,570		0.0
				95,910,873		14.0
	Thailand: 2.0%
23,300	Advanced Info Service PCL			128,318		0.0
101,900	Advanced Info Service PCL - Foreign			561,186		0.1
446,600 (1)	Airports of Thailand PCL - Foreign			897,738		0.1
897,900	Asset World Corp. PCL - Foreign			124,185		0.0
107,300	B Grimm Power PCL - Foreign			106,404		0.0
236,400	Bangkok Commercial Asset Management PCL - Foreign			116,538		0.0
1,071,500	Bangkok Dusit Medical Services PCL - Foreign			758,409		0.1
873,900	Bangkok Expressway & Metro PCL - Foreign			216,549		0.0
142,100	Berli Jucker PCL - Foreign			130,561		0.0
866,000	BTS Group Holdings PCL - Foreign			209,582		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Thailand (continued)
51,300	Bumrungrad Hospital PCL - Foreign		$	259,834		0.1
32,900	Carabao Group PCL			99,323		0.0
23,800	Central Pattana PCL			41,132		0.0
191,200	Central Pattana PCL - Foreign			330,439		0.1
193,600	Central Retail Corp. PCL - Foreign			191,990		0.0
104,800	Charoen Pokphand Foods PCL			77,196		0.0
333,500	Charoen Pokphand Foods PCL - Foreign			245,658		0.1
608,200	CP ALL PCL - Foreign			1,033,254		0.2
32,000	Delta Electronics Thailand PCL - Foreign			302,642		0.1
28,800	Electricity Generating PCL - Foreign			143,907		0.0
173,800 (3)	Energy Absolute PCL - Foreign			401,124		0.1
73,700	Global Power Synergy PCL - Foreign			134,660		0.0
306,100	Gulf Energy Development PCL - Foreign			403,236		0.1
669,651	Home Product Center PCL - Foreign			240,920		0.1
183,200	Indorama Ventures PCL - Foreign			244,136		0.1
122,000	Intouch Holdings PCL - Foreign			236,716		0.0
67,800	JMT Network Services PCL			140,840		0.0
219,900	Krung Thai Bank PCL			96,650		0.0
174,600	Krung Thai Bank PCL - Foreign			76,740		0.0
99,800	Krungthai Card PCL - Foreign			161,341		0.0
969,500	Land & Houses PCL - Foreign			229,071		0.0
330,600 (1)	Minor International PCL - Foreign			318,967		0.1
89,000	Muangthai Capital PCL - Foreign			107,736		0.0
149,700	Osotspa PCL - Foreign			145,299		0.0
145,400	PTT Exploration & Production PCL - Foreign			655,458		0.1
47,400	PTT Global Chemical PCL			61,183		0.0
197,300	PTT Global Chemical PCL - Foreign			254,669		0.1
329,800	PTT Oil & Retail Business PCL			238,225		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Thailand (continued)
1,031,700	PTT PCL - Foreign		$	993,307		0.2
115,000	Ratch Group PCL - Foreign			124,358		0.0
48,900 (4)	Robinson PCL - Foreign			—		—
101,200	SCB X PCL			297,689		0.1
144,000	SCG Packaging PCL			226,515		0.0
86,600	Siam Cement PCL - Foreign			917,592		0.1
84,000	Srisawad Corp. PCL - Foreign			115,504		0.0
125,000	Thai Oil PCL - Foreign			182,378		0.0
329,300	Thai Union Group PCL - Foreign			159,476		0.0
1,294,190 (3)	True Corp. PCL - Foreign			168,710		0.0
				13,307,345		2.0
	Turkey: 0.3%
320,476	Akbank TAS			153,986		0.0
70,021	Aselsan Elektronik Sanayi Ve Ticaret AS			96,013		0.0
46,014	BIM Birlesik Magazalar AS			222,885		0.1
143,217	Eregli Demir ve Celik Fabrikalari TAS			232,942		0.1
7,050	Ford Otomotiv Sanayi AS			113,626		0.0
101,045	Haci Omer Sabanci Holding AS			114,477		0.0
76,422	KOC Holding AS			168,743		0.0
57,727 (1)	Turk Hava Yollari			161,858		0.0
147,712	Turk Sise Ve Cam Fabrikalari			190,268		0.0
114,645	Turkcell Iletisim Hizmet AS			111,845		0.0
347,540	Turkiye Is Bankasi			91,831		0.0
12,922 (1)	Turkiye Petrol Rafinerileri AS			203,692		0.1
				1,862,166		0.3
	United Arab Emirates: 1.2%
286,684	Abu Dhabi Commercial Bank PJSC			692,333		0.1
152,840	Abu Dhabi Islamic Bank PJSC			312,564		0.0
299,770	Abu Dhabi National Oil Co. for Distribution PJSC			344,674		0.0
407,490	Aldar Properties PJSC			494,455		0.1
301,439	Dubai Islamic Bank PJSC			473,374		0.1
412,233	Emaar Properties PJSC			585,184		0.1
193,604	Emirates NBD Bank PJSC			697,326		0.1
355,180	Emirates Telecommunications Group Co. PJSC			2,523,448		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Arab Emirates (continued)
452,011	First Abu Dhabi Bank PJSC		$	2,312,994		0.3
				8,436,352		1.2
	Total Common Stock (Cost $735,849,486)			655,144,953		96.0
PREFERRED STOCK: 2.0%
	Brazil: 1.2%
556,366	Banco Bradesco SA			1,827,462		0.3
19,700	Braskem SA			140,030		0.0
28,200	Centrais Eletricas Brasileiras SA			251,585		0.0
145,239	Cia Energetica de Minas Gerais			289,731		0.0
118,500	Gerdau SA			506,972		0.1
495,325	Itau Unibanco Holding S.A.			2,148,464		0.3
469,091	Itausa SA			747,541		0.1
487,600	Petroleo Brasileiro SA			2,601,304		0.4
				8,513,089		1.2
	Chile: 0.2%
14,623	Sociedad Quimica y Minera de Chile SA			1,219,048		0.2

	Russia: —%
773,978 (4)	Surgutneftegas PJSC			—		—

	South Korea: 0.6%
2,193	Hyundai Motor Co.			147,227		0.0
3,751	Hyundai Motor Co.- Series 2			253,483		0.1
773	LG Chem Ltd.			143,149		0.0
170	LG Household & Health Care Ltd.			42,782		0.0
83,530	Samsung Electronics Co., Ltd.			3,357,522		0.5
				3,944,163		0.6
	Total Preferred Stock
	(Cost $15,860,214)			13,676,300		2.0
RIGHTS: 0.0%
	China: —%
29 (1)	Microport Scientific Corp.			—		—

	Taiwan: 0.0%
23,684 (1)	Taishin Financial Holdings Co., Ltd.			—		—
19,374 (1)	Walsin Lihwa Corp.			2,952		0.0
				2,952		0.0
	Total Rights (Cost $—)			2,952		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 0.0%
	India: 0.0%
INR 320,334	Britannia Industries Ltd., 5.500%, 06/03/2024		$	3,940		0.0
	Total Corporate Bonds/Notes (Cost $4,402)			3,940		0.0
	Total Long-Term Investments (Cost $751,714,102)			668,828,145		98.0
SHORT-TERM INVESTMENTS: 0.5%
	Repurchase Agreements: 0.5%
200,000 (6)	JPMorgan Securities LLC, Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $200,008, collateralized by various U.S. Government Securities, 2.875%-3.375%, Market Value plus accrued interest $204,000, due 05/15/44-05/15/49)			200,000		0.0
1,085,077 (6)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,085,123, collateralized by various U.S. Government Agency Obligations, 3.000%-5.000%, Market Value plus accrued interest $1,106,779, due 11/01/26-07/01/52)			1,085,077		0.2
1,085,077 (6)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $1,085,124, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $1,106,779, due 07/01/22-09/09/49)			1,085,077		0.1
412,972 (6)	Nomura Securities, Repurchase Agreement dated 06/30/22, 1.54%, due 07/01/22 (Repurchase Amount $412,989, collateralized by various U.S. Government Agency Obligations, 1.500%- 6.500%, Market Value plus accrued interest $421,232, due 07/01/27-06/01/52)			412,972		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
885,077 (6)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $885,115, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.875%, Market Value plus accrued interest $902,779, due 08/16/22-05/20/52)		$	885,077		0.1
	Total Repurchase Agreements
	Total Short-Term Investments (Cost $3,668,203)			3,668,203		0.5
	Total Investments in Securities (Cost $755,382,305)		$	672,496,348		98.5
	Assets in Excess of Other Liabilities			10,410,775		1.5
	Net Assets		$	682,907,123		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

(1)

Non-income producing security.

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

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

(4)

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, 2022, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(6)

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

Currency Abbreviations:

INR

Indian Rupee

Sector Diversification	Percentage of Net Assets
Financials		20.8%
Information Technology		18.8
Consumer Discretionary		14.5
Communication Services		10.4
Materials		8.2
Consumer Staples		6.0
Industrials		5.5
Energy		4.9
Health Care		3.9
Utilities		2.9
Real Estate		2.1
Consumer, Non-cyclical		0.0
Short-Term Investments		0.5
Assets in Excess of Other Liabilities		1.5
Net Assets		100.0%

Portfolio holdings are subject to change daily.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock
Brazil		$	23,787,153		$	—		$	—		$	23,787,153
Chile			2,214,118			—			—			2,214,118
China			21,826,789			214,886,450			457,484			237,170,723
Colombia			1,201,540			—			—			1,201,540
Czech Republic			133,062			980,443			—			1,113,505
Egypt			32,636			409,826			—			442,462
Greece			—			1,679,374			—			1,679,374
Hungary			—			1,106,720			—			1,106,720
India			—			84,772,689			—			84,772,689
Indonesia			83,213			12,098,884			—			12,182,097

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Kuwait		$	342,242		$	5,134,536		$	—		$	5,476,778
Malaysia			1,446,417			8,280,581			—			9,726,998
Mexico			14,509,849			—			—			14,509,849
Peru			1,035,136			—			—			1,035,136
Philippines			—			4,774,183			—			4,774,183
Poland			—			4,050,930			—			4,050,930
Qatar			1,488,004			5,457,564			—			6,945,568
Romania			—			256,427			—			256,427
Russia			—			—			—			—
Saudi Arabia			—			28,477,493			—			28,477,493
Singapore			—			181,774			—			181,774
South Africa			4,633,578			18,667,016			—			23,300,594
South Korea			—			71,222,106			—			71,222,106
Taiwan			—			95,910,873			—			95,910,873
Thailand			297,689			13,009,656			—			13,307,345
Turkey			843,474			1,018,692			—			1,862,166
United Arab Emirates			—			8,436,352			—			8,436,352
Total Common Stock			73,874,900			580,812,569			457,484			655,144,953
Preferred Stock			9,732,137			3,944,163			—			13,676,300
Rights			—			2,952			—			2,952
Corporate Bonds/Notes			—			3,940			—			3,940
Short-Term Investments			—			3,668,203			—			3,668,203
Total Investments, at fair value		$	83,607,037		$	588,431,827		$	457,484		$	672,496,348
Other Financial Instruments+
Forward Foreign Currency Contracts			—			4,853			—			4,853
Total Assets		$	83,607,037		$	588,436,680		$	457,484		$	672,501,201
Liabilities Table
Other Financial Instruments+
Futures		$	(39,062)		$	—		$	—		$	(39,062)
Total Liabilities		$	(39,062)		$	—		$	—		$	(39,062)

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

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

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

At June 30, 2022, Voya Emerging Markets Index Portfolio held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
Hanergy Mobile Energy Holding Group Co Ltd.		6/11/2019		$	951,967		$	—
Sberbank of Russia PJSC		7/27/2017			3,894,962			—
VTB Bank PJSC		4/28/2020			207,483			—
				$	5,054,412		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following forward foreign currency contracts were outstanding for Voya Emerging Markets Index Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 3,686,572

ZAR 59,900,000

The Bank of New York Mellon

07/05/22

4,667

USD 27,094,034

HKD 212,600,000

The Bank of New York Mellon

07/05/22

186

4,853

At June 30, 2022, the following futures contracts were outstanding for Voya Emerging Markets Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
MSCI Emerging Markets Index		267		09/16/22		$	13,386,045		$	(39,062)
						$	13,386,045		$	(39,062)

Currency Abbreviations

HKD − Hong Kong Sar Dollar

USD − United States Dollar

ZAR − South African Rand

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	4,853
Total Asset Derivatives			$	4,853
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*			39,062
Total Liabiity Derivatives			$	39,062

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(11,431)		$	—		$	(11,431)
Equity contracts			—			(2,174,779)			(2,174,779)
Total		$	(11,431)		$	(2,174,779)		$	(2,186,210)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	6,032		$	—		$	6,032
Equity contracts			—			(69,207)			(69,207)
Total		$	6,032		$	(69,207)		$	(63,175)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (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, 2022:

	The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	4,853		$	4,853
Total Assets		$	4,853		$	4,853
Net OTC derivative instruments by counterparty, at fair value		$	4,853		$	4,853
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—
Net Exposure(1)		$	4,853		$	4,853

(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.

At June 30, 2022, 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 $777,787,772.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	47,090,499
Gross Unrealized Depreciation		(149,631,765)
Net Unrealized Depreciation	$	(102,541,266)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.9%
	Australia: 7.5%
34,177	Ampol Ltd.		$	806,662		0.0
169,221	APA Group - Stapled Security			1,317,854		0.1
86,434	Aristocrat Leisure Ltd.			2,055,922		0.1
27,766	ASX Ltd.			1,569,463		0.1
263,995	Aurizon Holdings Ltd.			694,315		0.0
402,102	Australia & New Zealand Banking Group Ltd.			6,124,301		0.3
874,585 (1)(2)	BGP Holdings PLC			—		—
441,340	BHP Group Ltd. Australian			12,637,164		0.6
284,702	BHP Group Ltd. British			7,938,722		0.4
70,307	BlueScope Steel Ltd.			774,689		0.0
205,760	Brambles Ltd.			1,521,450		0.1
9,434	Cochlear Ltd.			1,295,220		0.1
191,635	Coles Group Ltd.			2,358,328		0.1
244,732	Commonwealth Bank of Australia			15,290,015		0.8
77,929	Computershare Ltd.			1,328,936		0.1
69,087	CSL Ltd.			12,827,721		0.7
154,258	Dexus			948,604		0.1
8,690	Domino’s Pizza Enterprises Ltd.			408,481		0.0
192,648 (3)	Endeavour Group Ltd./ Australia			1,007,837		0.1
262,891	Evolution Mining Ltd.			429,552		0.0
242,873	Fortescue Metals Group Ltd.			2,920,490		0.2
241,148	Goodman Group			2,977,631		0.2
274,734	GPT Group			802,961		0.0
29,939	IDP Education Ltd.			490,255		0.0
353,547	Insurance Australia Group Ltd.			1,066,140		0.1
98,789 (3)	Lendlease Corp., Ltd. - Stapled Security			622,266		0.0
319,222 (2)	Lottery Corp. Ltd./The			995,951		0.0
52,272	Macquarie Group Ltd.			5,951,480		0.3
394,981	Medibank Pvt Ltd.			888,383		0.1
24,377	Mineral Resources Ltd.			818,156		0.0
565,461	Mirvac Group			772,925		0.0
463,791	National Australia Bank Ltd.			8,794,798		0.4
127,682	Newcrest Mining Ltd.			1,818,987		0.1
167,103	Northern Star Resources Ltd.			783,832		0.0
58,635	Orica Ltd.			641,508		0.0
252,594	Origin Energy Ltd.			1,002,686		0.1
132,544 (2)(3)	Qantas Airways Ltd.			410,202		0.0
212,265	QBE Insurance Group Ltd.			1,783,637		0.1
26,261	Ramsay Health Care Ltd.			1,330,136		0.1
7,579	REA Group Ltd.			585,255		0.0
32,427 (3)	Reece Ltd.			308,018		0.0
53,240	Rio Tinto Ltd.			3,798,081		0.2
461,467	Santos Ltd.			2,339,722		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Australia (continued)
744,408	Scentre Group		$	1,336,622		0.1
48,222	Seek Ltd.			699,504		0.0
65,363	Sonic Healthcare Ltd.			1,489,838		0.1
666,897	South32 Ltd. - AUD			1,807,085		0.1
342,370	Stockland			854,824		0.1
181,084	Suncorp Group Ltd.			1,380,901		0.1
589,735	Telstra Corp., Ltd.			1,568,563		0.1
440,395	Transurban Group - Stapled Security			4,381,626		0.2
103,528	Treasury Wine Estates Ltd.			811,888		0.0
554,957	Vicinity Centres			704,996		0.0
31,053	Washington H Soul Pattinson & Co. Ltd.			505,723		0.0
162,660	Wesfarmers Ltd.			4,704,777		0.2
502,134	Westpac Banking Corp.			6,773,242		0.3
21,061	WiseTech Global Ltd.			552,267		0.0
218,817	Woodside Energy Group Ltd.			4,809,265		0.3
173,822	Woolworths Group Ltd.			4,269,475		0.2
				149,889,332		7.5
	Austria: 0.2%
49,314	Erste Group Bank AG			1,253,137		0.1
21,122	OMV AG			993,388		0.1
9,766 (3)	Verbund - Oesterreichische Elektrizitaetswirtschafts AG			959,985		0.0
16,645	Voestalpine AG			355,743		0.0
				3,562,253		0.2
	Belgium: 0.9%
23,288	Ageas SA/NV			1,026,832		0.1
124,574	Anheuser-Busch InBev SA/NV			6,708,582		0.3
3,569	D’ieteren Group			524,452		0.0
4,735 (3)	Elia Group SA/NV			672,470		0.0
14,576	Groupe Bruxelles Lambert S.A.			1,221,903		0.1
35,874	KBC Group NV			2,018,315		0.1
21,816 (3)	Proximus SADP			322,002		0.0
2,210 (3)	Sofina SA			453,011		0.0
10,629	Solvay S.A.			865,907		0.1
18,132	UCB S.A.			1,536,500		0.1
30,038	Umicore SA			1,052,958		0.1
21,333 (3)	Warehouses De Pauw CVA			673,148		0.0
				17,076,080		0.9
	China: 0.2%
530,917	BOC Hong Kong Holdings Ltd.			2,108,259		0.1
246,900 (4)	Budweiser Brewing Co. APAC Ltd.			740,873		0.1
8,519 (2)(3)	Futu Holdings Ltd. ADR			444,777		0.0
				3,293,909		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Denmark: 2.7%
450	AP Moller - Maersk A/S - Class A		$	1,044,431		0.0
767	AP Moller - Maersk A/S - Class B			1,800,608		0.1
14,400	Carlsberg A/S			1,840,359		0.1
15,128 (3)	Chr Hansen Holding A/S			1,104,310		0.1
17,038 (3)	Coloplast A/S			1,946,757		0.1
98,924	Danske Bank A/S			1,407,957		0.1
13,776 (2)	Demant A/S			517,860		0.0
27,537	DSV A/S			3,872,179		0.2
9,428 (2)	Genmab A/S			3,058,866		0.2
18,826 (3)	GN Store Nord A/S			664,128		0.0
241,511 (3)	Novo Nordisk A/S			26,784,148		1.3
29,463	Novozymes A/S			1,773,171		0.1
27,131 (4)	Orsted A/S			2,857,543		0.1
13,625	Pandora A/S			865,630		0.0
1,276 (3)	ROCKWOOL A/S			289,696		0.0
51,640	Tryg A/S			1,163,444		0.1
144,836 (3)	Vestas Wind Systems A/S			3,079,503		0.2
				54,070,590		2.7
	Finland: 1.2%
20,399	Elisa OYJ			1,148,414		0.1
63,700	Fortum OYJ			962,821		0.1
39,173	Kesko OYJ			927,065		0.0
48,747	Kone Oyj			2,329,882		0.1
60,676	Neste Oyj			2,698,940		0.1
776,114	Nokia OYJ - Finland			3,597,344		0.2
474,584	Nordea Bank Abp			4,192,249		0.2
15,254	Orion Oyj			682,689		0.0
71,529	Sampo OYJ			3,125,912		0.2
79,045	Stora Enso OYJ			1,252,483		0.1
76,549	UPM-Kymmene OYJ			2,347,255		0.1
67,892	Wartsila OYJ			532,191		0.0
				23,797,245		1.2
	France: 10.2%
24,411 (2)	Accor S.A.			665,973		0.0
4,258 (2)(3)	Aeroports de Paris			542,814		0.0
74,988	Air Liquide SA			10,093,640		0.5
45,508	Alstom SA			1,039,159		0.1
8,738 (3)(4)	Amundi SA			481,091		0.0
8,523	Arkema SA			762,407		0.0
277,843	AXA S.A.			6,346,390		0.3
5,941	BioMerieux			582,544		0.0
159,326	BNP Paribas			7,620,909		0.4
126,818	Bollore SE			591,196		0.0
32,915 (3)	Bouygues SA			1,015,877		0.1
42,171 (3)	Bureau Veritas SA			1,084,983		0.1
23,488	Capgemini SE			4,050,760		0.2
89,024 (3)	Carrefour S.A.			1,580,299		0.1
71,397 (3)	Cie de Saint-Gobain			3,085,023		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
97,298	Cie Generale des Etablissements Michelin SCA		$	2,657,314		0.1
6,782	Covivio			378,896		0.0
178,621	Credit Agricole SA			1,646,708		0.1
93,697	Danone			5,247,259		0.3
3,592	Dassault Aviation SA			560,939		0.0
95,656	Dassault Systemes SE			3,543,196		0.2
35,762	Edenred			1,694,077		0.1
11,947	Eiffage SA			1,080,730		0.1
80,393	Electricite de France SA			660,339		0.0
261,953	Engie SA			3,033,157		0.2
41,241 (3)	EssilorLuxottica SA			6,252,686		0.3
6,249 (3)	Eurazeo SE			388,215		0.0
6,589	Gecina S.A.			618,380		0.0
63,105	Getlink SE			1,119,193		0.1
4,542	Hermes International			5,111,717		0.3
5,409	Ipsen SA			512,143		0.0
10,730	Kering SA			5,560,599		0.3
30,856 (3)	Klepierre SA			597,128		0.0
15,066 (4)	La Francaise des Jeux SAEM			523,158		0.0
38,358	Legrand S.A.			2,848,036		0.1
34,555	L’Oreal S.A.			11,997,738		0.6
39,816	LVMH Moet Hennessy Louis Vuitton SE			24,402,454		1.2
286,131	Orange SA			3,371,660		0.2
30,047	Pernod Ricard SA			5,554,956		0.3
32,717 (3)	Publicis Groupe			1,609,046		0.1
3,299	Remy Cointreau SA			578,850		0.0
27,568 (2)	Renault S.A.			695,982		0.0
49,020	Safran S.A.			4,880,722		0.3
163,099	Sanofi			16,447,961		0.8
3,966	Sartorius Stedim Biotech			1,251,349		0.1
77,531	Schneider Electric SE			9,238,289		0.5
3,571	SEB SA			344,625		0.0
114,058	Societe Generale			2,521,800		0.1
12,689 (3)	Sodexo SA			897,552		0.1
8,424	Teleperformance			2,601,208		0.1
15,304	Thales S.A.			1,878,988		0.1
355,580	TotalEnergies SE			18,716,732		0.9
13,464 (2)(3)	UbiSoft Entertainment			593,810		0.0
16,897 (2)(3)	Unibail-Rodamco-Westfield			859,046		0.0
29,572 (3)	Valeo			576,241		0.0
95,337 (3)	Veolia Environnement			2,337,036		0.1
76,528	Vinci SA			6,869,297		0.3
103,344	Vivendi SE			1,054,619		0.1
3,851 (3)	Wendel SE			322,765		0.0
34,191 (2)(4)	Worldline SA/France			1,275,309		0.1
				204,454,970		10.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Germany: 7.2%
24,796	Adidas AG		$	4,404,556		0.2
58,581	Allianz SE			11,230,629		0.6
143,287 (3)	Aroundtown SA			458,291		0.0
131,729	BASF SE			5,763,464		0.3
140,900	Bayer AG			8,414,076		0.4
47,486	Bayerische Motoren Werke AG			3,681,159		0.2
11,746	Bechtle AG			482,464		0.0
14,457	Beiersdorf AG			1,483,544		0.1
22,159	Brenntag SE			1,450,938		0.1
5,772	Carl Zeiss Meditec AG			693,967		0.0
152,672 (2)	Commerzbank AG			1,083,233		0.1
15,777	Continental AG			1,107,373		0.1
27,709 (4)	Covestro AG			962,856		0.1
64,916 (2)	Daimler Truck Holding AG			1,709,628		0.1
23,397 (2)(4)	Delivery Hero SE			882,675		0.0
296,418	Deutsche Bank AG			2,604,845		0.1
27,250	Deutsche Boerse AG			4,576,024		0.2
85,729 (2)(3)	Deutsche Lufthansa AG			504,968		0.0
142,165	Deutsche Post AG			5,367,626		0.3
464,855	Deutsche Telekom AG			9,245,661		0.5
321,997	E.ON AG			2,712,217		0.1
30,075	Evonik Industries AG			644,997		0.0
29,416	Fresenius Medical Care AG & Co. KGaA			1,473,780		0.1
60,076	Fresenius SE & Co. KGaA			1,827,023		0.1
22,003	GEA Group AG			762,804		0.0
8,648	Hannover Rueck SE			1,261,357		0.1
20,770	HeidelbergCement AG			1,002,807		0.1
23,700 (2)	HelloFresh SE			773,209		0.0
14,904	Henkel AG & Co. KGaA			915,710		0.1
187,296	Infineon Technologies AG			4,556,093		0.2
10,349	KION Group AG			433,234		0.0
10,404	Knorr-Bremse AG			595,891		0.0
10,447	LEG Immobilien SE			869,420		0.0
115,078	Mercedes-Benz Group AG			6,683,570		0.3
18,536	Merck KGaA			3,144,114		0.2
7,664	MTU Aero Engines AG			1,403,986		0.1
20,093	Muenchener Rueckversicherungs- Gesellschaft AG			4,752,967		0.2
8,283	Nemetschek SE			503,912		0.0
15,142	Puma SE			1,004,623		0.1
734	Rational AG			427,916		0.0
6,247	Rheinmetall AG			1,441,594		0.1
92,135	RWE AG			3,407,725		0.2
149,764	SAP SE			13,651,116		0.7
11,502 (4)	Scout24 SE			592,532		0.0
109,717	Siemens AG			11,278,570		0.6
62,530 (3)	Siemens Energy AG			921,592		0.1
40,445 (4)	Siemens Healthineers AG			2,062,152		0.1
19,044	Symrise AG			2,077,048		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Germany (continued)
149,315 (3)	Telefonica Deutschland Holding AG		$	430,583		0.0
13,122	Uniper SE			196,098		0.0
13,912	United Internet AG			398,777		0.0
4,232	Volkswagen AG			773,972		0.0
100,242	Vonovia SE			3,101,548		0.2
31,943 (2)(4)	Zalando SE			841,466		0.0
				143,032,380		7.2
	Hong Kong: 3.0%
1,735,099	AIA Group Ltd.			18,958,680		1.0
286,800	Chow Tai Fook Jewellery Group Ltd.			541,734		0.0
287,199	CK Asset Holdings Ltd.			2,040,640		0.1
385,199	CK Hutchison Holdings Ltd.			2,613,190		0.1
90,402	CK Infrastructure Holdings Ltd.			555,334		0.0
235,365	CLP Holdings Ltd.			1,955,950		0.1
288,600 (2)(4)	ESR Group Ltd.			782,583		0.1
290,823	Hang Lung Properties Ltd.			553,385		0.0
109,636	Hang Seng Bank Ltd.			1,942,848		0.1
208,059	Henderson Land Development Co., Ltd.			781,964		0.1
380,000	HK Electric Investments & HK Electric Investments Ltd. - Stapled Security			348,677		0.0
542,867	HKT Trust & HKT Ltd. - Stapled Security			729,094		0.0
1,606,181	Hong Kong & China Gas			1,733,416		0.1
172,788	Hong Kong Exchanges and Clearing Ltd.			8,545,450		0.4
163,733	Hongkong Land Holdings Ltd. - HKHGF			822,289		0.1
30,704	Jardine Matheson Holdings Ltd.			1,613,308		0.1
302,632	Link REIT			2,472,918		0.1
222,144	MTR Corp.			1,164,642		0.1
216,273	New World Development Co. Ltd.			779,044		0.0
198,845	Power Assets Holdings Ltd.			1,252,706		0.1
490,626	Sino Land Co.			724,496		0.0
192,000	SITC International Holdings Co. Ltd.			546,082		0.0
207,971	Sun Hung Kai Properties Ltd.			2,462,390		0.1
71,620	Swire Pacific Ltd. - Class A			427,733		0.0
167,825	Swire Properties Ltd.			417,823		0.0
197,500	Techtronic Industries Co., Ltd.			2,062,325		0.1
1,196,000 (4)	WH Group Ltd.			925,687		0.1
239,361	Wharf Real Estate Investment Co. Ltd.			1,143,003		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Hong Kong (continued)
259,000	Xinyi Glass Holding Co. Ltd.		$	624,907		0.0
				59,522,298		3.0
	Ireland: 0.6%
49,010	CRH PLC			1,691,284		0.1
14,144	DCC PLC			879,991		0.0
23,932 (2)	Flutter Entertainment PLC			2,426,184		0.1
63,872	James Hardie Industries SE			1,398,340		0.1
22,827	Kerry Group PLC - KYG			2,183,002		0.1
22,111	Kingspan Group Plc			1,329,565		0.1
35,293	Smurfit Kappa PLC			1,190,157		0.1
				11,098,523		0.6
	Israel: 0.7%
6,087	Azrieli Group Ltd.			428,537		0.0
182,096	Bank Hapoalim BM			1,529,102		0.1
221,414	Bank Leumi Le-Israel BM			1,980,775		0.1
14,806 (2)	Check Point Software Technologies			1,803,075		0.1
5,702 (2)	CyberArk Software Ltd.			729,628		0.0
3,811	Elbit Systems Ltd.			875,299		0.0
101,532	ICL Group Ltd.			927,487		0.1
177,413	Israel Discount Bank Ltd.			929,009		0.1
7,054 (2)	Kornit Digital Ltd.			223,612		0.0
22,072	Mizrahi Tefahot Bank Ltd.			734,789		0.0
9,053 (2)	Nice Ltd.			1,746,949		0.1
158,240 (2)	Teva Pharmaceutical Industries Ltd. ADR			1,189,965		0.1
15,644 (2)	Tower Semiconductor Ltd.			729,699		0.0
8,168 (2)	Wix.com Ltd.			535,412		0.0
12,028 (3)	ZIM Integrated Shipping Services Ltd.			568,082		0.0
				14,931,420		0.7
	Italy: 1.9%
17,858	Amplifon S.p.A.			549,039		0.0
158,731	Assicurazioni Generali S.p.A.			2,535,385		0.1
71,061	Atlantia S.p.A			1,668,127		0.1
74,969	Davide Campari-Milano NV			790,904		0.1
3,611 (3)	DiaSorin SpA			474,887		0.0
1,166,491	Enel S.p.A.			6,397,322		0.3
361,982 (3)	ENI S.p.A.			4,293,366		0.2
18,078	Ferrari NV			3,327,048		0.2
87,472	FinecoBank Banca Fineco SpA			1,049,368		0.1
48,199 (4)	Infrastrutture Wireless Italiane SpA			490,007		0.0
2,368,722	Intesa Sanpaolo SpA			4,433,013		0.2
86,811 (3)	Mediobanca Banca di Credito Finanziario SpA			752,883		0.0
29,439	Moncler SpA			1,268,414		0.1
75,163 (2)(4)	Nexi SpA			624,189		0.0
74,929 (4)	Poste Italiane SpA			701,075		0.0
36,535	Prysmian SpA			1,003,727		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Italy (continued)
14,996	Recordati Industria Chimica e Farmaceutica SpA		$	653,967		0.0
289,210	Snam SpA			1,517,309		0.1
1,429,067 (2)(3)	Telecom Italia S.p.A. - TIT			374,714		0.0
201,792	Terna - Rete Elettrica Nazionale			1,586,542		0.1
303,310	UniCredit SpA			2,898,547		0.2
				37,389,833		1.9
	Japan: 21.8%
27,200	Advantest Corp.			1,462,727		0.1
93,780	Aeon Co., Ltd.			1,628,970		0.1
27,721 (3)	AGC, Inc.			974,052		0.1
21,111	Aisin Corp.			653,406		0.0
66,928	Ajinomoto Co., Inc.			1,632,080		0.1
22,889 (2)	ANA Holdings, Inc.			422,798		0.0
65,458	Asahi Group Holdings, Ltd.			2,152,612		0.1
31,200	Asahi Intecc Co. Ltd.			472,396		0.0
179,953	Asahi Kasei Corp.			1,368,969		0.1
267,020	Astellas Pharma, Inc.			4,165,967		0.2
16,700	Azbil Corp.			440,288		0.0
28,693	Bandai Namco Holdings, Inc.			2,025,524		0.1
81,843 (3)	Bridgestone Corp.			2,983,946		0.2
33,886	Brother Industries Ltd.			596,204		0.0
143,493 (3)	Canon, Inc.			3,251,750		0.2
25,300	Capcom Co., Ltd.			615,447		0.0
20,728	Central Japan Railway Co.			2,382,329		0.1
76,066	Chiba Bank Ltd.			416,362		0.0
92,442	Chubu Electric Power Co., Inc.			930,837		0.1
96,318 (3)	Chugai Pharmaceutical Co., Ltd.			2,463,862		0.1
156,109	Concordia Financial Group Ltd.			542,035		0.0
61,600	CyberAgent, Inc.			617,142		0.0
31,874	Dai Nippon Printing Co., Ltd.			685,626		0.0
14,500	Daifuku Co., Ltd.			829,839		0.0
144,183	Dai-ichi Life Holdings, Inc.			2,666,721		0.1
251,279	Daiichi Sankyo Co., Ltd.			6,390,650		0.3
35,698	Daikin Industries Ltd.			5,731,640		0.3
8,881	Daito Trust Construction Co., Ltd.			768,261		0.0
85,954	Daiwa House Industry Co., Ltd.			2,010,207		0.1
316	Daiwa House REIT Investment Corp.			718,238		0.0
195,021	Daiwa Securities Group, Inc.			873,232		0.1
62,167	Denso Corp.			3,281,329		0.2
31,003 (3)	Dentsu Group, Inc.			934,672		0.1
4,100	Disco Corp.			975,644		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
43,333	East Japan Railway Co.		$	2,216,447		0.1
36,179	Eisai Co., Ltd.			1,529,652		0.1
440,164	ENEOS Holdings, Inc.			1,656,246		0.1
27,493	Fanuc Ltd.			4,309,234		0.2
8,342	Fast Retailing Co., Ltd.			4,381,860		0.2
18,223	Fuji Electric Co. Ltd.			753,409		0.0
51,660	Fuji Film Holdings Corp.			2,775,766		0.1
28,213	Fujitsu Ltd.			3,530,236		0.2
612	GLP J-Reit			749,981		0.0
6,000	GMO Payment Gateway, Inc.			427,386		0.0
33,500	Hakuhodo DY Holdings, Inc.			307,728		0.0
20,142	Hamamatsu Photonics KK			784,685		0.0
32,857	Hankyu Hanshin Holdings, Inc.			897,432		0.1
2,900	Hikari Tsushin, Inc.			298,125		0.0
4,364	Hirose Electric Co., Ltd.			579,457		0.0
15,410	Hitachi Construction Machinery Co., Ltd.			342,298		0.0
138,891	Hitachi Ltd.			6,607,054		0.3
30,710 (2)	Hitachi Metals Ltd.			464,893		0.0
233,842	Honda Motor Co., Ltd.			5,638,188		0.3
15,400	Hoshizaki Corp.			459,011		0.0
53,037	Hoya Corp.			4,539,062		0.2
55,064 (3)	Hulic Co. Ltd.			427,090		0.0
16,200	Ibiden Co., Ltd.			458,957		0.0
29,855	Idemitsu Kosan Co., Ltd.			713,196		0.0
21,091	Iida Group Holdings Co. Ltd.			323,797		0.0
149,116 (3)	Inpex Corp.			1,598,566		0.1
83,668	Isuzu Motors Ltd.			925,484		0.1
7,700	Ito En Ltd.			346,290		0.0
170,516	Itochu Corp.			4,600,175		0.2
13,500	Itochu Techno-Solutions Corp.			331,927		0.0
20,678 (2)	Japan Airlines Co. Ltd.			355,281		0.0
72,014	Japan Exchange Group, Inc.			1,043,816		0.1
1,002	Japan Metropolitan Fund Invest			780,734		0.0
59,200	Japan Post Bank Co. Ltd.			460,899		0.0
351,300	Japan Post Holdings Co. Ltd.			2,513,525		0.1
28,700	Japan Post Insurance Co. Ltd.			459,335		0.0
179	Japan Real Estate Investment Corp.			824,229		0.0
172,102 (3)	Japan Tobacco, Inc.			2,982,319		0.2
70,502	JFE Holdings, Inc.			741,696		0.0
25,935	JSR Corp.			673,952		0.0
60,654	Kajima Corp.			695,496		0.0
18,923	Kakaku.com, Inc.			314,293		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
100,962	Kansai Electric Power Co., Inc.		$	999,379		0.1
68,075 (3)	Kao Corp.			2,760,405		0.1
231,301	KDDI Corp.			7,293,932		0.4
14,768	Keio Corp.			529,783		0.0
19,798	Keisei Electric Railway Co., Ltd.			546,663		0.0
27,888	Keyence Corp.			9,563,861		0.5
20,834	Kikkoman Corp.			1,108,720		0.1
24,597	Kintetsu Group Holdings Co., Ltd.			765,254		0.0
117,956 (3)	Kirin Holdings Co., Ltd.			1,863,356		0.1
7,600	Kobayashi Pharmaceutical Co., Ltd.			470,678		0.0
21,600	Kobe Bussan Co. Ltd.			530,950		0.0
8,420	Koei Tecmo Holdings Co. Ltd.			273,024		0.0
15,000	Koito Manufacturing Co., Ltd.			476,428		0.0
132,583	Komatsu Ltd.			2,952,248		0.2
13,366	Konami Holdings Corp.			740,497		0.0
4,800	Kose Corp.			437,453		0.0
146,322 (3)	Kubota Corp.			2,192,797		0.1
15,048	Kurita Water Industries, Ltd.			544,713		0.0
45,994	Kyocera Corp.			2,458,674		0.1
38,714	Kyowa Kirin Co., Ltd.			874,044		0.1
10,800 (3)	Lasertec Corp.			1,286,320		0.1
42,692	Lixil Corp.			802,421		0.0
63,300	M3, Inc.			1,822,089		0.1
32,108	Makita Corp.			795,846		0.0
224,356	Marubeni Corp.			2,012,829		0.1
81,566	Mazda Motor Corp.			665,781		0.0
12,400 (3)	McDonald’s Holdings Co. Japan Ltd.			451,680		0.0
16,388	MEIJI Holdings Co., Ltd.			805,271		0.0
52,100	Minebea Mitsumi, Inc.			887,956		0.1
40,800	MISUMI Group, Inc.			861,675		0.1
183,648	Mitsubishi Chemical Holdings Corp.			997,883		0.1
181,093	Mitsubishi Corp.			5,393,163		0.3
277,161	Mitsubishi Electric Corp.			2,979,247		0.2
169,627	Mitsubishi Estate Co., Ltd.			2,458,463		0.1
94,676	Mitsubishi HC Capital, Inc.			436,965		0.0
45,919	Mitsubishi Heavy Industries Ltd.			1,604,948		0.1
1,714,406	Mitsubishi UFJ Financial Group, Inc.			9,172,162		0.5
200,201	Mitsui & Co., Ltd.			4,399,324		0.2
26,414	Mitsui Chemicals, Inc.			563,397		0.0
130,719	Mitsui Fudosan Co., Ltd.			2,808,478		0.1
49,300	Mitsui OSK Lines Ltd.			1,134,123		0.1
346,006	Mizuho Financial Group, Inc.			3,939,250		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
35,900	MonotaRO Co. Ltd.		$	535,402		0.0
63,854	MS&AD Insurance Group Holdings, Inc.			1,957,980		0.1
82,344	Murata Manufacturing Co., Ltd.			4,481,763		0.2
35,220	NEC Corp.			1,374,177		0.1
70,900	Nexon Co. Ltd.			1,455,915		0.1
34,169	NGK Insulators Ltd.			460,341		0.0
64,184	Nidec Corp.			3,977,282		0.2
43,400	Nihon M&A Center Holdings, Inc.			462,651		0.0
15,794	Nintendo Co., Ltd.			6,792,312		0.3
220 (3)	Nippon Building Fund, Inc.			1,097,958		0.1
11,022	NIPPON EXPRESS HOLDINGS INC			600,403		0.0
118,985 (3)	Nippon Paint Holdings Co., Ltd.			890,269		0.1
306	Nippon Prologis REIT, Inc.			753,668		0.0
24,825	Nippon Sanso Holdings Corp.			397,478		0.0
7,100	Nippon Shinyaku Co., Ltd.			433,387		0.0
115,880	Nippon Steel Corp.			1,621,753		0.1
171,396	Nippon Telegraph & Telephone Corp.			4,924,750		0.3
23,203	Nippon Yusen KK			1,590,912		0.1
18,500	Nissan Chemical Corp.			853,912		0.1
332,892	Nissan Motor Co., Ltd.			1,303,809		0.1
28,367	Nisshin Seifun Group, Inc.			331,981		0.0
9,017	Nissin Food Products Co., Ltd.			622,815		0.0
11,506	Nitori Co., Ltd.			1,094,944		0.1
20,442	Nitto Denko Corp.			1,322,159		0.1
417,426	Nomura Holdings, Inc.			1,516,552		0.1
17,045	Nomura Real Estate Holdings, Inc.			417,013		0.0
609	Nomura Real Estate Master Fund, Inc.			760,703		0.0
48,168	Nomura Research Institute Ltd.			1,292,663		0.1
90,520	NTT Data Corp.			1,255,770		0.1
93,115	Obayashi Corp.			677,250		0.0
10,000	Obic Co., Ltd.			1,422,062		0.1
42,327	Odakyu Electric Railway Co., Ltd.			571,067		0.0
116,426	Oji Holdings Corp.			504,396		0.0
177,028	Olympus Corp.			3,587,507		0.2
26,623	Omron Corp.			1,355,024		0.1
53,090	Ono Pharmaceutical Co., Ltd.			1,363,844		0.1
11,800	Open House Group Co. Ltd.			469,708		0.0
5,500	Oracle Corp. Japan			320,293		0.0
28,680	Oriental Land Co., Ltd.			4,005,218		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
171,463	ORIX Corp.		$	2,873,694		0.2
53,765	Osaka Gas Co., Ltd.			1,030,419		0.1
16,322	Otsuka Corp.			485,757		0.0
56,046 (3)	Otsuka Holdings Co. Ltd.			2,000,658		0.1
54,568	Pan Pacific International Holdings Corp.			869,991		0.1
316,731	Panasonic Holdings Corp.			2,557,345		0.1
25,500	Persol Holdings Co. Ltd.			465,582		0.0
124,770 (3)	Rakuten Group, Inc.			564,161		0.0
206,800	Recruit Holdings Co. Ltd.			6,090,352		0.3
167,300 (2)	Renesas Electronics Corp.			1,513,958		0.1
309,913	Resona Holdings, Inc.			1,159,234		0.1
82,332	Ricoh Co., Ltd.			642,779		0.0
12,550	Rohm Co., Ltd.			879,752		0.1
35,170	SBI Holdings, Inc.			687,208		0.0
22,400	SCSK Corp.			380,409		0.0
30,106	Secom Co., Ltd.			1,858,887		0.1
40,116	Seiko Epson Corp.			567,520		0.0
54,119	Sekisui Chemical Co., Ltd.			741,971		0.0
88,385	Sekisui House Ltd.			1,551,630		0.1
108,071	Seven & I Holdings Co., Ltd.			4,193,198		0.2
41,300	SG Holdings Co. Ltd.			698,380		0.0
34,300	Sharp Corp.			265,313		0.0
33,972	Shimadzu Corp.			1,076,760		0.1
10,555	Shimano, Inc.			1,778,062		0.1
79,192	Shimizu Corp.			437,486		0.0
53,789	Shin-Etsu Chemical Co., Ltd.			6,046,474		0.3
38,032	Shionogi & Co., Ltd.			1,941,094		0.1
57,362	Shiseido Co., Ltd.			2,312,101		0.1
63,981	Shizuoka Bank Ltd.			385,221		0.0
8,236	SMC Corp.			3,666,169		0.2
411,900	SoftBank Corp.			4,573,137		0.2
172,992	SoftBank Group Corp.			6,704,911		0.3
44,913	Sompo Holdings, Inc.			1,983,715		0.1
180,870	Sony Group Corp.			14,751,175		0.7
12,300	Square Enix Holdings Co., Ltd.			545,957		0.0
88,235	Subaru Corp.			1,560,741		0.1
50,200	Sumco Corp.			652,846		0.0
213,671	Sumitomo Chemical Co., Ltd.			836,244		0.0
161,555	Sumitomo Corp.			2,196,090		0.1
102,433	Sumitomo Electric Industries Ltd.			1,131,938		0.1
35,480	Sumitomo Metal Mining Co., Ltd.			1,100,033		0.1
187,251	Sumitomo Mitsui Financial Group, Inc.			5,566,054		0.3
48,485	Sumitomo Mitsui Trust Holdings, Inc.			1,498,476		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
44,396	Sumitomo Realty & Development Co., Ltd.		$	1,171,997		0.1
19,934 (3)	Suntory Beverage & Food Ltd.			752,768		0.0
52,844	Suzuki Motor Corp.			1,661,306		0.1
24,038	Sysmex Corp.			1,450,469		0.1
76,011	T&D Holdings, Inc.			909,894		0.1
27,361	Taisei Corp.			853,116		0.1
215,622	Takeda Pharmaceutical Co., Ltd.			6,056,467		0.3
55,736	TDK Corp.			1,723,261		0.1
92,628	Terumo Corp.			2,802,094		0.1
32,400	TIS, Inc.			852,467		0.1
27,085	Tobu Railway Co., Ltd.			618,261		0.0
16,000	Toho Co., Ltd.			579,602		0.0
89,988	Tokio Marine Holdings, Inc.			5,247,376		0.3
218,966 (2)	Tokyo Electric Power Co., Inc.			915,981		0.1
21,465	Tokyo Electron Ltd.			7,006,033		0.4
56,972	Tokyo Gas Co., Ltd.			1,180,691		0.1
76,194	Tokyu Corp.			899,354		0.1
37,616	Toppan, Inc.			627,582		0.0
198,903	Toray Industries, Inc.			1,119,592		0.1
55,861	Toshiba Corp.			2,269,649		0.1
37,300	Tosoh Corp.			463,965		0.0
20,334	Toto Ltd.			673,287		0.0
21,005	Toyota Industries Corp.			1,302,463		0.1
1,520,990	Toyota Motor Corp.			23,467,820		1.2
30,454	Toyota Tsusho Corp.			992,886		0.1
19,153	Trend Micro, Inc.			936,992		0.1
57,878	Unicharm Corp.			1,942,226		0.1
31,426	USS Co., Ltd.			544,678		0.0
13,200	Welcia Holdings Co. Ltd.			265,379		0.0
31,521	West Japan Railway Co.			1,159,609		0.1
18,385	Yakult Honsha Co., Ltd.			1,060,437		0.1
20,107	Yamaha Corp.			828,910		0.0
42,704 (3)	Yamaha Motor Co., Ltd.			784,163		0.0
41,801	Yamato Holdings Co., Ltd.			668,948		0.0
34,442	Yaskawa Electric Corp.			1,112,413		0.1
32,773	Yokogawa Electric Corp.			542,171		0.0
381,344	Z Holdings Corp.			1,108,977		0.1
17,900	ZOZO, Inc.			323,860		0.0
				435,104,216		21.8
	Luxembourg: 0.1%
19,301	Eurofins Scientific SE			1,524,364		0.1
67,725	Tenaris S.A.			869,873		0.0
				2,394,237		0.1
	Macau: 0.1%
312,159	Galaxy Entertainment Group Ltd.			1,870,012		0.1
348,402 (2)	Sands China Ltd.			838,151		0.0
				2,708,163		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Netherlands: 6.4%
60,667 (4)	ABN AMRO Bank NV		$	681,691		0.0
3,108 (2)(4)	Adyen NV			4,485,274		0.2
256,776 (3)	Aegon NV			1,105,844		0.1
19,316 (2)	AerCap Holdings NV			790,797		0.1
84,556	Airbus SE			8,270,448		0.4
26,047	Akzo Nobel NV			1,703,427		0.1
87,426	ArcelorMittal SA			1,960,570		0.1
6,940 (2)(3)	Argenx SE			2,616,068		0.1
6,717	ASM International NV			1,671,245		0.1
58,297 (3)	ASML Holding NV			27,541,830		1.4
12,289 (4)	Euronext NV			1,007,860		0.0
15,554	EXOR NV			971,973		0.0
14,458	Heineken Holding NV			1,050,301		0.1
37,175	Heineken NV			3,383,743		0.2
8,173	IMCD NV			1,117,536		0.1
559,924	ING Groep NV			5,516,174		0.3
14,420 (3)	JDE Peet’s NV			410,573		0.0
26,206 (2)(3)(4)	Just Eat Takeaway.com NV			411,788		0.0
149,979	Koninklijke Ahold Delhaize NV			3,903,823		0.2
25,068	Koninklijke DSM NV			3,591,020		0.2
473,766	Koninklijke KPN NV			1,685,728		0.1
126,769	Koninklijke Philips NV			2,719,020		0.1
41,031	NN Group NV			1,858,420		0.1
15,110	OCI NV			497,056		0.0
118,961	Prosus NV			7,703,191		0.4
33,106 (2)	QIAGEN NV			1,556,589		0.1
17,149 (3)	Randstad NV			828,822		0.0
1,091,215	Shell PLC			28,418,281		1.4
314,501	Stellantis NV			3,906,272		0.2
104,030	Universal Music Group NV			2,084,357		0.1
37,650	Wolters Kluwer NV			3,648,977		0.2
				127,098,698		6.4
	New Zealand: 0.2%
179,532 (2)	Auckland International Airport Ltd.			804,234		0.0
82,771	Fisher & Paykel Healthcare Corp. Ltd.			1,031,138		0.1
97,709	Mercury NZ Ltd.			344,045		0.0
184,661	Meridian Energy Ltd.			538,869		0.0
268,114	Spark New Zealand Ltd.			802,399		0.0
19,303 (2)	Xero Ltd.			1,029,635		0.1
				4,550,320		0.2
	Norway: 0.8%
41,796 (2)	Adevinta ASA			307,699		0.0
45,323 (3)	Aker BP ASA			1,569,665		0.1
133,413	DNB Bank ASA			2,415,251		0.1
140,166	Equinor ASA			4,884,140		0.2
28,684	Gjensidige Forsikring ASA			583,906		0.0
12,824	Kongsberg Gruppen ASA			461,218		0.0
59,332	Mowi ASA			1,356,785		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Norway (continued)
192,879	Norsk Hydro ASA		$	1,090,010		0.1
107,720	Orkla ASA			862,912		0.0
8,447	Salmar ASA			598,016		0.0
100,356	Telenor ASA			1,341,080		0.1
23,746	Yara International ASA			994,982		0.1
				16,465,664		0.8
	Portugal: 0.2%
398,133	EDP - Energias de Portugal SA			1,855,441		0.1
71,891	Galp Energia SGPS SA			841,200		0.0
40,614	Jeronimo Martins SGPS SA			880,448		0.1
				3,577,089		0.2
	Singapore: 1.4%
481,637	Ascendas Real Estate Investment Trust			988,487		0.1
758,240	CapitaLand Integrated Commercial Trust			1,185,297		0.1
373,096	Capitaland Investment Ltd./Singapore			1,026,880		0.1
58,681	City Developments Ltd.			344,663		0.0
259,820	DBS Group Holdings Ltd.			5,559,475		0.3
867,312	Genting Singapore Ltd.			449,826		0.0
155,678 (2)(3)	Grab Holdings Ltd.			393,865		0.0
208,904	Keppel Corp., Ltd.			975,920		0.1
326,100	Mapletree Commercial Trust			429,788		0.0
469,494	Mapletree Logistics Trust			568,161		0.0
485,622	Oversea-Chinese Banking Corp., Ltd.			3,983,580		0.2
51,423 (2)	Sea Ltd. ADR			3,438,142		0.2
192,200 (2)	Singapore Airlines Ltd.			706,232		0.0
122,951	Singapore Exchange Ltd.			837,656		0.0
223,906	Singapore Technologies Engineering Ltd.			659,138		0.0
1,184,250	Singapore Telecommunications Ltd.			2,155,414		0.1
169,256	United Overseas Bank Ltd.			3,197,607		0.2
66,600	UOL Group Ltd.			353,020		0.0
39,700	Venture Corp. Ltd.			475,546		0.0
275,476	Wilmar International Ltd.			801,796		0.0
				28,530,493		1.4
	Spain: 2.5%
3,540 (3)	Acciona SA			652,278		0.0
31,696 (3)	ACS Actividades de Construccion y Servicios SA			772,487		0.0
10,757 (2)(4)	Aena SME SA			1,372,610		0.1
64,611 (2)	Amadeus IT Group SA			3,617,854		0.2
956,313	Banco Bilbao Vizcaya Argentaria SA			4,344,147		0.2
2,487,008	Banco Santander SA			7,036,809		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Spain (continued)
635,835	CaixaBank SA		$	2,226,737		0.1
77,944 (4)	Cellnex Telecom SA			3,033,453		0.2
41,329 (3)	EDP Renovaveis S.A.			976,302		0.1
35,696 (3)	Enagas			789,475		0.0
45,554 (3)	Endesa S.A.			861,768		0.0
69,175	Ferrovial SA - FERE			1,760,080		0.1
42,781 (3)	Grifols SA			811,319		0.0
830,952	Iberdrola S.A. - IBEE			8,651,420		0.4
156,447	Industria de Diseno Textil SA			3,555,347		0.2
20,859 (3)	Naturgy Energy Group SA			602,737		0.0
58,202 (3)	Red Electrica Corp. SA			1,101,744		0.1
208,107 (3)	Repsol SA			3,067,927		0.2
34,192 (2)	Siemens Gamesa Renewable Energy SA			644,670		0.0
770,015 (3)	Telefonica S.A.			3,931,356		0.2
				49,810,520		2.5
	Sweden: 3.1%
42,111	Alfa Laval AB			1,020,859		0.1
143,750	Assa Abloy AB			3,067,632		0.2
385,237	Atlas Copco AB - A Shares			3,605,836		0.2
223,862	Atlas Copco AB - B Shares			1,875,723		0.1
39,227	Boliden AB			1,254,499		0.1
32,348 (3)	Electrolux AB			436,920		0.0
91,617 (2)(3)	Embracer Group AB			703,719		0.0
94,516	Epiroc AB-A			1,465,476		0.1
55,930	Epiroc AB-B			757,931		0.0
42,436	EQT AB			872,190		0.1
87,343	Essity AB			2,283,195		0.1
26,224 (4)	Evolution AB			2,398,999		0.1
89,466 (2)(3)	Fastighets AB Balder			428,603		0.0
32,806	Getinge AB			760,324		0.0
104,745 (3)	H & M Hennes & Mauritz AB			1,257,217		0.1
279,157	Hexagon AB			2,916,927		0.2
13,455	Holmen AB			548,071		0.0
60,081	Husqvarna AB - B Shares			442,847		0.0
18,702	Industrivarden AB-Class A			422,795		0.0
22,086	Industrivarden AB-Class C			493,717		0.0
39,174	Indutrade AB			718,766		0.0
21,234 (3)	Investment AB Latour			421,768		0.0
71,525 (3)	Investor AB-A SHS			1,288,224		0.1
261,303	Investor AB-B SHS			4,309,349		0.2
34,730 (2)(3)	Kinnevik AB			562,147		0.0
33,433	Lifco AB			539,897		0.0
10,900	Lundbergforetagen AB			444,467		0.0
217,354	Nibe Industrier AB			1,638,468		0.1
27,298 (3)	Sagax AB			506,096		0.0
152,919	Sandvik AB			2,492,137		0.1
44,909 (3)	Securitas AB			388,275		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Sweden (continued)
79,987 (2)(3)(4)	Sinch AB		$	261,274		0.0
233,419	Skandinaviska Enskilda Banken AB			2,299,607		0.1
48,792 (3)	Skanska AB			750,691		0.0
54,981 (3)	SKF AB - B Shares			815,714		0.1
86,895	Svenska Cellulosa AB SCA			1,305,602		0.1
209,191	Svenska Handelsbanken AB			1,795,676		0.1
129,883	Swedbank AB			1,647,253		0.1
226,605	Swedish Match AB			2,311,946		0.1
24,226 (2)	Swedish Orphan Biovitrum AB			526,193		0.0
81,409 (3)	Tele2 AB			928,296		0.1
418,613	Telefonaktiebolaget LM Ericsson			3,126,628		0.2
381,250	Telia Co. AB			1,463,277		0.1
28,719	Volvo AB			465,095		0.0
216,428	Volvo AB - B Shares			3,367,488		0.2
85,465 (2)(3)	Volvo Car AB			567,887		0.0
				61,955,701		3.1
	Switzerland: 10.9%
235,571	ABB Ltd.			6,317,587		0.3
23,142	Adecco Group AG			788,791		0.0
71,667	Alcon, Inc.			5,025,402		0.3
4,445 (3)	Bachem Holding AG			309,817		0.0
6,569	Baloise Holding AG			1,075,301		0.1
512	Barry Callebaut AG			1,145,559		0.1
153	Chocoladefabriken Lindt & Spruengli AG - Participation Certificate			1,557,853		0.1
16	Chocoladefabriken Lindt & Spruengli AG - Registered			1,677,683		0.1
74,866	Cie Financiere Richemont SA			8,052,825		0.4
30,945 (2)(3)	Clariant AG			590,068		0.0
28,863	Coca-Cola HBC AG			643,116		0.0
380,172	Credit Suisse Group AG			2,169,964		0.1
1,006	EMS-Chemie Holding AG			750,779		0.0
5,145	Geberit AG - Reg			2,475,278		0.1
1,324 (3)	Givaudan			4,666,720		0.2
1,418,247	Glencore PLC			7,681,846		0.4
79,503	Holcim AG			3,409,848		0.2
31,728	Julius Baer Group Ltd.			1,471,865		0.1
7,793	Kuehne & Nagel International AG			1,851,636		0.1
24,827 (3)	Logitech International SA			1,294,610		0.1
10,680	Lonza Group AG			5,704,588		0.3
403,729	Nestle SA			47,184,922		2.4
314,232	Novartis AG			26,640,787		1.3
3,255	Partners Group			2,939,580		0.1
3,825	Roche Holding AG-BR			1,480,267		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Switzerland (continued)
100,762	Roche Holding AG-GENUSSCHEIN		$	33,684,721		1.7
5,840	Schindler Holding AG - Part Cert			1,067,897		0.1
3,367	Schindler Holding AG - Reg			606,392		0.0
914	SGS SA			2,096,424		0.1
20,864	Sika AG			4,816,189		0.2
7,701	Sonova Holding AG - Reg			2,461,098		0.1
98,022	STMicroelectronics NV-STM1			3,099,965		0.2
15,984	Straumann Holding AG			1,925,531		0.1
4,150	Swatch Group AG - BR			985,785		0.1
7,546	Swatch Group AG - Reg			336,690		0.0
4,522	Swiss Life Holding AG			2,207,494		0.1
11,003	Swiss Prime Site AG			966,769		0.0
43,259	Swiss Re Ltd.			3,357,677		0.2
3,715	Swisscom AG			2,054,843		0.1
9,112	Temenos AG			779,806		0.0
504,454	UBS Group AG			8,155,372		0.4
3,872 (4)	VAT Group AG			926,014		0.0
6,526 (2)	Vifor Pharma AG			1,131,360		0.1
21,579	Zurich Insurance Group AG			9,410,029		0.5
				216,976,748		10.9
	United Arab Emirates: —%
19,351 (1)	NMC Health PLC			—		—

	United Kingdom: 14.1%
139,582	3i Group PLC			1,891,870		0.1
312,761 (3)	Abrdn PLC			610,496		0.0
25,777	Admiral Group Plc			705,778		0.0
182,307	Anglo American PLC			6,517,216		0.3
56,557 (3)	Antofagasta PLC			798,639		0.0
63,796	Ashtead Group PLC			2,683,806		0.1
51,094	Associated British Foods PLC			985,888		0.1
222,219	AstraZeneca PLC			29,315,539		1.5
135,549 (4)	Auto Trader Group PLC			918,013		0.0
17,298 (3)	AVEVA Group PLC			474,874		0.0
405,766	Aviva PLC			1,987,551		0.1
451,267	BAE Systems PLC			4,568,626		0.2
2,403,236	Barclays PLC			4,493,951		0.2
146,655	Barratt Developments PLC			820,339		0.0
16,074	Berkeley Group Holdings PLC			730,797		0.0
2,792,795	BP PLC			13,113,558		0.7
312,240	British American Tobacco PLC			13,383,944		0.7
126,282	British Land Co. PLC			690,808		0.0
996,560 (3)	BT Group PLC			2,264,941		0.1
48,390	Bunzl PLC			1,607,068		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
57,335	Burberry Group PLC		$	1,150,225		0.1
146,763	CNH Industrial NV			1,697,373		0.1
23,965	Coca-Cola Europacific Partners PLC			1,227,200		0.1
5,486	Coca-Cola European Partners PLC - USD			283,132		0.0
255,899	Compass Group PLC			5,253,964		0.3
60,857	CRH PLC - London			2,097,163		0.1
20,010	Croda International PLC			1,581,631		0.1
332,082	Diageo PLC			14,343,527		0.7
84,138 (2)	Entain PLC			1,280,385		0.1
132,253	Experian PLC			3,883,056		0.2
31,367	Ferguson PLC			3,513,810		0.2
729,092	GSK PLC			15,713,104		0.8
54,449	Halma PLC			1,336,840		0.1
51,020	Hargreaves Lansdown PLC			492,264		0.0
24,901	Hikma Pharmaceuticals PLC			491,311		0.0
2,904,590	HSBC Holdings PLC			18,974,303		1.0
129,493	Imperial Brands PLC			2,899,055		0.1
214,437 (2)	Informa PLC			1,385,395		0.1
26,392 (3)	InterContinental Hotels Group PLC			1,402,682		0.1
23,147	Intertek Group PLC			1,189,750		0.1
250,941 (3)	J Sainsbury Plc			624,507		0.0
369,892	JD Sports Fashion PLC			521,184		0.0
26,873	Johnson Matthey PLC			633,683		0.0
293,961	Kingfisher PLC			878,499		0.0
101,027	Land Securities Group PLC			819,831		0.0
856,286	Legal & General Group PLC			2,503,417		0.1
10,181,752	Lloyds Banking Group Plc			5,238,578		0.3
47,193	London Stock Exchange Group PLC			4,403,661		0.2
372,881	M&G PLC			883,997		0.0
627,097	Melrose Industries PLC			1,150,253		0.1
69,639	Mondi PLC			1,236,103		0.1
522,756	National Grid PLC			6,717,906		0.3
805,926	Natwest Group PLC			2,145,184		0.1
18,970	Next PLC			1,355,223		0.1
82,758 (2)	Ocado Group PLC			788,909		0.0
97,743	Pearson PLC			895,080		0.0
45,783	Persimmon PLC			1,041,650		0.1
107,516	Phoenix Group Holdings PLC			774,604		0.0
393,893	Prudential PLC			4,899,729		0.2
102,521	Reckitt Benckiser Group PLC			7,710,838		0.4
277,313	Relx PLC (GBP Exchange)			7,529,427		0.4
266,667	Rentokil Initial Plc			1,545,858		0.1
161,119	Rio Tinto PLC			9,632,767		0.5
1,200,087 (2)(3)	Rolls-Royce Holdings PLC			1,221,283		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
145,993	Sage Group PLC/The		$	1,130,539		0.1
17,829	Schroders PLC			582,425		0.0
172,457	Segro PLC			2,058,752		0.1
35,896	Severn Trent PLC			1,191,754		0.1
126,146	Smith & Nephew PLC			1,764,125		0.1
55,523	Smiths Group PLC			949,492		0.1
10,558	Spirax-Sarco Engineering PLC			1,273,387		0.1
152,866	SSE PLC			3,016,863		0.2
77,545	St. James’s Place PLC			1,043,394		0.1
373,941	Standard Chartered PLC			2,823,029		0.1
523,313	Taylor Wimpey PLC			745,429		0.0
1,094,681	Tesco PLC			3,411,688		0.2
217,970	Unilever PLC			9,900,323		0.5
149,326	Unilever PLC - ULVRL			6,806,251		0.3
97,797	United Utilities Group PLC			1,217,405		0.1
3,863,694 (3)	Vodafone Group PLC			6,007,631		0.3
28,971	Whitbread PLC			878,535		0.0
163,818	WPP PLC			1,654,767		0.1
				280,367,832		14.1
	Total Common Stock (Cost $1,644,645,346)			1,951,658,514		97.9

PREFERRED STOCK: 0.4%
	Germany: 0.4%
8,274	Bayerische Motoren Werke AG			590,149		0.0
25,552	Henkel AG & Co. KGaA			1,581,180		0.1
21,961	Porsche AG			1,460,655		0.1
3,490	Sartorius AG			1,224,885		0.0
26,617	Volkswagen AG			3,583,721		0.2
	Total Preferred Stock (Cost $8,743,368)			8,440,590		0.4

RIGHTS: 0.0%
	Belgium: 0.0%
39 (2)(3)	Elia Group SA/NV			18		0.0
	Total Rights (Cost $—)			18		0.0
	Total Long-Term Investments (Cost $1,653,388,714)			1,960,099,122		98.3

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 8.2%

Commercial Paper: 0.1%

2,742,000 (5)

Liberty Street Funding LLC,
1.550%, 07/01/2022

(Cost $2,741,882)

2,741,882

0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 3.4%
2,220,114 (5)	Bank of America Inc., Repurchase Agreement dated 06/30/22, 1.45%, due 07/01/22 (Repurchase Amount $2,220,202, collateralized by various U.S. Government Securities, 2.375%, Market Value plus accrued interest $2,264,516, due 05/15/29)		$	2,220,114		0.1
14,019,865 (5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $14,020,460, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.000%, Market Value plus accrued interest $14,300,262, due 08/01/22-01/20/68)			14,019,865		0.7
2,430,470 (5)	CF Secured LLC, Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $2,430,569, collateralized by various U.S. Government Securities, 0.000%-4.250%, Market Value plus accrued interest $2,479,079, due 09/15/22- 05/15/52)			2,430,470		0.1
7,836,364 (5)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $7,836,697, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $7,993,497, due 07/21/22- 05/15/52)			7,836,364		0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
4,262,183 (5)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $4,262,358, collateralized by various U.S. Government Securities, 0.000%-3.250%, Market Value plus accrued interest $4,347,427, due 12/29/22-06/30/27)		$	4,262,183		0.2
4,801,900 (5)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $4,802,109, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%- 8.250%, Market Value plus accrued interest $4,898,154, due 08/01/22- 02/20/72)			4,801,900		0.2
23,300,017 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $23,301,006, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.875%, Market Value plus accrued interest $23,766,018, due 08/16/22-05/20/52)			23,300,017		1.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
9,185,098 (5)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $9,185,488, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $9,368,814, due 01/15/25- 02/15/51)		$	9,185,098		0.5
	Total Repurchase Agreements (Cost $68,056,011)			68,056,011		3.4

	Time Deposits: 1.1%
2,450,000 (5)	Barclays Bank PLC, 1.590%, 07/01/2022			2,450,000		0.1
2,450,000 (5)	Canadian Imperial Bank of Commerce, 1.550%, 07/01/2022			2,450,000		0.1
2,420,000 (5)	DZ Bank AG, 1.550%, 07/01/2022			2,420,000		0.1
2,280,000 (5)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022			2,280,000		0.1
2,440,000 (5)	Mizuho Bank Ltd., 1.570%, 07/01/2022			2,440,000		0.1
2,460,000 (5)	Royal Bank of Canada, 1.570%, 07/01/2022			2,460,000		0.2
2,450,000 (5)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022			2,450,000		0.1
2,460,000 (5)	Societe Generale, 1.550%, 07/01/2022			2,460,000		0.2
2,420,000 (5)	Toronto-Dominion Bank, 1.560%, 07/01/2022			2,420,000		0.1
	Total Time Deposits (Cost $21,830,000)			21,830,000		1.1

Shares		Value		Percentage of Net Assets
	Mutual Funds: 3.6%
2,135,000 (5)(6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%		2,135,000		0.1
2,604,000 (5)(6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%		2,604,000		0.1

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
67,084,000 (5)(6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%		$	67,084,000		3.4
	Total Mutual Funds (Cost $71,823,000)			71,823,000		3.6
	Total Short-Term Investments (Cost $164,450,893)			164,450,893		8.2
	Total Investments in Securities (Cost $1,817,839,607)		$	2,124,550,015		106.5
	Liabilities in Excess of Other Assets			(129,583,033)		(6.5)
	Net Assets		$	1,994,966,982		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

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

(2)

Non-income producing security.

(3)

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

(4)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(5)

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

(6)

Rate shown is the 7-day yield as of June 30, 2022.

Sector Diversification	Percentage of Net Assets
Financials		17.4%
Industrials		14.6
Health Care		13.6
Consumer Discretionary		11.1
Consumer Staples		10.7
Information Technology		7.6
Materials		7.4
Communication Services		5.0
Energy		4.6
Utilities		3.5
Real Estate		2.8
Rights		0.0
Short-Term Investments		8.2
Liabilities in Excess of Other Assets		(6.5)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock
Australia		$	995,951		$	148,893,381		$	—		$	149,889,332
Austria			—			3,562,253			—			3,562,253
Belgium			—			17,076,080			—			17,076,080
China			444,777			2,849,132			—			3,293,909
Denmark			—			54,070,590			—			54,070,590
Finland			—			23,797,245			—			23,797,245
France			—			204,454,970			—			204,454,970
Germany			—			143,032,380			—			143,032,380
Hong Kong			348,677			59,173,621			—			59,522,298
Ireland			—			11,098,523			—			11,098,523
Israel			5,049,774			9,881,646			—			14,931,420
Italy			—			37,389,833			—			37,389,833
Japan			—			435,104,216			—			435,104,216
Luxembourg			—			2,394,237			—			2,394,237
Macau			—			2,708,163			—			2,708,163
Netherlands			790,797			126,307,901			—			127,098,698
New Zealand			—			4,550,320			—			4,550,320
Norway			—			16,465,664			—			16,465,664
Portugal			—			3,577,089			—			3,577,089
Singapore			3,832,007			24,698,486			—			28,530,493
Spain			—			49,810,520			—			49,810,520
Sweden			—			61,955,701			—			61,955,701
Switzerland			2,809,043			214,167,705			—			216,976,748
United Arab Emirates			—			—			—			—
United Kingdom			283,132			280,084,700			—			280,367,832
Total Common Stock			14,554,158			1,937,104,356			—			1,951,658,514
Preferred Stock			—			8,440,590			—			8,440,590
Rights			18			—			—			18
Short-Term Investments			71,823,000			92,627,893			—			164,450,893
Total Investments, at fair value		$	86,377,176		$	2,038,172,839		$	—		$	2,124,550,015
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(81)		$	—		$	(81)
Futures			(361,960)			—			—			(361,960)
Total Liabilities		$	(361,960)		$	(81)		$	—		$	(362,041)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following forward foreign currency contracts were outstanding for Voya International Index Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

HKD 11,270,000

USD 1,436,336

The Bank of New York Mellon

07/05/22

(81)

At June 30, 2022, the following futures contracts were outstanding for Voya International Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
MSCI EAFE Index		392		09/16/22		$	36,389,360		$	(361,960)
						$	36,389,360		$	(361,960)

Currency Abbreviations

HKD – Hong Kong Sar Dollar

USD – United States Dollar

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	81
Equity contracts	Variation margin payable on futures contracts*			361,960
Total Liability Derivatives			$	362,041

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(29,018)		$	—		$	(29,018)
Equity contracts			—			(7,714,292)			(7,714,292)
Total		$	(29,018)		$	(7,714,292)		$	(7,743,310)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(81)		$	—		$	(81)
Equity contracts			—			(601,761)			(601,761)
Total		$	(81)		$	(601,761)		$	(601,842)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of June 30, 2022 (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, 2022:

	The Bank of New York Mellon			Totals
Liabilities:
Forward foreign currency contracts		$	81		$	81
Total Liabilities		$	81		$	81
Net OTC derivative instruments by counterparty, at fair value		$	(81)		$	(81)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—
Net Exposure(1)		$	(81)		$	(81)

(1)

At June 30, 2022, 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 $1,878,380,330.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	420,518,026
Gross Unrealized Depreciation		(172,064,928)
Net Unrealized Appreciation	$	248,453,098

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.9%
	Communication Services: 8.7%
20,781 (1)	Alphabet, Inc. - Class A		$	45,287,202		3.9
18,978 (1)	Alphabet, Inc. - Class C			41,513,426		3.6
9,181 (1)	Charter Communications, Inc.			4,301,574		0.4
38,787 (1)	Meta Platforms, Inc.			6,254,404		0.5
15,679 (1)	NetFlix, Inc.			2,741,787		0.2
9,695 (1)	Walt Disney Co.			915,208		0.1
				101,013,601		8.7
	Consumer Discretionary: 15.6%
29,720 (1)	Airbnb, Inc.			2,647,458		0.2
705,872 (1)	Amazon.com, Inc.			74,970,665		6.5
3,225 (1)	Booking Holdings, Inc.			5,640,493		0.5
18,156	Dollar General Corp.			4,456,209		0.4
47,594	Home Depot, Inc.			13,053,606		1.1
45,332	Lowe’s Cos, Inc.			7,918,140		0.7
21,785	Marriott International, Inc.			2,962,978		0.3
14,262	McDonald’s Corp.			3,521,002		0.3
97,309	Nike, Inc. - Class B			9,944,980		0.9
32,783	Starbucks Corp.			2,504,293		0.2
20,264	Target Corp.			2,861,885		0.2
67,340 (1)	Tesla, Inc.			45,348,103		3.9
93,234	TJX Cos., Inc.			5,207,119		0.4
				181,036,931		15.6
	Consumer Staples: 6.4%
232,563	Coca-Cola Co.			14,630,538		1.3
40,430	Colgate-Palmolive Co.			3,240,060		0.3
35,161	Costco Wholesale Corp.			16,851,964		1.4
18,221	Estee Lauder Cos., Inc.			4,640,342		0.4
15,840	Kimberly-Clark Corp.			2,140,776		0.2
27,292 (1)	Monster Beverage Corp.			2,529,968		0.2
92,772	PepsiCo, Inc.			15,461,382		1.3
80,857	Procter & Gamble Co.			11,626,428		1.0
40,312	Sysco Corp.			3,414,830		0.3
				74,536,288		6.4
	Energy: 0.8%
33,947	EOG Resources, Inc.			3,749,107		0.3
53,654	Occidental Petroleum Corp.			3,159,147		0.3
10,520	Pioneer Natural Resources Co.			2,346,802		0.2
				9,255,056		0.8
	Financials: 2.4%
3,012	American Express Co.			417,523		0.0
15,735	Aon PLC			4,243,415		0.4
55,578	Blackstone, Inc.			5,070,381		0.4
66,993	Charles Schwab Corp.			4,232,618		0.4
35,544	Marsh & McLennan Cos., Inc.			5,518,206		0.5
11,966	Moody’s Corp.			3,254,393		0.3
40,334	Progressive Corp.			4,689,634		0.4
				27,426,170		2.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: 11.1%
17,976	Abbott Laboratories		$	1,953,092		0.2
140,356	AbbVie, Inc.			21,496,925		1.8
35,621	Amgen, Inc.			8,666,589		0.7
6,231	Baxter International, Inc.			400,217		0.0
3,944	Cigna Corp.			1,039,323		0.1
3,496	Danaher Corp.			886,306		0.1
49,043 (1)	Edwards Lifesciences Corp.			4,663,499		0.4
5,820	Elevance Health, Inc.			2,808,616		0.2
54,470	Eli Lilly & Co.			17,660,808		1.5
1,092	HCA Healthcare, Inc.			183,522		0.0
7,087	Humana, Inc.			3,317,212		0.3
26,172 (1)	Intuitive Surgical, Inc.			5,252,982		0.4
2,258	McKesson Corp.			736,582		0.1
84,177	Merck & Co., Inc.			7,674,417		0.7
1,637 (1)	Moderna, Inc.			233,845		0.0
1,202 (1)	Regeneron Pharmaceuticals, Inc.			710,538		0.1
14,927	Stryker Corp.			2,969,428		0.3
3,791	Thermo Fisher Scientific, Inc.			2,059,575		0.2
67,598	UnitedHealth Group, Inc.			34,720,361		3.0
19,169 (1)	Vertex Pharmaceuticals, Inc.			5,401,633		0.5
37,390	Zoetis, Inc.			6,426,967		0.5
				129,262,437		11.1
	Industrials: 5.3%
13,534 (1)	Boeing Co.			1,850,368		0.2
36,892	Caterpillar, Inc.			6,594,814		0.6
43,466	CSX Corp.			1,263,122		0.1
22,261	Deere & Co.			6,666,502		0.6
14,956	Emerson Electric Co.			1,189,600		0.1
4,870	General Electric Co.			310,073		0.0
15,900	Honeywell International, Inc.			2,763,579		0.2
22,118	Illinois Tool Works, Inc.			4,031,005		0.4
18,849	Lockheed Martin Corp.			8,104,316		0.7
1,360	Northrop Grumman Corp.			650,855		0.1
129,931 (1)	Uber Technologies, Inc.			2,658,388		0.2
49,856	Union Pacific Corp.			10,633,288		0.9
52,074	United Parcel Service, Inc. - Class B			9,505,588		0.8
30,873	Waste Management, Inc.			4,722,952		0.4
				60,944,450		5.3
	Information Technology: 46.1%
50,321	Accenture PLC			13,971,626		1.2
37,477 (1)	Adobe, Inc.			13,718,831		1.2
101,077 (1)	Advanced Micro Devices, Inc.			7,729,358		0.7
8,332	Analog Devices, Inc.			1,217,222		0.1
1,214,374	Apple, Inc.			166,029,213		14.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
70,023	Applied Materials, Inc.		$	6,370,692		0.5
10,857 (1)	Atlassian Corp. PLC			2,034,602		0.2
17,274 (1)	Autodesk, Inc.			2,970,437		0.3
30,440	Automatic Data Processing, Inc.			6,393,618		0.5
31,713	Broadcom, Inc.			15,406,492		1.3
4,299 (1)	Fiserv, Inc.			382,482		0.0
47,741	International Business Machines Corp.			6,740,552		0.6
21,885	Intuit, Inc.			8,435,354		0.7
11,848	KLA Corp.			3,780,460		0.3
11,003	Lam Research Corp.			4,688,928		0.4
68,364	Mastercard, Inc. - Class A			21,567,475		1.9
16,738	Micron Technology, Inc.			925,277		0.1
594,234	Microsoft Corp.			152,617,118		13.1
191,254	Nvidia Corp.			28,992,194		2.5
82,531	Oracle Corp.			5,766,441		0.5
7,689 (1)	Palo Alto Networks, Inc.			3,797,905		0.3
28,318 (1)	PayPal Holdings, Inc.			1,977,729		0.2
88,987	Qualcomm, Inc.			11,367,199		1.0
16,356 (1)	Salesforce, Inc.			2,699,394		0.2
15,901 (1)	ServiceNow, Inc.			7,561,243		0.6
14,561 (1)	Snowflake, Inc. - Class A			2,024,853		0.2
50,158	Texas Instruments, Inc.			7,706,777		0.7
130,744	Visa, Inc. - Class A			25,742,186		2.2
8,072	VMware, Inc.			920,047		0.1
15,455 (1)	Workday, Inc.			2,157,209		0.2
				535,692,914		46.1
	Materials: 0.8%
17,386	Ecolab, Inc.			2,673,271		0.2
8,379	Linde PLC			2,409,214		0.2
18,989	Sherwin-Williams Co.			4,251,827		0.4
4,458	Southern Copper Corp.			222,053		0.0
				9,556,365		0.8
	Real Estate: 1.7%
28,261	American Tower Corp.			7,223,229		0.6
34,262	Crown Castle International Corp.			5,769,035		0.5
5,439	Equinix, Inc.			3,573,532		0.3
9,851	Public Storage, Inc.			3,080,112		0.3
				19,645,908		1.7
	Total Common Stock (Cost $415,789,663)			1,148,370,120		98.9

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 0.6%
58,352	iShares Russell Top 200 Growth ETF		$	7,308,005		0.6
	Total Exchange-Traded Funds (Cost $7,340,182)			7,308,005		0.6
	Total Long-Term Investments (Cost $423,129,845)			1,155,678,125		99.5

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.2%
	Mutual Funds: 0.2%
2,144,000 (2)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $2,144,000)			2,144,000		0.2
	Total Short-Term Investments (Cost $2,144,000)			2,144,000		0.2
	Total Investments in Securities (Cost $425,273,845)		$	1,157,822,125		99.7
	Assets in Excess of Other Liabilities			3,130,313		0.3
	Net Assets		$	1,160,952,438		100.0

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	1,148,370,120		$	—		$	—		$	1,148,370,120
Exchange-Traded Funds			7,308,005			—			—			7,308,005
Short-Term Investments			2,144,000			—			—			2,144,000
Total Investments, at fair value		$	1,157,822,125		$	—		$	—		$	1,157,822,125
Liabilities Table
Other Financial Instruments+
Futures			(131,499)			—			—			(131,499)
Total Liabilities		$	(131,499)		$	—		$	—		$	(131,499)

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, 2022, the following futures contracts were outstanding for Voya Russell™ Large Cap Growth Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		17		09/16/22		$	3,221,075		$	(131,499)
						$	3,221,075		$	(131,499)

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, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	131,499
Total Liability Derivatives			$	131,499

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(598,579)
Total		$	(598,579)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.1%
	Communication Services: 9.9%
59,899	Activision Blizzard, Inc.		$	4,663,736		0.2
23,249 (1)	Alphabet, Inc. - Class A			50,665,616		2.5
21,232 (1)	Alphabet, Inc. - Class C			46,443,938		2.3
553,988	AT&T, Inc.			11,611,589		0.6
8,936 (1)	Charter Communications, Inc.			4,186,784		0.2
343,741	Comcast Corp. - Class A			13,488,397		0.7
177,243 (1)	Meta Platforms, Inc.			28,580,434		1.4
33,838 (1)	NetFlix, Inc.			5,917,251		0.3
46,049 (1)	T-Mobile US, Inc.			6,195,432		0.3
324,890	Verizon Communications, Inc.			16,488,168		0.8
140,868 (1)	Walt Disney Co.			13,297,939		0.6
				201,539,284		9.9
	Consumer Discretionary: 10.3%
28,927 (1)	Airbnb, Inc.			2,576,817		0.1
687,053 (1)	Amazon.com, Inc.			72,971,899		3.6
3,139 (1)	Booking Holdings, Inc.			5,490,079		0.3
17,672	Dollar General Corp.			4,337,416		0.2
303,505	Ford Motor Co.			3,378,011		0.2
112,393 (1)	General Motors Co.			3,569,602		0.2
79,870	Home Depot, Inc.			21,905,945		1.1
51,128	Lowe’s Cos, Inc.			8,930,528		0.4
21,087	Marriott International, Inc.			2,868,043		0.1
57,125	McDonald’s Corp.			14,103,020		0.7
94,715	Nike, Inc. - Class B			9,679,873		0.5
88,637	Starbucks Corp.			6,770,980		0.3
35,797	Target Corp.			5,055,610		0.2
65,545 (1)	Tesla, Inc.			44,139,314		2.2
90,749	TJX Cos., Inc.			5,068,332		0.2
				210,845,469		10.3
	Consumer Staples: 7.5%
140,000	Altria Group, Inc.			5,847,800		0.3
43,272	Archer-Daniels-Midland Co.			3,357,907		0.2
301,816	Coca-Cola Co.			18,987,245		0.9
63,988	Colgate-Palmolive Co.			5,127,998		0.2
11,956	Constellation Brands, Inc.			2,786,466		0.1
34,224	Costco Wholesale Corp.			16,402,879		0.8
17,753	Estee Lauder Cos., Inc.			4,521,157		0.2
46,538	General Mills, Inc.			3,511,292		0.2
66,239	Keurig Dr Pepper, Inc.			2,344,198		0.1
25,999	Kimberly-Clark Corp.			3,513,765		0.2
53,844	Kraft Heinz Co.			2,053,610		0.1
106,914	Mondelez International, Inc.			6,638,290		0.3
28,793 (1)	Monster Beverage Corp.			2,669,111		0.1
106,862	PepsiCo, Inc.			17,809,621		0.9
119,780	Philip Morris International, Inc.			11,827,077		0.6
184,746	Procter & Gamble Co.			26,564,627		1.3
39,237	Sysco Corp.			3,323,766		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
55,627	Walgreens Boots Alliance, Inc.		$	2,108,263		0.1
111,433	Walmart, Inc.			13,548,024		0.7
				152,943,096		7.5
	Energy: 4.2%
151,909	Chevron Corp.			21,993,385		1.1
100,011	ConocoPhillips			8,981,988		0.4
45,230	EOG Resources, Inc.			4,995,201		0.2
325,875	Exxon Mobil Corp.			27,907,935		1.4
153,494	Kinder Morgan, Inc.			2,572,560		0.1
41,741	Marathon Petroleum Corp.			3,431,528		0.2
63,224	Occidental Petroleum Corp.			3,722,629		0.2
18,618	Pioneer Natural Resources Co.			4,153,303		0.2
109,170	Schlumberger NV			3,903,919		0.2
31,462	Valero Energy Corp.			3,343,781		0.2
				85,006,229		4.2
	Financials: 10.3%
46,536	American Express Co.			6,450,820		0.3
61,230	American International Group, Inc.			3,130,690		0.2
16,258	Aon PLC			4,384,458		0.2
542,903	Bank of America Corp.			16,900,570		0.8
139,457 (1)	Berkshire Hathaway, Inc. - Class B			38,074,550		1.9
11,599	Blackrock, Inc.			7,064,255		0.3
54,096	Blackstone, Inc.			4,935,178		0.2
30,576	Capital One Financial Corp.			3,185,714		0.2
117,490	Charles Schwab Corp.			7,423,018		0.4
32,590	Chubb Ltd.			6,406,542		0.3
152,390	Citigroup, Inc.			7,008,416		0.3
27,719	CME Group, Inc.			5,674,079		0.3
25,713	Goldman Sachs Group, Inc.			7,637,275		0.4
42,648	Intercontinental Exchange, Inc.			4,010,618		0.2
225,467	JPMorgan Chase & Co.			25,389,839		1.2
38,741	Marsh & McLennan Cos., Inc.			6,014,540		0.3
52,993	Metlife, Inc.			3,327,431		0.2
12,351	Moody’s Corp.			3,359,102		0.2
98,632	Morgan Stanley			7,501,950		0.4
31,907	PNC Financial Services Group, Inc.			5,033,967		0.2
45,125	Progressive Corp.			5,246,684		0.3
26,254	S&P Global, Inc.			8,849,173		0.4
18,508	Travelers Cos, Inc.			3,130,258		0.1
102,868	Truist Financial Corp.			4,879,029		0.2
103,717	US Bancorp			4,773,056		0.2
293,156	Wells Fargo & Co.			11,482,921		0.6
				211,274,133		10.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: 16.0%
132,548	Abbott Laboratories		$	14,401,340		0.7
136,614	AbbVie, Inc.			20,923,800		1.0
41,276	Amgen, Inc.			10,042,451		0.5
38,984	Baxter International, Inc.			2,503,942		0.1
21,947	Becton Dickinson & Co.			5,410,594		0.3
110,033 (1)	Boston Scientific Corp.			4,100,930		0.2
164,624	Bristol-Myers Squibb Co.			12,676,048		0.6
44,857 (1)	Centene Corp.			3,795,351		0.2
24,142	Cigna Corp.			6,361,900		0.3
101,325	CVS Health Corp.			9,388,774		0.5
50,038	Danaher Corp.			12,685,634		0.6
47,735 (1)	Edwards Lifesciences Corp.			4,539,121		0.2
18,633	Elevance Health, Inc.			8,991,913		0.4
65,132	Eli Lilly & Co.			21,117,748		1.0
97,032	Gilead Sciences, Inc.			5,997,548		0.3
17,429	HCA Healthcare, Inc.			2,929,118		0.1
9,770	Humana, Inc.			4,573,044		0.2
12,141 (1)	Illumina, Inc.			2,238,315		0.1
27,659 (1)	Intuitive Surgical, Inc.			5,551,438		0.3
203,435	Johnson & Johnson			36,111,747		1.8
11,212	McKesson Corp.			3,657,466		0.2
103,316	Medtronic PLC			9,272,611		0.5
195,545	Merck & Co., Inc.			17,827,838		0.9
26,553 (1)	Moderna, Inc.			3,793,096		0.2
436,892	Pfizer, Inc.			22,906,247		1.1
8,012 (1)	Regeneron Pharmaceuticals, Inc.			4,736,134		0.2
27,156	Stryker Corp.			5,402,143		0.3
30,245	Thermo Fisher Scientific, Inc.			16,431,504		0.8
72,303	UnitedHealth Group, Inc.			37,136,990		1.8
19,737 (1)	Vertex Pharmaceuticals, Inc.			5,561,689		0.3
36,393	Zoetis, Inc.			6,255,593		0.3
				327,322,067		16.0
	Industrials: 6.3%
43,867	3M Co.			5,676,828		0.3
42,357 (1)	Boeing Co.			5,791,049		0.3
41,226	Caterpillar, Inc.			7,369,560		0.4
167,885	CSX Corp.			4,878,738		0.2
21,635	Deere & Co.			6,479,033		0.3
30,879	Eaton Corp. PLC			3,890,445		0.2
45,633	Emerson Electric Co.			3,629,649		0.2
18,553	FedEx Corp.			4,206,151		0.2
19,038	General Dynamics Corp.			4,212,157		0.2
84,721	General Electric Co.			5,394,186		0.3
52,639	Honeywell International, Inc.			9,149,185		0.5
23,947	Illinois Tool Works, Inc.			4,364,341		0.2
53,742	Johnson Controls International plc			2,573,167		0.1
14,869	L3Harris Technologies, Inc.			3,593,837		0.2
18,347	Lockheed Martin Corp.			7,888,476		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
18,379	Norfolk Southern Corp.		$	4,177,363		0.2
11,315	Northrop Grumman Corp.			5,415,020		0.3
114,945	Raytheon Technologies Corp.			11,047,364		0.5
146,035 (1)	Uber Technologies, Inc.			2,987,876		0.1
48,527	Union Pacific Corp.			10,349,839		0.5
56,823	United Parcel Service, Inc. - Class B			10,372,470		0.5
32,070	Waste Management, Inc.			4,906,069		0.2
				128,352,803		6.3
	Information Technology: 29.4%
48,979	Accenture PLC			13,599,019		0.7
36,478 (1)	Adobe, Inc.			13,353,137		0.7
124,851 (1)	Advanced Micro Devices, Inc.			9,547,356		0.5
40,348	Analog Devices, Inc.			5,894,439		0.3
1,181,997	Apple, Inc.			161,602,630		7.9
68,156	Applied Materials, Inc.			6,200,833		0.3
10,567 (1)	Atlassian Corp. PLC			1,980,256		0.1
16,813 (1)	Autodesk, Inc.			2,891,164		0.1
32,275	Automatic Data Processing, Inc.			6,779,041		0.3
39,976 (1)	Block, Inc. - USD			2,456,925		0.1
30,867	Broadcom, Inc.			14,995,497		0.7
321,392	Cisco Systems, Inc.			13,704,155		0.7
40,197	Cognizant Technology Solutions Corp.			2,712,896		0.1
47,193	Fidelity National Information Services, Inc.			4,326,182		0.2
45,986 (1)	Fiserv, Inc.			4,091,374		0.2
316,322	Intel Corp.			11,833,606		0.6
69,563	International Business Machines Corp.			9,821,600		0.5
21,301	Intuit, Inc.			8,210,257		0.4
11,533	KLA Corp.			3,679,950		0.2
10,709	Lam Research Corp.			4,563,640		0.2
65,547	Marvell Technology, Inc.			2,853,261		0.1
66,542	Mastercard, Inc. - Class A			20,992,670		1.0
86,201	Micron Technology, Inc.			4,765,191		0.2
578,392	Microsoft Corp.			148,548,417		7.3
186,156	Nvidia Corp.			28,219,388		1.4
116,929	Oracle Corp.			8,169,829		0.4
7,484 (1)	Palo Alto Networks, Inc.			3,696,647		0.2
89,489 (1)	PayPal Holdings, Inc.			6,249,912		0.3
86,614	Qualcomm, Inc.			11,064,072		0.5
8,131	Roper Technologies, Inc.			3,208,899		0.2
74,392 (1)	Salesforce, Inc.			12,277,656		0.6
15,488 (1)	ServiceNow, Inc.			7,364,854		0.4
15,142 (1)	Snowflake, Inc. - Class A			2,105,647		0.1
71,271	Texas Instruments, Inc.			10,950,789		0.5
127,258	Visa, Inc. - Class A			25,055,828		1.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
16,134	VMware, Inc.		$	1,838,953		0.1
15,043 (1)	Workday, Inc.			2,099,702		0.1
				601,705,672		29.4
	Materials: 1.6%
17,148	Air Products & Chemicals, Inc.			4,123,751		0.2
56,283	Dow, Inc.			2,904,766		0.1
19,165	Ecolab, Inc.			2,946,810		0.1
111,692	Freeport-McMoRan, Inc.			3,268,108		0.2
38,835	Linde PLC			11,166,227		0.6
61,387	Newmont Corp.			3,662,962		0.2
18,482	Sherwin-Williams Co.			4,138,305		0.2
6,523	Southern Copper Corp.			324,911		0.0
				32,535,840		1.6
	Real Estate: 1.6%
35,864	American Tower Corp.			9,166,480		0.5
33,418	Crown Castle International Corp.			5,626,923		0.3
21,937	Digital Realty Trust, Inc.			2,848,081		0.1
7,021	Equinix, Inc.			4,612,937		0.2
57,180	ProLogis, Inc.			6,727,227		0.3
12,076	Public Storage, Inc.			3,775,803		0.2
				32,757,451		1.6
	Utilities: 2.0%
39,731	American Electric Power Co., Inc.			3,811,792		0.2
62,482	Dominion Energy, Inc.			4,986,688		0.2
59,513	Duke Energy Corp.			6,380,389		0.3
75,699	Exelon Corp.			3,430,679		0.2
151,761	NextEra Energy, Inc.			11,755,407		0.6
24,309	Sempra Energy			3,652,913		0.2
82,054	Southern Co.			5,851,271		0.3
				39,869,139		2.0
	Total Common Stock (Cost $1,435,016,994)			2,024,151,183		99.1

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 0.6%
143,221	iShares Russell Top 200 ETF		$	12,862,678		0.6
	Total Exchange-Traded Funds (Cost $12,504,626)			12,862,678		0.6
	Total Long-Term Investments (Cost $1,447,521,620)			2,037,013,861		99.7

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.2%
	Mutual Funds: 0.2%
5,065,000 (2)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $5,065,000)			5,065,000		0.2
	Total Short-Term Investments (Cost $5,065,000)			5,065,000		0.2
	Total Investments in Securities (Cost $1,452,586,620)		$	2,042,078,861		99.9
	Assets in Excess of Other Liabilities			1,495,528		0.1
	Net Assets		$	2,043,574,389		100.0

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	2,024,151,183		$	—		$	—		$	2,024,151,183
Exchange-Traded Funds			12,862,678			—			—			12,862,678
Short-Term Investments			5,065,000			—			—			5,065,000
Total Investments, at fair value		$	2,042,078,861		$	—		$	—		$	2,042,078,861
Liabilities Table
Other Financial Instruments+
Futures		$	(209,650)		$	—		$	—		$	(209,650)
Total Liabilities		$	(209,650)		$	—		$	—		$	(209,650)

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, 2022, the following futures contracts were outstanding for Voya Russell™ Large Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		34		09/16/22		$	6,442,150		$	(209,650)
						$	6,442,150		$	(209,650)

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, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	209,650
Total Liability Derivatives			$	209,650

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,184,391)
Total		$	(1,184,391)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.7%
	Communication Services: 11.3%
85,121	Activision Blizzard, Inc.		$	6,627,521		0.5
4,286 (1)	Alphabet, Inc. - Class A			9,340,308		0.7
3,914 (1)	Alphabet, Inc. - Class C			8,561,679		0.6
784,791	AT&T, Inc.			16,449,219		1.3
487,435	Comcast Corp. – Class A			19,126,949		1.5
197,802 (1)	Meta Platforms, Inc.			31,895,573		2.5
26,343 (1)	NetFlix, Inc.			4,606,601		0.3
65,300 (1)	T-Mobile US, Inc.			8,785,462		0.7
460,703	Verizon Communications, Inc.			23,380,677		1.8
186,339 (1)	Walt Disney Co.			17,590,402		1.4
				146,364,391		11.3
	Consumer Discretionary: 3.8%
431,934	Ford Motor Co.			4,807,425		0.4
159,377 (1)	General Motors Co.			5,061,814		0.4
47,568	Home Depot, Inc.			13,046,475		1.0
9,933	Lowe’s Cos, Inc.			1,734,997		0.1
61,321	McDonald’s Corp.			15,138,929		1.2
80,442	Starbucks Corp.			6,144,964		0.5
22,792	Target Corp.			3,218,914		0.2
				49,153,518		3.8
	Consumer Staples: 8.8%
198,524	Altria Group, Inc.			8,292,348		0.6
61,361	Archer-Daniels-Midland Co.			4,761,614		0.4
106,996	Coca-Cola Co.			6,731,118		0.5
34,933	Colgate-Palmolive Co.			2,799,531		0.2
16,953	Constellation Brands, Inc.			3,951,066		0.3
65,992	General Mills, Inc.			4,979,096		0.4
93,928	Keurig Dr Pepper, Inc.			3,324,112		0.3
15,005	Kimberly-Clark Corp.			2,027,926		0.2
76,545	Kraft Heinz Co.			2,919,426		0.2
151,445	Mondelez International, Inc.			9,403,220		0.7
3,054 (1)	Monster Beverage Corp.			283,106		0.0
23,488	PepsiCo, Inc.			3,914,510		0.3
169,852	Philip Morris International, Inc.			16,771,187		1.3
150,374	Procter & Gamble Co.			21,622,277		1.7
78,577	Walgreens Boots Alliance, Inc.			2,978,068		0.2
158,015	Walmart, Inc.			19,211,464		1.5
				113,970,069		8.8
	Energy: 8.4%
215,412	Chevron Corp.			31,187,349		2.4
141,819	ConocoPhillips			12,736,764		1.0
17,242	EOG Resources, Inc.			1,904,207		0.1
462,101	Exxon Mobil Corp.			39,574,330		3.1
217,659	Kinder Morgan, Inc.			3,647,965		0.3
59,190	Marathon Petroleum Corp.			4,866,010		0.4
15,600	Occidental Petroleum Corp.			918,528		0.1
11,880	Pioneer Natural Resources Co.			2,650,190		0.2
154,806	Schlumberger NV			5,535,863		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
44,615	Valero Energy Corp.		$	4,741,682		0.4
				107,762,888		8.4
	Financials: 20.3%
61,833	American Express Co.			8,571,290		0.7
86,826	American International Group, Inc.			4,439,413		0.3
1,337	Aon PLC			360,562		0.0
769,853	Bank of America Corp.			23,965,524		1.9
197,755 (1)	Berkshire Hathaway, Inc. – Class B			53,991,070		4.2
16,447	Blackrock, Inc.			10,016,881		0.8
43,357	Capital One Financial Corp.			4,517,366		0.3
74,139	Charles Schwab Corp.			4,684,102		0.4
46,214	Chubb Ltd.			9,084,748		0.7
216,093	Citigroup, Inc.			9,938,117		0.8
39,306	CME Group, Inc.			8,045,938		0.6
36,461	Goldman Sachs Group, Inc.			10,829,646		0.8
60,476	Intercontinental Exchange, Inc.			5,687,163		0.4
319,719	JPMorgan Chase & Co.			36,003,557		2.8
5,878	Marsh & McLennan Cos., Inc.			912,559		0.1
75,145	Metlife, Inc.			4,718,355		0.4
998	Moody’s Corp.			271,426		0.0
139,863	Morgan Stanley			10,637,980		0.8
45,245	PNC Financial Services Group, Inc.			7,138,304		0.6
8,318	Progressive Corp.			967,134		0.1
37,229	S&P Global, Inc.			12,548,407		1.0
26,245	Travelers Cos, Inc.			4,438,817		0.3
145,696	Truist Financial Corp.			6,910,361		0.5
147,074	US Bancorp			6,768,345		0.5
415,704	Wells Fargo & Co.			16,283,126		1.3
				261,730,191		20.3
	Health Care: 22.2%
163,147	Abbott Laboratories			17,725,922		1.4
9,365	Amgen, Inc.			2,278,505		0.2
46,532	Baxter International, Inc.			2,988,750		0.2
31,121	Becton Dickinson & Co.			7,672,260		0.6
156,390 (1)	Boston Scientific Corp.			5,828,655		0.5
233,442	Bristol-Myers Squibb Co.			17,975,034		1.4
63,722 (1)	Centene Corp.			5,391,519		0.4
28,791	Cigna Corp.			7,587,004		0.6
143,683	CVS Health Corp.			13,313,667		1.0
66,131	Danaher Corp.			16,765,531		1.3
18,390	Elevance Health, Inc.			8,874,646		0.7
17,179	Eli Lilly & Co.			5,569,947		0.4
137,594	Gilead Sciences, Inc.			8,504,685		0.7
23,207	HCA Healthcare, Inc.			3,900,168		0.3
4,073	Humana, Inc.			1,906,449		0.2
17,216 (1)	Illumina, Inc.			3,173,942		0.2
3,099 (1)	Intuitive Surgical, Inc.			622,000		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
288,477	Johnson & Johnson		$	51,207,552		4.0
12,782	McKesson Corp.			4,169,616		0.3
146,505	Medtronic PLC			13,148,824		1.0
161,104	Merck & Co., Inc.			14,687,852		1.1
35,393 (1)	Moderna, Inc.			5,055,890		0.4
619,526	Pfizer, Inc.			32,481,748		2.5
9,702 (1)	Regeneron Pharmaceuticals, Inc.			5,735,143		0.4
17,906	Stryker Corp.			3,562,041		0.3
37,656	Thermo Fisher Scientific, Inc.			20,457,752		1.6
9,227	UnitedHealth Group, Inc.			4,739,264		0.4
1,569 (1)	Vertex Pharmaceuticals, Inc.			442,129		0.0
				285,766,495		22.2
	Industrials: 7.6%
62,205	3M Co.			8,049,949		0.6
41,384 (1)	Boeing Co.			5,658,020		0.4
7,541	Caterpillar, Inc.			1,348,029		0.1
178,073	CSX Corp.			5,174,801		0.4
43,745	Eaton Corp. PLC			5,511,433		0.4
44,067	Emerson Electric Co.			3,505,089		0.3
26,309	FedEx Corp.			5,964,513		0.5
26,996	General Dynamics Corp.			5,972,865		0.5
113,310	General Electric Co.			7,214,448		0.6
52,698	Honeywell International, Inc.			9,159,439		0.7
3,471	Illinois Tool Works, Inc.			632,590		0.1
76,207	Johnson Controls International plc			3,648,791		0.3
21,084	L3Harris Technologies, Inc.			5,096,003		0.4
26,062	Norfolk Southern Corp.			5,923,632		0.5
14,168	Northrop Grumman Corp.			6,780,380		0.5
162,996	Raytheon Technologies Corp.			15,665,546		1.2
27,749 (1)	Uber Technologies, Inc.			567,745		0.0
8,702	United Parcel Service, Inc. - Class B			1,588,463		0.1
2,865	Waste Management, Inc.			438,288		0.0
				97,900,024		7.6
	Information Technology: 8.8%
37,533 (1)	Advanced Micro Devices, Inc.			2,870,149		0.2
45,715	Analog Devices, Inc.			6,678,504		0.5
3,753	Automatic Data Processing, Inc.			788,280		0.1
56,688 (1)	Block, Inc. - USD			3,484,044		0.3
455,744	Cisco Systems, Inc.			19,432,924		1.5
57,000	Cognizant Technology Solutions Corp.			3,846,930		0.3
66,853	Fidelity National Information Services, Inc.			6,128,415		0.5
59,275 (1)	Fiserv, Inc.			5,273,697		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
448,554	Intel Corp.		$	16,780,405		1.3
32,749	International Business Machines Corp.			4,623,831		0.3
92,947	Marvell Technology, Inc.			4,045,983		0.3
99,133	Micron Technology, Inc.			5,480,072		0.4
51,898	Oracle Corp.			3,626,113		0.3
87,814 (1)	PayPal Holdings, Inc.			6,132,930		0.5
11,568	Roper Technologies, Inc.			4,565,311		0.3
82,915 (1)	Salesforce, Inc.			13,684,292		1.1
1,318 (1)	Snowflake, Inc. - Class A			183,281		0.0
31,835	Texas Instruments, Inc.			4,891,448		0.4
11,737	VMware, Inc.			1,337,783		0.1
				113,854,392		8.8
	Materials: 2.6%
24,265	Air Products & Chemicals, Inc.			5,835,247		0.5
79,811	Dow, Inc.			4,119,046		0.3
3,180	Ecolab, Inc.			488,957		0.0
158,382	Freeport-McMoRan, Inc.			4,634,257		0.4
43,505	Linde PLC			12,508,993		1.0
87,048	Newmont Corp.			5,194,154		0.4
3,198	Southern Copper Corp.			159,292		0.0
				32,939,946		2.6
	Real Estate: 1.5%
11,849	American Tower Corp.			3,028,486		0.2
31,108	Digital Realty Trust, Inc.			4,038,751		0.3
2,449	Equinix, Inc.			1,609,042		0.1
80,951	ProLogis, Inc.			9,523,885		0.8
3,528	Public Storage, Inc.			1,103,100		0.1
				19,303,264		1.5
	Utilities: 4.4%
56,339	American Electric Power Co., Inc.			5,405,164		0.4
88,884	Dominion Energy, Inc.			7,093,832		0.6
84,392	Duke Energy Corp.			9,047,666		0.7
107,335	Exelon Corp.			4,864,422		0.4
215,202	NextEra Energy, Inc.			16,669,547		1.3
34,471	Sempra Energy			5,179,957		0.4
116,321	Southern Co.			8,294,851		0.6
				56,555,439		4.4
	Total Common Stock (Cost $1,161,636,211)			1,285,300,617		99.7
EXCHANGE-TRADED FUNDS: 0.3%
72,883	iShares Russell Top 200 Value ETF			4,502,712		0.3
	Total Exchange-Traded Funds (Cost $4,412,337)			4,502,712		0.3
	Total Long-Term Investments (Cost $1,166,048,548)			1,289,803,329		100.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.3%
	Mutual Funds: 0.3%
3,328,000 (2)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $3,328,000)		$	3,328,000		0.3
	Total Short-Term Investments (Cost $3,328,000)			3,328,000		0.3
	Total Investments in Securities (Cost $1,169,376,548)		$	1,293,131,329		100.3
	Liabilities in Excess of Other Assets			(3,962,531)		(0.3)
	Net Assets		$	1,289,168,798		100.0

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	1,285,300,617		$	—		$	—		$	1,285,300,617
Exchange-Traded Funds			4,502,712			—			—			4,502,712
Short-Term Investments			3,328,000			—			—			3,328,000
Total Investments, at fair value		$	1,293,131,329		$	—		$	—		$	1,293,131,329
Liabilities Table
Other Financial Instruments+
Futures		$	(190,687)		$	—		$	—		$	(190,687)
Total Liabilities		$	(190,687)		$	—		$	—		$	(190,687)

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, 2022, the following futures contracts were outstanding for Voya Russell™ Large Cap Value Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		23		09/16/22		$	4,357,925		$	(190,687)
						$	4,357,925		$	(190,687)

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	190,687
Total Liability Derivatives			$	190,687

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(745,021)
Total		$	(745,021)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(277,649)
Total		$	(277,649)

At June 30, 2022, 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 $1,175,571,282.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	184,097,114
Gross Unrealized Depreciation		(66,727,753)
Net Unrealized Appreciation	$	117,369,361

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.5%
	Communication Services: 4.8%
1,068	Cable One, Inc.		$	1,376,994		0.1
5,079	Electronic Arts, Inc.			617,860		0.1
2,830 (1)	Liberty Broadband Corp. - Series A			321,347		0.0
17,520 (1)	Liberty Broadband Corp. - Series C			2,026,013		0.2
688 (1)	Liberty Media Corp.- Liberty Formula One A Tracking Stock			39,883		0.0
6,567 (1)	Liberty Media Corp.- Liberty Formula One C Tracking Stock			416,807		0.0
6,096 (1)	Liberty Media Corp.- Liberty SiriusXM A Tracking Stock			219,700		0.0
12,571 (1)	Liberty Media Corp.- Liberty SiriusXM C Tracking Stock			453,185		0.1
22,506 (1)	Live Nation Entertainment, Inc.			1,858,545		0.2
2,781 (1)	Madison Square Garden Sports Corp.			419,931		0.0
78,014 (1)	Match Group, Inc.			5,436,796		0.6
1,033	Nexstar Media Group, Inc.			168,255		0.0
35,403 (1)	Pinterest, Inc.			642,918		0.1
27,606 (1)	Playtika Holding Corp.			365,503		0.0
128,642 (1)(2)	ROBLOX Corp.			4,227,176		0.5
9,904 (1)	Roku, Inc.			813,515		0.1
40,909 (1)	Spotify Technology SA			3,838,491		0.4
38,322 (1)	Take-Two Interactive Software, Inc.			4,695,595		0.5
2,417 (1)	TripAdvisor, Inc.			43,023		0.0
201,898 (1)	Twitter, Inc.			7,548,966		0.8
506,080 (1)	Warner Bros Discovery, Inc.			6,791,594		0.7
12,576	World Wrestling Entertainment, Inc.			785,874		0.1
80,312 (1)	ZoomInfo Technologies, Inc.			2,669,571		0.3
				45,777,542		4.8
	Consumer Discretionary: 14.0%
1,409	Advance Auto Parts, Inc.			243,884		0.0
19,832 (1)	Aptiv PLC			1,766,436		0.2
5,261 (1)	Autozone, Inc.			11,306,520		1.2
18,386	Best Buy Co., Inc.			1,198,583		0.1
4,868 (1)	Bright Horizons Family Solutions, Inc.			411,443		0.1
3,881	Brunswick Corp.			253,740		0.0
18,027 (1)	Burlington Stores, Inc.			2,455,818		0.3
41,125 (1)	Caesars Entertainment, Inc.			1,575,087		0.2
5,437 (1)	Carmax, Inc.			491,940		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
30,476 (1)(2)	Carvana Co.		$	688,148		0.1
8,133 (1)	Chipotle Mexican Grill, Inc.			10,631,946		1.1
9,833	Choice Hotels International, Inc.			1,097,658		0.1
10,597	Churchill Downs, Inc.			2,029,643		0.2
49,455	D.R. Horton, Inc.			3,273,426		0.4
26,574	Darden Restaurants, Inc.			3,006,051		0.3
6,976 (1)	Deckers Outdoor Corp.			1,781,322		0.2
19,251 (1)	Dollar Tree, Inc.			3,000,268		0.3
7,672	Domino’s Pizza, Inc.			2,989,855		0.3
64,633 (1)	DoorDash, Inc.			4,147,500		0.4
110,725 (1)(2)	DraftKings, Inc.			1,292,161		0.1
21,283	eBay, Inc.			886,863		0.1
36,951 (1)	Etsy, Inc.			2,705,183		0.3
44,189 (1)	Expedia Group, Inc.			4,190,443		0.4
15,947 (1)	Five Below, Inc.			1,808,868		0.2
30,159 (1)	Floor & Decor Holdings, Inc.			1,898,811		0.2
3,286	Genuine Parts Co.			437,038		0.1
39,676	H&R Block, Inc.			1,401,356		0.2
57,934	Hilton Worldwide Holdings, Inc.			6,456,165		0.7
36,055 (1)	Las Vegas Sands Corp.			1,211,087		0.1
41,190 (1)(2)	Leslie’s, Inc.			625,264		0.1
145,862 (1)(2)	Lucid Group, Inc.			2,502,992		0.3
32,644 (1)	Lululemon Athletica, Inc.			8,899,081		0.9
49,506 (1)	Mattel, Inc.			1,105,469		0.1
16,662 (1)	Mister Car Wash, Inc.			181,283		0.0
27,948	Nordstrom, Inc.			590,541		0.1
9,043 (1)	Norwegian Cruise Line Holdings Ltd.			100,558		0.0
634 (1)	NVR, Inc.			2,538,625		0.3
930 (1)	Ollie’s Bargain Outlet Holdings, Inc.			54,637		0.0
7,790 (1)	O’Reilly Automotive, Inc.			4,921,410		0.5
18,174 (1)	Planet Fitness, Inc.			1,236,014		0.1
12,233	Polaris, Inc.			1,214,492		0.1
11,395	Pool Corp.			4,002,266		0.4
27,012	Pulte Group, Inc.			1,070,486		0.1
1,900 (1)	RH			403,294		0.0
42,778	Ross Stores, Inc.			3,004,299		0.3
11,269 (1)	Six Flags Entertainment Corp.			244,537		0.0
5,902 (1)	Skechers USA, Inc.			209,993		0.0
10,417	Tapestry, Inc.			317,927		0.0
16,633	Toll Brothers, Inc.			741,832		0.1
8,063 (1)	TopBuild Corp.			1,347,811		0.1
32,687	Tractor Supply Co.			6,336,375		0.7
17,606	Travel + Leisure Co.			683,465		0.1
15,019 (1)	Ulta Beauty, Inc.			5,789,524		0.6

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
11,118	Vail Resorts, Inc.		$	2,424,280		0.3
17,276 (1)	Victoria’s Secret & Co.			483,210		0.1
14,295 (1)	Wayfair, Inc.			622,690		0.1
50,433	Wendy’s Company			952,175		0.1
16,076	Williams-Sonoma, Inc.			1,783,632		0.2
18,353	Wyndham Hotels & Resorts, Inc.			1,206,159		0.1
3,911 (1)	Wynn Resorts Ltd.			222,849		0.0
25,455 (1)	YETI Holdings, Inc.			1,101,438		0.1
9,623	Yum! Brands, Inc.			1,092,307		0.1
				132,648,158		14.0
	Consumer Staples: 3.0%
24,705 (1)	BJ’s Wholesale Club Holdings, Inc.			1,539,616		0.2
2,618 (1)	Boston Beer Co., Inc.			793,176		0.1
7,815	Brown-Forman Corp. - Class A			528,607		0.1
31,537	Brown-Forman Corp. - Class B			2,212,636		0.2
32,146	Church & Dwight Co., Inc.			2,978,648		0.3
29,855	Clorox Co.			4,208,958		0.5
3,226 (1)	Darling Ingredients, Inc.			192,915		0.0
7,424 (1)	Freshpet, Inc.			385,231		0.0
1,907 (1)	Grocery Outlet Holding Corp.			81,296		0.0
36,987	Hershey Co.			7,958,123		0.8
40,424	Kellogg Co.			2,883,848		0.3
42,116	Lamb Weston Holdings, Inc.			3,009,609		0.3
36,313 (1)	Olaplex Holdings, Inc.			511,650		0.1
13,730 (1)	Performance Food Group Co.			631,305		0.1
7,201 (1)	Pilgrim’s Pride Corp.			224,887		0.0
				28,140,505		3.0
	Energy: 4.4%
55,912 (1)	Antero Resources Corp.			1,713,703		0.2
42,561	Cheniere Energy, Inc.			5,661,890		0.6
7,931	Continental Resources, Inc.			518,291		0.1
37,864	Coterra Energy, Inc.			976,513		0.1
94,029	Devon Energy Corp.			5,181,938		0.5
29,552	Diamondback Energy, Inc.			3,580,225		0.4
8,942	Enviva, Inc.			511,661		0.1
118,959	Halliburton Co.			3,730,554		0.4
64,443	Hess Corp.			6,827,091		0.7
14,078	New Fortress Energy, Inc.			557,066		0.1
14,681	Oneok, Inc.			814,796		0.1
53,753	Ovintiv, Inc.			2,375,345		0.2
14,817	PDC Energy, Inc.			912,875		0.1
50,705 (1)	Range Resources Corp.			1,254,949		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
23,087 (1)	Southwestern Energy Co.		$	144,294		0.0
66,027	Targa Resources Corp.			3,939,831		0.4
1,673	Texas Pacific Land Corp.			2,489,457		0.3
				41,190,479		4.4
	Financials: 5.4%
570 (1)	Alleghany Corp.			474,867		0.0
20,471	Ameriprise Financial, Inc.			4,865,547		0.5
102,273	Apollo Global Management, Inc.			4,958,195		0.5
34,233 (1)	Arch Capital Group Ltd.			1,557,259		0.2
44,324	Ares Management Corp.			2,520,263		0.3
6,932	Arthur J. Gallagher & Co.			1,130,193		0.1
964	Assurant, Inc.			166,627		0.0
117,742 (2)	Blue Owl Capital, Inc.			1,180,952		0.1
5,250	Brown & Brown, Inc.			306,285		0.0
201 (1)(2)	Credit Acceptance Corp.			95,155		0.0
5,421	Erie Indemnity Co.			1,041,862		0.1
3,514	Everest Re Group Ltd.			984,904		0.1
11,091	Factset Research Systems, Inc.			4,265,266		0.5
879	First Citizens BancShares, Inc.			574,673		0.1
10,366	Lincoln National Corp.			484,818		0.1
23,263	LPL Financial Holdings, Inc.			4,291,558		0.5
894 (1)	Markel Corp.			1,156,165		0.1
10,853	MarketAxess Holdings, Inc.			2,778,477		0.3
6,582	Morningstar, Inc.			1,591,725		0.2
17,348	MSCI, Inc. - Class A			7,149,978		0.8
4,564	Raymond James Financial, Inc.			408,067		0.0
6,957	RenaissanceRe Holdings Ltd.			1,087,866		0.1
19,294 (2)	Rocket Cos, Inc.			142,004		0.0
24,029 (1)	Ryan Specialty Holdings, Inc.			941,697		0.1
923	Signature Bank			165,411		0.0
10,943 (1)	SVB Financial Group			4,322,376		0.5
19,885	Tradeweb Markets, Inc.			1,357,151		0.1
4,095 (1)(2)	Upstart Holdings, Inc.			129,484		0.0
24,596 (2)	UWM Holdings Corp.			87,070		0.0
18,906	Western Alliance Bancorp.			1,334,764		0.1
				51,550,659		5.4
	Health Care: 16.9%
23,808 (1)	10X Genomics, Inc.			1,077,312		0.1
13,056 (1)	Abiomed, Inc.			3,231,491		0.3
78,711	Agilent Technologies, Inc.			9,348,505		1.0
51,066 (1)(2)	agilon health, Inc.			1,114,771		0.1
17,198 (1)	Align Technology, Inc.			4,070,251		0.4

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
35,276 (1)	Alnylam Pharmaceuticals, Inc.		$	5,145,005		0.5
43,603	AmerisourceBergen Corp.			6,168,952		0.7
165,555 (1)	Avantor, Inc.			5,148,761		0.5
11,366	Bio-Techne Corp.			3,939,910		0.4
31,789	Bruker Corp.			1,995,078		0.2
15,911 (1)	Catalent, Inc.			1,707,091		0.2
21,937 (1)	Certara, Inc.			470,768		0.1
5,801 (1)	Change Healthcare, Inc.			133,771		0.0
13,746 (1)	Charles River Laboratories International, Inc.			2,941,232		0.3
1,519	Chemed Corp.			713,003		0.1
17,063 (1)	DaVita, Inc.			1,364,358		0.1
4,740 (1)(2)	Definitive Healthcare Corp.			108,688		0.0
114,474 (1)	DexCom, Inc.			8,531,747		0.9
13,057 (1)(2)	Doximity, Inc.			454,645		0.1
9,246 (1)	Exact Sciences Corp.			364,200		0.0
79,952 (1)	Exelixis, Inc.			1,664,601		0.2
1,539 (1)	Globus Medical, Inc.			86,399		0.0
28,474 (1)	Guardant Health, Inc.			1,148,641		0.1
61,029 (1)	Horizon Therapeutics Plc			4,867,673		0.5
1,096 (1)	ICU Medical, Inc.			180,171		0.0
24,369 (1)	Idexx Laboratories, Inc.			8,546,939		0.9
46,130 (1)	Incyte Corp., Ltd.			3,504,496		0.4
20,117 (1)	Insulet Corp.			4,384,299		0.5
37,924 (1)	Ionis Pharmaceuticals, Inc.			1,403,947		0.2
55,030 (1)	IQVIA Holdings, Inc.			11,940,960		1.3
32,084 (1)	Maravai LifeSciences Holdings, Inc.			911,506		0.1
11,204 (1)	Masimo Corp.			1,464,027		0.2
6,539 (1)	Mettler Toledo International, Inc.			7,511,807		0.8
13,124 (1)	Molina Healthcare, Inc.			3,669,602		0.4
23,419 (1)	Natera, Inc.			829,969		0.1
27,692 (1)	Neurocrine Biosciences, Inc.			2,699,416		0.3
22,802 (1)(2)	Novavax, Inc.			1,172,707		0.1
30,188 (1)	Novocure Ltd.			2,098,066		0.2
10,420 (1)	Penumbra, Inc.			1,297,498		0.1
11,506 (1)	Repligen Corp.			1,868,574		0.2
42,227	Resmed, Inc.			8,852,046		0.9
24,587 (1)	Sarepta Therapeutics, Inc.			1,843,042		0.2
39,729 (1)	Seagen, Inc.			7,029,649		0.7
1,140 (1)	Signify Health, Inc.			15,732		0.0
28,876 (1)	Sotera Health Co.			565,681		0.1
5,239 (1)	Syneos Health, Inc.			375,532		0.0
17,431 (1)	Tandem Diabetes Care, Inc.			1,031,741		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
4,504 (1)	Teladoc Health, Inc.		$	149,578		0.0
15,199 (1)	Ultragenyx Pharmaceutical, Inc.			906,772		0.1
40,725 (1)	Veeva Systems, Inc.			8,065,179		0.9
17,502 (1)	Waters Corp.			5,792,812		0.6
21,641	West Pharmaceutical Services, Inc.			6,543,589		0.7
				160,452,190		16.9
	Industrials: 14.7%
17,924	Advanced Drainage Systems, Inc.			1,614,415		0.2
2,375	AECOM			154,897		0.0
2,394	AGCO Corp.			236,288		0.0
20,279	Allegion Public Ltd.			1,985,314		0.2
22,341	Allison Transmission Holdings, Inc.			859,011		0.1
9,029	AO Smith Corp.			493,706		0.1
7,867	Armstrong World Industries, Inc.			589,710		0.1
15,277 (1)	Axon Enterprise, Inc.			1,423,358		0.2
38,359	Booz Allen Hamilton Holding Corp.			3,466,119		0.4
10,403	BWX Technologies, Inc.			573,101		0.1
12,667	Carlisle Cos., Inc.			3,022,473		0.3
9,863	CH Robinson Worldwide, Inc.			999,812		0.1
58,034 (1)	ChargePoint Holdings, Inc.			794,485		0.1
23,873	Cintas Corp.			8,917,282		0.9
62,288 (1)	Copart, Inc.			6,768,214		0.7
6,020 (1)	Core & Main, Inc.			134,246		0.0
16,423 (1)	CoStar Group, Inc.			992,113		0.1
187,077 (1)	Delta Air Lines, Inc.			5,419,621		0.6
6,054	Donaldson Co., Inc.			291,440		0.0
935 (1)	Driven Brands Holdings, Inc.			25,750		0.0
17,761	Equifax, Inc.			3,246,356		0.3
15,075	Expeditors International Washington, Inc.			1,469,209		0.2
168,241	Fastenal Co.			8,398,591		0.9
13,163	Fortune Brands Home & Security, Inc.			788,200		0.1
4,136 (1)	FTI Consulting, Inc.			747,996		0.1
18,203 (1)	Generac Holdings, Inc.			3,833,188		0.4
33,643	Graco, Inc.			1,998,731		0.2
3,364 (1)	GXO Logistics, Inc.			145,560		0.0
21,614	Heico Corp. - Class A - HEI.A			2,277,683		0.2
12,309	Heico Corp. - HEI			1,613,956		0.2
10,735	Howmet Aerospace, Inc.			337,616		0.0

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
2,530	Huntington Ingalls Industries, Inc.		$	551,085		0.1
32,419 (1)	IAA, Inc.			1,062,371		0.1
3,951	IDEX Corp.			717,620		0.1
21,717	JB Hunt Transport Services, Inc.			3,419,776		0.4
26,246	KBR, Inc.			1,270,044		0.1
9,596	Landstar System, Inc.			1,395,450		0.2
16,369	Lincoln Electric Holdings, Inc.			2,019,280		0.2
71,648 (1)	Lyft, Inc.			951,485		0.1
3,581	Masco Corp.			181,199		0.0
1,096 (1)	Middleby Corp.			137,395		0.0
4,163	MSA Safety, Inc.			504,014		0.1
3,960	Nordson Corp.			801,662		0.1
29,784	Old Dominion Freight Line			7,633,044		0.8
15,088	Otis Worldwide Corp.			1,066,269		0.1
8,491	Parker Hannifin Corp.			2,089,211		0.2
75,426 (1)(2)	Plug Power, Inc.			1,249,809		0.1
22,704	Quanta Services, Inc.			2,845,719		0.3
3,857	Republic Services, Inc.			504,766		0.1
27,743	Robert Half International, Inc.			2,077,673		0.2
22,940	Rockwell Automation, Inc.			4,572,171		0.5
62,689	Rollins, Inc.			2,189,100		0.2
7,904 (1)	SiteOne Landscape Supply, Inc.			939,548		0.1
28,935	Spirit Aerosystems Holdings, Inc.			847,796		0.1
6,398	Tetra Tech, Inc.			873,647		0.1
30,491	Toro Co.			2,310,913		0.2
39,623	Trane Technologies PLC			5,145,839		0.5
5,940 (1)	TransDigm Group, Inc.			3,187,820		0.3
41,222	TransUnion			3,297,348		0.4
33,382 (1)	Trex Co., Inc.			1,816,648		0.2
9,585 (1)	United Rentals, Inc.			2,328,292		0.2
853	Valmont Industries, Inc.			191,609		0.0
45,398	Verisk Analytics, Inc.			7,857,940		0.8
14,014	Vertiv Holdings Co.			115,195		0.0
5,092	Watsco, Inc.			1,216,071		0.1
6,886 (1)	Wesco International, Inc.			737,491		0.1
33,679 (1)	WillScot Mobile Mini Holdings Corp.			1,091,873		0.1
13,318	WW Grainger, Inc.			6,052,099		0.6
2,273 (1)	XPO Logistics, Inc.			109,468		0.0
7,328	Xylem, Inc.			572,903		0.1
				139,550,084		14.7
	Information Technology: 29.2%
13,945 (1)	Allegro MicroSystems, Inc.			288,522		0.0
17,327 (1)	Alteryx, Inc.			838,973		0.1
129,068	Amphenol Corp.			8,309,398		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
13,396 (1)	ANSYS, Inc.		$	3,205,529		0.3
65,731 (1)(2)	AppLovin Corp.			2,263,776		0.2
72,859 (1)	Arista Networks, Inc.			6,829,803		0.7
961 (1)	Arrow Electronics, Inc.			107,719		0.0
8,159 (1)	Aspen Technology, Inc.			1,498,645		0.2
25,322 (1)	Avalara, Inc.			1,787,733		0.2
49,262	Bentley Systems, Inc.			1,640,425		0.2
4,199 (1)	Black Knight, Inc.			274,573		0.0
30,961	Broadridge Financial Solutions, Inc. ADR			4,413,491		0.5
79,740 (1)	Cadence Design Systems, Inc.			11,963,392		1.3
19,170 (1)	CCC Intelligent Solutions Holdings, Inc.			176,364		0.0
28,279	CDK Global, Inc.			1,548,841		0.2
39,514	CDW Corp.			6,225,826		0.7
7,597 (1)	Ceridian HCM Holding, Inc.			357,667		0.0
17,304	Citrix Systems, Inc.			1,681,430		0.2
81,655 (1)	Cloudflare, Inc.			3,572,406		0.4
47,268	Cognex Corp.			2,009,835		0.2
6,456 (1)	Coherent, Inc.			1,718,716		0.2
36,290 (1)	Confluent, Inc.			843,380		0.1
13,020	Corning, Inc.			410,260		0.0
12,223 (1)	Coupa Software, Inc.			697,933		0.1
61,450 (1)	Crowdstrike Holdings, Inc.			10,358,012		1.1
75,534 (1)	Datadog, Inc.			7,193,858		0.8
11,958	Dell Technologies, Inc.			552,579		0.1
57,728 (1)	DocuSign, Inc.			3,312,433		0.4
16,091 (1)	DoubleVerify Holdings, Inc.			364,783		0.0
76,330 (1)	Dropbox, Inc.			1,602,167		0.2
58,116 (1)	Dynatrace, Inc.			2,292,095		0.2
22,278 (1)	Elastic NV			1,507,552		0.2
38,252 (1)	Enphase Energy, Inc.			7,468,320		0.8
39,632	Entegris, Inc.			3,651,296		0.4
16,040 (1)	EPAM Systems, Inc.			4,728,271		0.5
10,578 (1)	Euronet Worldwide, Inc.			1,064,041		0.1
7,367 (1)	Fair Isaac Corp.			2,953,430		0.3
20,181 (1)	Five9, Inc.			1,839,296		0.2
21,989 (1)	FleetCor Technologies, Inc.			4,620,109		0.5
191,672 (1)	Fortinet, Inc.			10,844,802		1.1
22,840 (1)	Gartner, Inc.			5,523,397		0.6
27,851	Genpact Ltd.			1,179,768		0.1
4,418 (1)(2)	GLOBALFOUNDRIES, Inc.			178,222		0.0
11,894 (1)	Globant SA			2,069,556		0.2
6,527 (1)	GoDaddy, Inc.			454,018		0.1
141,383	HP, Inc.			4,634,535		0.5
13,306 (1)	HubSpot, Inc.			4,000,449		0.4

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
1,825 (1)(2)	Informatica, Inc.		$	37,905		0.0
32,869	Jabil, Inc.			1,683,222		0.2
21,208	Jack Henry & Associates, Inc.			3,817,864		0.4
16,349 (1)(2)	Jamf Holding Corp.			404,965		0.0
49,053 (1)	Keysight Technologies, Inc.			6,761,956		0.7
39,650 (1)	Lattice Semiconductor Corp.			1,923,025		0.2
11,314 (1)	Manhattan Associates, Inc.			1,296,584		0.1
134,310	Microchip Technology, Inc.			7,800,725		0.8
18,368 (1)	MongoDB, Inc.			4,766,496		0.5
13,260	Monolithic Power Systems, Inc.			5,092,370		0.5
4,967	National Instruments Corp.			155,119		0.0
3,258 (1)	nCino, Inc.			100,737		0.0
1,931 (1)	NCR Corp.			60,073		0.0
65,014	NetApp, Inc.			4,241,513		0.4
15,074 (1)	New Relic, Inc.			754,454		0.1
59,058	NortonLifeLock, Inc.			1,296,914		0.1
32,052 (1)	Nutanix, Inc.			468,921		0.1
4,935 (1)	Okta, Inc.			446,124		0.0
79,124 (1)	ON Semiconductor Corp.			3,980,728		0.4
528,602 (1)	Palantir Technologies, Inc.			4,794,420		0.5
94,282	Paychex, Inc.			10,735,891		1.1
14,961 (1)	Paycom Software, Inc.			4,190,875		0.4
11,600 (1)	Paylocity Holding Corp.			2,023,272		0.2
12,078	Pegasystems, Inc.			577,812		0.1
14,694 (1)	Procore Technologies, Inc.			666,961		0.1
30,777 (1)	PTC, Inc.			3,272,826		0.3
82,205 (1)	Pure Storage, Inc. - Class A			2,113,491		0.2
24,633 (1)	RingCentral, Inc.			1,287,321		0.1
35,214 (1)	SentinelOne, Inc.			821,543		0.1
15,478 (1)	Shift4 Payments, Inc.			511,703		0.1
36,649 (1)	Smartsheet, Inc.			1,151,878		0.1
47,035 (1)	Splunk, Inc.			4,160,716		0.4
25,010	Switch, Inc.			837,835		0.1
44,564 (1)	Synopsys, Inc.			13,534,087		1.4
16,505 (1)	Teradata Corp.			610,850		0.1
42,415	Teradyne, Inc.			3,798,263		0.4
24,874 (1)	Thoughtworks Holding, Inc.			350,972		0.0
66,055 (1)	Toast, Inc.			854,752		0.1
128,251 (1)	Trade Desk, Inc./The			5,372,434		0.6
18,947 (1)	Twilio, Inc.			1,587,948		0.2
10,498 (1)	Tyler Technologies, Inc.			3,490,375		0.4
505 (2)	Ubiquiti, Inc.			125,346		0.0
10,030 (1)	UiPath, Inc.			182,446		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
40,961 (1)(2)	Unity Software, Inc.		$	1,508,184		0.2
12,692	Universal Display Corp.			1,283,669		0.1
2,998 (1)	VeriSign, Inc.			501,655		0.1
29,293	Vontier Corp.			673,446		0.1
37,775	Western Union Co.			622,154		0.1
9,501 (1)	WEX, Inc.			1,477,976		0.2
12,205 (1)	Wix.com Ltd.			800,038		0.1
6,269 (1)	Zebra Technologies Corp.			1,842,773		0.2
35,517 (1)	Zendesk, Inc.			2,630,744		0.3
37,198 (1)	Zoom Video Communications, Inc.			4,016,268		0.4
24,322 (1)	Zscaler, Inc.			3,636,382		0.4
				276,194,627		29.2
	Materials: 3.8%
17,616	Albemarle Corp.			3,681,392		0.4
14,248	Ardagh Metal Packaging SA			86,913		0.0
14,632	Avery Dennison Corp.			2,368,482		0.2
15,676 (1)	Axalta Coating Systems Ltd.			346,596		0.0
36,494	Ball Corp.			2,509,692		0.3
18,406 (1)	Berry Global Group, Inc.			1,005,704		0.1
60,837	CF Industries Holdings, Inc.			5,215,556		0.6
27,195	Chemours Co.			870,784		0.1
30,369	Crown Holdings, Inc.			2,799,111		0.3
9,503	Eagle Materials, Inc.			1,044,760		0.1
12,588	FMC Corp.			1,347,042		0.1
48,435 (1)	Ginkgo Bioworks Holdings, Inc.			115,275		0.0
68,895	Graphic Packaging Holding Co.			1,412,347		0.1
2,307	Louisiana-Pacific Corp.			120,910		0.0
1,599	Martin Marietta Materials, Inc.			478,485		0.1
12,996	Mosaic Co.			613,801		0.1
26,510 (1)	MP Materials Corp.			850,441		0.1
36,571	PPG Industries, Inc.			4,181,528		0.4
1,244	Royal Gold, Inc.			132,834		0.0
1,902	RPM International, Inc.			149,725		0.0
4,033	Scotts Miracle-Gro Co.			318,567		0.0
42,589	Sealed Air Corp.			2,458,237		0.3
52,344	Valvoline, Inc.			1,509,078		0.2
18,881	Vulcan Materials Co.			2,682,990		0.3
				36,300,250		3.8
	Real Estate: 2.0%
3,712	Apartment Income REIT Corp.			154,419		0.0
2,544	Camden Property Trust			342,117		0.0
47,050 (1)	CBRE Group, Inc.			3,463,350		0.4

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
31,812	Equity Lifestyle Properties, Inc.		$	2,241,792		0.2
4,608	Extra Space Storage, Inc.			783,913		0.1
63,180	Iron Mountain, Inc.			3,076,234		0.3
22,232	Lamar Advertising Co.			1,955,749		0.2
36,994 (1)(2)	Opendoor Technologies, Inc.			174,242		0.0
7,106	SBA Communications Corp.			2,274,275		0.3
46,241	Simon Property Group, Inc.			4,389,196		0.5
1,037 (1)	Zillow Group, Inc.- Class A			32,987		0.0
2,921 (1)(2)	Zillow Group, Inc.- Class C			92,742		0.0
				18,981,016		2.0
	Utilities: 0.3%
35,094	AES Corp.			737,325		0.1
2,074	National Fuel Gas Co.			136,988		0.0
71,874	Vistra Corp.			1,642,321		0.2
				2,516,634		0.3
	Total Common Stock (Cost $994,167,587)			933,302,144		98.5
EXCHANGE-TRADED FUNDS: 0.8%
100,692	iShares Russell Mid-Cap Growth ETF			7,976,820		0.8
	Total Exchange-Traded Funds (Cost $8,091,378)			7,976,820		0.8
	Total Long-Term Investments (Cost $1,002,258,965)			941,278,964		99.3

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 2.1%

Repurchase Agreements: 1.9%

4,315,168 (3)

Bank of America Inc.,
Repurchase Agreement
dated 06/30/22, 1.55%, due
07/01/22 (Repurchase
Amount $4,315,351,
collateralized by various U.S.
Government Agency
Obligations, 1.000%-8.500%,
Market Value plus accrued
interest $4,401,471, due
01/20/24-06/20/52)

4,315,168

0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
4,315,200 (3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $4,315,383, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $4,401,504, due 08/01/22-01/20/68)		$	4,315,200		0.5
2,114,462 (3)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $2,114,552, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $2,156,861, due 07/21/22-05/15/52)			2,114,462		0.2
610,585 (3)	Deutsche Bank Securities Inc., Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $610,610, collateralized by various U.S. Government Securities, 0.000%-0.750%, Market Value plus accrued interest $622,797, due 01/15/25-08/15/39)			610,585		0.1
4,315,168 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $4,315,351, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $4,401,471, due 08/16/22-05/20/52)			4,315,168		0.4

See Accompanying Notes to Financial Statements

107

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Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,478,386 (3)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $2,478,491, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,527,958, due 01/15/25-02/15/51)		$	2,478,386		0.3
	Total Repurchase Agreements (Cost $18,148,969)			18,148,969		1.9

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.2%
1,413,000 (3)(4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $1,413,000)		$	1,413,000		0.2
	Total Short-Term Investments (Cost $19,561,969)			19,561,969		2.1
	Total Investments in Securities (Cost $1,021,820,934)		$	960,840,933		101.4
	Liabilities in Excess of Other Assets			(13,581,354)		(1.4)
	Net Assets		$	947,259,579		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	933,302,144		$	—		$	—		$	933,302,144
Exchange-Traded Funds			7,976,820			—			—			7,976,820
Short-Term Investments			1,413,000			18,148,969			—			19,561,969
Total Investments, at fair value		$	942,691,964		$	18,148,969		$	—		$	960,840,933
Liabilities Table
Other Financial Instruments+
Futures		$	(168,048)		$	—		$	—		$	(168,048)
Total Liabilities		$	(168,048)		$	—		$	—		$	(168,048)

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.

See Accompanying Notes to Financial Statements

108

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Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following futures contracts were outstanding for Voya Russell™ Mid Cap Growth Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		12		09/16/22		$	2,721,600		$	(168,048)
						$	2,721,600		$	(168,048)

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, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	168,048
Total Liability Derivatives			$	168,048

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(392,497)
Total		$	(392,497)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(252,300)
Total		$	(252,300)

At June 30, 2022, 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 $1,026,259,742.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	96,572,399
Gross Unrealized Depreciation		(162,159,256)
Net Unrealized Depreciation	$	(65,586,857)

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.2 %
	Communication Services: 4.0%
28,216 (1)	Altice USA, Inc.		$	260,998		0.0
68,175 (1)(2)	AMC Entertainment Holdings, Inc.			923,771		0.1
785	Cable One, Inc.			1,012,116		0.1
33,418 (1)	Dish Network Corp. - Class A			599,185		0.1
36,986	Electronic Arts, Inc.			4,499,347		0.4
40,930	Fox Corp. - Class A			1,316,309		0.1
19,133	Fox Corp. - Class B			568,250		0.0
32,308 (1)	Frontier Communications Parent, Inc.			760,530		0.1
10,283 (1)	IAC/InterActiveCorp			781,200		0.1
51,868	Interpublic Group of Cos., Inc.			1,427,926		0.1
2,748 (1)	Liberty Broadband Corp. - Series A			312,035		0.0
17,011 (1)	Liberty Broadband Corp. - Series C			1,967,152		0.2
2,772 (1)	Liberty Media Corp.- Liberty Formula One A Tracking Stock			160,693		0.0
26,472 (1)(2)	Liberty Media Corp.- Liberty Formula One C Tracking Stock			1,680,178		0.1
9,900 (1)(2)	Liberty Media Corp.- Liberty SiriusXM A Tracking Stock			356,796		0.0
20,415 (1)	Liberty Media Corp.- Liberty SiriusXM C Tracking Stock			735,961		0.1
20,321 (1)	Live Nation Entertainment, Inc.			1,678,108		0.1
135,525 (2)	Lumen Technologies, Inc.			1,478,578		0.1
2,538 (1)	Madison Square Garden Sports Corp.			383,238		0.0
37,589 (1)	Match Group, Inc.			2,619,577		0.2
21,691	New York Times Co.			605,179		0.1
50,910	News Corp - Class A			793,178		0.1
16,292	News Corp - Class B			258,880		0.0
5,126	Nexstar Media Group, Inc.			834,923		0.1
26,844	Omnicom Group			1,707,547		0.1
1,109 (2)	Paramount Global - Class A			30,231		0.0
76,084 (2)	Paramount Global - Class B			1,877,753		0.2
75,751 (1)	Pinterest, Inc.			1,375,638		0.1
13,971 (1)(2)	Playtika Holding Corp.			184,976		0.0
58,078 (1)(2)	ROBLOX Corp.			1,908,443		0.2
15,842 (1)(2)	Roku, Inc.			1,301,262		0.1
93,569 (2)	Sirius XM Holdings, Inc.			573,578		0.1
18,469 (1)	Spotify Technology SA			1,732,946		0.1
20,895 (1)	Take-Two Interactive Software, Inc.			2,560,265		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Communication Services (continued)
13,371 (1)	TripAdvisor, Inc.		$	238,004		0.0
98,434 (1)	Twitter, Inc.			3,680,447		0.3
311,278 (1)	Warner Bros Discovery, Inc.			4,177,351		0.3
5,678 (2)	World Wrestling Entertainment, Inc.			354,818		0.0
36,258 (1)	ZoomInfo Technologies, Inc.			1,205,216		0.1
				48,922,583		4.0
	Consumer Discretionary: 11.1%
27,569 (2)	ADT, Inc.			169,549		0.0
8,056	Advance Auto Parts, Inc.			1,394,413		0.1
35,673 (1)	Aptiv PLC			3,177,394		0.3
30,580	Aramark			936,665		0.1
5,232 (1)	Autonation, Inc.			584,728		0.0
2,615 (1)	Autozone, Inc.			5,619,949		0.5
31,524	Bath & Body Works, Inc.			848,626		0.1
26,519 (2)	Best Buy Co., Inc.			1,728,774		0.1
31,499 (2)	BorgWarner, Inc.			1,051,122		0.1
10,574	Boyd Gaming Corp.			526,056		0.0
7,795 (1)(2)	Bright Horizons Family Solutions, Inc.			658,833		0.1
10,070	Brunswick Corp.			658,377		0.1
8,686 (1)(2)	Burlington Stores, Inc.			1,183,294		0.1
27,065 (1)	Caesars Entertainment, Inc.			1,036,589		0.1
18,985 (1)(2)	Capri Holdings Ltd.			778,575		0.1
21,161 (1)(2)	Carmax, Inc.			1,914,647		0.2
114,471 (1)(2)	Carnival Corp.			990,174		0.1
5,195 (2)	Carter’s, Inc.			366,144		0.0
13,758 (1)(2)	Carvana Co.			310,656		0.0
3,672 (1)	Chipotle Mexican Grill, Inc.			4,800,259		0.4
4,440 (2)	Choice Hotels International, Inc.			495,637		0.0
4,784	Churchill Downs, Inc.			916,280		0.1
4,810 (2)	Columbia Sportswear Co.			344,300		0.0
42,609	D.R. Horton, Inc.			2,820,290		0.2
16,435	Darden Restaurants, Inc.			1,859,127		0.2
3,567 (1)	Deckers Outdoor Corp.			910,833		0.1
7,321 (2)	Dick’s Sporting Goods, Inc.			551,784		0.0
28,037 (1)	Dollar Tree, Inc.			4,369,566		0.4
4,739 (2)	Domino’s Pizza, Inc.			1,846,836		0.2
32,971 (1)(2)	DoorDash, Inc.			2,115,749		0.2
49,989 (1)(2)	DraftKings, Inc.			583,372		0.0
73,913	eBay, Inc.			3,079,955		0.3
16,682 (1)(2)	Etsy, Inc.			1,221,289		0.1
19,950 (1)	Expedia Group, Inc.			1,891,858		0.2
7,199 (1)(2)	Five Below, Inc.			816,583		0.1
13,689 (1)(2)	Floor & Decor Holdings, Inc.			861,859		0.1
8,853 (1)(2)	GameStop Corp.			1,082,722		0.1

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
26,088	Gap, Inc.		$	214,965		0.0
20,367	Garmin Ltd.			2,001,058		0.2
30,993	Gentex Corp.			866,874		0.1
18,318	Genuine Parts Co.			2,436,294		0.2
4,196 (1)	Grand Canyon Education, Inc.			395,221		0.0
21,686	H&R Block, Inc.			765,950		0.1
45,972 (2)	Hanesbrands, Inc.			473,052		0.0
17,745 (2)	Harley-Davidson, Inc.			561,807		0.0
17,205	Hasbro, Inc.			1,408,745		0.1
36,176	Hilton Worldwide Holdings, Inc.			4,031,453		0.3
6,652 (1)	Hyatt Hotels Corp.			491,649		0.0
16,879	Kohl’s Corp.			602,412		0.0
43,640 (1)	Las Vegas Sands Corp.			1,465,868		0.1
7,850	Lear Corp.			988,236		0.1
17,551	Leggett & Platt, Inc.			606,914		0.1
33,559	Lennar Corp. - Class A			2,368,259		0.2
1,977	Lennar Corp. - Class B			116,070		0.0
21,276 (1)(2)	Leslie’s, Inc.			322,970		0.0
3,759	Lithia Motors, Inc.			1,033,011		0.1
34,911	LKQ Corp.			1,713,781		0.1
70,130 (1)(2)	Lucid Group, Inc.			1,203,431		0.1
14,738 (1)	Lululemon Athletica, Inc.			4,017,726		0.3
37,542	Macy’s, Inc.			687,769		0.1
5,374	Marriott Vacations Worldwide Corp.			624,459		0.1
46,370 (1)	Mattel, Inc.			1,035,442		0.1
46,948	MGM Resorts International			1,359,145		0.1
10,327 (1)(2)	Mister Car Wash, Inc.			112,358		0.0
6,938 (1)	Mohawk Industries, Inc.			860,936		0.1
49,798	Newell Brands, Inc.			948,154		0.1
14,862 (2)	Nordstrom, Inc.			314,034		0.0
55,169 (1)(2)	Norwegian Cruise Line Holdings Ltd.			613,479		0.1
397 (1)	NVR, Inc.			1,589,644		0.1
8,231 (1)(2)	Ollie’s Bargain Outlet Holdings, Inc.			483,571		0.0
8,620 (1)	O’Reilly Automotive, Inc.			5,445,771		0.4
39,289 (1)	Peloton Interactive, Inc.			360,673		0.0
21,911 (1)(2)	Penn National Gaming, Inc.			666,533		0.1
3,621 (2)	Penske Auto Group, Inc.			379,082		0.0
10,614 (1)(2)	Petco Health & Wellness Co., Inc.			156,450		0.0
11,204 (1)	Planet Fitness, Inc.			761,984		0.1
7,453 (2)	Polaris, Inc.			739,934		0.1
5,144	Pool Corp.			1,806,727		0.1
31,189	Pulte Group, Inc.			1,236,020		0.1
8,859	PVH Corp.			504,077		0.0
32,862 (1)(2)	QuantumScape Corp.			282,285		0.0
6,024	Ralph Lauren Corp.			540,052		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
2,294 (1)(2)	RH		$	486,924		0.0
23,508 (1)(2)	Rivian Automotive, Inc.			605,096		0.0
45,550	Ross Stores, Inc.			3,198,976		0.3
29,059 (1)	Royal Caribbean Cruises Ltd.			1,014,450		0.1
20,363	Service Corp. International			1,407,491		0.1
10,374 (1)	Six Flags Entertainment Corp.			225,116		0.0
17,718 (1)(2)	Skechers USA, Inc.			630,406		0.1
34,837	Tapestry, Inc.			1,063,225		0.1
22,597	Tempur Sealy International, Inc.			482,898		0.0
16,030 (1)	Terminix Global Holdings, Inc.			651,620		0.1
6,980 (2)	Thor Industries, Inc.			521,615		0.0
14,496	Toll Brothers, Inc.			646,522		0.1
4,313 (1)	TopBuild Corp.			720,961		0.1
14,757	Tractor Supply Co.			2,860,644		0.2
11,055	Travel + Leisure Co.			429,155		0.0
6,780 (1)	Ulta Beauty, Inc.			2,613,554		0.2
25,342 (1)	Under Armour, Inc. - Class A			211,099		0.0
27,490 (1)	Under Armour, Inc. - Class C			208,374		0.0
5,306	Vail Resorts, Inc.			1,156,973		0.1
46,119	VF Corp.			2,037,076		0.2
10,909 (1)(2)	Victoria’s Secret & Co.			305,125		0.0
10,245 (1)(2)	Wayfair, Inc.			446,272		0.0
22,768	Wendy’s Company			429,860		0.0
7,253	Whirlpool Corp.			1,123,272		0.1
9,175 (2)	Williams-Sonoma, Inc.			1,017,966		0.1
11,939	Wyndham Hotels & Resorts, Inc.			784,631		0.1
14,014 (1)(2)	Wynn Resorts Ltd.			798,518		0.1
11,506 (1)	YETI Holdings, Inc.			497,865		0.0
37,780	Yum! Brands, Inc.			4,288,408		0.4
				134,961,281		11.1
	Consumer Staples: 3.7%
21,183 (2)	Albertsons Cos, Inc.			566,010		0.1
17,675 (1)	BJ’s Wholesale Club Holdings, Inc.			1,101,506		0.1
1,254 (1)(2)	Boston Beer Co., Inc.			379,924		0.0
6,000	Brown-Forman Corp. - Class A			405,840		0.0
24,214 (2)	Brown-Forman Corp. - Class B			1,698,854		0.1
18,485	Bunge Ltd.			1,676,405		0.1
25,573 (2)	Campbell Soup Co.			1,228,783		0.1
4,890	Casey’s General Stores, Inc.			904,552		0.1
32,038	Church & Dwight Co., Inc.			2,968,641		0.2
16,258	Clorox Co.			2,292,053		0.2

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
62,105	Conagra Brands, Inc.		$	2,126,475		0.2
45,734 (1)	Coty, Inc - Class A			366,329		0.0
21,107 (1)	Darling Ingredients, Inc.			1,262,199		0.1
24,723 (2)	Flowers Foods, Inc.			650,709		0.1
6,037 (1)	Freshpet, Inc.			313,260		0.0
11,750 (1)(2)	Grocery Outlet Holding Corp.			500,902		0.0
19,260	Hershey Co.			4,143,982		0.3
37,824 (2)	Hormel Foods Corp.			1,791,345		0.2
8,738	Ingredion, Inc.			770,342		0.1
13,842	JM Smucker Co.			1,771,914		0.2
33,302	Kellogg Co.			2,375,765		0.2
86,526	Kroger Co.			4,095,276		0.3
19,014	Lamb Weston Holdings, Inc.			1,358,740		0.1
33,075	McCormick & Co., Inc.			2,753,494		0.2
23,092	Molson Coors Beverage Co.			1,258,745		0.1
16,394 (1)(2)	Olaplex Holdings, Inc.			230,991		0.0
20,060 (1)	Performance Food Group Co.			922,359		0.1
6,394 (1)	Pilgrim’s Pride Corp.			199,685		0.0
7,334 (1)	Post Holdings, Inc.			603,955		0.1
7,308 (2)	Reynolds Consumer Products, Inc.			199,289		0.0
34	Seaboard Corp.			132,008		0.0
5,256 (2)	Spectrum Brands Holdings, Inc.			431,097		0.0
37,586	Tyson Foods, Inc.			3,234,651		0.3
29,360 (1)	US Foods Holding Corp.			900,765		0.1
				45,616,845		3.7
	Energy: 4.8%
44,961 (2)	Antero Midstream Corp.			406,897		0.0
38,774 (1)	Antero Resources Corp.			1,188,423		0.1
44,463	APA Corp.			1,551,759		0.1
122,171	Baker Hughes Co.			3,527,077		0.3
33,417	Cheniere Energy, Inc.			4,445,463		0.4
16,824	Chesapeake Energy Corp.			1,364,426		0.1
4,755 (2)	Continental Resources, Inc.			310,739		0.0
104,873	Coterra Energy, Inc.			2,704,675		0.2
86,811	Devon Energy Corp.			4,784,154		0.4
23,366	Diamondback Energy, Inc.			2,830,791		0.2
12,783	DT Midstream, Inc.			626,623		0.1
4,037 (2)	Enviva, Inc.			230,997		0.0
48,618 (2)	EQT Corp.			1,672,459		0.1
118,556	Halliburton Co.			3,717,916		0.3
37,157	Hess Corp.			3,936,413		0.3
19,789	HF Sinclair Corp.			893,671		0.1
93,074	Marathon Oil Corp.			2,092,304		0.2
6,356	New Fortress Energy, Inc.			251,507		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
51,630	NOV, Inc.		$	873,063		0.1
58,655	Oneok, Inc.			3,255,352		0.3
34,084	Ovintiv, Inc.			1,506,172		0.1
12,480	PDC Energy, Inc.			768,893		0.1
63,501	Phillips 66			5,206,447		0.4
34,685 (1)	Range Resources Corp.			858,454		0.1
146,805 (1)	Southwestern Energy Co.			917,531		0.1
29,809	Targa Resources Corp.			1,778,703		0.2
755 (2)	Texas Pacific Land Corp.			1,123,455		0.1
160,732	Williams Cos., Inc.			5,016,446		0.4
				57,840,810		4.8
	Financials: 13.5%
5,063	Affiliated Managers Group, Inc.			590,346		0.0
84,294	Aflac, Inc.			4,663,987		0.4
68,895 (2)	AGNC Investment Corp.			762,668		0.1
1,726 (1)	Alleghany Corp.			1,437,931		0.1
36,164	Allstate Corp.			4,583,064		0.4
42,578	Ally Financial, Inc.			1,426,789		0.1
8,876	American Financial Group, Inc.			1,232,078		0.1
14,486	Ameriprise Financial, Inc.			3,443,032		0.3
205,550 (2)	Annaly Capital Management, Inc.			1,214,800		0.1
60,594	Apollo Global Management, Inc.			2,937,597		0.2
47,554 (1)	Arch Capital Group Ltd.			2,163,231		0.2
20,011 (2)	Ares Management Corp.			1,137,825		0.1
27,454	Arthur J. Gallagher & Co.			4,476,100		0.4
7,134	Assurant, Inc.			1,233,112		0.1
8,121	Assured Guaranty Ltd.			453,071		0.0
10,263	Axis Capital Holdings Ltd.			585,915		0.0
5,216 (2)	Bank of Hawaii Corp.			388,070		0.0
96,930	Bank of New York Mellon Corp.			4,042,950		0.3
15,458	Bank OZK			580,139		0.0
53,157 (2)	Blue Owl Capital, Inc.			533,165		0.0
3,877	BOK Financial Corp.			293,024		0.0
9,890 (1)	Brighthouse Financial, Inc.			405,688		0.0
31,187	Brown & Brown, Inc.			1,819,450		0.1
27,310	Carlyle Group, Inc./The			864,635		0.1
13,967	Cboe Global Markets, Inc.			1,580,925		0.1
20,633	Cincinnati Financial Corp.			2,454,914		0.2
64,420	Citizens Financial Group, Inc.			2,299,150		0.2
3,717	CNA Financial Corp.			166,893		0.0
20,448 (1)(2)	Coinbase Global, Inc.			961,465		0.1
17,232	Comerica, Inc.			1,264,484		0.1
14,448	Commerce Bancshares, Inc.			948,511		0.1
915 (1)(2)	Credit Acceptance Corp.			433,170		0.0

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
7,680	Cullen/Frost Bankers, Inc.		$	894,336		0.1
37,032	Discover Financial Services			3,502,487		0.3
18,655	East West Bancorp, Inc.			1,208,844		0.1
50,515	Equitable Holdings, Inc.			1,316,926		0.1
3,307 (2)	Erie Indemnity Co.			635,572		0.1
4,988	Evercore, Inc.			466,927		0.0
5,134	Everest Re Group Ltd.			1,438,958		0.1
5,007	Factset Research Systems, Inc.			1,925,542		0.2
35,345	Fidelity National Financial, Inc.			1,306,351		0.1
89,896	Fifth Third Bancorp			3,020,506		0.2
13,722	First American Financial Corp.			726,168		0.1
1,607	First Citizens BancShares, Inc.			1,050,624		0.1
17,119	First Hawaiian, Inc.			388,772		0.0
69,806	First Horizon Corp.			1,525,959		0.1
23,587	First Republic Bank			3,401,245		0.3
45,992	FNB Corp.			499,473		0.0
37,641 (2)	Franklin Resources, Inc.			877,412		0.1
11,937	Globe Life, Inc.			1,163,499		0.1
4,669	Hanover Insurance Group, Inc.			682,841		0.1
43,309	Hartford Financial Services Group, Inc.			2,833,708		0.2
189,345	Huntington Bancshares, Inc.			2,277,820		0.2
12,249	Interactive Brokers Group, Inc.			673,817		0.1
49,257 (2)	Invesco Ltd.			794,515		0.1
18,171 (2)	Janus Henderson Group PLC			427,200		0.0
27,638	Jefferies Financial Group, Inc.			763,362		0.1
8,379	Kemper Corp.			401,354		0.0
122,590	Keycorp			2,112,226		0.2
75,467	KKR & Co., Inc.			3,493,367		0.3
12,441 (2)	Lazard Ltd.			403,213		0.0
22,608	Lincoln National Corp.			1,057,376		0.1
26,864	Loews Corp.			1,591,961		0.1
10,502	LPL Financial Holdings, Inc.			1,937,409		0.2
23,578	M&T Bank Corp.			3,758,097		0.3
1,762 (1)	Markel Corp.			2,278,707		0.2
4,900	MarketAxess Holdings, Inc.			1,254,449		0.1
40,607	MGIC Investment Corp.			511,648		0.0
3,280	Morningstar, Inc.			793,202		0.1
10,401	MSCI, Inc. - Class A			4,286,772		0.4
15,122	Nasdaq, Inc.			2,306,710		0.2
56,271 (2)	New Residential Investment Corp.			524,446		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
60,710 (2)	New York Community Bancorp., Inc.		$	554,282		0.0
27,119	Northern Trust Corp.			2,616,441		0.2
37,299	Old Republic International Corp.			834,006		0.1
15,512	OneMain Holdings, Inc.			579,839		0.0
15,329	PacWest Bancorp			408,671		0.0
9,886	Pinnacle Financial Partners, Inc.			714,857		0.1
9,886	Popular, Inc.			760,530		0.1
5,044	Primerica, Inc.			603,716		0.1
32,992	Principal Financial Group, Inc.			2,203,536		0.2
11,672 (2)	Prosperity Bancshares, Inc.			796,847		0.1
49,518	Prudential Financial, Inc.			4,737,882		0.4
25,684	Raymond James Financial, Inc.			2,296,406		0.2
123,321	Regions Financial Corp.			2,312,269		0.2
8,814	Reinsurance Group of America, Inc.			1,033,794		0.1
5,742	RenaissanceRe Holdings Ltd.			897,877		0.1
73,298 (1)(2)	Robinhood Markets, Inc.			602,510		0.0
15,583 (2)	Rocket Cos, Inc.			114,691		0.0
10,849 (1)(2)	Ryan Specialty Holdings, Inc.			425,172		0.0
13,743	SEI Investments Co.			742,397		0.1
8,173	Signature Bank			1,464,683		0.1
35,573	SLM Corp.			567,034		0.0
104,873 (1)(2)	SoFi Technologies, Inc.			552,681		0.0
38,527 (2)	Starwood Property Trust, Inc.			804,829		0.1
48,409	State Street Corp.			2,984,415		0.2
13,722	Stifel Financial Corp.			768,706		0.1
7,743 (1)	SVB Financial Group			3,058,408		0.3
65,933	Synchrony Financial			1,821,069		0.2
18,991	Synovus Financial Corp.			684,626		0.1
29,529	T. Rowe Price Group, Inc.			3,354,790		0.3
6,621	TFS Financial Corp.			90,906		0.0
14,116	Tradeweb Markets, Inc.			963,417		0.1
28,499	Umpqua Holdings Corp.			477,928		0.0
26,421	Unum Group			898,842		0.1
9,680 (1)(2)	Upstart Holdings, Inc.			306,082		0.0
12,290 (2)	UWM Holdings Corp.			43,507		0.0
13,135	Virtu Financial, Inc.			307,490		0.0
13,396 (3)	Voya Financial, Inc.			797,464		0.1
23,530	Webster Financial Corp.			991,790		0.1
13,969	Western Alliance Bancorp.			986,211		0.1
382	White Mountains Insurance Group Ltd.			476,022		0.0

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
14,630	Willis Towers Watson PLC		$	2,887,816		0.2
7,903	Wintrust Financial Corp.			633,425		0.1
26,956	WR Berkley Corp.			1,840,017		0.2
19,646	Zions Bancorp NA			999,981		0.1
				163,889,842		13.5
	Health Care: 10.7%
11,996 (1)(2)	10X Genomics, Inc.			542,819		0.0
5,894 (1)	Abiomed, Inc.			1,458,824		0.1
11,746 (1)	Acadia Healthcare Co., Inc.			794,382		0.1
39,572	Agilent Technologies, Inc.			4,699,966		0.4
24,683 (1)(2)	agilon health, Inc.			538,830		0.0
10,352 (1)	Align Technology, Inc.			2,450,008		0.2
15,925 (1)	Alnylam Pharmaceuticals, Inc.			2,322,661		0.2
4,218 (1)(2)	Amedisys, Inc.			443,396		0.0
19,685	AmerisourceBergen Corp.			2,785,034		0.2
80,455 (1)	Avantor, Inc.			2,502,150		0.2
9,846	Azenta, Inc.			709,897		0.1
19,237 (1)	Biogen, Inc.			3,923,194		0.3
24,347 (1)	BioMarin Pharmaceutical, Inc.			2,017,636		0.2
2,821 (1)	Bio-Rad Laboratories, Inc.			1,396,395		0.1
5,131	Bio-Techne Corp.			1,778,610		0.1
14,352	Bruker Corp.			900,731		0.1
35,947	Cardinal Health, Inc.			1,878,950		0.2
22,518 (1)	Catalent, Inc.			2,415,956		0.2
15,319 (1)(2)	Certara, Inc.			328,746		0.0
33,153 (1)	Change Healthcare, Inc.			764,508		0.1
6,651 (1)	Charles River Laboratories International, Inc.			1,423,114		0.1
1,927	Chemed Corp.			904,515		0.1
6,409	Cooper Cos., Inc.			2,006,786		0.2
7,704 (1)	DaVita, Inc.			616,012		0.1
4,197 (1)(2)	Definitive Healthcare Corp.			96,237		0.0
28,266	Dentsply Sirona, Inc.			1,009,944		0.1
51,681 (1)	DexCom, Inc.			3,851,785		0.3
12,650 (1)(2)	Doximity, Inc.			440,473		0.0
58,738 (1)	Elanco Animal Health, Inc.			1,153,027		0.1
12,918	Encompass Health Corp.			724,054		0.1
6,678 (1)	Enovis Corp.			367,290		0.0
21,636 (1)(2)	Envista Holdings Corp.			833,851		0.1
23,062 (1)(2)	Exact Sciences Corp.			908,412		0.1
41,632 (1)	Exelixis, Inc.			866,778		0.1
10,369 (1)(2)	Globus Medical, Inc.			582,116		0.1
12,855 (1)(2)	Guardant Health, Inc.			518,571		0.0
18,089 (1)	Henry Schein, Inc.			1,388,150		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
32,454 (1)	Hologic, Inc.		$	2,249,062		0.2
29,627 (1)	Horizon Therapeutics Plc			2,363,049		0.2
2,678 (1)	ICU Medical, Inc.			440,236		0.0
11,002 (1)	Idexx Laboratories, Inc.			3,858,731		0.3
24,076 (1)	Incyte Corp., Ltd.			1,829,054		0.2
9,083 (1)	Insulet Corp.			1,979,549		0.2
9,553 (1)	Integra LifeSciences Holdings Corp.			516,149		0.0
18,631 (1)(2)	Ionis Pharmaceuticals, Inc.			689,720		0.1
24,844 (1)	IQVIA Holdings, Inc.			5,390,900		0.4
8,059 (1)	Jazz Pharmaceuticals PLC			1,257,285		0.1
12,225	Laboratory Corp. of America Holdings			2,865,051		0.2
14,485 (1)	Maravai LifeSciences Holdings, Inc.			411,519		0.0
6,612 (1)	Masimo Corp.			863,990		0.1
2,952 (1)	Mettler Toledo International, Inc.			3,391,169		0.3
5,633 (1)	Mirati Therapeutics, Inc.			378,143		0.0
7,635 (1)	Molina Healthcare, Inc.			2,134,822		0.2
11,224 (1)	Natera, Inc.			397,779		0.0
12,502 (1)	Neurocrine Biosciences, Inc.			1,218,695		0.1
10,139 (1)(2)	Novavax, Inc.			521,449		0.0
13,629 (1)(2)	Novocure Ltd.			947,215		0.1
15,366 (1)(2)	Oak Street Health, Inc.			252,617		0.0
33,521 (2)	Organon & Co.			1,131,334		0.1
4,652 (1)(2)	Penumbra, Inc.			579,267		0.0
16,641	PerkinElmer, Inc.			2,366,683		0.2
17,715	Perrigo Co. PLC			718,698		0.1
15,529	Premier, Inc.			554,075		0.0
29,923 (1)	QIAGEN NV			1,412,366		0.1
15,433 (2)	Quest Diagnostics, Inc.			2,052,280		0.2
6,517 (1)	QuidelOrtho Corp.			633,322		0.1
7,295 (1)	Repligen Corp.			1,184,708		0.1
19,065	Resmed, Inc.			3,996,596		0.3
48,425	Royalty Pharma PLC			2,035,787		0.2
11,100 (1)	Sarepta Therapeutics, Inc.			832,056		0.1
17,936 (1)	Seagen, Inc.			3,173,596		0.3
8,611 (1)(2)	Signify Health, Inc.			118,832		0.0
13,037 (1)(2)	Sotera Health Co.			255,395		0.0
11,246	STERIS Public Ltd. Co.			2,318,363		0.2
13,516 (1)	Syneos Health, Inc.			968,827		0.1
8,326 (1)	Tandem Diabetes Care, Inc.			492,816		0.0
21,183 (1)(2)	Teladoc Health, Inc.			703,487		0.1
6,190	Teleflex, Inc.			1,521,811		0.1
14,022 (1)	Tenet Healthcare Corp.			736,996		0.1
8,757 (1)	Ultragenyx Pharmaceutical, Inc.			522,443		0.0

See Accompanying Notes to Financial Statements

114

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
5,884 (1)	United Therapeutics Corp.		$	1,386,506		0.1
8,564	Universal Health Services, Inc.			862,480		0.1
18,386 (1)	Veeva Systems, Inc.			3,641,163		0.3
159,864	Viatris, Inc.			1,673,776		0.1
7,901 (1)	Waters Corp.			2,615,073		0.2
9,770	West Pharmaceutical Services, Inc.			2,954,155		0.2
27,682	Zimmer Biomet Holdings, Inc.			2,908,271		0.2
				130,651,154		10.7
	Industrials: 14.5%
4,547	Acuity Brands, Inc.			700,420		0.1
8,092	Advanced Drainage Systems, Inc.			728,846		0.1
17,582	AECOM			1,146,698		0.1
8,188	AGCO Corp.			808,156		0.1
13,703	Air Lease Corp.			458,091		0.0
16,318 (1)	Alaska Air Group, Inc.			653,536		0.1
11,559	Allegion Public Ltd.			1,131,626		0.1
12,751	Allison Transmission Holdings, Inc.			490,276		0.0
1,187	AMERCO			567,659		0.0
85,202 (1)(2)	American Airlines Group, Inc.			1,080,361		0.1
30,403	Ametek, Inc.			3,340,986		0.3
16,915	AO Smith Corp.			924,912		0.1
6,145	Armstrong World Industries, Inc.			460,629		0.0
3,923 (1)(2)	Avis Budget Group, Inc.			576,995		0.0
8,911 (1)	Axon Enterprise, Inc.			830,238		0.1
15,106 (1)(2)	AZEK Co., Inc./The			252,874		0.0
17,318	Booz Allen Hamilton Holding Corp.			1,564,854		0.1
22,679 (1)	Builders FirstSource, Inc.			1,217,862		0.1
12,044	BWX Technologies, Inc.			663,504		0.1
3,056 (1)	CACI International, Inc.			861,120		0.1
6,784	Carlisle Cos., Inc.			1,618,730		0.1
111,865 (2)	Carrier Global Corp.			3,989,106		0.3
16,554	CH Robinson Worldwide, Inc.			1,678,079		0.1
26,200 (1)(2)	ChargePoint Holdings, Inc.			358,678		0.0
11,552	Cintas Corp.			4,315,019		0.4
62,595 (1)(2)	Clarivate PLC			867,567		0.1
6,724 (1)	Clean Harbors, Inc.			589,493		0.0
4,076 (1)(2)	Copa Holdings S.A.- Class A			258,296		0.0
28,127 (1)	Copart, Inc.			3,056,280		0.3
7,559 (1)(2)	Core & Main, Inc.			168,566		0.0
51,850 (1)	CoStar Group, Inc.			3,132,259		0.3
6,205	Crane Holdings Co.			543,310		0.0
18,598	Cummins, Inc.			3,599,271		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
5,051	Curtiss-Wright Corp.		$	667,035		0.1
84,459 (1)	Delta Air Lines, Inc.			2,446,777		0.2
16,270	Donaldson Co., Inc.			783,238		0.1
18,982	Dover Corp.			2,302,896		0.2
7,230 (1)(2)	Driven Brands Holdings, Inc.			199,114		0.0
33,164 (1)(2)	Dun & Bradstreet Holdings, Inc.			498,455		0.0
16,037	Equifax, Inc.			2,931,243		0.2
6,686	Esab Corp.			292,513		0.0
22,026	Expeditors International Washington, Inc.			2,146,654		0.2
75,955	Fastenal Co.			3,791,674		0.3
17,175 (2)	Flowserve Corp.			491,720		0.0
47,333	Fortive Corp.			2,573,969		0.2
17,226	Fortune Brands Home & Security, Inc.			1,031,493		0.1
4,445 (1)	FTI Consulting, Inc.			803,878		0.1
14,603 (1)	Gates Industrial Corp. PLC			157,858		0.0
8,218 (1)	Generac Holdings, Inc.			1,730,546		0.1
22,141	Graco, Inc.			1,315,397		0.1
13,934 (1)	GXO Logistics, Inc.			602,924		0.1
9,565 (1)(2)	Hayward Holdings, Inc.			137,640		0.0
10,414	Heico Corp. - Class A - HEI.A			1,097,427		0.1
5,931 (2)	Heico Corp. - HEI			777,673		0.1
30,732 (1)(2)	Hertz Global Holdings, Inc.			486,795		0.0
11,053	Hexcel Corp.			578,182		0.0
49,457	Howmet Aerospace, Inc.			1,555,423		0.1
7,064	Hubbell, Inc.			1,261,489		0.1
5,192	Huntington Ingalls Industries, Inc.			1,130,921		0.1
17,655 (1)	IAA, Inc.			578,554		0.0
10,023	IDEX Corp.			1,820,478		0.1
53,596	Ingersoll Rand, Inc.			2,255,320		0.2
11,012	ITT, Inc.			740,447		0.1
16,863	Jacobs Engineering Group, Inc.			2,143,793		0.2
11,004	JB Hunt Transport Services, Inc.			1,732,800		0.1
42,572 (1)	JetBlue Airways Corp.			356,328		0.0
18,286	KBR, Inc.			884,860		0.1
7,874 (1)	Kirby Corp.			479,054		0.0
20,951	Knight-Swift Transportation Holdings, Inc.			969,822		0.1
4,862	Landstar System, Inc.			707,032		0.1
17,970	Leidos Holdings, Inc.			1,809,759		0.1
4,271 (2)	Lennox International, Inc.			882,346		0.1
7,390 (2)	Lincoln Electric Holdings, Inc.			911,630		0.1
40,434 (1)(2)	Lyft, Inc.			536,964		0.0

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
6,915	Manpowergroup, Inc.		$	528,375		0.0
31,094	Masco Corp.			1,573,356		0.1
7,765 (1)	Mastec, Inc.			556,440		0.0
26,644	MDU Resources Group, Inc.			719,122		0.1
7,382 (1)	Mercury Systems, Inc.			474,884		0.0
7,172 (1)	Middleby Corp.			899,082		0.1
4,869	MSA Safety, Inc.			589,490		0.0
6,033	MSC Industrial Direct Co.			453,139		0.0
47,251	Nielsen Holdings PLC			1,097,168		0.1
7,642	Nordson Corp.			1,547,046		0.1
21,790	nVent Electric PLC			682,681		0.1
13,447	Old Dominion Freight Line			3,446,197		0.3
8,661	Oshkosh Corp.			711,415		0.1
55,834	Otis Worldwide Corp.			3,945,789		0.3
12,782	Owens Corning, Inc.			949,830		0.1
45,020	Paccar, Inc.			3,706,947		0.3
16,888	Parker Hannifin Corp.			4,155,292		0.3
21,705	Pentair PLC			993,438		0.1
68,832 (1)(2)	Plug Power, Inc.			1,140,546		0.1
18,773	Quanta Services, Inc.			2,353,008		0.2
8,840	Regal Rexnord Corp.			1,003,517		0.1
27,212	Republic Services, Inc.			3,561,234		0.3
14,201	Robert Half International, Inc.			1,063,513		0.1
15,343	Rockwell Automation, Inc.			3,058,013		0.3
30,479	Rollins, Inc.			1,064,327		0.1
6,520 (2)	Ryder System, Inc.			463,311		0.0
6,963	Schneider National, Inc.			155,832		0.0
7,342	Science Applications International Corp.			683,540		0.1
20,462	Sensata Technologies Holding PLC			845,285		0.1
5,869 (1)	SiteOne Landscape Supply, Inc.			697,648		0.1
6,937	Snap-On, Inc.			1,366,797		0.1
78,137 (1)	Southwest Airlines Co.			2,822,308		0.2
13,765	Spirit Aerosystems Holdings, Inc.			403,315		0.0
19,896	Stanley Black & Decker, Inc.			2,086,295		0.2
12,090 (1)	Stericycle, Inc.			530,147		0.0
27,219 (1)	Sunrun, Inc.			635,836		0.1
7,028	Tetra Tech, Inc.			959,673		0.1
28,342	Textron, Inc.			1,730,846		0.1
8,221	Timken Co.			436,124		0.0
13,766	Toro Co.			1,043,325		0.1
30,789	Trane Technologies PLC			3,998,567		0.3
6,930 (1)	TransDigm Group, Inc.			3,719,123		0.3
25,389	TransUnion			2,030,866		0.2
15,070 (1)(2)	Trex Co., Inc.			820,109		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
43,032 (1)	United Airlines Holdings, Inc.		$	1,524,193		0.1
9,428 (1)	United Rentals, Inc.			2,290,155		0.2
22,081 (1)	Univar Solutions, Inc.			549,154		0.0
2,771	Valmont Industries, Inc.			622,450		0.1
20,496	Verisk Analytics, Inc.			3,547,653		0.3
40,043	Vertiv Holdings Co.			329,153		0.0
4,346 (2)	Watsco, Inc.			1,037,912		0.1
5,877 (1)	Wesco International, Inc.			629,427		0.1
23,883	Westinghouse Air Brake Technologies Corp.			1,960,317		0.2
28,580 (1)	WillScot Mobile Mini Holdings Corp.			926,564		0.1
7,764	Woodward, Inc.			718,092		0.1
6,013	WW Grainger, Inc.			2,732,488		0.2
13,503 (1)	XPO Logistics, Inc.			650,304		0.1
23,633	Xylem, Inc.			1,847,628		0.2
				176,304,704		14.5
	Information Technology: 16.3%
23,158 (1)(2)	Affirm Holdings, Inc.			418,233		0.0
20,911 (1)	Akamai Technologies, Inc.			1,909,802		0.2
6,296 (1)	Allegro MicroSystems, Inc.			130,264		0.0
7,906 (1)(2)	Alteryx, Inc.			382,809		0.0
16,166	Amdocs Ltd.			1,346,789		0.1
77,281	Amphenol Corp.			4,975,351		0.4
11,476 (1)	ANSYS, Inc.			2,746,092		0.2
29,676 (1)(2)	AppLovin Corp.			1,022,041		0.1
32,894 (1)	Arista Networks, Inc.			3,083,484		0.3
8,676 (1)	Arrow Electronics, Inc.			972,493		0.1
3,683 (1)	Aspen Technology, Inc.			676,493		0.1
11,519 (1)(2)	Avalara, Inc.			813,241		0.1
12,804	Avnet, Inc.			549,036		0.0
22,241 (2)	Bentley Systems, Inc.			740,625		0.1
12,872 (1)(2)	Bill.com Holdings, Inc.			1,415,148		0.1
20,443 (1)	Black Knight, Inc.			1,336,768		0.1
15,394	Broadridge Financial Solutions, Inc. ADR			2,194,415		0.2
36,000 (1)	Cadence Design Systems, Inc.			5,401,080		0.4
22,305 (1)(2)	CCC Intelligent Solutions Holdings, Inc.			205,206		0.0
15,401	CDK Global, Inc.			843,513		0.1
17,840	CDW Corp.			2,810,870		0.2
18,053 (1)	Ceridian HCM Holding, Inc.			849,935		0.1
19,959 (1)	Ciena Corp.			912,126		0.1
7,520 (1)	Cirrus Logic, Inc.			545,501		0.0
16,660	Citrix Systems, Inc.			1,618,852		0.1
36,865 (1)(2)	Cloudflare, Inc.			1,612,844		0.1
22,998	Cognex Corp.			977,875		0.1

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
3,242 (1)	Coherent, Inc.		$	863,085		0.1
5,665	Concentrix Corp.			768,401		0.1
16,383 (1)(2)	Confluent, Inc.			380,741		0.0
99,629	Corning, Inc.			3,139,310		0.3
10,015 (1)	Coupa Software, Inc.			571,857		0.0
27,742 (1)	Crowdstrike Holdings, Inc.			4,676,192		0.4
34,101 (1)	Datadog, Inc.			3,247,779		0.3
35,284	Dell Technologies, Inc.			1,630,474		0.1
25,951 (1)	DocuSign, Inc.			1,489,068		0.1
8,470	Dolby Laboratories, Inc.			606,113		0.0
7,853 (1)(2)	DoubleVerify Holdings, Inc.			178,028		0.0
36,975 (1)	Dropbox, Inc.			776,105		0.1
32,271 (1)	DXC Technology Co.			978,134		0.1
26,238 (1)	Dynatrace, Inc.			1,034,827		0.1
10,077 (1)	Elastic NV			681,911		0.1
17,269 (1)	Enphase Energy, Inc.			3,371,600		0.3
17,892	Entegris, Inc.			1,648,390		0.1
7,240 (1)	EPAM Systems, Inc.			2,134,207		0.2
6,351 (1)	Euronet Worldwide, Inc.			638,847		0.1
7,974 (1)	F5, Inc.			1,220,341		0.1
3,326 (1)	Fair Isaac Corp.			1,333,393		0.1
14,014 (1)	First Solar, Inc.			954,774		0.1
9,075 (1)	Five9, Inc.			827,096		0.1
9,927 (1)	FleetCor Technologies, Inc.			2,085,762		0.2
86,534 (1)	Fortinet, Inc.			4,896,094		0.4
10,311 (1)	Gartner, Inc.			2,493,509		0.2
23,814	Genpact Ltd.			1,008,761		0.1
36,868	Global Payments, Inc.			4,079,076		0.3
8,242 (1)(2)	GLOBALFOUNDRIES, Inc.			332,482		0.0
5,370 (1)	Globant SA			934,380		0.1
21,354 (1)	GoDaddy, Inc.			1,485,384		0.1
11,032 (1)(2)	Guidewire Software, Inc.			783,162		0.1
171,367	Hewlett Packard Enterprise Co.			2,272,326		0.2
139,063	HP, Inc.			4,558,485		0.4
6,007 (1)	HubSpot, Inc.			1,806,005		0.1
13,876 (1)(2)	II-VI, Inc.			706,982		0.1
4,497 (1)(2)	Informatica, Inc.			93,403		0.0
4,580 (1)	IPG Photonics Corp.			431,115		0.0
18,185	Jabil, Inc.			931,254		0.1
9,574	Jack Henry & Associates, Inc.			1,723,511		0.1
8,602 (1)(2)	Jamf Holding Corp.			213,072		0.0
42,157	Juniper Networks, Inc.			1,201,475		0.1
23,916 (1)	Keysight Technologies, Inc.			3,296,821		0.3
23,773 (1)	Kyndryl Holdings, Inc.			232,500		0.0
17,901 (1)	Lattice Semiconductor Corp.			868,199		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
3,189	Littelfuse, Inc.		$	810,134		0.1
9,094 (1)(2)	Lumentum Holdings, Inc.			722,245		0.1
30,295 (1)	Mandiant, Inc.			661,037		0.1
8,279 (1)	Manhattan Associates, Inc.			948,773		0.1
71,003	Microchip Technology, Inc.			4,123,854		0.3
7,321	MKS Instruments, Inc.			751,354		0.1
8,292 (1)	MongoDB, Inc.			2,151,774		0.2
5,987	Monolithic Power Systems, Inc.			2,299,247		0.2
21,727	Motorola Solutions, Inc.			4,553,979		0.4
17,249	National Instruments Corp.			538,686		0.0
7,547 (1)(2)	nCino, Inc.			233,353		0.0
16,768 (1)	NCR Corp.			521,652		0.0
29,352	NetApp, Inc.			1,914,924		0.2
6,806 (1)	New Relic, Inc.			340,640		0.0
73,938	NortonLifeLock, Inc.			1,623,678		0.1
27,774 (1)	Nutanix, Inc.			406,334		0.0
16,383 (1)	Okta, Inc.			1,481,023		0.1
57,247 (1)	ON Semiconductor Corp.			2,880,097		0.2
238,646 (1)(2)	Palantir Technologies, Inc.			2,164,519		0.2
42,565	Paychex, Inc.			4,846,877		0.4
6,754 (1)	Paycom Software, Inc.			1,891,930		0.2
6,335 (1)(2)	Paycor HCM, Inc.			164,710		0.0
5,237 (1)	Paylocity Holding Corp.			913,438		0.1
5,486 (2)	Pegasystems, Inc.			262,450		0.0
9,213 (1)(2)	Procore Technologies, Inc.			418,178		0.0
13,895 (1)	PTC, Inc.			1,477,594		0.1
36,697 (1)	Pure Storage, Inc. - Class A			943,480		0.1
14,266 (1)	Qorvo, Inc.			1,345,569		0.1
10,992 (1)	RingCentral, Inc.			574,442		0.0
22,614 (1)(2)	SentinelOne, Inc.			527,585		0.0
6,988 (1)(2)	Shift4 Payments, Inc.			231,023		0.0
21,217	Skyworks Solutions, Inc.			1,965,543		0.2
16,341 (1)	Smartsheet, Inc.			513,598		0.0
21,234 (1)	Splunk, Inc.			1,878,360		0.2
29,439	SS&C Technologies Holdings, Inc.			1,709,523		0.1
19,072	Switch, Inc.			638,912		0.1
20,119 (1)	Synopsys, Inc.			6,110,140		0.5
5,598	TD SYNNEX Corp.			509,978		0.0
6,110 (1)	Teledyne Technologies, Inc.			2,291,922		0.2
13,748 (1)	Teradata Corp.			508,813		0.0
21,112	Teradyne, Inc.			1,890,580		0.2
11,230 (1)(2)	Thoughtworks Holding, Inc.			158,455		0.0
29,821 (1)	Toast, Inc.			385,884		0.0

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
57,901 (1)	Trade Desk, Inc./The		$	2,425,473		0.2
32,943 (1)	Trimble, Inc.			1,918,271		0.2
22,630 (1)(2)	Twilio, Inc.			1,896,620		0.2
5,416 (1)	Tyler Technologies, Inc.			1,800,712		0.1
788 (2)	Ubiquiti, Inc.			195,589		0.0
49,221 (1)(2)	UiPath, Inc.			895,330		0.1
27,478 (1)(2)	Unity Software, Inc.			1,011,740		0.1
5,730	Universal Display Corp.			579,532		0.0
12,649 (1)	VeriSign, Inc.			2,116,557		0.2
9,487 (1)(2)	Viasat, Inc.			290,587		0.0
21,227	Vontier Corp.			488,009		0.0
41,355 (1)	Western Digital Corp.			1,853,945		0.1
50,756 (2)	Western Union Co.			835,951		0.1
5,925 (1)	WEX, Inc.			921,693		0.1
7,171 (1)	Wix.com Ltd.			470,059		0.0
15,243 (1)(2)	Wolfspeed, Inc.			967,168		0.1
6,903 (1)	Zebra Technologies Corp.			2,029,137		0.2
16,035 (1)(2)	Zendesk, Inc.			1,187,712		0.1
33,321 (1)(2)	Zoom Video Communications, Inc.			3,597,668		0.3
10,980 (1)	Zscaler, Inc.			1,641,620		0.1
				198,484,977		16.3
	Materials: 6.2%
15,443	Albemarle Corp.			3,227,278		0.3
24,311	Alcoa Corp.			1,108,095		0.1
197,896 (2)	Amcor PLC			2,459,847		0.2
8,637	Aptargroup, Inc.			891,425		0.1
19,671	Ardagh Metal Packaging SA			119,993		0.0
6,681	Ashland Global Holdings, Inc.			688,477		0.1
10,741	Avery Dennison Corp.			1,738,646		0.1
29,125 (1)	Axalta Coating Systems Ltd.			643,954		0.1
41,397	Ball Corp.			2,846,872		0.2
17,203 (1)	Berry Global Group, Inc.			939,972		0.1
14,287	Celanese Corp. - Series A			1,680,294		0.1
27,465	CF Industries Holdings, Inc.			2,354,574		0.2
20,361	Chemours Co.			651,959		0.1
68,378 (1)	Cleveland-Cliffs, Inc.			1,050,970		0.1
95,621	Corteva, Inc.			5,176,921		0.4
15,562	Crown Holdings, Inc.			1,434,350		0.1
67,182	DuPont de Nemours, Inc.			3,733,976		0.3
5,202	Eagle Materials, Inc.			571,908		0.1
16,946	Eastman Chemical Co.			1,521,242		0.1
30,445	Element Solutions, Inc.			541,921		0.0
16,617	FMC Corp.			1,778,185		0.1
108,251 (1)(2)	Ginkgo Bioworks Holdings, Inc.			257,637		0.0
40,343	Graphic Packaging Holding Co.			827,032		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
26,263	Huntsman Corp.		$	744,556		0.1
33,628	International Flavors & Fragrances, Inc.			4,005,767		0.3
48,828	International Paper Co.			2,042,475		0.2
10,738	Louisiana-Pacific Corp.			562,779		0.1
33,907	LyondellBasell Industries NV - Class A			2,965,506		0.2
8,205	Martin Marietta Materials, Inc.			2,455,264		0.2
47,702	Mosaic Co.			2,252,965		0.2
11,968 (1)(2)	MP Materials Corp.			383,933		0.0
799	NewMarket Corp.			240,467		0.0
35,081	Nucor Corp.			3,662,807		0.3
18,456	Olin Corp.			854,144		0.1
12,190	Packaging Corp. of America			1,676,125		0.1
31,094	PPG Industries, Inc.			3,555,288		0.3
8,131	Reliance Steel & Aluminum Co.			1,381,132		0.1
8,645	Royal Gold, Inc.			923,113		0.1
16,836 (2)	RPM International, Inc.			1,325,330		0.1
5,324 (2)	Scotts Miracle-Gro Co.			420,543		0.0
19,227	Sealed Air Corp.			1,109,782		0.1
11,092	Silgan Holdings, Inc.			458,654		0.0
12,836	Sonoco Products Co.			732,165		0.1
27,965	SSR Mining, Inc.			467,016		0.0
23,604	Steel Dynamics, Inc.			1,561,405		0.1
34,065 (2)	United States Steel Corp.			610,104		0.1
23,631	Valvoline, Inc.			681,282		0.1
17,468	Vulcan Materials Co.			2,482,203		0.2
4,353 (2)	Westlake Corp.			426,681		0.0
33,434	WestRock Co.			1,332,011		0.1
				75,559,025		6.2
	Real Estate: 8.5%
21,374	Alexandria Real Estate Equities, Inc.			3,099,871		0.3
18,271	American Campus Communities, Inc.			1,177,931		0.1
40,011	American Homes 4 Rent			1,417,990		0.1
35,456 (2)	Americold Realty Trust, Inc.			1,065,098		0.1
20,692	Apartment Income REIT Corp.			860,787		0.1
18,429	AvalonBay Communities, Inc.			3,579,833		0.3
20,675	Boston Properties, Inc.			1,839,662		0.1
39,345	Brixmor Property Group, Inc.			795,162		0.1
13,676	Camden Property Trust			1,839,148		0.1
43,527 (1)	CBRE Group, Inc.			3,204,022		0.3
19,571	Cousins Properties, Inc.			572,060		0.0
29,319	CubeSmart			1,252,508		0.1
22,371 (2)	Douglas Emmett, Inc.			500,663		0.0

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
50,601	Duke Realty Corp.		$	2,780,525		0.2
5,426	EastGroup Properties, Inc.			837,395		0.1
9,765	EPR Properties			458,271		0.0
23,429	Equity Lifestyle Properties, Inc.			1,651,042		0.1
48,863	Equity Residential			3,528,886		0.3
8,574	Essex Property Trust, Inc.			2,242,187		0.2
17,481	Extra Space Storage, Inc.			2,973,868		0.2
10,394	Federal Realty OP L.P.			995,122		0.1
17,303	First Industrial Realty Trust, Inc.			821,546		0.1
31,342	Gaming and Leisure Properties, Inc.			1,437,344		0.1
30,156	Healthcare Trust of America, Inc.			841,654		0.1
71,141	Healthpeak Properties, Inc.			1,843,263		0.2
13,820	Highwoods Properties, Inc.			472,506		0.0
93,390 (2)	Host Hotels & Resorts, Inc.			1,464,355		0.1
5,080 (1)(2)	Howard Hughes Corp.			345,694		0.0
18,527	Hudson Pacific Properties, Inc.			274,941		0.0
80,294	Invitation Homes, Inc.			2,856,861		0.2
38,083 (2)	Iron Mountain, Inc.			1,854,261		0.2
15,220	JBG SMITH Properties			359,801		0.0
6,519 (1)	Jones Lang LaSalle, Inc.			1,139,912		0.1
15,331	Kilroy Realty Corp.			802,271		0.1
79,680	Kimco Realty Corp.			1,575,274		0.1
11,405	Lamar Advertising Co.			1,003,298		0.1
11,098	Life Storage, Inc.			1,239,203		0.1
78,343 (2)	Medical Properties Trust, Inc.			1,196,298		0.1
15,147	Mid-America Apartment Communities, Inc.			2,645,726		0.2
23,143	National Retail Properties, Inc.			995,149		0.1
11,198	National Storage Affiliates Trust			560,684		0.0
31,001 (2)	Omega Healthcare Investors, Inc.			873,918		0.1
61,304 (1)(2)	Opendoor Technologies, Inc.			288,742		0.0
30,515	Park Hotels & Resorts, Inc.			414,089		0.0
19,115	Rayonier, Inc.			714,519		0.1
79,441 (2)	Realty Income Corp.			5,422,643		0.4
22,612	Regency Centers Corp.			1,341,118		0.1
21,612	Rexford Industrial Realty, Inc.			1,244,635		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
14,071	SBA Communications Corp.		$	4,503,424		0.4
43,044	Simon Property Group, Inc.			4,085,736		0.3
8,297	SL Green Realty Corp.			382,907		0.0
17,653	Spirit Realty Capital, Inc.			666,930		0.1
33,513	STORE Capital Corp.			874,019		0.1
15,828 (2)	Sun Communities, Inc.			2,522,350		0.2
41,856	UDR, Inc.			1,927,050		0.2
52,675	Ventas, Inc.			2,709,075		0.2
126,927 (2)	VICI Properties, Inc.			3,781,155		0.3
23,275	Vornado Realty Trust			665,432		0.1
59,972	Welltower, Inc.			4,938,694		0.4
17,143 (1)(2)	WeWork, Inc.			86,058		0.0
98,227	Weyerhaeuser Co.			3,253,278		0.3
24,939 (2)	WP Carey, Inc.			2,066,446		0.2
7,678 (1)	Zillow Group, Inc. - Class A			244,237		0.0
21,623 (1)(2)	Zillow Group, Inc. - Class C			686,530		0.1
				104,095,057		8.5
	Utilities: 5.9%
88,021	AES Corp.			1,849,321		0.1
33,071	Alliant Energy Corp.			1,938,291		0.2
33,961	Ameren Corp.			3,068,716		0.3
24,008	American Water Works Co., Inc.			3,571,670		0.3
18,206 (2)	Atmos Energy Corp.			2,040,893		0.2
9,349 (2)	Avangrid, Inc.			431,176		0.0
16,844	Brookfield Renewable Corp.			599,815		0.0
83,138	Centerpoint Energy, Inc.			2,459,222		0.2
38,201	CMS Energy Corp.			2,578,567		0.2
46,830	Consolidated Edison, Inc.			4,453,533		0.4
43,090	Constellation Energy Corp.			2,467,333		0.2
25,455	DTE Energy Co.			3,226,421		0.3
49,612	Edison International			3,137,463		0.3
26,787	Entergy Corp.			3,017,288		0.2
30,527	Essential Utilities, Inc.			1,399,663		0.1
29,329	Evergy, Inc.			1,913,717		0.2
45,474	Eversource Energy			3,841,189		0.3
71,652	FirstEnergy Corp.			2,750,720		0.2
14,178	Hawaiian Electric Industries			579,880		0.0
6,639	Idacorp, Inc.			703,203		0.1
11,561 (2)	National Fuel Gas Co.			763,604		0.1
53,568	NiSource, Inc.			1,579,720		0.1
31,129	NRG Energy, Inc.			1,188,194		0.1
26,341	OGE Energy Corp.			1,015,709		0.1
204,671 (1)(2)	PG&E Corp.			2,042,617		0.2

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
14,892	Pinnacle West Capital Corp.		$	1,088,903		0.1
97,243	PPL Corp.			2,638,203		0.2
65,706	Public Service Enterprise Group, Inc.			4,157,876		0.3
27,616	UGI Corp.			1,066,254		0.1
56,237	Vistra Corp.			1,285,015		0.1
41,643	WEC Energy Group, Inc.			4,190,952		0.3
71,967	Xcel Energy, Inc.			5,092,385		0.4
				72,137,513		5.9
	Total Common Stock (Cost $688,217,782)			1,208,463,791		99.2
EXCHANGE-TRADED FUNDS: 0.4%
62,640	iShares Russell Midcap Index Fund			4,050,303		0.4
	Total Exchange-Traded Funds (Cost $4,246,231)			4,050,303		0.4
	Total Long-Term Investments (Cost $692,464,013)			1,212,514,094		99.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 10.6%
	Commercial Paper: 0.2%
2,972,000 (4)	Liberty Street Funding LLC, 1.550%, 07/01/2022 (Cost $2,971,872)		2,971,872		0.2

	Floating Rate Notes: 1.7%
800,000 (4)	ANZ Bank, 1.660%, 08/18/2022		799,877		0.0
925,000 (4)	Bank of America N.A., 1.620%, 07/06/2022		924,996		0.1
475,000 (4)	Bank of Nova Scotia, 1.680%, 07/18/2022		475,003		0.0
950,000 (4)	Bayeriche Landesbank of New York, 1.710%, 07/27/2022		950,005		0.1
850,000 (4)	Commonwealth Bank of Australia, 1.690%, 09/01/2022		849,791		0.1
925,000 (4)	Cooperatieve Rabobank U.A./New York, 1.640%, 07/11/2022		925,015		0.1
950,000 (4)	Cooperatieve Rabobank U.A./New York, 1.650%, 08/03/2022		949,947		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
475,000 (4)	Cooperatieve Rabobank U.A./New York, 1.660%, 08/16/2022		$	474,940		0.0
850,000 (4)	Credit Agricole, 1.650%, 08/04/2022			850,006		0.1
975,000 (4)	Credit Industriel et Commercial, 1.640%, 07/05/2022			975,013		0.1
875,000 (4)	Credit Industriel et Commercial, 1.650%, 07/07/2022			875,015		0.1
875,000 (4)	Credit Suisse AG, 1.670%, 07/19/2022			875,037		0.1
800,000 (4)	Mitsubishi UFJ Trust and Banking Corp., 1.700%, 07/26/2022			799,986		0.0
800,000 (4)	National Australia Bank Ltd., 1.640%, 08/08/2022			799,930		0.0
975,000 (4)	National Bank of Canada, 1.670%, 08/09/2022			974,935		0.1
900,000 (4)	Natixis SA, 1.630%, 07/11/2022			900,012		0.1
875,000 (4)	Royal Bank of Canada, 1.660%, 08/16/2022			874,882		0.1
275,000 (4)	Royal Bank of Canada, 1.690%, 08/23/2022			274,955		0.0
900,000 (4)	Skandinaviska Enskilda Banken AB, 1.650%, 07/20/2022			899,986		0.1
975,000 (4)	Societe Generale, 1.670%, 08/08/2022			975,099		0.1
500,000 (4)	Societe Generale, 1.710%, 08/31/2022			500,046		0.0
900,000 (4)	Svenska Handelsbanken AB, 1.640%, 07/11/2022			900,012		0.1
350,000 (4)	Svenska Handelsbanken AB, 1.670%, 07/29/2022			349,989		0.0
950,000 (4)	Toronto-Dominion Bank, 1.650%, 07/25/2022			949,978		0.1
300,000 (4)	Toronto-Dominion Bank, 1.660%, 08/19/2022			299,969		0.0
1,000,000 (4)	Westpac Banking Corp., 1.650%, 08/02/2022			999,952		0.1
	Total Floating Rate Notes (Cost $20,424,376)			20,424,376		1.7

See Accompanying Notes to Financial Statements

120

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 6.3%
15,898,461 (4)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $15,899,136, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.000%, Market Value plus accrued interest $16,216,430, due 08/01/22-01/20/68)		$	15,898,461		1.3
2,756,142 (4)	CF Secured LLC, Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $2,756,254, collateralized by various U.S. Government Securities, 0.000%-4.250%, Market Value plus accrued interest $2,811,265, due 09/15/22-05/15/52)			2,756,142		0.2
8,886,399 (4)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $8,886,776, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $9,064,587, due 07/21/22-05/15/52)			8,886,399		0.7
4,833,296 (4)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $4,833,495, collateralized by various U.S. Government Securities, 0.000%- 3.250%, Market Value plus accrued interest $4,929,962, due 12/29/22-06/30/27)			4,833,296		0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
5,445,333 (4)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $5,445,570, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%- 8.250%, Market Value plus accrued interest $5,554,485, due 08/01/22-02/20/72)		$	5,445,333		0.4
28,816,874 (4)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $28,818,129, collateralized by various U.S. Government Securities, 0.000%- 2.750%, Market Value plus accrued interest $29,393,233, due 07/01/22-09/09/49)			28,816,874		2.4
10,415,856 (4)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $10,416,298, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $10,624,189, due 01/15/25-02/15/51)			10,415,856		0.9
	Total Repurchase Agreements (Cost $77,052,361)			77,052,361		6.3

	Time Deposits: 1.5%
3,100,000 (4)	Barclays Bank PLC, 1.590%, 07/01/2022			3,100,000		0.3
1,520,000 (4)	DZ Bank AG, 1.550%, 07/01/2022			1,520,000		0.1

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Time Deposits (continued)
2,880,000 (4)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022		$	2,880,000		0.2
3,090,000 (4)	Mizuho Bank Ltd., 1.570%, 07/01/2022			3,090,000		0.3
1,960,000 (4)	Royal Bank of Canada, 1.570%, 07/01/2022			1,960,000		0.2
2,200,000 (4)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022			2,200,000		0.2
1,640,000 (4)	Societe Generale, 1.550%, 07/01/2022			1,640,000		0.1
1,830,000 (4)	Toronto-Dominion Bank, 1.560%, 07/01/2022			1,830,000		0.1
	Total Time Deposits
	(Cost $18,220,000)			18,220,000		1.5

Shares		Value		Percentage of Net Assets
	Mutual Funds: 0.9%
2,024,000 (4)(5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%		2,024,000		0.2
2,300,000 (4)(5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%		2,300,000		0.2

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
6,490,000 (4)(5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%		$	6,490,000		0.5
	Total Mutual Funds (Cost $10,814,000)			10,814,000		0.9
	Total Short-Term Investments (Cost $129,482,609)			129,482,609		10.6
	Total Investments in Securities (Cost $821,946,622)		$	1,341,996,703		110.2
	Liabilities in Excess of Other Assets			(123,816,939)		(10.2)
	Net Assets		$	1,218,179,764		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

Investment in affiliate

(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, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	1,208,463,791		$	—		$	—		$	1,208,463,791
Exchange-Traded Funds			4,050,303			—			—			4,050,303
Short-Term Investments			10,814,000			118,668,609			—			129,482,609
Total Investments, at fair value		$	1,223,328,094		$	118,668,609		$	—		$	1,341,996,703
Liabilities Table
Other Financial Instruments+
Futures		$	(322,905)		$	—		$	—		$	(322,905)
Total Liabilities		$	(322,905)		$	—		$	—		$	(322,905)

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.

See Accompanying Notes to Financial Statements

122

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (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, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Financial, Inc.		$	1,025,948		$	—		$	(56,158)		$	(172,326)		$	797,464		$	6,158		$	70,457		$	—
		$	1,025,948		$	—		$	(56,158)		$	(172,326)		$	797,464		$	6,158		$	70,457		$	—

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

At June 30, 2022, the following futures contracts were outstanding for Voya Russell™ Mid Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		21		09/16/22		$	4,762,800		$	(322,905)
						$	4,762,800		$	(322,905)

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, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	322,905
Total Liability Derivatives			$	322,905

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(512,515)
Total		$	(512,515)

	Change of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(476,957)
Total		$	(476,957)

See Accompanying Notes to Financial Statements

123

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Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 96.0%
	Communication Services: 2.7%
32,681 (1)(2)	Advantage Solutions, Inc.		$	124,188		0.0
11,630 (1)(2)	AMC Networks, Inc.			338,666		0.1
4,801 (1)(2)	Anterix, Inc.			197,177		0.0
5,188 (2)	Arena Group Holdings, Inc./The			46,692		0.0
4,745 (1)	ATN International, Inc.			222,588		0.0
45,297 (2)	Audacy, Inc.			42,679		0.0
9,149 (1)(2)	Bandwidth, Inc.			172,184		0.0
7,345 (1)(2)	Boston Omaha Corp.			151,674		0.0
32,477 (1)(2)	Bumble, Inc.			914,227		0.1
12,630 (1)(2)	Cardlytics, Inc.			281,775		0.0
38,315 (2)	Cargurus, Inc.			823,389		0.1
27,546 (2)	Cars.com, Inc.			259,759		0.0
40,741 (2)	Charge Enterprises, Inc.			194,335		0.0
41,835 (1)(2)	Cinemark Holdings, Inc.			628,362		0.1
144,449 (2)	Clear Channel Outdoor Holdings, Inc.			154,560		0.0
16,396	Cogent Communications Holdings, Inc.			996,221		0.1
29,889 (2)	Consolidated Communications Holdings, Inc.			209,223		0.0
7,451 (2)	Cumulus Media, Inc. Class-A			57,596		0.0
546 (1)(2)	Daily Journal Corp.			141,305		0.0
16,044 (2)	DHI Group, Inc.			79,739		0.0
13,592 (1)(2)	EchoStar Corp.			262,326		0.0
25,261	Entravision Communications Corp.			115,190		0.0
30,559 (1)(2)	Eventbrite, Inc.			313,841		0.0
8,404 (2)	EverQuote, Inc.			74,291		0.0
23,291 (2)	EW Scripps Co.			290,439		0.0
67,318 (1)(2)	fuboTV, Inc.			166,275		0.0
55,136 (2)	Gannett Co., Inc.			159,894		0.0
255,944 (2)	Globalstar, Inc.			314,811		0.0
19,283 (2)	Gogo, Inc.			312,192		0.0
32,691	Gray Television, Inc.			552,151		0.1
5,739 (2)	IDT Corp.			144,336		0.0
44,381 (2)	iHeartMedia, Inc.			350,166		0.1
19,764 (2)	Imax Corp.			333,814		0.0
14,346 (2)	Integral Ad Science Holding Corp.			142,456		0.0
47,501 (2)	Iridium Communications, Inc.			1,784,138		0.2
16,575	John Wiley & Sons, Inc.			791,622		0.1
16,569 (2)	KORE Group Holdings, Inc.			50,867		0.0
68,938 (2)	Liberty Latin America Ltd.			537,027		0.1
7,763 (2)	Liberty Latin America Ltd. - Class A			60,551		0.0
18,763 (2)	Liberty Media Corp.- Liberty Braves C Tracking Stock			450,312		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Communication Services (continued)
22,657 (2)	Lions Gate Entertainment Corp. - Class A		$	210,937		0.0
44,389 (2)	Lions Gate Entertainment Corp. - Class B			391,955		0.1
9,950 (1)(2)	Madison Square Garden Entertainment Corp.			523,569		0.1
50,397 (2)	Magnite, Inc.			447,525		0.1
9,489 (1)(2)	Marcus Corp.			140,152		0.0
9,198 (2)	MediaAlpha, Inc.			90,600		0.0
9,512 (2)	Ooma, Inc.			112,622		0.0
15,035 (1)(2)	Outbrain, Inc.			75,626		0.0
30,039 (2)	Playstudios, Inc.			128,567		0.0
15,631 (2)	PubMatic, Inc.			248,377		0.0
21,024 (2)	QuinStreet, Inc.			211,501		0.0
27,724 (1)(2)	Radius Global Infrastructure, Inc.			423,068		0.1
9,328 (2)	Reservoir Media, Inc.			60,819		0.0
10,847	Scholastic Corp.			390,167		0.1
18,293 (1)	Shenandoah Telecommunications Co.			406,105		0.1
16,000 (1)	Sinclair Broadcast Group, Inc.			326,400		0.0
116,894 (1)(2)	Skillz, Inc.			144,949		0.0
28,902 (1)(2)	Stagwell, Inc.			156,938		0.0
11,295 (2)	Starry Group Holdings, Inc.			46,535		0.0
10,136 (2)	TechTarget, Inc.			666,138		0.1
84,473	TEGNA, Inc.			1,771,399		0.2
37,480	Telephone & Data Systems, Inc.			591,809		0.1
9,103 (1)(2)	Thryv Holdings, Inc.			203,816		0.0
40,474 (2)	TrueCar, Inc.			104,828		0.0
5,540 (2)	United States Cellular Corp.			160,438		0.0
53,340 (2)	Vimeo, Inc.			321,107		0.0
69,816 (1)(2)	Vinco Ventures, Inc.			96,346		0.0
20,826 (2)	WideOpenWest, Inc.			379,241		0.1
26,214 (2)	Yelp, Inc.			727,963		0.1
16,951 (2)	Ziff Davis, Inc.			1,263,358		0.2
29,682 (2)	ZipRecruiter, Inc.			439,887		0.1
				24,505,780		2.7
	Consumer Discretionary: 9.6%
11,073 (1)(2)	1-800-Flowers.com, Inc.			105,304		0.0
8,965 (2)	1stdibs.com, Inc.			51,011		0.0
28,552 (1)(2)	2U, Inc.			298,939		0.0
11,850	Aaron’s Co., Inc./The			172,418		0.0
18,887 (1)(2)	Abercrombie & Fitch Co. - Class A			319,568		0.0
31,159 (1)	Academy Sports & Outdoors, Inc.			1,107,391		0.1
24,561 (2)	Accel Entertainment, Inc.			260,838		0.0
13,453	Acushnet Holdings Corp.			560,721		0.1

See Accompanying Notes to Financial Statements

125

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Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
35,901 (2)	Adient plc		$	1,063,747		0.1
17,293 (2)	Adtalem Global Education, Inc.			622,029		0.1
35,202 (1)(2)	Allbirds, Inc.			138,344		0.0
43,670 (2)	American Axle & Manufacturing Holdings, Inc.			328,835		0.0
58,264	American Eagle Outfitters, Inc.			651,392		0.1
7,808 (2)	American Public Education, Inc.			126,177		0.0
2,386 (2)	America’s Car-Mart, Inc.			240,032		0.0
35,239 (1)(2)	AMMO, Inc.			135,670		0.0
33,675	Arko Corp.			274,788		0.0
8,421 (2)	Asbury Automotive Group, Inc.			1,426,012		0.2
23,270 (2)	Aterian, Inc.			50,263		0.0
14,580 (1)(2)	Bally’s Corp.			288,392		0.0
46,495 (2)	Beachbody Co., Inc./The			55,794		0.0
11,729 (2)	Beazer Homes USA, Inc.			141,569		0.0
30,972 (1)(2)	Bed Bath & Beyond, Inc.			153,931		0.0
7,892 (1)	Big 5 Sporting Goods Corp.			88,469		0.0
10,695 (1)	Big Lots, Inc.			224,274		0.0
8,949 (2)	BJ’s Restaurants, Inc.			194,014		0.0
33,507	Bloomin Brands, Inc.			556,886		0.1
5,453	Bluegreen Vacations Holding Corp.			136,107		0.0
11,321 (2)	Boot Barn Holdings, Inc.			780,130		0.1
14,644 (1)(2)	Bowlero Corp.			155,080		0.0
16,673 (1)(2)	Brinker International, Inc.			367,306		0.1
11,590 (1)	Buckle, Inc.			320,927		0.0
5,141 (1)	Build-A-Bear Workshop, Inc.			84,415		0.0
14,106	Caleres, Inc.			370,141		0.1
51,996 (1)(2)	Callaway Golf Co.			1,060,718		0.1
14,633 (1)	Camping World Holdings, Inc.			315,927		0.0
41,524 (1)(2)	Canoo, Inc.			76,819		0.0
20,149 (1)(2)	CarParts.com, Inc.			139,834		0.0
5,618	Carriage Services, Inc.			222,754		0.0
7,981	Cato Corp.			92,659		0.0
3,556 (2)	Cavco Industries, Inc.			696,940		0.1
69,829 (1)(2)	Cenntro Electric Group Ltd.			105,442		0.0
11,976 (2)	Century Casinos, Inc.			86,227		0.0
11,171	Century Communities, Inc.			502,360		0.1
18,271 (1)	Cheesecake Factory			482,720		0.1
46,586 (2)	Chegg, Inc.			874,885		0.1
47,287 (2)	Chico’s FAS, Inc.			235,016		0.0
5,063 (1)(2)	Childrens Place, Inc./The			197,052		0.0
8,080 (2)	Chuy’s Holdings, Inc.			160,954		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
3,409 (1)(2)	Citi Trends, Inc.		$	80,623		0.0
10,266 (1)	Clarus Corp.			194,951		0.0
13,512 (2)	Container Store Group, Inc.			84,180		0.0
215,069 (2)	ContextLogic, Inc.			344,110		0.0
41,992 (1)(2)	Coursera, Inc.			595,447		0.1
8,802 (1)	Cracker Barrel Old Country Store, Inc.			734,879		0.1
22,488 (2)	CROCS, Inc.			1,094,491		0.1
48,720	Dana, Inc.			685,490		0.1
16,367 (2)	Dave & Buster’s Entertainment, Inc.			536,510		0.1
23,693 (2)	Denny’s Corp.			205,655		0.0
22,227 (1)	Designer Brands, Inc.			290,285		0.0
21,257 (2)	Destination XL Group, Inc.			72,061		0.0
1,640 (1)	Dillards, Inc.			361,735		0.1
6,173 (1)	Dine Brands Global, Inc.			401,739		0.1
10,069 (2)	Dorman Products, Inc.			1,104,670		0.1
7,109 (2)	Dream Finders Homes, Inc.			75,640		0.0
5,939 (2)	Duluth Holdings, Inc.			56,658		0.0
8,887 (1)(2)	Duolingo, Inc.			778,057		0.1
8,534 (2)	El Pollo Loco Holdings, Inc.			83,975		0.0
17,318 (1)(2)	Ermenegildo Zegna Holditalia SpA			182,705		0.0
9,004 (1)	Ethan Allen Interiors, Inc.			181,971		0.0
7,989 (1)	European Wax Center, Inc.			140,766		0.0
34,101 (2)	Everi Holdings, Inc.			556,187		0.1
25,550 (1)(2)	EVgo, Inc.			153,556		0.0
26,776 (2)	Express, Inc.			52,481		0.0
13,634 (1)(2)	F45 Training Holdings, Inc.			53,582		0.0
38,059 (1)(2)	Faraday Future Intelligent Electric, Inc.			98,953		0.0
63,480 (1)(2)	Fisker, Inc.			544,024		0.1
29,945 (1)	Foot Locker, Inc.			756,111		0.1
19,451 (2)	Fossil Group, Inc.			100,562		0.0
16,124 (2)	Fox Factory Holding Corp.			1,298,627		0.2
10,585 (1)	Franchise Group, Inc.			371,216		0.1
30,260 (2)	Frontdoor, Inc.			728,661		0.1
13,019 (2)	Full House Resorts, Inc.			79,156		0.0
11,684 (2)	Funko, Inc.			260,787		0.0
5,143 (2)	Genesco, Inc.			256,687		0.0
12,620 (2)	Gentherm, Inc.			787,614		0.1
16,681 (2)	G-III Apparel Group Ltd.			337,457		0.0
7,194 (2)	Golden Entertainment, Inc.			284,523		0.0
105,244 (2)	Goodyear Tire & Rubber Co.			1,127,163		0.1
49,011 (2)	GoPro, Inc.			271,031		0.0

See Accompanying Notes to Financial Statements

126

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
1,441	Graham Holdings Co.		$	816,816		0.1
11,475 (2)	Green Brick Partners, Inc.			224,566		0.0
6,101	Group 1 Automotive, Inc.			1,035,950		0.1
8,441 (1)(2)	Groupon, Inc.			95,383		0.0
22,238 (1)(2)	GrowGeneration Corp.			79,834		0.0
13,086	Guess?, Inc.			223,116		0.0
6,002 (1)	Haverty Furniture Cos., Inc.			139,126		0.0
9,026 (1)(2)	Helen of Troy Ltd.			1,465,913		0.2
4,942	Hibbett, Inc.			216,015		0.0
33,164 (2)	Hilton Grand Vacations, Inc.			1,184,950		0.1
18,469 (1)(2)	Holley, Inc.			193,925		0.0
2,012 (2)	Hovnanian Enterprises, Inc.			86,094		0.0
8,313 (2)	Inspired Entertainment, Inc.			71,575		0.0
9,292	Installed Building Products, Inc.			772,723		0.1
38,120	International Game Technology PLC			707,507		0.1
10,321 (1)(2)	iRobot Corp.			379,297		0.1
8,065	Jack in the Box, Inc.			452,124		0.1
2,184	Johnson Outdoors, Inc.			133,573		0.0
30,329 (1)	KB Home			863,163		0.1
20,322	Kontoor Brands, Inc.			678,145		0.1
27,751 (1)	Krispy Kreme, Inc.			377,414		0.1
1,665 (1)(2)	Kura Sushi USA, Inc.			82,467		0.0
6,101 (1)(2)	Lands’ End, Inc.			64,793		0.0
16,560 (1)(2)	Latham Group, Inc.			114,761		0.0
41,539	Laureate Education Inc.- Class A			480,606		0.1
16,411 (1)	La-Z-Boy, Inc.			389,105		0.1
9,416	LCI Industries			1,053,462		0.1
7,988 (1)(2)	LGI Homes, Inc.			694,157		0.1
15,520 (1)(2)	Life Time Group Holdings, Inc.			199,898		0.0
6,240	Lifetime Brands, Inc.			68,890		0.0
12,368 (1)(2)	Lindblad Expeditions Holdings, Inc.			100,181		0.0
10,305 (2)	Liquidity Services, Inc.			138,499		0.0
11,672 (2)	LL Flooring Holdings, Inc.			109,367		0.0
59,516 (1)(2)	Lordstown Motors Corp.			94,035		0.0
5,227 (1)(2)	Lovesac Co/The			143,743		0.0
89,460 (1)(2)	Luminar Technologies, Inc.			530,498		0.1
10,468 (2)	M/I Homes, Inc.			415,161		0.1
8,094 (2)	Malibu Boats, Inc.			426,635		0.1
8,136 (2)	MarineMax, Inc.			293,872		0.0
7,518 (2)	MasterCraft Boat Holdings, Inc.			158,254		0.0
21,673	MDC Holdings, Inc.			700,255		0.1
13,776 (2)	Meritage Homes Corp.			998,760		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
19,357 (2)	Modine Manufacturing Co.		$	203,829		0.0
5,297 (2)	Monarch Casino & Resort, Inc.			310,775		0.0
12,757 (1)	Monro, Inc.			547,020		0.1
7,910 (2)	Motorcar Parts of America, Inc.			103,779		0.0
6,179	Movado Group, Inc.			191,116		0.0
8,503	Murphy USA, Inc.			1,980,094		0.2
30,816 (1)(2)	National Vision Holdings, Inc.			847,440		0.1
4,818 (2)	NeoGames SA			64,609		0.0
21,498 (2)	Nerdy, Inc.			45,791		0.0
17,930 (2)	Noodles & Co.			84,271		0.0
16,361 (2)	ODP Corp./The			494,757		0.1
9,103 (2)	ONE Group Hospitality, Inc./The			67,089		0.0
24,319 (1)(2)	OneSpaWorld Holdings Ltd.			174,367		0.0
4,383 (2)	OneWater Marine, Inc.			144,858		0.0
16,337 (2)	Overstock.com, Inc.			408,588		0.1
5,911 (1)	Oxford Industries, Inc.			524,542		0.1
12,522	Papa Johns International, Inc.			1,045,837		0.1
43,153 (1)(2)	Party City Holdco, Inc.			56,962		0.0
8,396	Patrick Industries, Inc.			435,249		0.1
28,186 (2)	Perdoceo Education Corp.			332,031		0.0
8,145 (1)	PetMed Express, Inc.			162,086		0.0
11,012 (1)(2)	PLBY Group, Inc.			70,477		0.0
31,275 (1)(2)	Porch Group, Inc.			80,064		0.0
7,817 (1)(2)	Portillo’s, Inc.			127,808		0.0
17,119 (1)(2)	Poshmark, Inc.			173,073		0.0
18,320 (1)(2)	PowerSchool Holdings, Inc.			220,756		0.0
20,773 (1)(2)	Purple Innovation, Inc.			63,565		0.0
36,964 (2)	Quotient Technology, Inc.			109,783		0.0
127,697	Qurate Retail, Inc.			366,490		0.1
3,427	RCI Hospitality Holdings, Inc.			165,730		0.0
20,326	Red Rock Resorts, Inc.			678,075		0.1
18,625 (1)(2)	Rent the Runway, Inc.			57,179		0.0
20,373 (1)	Rent-A-Center, Inc.			396,255		0.1
15,222 (1)(2)	Revolve Group, Inc.			394,402		0.1
2,832 (1)	Rocky Brands, Inc.			96,798		0.0
35,184 (1)(2)	Rover Group, Inc.			132,292		0.0
3,875 (2)	RumbleON, Inc.			57,001		0.0
22,859 (1)(2)	Rush Street Interactive, Inc.			106,752		0.0
13,528 (1)	Ruth’s Hospitality Group, Inc.			219,965		0.0
40,807 (1)(2)	Sally Beauty Holdings, Inc.			486,419		0.1

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
37,213 (2)	Scientific Games Corp.		$	1,748,639		0.2
17,252 (2)	SeaWorld Entertainment, Inc.			762,193		0.1
14,382 (2)	Shake Shack, Inc.			567,801		0.1
7,138	Shoe Carnival, Inc.			154,252		0.0
9,191	Shutterstock, Inc.			526,736		0.1
17,737 (1)	Signet Jewelers Ltd.			948,220		0.1
20,499 (2)	Skyline Champion Corp.			972,063		0.1
8,392 (1)(2)	Sleep Number Corp.			259,732		0.0
17,280 (1)	Smith & Wesson Brands, Inc.			226,886		0.0
6,685 (1)(2)	Snap One Holdings Corp.			61,301		0.0
21,122 (2)	Solid Power, Inc.			113,636		0.0
7,769 (1)	Sonic Automotive, Inc.			284,578		0.0
47,315 (1)(2)	Sonos, Inc.			853,563		0.1
16,489 (2)	Sportsman’s Warehouse Holdings, Inc.			158,130		0.0
7,921	Standard Motor Products, Inc.			356,366		0.1
30,089	Steven Madden Ltd.			969,167		0.1
30,434 (1)(2)	Stitch Fix, Inc.			150,344		0.0
10,360 (2)	Stoneridge, Inc.			177,674		0.0
8,998 (1)	Strategic Education, Inc.			635,079		0.1
15,738 (2)	Stride, Inc.			641,953		0.1
6,748	Sturm Ruger & Co., Inc.			429,510		0.1
5,363 (1)	Superior Group of Cos, Inc.			95,193		0.0
5,099 (1)(2)	Sweetgreen, Inc.			59,403		0.0
11,784 (2)	Target Hospitality Corp.			67,287		0.0
44,091 (2)	Taylor Morrison Home Corp.			1,029,966		0.1
30,315 (1)(2)	Tenneco, Inc.			520,205		0.1
25,924	Texas Roadhouse, Inc.			1,897,637		0.2
31,982 (1)(2)	The RealReal, Inc.			79,635		0.0
22,577 (2)	ThredUp, Inc.			56,443		0.0
9,726	Tilly’s, Inc.			68,277		0.0
11,687 (1)(2)	Traeger, Inc.			49,670		0.0
5,184 (2)	TravelCenters of America, Inc.			178,693		0.0
38,843 (2)	Tri Pointe Homes, Inc.			655,281		0.1
17,365 (2)	Tupperware Brands Corp.			110,094		0.0
27,299 (1)(2)	Udemy, Inc.			278,723		0.0
5,967 (2)	Unifi, Inc.			83,896		0.0
5,091 (2)	Universal Electronics, Inc.			130,177		0.0
12,053 (2)	Universal Technical Institute, Inc.			85,938		0.0
25,038 (1)(2)	Urban Outfitters, Inc.			467,209		0.1
19,665 (1)(2)	Vacasa, Inc.			56,635		0.0
21,486 (2)	Vista Outdoor, Inc.			599,459		0.1
10,562 (2)	Visteon Corp.			1,094,012		0.1
9,224 (1)	Vivid Seats, Inc.			68,903		0.0
36,334 (1)(2)	Vivint Smart Home, Inc.			126,442		0.0
25,083 (1)(2)	Vizio Holding Corp.			171,066		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
47,356 (1)(2)	Volta, Inc.		$	61,563		0.0
22,644 (1)(2)	Vuzix Corp.			160,772		0.0
31,260 (2)	Warby Parker, Inc.			351,988		0.1
9,258 (1)	Weber, Inc.			66,750		0.0
11,425 (1)	Wingstop, Inc.			854,247		0.1
1,133	Winmark Corp.			221,581		0.0
12,254	Winnebago Industries			595,054		0.1
30,681 (1)	Wolverine World Wide, Inc.			618,529		0.1
57,314 (1)(2)	Workhorse Group, Inc.			149,016		0.0
20,468 (1)(2)	WW International, Inc.			130,791		0.0
12,795 (1)(2)	Xometry, Inc.			434,134		0.1
7,934 (1)(2)	XPEL, Inc.			364,409		0.1
6,453 (2)	Xponential Fitness, Inc.			81,050		0.0
6,244 (1)(2)	Zumiez, Inc.			162,344		0.0
				86,469,074		9.6
	Consumer Staples: 3.6%
60,974 (1)(2)	22nd Century Group, Inc.			129,875		0.0
12,564	Andersons, Inc.			414,486		0.0
28,355 (1)(2)	AppHarvest, Inc.			98,959		0.0
25,033 (1)	B&G Foods, Inc.			595,285		0.1
37,589 (1)(2)	Beauty Health Co/The			483,395		0.1
44,066 (2)	BellRing Brands, Inc.			1,096,803		0.1
65,451 (2)	Benson Hill, Inc.			179,336		0.0
23,173 (2)	Beyond Meat, Inc.			554,762		0.1
9,830 (1)(2)	BRC, Inc.			80,213		0.0
6,799	Calavo Growers, Inc.			283,654		0.0
14,368	Cal-Maine Foods, Inc.			709,923		0.1
20,885 (1)(2)	Celsius Holdings, Inc.			1,362,955		0.2
1,402 (2)	Central Garden & Pet Co. - CENT			59,473		0.0
18,381 (2)	Central Garden & Pet Co. - Class A - CENTA			735,424		0.1
12,950 (1)(2)	Chefs’ Warehouse Holdings, Inc.			503,625		0.1
1,797	Coca-Cola Consolidated, Inc.			1,013,328		0.1
12,847 (1)(2)	Duckhorn Portfolio, Inc./The			270,558		0.0
20,671 (1)	Edgewell Personal Care Co.			713,563		0.1
18,971 (2)	elf Beauty, Inc.			582,030		0.1
25,619	Energizer Holdings, Inc.			726,299		0.1
12,187	Fresh Del Monte Produce, Inc.			359,882		0.0
27,007 (2)	Hain Celestial Group, Inc.			641,146		0.1
36,639 (2)	Herbalife Nutrition Ltd.			749,268		0.1
15,527 (2)	HF Foods Group, Inc.			81,051		0.0
27,312 (2)	Honest Co., Inc./The			79,751		0.0
50,439 (2)	Hostess Brands, Inc.			1,069,811		0.1
5,644	Ingles Markets, Inc.			489,617		0.1
7,029	Inter Parfums, Inc.			513,539		0.1

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
5,764 (1)	J&J Snack Foods Corp.		$	805,000		0.1
3,208	John B Sanfilippo & Son, Inc.			232,548		0.0
7,238	Lancaster Colony Corp.			932,110		0.1
11,188 (2)	Landec Corp.			111,544		0.0
4,343	Medifast, Inc.			783,955		0.1
5,455	MGP Ingredients, Inc.			545,991		0.1
15,754 (2)	Mission Produce, Inc.			224,494		0.0
9,155	National Beverage Corp.			448,046		0.1
19,126 (1)	Nu Skin Enterprises, Inc.			828,156		0.1
9,451	Pricesmart, Inc.			676,975		0.1
60,096	Primo Water Corp.			804,084		0.1
21,479 (1)(2)	Rite Aid Corp.			144,768		0.0
7,778	Sanderson Farms, Inc.			1,676,392		0.2
2,568 (2)	Seneca Foods Corp.			142,627		0.0
33,411 (2)	Simply Good Foods Co/The			1,261,933		0.1
10,624 (2)	Sovos Brands, Inc.			168,603		0.0
14,222	SpartanNash Co.			429,078		0.0
42,010 (1)(2)	Sprouts Farmers Market, Inc.			1,063,693		0.1
36,588 (2)	SunOpta, Inc.			284,655		0.0
19,264 (1)(2)	Tattooed Chef, Inc.			121,363		0.0
6,498	Tootsie Roll Industries, Inc.			229,704		0.0
19,582 (1)(2)	TreeHouse Foods, Inc.			818,919		0.1
5,958	Turning Point Brands, Inc.			161,641		0.0
22,035 (2)	United Natural Foods, Inc.			868,179		0.1
9,894	Universal Corp.			598,587		0.1
4,446 (2)	USANA Health Sciences, Inc.			321,713		0.0
24,399 (1)	Utz Brands, Inc.			337,194		0.0
56,481	Vector Group Ltd.			593,050		0.1
24,955 (1)(2)	Veru, Inc.			281,991		0.0
11,569 (1)(2)	Vintage Wine Estates, Inc.			90,932		0.0
10,441 (1)(2)	Vita Coco Co., Inc./The			102,217		0.0
10,413 (2)	Vital Farms, Inc.			91,114		0.0
5,221 (1)	WD-40 Co.			1,051,301		0.1
6,541	Weis Markets, Inc.			487,566		0.1
15,379 (2)	Whole Earth Brands, Inc.			95,350		0.0
				32,393,484		3.6
	Energy: 5.3%
11,716 (1)(2)	Aemetis, Inc.			57,526		0.0
27,905 (1)(2)	Alto Ingredients, Inc.			103,528		0.0
14,024 (2)	Amplify Energy Corp.			91,717		0.0
5,802	Arch Resources, Inc.			830,208		0.1
22,189 (1)(2)	Archaea Energy, Inc.			344,595		0.0
49,145	Archrock, Inc.			406,429		0.1
13,502 (2)	Ardmore Shipping Corp.			94,109		0.0
29,619	Berry Corp.			225,697		0.0
51,258 (1)(2)	Borr Drilling Ltd.			236,299		0.0
18,660	Brigham Minerals, Inc.			459,596		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
9,183 (2)	Bristow Group, Inc.		$	214,882		0.0
21,398	Cactus, Inc.			861,697		0.1
29,779 (1)	California Resources Corp.			1,146,492		0.1
18,377 (2)	Callon Petroleum Co.			720,378		0.1
76,224 (1)(2)	Centennial Resource Development, Inc./DE			455,820		0.1
3,765 (1)(2)	Centrus Energy Corp.			93,184		0.0
77,434	ChampionX Corp.			1,537,065		0.2
27,728	Civitas Resources, Inc.			1,449,897		0.2
61,899 (1)(2)	Clean Energy Fuels Corp.			277,308		0.0
74,004 (1)(2)	CNX Resources Corp.			1,218,106		0.1
35,677 (1)(2)	Comstock Resources, Inc.			430,978		0.1
13,169 (2)	CONSOL Energy, Inc.			650,285		0.1
12,182 (1)	Crescent Energy Co.			152,031		0.0
11,453	CVR Energy, Inc.			383,676		0.1
26,405 (2)	Delek US Holdings, Inc.			682,305		0.1
19,326 (2)	Denbury, Inc.			1,159,367		0.1
54,000 (1)	DHT Holdings, Inc.			331,020		0.0
36,722 (1)(2)	Diamond Offshore Drilling, Inc.			216,293		0.0
7,211 (2)	DMC Global, Inc.			130,014		0.0
12,068	Dorian L.P.G Ltd.			183,434		0.0
13,717 (2)	Dril-Quip, Inc.			353,899		0.1
16,313 (1)(2)	Earthstone Energy, Inc.			222,672		0.0
59,585 (1)(2)	Energy Fuels, Inc./ Canada			292,562		0.0
157,073	Equitrans Midstream Corp.			998,984		0.1
6,855 (2)	Excelerate Energy, Inc.			136,552		0.0
28,662 (1)(2)	Expro Group Holdings NV			330,186		0.0
10,818	FLEX LNG Ltd.			296,305		0.0
48,084 (2)	Frontline Ltd./Bermuda			426,024		0.1
75,546 (1)(2)	Gevo, Inc.			177,533		0.0
38,836 (2)	Golar LNG Ltd.			883,519		0.1
19,785 (1)(2)	Green Plains, Inc.			537,558		0.1
4,396 (1)(2)	Gulfport Energy Corp.			349,526		0.0
55,432 (2)	Helix Energy Solutions Group, Inc.			171,839		0.0
39,026	Helmerich & Payne, Inc.			1,680,460		0.2
2,510 (1)	HighPeak Energy, Inc.			64,306		0.0
18,685 (1)	International Seaways, Inc.			396,122		0.1
6,129 (1)	Kinetik Holdings, Inc.			209,244		0.0
171,413 (2)	Kosmos Energy Ltd.			1,061,046		0.1
6,399 (1)(2)	Laredo Petroleum, Inc.			441,147		0.1
52,652 (2)	Liberty Energy, Inc.			671,840		0.1
61,687 (1)	Magnolia Oil & Gas Corp.			1,294,810		0.2
42,876	Matador Resources Co.			1,997,593		0.2
56,263	Murphy Oil Corp.			1,698,580		0.2
3,412 (2)	Nabors Industries Ltd.			456,867		0.1
1,529	Nacco Industries, Inc.			57,949		0.0

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
14,866 (2)	National Energy Services Reunited Corp.		$	100,791		0.0
35,564 (2)	Newpark Resources, Inc.			109,893		0.0
12,093 (1)(2)	NextDecade Corp.			53,693		0.0
68,005 (2)	NexTier Oilfield Solutions, Inc.			646,728		0.1
13,655 (2)	Noble Corp.			346,154		0.0
72,454 (1)	Nordic American Tankers Ltd.			154,327		0.0
24,542	Northern Oil and Gas, Inc.			619,931		0.1
7,535	Oasis Petroleum, Inc.			916,633		0.1
38,753 (2)	Oceaneering International, Inc.			413,882		0.1
25,319 (2)	Oil States International, Inc.			137,229		0.0
18,281 (2)	Par Pacific Holdings, Inc.			285,001		0.0
80,191	Patterson-UTI Energy, Inc.			1,263,810		0.2
36,885 (2)	PBF Energy, Inc.			1,070,403		0.1
44,553 (1)(2)	Peabody Energy Corp.			950,316		0.1
34,287 (2)	ProPetro Holding Corp.			342,870		0.0
8,050 (2)	Ranger Oil Corp.			264,604		0.0
2,130 (2)	REX American Resources Corp.			180,624		0.0
3,984	Riley Exploration Permian, Inc.			96,333		0.0
31,918 (2)	Ring Energy, Inc.			84,902		0.0
28,401 (2)	RPC, Inc.			196,251		0.0
11,841 (2)	SandRidge Energy, Inc.			185,548		0.0
19,144 (1)	Scorpio Tankers, Inc.			660,659		0.1
26,025 (2)	Select Energy Services, Inc.			177,491		0.0
42,285	SFL Corp. Ltd.			401,285		0.1
4,365 (2)	SilverBow Resources, Inc.			123,791		0.0
4,030 (1)	Sitio Royalties Corp.			93,415		0.0
46,217	SM Energy Co.			1,580,159		0.2
12,780	Solaris Oilfield Infrastructure, Inc.			139,046		0.0
24,826 (2)	Talos Energy, Inc.			384,058		0.1
30,904 (2)	Teekay Corp.			89,004		0.0
8,969 (2)	Teekay Tankers Ltd.			158,123		0.0
192,949 (1)(2)	Tellurian, Inc.			574,988		0.1
48,688 (2)	Tetra Technologies, Inc.			197,673		0.0
15,378 (1)(2)	Tidewater, Inc.			324,322		0.0
105,599 (1)(2)	Uranium Energy Corp.			325,245		0.0
79,310 (2)	Ur-Energy, Inc.			84,069		0.0
28,788 (2)	US Silica Holdings, Inc.			328,759		0.0
22,049 (1)	Vaalco Energy, Inc.			153,020		0.0
22,985 (2)	Valaris Ltd.			970,886		0.1
20,585 (1)(2)	Vertex Energy, Inc.			216,554		0.0
38,008 (1)(2)	W&T Offshore, Inc.			164,195		0.0
26,571 (1)(2)	Weatherford International PLC			562,508		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
15,062 (1)	Whiting Petroleum Corp.		$	1,024,668		0.1
23,670	World Fuel Services Corp.			484,288		0.1
				47,989,188		5.3
	Financials: 16.4%
7,292	1st Source Corp.			331,057		0.0
2,756	ACNB Corp.			81,826		0.0
5,846	AFC Gamma, Inc.			89,619		0.0
6,737	Alerus Financial Corp.			160,408		0.0
8,232	Allegiance Bancshares, Inc.			310,840		0.0
4,744	Amalgamated Financial Corp.			93,836		0.0
7,056 (1)	A-Mark Precious Metals, Inc.			227,556		0.0
17,976 (2)	Ambac Financial Group, Inc.			204,028		0.0
10,984 (1)	Amerant Bancorp, Inc.			308,870		0.0
29,633	American Equity Investment Life Holding Co.			1,083,679		0.1
4,893	American National Bankshares, Inc.			169,347		0.0
25,667	Ameris Bancorp.			1,031,300		0.1
7,799	Amerisafe, Inc.			405,626		0.1
5,790	Angel Oak Mortgage, Inc.			75,038		0.0
57,938 (1)	Apollo Commercial Real Estate Finance, Inc.			604,873		0.1
54,937 (1)	Arbor Realty Trust, Inc.			720,224		0.1
17,329 (1)	Ares Commercial Real Estate Corp.			211,934		0.0
12,346	Argo Group International Holdings Ltd.			455,074		0.1
34,122 (1)	ARMOUR Residential REIT, Inc.			240,219		0.0
6,499	Arrow Financial Corp.			206,733		0.0
22,397	Artisan Partners Asset Management, Inc.			796,661		0.1
7,985 (2)	AssetMark Financial Holdings, Inc.			149,878		0.0
56,084	Associated Banc-Corp.			1,024,094		0.1
29,256	Atlantic Union Bankshares Corp.			992,364		0.1
2,044 (1)(2)	Atlanticus Holdings Corp.			71,888		0.0
22,437 (2)	Axos Financial, Inc.			804,366		0.1
7,865 (1)	B. Riley Financial, Inc.			332,296		0.0
26,896 (1)(2)	Bakkt Holdings, Inc.			56,482		0.0
22,268	Banc of California, Inc.			392,362		0.1
6,765 (1)	Bancfirst Corp.			647,478		0.1
10,819	Banco Latinoamericano de Comercio Exterior SA			143,568		0.0
20,956 (2)	Bancorp, Inc.			409,061		0.1
2,925 (1)	Bank First Corp.			221,744		0.0
6,893	Bank of Marin Bancorp			219,060		0.0

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
19,346	Bank of NT Butterfield & Son Ltd.		$	603,402		0.1
30,875	BankUnited, Inc.			1,098,224		0.1
13,368	Banner Corp.			751,415		0.1
7,080	Bar Harbor Bankshares			183,089		0.0
18,049	Berkshire Hills Bancorp, Inc.			447,074		0.1
123,548	BGC Partners, Inc.			416,357		0.1
61,119 (1)	Blackstone Mortgage Trust, Inc.			1,691,163		0.2
18,975 (2)	Blucora, Inc.			350,279		0.0
10,717 (2)	Bridgewater Bancshares, Inc.			172,972		0.0
76,096 (2)	Bright Health Group, Inc.			138,495		0.0
13,043 (1)	Brightsphere Investment Group, Inc.			234,904		0.0
36,633	BrightSpire Capital, Inc.			276,579		0.0
52,948 (1)	Broadmark Realty Capital, Inc.			355,281		0.0
29,975	Brookline Bancorp, Inc.			398,967		0.1
22,032 (1)(2)	BRP Group, Inc.			532,073		0.1
8,523	Business First Bancshares, Inc.			181,625		0.0
10,880	Byline Bancorp, Inc.			258,944		0.0
70,102	Cadence Bank			1,645,995		0.2
2,989	Cambridge Bancorp			247,190		0.0
6,055	Camden National Corp.			266,723		0.0
29,493 (2)	Cannae Holdings, Inc.			570,395		0.1
6,825	Capital City Bank Group, Inc.			190,349		0.0
52,562	Capitol Federal Financial, Inc.			482,519		0.1
8,495	Capstar Financial Holdings, Inc.			166,672		0.0
10,911 (2)	Carter Bankshares, Inc.			144,025		0.0
27,953	Cathay General Bancorp.			1,094,360		0.1
8,152 (1)	CBTX, Inc.			216,762		0.0
11,378	Central Pacific Financial Corp.			244,058		0.0
90,983 (1)	Chimera Investment Corp.			802,470		0.1
6,917	Citizens & Northern Corp.			167,184		0.0
6,039 (1)	City Holding Co.			482,395		0.1
7,057	Civista Bancshares, Inc.			150,032		0.0
34,940 (1)	Claros Mortgage Trust, Inc.			585,245		0.1
7,382	CNB Financial Corp.			178,571		0.0
43,747	CNO Financial Group, Inc.			791,383		0.1
4,295 (2)	Coastal Financial Corp./WA			163,725		0.0
9,623	Cohen & Steers, Inc.			611,927		0.1
30,304 (1)	Columbia Banking System, Inc.			868,210		0.1
14,950 (1)(2)	Columbia Financial, Inc.			326,060		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
20,389	Community Bank System, Inc.		$	1,290,216		0.2
6,136	Community Trust Bancorp, Inc.			248,140		0.0
22,246 (1)(3)	Compass Diversified Holdings			476,509		0.1
15,690	ConnectOne Bancorp, Inc.			383,621		0.1
5,513 (1)(2)	Consumer Portfolio Services, Inc.			56,508		0.0
9,840	Cowen, Inc.			233,110		0.0
19,918 (2)	CrossFirst Bankshares, Inc.			262,918		0.0
7,629	Curo Group Holdings Corp.			42,188		0.0
11,856 (2)	Customers Bancorp, Inc.			401,918		0.1
49,082 (1)	CVB Financial Corp.			1,217,724		0.1
1,288	Diamond Hill Investment Group, Inc.			223,648		0.0
13,513	Dime Community Bancshares, Inc.			400,660		0.1
10,960 (2)	Donnelley Financial Solutions, Inc.			321,018		0.0
11,964	Dynex Capital, Inc.			190,467		0.0
12,402	Eagle Bancorp, Inc.			587,979		0.1
61,641	Eastern Bankshares, Inc.			1,137,893		0.1
10,123 (2)	eHealth, Inc.			94,448		0.0
18,590 (1)	Ellington Financial, Inc.			272,715		0.0
11,017	Employers Holdings, Inc.			461,502		0.1
9,805 (1)	Enact Holdings, Inc.			210,611		0.0
9,186 (1)(2)	Encore Capital Group, Inc.			530,675		0.1
12,397 (2)	Enova International, Inc.			357,282		0.0
4,414 (2)	Enstar Group Ltd.			944,508		0.1
3,096	Enterprise Bancorp, Inc./MA			99,660		0.0
14,200	Enterprise Financial Services Corp.			589,300		0.1
6,314	Equity Bancshares, Inc.			184,116		0.0
2,457	Esquire Financial Holdings, Inc.			81,818		0.0
40,441	Essent Group Ltd.			1,573,155		0.2
20,146 (2)	Ezcorp, Inc.			151,296		0.0
4,495 (1)	Farmers & Merchants Bancorp, Inc./Archbold OH			149,189		0.0
12,671	Farmers National Banc Corp.			190,065		0.0
13,687	FB Financial Corp.			536,804		0.1
3,758	Federal Agricultural Mortgage Corp.			366,969		0.0
33,572	Federated Hermes, Inc.			1,067,254		0.1
6,838	Financial Institutions, Inc.			177,925		0.0
5,192	First Bancorp, Inc./The			156,435		0.0

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
75,813	First BanCorp. Puerto Rico		$	978,746		0.1
13,663	First BanCorp. Southern Pines NC			476,839		0.1
8,511	First Bancshares, Inc./The			243,415		0.0
8,021	First Bank/Hamilton NJ			112,134		0.0
20,884	First Busey Corp.			477,199		0.1
36,920	First Commonwealth Financial Corp.			495,466		0.1
8,281	First Community Bancshares, Inc.			243,544		0.0
36,289	First Financial Bancorp.			704,007		0.1
49,600 (1)	First Financial Bankshares, Inc.			1,947,792		0.2
3,018	First Financial Corp.			134,301		0.0
16,756	First Foundation, Inc.			343,163		0.0
4,232	First Internet Bancorp			155,822		0.0
34,156	First Interstate Bancsystem, Inc.			1,301,685		0.2
21,464	First Merchants Corp.			764,548		0.1
7,326	First Mid Bancshares, Inc.			261,318		0.0
10,248	First of Long Island Corp.			179,647		0.0
14,760	FirstCash Holdings, Inc.			1,025,968		0.1
4,444	Five Star Bancorp			117,411		0.0
20,517	Flagstar Bancorp, Inc.			727,328		0.1
11,330	Flushing Financial Corp.			240,876		0.0
22,417 (2)	Focus Financial Partners, Inc.			763,523		0.1
31,540 (1)	Franklin BSP Realty Trust, Inc.			425,159		0.1
60,280	Fulton Financial Corp.			871,046		0.1
17,583 (1)	GCM Grosvenor, Inc.			120,444		0.0
190,981 (2)	Genworth Financial, Inc.			674,163		0.1
11,002	German American Bancorp, Inc.			376,048		0.0
42,190	Glacier Bancorp., Inc.			2,000,650		0.2
7,082 (1)	Goosehead Insurance, Inc.			323,435		0.0
24,866	Granite Point Mortgage Trust, Inc.			237,968		0.0
4,101	Great Southern Bancorp., Inc.			240,155		0.0
18,791 (2)	Green Dot Corp.			471,842		0.1
1,363	Greene County Bancorp, Inc.			61,730		0.0
13,370	Hamilton Lane, Inc.			898,197		0.1
32,872	Hancock Whitney Corp.			1,457,216		0.2
13,103	Hanmi Financial Corp.			294,031		0.0
32,232 (1)	Hannon Armstrong Sustainable Infrastructure Capital, Inc.			1,220,304		0.1
18,927	HarborOne Bancorp, Inc.			261,003		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
2,590 (1)	HCI Group, Inc.		$	175,498		0.0
15,941	Heartland Financial USA, Inc.			662,189		0.1
26,054	Heritage Commerce Corp.			278,517		0.0
14,654	Heritage Financial Corp.			368,695		0.0
23,363	Hilltop Holdings, Inc.			622,858		0.1
668	Hingham Institution for Savings			189,558		0.0
96,333 (2)	Hippo Holdings, Inc.			84,638		0.0
3,848	Home Bancorp, Inc.			131,332		0.0
66,207	Home Bancshares, Inc./Conway AR			1,375,119		0.2
7,420	HomeStreet, Inc.			257,251		0.0
6,557	HomeTrust Bancshares, Inc.			163,925		0.0
45,056	Hope Bancorp, Inc.			623,575		0.1
16,167	Horace Mann Educators Corp.			620,489		0.1
17,767	Horizon Bancorp, Inc.			309,501		0.0
19,416	Houlihan Lokey, Inc.			1,532,505		0.2
17,802	Independent Bank Corp.			1,414,013		0.2
2,180	Independent Bank Corp. Michigan			42,030		0.0
14,285 (1)	Independent Bank Group, Inc.			970,094		0.1
20,857	International Bancshares Corp.			835,949		0.1
12,846 (1)	Invesco Mortgage Capital, Inc.			188,582		0.0
27,923	Jackson Financial, Inc.			746,940		0.1
14,240	James River Group Holdings Ltd.			352,867		0.0
3,905	John Marshall Bancorp, Inc.			88,019		0.0
27,774	Kearny Financial Corp./ MD			308,569		0.0
8,274	Kinsale Capital Group, Inc.			1,900,041		0.2
17,917 (1)	KKR Real Estate Finance Trust, Inc.			312,652		0.0
47,644	Ladder Capital Corp.			502,168		0.1
24,077	Lakeland Bancorp, Inc.			352,006		0.0
9,632 (1)	Lakeland Financial Corp.			639,757		0.1
15,173 (1)(2)	Lemonade, Inc.			277,059		0.0
38,625 (2)	LendingClub Corp.			451,526		0.1
4,066 (1)(2)	LendingTree, Inc.			178,172		0.0
12,430 (1)	Live Oak Bancshares, Inc.			421,253		0.1
5,498	Manning & Napier, Inc.			68,560		0.0
19,146 (1)(2)	MBIA, Inc.			236,453		0.0
6,981	Mercantile Bank Corp.			223,043		0.0
6,870	Merchants Bancorp/IN			155,743		0.0
8,245	Mercury General Corp.			365,254		0.0

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
11,351	Meta Financial Group, Inc.		$	438,943		0.1
8,757	Metrocity Bankshares, Inc.			177,855		0.0
3,713 (2)	Metropolitan Bank Holding Corp.			257,756		0.0
42,103 (1)	MFA Financial, Inc.			452,607		0.1
4,666	Mid Penn Bancorp, Inc.			125,842		0.0
8,412	Midland States Bancorp, Inc.			202,225		0.0
6,374	MidWestOne Financial Group, Inc.			189,435		0.0
23,537	Moelis & Co.			926,181		0.1
54,501 (2)	Moneylion, Inc.			71,941		0.0
26,529 (2)	Mr Cooper Group, Inc.			974,675		0.1
4,354	MVB Financial Corp.			135,453		0.0
11,980	National Bank Holdings Corp.			458,475		0.1
908	National Western Life Group, Inc.			184,052		0.0
43,490	Navient Corp.			608,425		0.1
16,951	NBT Bancorp., Inc.			637,188		0.1
5,706	Nelnet, Inc.			486,437		0.1
9,394 (1)(2)	NerdWallet, Inc.			74,494		0.0
156,767	New York Mortgage Trust, Inc.			432,677		0.1
4,910 (1)(2)	Nicolet Bankshares, Inc.			355,189		0.0
33,346 (2)	NMI Holdings, Inc.			555,211		0.1
20,879	Northfield Bancorp, Inc.			272,053		0.0
44,952	Northwest Bancshares, Inc.			575,386		0.1
22,992	OceanFirst Financial Corp.			439,837		0.1
19,332	OFG Bancorp			491,033		0.1
111,937	Old National Bancorp.			1,655,548		0.2
14,303	Old Second Bancorp, Inc.			191,374		0.0
41,148 (2)	Open Lending Corp.			420,944		0.1
8,977 (2)	Oportun Financial Corp.			74,240		0.0
3,405	Oppenheimer Holdings, Inc.			112,501		0.0
68,778 (1)	Orchid Island Capital, Inc.			196,017		0.0
9,327	Origin Bancorp, Inc.			361,888		0.0
45,028 (1)(2)	Oscar Health, Inc.			191,369		0.0
36,380	Pacific Premier Bancorp, Inc.			1,063,751		0.1
9,465 (2)	Palomar Holdings, Inc.			609,546		0.1
5,848 (1)	Park National Corp.			709,070		0.1
7,679	Peapack-Gladstone Financial Corp.			228,066		0.0
11,413 (1)	PennyMac Financial Services, Inc.			498,862		0.1
39,347 (1)	Pennymac Mortgage Investment Trust			544,169		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
9,588	Peoples Bancorp., Inc.		$	255,041		0.0
3,165	Peoples Financial Services Corp.			176,734		0.0
15,201	Perella Weinberg Partners			88,622		0.0
6,677	Piper Sandler Cos			756,905		0.1
9,341	PJT Partners, Inc.			656,485		0.1
15,182 (2)	PRA Group, Inc.			552,018		0.1
5,835	Preferred Bank/Los Angeles CA			396,897		0.1
14,643	Premier Financial Corp.			371,200		0.0
11,003	Primis Financial Corp.			149,971		0.0
21,155	ProAssurance Corp.			499,893		0.1
4,835 (2)	Professional Holding Corp.			96,942		0.0
20,612 (2)	PROG Holdings, Inc.			340,098		0.0
30,408	Provident Financial Services, Inc.			676,882		0.1
6,195	QCR Holdings, Inc.			334,468		0.0
66,216	Radian Group, Inc.			1,301,144		0.2
25,511 (1)	Ready Capital Corp.			304,091		0.0
46,078	Redwood Trust, Inc.			355,261		0.0
3,249	Regional Management Corp.			121,415		0.0
21,480	Renasant Corp.			618,839		0.1
4,125	Republic Bancorp., Inc.			199,031		0.0
17,551 (2)	Republic First Bancorp, Inc.			66,869		0.0
14,989	RLI Corp.			1,747,568		0.2
54,399 (2)	Root, Inc./OH			64,735		0.0
15,976	S&T Bancorp, Inc.			438,222		0.1
5,732	Safety Insurance Group, Inc.			556,577		0.1
17,973	Sandy Spring Bancorp, Inc.			702,205		0.1
8,933	Sculptor Capital Management, Inc.			74,591		0.0
21,494	Seacoast Banking Corp. of Florida			710,162		0.1
22,714	Selective Insurance Group			1,974,755		0.2
54,098 (2)	Selectquote, Inc.			134,163		0.0
19,291 (1)	ServisFirst Bancshares, Inc.			1,522,446		0.2
5,755	Sierra Bancorp.			125,056		0.0
11,809 (2)	Silvergate Capital Corp.			632,136		0.1
47,909	Simmons First National Corp.			1,018,545		0.1
36,377 (2)	SiriusPoint Ltd.			197,163		0.0
6,906	SmartFinancial, Inc.			166,849		0.0
3,593 (2)	Southern First Bancshares, Inc.			156,619		0.0

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
3,753	Southern Missouri Bancorp, Inc.		$	169,861		0.0
12,654	Southside Bancshares, Inc.			473,513		0.1
28,668	SouthState Corp.			2,211,736		0.3
19,078 (1)	StepStone Group, Inc.			496,600		0.1
10,117	Stewart Information Services Corp.			503,321		0.1
10,168 (1)	Stock Yards Bancorp, Inc.			608,250		0.1
6,655 (2)	StoneX Group, Inc.			519,556		0.1
19,349 (2)	Texas Capital Bancshares, Inc.			1,018,531		0.1
4,180 (2)	Third Coast Bancshares, Inc.			91,542		0.0
10,141	Tiptree Financial, Inc.			107,697		0.0
6,019	Tompkins Financial Corp.			433,970		0.1
26,173	TowneBank/Portsmouth VA			710,597		0.1
28,143	TPG RE Finance Trust, Inc.			253,568		0.0
8,651 (2)	Trean Insurance Group, Inc.			53,896		0.0
11,776	Trico Bancshares			537,457		0.1
9,241 (2)	Triumph Bancorp, Inc.			578,117		0.1
14,885 (1)(2)	Trupanion, Inc.			896,970		0.1
8,838	TrustCo Bank Corp. NY			272,564		0.0
23,855	Trustmark Corp.			696,327		0.1
123,488 (1)	Two Harbors Investment Corp.			614,970		0.1
16,701	UMB Financial Corp.			1,437,956		0.2
50,621 (1)	United Bankshares, Inc.			1,775,278		0.2
40,380	United Community Banks, Inc./GA			1,219,072		0.1
8,670	United Fire Group, Inc.			296,774		0.0
11,265	Universal Insurance Holdings, Inc.			146,783		0.0
12,489	Univest Financial Corp.			317,720		0.0
150,159	Valley National Bancorp			1,563,155		0.2
19,151	Veritex Holdings, Inc.			560,358		0.1
5,354	Victory Capital Holdings, Inc.			129,031		0.0
2,786	Virtus Investment Partners, Inc.			476,462		0.1
11,528	Walker & Dunlop, Inc.			1,110,608		0.1
25,215	Washington Federal, Inc.			756,954		0.1
7,075	Washington Trust Bancorp, Inc.			342,218		0.0
8,365	Waterstone Financial, Inc.			142,623		0.0
22,805	WesBanco, Inc.			723,147		0.1
7,554	West BanCorp, Inc.			183,864		0.0
10,415	Westamerica Bancorp.			579,699		0.1
55,231 (1)	WisdomTree Investments, Inc.			280,021		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
1,604 (1)(2)	World Acceptance Corp.		$	180,033		0.0
25,293	WSFS Financial Corp.			1,014,000		0.1
				146,891,361		16.4
	Health Care: 16.2%
67,756 (1)(2)	1Life Healthcare, Inc.			531,207		0.1
64,200 (1)(2)	23andMe Holding Co.			159,216		0.0
14,211 (1)(2)	2seventy bio, Inc.			187,585		0.0
11,710 (2)	4D Molecular Therapeutics, Inc.			81,736		0.0
5,355 (2)	Aadi Bioscience, Inc.			65,974		0.0
77,844 (2)	AbCellera Biologics, Inc.			829,039		0.1
20,105 (1)(2)	Absci Corp.			66,749		0.0
46,015 (2)	Acadia Pharmaceuticals, Inc.			648,351		0.1
21,895 (1)(2)	Accolade, Inc.			162,023		0.0
22,469 (1)(2)	Aclaris Therapeutics, Inc.			313,667		0.0
19,953 (1)(2)	Adagio Therapeutics, Inc.			65,446		0.0
27,808 (1)(2)	AdaptHealth Corp.			501,656		0.1
41,444 (2)	Adaptive Biotechnologies Corp.			335,282		0.0
6,000 (2)	Addus HomeCare Corp.			499,680		0.1
10,741 (2)	Adicet Bio, Inc.			156,819		0.0
71,313 (1)(2)	ADMA Biologics, Inc.			141,200		0.0
17,920 (1)(2)	Aerie Pharmaceuticals, Inc.			134,400		0.0
3,773 (1)(2)	Aerovate Therapeutics, Inc.			58,972		0.0
52,907 (2)	Affimed NV			146,552		0.0
101,032 (2)	Agenus, Inc.			196,002		0.0
9,968 (1)(2)	Agiliti, Inc.			204,444		0.0
21,634 (1)(2)	Agios Pharmaceuticals, Inc.			479,626		0.1
10,947 (2)	Akero Therapeutics, Inc.			103,449		0.0
6,383 (1)(2)	Akoya Biosciences, Inc.			82,022		0.0
6,772 (1)(2)	Albireo Pharma, Inc.			134,492		0.0
22,866 (1)(2)	Alector, Inc.			232,319		0.0
31,545 (1)(2)	Alignment Healthcare, Inc.			359,928		0.1
61,926 (2)	Alkermes PLC			1,844,776		0.2
30,019 (1)(2)	Allogene Therapeutics, Inc.			342,217		0.1
11,379 (2)	Allovir, Inc.			44,378		0.0
43,723 (2)	Allscripts Healthcare Solutions, Inc.			648,412		0.1
28,352 (1)(2)	Alphatec Holdings, Inc.			185,422		0.0
6,246 (2)	Alpine Immune Sciences, Inc.			53,153		0.0
7,893 (1)(2)	ALX Oncology Holdings, Inc.			63,854		0.0
86,173 (2)	American Well Corp.			372,267		0.1
103,992 (1)(2)	Amicus Therapeutics, Inc.			1,116,874		0.1

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
16,961 (2)	AMN Healthcare Services, Inc.		$	1,860,791		0.2
41,827 (2)	Amneal Pharmaceuticals, Inc.			133,010		0.0
14,911 (2)	Amphastar Pharmaceuticals, Inc.			518,754		0.1
4,370 (1)(2)	Amylyx Pharmaceuticals, Inc.			84,166		0.0
7,709 (1)(2)	AnaptysBio, Inc.			156,493		0.0
26,383 (1)(2)	Anavex Life Sciences Corp.			264,094		0.0
14,559 (2)	Angiodynamics, Inc.			281,717		0.0
4,597 (1)(2)	ANI Pharmaceuticals, Inc.			136,393		0.0
5,737 (2)	Anika Therapeutics, Inc.			128,050		0.0
34,343 (2)	Apellis Pharmaceuticals, Inc.			1,552,990		0.2
14,944 (1)(2)	Apollo Medical Holdings, Inc.			576,689		0.1
42,208 (2)	Arbutus Biopharma Corp.			114,384		0.0
3,850 (2)	Arcellx, Inc.			69,608		0.0
8,848 (1)(2)	Arcturus Therapeutics Holdings, Inc.			139,268		0.0
19,260 (1)(2)	Arcus Biosciences, Inc.			488,048		0.1
13,125 (1)(2)	Arcutis Biotherapeutics, Inc.			279,694		0.0
39,157 (2)	Arrowhead Pharmaceuticals, Inc.			1,378,718		0.2
15,253 (1)(2)	Artivion, Inc.			287,977		0.0
18,239 (1)(2)	Arvinas, Inc.			767,680		0.1
35,436 (1)(2)	Atara Biotherapeutics, Inc.			276,046		0.0
28,385 (2)	Atea Pharmaceuticals, Inc.			201,533		0.0
12,560 (2)	Athira Pharma, Inc.			38,308		0.0
34,670 (2)	ATI Physical Therapy, Inc.			48,885		0.0
17,464 (2)	AtriCure, Inc.			713,579		0.1
537	Atrion Corp.			337,698		0.0
7,004 (1)(2)	Aura Biosciences, Inc.			99,247		0.0
50,729 (1)(2)	Aurinia Pharmaceuticals, Inc.			509,826		0.1
18,184 (2)	Avanos Medical, Inc.			497,151		0.1
17,875 (2)	Aveanna Healthcare Holdings, Inc.			40,397		0.0
23,552 (1)(2)	Avid Bioservices, Inc.			359,404		0.1
18,564 (1)(2)	Avidity Biosciences, Inc.			269,735		0.0
14,821 (2)	AxoGen, Inc.			121,384		0.0
17,937 (1)(2)	Axonics, Inc.			1,016,490		0.1
10,857 (1)(2)	Axsome Therapeutics, Inc.			415,823		0.1
51,264 (2)	Babylon Holdings Ltd./Jersey			50,126		0.0
23,978 (1)(2)	Beam Therapeutics, Inc.			928,188		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
21,087 (2)	Berkeley Lights, Inc.		$	104,802		0.0
70,521 (1)(2)	BioCryst Pharmaceuticals, Inc.			746,112		0.1
23,559 (2)	Biohaven Pharmaceutical Holding Co. Ltd.			3,432,782		0.4
12,403 (2)	BioLife Solutions, Inc.			171,285		0.0
114,621 (1)(2)	Bionano Genomics, Inc.			158,177		0.0
10,999 (1)(2)	Bioventus, Inc.			75,013		0.0
6,951 (1)(2)	Bioxcel Therapeutics, Inc.			91,753		0.0
27,965 (1)(2)	Bluebird Bio, Inc.			115,775		0.0
22,817 (1)(2)	Blueprint Medicines Corp.			1,152,487		0.1
41,578 (1)(2)	Bridgebio Pharma, Inc.			377,528		0.1
72,297 (2)	Brookdale Senior Living, Inc.			328,228		0.0
51,340 (1)(2)	Butterfly Network, Inc.			157,614		0.0
15,161 (2)	C4 Therapeutics, Inc.			114,314		0.0
60,561 (1)(2)	Cano Health, Inc.			265,257		0.0
18,043 (1)(2)	Cara Therapeutics, Inc.			164,733		0.0
15,485 (2)	Cardiovascular Systems, Inc.			222,365		0.0
19,521 (2)	CareDx, Inc.			419,311		0.1
22,503 (2)	CareMax, Inc.			81,686		0.0
20,238 (2)	Caribou Biosciences, Inc.			109,892		0.0
14,477 (1)(2)	Cassava Sciences, Inc.			407,093		0.1
8,555 (2)	Castle Biosciences, Inc.			187,782		0.0
37,451 (2)	Catalyst Pharmaceuticals, Inc.			262,532		0.0
17,630 (1)(2)	Celldex Therapeutics, Inc.			475,305		0.1
7,740 (2)	Century Therapeutics, Inc.			65,016		0.0
20,476 (1)(2)	Cerevel Therapeutics Holdings, Inc.			541,385		0.1
69,019 (1)(2)	Cerus Corp.			365,111		0.1
23,895 (1)(2)	ChemoCentryx, Inc.			592,118		0.1
34,598 (2)	Chimerix, Inc.			71,964		0.0
16,418 (2)	Chinook Therapeutics, Inc.			287,151		0.0
5,143 (1)(2)	CinCor Pharma, Inc.			96,894		0.0
143,741 (2)	Clover Health Investments Corp.			307,606		0.0
24,125 (2)	Codexis, Inc.			252,347		0.0
16,828 (1)(2)	Cogent Biosciences, Inc.			151,789		0.0
27,827 (1)(2)	Coherus Biosciences, Inc.			201,467		0.0
13,299 (2)	Collegium Pharmaceutical, Inc.			235,658		0.0
47,340 (1)(2)	Community Health Systems, Inc.			177,525		0.0
6,092 (2)	Computer Programs & Systems, Inc.			194,761		0.0
10,655 (1)	Conmed Corp.			1,020,323		0.1
5,927 (2)	Convey Health Solutions Holdings, Inc.			61,641		0.0

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
32,440 (2)	Corcept Therapeutics, Inc.		$	771,423		0.1
3,517 (2)	Corvel Corp.			517,949		0.1
40,250 (2)	Covetrus, Inc.			835,187		0.1
19,860 (1)(2)	Crinetics Pharmaceuticals, Inc.			370,389		0.1
14,190 (2)	Cross Country Healthcare, Inc.			295,578		0.0
16,534 (2)	CryoPort, Inc.			512,223		0.1
35,386 (1)(2)	CTI BioPharma Corp.			211,254		0.0
40,507 (1)(2)	Cue Health, Inc.			129,622		0.0
11,209 (1)(2)	Cullinan Oncology, Inc.			143,699		0.0
6,417 (1)(2)	Cutera, Inc.			240,637		0.0
42,877 (1)(2)	Cytek Biosciences, Inc.			460,070		0.1
31,323 (1)(2)	Cytokinetics, Inc.			1,230,681		0.1
8,673 (1)(2)	Day One Biopharmaceuticals, Inc.			155,247		0.0
17,305 (2)	Deciphera Pharmaceuticals, Inc.			227,561		0.0
36,973 (2)	Denali Therapeutics, Inc.			1,088,115		0.1
12,572 (1)(2)	Design Therapeutics, Inc.			176,008		0.0
10,567 (1)(2)	DICE Therapeutics, Inc.			164,000		0.0
30,047 (1)(2)	DocGo, Inc.			214,536		0.0
44,448 (1)(2)	Dynavax Technologies Corp.			559,600		0.1
11,698 (1)(2)	Dyne Therapeutics, Inc.			80,365		0.0
4,142 (1)(2)	Eagle Pharmaceuticals, Inc./DE			184,029		0.0
11,881 (2)	Edgewise Therapeutics, Inc.			94,573		0.0
26,626 (1)(2)	Editas Medicine, Inc.			314,986		0.0
16,112 (2)	Eiger BioPharmaceuticals, Inc.			101,506		0.0
21,476 (1)(2)	Embecta Corp.			543,772		0.1
19,305 (1)(2)	Emergent Biosolutions, Inc.			599,227		0.1
7,561 (2)	Enanta Pharmaceuticals, Inc.			357,408		0.1
89,245 (2)	Endo International PLC			41,561		0.0
20,555	Ensign Group, Inc.			1,510,176		0.2
51,820 (1)(2)	EQRx, Inc.			243,036		0.0
24,657 (1)(2)	Erasca, Inc.			137,339		0.0
24,387 (1)(2)	Esperion Therapeutics, Inc.			155,101		0.0
31,038 (1)(2)	Evolent Health, Inc.			953,177		0.1
13,449 (1)(2)	Evolus, Inc.			156,008		0.0
10,258 (1)(2)	EyePoint Pharmaceuticals, Inc.			80,730		0.0
31,961 (1)(2)	Fate Therapeutics, Inc.			791,994		0.1
33,793 (1)(2)	FibroGen, Inc.			356,854		0.1
47,584 (1)(2)	Figs, Inc.			433,490		0.1
7,906 (1)(2)	Foghorn Therapeutics, Inc.			107,522		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
12,915 (2)	Forma Therapeutics Holdings, Inc.		$	88,984		0.0
13,413 (2)	Fulcrum Therapeutics, Inc.			65,724		0.0
8,207 (1)(2)	Fulgent Genetics, Inc.			447,528		0.1
17,627 (2)	Generation Bio Co.			115,633		0.0
138,799 (2)	Geron Corp.			215,138		0.0
17,362 (2)	Glaukos Corp.			788,582		0.1
23,963 (1)(2)	Global Blood Therapeutics, Inc.			765,618		0.1
24,100 (1)(2)	Gossamer Bio, Inc.			201,717		0.0
19,287 (2)	Haemonetics Corp.			1,257,127		0.2
51,332 (2)	Halozyme Therapeutics, Inc.			2,258,608		0.3
15,171 (2)	Hanger, Inc.			217,249		0.0
9,813 (1)(2)	Harmony Biosciences Holdings, Inc.			478,580		0.1
20,125 (1)(2)	Health Catalyst, Inc.			291,611		0.0
31,461 (2)	HealthEquity, Inc.			1,931,391		0.2
9,985 (2)	HealthStream, Inc.			216,774		0.0
39,426 (1)(2)	Heron Therapeutics, Inc.			109,999		0.0
3,715 (1)(2)	Heska Corp.			351,105		0.1
6,196 (1)(2)	HilleVax, Inc.			67,722		0.0
44,058 (1)(2)	Hims & Hers Health, Inc.			199,583		0.0
9,110 (1)(2)	Icosavax, Inc.			52,200		0.0
13,509 (1)(2)	Ideaya Biosciences, Inc.			186,424		0.0
3,766 (1)(2)	IGM Biosciences, Inc.			67,901		0.0
9,854 (1)(2)	Imago Biosciences, Inc.			131,945		0.0
31,416 (1)(2)	ImmunityBio, Inc.			116,868		0.0
80,560 (1)(2)	Immunogen, Inc.			362,520		0.1
15,417 (2)	Immunovant, Inc.			60,126		0.0
18,065 (2)	Inari Medical, Inc.			1,228,239		0.1
10,930 (1)(2)	Inhibrx, Inc.			124,056		0.0
7,077 (1)(2)	Innovage Holding Corp.			30,997		0.0
22,787 (1)(2)	Innoviva, Inc.			336,336		0.0
8,100 (2)	Inogen, Inc.			195,858		0.0
6,379 (1)(2)	Inotiv, Inc.			61,238		0.0
80,813 (2)	Inovio Pharmaceuticals, Inc.			139,806		0.0
45,792 (1)(2)	Insmed, Inc.			903,018		0.1
10,343 (2)	Inspire Medical Systems, Inc.			1,889,356		0.2
25,858 (1)(2)	Instil Bio, Inc.			119,464		0.0
12,493 (2)	Integer Holdings Corp.			882,755		0.1
28,397 (1)(2)	Intellia Therapeutics, Inc.			1,469,829		0.2
10,021 (1)(2)	Intercept Pharmaceuticals, Inc.			138,390		0.0
34,632 (2)	Intra-Cellular Therapies, Inc.			1,976,795		0.2
86,266 (1)(2)	Invitae Corp.			210,489		0.0
56,715 (1)(2)	Iovance Biotherapeutics, Inc.			626,134		0.1

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
2,596	iRadimed Corp.		$	88,108		0.0
11,362 (2)	iRhythm Technologies, Inc.			1,227,437		0.1
51,264 (1)(2)	Ironwood Pharmaceuticals, Inc.			591,074		0.1
8,454 (2)	iTeos Therapeutics, Inc.			174,152		0.0
45,048 (1)(2)	IVERIC bio, Inc.			433,362		0.1
6,243 (1)(2)	Janux Therapeutics, Inc.			76,227		0.0
5,645 (1)(2)	Joint Corp./The			86,425		0.0
16,507 (2)	Jounce Therapeutics, Inc.			50,016		0.0
8,732 (2)	KalVista Pharmaceuticals, Inc.			85,923		0.0
9,799 (1)(2)	Karuna Therapeutics, Inc.			1,239,671		0.1
28,866 (1)(2)	Karyopharm Therapeutics, Inc.			130,186		0.0
6,131 (1)(2)	Keros Therapeutics, Inc.			169,400		0.0
17,380 (1)(2)	Kezar Life Sciences, Inc.			143,733		0.0
11,928 (1)(2)	Kiniksa Pharmaceuticals Ltd.			115,582		0.0
11,050 (1)(2)	Kinnate Biopharma, Inc.			139,341		0.0
13,226 (2)	Kodiak Sciences, Inc.			101,047		0.0
15,094 (1)(2)	Kronos Bio, Inc.			54,942		0.0
7,778 (1)(2)	Krystal Biotech, Inc.			510,703		0.1
24,683 (1)(2)	Kura Oncology, Inc.			452,439		0.1
14,235 (1)(2)	Kymera Therapeutics, Inc.			280,287		0.0
26,006 (2)	Lantheus Holdings, Inc.			1,717,176		0.2
7,630 (1)	LeMaitre Vascular, Inc.			347,547		0.1
26,351 (2)	Lexicon Pharmaceuticals, Inc.			49,013		0.0
11,254 (2)	LHC Group, Inc.			1,752,698		0.2
26,882 (1)(2)	LifeStance Health Group, Inc.			149,464		0.0
5,787 (2)	Ligand Pharmaceuticals, Inc.			516,316		0.1
18,563 (2)	Liquidia Corp.			80,935		0.0
20,348 (2)	LivaNova PLC			1,271,140		0.2
65,621 (1)(2)	Lyell Immunopharma, Inc.			427,849		0.1
23,564 (2)	MacroGenics, Inc.			69,514		0.0
4,774 (2)	Madrigal Pharmaceuticals, Inc.			341,723		0.1
96,451 (1)(2)	MannKind Corp.			367,478		0.1
34,398 (1)(2)	MaxCyte, Inc.			162,703		0.0
30,864 (1)(2)	Mednax, Inc.			648,453		0.1
10,470 (1)(2)	Medpace Holdings, Inc.			1,567,045		0.2
11,938 (2)	MeiraGTx Holdings plc			90,371		0.0
16,493 (1)(2)	Meridian Bioscience, Inc.			501,717		0.1
20,191 (2)	Merit Medical Systems, Inc.			1,095,766		0.1
33,172 (2)	Mersana Therapeutics, Inc.			153,255		0.0
1,955 (1)	Mesa Laboratories, Inc.			398,703		0.1
43,769 (1)(2)	MiMedx Group, Inc.			151,878		0.0
6,066 (2)	Mirum Pharmaceuticals, Inc.			118,044		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
4,870 (2)	ModivCare, Inc.		$	411,515		0.1
10,430 (1)(2)	Monte Rosa Therapeutics, Inc.			100,858		0.0
9,539 (1)(2)	Morphic Holding, Inc.			206,996		0.0
142,471 (1)(2)	Multiplan Corp.			782,166		0.1
30,285 (2)	Myriad Genetics, Inc.			550,278		0.1
18,030 (2)	NanoString Technologies, Inc.			228,981		0.0
15,783 (1)(2)	Nano-X Imaging Ltd.			178,348		0.0
4,919	National Healthcare Corp.			343,838		0.1
5,788	National Research Corp.			221,565		0.0
13,242 (2)	Natus Medical, Inc.			433,940		0.1
20,754 (2)	Nautilus Biotechnology, Inc.			55,828		0.0
67,524 (1)(2)	Nektar Therapeutics			256,591		0.0
40,981 (2)	Neogen Corp.			987,232		0.1
45,838 (2)	NeoGenomics, Inc.			373,580		0.1
13,318 (2)	Nevro Corp.			583,728		0.1
21,924 (2)	NextGen Healthcare, Inc.			382,355		0.1
14,498 (2)	NGM Biopharmaceuticals, Inc.			185,864		0.0
11,889 (1)(2)	Nkarta, Inc.			146,472		0.0
16,873 (1)(2)	Nurix Therapeutics, Inc.			213,781		0.0
14,920 (1)(2)	Nutex Health, Inc.			48,117		0.0
6,781 (1)(2)	Nuvalent, Inc.			91,950		0.0
19,923 (2)	NuVasive, Inc.			979,415		0.1
46,169 (1)(2)	Nuvation Bio, Inc.			149,588		0.0
80,752 (1)(2)	Ocugen, Inc.			183,307		0.0
29,930 (2)	Ocular Therapeutix, Inc.			120,319		0.0
16,618 (2)	Omnicell, Inc.			1,890,298		0.2
9,674 (1)(2)	Oncology Institute, Inc./The			48,950		0.0
156,761 (1)(2)	Opko Health, Inc.			396,605		0.1
6,998 (1)(2)	OptimizeRx Corp.			191,675		0.0
54,869 (2)	Option Care Health, Inc.			1,524,810		0.2
28,304 (2)	OraSure Technologies, Inc.			76,704		0.0
25,444 (1)(2)	Organogenesis Holdings, Inc.			124,167		0.0
7,691 (2)	Orthofix Medical, Inc.			181,046		0.0
5,815 (1)(2)	OrthoPediatrics Corp.			250,917		0.0
46,993 (1)(2)	Outlook Therapeutics, Inc.			47,933		0.0
18,414 (1)(2)	Outset Medical, Inc.			273,632		0.0
28,162 (1)	Owens & Minor, Inc.			885,695		0.1
84,259 (1)(2)	Pacific Biosciences of California, Inc.			372,425		0.1
17,190 (2)	Pacira BioSciences, Inc.			1,002,177		0.1
17,082 (2)	Paragon 28, Inc.			271,091		0.0
13,329 (2)	Pardes Biosciences, Inc.			40,920		0.0
33,147	Patterson Cos., Inc.			1,004,354		0.1
10,171 (2)	Pennant Group, Inc./The			130,291		0.0
11,074 (1)(2)	PetIQ, Inc.			185,932		0.0

See Accompanying Notes to Financial Statements

137

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
8,972 (1)(2)	Phathom Pharmaceuticals, Inc.		$	75,724		0.0
8,400	Phibro Animal Health Corp.			160,692		0.0
18,990 (2)	Phreesia, Inc.			474,940		0.1
13,741 (1)(2)	PMV Pharmaceuticals, Inc.			195,809		0.0
28,043 (1)(2)	Point Biopharma Global, Inc.			190,973		0.0
36,274 (2)	Precigen, Inc.			48,607		0.0
19,151 (2)	Prestige Consumer Healthcare, Inc.			1,126,079		0.1
16,188 (1)(2)	Privia Health Group, Inc.			471,395		0.1
9,659 (1)(2)	PROCEPT BioRobotics Corp.			315,753		0.0
27,743 (1)(2)	Progyny, Inc.			805,934		0.1
11,354 (2)	Prometheus Biosciences, Inc.			320,523		0.0
17,368 (1)(2)	Protagonist Therapeutics, Inc.			137,381		0.0
13,795 (1)(2)	Prothena Corp. PLC			374,534		0.1
22,082 (1)(2)	Provention Bio, Inc.			88,328		0.0
26,998 (1)(2)	PTC Therapeutics, Inc.			1,081,540		0.1
12,420 (2)	Pulmonx Corp.			182,822		0.0
12,465 (2)	Quanterix Corp.			201,808		0.0
34,715 (2)	Quantum-Si, Inc.			80,539		0.0
50,069 (2)	R1 RCM, Inc.			1,049,446		0.1
18,231 (2)	Radius Health, Inc.			189,055		0.0
18,411 (2)	RadNet, Inc.			318,142		0.0
6,754 (1)(2)	Rallybio Corp.			50,993		0.0
9,924 (2)	RAPT Therapeutics, Inc.			181,113		0.0
10,625 (1)(2)	Reata Pharmaceuticals, Inc.			322,894		0.0
51,280 (1)(2)	Recursion Pharmaceuticals, Inc.			417,419		0.1
15,496 (2)	REGENXBIO, Inc.			382,751		0.1
28,772 (1)(2)	Relay Therapeutics, Inc.			481,931		0.1
10,292 (1)(2)	Relmada Therapeutics, Inc.			195,445		0.0
11,554 (2)	Replimune Group, Inc.			201,964		0.0
27,154 (1)(2)	Revance Therapeutics, Inc.			375,268		0.1
23,413 (1)(2)	REVOLUTION Medicines, Inc.			456,319		0.1
66,909 (2)	Rigel Pharmaceuticals, Inc.			75,607		0.0
15,891 (1)(2)	Rocket Pharmaceuticals, Inc.			218,660		0.0
7,872 (1)(2)	RxSight, Inc.			110,838		0.0
19,543 (2)	Sage Therapeutics, Inc.			631,239		0.1
33,854 (1)(2)	Sana Biotechnology, Inc.			217,681		0.0
46,558 (1)(2)	Sangamo Therapeutics, Inc.			192,750		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
20,035 (1)(2)	Schrodinger, Inc./United States		$	529,124		0.1
23,786 (2)	Science 37 Holdings, Inc.			47,810		0.0
13,620 (2)	SeaSpine Holdings Corp.			76,953		0.0
19,611 (1)(2)	Seer, Inc.			175,518		0.0
40,945	Select Medical Holdings Corp.			967,121		0.1
59,628 (1)(2)	Sema4 Holdings Corp.			75,131		0.0
168,470 (1)(2)	Senseonics Holdings, Inc.			173,524		0.0
27,589 (2)	Seres Therapeutics, Inc.			94,630		0.0
31,903 (2)	Sharecare, Inc.			50,407		0.0
13,437 (2)	Shockwave Medical, Inc.			2,568,751		0.3
12,976 (1)(2)	SI-BONE, Inc.			171,283		0.0
5,620 (2)	Sierra Oncology, Inc.			309,044		0.0
18,140 (1)	SIGA Technologies, Inc.			210,061		0.0
8,038 (1)(2)	Sight Sciences, Inc.			72,262		0.0
13,348 (1)(2)	Silk Road Medical, Inc.			485,734		0.1
6,171	Simulations Plus, Inc.			304,415		0.0
20,937 (1)(2)	Singular Genomics Systems, Inc.			79,979		0.0
55,479 (1)(2)	SomaLogic, Inc.			250,765		0.0
143,965 (1)(2)	Sorrento Therapeutics, Inc.			289,370		0.0
12,978 (1)(2)	SpringWorks Therapeutics, Inc.			319,518		0.0
18,215 (2)	Staar Surgical Co.			1,291,990		0.2
8,364 (2)	Stoke Therapeutics, Inc.			110,488		0.0
18,825 (2)	Supernus Pharmaceuticals, Inc.			544,419		0.1
14,655 (2)	Surgery Partners, Inc.			423,823		0.1
5,607 (2)	SurModics, Inc.			208,749		0.0
17,110 (2)	Sutro Biopharma, Inc.			89,143		0.0
19,220 (1)(2)	Syndax Pharmaceuticals, Inc.			369,793		0.1
8,094 (2)	Tactile Systems Technology, Inc.			59,086		0.0
8,090 (1)(2)	Talaris Therapeutics, Inc.			36,486		0.0
17,371 (1)(2)	Tango Therapeutics, Inc.			78,691		0.0
6,657 (1)(2)	Tarsus Pharmaceuticals, Inc.			97,192		0.0
10,583 (1)(2)	Tenaya Therapeutics, Inc.			59,582		0.0
50,141 (1)(2)	TG Therapeutics, Inc.			213,099		0.0
24,541 (1)(2)	Theravance Biopharma, Inc.			222,341		0.0
6,469 (1)(2)	Theseus Pharmaceuticals, Inc.			35,774		0.0
10,189 (1)(2)	TransMedics Group, Inc.			320,444		0.0
23,422 (2)	Travere Therapeutics, Inc.			567,515		0.1
12,185 (1)(2)	Treace Medical Concepts, Inc.			174,733		0.0
12,978 (2)	Tricida, Inc.			125,627		0.0

See Accompanying Notes to Financial Statements

138

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
17,382 (2)	Turning Point Therapeutics, Inc.		$	1,307,996		0.2
21,054 (1)(2)	Twist Bioscience Corp.			736,048		0.1
2,740 (2)	UFP Technologies, Inc.			218,022		0.0
4,979 (1)	US Physical Therapy, Inc.			543,707		0.1
1,134	Utah Medical Products, Inc.			97,411		0.0
21,489 (2)	Vanda Pharmaceuticals, Inc.			234,230		0.0
14,663 (1)(2)	Varex Imaging Corp.			313,642		0.0
46,333 (1)(2)	Vaxart, Inc.			162,166		0.0
19,759 (1)(2)	Vaxcyte, Inc.			429,956		0.1
73,604 (2)	VBI Vaccines, Inc.			59,509		0.0
8,468 (1)(2)	Ventyx Biosciences, Inc.			103,564		0.0
5,234 (2)	Vera Therapeutics, Inc.			71,235		0.0
26,671 (1)(2)	Veracyte, Inc.			530,753		0.1
18,075 (2)	Vericel Corp.			455,129		0.1
13,648 (1)(2)	Verve Therapeutics, Inc.			208,541		0.0
20,680 (1)(2)	Vicarious Surgical, Inc.			60,799		0.0
54,535 (2)	ViewRay, Inc.			144,518		0.0
27,322 (2)	Vir Biotechnology, Inc.			695,891		0.1
9,825 (2)	Viridian Therapeutics, Inc.			113,675		0.0
75,121 (2)	VistaGen Therapeutics, Inc.			66,106		0.0
22,292 (1)(2)	Xencor, Inc.			610,132		0.1
51,431 (2)	Xeris Biopharma Holdings, Inc.			79,204		0.0
14,278 (1)(2)	Y-mAbs Therapeutics, Inc.			216,026		0.0
14,312 (2)	Zentalis Pharmaceuticals, Inc.			402,167		0.1
7,574 (2)	Zimvie, Inc.			121,260		0.0
9,812 (1)	Zynex, Inc.			78,300		0.0
				145,850,500		16.2
	Industrials: 14.5%
16,359	AAON, Inc.			895,819		0.1
13,143 (2)	AAR Corp.			549,903		0.1
25,478 (1)	ABM Industries, Inc.			1,106,255		0.1
36,018	ACCO Brands Corp.			235,198		0.0
41,933 (1)(2)	ACV Auctions, Inc.			274,242		0.0
29,195 (2)	Aerojet Rocketdyne Holdings, Inc.			1,185,317		0.1
8,893 (2)	Aerovironment, Inc.			731,005		0.1
5,915 (2)	AerSale Corp.			85,827		0.0
22,746 (2)	Air Transport Services Group, Inc.			653,493		0.1
3,800	Alamo Group, Inc.			442,434		0.1
11,893	Albany International Corp.			937,049		0.1
125,799 (1)(2)	Alight, Inc.			849,143		0.1
5,868 (2)	Allegiant Travel Co.			663,612		0.1
5,211	Allied Motion Technologies, Inc.			119,019		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
8,464 (2)	Alta Equipment Group, Inc.		$	75,922		0.0
24,659	Altra Industrial Motion Corp.			869,230		0.1
12,249 (1)(2)	Ameresco, Inc.			558,064		0.1
6,528 (2)	American Woodmark Corp.			293,825		0.0
77,717 (2)	API Group Corp.			1,163,423		0.1
8,517	Apogee Enterprises, Inc.			334,037		0.0
14,496	Applied Industrial Technologies, Inc.			1,394,080		0.2
9,431	ArcBest Corp.			663,659		0.1
47,397 (1)(2)	Archer Aviation, Inc.			145,983		0.0
18,427	Arcosa, Inc.			855,566		0.1
5,396	Argan, Inc.			201,379		0.0
8,290 (1)	Aris Water Solution, Inc.			138,277		0.0
56,984 (1)(2)	Array Technologies, Inc.			627,394		0.1
19,018 (2)	ASGN, Inc.			1,716,374		0.2
8,821	Astec Industries, Inc.			359,720		0.0
54,879 (1)(2)	Astra Space, Inc.			71,343		0.0
10,518 (2)	Astronics Corp.			106,968		0.0
16,340 (2)	Atkore, Inc.			1,356,383		0.2
10,535 (2)	Atlas Air Worldwide Holdings, Inc.			650,115		0.1
9,548	AZZ, Inc.			389,749		0.1
23,523 (1)(2)	Babcock & Wilcox Enterprises, Inc.			141,844		0.0
18,175	Barnes Group, Inc.			565,969		0.1
2,905	Barrett Business Services, Inc.			211,687		0.0
20,567 (1)(2)	Beacon Roofing Supply, Inc.			1,056,321		0.1
20,973 (2)	Blade Air Mobility, Inc.			93,540		0.0
14,125 (1)(2)	Blink Charging Co.			233,486		0.0
61,192 (1)(2)	Bloom Energy Corp.			1,009,668		0.1
7,039 (2)	Blue Bird Corp.			64,829		0.0
3,590 (2)	BlueLinx Holdings, Inc.			239,848		0.0
15,101	Boise Cascade Co.			898,358		0.1
17,855	Brady Corp.			843,470		0.1
18,090 (2)	BrightView Holdings, Inc.			217,080		0.0
17,604	Brink’s Co.			1,068,739		0.1
9,619	Brookfield Business Corp.			221,333		0.0
6,255	Cadre Holdings, Inc.			123,036		0.0
9,431	Caesarstone Ltd.			86,105		0.0
19,112 (2)	Casella Waste Systems, Inc.			1,389,060		0.2
19,029 (2)	CBIZ, Inc.			760,399		0.1
13,937 (2)	Chart Industries, Inc.			2,332,775		0.3
6,842 (1)(2)	Cimpress PLC			266,154		0.0
7,799 (2)	CIRCOR International, Inc.			127,826		0.0

See Accompanying Notes to Financial Statements

139

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
10,775	Columbus McKinnon Corp.		$	305,687		0.0
13,503	Comfort Systems USA, Inc.			1,122,774		0.1
12,857 (2)	Concrete Pumping Holdings, Inc.			77,913		0.0
14,207 (2)	Construction Partners, Inc.			297,495		0.0
46,156 (2)	CoreCivic, Inc.			512,793		0.1
23,210 (2)	Cornerstone Building Brands, Inc.			568,413		0.1
20,147	Costamare, Inc.			243,779		0.0
4,563	Covenant Logistics Group, Inc.			114,486		0.0
2,907	CRA International, Inc.			259,653		0.0
5,784	CSW Industrials, Inc.			595,926		0.1
21,635 (2)	Custom Truck One Source, Inc.			121,156		0.0
16,066 (2)	Daseke, Inc.			102,662		0.0
16,529	Deluxe Corp.			358,183		0.0
99,488 (1)(2)	Desktop Metal, Inc.			218,874		0.0
2,017 (1)(2)	Distribution Solutions Group, Inc.			103,654		0.0
8,782	Douglas Dynamics, Inc.			252,395		0.0
4,682 (2)	Ducommun, Inc.			201,513		0.0
6,114 (2)	DXP Enterprises, Inc.			187,272		0.0
10,983 (2)	Dycom Industries, Inc.			1,021,858		0.1
4,975 (1)	Eagle Bulk Shipping, Inc.			258,103		0.0
18,930	EMCOR Group, Inc.			1,949,033		0.2
7,290 (1)	Encore Wire Corp.			757,577		0.1
19,424 (2)	Energy Recovery, Inc.			377,214		0.1
9,624 (1)(2)	Energy Vault Holdings, Inc.			96,432		0.0
23,573	Enerpac Tool Group Corp.			448,358		0.1
15,733	EnerSys			927,618		0.1
9,256	Eneti, Inc.			56,832		0.0
7,484	Ennis, Inc.			151,401		0.0
40,782 (1)(2)	Enovix Corp.			363,368		0.0
7,963	EnPro Industries, Inc.			652,409		0.1
9,860	ESCO Technologies, Inc.			674,128		0.1
31,113 (2)	ESS Tech, Inc.			87,428		0.0
44,841 (2)	Evoqua Water Technologies Corp.			1,457,781		0.2
19,512	Exponent, Inc.			1,784,763		0.2
22,700	Federal Signal Corp.			808,120		0.1
20,805 (2)	First Advantage Corp.			263,599		0.0
13,397 (1)(2)	Fluence Energy, Inc.			127,004		0.0
54,230 (1)(2)	Fluor Corp.			1,319,958		0.2
4,871 (2)	Forrester Research, Inc.			233,029		0.0
10,296	Forward Air Corp.			946,820		0.1
5,042 (2)	Franklin Covey Co.			232,840		0.0
17,405	Franklin Electric Co., Inc.			1,275,090		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
14,722 (1)(2)	Frontier Group Holdings, Inc.		$	137,945		0.0
15,903 (1)(2)	FTC Solar, Inc.			57,569		0.0
140,607 (1)(2)	FuelCell Energy, Inc.			527,276		0.1
13,422	GATX Corp.			1,263,816		0.1
13,146	Genco Shipping & Trading Ltd.			253,981		0.0
45,884 (1)(2)	Geo Group, Inc./The			302,834		0.0
12,626 (2)	Gibraltar Industries, Inc.			489,257		0.1
5,366	Global Industrial Co.			181,210		0.0
16,608 (2)	GMS, Inc.			739,056		0.1
45,860	Golden Ocean Group Ltd.			533,810		0.1
9,226	Gorman-Rupp Co.			261,096		0.0
74,209	GrafTech International Ltd.			524,658		0.1
17,342 (1)	Granite Construction, Inc.			505,346		0.1
26,026 (2)	Great Lakes Dredge & Dock Corp.			341,201		0.0
12,153 (1)	Greenbrier Cos., Inc.			437,386		0.1
17,924	Griffon Corp.			502,410		0.1
12,259	H&E Equipment Services, Inc.			355,143		0.0
30,408 (2)	Harsco Corp.			216,201		0.0
20,139 (2)	Hawaiian Holdings, Inc.			288,189		0.0
28,246 (1)	Healthcare Services Group, Inc.			491,763		0.1
17,250	Heartland Express, Inc.			239,947		0.0
7,664	Heidrick & Struggles International, Inc.			248,007		0.0
12,504	Helios Technologies, Inc.			828,390		0.1
9,669	Herc Holdings, Inc.			871,660		0.1
6,711 (2)	Heritage-Crystal Clean, Inc.			180,929		0.0
27,578	Hillenbrand, Inc.			1,129,595		0.1
49,382 (1)(2)	Hillman Solutions Corp.			426,660		0.1
7,801 (2)	HireRight Holdings Corp.			110,852		0.0
16,262 (1)	HNI Corp.			564,129		0.1
12,836 (2)	HUB Group, Inc.			910,586		0.1
16,409 (2)	Hudson Technologies, Inc.			123,232		0.0
8,207 (2)	Huron Consulting Group, Inc.			533,373		0.1
15,720 (1)(2)	Hydrofarm Holdings Group, Inc.			54,706		0.0
48,532 (1)(2)	Hyliion Holdings Corp.			156,273		0.0
4,111	Hyster-Yale Materials Handling, Inc. - A shares			132,456		0.0
32,891 (1)(2)	Hyzon Motors, Inc.			96,700		0.0
7,068	ICF International, Inc.			671,460		0.1
3,561 (2)	IES Holdings, Inc.			107,435		0.0
10,915 (2)	Infrastructure and Energy Alternatives, Inc.			87,647		0.0

See Accompanying Notes to Financial Statements

140

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
13,713	Insperity, Inc.		$	1,368,969		0.2
7,438	Insteel Industries, Inc.			250,437		0.0
23,210	Interface, Inc.			291,053		0.0
29,694 (2)	Janus International Group, Inc.			268,137		0.0
33,258 (2)	JELD-WEN Holding, Inc.			485,234		0.1
94,561 (1)(2)	Joby Aviation, Inc.			464,295		0.1
12,010	John Bean Technologies Corp.			1,326,144		0.2
4,469	Kadant, Inc.			814,922		0.1
10,879	Kaman Corp.			339,969		0.0
45,677 (1)(2)	KAR Auction Services, Inc.			674,649		0.1
13,672	Kelly Services, Inc.			271,116		0.0
30,753	Kennametal, Inc.			714,392		0.1
7,823	Kforce, Inc.			479,863		0.1
16,531	Kimball International, Inc.			126,793		0.0
20,274	Korn Ferry			1,176,297		0.1
47,636 (2)	Kratos Defense & Security Solutions, Inc.			661,188		0.1
36,606 (1)(2)	Legalzoom.com, Inc.			402,300		0.1
50,014 (1)(2)	Li-Cycle Holdings Corp.			344,096		0.0
4,235	Lindsay Corp.			562,493		0.1
11,995	Luxfer Holdings PLC			181,364		0.0
13,442 (2)	Manitowoc Co., Inc./The			141,544		0.0
10,907	Mantech International Corp.			1,041,073		0.1
40,310 (2)	Markforged Holding Corp.			74,573		0.0
23,690	Marten Transport Ltd.			398,466		0.1
8,636 (1)(2)	Masonite International Corp.			663,504		0.1
15,305	Matson, Inc.			1,115,428		0.1
12,142	Matthews International Corp.			348,111		0.0
27,784	Maxar Technologies, Inc.			724,885		0.1
9,227	Mcgrath Rentcorp			701,252		0.1
26,438 (2)	Meritor, Inc.			960,493		0.1
64,039 (2)	Microvast Holdings, Inc.			142,167		0.0
4,246	Miller Industries, Inc.			96,257		0.0
28,877	MillerKnoll, Inc.			758,599		0.1
21,810 (1)(2)	Momentus, Inc.			47,110		0.0
10,222 (2)	Montrose Environmental Group, Inc.			345,095		0.0
10,908	Moog, Inc.			865,986		0.1
31,674 (2)	MRC Global, Inc.			315,473		0.0
21,204	Mueller Industries, Inc.			1,129,961		0.1
58,968	Mueller Water Products, Inc.			691,695		0.1
6,421 (2)	MYR Group, Inc.			565,883		0.1
1,859	National Presto Industries, Inc.			122,025		0.0
110,357 (1)(2)	Nikola Corp.			525,299		0.1
4,067 (2)	Northwest Pipe Co.			121,766		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
42,494 (2)	NOW, Inc.		$	415,591		0.1
5,258 (2)	NV5 Global, Inc.			613,819		0.1
1,320 (1)	Omega Flex, Inc.			142,058		0.0
2,448 (2)	PAM Transportation Services			67,051		0.0
9,310 (1)	Park Aerospace Corp.			118,796		0.0
11,611 (1)(2)	Parsons Corp.			469,317		0.1
23,216 (2)	PGT Innovations, Inc.			386,314		0.1
67,267	Pitney Bowes, Inc.			243,507		0.0
58,322 (2)	Planet Labs PBC			252,534		0.0
3,319	Powell Industries, Inc.			77,565		0.0
1,228	Preformed Line Products Co.			75,522		0.0
20,303	Primoris Services Corp.			441,793		0.1
82,723 (1)(2)	Proterra, Inc.			383,835		0.1
10,559 (2)	Proto Labs, Inc.			505,143		0.1
13,085	Quanex Building Products Corp.			297,684		0.0
16,202 (2)	Radiant Logistics, Inc.			120,219		0.0
10,784 (2)	RBC Bearings, Inc.			1,994,501		0.2
3,555 (2)	Red Violet, Inc.			67,687		0.0
55,096 (2)	Resideo Technologies, Inc.			1,069,964		0.1
12,940	Resources Connection, Inc.			263,588		0.0
11,973 (1)	REV Group, Inc.			130,147		0.0
79,850 (2)	Rocket Lab USA, Inc.			302,631		0.0
18,533	Rush Enterprises, Inc. - Class A			893,291		0.1
26,128	Safe Bulkers, Inc.			99,809		0.0
10,114 (2)	Saia, Inc.			1,901,432		0.2
28,778 (1)(2)	Sarcos Technology and Robotics Corp.			76,549		0.0
42,217 (1)(2)	Shoals Technologies Group, Inc.			695,736		0.1
13,346	Shyft Group, Inc./The			248,102		0.0
16,491	Simpson Manufacturing Co., Inc.			1,659,160		0.2
29,138 (1)(2)	Skillsoft Corp.			102,566		0.0
18,802 (2)	Skywest, Inc.			399,542		0.1
9,274 (2)	SP Plus Corp.			284,897		0.0
47,463 (2)	Spire Global, Inc.			55,057		0.0
40,659 (1)(2)	Spirit Airlines, Inc.			969,311		0.1
16,797 (2)	SPX Corp.			887,553		0.1
4,596	Standex International Corp.			389,649		0.1
33,094	Steelcase, Inc.			355,099		0.0
53,931 (1)(2)	Stem, Inc.			386,146		0.1
8,569 (1)(2)	Sterling Check Corp.			139,760		0.0
11,668 (2)	Sterling Infrastructure, Inc.			255,763		0.0
11,395 (1)(2)	Sun Country Airlines Holdings, Inc.			208,984		0.0

See Accompanying Notes to Financial Statements

141

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
7,269	Tennant Co.		$	430,688		0.1
25,545	Terex Corp.			699,167		0.1
11,274 (1)(2)	Terran Orbital Corp.			51,635		0.0
17,588 (1)	Textainer Group Holdings Ltd.			482,087		0.1
14,417 (2)	Thermon Group Holdings, Inc.			202,559		0.0
19,793 (2)	Titan International, Inc.			298,874		0.0
8,052 (2)	Titan Machinery, Inc.			180,445		0.0
14,735 (1)(2)	TPI Composites, Inc.			184,188		0.0
2,911 (2)	Transcat, Inc.			165,374		0.0
14,091 (2)	TriNet Group, Inc.			1,093,743		0.1
29,609 (1)	Trinity Industries, Inc.			717,130		0.1
23,994	Triton International Ltd.			1,263,284		0.1
24,609 (2)	Triumph Group, Inc.			327,054		0.0
12,684 (2)	TrueBlue, Inc.			227,044		0.0
52,971 (1)(2)	TuSimple Holdings, Inc.			382,980		0.1
16,471 (2)	Tutor Perini Corp.			144,615		0.0
22,963	UFP Industries, Inc.			1,564,699		0.2
5,690	Unifirst Corp.			979,704		0.1
2,498	Universal Logistics Holdings, Inc.			68,220		0.0
45,656 (2)	Upwork, Inc.			944,166		0.1
4,760 (2)	Vectrus, Inc.			159,270		0.0
5,623 (2)	Veritiv Corp.			610,377		0.1
8,446 (2)	Viad Corp.			233,194		0.0
8,291 (2)	Vicor Corp.			453,766		0.1
41,825 (1)(2)	View, Inc.			67,757		0.0
85,865 (1)(2)	Virgin Galactic Holdings, Inc.			516,907		0.1
4,398	VSE Corp.			165,277		0.0
19,310 (1)	Wabash National Corp.			262,230		0.0
10,350	Watts Water Technologies, Inc.			1,271,394		0.2
47,535 (2)	Welbilt, Inc.			1,131,808		0.1
23,302	Werner Enterprises, Inc.			898,059		0.1
59,872 (2)	Wheels Up Experience, Inc.			116,750		0.0
4,466 (2)	Willdan Group, Inc.			123,172		0.0
27,897 (2)	Xos, Inc.			51,330		0.0
46,825	Zurn Water Solutions Corp.			1,275,513		0.2
				129,743,397		14.5
	Information Technology: 13.2%
47,814 (1)(2)	3D Systems Corp.			463,796		0.1
44,416 (2)	8x8, Inc.			228,742		0.0
8,124 (1)(2)	908 Devices, Inc.			167,273		0.0
24,669	A10 Networks, Inc.			354,740		0.1
43,765 (2)	ACI Worldwide, Inc.			1,133,076		0.1
17,736 (1)(2)	ACM Research, Inc.			298,497		0.0
18,916	Adtran, Inc.			331,597		0.0
14,372 (1)	Advanced Energy Industries, Inc.			1,048,869		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
38,147 (1)(2)	Aeva Technologies, Inc.		$	119,400		0.0
7,789 (2)	Agilysys, Inc.			368,186		0.1
19,428 (1)(2)	Akoustis Technologies, Inc.			71,884		0.0
18,522 (2)	Alarm.com Holdings, Inc.			1,145,771		0.1
13,302 (2)	Alkami Technology, Inc.			184,765		0.0
8,255 (2)	Alpha & Omega Co.			275,222		0.0
18,906 (1)(2)	Altair Engineering, Inc.			992,565		0.1
13,695 (2)	Ambarella, Inc.			896,475		0.1
12,995	American Software, Inc.			209,999		0.0
38,133	Amkor Technology, Inc.			646,354		0.1
20,976 (2)	Amplitude, Inc.			299,747		0.0
7,355 (1)(2)	Appfolio, Inc.			666,657		0.1
15,547 (1)(2)	Appian Corp.			736,306		0.1
34,827 (2)	Arlo Technologies, Inc.			218,365		0.0
7,699 (1)(2)	Arteris, Inc.			53,662		0.0
27,967 (2)	Asana, Inc.			491,660		0.1
7,861 (1)(2)	Atomera, Inc.			73,736		0.0
32,977 (2)	Avaya Holdings Corp.			73,868		0.0
47,647 (2)	AvePoint, Inc.			206,788		0.0
4,068 (2)	Aviat Networks, Inc.			101,863		0.0
13,830 (2)	Avid Technology, Inc.			358,888		0.1
55,173 (2)	AvidXchange Holdings, Inc.			338,762		0.0
12,587 (2)	Axcelis Technologies, Inc.			690,271		0.1
16,299 (2)	AXT, Inc.			95,512		0.0
11,105	Badger Meter, Inc.			898,283		0.1
16,796	Belden, Inc.			894,723		0.1
13,749	Benchmark Electronics, Inc.			310,177		0.0
10,842 (2)	Benefitfocus, Inc.			84,351		0.0
24,070 (1)(2)	BigCommerce Holdings, Inc.			389,934		0.1
17,758 (1)(2)	Blackbaud, Inc.			1,031,207		0.1
20,857 (1)(2)	Blackline, Inc.			1,389,076		0.2
70,449 (1)(2)	Blend Labs, Inc.			166,260		0.0
49,542 (2)	Box, Inc.			1,245,486		0.1
17,970	Bread Financial Holdings, Inc.			665,968		0.1
17,418 (2)	Brightcove, Inc.			110,082		0.0
37,350 (1)(2)	BTRS Holdings, Inc.			186,003		0.0
25,507 (1)(2)	C3.ai, Inc.			465,758		0.1
21,626 (2)	Calix, Inc.			738,312		0.1
4,347 (1)(2)	Cambium Networks Corp.			63,684		0.0
24,760 (2)	Cantaloupe, Inc.			138,656		0.0
13,232 (2)	Casa Systems, Inc.			52,002		0.0
5,860	Cass Information Systems, Inc.			198,068		0.0
17,524 (2)	Cerberus Cyber Sentinel Corp.			63,086		0.0
14,955 (1)(2)	Cerence, Inc.			377,315		0.1
8,976 (2)	Ceva, Inc.			301,235		0.0

See Accompanying Notes to Financial Statements

142

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
12,311 (1)(2)	ChannelAdvisor Corp.		$	179,494		0.0
14,313 (1)(2)	Cleanspark, Inc.			56,107		0.0
23,423 (1)(2)	Clear Secure, Inc.			468,460		0.1
4,529 (1)(2)	Clearfield, Inc.			280,572		0.0
10,694	CMC Materials, Inc.			1,865,996		0.2
18,516 (2)	Cohu, Inc.			513,819		0.1
76,653 (2)	CommScope Holding Co., Inc.			469,116		0.1
17,019 (2)	Commvault Systems, Inc.			1,070,495		0.1
9,942	Comtech Telecommunications Corp.			90,174		0.0
65,788 (2)	Conduent, Inc.			284,204		0.0
5,882 (2)	Consensus Cloud Solutions, Inc.			256,926		0.0
80,804 (2)	Core Scientific, Inc.			120,398		0.0
13,514 (1)(2)	Corsair Gaming, Inc.			177,439		0.0
9,970 (1)(2)	Couchbase, Inc.			163,707		0.0
8,606 (1)(2)	Credo Technology Group Holding Ltd.			100,518		0.0
8,363 (1)(2)	CS Disco, Inc.			150,869		0.0
12,319	CSG Systems International, Inc.			735,198		0.1
12,416	CTS Corp.			422,765		0.1
31,759 (1)(2)	Cvent Holding Corp.			146,727		0.0
2,495 (2)	Cyberoptics Corp.			87,175		0.0
16,032 (1)(2)	Cyxtera Technologies, Inc.			181,803		0.0
29,010 (2)	Diebold Nixdorf, Inc.			65,853		0.0
13,590 (2)	Digi International, Inc.			329,150		0.0
5,483 (1)(2)	Digimarc Corp.			77,530		0.0
35,486 (2)	Digital Turbine, Inc.			619,940		0.1
28,785 (1)(2)	DigitalOcean Holdings, Inc.			1,190,548		0.1
16,904 (2)	Diodes, Inc.			1,091,491		0.1
11,409 (2)	Domo, Inc.			317,170		0.0
28,738 (1)(2)	Duck Creek Technologies, Inc.			426,759		0.1
7,083 (2)	DZS, Inc.			115,240		0.0
74,333 (1)(2)	E2open Parent Holdings, Inc.			578,311		0.1
20,439 (1)(2)	Eastman Kodak Co.			94,837		0.0
10,131 (1)	Ebix, Inc.			171,214		0.0
51,315 (2)	Edgio, Inc.			118,538		0.0
10,126 (2)	eGain Corp.			98,728		0.0
10,027 (1)(2)	Enfusion, Inc.			102,376		0.0
13,066 (2)	EngageSmart, Inc.			210,101		0.0
20,978 (1)(2)	Envestnet, Inc.			1,107,009		0.1
10,233 (2)	ePlus, Inc.			543,577		0.1
14,739 (1)(2)	Everbridge, Inc.			411,071		0.1
9,052 (2)	EverCommerce, Inc.			81,830		0.0
23,119	EVERTEC, Inc.			852,629		0.1
18,579 (2)	Evo Payments, Inc.			436,978		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
31,985 (2)	Evolv Technologies Holdings, Inc.		$	85,080		0.0
12,364 (2)	ExlService Holdings, Inc.			1,821,588		0.2
49,495 (2)	Extreme Networks, Inc.			441,495		0.1
14,070 (2)	Fabrinet			1,141,077		0.1
7,207 (2)	Faro Technologies, Inc.			222,192		0.0
41,521 (2)	Fastly, Inc.			482,059		0.1
21,454 (2)	Flywire Corp.			378,234		0.1
6,843 (1)(2)	Focus Universal, Inc.			78,147		0.0
10,562 (1)(2)	ForgeRock, Inc.			226,238		0.0
29,836 (2)	Formfactor, Inc.			1,155,548		0.1
18,453 (2)	Grid Dynamics Holdings, Inc.			310,379		0.0
15,743 (2)	GTY Technology Holdings, Inc.			98,551		0.0
9,374	Hackett Group, Inc.			177,825		0.0
37,169 (2)	Harmonic, Inc.			322,255		0.0
9,047 (2)	I3 Verticals, Inc.			226,356		0.0
10,809 (2)	Ichor Holdings Ltd.			280,818		0.0
9,034 (2)	Identiv, Inc.			104,614		0.0
7,778 (1)(2)	Impinj, Inc.			456,335		0.1
36,479 (2)	indie Semiconductor, Inc.			207,930		0.0
72,665 (1)(2)	Infinera Corp.			389,484		0.1
12,682	Information Services Group, Inc.			85,730		0.0
35,218 (1)(2)	Inseego Corp.			66,562		0.0
11,757 (2)	Insight Enterprises, Inc.			1,014,394		0.1
6,421 (1)(2)	Instructure Holdings, Inc.			145,757		0.0
5,202 (2)	Intapp, Inc.			76,157		0.0
11,895 (1)	InterDigital, Inc.			723,216		0.1
13,185 (2)	International Money Express, Inc.			269,897		0.0
44,853 (2)	IonQ, Inc.			196,456		0.0
24,726 (1)(2)	IronNet, Inc.			54,644		0.0
17,195 (2)	Itron, Inc.			849,949		0.1
9,705 (2)	Kimball Electronics, Inc.			195,071		0.0
27,469 (2)	KnowBe4, Inc.			429,066		0.1
31,120 (2)	Knowles Corp.			539,310		0.1
21,971 (1)	Kulicke & Soffa Industries, Inc.			940,579		0.1
42,205 (1)(2)	Lightwave Logic, Inc.			276,021		0.0
26,445 (1)(2)	LivePerson, Inc.			373,932		0.1
26,002 (2)	LiveRamp Holdings, Inc.			671,112		0.1
19,050 (2)	MACOM Technology Solutions Holdings, Inc.			878,205		0.1
37,226 (1)(2)	Marathon Digital Holdings, Inc.			198,787		0.0
163,701 (2)	Marqeta, Inc.			1,327,615		0.2
82,776 (1)(2)	Matterport, Inc.			302,960		0.0
23,286	MAXIMUS, Inc.			1,455,608		0.2
27,311 (2)	MaxLinear, Inc.			928,028		0.1
8,496 (1)(2)	MeridianLink, Inc.			141,883		0.0

See Accompanying Notes to Financial Statements

143

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
13,876	Methode Electronics, Inc.		$	513,967		0.1
3,544 (1)(2)	MicroStrategy, Inc.			582,279		0.1
63,737 (1)(2)	Microvision, Inc.			244,750		0.0
50,037 (1)(2)	Mirion Technologies, Inc.			288,213		0.0
17,843 (2)	Mitek Systems, Inc.			164,869		0.0
14,625 (1)(2)	Model N, Inc.			374,108		0.1
51,246 (2)	Momentive Global, Inc.			450,965		0.1
35,051 (1)(2)	MoneyGram International, Inc.			350,510		0.1
25,332 (1)(2)	N-Able, Inc.			227,988		0.0
11,929 (1)(2)	Napco Security Technologies, Inc.			245,618		0.0
19,609 (2)	NeoPhotonics Corp.			308,450		0.0
10,891 (2)	Netgear, Inc.			201,701		0.0
26,738 (2)	Netscout Systems, Inc.			905,081		0.1
27,513 (1)(2)	NextNav, Inc.			62,455		0.0
17,386 (2)	nLight, Inc.			177,685		0.0
13,506 (2)	Novanta, Inc.			1,637,873		0.2
33,591 (1)(2)	Olo, Inc.			331,543		0.0
15,192 (2)	ON24, Inc.			144,172		0.0
12,777 (1)(2)	Ondas Holdings, Inc.			68,868		0.0
15,033 (2)	OneSpan, Inc.			178,893		0.0
18,929 (2)	Onto Innovation, Inc.			1,320,108		0.2
6,183 (2)	OSI Systems, Inc.			528,276		0.1
55,227 (1)(2)	Ouster, Inc.			89,468		0.0
31,849 (1)(2)	PagerDuty, Inc.			789,218		0.1
9,812 (1)(2)	PAR Technology Corp.			367,852		0.1
34,787 (2)	Paya Holdings, Inc.			228,551		0.0
80,596 (2)	Payoneer Global, Inc.			315,936		0.0
127,104 (1)(2)	Paysafe Ltd.			247,853		0.0
4,449	PC Connection, Inc.			195,978		0.0
12,009 (2)	PDF Solutions, Inc.			258,314		0.0
12,720 (2)	Perficient, Inc.			1,166,297		0.1
23,100 (2)	Photronics, Inc.			449,988		0.1
28,540 (1)(2)	Ping Identity Holding Corp.			517,716		0.1
15,998 (2)	Plantronics, Inc.			634,801		0.1
10,484 (2)	Plexus Corp.			822,994		0.1
21,888	Power Integrations, Inc.			1,641,819		0.2
16,952	Progress Software Corp.			767,926		0.1
16,382 (2)	PROS Holdings, Inc.			429,700		0.1
21,461 (2)	Q2 Holdings, Inc.			827,751		0.1
14,541 (2)	Qualys, Inc.			1,834,202		0.2
22,330 (1)(2)	Rackspace Technology, Inc.			160,106		0.0
41,859 (2)	Rambus, Inc.			899,550		0.1
21,774 (1)(2)	Rapid7, Inc.			1,454,503		0.2
31,488 (1)(2)	Remitly Global, Inc.			241,198		0.0
33,997 (1)(2)	Repay Holdings Corp.			436,861		0.1
30,736 (2)	Ribbon Communications, Inc.			93,437		0.0
13,852 (1)(2)	Rigetti Computing, Inc.			50,837		0.0
19,078 (2)	Rimini Street, Inc.			114,659		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
43,568 (1)(2)	Riot Blockchain, Inc.		$	182,550		0.0
38,706 (1)(2)	Rockley Photonics Holdings Ltd.			84,379		0.0
7,022 (2)	Rogers Corp.			1,840,396		0.2
122,497 (2)	Sabre Corp.			714,158		0.1
35,306 (1)(2)	SailPoint Technologies Holding, Inc.			2,212,980		0.3
22,705 (2)	Sanmina Corp.			924,775		0.1
12,421	Sapiens International Corp. NV			300,464		0.0
9,850 (2)	Scansource, Inc.			306,729		0.0
23,924 (2)	Semtech Corp.			1,315,102		0.2
3,916 (2)	ShotSpotter, Inc.			105,380		0.0
13,720 (1)(2)	Silicon Laboratories, Inc.			1,923,818		0.2
6,109 (2)	SiTime Corp.			995,950		0.1
17,293 (1)(2)	SMART Global Holdings, Inc.			283,086		0.0
44,545 (2)	SmartRent, Inc.			201,343		0.0
16,855 (1)	SolarWinds Corp.			172,764		0.0
17,618 (1)(2)	Sprout Social, Inc.			1,023,077		0.1
13,939 (2)	SPS Commerce, Inc.			1,575,804		0.2
11,722 (1)(2)	Squarespace, Inc.			245,224		0.0
104,272 (2)	StoneCo Ltd.			802,894		0.1
34,826 (2)	Sumo Logic, Inc.			260,847		0.0
31,076 (1)(2)	SunPower Corp.			491,312		0.1
17,448 (2)	Super Micro Computer, Inc.			704,027		0.1
15,028 (1)(2)	Synaptics, Inc.			1,774,055		0.2
20,108 (2)	Telos Corp.			162,473		0.0
41,313 (2)	Tenable Holdings, Inc.			1,876,023		0.2
10,905 (2)	Transphorm, Inc.			41,548		0.0
7,411	TTEC Holdings, Inc.			503,133		0.1
36,790 (2)	TTM Technologies, Inc.			459,875		0.1
4,059 (1)(2)	Tucows, Inc.			180,666		0.0
6,210 (2)	Turtle Beach Corp.			75,948		0.0
17,177 (2)	Ultra Clean Holdings, Inc.			511,359		0.1
26,059 (2)	Unisys Corp.			313,490		0.0
12,013 (1)(2)	Upland Software, Inc.			174,429		0.0
18,147 (1)(2)	UserTesting, Inc.			91,098		0.0
41,427 (1)(2)	Varonis Systems, Inc.			1,214,640		0.1
19,273 (1)(2)	Veeco Instruments, Inc.			373,896		0.1
72,943 (2)	Velodyne Lidar, Inc.			69,675		0.0
24,272 (2)	Verint Systems, Inc.			1,027,919		0.1
11,925 (1)(2)	Veritone, Inc.			77,870		0.0
54,389 (2)	Verra Mobility Corp.			854,451		0.1
85,929 (2)	Viavi Solutions, Inc.			1,136,841		0.1
49,781	Vishay Intertechnology, Inc.			887,097		0.1
5,160 (2)	Vishay Precision Group, Inc.			150,311		0.0
95,116 (2)	Vonage Holdings Corp.			1,791,985		0.2
27,315 (1)(2)	WM Technology, Inc.			89,866		0.0
17,771 (1)(2)	Workiva, Inc.			1,172,708		0.1

See Accompanying Notes to Financial Statements

144

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
41,455 (1)	Xerox Holdings Corp.		$	615,607		0.1
40,835	Xperi Holding Corp.			589,249		0.1
45,430 (1)(2)	Yext, Inc.			217,155		0.0
12,392 (2)	Zeta Global Holdings Corp.			56,012		0.0
44,737 (2)	Zuora, Inc.			400,396		0.1
				118,625,669		13.2
	Materials: 4.0%
12,114 (1)(2)	5E Advanced Materials, Inc.			147,549		0.0
10,562	AdvanSix, Inc.			353,193		0.0
47,206 (1)(2)	Allegheny Technologies, Inc.			1,072,048		0.1
6,736	Alpha Metallurgical Resources, Inc.			869,820		0.1
11,693	American Vanguard Corp.			261,339		0.0
74,162 (1)(2)	Amyris, Inc.			137,200		0.0
40,191 (2)	Arconic Corp.			1,127,358		0.1
10,147 (1)(2)	Aspen Aerogels, Inc.			100,252		0.0
34,550	Avient Corp.			1,384,764		0.2
12,076	Balchem Corp.			1,566,740		0.2
21,024	Cabot Corp.			1,341,121		0.2
18,279	Carpenter Technology Corp.			510,167		0.1
20,336 (1)(2)	Century Aluminum Co.			149,876		0.0
2,947	Chase Corp.			229,306		0.0
6,665 (2)	Clearwater Paper Corp.			224,144		0.0
101,319 (2)	Coeur Mining, Inc.			308,010		0.0
45,741 (1)	Commercial Metals Co.			1,514,027		0.2
12,910	Compass Minerals International, Inc.			456,885		0.1
47,090 (2)	Constellium SE			622,059		0.1
6,982 (2)	Cryptyde, Inc.			14,173		0.0
17,931 (1)(2)	Dakota Gold Corp.			60,069		0.0
34,813 (1)(2)	Danimer Scientific, Inc.			158,747		0.0
28,292 (2)	Diversey Holdings Ltd.			186,727		0.0
22,131	Ecovyst, Inc.			217,990		0.0
30,512 (2)(4)(5)	Ferroglobe PLC			—	—
10,982	FutureFuel Corp.			79,949		0.0
18,511 (1)(2)	GCP Applied Technologies, Inc.			579,024		0.1
18,788	Glatfelter Corp.			129,261		0.0
11,897	Greif, Inc. - Class A			742,135		0.1
7,744	Hawkins, Inc.			279,016		0.0
5,057	Haynes International, Inc.			165,718		0.0
20,116	HB Fuller Co.			1,211,184		0.1
203,240 (1)	Hecla Mining Co.			796,701		0.1
57,420 (2)	Hycroft Mining Holding Corp.			63,736		0.0
14,779 (2)	Ingevity Corp.			933,146		0.1
9,456	Innospec, Inc.			905,790		0.1
4,184 (2)	Intrepid Potash, Inc.			189,493		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
6,016 (1)	Kaiser Aluminum Corp.		$	475,805		0.1
8,175	Koppers Holdings, Inc.			185,082		0.0
6,330	Kronos Worldwide, Inc.			116,472		0.0
61,528 (1)(2)	Livent Corp.			1,396,070		0.2
12,023 (2)	LSB Industries, Inc.			166,639		0.0
7,838	Materion Corp.			577,896		0.1
12,419	Minerals Technologies, Inc.			761,782		0.1
14,782	Myers Industries, Inc.			335,995		0.0
6,659	Neenah, Inc.			227,338		0.0
92,448 (2)	Novagold Resources, Inc.			444,675		0.1
59,298 (2)	O-I Glass, Inc.			830,172		0.1
3,640	Olympic Steel, Inc.			93,730		0.0
38,790 (1)(2)	Origin Materials, Inc.			198,605		0.0
23,113	Orion Engineered Carbons SA			358,945		0.1
17,298	Pactiv Evergreen, Inc.			172,288		0.0
45,353 (1)(2)	Perimeter Solutions SA			491,627		0.1
6,387 (1)(2)	Piedmont Lithium, Inc.			232,551		0.0
39,832 (1)(2)	PureCycle Technologies, Inc.			295,553		0.0
5,185 (1)	Quaker Chemical Corp.			775,261		0.1
8,518	Ramaco Resources, Inc.			112,012		0.0
15,184 (1)(2)	Ranpak Holdings Corp.			106,288		0.0
26,183 (2)	Rayonier Advanced Materials, Inc.			68,600		0.0
16,158 (1)(2)	Resolute Forest Products, Inc.			206,176		0.0
6,234	Ryerson Holding Corp.			132,722		0.0
9,929	Schnitzer Steel Industries, Inc.			326,068		0.0
12,141	Schweitzer-Mauduit International, Inc.			304,982		0.0
15,816	Sensient Technologies Corp.			1,274,137		0.2
8,148	Stepan Co.			825,800		0.1
45,586 (2)	Summit Materials, Inc.			1,061,698		0.1
31,311	SunCoke Energy, Inc.			213,228		0.0
13,259	Sylvamo Corp.			433,304		0.1
18,056 (2)	TimkenSteel Corp.			337,828		0.0
10,898	Tredegar Corp.			108,980		0.0
16,399	Trimas Corp.			454,088		0.1
13,646	Trinseo PLC			524,825		0.1
44,445	Tronox Holdings PLC			746,676		0.1
19,630	Warrior Met Coal, Inc.			600,874		0.1
11,981 (1)	Worthington Industries, Inc.			528,362		0.1
				35,591,851		4.0
	Real Estate: 7.1%
34,675	Acadia Realty Trust			541,624		0.1
26,483 (1)	Agree Realty Corp.			1,910,219		0.2
29,366	Alexander & Baldwin, Inc.			527,120		0.1

See Accompanying Notes to Financial Statements

145

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
900	Alexander’s, Inc.		$	199,944		0.0
20,281	American Assets Trust, Inc.			602,346		0.1
44,216 (2)	Anywhere Real Estate, Inc.			434,643		0.1
60,238 (2)	Apartment Investment and Management Co.			385,523		0.1
82,745	Apple Hospitality REIT, Inc.			1,213,869		0.1
26,587	Armada Hoffler Properties, Inc.			341,377		0.0
13,223 (1)(2)	Ashford Hospitality Trust, Inc.			79,074		0.0
10,390	Bluerock Residential Growth REIT, Inc.			273,153		0.0
24,993 (1)	Braemar Hotels & Resorts, Inc.			107,220		0.0
65,162	Brandywine Realty Trust			628,162		0.1
60,679 (1)	Broadstone Net Lease, Inc.			1,244,526		0.1
4,180	BRT Apartments Corp.			89,828		0.0
37,820	CareTrust REIT, Inc.			697,401		0.1
20,829	CatchMark Timber Trust, Inc.			209,540		0.0
9,853 (2)	CBL & Associates Properties, Inc.			231,447		0.0
3,848	Cedar Realty Trust, Inc.			110,784		0.0
5,850	Centerspace			477,068		0.1
20,985 (2)	Chatham Lodging Trust			219,293		0.0
16,777	City Office REIT, Inc.			217,262		0.0
10,011	Community Healthcare Trust, Inc.			362,498		0.1
98,050 (1)(2)	Compass, Inc.			353,961		0.0
43,702	Corporate Office Properties Trust SBI MD			1,144,555		0.1
2,182 (1)	CTO Realty Growth, Inc.			133,364		0.0
57,182 (1)(2)	Cushman & Wakefield PLC			871,454		0.1
81,565 (2)	DiamondRock Hospitality Co.			669,649		0.1
220,142 (2)	DigitalBridge Group, Inc.			1,074,293		0.1
92,257	Diversified Healthcare Trust			167,908		0.0
52,713 (2)	Doma Holdings, Inc.			54,294		0.0
29,831	Douglas Elliman, Inc.			142,891		0.0
32,855 (1)	Easterly Government Properties, Inc.			625,559		0.1
54,880 (1)	Empire State Realty Trust, Inc.			385,806		0.1
40,986 (2)	Equity Commonwealth			1,128,345		0.1
45,766	Essential Properties Realty Trust, Inc.			983,511		0.1
24,803 (1)	eXp World Holdings, Inc.			291,931		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
16,596 (1)	Farmland Partners, Inc.		$	229,025		0.0
8,692 (2)	Forestar Group, Inc.			118,993		0.0
30,017	Four Corners Property Trust, Inc.			798,152		0.1
40,743	Franklin Street Properties Corp.			169,898		0.0
2,946 (2)	FRP Holdings, Inc.			177,791		0.0
16,006	Getty Realty Corp.			424,159		0.1
15,423	Gladstone Commercial Corp.			290,569		0.0
11,986 (1)	Gladstone Land Corp.			265,610		0.0
22,600	Global Medical REIT, Inc.			253,798		0.0
39,347	Global Net Lease, Inc.			557,154		0.1
56,154 (1)	Healthcare Realty Trust, Inc.			1,527,389		0.2
14,154 (2)	Hersha Hospitality Trust			138,851		0.0
82,137 (1)	Independence Realty Trust, Inc.			1,702,700		0.2
2,004 (1)	Indus Realty Trust, Inc.			118,957		0.0
25,347	Industrial Logistics Properties Trust			356,886		0.0
10,267 (1)	Innovative Industrial Properties, Inc.			1,128,035		0.1
24,916 (1)	InvenTrust Properties Corp.			642,584		0.1
25,873	iStar, Inc.			354,719		0.0
45,372 (1)	Kennedy-Wilson Holdings, Inc.			859,346		0.1
83,607	Kite Realty Group Trust			1,445,565		0.2
15,452	LTC Properties, Inc.			593,202		0.1
105,234 (1)	LXP Industrial Trust			1,130,213		0.1
82,247	Macerich Co.			716,371		0.1
9,854	Marcus & Millichap, Inc.			364,499		0.1
17,037 (1)	National Health Investors, Inc.			1,032,613		0.1
49,560	Necessity Retail REIT, Inc./The			360,797		0.1
16,390	NETSTREIT Corp.			309,279		0.0
56,597	Newmark Group, Inc.			547,293		0.1
9,171	NexPoint Residential Trust, Inc.			573,279		0.1
25,834 (2)	Offerpad Solutions, Inc.			56,318		0.0
19,746	Office Properties Income Trust			393,933		0.1
7,617	One Liberty Properties, Inc.			197,890		0.0
20,843 (1)	Orion Office REIT, Inc.			228,439		0.0
56,156	Outfront Media, Inc.			951,844		0.1
72,148 (1)	Paramount Group, Inc.			521,630		0.1
50,099	Pebblebrook Hotel Trust			830,140		0.1
42,547 (1)	Phillips Edison & Co., Inc.			1,421,495		0.2
82,132	Physicians Realty Trust			1,433,203		0.2

See Accompanying Notes to Financial Statements

146

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
48,652	Piedmont Office Realty Trust, Inc.		$	638,314		0.1
12,570	Plymouth Industrial REIT, Inc.			220,478		0.0
25,750 (1)	PotlatchDeltic Corp.			1,137,893		0.1
7,680	PS Business Parks, Inc.			1,437,312		0.2
8,158	RE/MAX Holdings, Inc.			200,034		0.0
39,993 (1)(2)	Redfin Corp.			329,542		0.0
46,586	Retail Opportunity Investments Corp.			735,127		0.1
63,821	RLJ Lodging Trust			703,946		0.1
6,652	RMR Group, Inc.			188,584		0.0
34,312	RPT Realty			337,287		0.0
20,585 (2)	Ryman Hospitality Properties			1,565,078		0.2
86,053	Sabra Healthcare REIT, Inc.			1,202,160		0.1
7,740	Safehold, Inc.			273,764		0.0
5,802	Saul Centers, Inc.			273,332		0.0
15,976 (1)(2)	Seritage Growth Properties			83,235		0.0
66,639	Service Properties Trust			348,522		0.0
69,720	SITE Centers Corp.			939,128		0.1
13,587 (1)	St. Joe Co.			537,502		0.1
66,272	STAG Industrial, Inc.			2,046,479		0.2
2,130 (2)	Stratus Properties, Inc.			68,639		0.0
43,051 (2)	Summit Hotel Properties, Inc.			312,981		0.0
82,676 (2)	Sunstone Hotel Investors, Inc.			820,146		0.1
39,193 (1)	Tanger Factory Outlet Centers, Inc.			557,324		0.1
6,801 (2)	Tejon Ranch Co.			105,552		0.0
27,174	Terreno Realty Corp.			1,514,407		0.2
17,557	UMH Properties, Inc.			310,057		0.0
86,796 (1)	Uniti Group, Inc.			817,618		0.1
5,422	Universal Health Realty Income Trust			288,505		0.0
44,881	Urban Edge Properties			682,640		0.1
13,618	Urstadt Biddle Properties, Inc.			220,612		0.0
35,388 (2)	Veris Residential, Inc.			468,537		0.1
33,471	Washington Real Estate Investment Trust			713,267		0.1
18,988	Whitestone REIT			204,121		0.0
44,991 (2)	Xenia Hotels & Resorts, Inc.			653,719		0.1
				63,289,903		7.1
	Utilities: 3.4%
20,701	ALLETE, Inc.			1,216,805		0.1
15,442 (2)	Altus Power, Inc.			97,439		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
14,070	American States Water Co.		$	1,146,846		0.1
2,441	Artesian Resources Corp.			120,024		0.0
27,440	Avista Corp.			1,193,914		0.1
24,784	Black Hills Corp.			1,803,532		0.2
36,169	Brookfield Infrastructure Corp.			1,537,182		0.2
20,456	California Water Service Group			1,136,331		0.1
6,929	Chesapeake Utilities Corp.			897,652		0.1
10,676	Clearway Energy, Inc.-Class A			341,312		0.0
33,613 (1)	Clearway Energy, Inc.-Class C			1,171,077		0.1
14,246	MGE Energy, Inc.			1,108,766		0.1
6,812	Middlesex Water Co.			597,276		0.1
24,275 (1)(2)	Montauk Renewables, Inc.			243,964		0.0
37,022 (1)	New Jersey Resources Corp.			1,648,590		0.2
12,088	Northwest Natural Holding Co.			641,873		0.1
20,123	NorthWestern Corp.			1,185,848		0.1
20,300	ONE Gas, Inc.			1,648,157		0.2
17,286 (1)	Ormat Technologies, Inc.			1,354,358		0.2
16,187	Otter Tail Corp.			1,086,633		0.1
32,269	PNM Resources, Inc.			1,541,813		0.2
34,103	Portland General Electric Co.			1,648,198		0.2
9,095 (2)	Purecycle Corp.			95,861		0.0
10,504	SJW Group			655,554		0.1
44,041	South Jersey Industries, Inc.			1,503,560		0.2
25,194	Southwest Gas Holdings, Inc.			2,193,893		0.3
19,701 (1)	Spire, Inc.			1,465,163		0.2
37,255 (1)(2)	Sunnova Energy International, Inc.			686,610		0.1
6,712	Unitil Corp.			394,129		0.0
5,895	York Water Co.			238,335		0.0
				30,600,695		3.4
	Total Common Stock (Cost $656,377,057)			861,950,902		96.0

RIGHTS: 0.0%
	Consumer, Non-cyclical: - %
390 (2)(4)(5)	GTX, Inc. - CVR			—		—

	Health Care: 0.0%
4,590 (2)(4)(5)	Aduro Biotech, Inc. - CVR			—		—

See Accompanying Notes to Financial Statements

147

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
RIGHTS: (continued)
	Health Care (continued)
37,288 (1)(2)(4)(5)	Progenics Pharmaceuticals, Inc. - CVR		$	—		—
22,307 (1)(2)(4)(5)	Zogenix, Inc. - CVR			15,168		0.0
				15,168		0.0
	Total Rights
	(Cost $799)			15,168		0.0
	Total Long-Term Investments
	(Cost $656,377,856)			861,966,070		96.0

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 27.4%
	Commercial Paper: 0.6%
4,978,000 (6)	Liberty Street Funding LLC, 1.550%, 07/01/2022 (Cost $4,977,786)		4,977,786		0.6

	Floating Rate Notes: 2.4%
800,000 (6)	ANZ Bank, 1.660%, 08/18/2022		799,877		0.1
900,000 (6)	Bank of America N.A., 1.620%, 07/06/2022		899,996		0.1
275,000 (6)	Bank of America N.A., 1.660%, 08/16/2022		274,947		0.0
925,000 (6)	Bank of Montreal, 1.650%, 07/25/2022		924,974		0.1
825,000 (6)	Bank of Nova Scotia, 1.650%, 07/12/2022		825,015		0.1
300,000 (6)	Bank of Nova Scotia, 1.680%, 07/18/2022		300,002		0.0
350,000 (6)	Barclays Bank PLC, 1.690%, 07/22/2022		349,992		0.0
725,000 (6)	Bayeriche Landesbank of New York, 1.710%, 07/27/2022		725,004		0.1
850,000 (6)	Commonwealth Bank of Australia, 1.690%, 09/01/2022		849,791		0.1
975,000 (6)	Cooperatieve Rabobank U.A./New York, 1.650%, 08/03/2022		974,946		0.1
525,000 (6)	Cooperatieve Rabobank U.A./New York, 1.660%, 08/16/2022		524,933		0.1
975,000 (6)	Credit Industriel et Commercial, 1.640%, 07/05/2022		975,013		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
325,000 (6)	Credit Industriel et Commercial, 1.650%, 07/07/2022		$	325,006		0.0
350,000 (6)	Credit Industriel et Commercial, 1.680%, 08/08/2022			349,982		0.0
975,000 (6)	Credit Suisse AG, 1.670%, 07/19/2022			975,041		0.1
425,000 (6)	DNB Bank ASA, 1.650%, 07/08/2022			425,007		0.1
950,000 (6)	Mitsubishi UFJ Trust and Banking Corp., 1.700%, 07/26/2022			949,984		0.1
375,000 (6)	Mizuho Bank Ltd., 1.670%, 07/18/2022			374,999		0.0
450,000 (6)	National Australia Bank Ltd., 1.640%, 08/08/2022			449,961		0.1
975,000 (6)	National Bank of Canada, 1.670%, 08/09/2022			974,935		0.1
800,000 (6)	Natixis SA, 1.630%, 07/11/2022			800,011		0.1
875,000 (6)	Royal Bank of Canada, 1.660%, 08/16/2022			874,882		0.1
1,325,000 (6)	Skandinaviska Enskilda Banken AB, 1.650%, 07/20/2022			1,324,979		0.2
975,000 (6)	Societe Generale, 1.670%, 08/08/2022			975,099		0.1
325,000 (6)	Starbird Funding Corp., 1.690%, 08/23/2022			324,942		0.0
400,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 1.690%, 08/01/2022			399,997		0.1
800,000 (6)	Svenska Handelsbanken AB, 1.640%, 07/11/2022			800,011		0.1
275,000 (6)	Svenska Handelsbanken AB, 1.670%, 07/29/2022			274,991		0.0
950,000 (6)	Toronto-Dominion Bank, 1.650%, 07/25/2022			949,978		0.1
975,000 (6)	Toronto-Dominion Bank, 1.660%, 08/19/2022			974,898		0.1
1,000,000 (6)	Westpac Banking Corp., 1.650%, 08/02/2022			999,952		0.1
	Total Floating Rate Notes (Cost $21,949,145)			21,949,145		2.4

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

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as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 15.7%
3,121,950 (6)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/22, 1.54%, due 07/01/22 (Repurchase Amount $3,122,082, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 5.000%, Market Value plus accrued interest $3,184,389, due 09/15/26-07/01/52)		$	3,121,950		0.4
3,560,077 (6)	Bethesda Securities LLC, Repurchase Agreement dated 06/30/22, 1.58%, due 07/01/22 (Repurchase Amount $3,560,231, collateralized by various U.S. Government Agency Obligations, 2.000%- 5.500%, Market Value plus accrued interest $3,666,879, due 04/01/23-05/01/52)			3,560,077		0.4
29,126,073 (6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $29,127,310, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.000%, Market Value plus accrued interest $29,708,595, due 08/01/22-01/20/68)			29,126,073		3.2
9,001,101 (6)	CF Secured LLC, Repurchase Agreement dated 06/30/22, 1.48%- 1.55%, due 07/01/22 (Repurchase Amount $9,001,474, collateralized by various U.S. Gov’t/U.S. Gov’t Agency Obligations, 0.000%-4.610%, Market Value plus accrued interest $9,181,123, due 09/15/22-07/20/67)			9,001,101		1.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
16,279,938 (6)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $16,280,629, collateralized by various U.S. Government Securities, 0.000%- 7.250%, Market Value plus accrued interest $16,606,379, due 07/21/22-05/15/52)		$	16,279,938		1.8
8,854,624 (6)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $8,854,988, collateralized by various U.S. Government Securities, 0.000%- 3.250%, Market Value plus accrued interest $9,031,717, due 12/29/22-06/30/27)			8,854,624		1.0
9,975,881 (6)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $9,976,316, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%- 8.250%, Market Value plus accrued interest $10,175,848, due 08/01/22-02/20/72)			9,975,881		1.1
42,253,482 (6)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $42,255,323, collateralized by various U.S. Government Securities, 0.000%- 2.750%, Market Value plus accrued interest $43,098,584, due 07/01/22-09/09/49)			42,253,482		4.7

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
19,081,910 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $19,082,720, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $19,463,578, due 01/15/25-02/15/51)		$	19,081,910		2.1
	Total Repurchase Agreements (Cost $141,255,036)			141,255,036		15.7

	Time Deposits: 4.1%
5,010,000 (6)	Barclays Bank PLC, 1.590%, 07/01/2022			5,010,000		0.6
5,300,000 (6)	DZ Bank AG, 1.550%, 07/01/2022			5,300,000		0.6
4,990,000 (6)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022			4,990,000		0.6
4,970,000 (6)	Mizuho Bank Ltd., 1.570%, 07/01/2022			4,970,000		0.5
4,500,000 (6)	Royal Bank of Canada, 1.570%, 07/01/2022			4,500,000		0.5
4,040,000 (6)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022			4,040,000		0.4
4,410,000 (6)	Societe Generale, 1.550%, 07/01/2022			4,410,000		0.5
3,400,000 (6)	Toronto-Dominion Bank, 1.560%, 07/01/2022			3,400,000		0.4
	Total Time Deposits (Cost $36,620,000)			36,620,000		4.1

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 4.6%
3,592,000 (6)(7)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%		$	3,592,000		0.4
4,243,000 (6)(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%			4,243,000		0.4
33,890,000 (6)(7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%			33,890,000		3.8
	Total Mutual Funds (Cost $41,725,000)			41,725,000		4.6
	Total Short-Term Investments (Cost $246,526,967)			246,526,967		27.4
	Total Investments in Securities (Cost $902,904,823)		$	1,108,493,037		123.4
	Liabilities in Excess of Other Assets			(210,099,117)		(23.4)
	Net Assets		$	898,393,920		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

Non-income producing security.

(3)

Security is a Master Limited Partnership.

(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, 2022, the Portfolio held restricted securities with a fair value of $15,168 or 0.0% of net assets. Please refer to the table below for additional details.

(6)

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

(7)

Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements

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as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	24,505,780		$	—		$	—		$	24,505,780
Consumer Discretionary			86,469,074			—			—			86,469,074
Consumer Staples			32,393,484			—			—			32,393,484
Energy			47,989,188			—			—			47,989,188
Financials			146,891,361			—			—			146,891,361
Health Care			145,850,500			—			—			145,850,500
Industrials			129,743,397			—			—			129,743,397
Information Technology			118,625,669			—			—			118,625,669
Materials			35,591,851			—			—			35,591,851
Real Estate			63,289,903			—			—			63,289,903
Utilities			30,600,695			—			—			30,600,695
Total Common Stock			861,950,902			—			—			861,950,902
Rights			—			—			15,168			15,168
Short-Term Investments			41,725,000			204,801,967			—			246,526,967
Total Investments, at fair value		$	903,675,902		$	204,801,967		$	15,168		$	1,108,493,037
Liabilities Table
Other Financial Instruments+
Futures		$	(1,781,362)		$	—		$	—		$	(1,781,362)
Total Liabilities		$	(1,781,362)		$	—		$	—		$	(1,781,362)

At June 30, 2022, Voya Russell™ Small Cap Index Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost			Fair Value
Aduro Biotech, Inc. - CVR	10/6/2020		$	—		$	—
Ferroglobe PLC	6/26/2018			—			—
GTX, Inc. - CVR	6/10/2019			799			—
Progenics Pharmaceuticals, Inc. - CVR	6/22/2020			—			—
Zogenix, Inc. - CVR	3/8/2022			—			15,168
			$	799		$	15,168

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

At June 30, 2022, the following futures contracts were outstanding for Voya Russell™ Small Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		421		09/16/22		$	35,953,400		$	(1,781,362)
						$	35,953,400		$	(1,781,362)

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

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as of June 30, 2022 (Unaudited) (continued)

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	1,781,362
Total Liability Derivatives			$	1,781,362

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(5,589,776)
Total		$	(5,589,776)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,061,187)
Total		$	(2,061,187)

At June 30, 2022, 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 $918,269,526.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	318,432,240
Gross Unrealized Depreciation		(129,990,091)
Net Unrealized Appreciation	$	188,442,149

See Accompanying Notes to Financial Statements

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as of June 30, 2022 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 25.8%
	Basic Materials: 0.5%
1,000,000 (1)	Air Products and Chemicals, Inc., 1.850%, 05/15/2027		$	910,798		0.1
500,000	Air Products and Chemicals, Inc., 2.050%, 05/15/2030			432,616		0.0
1,000,000	Air Products and Chemicals, Inc., 2.700%, 05/15/2040			801,395		0.0
800,000	Barrick Australian Finance Pty Ltd., 5.950%, 10/15/2039			844,134		0.0
500,000 (2)	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028			482,328		0.0
750,000 (1)	Dow Chemical Co., 2.100%, 11/15/2030			618,764		0.0
351,000	Dow Chemical Co., 4.250%, 10/01/2034			333,474		0.0
750,000 (1)	Dow Chemical Co/The, 3.600%, 11/15/2050			573,616		0.0
1,000,000	DuPont de Nemours, Inc., 5.419%, 11/15/2048			995,429		0.1
400,000	Eastman Chemical Co., 4.650%, 10/15/2044			345,471		0.0
750,000	Ecolab, Inc., 2.700%, 12/15/2051			535,671		0.0
532,000	International Paper Co., 4.350%, 08/15/2048			473,636		0.0
500,000	Linde, Inc./CT, 1.100%, 08/10/2030			400,361		0.0
282,000	LYB International Finance BV, 4.000%, 07/15/2023			281,886		0.0
981,000	LYB International Finance III LLC, 1.250%, 10/01/2025			888,782		0.0
750,000	LYB International Finance III LLC, 3.375%, 10/01/2040			578,681		0.0
250,000	Mosaic Co/The, 5.450%, 11/15/2033			257,900		0.0
1,000,000	Nucor Corp., 2.000%, 06/01/2025			942,024		0.1
1,000,000 (1)	Nutrien Ltd., 2.950%, 05/13/2030			890,891		0.0
1,000,000	Nutrien Ltd., 3.150%, 10/01/2022			1,000,664		0.1
500,000	PPG Industries, Inc., 1.200%, 03/15/2026			449,781		0.0
500,000	PPG Industries, Inc., 2.550%, 06/15/2030			440,938		0.0
750,000	Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028			864,462		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
1,000,000	Sherwin-Williams Co/The, 3.450%, 06/01/2027		$	953,960		0.1
250,000 (1)	Southern Copper Corp., 5.875%, 04/23/2045			259,468		0.0
350,000	Southern Copper Corp., 6.750%, 04/16/2040			396,081		0.0
				15,953,211		0.5
	Communications: 2.8%
500,000 (1)	Alibaba Group Holding Ltd., 2.125%, 02/09/2031			413,927		0.0
1,000,000	Alibaba Group Holding Ltd., 2.800%, 06/06/2023			993,310		0.0
1,000,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027			956,235		0.0
1,000,000	Alphabet, Inc., 1.100%, 08/15/2030			821,610		0.0
2,000,000	Alphabet, Inc., 1.900%, 08/15/2040			1,437,196		0.1
1,000,000 (1)	Amazon.com, Inc., 2.800%, 08/22/2024			993,178		0.0
1,000,000	Amazon.com, Inc., 3.150%, 08/22/2027			973,201		0.0
1,000,000	Amazon.com, Inc., 3.800%, 12/05/2024			1,011,557		0.1
1,000,000	Amazon.com, Inc., 4.800%, 12/05/2034			1,048,822		0.1
1,000,000	AT&T, Inc., 1.700%, 03/25/2026			915,349		0.0
1,000,000	AT&T, Inc., 2.300%, 06/01/2027			913,558		0.0
4,359,000	AT&T, Inc., 2.550%, 12/01/2033			3,541,202		0.1
2,000,000	AT&T, Inc., 3.500%, 06/01/2041			1,600,280		0.1
5,086,000	AT&T, Inc., 3.500%, 09/15/2053			3,863,759		0.1
1,770,000	AT&T, Inc., 3.550%, 09/15/2055			1,329,102		0.1
1,000,000	AT&T, Inc., 3.650%, 06/01/2051			783,646		0.0
208,000	AT&T, Inc., 3.650%, 09/15/2059			156,243		0.0
1,264,000	AT&T, Inc., 3.800%, 12/01/2057			979,131		0.0
1,000,000	AT&T, Inc., 4.500%, 05/15/2035			951,726		0.0
500,000	AT&T, Inc., 4.650%, 06/01/2044			454,968		0.0
1,000,000	Baidu, Inc., 1.720%, 04/09/2026			916,285		0.0

See Accompanying Notes to Financial Statements

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Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.300%, 02/01/2032		$	378,863		0.0
750,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 06/01/2041			526,105		0.0
1,500,000 (1)	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025			1,505,516		0.1
1,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.375%, 05/01/2047			1,280,162		0.1
1,000,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/2045			974,245		0.0
1,000,000 (1)	Cisco Systems, Inc., 3.625%, 03/04/2024			1,006,351		0.1
1,500,000	Cisco Systems, Inc., 5.500%, 01/15/2040			1,639,280		0.1
3,000,000 (1)	Comcast Corp., 1.950%, 01/15/2031			2,498,421		0.1
336,000	Comcast Corp., 2.887%, 11/01/2051			240,470		0.0
3,578,000	Comcast Corp., 2.937%, 11/01/2056			2,493,619		0.1
1,321,000	Comcast Corp., 2.987%, 11/01/2063			902,955		0.0
500,000	Comcast Corp., 3.375%, 02/15/2025			496,180		0.0
1,000,000	Comcast Corp., 3.750%, 04/01/2040			878,154		0.0
724,000	Comcast Corp., 3.969%, 11/01/2047			627,627		0.0
750,000	Comcast Corp., 4.200%, 08/15/2034			722,406		0.0
750,000	Comcast Corp., 4.250%, 01/15/2033			737,829		0.0
68,000	Comcast Corp., 6.500%, 11/15/2035			79,497		0.0
1,500,000	Deutsche Telekom International Finance BV, 8.750%, 06/15/2030			1,850,998		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,250,000 (1)	Discovery Communications LLC, 3.625%, 05/15/2030		$	1,112,651		0.1
250,000	Discovery Communications LLC, 3.900%, 11/15/2024			246,189		0.0
1,500,000	eBay, Inc., 2.700%, 03/11/2030			1,283,328		0.1
500,000	Interpublic Group of Cos, Inc./The, 2.400%, 03/01/2031			407,807		0.0
10,000	Motorola Solutions, Inc., 4.000%, 09/01/2024			9,964		0.0
306,000	NBCUniversal Media, LLC, 4.450%, 01/15/2043			283,569		0.0
500,000	Orange SA, 5.500%, 02/06/2044			521,993		0.0
250,000	Paramount Global, 4.000%, 01/15/2026			244,193		0.0
2,500,000	Paramount Global, 4.200%, 05/19/2032			2,207,915		0.1
390,000	Paramount Global, 4.375%, 03/15/2043			302,292		0.0
440,000	Paramount Global, 5.850%, 09/01/2043			411,911		0.0
250,000	Rogers Communications, Inc., 5.000%, 03/15/2044			233,230		0.0
500,000	Telefonica Emisiones SAU, 4.103%, 03/08/2027			489,964		0.0
750,000	Telefonica Emisiones SAU, 4.665%, 03/06/2038			663,186		0.0
1,000,000 (2)	Tencent Holdings Ltd., 2.985%, 01/19/2023			998,175		0.1
1,000,000	Time Warner Cable LLC, 4.500%, 09/15/2042			782,275		0.0
1,538,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			1,436,791		0.1
300,000	TWDC Enterprises 18 Corp., 2.350%, 12/01/2022			299,359		0.0
400,000	TWDC Enterprises 18 Corp., 3.000%, 02/13/2026			388,690		0.0
300,000	TWDC Enterprises 18 Corp., 4.125%, 06/01/2044			271,997		0.0
1,000,000	Verizon Communications, Inc., 1.750%, 01/20/2031			804,159		0.0
1,014,000	Verizon Communications, Inc., 2.355%, 03/15/2032			841,617		0.0
1,000,000	Verizon Communications, Inc., 2.550%, 03/21/2031			855,857		0.0
1,000,000	Verizon Communications, Inc., 2.650%, 11/20/2040			735,241		0.0
750,000	Verizon Communications, Inc., 3.550%, 03/22/2051			602,596		0.0

See Accompanying Notes to Financial Statements

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Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
2,000,000	Verizon Communications, Inc., 4.000%, 03/22/2050		$	1,732,925		0.1
1,585,000	Verizon Communications, Inc., 4.329%, 09/21/2028			1,578,014		0.1
1,650,000	Verizon Communications, Inc., 4.400%, 11/01/2034			1,583,424		0.1
3,000,000	Verizon Communications, Inc., 4.750%, 11/01/2041			2,879,579		0.1
1,636,000	Verizon Communications, Inc., 4.862%, 08/21/2046			1,613,885		0.1
2,000,000	Vodafone Group PLC, 4.125%, 05/30/2025			2,010,297		0.1
1,000,000	Vodafone Group PLC, 6.150%, 02/27/2037			1,080,936		0.1
200,000 (1)	Walt Disney Co/The, 1.750%, 08/30/2024			192,956		0.0
1,000,000	Walt Disney Co/The, 1.750%, 01/13/2026			931,108		0.0
1,000,000	Walt Disney Co/The, 2.200%, 01/13/2028			907,317		0.0
2,000,000	Walt Disney Co/The, 2.650%, 01/13/2031			1,761,979		0.1
3,000,000	Walt Disney Co/The, 3.500%, 05/13/2040			2,562,019		0.1
1,000,000 (1)	Walt Disney Co/The, 3.600%, 01/13/2051			836,855		0.0
250,000	Walt Disney Co/The, 4.750%, 09/15/2044			244,480		0.0
				80,243,686		2.8
	Consumer, Cyclical: 1.3%
185,500	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			169,994		0.0
746,788	American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 04/15/2030			678,584		0.0
189,375	American Airlines 2017-1 Class AA Pass Through Trust, 3.650%, 08/15/2030			176,956		0.0
951,182	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			876,097		0.0
2,000,000	American Honda Finance Corp., 1.200%, 07/08/2025			1,847,678		0.1
500,000 (1)	American Honda Finance Corp., 1.500%, 01/13/2025			475,065		0.0
500,000	American Honda Finance Corp., 2.000%, 03/24/2028			443,601		0.0
500,000	American Honda Finance Corp., 2.300%, 09/09/2026			467,512		0.0
500,000	AutoZone, Inc., 1.650%, 01/15/2031			392,578		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
750,000	AutoZone, Inc., 3.125%, 07/15/2023		$	747,273		0.0
1,000,000 (1)	BorgWarner, Inc., 2.650%, 07/01/2027			909,280		0.0
500,000	Cummins, Inc., 1.500%, 09/01/2030			405,694		0.0
250,000	Cummins, Inc., 2.600%, 09/01/2050			171,360		0.0
1,000,000	General Motors Co., 5.400%, 10/02/2023			1,015,434		0.1
750,000	General Motors Co., 6.600%, 04/01/2036			760,630		0.0
500,000	General Motors Financial Co., Inc., 1.050%, 03/08/2024			474,309		0.0
500,000	General Motors Financial Co., Inc., 2.400%, 04/10/2028			423,072		0.0
1,000,000	General Motors Financial Co., Inc., 3.250%, 01/05/2023			998,513		0.1
750,000	General Motors Financial Co., Inc., 3.700%, 05/09/2023			750,077		0.0
500,000	General Motors Financial Co., Inc., 3.850%, 01/05/2028			459,227		0.0
500,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			480,064		0.0
1,000,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026			1,002,788		0.1
1,000,000	Home Depot, Inc./The, 2.700%, 04/15/2030			907,864		0.0
500,000	Home Depot, Inc./The, 2.800%, 09/14/2027			477,321		0.0
1,000,000	Home Depot, Inc./The, 3.300%, 04/15/2040			850,710		0.0
2,350,000	Home Depot, Inc./The, 5.875%, 12/16/2036			2,705,572		0.1
500,000 (1)	Kohl’s Corp., 3.375%, 05/01/2031			434,195		0.0
500,000	Lear Corp., 4.250%, 05/15/2029			459,728		0.0
500,000	Lear Corp., 5.250%, 05/15/2049			434,363		0.0
750,000	Lowe’s Cos, Inc., 2.625%, 04/01/2031			642,756		0.0
1,000,000	Lowe’s Cos, Inc., 3.100%, 05/03/2027			953,191		0.1

See Accompanying Notes to Financial Statements

155

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
500,000	Lowe’s Cos, Inc., 3.650%, 04/05/2029		$	471,866		0.0
500,000	Marriott International, Inc./MD, 2.850%, 04/15/2031			415,156		0.0
500,000	Marriott International, Inc./MD, 3.125%, 02/15/2023			498,802		0.0
325,000	McDonalds Corp., 6.300%, 10/15/2037			373,157		0.0
500,000	McDonald’s Corp., 3.700%, 01/30/2026			499,325		0.0
400,000	McDonald’s Corp., 4.600%, 05/26/2045			376,561		0.0
500,000	McDonald’s Corp., 4.700%, 12/09/2035			498,474		0.0
500,000	NIKE, Inc., 2.375%, 11/01/2026			476,133		0.0
500,000 (1)	NIKE, Inc., 3.375%, 11/01/2046			428,214		0.0
300,000	O’Reilly Automotive, Inc., 3.800%, 09/01/2022			300,368		0.0
500,000 (1)	Starbucks Corp., 3.000%, 02/14/2032			435,201		0.0
1,250,000	Starbucks Corp., 3.100%, 03/01/2023			1,252,555		0.1
500,000	Starbucks Corp., 3.550%, 08/15/2029			469,951		0.0
500,000	Target Corp., 1.950%, 01/15/2027			464,209		0.0
750,000	Target Corp., 2.950%, 01/15/2052			568,935		0.0
1,000,000 (1)	Target Corp., 3.500%, 07/01/2024			1,003,653		0.1
1,000,000 (1)	TJX Cos, Inc./The, 1.600%, 05/15/2031			806,526		0.0
1,000,000 (1)	Toyota Motor Credit Corp., 1.350%, 08/25/2023			978,118		0.1
1,000,000	Toyota Motor Credit Corp., 1.800%, 02/13/2025			954,587		0.1
500,000	Toyota Motor Credit Corp., 1.900%, 04/06/2028			444,860		0.0
1,000,000 (1)	Toyota Motor Credit Corp., 2.700%, 01/11/2023			996,989		0.1
1,000,000	Toyota Motor Credit Corp., 3.050%, 01/11/2028			946,628		0.1
500,000	Toyota Motor Credit Corp., 3.200%, 01/11/2027			484,811		0.0
354,941	United Airlines 2015-1 Class AA Pass Through Trust, 3.450%, 06/01/2029			331,177		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
190,639	United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 01/07/2030		$	165,666		0.0
44,990	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			41,183		0.0
833,896	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031			763,635		0.0
88,000	Walgreens Boots Alliance, Inc., 3.450%, 06/01/2026			85,735		0.0
1,000,000	Walmart, Inc., 3.300%, 04/22/2024			1,002,762		0.1
300,000	Whirlpool Corp., 3.700%, 05/01/2025			298,344		0.0
200,000	Whirlpool Corp., 4.000%, 03/01/2024			201,266		0.0
				39,026,333		1.3
	Consumer, Non-cyclical: 4.5%
1,000,000	Abbott Laboratories, 1.400%, 06/30/2030			834,595		0.0
284,000	Abbott Laboratories, 3.750%, 11/30/2026			286,056		0.0
339,000	Abbott Laboratories, 4.750%, 11/30/2036			359,775		0.0
500,000	Abbott Laboratories, 4.750%, 04/15/2043			509,759		0.0
1,000,000	Abbott Laboratories, 4.900%, 11/30/2046			1,050,663		0.1
500,000	AbbVie, Inc., 2.800%, 03/15/2023			498,695		0.0
1,500,000	AbbVie, Inc., 3.200%, 05/14/2026			1,447,612		0.1
1,000,000	AbbVie, Inc., 3.200%, 11/21/2029			920,742		0.0
500,000	AbbVie, Inc., 3.250%, 10/01/2022			500,000		0.0
1,250,000	AbbVie, Inc., 3.600%, 05/14/2025			1,231,356		0.1
750,000	AbbVie, Inc., 3.800%, 03/15/2025			744,934		0.0
1,000,000	AbbVie, Inc., 4.050%, 11/21/2039			893,416		0.0
1,000,000	AbbVie, Inc., 4.250%, 11/21/2049			889,443		0.0
500,000	AbbVie, Inc., 4.300%, 05/14/2036			470,454		0.0
500,000	AbbVie, Inc., 4.450%, 05/14/2046			454,672		0.0
1,000,000	AbbVie, Inc., 4.500%, 05/14/2035			972,107		0.1

See Accompanying Notes to Financial Statements

156

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
750,000	AbbVie, Inc., 4.550%, 03/15/2035		$	730,700		0.0
500,000	Aetna, Inc., 2.750%, 11/15/2022			499,497		0.0
250,000	Aetna, Inc., 3.500%, 11/15/2024			247,215		0.0
300,000	Aetna, Inc., 4.500%, 05/15/2042			268,994		0.0
300,000	Altria Group, Inc., 4.250%, 08/09/2042			224,444		0.0
138,000	Altria Group, Inc., 4.800%, 02/14/2029			131,294		0.0
500,000	Altria Group, Inc., 5.800%, 02/14/2039			455,139		0.0
2,000,000	AmerisourceBergen Corp., 2.800%, 05/15/2030			1,750,255		0.1
250,000	AmerisourceBergen Corp., 4.250%, 03/01/2045			216,163		0.0
500,000 (1)	Amgen, Inc., 2.250%, 08/19/2023			494,183		0.0
2,000,000 (1)	Amgen, Inc., 2.300%, 02/25/2031			1,702,215		0.1
1,000,000	Amgen, Inc., 3.150%, 02/21/2040			792,244		0.0
1,500,000	Amgen, Inc., 4.400%, 05/01/2045			1,355,839		0.1
3,500,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			3,296,179		0.1
1,500,000 (1)	Anheuser-Busch InBev Worldwide, Inc., 3.500%, 06/01/2030			1,407,506		0.1
250,000	Anheuser-Busch InBev Worldwide, Inc., 3.750%, 07/15/2042			202,877		0.0
1,500,000	Anheuser-Busch InBev Worldwide, Inc., 4.350%, 06/01/2040			1,344,916		0.1
1,500,000	Anheuser-Busch InBev Worldwide, Inc., 4.500%, 06/01/2050			1,350,993		0.1
750,000	Anheuser-Busch InBev Worldwide, Inc., 8.200%, 01/15/2039			969,832		0.1
100,000	AstraZeneca PLC, 3.500%, 08/17/2023			100,324		0.0
1,000,000	AstraZeneca PLC, 4.000%, 01/17/2029			996,794		0.1
1,000,000	AstraZeneca PLC, 4.375%, 08/17/2048			983,095		0.1
1,400,000	AstraZeneca PLC, 6.450%, 09/15/2037			1,684,124		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
500,000	Automatic Data Processing, Inc., 3.375%, 09/15/2025		$	500,583		0.0
1,000,000	BAT Capital Corp., 3.222%, 08/15/2024			973,056		0.1
224,000	Baxalta, Inc., 4.000%, 06/23/2025			222,929		0.0
1,000,000	Becton Dickinson and Co., 1.957%, 02/11/2031			808,250		0.0
750,000	Biogen, Inc., 4.050%, 09/15/2025			743,408		0.0
500,000	Boston Scientific Corp., 1.900%, 06/01/2025			472,763		0.0
500,000	Boston Scientific Corp., 2.650%, 06/01/2030			436,769		0.0
1,000,000	Bristol-Myers Squibb Co., 1.125%, 11/13/2027			880,186		0.0
1,000,000	Bristol-Myers Squibb Co., 2.350%, 11/13/2040			741,403		0.0
500,000	Bristol-Myers Squibb Co., 3.250%, 08/01/2042			412,963		0.0
1,000,000	Bristol-Myers Squibb Co., 3.900%, 02/20/2028			1,002,061		0.1
500,000	Bristol-Myers Squibb Co., 4.625%, 05/15/2044			493,954		0.0
500,000	Cardinal Health, Inc., 3.200%, 03/15/2023			499,998		0.0
500,000	Cardinal Health, Inc., 4.900%, 09/15/2045			454,141		0.0
500,000 (1)	Cigna Corp., 1.250%, 03/15/2026			451,656		0.0
500,000	Cigna Corp., 2.375%, 03/15/2031			422,534		0.0
750,000	Cigna Corp., 3.250%, 04/15/2025			736,084		0.0
500,000	Cigna Corp., 3.400%, 03/01/2027			481,237		0.0
500,000	Cigna Corp., 3.400%, 03/15/2051			385,434		0.0
250,000	Cigna Corp., 3.500%, 06/15/2024			248,613		0.0
1,000,000	Cigna Corp., 4.800%, 08/15/2038			974,441		0.1
500,000	Cigna Corp., 4.800%, 07/15/2046			477,408		0.0
500,000	Cigna Corp., 4.900%, 12/15/2048			481,108		0.0
1,000,000	Clorox Co/The, 1.800%, 05/15/2030			818,793		0.0
500,000	Coca-Cola Co., 1.500%, 03/05/2028			445,017		0.0
1,000,000	Coca-Cola Co., 1.650%, 06/01/2030			848,860		0.0

See Accompanying Notes to Financial Statements

157

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,500,000 (1)	Coca-Cola Co., 2.000%, 03/05/2031		$	1,294,831		0.1
1,000,000	Coca-Cola Co., 2.500%, 03/15/2051			726,171		0.0
1,000,000 (1)	Coca-Cola Co., 2.900%, 05/25/2027			972,803		0.1
500,000 (1)	Coca-Cola Co., 3.000%, 03/05/2051			404,755		0.0
750,000	Colgate-Palmolive Co., 2.250%, 11/15/2022			748,698		0.0
222,000	Conagra Brands, Inc., 3.200%, 01/25/2023			221,862		0.0
1,500,000	CVS Health Corp., 2.700%, 08/21/2040			1,085,417		0.1
750,000	CVS Health Corp., 2.750%, 12/01/2022			749,759		0.0
250,000	CVS Health Corp., 3.375%, 08/12/2024			248,674		0.0
443,000	CVS Health Corp., 3.875%, 07/20/2025			440,863		0.0
389,000	CVS Health Corp., 4.300%, 03/25/2028			385,270		0.0
1,000,000	CVS Health Corp., 4.780%, 03/25/2038			948,173		0.1
2,000,000 (1)	CVS Health Corp., 5.050%, 03/25/2048			1,917,377		0.1
1,000,000	CVS Health Corp., 5.125%, 07/20/2045			965,425		0.1
200,000	CVS Health Corp., 5.300%, 12/05/2043			200,151		0.0
500,000	Danaher Corp., 2.800%, 12/10/2051			360,903		0.0
2,000,000	Diageo Capital PLC, 2.125%, 04/29/2032			1,670,142		0.1
1,000,000	Diageo Capital PLC, 3.500%, 09/18/2023			1,003,841		0.1
1,000,000	Diageo Capital PLC, 3.875%, 05/18/2028			995,039		0.1
750,000	Elevance Health, Inc., 1.500%, 03/15/2026			685,769		0.0
750,000 (1)	Elevance Health, Inc., 2.550%, 03/15/2031			648,431		0.0
250,000	Elevance Health, Inc., 3.500%, 08/15/2024			249,303		0.0
1,000,000	Elevance Health, Inc., 3.650%, 12/01/2027			974,049		0.1
750,000	Elevance Health, Inc., 4.101%, 03/01/2028			742,892		0.0
250,000	Elevance Health, Inc., 4.650%, 08/15/2044			237,988		0.0
3,750,000 (1)	Eli Lilly & Co., 2.250%, 05/15/2050			2,654,359		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
500,000	Estee Lauder Cos, Inc./The, 1.950%, 03/15/2031		$	421,619		0.0
300,000	Estee Lauder Cos, Inc./The, 3.700%, 08/15/2042			256,987		0.0
500,000 (1)	Flowers Foods, Inc., 2.400%, 03/15/2031			413,165		0.0
751,000 (1)	General Mills, Inc., 3.000%, 02/01/2051			547,424		0.0
500,000	Gilead Sciences, Inc., 2.500%, 09/01/2023			494,880		0.0
750,000	Gilead Sciences, Inc., 3.500%, 02/01/2025			741,859		0.0
260,000	Gilead Sciences, Inc., 3.650%, 03/01/2026			255,767		0.0
150,000	Gilead Sciences, Inc., 3.700%, 04/01/2024			150,245		0.0
250,000	Gilead Sciences, Inc., 4.150%, 03/01/2047			220,027		0.0
200,000	Gilead Sciences, Inc., 4.500%, 02/01/2045			184,576		0.0
750,000	Gilead Sciences, Inc., 4.750%, 03/01/2046			720,814		0.0
350,000	Gilead Sciences, Inc., 4.800%, 04/01/2044			339,424		0.0
500,000	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038			598,193		0.0
750,000	Hershey Co/The, 2.300%, 08/15/2026			713,524		0.0
1,750,000	Humana, Inc., 3.850%, 10/01/2024			1,749,057		0.1
500,000	Humana, Inc., 4.950%, 10/01/2044			487,145		0.0
1,000,000	Johnson & Johnson, 2.450%, 03/01/2026			974,402		0.1
1,000,000	Johnson & Johnson, 2.900%, 01/15/2028			967,096		0.1
500,000	Johnson & Johnson, 2.950%, 03/03/2027			487,879		0.0
1,000,000	Johnson & Johnson, 3.625%, 03/03/2037			949,286		0.1
500,000	Johnson & Johnson, 3.700%, 03/01/2046			461,450		0.0
500,000 (1)	Johnson & Johnson, 3.750%, 03/03/2047			464,220		0.0
1,000,000	Kellogg Co., 2.100%, 06/01/2030			832,996		0.0
500,000	Kellogg Co., 3.250%, 04/01/2026			487,011		0.0
500,000	Keurig Dr Pepper, Inc., 0.750%, 03/15/2024			475,895		0.0
500,000	Keurig Dr Pepper, Inc., 2.250%, 03/15/2031			411,231		0.0

See Accompanying Notes to Financial Statements

158

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
500,000	Keurig Dr Pepper, Inc., 3.350%, 03/15/2051		$	373,116		0.0
250,000	Keurig Dr Pepper, Inc., 3.400%, 11/15/2025			244,302		0.0
350,000	Keurig Dr Pepper, Inc., 4.500%, 11/15/2045			310,332		0.0
1,000,000	Kroger Co., 2.650%, 10/15/2026			936,192		0.0
250,000	Kroger Co., 4.450%, 02/01/2047			226,328		0.0
879,000	Kroger Co., 7.500%, 04/01/2031			1,043,680		0.1
250,000	Laboratory Corp. of America Holdings, 4.700%, 02/01/2045			222,530		0.0
500,000 (1)	McCormick & Co., Inc./MD, 1.850%, 02/15/2031			398,390		0.0
1,000,000	McKesson Corp., 0.900%, 12/03/2025			904,451		0.0
250,000	Mead Johnson Nutrition Co., 4.600%, 06/01/2044			242,025		0.0
716,000	Medtronic, Inc., 4.375%, 03/15/2035			715,192		0.0
72,000	Medtronic, Inc., 4.625%, 03/15/2045			72,313		0.0
1,000,000 (1)	Merck & Co., Inc., 0.750%, 02/24/2026			907,233		0.0
1,000,000	Merck & Co., Inc., 1.450%, 06/24/2030			831,749		0.0
500,000 (1)	Merck & Co., Inc., 1.700%, 06/10/2027			454,592		0.0
500,000	Merck & Co., Inc., 2.750%, 12/10/2051			370,195		0.0
250,000	Merck & Co., Inc., 3.700%, 02/10/2045			219,000		0.0
1,000,000	Merck & Co., Inc., 3.900%, 03/07/2039			946,211		0.0
1,000,000	Merck & Co., Inc., 4.150%, 05/18/2043			950,341		0.1
500,000	Molson Coors Beverage Co., 5.000%, 05/01/2042			463,210		0.0
460,000	Mondelez International, Inc., 2.750%, 04/13/2030			404,440		0.0
200,000	Mylan, Inc., 4.200%, 11/29/2023			199,441		0.0
500,000	Novartis Capital Corp., 2.200%, 08/14/2030			441,120		0.0
500,000 (1)	Novartis Capital Corp., 2.750%, 08/14/2050			389,729		0.0
500,000	Novartis Capital Corp., 3.100%, 05/17/2027			487,032		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
500,000 (1)	Novartis Capital Corp., 3.400%, 05/06/2024		$	502,485		0.0
1,000,000	PayPal Holdings, Inc., 1.650%, 06/01/2025			944,293		0.0
1,000,000 (1)	PayPal Holdings, Inc., 2.300%, 06/01/2030			859,396		0.0
2,500,000	PepsiCo, Inc., 1.625%, 05/01/2030			2,122,129		0.1
1,000,000	PepsiCo, Inc., 3.600%, 03/01/2024			1,007,225		0.1
1,000,000	Pfizer, Inc., 3.450%, 03/15/2029			971,788		0.1
1,000,000	Pfizer, Inc., 3.900%, 03/15/2039			944,426		0.0
500,000	Pfizer, Inc., 4.000%, 12/15/2036			486,730		0.0
1,000,000	Pfizer, Inc., 4.100%, 09/15/2038			966,658		0.1
500,000	Pfizer, Inc., 4.125%, 12/15/2046			480,600		0.0
1,000,000	Pfizer, Inc., 4.300%, 06/15/2043			969,038		0.1
500,000	Philip Morris International, Inc., 2.125%, 05/10/2023			495,930		0.0
750,000	Philip Morris International, Inc., 2.500%, 11/02/2022			749,530		0.0
500,000 (1)	Philip Morris International, Inc., 3.125%, 03/02/2028			456,488		0.0
250,000	Philip Morris International, Inc., 3.250%, 11/10/2024			246,921		0.0
500,000	Philip Morris International, Inc., 3.875%, 08/21/2042			391,882		0.0
750,000 (1)	Procter & Gamble Co/The, 1.000%, 04/23/2026			689,603		0.0
750,000	Procter & Gamble Co/The, 1.950%, 04/23/2031			648,215		0.0
750,000	Procter & Gamble Co/The, 2.800%, 03/25/2027			726,182		0.0
1,000,000	Quest Diagnostics, Inc., 2.800%, 06/30/2031			857,779		0.0
500,000	Reynolds American, Inc., 5.700%, 08/15/2035			474,957		0.0
1,250,000	Reynolds American, Inc., 6.150%, 09/15/2043			1,160,440		0.1
1,000,000	Sanofi, 3.625%, 06/19/2028			987,049		0.1
500,000	Stryker Corp., 3.500%, 03/15/2026			491,320		0.0
750,000	Tyson Foods, Inc., 3.550%, 06/02/2027			719,390		0.0
150,000 (1)	Unilever Capital Corp., 2.600%, 05/05/2024			147,969		0.0

See Accompanying Notes to Financial Statements

159

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
500,000 (1)	Unilever Capital Corp., 3.250%, 03/07/2024		$	500,833		0.0
1,000,000	Unilever Capital Corp., 3.500%, 03/22/2028			975,563		0.1
1,000,000	UnitedHealth Group, Inc., 2.000%, 05/15/2030			857,798		0.0
500,000	UnitedHealth Group, Inc., 2.750%, 02/15/2023			498,354		0.0
1,000,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			780,493		0.0
500,000	UnitedHealth Group, Inc., 2.875%, 03/15/2023			499,312		0.0
500,000	UnitedHealth Group, Inc., 2.900%, 05/15/2050			375,502		0.0
500,000	UnitedHealth Group, Inc., 2.950%, 10/15/2027			480,597		0.0
500,000	UnitedHealth Group, Inc., 3.100%, 03/15/2026			489,896		0.0
500,000	UnitedHealth Group, Inc., 3.125%, 05/15/2060			365,918		0.0
1,000,000	UnitedHealth Group, Inc., 3.500%, 06/15/2023			1,003,680		0.1
1,000,000	UnitedHealth Group, Inc., 3.850%, 06/15/2028			994,597		0.1
1,000,000	UnitedHealth Group, Inc., 4.250%, 04/15/2047			939,123		0.0
250,000	UnitedHealth Group, Inc., 4.625%, 07/15/2035			254,144		0.0
250,000	UnitedHealth Group, Inc., 4.750%, 07/15/2045			252,063		0.0
1,000,000	Zoetis, Inc., 2.000%, 05/15/2030			838,166		0.0
1,000,000	Zoetis, Inc., 3.000%, 05/15/2050			741,495		0.0
500,000	Zoetis, Inc., 4.500%, 11/13/2025			506,989		0.0
				128,627,957		4.5
	Energy: 1.9%
1,000,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.138%, 11/07/2029			904,127		0.0
250,000	Boardwalk Pipelines L.P., 4.950%, 12/15/2024			251,930		0.0
500,000	Boardwalk Pipelines L.P., 5.950%, 06/01/2026			520,003		0.0
1,000,000	BP Capital Markets America, Inc., 2.750%, 05/10/2023			998,351		0.1
500,000	BP Capital Markets America, Inc., 3.017%, 01/16/2027			476,765		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
250,000	BP Capital Markets America, Inc., 3.119%, 05/04/2026		$	242,786		0.0
500,000	BP Capital Markets America, Inc., 3.379%, 02/08/2061			370,575		0.0
1,000,000	BP Capital Markets America, Inc., 3.937%, 09/21/2028			978,940		0.0
250,000	Canadian Natural Resources Ltd., 3.800%, 04/15/2024			248,431		0.0
500,000 (1)	Chevron Corp., 2.895%, 03/03/2024			499,072		0.0
500,000	Chevron Corp., 2.954%, 05/16/2026			488,190		0.0
300,000	Chevron USA, Inc., 3.900%, 11/15/2024			303,735		0.0
2,000,000 (1)(2)	ConocoPhillips Co., 4.025%, 03/15/2062			1,698,796		0.1
129,000	ConocoPhillips Co., 4.150%, 11/15/2034			119,935		0.0
500,000	ConocoPhillips Co., 4.300%, 11/15/2044			458,617		0.0
66,000 (2)	Eastern Gas Transmission & Storage, Inc., 3.600%, 12/15/2024			65,430		0.0
500,000	Ecopetrol SA, 4.125%, 01/16/2025			464,200		0.0
250,000 (1)	Enbridge, Inc., 3.500%, 06/10/2024			247,465		0.0
250,000	Enbridge, Inc., 4.500%, 06/10/2044			219,668		0.0
500,000	Energy Transfer L.P., 3.450%, 01/15/2023			498,592		0.0
500,000	Energy Transfer L.P., 3.600%, 02/01/2023			498,695		0.0
500,000	Energy Transfer L.P., 4.950%, 01/15/2043			414,955		0.0
800,000	Energy Transfer L.P., 6.125%, 12/15/2045			764,620		0.0
1,809,000	Energy Transfer L.P., 6.500%, 02/01/2042			1,806,285		0.1
1,000,000	Enterprise Products Operating LLC, 3.200%, 02/15/2052			719,605		0.0
500,000	Enterprise Products Operating LLC, 3.700%, 02/15/2026			491,997		0.0
100,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025			98,928		0.0

See Accompanying Notes to Financial Statements

160

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
500,000	Enterprise Products Operating LLC, 3.950%, 02/15/2027		$	492,561		0.0
300,000	Enterprise Products Operating LLC, 4.450%, 02/15/2043			261,880		0.0
1,100,000	Enterprise Products Operating LLC, 4.850%, 03/15/2044			1,004,313		0.1
1,750,000	Enterprise Products Operating LLC, 4.900%, 05/15/2046			1,602,956		0.1
1,950,000	EOG Resources, Inc., 2.625%, 03/15/2023			1,943,062		0.1
250,000	EOG Resources, Inc., 4.150%, 01/15/2026			252,192		0.0
1,000,000	Equinor ASA, 2.375%, 05/22/2030			877,413		0.0
500,000 (1)	Equinor ASA, 3.625%, 09/10/2028			489,152		0.0
500,000	Equinor ASA, 3.950%, 05/15/2043			444,757		0.0
500,000	Exxon Mobil Corp., 2.726%, 03/01/2023			500,112		0.0
500,000	Exxon Mobil Corp., 3.043%, 03/01/2026			491,291		0.0
500,000	Exxon Mobil Corp., 4.114%, 03/01/2046			457,169		0.0
500,000 (1)	Halliburton Co., 2.920%, 03/01/2030			442,068		0.0
27,000	Halliburton Co., 3.500%, 08/01/2023			27,026		0.0
31,000	Halliburton Co., 3.800%, 11/15/2025			30,728		0.0
500,000	Halliburton Co., 4.750%, 08/01/2043			445,341		0.0
500,000	Halliburton Co., 4.850%, 11/15/2035			481,544		0.0
738,000	Hess Corp., 5.600%, 02/15/2041			720,415		0.0
500,000	Kinder Morgan Energy Partners L.P., 3.500%, 09/01/2023			498,709		0.0
400,000	Kinder Morgan Energy Partners L.P., 4.300%, 05/01/2024			401,061		0.0
400,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044			369,733		0.0
1,325,000	Kinder Morgan Energy Partners L.P., 6.950%, 01/15/2038			1,429,084		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
750,000 (1)	Kinder Morgan, Inc., 2.000%, 02/15/2031		$	600,783		0.0
500,000	Kinder Morgan, Inc., 3.600%, 02/15/2051			369,180		0.0
500,000	Kinder Morgan, Inc., 4.300%, 06/01/2025			498,168		0.0
500,000	Kinder Morgan, Inc., 5.050%, 02/15/2046			448,467		0.0
500,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			471,966		0.0
1,500,000	Magellan Midstream Partners L.P., 4.200%, 12/01/2042			1,189,526		0.1
500,000	Marathon Oil Corp., 5.200%, 06/01/2045			459,390		0.0
400,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			353,211		0.0
1,000,000	MPLX L.P., 4.000%, 03/15/2028			950,914		0.0
1,000,000	MPLX L.P., 4.875%, 12/01/2024			1,007,936		0.1
1,000,000	ONEOK Partners L.P., 6.200%, 09/15/2043			943,327		0.0
173,000	Petroleos Mexicanos, 6.700%, 02/16/2032			132,276		0.0
1,500,000	Phillips 66, 3.900%, 03/15/2028			1,458,485		0.1
250,000	Phillips 66, 4.650%, 11/15/2034			243,035		0.0
500,000	Pioneer Natural Resources Co., 3.950%, 07/15/2022			500,082		0.0
750,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			743,464		0.0
250,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.700%, 06/15/2044			198,223		0.0
1,500,000 (1)	Schlumberger Investment SA, 2.650%, 06/26/2030			1,321,827		0.1
1,040,000	Shell International Finance BV, 2.875%, 05/10/2026			1,005,936		0.1
1,000,000	Shell International Finance BV, 3.250%, 05/11/2025			989,083		0.1
500,000	Shell International Finance BV, 3.750%, 09/12/2046			428,136		0.0
1,500,000	Shell International Finance BV, 4.125%, 05/11/2035			1,430,781		0.1
250,000	Shell International Finance BV, 4.375%, 05/11/2045			233,026		0.0
600,000	Spectra Energy Partners L.P., 4.500%, 03/15/2045			523,305		0.0

See Accompanying Notes to Financial Statements

161

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
500,000 (1)	Suncor Energy, Inc., 3.750%, 03/04/2051		$	403,872		0.0
1,450,000	Suncor Energy, Inc., 6.500%, 06/15/2038			1,605,857		0.1
500,000	TotalEnergies Capital Canada Ltd., 2.750%, 07/15/2023			496,550		0.0
1,000,000	TransCanada Pipelines Ltd., 7.625%, 01/15/2039			1,231,562		0.1
2,000,000	TransCanada PipeLines Ltd., 4.625%, 03/01/2034			1,921,275		0.1
1,000,000	Valero Energy Corp., 6.625%, 06/15/2037			1,088,286		0.1
1,250,000	Williams Cos, Inc./The, 2.600%, 03/15/2031			1,047,519		0.1
400,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			394,221		0.0
500,000	Williams Cos, Inc./The, 4.300%, 03/04/2024			502,447		0.0
500,000	Williams Cos, Inc./The, 5.100%, 09/15/2045			466,839		0.0
500,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			477,489		0.0
				54,649,704		1.9
	Financial: 8.4%
500,000	Air Lease Corp., 3.000%, 09/15/2023			489,050		0.0
1,000,000	Alexandria Real Estate Equities, Inc., 2.000%, 05/18/2032			790,976		0.0
500,000	Allstate Corp./The, 1.450%, 12/15/2030			397,740		0.0
1,000,000 (1)	Allstate Corp./The, 3.280%, 12/15/2026			980,620		0.1
1,000,000	American Campus Communities Operating Partnership L.P., 3.875%, 01/30/2031			984,418		0.1
750,000	American Express Co., 3.000%, 10/30/2024			737,678		0.0
1,000,000	American Express Co., 3.300%, 05/03/2027			962,668		0.1
1,000,000	American Express Co., 3.400%, 02/27/2023			1,003,591		0.1
1,000,000	American International Group, Inc., 4.375%, 06/30/2050			888,953		0.0
500,000 (1)	American Tower Corp., 1.600%, 04/15/2026			447,510		0.0
500,000	American Tower Corp., 2.700%, 04/15/2031			412,011		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000	American Tower Corp., 3.375%, 10/15/2026		$	473,164		0.0
1,000,000	American Tower Corp., 3.500%, 01/31/2023			999,929		0.1
750,000	American Tower Corp., 3.550%, 07/15/2027			703,820		0.0
500,000 (1)	Aon Corp., 3.750%, 05/02/2029			472,732		0.0
1,000,000	Aon Global Ltd., 4.450%, 05/24/2043			885,492		0.0
500,000	Aon Global Ltd., 4.600%, 06/14/2044			451,250		0.0
500,000	Aon Global Ltd., 4.750%, 05/15/2045			461,562		0.0
264,000 (1)	Assured Guaranty US Holdings, Inc., 5.000%, 07/01/2024			271,114		0.0
500,000	AvalonBay Communities, Inc., 2.300%, 03/01/2030			430,535		0.0
500,000	AvalonBay Communities, Inc., 2.850%, 03/15/2023			496,981		0.0
600,000	Banco Santander SA, 3.125%, 02/23/2023			597,640		0.0
600,000	Banco Santander SA, 3.800%, 02/23/2028			561,834		0.0
400,000	Banco Santander SA, 4.250%, 04/11/2027			386,199		0.0
400,000	Banco Santander SA, 5.179%, 11/19/2025			400,473		0.0
500,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			445,307		0.0
1,000,000 (3)	Bank of America Corp., 1.843%, 02/04/2025			964,730		0.1
1,281,000 (3)	Bank of America Corp., 1.898%, 07/23/2031			1,024,943		0.1
500,000 (3)	Bank of America Corp., 2.496%, 02/13/2031			422,996		0.0
2,000,000 (3)	Bank of America Corp., 2.592%, 04/29/2031			1,698,004		0.1
2,500,000 (3)	Bank of America Corp., 2.676%, 06/19/2041			1,802,412		0.1
500,000 (3)	Bank of America Corp., 2.687%, 04/22/2032			420,204		0.0
1,000,000 (3)	Bank of America Corp., 3.093%, 10/01/2025			968,731		0.1
2,000,000	Bank of America Corp., 3.300%, 01/11/2023			2,003,776		0.1
500,000 (3)	Bank of America Corp., 3.311%, 04/22/2042			392,992		0.0
2,384,000 (3)	Bank of America Corp., 3.419%, 12/20/2028			2,222,292		0.1

See Accompanying Notes to Financial Statements

162

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,000,000	Bank of America Corp., 3.500%, 04/19/2026		$	976,031		0.1
500,000 (3)	Bank of America Corp., 3.550%, 03/05/2024			498,575		0.0
1,020,000 (3)	Bank of America Corp., 3.824%, 01/20/2028			978,949		0.1
1,500,000	Bank of America Corp., 3.950%, 04/21/2025			1,481,425		0.1
1,280,000	Bank of America Corp., 4.183%, 11/25/2027			1,245,154		0.1
1,000,000	Bank of America Corp., 4.250%, 10/22/2026			986,666		0.1
2,000,000	Bank of America Corp., 4.450%, 03/03/2026			1,993,691		0.1
750,000 (1)	Bank of Montreal, 2.350%, 09/11/2022			749,432		0.0
1,000,000 (3)	Bank of Montreal, 3.803%, 12/15/2032			927,714		0.0
500,000	Bank of New York Mellon Corp., 2.200%, 08/16/2023			495,021		0.0
700,000	Bank of New York Mellon Corp., 3.000%, 10/30/2028			643,611		0.0
500,000	Bank of New York Mellon Corp./The, 0.500%, 04/26/2024			475,042		0.0
1,000,000	Bank of New York Mellon Corp./The, 2.950%, 01/29/2023			999,163		0.1
750,000 (1)	Bank of New York Mellon Corp./The, 3.250%, 05/16/2027			728,415		0.0
500,000 (3)	Bank of New York Mellon Corp./The, 3.442%, 02/07/2028			482,402		0.0
500,000	Bank of Nova Scotia, 4.500%, 12/16/2025			500,281		0.0
500,000 (1)	Bank of Nova Scotia/The, 2.450%, 09/19/2022			499,914		0.0
1,000,000 (3)	Barclays PLC, 2.667%, 03/10/2032			807,234		0.0
750,000 (1)(3)	Barclays PLC, 3.811%, 03/10/2042			569,836		0.0
750,000	Barclays PLC, 4.375%, 01/12/2026			743,516		0.0
1,000,000	Barclays PLC, 5.200%, 05/12/2026			997,846		0.1
250,000	Barclays PLC, 5.250%, 08/17/2045			241,095		0.0
1,000,000	Berkshire Hathaway Finance Corp., 4.200%, 08/15/2048			916,257		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,000,000	Berkshire Hathaway, Inc., 3.125%, 03/15/2026		$	981,675		0.1
2,000,000	BlackRock, Inc., 1.900%, 01/28/2031			1,661,113		0.1
500,000	BNP Paribas SA, 3.250%, 03/03/2023			500,842		0.0
1,000,000 (1)(2)	BNP Paribas SA, 3.500%, 11/16/2027			934,076		0.0
1,000,000	Boston Properties L.P., 2.550%, 04/01/2032			796,975		0.0
500,000	Boston Properties L.P., 3.250%, 01/30/2031			429,362		0.0
1,000,000 (2)	BPCE SA, 3.250%, 01/11/2028			928,740		0.0
1,500,000 (1)	Brighthouse Financial, Inc., 5.625%, 05/15/2030			1,457,966		0.1
750,000	Brookfield Finance, Inc., 2.724%, 04/15/2031			634,646		0.0
500,000	Capital One Financial Corp., 3.200%, 01/30/2023			500,389		0.0
500,000	Capital One Financial Corp., 3.200%, 02/05/2025			486,635		0.0
500,000	Capital One Financial Corp., 3.300%, 10/30/2024			488,375		0.0
1,000,000 (1)	Capital One Financial Corp., 3.650%, 05/11/2027			953,364		0.0
500,000	Capital One Financial Corp., 3.750%, 04/24/2024			498,381		0.0
500,000	Capital One Financial Corp., 3.750%, 07/28/2026			478,726		0.0
500,000 (1)	Capital One Financial Corp., 3.800%, 01/31/2028			470,766		0.0
500,000	Capital One Financial Corp., 4.200%, 10/29/2025			494,139		0.0
500,000 (1)	Charles Schwab Corp./The, 0.750%, 03/18/2024			479,982		0.0
1,000,000	Charles Schwab Corp./The, 2.650%, 01/25/2023			997,439		0.1
1,000,000	Charles Schwab Corp./The, 3.200%, 01/25/2028			956,770		0.1
1,000,000	Chubb Corp./The, 6.000%, 05/11/2037			1,154,945		0.1
750,000	Chubb INA Holdings, Inc., 2.700%, 03/13/2023			748,588		0.0
750,000	Chubb INA Holdings, Inc., 2.850%, 12/15/2051			549,771		0.0
750,000 (3)	Citigroup, Inc., 2.014%, 01/25/2026			703,476		0.0
1,000,000 (3)	Citigroup, Inc., 2.561%, 05/01/2032			824,364		0.0
1,410,000 (3)	Citigroup, Inc., 2.572%, 06/03/2031			1,186,443		0.1

See Accompanying Notes to Financial Statements

163

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
750,000	Citigroup, Inc., 2.700%, 10/27/2022		$	750,712		0.0
500,000 (3)	Citigroup, Inc., 2.876%, 07/24/2023			499,796		0.0
500,000	Citigroup, Inc., 3.400%, 05/01/2026			483,825		0.0
1,000,000	Citigroup, Inc., 3.500%, 05/15/2023			999,969		0.1
1,000,000 (3)	Citigroup, Inc., 3.878%, 01/24/2039			865,893		0.0
1,500,000 (3)	Citigroup, Inc., 3.887%, 01/10/2028			1,443,348		0.1
1,000,000 (3)	Citigroup, Inc., 3.980%, 03/20/2030			936,117		0.0
700,000 (1)	Citigroup, Inc., 4.000%, 08/05/2024			698,526		0.0
750,000	Citigroup, Inc., 4.050%, 07/30/2022			750,738		0.0
1,500,000	Citigroup, Inc., 4.125%, 07/25/2028			1,440,400		0.1
500,000	Citigroup, Inc., 4.300%, 11/20/2026			493,223		0.0
500,000	Citigroup, Inc., 4.400%, 06/10/2025			499,954		0.0
1,000,000	Citigroup, Inc., 4.450%, 09/29/2027			980,198		0.1
500,000	Citigroup, Inc., 4.600%, 03/09/2026			501,534		0.0
793,000	Citigroup, Inc., 5.300%, 05/06/2044			761,172		0.0
615,000	Citigroup, Inc., 8.125%, 07/15/2039			801,495		0.0
1,000,000	Citizens Financial Group, Inc., 3.250%, 04/30/2030			888,588		0.0
300,000	CNA Financial Corp., 4.500%, 03/01/2026			300,645		0.0
250,000	Comerica, Inc., 3.800%, 07/22/2026			245,865		0.0
500,000	Cooperatieve Rabobank UA, 3.750%, 07/21/2026			477,709		0.0
500,000	Cooperatieve Rabobank UA, 4.375%, 08/04/2025			496,557		0.0
500,000	Corporate Office Properties L.P., 2.750%, 04/15/2031			404,828		0.0
1,000,000	Credit Suisse Group AG, 3.800%, 06/09/2023			990,999		0.1
750,000 (2)	Credit Suisse Group AG, 4.282%, 01/09/2028			700,897		0.0
500,000	Crown Castle International Corp., 1.050%, 07/15/2026			433,286		0.0
1,000,000	Crown Castle International Corp., 2.100%, 04/01/2031			796,418		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000	Crown Castle International Corp., 2.900%, 04/01/2041		$	361,216		0.0
1,000,000	Crown Castle International Corp., 3.150%, 07/15/2023			989,537		0.1
1,000,000 (3)	Deutsche Bank AG/New York NY, 1.447%, 04/01/2025			935,089		0.0
1,000,000 (3)	Deutsche Bank AG/New York NY, 3.961%, 11/26/2025			967,244		0.1
400,000	Deutsche Bank AG/New York NY, 4.100%, 01/13/2026			393,020		0.0
500,000	Discover Bank, 4.200%, 08/08/2023			501,944		0.0
400,000	Discover Bank, 4.250%, 03/13/2026			390,981		0.0
1,000,000	Duke Realty L.P., 1.750%, 07/01/2030			819,255		0.0
500,000	ERP Operating L.P., 4.500%, 07/01/2044			476,475		0.0
500,000	Federal Realty OP L.P., 3.500%, 06/01/2030			454,669		0.0
400,000	Fifth Third Bancorp, 4.300%, 01/16/2024			402,003		0.0
750,000	Franklin Resources, Inc., 1.600%, 10/30/2030			589,240		0.0
500,000	Goldman Sachs Group, Inc., 3.750%, 05/22/2025			494,655		0.0
1,000,000	Goldman Sachs Group, Inc., 3.850%, 07/08/2024			1,003,046		0.1
4,000,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			4,436,422		0.2
1,750,000 (3)	Goldman Sachs Group, Inc./The, 1.431%, 03/09/2027			1,554,149		0.1
1,000,000 (3)	Goldman Sachs Group, Inc./The, 1.757%, 01/24/2025			962,074		0.1
500,000 (3)	Goldman Sachs Group, Inc./The, 2.615%, 04/22/2032			415,632		0.0
1,000,000 (3)	Goldman Sachs Group, Inc./The, 2.640%, 02/24/2028			908,311		0.0
500,000	Goldman Sachs Group, Inc./The, 3.200%, 02/23/2023			500,325		0.0
500,000 (3)	Goldman Sachs Group, Inc./The, 3.210%, 04/22/2042			382,661		0.0

See Accompanying Notes to Financial Statements

164

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000 (3)	Goldman Sachs Group, Inc./The, 3.436%, 02/24/2043		$	392,880		0.0
500,000	Goldman Sachs Group, Inc./The, 3.500%, 11/16/2026			480,108		0.0
500,000	Goldman Sachs Group, Inc./The, 3.750%, 02/25/2026			490,967		0.0
500,000 (3)	Goldman Sachs Group, Inc./The, 3.814%, 04/23/2029			471,934		0.0
500,000	Goldman Sachs Group, Inc./The, 3.850%, 01/26/2027			483,724		0.0
1,000,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			954,652		0.1
1,000,000 (3)	HSBC Holdings PLC, 3.803%, 03/11/2025			986,825		0.1
750,000 (3)	HSBC Holdings PLC, 4.292%, 09/12/2026			733,886		0.0
300,000	HSBC Holdings PLC, 4.300%, 03/08/2026			297,408		0.0
500,000	HSBC Holdings PLC, 4.375%, 11/23/2026			489,141		0.0
500,000 (3)	HSBC Holdings PLC, 4.583%, 06/19/2029			482,500		0.0
500,000 (3)	HSBC Holdings PLC, 6.000%, 12/31/2199			449,375		0.0
3,400,000	HSBC Holdings PLC, 6.500%, 09/15/2037			3,633,540		0.1
250,000	HSBC USA, Inc., 3.500%, 06/23/2024			248,575		0.0
1,000,000	Huntington National Bank/The, 3.550%, 10/06/2023			999,018		0.1
1,000,000	Intercontinental Exchange, Inc., 1.850%, 09/15/2032			782,812		0.0
1,000,000	Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.150%, 01/23/2030			899,351		0.0
1,500,000 (3)	JPMorgan Chase & Co., 1.764%, 11/19/2031			1,187,368		0.1
1,000,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028			889,875		0.0
1,500,000 (3)	JPMorgan Chase & Co., 2.525%, 11/19/2041			1,075,435		0.1
1,000,000 (3)	JPMorgan Chase & Co., 2.580%, 04/22/2032			842,270		0.0
500,000 (1)	JPMorgan Chase & Co., 2.950%, 10/01/2026			476,088		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
2,000,000 (3)	JPMorgan Chase & Co., 2.956%, 05/13/2031		$	1,728,488		0.1
1,000,000 (3)	JPMorgan Chase & Co., 3.109%, 04/22/2041			776,809		0.0
750,000	JPMorgan Chase & Co., 3.125%, 01/23/2025			739,905		0.0
1,250,000 (3)	JPMorgan Chase & Co., 3.157%, 04/22/2042			972,981		0.1
750,000 (3)	JPMorgan Chase & Co., 3.220%, 03/01/2025			737,120		0.0
1,000,000 (3)	JPMorgan Chase & Co., 3.328%, 04/22/2052			762,562		0.0
1,000,000 (3)	JPMorgan Chase & Co., 3.509%, 01/23/2029			936,386		0.0
750,000 (3)	JPMorgan Chase & Co., 3.540%, 05/01/2028			711,761		0.0
1,000,000 (3)	JPMorgan Chase & Co., 3.782%, 02/01/2028			961,145		0.1
750,000 (3)	JPMorgan Chase & Co., 3.882%, 07/24/2038			662,354		0.0
1,000,000	JPMorgan Chase & Co., 4.125%, 12/15/2026			991,775		0.1
1,000,000	JPMorgan Chase & Co., 4.250%, 10/01/2027			991,524		0.1
2,375,000	JPMorgan Chase & Co., 5.500%, 10/15/2040			2,449,297		0.1
500,000	Kemper Corp., 4.350%, 02/15/2025			498,596		0.0
500,000	KeyBank NA/Cleveland OH, 2.300%, 09/14/2022			500,032		0.0
500,000	KeyBank NA/Cleveland OH, 3.400%, 05/20/2026			479,994		0.0
500,000	Kilroy Realty L.P., 2.500%, 11/15/2032			390,843		0.0
400,000	Kilroy Realty L.P., 4.250%, 08/15/2029			378,802		0.0
250,000	Kilroy Realty L.P., 4.375%, 10/01/2025			247,197		0.0
1,500,000	Kimco Realty Corp., 2.700%, 10/01/2030			1,292,392		0.1
1,000,000	Korea Development Bank/The, 1.000%, 09/09/2026			903,181		0.0
3,000,000	Landwirtschaftliche Rentenbank, 0.875%, 09/03/2030			2,508,604		0.1
750,000	Lincoln National Corp., 3.625%, 12/12/2026			726,926		0.0
1,000,000	Lincoln National Corp., 3.800%, 03/01/2028			955,991		0.1
500,000 (3)	Lloyds Banking Group PLC, 2.907%, 11/07/2023			498,360		0.0

See Accompanying Notes to Financial Statements

165

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000 (3)	Lloyds Banking Group PLC, 3.574%, 11/07/2028		$	468,288		0.0
1,000,000 (1)	Lloyds Banking Group PLC, 3.900%, 03/12/2024			994,636		0.1
500,000	Lloyds Banking Group PLC, 4.650%, 03/24/2026			490,748		0.0
250,000	Loews Corp., 3.750%, 04/01/2026			248,298		0.0
500,000 (3)	Manulife Financial Corp., 4.061%, 02/24/2032			462,735		0.0
500,000	Manulife Financial Corp., 4.150%, 03/04/2026			494,248		0.0
500,000 (1)	Manulife Financial Corp., 5.375%, 03/04/2046			534,725		0.0
1,000,000	Markel Corp., 3.625%, 03/30/2023			1,002,680		0.1
1,000,000	Marsh & McLennan Cos, Inc., 2.250%, 11/15/2030			844,827		0.0
750,000	Marsh & McLennan Cos, Inc., 2.900%, 12/15/2051			528,159		0.0
400,000	Marsh & McLennan Cos, Inc., 3.500%, 03/10/2025			395,180		0.0
500,000	Mastercard, Inc., 2.950%, 03/15/2051			388,890		0.0
1,000,000 (1)	Mastercard, Inc., 3.500%, 02/26/2028			987,064		0.1
500,000	MetLife, Inc., 4.050%, 03/01/2045			442,219		0.0
400,000 (1)	MetLife, Inc., 4.125%, 08/13/2042			360,420		0.0
300,000	MetLife, Inc., 4.721%, 12/15/2044			282,121		0.0
750,000 (2)	Metropolitan Life Global Funding I, 3.450%, 12/18/2026			724,374		0.0
1,000,000	Mid-America Apartments L.P., 1.700%, 02/15/2031			791,919		0.0
500,000	Mitsubishi UFJ Financial Group, Inc., 3.455%, 03/02/2023			500,869		0.0
500,000	Mitsubishi UFJ Financial Group, Inc., 3.777%, 03/02/2025			496,737		0.0
750,000	Mitsubishi UFJ Financial Group, Inc., 3.850%, 03/01/2026			735,860		0.0
500,000 (1)	Mizuho Financial Group, Inc., 2.601%, 09/11/2022			499,687		0.0
500,000 (3)	Mizuho Financial Group, Inc., 3.922%, 09/11/2024			498,754		0.0
500,000 (3)	Mizuho Financial Group, Inc., 4.254%, 09/11/2029			480,472		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,250,000 (3)	Morgan Stanley, 1.593%, 05/04/2027		$	1,111,743		0.1
1,000,000	Morgan Stanley, 3.125%, 01/23/2023			999,959		0.1
500,000	Morgan Stanley, 3.125%, 07/27/2026			477,938		0.0
500,000 (3)	Morgan Stanley, 3.217%, 04/22/2042			394,389		0.0
1,750,000 (3)	Morgan Stanley, 3.591%, 07/22/2028			1,658,188		0.1
750,000	Morgan Stanley, 3.625%, 01/20/2027			727,057		0.0
500,000	Morgan Stanley, 3.700%, 10/23/2024			499,506		0.0
1,000,000 (3)	Morgan Stanley, 3.772%, 01/24/2029			949,767		0.0
750,000	Morgan Stanley, 3.875%, 04/29/2024			751,657		0.0
500,000	Morgan Stanley, 3.875%, 01/27/2026			493,224		0.0
750,000	Morgan Stanley, 3.950%, 04/23/2027			726,936		0.0
750,000	Morgan Stanley, 4.000%, 07/23/2025			750,452		0.0
1,000,000	Morgan Stanley, 4.100%, 05/22/2023			1,004,374		0.1
500,000	Morgan Stanley, 4.350%, 09/08/2026			495,851		0.0
800,000	Morgan Stanley, 4.875%, 11/01/2022			805,776		0.0
1,000,000	Morgan Stanley, 5.000%, 11/24/2025			1,017,665		0.1
500,000	National Australia Bank Ltd./New York, 2.500%, 07/12/2026			472,125		0.0
1,000,000	National Australia Bank Ltd./New York, 2.875%, 04/12/2023			998,629		0.1
300,000	National Retail Properties, Inc., 4.000%, 11/15/2025			298,771		0.0
1,000,000 (3)	NatWest Group PLC, 3.073%, 05/22/2028			909,858		0.0
500,000	NatWest Group PLC, 4.800%, 04/05/2026			498,977		0.0
300,000 (1)	Northern Trust Corp., 2.375%, 08/02/2022			299,926		0.0
750,000 (3)	Northern Trust Corp., 3.375%, 05/08/2032			706,710		0.0
250,000	Northern Trust Corp., 3.950%, 10/30/2025			251,308		0.0

See Accompanying Notes to Financial Statements

166

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
3,000,000	Oesterreichische Kontrollbank AG, 0.500%, 02/02/2026		$	2,730,284		0.1
3,000,000 (2)	Ontario Teachers’ Finance Trust, 0.375%, 09/29/2023			2,907,580		0.1
2,000,000 (2)	Ontario Teachers’ Finance Trust, 1.625%, 09/12/2024			1,935,475		0.1
750,000 (1)	ORIX Corp., 2.250%, 03/09/2031			628,943		0.0
500,000	Owl Rock Capital Corp., 2.625%, 01/15/2027			419,326		0.0
500,000	PNC Bank NA, 2.700%, 11/01/2022			499,844		0.0
750,000	PNC Bank NA, 3.100%, 10/25/2027			712,419		0.0
500,000 (1)	PNC Bank NA, 3.250%, 01/22/2028			476,933		0.0
1,000,000 (1)(3)	PNC Financial Services Group, Inc./The, 2.307%, 04/23/2032			836,493		0.0
500,000 (3)	PNC Financial Services Group, Inc./The, 2.854%, 11/09/2022			500,227		0.0
1,500,000	Principal Financial Group, Inc., 2.125%, 06/15/2030			1,241,114		0.1
300,000	Principal Financial Group, Inc., 3.125%, 05/15/2023			299,417		0.0
1,000,000	Principal Financial Group, Inc., 3.300%, 09/15/2022			1,001,206		0.1
1,000,000	Private Export Funding Corp., 3.250%, 06/15/2025			1,000,669		0.1
1,000,000	Private Export Funding Corp., 3.550%, 01/15/2024			1,007,325		0.1
1,000,000 (1)	Progressive Corp./The, 4.000%, 03/01/2029			988,689		0.1
750,000	Prologis L.P., 3.250%, 10/01/2026			728,286		0.0
893,000	Prudential Financial, Inc., 3.878%, 03/27/2028			872,666		0.0
500,000 (3)	Prudential Financial, Inc., 5.375%, 05/15/2045			478,673		0.0
1,000,000 (1)(3)	Prudential Financial, Inc., 5.625%, 06/15/2043			977,180		0.1
750,000 (1)	Public Storage, 1.500%, 11/09/2026			678,680		0.0
500,000	Public Storage, 1.850%, 05/01/2028			433,497		0.0
250,000 (1)	Public Storage, 2.300%, 05/01/2031			210,294		0.0
750,000	Public Storage, 2.370%, 09/15/2022			749,388		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
250,000	Public Storage, 3.094%, 09/15/2027		$	237,626		0.0
1,500,000	Realty Income Corp., 3.250%, 01/15/2031			1,365,117		0.1
400,000	Realty Income Corp., 3.875%, 07/15/2024			400,848		0.0
300,000	Realty Income Corp., 4.125%, 10/15/2026			298,917		0.0
1,000,000	Royal Bank of Canada, 0.875%, 01/20/2026			896,827		0.0
500,000 (1)	Royal Bank of Canada, 4.650%, 01/27/2026			505,007		0.0
2,000,000 (1)	Simon Property Group L.P., 2.650%, 07/15/2030			1,698,680		0.1
500,000	Simon Property Group L.P., 3.375%, 06/15/2027			475,049		0.0
1,000,000	Simon Property Group L.P., 3.500%, 09/01/2025			975,726		0.1
500,000	Simon Property Group L.P., 3.800%, 07/15/2050			401,267		0.0
500,000	Simon Property Group L.P., 4.250%, 10/01/2044			426,525		0.0
750,000 (1)(3)	State Street Corp., 1.746%, 02/06/2026			708,630		0.0
750,000	State Street Corp., 2.200%, 03/03/2031			614,119		0.0
1,500,000	State Street Corp., 3.100%, 05/15/2023			1,496,547		0.1
500,000	State Street Corp., 3.550%, 08/18/2025			497,665		0.0
500,000	Sumitomo Mitsui Financial Group, Inc., 2.632%, 07/14/2026			467,787		0.0
750,000	Sumitomo Mitsui Financial Group, Inc., 2.778%, 10/18/2022			750,419		0.0
500,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 07/12/2022			500,026		0.0
500,000 (1)	Sumitomo Mitsui Financial Group, Inc., 3.364%, 07/12/2027			475,349		0.0
500,000	Sumitomo Mitsui Financial Group, Inc., 3.446%, 01/11/2027			479,029		0.0
500,000	Sumitomo Mitsui Financial Group, Inc., 3.544%, 01/17/2028			475,374		0.0
300,000	Synchrony Financial, 4.250%, 08/15/2024			298,464		0.0
250,000	Synchrony Financial, 4.500%, 07/23/2025			243,503		0.0

See Accompanying Notes to Financial Statements

167

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000	Tanger Properties L.P., 3.125%, 09/01/2026		$	470,083		0.0
750,000 (1)	Toronto-Dominion Bank/ The, 1.950%, 01/12/2027			679,028		0.0
1,000,000	Toronto-Dominion Bank/ The, 3.250%, 03/11/2024			994,123		0.1
1,500,000	Travelers Cos, Inc./The, 2.550%, 04/27/2050			1,045,552		0.1
750,000	Travelers Cos, Inc./The, 4.000%, 05/30/2047			665,823		0.0
500,000	Truist Bank, 2.750%, 05/01/2023			498,283		0.0
1,000,000	Truist Bank, 3.000%, 02/02/2023			1,000,158		0.1
500,000 (1)	Truist Bank, 3.300%, 05/15/2026			482,578		0.0
500,000	Truist Bank, 3.625%, 09/16/2025			490,271		0.0
400,000	Truist Bank, 3.800%, 10/30/2026			391,187		0.0
1,000,000 (1)	Truist Financial Corp., 1.125%, 08/03/2027			856,388		0.0
500,000 (3)	Truist Financial Corp., 1.267%, 03/02/2027			448,714		0.0
750,000	Truist Financial Corp., 2.850%, 10/26/2024			735,798		0.0
2,000,000	US Bancorp, 1.375%, 07/22/2030			1,595,520		0.1
500,000 (3)	US Bancorp, 2.215%, 01/27/2028			458,412		0.0
750,000 (1)	US Bancorp, 3.150%, 04/27/2027			722,303		0.0
250,000	Ventas Realty L.P., 3.500%, 02/01/2025			244,111		0.0
500,000	Ventas Realty L.P., 3.750%, 05/01/2024			496,226		0.0
500,000	Ventas Realty L.P., 4.125%, 01/15/2026			495,238		0.0
1,000,000	Visa, Inc., 2.050%, 04/15/2030			878,242		0.0
1,000,000	Visa, Inc., 2.700%, 04/15/2040			805,860		0.0
750,000	Visa, Inc., 2.750%, 09/15/2027			717,493		0.0
500,000	Visa, Inc., 3.150%, 12/14/2025			493,021		0.0
500,000	Visa, Inc., 4.300%, 12/14/2045			494,704		0.0
500,000 (3)	Wells Fargo & Co., 2.164%, 02/11/2026			470,520		0.0
2,000,000 (3)	Wells Fargo & Co., 2.188%, 04/30/2026			1,873,659		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,000,000 (3)	Wells Fargo & Co., 2.879%, 10/30/2030		$	880,209		0.0
1,000,000	Wells Fargo & Co., 3.000%, 10/23/2026			944,226		0.0
3,000,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041			2,327,740		0.1
1,000,000 (3)	Wells Fargo & Co., 3.584%, 05/22/2028			949,506		0.0
500,000	Wells Fargo & Co., 4.300%, 07/22/2027			494,919		0.0
1,000,000	Wells Fargo & Co., 4.900%, 11/17/2045			929,166		0.0
983,000	Wells Fargo & Co., 5.606%, 01/15/2044			991,561		0.1
750,000	Wells Fargo Bank NA, 6.600%, 01/15/2038			869,508		0.0
500,000	Welltower, Inc., 2.800%, 06/01/2031			422,389		0.0
500,000	Welltower, Inc., 4.000%, 06/01/2025			496,960		0.0
500,000	Western Union Co/The, 1.350%, 03/15/2026			447,034		0.0
1,000,000 (1)	Westpac Banking Corp., 2.750%, 01/11/2023			998,557		0.1
750,000 (3)	Westpac Banking Corp., 4.322%, 11/23/2031			721,720		0.0
500,000	Zions Bancorp NA, 3.250%, 10/29/2029			435,601		0.0
				242,791,138		8.4
	Industrial: 2.3%
750,000	3M Co., 2.250%, 09/19/2026			708,496		0.0
1,000,000 (1)	3M Co., 2.875%, 10/15/2027			962,529		0.1
100,000	3M Co., 3.000%, 08/07/2025			98,532		0.0
200,000	3M Co., 3.875%, 06/15/2044			174,280		0.0
1,000,000	3M Co., 4.000%, 09/14/2048			905,251		0.0
500,000	Agilent Technologies, Inc., 2.300%, 03/12/2031			407,855		0.0
1,000,000	Boeing Co/The, 2.196%, 02/04/2026			902,929		0.0
500,000	Boeing Co/The, 2.800%, 03/01/2027			447,174		0.0
500,000	Boeing Co/The, 3.300%, 03/01/2035			380,607		0.0
500,000	Boeing Co/The, 3.600%, 05/01/2034			399,673		0.0
1,000,000	Boeing Co/The, 5.040%, 05/01/2027			988,585		0.1

See Accompanying Notes to Financial Statements

168

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
3,000,000	Boeing Co/The, 5.150%, 05/01/2030		$	2,882,167		0.1
1,000,000	Boeing Co/The, 5.705%, 05/01/2040			934,485		0.1
500,000	Burlington Northern Santa Fe LLC, 2.875%, 06/15/2052			374,479		0.0
500,000	Burlington Northern Santa Fe LLC, 3.000%, 03/15/2023			499,724		0.0
1,000,000	Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051			804,327		0.0
500,000	Burlington Northern Santa Fe LLC, 4.375%, 09/01/2042			473,326		0.0
500,000	Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043			476,231		0.0
400,000	Burlington Northern Santa Fe LLC, 4.900%, 04/01/2044			402,795		0.0
1,000,000	Canadian National Railway Co., 2.250%, 11/15/2022			997,474		0.1
750,000	Canadian Pacific Railway Co., 4.800%, 09/15/2035			748,074		0.0
750,000	Canadian Pacific Railway Co., 4.800%, 08/01/2045			744,765		0.0
500,000 (1)	Caterpillar Financial Services Corp., 1.700%, 01/08/2027			458,149		0.0
200,000	Caterpillar Financial Services Corp., 2.400%, 08/09/2026			190,343		0.0
300,000	Caterpillar Financial Services Corp., 2.625%, 03/01/2023			298,528		0.0
500,000	Caterpillar Financial Services Corp., 3.750%, 11/24/2023			503,931		0.0
500,000 (1)	Caterpillar, Inc., 1.900%, 03/12/2031			427,134		0.0
1,000,000	Caterpillar, Inc., 3.803%, 08/15/2042			912,514		0.1
1,000,000	Caterpillar, Inc., 4.300%, 05/15/2044			970,392		0.1
500,000	CSX Corp., 3.950%, 05/01/2050			434,395		0.0
500,000	CSX Corp., 4.100%, 03/15/2044			440,075		0.0
1,000,000	CSX Corp., 4.400%, 03/01/2043			915,798		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
500,000	Deere & Co., 3.900%, 06/09/2042		$	470,408		0.0
2,000,000	Emerson Electric Co., 1.950%, 10/15/2030			1,688,568		0.1
750,000 (1)	FedEx Corp., 2.400%, 05/15/2031			631,861		0.0
500,000	FedEx Corp., 3.250%, 05/15/2041			390,941		0.0
1,000,000	FedEx Corp., 3.400%, 02/15/2028			952,741		0.1
200,000	FedEx Corp., 3.875%, 08/01/2042			170,494		0.0
500,000	FedEx Corp., 4.750%, 11/15/2045			459,321		0.0
500,000	GATX Corp., 1.900%, 06/01/2031			391,213		0.0
1,000,000	GE Capital Funding LLC, 4.550%, 05/15/2032			965,811		0.1
3,134,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035			2,931,139		0.1
500,000	General Dynamics Corp., 2.250%, 11/15/2022			499,751		0.0
500,000	General Dynamics Corp., 3.600%, 11/15/2042			432,505		0.0
2,600,000	Honeywell International, Inc., 3.812%, 11/21/2047			2,384,862		0.1
500,000	Illinois Tool Works, Inc., 3.500%, 03/01/2024			502,133		0.0
500,000	Illinois Tool Works, Inc., 3.900%, 09/01/2042			445,187		0.0
500,000	Jabil, Inc., 1.700%, 04/15/2026			448,380		0.0
500,000	John Deere Capital Corp., 1.500%, 03/06/2028			440,203		0.0
1,000,000	John Deere Capital Corp., 2.800%, 03/06/2023			1,000,098		0.1
1,000,000	John Deere Capital Corp., 2.800%, 09/08/2027			955,071		0.1
500,000	John Deere Capital Corp., 3.350%, 06/12/2024			500,362		0.0
1,000,000	John Deere Capital Corp., 3.450%, 03/07/2029			966,765		0.1
373,000 (3)	Johnson Controls International plc, 3.625%, 07/02/2024			370,399		0.0
250,000 (3)	Johnson Controls International plc, 4.625%, 07/02/2044			224,578		0.0
24,000	Johnson Controls International plc, 5.125%, 09/14/2045			23,278		0.0

See Accompanying Notes to Financial Statements

169

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
1,500,000	Lockheed Martin Corp., 2.800%, 06/15/2050		$	1,119,189		0.1
892,000 (1)	Lockheed Martin Corp., 3.550%, 01/15/2026			894,597		0.0
1,250,000	Lockheed Martin Corp., 3.600%, 03/01/2035			1,158,463		0.1
500,000	Lockheed Martin Corp., 4.500%, 05/15/2036			497,746		0.0
500,000	Lockheed Martin Corp., 4.700%, 05/15/2046			506,051		0.0
500,000	Masco Corp., 1.500%, 02/15/2028			419,985		0.0
500,000	Masco Corp., 2.000%, 02/15/2031			393,383		0.0
1,250,000	Mohawk Industries, Inc., 3.850%, 02/01/2023			1,249,939		0.1
1,000,000	Norfolk Southern Corp., 3.950%, 10/01/2042			873,838		0.0
375,000	Norfolk Southern Corp., 4.800%, 08/15/2043			347,588		0.0
750,000	Northrop Grumman Corp., 2.930%, 01/15/2025			734,380		0.0
500,000	Northrop Grumman Corp., 3.850%, 04/15/2045			422,205		0.0
1,000,000	Northrop Grumman Corp., 4.030%, 10/15/2047			889,673		0.0
500,000 (1)	Otis Worldwide Corp., 2.293%, 04/05/2027			453,095		0.0
500,000	Otis Worldwide Corp., 3.112%, 02/15/2040			387,968		0.0
200,000 (1)	Packaging Corp. of America, 3.650%, 09/15/2024			199,267		0.0
250,000	Parker-Hannifin Corp., 4.200%, 11/21/2034			232,589		0.0
500,000	Raytheon Technologies Corp., 3.030%, 03/15/2052			373,436		0.0
500,000	Raytheon Technologies Corp., 4.150%, 05/15/2045			445,448		0.0
1,000,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			955,601		0.1
500,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			477,684		0.0
1,000,000	Raytheon Technologies Corp., 4.625%, 11/16/2048			978,540		0.1
500,000	Republic Services, Inc., 2.300%, 03/01/2030			429,516		0.0
500,000	Ryder System, Inc., 1.750%, 09/01/2026			452,045		0.0
500,000	Ryder System, Inc., 2.900%, 12/01/2026			466,423		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
500,000	Stanley Black & Decker, Inc., 2.300%, 03/15/2030		$	429,223		0.0
252,000	Teledyne Technologies, Inc., 1.600%, 04/01/2026			227,183		0.0
250,000	Teledyne Technologies, Inc., 2.750%, 04/01/2031			209,251		0.0
500,000	Textron, Inc., 2.450%, 03/15/2031			411,301		0.0
500,000	Trane Technologies Luxembourg Finance SA, 3.800%, 03/21/2029			468,693		0.0
500,000	Trane Technologies Luxembourg Finance SA, 4.500%, 03/21/2049			447,090		0.0
250,000	Trane Technologies Luxembourg Finance SA, 4.650%, 11/01/2044			226,671		0.0
500,000	Union Pacific Corp., 2.750%, 04/15/2023			497,927		0.0
500,000	Union Pacific Corp., 2.750%, 03/01/2026			480,394		0.0
750,000	Union Pacific Corp., 2.950%, 03/10/2052			553,528		0.0
500,000	Union Pacific Corp., 2.973%, 09/16/2062			347,270		0.0
250,000	Union Pacific Corp., 3.375%, 02/01/2035			224,375		0.0
250,000	Union Pacific Corp., 3.750%, 03/15/2024			250,701		0.0
250,000	Union Pacific Corp., 3.799%, 10/01/2051			214,446		0.0
750,000	Union Pacific Corp., 3.799%, 04/06/2071			602,858		0.0
1,000,000	United Parcel Service, Inc., 2.800%, 11/15/2024			988,999		0.1
1,000,000 (1)	United Parcel Service, Inc., 3.050%, 11/15/2027			974,958		0.1
1,000,000	Vulcan Materials Co., 3.500%, 06/01/2030			907,660		0.0
1,000,000	Waste Management, Inc., 1.150%, 03/15/2028			853,067		0.0
750,000	Waste Management, Inc., 1.500%, 03/15/2031			597,448		0.0
500,000	Waste Management, Inc., 2.500%, 11/15/2050			337,399		0.0
				65,120,177		2.3
	Technology: 1.9%
500,000	Adobe, Inc., 2.150%, 02/01/2027			467,758		0.0
750,000	Apple, Inc., 1.200%, 02/08/2028			656,801		0.0

See Accompanying Notes to Financial Statements

170

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
1,000,000	Apple, Inc., 1.650%, 05/11/2030		$	848,516		0.0
750,000	Apple, Inc., 2.375%, 02/08/2041			575,022		0.0
1,000,000	Apple, Inc., 2.400%, 01/13/2023			998,948		0.1
1,000,000	Apple, Inc., 2.400%, 05/03/2023			994,672		0.1
1,000,000	Apple, Inc., 2.650%, 05/11/2050			739,833		0.0
750,000	Apple, Inc., 2.650%, 02/08/2051			554,489		0.0
750,000	Apple, Inc., 3.000%, 02/09/2024			748,771		0.0
1,000,000 (1)	Apple, Inc., 3.200%, 05/13/2025			1,001,413		0.1
1,000,000	Apple, Inc., 3.250%, 02/23/2026			994,553		0.1
1,000,000	Apple, Inc., 3.350%, 02/09/2027			994,400		0.1
500,000	Apple, Inc., 3.450%, 05/06/2024			502,165		0.0
500,000	Apple, Inc., 3.450%, 02/09/2045			435,969		0.0
1,000,000	Apple, Inc., 3.850%, 05/04/2043			922,043		0.0
400,000	Apple, Inc., 4.375%, 05/13/2045			396,675		0.0
500,000	Apple, Inc., 4.450%, 05/06/2044			498,906		0.0
500,000	Applied Materials, Inc., 3.900%, 10/01/2025			503,643		0.0
250,000	Autodesk, Inc., 4.375%, 06/15/2025			253,971		0.0
1,000,000	Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 01/15/2027			963,086		0.1
1,052,000 (2)	Broadcom, Inc., 4.926%, 05/15/2037			944,637		0.0
106,000	Dell International LLC / EMC Corp., 5.450%, 06/15/2023			107,104		0.0
400,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			415,919		0.0
99,000	Dell International LLC / EMC Corp., 8.350%, 07/15/2046			123,542		0.0
500,000	Fidelity National Information Services, Inc., 1.150%, 03/01/2026			442,943		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
500,000	Fidelity National Information Services, Inc., 1.650%, 03/01/2028		$	427,004		0.0
500,000 (1)	Fidelity National Information Services, Inc., 2.250%, 03/01/2031			406,332		0.0
1,000,000 (1)	Fiserv, Inc., 2.250%, 06/01/2027			895,257		0.0
2,000,000	Fiserv, Inc., 2.650%, 06/01/2030			1,695,899		0.1
1,000,000	Hewlett Packard Enterprise Co., 1.450%, 04/01/2024			960,377		0.1
500,000	Hewlett Packard Enterprise Co., 4.400%, 10/15/2022			500,962		0.0
1,000,000	HP, Inc., 2.200%, 06/17/2025			946,439		0.0
500,000	HP, Inc., 3.400%, 06/17/2030			436,606		0.0
1,000,000	Intel Corp., 2.450%, 11/15/2029			893,070		0.0
1,000,000 (1)	Intel Corp., 3.150%, 05/11/2027			977,357		0.1
500,000	Intel Corp., 3.250%, 11/15/2049			389,681		0.0
1,760,000 (1)	Intel Corp., 3.700%, 07/29/2025			1,773,437		0.1
272,000	Intel Corp., 3.734%, 12/08/2047			231,160		0.0
3,000,000	International Business Machines Corp., 1.950%, 05/15/2030			2,516,838		0.1
1,000,000	International Business Machines Corp., 2.850%, 05/15/2040			759,199		0.0
1,000,000	International Business Machines Corp., 3.375%, 08/01/2023			1,002,314		0.1
1,000,000 (1)	International Business Machines Corp., 3.450%, 02/19/2026			987,933		0.1
400,000	Lam Research Corp., 3.800%, 03/15/2025			401,077		0.0
750,000	Lam Research Corp., 4.000%, 03/15/2029			737,318		0.0
1,000,000	Microsoft Corp., 2.375%, 05/01/2023			997,075		0.1
1,000,000	Microsoft Corp., 2.400%, 08/08/2026			962,985		0.1
2,250,000	Microsoft Corp., 2.525%, 06/01/2050			1,660,071		0.1
87,000	Microsoft Corp., 2.675%, 06/01/2060			62,513		0.0

See Accompanying Notes to Financial Statements

171

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
500,000	Microsoft Corp., 2.875%, 02/06/2024		$	498,805		0.0
1,000,000	Microsoft Corp., 2.921%, 03/17/2052			790,419		0.0
413,000	Microsoft Corp., 3.041%, 03/17/2062			321,242		0.0
500,000	Microsoft Corp., 3.125%, 11/03/2025			500,438		0.0
1,500,000	Microsoft Corp., 3.300%, 02/06/2027			1,491,459		0.1
250,000 (1)	Microsoft Corp., 3.500%, 02/12/2035			239,967		0.0
750,000	Microsoft Corp., 3.625%, 12/15/2023			756,233		0.0
1,000,000	NVIDIA Corp., 2.850%, 04/01/2030			916,375		0.0
1,000,000	NVIDIA Corp., 3.500%, 04/01/2040			877,131		0.0
500,000	NVIDIA Corp., 3.500%, 04/01/2050			425,598		0.0
750,000	Oracle Corp., 1.650%, 03/25/2026			673,091		0.0
500,000	Oracle Corp., 2.500%, 10/15/2022			499,011		0.0
500,000	Oracle Corp., 2.875%, 03/25/2031			412,448		0.0
1,000,000	Oracle Corp., 2.950%, 11/15/2024			970,198		0.1
750,000	Oracle Corp., 2.950%, 05/15/2025			718,940		0.0
1,000,000	Oracle Corp., 3.250%, 11/15/2027			923,198		0.0
500,000 (1)	Oracle Corp., 3.400%, 07/08/2024			493,366		0.0
500,000	Oracle Corp., 3.650%, 03/25/2041			373,369		0.0
400,000	Oracle Corp., 3.850%, 07/15/2036			321,966		0.0
750,000	Oracle Corp., 3.900%, 05/15/2035			619,588		0.0
500,000	Oracle Corp., 3.950%, 03/25/2051			368,012		0.0
750,000	Oracle Corp., 4.125%, 05/15/2045			571,810		0.0
180,000	Oracle Corp., 4.300%, 07/08/2034			157,287		0.0
1,500,000	Oracle Corp., 5.375%, 07/15/2040			1,368,860		0.1
500,000	QUALCOMM, Inc., 2.150%, 05/20/2030			438,538		0.0
850,000	QUALCOMM, Inc., 4.650%, 05/20/2035			871,775		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
350,000	QUALCOMM, Inc., 4.800%, 05/20/2045		$	359,404		0.0
				53,665,211		1.9
	Utilities: 2.2%
250,000	Ameren Illinois Co., 4.300%, 07/01/2044			231,759		0.0
500,000	Appalachian Power Co., 3.700%, 05/01/2050			398,390		0.0
500,000	Appalachian Power Co., 4.400%, 05/15/2044			439,529		0.0
750,000	Appalachian Power Co., 4.450%, 06/01/2045			655,560		0.0
750,000	Arizona Public Service Co., 2.950%, 09/15/2027			705,054		0.0
400,000	Arizona Public Service Co., 3.350%, 06/15/2024			395,393		0.0
1,000,000	Arizona Public Service Co., 3.350%, 05/15/2050			736,037		0.0
500,000	Atlantic City Electric Co., 2.300%, 03/15/2031			432,331		0.0
500,000	Atmos Energy Corp., 4.125%, 10/15/2044			443,726		0.0
500,000	Atmos Energy Corp., 4.125%, 03/15/2049			454,008		0.0
1,000,000 (1)	Baltimore Gas and Electric Co., 3.350%, 07/01/2023			997,335		0.1
500,000	Baltimore Gas and Electric Co., 3.500%, 08/15/2046			411,379		0.0
1,000,000	Berkshire Hathaway Energy Co., 6.125%, 04/01/2036			1,106,493		0.1
750,000	CenterPoint Energy Houston Electric LLC, 3.000%, 02/01/2027			718,968		0.0
750,000	CenterPoint Energy Houston Electric LLC, 3.350%, 04/01/2051			611,063		0.0
250,000	CMS Energy Corp., 3.875%, 03/01/2024			249,825		0.0
250,000	CMS Energy Corp., 4.875%, 03/01/2044			238,319		0.0
500,000	Commonwealth Edison Co., 3.125%, 03/15/2051			384,879		0.0
200,000	Consolidated Edison Co. of New York, Inc., 4.300%, 12/01/2056			175,897		0.0
500,000	Consolidated Edison Co. of New York, Inc., 4.450%, 03/15/2044			458,087		0.0
500,000	Consolidated Edison Co. of New York, Inc., 4.500%, 12/01/2045			456,322		0.0

See Accompanying Notes to Financial Statements

172

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
400,000	Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054		$	372,235		0.0
500,000	Consumers Energy Co., 3.950%, 07/15/2047			447,297		0.0
250,000	Dominion Energy South Carolina, Inc., 5.100%, 06/01/2065			249,238		0.0
750,000	Dominion Energy, Inc., 1.450%, 04/15/2026			679,145		0.0
750,000 (1)	Dominion Energy, Inc., 3.300%, 04/15/2041			589,716		0.0
250,000	DTE Electric Co., 4.300%, 07/01/2044			233,575		0.0
1,000,000	DTE Energy Co., 1.050%, 06/01/2025			920,745		0.1
500,000	Duke Energy Carolinas LLC, 2.500%, 03/15/2023			498,296		0.0
750,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			656,687		0.0
750,000	Duke Energy Carolinas LLC, 3.450%, 04/15/2051			612,069		0.0
1,000,000 (1)	Duke Energy Corp., 2.450%, 06/01/2030			843,873		0.0
500,000	Duke Energy Corp., 3.750%, 09/01/2046			394,762		0.0
500,000	Duke Energy Corp., 3.950%, 10/15/2023			502,302		0.0
500,000	Duke Energy Corp., 4.800%, 12/15/2045			457,551		0.0
1,000,000	Duke Energy Florida LLC, 3.800%, 07/15/2028			978,136		0.1
150,000	Duke Energy Progress LLC, 4.150%, 12/01/2044			134,487		0.0
750,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			683,218		0.0
134,000	Eastern Energy Gas Holdings LLC, 3.600%, 12/15/2024			132,842		0.0
500,000	Enel Generacion Chile SA, 4.250%, 04/15/2024			493,060		0.0
500,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			395,810		0.0
400,000	Entergy Arkansas LLC, 3.500%, 04/01/2026			395,099		0.0
400,000	Entergy Arkansas LLC, 3.700%, 06/01/2024			401,635		0.0
500,000	Entergy Corp., 2.400%, 06/15/2031			407,181		0.0
1,000,000	Entergy Corp., 2.800%, 06/15/2030			858,723		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
500,000	Entergy Louisiana LLC, 2.350%, 06/15/2032		$	418,484		0.0
500,000	Entergy Louisiana LLC, 4.950%, 01/15/2045			477,788		0.0
500,000	Essential Utilities, Inc., 2.400%, 05/01/2031			416,712		0.0
1,000,000	Evergy Kansas Central, Inc., 4.125%, 03/01/2042			892,059		0.1
500,000	Evergy Kansas Central, Inc., 4.625%, 09/01/2043			457,151		0.0
1,000,000	Exelon Corp., 4.950%, 06/15/2035			977,382		0.1
750,000	Exelon Corp., 5.100%, 06/15/2045			738,725		0.0
500,000	Florida Power & Light Co., 3.250%, 06/01/2024			500,038		0.0
750,000	Florida Power & Light Co., 3.800%, 12/15/2042			669,716		0.0
1,500,000	Florida Power & Light Co., 4.050%, 06/01/2042			1,392,227		0.1
500,000	Georgia Power Co., 3.250%, 03/15/2051			368,232		0.0
500,000	Indiana Michigan Power Co., 4.550%, 03/15/2046			466,030		0.0
1,000,000 (2)	Israel Electric Corp. Ltd., 4.250%, 08/14/2028			963,743		0.1
1,000,000 (1)	ITC Holdings Corp., 3.350%, 11/15/2027			956,159		0.1
250,000	ITC Holdings Corp., 3.650%, 06/15/2024			247,805		0.0
500,000	Jersey Central Power & Light Co., 6.150%, 06/01/2037			534,393		0.0
1,000,000	Kentucky Utilities Co., 3.300%, 06/01/2050			782,086		0.0
2,500,000	Kentucky Utilities Co., 5.125%, 11/01/2040			2,504,485		0.1
500,000	MidAmerican Energy Co., 3.100%, 05/01/2027			483,088		0.0
500,000	MidAmerican Energy Co., 3.950%, 08/01/2047			446,543		0.0
2,000,000	Mississippi Power Co., 4.250%, 03/15/2042			1,747,780		0.1
250,000 (2)	Monongahela Power Co., 5.400%, 12/15/2043			247,639		0.0
500,000	National Fuel Gas Co., 2.950%, 03/01/2031			406,299		0.0
1,000,000	National Fuel Gas Co., 5.200%, 07/15/2025			1,013,413		0.1
500,000	National Fuel Gas Co., 5.500%, 01/15/2026			502,460		0.0

See Accompanying Notes to Financial Statements

173

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,000,000 (3)	National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046		$	921,148		0.1
500,000	Northern States Power Co/MN, 4.125%, 05/15/2044			454,307		0.0
250,000	Oklahoma Gas and Electric Co., 4.000%, 12/15/2044			215,467		0.0
250,000	Oklahoma Gas and Electric Co., 4.550%, 03/15/2044			229,337		0.0
1,500,000	Pacific Gas and Electric Co., 2.100%, 08/01/2027			1,258,672		0.1
1,500,000	Pacific Gas and Electric Co., 2.500%, 02/01/2031			1,148,774		0.1
500,000	Pacific Gas and Electric Co., 3.250%, 06/01/2031			404,359		0.0
1,500,000	Pacific Gas and Electric Co., 3.300%, 08/01/2040			1,036,428		0.1
1,500,000	Pacific Gas and Electric Co., 3.500%, 08/01/2050			1,004,769		0.1
500,000	Pacific Gas and Electric Co., 4.200%, 06/01/2041			366,923		0.0
1,000,000	PacifiCorp, 4.150%, 02/15/2050			904,153		0.1
750,000	PECO Energy Co., 4.150%, 10/01/2044			684,064		0.0
250,000	Piedmont Natural Gas Co., 4.100%, 09/18/2034			229,439		0.0
500,000	Public Service Co. of Colorado, 1.900%, 01/15/2031			422,678		0.0
1,000,000	Public Service Co. of Colorado, 3.700%, 06/15/2028			985,676		0.1
500,000	Public Service Co. of Colorado, 4.100%, 06/15/2048			457,317		0.0
1,000,000	Public Service Electric and Gas Co., 2.375%, 05/15/2023			988,686		0.1
750,000	Public Service Electric and Gas Co., 3.800%, 01/01/2043			658,845		0.0
250,000	Public Service Electric and Gas Co., 4.000%, 06/01/2044			225,113		0.0
750,000	Sierra Pacific Power Co., 2.600%, 05/01/2026			714,262		0.0
1,064,632	Southaven Combined Cycle Generation LLC, 3.846%, 08/15/2033			1,014,280		0.1
500,000	Southern California Edison Co., 3.900%, 03/15/2043			402,140		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
750,000	Southern California Edison Co., 4.000%, 04/01/2047		$	609,820		0.0
500,000	Southern California Edison Co., 4.650%, 10/01/2043			455,035		0.0
500,000	Southern California Gas Co., 4.300%, 01/15/2049			453,954		0.0
1,000,000	Southern Co. Gas Capital Corp., 1.750%, 01/15/2031			791,532		0.0
1,000,000	Southern Co. Gas Capital Corp., 4.400%, 05/30/2047			874,566		0.0
500,000	Southern Co/The, 1.750%, 03/15/2028			428,122		0.0
500,000	Southern Power Co., 4.150%, 12/01/2025			501,054		0.0
500,000	Tampa Electric Co., 2.400%, 03/15/2031			431,910		0.0
250,000	Tampa Electric Co., 3.450%, 03/15/2051			197,463		0.0
250,000	Union Electric Co., 3.500%, 04/15/2024			249,790		0.0
300,000	Union Electric Co., 3.900%, 09/15/2042			266,087		0.0
250,000	Virginia Electric and Power Co., 2.950%, 11/15/2051			185,314		0.0
500,000	Virginia Electric and Power Co., 4.450%, 02/15/2044			466,212		0.0
1,533,000	Virginia Electric and Power Co., 6.000%, 05/15/2037			1,703,520		0.1
250,000	Wisconsin Electric Power Co., 4.250%, 06/01/2044			220,101		0.0
500,000	Wisconsin Power and Light Co., 4.100%, 10/15/2044			422,487		0.0
				64,632,277		2.2
	Total Corporate Bonds/ Notes (Cost $815,125,556)			744,709,694		25.8

COLLATERALIZED MORTGAGE OBLIGATIONS: 0.0%
505,279	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			483,376		0.0
385,387	Fannie Mae REMIC Trust 2006-78 BZ, 6.500%, 08/25/2036			422,423		0.0
	Total Collateralized Mortgage Obligations (Cost $930,957)			905,799		0.0

MUNICIPAL BONDS: 0.9%
	California: 0.2%
4,335,000	State of California, 7.550%, 04/01/2039			5,892,813		0.2

See Accompanying Notes to Financial Statements

174

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
MUNICIPAL BONDS: (continued)
	Connecticut: 0.1%
3,735,000	State of Connecticut, 5.850%, 03/15/2032		$	4,190,796		0.1

	New Jersey: 0.2%
3,425,000	New Jersey Turnpike Authority, 7.102%, 01/01/2041			4,429,709		0.1
2,335,000	Port Authority of New York & New Jersey, 4.926%, 10/01/2051			2,499,488		0.1
				6,929,197		0.2
	New York: 0.2%
3,495,000	Metropolitan Transportation Authority, 6.814%, 11/15/2040			4,237,517		0.2

	Washington: 0.2%
3,900,000	State of Washington, 5.140%, 08/01/2040			4,361,837		0.2
	Total Municipal Bonds (Cost $22,725,326)			25,612,160		0.9

U.S. TREASURY OBLIGATIONS: 44.3%
	U.S. Treasury Bonds: 8.7%
160,000	1.250%, 05/15/2050			101,869		0.0
215,300	1.625%, 11/15/2050			151,522		0.0
10,159,000	2.250%, 08/15/2046			8,199,623		0.3
108,915,000 (1)	2.250%, 02/15/2052			89,667,677		3.1
7,000,000	2.500%, 02/15/2046			5,940,977		0.2
9,072,000	2.500%, 05/15/2046			7,696,316		0.3
9,022,000	3.000%, 11/15/2044			8,368,962		0.3
10,042,000	3.000%, 11/15/2045			9,339,060		0.3
26,600	3.000%, 02/15/2049			25,360		0.0
5,686,000	3.125%, 08/15/2044			5,391,039		0.2
72,810,000	3.250%, 05/15/2042			71,080,763		2.5
13,888,000	3.625%, 08/15/2043			14,265,580		0.5
11,092,000	3.625%, 02/15/2044			11,390,097		0.4
9,251,000	3.750%, 11/15/2043			9,685,002		0.3
7,845,000	3.875%, 08/15/2040			8,462,487		0.3
830,000	6.000%, 02/15/2026			913,681		0.0
				250,680,015		8.7
	U.S. Treasury Notes: 35.6%
10,000,000	0.125%, 01/31/2023			9,859,268		0.3
97,000	0.125%, 10/15/2023			93,548		0.0
18,549,700 (1)	0.375%, 01/31/2026			16,868,996		0.6
5,511,000	0.375%, 09/30/2027			4,794,462		0.2
13,405,700 (1)	0.500%, 11/30/2023			12,952,210		0.5
16,424,200 (1)	1.250%, 11/30/2026			15,210,028		0.5
7,000,000 (1)	1.375%, 08/31/2023			6,874,219		0.2

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Notes (continued)
5,000,000 (1)	1.375%, 09/30/2023		$	4,904,492		0.2
10,000,000	1.500%, 02/28/2023			9,917,513		0.4
10,000,000 (1)	1.500%, 03/31/2023			9,905,443		0.3
54,972,900 (1)	1.500%, 01/31/2027			51,334,166		1.8
2,976,000	1.625%, 08/15/2022			2,976,666		0.1
6,480,000 (1)	1.625%, 04/30/2023			6,414,703		0.2
10,184,000 (1)	1.625%, 05/31/2023			10,067,839		0.4
4,046,000	1.625%, 10/31/2023			3,976,933		0.1
168,000	1.750%, 07/15/2022			168,035		0.0
69,000	1.750%, 01/31/2023			68,670		0.0
3,003,000 (1)	1.875%, 08/31/2022			3,004,495		0.1
10,000	1.875%, 06/30/2026			9,565		0.0
17,133,000	2.000%, 11/15/2026			16,383,431		0.6
5,000,000 (1)	2.125%, 11/30/2023			4,943,457		0.2
3,011,000 (1)	2.250%, 12/31/2023			2,979,479		0.1
19,000	2.250%, 04/30/2024			18,756		0.0
6,457,000	2.250%, 11/15/2024			6,349,678		0.2
9,874,000	2.500%, 05/15/2024			9,788,374		0.3
14,369,000 (1)	2.500%, 05/31/2024			14,240,465		0.5
19,431,000 (1)	2.625%, 05/31/2027			19,065,910		0.7
6,569,500	2.750%, 11/15/2023			6,551,793		0.2
7,052,000	2.750%, 02/15/2024			7,029,412		0.2
931,000	2.750%, 04/30/2027			918,526		0.0
16,076,000	2.750%, 05/31/2029			15,762,016		0.6
261,873,000	2.875%, 06/15/2025			260,850,059		9.0
65,722,000 (1)	2.875%, 05/15/2032			64,992,897		2.3
133,254,000	3.000%, 06/30/2024			133,332,079		4.6
195,122,000	3.250%, 06/30/2027			197,042,732		6.8
98,104,000	3.250%, 06/30/2029			99,276,649		3.4
				1,028,926,964		35.6
	Total U.S. Treasury Obligations (Cost $1,295,023,950)			1,279,606,979		44.3

U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.7%
	Federal Home Loan Mortgage Corporation: 4.3%(4)
15,116,435	2.000%, 09/01/2051			13,158,388		0.5
635,628	2.348%, (US0012M + 1.900)%, 02/01/2042			636,546		0.0
1,761,409	2.500%, 02/01/2052			1,591,442		0.1
1,957,197	2.500%, 02/01/2052			1,768,343		0.1
6,952,265	2.500%, 04/01/2052			6,274,445		0.2
3,219,557	3.000%, 04/01/2045			3,068,519		0.1
2,892,683	3.000%, 04/01/2045			2,754,582		0.1
11,272,535	3.000%, 05/01/2045			10,729,763		0.4
5,268,796	3.000%, 11/01/2046			4,990,080		0.2
5,704,160	3.000%, 11/01/2047			5,409,740		0.2

See Accompanying Notes to Financial Statements

175

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
119,331	3.500%, 01/01/2042		$	117,414		0.0
639,390	3.500%, 01/01/2042			629,783		0.0
2,624,254	3.500%, 08/01/2042			2,571,973		0.1
10,486,748	3.500%, 04/01/2043			10,279,312		0.4
11,384,215	3.500%, 02/01/2044			11,158,455		0.4
4,087,798	3.500%, 12/01/2046			4,001,828		0.2
2,175,461	3.500%, 12/01/2047			2,126,456		0.1
12,228,926	3.500%, 03/01/2048			11,971,636		0.4
7,159,891	3.500%, 05/01/2052			6,900,271		0.3
204,607	4.000%, 01/01/2025			207,115		0.0
45,329	4.000%, 08/01/2040			45,916		0.0
640,000	4.000%, 04/01/2041			648,304		0.0
696,788	4.000%, 05/01/2041			705,827		0.0
33,914	4.000%, 08/01/2041			34,354		0.0
71,691	4.000%, 12/01/2041			72,621		0.0
156,680	4.000%, 01/01/2042			157,579		0.0
1,302,928	4.000%, 03/01/2042			1,319,828		0.1
43,513	4.000%, 12/01/2042			43,968		0.0
575,573	4.000%, 02/01/2044			578,986		0.0
233,872	4.000%, 07/01/2045			235,864		0.0
232,074	4.000%, 09/01/2045			234,079		0.0
251,577	4.000%, 09/01/2045			253,751		0.0
180,478	4.000%, 09/01/2045			182,037		0.0
4,055,362	4.000%, 11/01/2045			4,082,381		0.2
575,232	4.000%, 05/01/2046			580,085		0.0
145,586	4.000%, 11/01/2047			146,079		0.0
230,301	4.000%, 03/01/2048			231,505		0.0
340	4.500%, 04/01/2023			348		0.0
29,570	4.500%, 03/01/2039			30,570		0.0
81,075	4.500%, 08/01/2039			83,819		0.0
161,471	4.500%, 09/01/2039			166,918		0.0
224,191	4.500%, 09/01/2039			231,774		0.0
101,351	4.500%, 09/01/2039			104,766		0.0
202,061	4.500%, 10/01/2039			208,876		0.0
283,065	4.500%, 12/01/2039			291,869		0.0
83,606	4.500%, 03/01/2040			86,207		0.0
222,076	4.500%, 04/01/2040			229,567		0.0
39,960	4.500%, 06/01/2040			41,308		0.0
243,139	4.500%, 07/01/2040			251,342		0.0
186,417	4.500%, 07/01/2040			192,700		0.0
176,809	4.500%, 08/01/2040			182,777		0.0
67,217	4.500%, 08/01/2040			69,486		0.0
210,257	4.500%, 03/01/2041			217,355		0.0
72,482	4.500%, 03/01/2041			74,930		0.0
98,924	4.500%, 04/01/2041			102,263		0.0
312,113	4.500%, 06/01/2041			322,645		0.0
213,285	4.500%, 07/01/2041			220,503		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
960,379	4.500%, 08/01/2041		$	984,157		0.1
25,265	4.500%, 08/01/2041			25,432		0.0
741,727	4.500%, 07/01/2048			750,353		0.0
13,289	5.000%, 03/01/2034			13,962		0.0
55,050	5.000%, 12/01/2034			58,020		0.0
68,952	5.000%, 08/01/2035			72,685		0.0
191,926	5.000%, 08/01/2035			202,183		0.0
53,962	5.000%, 10/01/2035			56,881		0.0
58,868	5.000%, 10/01/2035			61,297		0.0
57,203	5.000%, 10/01/2035			60,297		0.0
142,585	5.000%, 12/01/2035			150,369		0.0
21,309	5.000%, 04/01/2036			22,426		0.0
61,271	5.000%, 11/01/2036			64,562		0.0
45,259	5.000%, 02/01/2037			47,778		0.0
33,979	5.000%, 05/01/2037			35,869		0.0
531,374	5.000%, 10/01/2037			558,382		0.0
302,686	5.000%, 03/01/2038			319,543		0.0
275,209	5.000%, 03/01/2038			290,503		0.0
97,203	5.000%, 03/01/2038			102,457		0.0
100,656	5.000%, 04/01/2038			106,181		0.0
9,221	5.000%, 10/01/2038			9,722		0.0
31,146	5.000%, 06/01/2040			32,846		0.0
86,680	5.000%, 08/01/2040			91,345		0.0
198,641	5.000%, 04/01/2041			209,485		0.0
47,706	5.490%, 02/01/2037			49,660		0.0
9,224	5.500%, 12/01/2024			9,277		0.0
44,584	5.500%, 09/01/2034			47,866		0.0
64,237	5.500%, 01/01/2035			68,741		0.0
26,405	5.500%, 09/01/2035			28,366		0.0
517,830	5.500%, 09/01/2035			556,539		0.0
454,890	5.500%, 10/01/2035			489,177		0.0
160,434	5.500%, 03/01/2036			172,317		0.0
40,284	5.500%, 03/01/2036			43,204		0.0
24,209	5.500%, 05/01/2036			25,962		0.0
138,224	5.500%, 06/01/2036			148,448		0.0
2,417	5.500%, 07/01/2036			2,596		0.0
8,983	5.500%, 07/01/2036			9,662		0.0
46,709	5.500%, 07/01/2036			50,183		0.0
9,178	5.500%, 10/01/2036			9,866		0.0
58,769	5.500%, 11/01/2036			63,227		0.0
3,647	5.500%, 12/01/2036			3,797		0.0
31,610	5.500%, 12/01/2036			34,007		0.0
44,405	5.500%, 12/01/2036			47,779		0.0
43,242	5.500%, 02/01/2037			46,528		0.0
5,524	5.500%, 02/01/2037			5,777		0.0
15,412	5.500%, 05/01/2037			16,578		0.0
1,752	5.500%, 06/01/2037			1,886		0.0

See Accompanying Notes to Financial Statements

176

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
21,903	5.500%, 12/01/2037		$	23,567		0.0
12,020	5.500%, 03/01/2038			12,888		0.0
3,533	5.500%, 06/01/2038			3,802		0.0
6,754	5.500%, 06/01/2038			7,268		0.0
5,436	5.500%, 08/01/2038			5,675		0.0
431	5.500%, 10/01/2038			449		0.0
462,274	5.500%, 11/01/2038			497,326		0.0
10,618	5.500%, 12/01/2038			11,424		0.0
8,930	5.500%, 12/01/2038			9,605		0.0
6,807	5.500%, 12/01/2038			7,322		0.0
12,107	5.500%, 01/01/2039			13,023		0.0
70,868	5.500%, 01/01/2039			76,231		0.0
33,587	5.500%, 01/01/2040			35,971		0.0
44,089	5.500%, 01/01/2040			47,424		0.0
44,703	5.500%, 03/01/2040			48,099		0.0
103,719	5.500%, 01/01/2041			108,048		0.0
52,744	5.750%, 05/01/2037			55,234		0.0
49,869	5.800%, 07/01/2037			52,105		0.0
38,371	5.800%, 08/01/2037			40,232		0.0
69,415	5.800%, 09/01/2037			72,783		0.0
35,651	5.800%, 09/01/2037			37,382		0.0
2,724	6.000%, 04/01/2028			2,920		0.0
27,452	6.000%, 07/01/2028			28,897		0.0
5,362	6.000%, 04/01/2036			5,885		0.0
1,783	6.000%, 04/01/2036			1,950		0.0
90	6.000%, 04/01/2036			94		0.0
17,229	6.000%, 06/01/2036			18,929		0.0
6,321	6.000%, 07/01/2036			6,941		0.0
5,927	6.000%, 08/01/2036			6,506		0.0
38,756	6.000%, 08/01/2036			42,185		0.0
1,942	6.000%, 08/01/2036			2,044		0.0
31,750	6.000%, 01/01/2037			34,703		0.0
29,348	6.000%, 02/01/2037			32,225		0.0
1,701	6.000%, 04/01/2037			1,868		0.0
1,144	6.000%, 06/01/2037			1,251		0.0
9,274	6.000%, 06/01/2037			10,081		0.0
4,519	6.000%, 07/01/2037			4,963		0.0
147	6.000%, 07/01/2037			161		0.0
2,243	6.000%, 08/01/2037			2,442		0.0
9,024	6.000%, 08/01/2037			9,663		0.0
4,543	6.000%, 08/01/2037			4,989		0.0
139,792	6.000%, 08/01/2037			150,040		0.0
1,351	6.000%, 08/01/2037			1,483		0.0
1,899	6.000%, 09/01/2037			2,084		0.0
3,698	6.000%, 09/01/2037			4,060		0.0
2,566	6.000%, 09/01/2037			2,708		0.0
6,332	6.000%, 10/01/2037			6,953		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
2,238	6.000%, 10/01/2037		$	2,355		0.0
8,277	6.000%, 10/01/2037			8,718		0.0
7,666	6.000%, 10/01/2037			8,418		0.0
1,982	6.000%, 11/01/2037			2,177		0.0
24,891	6.000%, 11/01/2037			27,317		0.0
1,117	6.000%, 11/01/2037			1,177		0.0
48,597	6.000%, 12/01/2037			53,126		0.0
11,732	6.000%, 01/01/2038			12,882		0.0
1,696	6.000%, 01/01/2038			1,858		0.0
6,881	6.000%, 01/01/2038			7,266		0.0
7,337	6.000%, 05/01/2038			7,732		0.0
948	6.000%, 06/01/2038			1,041		0.0
26,445	6.000%, 07/01/2038			28,756		0.0
9,965	6.000%, 07/01/2038			10,529		0.0
261,618	6.000%, 09/01/2038			286,196		0.0
10,276	6.000%, 09/01/2038			10,826		0.0
634	6.000%, 09/01/2038			696		0.0
5,602	6.000%, 09/01/2038			6,151		0.0
5,988	6.000%, 11/01/2038			6,323		0.0
131,878	6.000%, 01/01/2039			142,992		0.0
102,531	6.000%, 04/01/2039			110,809		0.0
32,468	6.000%, 08/01/2039			34,654		0.0
27,586	6.000%, 10/01/2039			29,939		0.0
27,150	6.000%, 11/01/2039			28,600		0.0
14,471	6.000%, 11/01/2039			15,863		0.0
1,229	6.000%, 12/01/2039			1,344		0.0
40,737	6.000%, 05/01/2040			44,731		0.0
54,373	6.150%, 12/01/2037			57,293		0.0
18,698	6.150%, 01/01/2038			19,700		0.0
77,645	6.150%, 02/01/2038			81,816		0.0
840,000 (1)	6.250%, 07/15/2032			1,043,891		0.1
7,039	6.500%, 06/01/2036			7,754		0.0
1,392	6.500%, 08/01/2036			1,475		0.0
649	6.500%, 10/01/2036			687		0.0
25,464	6.500%, 10/01/2036			28,066		0.0
11,281	6.500%, 07/01/2037			12,013		0.0
4,533	6.500%, 09/01/2037			4,832		0.0
2,116	6.500%, 10/01/2037			2,291		0.0
2,721	6.500%, 11/01/2037			2,891		0.0
10,510	6.500%, 04/01/2038			11,531		0.0
3,164	6.500%, 04/01/2038			3,426		0.0
249	6.500%, 05/01/2038			261		0.0
1,459	6.500%, 05/01/2038			1,532		0.0
1,993	6.500%, 07/01/2038			2,094		0.0
1,223	6.500%, 08/01/2038			1,312		0.0
148	6.500%, 10/01/2038			157		0.0
5,557	6.500%, 11/01/2038			6,044		0.0

See Accompanying Notes to Financial Statements

177

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
53,079	6.500%, 12/01/2038		$	55,778		0.0
5,326	6.500%, 12/01/2038			5,598		0.0
371,466	6.500%, 12/01/2038			390,455		0.0
6,767	6.500%, 12/01/2038			7,111		0.0
2,768	6.500%, 01/01/2039			3,000		0.0
				123,462,823		4.3
	Federal National Mortgage Association : 4.8%(4)
29,800,000 (5)	2.000%, 07/15/2037			27,823,422		1.0
13,932,736	2.000%, 11/01/2051			12,199,140		0.4
18,400,900	2.000%, 02/01/2052			15,995,855		0.6
4,943,061	2.000%, 04/01/2052			4,309,119		0.2
10,571,312	2.500%, 06/01/2050			9,607,104		0.3
18,909,866	2.500%, 08/01/2050			17,230,349		0.6
3,760,652	2.500%, 05/01/2051			3,402,971		0.1
13,573,418	2.500%, 06/01/2051			12,261,411		0.4
1,879,702	2.500%, 09/01/2051			1,703,544		0.1
8,744,175	2.500%, 12/01/2051			7,926,115		0.3
9,938,717	2.500%, 02/01/2052			8,958,072		0.3
1,028,162	3.000%, 09/01/2046			953,065		0.0
10,082,734	3.500%, 11/01/2051			9,973,070		0.3
1,168,606	3.720%, 10/01/2029			1,184,040		0.0
59,715	5.700%, 07/01/2036			60,557		0.0
10,110	5.700%, 07/01/2036			10,128		0.0
805,000 (1)	6.625%, 11/15/2030			995,442		0.0
3,430,000	7.125%, 01/15/2030			4,315,389		0.2
				138,908,793		4.8
	Government National Mortgage Association : 7.4%
18,512,715	2.000%, 01/20/2051			16,528,282		0.6
12,387,862	2.000%, 02/20/2051			11,049,333		0.4
8,475,000 (5)	2.000%, 07/15/2052			7,528,846		0.3
3,273,802	2.500%, 03/20/2051			3,008,902		0.1
6,537,175	2.500%, 04/20/2051			6,008,369		0.2
5,038,978	2.500%, 05/20/2051			4,632,633		0.2
4,595,080	2.500%, 08/20/2051			4,215,073		0.2
14,028,644	2.500%, 09/20/2051			12,892,607		0.5
4,959,763	2.500%, 04/20/2052			4,549,291		0.2
23,094,000 (5)	2.500%, 07/15/2052			21,141,836		0.7
3,064,483	3.000%, 07/20/2045			2,940,242		0.1
2,933,587	3.000%, 10/20/2051			2,805,598		0.1
16,106,321	3.000%, 10/20/2051			15,228,745		0.5
19,892,035	3.000%, 11/20/2051			18,803,440		0.7
6,700,001	3.000%, 11/20/2051			6,407,629		0.2
17,480,000 (5)	3.000%, 07/15/2052			16,484,459		0.6
10,751,716	3.500%, 03/20/2047			10,796,445		0.4
4,124,973	3.500%, 09/20/2047			4,064,824		0.1
1,838,737	3.500%, 01/20/2048			1,816,948		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
12,133,282	3.500%, 02/20/2048		$	11,989,489		0.4
12,020,110	3.500%, 03/20/2048			11,877,663		0.4
2,542,175	4.000%, 10/20/2043			2,618,878		0.1
1,205,499	4.000%, 03/20/2046			1,220,407		0.0
1,937,235	4.000%, 03/20/2046			1,949,817		0.1
443,947	4.500%, 02/20/2041			468,183		0.0
135,649	4.500%, 03/20/2041			140,574		0.0
513,956	4.500%, 05/20/2041			537,614		0.0
590,504	4.500%, 06/20/2041			617,694		0.0
1,129,098	4.500%, 07/20/2041			1,181,037		0.0
493,180	4.500%, 09/20/2041			516,278		0.0
1,447,839	4.500%, 10/20/2041			1,515,922		0.1
1,807,116	4.500%, 01/20/2050			1,840,087		0.1
6,404	5.000%, 10/15/2037			6,791		0.0
1,652	5.000%, 04/15/2038			1,718		0.0
31,649	5.000%, 03/15/2039			33,482		0.0
49,112	5.000%, 08/15/2039			52,099		0.0
365,533	5.000%, 09/15/2039			384,590		0.0
365,463	5.000%, 09/15/2039			387,629		0.0
325,386	5.000%, 02/15/2040			345,192		0.0
232,202	5.000%, 04/15/2040			243,327		0.0
517,545	5.000%, 06/15/2040			545,741		0.0
19,370	5.000%, 07/15/2040			20,413		0.0
177,353	5.000%, 04/15/2042			184,038		0.0
321,613	5.000%, 04/20/2042			342,234		0.0
297,495	5.000%, 06/20/2048			306,055		0.0
16,263	5.500%, 07/20/2038			17,164		0.0
213,361	5.500%, 09/20/2039			230,590		0.0
16,070	5.500%, 10/20/2039			17,366		0.0
9,346	5.500%, 11/20/2039			10,019		0.0
365,319	5.500%, 11/20/2039			394,847		0.0
5,600	5.500%, 12/20/2040			6,047		0.0
19,640	5.500%, 01/20/2041			21,242		0.0
117,430	5.500%, 03/20/2041			126,982		0.0
190,664	5.500%, 04/20/2041			206,062		0.0
295,362	5.500%, 05/20/2041			319,407		0.0
274,411	5.500%, 06/20/2041			296,741		0.0
7,333	6.000%, 10/15/2036			8,025		0.0
27,081	6.000%, 08/15/2037			29,719		0.0
21,457	6.000%, 11/15/2037			23,487		0.0
3,931	6.000%, 12/15/2037			4,145		0.0
13,092	6.000%, 01/15/2038			13,870		0.0
18,522	6.000%, 01/15/2038			20,516		0.0
16,194	6.000%, 02/15/2038			17,927		0.0
40,703	6.000%, 02/15/2038			43,141		0.0
211	6.000%, 02/15/2038			224		0.0
386	6.000%, 04/15/2038			406		0.0

See Accompanying Notes to Financial Statements

178

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
98,407	6.000%, 05/15/2038		$	108,202		0.0
96,406	6.000%, 05/15/2038			103,681		0.0
14,515	6.000%, 07/15/2038			16,080		0.0
28,495	6.000%, 09/15/2038			31,565		0.0
465,449	6.000%, 08/20/2040			509,822		0.0
				212,807,731		7.4
	Other U.S. Agency Obligations: 1.3%
3,489,000	1.620%, 09/04/2025			3,322,311		0.1
1,500,000	1.875%, 08/15/2022			1,499,729		0.0
2,000,000	2.320%, 01/26/2032			1,771,929		0.1
5,000,000	2.380%, 03/16/2032			4,572,820		0.1
12,500,000	2.390%, 11/01/2034			10,960,896		0.4
5,000,000	2.400%, 09/21/2026			4,862,284		0.2
4,000,000	2.600%, 04/05/2027			3,906,491		0.1
2,000,000	3.780%, 06/08/2028			1,991,271		0.1
10,000	6.150%, 01/15/2038			12,433		0.0
5,000,000	7.125%, 05/01/2030			6,287,298		0.2
				39,187,462		1.3
	Sovereign: 0.5%
5,000,000	2.850%, 05/23/2025			4,963,686		0.2
5,000,000	2.900%, 04/12/2032			4,768,398		0.2
4,000,000	3.400%, 04/25/2034			3,936,717		0.1
				13,668,801		0.5
	Uniform Mortgage-Backed Securities: 11.4%
926,947	2.000%, 05/01/2051			808,443		0.0
7,255,269	2.000%, 05/01/2051			6,348,679		0.2
9,542,876	2.000%, 10/01/2051			8,309,362		0.3
9,641,045	2.000%, 01/01/2052			8,446,270		0.3
16,757,652	2.000%, 01/01/2052			14,615,035		0.5
2,944,826	2.000%, 02/01/2052			2,568,296		0.1
5,918,548	2.000%, 02/01/2052			5,161,785		0.2
6,866,444	2.000%, 02/01/2052			5,988,469		0.2
12,507,172	2.000%, 02/01/2052			10,911,937		0.4
14,691,571	2.000%, 02/01/2052			12,813,045		0.5
10,659,542	2.000%, 02/01/2052			9,296,695		0.3
3,885,406	2.000%, 03/01/2052			3,388,610		0.1
2,915,018	2.000%, 03/01/2052			2,542,294		0.1
2,129,658	2.500%, 09/01/2027			2,079,679		0.1
2,206,070	2.500%, 06/01/2030			2,164,537		0.1
2,954,481	2.500%, 06/01/2030			2,898,851		0.1
1,339,168	2.500%, 07/01/2030			1,313,947		0.1
9,731,893	2.500%, 11/01/2051			8,805,981		0.3
9,751,001	2.500%, 01/01/2052			8,813,672		0.3
3,922,059	2.500%, 02/01/2052			3,556,753		0.1
5,224,439	2.500%, 02/01/2052			4,722,107		0.2
3,944,185	2.500%, 03/01/2052			3,561,750		0.1
2,983,014	2.500%, 03/01/2052			2,696,209		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
11,159,195	2.500%, 03/01/2052		$	10,096,697		0.4
261,000 (5)	2.500%, 07/15/2052			234,798		0.0
584,577	3.000%, 06/01/2026			583,562		0.0
3,348,046	3.000%, 08/01/2030			3,338,066		0.1
1,309,273	3.000%, 09/01/2030			1,305,366		0.1
11,707,964	3.000%, 12/01/2042			11,192,889		0.4
4,815,547	3.000%, 07/01/2043			4,600,611		0.2
2,223,265	3.000%, 09/01/2043			2,125,260		0.1
2,984,246	3.000%, 07/01/2046			2,830,142		0.1
1,033,126	3.000%, 08/01/2046			979,409		0.0
11,760,919	3.000%, 12/01/2046			11,153,058		0.4
4,899,495	3.000%, 01/01/2052			4,617,502		0.2
1,640,520	3.500%, 05/01/2029			1,642,733		0.1
505,247	3.500%, 03/01/2041			496,388		0.0
536,261	3.500%, 12/01/2041			527,311		0.0
912,787	3.500%, 01/01/2042			897,268		0.0
2,068,450	3.500%, 10/01/2042			2,033,283		0.1
4,535,718	3.500%, 11/01/2042			4,450,150		0.2
2,638,642	3.500%, 01/01/2046			2,580,904		0.1
2,012,113	3.500%, 02/01/2046			1,968,053		0.1
4,016,713	3.500%, 02/01/2046			3,928,811		0.1
4,089,062	3.500%, 04/01/2046			4,000,005		0.2
2,171,775	3.500%, 02/01/2052			2,101,264		0.1
1,400,000 (5)	3.500%, 07/15/2052			1,346,734		0.1
541,582	4.000%, 10/01/2040			539,813		0.0
82,889	4.000%, 10/01/2040			83,878		0.0
5,186,657	4.000%, 11/01/2040			5,248,672		0.2
806,819	4.000%, 12/01/2040			816,488		0.0
540,203	4.000%, 12/01/2040			546,702		0.0
1,046,546	4.000%, 02/01/2041			1,059,129		0.0
165,972	4.000%, 03/01/2041			167,954		0.0
168,061	4.000%, 04/01/2041			169,674		0.0
112,168	4.000%, 09/01/2041			113,512		0.0
634,175	4.000%, 11/01/2041			641,788		0.0
115,795	4.000%, 12/01/2041			117,191		0.0
440,875	4.000%, 01/01/2042			446,172		0.0
234,746	4.000%, 07/01/2042			237,565		0.0
945,946	4.000%, 12/01/2042			956,662		0.0
1,395,690	4.000%, 07/01/2043			1,406,434		0.1
646,045	4.000%, 02/01/2044			650,153		0.0
865,633	4.000%, 02/01/2044			872,290		0.0
121,352	4.000%, 03/01/2044			120,911		0.0
412,179	4.000%, 05/01/2045			415,333		0.0
3,716,045	4.000%, 06/01/2045			3,744,574		0.1
1,282,924	4.000%, 07/01/2045			1,290,256		0.1
1,137,470	4.000%, 07/01/2045			1,146,211		0.1
1,057,801	4.000%, 07/01/2045			1,065,922		0.0

See Accompanying Notes to Financial Statements

179

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
426,644	4.000%, 07/01/2045		$	424,456		0.0
1,320,497	4.000%, 02/01/2046			1,330,634		0.1
2,335,577	4.000%, 02/01/2048			2,339,791		0.1
432,353	4.000%, 03/01/2048			433,535		0.0
125,728	4.000%, 03/01/2048			125,747		0.0
40,000,000 (5)	4.000%, 07/15/2052			39,455,469		1.4
570,784	4.500%, 07/01/2026			583,934		0.0
3,014	4.500%, 06/01/2034			3,087		0.0
8,913	4.500%, 05/01/2035			9,147		0.0
993	4.500%, 03/01/2038			1,026		0.0
1,039	4.500%, 05/01/2038			1,055		0.0
5,743	4.500%, 06/01/2038			5,908		0.0
8,094	4.500%, 07/01/2038			8,156		0.0
12,839	4.500%, 09/01/2038			12,911		0.0
116,098	4.500%, 03/01/2039			118,801		0.0
8,589	4.500%, 04/01/2039			8,870		0.0
11,238	4.500%, 04/01/2039			11,605		0.0
234,323	4.500%, 07/01/2039			241,327		0.0
532,543	4.500%, 09/01/2039			548,500		0.0
536,474	4.500%, 10/01/2039			554,021		0.0
144,364	4.500%, 12/01/2039			149,083		0.0
163,145	4.500%, 12/01/2039			168,027		0.0
122,582	4.500%, 12/01/2039			126,582		0.0
107,390	4.500%, 03/01/2040			110,898		0.0
116,233	4.500%, 10/01/2040			120,023		0.0
147,465	4.500%, 10/01/2040			152,256		0.0
131,093	4.500%, 10/01/2040			135,396		0.0
174,541	4.500%, 03/01/2041			180,221		0.0
100,992	4.500%, 04/01/2041			102,167		0.0
96,512	4.500%, 06/01/2041			99,412		0.0
1,484,342	4.500%, 06/01/2041			1,532,948		0.1
114,371	4.500%, 06/01/2041			118,110		0.0
47,955	4.500%, 07/01/2041			49,526		0.0
1,803,699	4.500%, 07/01/2041			1,861,830		0.1
80,811	4.500%, 07/01/2041			82,797		0.0
555,383	4.500%, 08/01/2041			573,577		0.0
69,493	4.500%, 08/01/2041			70,864		0.0
711,999	4.500%, 08/01/2041			732,769		0.0
35,000,000 (5)	4.500%, 07/15/2052			35,143,555		1.2
132,205	5.000%, 03/01/2027			135,866		0.0
50,379	5.000%, 07/01/2033			52,929		0.0
46,326	5.000%, 02/01/2034			47,390		0.0
9,291	5.000%, 11/01/2034			9,751		0.0
953,692	5.000%, 02/01/2035			1,003,473		0.0
169,425	5.000%, 06/01/2035			178,299		0.0
11,554	5.000%, 08/01/2035			12,130		0.0
39,173	5.000%, 09/01/2035			41,228		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
113,696	5.000%, 09/01/2035		$	119,756		0.0
157,498	5.000%, 09/01/2035			165,834		0.0
14,253	5.000%, 10/01/2035			15,006		0.0
190,149	5.000%, 03/01/2036			200,220		0.0
238,729	5.000%, 03/01/2036			251,394		0.0
1,976	5.000%, 05/01/2036			2,081		0.0
167,794	5.000%, 05/01/2036			175,839		0.0
31,858	5.000%, 06/01/2036			33,548		0.0
25,745	5.000%, 12/01/2036			26,957		0.0
330,605	5.000%, 12/01/2036			348,479		0.0
76,341	5.000%, 07/01/2037			80,381		0.0
44,350	5.000%, 01/01/2038			46,682		0.0
117,225	5.000%, 02/01/2038			123,444		0.0
254,026	5.000%, 02/01/2038			267,430		0.0
250,088	5.000%, 08/01/2038			263,367		0.0
51,414	5.000%, 07/01/2040			52,987		0.0
100,880	5.000%, 07/01/2040			106,262		0.0
86	5.500%, 07/01/2022			86		0.0
1	5.500%, 07/01/2022			1		0.0
49	5.500%, 09/01/2022			48		0.0
1,074	5.500%, 09/01/2022			1,075		0.0
365	5.500%, 01/01/2023			366		0.0
14	5.500%, 02/01/2023			14		0.0
114	5.500%, 03/01/2023			114		0.0
137	5.500%, 04/01/2023			138		0.0
1,388	5.500%, 06/01/2023			1,391		0.0
496	5.500%, 08/01/2023			498		0.0
3,914	5.500%, 08/01/2023			3,933		0.0
1,752	5.500%, 08/01/2023			1,761		0.0
294	5.500%, 08/01/2023			296		0.0
3,233	5.500%, 09/01/2023			3,251		0.0
1,535	5.500%, 11/01/2023			1,539		0.0
227	5.500%, 11/01/2023			227		0.0
296	5.500%, 11/01/2023			298		0.0
14,217	5.500%, 02/01/2024			14,309		0.0
499	5.500%, 03/01/2024			500		0.0
515	5.500%, 07/01/2024			516		0.0
2,661	5.500%, 07/01/2024			2,685		0.0
9	5.500%, 05/01/2025			9		0.0
4,844	5.500%, 08/01/2025			4,861		0.0
1,051	5.500%, 07/01/2027			1,093		0.0
250	5.500%, 08/01/2027			260		0.0
63,185	5.500%, 03/01/2034			67,731		0.0
48,807	5.500%, 04/01/2034			51,675		0.0
22,391	5.500%, 11/01/2034			24,011		0.0
22,955	5.500%, 12/01/2034			24,622		0.0
275,773	5.500%, 02/01/2035			295,829		0.0

See Accompanying Notes to Financial Statements

180

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
40,511	5.500%, 05/01/2035		$	43,478		0.0
157,789	5.500%, 09/01/2035			164,270		0.0
37,804	5.500%, 09/01/2035			40,570		0.0
28,990	5.500%, 04/01/2036			31,112		0.0
50,759	5.500%, 04/01/2036			54,468		0.0
9,593	5.500%, 05/01/2036			10,304		0.0
23,342	5.500%, 06/01/2036			24,757		0.0
133,964	5.500%, 07/01/2036			143,724		0.0
71,819	5.500%, 11/01/2036			77,184		0.0
218,640	5.500%, 12/01/2036			234,957		0.0
110,228	5.500%, 12/01/2036			118,441		0.0
35,619	5.500%, 01/01/2037			38,237		0.0
333,171	5.500%, 03/01/2037			358,176		0.0
30,010	5.500%, 03/01/2037			32,246		0.0
157,099	5.500%, 03/01/2037			168,805		0.0
135,528	5.500%, 08/01/2037			145,458		0.0
465	5.500%, 01/01/2038			499		0.0
562	5.500%, 01/01/2038			604		0.0
1,683	5.500%, 01/01/2038			1,808		0.0
4,673	5.500%, 03/01/2038			5,020		0.0
4,444	5.500%, 05/01/2038			4,705		0.0
20,181	5.500%, 06/01/2038			21,696		0.0
509,557	5.500%, 09/01/2038			545,671		0.0
144,263	5.500%, 12/01/2038			155,033		0.0
35,669	5.500%, 06/01/2039			38,348		0.0
36,450	5.500%, 05/01/2040			37,934		0.0
223,496	5.500%, 06/01/2040			232,522		0.0
3,925	6.000%, 01/01/2034			4,137		0.0
30,380	6.000%, 12/01/2034			33,303		0.0
15,797	6.000%, 05/01/2035			16,632		0.0
29,451	6.000%, 01/01/2036			30,998		0.0
14,258	6.000%, 01/01/2036			15,001		0.0
8,922	6.000%, 02/01/2036			9,737		0.0
12,628	6.000%, 03/01/2036			13,667		0.0
17,494	6.000%, 03/01/2036			19,082		0.0
5,479	6.000%, 04/01/2036			6,002		0.0
2,494	6.000%, 04/01/2036			2,625		0.0
41,465	6.000%, 05/01/2036			45,419		0.0
175	6.000%, 06/01/2036			191		0.0
9,993	6.000%, 08/01/2036			10,954		0.0
1,576	6.000%, 08/01/2036			1,658		0.0
24,279	6.000%, 09/01/2036			26,601		0.0
38,348	6.000%, 09/01/2036			40,779		0.0
8,929	6.000%, 09/01/2036			9,784		0.0
7,990	6.000%, 10/01/2036			8,505		0.0
310,605	6.000%, 12/01/2036			338,919		0.0
86,202	6.000%, 12/01/2036			90,763		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
6,905	6.000%, 01/01/2037		$	7,265		0.0
5,124	6.000%, 02/01/2037			5,423		0.0
4,884	6.000%, 04/01/2037			5,139		0.0
46,176	6.000%, 07/01/2037			50,658		0.0
1,400	6.000%, 08/01/2037			1,526		0.0
685	6.000%, 08/01/2037			724		0.0
11,859	6.000%, 08/01/2037			12,940		0.0
6,970	6.000%, 09/01/2037			7,639		0.0
778	6.000%, 09/01/2037			821		0.0
2,260	6.000%, 09/01/2037			2,420		0.0
224	6.000%, 09/01/2037			245		0.0
7,716	6.000%, 09/01/2037			8,153		0.0
873	6.000%, 10/01/2037			932		0.0
1,382	6.000%, 10/01/2037			1,475		0.0
159	6.000%, 10/01/2037			175		0.0
2,005	6.000%, 10/01/2037			2,126		0.0
1,006	6.000%, 11/01/2037			1,058		0.0
1,030	6.000%, 11/01/2037			1,091		0.0
8,390	6.000%, 11/01/2037			8,975		0.0
7,615	6.000%, 11/01/2037			8,016		0.0
6,270	6.000%, 11/01/2037			6,597		0.0
25,647	6.000%, 11/01/2037			28,102		0.0
10,880	6.000%, 12/01/2037			11,929		0.0
18,941	6.000%, 12/01/2037			20,759		0.0
4,160	6.000%, 12/01/2037			4,450		0.0
28,763	6.000%, 12/01/2037			31,511		0.0
4,295	6.000%, 01/01/2038			4,519		0.0
3,758	6.000%, 01/01/2038			3,953		0.0
708	6.000%, 02/01/2038			745		0.0
58,553	6.000%, 02/01/2038			62,645		0.0
2,916	6.000%, 03/01/2038			3,081		0.0
64,993	6.000%, 03/01/2038			68,385		0.0
144,535	6.000%, 04/01/2038			156,632		0.0
9,002	6.000%, 04/01/2038			9,681		0.0
7,324	6.000%, 05/01/2038			7,707		0.0
10,490	6.000%, 05/01/2038			11,403		0.0
1,021	6.000%, 06/01/2038			1,074		0.0
7,983	6.000%, 07/01/2038			8,436		0.0
23,368	6.000%, 07/01/2038			24,693		0.0
786	6.000%, 08/01/2038			827		0.0
1,459	6.000%, 08/01/2038			1,581		0.0
11,420	6.000%, 09/01/2038			12,029		0.0
6,321	6.000%, 09/01/2038			6,651		0.0
32,806	6.000%, 09/01/2038			34,697		0.0
16,150	6.000%, 10/01/2038			17,453		0.0
34,173	6.000%, 10/01/2038			37,072		0.0
28,414	6.000%, 10/01/2038			30,618		0.0

See Accompanying Notes to Financial Statements

181

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
341,739	6.000%, 10/01/2039		$	374,900		0.0
6,043	6.000%, 11/01/2039			6,358		0.0
441	6.500%, 04/01/2030			464		0.0
52,526	6.500%, 02/01/2034			55,136		0.0
5,882	6.500%, 11/01/2034			6,421		0.0
9,807	6.500%, 01/01/2036			10,464		0.0
17,416	6.500%, 03/01/2036			19,056		0.0
26,919	6.500%, 04/01/2036			28,705		0.0
537	6.500%, 05/01/2036			564		0.0
3,879	6.500%, 06/01/2036			4,072		0.0
711	6.500%, 07/01/2036			768		0.0
11,976	6.500%, 07/01/2036			12,850		0.0
30,104	6.500%, 07/01/2036			31,610		0.0
22,469	6.500%, 07/01/2036			23,870		0.0
4,822	6.500%, 07/01/2036			5,063		0.0
1,528	6.500%, 07/01/2036			1,651		0.0
537	6.500%, 08/01/2036			571		0.0
7,405	6.500%, 09/01/2036			7,826		0.0
60,768	6.500%, 09/01/2036			65,132		0.0
728	6.500%, 09/01/2036			791		0.0
6,402	6.500%, 09/01/2036			6,721		0.0
780	6.500%, 11/01/2036			830		0.0
1,954	6.500%, 11/01/2036			2,092		0.0
12,116	6.500%, 12/01/2036			12,716		0.0
1,349	6.500%, 12/01/2036			1,452		0.0
28,839	6.500%, 01/01/2037			30,285		0.0
18,886	6.500%, 01/01/2037			19,833		0.0
44	6.500%, 01/01/2037			46		0.0
10,683	6.500%, 03/01/2037			11,257		0.0
15,454	6.500%, 03/01/2037			16,225		0.0
3,435	6.500%, 03/01/2037			3,689		0.0
8,452	6.500%, 03/01/2037			8,961		0.0
167	6.500%, 07/01/2037			178		0.0
225	6.500%, 08/01/2037			237		0.0
1,400	6.500%, 08/01/2037			1,470		0.0
3,434	6.500%, 08/01/2037			3,648		0.0
844	6.500%, 09/01/2037			899		0.0
98,892	6.500%, 09/01/2037			104,516		0.0
61,237	6.500%, 09/01/2037			66,434		0.0
250	6.500%, 09/01/2037			271		0.0
670	6.500%, 09/01/2037			720		0.0
9,143	6.500%, 09/01/2037			9,919		0.0
3,792	6.500%, 09/01/2037			4,074		0.0
1,249	6.500%, 10/01/2037			1,357		0.0
2,172	6.500%, 10/01/2037			2,329		0.0
255	6.500%, 10/01/2037			268		0.0
17,636	6.500%, 10/01/2037			19,227		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
7,001	6.500%, 10/01/2037		$	7,370		0.0
48,223	6.500%, 11/01/2037			50,845		0.0
56,466	6.500%, 12/01/2037			59,298		0.0
6,929	6.500%, 12/01/2037			7,297		0.0
1,406	6.500%, 12/01/2037			1,476		0.0
1,220	6.500%, 12/01/2037			1,281		0.0
1,312	6.500%, 12/01/2037			1,377		0.0
1,862	6.500%, 12/01/2037			1,956		0.0
6,571	6.500%, 12/01/2037			7,156		0.0
492	6.500%, 01/01/2038			517		0.0
12,155	6.500%, 01/01/2038			12,912		0.0
41,293	6.500%, 03/01/2038			44,809		0.0
27,931	6.500%, 04/01/2038			30,510		0.0
2,097	6.500%, 05/01/2038			2,202		0.0
34,274	6.500%, 08/01/2038			36,366		0.0
29,633	6.500%, 08/01/2038			31,675		0.0
21,460	6.500%, 09/01/2038			22,781		0.0
11,521	6.500%, 10/01/2038			12,091		0.0
7,755	6.500%, 10/01/2038			8,207		0.0
119,518	6.500%, 10/01/2038			130,565		0.0
2,090	6.500%, 10/01/2038			2,287		0.0
14,773	6.500%, 11/01/2038			15,951		0.0
27,396	6.500%, 01/01/2039			29,383		0.0
723	6.500%, 01/01/2039			769		0.0
4,971	6.500%, 03/01/2039			5,217		0.0
4,994	6.500%, 09/01/2039			5,244		0.0
				330,396,128		11.4
	Total U.S. Government Agency Obligations (Cost $890,387,381)			858,431,738		29.7

COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.0%
2,500,000	Banc of America Commercial Mortgage Trust 2017-BNK3 AS, 3.748%, 02/15/2050			2,416,905		0.1
5,000,000	BANK 2021-BNK33 A5, 2.556%, 05/15/2064			4,368,104		0.2
800,000	BANK 2022-BNK39 A4, 2.928%, 02/15/2055			719,016		0.0
2,950,000 (3)	BANK 2022-BNK41 A4, 3.916%, 04/15/2065			2,850,217		0.1
4,000,000	Benchmark 2018-B3 A5 Mortgage Trust, 4.025%, 04/10/2051			3,948,680		0.1
1,103,000	Benchmark 2019-B10 A4 Mortgage Trust, 3.717%, 03/15/2062			1,065,154		0.0

See Accompanying Notes to Financial Statements

182

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
5,000,000	Benchmark 2020-B21 A5 Mortgage Trust, 1.978%, 12/17/2053		$	4,194,625		0.2
1,500,000 (3)	Benchmark 2021-B28 A5 Mortgage Trust, 2.224%, 08/15/2054			1,269,375		0.1
6,500,000 (3)	Benchmark 2022-B35 A5 Mortgage Trust, 4.594%, 05/15/2055			6,593,481		0.2
3,000,000	Citigroup Commercial Mortgage Trust 2014-GC19 A4, 4.023%, 03/10/2047			2,993,309		0.1
1,066,002 (3)	Ginnie Mae 2011-127 C, 3.500%, 03/16/2047			1,027,768		0.0
477,721 (3)	Ginnie Mae 2011-142 B, 3.373%, 02/16/2044			476,790		0.0
1,087,021	Ginnie Mae 2014-150 C, 3.400%, 12/16/2049			1,082,495		0.0
2,459,236	Ginnie Mae 2014-50 C, 3.400%, 02/16/2047			2,415,865		0.1
3,000,000	JPMDB Commercial Mortgage Securities Trust 2016-C2 A3A, 2.881%, 06/15/2049			2,877,024		0.1
1,750,000	JPMDB Commercial Mortgage Securities Trust 2019-COR6 A4, 3.057%, 11/13/2052			1,603,910		0.1
3,200,000	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 A4 A4, 3.134%, 12/15/2048			3,194,764		0.1
1,000,000 (3)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 C, 4.348%, 04/15/2048			927,663		0.0
5,000,000	Morgan Stanley Capital I Trust 2021-L5 A4, 2.728%, 05/15/2054			4,401,796		0.2
1,000,000 (2)(3)	MSCG Trust 2015-ALDR A2, 3.577%, 06/07/2035			940,548		0.0
1,000,000 (3)	UBS Commercial Mortgage Trust 2018-C9 A4, 4.117%, 03/15/2051			979,977		0.0
1,664,115	Wells Fargo Commercial Mortgage Trust 2015-P2 A3, 3.541%, 12/15/2048			1,629,084		0.1
529,000	Wells Fargo Commercial Mortgage Trust 2021-C59 A5, 2.626%, 04/15/2054			461,523		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
4,445,000 (3)	WFRBS Commercial Mortgage Trust 2013-C18 A5, 4.162%, 12/15/2046		$	4,429,803		0.2
	Total Commercial Mortgage-Backed Securities (Cost $62,317,474)			56,867,876		2.0

SOVEREIGN BONDS: 1.4%
1,250,000	Chile Government International Bond, 2.450%, 01/31/2031			1,068,947		0.0
500,000	Export-Import Bank of Korea, 3.250%, 08/12/2026			493,788		0.0
1,000,000	Export-Import Bank of Korea, 4.000%, 01/14/2024			1,011,740		0.0
1,000,000	Indonesia Government International Bond, 1.850%, 03/12/2031			813,931		0.0
1,000,000	Indonesia Government International Bond, 4.350%, 01/11/2048			878,429		0.0
1,800,000 (2)	Kommunalbanken AS, 2.500%, 01/11/2023			1,797,390		0.1
500,000	Korea International Bond, 4.125%, 06/10/2044			521,198		0.0
1,500,000	Mexico Government International Bond, 2.659%, 05/24/2031			1,238,217		0.0
5,000,000	Mexico Government International Bond, 4.750%, 03/08/2044			4,176,451		0.2
1,000,000	Panama Government International Bond, 3.870%, 07/23/2060			709,833		0.0
4,000,000	Peruvian Government International Bond, 6.550%, 03/14/2037			4,348,384		0.2
4,000,000	Philippine Government International Bond, 6.375%, 01/15/2032			4,479,462		0.2
5,000,000	Province of Alberta Canada, 2.950%, 01/23/2024			4,986,942		0.2
3,000,000	Province of British Columbia Canada, 2.250%, 06/02/2026			2,890,649		0.1
3,000,000	Province of Ontario Canada, 1.050%, 04/14/2026			2,757,390		0.1

See Accompanying Notes to Financial Statements

183

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PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
3,000,000	Province of Ontario Canada, 1.125%, 10/07/2030		$	2,500,405		0.1
2,400,000	Republic of Italy Government International Bond, 1.250%, 02/17/2026			2,147,246		0.1
1,000,000	Republic of Poland Government International Bond, 3.250%, 04/06/2026			972,440		0.0
3,000,000	Uruguay Government International Bond, 4.500%, 08/14/2024			3,036,311		0.1
	Total Sovereign Bonds (Cost $44,740,397)			40,829,153		1.4

SUPRANATIONAL BONDS: 0.4%
300,000	Asian Development Bank, 2.125%, 03/19/2025			292,425		0.0
750,000	European Investment Bank, 0.625%, 07/25/2025			696,441		0.0
3,000,000 (1)	European Investment Bank, 1.250%, 02/14/2031			2,576,080		0.1
1,500,000	Inter-American Development Bank, 0.250%, 11/15/2023			1,447,402		0.1
2,400,000	Inter-American Development Bank, 0.625%, 07/15/2025			2,223,245		0.1
3,000,000	Inter-American Development Bank, 1.750%, 09/14/2022			2,997,943		0.1
1,000,000 (1)	Inter-American Development Bank, 3.200%, 08/07/2042			908,934		0.0
	Total Supranational Bonds (Cost $11,902,179)			11,142,470		0.4

ASSET-BACKED SECURITIES: 0.7%
	Automobile Asset-Backed Securities: 0.6%
1,000,000	Ally Auto Receivables Trust 2019-4 A4, 1.920%, 01/15/2025			989,368		0.1
116,335	AmeriCredit Automobile Receivables Trust 2020-1 A3, 1.110%, 08/19/2024			116,207		0.0
1,050,000	AmeriCredit Automobile Receivables Trust 2021-2 A3, 0.340%, 12/18/2026			1,018,649		0.1
1,000,000	BMW Vehicle Lease Trust 2021-2 A3, 0.330%, 12/26/2024			971,573		0.0
200,000	Carmax Auto Owner Trust 2019-2 A4, 2.770%, 12/16/2024			199,414		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
1,150,000	Carmax Auto Owner Trust 2019-2 B, 3.010%, 12/16/2024		$	1,143,667		0.1
1,050,000	CarMax Auto Owner Trust 2021-3 A3, 0.550%, 06/15/2026			1,009,005		0.1
1,000,000	Drive Auto Receivables Trust 2021-2 A3, 0.350%, 03/17/2025			994,917		0.1
700,000	Exeter Automobile Receivables Trust 2021-4 A3, 0.680%, 07/15/2025			691,467		0.0
1,050,000	Ford Credit Auto Owner Trust 2019-A A4, 2.850%, 08/15/2024			1,050,502		0.1
250,000	Ford Credit Auto Owner Trust 2021-A A4, 0.490%, 09/15/2026			233,380		0.0
1,000,000	GM Financial Consumer Automobile Receivables Trust 2021-1 A4, 0.540%, 05/17/2027			940,052		0.0
850,000	GM Financial Consumer Automobile Receivables Trust 2021-3 A3, 0.480%, 06/16/2026			812,619		0.0
800,000	Honda Auto Receivables 2019-2 A4 Owner Trust, 2.540%, 03/21/2025			799,421		0.0
1,000,000	Honda Auto Receivables Owner Trust 2021-2 A4, 0.550%, 08/16/2027			936,782		0.0
1,000,000	Mercedes-Benz Auto Receivables Trust 2021-1 A3, 0.460%, 06/15/2026			958,487		0.0
600,000	Nissan Auto Receivables 2019-B A4 Owner Trust, 2.540%, 12/15/2025			596,473		0.0
534,647	Santander Drive Auto Receivables Trust 2021-2 A3, 0.340%, 02/18/2025			533,486		0.0
461,350	Santander Drive Auto Receivables Trust 2021-3 A3, 0.330%, 03/17/2025			459,907		0.0
83,121 (2)	Santander Retail Auto Lease Trust 2019-C A4, 1.930%, 11/20/2023			83,093		0.0
350,000	Toyota Auto Receivables 2019-C A4 Owner Trust, 1.880%, 11/15/2024			345,984		0.0

See Accompanying Notes to Financial Statements

184

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PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
550,000	Toyota Auto Receivables 2021-D A3 Owner Trust, 0.710%, 04/15/2026		$	524,139		0.0
1,000,000	Volkswagen Auto Loan Enhanced Trust 2021-1 A3, 1.020%, 06/22/2026			958,800		0.0
				16,367,392		0.6
	Credit Card Asset-Backed Securities: 0.1%
1,000,000	American Express Credit Account Master Trust 2017-7 A, 2.350%, 05/15/2025			1,000,204		0.1
500,000	Synchrony Credit Card Master Note Trust 2017-2 A, 2.620%, 10/15/2025			500,322		0.0
				1,500,526		0.1
	Other Asset-Backed Securities: 0.0%
1,000,000	Verizon Master Trust 2021-1 A, 0.500%, 05/20/2027			943,050		0.0
	Total Asset-Backed Securities (Cost $19,293,112)			18,810,968		0.7
	Total Long-Term Investments (Cost $3,162,446,332)			3,036,916,837		105.2

SHORT-TERM INVESTMENTS: 10.6%
	Floating Rate Notes: 3.9%
1,500,000 (6)	ANZ Bank, 1.620%, 07/13/2022			1,500,008		0.1
275,000 (6)	ANZ Bank, 1.640%, 07/14/2022			275,003		0.0
3,200,000 (6)	ANZ Bank, 1.660%, 08/18/2022			3,199,507		0.1
2,000,000 (6)	Bank of America N.A., 1.620%, 07/06/2022			1,999,992		0.1
975,000 (6)	Bank of America N.A., 1.660%, 08/16/2022			974,811		0.0
3,775,000 (6)	Bank of Montreal, 1.650%, 07/25/2022			3,774,894		0.1
1,975,000 (6)	Bank of Nova Scotia, 1.650%, 07/12/2022			1,975,035		0.1
3,975,000 (6)	Barclays Bank PLC, 1.690%, 07/22/2022			3,974,904		0.1
2,400,000 (6)	Barclays Bank PLC, 1.710%, 08/10/2022			2,399,852		0.1
3,900,000 (6)	Bayeriche Landesbank of New York, 1.710%, 07/27/2022			3,900,020		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
3,425,000 (6)	Commonwealth Bank of Australia, 1.690%, 09/01/2022		$	3,424,157		0.1
1,975,000 (6)	Cooperatieve Rabobank U.A./New York, 1.640%, 07/11/2022			1,975,033		0.1
3,300,000 (6)	Cooperatieve Rabobank U.A./New York, 1.660%, 08/16/2022			3,299,581		0.1
1,025,000 (6)	Credit Agricole, 1.630%, 07/21/2022			1,024,994		0.0
2,050,000 (6)	Credit Industriel et Commercial, 1.640%, 07/05/2022			2,050,028		0.1
1,875,000 (6)	Credit Industriel et Commercial, 1.650%, 07/07/2022			1,875,032		0.1
3,925,000 (6)	Credit Industriel et Commercial, 1.680%, 08/08/2022			3,924,804		0.1
4,000,000 (6)	Credit Suisse AG, 1.670%, 07/19/2022			4,000,168		0.1
4,000,000 (6)	Mitsubishi UFJ Trust and Banking Corp., 1.670%, 07/22/2022			3,999,876		0.1
2,400,000 (6)	Mitsubishi UFJ Trust and Banking Corp., 1.690%, 08/11/2022			2,399,774		0.1
3,900,000 (6)	Mizuho Bank Ltd., 1.680%, 07/25/2022			3,899,945		0.1
1,075,000 (6)	Mizuho Bank Ltd., 1.700%, 08/10/2022			1,074,928		0.0
3,200,000 (6)	National Australia Bank Ltd., 1.640%, 08/08/2022			3,199,722		0.1
3,600,000 (6)	National Australia Bank Ltd., 1.660%, 08/15/2022			3,599,608		0.1
3,900,000 (6)	National Bank of Canada, 1.670%, 08/09/2022			3,899,739		0.1
1,950,000 (6)	Natixis SA, 1.630%, 07/11/2022			1,950,026		0.1
400,000 (6)	Royal Bank of Canada, 1.640%, 07/11/2022			400,006		0.0
3,550,000 (6)	Royal Bank of Canada, 1.660%, 08/16/2022			3,549,522		0.1
1,450,000 (6)	Royal Bank of Canada, 1.690%, 08/23/2022			1,449,761		0.1
1,000,000 (6)	Sheffield Receivables Company LLC, 1.720%, 07/27/2022			1,000,039		0.0
7,000,000 (6)	Skandinaviska Enskilda Banken AB, 1.650%, 07/20/2022			6,999,888		0.3

See Accompanying Notes to Financial Statements

185

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
4,000,000 (6)	Societe Generale, 1.670%, 08/08/2022		$	4,000,406		0.2
2,025,000 (6)	Societe Generale, 1.710%, 08/31/2022			2,025,188		0.1
3,500,000 (6)	Starbird Funding Corp., 1.690%, 08/23/2022			3,499,380		0.1
3,200,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 1.670%, 07/25/2022			3,199,955		0.1
1,775,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 1.670%, 07/28/2022			1,774,972		0.1
1,575,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 1.680%, 07/29/2022			1,575,000		0.1
1,750,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 1.690%, 08/04/2022			1,749,966		0.1
1,925,000 (6)	Svenska Handelsbanken AB, 1.640%, 07/11/2022			1,925,026		0.1
3,825,000 (6)	Toronto-Dominion Bank, 1.650%, 07/25/2022			3,824,912		0.1
3,675,000 (6)	Toronto-Dominion Bank, 1.660%, 08/19/2022			3,674,617		0.1
3,475,000 (6)	Westpac Banking Corp., 1.650%, 08/02/2022			3,474,834		0.1
	Total Floating Rate Notes (Cost $113,694,913)			113,694,913		3.9

	Repurchase Agreements: 4.9%
2,968,827 (6)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/22, 1.54%, due 07/01/22 (Repurchase Amount $2,968,952, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 5.000%, Market Value plus accrued interest $3,028,204, due 09/15/26-07/01/52)			2,968,827		0.1
3,385,465 (6)	Bethesda Securities LLC, Repurchase Agreement dated 06/30/22, 1.58%, due 07/01/22 (Repurchase Amount $3,385,612, collateralized by various U.S. Government Agency Obligations, 2.000%- 5.500%, Market Value plus accrued interest $3,487,029, due 04/01/23-05/01/52)			3,385,465		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
27,697,552 (6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $27,698,728, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%- 9.000%, Market Value plus accrued interest $28,251,503, due 08/01/22-01/20/68)		$	27,697,552		1.0
8,559,631 (6)	CF Secured LLC, Repurchase Agreement dated 06/30/22, 1.48%- 1.55%, due 07/01/22 (Repurchase Amount $8,559,985, collateralized by various U.S. Gov’t/ U.S. Gov’t Agency Obligations, 0.000%- 4.610%, Market Value plus accrued interest $8,730,824, due 09/15/22-07/20/67)			8,559,631		0.3
15,481,468 (6)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $15,482,125, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $15,791,898, due 07/21/22-05/15/52)			15,481,468		0.6
8,420,337 (6)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $8,420,683, collateralized by various U.S. Government Securities, 0.000%-3.250%, Market Value plus accrued interest $8,588,744, due 12/29/22-06/30/27)			8,420,337		0.3

See Accompanying Notes to Financial Statements

186

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PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
9,486,602 (6)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $9,487,015, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%- 8.250%, Market Value plus accrued interest $9,676,762, due 08/01/22-02/20/72)		$	9,486,602		0.3
46,607,402 (6)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $46,609,381, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.875%, Market Value plus accrued interest $47,539,551, due 08/16/22-05/20/52)			46,607,402		1.6
18,146,016 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $18,146,787, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $18,508,964, due 01/15/25-02/15/51)			18,146,016		0.6
	Total Repurchase Agreements (Cost $140,753,300)			140,753,300		4.9

Shares		Value		Percentage of Net Assets
	Mutual Funds: 1.8%
7,705,000 (6)(7)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%		7,705,000		0.3
7,705,000 (6)(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%		7,705,000		0.3

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
36,353,000 (6)(7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%		$	36,353,000		1.2
	Total Mutual Funds (Cost $51,763,000)			51,763,000		1.8
	Total Short-Term Investments (Cost $306,211,213)			306,211,213		10.6
	Total Investments in Securities (Cost $3,468,657,545)		$	3,343,128,050		115.8
	Liabilities in Excess of Other Assets			(456,554,250)		(15.8)
	Net Assets		$	2,886,573,800		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

Variable rate security. Rate shown is the rate in effect as of June 30, 2022.

(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)

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, 2022.

Reference Rate Abbreviations:
US0012M 12-month LIBOR

	Investment Type Allocation as of June 30, 2022 (as a percentage of net assets)

	U.S. Treasury Obligations			44.3%
	U.S. Government Agency Obligations			29.7%
	Corporate Bonds/Notes			25.8%
	Commercial Mortgage-Backed Securities			2.0%
	Sovereign Bonds			1.4%
	Municipal Bonds			0.9%
	Asset-Backed Securities			0.7%
	Supranational Bonds			0.4%
	Collateralized Mortgage Obligations			0.0%^
	Liabilities in Excess of Other Assets*			(5.2)%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

187

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PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	744,709,694		$	—		$	744,709,694
Collateralized Mortgage Obligations			—			905,799			—			905,799
Municipal Bonds			—			25,612,160			—			25,612,160
Sovereign Bonds			—			40,829,153			—			40,829,153
U.S. Government Agency Obligations			—			858,431,738			—			858,431,738
Asset-Backed Securities			—			18,810,968			—			18,810,968
Supranational Bonds			—			11,142,470			—			11,142,470
Commercial Mortgage-Backed Securities			—			56,867,876			—			56,867,876
U.S. Treasury Obligations			—			1,279,606,979			—			1,279,606,979
Short-Term Investments			51,763,000			254,448,213			—			306,211,213
Total Investments, at fair value		$	51,763,000		$	3,291,365,050		$	—		$	3,343,128,050
Other Financial Instruments+
Centrally Cleared Swaps			—			244,639			—			244,639
Futures			1,046,023			—			—			1,046,023
Total Assets		$	52,809,023		$	3,291,609,689		$	—		$	3,344,418,712
Liabilities Table
Other Financial Instruments+
Futures		$	(124,488)		$	—		$	—		$	(124,488)
Total Liabilities		$	(124,488)		$	—		$	—		$	(124,488)

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

At June 30, 2022, the following futures contracts were outstanding for Voya U.S. Bond Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		74		09/21/22		$	8,771,313		$	(124,488)
						$	8,771,313		$	(124,488)
Short Contracts:
U.S. Treasury 2-Year Note		(3)		09/30/22			(630,047)			3,604
U.S. Treasury 5-Year Note		(780)		09/30/22			(87,555,000)			722,653
U.S. Treasury Ultra 10-Year Note		(147)		09/21/22			(18,724,125)			319,766
						$	(106,909,172)		$	1,046,023

See Accompanying Notes to Financial Statements

188

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following centrally cleared credit default swaps were outstanding for Voya U.S. Bond Index Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American Investment Grade Index, Series 38, Version 1		Buy		1.000		06/20/27	USD25,000,000		$	7,231		$	244,639
									$	7,231		$	244,639

(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.

Currency Abbreviations

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, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Credit contracts	Variation margin receivable on centrally cleared swaps*		$	244,639
Interest rate contracts	Variation margin receivable on futures contracts*			1,046,023
Total Asset Derivatives			$	1,290,662
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*			124,488
Total Liability Derivatives			$	124,488

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, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Interest Rate Contracts		$	4,282,713		$	—		$	4,555,241
Credit Contracts			—			132,432			(140,096)
Total		$	4,282,713		$	132,432		$	4,415,145

See Accompanying Notes to Financial Statements

189

TABLE OF CONTENTS

Semi-Annual Report

June 30, 2022

Classes ADV, I and S

Domestic Equity Index Portfolios

■

Voya Index Plus LargeCap Portfolio

■

Voya Index Plus MidCap Portfolio

■

Voya Index Plus SmallCap Portfolio

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
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TABLE OF CONTENTS

	Shareholder Expense Examples					1
	Statements of Assets and Liabilities					2
	Statements of Operations					3
	Statements of Changes in Net Assets					4
	Financial Highlights					6
	Notes to Financial Statements					8
	Portfolio of Investments					19

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*
Voya Index Plus LargeCap Portfolio
Class ADV		$	1,000.00		$	793.50		1.05%		$	4.67		$	1,000.00		$	1,019.59		1.05%		$	5.26
Class I			1,000.00			795.70		0.55			2.45			1,000.00			1,022.07		0.55			2.76
Class S			1,000.00			794.40		0.80			3.56			1,000.00			1,020.83		0.80			4.01
Voya Index Plus MidCap Portfolio
Class I		$	1,000.00		$	800.70		0.60%		$	2.68		$	1,000.00		$	1,021.82		0.60%		$	3.01
Class S			1,000.00			799.80		0.85			3.79			1,000.00			1,020.58		0.85			4.26
Voya Index Plus SmallCap Portfolio
Class I		$	1,000.00		$	820.80		0.60%		$	2.71		$	1,000.00		$	1,021.82		0.60%		$	3.01
Class S			1,000.00			820.10		0.85			3.84			1,000.00			1,020.58		0.85			4.26

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited)

	Voya Index Plus LargeCap Portfolio			Voya Index Plus MidCap Portfolio			Voya Index Plus SmallCap Portfolio
ASSETS:
Investments in securities at fair value+*		$	721,477,827		$	447,010,450		$	215,024,736
Short-term investments at fair value†			10,911,541			8,449,724			5,277,372
Cash			218,106			117,360			63,225
Cash collateral for futures contracts			567,000			27,000			203,500
Receivables:
Fund shares sold			305,319			103,882			692
Dividends			754,284			482,069			313,614
Foreign tax reclaims			348			492			—
Prepaid expenses			9,892			6,148			2,987
Reimbursement due from Investment Adviser			4,358			34,385			17,258
Other assets			82,262			50,678			25,137
Total assets			734,330,937			456,282,188			220,928,521
LIABILITIES:
Payable for fund shares redeemed			318,818			187,195			172,833
Payable upon receipt of securities loaned			573,541			7,756,724			2,264,372
Variation margin payable on futures contracts			85,725			4,440			24,790
Payable for investment management fees			280,353			193,224			93,840
Payable for distribution and shareholder service fees			21,119			11,113			8,436
Payable to directors under the deferred compensation plan (Note 6)			82,262			50,678			25,137
Payable for trustee fees			2,111			1,305			625
Other accrued expenses and liabilities			410,286			366,819			168,300
Total liabilities			1,774,215			8,571,498			2,758,333
NET ASSETS		$	732,556,722		$	447,710,690		$	218,170,188
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	655,913,228		$	446,118,517		$	211,186,816
Total distributable earnings			76,643,494			1,592,173			6,983,372
NET ASSETS		$	732,556,722		$	447,710,690		$	218,170,188
+ Including securities loaned at value		$	559,987		$	7,583,585		$	2,180,142
* Cost of investments in securities		$	657,681,521		$	461,174,421		$	213,518,233
† Cost of short-term investments		$	10,911,541		$	8,449,724		$	5,277,372
Class ADV
Net assets		$	1,184,834			n/a			n/a
Shares authorized			100,000,000			n/a			n/a
Par value		$	0.001			n/a			n/a
Shares outstanding			58,449			n/a			n/a
Net asset value and redemption price per share		$	20.27			n/a			n/a
Class I
Net assets		$	634,530,944		$	396,162,165		$	179,046,541
Shares authorized			200,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			30,808,748			24,494,587			9,610,149
Net asset value and redemption price per share		$	20.60		$	16.17		$	18.63
Class S
Net assets		$	96,840,944		$	51,548,525		$	39,123,647
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			4,760,629			3,254,926			2,129,026
Net asset value and redemption price per share		$	20.34		$	15.84		$	18.38

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2022 (Unaudited)

	Voya Index Plus LargeCap Portfolio			Voya Index Plus MidCap Portfolio			Voya Index Plus SmallCap Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	5,609,978		$	3,649,483		$	1,502,569
Interest			195			168			217
Securities lending income, net			4,037			14,459			8,733
Total investment income			5,614,210			3,664,110			1,511,519
EXPENSES:
Investment management fees			1,884,320			1,294,811			620,435
Distribution and shareholder service fees:
Class ADV			3,454			—			—
Class S			140,483			75,746			56,256
Transfer agent fees:
Class ADV			455			—			—
Class I			217,199			254,078			119,035
Class S			33,722			33,648			26,358
Shareholder reporting expense			16,290			15,425			8,820
Professional fees			35,295			30,227			10,369
Custody and accounting expense			41,630			34,550			19,350
Trustee fees			10,555			6,528			3,128
Licensing fee (Note 7)			83,740			51,788			24,815
Miscellaneous expense			25,599			15,360			8,039
Interest expense			51			—			96
Total expenses			2,492,793			1,812,161			896,701
Waived and reimbursed fees			(37,592)			(175,130)			(92,244)
Net expenses			2,455,201			1,637,031			804,457
Net investment income			3,159,009			2,027,079			707,062
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			11,525,897			15,013,459			5,363,102
Futures			(325,310)			(561,108)			(512,546)
Net realized gain			11,200,587			14,452,351			4,850,556
Net change in unrealized appreciation (depreciation) on:
Investments			(206,515,197)			(130,376,341)			(54,146,189)
Futures			(656,405)			(184,569)			(166,822)
Net change in unrealized appreciation (depreciation)			(207,171,602)			(130,560,910)			(54,313,011)
Net realized and unrealized loss			(195,971,015)			(116,108,559)			(49,462,455)
Decrease in net assets resulting from operations		$	(192,812,006)		$	(114,081,480)		$	(48,755,393)
* Foreign taxes withheld		$	—		$	785		$	2,730

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Plus LargeCap Portfolio						Voya Index Plus MidCap Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	3,159,009		$	6,640,161		$	2,027,079		$	4,440,252
Net realized gain			11,200,587			193,771,986			14,452,351			105,237,357
Net change in unrealized appreciation (depreciation)			(207,171,602)			35,357,483			(130,560,910)			26,150,647
Increase (decrease) in net assets resulting from operations			(192,812,006)			235,769,630			(114,081,480)			135,828,256
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(320,725)			(95,867)			—			—
Class I			(173,274,010)			(57,344,483)			(96,265,200)			(6,145,195)
Class S			(26,643,719)			(9,450,366)			(12,607,250)			(758,030)
Total distributions			(200,238,454)			(66,890,716)			(108,872,450)			(6,903,225)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			4,175,529			14,344,911			2,912,325			12,807,567
Reinvestment of distributions			200,238,454			66,890,716			108,872,450			6,903,225
			204,413,983			81,235,627			111,784,775			19,710,792
Cost of shares redeemed			(41,671,752)			(167,300,497)			(28,832,108)			(68,185,642)
Net increase (decrease) in net assets resulting from capital share transactions			162,742,231			(86,064,870)			82,952,667			(48,474,850)
Net increase (decrease) in net assets			(230,308,229)			82,814,044			(140,001,263)			80,450,181
NET ASSETS:
Beginning of year or period			962,864,951			880,050,907			587,711,953			507,261,772
End of year or period		$	732,556,722		$	962,864,951		$	447,710,690		$	587,711,953

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expense 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 Index Plus LargeCap Portfolio
Class ADV
06-30-22+		34.59		0.04•		(6.98)		(6.94)		0.09		7.29		—		7.38		—		20.27		(20.65)		1.06		1.05		1.05		0.28		1,185		28
12-31-21		29.04		0.08•		7.82		7.90		0.21		2.14		—		2.35		—		34.59		28.62		1.07		1.05		1.05		0.26		1,564		60
12-31-20		28.37		0.17•		3.30		3.47		0.28		2.52		—		2.80		—		29.04		15.37		1.08		1.05		1.05		0.67		1,188		52
12-31-19		24.41		0.25		6.52		6.77		0.40		2.41		—		2.81		—		28.37		29.40		1.00		1.00		1.00		0.95		1,247		45
08-24-18(5) - 12-31-18		28.07		0.10•		(3.76)		(3.66)		0.00*	—			—		0.00*		—		24.41		(13.04)		0.99		0.99		0.99		1.08		1,016		72
Class I
06-30-22+		35.11		0.11•		(7.08)		(6.97)		0.25		7.29		—		7.54		—		20.60		(20.43)		0.56		0.55		0.55		0.79		634,531		28
12-31-21		29.43		0.24•		7.92		8.16		0.34		2.14		—		2.48		—		35.11		29.25		0.57		0.55		0.55		0.76		829,418		60
12-31-20		28.77		0.30•		3.33		3.63		0.45		2.52		—		2.97		—		29.43		15.91		0.58		0.55		0.55		1.16		755,544		52
12-31-19		24.64		0.39•		6.59		6.98		0.44		2.41		—		2.85		—		28.77		30.05		0.50		0.50		0.50		1.44		788,581		45
12-31-18		29.11		0.41•		(2.18)		(1.77)		0.43		2.27		—		2.70		—		24.64		(6.82)		0.49		0.49		0.49		1.47		728,383		72
12-31-17		24.19		0.42•		5.41		5.83		0.42		0.49		—		0.91		—		29.11		24.64		0.48		0.46		0.46		1.58		774,135		56
Class S
06-30-22+		34.72		0.08•		(7.01)		(6.93)		0.16		7.29		—		7.45		—		20.34		(20.56)		0.81		0.80		0.80		0.54		96,841		28
12-31-21		29.13		0.16•		7.84		8.00		0.27		2.14		—		2.41		—		34.72		28.94		0.82		0.80		0.80		0.51		131,883		60
12-31-20		28.49		0.27		3.26		3.53		0.37		2.52		—		2.89		—		29.13		15.62		0.83		0.80		0.80		0.91		123,319		52
12-31-19		24.43		0.32•		6.53		6.85		0.38		2.41		—		2.79		—		28.49		29.73		0.75		0.75		0.75		1.19		126,416		45
12-31-18		28.87		0.34•		(2.16)		(1.82)		0.35		2.27		—		2.62		—		24.43		(7.04)		0.74		0.74		0.74		1.23		119,150		72
12-31-17		24.00		0.35•		5.37		5.72		0.36		0.49		—		0.85		—		28.87		24.30		0.73		0.71		0.71		1.33		100,271		56
Voya Index Plus MidCap Portfolio
Class I
06-30-22+		26.18		0.09•		(5.07)		(4.98)		0.21		4.82		—		5.03		—		16.17		(19.93)		0.67		0.60		0.60		0.81		396,162		28
12-31-21		20.75		0.20•		5.52		5.72		0.21		0.08		—		0.30		—		26.18		27.74		0.68		0.60		0.60		0.81		517,075		63
12-31-20		19.50		0.20		1.30		1.50		0.25	—			—		0.25		—		20.75		8.25		0.74		0.60		0.60		1.03		442,016		53
12-31-19		17.22		0.23•		4.18		4.41		0.26		1.87		—		2.14		—		19.50		27.08		0.55		0.55		0.55		1.26		468,981		38
12-31-18		22.95		0.25•		(3.12)		(2.87)		0.23		2.63		—		2.86		—		17.22		(14.34)		0.55		0.55		0.55		1.18		415,219		68
12-31-17		21.87		0.21•		2.62		2.83		0.30		1.45		—		1.75		—		22.95		13.58		0.53		0.51		0.51		0.96		559,342		75
Class S
06-30-22+		25.71		0.06•		(4.98)		(4.92)		0.13		4.82		—		4.95		—		15.84		(20.02)		0.92		0.85		0.85		0.56		51,549		28
12-31-21		20.38		0.13•		5.44		5.57		0.16		0.08		—		0.25		—		25.71		27.49		0.93		0.85		0.85		0.56		70,637		63
12-31-20		19.14		0.16		1.28		1.44		0.20	—			—		0.20		—		20.38		7.98		0.99		0.85		0.85		0.78		65,246		53
12-31-19		16.93		0.18•		4.11		4.29		0.21		1.87		—		2.08		—		19.14		26.74		0.80		0.80		0.80		1.01		70,770		38
12-31-18		22.59		0.19•		(3.05)		(2.86)		0.17		2.63		—		2.80		—		16.93		(14.52)		0.80		0.80		0.80		0.93		65,547		68
12-31-17		21.55		0.15•		2.58		2.73		0.24		1.45		—		1.69		—		22.59		13.29		0.78		0.76		0.76		0.71		88,547		75
Voya Index Plus SmallCap Portfolio
Class I
06-30-22+		27.28		0.07•		(4.84)		(4.77)		0.22		3.66		—		3.88		—		18.63		(17.92)		0.68		0.60		0.60		0.62		179,047		28
12-31-21		21.39		0.23•		5.84		6.07		0.18	—			—		0.18		—		27.28		28.45		0.69		0.60		0.60		0.91		227,944		63
12-31-20		20.91		0.17•		0.74		0.91		0.21		0.22		—		0.43		—		21.39		5.38		0.73		0.60		0.60		0.97		188,149		54
12-31-19		20.36		0.21		3.86		4.07		0.23		3.29		—		3.53		—		20.91		21.81		0.57		0.57		0.57		0.98		199,122		43
12-31-18		26.78		0.22•		(2.95)		(2.73)		0.24		3.45		—		3.69		—		20.36		(12.40)(a)		0.55		0.55		0.55		0.86(b)		185,212		67
12-31-17		26.91		0.22•		2.25		2.47		0.25		2.35		—		2.60		—		26.78		9.91		0.54		0.52		0.52		0.83		231,351		65
Class S
06-30-22+		26.91		0.04•		(4.76)		(4.72)		0.15		3.66		—		3.81		—		18.38		(17.99)		0.93		0.85		0.85		0.36		39,124		28
12-31-21		21.11		0.16•		5.77		5.93		0.13	—			—		0.13		—		26.91		28.13		0.94		0.85		0.85		0.65		51,234		63
12-31-20		20.62		0.14		0.72		0.86		0.15		0.22		—		0.37		—		21.11		5.11		0.98		0.85		0.85		0.71		47,970		54
12-31-19		20.10		0.16		3.82		3.98		0.17		3.29		—		3.46		—		20.62		21.55		0.82		0.82		0.82		0.73		52,956		43
12-31-18		26.47		0.15•		(2.91)		(2.76)		0.16		3.45		—		3.61		—		20.10		(12.62)(a)		0.80		0.80		0.80		0.61(b)		50,198		67
12-31-17		26.63		0.15•		2.22		2.37		0.18		2.35		—		2.53		—		26.47		9.60		0.79		0.77		0.77		0.58		65,645		65

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

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

(5)

Commencement of operations.

(a)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Index Plus SmallCap Portfolio would have been (12.44)% and (12.66)% for Classes I and S, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, the net investment income ratios for Voya Index Plus SmallCap Portfolio would have been 0.82% and 0.57% for Classes I and S, respectively.

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited)

NOTE 1 — ORGANIZATION

The classes of shares included in this report are: Adviser (“Class ADV”), Class I and Class S. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

closing price as of the close of the regular trading session on the exchange where the security is principally traded.

data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. 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 a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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. Each Portfolio’s fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ 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.

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.

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.

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually by the Portfolios. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no federal income tax provision is 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 any 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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

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.

H. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio’s assets are valued.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts, if any, are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2022, each Portfolio had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended June 30, 2022, Index Plus LargeCap, Index Plus MidCap, and Index Plus SmallCap had average notional values on futures contracts purchased of $13,500,475, $4,024,980, and $3,340,587, respectively. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at June 30, 2022.

I. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities

generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. There were no open repurchase agreements for any Portfolio at June 30, 2022.

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

K. Restricted Securities. Each Portfolio 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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended June 30, 2022, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:

	Purchases			Sales
Index Plus LargeCap		$	231,282,382		$	259,999,103
Index Plus MidCap			146,641,479			165,099,503
Index Plus SmallCap			68,581,702			79,133,638

NOTE 4 — INVESTMENT MANAGEMENT FEES

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:

	Index Plus LargeCap			0.45%
	Index Plus MidCap			0.50%
	Index Plus SmallCap			0.50%

NOTE 5 — DISTRIBUTION FEES

Class ADV shares of the respective Portfolios are subject to a shareholder service and distribution plan and Class S shares of the respective Portfolios are subject to a shareholder services and distribution plan (collectively the “Plans), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or the distribution of each respective Portfolio’s Class ADV and Class S shares. Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each respective Portfolio’s Class ADV and Class S 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 Plan for Class ADV shares of Index Plus LargeCap, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares and an annual distribution fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares. Under the Plan for Class S shares, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to each Portfolio’s Class S shares.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
ReliaStar Life Insurance Company	Index Plus SmallCap		5.04%
Voya Retirement Insurance and Annuity Company	Index Plus LargeCap		72.82
	Index Plus MidCap		81.93
	Index Plus SmallCap		73.23

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

Portfolio	Amount
Index Plus LargeCap		$	250,696
Index Plus MidCap			287,398
Index Plus SmallCap			145,194

NOTE 7 — LICENSING FEE

The Portfolios pay an annual licensing fee to S&P Opco, LLC.

NOTE 8 — EXPENSE LIMITATION AGREEMENT

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

Portfolio	Class ADV		Class I		Class S
Index Plus LargeCap		1.05%		0.55%		0.80%
Index Plus MidCap		N/A		0.60%		0.85%
Index Plus SmallCap		N/A		0.60%		0.85%

The Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of June 30, 2022, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates, are as follows:

	June 30,
	2023			2024			2025			Total
Index Plus LargeCap		$	97,000		$	177,271		$	72,537		$	346,808
Index Plus MidCap			242,043			645,439			317,086			1,204,568
Index Plus SmallCap			131,429			287,120			181,484			600,033

The Expense Limitation Agreement is contractual through May 1, 2023 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

Effective June 13, 2022, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 12, 2023. 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 13, 2022, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 9 — LINE OF CREDIT (continued)

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 13, 2022.

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 six months ended June 30, 2022:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Index Plus LargeCap		1		$	890,000		2.08%
Index Plus SmallCap		1			2,188,000		1.58

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Index Plus LargeCap
Class ADV
6/30/2022		7,730		—		15,375		(9,880)		13,225		245,233		—		320,725		(299,527)		266,431
12/31/2021		7,870		—		3,262		(6,802)		4,330		249,973		—		95,867		(218,722)		127,118
Class I
6/30/2022		116,911		—		8,181,020		(1,114,429)		7,183,502		3,492,272		—		173,274,010		(31,830,841)		144,935,441
12/31/2021		416,130		—		1,928,194		(4,391,566)		(2,047,242)		13,359,056		—		57,344,483		(142,355,476)		(71,651,937)
Class S
6/30/2022		17,193		—		1,272,992		(328,531)		961,654		438,024		—		26,643,719		(9,541,384)		17,540,359
12/31/2021		23,188		—		320,895		(778,691)		(434,608)		735,882		—		9,450,366		(24,726,299)		(14,540,051)
Index Plus MidCap
Class I
6/30/2022		117,483		—		5,676,014		(1,048,535)		4,744,962		2,754,887		—		96,265,200		(22,953,673)		76,066,414
12/31/2021		469,409		—		258,419		(2,282,468)		(1,554,640)		11,160,951		—		6,145,195		(54,884,556)		(37,578,410)
Class S
6/30/2022		7,966		—		759,016		(259,983)		506,999		157,438		—		12,607,250		(5,878,435)		6,886,253
12/31/2021		73,161		—		32,408		(558,736)		(453,167)		1,646,616		—		758,030		(13,301,086)		(10,896,440)
Index Plus SmallCap
Class I
6/30/2022		52,328		—		1,635,020		(433,157)		1,254,191		1,256,111		—		31,425,093		(10,256,975)		22,424,229
12/31/2021		460,167		—		61,581		(963,197)		(441,449)		11,670,907		—		1,522,903		(24,522,517)		(11,328,707)
Class S
6/30/2022		1,736		—		362,477		(138,893)		225,320		42,881		—		6,872,575		(3,293,718)		3,621,738
12/31/2021		17,720		—		11,025		(397,552)		(368,807)		434,419		—		269,344		(10,069,699)		(9,365,936)

NOTE 11 — SECURITIES LENDING

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

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 the Portfolios.

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, 2022:

Index Plus LargeCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Scotia Capital (USA) INC		$	559,987		$	(559,987)		$	—
Total		$	559,987		$	(559,987)		$	—

(1)

Cash collateral with a fair value of $573,541 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.

Index Plus MidCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd		$	260,381		$	(260,381)		$	—
BofA Securities Inc			696,739			(696,739)			—
Citadel Clearing LLC			519,011			(519,011)			—
Citigroup Global Markets Inc.			337,988			(337,988)			—
J.P. Morgan Securities LLC			1,838,350			(1,838,350)			—
Morgan Stanley & Co. LLC			24,592			(24,592)			—
Natixis Securities America LLC			330,252			(330,252)			—
National Bank of Canada Financial INC			3,201,812			(3,201,812)			—
Scotia Capital (USA) INC			166,497			(166,497)			—
Wells Fargo Securities LLC			207,963			(207,963)			—
Total		$	7,583,585		$	(7,583,585)		$	—

(1)

Cash collateral with a fair value of $7,756,724 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.

Index Plus SmallCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Securities Corp.		$	174,241		$	(174,241)		$	—
BofA Securities Inc			437,807			(437,807)			—
Citadel Securities LLC			65,518			(65,518)			—
Citigroup Global Markets Inc.			73,803			(73,803)			—
Goldman Sachs & Co. LLC			7,106			(7,106)			—
Morgan Stanley & Co. LLC			99,551			(99,551)			—
National Bank of Canada Financial INC			1,174,791			(1,174,791)			—
Scotia Capital (USA) INC			143,476			(143,476)			—
Wells Fargo Securities LLC			3,848			(3,848)			—
Total		$	2,180,142		$	(2,180,142)		$	—

(1)

Cash collateral with a fair value of $2,264,372 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

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

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Plus LargeCap		$	19,098,411		$	47,792,305		$	24,207,807		$	60,265,903
Index Plus MidCap			6,903,225			—			6,424,497			—
Index Plus SmallCap			1,792,247			—			2,271,713			2,533,848

The tax-basis components of distributable earnings as of December 31, 2021 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Other			Total Distributable Earnings/(Loss)
Index Plus LargeCap		$	49,465,287		$	150,789,626		$	269,499,781		$	(60,740)		$	469,693,954
Index Plus MidCap			39,303,592			69,619,594			115,658,374			(35,457)			224,546,103
Index Plus SmallCap			16,994,202			21,646,910			55,413,455			(18,134)			94,036,433

At December 31, 2021, the Portfolios did not have any capital loss carryovers for U.S. federal income tax purposes.

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

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

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the

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

NOTE 14 — LIQUIDITY

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 14 — LIQUIDITY (continued)

and monitoring the Program and has formed a Liquidity
Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Portfolio’s liquidity risk.

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

NOTE 15 — MARKET DISRUPTION

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 have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios’ service providers.

NOTE 16 — SUBSEQUENT EVENTS

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.5%
	Communication Services: 7.8%
12,904 (1)	Alphabet, Inc. - Class A		$	28,121,171		3.8
75,018	AT&T, Inc.			1,572,377		0.2
8,705 (1)	Charter Communications, Inc.			4,078,554		0.6
164,810	Comcast Corp. - Class A			6,467,145		0.9
5,275	Electronic Arts, Inc.			641,704		0.1
23,304	Interpublic Group of Cos., Inc.			641,559		0.1
54,801 (1)	Iridium Communications, Inc.			2,058,326		0.3
16,304 (1)	Live Nation Entertainment, Inc.			1,346,384		0.2
30,777 (1)	Meta Platforms, Inc.			4,962,791		0.7
2,113 (1)	NetFlix, Inc.			369,500		0.0
45,847	News Corp - Class A			714,296		0.1
8,666	Nexstar Media Group, Inc.			1,411,518		0.2
13,826	Paramount Global - Class B			341,226		0.0
52,182 (1)	Pinterest, Inc.			947,625		0.1
12,530 (1)	T-Mobile US, Inc.			1,685,786		0.2
7,196	Verizon Communications, Inc.			365,197		0.0
97,377 (1)	Warner Bros Discovery, Inc.			1,306,800		0.2
5,125 (1)	Ziff Davis, Inc.			381,966		0.1
				57,413,925		7.8
	Consumer Discretionary: 10.3%
10,705 (1)	Airbnb, Inc.			953,601		0.1
165,662 (1)	Amazon.com, Inc.			17,594,961		2.4
10,451 (1)	Aptiv PLC			930,870		0.1
13,685 (1)	Autonation, Inc.			1,529,436		0.2
1,492 (1)	Autozone, Inc.			3,206,487		0.4
355 (1)	Booking Holdings, Inc.			620,891		0.1
10,119	BorgWarner, Inc.			337,671		0.0
30,069	Boyd Gaming Corp.			1,495,933		0.2
9,338 (1)	Carmax, Inc.			844,902		0.1
8,334 (1)	CROCS, Inc.			405,616		0.1
12,193 (2)	Dick’s Sporting Goods, Inc.			918,986		0.1
938	Domino’s Pizza, Inc.			365,548		0.0
186,312	Ford Motor Co.			2,073,652		0.3
86,664 (1)	General Motors Co.			2,752,449		0.4
29,226	Genuine Parts Co.			3,887,058		0.5
11,564	Harley-Davidson, Inc.			366,116		0.1
16,968	Home Depot, Inc.			4,653,813		0.6
17,151	Lennar Corp. - Class A			1,210,346		0.2
60,707	LKQ Corp.			2,980,107		0.4
3,331	Lowe’s Cos, Inc.			581,826		0.1
1,685 (1)	Lululemon Athletica, Inc.			459,348		0.1
1,748	McDonald’s Corp.			431,546		0.1
33,675	MGM Resorts International			974,891		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
50,448	Nike, Inc. - Class B		$	5,155,786		0.7
314 (1)	NVR, Inc.			1,257,300		0.2
8,283	PVH Corp.			471,303		0.1
8,636	Starbucks Corp.			659,704		0.1
54,656 (1)	Taylor Morrison Home Corp.			1,276,764		0.2
18,909 (1)	Tesla, Inc.			12,733,699		1.7
32,280	Travel + Leisure Co.			1,253,110		0.2
50,467	Wendy’s Company			952,817		0.1
7,115	Wyndham Hotels & Resorts, Inc.			467,598		0.1
15,149	Yum! Brands, Inc.			1,719,563		0.2
				75,523,698		10.3
	Consumer Staples: 6.7%
20,303	Altria Group, Inc.			848,056		0.1
36,954	Archer-Daniels-Midland Co.			2,867,630		0.4
14,765 (1)	BellRing Brands, Inc.			367,501		0.0
120,762	Coca-Cola Co.			7,597,138		1.0
12,307	Costco Wholesale Corp.			5,898,499		0.8
16,358	Estee Lauder Cos., Inc.			4,165,892		0.6
26,655 (1)	Herbalife Nutrition Ltd.			545,095		0.1
14,728	Keurig Dr Pepper, Inc.			521,224		0.1
29,682 (1)	Monster Beverage Corp.			2,751,521		0.4
13,076	Nu Skin Enterprises, Inc.			566,191		0.1
60,268	PepsiCo, Inc.			10,044,265		1.4
15,330 (1)	Performance Food Group Co.			704,873		0.1
68,483	Philip Morris International, Inc.			6,762,012		0.9
21,928	Procter & Gamble Co.			3,153,027		0.4
24,719	Tyson Foods, Inc.			2,127,317		0.3
				48,920,241		6.7
	Energy: 4.3%
89,326	Baker Hughes Co.			2,578,842		0.4
13,951	Cheniere Energy, Inc.			1,855,902		0.3
21,280	Chevron Corp.			3,080,918		0.4
35,889 (1)	CNX Resources Corp.			590,733		0.1
52,182	ConocoPhillips			4,686,465		0.6
14,853	Devon Energy Corp.			818,549		0.1
7,599	Diamondback Energy, Inc.			920,619		0.1
22,950	EOG Resources, Inc.			2,534,598		0.3
59,570	Exxon Mobil Corp.			5,101,575		0.7
41,912	Marathon Petroleum Corp.			3,445,585		0.5
9,492	Occidental Petroleum Corp.			558,889		0.1
12,323	Phillips 66			1,010,363		0.1
45,860	Targa Resources Corp.			2,736,466		0.4
12,155	Valero Energy Corp.			1,291,833		0.2
				31,211,337		4.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: 11.3%
3,735	Ameriprise Financial, Inc.		$	887,735		0.1
18,824	Aon PLC			5,076,456		0.7
185,325	Bank of America Corp.			5,769,167		0.8
24,382 (1)	Berkshire Hathaway, Inc. - Class B			6,656,774		0.9
4,199	Blackrock, Inc.			2,557,359		0.4
5,662	Blackstone, Inc.			516,544		0.1
27,643	Capital One Financial Corp.			2,880,124		0.4
65,617	Charles Schwab Corp.			4,145,682		0.6
103,325	Citigroup, Inc.			4,751,917		0.6
37,882	Citizens Financial Group, Inc.			1,352,009		0.2
13,021	Discover Financial Services			1,231,526		0.2
32,887	Hancock Whitney Corp.			1,457,881		0.2
50,120	Hartford Financial Services Group, Inc.			3,279,352		0.4
41,455	International Bancshares Corp.			1,661,516		0.2
26,787	JPMorgan Chase & Co.			3,016,484		0.4
55,445	Loews Corp.			3,285,671		0.4
42,827	Marsh & McLennan Cos., Inc.			6,648,892		0.9
66,667	Metlife, Inc.			4,186,021		0.6
53,788	Morgan Stanley			4,091,115		0.6
77,969	New Residential Investment Corp.			726,671		0.1
60,070	Old Republic International Corp.			1,343,165		0.2
2,622	S&P Global, Inc.			883,771		0.1
78,768	Starwood Property Trust, Inc.			1,645,463		0.2
12,537	Stifel Financial Corp.			702,323		0.1
27,089	T. Rowe Price Group, Inc.			3,077,581		0.4
26,580	Unum Group			904,252		0.1
85,330	US Bancorp			3,926,887		0.5
160,141	Wells Fargo & Co.			6,272,723		0.9
				82,935,061		11.3
	Health Care: 15.4%
27,233	Abbott Laboratories			2,958,865		0.4
7,775	AbbVie, Inc.			1,190,819		0.2
32,162	Agilent Technologies, Inc.			3,819,881		0.5
1,767 (1)	Align Technology, Inc.			418,196		0.1
5,500 (1)	Biogen, Inc.			1,121,670		0.2
105,813	Bristol-Myers Squibb Co.			8,147,601		1.1
38,014 (1)	Centene Corp.			3,216,364		0.4
15,132	Cigna Corp.			3,987,585		0.5
49,903	CVS Health Corp.			4,624,012		0.6
5,163	Danaher Corp.			1,308,924		0.2
5,244 (1)	DexCom, Inc.			390,835		0.1
38,957 (1)	Edwards Lifesciences Corp.			3,704,421		0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
11,071	Elevance Health, Inc.		$	5,342,643		0.7
10,813	Eli Lilly & Co.			3,505,899		0.5
11,001	Gilead Sciences, Inc.			679,972		0.1
42,346 (1)	Hologic, Inc.			2,934,578		0.4
1,530	Humana, Inc.			716,147		0.1
82,082	Johnson & Johnson			14,570,376		2.0
6,249	McKesson Corp.			2,038,486		0.3
27,285	Medtronic PLC			2,448,829		0.3
82,602	Merck & Co., Inc.			7,530,824		1.0
3,047 (1)	Moderna, Inc.			435,264		0.1
6,854 (1)	Molina Healthcare, Inc.			1,916,447		0.3
138,370	Pfizer, Inc.			7,254,739		1.0
5,823 (1)	Regeneron Pharmaceuticals, Inc.			3,442,150		0.5
17,928 (1)	Sage Therapeutics, Inc.			579,074		0.1
3,699 (1)	Seagen, Inc.			654,501		0.1
1,922 (1)	Shockwave Medical, Inc.			367,429		0.0
12,783 (1)	Tandem Diabetes Care, Inc.			756,626		0.1
12,751	Thermo Fisher Scientific, Inc.			6,927,363		0.9
20,620	UnitedHealth Group, Inc.			10,591,051		1.4
10,319 (1)	Vertex Pharmaceuticals, Inc.			2,907,791		0.4
11,793	Zoetis, Inc.			2,027,099		0.3
				112,516,461		15.4
	Industrials: 6.9%
3,773	Acuity Brands, Inc.			581,193		0.1
46,118	AECOM			3,007,816		0.4
23,991	Allegion Public Ltd.			2,348,719		0.3
22,174	AO Smith Corp.			1,212,474		0.2
7,383 (1)	Copa Holdings S.A. - Class A			467,861		0.1
28,082 (1)	Copart, Inc.			3,051,390		0.4
13,124 (1)	CoStar Group, Inc.			792,821		0.1
7,670	Crane Holdings Co.			671,585		0.1
58,639	CSX Corp.			1,704,049		0.2
2,880	Dover Corp.			349,402		0.0
47,227	Emerson Electric Co.			3,756,436		0.5
2,129	Equifax, Inc.			389,139		0.0
5,964	FedEx Corp.			1,352,098		0.2
65,978	Fortive Corp.			3,587,884		0.5
64,179	General Electric Co.			4,086,277		0.6
9,315	Insperity, Inc.			929,916		0.1
108,483 (1)	JetBlue Airways Corp.			908,003		0.1
51,117	Johnson Controls International plc			2,447,482		0.3
4,554	Manpowergroup, Inc.			347,971		0.0
11,678	Owens Corning, Inc.			867,792		0.1
10,171	Parker Hannifin Corp.			2,502,574		0.3
46,618	Pentair PLC			2,133,706		0.3
5,896	Regal Rexnord Corp.			669,314		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
9,532	Rockwell Automation, Inc.		$	1,899,823		0.3
4,843 (1)	Saia, Inc.			910,484		0.1
10,791	Snap-On, Inc.			2,126,151		0.3
17,432 (1)	Southwest Airlines Co.			629,644		0.1
24,888	Textron, Inc.			1,519,910		0.2
7,845 (1)	United Rentals, Inc.			1,905,629		0.3
15,501	Verisk Analytics, Inc.			2,683,068		0.4
3,366	Watts Water Technologies, Inc.			413,479		0.1
7,822	Westinghouse Air Brake Technologies Corp.			642,030		0.1
				50,896,120		6.9
	Information Technology: 27.6%
19,129	Accenture PLC			5,311,167		0.7
17,074 (1)	Adobe, Inc.			6,250,108		0.8
5,079 (1)	Advanced Micro Devices, Inc.			388,391		0.0
21,848 (1)	Akamai Technologies, Inc.			1,995,378		0.3
37,891	Amdocs Ltd.			3,156,699		0.4
314,977	Apple, Inc.			43,063,655		5.9
40,847	Applied Materials, Inc.			3,716,260		0.5
13,148 (1)	Arrow Electronics, Inc.			1,473,759		0.2
3,561 (1)	Autodesk, Inc.			612,350		0.1
16,714	Automatic Data Processing, Inc.			3,510,609		0.5
690	Broadcom, Inc.			335,209		0.0
21,131 (1)	Cadence Design Systems, Inc.			3,170,284		0.4
181,613	Cisco Systems, Inc.			7,743,978		1.1
26,442	Cognex Corp.			1,124,314		0.1
58,405	Cognizant Technology Solutions Corp.			3,941,753		0.5
3,664 (1)	Crowdstrike Holdings, Inc.			617,604		0.1
122,323 (1)	Dropbox, Inc.			2,567,560		0.3
2,132 (1)	EPAM Systems, Inc.			628,471		0.1
11,054 (1)	F5, Inc.			1,691,704		0.2
80,656	Genpact Ltd.			3,416,588		0.5
2,554 (1)	HubSpot, Inc.			767,860		0.1
129,334	Intel Corp.			4,838,385		0.7
105,842	Juniper Networks, Inc.			3,016,497		0.4
6,142 (1)	Keysight Technologies, Inc.			846,675		0.1
5,455	KLA Corp.			1,740,581		0.2
5,020	Lam Research Corp.			2,139,273		0.3
6,350	Mastercard, Inc. - Class A			2,003,298		0.3
155,638	Microsoft Corp.			39,972,508		5.5
1,598 (1)	MongoDB, Inc.			414,681		0.1
5,048	Monolithic Power Systems, Inc.			1,938,634		0.3
45,755	NetApp, Inc.			2,985,056		0.4
49,641	Nvidia Corp.			7,525,079		1.0
46,709 (1)	Palantir Technologies, Inc.			423,651		0.1
4,684 (1)	Palo Alto Networks, Inc.			2,313,615		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
2,548 (1)	Paylocity Holding Corp.		$	444,422		0.1
13,597 (1)	PayPal Holdings, Inc.			949,614		0.1
19,760 (1)	Qorvo, Inc.			1,863,763		0.2
32,917	Qualcomm, Inc.			4,204,818		0.6
15,193 (1)	Qualys, Inc.			1,916,445		0.3
30,690 (1)	Salesforce, Inc.			5,065,078		0.7
9,209 (1)	ServiceNow, Inc.			4,379,064		0.6
1,601 (1)	SolarEdge Technologies, Inc.			438,162		0.1
6,469 (1)	Synopsys, Inc.			1,964,635		0.3
13,813	Teradyne, Inc.			1,236,954		0.2
24,852	Texas Instruments, Inc.			3,818,510		0.5
13,414	Universal Display Corp.			1,356,692		0.2
32,234	Visa, Inc. - Class A			6,346,552		0.9
16,729 (1)	Workday, Inc.			2,335,034		0.3
				201,961,377		27.6
	Materials: 2.2%
5,806	Air Products & Chemicals, Inc.			1,396,227		0.2
7,063	CF Industries Holdings, Inc.			605,511		0.1
6,346	Corteva, Inc.			343,572		0.0
47,648	Freeport-McMoRan, Inc.			1,394,181		0.2
33,432 (1)	Ingevity Corp.			2,110,896		0.3
12,836	Linde PLC			3,690,735		0.5
29,562	Minerals Technologies, Inc.			1,813,333		0.3
3,179	Nucor Corp.			331,919		0.0
10,816	Packaging Corp. of America			1,487,200		0.2
74,358	WestRock Co.			2,962,423		0.4
				16,135,997		2.2
	Real Estate: 2.8%
43,815 (1)	CBRE Group, Inc.			3,225,222		0.4
17,554	Digital Realty Trust, Inc.			2,279,036		0.3
63,310	Highwoods Properties, Inc.			2,164,569		0.3
62,393	Iron Mountain, Inc.			3,037,915		0.4
39,396	Kilroy Realty Corp.			2,061,593		0.3
4,493	Lamar Advertising Co.			395,249		0.1
17,265	Mid-America Apartment Communities, Inc.			3,015,677		0.4
20,787	ProLogis, Inc.			2,445,591		0.3
5,511	SBA Communications Corp.			1,763,796		0.3
				20,388,648		2.8
	Utilities: 3.2%
31,822	Atmos Energy Corp.			3,567,246		0.5
5,568	DTE Energy Co.			705,744		0.1
46,451	Eversource Energy			3,923,716		0.5
56,675	National Fuel Gas Co.			3,743,384		0.5
39,706	NextEra Energy, Inc.			3,075,627		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
23,193	PPL Corp.		$	629,226		0.1
38,622	Sempra Energy			5,803,728		0.8
55,071	UGI Corp.			2,126,291		0.3
				23,574,962		3.2
	Total Common Stock (Cost $657,681,521)			721,477,827		98.5

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.5%

Repurchase Agreements: 0.1%

573,541 (3)

RBC Dominion Securities
Inc., Repurchase
Agreement dated
06/30/22, 1.55%, due
07/01/22 (Repurchase
Amount $573,565,
collateralized by various
U.S. Government/U.S.
Government Agency
Obligations,
0.000%-6.875%, Market
Value plus accrued
interest $585,012, due
08/16/22-05/20/52)
(Cost $573,541)

573,541

0.1

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.4%
10,338,000 (4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $10,338,000)		$	10,338,000		1.4
	Total Short-Term Investments (Cost $10,911,541)			10,911,541		1.5
	Total Investments in Securities (Cost $668,593,062)		$	732,389,368		100.0
	Assets in Excess of Other Liabilities			167,354		0.0
	Net Assets		$	732,556,722		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.

(4)

Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	721,477,827		$	—		$	—		$	721,477,827
Short-Term Investments			10,338,000			573,541			—			10,911,541
Total Investments, at fair value		$	731,815,827		$	573,541		$	—		$	732,389,368
Other Financial Instruments+
Futures			97,052			—			—			97,052
Total Assets		$	731,912,879		$	573,541		$	—		$	732,486,420

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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following futures contracts were outstanding for Voya Index Plus LargeCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		54		09/16/22		$	10,231,650		$	97,052
						$	10,231,650		$	97,052

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, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Variation margin receivable on futures contracts*		$	97,052
Total Asset Derivatives			$	97,052

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(325,310)
Total		$	(325,310)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(656,405)
Total		$	(656,405)

At June 30, 2022, 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 $670,158,242.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	115,311,763
Gross Unrealized Depreciation		(52,983,584)
Net Unrealized Appreciation	$	62,328,179

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.8%
	Communication Services: 1.8%
70,243 (1)	Iridium Communications, Inc.		$	2,638,327		0.6
3,623 (1)	Live Nation Entertainment, Inc.			299,187		0.1
48,618	New York Times Co.			1,356,442		0.3
2,746	Nexstar Media Group, Inc.			447,269		0.1
30,295 (1)	Pinterest, Inc.			550,157		0.1
39,181	TEGNA, Inc.			821,626		0.2
23,802 (1)	Ziff Davis, Inc.			1,773,963		0.4
				7,886,971		1.8
	Consumer Discretionary: 13.8%
34,227	ADT, Inc.			210,496		0.0
19,031	American Eagle Outfitters, Inc.			212,767		0.0
2,783 (1)	Aptiv PLC			247,882		0.1
24,743 (1)	Autonation, Inc.			2,765,278		0.6
337 (1)	Autozone, Inc.			724,253		0.2
12,932	BorgWarner, Inc.			431,541		0.1
47,614	Boyd Gaming Corp.			2,368,797		0.5
29,268	Brunswick Corp.			1,913,542		0.4
3,492 (1)	Carmax, Inc.			315,956		0.1
8,811	Carter’s, Inc.			620,999		0.1
3,183	Columbia Sportswear Co.			227,839		0.1
33,385 (1)	CROCS, Inc.			1,624,848		0.4
110,417	Dana, Inc.			1,553,567		0.3
6,894 (1)	Deckers Outdoor Corp.			1,760,383		0.4
29,004 (2)	Dick’s Sporting Goods, Inc.			2,186,032		0.5
2,126 (1)	Five Below, Inc.			241,152		0.1
8,508 (1)(2)	GameStop Corp.			1,040,528		0.2
105,788	Gentex Corp.			2,958,890		0.7
12,094	Genuine Parts Co.			1,608,502		0.4
115,959 (1)	Goodyear Tire & Rubber Co.			1,241,921		0.3
57,322	Harley-Davidson, Inc.			1,814,815		0.4
27,260	Kohl’s Corp.			972,909		0.2
15,136	Lear Corp.			1,905,471		0.4
6,055	Lennar Corp. - Class A			427,301		0.1
5,573	Lithia Motors, Inc.			1,531,516		0.3
29,947	LKQ Corp.			1,470,098		0.3
1,662 (1)	Lululemon Athletica, Inc.			453,078		0.1
75,053	Macy’s, Inc.			1,374,971		0.3
13,006	Marriott Vacations Worldwide Corp.			1,511,297		0.3
68,281 (1)	Mattel, Inc.			1,524,715		0.3
9,061	MGM Resorts International			262,316		0.1
20,135	Nordstrom, Inc.			425,453		0.1
258 (1)	NVR, Inc.			1,033,068		0.2
5,531 (1)(2)	Ollie’s Bargain Outlet Holdings, Inc.			324,946		0.1
2,785	Penske Auto Group, Inc.			291,562		0.1
12,120	PVH Corp.			689,628		0.2
33,830 (1)	Scientific Games Corp.			1,589,672		0.4
41,464	Service Corp. International			2,865,992		0.6
89,951 (1)	Taylor Morrison Home Corp.			2,101,255		0.5
22,150	Tempur Sealy International, Inc.			473,346		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
6,039	Thor Industries, Inc.		$	451,294		0.1
39,444	Toll Brothers, Inc.			1,759,202		0.4
6,180 (1)	TopBuild Corp.			1,033,049		0.2
51,035	Travel + Leisure Co.			1,981,179		0.4
139,758 (1)	Under Armour, Inc. - Class A			1,164,184		0.3
11,126 (1)	Victoria’s Secret & Co.			311,194		0.1
101,021	Wendy’s Company			1,907,276		0.4
1,449 (2)	Whirlpool Corp.			224,407		0.0
16,664	Williams-Sonoma, Inc.			1,848,871		0.4
38,777	Wyndham Hotels & Resorts, Inc.			2,548,424		0.6
34,273 (1)	YETI Holdings, Inc.			1,482,993		0.3
				62,010,655		13.8
	Consumer Staples: 4.0%
15,172	Archer-Daniels-Midland Co.			1,177,347		0.3
59,011 (1)	BellRing Brands, Inc.			1,468,784		0.3
22,399 (1)	BJ’s Wholesale Club Holdings, Inc.			1,395,906		0.3
34,784 (1)	Darling Ingredients, Inc.			2,080,083		0.5
12,184	Energizer Holdings, Inc.			345,416		0.1
125,651	Flowers Foods, Inc.			3,307,134		0.7
24,960 (1)	Herbalife Nutrition Ltd.			510,432		0.1
39,059	Nu Skin Enterprises, Inc.			1,691,255		0.4
61,278 (1)	Performance Food Group Co.			2,817,563		0.6
19,484 (1)	Post Holdings, Inc.			1,604,507		0.3
2,064	Sanderson Farms, Inc.			444,854		0.1
14,381	Tyson Foods, Inc.			1,237,629		0.3
				18,080,910		4.0
	Energy: 4.1%
32,007	Baker Hughes Co.			924,042		0.2
75,650	ChampionX Corp.			1,501,653		0.3
100,870 (1)	CNX Resources Corp.			1,660,320		0.4
1,529	Diamondback Energy, Inc.			185,238		0.0
74,816	EQT Corp.			2,573,671		0.6
91,480	Equitrans Midstream Corp.			581,813		0.1
30,111	HF Sinclair Corp.			1,359,813		0.3
15,299	Marathon Petroleum Corp.			1,257,731		0.3
16,336	Matador Resources Co.			761,094		0.2
18,217	PDC Energy, Inc.			1,122,349		0.2
75,279 (1)	Range Resources Corp.			1,863,155		0.4
73,467	Targa Resources Corp.			4,383,776		1.0
2,783	Valero Energy Corp.			295,777		0.1
				18,470,432		4.1
	Financials: 15.6%
3,239	Affiliated Managers Group, Inc.			377,667		0.1
6,762	American Financial Group, Inc.			938,633		0.2
2,908	Ameriprise Financial, Inc.			691,174		0.2
62,345	Bank OZK			2,339,808		0.5
25,929	Citizens Financial Group, Inc.			925,406		0.2
81,299	CNO Financial Group, Inc.			1,470,699		0.3
15,579	Commerce Bancshares, Inc.			1,022,761		0.2
7,887	Discover Financial Services			745,953		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
52,944	East West Bancorp, Inc.		$	3,430,771		0.8
72,476	Essent Group Ltd.			2,819,316		0.6
27,106	Evercore, Inc.			2,537,393		0.6
1,012	Everest Re Group Ltd.			283,643		0.1
44,200	First American Financial Corp.			2,339,064		0.5
218,335	FNB Corp.			2,371,118		0.5
70,218	Hancock Whitney Corp.			3,112,764		0.7
23,512	Hanover Insurance Group, Inc.			3,438,630		0.8
13,468	Hartford Financial Services Group, Inc.			881,211		0.2
40,169	International Bancshares Corp.			1,609,974		0.4
27,293	Jefferies Financial Group, Inc.			753,833		0.2
7,117 (2)	Lazard Ltd.			230,662		0.0
23,813	Loews Corp.			1,411,158		0.3
224,429	MGIC Investment Corp.			2,827,805		0.6
74,357	Navient Corp.			1,040,255		0.2
101,180	New Residential Investment Corp.			942,998		0.2
258,720 (2)	New York Community Bancorp., Inc.			2,362,114		0.5
171,389	Old Republic International Corp.			3,832,258		0.9
10,045	OneMain Holdings, Inc.			375,482		0.1
10,037	Popular, Inc.			772,146		0.2
6,303	Primerica, Inc.			754,406		0.2
34,526	Prosperity Bancshares, Inc.			2,357,090		0.5
24,600	Reinsurance Group of America, Inc.			2,885,334		0.6
50,869	Starwood Property Trust, Inc.			1,062,653		0.2
53,022	Stifel Financial Corp.			2,970,293		0.7
79,682	Synovus Financial Corp.			2,872,536		0.6
10,894	T. Rowe Price Group, Inc.			1,237,667		0.3
31,590	UMB Financial Corp.			2,719,899		0.6
87,645	Unum Group			2,981,683		0.7
41,713	Washington Federal, Inc.			1,252,224		0.3
34,005	Wintrust Financial Corp.			2,725,501		0.6
				69,703,982		15.6
	Health Care: 10.7%
12,303	Agilent Technologies, Inc.			1,461,227		0.3
7,757 (1)	Amedisys, Inc.			815,416		0.2
11,579	Bruker Corp.			726,698		0.2
21,297 (1)	Envista Holdings Corp.			820,786		0.2
111,861 (1)	Exelixis, Inc.			2,328,946		0.5
31,727 (1)(2)	Figs, Inc.			289,033		0.1
37,809 (1)	Globus Medical, Inc.			2,122,597		0.5
42,104 (1)	Halozyme Therapeutics, Inc.			1,852,576		0.4
20,120 (1)	Hologic, Inc.			1,394,316		0.3
11,798 (1)	Inari Medical, Inc.			802,146		0.2
1,128 (1)	IQVIA Holdings, Inc.			244,765		0.0
20,269 (1)	Jazz Pharmaceuticals PLC			3,162,167		0.7
5,570	Laboratory Corp. of America Holdings			1,305,385		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
12,723 (1)	LivaNova PLC		$	794,806		0.2
10,277 (1)	Masimo Corp.			1,342,896		0.3
7,252	McKesson Corp.			2,365,675		0.5
11,684 (1)	Medpace Holdings, Inc.			1,748,744		0.4
334 (1)	Mettler Toledo International, Inc.			383,689		0.1
7,224 (1)	Molina Healthcare, Inc.			2,019,903		0.4
8,494 (1)	Natera, Inc.			301,027		0.1
29,266 (1)	Neurocrine Biosciences, Inc.			2,852,850		0.6
20,021 (1)	NuVasive, Inc.			984,232		0.2
46,107 (1)	Option Care Health, Inc.			1,281,314		0.3
19,708	Patterson Cos., Inc.			597,152		0.1
6,051	Perrigo Co. PLC			245,489		0.0
30,424 (1)	Progyny, Inc.			883,817		0.2
2,463	Quest Diagnostics, Inc.			327,530		0.1
11,991 (1)	QuidelOrtho Corp.			1,165,285		0.3
1,813 (1)	Repligen Corp.			294,431		0.1
23,427 (1)	Sage Therapeutics, Inc.			756,692		0.2
4,631 (1)	Seagen, Inc.			819,409		0.2
11,662 (1)	Shockwave Medical, Inc.			2,229,425		0.5
21,563 (1)	Staar Surgical Co.			1,529,464		0.3
19,667 (1)	Syneos Health, Inc.			1,409,731		0.3
34,133 (1)	Tandem Diabetes Care, Inc.			2,020,332		0.4
22,699 (1)	Tenet Healthcare Corp.			1,193,060		0.3
9,427 (1)	United Therapeutics Corp.			2,221,378		0.5
4,409 (1)	Veeva Systems, Inc.			873,158		0.2
				47,967,547		10.7
	Industrials: 17.2%
18,194	Acuity Brands, Inc.			2,802,604		0.6
64,024	AECOM			4,175,645		0.9
13,913	AGCO Corp.			1,373,213		0.3
13,146	Allegion Public Ltd.			1,286,993		0.3
15,633	AO Smith Corp.			854,812		0.2
19,381 (1)	ASGN, Inc.			1,749,135		0.4
9,515 (1)	Avis Budget Group, Inc.			1,399,466		0.3
53,856 (1)	Builders FirstSource, Inc.			2,892,067		0.6
1,452 (1)	CACI International, Inc.			409,145		0.1
4,039	Carlisle Cos., Inc.			963,746		0.2
2,466 (1)	Chart Industries, Inc.			412,759		0.1
18,382 (1)	Clean Harbors, Inc.			1,611,550		0.4
3,861 (1)	Copa Holdings S.A. - Class A			244,672		0.1
11,448 (1)	Copart, Inc.			1,243,940		0.3
6,779 (1)	CoStar Group, Inc.			409,519		0.1
34,826	Crane Holdings Co.			3,049,365		0.7
9,934	Curtiss-Wright Corp.			1,311,884		0.3
16,205 (1)	Dun & Bradstreet Holdings, Inc.			243,561		0.1
7,226 (1)	Dycom Industries, Inc.			672,307		0.2
6,772	EnerSys			399,277		0.1
81,642	Flowserve Corp.			2,337,410		0.5
30,943 (1)	Fluor Corp.			753,153		0.2
25,823	Fortive Corp.			1,404,255		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
7,201 (1)	FTI Consulting, Inc.		$	1,302,301		0.3
5,809	Graco, Inc.			345,113		0.1
10,426 (1)	GXO Logistics, Inc.			451,133		0.1
15,121 (1)	Hayward Holdings, Inc.			217,591		0.0
22,010	Hexcel Corp.			1,151,343		0.3
8,520	Hubbell, Inc.			1,521,502		0.3
19,433 (1)	IAA, Inc.			636,819		0.1
24,580	Insperity, Inc.			2,453,821		0.5
197,118 (1)	JetBlue Airways Corp.			1,649,878		0.4
7,857	KBR, Inc.			380,200		0.1
36,457	Knight-Swift Transportation Holdings, Inc.			1,687,595		0.4
1,229	Lennox International, Inc.			253,899		0.1
26,732	Manpowergroup, Inc.			2,042,592		0.5
26,977 (1)	Mastec, Inc.			1,933,172		0.4
5,733 (1)	Middleby Corp.			718,689		0.2
76,847	nVent Electric PLC			2,407,617		0.5
44,064	Owens Corning, Inc.			3,274,396		0.7
2,813	Parker Hannifin Corp.			692,139		0.2
25,297	Pentair PLC			1,157,844		0.3
27,360	Regal Rexnord Corp.			3,105,907		0.7
2,602	Rockwell Automation, Inc.			518,605		0.1
32,245	Ryder System, Inc.			2,291,330		0.5
12,408 (1)	Saia, Inc.			2,332,704		0.5
5,120	Sensata Technologies Holding PLC			211,507		0.0
5,239	Snap-On, Inc.			1,032,240		0.2
46,601	Terex Corp.			1,275,469		0.3
3,475	Tetra Tech, Inc.			474,511		0.1
33,712	Timken Co.			1,788,422		0.4
2,860	Toro Co.			216,759		0.0
11,875 (1)	Trex Co., Inc.			646,237		0.1
3,844 (1)	United Rentals, Inc.			933,746		0.2
16,710 (1)	Univar Solutions, Inc.			415,578		0.1
2,624	Verisk Analytics, Inc.			454,188		0.1
2,330	Watsco, Inc.			556,451		0.1
15,662	Watts Water Technologies, Inc.			1,923,920		0.4
3,375	Westinghouse Air Brake Technologies Corp.			277,020		0.1
24,319	Woodward, Inc.			2,249,264		0.5
				76,981,980		17.2
	Information Technology: 12.9%
48,051 (1)	ACI Worldwide, Inc.			1,244,040		0.3
11,922 (1)	Akamai Technologies, Inc.			1,088,836		0.2
15,124	Amdocs Ltd.			1,259,981		0.3
37,106 (1)	Arrow Electronics, Inc.			4,159,212		0.9
3,986 (1)	Aspen Technology, Inc.			732,149		0.2
73,733	Avnet, Inc.			3,161,671		0.7
4,919 (1)	Cadence Design Systems, Inc.			737,998		0.2
28,138 (1)	Calix, Inc.			960,631		0.2
50,460 (1)	Ciena Corp.			2,306,022		0.5
69,318	Cognex Corp.			2,947,401		0.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
30,556 (1)	Commvault Systems, Inc.		$	1,921,972		0.4
7,352	Concentrix Corp.			997,225		0.2
2,099 (1)	Crowdstrike Holdings, Inc.			353,808		0.1
60,368 (1)	Dropbox, Inc.			1,267,124		0.3
7,543 (1)	Envestnet, Inc.			398,044		0.1
1,096 (1)	EPAM Systems, Inc.			323,079		0.1
2,710 (1)	Euronet Worldwide, Inc.			272,599		0.1
5,475 (1)	F5, Inc.			837,894		0.2
1,474 (1)	Fair Isaac Corp.			590,927		0.1
87,956	Genpact Ltd.			3,725,816		0.8
2,002 (1)	HubSpot, Inc.			601,901		0.1
27,597 (1)(2)	II-VI, Inc.			1,406,067		0.3
46,160	Juniper Networks, Inc.			1,315,560		0.3
55,798 (1)	Lattice Semiconductor Corp.			2,706,203		0.6
6,338 (1)	Lumentum Holdings, Inc.			503,364		0.1
12,062	MKS Instruments, Inc.			1,237,923		0.3
1,329 (1)	MongoDB, Inc.			344,876		0.1
2,454	Monolithic Power Systems, Inc.			942,434		0.2
48,993	National Instruments Corp.			1,530,051		0.3
14,068	NetApp, Inc.			917,796		0.2
35,206 (1)	Palantir Technologies, Inc.			319,318		0.1
2,778 (1)	Palo Alto Networks, Inc.			1,372,165		0.3
15,795 (1)	Paylocity Holding Corp.			2,754,964		0.6
13,461	Power Integrations, Inc.			1,009,710		0.2
9,090 (1)	Pure Storage, Inc. - Class A			233,704		0.1
9,163 (1)	Qorvo, Inc.			864,254		0.2
19,877 (1)	Qualys, Inc.			2,507,285		0.6
37,692 (1)	Semtech Corp.			2,071,929		0.5
1,269 (1)	SiTime Corp.			206,885		0.0
1,770 (1)	SolarEdge Technologies, Inc.			484,414		0.1
12,963 (1)(2)	Synaptics, Inc.			1,530,282		0.3
8,957 (1)	Teradata Corp.			331,499		0.1
9,582	Teradyne, Inc.			858,068		0.2
22,517	Universal Display Corp.			2,277,369		0.5
				57,614,450		12.9
	Materials: 6.9%
39,078	Alcoa Corp.			1,781,175		0.4
5,205	Aptargroup, Inc.			537,208		0.1
22,489	Ashland Global Holdings, Inc.			2,317,491		0.5
37,126	Avient Corp.			1,488,010		0.3
3,999	CF Industries Holdings, Inc.			342,834		0.1
8,100	Chemours Co.			259,362		0.1
55,650 (1)	Cleveland-Cliffs, Inc.			855,340		0.2
8,932	Commercial Metals Co.			295,649		0.1
16,425	Eagle Materials, Inc.			1,805,765		0.4
43,842	Element Solutions, Inc.			780,388		0.2
22,176	Greif, Inc. - Class A			1,383,339		0.3
35,147 (1)	Ingevity Corp.			2,219,182		0.5
27,105	Louisiana-Pacific Corp.			1,420,573		0.3
20,562	Minerals Technologies, Inc.			1,261,273		0.3
13,870	Olin Corp.			641,904		0.1
7,974	Packaging Corp. of America			1,096,425		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
18,937	Reliance Steel & Aluminum Co.		$	3,216,639		0.7
27,706	Royal Gold, Inc.			2,958,447		0.7
4,421	RPM International, Inc.			348,021		0.1
4,492	Sealed Air Corp.			259,278		0.1
35,516	Steel Dynamics, Inc.			2,349,383		0.5
80,321	United States Steel Corp.			1,438,549		0.3
8,412	Valvoline, Inc.			242,518		0.1
37,525	WestRock Co.			1,494,996		0.3
				30,793,749		6.9
	Real Estate: 9.2%
132,771	Brixmor Property Group, Inc.			2,683,302		0.6
16,574 (1)	CBRE Group, Inc.			1,220,012		0.3
12,390	Corporate Office Properties Trust SBI MD			324,494		0.1
53,447	Cousins Properties, Inc.			1,562,256		0.3
93,496	Douglas Emmett, Inc.			2,092,441		0.5
21,464	First Industrial Realty Trust, Inc.			1,019,111		0.2
15,505	Healthcare Realty Trust, Inc.			421,736		0.1
84,023	Highwoods Properties, Inc.			2,872,746		0.6
29,402	Iron Mountain, Inc.			1,431,583		0.3
18,055 (1)	Jones Lang LaSalle, Inc.			3,157,097		0.7
61,694	Kilroy Realty Corp.			3,228,447		0.7
40,500	Lamar Advertising Co.			3,562,785		0.8
31,667	Life Storage, Inc.			3,535,937		0.8
14,991	Medical Properties Trust, Inc.			228,913		0.1
7,178	Mid-America Apartment Communities, Inc.			1,253,781		0.3
87,080	National Retail Properties, Inc.			3,744,440		0.8
35,362	National Storage Affiliates Trust			1,770,575		0.4
64,489	Physicians Realty Trust			1,125,333		0.3
4,372	Rexford Industrial Realty, Inc.			251,784		0.1
1,958	SBA Communications Corp.			626,658		0.1
47,563	SL Green Realty Corp.			2,195,033		0.5
75,895	Spirit Realty Capital, Inc.			2,867,313		0.6
				41,175,777		9.2
	Utilities: 3.6%
4,568	ALLETE, Inc.			268,507		0.1
13,047	Atmos Energy Corp.			1,462,569		0.3
3,985	Black Hills Corp.			289,988		0.1
2,323	DTE Energy Co.			294,440		0.1
6,469	Essential Utilities, Inc.			296,604		0.1
11,147	Eversource Energy			941,587		0.2
56,157	National Fuel Gas Co.			3,709,170		0.8
22,407	New Jersey Resources Corp.			997,784		0.2
15,705	ONE Gas, Inc.			1,275,089		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
9,702	PPL Corp.		$	263,215		0.0
23,691	Southwest Gas Holdings, Inc.			2,063,012		0.5
98,671	UGI Corp.			3,809,687		0.8
28,549	Vistra Corp.			652,345		0.1
				16,323,997		3.6
	Total Common Stock (Cost $461,174,421)			447,010,450		99.8

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.9%
	Repurchase Agreements: 1.7%
1,805,463 (3)	Bank of America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,805,540, collateralized by various U.S. Government Agency Obligations, 1.000%-8.500%, Market Value plus accrued interest $1,841,572, due 01/20/24-06/20/52)		1,805,463		0.4
404,872 (3)	Citigroup, Inc., Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $404,889, collateralized by various U.S. Government Securities, 1.875%-3.250%, Market Value plus accrued interest $412,969, due 06/30/24-05/15/52)		404,872		0.1
1,805,463 (3)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,805,540, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,841,572, due 07/31/22-07/01/52)		1,805,463		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,805,463 (3)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,805,540, collateralized by various U.S. Government Agency Obligations, 3.000%-5.000%, Market Value plus accrued interest $1,841,572, due 11/01/26-07/01/52)		$	1,805,463		0.4
1,805,463 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,805,540, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $1,841,572, due 08/16/22-05/20/52)			1,805,463		0.4
	Total Repurchase Agreements (Cost $7,626,724)			7,626,724		1.7

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.2%
823,000 (3)(4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $823,000)		$	823,000		0.2
	Total Short-Term Investments (Cost $8,449,724)			8,449,724		1.9
	Total Investments in Securities (Cost $469,624,145)		$	455,460,174		101.7
	Liabilities in Excess of Other Assets			(7,749,484)		(1.7)
	Net Assets		$	447,710,690		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.

(4)

Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	447,010,450		$	—		$	—		$	447,010,450
Short-Term Investments			823,000			7,626,724			—			8,449,724
Total Investments, at fair value		$	447,833,450		$	7,626,724		$	—		$	455,460,174
Liabilities Table
Other Financial Instruments+
Futures		$	(4,594)		$	—		$	—		$	(4,594)
Total Liabilities		$	(4,594)		$	—		$	—		$	(4,594)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At June 30, 2022, the following futures contracts were outstanding for Voya Index Plus MidCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		2		09/16/22		$	453,600		$	(4,594)
						$	453,600		$	(4,594)

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, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	4,594
Total Liability Derivatives			$	4,594

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(561,108)
Total		$	(561,108)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(184,569)
Total		$	(184,569)

At June 30, 2022, 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 $470,358,104.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	38,013,868
Gross Unrealized Depreciation		(52,916,393)
Net Unrealized Depreciation	$	(14,902,525)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.5%
	Communication Services: 2.5%
16,751 (1)	AMC Networks, Inc.		$	487,789		0.2
9,537	ATN International, Inc.			447,381		0.2
15,957	Cogent Communications Holdings, Inc.			969,547		0.4
55,594	Entravision Communications Corp.			253,509		0.1
127,327 (1)	Gannett Co., Inc.			369,248		0.2
12,952 (1)	Iridium Communications, Inc.			486,477		0.2
9,306 (1)	Ooma, Inc.			110,183		0.1
6,208 (1)	PubMatic, Inc.			98,645		0.0
39,268 (1)	QuinStreet, Inc.			395,036		0.2
23,661	Scholastic Corp.			851,086		0.4
3,495 (1)	TechTarget, Inc.			229,692		0.1
22,197 (1)	Yelp, Inc.			616,411		0.3
6,928 (1)	ZipRecruiter, Inc.			102,673		0.1
				5,417,677		2.5
	Consumer Discretionary: 11.9%
14,452 (1)	Abercrombie & Fitch Co. - Class A			244,528		0.1
34,174	Academy Sports & Outdoors, Inc.			1,214,544		0.6
17,409 (1)	Accel Entertainment, Inc.			184,884		0.1
57,903 (1)	American Axle & Manufacturing Holdings, Inc.			436,010		0.2
7,225 (1)	Asbury Automotive Group, Inc.			1,223,482		0.6
2,492 (1)	Autonation, Inc.			278,506		0.1
21,880 (1)	Beazer Homes USA, Inc.			264,092		0.1
10,330 (2)	Big 5 Sporting Goods Corp.			115,799		0.0
12,305 (2)	Big Lots, Inc.			258,036		0.1
29,699	Bloomin Brands, Inc.			493,597		0.2
10,330 (1)	Boot Barn Holdings, Inc.			711,840		0.3
2,115	Boyd Gaming Corp.			105,221		0.0
8,149 (1)	Brinker International, Inc.			179,522		0.1
22,187	Buckle, Inc.			614,358		0.3
660 (1)	Cavco Industries, Inc.			129,353		0.1
23,563 (1)	Century Casinos, Inc.			169,654		0.1
2,410	Century Communities, Inc.			108,378		0.0
18,727	Cheesecake Factory			494,767		0.2
31,672 (1)	Chico’s FAS, Inc.			157,410		0.1
10,286 (1)	Chuy’s Holdings, Inc.			204,897		0.1
22,664 (1)(2)	Conn’s, Inc.			181,765		0.1
2,568 (1)	CROCS, Inc.			124,985		0.1
13,975	Dana, Inc.			196,628		0.1
11,846 (1)	Dave & Buster’s Entertainment, Inc.			388,312		0.2
1,895 (2)	Dick’s Sporting Goods, Inc.			142,826		0.1
11,467	Dine Brands Global, Inc.			746,272		0.3
5,584 (1)	Dorman Products, Inc.			612,621		0.3
17,942 (1)	Duluth Holdings, Inc.			171,167		0.1
24,920 (1)	El Pollo Loco Holdings, Inc.			245,213		0.1
9,463 (1)	Genesco, Inc.			472,298		0.2
11,728 (1)	Gentherm, Inc.			731,944		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
30,777 (1)	G-III Apparel Group Ltd.		$	622,619		0.3
14,426 (1)	Golden Entertainment, Inc.			570,548		0.3
6,548	Group 1 Automotive, Inc.			1,111,850		0.5
5,853	Guess?, Inc.			99,794		0.0
4,337	Harley-Davidson, Inc.			137,309		0.1
3,193	Hibbett, Inc.			139,566		0.1
11,464	Installed Building Products, Inc.			953,346		0.4
11,841	International Game Technology PLC			219,769		0.1
3,576	Jack in the Box, Inc.			200,471		0.1
989	LCI Industries			110,649		0.0
16,268 (1)	Liquidity Services, Inc.			218,642		0.1
13,936 (1)	M/I Homes, Inc.			552,702		0.3
18,426 (1)	MarineMax, Inc.			665,547		0.3
6,974 (1)	Meritage Homes Corp.			505,615		0.2
9,944 (1)	Modine Manufacturing Co.			104,710		0.0
4,697	Movado Group, Inc.			145,278		0.1
6,594	Oxford Industries, Inc.			585,152		0.3
7,365	Patrick Industries, Inc.			381,802		0.2
24,391 (1)	Playa Hotels & Resorts NV			167,566		0.1
27,867 (1)	PlayAGS, Inc.			143,794		0.1
8,343	Red Rock Resorts, Inc.			278,322		0.1
6,179	Ruth’s Hospitality Group, Inc.			100,471		0.0
20,830	Shoe Carnival, Inc.			450,136		0.2
16,058	Shutterstock, Inc.			920,284		0.4
2,090	Signet Jewelers Ltd.			111,731		0.0
3,089 (1)	Sleep Number Corp.			95,605		0.0
5,516	Sonic Automotive, Inc.			202,051		0.1
19,134 (1)	Sonos, Inc.			345,177		0.2
12,400	Standard Motor Products, Inc.			557,876		0.3
8,033 (1)	Taylor Morrison Home Corp.			187,651		0.1
59,135 (1)	Tri Pointe Homes, Inc.			997,607		0.5
24,940 (1)	Tupperware Brands Corp.			158,120		0.1
27,784 (1)	Vista Outdoor, Inc.			775,174		0.4
16,921	Winnebago Industries			821,684		0.4
5,226	Wolverine World Wide, Inc.			105,356		0.0
20,419 (1)	Zumiez, Inc.			530,894		0.2
				25,877,777		11.9
	Consumer Staples: 5.3%
5,650 (1)	BellRing Brands, Inc.			140,628		0.1
2,903 (1)	Celsius Holdings, Inc.			189,450		0.1
11,148 (1)	Central Garden & Pet Co. - CENT			472,898		0.2
2,353	Coca-Cola Consolidated, Inc.			1,326,857		0.6
12,858	Edgewell Personal Care Co.			443,858		0.2
4,590	Fresh Del Monte Produce, Inc.			135,543		0.1
5,364 (1)	Herbalife Nutrition Ltd.			109,694		0.0
77,604 (1)	Hostess Brands, Inc.			1,645,981		0.8
6,240	Ingles Markets, Inc.			541,320		0.2
1,752	Inter Parfums, Inc.			128,001		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
5,821	Medifast, Inc.		$	1,050,749		0.5
15,638 (1)	Natures Sunshine Prods, Inc.			166,857		0.1
3,542	Nu Skin Enterprises, Inc.			153,369		0.1
4,976 (1)	Seneca Foods Corp.			276,367		0.1
22,907 (1)	Simply Good Foods Co/The			865,197		0.4
28,036	SpartanNash Co.			845,846		0.4
10,091 (1)	TreeHouse Foods, Inc.			422,006		0.2
11,800	Turning Point Brands, Inc.			320,134		0.1
13,077 (1)	United Natural Foods, Inc.			515,234		0.2
6,443 (1)	USANA Health Sciences, Inc.			466,215		0.2
90,233	Vector Group Ltd.			947,447		0.4
12,863 (1)	Vital Farms, Inc.			112,551		0.1
41,979 (1)	Whole Earth Brands, Inc.			260,270		0.1
				11,536,472		5.3
	Energy: 5.4%
4,855 (1)	Antero Resources Corp.			148,806		0.1
112,682	Archrock, Inc.			931,880		0.4
14,855 (1)	Bristow Group, Inc.			347,607		0.2
20,446	Civitas Resources, Inc.			1,069,121		0.5
13,548 (1)	CONSOL Energy, Inc.			669,000		0.3
8,368 (1)	Delek US Holdings, Inc.			216,229		0.1
7,235 (1)	Green Plains, Inc.			196,575		0.1
41,282 (1)	Helix Energy Solutions Group, Inc.			127,974		0.1
5,711	Helmerich & Payne, Inc.			245,916		0.1
1,921 (1)	Laredo Petroleum, Inc.			132,434		0.1
2,161 (1)	Nabors Industries Ltd.			289,358		0.1
66,804 (1)	Oceaneering International, Inc.			713,467		0.3
40,299	Patterson-UTI Energy, Inc.			635,112		0.3
29,827 (1)	PBF Energy, Inc.			865,580		0.4
17,572	Plains GP Holdings L.P.			181,343		0.1
74,534 (1)	ProPetro Holding Corp.			745,340		0.3
13,220 (1)	Ranger Oil Corp.			434,541		0.2
8,044 (1)	SandRidge Energy, Inc.			126,050		0.1
41,300	SM Energy Co.			1,412,047		0.6
214,885 (1)	Southwestern Energy Co.			1,343,031		0.6
30,295 (1)	W&T Offshore, Inc.			130,874		0.1
37,066	World Fuel Services Corp.			758,370		0.3
				11,720,655		5.4
	Financials: 18.7%
15,105	Amalgamated Financial Corp.			298,777		0.1
29,377	American Equity Investment Life Holding Co.			1,074,317		0.5
26,020	Apollo Commercial Real Estate Finance, Inc.			271,649		0.1
9,727	Artisan Partners Asset Management, Inc.			345,989		0.2
2,853	Assured Guaranty Ltd.			159,169		0.1
36,990	Banc of California, Inc.			651,764		0.3
24,596 (1)	Bancorp, Inc.			480,114		0.2
9,033	Banner Corp.			507,745		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
41,209	Berkshire Hills Bancorp, Inc.		$	1,020,747		0.5
18,639	Brightsphere Investment Group, Inc.			335,688		0.2
52,689	BrightSpire Capital, Inc.			397,802		0.2
77,173	Brookline Bancorp, Inc.			1,027,173		0.5
14,635 (1)	Carter Bankshares, Inc.			193,182		0.1
41,259	Central Pacific Financial Corp.			885,006		0.4
15,331	Chimera Investment Corp.			135,219		0.1
13,128	Civista Bancshares, Inc.			279,101		0.1
1,645	Cohen & Steers, Inc.			104,606		0.0
46,373	Columbia Banking System, Inc.			1,328,586		0.6
1,795	Community Bank System, Inc.			113,588		0.0
4,561	CVB Financial Corp.			113,158		0.0
16,105	Eagle Bancorp, Inc.			763,538		0.3
33,553	Eastern Bankshares, Inc.			619,388		0.3
5,926	Enact Holdings, Inc.			127,290		0.1
21,493 (1)	Encore Capital Group, Inc.			1,241,651		0.6
20,837 (1)	Enova International, Inc.			600,522		0.3
4,903	Enterprise Financial Services Corp.			203,475		0.1
94,460 (1)	Ezcorp, Inc.			709,395		0.3
5,755	Financial Institutions, Inc.			149,745		0.1
106,586	First BanCorp. Puerto Rico			1,376,025		0.6
3,137	First BanCorp. Southern Pines NC			109,481		0.0
11,887	First Financial Bancorp.			230,608		0.1
8,161	First Financial Corp.			363,165		0.2
23,820	First Foundation, Inc.			487,834		0.2
20,449	First of Long Island Corp.			358,471		0.2
6,396	Flushing Financial Corp.			135,979		0.1
250,190 (1)	Genworth Financial, Inc.			883,171		0.4
68,440	Granite Point Mortgage Trust, Inc.			654,971		0.3
28,281	Greenhill & Co., Inc.			260,751		0.1
11,625	Hancock Whitney Corp.			515,336		0.2
38,498	Hanmi Financial Corp.			863,895		0.4
10,317	Heartland Financial USA, Inc.			428,568		0.2
52,616	Heritage Insurance Holdings, Inc.			138,906		0.1
1,605	Independent Bank Corp.			127,485		0.1
14,265	International Bancshares Corp.			571,741		0.3
1,371	Investors Title Co.			215,096		0.1
57,739	KKR Real Estate Finance Trust, Inc.			1,007,546		0.5
40,320	Ladder Capital Corp.			424,973		0.2
28,799	Lakeland Bancorp, Inc.			421,041		0.2
7,762	Meta Financial Group, Inc.			300,157		0.1
10,166	MFA Financial, Inc.			109,285		0.0
10,304	MGIC Investment Corp.			129,830		0.1
36,329 (1)	Mr Cooper Group, Inc.			1,334,727		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
33,583	NBT Bancorp., Inc.		$	1,262,385		0.6
30,802	New Residential Investment Corp.			287,075		0.1
42,034	OFG Bancorp			1,067,664		0.5
17,611	Old Republic International Corp.			393,782		0.2
10,948 (1)	Oportun Financial Corp.			90,540		0.0
16,066	Peapack-Gladstone Financial Corp.			477,160		0.2
2,217	Peoples Financial Services Corp.			123,797		0.1
5,685	Piper Sandler Cos			644,452		0.3
2,746	Popular, Inc.			211,250		0.1
6,995	ProAssurance Corp.			165,292		0.1
48,101	Provident Financial Services, Inc.			1,070,728		0.5
24,415 (2)	Ready Capital Corp.			291,027		0.1
2,738	Red River Bancshares, Inc.			148,071		0.1
95,540	Redwood Trust, Inc.			736,613		0.3
5,030	Regional Management Corp.			187,971		0.1
11,502	S&T Bancorp, Inc.			315,500		0.1
3,455	Seacoast Banking Corp. of Florida			114,153		0.0
1,689	ServisFirst Bancshares, Inc.			133,296		0.1
24,191	Southside Bancshares, Inc.			905,227		0.4
18,108	Starwood Property Trust, Inc.			378,276		0.2
17,421	Stewart Information Services Corp.			866,695		0.4
17,936	TrustCo Bank Corp. NY			553,146		0.2
2,364	UMB Financial Corp.			203,540		0.1
55,255	United Community Banks, Inc./GA			1,668,148		0.8
27,021	United Fire Group, Inc.			924,929		0.4
42,294	Universal Insurance Holdings, Inc.			551,091		0.2
11,016	Unum Group			374,764		0.2
4,447	Virtus Investment Partners, Inc.			760,526		0.3
7,090	Westamerica Bancorp.			394,629		0.2
				40,889,153		18.7
	Health Care: 12.3%
13,106 (1)	Acadia Pharmaceuticals, Inc.			184,664		0.1
91,715 (1)(2)	Accuray, Inc.			179,761		0.1
7,648 (1)	Addus HomeCare Corp.			636,925		0.3
296,313 (1)	Akebia Therapeutics, Inc.			104,628		0.0
29,626 (1)	Allscripts Healthcare Solutions, Inc.			439,354		0.2
16,463 (1)	AMN Healthcare Services, Inc.			1,806,156		0.8
4,785 (1)	Amphastar Pharmaceuticals, Inc.			166,470		0.1
2,762 (1)	Apellis Pharmaceuticals, Inc.			124,898		0.1
3,635 (1)	Apollo Medical Holdings, Inc.			140,275		0.1
5,498 (1)	Arcus Biosciences, Inc.			139,319		0.1
19,314 (1)	Avanos Medical, Inc.			528,045		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
17,902 (1)	AxoGen, Inc.		$	146,617		0.1
4,252 (1)	Axonics, Inc.			240,961		0.1
30,228 (1)	Bluebird Bio, Inc.			125,144		0.1
5,110 (1)	Blueprint Medicines Corp.			258,106		0.1
23,008 (1)	Cara Therapeutics, Inc.			210,063		0.1
50,933 (1)	Coherus Biosciences, Inc.			368,755		0.2
24,055 (1)	Computer Programs & Systems, Inc.			769,038		0.3
10,930	Conmed Corp.			1,046,657		0.5
26,124 (1)	Covetrus, Inc.			542,073		0.2
27,508 (1)	Cross Country Healthcare, Inc.			572,992		0.3
11,164 (1)(2)	Cutera, Inc.			418,650		0.2
5,931 (1)	Cytokinetics, Inc.			233,029		0.1
8,025 (1)	Enanta Pharmaceuticals, Inc.			379,342		0.2
2,989	Ensign Group, Inc.			219,602		0.1
104,984 (1)	Frequency Therapeutics, Inc.			157,476		0.1
9,633 (1)	Fulgent Genetics, Inc.			525,287		0.2
2,841 (1)	Glaukos Corp.			129,038		0.1
5,197 (1)	Harmony Biosciences Holdings, Inc.			253,458		0.1
8,933 (1)	Integer Holdings Corp.			631,206		0.3
22,136 (1)	Joint Corp./The			338,902		0.2
35,871 (1)	Jounce Therapeutics, Inc.			108,689		0.0
10,369 (1)	Lantheus Holdings, Inc.			684,665		0.3
72,990 (1)	MacroGenics, Inc.			215,320		0.1
4,947 (1)	Meridian Bioscience, Inc.			150,488		0.1
21,190 (1)	Merit Medical Systems, Inc.			1,149,981		0.5
33,750 (1)	Myriad Genetics, Inc.			613,237		0.3
8,113 (1)	Natus Medical, Inc.			265,863		0.1
78,915 (1)	Nektar Therapeutics			299,877		0.1
46,949 (1)	NeoGenomics, Inc.			382,634		0.2
44,302 (1)	NextGen Healthcare, Inc.			772,627		0.4
14,124 (1)	Omnicell, Inc.			1,606,605		0.7
27,319 (1)	Orthofix Medical, Inc.			643,089		0.3
26,724	Owens & Minor, Inc.			840,470		0.4
28,081 (1)	Prestige Consumer Healthcare, Inc.			1,651,163		0.8
92,237 (1)	Puma Biotechnology, Inc.			262,875		0.1
7,217 (1)	Quanterix Corp.			116,843		0.1
9,109 (1)	REGENXBIO, Inc.			224,992		0.1
7,675 (1)	Sage Therapeutics, Inc.			247,903		0.1
776 (1)	Shockwave Medical, Inc.			148,348		0.1
13,270 (1)	SI-BONE, Inc.			175,164		0.1
128,354 (1)(2)	Sientra, Inc.			107,522		0.0
32,145 (1)	Supernus Pharmaceuticals, Inc.			929,633		0.4
64,313 (1)	Surface Oncology, Inc.			105,473		0.0
3,017 (1)	SurModics, Inc.			112,323		0.0
5,422 (1)	Tandem Diabetes Care, Inc.			320,928		0.1
28,651 (1)	TG Therapeutics, Inc.			121,767		0.1
59,345 (1)	Vanda Pharmaceuticals, Inc.			646,861		0.3
24,209 (1)	Varex Imaging Corp.			517,831		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
18,893 (1)	Vir Biotechnology, Inc.		$	481,205		0.2
26,512 (1)	Xencor, Inc.			725,633		0.3
14,174 (1)	Y-mAbs Therapeutics, Inc.			214,453		0.1
				26,861,353		12.3
	Industrials: 15.5%
678	Acuity Brands, Inc.			104,439		0.0
8,112	AECOM			529,065		0.2
10,979 (1)	Alta Equipment Group, Inc.			98,482		0.0
21,732	Apogee Enterprises, Inc.			852,329		0.4
17,532	Applied Industrial Technologies, Inc.			1,686,052		0.8
14,022	ArcBest Corp.			986,728		0.5
1,226 (1)	Atkore, Inc.			101,770		0.0
16,830 (1)	Atlas Air Worldwide Holdings, Inc.			1,038,579		0.5
20,135	AZZ, Inc.			821,911		0.4
7,847	Barnes Group, Inc.			244,356		0.1
3,365 (1)	BlueLinx Holdings, Inc.			224,816		0.1
18,136	Boise Cascade Co.			1,078,911		0.5
5,606	Cadre Holdings, Inc.			110,270		0.0
24,922 (1)	CIRCOR International, Inc.			408,472		0.2
1,357	Comfort Systems USA, Inc.			112,835		0.0
16,079 (1)	CoreCivic, Inc.			178,638		0.1
1,792	CRA International, Inc.			160,061		0.1
20,643 (1)	DXP Enterprises, Inc.			632,295		0.3
5,448	Encore Wire Corp.			566,156		0.3
11,671	EnPro Industries, Inc.			956,205		0.4
7,625 (1)	Evoqua Water Technologies Corp.			247,889		0.1
15,262	Exponent, Inc.			1,396,015		0.6
17,536	Franklin Electric Co., Inc.			1,284,687		0.6
9,781	Genco Shipping & Trading Ltd.			188,969		0.1
8,591 (1)	Gibraltar Industries, Inc.			332,901		0.2
23,658 (1)	GMS, Inc.			1,052,781		0.5
22,887	Heidrick & Struggles International, Inc.			740,623		0.3
3,654	Hillenbrand, Inc.			149,668		0.1
2,300	Insperity, Inc.			229,609		0.1
12,300	Insteel Industries, Inc.			414,141		0.2
31,155	Interface, Inc.			390,684		0.2
6,263	John Bean Technologies Corp.			691,560		0.3
41,028	Kelly Services, Inc.			813,585		0.4
3,638	Kforce, Inc.			223,155		0.1
28,937	Korn Ferry			1,678,925		0.8
16,365 (1)	Manitowoc Co., Inc./The			172,323		0.1
30,630	Marten Transport Ltd.			515,197		0.2
5,624	Matson, Inc.			409,877		0.2
3,469	Moog, Inc.			275,404		0.1
22,953 (1)	MRC Global, Inc.			228,612		0.1
14,814	Mueller Industries, Inc.			789,438		0.4
11,655 (1)	MYR Group, Inc.			1,027,155		0.5
68,923 (1)	NOW, Inc.			674,067		0.3
7,318 (1)	NV5 Global, Inc.			854,303		0.4
27,278	Pitney Bowes, Inc.			98,746		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
60,200 (1)	Resideo Technologies, Inc.		$	1,169,084		0.5
2,202	Rush Enterprises, Inc. - Class A			106,136		0.0
684 (1)	Saia, Inc.			128,592		0.1
23,418 (1)	Skywest, Inc.			497,633		0.2
15,137 (1)	SPX Corp.			799,839		0.4
13,154	Tennant Co.			779,375		0.4
9,598 (1)	Titan Machinery, Inc.			215,091		0.1
5,849 (1)	TriNet Group, Inc.			453,999		0.2
24,664	Trinity Industries, Inc.			597,362		0.3
29,521 (1)	TrueBlue, Inc.			528,426		0.2
2,432	UFP Industries, Inc.			165,717		0.1
6,450	Unifirst Corp.			1,110,561		0.5
5,917 (1)	Veritiv Corp.			642,290		0.3
2,674	Watts Water Technologies, Inc.			328,474		0.1
3,346 (1)	Wesco International, Inc.			358,357		0.2
3,502 (1)	WillScot Mobile Mini Holdings Corp.			113,535		0.1
				33,767,155		15.5
	Information Technology: 12.6%
98,106 (1)	8x8, Inc.			505,246		0.2
22,142	Adtran, Inc.			388,149		0.2
15,024	Advanced Energy Industries, Inc.			1,096,452		0.5
5,611 (1)	Agilysys, Inc.			265,232		0.1
5,379 (1)	Alarm.com Holdings, Inc.			332,745		0.2
3,352 (1)	Alpha & Omega Co.			111,756		0.1
6,242	Avnet, Inc.			267,657		0.1
15,866 (1)	Axcelis Technologies, Inc.			870,091		0.4
13,321 (1)	Box, Inc.			334,890		0.2
36,000 (1)	Casa Systems, Inc.			141,480		0.1
5,355 (1)	Cerence, Inc.			135,107		0.1
24,409 (1)	Ceva, Inc.			819,166		0.4
13,121 (1)	ChannelAdvisor Corp.			191,304		0.1
35,062 (1)	Cohu, Inc.			972,970		0.4
22,996	CSG Systems International, Inc.			1,372,401		0.6
18,833 (1)	Digi International, Inc.			456,135		0.2
19,400 (1)	Diodes, Inc.			1,252,658		0.6
4,662 (1)	Domo, Inc.			129,604		0.1
11,210 (1)	DZS, Inc.			182,387		0.1
13,542 (1)	ePlus, Inc.			719,351		0.3
13,019	EVERTEC, Inc.			480,141		0.2
12,856 (1)	ExlService Holdings, Inc.			1,894,074		0.9
97,813 (1)	Extreme Networks, Inc.			872,492		0.4
1,367 (1)	Fabrinet			110,864		0.0
6,584 (1)	Grid Dynamics Holdings, Inc.			110,743		0.0
100,301 (1)	Infinera Corp.			537,613		0.2
16,912 (1)	Insight Enterprises, Inc.			1,459,167		0.7
3,035	InterDigital, Inc.			184,528		0.1
12,428 (1)	Itron, Inc.			614,316		0.3
7,018 (1)	KnowBe4, Inc.			109,621		0.0
17,048 (2)	Kulicke & Soffa Industries, Inc.			729,825		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
19,610 (1)	KVH Industries, Inc.		$	170,607		0.1
24,696 (1)	MaxLinear, Inc.			839,170		0.4
25,034 (1)	Mitek Systems, Inc.			231,314		0.1
11,536 (1)	Netgear, Inc.			213,647		0.1
17,062 (1)	Onto Innovation, Inc.			1,189,904		0.5
14,665	PC Connection, Inc.			645,993		0.3
1,221 (1)	Perficient, Inc.			111,953		0.1
6,705 (1)	Photronics, Inc.			130,613		0.1
2,257 (1)	Qualys, Inc.			284,698		0.1
57,169 (1)	Ribbon Communications, Inc.			173,794		0.1
15,086 (1)	Sanmina Corp.			614,453		0.3
19,404 (1)	Scansource, Inc.			604,241		0.3
3,045 (1)	Sprout Social, Inc.			176,823		0.1
15,051 (1)	SPS Commerce, Inc.			1,701,516		0.8
4,813 (1)	Super Micro Computer, Inc.			194,205		0.1
16,978 (1)	Ultra Clean Holdings, Inc.			505,435		0.2
2,830	Universal Display Corp.			286,226		0.1
20,480 (1)	Viant Technology, Inc.			104,038		0.0
89,357 (1)	Viavi Solutions, Inc.			1,182,193		0.5
25,821 (1)	Vonage Holdings Corp.			486,468		0.2
12,365 (1)	Zuora, Inc.			110,667		0.0
				27,606,123		12.6
	Materials: 5.3%
5,009	AdvanSix, Inc.			167,501		0.1
43,850	American Vanguard Corp.			980,047		0.5
6,796 (1)	Arconic Corp.			190,628		0.1
1,148	Balchem Corp.			148,942		0.1
15,205	Carpenter Technology Corp.			424,372		0.2
14,650	Compass Minerals International, Inc.			518,463		0.2
41,200	FutureFuel Corp.			299,936		0.1
11,065	Haynes International, Inc.			362,600		0.2
24,608	HB Fuller Co.			1,481,648		0.7
9,463 (1)	Ingevity Corp.			597,494		0.3
14,234	Innospec, Inc.			1,363,475		0.6
28,925	Koppers Holdings, Inc.			654,862		0.3
13,547 (1)	Livent Corp.			307,381		0.1
8,662	Minerals Technologies, Inc.			531,327		0.2
34,776	Myers Industries, Inc.			790,458		0.4
3,941	Neenah, Inc.			134,546		0.1
109,841	SunCoke Energy, Inc.			748,017		0.3
7,788	Sylvamo Corp.			254,512		0.1
36,659 (1)	TimkenSteel Corp.			685,890		0.3
6,459	Valhi, Inc.			292,851		0.1
18,519	Warrior Met Coal, Inc.			566,867		0.3
				11,501,817		5.3
	Real Estate: 6.5%
48,961	Acadia Realty Trust			764,771		0.3
7,780	Agree Realty Corp.			561,171		0.2
66,834 (1)	Anywhere Real Estate, Inc.			656,978		0.3
34,878 (1)	Chatham Lodging Trust			364,475		0.2
33,098 (1)	Cushman & Wakefield PLC			504,414		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
141,967	Diversified Healthcare Trust		$	258,380		0.1
70,534	Essential Properties Realty Trust, Inc.			1,515,776		0.7
20,959 (1)	Forestar Group, Inc.			286,929		0.1
37,358	Getty Realty Corp.			989,987		0.4
45,445	Global Net Lease, Inc.			643,501		0.3
18,373	Highwoods Properties, Inc.			628,173		0.3
925	Innovative Industrial Properties, Inc.			101,630		0.0
14,605	iStar, Inc.			200,235		0.1
728 (1)	Jones Lang LaSalle, Inc.			127,298		0.1
10,898	Kilroy Realty Corp.			570,292		0.3
2,756	Lamar Advertising Co.			242,445		0.1
25,947	Outfront Media, Inc.			439,802		0.2
45,218	Piedmont Office Realty Trust, Inc.			593,260		0.3
25,183	RE/MAX Holdings, Inc.			617,487		0.3
78,881	Retail Opportunity Investments Corp.			1,244,742		0.6
93,672	RPT Realty			920,796		0.4
15,447	SITE Centers Corp.			208,071		0.1
4,685	SL Green Realty Corp.			216,213		0.1
66,313	Uniti Group, Inc.			624,668		0.3
36,869	Urstadt Biddle Properties, Inc.			597,278		0.3
18,786	Whitestone REIT			201,949		0.1
14,910 (1)	Xenia Hotels & Resorts, Inc.			216,642		0.1
				14,297,363		6.5
	Utilities: 2.5%
6,920	Chesapeake Utilities Corp.			896,486		0.4
13,193	Clearway Energy, Inc. - Class C			459,644		0.2
11,685	National Fuel Gas Co.			771,794		0.4
3,442	NextEra Energy Partners L.P.			255,259		0.1
15,217	Northwest Natural Holding Co.			808,023		0.4
23,722	South Jersey Industries, Inc.			809,869		0.4
12,157	Star Group L.P.			111,480		0.0
20,081	Unitil Corp.			1,179,156		0.5
23,123	Via Renewables, Inc.			177,122		0.1
				5,468,833		2.5
	Total Common Stock (Cost $213,480,444)			214,944,378		98.5
RIGHTS: —%
	Health Care: —%
7,651 (1)(3)(4)	Aduro Biotech, Inc. - CVR			—		—
	Total Rights (Cost $—)			—		—
WARRANTS: 0.1%
	Energy: 0.1%
645 (1)	Nabors Industries Ltd.			20,627		0.0
1,219 (1)	Oasis Petroleum, Inc.			59,731		0.1
	Total Warrants (Cost $37,789)			80,358		0.1
	Total Long-Term Investments (Cost $213,518,233)			215,024,736		98.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.4%
	Repurchase Agreements: 1.0%
264,372 (5)	Citigroup, Inc., Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $264,383, collateralized by various U.S. Government Securities, 1.875%-3.250%, Market Value plus accrued interest $269,659, due 06/30/24-05/15/52)		$	264,372		0.1
1,000,000 (5)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,000,042, collateralized by various U.S. Government Agency Obligations, 3.000%-5.000%, Market Value plus accrued interest $1,020,000, due 11/01/26-07/01/52)			1,000,000		0.5
1,000,000 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,000,042, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $1,020,000, due 08/16/22-05/20/52)			1,000,000		0.4
	Total Repurchase Agreements
	(Cost $2,264,372)			2,264,372		1.0

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 1.4%
	3,013,000 (6	)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%
			(Cost $3,013,000)		$	3,013,000		1.4
			Total Short-Term Investments
			(Cost $5,277,372)			5,277,372		2.4
			Total Investments in Securities (Cost $218,795,605)		$	220,302,108		101.0
			Liabilities in Excess of Other Assets			(2,131,920)		(1.0)
			Net Assets		$	218,170,188		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)

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

(4)

(5)

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

(6)

Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	214,944,378		$	—		$	—		$	214,944,378
Rights			—			—			—			—
Warrants			80,358			—			—			80,358

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of June 30, 2022 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Short-Term Investments		$	3,013,000		$	2,264,372		$	—		$	5,277,372
Total Investments, at fair value		$	218,037,736		$	2,264,372		$	—		$	220,302,108
Liabilities Table
Other Financial Instruments+
Futures		$	(80,423)		$	—		$	—		$	(80,423)
Total Liabilities		$	(80,423)		$	—		$	—		$	(80,423)

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, 2022, Voya Index Plus SmallCap Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Aduro Biotech, Inc. - CVR

10/6/2020

—

At June 30, 2022, the following futures contracts were outstanding for Voya Index Plus SmallCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		37		09/16/22		$	3,159,800		$	(80,423)
						$	3,159,800		$	(80,423)

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, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	80,423
Total Liability Derivatives			$	80,423

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(512,546)
Total		$	(512,546)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Semi-Annual Report

June 30, 2022

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

Voya Variable Product Funds

■

Voya Balanced Portfolio

■

Voya Global High Dividend Low Volatility Portfolio

■

Voya Government Money Market Portfolio

■

Voya Growth and Income Portfolio

■

Voya Intermediate Bond Portfolio

■

Voya Small Company Portfolio

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest.

TABLE OF CONTENTS

	Shareholder Expense Examples					1
	Statements of Assets and Liabilities					3
	Statements of Operations					7
	Statements of Changes in Net Assets					9
	Financial Highlights					12
	Notes to Financial Statements					17
	Portfolios of Investments					36
	Advisory and Sub-Advisory Contract Approval Discussion					149

PROXY VOTING INFORMATION

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 N-Q. This report contains a summary portfolio of investments for certain Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*
Voya Balanced Portfolio
Class I		$	1,000.00		$	826.30		0.69%		$	3.12		$	1,000.00		$	1,021.37		0.69%		$	3.46
Class S			1,000.00			825.30		0.94			4.25			1,000.00			1,020.13		0.94			4.71
Voya Global High Dividend Low Volatility Portfolio
Class ADV		$	1,000.00		$	901.00		1.10%		$	5.18		$	1,000.00		$	1,019.34		1.10%		$	5.51
Class I			1,000.00			903.70		0.60			2.83			1,000.00			1,021.82		0.60			3.01
Class S			1,000.00			902.80		0.85			4.01			1,000.00			1,020.58		0.85			4.26
Class S2			1,000.00			902.00		1.00			4.72			1,000.00			1,019.84		1.00			5.01
Class T			1,000.00			901.00		1.20			5.66			1,000.00			1,018.84		1.20			6.01
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,000.80		0.24%		$	1.19		$	1,000.00		$	1,023.60		0.24%		$	1.20
Class S			1,000.00			1,000.50		0.28			1.39			1,000.00			1,023.41		0.28			1.40
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	841.30		1.10%		$	5.02		$	1,000.00		$	1,019.34		1.10%		$	5.51
Class I			1,000.00			843.30		0.65			2.97			1,000.00			1,021.57		0.65			3.26
Class S			1,000.00			842.00		0.90			4.11			1,000.00			1,020.33		0.90			4.51
Class S2			1,000.00			841.50		1.05			4.79			1,000.00			1,019.59		1.05			5.26

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*
Voya Intermediate Bond Portfolio
Class ADV		$	1,000.00		$	876.60		1.03%		$	4.79		$	1,000.00		$	1,019.69		1.03%		$	5.16
Class I			1,000.00			879.50		0.53			2.47			1,000.00			1,022.17		0.53			2.66
Class S			1,000.00			877.50		0.78			3.63			1,000.00			1,020.93		0.78			3.91
Class S2			1,000.00			877.10		0.93			4.33			1,000.00			1,020.18		0.93			4.66
Voya Small Company Portfolio
Class ADV		$	1,000.00		$	813.80		1.40%		$	6.30		$	1,000.00		$	1,017.85		1.40%		$	7.00
Class I			1,000.00			815.70		0.90			4.05			1,000.00			1,020.33		0.90			4.51
Class R6			1,000.00			815.60		0.87			3.92			1,000.00			1,020.48		0.87			4.36
Class S			1,000.00			814.40		1.15			5.17			1,000.00			1,019.09		1.15			5.76

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

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	304,255,575		$	539,384,920		$	—
Investments in affiliates at fair value**			8,941,654			—			—
Short-term investments at fair value†			75,462,523			13,883,445			—
Short-term investments at amortized cost			—			—			257,748,830
Repurchase agreements			—			—			217,499,000
Cash			1,658,898			171,402			11,925
Cash collateral for futures contracts			696,164			—			—
Cash pledged for centrally cleared swaps (Note 2)			300,000			—			—
Foreign currencies at value‡			25,741			97,522			—
Receivables:
Investment securities and currencies sold			2,217,393			—			59,993,884
Investment securities sold on a delayed-delivery or when-issued basis			1,545,936			—			—
Fund shares sold			17,628			58,053			580,449
Dividends			402,066			1,135,107			12,420
Interest			470,026			—			183,576
Foreign tax reclaims			160,540			1,147,312			—
Variation margin on futures contracts			125,436			—			—
Variation margin on centrally cleared swaps			4,315			—			—
Unrealized appreciation on forward foreign currency contracts			19,949			—			—
Prepaid expenses			4,091			6,813			5,703
Reimbursement due from Investment Adviser			10,461			25,567			—
Other assets			46,685			47,861			114,173
Total assets			396,365,081			555,958,002			536,149,960
LIABILITIES:
Payable for investment securities and currencies purchased			4,836,433			—			33,000,000
Payable for investment securities purchased on a delayed-delivery or when-issued basis			9,557,015			—			—
Payable for fund shares redeemed			129,638			2,901,663			17,442
Payable upon receipt of securities loaned			74,713,569			13,346,445			—
Unrealized depreciation on forward foreign currency contracts			4,828			—			—
Unrealized depreciation on forward premium swaptions			24,606			—			—
Payable for investment management fees			155,117			252,883			124,443
Payable for distribution and shareholder service fees			456			90,446			7
Payable for directors fees			866			1,477			1,219
Payable to directors under the deferred compensation plan (Note 6)			46,685			47,861			114,173
Other accrued expenses and liabilities			106,749			150,051			143,439
Written options, at fair value^			21,439			—			—
Total liabilities			89,597,401			16,790,826			33,400,723
NET ASSETS		$	306,767,680		$	539,167,176		$	502,749,237
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	310,002,536		$	509,743,296		$	502,908,761
Total distributable earnings (loss)			(3,234,856)			29,423,880			(159,524)
NET ASSETS		$	306,767,680		$	539,167,176		$	502,749,237
+ Including securities loaned at value		$	73,150,610		$	12,682,406		$	—
* Cost of investments in securities		$	312,315,039		$	529,420,733		$	—
** Cost of investments in affiliates		$	9,786,935		$	—		$	—
† Cost of short-term investments		$	75,462,568		$	13,883,445		$	—
‡ Cost of foreign currencies		$	27,320		$	98,283		$	—
^ Premiums received on written options		$	17,433		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited) (continued)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	11,291,681			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,057,776			n/a
Net asset value and redemption price per share			n/a		$	10.67			n/a
Class I
Net assets		$	304,607,573		$	125,499,233		$	502,698,950
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			23,383,691			11,763,030			502,692,047
Net asset value and redemption price per share		$	13.03		$	10.67		$	1.00
Class S
Net assets		$	2,160,107		$	399,579,141		$	50,287
Shares authorized			500,000,000			300,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			166,586			37,285,914			50,286
Net asset value and redemption price per share		$	12.97		$	10.72		$	1.00
Class S2
Net assets			n/a		$	208,593			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			19,743			n/a
Net asset value and redemption price per share			n/a		$	10.57			n/a
Class T
Net assets			n/a		$	2,588,528			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			242,225			n/a
Net asset value and redemption price per share			n/a		$	10.69			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	1,809,477,065		$	2,239,465,313		$	324,643,501
Investments in affiliates at fair value**			—			670,571,337			—
Short-term investments at fair value†			119,122,587			125,780,194			6,611,417
Cash			394,400			—			125,373
Cash collateral for futures contracts			—			3,201,440			—
Cash pledged for centrally cleared swaps (Note 2)			—			2,101,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			700,000			—
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)			—			2,262,579			—
Receivables:
Investment securities sold			—			52,124,583			—
Investment securities sold on a delayed-delivery or when-issued basis			—			18,238,457			—
Fund shares sold			682,565			38,609			67,704
Dividends			2,360,737			697,439			409,964
Interest			—			10,443,689			—
Foreign tax reclaims			232,187			—			5,255
Variation margin on futures contracts			—			511,338			—
Variation margin on centrally cleared swaps			—			3,117,432			—
Unrealized appreciation on forward foreign currency contracts			—			1,330,714			—
Prepaid expenses			28,689			35,172			4,940
Reimbursement due from Investment Adviser			—			96,839			2,249
Other assets			237,037			326,227			42,741
Total assets			1,932,535,267			3,131,042,362			331,913,144
LIABILITIES:
Income distribution payable			—			464			—
Payable for investment securities purchased			—			14,827,385			22,216
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			336,411,371			—
Payable for fund shares redeemed			506,169			16,554,575			134,536
Payable upon receipt of securities loaned			98,430,587			98,891,194			5,248,417
Unrealized depreciation on forward foreign currency contracts			—			325,373			—
Unrealized depreciation on forward premium swaptions			—			696,213			—
Cash received as collateral for OTC derivatives (Note 2)			—			1,570,000			—
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			—			1,279,242			—
Payable for investment management fees			930,083			1,107,747			211,042
Payable for distribution and shareholder service fees			36,918			435,845			15,937
Payable to custodian due to bank overdraft			—			1,800,721			—
Payable for directors fees			5,189			7,287			980
Payable to directors under the deferred compensation plan (Note 6)			237,037			326,227			42,741
Other accrued expenses and liabilities			309,657			439,289			80,969
Written options, at fair value^			—			614,741			—
Total liabilities			100,455,640			475,287,674			5,756,838
NET ASSETS		$	1,832,079,627		$	2,655,754,688		$	326,156,306
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,488,773,231		$	3,049,128,398		$	370,012,570
Total distributable earnings (loss)			343,306,396			(393,373,710)			(43,856,264)
NET ASSETS		$	1,832,079,627		$	2,655,754,688		$	326,156,306
+ Including securities loaned at value		$	96,274,871		$	96,517,844		$	5,108,349
* Cost of investments in securities		$	1,577,045,752		$	2,388,478,563		$	355,175,342
** Cost of investments in affiliates		$	—		$	780,205,426		$	—
† Cost of short-term investments		$	119,122,587		$	125,780,194		$	6,611,417
^ Premiums received on written options		$	—		$	499,880		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited) (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	78,141,593		$	224,982,868		$	6,975,666
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			4,260,104			20,444,503			615,202
Net asset value and redemption price per share		$	18.34		$	11.00		$	11.34
Class I
Net assets		$	1,719,493,330		$	800,037,908		$	249,984,203
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			90,224,596			71,909,291			19,876,197
Net asset value and redemption price per share		$	19.06		$	11.13		$	12.58
Class R6
Net assets			n/a			n/a		$	8,363,139
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			664,125
Net asset value and redemption price per share			n/a			n/a		$	12.59
Class S
Net assets		$	34,045,462		$	1,621,058,668		$	60,833,298
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			1,851,403			146,715,913			5,076,390
Net asset value and redemption price per share		$	18.39		$	11.05		$	11.98
Class S2
Net assets		$	399,242		$	9,675,244			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			22,310			879,046			n/a
Net asset value and redemption price per share		$	17.90		$	11.01			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2022 (Unaudited)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	2,128,412		$	9,838,672		$	45,671
Dividends from affiliated underlying funds			333,003			—			—
Interest, net of foreign taxes withheld*			1,295,624			—			923,391
Securities lending income, net			67,958			31,538			—
Total investment income			3,824,997			9,870,210			969,062
EXPENSES:
Investment management fees			1,031,294			1,627,980			846,321
Distribution and shareholder service fees:
Class ADV			—			31,600			—
Class S			3,084			545,701			70
Class S2			—			504			—
Class T			—			10,251			—
Transfer agent fees:
Class ADV			—			3,451			—
Class I			130,026			36,620			281,956
Class S			940			119,241			33
Class S2			—			69			—
Class T			—			747			—
Shareholder reporting expense			13,756			39,620			14,017
Professional fees			2,320			11,745			16,113
Custody and accounting expense			64,537			52,657			21,615
Directors fees			4,333			7,389			6,094
Licensing fee (Note 7)			11,495			—			—
Miscellaneous expense			6,833			10,794			9,677
Interest expense			50			608			—
Total expenses			1,268,668			2,498,977			1,195,896
Waived and reimbursed fees			(75,530)			(148,425)			(608,279)
Net expenses			1,193,138			2,350,552			587,617
Net investment income			2,631,859			7,519,658			381,445
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			3,784,294			16,726,642			(93,133)
Sale of affiliated underlying funds			696,717			—			—
Forward foreign currency contracts			1,021			—			—
Foreign currency related transactions			(10,712)			(36,494)			—
Futures			(554,347)			—			—
Swaps			(29,167)			—			—
Written options			142,829			—			—
Net realized gain (loss)			4,030,635			16,690,148			(93,133)
Net change in unrealized appreciation (depreciation) on:
Investments			(70,136,095)			(84,148,670)			—
Affiliated underlying funds			(2,591,494)			—			—
Forward foreign currency contracts			26,019			—			—
Foreign currency related transactions			(11,123)			(101,806)			—
Futures			(122,812)			—			—
Swaps			2,878			—			—
Written options			(19,102)			—			—
Net change in unrealized appreciation (depreciation)			(72,851,729)			(84,250,476)			—
Net realized and unrealized loss			(68,821,094)			(67,560,328)			(93,133)
Increase (decrease) in net assets resulting from operations		$	(66,189,235)		$	(60,040,670)		$	288,312
* Foreign taxes withheld		$	67,509		$	503,743		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2022 (Unaudited)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	17,342,372		$	9,140		$	2,184,656
Dividends from affiliated underlying funds			—			15,078,648			—
Interest			289			30,649,937			80
Securities lending income, net			47,166			105,326			3,443
Total investment income			17,389,827			45,843,051			2,188,179
EXPENSES:
Investment management fees			6,176,327			7,227,266			1,624,924
Distribution and shareholder service fees:
Class ADV			218,311			627,168			19,841
Class S			48,101			2,196,894			88,037
Class S2			883			25,854			—
Transfer agent fees:
Class ADV			22,402			61,910			4,352
Class I			495,744			214,604			163,867
Class R6			—			—			9
Class S			9,871			433,729			38,604
Class S2			113			3,190			—
Shareholder reporting expense			48,810			44,690			10,860
Registration fees			7,197			—			—
Professional fees			57,947			63,350			7,602
Custody and accounting expense			110,006			165,470			27,150
Directors fees			25,948			36,436			4,902
Miscellaneous expense			41,761			45,020			5,947
Interest expense			46			225			4,078
Total expenses			7,263,467			11,145,806			2,000,173
Waived and reimbursed fees			(340,678)			(599,779)			(139,671)
Net expenses			6,922,789			10,546,027			1,860,502
Net investment income			10,467,038			35,297,024			327,677
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			115,726,416			(77,514,819)			(11,636,358)
Sale of affiliated underlying funds			—			(23,460,812)			—
Forward foreign currency contracts			—			(306,290)			—
Foreign currency related transactions			(23)			(42,969)			—
Futures			—			(29,374,011)			—
Swaps			—			5,401,947			—
Written options			—			3,749,900			—
Net realized gain (loss)			115,726,393			(121,547,054)			(11,636,358)
Net change in unrealized appreciation (depreciation) on:
Investments			(474,412,164)			(193,432,295)			(67,964,081)
Affiliated underlying funds			—			(100,523,511)			—
Forward foreign currency contracts			—			1,678,579			—
Foreign currency related transactions			23			(232)			(99)
Futures			—			(7,156,193)			—
Swaps			—			2,197,938			—
Written options			—			(666,609)			—
Net change in unrealized appreciation (depreciation)			(474,412,141)			(297,902,323)			(67,964,180)
Net realized and unrealized loss			(358,685,748)			(419,449,377)			(79,600,538)
Decrease in net assets resulting from operations		$	(348,218,710)		$	(384,152,353)		$	(79,272,861)
* Foreign taxes withheld		$	25,233		$	—		$	5,717

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Portfolio						Voya Global High Dividend Low Volatility Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	2,631,859		$	5,441,352		$	7,519,658		$	13,585,031
Net realized gain			4,030,635			41,888,430			16,690,148			69,632,081
Net change in unrealized appreciation (depreciation)			(72,851,729)			9,293,959			(84,250,476)			35,471,670
Increase (decrease) in net assets resulting from operations			(66,189,235)			56,623,741			(60,040,670)			118,688,782
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(475,443)			(285,119)
Class I			(45,747,982)			(12,106,938)			(5,257,967)			(3,556,936)
Class S			(318,826)			(86,191)			(16,709,194)			(10,900,387)
Class S2			—			—			(9,966)			(7,066)
Class T			—			—			(103,054)			(54,811)
Total distributions			(46,066,808)			(12,193,129)			(22,555,624)			(14,804,319)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			1,806,053			4,492,780			5,063,750			6,376,131
Reinvestment of distributions			46,066,808			12,193,129			22,555,624			14,804,319
			47,872,861			16,685,909			27,619,374			21,180,450
Cost of shares redeemed			(17,310,834)			(46,277,136)			(42,310,119)			(100,005,477)
Net increase (decrease) in net assets resulting from capital share transactions			30,562,027			(29,591,227)			(14,690,745)			(78,825,027)
Net increase (decrease) in net assets			(81,694,016)			14,839,385			(97,287,039)			25,059,436
NET ASSETS:
Beginning of year or period			388,461,696			373,622,311			636,454,215			611,394,779
End of year or period		$	306,767,680		$	388,461,696		$	539,167,176		$	636,454,215

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	381,445		$	—		$	10,467,038		$	22,836,362
Net realized gain (loss)			(93,133)			417,484			115,726,393			916,377,469
Net change in unrealized appreciation (depreciation)			—			—			(474,412,141)			(126,586,298)
Increase (decrease) in net assets resulting from operations			288,312			417,484			(348,218,710)			812,627,533
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(2,500,131)			(62,613,808)
Class I			(381,414)			(435,973)			(53,260,867)			(868,148,958)
Class S			(30)			(47)			(1,105,506)			(29,792,606)
Class S2			—			—			(12,906)			(203,108)
Total distributions			(381,444)			(436,020)			(56,879,410)			(960,758,480)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			62,153,369			68,486,663			7,932,498			15,175,175
Reinvestment of distributions			381,444			436,020			56,833,390			959,988,028
			62,534,813			68,922,683			64,765,888			975,163,203
Cost of shares redeemed			(45,549,507)			(153,042,558)			(105,632,092)			(1,780,801,713)
Net increase (decrease) in net assets resulting from capital share transactions			16,985,306			(84,119,875)			(40,866,204)			(805,638,510)
Net increase (decrease) in net assets			16,892,174			(84,138,411)			(445,964,324)			(953,769,457)
NET ASSETS:
Beginning of year or period			485,857,063			569,995,474			2,278,043,951			3,231,813,408
End of year or period		$	502,749,237		$	485,857,063		$	1,832,079,627		$	2,278,043,951

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	35,297,024		$	77,924,697		$	327,677		$	(372,047)
Net realized gain (loss)			(121,547,054)			(5,450,459)			(11,636,358)			102,106,764
Net change in unrealized appreciation (depreciation)			(297,902,323)			(110,986,338)			(67,964,180)			(38,277,181)
Increase (decrease) in net assets resulting from operations			(384,152,353)			(38,512,100)			(79,272,861)			63,457,536
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(2,592,093)			(5,686,785)			(2,087,689)			(34,073)
Class I			(11,209,065)			(25,046,665)			(72,381,832)			(1,965,800)
Class R6			—			—			(2,351,076)			(82,239)
Class S			(20,442,038)			(44,109,528)			(17,786,935)			(342,592)
Class S2			(139,002)			(363,231)			—			—
Return of capital:
Class ADV			—			(1,774,823)			—			—
Class I			—			(6,113,408)			—			—
Class S			—			(12,119,576)			—			—
Class S2			—			(106,570)			—			—
Total distributions			(34,382,198)			(95,320,586)			(94,607,532)			(2,424,704)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			48,412,401			116,408,495			4,906,685			23,480,953
Reinvestment of distributions			34,379,576			95,313,861			94,607,532			2,424,704
			82,791,977			211,722,356			99,514,217			25,905,657
Cost of shares redeemed			(241,053,162)			(427,308,214)			(48,048,576)			(84,200,830)
Net increase (decrease) in net assets resulting from capital share transactions			(158,261,185)			(215,585,858)			51,465,641			(58,295,173)
Net increase (decrease) in net assets			(576,795,736)			(349,418,544)			(122,414,752)			2,737,659
NET ASSETS:
Beginning of year or period			3,232,550,424			3,581,968,968			448,571,058			445,833,399
End of year or period		$	2,655,754,688		$	3,232,550,424		$	326,156,306		$	448,571,058

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Balanced Portfolio
Class I
06-30-22+		18.43		0.12•		(3.26)		(3.14)		0.28		1.98		—		2.26		—		13.03		(17.37)		0.74		0.69		0.69		1.53		304,608		68
12-31-21		16.43		0.25•		2.31		2.56		0.29		0.27		—		0.56		—		18.43		15.92		0.74		0.69		0.69		1.42		385,538		101
12-31-20		15.71		0.29		1.22		1.51		0.36		0.43		—		0.79		—		16.43		10.85		0.76		0.69		0.69		1.83		370,828		96
12-31-19		14.10		0.33•		2.26		2.59		0.37		0.61		—		0.98		—		15.71		19.11		0.69		0.69		0.69		2.23		371,202		113
12-31-18		16.69		0.34•		(1.37)		(1.03)		0.36		1.20		—		1.56		—		14.10		(6.83)		0.67		0.67		0.67		2.20		347,788		184
12-31-17		14.93		0.32•		1.85		2.17		0.41		—		—		0.41		—		16.69		14.73		0.67		0.65		0.65		2.01		425,002		174
Class S
06-30-22+		18.32		0.10•		(3.24)		(3.14)		0.23		1.98		—		2.21		—		12.97		(17.47)		0.99		0.94		0.94		1.28		2,160		68
12-31-21		16.34		0.20•		2.31		2.51		0.26		0.27		—		0.53		—		18.32		15.62		0.99		0.94		0.94		1.16		2,924		101
12-31-20		15.62		0.23•		1.24		1.47		0.32		0.43		—		0.75		—		16.34		10.57		1.01		0.94		0.94		1.59		2,794		96
12-31-19		14.02		0.29•		2.25		2.54		0.33		0.61		—		0.94		—		15.62		18.80		0.94		0.94		0.94		1.98		2,511		113
12-31-18		16.59		0.30•		(1.36)		(1.06)		0.31		1.20		—		1.51		—		14.02		(7.03)		0.92		0.92		0.92		1.94		2,693		184
12-31-17		14.85		0.28•		1.82		2.10		0.36		—		—		0.36		—		16.59		14.37		0.92		0.90		0.90		1.76		3,560		174
Voya Global High Dividend Low Volatility Portfolio
Class ADV
06-30-22+		12.32		0.13•		(1.33)		(1.20)		0.07		0.38		—		0.45		—		10.67		(9.90)		1.15		1.10		1.10		2.26		11,292		34
12-31-21		10.46		0.21•		1.89		2.10		0.24		—		—		0.24		—		12.32		20.23		1.16		1.10		1.10		1.85		13,886		71
12-31-20		10.83		0.18		(0.35)		(0.17)		0.19		—		0.01		0.20		—		10.46		(1.27)		1.16		1.10		1.10		1.86		13,684		72
12-31-19		9.63		0.25		1.71		1.96		0.24		0.52		—		0.76		—		10.83		21.06		1.10		1.10		1.10		2.43		15,665		63
12-31-18		11.02		0.23•		(1.21)		(0.98)		0.40		0.01		—		0.41		—		9.63		(9.26)(a)		1.12		1.11		1.11		2.12		15,225		147
12-31-17		9.12		0.14•		1.95		2.09		0.19		—		—		0.19		—		11.02		23.10		1.10		1.10		1.10		1.43		19,605		60
Class I
06-30-22+		12.30		0.16•		(1.33)		(1.17)		0.08		0.38		—		0.46		—		10.67		(9.63)		0.65		0.60		0.60		2.77		125,499		34
12-31-21		10.44		0.27•		1.89		2.16		0.30		—		—		0.30		—		12.30		20.87		0.66		0.60		0.60		2.35		144,785		71
12-31-20		10.82		0.23		(0.36)		(0.13)		0.24		—		0.01		0.25		—		10.44		(0.83)		0.66		0.60		0.60		2.36		129,379		72
12-31-19		9.62		0.30		1.71		2.01		0.29		0.52		—		0.81		—		10.82		21.68		0.60		0.60		0.60		2.92		149,439		63
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		147
12-31-17		9.21		0.20•		1.96		2.16		0.24		—		—		0.24		—		11.13		23.73		0.60		0.60		0.60		1.91		162,746		60
Class S
06-30-22+		12.36		0.15•		(1.33)		(1.18)		0.08		0.38		—		0.46		—		10.72		(9.72)		0.90		0.85		0.85		2.51		399,579		34
12-31-21		10.49		0.24•		1.90		2.14		0.27		—		—		0.27		—		12.36		20.56		0.91		0.85		0.85		2.10		474,598		71
12-31-20		10.87		0.21		(0.37)		(0.16)		0.21		—		0.01		0.22		—		10.49		(1.09)		0.91		0.85		0.85		2.11		465,405		72
12-31-19		9.66		0.27		1.73		2.00		0.27		0.52		—		0.79		—		10.87		21.41		0.85		0.85		0.85		2.62		542,303		63
12-31-18		11.12		0.26•		(1.23)		(0.97)		0.48		0.01		—		0.49		—		9.66		(9.11)(a)		0.87		0.86		0.86		2.37		375,359		147
12-31-17		9.20		0.17•		1.96		2.13		0.21		—		—		0.21		—		11.12		23.44		0.85		0.85		0.85		1.67		480,936		60

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global High Dividend Low Volatility Portfolio (continued)
Class S2
06-30-22+		12.20		0.14•		(1.32)		(1.18)		0.07		0.38		—		0.45		—		10.57		(9.80)		1.05		1.00		1.00		2.38		209		34
12-31-21		10.35		0.22•		1.88		2.10		0.25		—		—		0.25		—		12.20		20.46		1.06		1.00		1.00		1.92		265		71
12-31-20		10.73		0.19		(0.36)		(0.17)		0.20		—		0.01		0.21		—		10.35		(1.25)		1.06		1.00		1.00		1.95		354		72
12-31-19		9.54		0.26•		1.70		1.96		0.25		0.52		—		0.77		—		10.73		21.26		1.00		1.00		1.00		2.59		332		63
12-31-18		10.95		0.23•		(1.20)		(0.97)		0.43		0.01		—		0.44		—		9.54		(9.27)(a)		1.02		1.01		1.01		2.17		273		147
12-31-17		9.07		0.15•		1.94		2.09		0.21		—		—		0.21		—		10.95		23.29		1.00		1.00		1.00		1.46		422		60
Class T
06-30-22+		12.34		0.13•		(1.34)		(1.21)		0.06		0.38		—		0.44		—		10.69		(9.90)		1.40		1.20		1.20		2.18		2,589		34
12-31-21		10.47		0.20•		1.90		2.10		0.23		—		—		0.23		—		12.34		20.19		1.41		1.20		1.20		1.75		2,920		71
12-31-20		10.85		0.18		(0.37)		(0.19)		0.18		—		0.01		0.19		—		10.47		(1.48)		1.41		1.20		1.20		1.74		2,573		72
12-31-19		9.59		0.26•		1.69		1.95		0.17		0.52		—		0.69		—		10.85		21.05		1.35		1.20		1.20		2.56		3,232		63
12-31-18		10.96		0.22•		(1.21)		(0.99)		0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		147
12-31-17		9.07		0.13•		1.93		2.06		0.17		—		—		0.17		—		10.96		22.95		1.35		1.20		1.20		1.30		39,544		60
Voya Government Money Market Portfolio
Class I
06-30-22+		1.00		0.00*•		0.00*		0.00*		0.00*		—		—		0.00*		—		1.00		0.08		0.49		0.24		0.24		0.16		502,699		—
12-31-21		1.00		—•		0.00*		0.00		—		0.00*		—		0.00*		—		1.00		0.09		0.50		0.05		0.05		0.00		485,800		—
12-31-20		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.29		0.51		0.17		0.17		0.20		569,945		—
12-31-19		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.96		0.39		0.34		0.34		1.86		469,271		—
12-31-18		1.00		0.02		0.00*		0.02		0.02		0.00*		—		0.02		—		1.00		1.56		0.39		0.34		0.34		1.54		463,191		—
12-31-17		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.61		0.39		0.34		0.34		0.58		438,591		—
Class S
06-30-22+		1.00		0.00*•		0.00*		0.00*		0.00*		—		—		0.00*		—		1.00		0.05		0.74		0.28		0.28		0.11		50		—
12-31-21		1.00		—•		0.00*		0.00		—		0.00*		—		0.00*		—		1.00		0.09		0.75		0.05		0.05		0.00		57		—
12-31-20		1.00		—		0.00*		0.00		—		0.00*		—		0.00*		—		1.00		0.04		0.76		0.17		0.17		0.00		51		—
06-3-18(5)		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.57		0.64		0.49		0.49		1.14		46		—
12-31-17		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.46		0.64		0.49		0.49		0.39		44		—
Voya Growth and Income Portfolio
Class ADV
06-30-22+		22.50		0.06•		(3.62)		(3.56)		—		0.60		—		0.60		—		18.34		(15.87)		1.18		1.10		1.10		0.59		78,142		24
12-31-21		29.29		0.13•		8.14		8.27		0.19		14.87		—		15.06		—		22.50		28.41		1.16		1.06		1.06		0.39		97,015		65
12-31-20		27.93		0.26		4.22		4.48		0.26		2.86		—		3.12		—		29.29		16.74		1.17		1.07		1.07		0.90		903,118		92
12-31-19		24.42		0.35		6.42		6.77		0.35		2.91		—		3.26		—		27.93		28.29		1.13		1.03		1.03		1.17		896,424		69
12-31-18		28.94		0.37•		(1.75)		(1.38)		0.39		2.75		—		3.14		—		24.42		(4.88)		1.13		1.03		1.03		1.29		824,943		84
12-31-17		27.51		0.36•		5.06		5.42		0.41		3.58		—		3.99		—		28.94		19.79		1.13		1.03		1.03		1.21		1,010,017		80
Class I
06-30-22+		23.30		0.11•		(3.75)		(3.64)		—		0.60		—		0.60		—		19.06		(15.67)		0.68		0.65		0.65		1.04		1,719,493		24
12-31-21		29.90		0.29•		8.33		8.62		0.35		14.87		—		15.22		—		23.30		29.00		0.66		0.61		0.61		0.85		2,137,930		65
12-31-20		28.44		0.39		4.32		4.71		0.39		2.86		—		3.25		—		29.90		17.26		0.67		0.62		0.62		1.35		1,845,796		92
12-31-19		24.81		0.48		6.54		7.02		0.48		2.91		—		3.39		—		28.44		28.88		0.63		0.58		0.58		1.62		1,798,927		69
12-31-18		29.37		0.51•		(1.79)		(1.28)		0.53		2.75		—		3.28		—		24.81		(4.46)		0.63		0.58		0.58		1.74		1,602,432		84
12-31-17		27.87		0.51•		5.13		5.64		0.56		3.58		—		4.14		—		29.37		20.34		0.63		0.58		0.58		1.66		1,906,723		80

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Growth and Income Portfolio (continued)
Class S
06-30-22+		22.54		0.08•		(3.63)		(3.55)		—		0.60		—		0.60		—		18.39		(15.80)		0.93		0.90		0.90		0.79		34,045		24
12-31-21		29.32		0.20•		8.16		8.36		0.27		14.87		—		15.14		—		22.54		28.72		0.91		0.86		0.86		0.59		42,612		65
12-31-20		27.96		0.32		4.22		4.54		0.32		2.86		—		3.18		—		29.32		16.93		0.92		0.87		0.87		1.10		482,532		92
12-31-19		24.44		0.41		6.42		6.83		0.40		2.91		—		3.31		—		27.96		28.55		0.88		0.83		0.83		1.37		479,676		69
12-31-18		28.97		0.43•		(1.76)		(1.33)		0.45		2.75		—		3.20		—		24.44		(4.69)		0.88		0.83		0.83		1.49		451,557		84
12-31-17		27.53		0.42•		5.07		5.49		0.47		3.58		—		4.05		—		28.97		20.06		0.88		0.83		0.83		1.41		556,169		80
Class S2
06-30-22+		21.97		0.06•		(3.53)		(3.47)		—		0.60		—		0.60		—		17.90		(15.85)		1.08		1.05		1.05		0.64		399		24
12-31-21		28.88		0.15•		8.03		8.18		0.22		14.87		—		15.09		—		21.97		28.52		1.06		1.01		1.01		0.46		488		65
12-31-20		27.59		0.25•		4.19		4.44		0.29		2.86		—		3.15		—		28.88		16.81		1.07		1.02		1.02		0.95		367		92
12-31-19		24.13		0.47		6.22		6.69		0.32		2.91		—		3.23		—		27.59		28.33		1.03		0.98		0.98		1.23		294		69
12-31-18		28.65		0.38•		(1.73)		(1.35)		0.42		2.75		—		3.17		—		24.13		(4.82)		1.03		0.98		0.98		1.34		407		84
12-31-17		27.27		0.38•		5.01		5.39		0.43		3.58		—		4.01		—		28.65		19.89		1.03		0.98		0.98		1.27		412		80
Voya Intermediate Bond Portfolio
Class ADV
06-30-22+		12.68		0.12•		(1.68)		(1.56)		0.12		—		—		0.12		—		11.00		(12.34)		1.07		1.03		1.03		2.14		224,983		99
12-31-21		13.19		0.26•		(0.44)		(0.18)		0.25		0.00*		0.08		0.33		—		12.68		(1.42)		1.07		1.03		1.03		2.01		284,547		139
12-31-20		12.94		0.32		0.61		0.93		0.38		0.30		—		0.68		—		13.19		7.32		1.08		1.03		1.03		2.40		312,654		99
12-31-19		12.20		0.37		0.76		1.13		0.37		0.02		—		0.39		—		12.94		9.29		1.03		1.03		1.03		2.88		291,207		149
12-31-18		12.73		0.36		(0.50)		(0.14)		0.39		—		—		0.39		—		12.20		(1.08)		1.03		1.03		1.03		2.95		265,204		193
12-31-17		12.53		0.34		0.22		0.56		0.36		—		—		0.36		—		12.73		4.53		1.03		1.02		1.02		2.67		311,323		300
Class I
06-30-22+		12.82		0.16•		(1.70)		(1.54)		0.15		—		—		0.15		—		11.13		(12.05)		0.57		0.53		0.53		2.64		800,038		99
12-31-21		13.33		0.33•		(0.45)		(0.12)		0.31		0.00*		0.08		0.39		—		12.82		(0.88)		0.57		0.53		0.53		2.51		976,144		139
12-31-20		13.08		0.39		0.61		1.00		0.45		0.30		—		0.75		—		13.33		7.81		0.58		0.53		0.53		2.89		1,108,593		99
12-31-19		12.33		0.44		0.77		1.21		0.44		0.02		—		0.46		—		13.08		9.85		0.53		0.53		0.53		3.38		1,023,645		149
12-31-18		12.86		0.43		(0.50)		(0.07)		0.46		—		—		0.46		—		12.33		(0.54)		0.53		0.53		0.53		3.45		986,608		193
12-31-17		12.66		0.41		0.22		0.63		0.43		—		—		0.43		—		12.86		5.04		0.53		0.52		0.52		3.17		1,117,794		300
Class S
06-30-22+		12.74		0.14•		(1.69)		(1.55)		0.14		—		—		0.14		—		11.05		(12.25)		0.82		0.78		0.78		2.39		1,621,059		99
12-31-21		13.24		0.29•		(0.43)		(0.14)		0.28		0.00*		0.08		0.36		—		12.74		(1.07)		0.82		0.78		0.78		2.26		1,956,289		139
12-31-20		12.99		0.35		0.62		0.97		0.42		0.30		—		0.72		—		13.24		7.57		0.83		0.78		0.78		2.65		2,139,406		99
12-31-19		12.25		0.40		0.76		1.16		0.40		0.02		—		0.42		—		12.99		9.54		0.78		0.78		0.78		3.13		2,198,827		149
12-31-18		12.78		0.40		(0.51)		(0.11)		0.42		—		—		0.42		—		12.25		(0.82)		0.78		0.78		0.78		3.20		2,255,122		193
12-31-17		12.58		0.37		0.23		0.60		0.40		—		—		0.40		—		12.78		4.79		0.78		0.77		0.77		2.92		2,587,503		300
Class S2
06-30-22+		12.69		0.13•		(1.68)		(1.55)		0.13		—		—		0.13		—		11.01		(12.29)		0.97		0.93		0.93		2.22		9,675		99
12-31-21		13.19		0.27•		(0.43)		(0.16)		0.26		0.00*		0.08		0.34		—		12.69		(1.24)		0.97		0.93		0.93		2.11		15,571		139
12-31-20		12.94		0.33		0.62		0.95		0.40		0.30		—		0.70		—		13.19		7.42		0.98		0.93		0.93		2.50		21,316		99
12-31-19		12.20		0.38		0.76		1.14		0.38		0.02		—		0.40		—		12.94		9.40		0.93		0.93		0.93		2.99		21,401		149
12-31-18		12.73		0.38		(0.51)		(0.13)		0.40		—		—		0.40		—		12.20		(0.98)		0.93		0.93		0.93		3.05		22,040		193
12-31-17		12.53		0.35		0.22		0.57		0.37		—		—		0.37		—		12.73		4.63		0.93		0.92		0.92		2.77		25,649		300

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Small Company Portfolio
Class ADV
06-30-22+		19.74		(0.02)•		(3.61)		(3.63)		—		4.77		—		4.77		—		11.34		(18.62)		1.48		1.40		1.40		(0.27)		6,976		109
12-31-21		17.36		(0.10)•		2.56		2.46		—		0.08		—		0.08		—		19.74		14.19		1.49		1.40		1.40		(0.52)		8,826		129
12-31-20		15.91		(0.04)		1.77		1.73		0.01		0.27		—		0.28		—		17.36		11.73		1.52		1.40		1.40		(0.31)		6,851		134
12-31-19		14.86		(0.01)		3.55		3.54		0.00*		2.49		—		2.49		—		15.91		25.56		1.39		1.39		1.39		(0.06)		7,227		125
12-31-18		20.95		(0.04)		(2.76)		(2.80)		0.02		3.27		—		3.29		—		14.86		(16.22)		1.39		1.39		1.39		(0.18)		6,342		96
12-31-17		21.20		(0.01)		2.12		2.11		—		2.36		—		2.36		—		20.95		10.69		1.38		1.37		1.37		(0.01)		7,817		74
Class I
06-30-22+		21.22		0.02•		(3.89)		(3.87)		—		4.77		—		4.77		—		12.58		(18.43)		0.98		0.90		0.90		0.22		249,984		109
12-31-21		18.59		(0.01)•		2.75		2.74		0.03		0.08		—		0.11		—		21.22		14.76		0.99		0.90		0.90		(0.03)		344,506		129
12-31-20		17.04		0.05		1.86		1.91		0.09		0.27		—		0.36		—		18.59		12.28		1.02		0.90		0.90		0.19		347,004		134
12-31-19		15.75		0.07•		3.78		3.85		0.07		2.49		—		2.56		—		17.04		26.21		0.89		0.89		0.89		0.44		427,877		125
12-31-18		22.01		0.06•		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.84)		0.89		0.89		0.89		0.31		435,019		96
12-31-17		22.12		0.10		2.23		2.33		0.08		2.36		—		2.44		—		22.01		11.29		0.88		0.87		0.87		0.49		607,230		74
Class R6
06-30-22+		21.23		0.02•		(3.89)		(3.87)		—		4.77		—		4.77		—		12.59		(18.44)		0.87		0.87		0.87		0.24		8,363		109
12-31-21		18.60		(0.00)*•		2.74		2.74		0.03		0.08		—		0.11		—		21.23		14.77		0.87		0.87		0.87		(0.00)*		14,790		129
12-31-20		17.04		0.03		1.89		1.92		0.09		0.27		—		0.36		—		18.60		12.34		0.89		0.89		0.89		0.25		11,466		134
12-31-19		15.75		0.09•		3.76		3.85		0.07		2.49		—		2.56		—		17.04		26.20		0.89		0.89		0.89		0.44		5,665		125
12-31-18		22.01		0.06		(2.94)		(2.88)		0.11		3.27		—		3.38		—		15.75		(15.85)		0.89		0.89		0.89		0.33		6,115		96
12-31-17		22.13		0.11•		2.21		2.32		0.08		2.36		—		2.44		—		22.01		11.23		0.88		0.87		0.87		0.53		6,274		74
Class S
06-30-22+		20.51		(0.00)*•		(3.76)		(3.76)		—		4.77		—		4.77		—		11.98		(18.56)		1.23		1.15		1.15		(0.02)		60,833		109
12-31-21		17.99		(0.06)•		2.66		2.60		—		0.08		—		0.08		—		20.51		14.47		1.24		1.15		1.15		(0.28)		80,449		129
12-31-20		16.48		(0.00)*		1.83		1.83		0.05		0.27		—		0.32		—		17.99		12.04		1.27		1.15		1.15		(0.06)		80,512		134
12-31-19		15.30		0.03		3.66		3.69		0.02		2.49		—		2.51		—		16.48		25.86		1.14		1.14		1.14		0.20		86,035		125
12-31-18		21.46		0.02		(2.86)		(2.84)		0.05		3.27		—		3.32		—		15.30		(16.05)		1.14		1.14		1.14		0.06		80,225		96
12-31-17		21.63		0.05•		2.17		2.22		0.03		2.36		—		2.39		—		21.46		11.00		1.13		1.12		1.12		0.22		111,723		74

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (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 fourteen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global High Dividend Low Volatility Portfolio (“Global High Dividend Low Volatility”), and Voya Small Company Portfolio (“Small Company”). Voya Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Intermediate Bond Portfolio (“Intermediate Bond”). Voya Government Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Government Money Market Portfolio (“Government Money Market”). Each of the Voya Variable Product Funds is a “Portfolio” and collectively, they are the “Portfolios.” The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of 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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. 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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolios’ Board of Directors/Trustees (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Portfolio’s forward foreign currency exchange contracts are

valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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. Each Portfolio’s fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

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

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

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.

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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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:

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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

As of June 30, 2022, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $40,118 and $1,894,903, respectively, which represent the gross payments to be received by the Portfolios on OTC purchased options and open forward foreign currency contracts were they to be unwound as of June 30, 2022. At June 30, 2022, Intermediate Bond received $1,570,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not receive any cash collateral at June 30, 2022.

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, 2022, Balanced and Intermediate Bond had a liability position of $50,873 and $1,636,327, respectively, on open forward foreign currency contracts, forward premium swaptions, and OTC written options. If a contingent feature would have been triggered as of June 30, 2022, these Portfolios could have been required to pay these amounts in cash to their counterparties. At June 30, 2022, Intermediate Bond pledged $700,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not pledge any cash collateral at June 30, 2022 .

E. Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2022, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	226,694		$	757,789
Intermediate Bond			15,150,487			49,681,466

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, 2022.

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, 2022, 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, 2022, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	20,836,261		$	10,276,340
Intermediate Bond			234,017,638			136,681,036

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at June 30, 2022.

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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolios’ exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolios exposure to the underlying instrument. The Portfolios pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the period ended June 30, 2022, Balanced and Intermediate Bond had purchased foreign currency options to manage their foreign exchange exposure. Balanced and Intermediate Bond had average notional values of $5,556,000 and $152,789,750, 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, 2022.

During the period ended June 30, 2022, Balanced and Intermediate Bond had written foreign currency options to generate income. Balanced and Intermediate Bond had average notional values of $3,051,000 and $82,777,500, respectively, on written foreign currency options. There were no open written foreign currency options at June 30, 2022.

During the period ended June 30, 2022, Balanced and Intermediate Bond had purchased forward premium swaptions with an average notional value of $2,544,000 and $72,004,800, respectively, to gain exposure to manage

duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at June 30, 2022.

During the period ended June 30, 2022, Balanced and Intermediate Bond had written interest swaptions to generate income. Balanced and Intermediate Bond had average notional values of $2,031,000 and $60,828,000, respectively, on written interest swaptions. There were no open written interest swaptions at June 30, 2022.

During the period ended June 30, 2022, Balanced and Intermediate Bond had purchased options on equity indices with an average notional value of $6,492,860 and $235,457,674, respectively, to gain exposure to certain equity markets. There were no open purchased equity options at June 30, 2022.

During the period ended June 30, 2022, Balanced and Intermediate Bond had written options on equity indices with an average notional value of $3,487,622 and $127,470,607, respectively, to generate income. There were no open written equity options at June 30, 2022.

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.

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at June 30, 2022.

K. Securities Lending. Each Portfolio (except Government Money Market) may temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment

of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.

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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

For the period ended June 30, 2022, Balanced and Intermediate Bond bought credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Balanced and Intermediate Bond used CDX swaps to hedge the credit risk associated with various sectors within the credit market.

For the period ended June 30, 2022, Balanced and Intermediate Bond had an average notional amount of $2,000,000 and $63,798,660, 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, 2022. Balanced did not have any open credit default swaps to buy protection at June 30, 2022.

For the period ended June 30, 2022, Balanced had an average notional amount of $1,374,800 on credit default

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

swaps to sell protection. The Portfolio did not have any open credit default swaps to sell protection at June 30, 2022.

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, 2022, Balanced and Intermediate Bond has entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. During the period ended June 30, 2022, Balanced and Intermediate Bond had average notional amounts of $521,900 and $14,967,000, respectively, on Long interest rate swaps.

For the period ended June 30, 2022, Balanced and Intermediate Bond has 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, 2022, Balanced and Intermediate Bond had average notional amounts of $716,500 and $20,589,350, 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, 2022.

At June 30, 2022, Balanced and Intermediate Bond had pledged $300,000 and $2,101,000, respectively, in cash collateral for open centrally cleared swaps.

P. Indemnifications. In the normal course of business, the Registrants may enter into contracts that provide certain indemnifications. The Registrants’ maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, 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, 2022, 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		$	115,099,763		$	134,650,887
Global High Dividend Low Volatility			199,269,961			229,467,479
Growth and Income			495,969,419			569,836,371
Intermediate Bond			375,591,491			665,095,805
Small Company			421,738,361			459,923,472

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

	Purchases			Sales
Balanced		$	155,055,795		$	139,926,305
Intermediate Bond			2,731,153,383			2,374,554,301

NOTE 4 — INVESTMENT MANAGEMENT FEES

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(2)			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(3)			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.

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

(2)

Prior to May 1, 2022 the Investment Adviser contractually waived amounts equal to 0.045% on the first $5 billion and 0.070% thereafter of the Portfolio’s average daily net assets. Termination of this obligation was approved by the Board.

(3)

Prior to June 1, 2022, the management fee was 0.85%.

The Investment Adviser has entered into sub-advisory agreements with Voya IM with respect to each Portfolio. Voya IM provides investment advice for the Portfolios and is paid by the Investment Adviser based on the average daily net assets of each respective Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolios’ assets in accordance with each Portfolio’s investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV, Class S, Class S2 and Class T shares of the respective Portfolios are subject to a shareholder services and distribution plan or a distribution plan (each a “Plan” and collectively, the “Plans”). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Portfolios’ shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

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

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

Distributor has contractually agreed to waive 0.10% of average daily net assets attributable to distribution and/or shareholder service fees for Class S shares, so that the actual fee paid by Class S shares of Government Money Market is an annual rate of 0.15%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

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

Class T shares of Global High Dividend Low Volatility are subject to a shareholder servicing plan (“Service Plan”). The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Class T and their shareholders including Variable Contract owners or Qualified Plan participants with interests in Global High Dividend Low Volatility. Under the Service Plan, the Portfolio makes payments to the Distributor which shall not exceed an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class T shares.

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Money Market in maintaining a yield of not less than zero through May 1, 2023. 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, 2022, the Distributor waived $29 of class specific distribution fees for Class S and the Investment Adviser waived $499,407 of management fees and/or certain expenses to assist the Portfolio in maintaining a net yield of not less than zero. Termination or modification of this obligation requires approval by the Board. Please note that these waivers or

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

reimbursements are in addition to existing contractual expense limitations, if any. As of June 30, 2022, 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,
	2023			2024			2025			Total
Government Money Market		$	608,377		$	2,164,406		$	1,489,358		$	4,262,141

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Government Money Market		7.94%
	Intermediate Bond		11.12
	Small Company		10.81
Voya Retirement Insurance and Annuity Company	Balanced		87.45
	Global High Dividend Low Volatility		21.13
	Government Money Market		87.91
	Growth and Income		87.84
	Intermediate Bond		24.80
	Small Company		65.10

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.

Portfolio	Amount
Balanced		$	130,768
Global High Dividend Low Volatility			159,548
Government Money Market			281,549
Growth and Income			525,001
Intermediate Bond			711,088
Small Company			206,534

NOTE 7 — LICENSING FEE

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

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV		Class I		Class R6		Class S		Class S2		Class T
Balanced		N/A		0.69%		N/A		0.94%		N/A		N/A
Global High Dividend Low Volatility		1.34%		0.84%		N/A		1.09%		1.24%		1.44%
Growth and Income(1)		1.27%		0.67%		N/A		0.92%		1.07%		N/A
Intermediate Bond		1.03%		0.53%		N/A		0.78%		0.93%		N/A
Small Company(2)		1.36%		0.86%		0.86%		1.11%		N/A		N/A

(1)

Prior to May 1, 2022 the expense limits were 1.30%, 0.70%, 0.95% and 1.10% for Class ADV, Class I, Class S and Class S2, respectively.

(2)

Prior to June 1, 2022 the expense limits were 1.40%, 0.90%, 0.90% and 1.15% for Class ADV, Class I, Class R6 and Class S, respectively.

Pursuant to a side letter agreement through May 1, 2023, 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

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

Portfolio			Class ADV						Class I						Class S						Class S2						Class T
Global High Dividend Low Volatility					1.10%						0.60%						0.85%						1.00%						1.20%

Unless otherwise specified above and with the exception of the non-recoupable management fee waivers for certain Portfolios, the Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, 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, 2022, 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,
	2023			2024			2025			Total
Balanced		$	122,934		$	231,150		$	155,418		$	509,502
Intermediate Bond			722,047			1,578,156			1,159,621			3,459,824
Small Company			—			1,021			1,877			2,898

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, 2022, are as follows:

	June 30,
	2023			2024			2025			Total
Small Company
Class ADV		$	3,281		$	8,083		$	5,813		$	17,177
Class I			190,129			396,537			227,107			813,773
Class S			39,677			91,275			53,793			184,745

The Expense Limitation Agreements are contractual through May 1, 2023, except Small Company which is through May 1, 2024, and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

NOTE 9 — LINE OF CREDIT

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, 2022:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced		2		$	525,000		1.71%
Global High Dividend Low Volatility		8			1,823,250		1.50
Growth and Income		1			1,258,000		1.33
Intermediate Bond		4			972,000		2.08
Small Company		11			7,214,545		1.85

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or period ended	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
6/30/2022		108,542		—		3,421,689		(1,063,862)		2,466,369		1,803,485		—		45,747,982		(17,019,417)		30,532,050
12/31/2021		251,590		—		723,234		(2,622,896)		(1,648,072)		4,434,846		—		12,106,938		(45,927,989)		(29,386,205)
Class S
6/30/2022		154		—		23,954		(17,125)		6,983		2,568		—		318,826		(291,417)		29,977
12/31/2021		3,312		—		5,170		(19,863)		(11,381)		57,934		—		86,191		(349,147)		(205,022)
Global High Dividend Low Volatility
Class ADV
6/30/2022		3,900		—		42,854		(115,642)		(68,888)		45,303		—		475,443		(1,331,393)		(810,647)
12/31/2021		16,754		—		24,622		(223,495)		(182,119)		195,744		—		285,119		(2,572,804)		(2,091,941)
Class I
6/30/2022		217,620		—		473,573		(696,131)		(4,938)		2,521,508		—		5,257,967		(8,166,539)		(387,064)
12/31/2021		280,377		—		306,993		(1,215,811)		(628,441)		3,176,484		—		3,556,936		(13,931,507)		(7,198,087)
Class S
6/30/2022		194,192		—		1,498,726		(2,794,211)		(1,101,293)		2,261,266		—		16,709,194		(32,499,736)		(13,529,276)
12/31/2021		238,061		—		937,385		(7,168,854)		(5,993,408)		2,770,779		—		10,900,387		(82,950,586)		(69,279,420)
Class S2
6/30/2022		1,095		—		908		(3,966)		(1,963)		12,468		—		9,966		(42,194)		(19,760)
12/31/2021		1,079		—		618		(14,200)		(12,503)		12,540		—		7,066		(166,995)		(147,389)
Class T
6/30/2022		19,600		—		9,286		(23,305)		5,581		223,205		—		103,054		(270,257)		56,002
12/31/2021		19,271		—		4,722		(33,150)		(9,157)		220,584		—		54,811		(383,585)		(108,190)
Government Money Market
Class I
6/30/2022		62,153,370		—		381,413		(45,542,792)		16,991,991		62,153,369		—		381,414		(45,542,792)		16,991,991
12/31/2021		68,479,424		—		435,973		(153,041,539)		(84,126,142)		68,479,424		—		435,973		(153,041,539)		(84,126,142)
Class S
6/30/2022		—		—		31		(6,715)		(6,684)		—		—		30		(6,715)		(6,685)
12/31/2021		7,239		—		47		(1,019)		6,267		7,239		—		47		(1,019)		6,267
Growth and Income
Class ADV
6/30/2022		66,350		—		133,269		(250,695)		(51,076)		1,310,346		—		2,500,131		(5,208,208)		(1,397,731)
12/31/2021		201,602		—		2,450,905		(29,175,892)		(26,523,385)		6,656,242		—		62,613,808		(1,008,319,631)		(939,049,581)
Class I
6/30/2022		244,134		—		2,731,768		(4,502,056)		(1,526,154)		5,160,459		—		53,214,847		(96,953,098)		(38,577,792)
12/31/2021		131,594		—		36,424,715		(6,543,445)		30,012,864		4,333,088		—		867,378,507		(223,795,000)		647,916,595
Class S
6/30/2022		70,322		—		58,804		(168,558)		(39,432)		1,453,216		—		1,105,506		(3,449,728)		(891,006)
12/31/2021		127,402		—		1,146,743		(15,839,739)		(14,565,594)		4,170,902		—		29,792,605		(548,686,094)		(514,722,587)
Class S2
6/30/2022		422		—		705		(1,016)		111		8,477		—		12,906		(21,058)		325
12/31/2021		453		—		9,051		(30)		9,474		14,943		—		203,108		(988)		217,063
Intermediate Bond
Class ADV
6/30/2022		165,908		—		223,055		(2,378,145)		(1,989,182)		1,994,041		—		2,592,093		(27,740,492)		(23,154,358)
12/31/2021		1,537,166		—		581,404		(3,393,970)		(1,275,400)		19,730,878		—		7,461,608		(43,581,477)		(16,388,991)
Class I
6/30/2022		1,118,617		—		953,404		(6,280,786)		(4,208,765)		13,196,166		—		11,206,443		(74,479,651)		(50,077,042)
12/31/2021		3,127,259		—		2,400,903		(12,557,702)		(7,029,540)		40,676,185		—		31,153,347		(162,906,269)		(91,076,737)
Class S
6/30/2022		2,742,939		—		1,752,073		(11,387,414)		(6,892,402)		31,843,342		—		20,442,038		(133,309,892)		(81,024,512)
12/31/2021		4,180,405		—		4,363,433		(16,513,541)		(7,969,703)		53,558,043		—		56,229,105		(212,930,197)		(103,143,049)
Class S2
6/30/2022		116,965		—		11,920		(477,225)		(348,340)		1,378,852		—		139,002		(5,523,127)		(4,005,273)
12/31/2021		189,378		—		36,584		(614,677)		(388,715)		2,443,389		—		469,801		(7,890,271)		(4,977,081)
Small Company
Class ADV
6/30/2022		42,987		—		182,331		(57,250)		168,068		758,025		—		2,087,689		(977,341)		1,868,373
12/31/2021		105,445		—		1,793		(54,825)		52,413		2,045,707		—		34,073		(1,072,678)		1,007,102
Class I
6/30/2022		165,152		—		5,703,848		(2,231,399)		3,637,601		2,975,795		—		72,381,832		(36,526,879)		38,830,748
12/31/2021		624,497		—		96,552		(3,153,101)		(2,432,052)		12,875,539		—		1,965,800		(64,937,072)		(50,095,733)
Class R6
6/30/2022		7,695		—		184,978		(225,238)		(32,565)		143,089		—		2,351,076		(4,327,005)		(1,832,840)
12/31/2021		292,892		—		4,037		(216,828)		80,101		6,151,114		—		82,239		(4,335,350)		1,898,003
Class S
6/30/2022		56,722		—		1,469,995		(373,114)		1,153,603		1,029,776		—		17,786,935		(6,217,351)		12,599,360
12/31/2021		119,177		—		17,382		(690,071)		(553,512)		2,408,593		—		342,592		(13,855,730)		(11,104,545)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (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.

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, 2022:

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas		$	6,645		$	(6,645)		$	—
Barclays Bank PLC			12,157			(12,157)			—
Barclays Capital Inc.			627,286			(627,286)			—
BNP Paribas Prime Brokerage Intl Ltd			32,844,699			(32,844,699)			—
BofA Securities Inc			1,304,166			(1,304,166)			—
Canadian Bank of Commerce			7,916			(7,916)			—
Citadel Clearing LLC			60,639			(60,639)			—
Citigroup Global Markets Inc.			6,238,251			(6,238,251)			—
Citigroup Global Markets Limited			406,410			(406,410)			—
Cowen Execution Services LLC			1,901,700			(1,901,700)			—
Goldman Sachs International			39,194			(39,194)			—
Goldman Sachs & Co. LLC			22,286			(22,286)			—
HSBC Bank PLC			12,506			(12,506)			—
HSBC Securities (USA) Inc.			22,191			(22,191)			—
J.P. Morgan Securities LLC			1,106			(1,106)			—
Janney Montgomery Scott LLC			406,203			(406,203)			—
Merrill Lynch International			123,249			(123,249)			—
Morgan Stanley & Co. LLC			1,012,071			(1,012,071)			—
National Bank of Canada Financial INC			83,503			(83,503)			—
National Financial Services LLC			5,974			(5,974)			—
Natixis Securities America LLC			266,238			(266,238)			—
RBC Capital Markets, LLC			45,885			(45,885)			—
Scotia Capital (USA) INC			164,738			(164,738)			—
Societe Generale			528,521			(528,521)			—
TD Prime Services LLC			20,479,407			(20,479,407)			—
TD Securities (USA) Inc.			34,680			(34,680)			—
UBS AG			52,373			(52,373)			—
Wells Fargo Securities LLC			6,440,616			(6,440,616)			—
Total		$	73,150,610		$	(73,150,610)		$	—

(1)

Cash collateral with a fair value of $74,713,569 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Global High Dividend Low Volatility

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	1,722,017		$	(1,722,017)		$	—
BNP Paribas Arbitrage			83,015			(83,015)			—
BofA Securities Inc			475,001			(475,001)			—
Citigroup Global Markets Limited			13,887			(13,887)			—
Goldman Sachs & Co. LLC			3,270,787			(3,270,787)			—
Goldman Sachs International			3,587,000			(3,587,000)			—
HSBC Bank PLC			533,784			(533,784)			—
JP Morgan Securities Plc.			1,112,471			(1,112,471)			—
Macquarie Bank Limited			686,530			(686,530)			—
Merrill Lynch International			709,251			(709,251)			—
Scotia Capital (USA) INC			488,663			(488,663)			—
Total		$	12,682,406		$	(12,682,406)		$	—

(1)

Cash collateral with a fair value of $13,346,445 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

Growth and Income

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd		$	2,387,492		$	(2,387,492)		$	—
BofA Securities Inc			18,354,161			(18,354,161)			—
Credit Suisse Securities (USA) LLC			532,128			(532,128)			—
Goldman Sachs & Co. LLC			28,818,115			(28,818,115)			—
J.P. Morgan Securities LLC			13,965,816			(13,965,816)			—
Morgan Stanley & Co. LLC			1,786,925			(1,786,925)			—
Natixis Securities America LLC			10,052,741			(10,052,741)			—
RBC Capital Markets, LLC			1,173,350			(1,173,350)			—
SG Americas Securities, LLC			332,928			(332,928)			—
State Street Bank and Trust Company			1,499,640			(1,499,640)			—
UBS AG			599,584			(599,584)			—
Wells Fargo Bank NA			8,968,128			(8,968,128)			—
Wells Fargo Securities LLC			7,803,863			(7,803,863)			—
Total		$	96,274,871		$	(96,274,871)		$	—

(1)

Cash collateral with a fair value of $98,430,587 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Intermediate Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	11,602,743		$	(11,602,743)		$	—
Barclays Capital Inc.			5,256,206			(5,256,206)			—
BNP Paribas			1,991,761			(1,991,761)			—
BofA Securities Inc			22,331,374			(22,331,374)			—
CIBC World Markets INC			1,830,158			(1,830,158)			—
Citigroup Global Markets Inc.			1,797,094			(1,797,094)			—
Deutsche Bank Securities Inc.			62,618			(62,618)			—
HSBC Securities (USA) Inc.			5,100,713			(5,100,713)			—
J.P. Morgan Securities LLC			14,944,034			(14,944,034)			—
Mirae Asset Securities (USA) INC.			15,366			(15,366)			—
Morgan Stanley & Co. LLC			2,268,163			(2,268,163)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
MUFG Securities Americas Inc.		$	1,187,611		$	(1,187,611)		$	—
National Bank Financial INC			75,285			(75,285)			—
Nomura Securities International, Inc.			2,601,102			(2,601,102)			—
RBC Capital Markets, LLC			1,571,754			(1,571,754)			—
Scotia Capital (USA) INC			3,803,968			(3,803,968)			—
Societe Generale			253,912			(253,912)			—
TD Prime Services LLC			10,092,037			(10,092,037)			—
TD Securities (USA) Inc.			411,600			(411,600)			—
TD Securities INC			211,514			(211,514)			—
Truist Securities INC			1,269,757			(1,269,757)			—
UBS Securities LLC.			1,163,512			(1,163,512)			—
Wells Fargo Clearing Services, LLC			2,083,754			(2,083,754)			—
Wells Fargo Securities LLC			4,591,808			(4,591,808)			—
Total		$	96,517,844		$	(96,517,844)		$	—

(1)

Cash collateral with a fair value of $98,891,194 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Small Company

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd		$	986,074		$	(986,074)		$	—
BofA Securities Inc			51,976			(51,976)			—
Citadel Securities LLC			399,037			(399,037)			—
Citigroup Global Markets Inc.			635,370			(635,370)			—
J.P. Morgan Securities LLC			312,343			(312,343)			—
Morgan Stanley & Co. LLC			1,952,409			(1,952,409)			—
Nomura Securities International, Inc.			441,742			(441,742)			—
TD Prime Services LLC			329,398			(329,398)			—
Total		$	5,108,349		$	(5,108,349)		$	—

(1)

Cash collateral with a fair value of $5,248,417 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 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, capital loss carryforwards and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

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

	Year Ended December 31, 2021									Year Ended December 31, 2020
	Ordinary Income			Long-term Capital Gain			Return of Capital			Ordinary Income			Long-term Capital Gain			Return of Capital
Balanced		$	9,669,879		$	2,523,250		$	—		$	13,587,908		$	4,676,228		$	—
Global High Dividend Low Volatility			14,804,319			—			—			13,380,653			—			320,771
Government Money Market			436,020			—			—			1,404,636			—			—
Growth and Income			246,652,811			714,105,669			—			34,554,841			289,550,563			—
Intermediate Bond			75,114,307			91,902			20,114,377			161,769,148			29,891,272			—
Small Company			2,424,704			—			—			4,343,405			4,804,582			—

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards										Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/(Loss)
Balanced		$	15,900,043		$	30,169,247		$	—		$	62,997,395		$	—		—		—		$	(45,498)		$	109,021,187
Global High Dividend Low Volatility			10,510,437			8,426,655			—			93,117,001					—		—			(33,919)			112,020,174
Government Money Market			—			—			—			—			—		—		—			(66,392)			(66,392)
Growth and Income			19,032,937			37,842,055			—			691,743,841			—		—		—			(214,317)			748,404,516
Intermediate Bond			—			—			—			28,790,448			(3,416,604)		Short-term		None			(213,003)			25,160,841
Small Company			55,248,253			39,307,791			—			35,496,446			—		—		—			(28,361)			130,024,129

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

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

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 14 — LIQUIDITY

NOTE 15 — MARKET DISRUPTION

markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios’ service providers.

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2022, the following Portfolios declared dividends from net investment income of:

Per
Share
Amount

Payable
Date

Record
Date

Global High Dividend Low Volatility

Class ADV

0.0670

July 5, 2022

June 30, 2022

Class I

0.0811

July 5, 2022

June 30, 2022

Class S

0.0741

July 5, 2022

June 30, 2022

Class S2

0.0686

July 5, 2022

June 30, 2022

Class T

0.0650

July 5, 2022

June 30, 2022

Government Money Market

Class I

0.0011

August 1, 2022

Daily

Class S

0.0010

August 1, 2022

Daily

Intermediate Bond

Class ADV

0.0222

August 1, 2022

Daily

Class I

0.0272

August 1, 2022

Daily

Class S

0.0247

August 1, 2022

Daily

Class S2

0.0232

August 1, 2022

Daily

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 40.2%
	Communication Services: 2.7%
1,567 (1)	Alphabet, Inc. - Class A		$	3,414,900		1.1
9,112	AT&T, Inc.			190,988		0.1
2,796 (2)	Auto Trader Group PLC			18,936		0.0
1,057 (1)	Charter Communications, Inc.			495,236		0.2
20,018	Comcast Corp. - Class A			785,506		0.3
1,300 (3)	Dentsu Group, Inc.			39,192		0.0
7,076	Deutsche Telekom AG			140,737		0.1
641	Electronic Arts, Inc.			77,978		0.0
2,831	Interpublic Group of Cos., Inc.			77,937		0.0
8,542 (1)	Iridium Communications, Inc.			320,838		0.1
2,075 (1)	Live Nation Entertainment, Inc.			171,353		0.1
3,738 (1)	Meta Platforms, Inc.			602,752		0.2
257 (1)	NetFlix, Inc.			44,942		0.0
1,305	New York Times Co.			36,409		0.0
5,569	News Corp - Class A			86,765		0.0
1,127	Nexstar Media Group, Inc.			183,566		0.1
7,000	Nippon Telegraph & Telephone Corp.			201,132		0.1
1,679	Paramount Global - Class B			41,438		0.0
7,151 (1)	Pinterest, Inc.			129,862		0.0
1,359	Publicis Groupe			66,837		0.0
1,559 (2)	Scout24 SE			80,313		0.0
636 (1)	Sea Ltd. ADR			42,523		0.0
7,600	Singapore Telecommunications Ltd.			13,832		0.0
2,900	SoftBank Group Corp.			112,400		0.1
24,827	Spark New Zealand Ltd.			74,301		0.0
1,052	TEGNA, Inc.			22,060		0.0
3,837	Tele2 AB			43,753		0.0
262,094 (1)	Telecom Italia S.p.A. - TIT			68,723		0.0
8,314	Telstra Corp., Ltd.			22,113		0.0
1,522 (1)	T-Mobile US, Inc.			204,770		0.1
874	Verizon Communications, Inc.			44,356		0.0
93,165	Vodafone Group PLC			144,862		0.1
11,828 (1)	Warner Bros Discovery, Inc.			158,732		0.0
9,329	WPP PLC			94,235		0.0
1,261 (1)	Ziff Davis, Inc.			93,982		0.0
				8,348,259		2.7
	Consumer Discretionary: 4.2%
1,056	Adidas AG			187,579		0.1
894	ADT, Inc.			5,498		0.0
1,300 (1)	Airbnb, Inc.			115,804		0.1
20,122 (1)	Amazon.com, Inc.			2,137,158		0.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
497	American Eagle Outfitters, Inc.		$	5,556		0.0
1,343 (1)	Aptiv PLC			119,621		0.1
4,763	Aristocrat Leisure Ltd.			113,293		0.0
2,326 (1)	Autonation, Inc.			259,954		0.1
190 (1)	Autozone, Inc.			408,333		0.1
43 (1)	Booking Holdings, Inc.			75,207		0.0
1,575	BorgWarner, Inc.			52,558		0.0
4,930	Boyd Gaming Corp.			245,267		0.1
786	Brunswick Corp.			51,389		0.0
845	Burberry Group PLC			16,952		0.0
1,228 (1)	Carmax, Inc.			111,109		0.0
237	Carter’s, Inc.			16,704		0.0
7,200	Chow Tai Fook Jewellery Group Ltd.			13,600		0.0
1,552	Cie Financiere Richemont SA			166,938		0.1
4,866	Cie Generale des Etablissements Michelin SCA			132,896		0.1
83	Columbia Sportswear Co.			5,941		0.0
1,908 (1)	CROCS, Inc.			92,862		0.0
2,965	Dana, Inc.			41,718		0.0
185 (1)	Deckers Outdoor Corp.			47,240		0.0
2,260 (3)	Dick’s Sporting Goods, Inc.			170,336		0.1
114	Domino’s Pizza, Inc.			44,427		0.0
1,775	Electrolux AB			23,975		0.0
1,305 (1)	Entain PLC			19,859		0.0
404 (2)	Evolution AB			36,958		0.0
57 (1)	Five Below, Inc.			6,466		0.0
22,630	Ford Motor Co.			251,872		0.1
228 (1)(3)	GameStop Corp.			27,884		0.0
10,526 (1)	General Motors Co.			334,306		0.1
2,840	Gentex Corp.			79,435		0.0
3,875	Genuine Parts Co.			515,375		0.2
3,113 (1)	Goodyear Tire & Rubber Co.			33,340		0.0
2,099 (3)	H & M Hennes & Mauritz AB			25,194		0.0
2,944	Harley-Davidson, Inc.			93,207		0.0
2,061	Home Depot, Inc.			565,270		0.2
1,100	Isuzu Motors Ltd.			12,168		0.0
90	Kering SA			46,641		0.0
8,470	Kingfisher PLC			25,313		0.0
732	Kohl’s Corp.			26,125		0.0
2,813 (2)	La Francaise des Jeux SAEM			97,680		0.0
406	Lear Corp.			51,111		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
2,244	Lennar Corp. - Class A		$	158,359		0.1
150	Lithia Motors, Inc.			41,221		0.0
8,178	LKQ Corp.			401,458		0.1
405	Lowe’s Cos, Inc.			70,741		0.0
250 (1)	Lululemon Athletica, Inc.			68,153		0.0
391	LVMH Moet Hennessy Louis Vuitton SE			239,636		0.1
2,015	Macy’s, Inc.			36,915		0.0
349	Marriott Vacations Worldwide Corp.			40,554		0.0
1,833 (1)	Mattel, Inc.			40,931		0.0
2,100	Mazda Motor Corp.			17,141		0.0
211	McDonald’s Corp.			52,092		0.0
241	Mercedes-Benz Group AG			13,997		0.0
4,327	MGM Resorts International			125,267		0.1
656	Moncler SpA			28,265		0.0
6,128	Nike, Inc. - Class B			626,282		0.2
541	Nordstrom, Inc.			11,431		0.0
45 (1)	NVR, Inc.			180,186		0.1
145 (1)	Ollie’s Bargain Outlet Holdings, Inc.			8,519		0.0
400	Open House Group Co. Ltd.			15,922		0.0
2,273	Pandora A/S			144,409		0.1
74	Penske Auto Group, Inc.			7,747		0.0
4,787	Persimmon PLC			108,913		0.0
1,331	PVH Corp.			75,734		0.0
908 (1)	Scientific Games Corp.			42,667		0.0
416	SEB SA			40,147		0.0
2,000	Sekisui Chemical Co., Ltd.			27,420		0.0
7,800	Sekisui House Ltd.			136,932		0.1
1,113	Service Corp. International			76,931		0.0
200	Shimano, Inc.			33,691		0.0
600	Sony Group Corp.			48,934		0.0
1,049	Starbucks Corp.			80,133		0.0
4,273	Stellantis NV			53,048		0.0
1,400	Subaru Corp.			24,764		0.0
500	Suzuki Motor Corp.			15,719		0.0
9,054 (1)	Taylor Morrison Home Corp.			211,501		0.1
45,814	Taylor Wimpey PLC			65,259		0.0
595	Tempur Sealy International, Inc.			12,715		0.0
2,297 (1)	Tesla, Inc.			1,546,846		0.5
162	Thor Industries, Inc.			12,106		0.0
1,059	Toll Brothers, Inc.			47,231		0.0
166 (1)	TopBuild Corp.			27,749		0.0
8,300	Toyota Motor Corp.			128,063		0.1
5,291	Travel + Leisure Co.			205,397		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
3,752 (1)	Under Armour, Inc. - Class A		$	31,254		0.0
299 (1)	Victoria’s Secret & Co.			8,363		0.0
8,842	Wendy’s Company			166,937		0.1
38 (3)	Whirlpool Corp.			5,885		0.0
447	Williams-Sonoma, Inc.			49,595		0.0
1,902	Wyndham Hotels & Resorts, Inc.			124,999		0.1
920 (1)	YETI Holdings, Inc.			39,808		0.0
1,840	Yum! Brands, Inc.			208,858		0.1
1,002 (1)(2)	Zalando SE			26,395		0.0
				12,923,339		4.2
	Consumer Staples: 2.9%
2,200	Ajinomoto Co., Inc.			53,648		0.0
2,466	Altria Group, Inc.			103,005		0.1
4,896	Archer-Daniels-Midland Co.			379,930		0.1
1,438	Beiersdorf AG			147,564		0.1
3,377 (1)	BellRing Brands, Inc.			84,053		0.0
601 (1)	BJ’s Wholesale Club Holdings, Inc.			37,454		0.0
8,168	British American Tobacco PLC			350,115		0.1
721	Carlsberg A/S			92,146		0.0
14,668	Coca-Cola Co.			922,764		0.3
1,003	Coca-Cola European Partners PLC - USD			51,765		0.0
5,776	Coca-Cola HBC AG			128,699		0.1
15,048	Coles Group Ltd.			185,186		0.1
1,495	Costco Wholesale Corp.			716,524		0.2
934 (1)	Darling Ingredients, Inc.			55,853		0.0
5,796	Davide Campari-Milano NV			61,146		0.0
305	Diageo PLC			13,174		0.0
322	Energizer Holdings, Inc.			9,129		0.0
1,987	Estee Lauder Cos., Inc.			506,029		0.2
3,374	Flowers Foods, Inc.			88,804		0.0
1,097	Heineken Holding NV			79,692		0.0
1,295 (1)	HelloFresh SE			42,249		0.0
3,908 (1)	Herbalife Nutrition Ltd.			79,919		0.0
10,734	J Sainsbury Plc			26,713		0.0
11,100 (3)	Japan Tobacco, Inc.			192,350		0.1
1,908	Kesko OYJ			45,155		0.0
1,782	Keurig Dr Pepper, Inc.			63,065		0.0
900	Kobayashi Pharmaceutical Co., Ltd.			55,738		0.0
861	L’Oreal S.A.			298,945		0.1
3,605 (1)	Monster Beverage Corp.			334,183		0.1
3,469	Nestle SA			405,432		0.1
2,637	Nu Skin Enterprises, Inc.			114,182		0.1
7,320	PepsiCo, Inc.			1,219,951		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
3,507 (1)	Performance Food Group Co.		$	161,252		0.1
640	Pernod Ricard SA			118,320		0.1
8,318	Philip Morris International, Inc.			821,319		0.3
523 (1)	Post Holdings, Inc.			43,069		0.0
2,663	Procter & Gamble Co.			382,913		0.1
54	Sanderson Farms, Inc.			11,639		0.0
2,524	Swedish Match AB			25,751		0.0
5,103	Treasury Wine Estates Ltd.			40,019		0.0
3,388	Tyson Foods, Inc.			291,571		0.1
610	Unilever PLC			27,707		0.0
11	Unilever PLC - ULVRL			501		0.0
500	Yakult Honsha Co., Ltd.			28,840		0.0
				8,897,463		2.9
	Energy: 1.7%
5,711	Ampol Ltd.			134,794		0.1
11,709	Baker Hughes Co.			338,039		0.1
51,813	BP PLC			243,288		0.1
2,031	ChampionX Corp.			40,315		0.0
1,695	Cheniere Energy, Inc.			225,486		0.1
2,585	Chevron Corp.			374,256		0.1
7,067 (1)	CNX Resources Corp.			116,323		0.0
6,338	ConocoPhillips			569,216		0.2
1,804	Devon Energy Corp.			99,418		0.0
963	Diamondback Energy, Inc.			116,667		0.0
1,861 (3)	ENI S.p.A.			22,073		0.0
2,788	EOG Resources, Inc.			307,907		0.1
2,009	EQT Corp.			69,110		0.0
1,952	Equinor ASA			68,018		0.0
2,456	Equitrans Midstream Corp.			15,620		0.0
7,236	Exxon Mobil Corp.			619,691		0.2
808	HF Sinclair Corp.			36,489		0.0
2,700 (3)	Inpex Corp.			28,945		0.0
5,502	Marathon Petroleum Corp.			452,319		0.2
439	Matador Resources Co.			20,453		0.0
1,153	Occidental Petroleum Corp.			67,889		0.0
671	OMV AG			31,558		0.0
489	PDC Energy, Inc.			30,127		0.0
1,497	Phillips 66			122,739		0.1
2,021 (1)	Range Resources Corp.			50,020		0.0
8,531 (3)	Repsol SA			125,765		0.0
23,529	Santos Ltd.			119,296		0.0
8,703	Shell PLC			226,650		0.1
7,543	Targa Resources Corp.			450,091		0.2
1,568 (3)	TotalEnergies SE			82,535		0.0
1,549	Valero Energy Corp.			164,628		0.1
				5,369,725		1.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: 5.3%
11,208	3i Group PLC		$	151,911		0.1
17,495	Abrdn PLC			34,149		0.0
85	Affiliated Managers Group, Inc.			9,911		0.0
4,600	AIA Group Ltd.			50,262		0.0
182	American Financial Group, Inc.			25,263		0.0
532	Ameriprise Financial, Inc.			126,446		0.1
2,286	Aon PLC			616,488		0.2
4,635	Australia & New Zealand Banking Group Ltd.			70,594		0.0
9,999	AXA S.A.			228,394		0.1
16,702	Banco Bilbao Vizcaya Argentaria SA			75,871		0.0
22,510	Bank of America Corp.			700,736		0.2
1,674	Bank OZK			62,825		0.0
102,329	Barclays PLC			191,351		0.1
2,962 (1)	Berkshire Hathaway, Inc. - Class B			808,685		0.3
510	Blackrock, Inc.			310,610		0.1
688	Blackstone, Inc.			62,766		0.0
4,685	BNP Paribas			224,094		0.1
3,500	BOC Hong Kong Holdings Ltd.			13,898		0.0
3,358	Capital One Financial Corp.			349,870		0.1
7,970	Charles Schwab Corp.			503,545		0.2
12,550	Citigroup, Inc.			577,175		0.2
5,297	Citizens Financial Group, Inc.			189,050		0.1
2,183	CNO Financial Group, Inc.			39,490		0.0
418	Commerce Bancshares, Inc.			27,442		0.0
4,557 (1)	Commerzbank AG			32,333		0.0
354	Commonwealth Bank of Australia			22,117		0.0
2,300	Dai-ichi Life Holdings, Inc.			42,539		0.0
10,216	Deutsche Bank AG			89,776		0.0
1,794	Discover Financial Services			169,677		0.1
1,422	East West Bancorp, Inc.			92,146		0.0
1,656	Erste Group Bank AG			42,081		0.0
1,946	Essent Group Ltd.			75,699		0.0
728	Evercore, Inc.			68,148		0.0
27	Everest Re Group Ltd.			7,568		0.0
466	EXOR NV			29,120		0.0
5,956	FinecoBank Banca Fineco SpA			71,452		0.0
1,187	First American Financial Corp.			62,816		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
5,862	FNB Corp.		$	63,661		0.0
1,990	Gjensidige Forsikring ASA			40,509		0.0
5,880	Hancock Whitney Corp.			260,660		0.1
631	Hanover Insurance Group, Inc.			92,284		0.0
6,450	Hartford Financial Services Group, Inc.			422,024		0.1
8,257	HSBC Holdings PLC			53,939		0.0
505	Industrivarden AB - Class A			11,417		0.0
2,461	ING Groep NV			24,245		0.0
6,114	International Bancshares Corp.			245,049		0.1
733	Jefferies Financial Group, Inc.			20,245		0.0
3,254	JPMorgan Chase & Co.			366,433		0.1
186 (3)	Lazard Ltd.			6,028		0.0
7,373	Loews Corp.			436,924		0.2
5,202	Marsh & McLennan Cos., Inc.			807,611		0.3
18,979	Medibank Pvt Ltd.			42,687		0.0
8,098	Metlife, Inc.			508,473		0.2
6,026	MGIC Investment Corp.			75,928		0.0
36,900	Mitsubishi HC Capital, Inc.			170,307		0.1
7,400	Mitsubishi UFJ Financial Group, Inc.			39,590		0.0
6,533	Morgan Stanley			496,900		0.2
69,779	Natwest Group PLC			185,735		0.1
1,996	Navient Corp.			27,924		0.0
12,187	New Residential Investment Corp.			113,583		0.0
6,947 (3)	New York Community Bancorp., Inc.			63,426		0.0
3,161	NN Group NV			143,171		0.0
14,463	Nordea Bank Abp			127,759		0.0
11,898	Old Republic International Corp.			266,039		0.1
270	OneMain Holdings, Inc.			10,093		0.0
5,100	ORIX Corp.			85,475		0.0
25,800	Oversea-Chinese Banking Corp., Ltd.			211,639		0.1
269	Popular, Inc.			20,694		0.0
3,645 (2)(3)	Poste Italiane SpA			34,105		0.0
169	Primerica, Inc.			20,228		0.0
927	Prosperity Bancshares, Inc.			63,286		0.0
3,080	QBE Insurance Group Ltd.			25,881		0.0
661	Reinsurance Group of America, Inc.			77,529		0.0
318	S&P Global, Inc.			107,185		0.0
963	Schroders PLC			31,459		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
5,985	Societe Generale		$	132,327		0.0
3,600	Sompo Holdings, Inc.			159,005		0.1
20,983	Standard Chartered PLC			158,409		0.1
10,933	Starwood Property Trust, Inc.			228,390		0.1
2,947	Stifel Financial Corp.			165,091		0.1
7,900	Sumitomo Mitsui Financial Group, Inc.			234,828		0.1
6,600	Sumitomo Mitsui Trust Holdings, Inc.			203,979		0.1
2,139	Synovus Financial Corp.			77,111		0.0
1,500	T&D Holdings, Inc.			17,956		0.0
3,582	T. Rowe Price Group, Inc.			406,951		0.1
4,400	Tokio Marine Holdings, Inc.			256,573		0.1
10,332	UBS Group AG			167,035		0.1
848	UMB Financial Corp.			73,013		0.0
5,581	Unum Group			189,866		0.1
10,364	US Bancorp			476,951		0.2
1,120	Washington Federal, Inc.			33,622		0.0
19,451	Wells Fargo & Co.			761,896		0.3
913	Wintrust Financial Corp.			73,177		0.0
648	Zurich Insurance Group AG			282,576		0.1
				16,155,179		5.3
	Health Care: 6.0%
3,308	Abbott Laboratories			359,414		0.1
944	AbbVie, Inc.			144,583		0.1
4,236	Agilent Technologies, Inc.			503,110		0.2
215 (1)	Align Technology, Inc.			50,884		0.0
208 (1)	Amedisys, Inc.			21,865		0.0
4,000	Astellas Pharma, Inc.			62,407		0.0
1,901	AstraZeneca PLC			250,783		0.1
668 (1)	Biogen, Inc.			136,232		0.1
12,852	Bristol-Myers Squibb Co.			989,604		0.3
311	Bruker Corp.			19,518		0.0
4,617 (1)	Centene Corp.			390,644		0.1
1,838	Cigna Corp.			484,350		0.2
850	CSL Ltd.			157,824		0.1
6,061	CVS Health Corp.			561,612		0.2
1,500	Daiichi Sankyo Co., Ltd.			38,149		0.0
627	Danaher Corp.			158,957		0.1
637 (1)	DexCom, Inc.			47,476		0.0
4,732 (1)	Edwards Lifesciences Corp.			449,966		0.2
400	Eisai Co., Ltd.			16,912		0.0
1,345	Elevance Health, Inc.			649,070		0.2
1,313	Eli Lilly & Co.			425,714		0.2
572 (1)	Envista Holdings Corp.			22,045		0.0
3,003 (1)	Exelixis, Inc.			62,522		0.0
829 (1)(3)	Figs, Inc.			7,552		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
950	Getinge AB		$	22,018		0.0
1,336	Gilead Sciences, Inc.			82,578		0.0
1,015 (1)	Globus Medical, Inc.			56,982		0.0
11,876	GSK PLC			255,947		0.1
1,130 (1)	Halozyme Therapeutics, Inc.			49,720		0.0
5,185	Hikma Pharmaceuticals PLC			102,303		0.0
5,683 (1)	Hologic, Inc.			393,832		0.1
1,500	Hoya Corp.			128,374		0.0
186	Humana, Inc.			87,061		0.0
317 (1)	Inari Medical, Inc.			21,553		0.0
1,101	Ipsen SA			104,247		0.0
29 (1)	IQVIA Holdings, Inc.			6,293		0.0
544 (1)	Jazz Pharmaceuticals PLC			84,869		0.0
9,970	Johnson & Johnson			1,769,775		0.6
1,900	Kyowa Kirin Co., Ltd.			42,896		0.0
150	Laboratory Corp. of America Holdings			35,154		0.0
342 (1)	LivaNova PLC			21,365		0.0
276 (1)	Masimo Corp.			36,065		0.0
954	McKesson Corp.			311,204		0.1
314 (1)	Medpace Holdings, Inc.			46,996		0.0
3,314	Medtronic PLC			297,432		0.1
10,033	Merck & Co., Inc.			914,709		0.3
9 (1)	Mettler Toledo International, Inc.			10,339		0.0
370 (1)	Moderna, Inc.			52,854		0.0
1,027 (1)	Molina Healthcare, Inc.			287,159		0.1
222 (1)	Natera, Inc.			7,868		0.0
786 (1)	Neurocrine Biosciences, Inc.			76,619		0.0
1,930	Novartis AG			163,627		0.1
2,908	Novo Nordisk A/S			322,504		0.1
538 (1)	NuVasive, Inc.			26,448		0.0
4,500	Olympus Corp.			91,193		0.0
6,600	Ono Pharmaceutical Co., Ltd.			169,549		0.1
1,238 (1)	Option Care Health, Inc.			34,404		0.0
5,300 (3)	Otsuka Holdings Co. Ltd.			189,193		0.1
529	Patterson Cos., Inc.			16,029		0.0
158	Perrigo Co. PLC			6,410		0.0
16,807	Pfizer, Inc.			881,191		0.3
817 (1)	Progyny, Inc.			23,734		0.0
65	Quest Diagnostics, Inc.			8,644		0.0
322 (1)	QuidelOrtho Corp.			31,292		0.0
707 (1)	Regeneron Pharmaceuticals, Inc.			417,929		0.2
49 (1)	Repligen Corp.			7,958		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
1,722	Roche Holding AG-GENUSSCHEIN		$	575,664		0.2
2,798 (1)	Sage Therapeutics, Inc.			90,375		0.0
1,993	Sanofi			200,987		0.1
74	Sartorius Stedim Biotech			23,348		0.0
571 (1)	Seagen, Inc.			101,033		0.0
546 (1)	Shockwave Medical, Inc.			104,379		0.1
6,148	Sonic Healthcare Ltd.			140,133		0.0
562	Sonova Holding AG - Reg			179,605		0.1
579 (1)	Staar Surgical Co.			41,068		0.0
579	Straumann Holding AG			69,750		0.0
528 (1)	Syneos Health, Inc.			37,847		0.0
2,100	Takeda Pharmaceutical Co., Ltd.			58,986		0.0
2,469 (1)	Tandem Diabetes Care, Inc.			146,140		0.1
609 (1)	Tenet Healthcare Corp.			32,009		0.0
1,549	Thermo Fisher Scientific, Inc.			841,541		0.3
1,076	UCB S.A.			91,180		0.0
253 (1)	United Therapeutics Corp.			59,617		0.0
2,505	UnitedHealth Group, Inc.			1,286,643		0.4
118 (1)	Veeva Systems, Inc.			23,369		0.0
1,253 (1)	Vertex Pharmaceuticals, Inc.			353,083		0.1
1,432	Zoetis, Inc.			246,146		0.1
				18,410,413		6.0
	Industrials: 3.8%
406	ABB Ltd.			10,888		0.0
3,630	ACS Actividades de Construccion y Servicios SA			88,469		0.0
945	Acuity Brands, Inc.			145,568		0.0
2,122	Adecco Group AG			72,328		0.0
7,321	AECOM			477,476		0.2
374	AGCO Corp.			36,914		0.0
3,267	Allegion Public Ltd.			319,839		0.1
3,113	AO Smith Corp.			170,219		0.1
48	AP Moller - Maersk A/S - Class B			112,685		0.1
520 (1)	ASGN, Inc.			46,930		0.0
704	Assa Abloy AB			15,023		0.0
9,991	Atlas Copco AB			93,516		0.0
28,465	Aurizon Holdings Ltd.			74,864		0.0
255 (1)	Avis Budget Group, Inc.			37,505		0.0
530	Brenntag SE			34,704		0.0
1,446 (1)	Builders FirstSource, Inc.			77,650		0.0
39 (1)	CACI International, Inc.			10,989		0.0
108	Carlisle Cos., Inc.			25,770		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
66 (1)	Chart Industries, Inc.		$	11,047		0.0
3,466	Cie de Saint-Gobain			149,764		0.1
10,500	CK Hutchison Holdings Ltd.			71,232		0.0
494 (1)	Clean Harbors, Inc.			43,309		0.0
4,893	CNH Industrial NV			56,589		0.0
998 (1)	Copa Holdings S.A.- Class A			63,243		0.0
3,718 (1)	Copart, Inc.			403,998		0.1
1,774 (1)	CoStar Group, Inc.			107,167		0.0
1,867	Crane Holdings Co.			163,474		0.1
7,122	CSX Corp.			206,965		0.1
267	Curtiss-Wright Corp.			35,260		0.0
5,600	Dai Nippon Printing Co., Ltd.			120,459		0.1
1,441	DCC PLC			89,654		0.0
5,664	Deutsche Post AG			213,852		0.1
350	Dover Corp.			42,462		0.0
423 (1)	Dun & Bradstreet Holdings, Inc.			6,358		0.0
194 (1)	Dycom Industries, Inc.			18,050		0.0
831	Eiffage SA			75,173		0.0
5,736	Emerson Electric Co.			456,241		0.2
182	EnerSys			10,731		0.0
3,590	Epiroc AB-A			55,663		0.0
259	Equifax, Inc.			47,340		0.0
724	FedEx Corp.			164,138		0.1
1,599	Ferguson PLC			179,124		0.1
2,192	Flowserve Corp.			62,757		0.0
831 (1)(3)	Fluor Corp.			20,226		0.0
8,707	Fortive Corp.			473,487		0.2
193 (1)	FTI Consulting, Inc.			34,904		0.0
2,565	GEA Group AG			88,924		0.0
7,795	General Electric Co.			496,308		0.2
153	Graco, Inc.			9,090		0.0
280 (1)	GXO Logistics, Inc.			12,116		0.0
395 (1)	Hayward Holdings, Inc.			5,684		0.0
591	Hexcel Corp.			30,915		0.0
229	Hubbell, Inc.			40,895		0.0
522 (1)	IAA, Inc.			17,106		0.0
3,386	Indutrade AB			62,126		0.0
1,791	Insperity, Inc.			178,795		0.1
2,800	Jardine Matheson Holdings Ltd.			147,123		0.1
18,470 (1)	JetBlue Airways Corp.			154,594		0.1
6,209	Johnson Controls International plc			297,287		0.1
211	KBR, Inc.			10,210		0.0
979	Knight-Swift Transportation Holdings, Inc.			45,318		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
1,847	Legrand S.A.		$	137,138		0.1
32	Lennox International, Inc.			6,611		0.0
4,800	Lixil Corp.			90,219		0.0
1,271	Manpowergroup, Inc.			97,117		0.0
724 (1)	Mastec, Inc.			51,882		0.0
154 (1)	Middleby Corp.			19,305		0.0
600	MISUMI Group, Inc.			12,672		0.0
8,000	Mitsubishi Electric Corp.			85,993		0.0
1,400	Mitsubishi Heavy Industries Ltd.			48,932		0.0
1,300	Nihon M&A Center Holdings, Inc.			13,858		0.0
1,700	NIPPON EXPRESS HOLDINGS INC			92,604		0.0
2,063	nVent Electric PLC			64,634		0.0
2,601	Owens Corning, Inc.			193,280		0.1
1,311	Parker Hannifin Corp.			322,572		0.1
6,341	Pentair PLC			290,228		0.1
849	Randstad NV			41,033		0.0
3,200	Recruit Holdings Co. Ltd.			94,241		0.0
1,451	Regal Rexnord Corp.			164,717		0.1
1,228	Rockwell Automation, Inc.			244,753		0.1
866	Ryder System, Inc.			61,538		0.0
921 (1)	Saia, Inc.			173,148		0.1
2,772	Sandvik AB			45,176		0.0
836	Schneider Electric SE			99,614		0.1
2,900	Secom Co., Ltd.			179,060		0.1
2,517 (3)	Securitas AB			21,762		0.0
134	Sensata Technologies Holding PLC			5,535		0.0
1,000	SG Holdings Co. Ltd.			16,910		0.0
2,252	Siemens AG			231,499		0.1
18,000	SITC International Holdings Co. Ltd.			51,195		0.0
5,117	SKF AB - B Shares			75,917		0.0
1,452	Snap-On, Inc.			286,088		0.1
2,117 (1)	Southwest Airlines Co.			76,466		0.0
51	Teleperformance			15,748		0.0
1,251	Terex Corp.			34,240		0.0
93	Tetra Tech, Inc.			12,699		0.0
3,023	Textron, Inc.			184,615		0.1
905	Timken Co.			48,010		0.0
75	Toro Co.			5,684		0.0
8,484	Transurban Group - Stapled Security			84,410		0.0
319 (1)	Trex Co., Inc.			17,360		0.0
1,056 (1)	United Rentals, Inc.			256,513		0.1
449 (1)	Univar Solutions, Inc.			11,167		0.0
1,952	Verisk Analytics, Inc.			337,872		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
7,241	Volvo AB - B Shares		$	112,666		0.1
63	Watsco, Inc.			15,046		0.0
830	Watts Water Technologies, Inc.			101,957		0.0
1,041	Westinghouse Air Brake Technologies Corp.			85,445		0.0
195	Wolters Kluwer NV			18,899		0.0
653	Woodward, Inc.			60,396		0.0
4,300	Yamato Holdings Co., Ltd.			68,814		0.0
				11,697,733		3.8
	Information Technology: 9.2%
2,323	Accenture PLC			644,981		0.2
1,290 (1)	ACI Worldwide, Inc.			33,398		0.0
2,074 (1)	Adobe, Inc.			759,208		0.3
617 (1)	Advanced Micro Devices, Inc.			47,182		0.0
400	Advantest Corp.			21,511		0.0
69 (1)(2)	Adyen NV			99,577		0.0
2,974 (1)	Akamai Technologies, Inc.			271,615		0.1
5,008	Amdocs Ltd.			417,216		0.1
38,258	Apple, Inc.			5,230,634		1.7
4,961	Applied Materials, Inc.			451,352		0.2
2,593 (1)	Arrow Electronics, Inc.			290,649		0.1
447	ASM International NV			111,217		0.1
541	ASML Holding NV			255,590		0.1
107 (1)	Aspen Technology, Inc.			19,654		0.0
433 (1)	Autodesk, Inc.			74,459		0.0
2,030	Automatic Data Processing, Inc.			426,381		0.1
1,980	Avnet, Inc.			84,902		0.0
84	Broadcom, Inc.			40,808		0.0
2,699 (1)	Cadence Design Systems, Inc.			404,931		0.1
755 (1)	Calix, Inc.			25,776		0.0
204	Capgemini SE			35,182		0.0
1,384 (1)	Check Point Software Technologies			168,544		0.1
1,355 (1)	Ciena Corp.			61,923		0.0
22,059	Cisco Systems, Inc.			940,596		0.3
5,073	Cognex Corp.			215,704		0.1
7,094	Cognizant Technology Solutions Corp.			478,774		0.2
820 (1)	Commvault Systems, Inc.			51,578		0.0
197	Concentrix Corp.			26,721		0.0
500 (1)	Crowdstrike Holdings, Inc.			84,280		0.0
3,862	Dassault Systemes SE			143,052		0.1
16,479 (1)	Dropbox, Inc.			345,894		0.1
203 (1)	Envestnet, Inc.			10,712		0.0
288 (1)	EPAM Systems, Inc.			84,897		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
71 (1)	Euronet Worldwide, Inc.		$	7,142		0.0
1,490 (1)	F5, Inc.			228,030		0.1
40 (1)	Fair Isaac Corp.			16,036		0.0
100	Fujitsu Ltd.			12,513		0.0
12,159	Genpact Ltd.			515,055		0.2
4,284	Halma PLC			105,181		0.0
600	Hirose Electric Co., Ltd.			79,669		0.0
364 (1)	HubSpot, Inc.			109,437		0.0
741 (1)(3)	II-VI, Inc.			37,754		0.0
15,709	Intel Corp.			587,674		0.2
14,095	Juniper Networks, Inc.			401,707		0.1
300	Keyence Corp.			102,881		0.0
746 (1)	Keysight Technologies, Inc.			102,836		0.0
663	KLA Corp.			211,550		0.1
610	Lam Research Corp.			259,952		0.1
1,498 (1)	Lattice Semiconductor Corp.			72,653		0.0
170 (1)	Lumentum Holdings, Inc.			13,501		0.0
771	Mastercard, Inc. - Class A			243,235		0.1
18,904	Microsoft Corp.			4,855,114		1.6
324	MKS Instruments, Inc.			33,252		0.0
230 (1)	MongoDB, Inc.			59,685		0.0
679	Monolithic Power Systems, Inc.			260,763		0.1
1,315	National Instruments Corp.			41,067		0.0
363	Nemetschek SE			22,084		0.0
5,936	NetApp, Inc.			387,265		0.1
6,030	Nvidia Corp.			914,088		0.3
6,593 (1)	Palantir Technologies, Inc.			59,799		0.0
644 (1)	Palo Alto Networks, Inc.			318,097		0.1
733 (1)	Paylocity Holding Corp.			127,850		0.1
1,652 (1)	PayPal Holdings, Inc.			115,376		0.0
361	Power Integrations, Inc.			27,079		0.0
238 (1)	Pure Storage, Inc. - Class A			6,119		0.0
2,646 (1)	Qorvo, Inc.			249,571		0.1
3,998	Qualcomm, Inc.			510,705		0.2
2,379 (1)	Qualys, Inc.			300,087		0.1
1,300	Rohm Co., Ltd.			91,130		0.0
22,180	Sage Group PLC/The			171,757		0.1
3,728 (1)	Salesforce, Inc.			615,269		0.2
142	SAP SE			12,943		0.0
4,900	SCSK Corp.			83,215		0.0
1,012 (1)	Semtech Corp.			55,630		0.0
1,119 (1)	ServiceNow, Inc.			532,107		0.2
33 (1)	SiTime Corp.			5,380		0.0
242 (1)	SolarEdge Technologies, Inc.			66,231		0.0
3,890	STMicroelectronics NV-STM1			123,022		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
348 (1)(3)	Synaptics, Inc.		$	41,081		0.0
786 (1)	Synopsys, Inc.			238,708		0.1
9,736	Telefonaktiebolaget LM Ericsson			72,718		0.0
234 (1)	Teradata Corp.			8,660		0.0
1,935	Teradyne, Inc.			173,279		0.1
3,019	Texas Instruments, Inc.			463,869		0.2
1,700	TIS, Inc.			44,728		0.0
100	Tokyo Electron Ltd.			32,639		0.0
2,234	Universal Display Corp.			225,947		0.1
11,300	Venture Corp. Ltd.			135,357		0.1
3,915	Visa, Inc. - Class A			770,824		0.3
1,380	WiseTech Global Ltd.			36,187		0.0
1,085 (1)	Wix.com Ltd.			71,122		0.0
2,032 (1)	Workday, Inc.			283,627		0.1
1,035 (1)	Xero Ltd.			55,208		0.0
				28,164,343		9.2
	Materials: 1.6%
331	Air Liquide SA			44,554		0.0
705	Air Products & Chemicals, Inc.			169,538		0.1
1,049	Alcoa Corp.			47,813		0.0
3,964	Anglo American PLC			141,707		0.1
140	Aptargroup, Inc.			14,449		0.0
1,100	ArcelorMittal SA			24,668		0.0
666	Arkema SA			59,576		0.0
1,600	Asahi Kasei Corp.			12,172		0.0
604	Ashland Global Holdings, Inc.			62,242		0.0
997	Avient Corp.			39,960		0.0
2,877	BASF SE			125,876		0.1
9,890	BHP Group Ltd. Australian			283,186		0.1
963	CF Industries Holdings, Inc.			82,558		0.0
212	Chemours Co.			6,788		0.0
1,494 (1)	Cleveland-Cliffs, Inc.			22,963		0.0
233	Commercial Metals Co.			7,712		0.0
771	Corteva, Inc.			41,742		0.0
1,137 (2)	Covestro AG			39,509		0.0
5,033	CRH PLC			173,684		0.1
441	Eagle Materials, Inc.			48,484		0.0
1,177	Element Solutions, Inc.			20,951		0.0
5,787	Freeport-McMoRan, Inc.			169,328		0.1
595	Greif, Inc. - Class A			37,116		0.0
2,397	HeidelbergCement AG			115,731		0.0
1,700 (1)	Hitachi Metals Ltd.			25,735		0.0
4,018	Holcim AG			172,330		0.1
5,005 (1)	Ingevity Corp.			316,016		0.1
2,229	James Hardie Industries SE			48,799		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
1,559	Linde PLC		$	448,259		0.2
728	Louisiana-Pacific Corp.			38,154		0.0
435	Mineral Resources Ltd.			14,600		0.0
4,143	Minerals Technologies, Inc.			254,132		0.1
1,368	Newcrest Mining Ltd.			19,489		0.0
1,400	Nippon Sanso Holdings Corp.			22,416		0.0
2,100	Nissan Chemical Corp.			96,930		0.0
200	Nitto Denko Corp.			12,936		0.0
2,446	Norsk Hydro ASA			13,823		0.0
386	Nucor Corp.			40,302		0.0
550	OCI NV			18,093		0.0
372	Olin Corp.			17,216		0.0
1,528	Packaging Corp. of America			210,100		0.1
508	Reliance Steel & Aluminum Co.			86,289		0.0
2,575	Rio Tinto Ltd.			183,697		0.1
744	Royal Gold, Inc.			79,444		0.0
116	RPM International, Inc.			9,132		0.0
117	Sealed Air Corp.			6,753		0.0
100	Shin-Etsu Chemical Co., Ltd.			11,241		0.0
532	Sika AG			122,805		0.1
21,601	South32 Ltd. - AUD			58,532		0.0
954	Steel Dynamics, Inc.			63,107		0.0
29,200	Sumitomo Chemical Co., Ltd.			114,280		0.0
354	Symrise AG			38,609		0.0
2,157	United States Steel Corp.			38,632		0.0
220	Valvoline, Inc.			6,343		0.0
990	Voestalpine AG			21,159		0.0
10,040	WestRock Co.			399,994		0.2
2,731	Yara International ASA			114,432		0.0
				4,916,086		1.6
	Real Estate: 1.4%
3,565	Brixmor Property Group, Inc.			72,049		0.0
5,767 (1)	CBRE Group, Inc.			424,509		0.2
10,000	CK Asset Holdings Ltd.			71,053		0.0
324	Corporate Office Properties Trust SBI MD			8,486		0.0
1,435	Cousins Properties, Inc.			41,945		0.0
5,000	Daiwa House Industry Co., Ltd.			116,935		0.0
2,132	Digital Realty Trust, Inc.			276,798		0.1
2,510	Douglas Emmett, Inc.			56,174		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
576	First Industrial Realty Trust, Inc.		$	27,348		0.0
416	Healthcare Realty Trust, Inc.			11,315		0.0
9,946	Highwoods Properties, Inc.			340,054		0.1
8,367	Iron Mountain, Inc.			407,389		0.2
485 (1)	Jones Lang LaSalle, Inc.			84,807		0.0
6,441	Kilroy Realty Corp.			337,057		0.1
1,633	Lamar Advertising Co.			143,655		0.1
850	Life Storage, Inc.			94,911		0.0
89,600	Mapletree Logistics Trust			108,430		0.0
392	Medical Properties Trust, Inc.			5,986		0.0
2,290	Mid-America Apartment Communities, Inc.			399,994		0.1
8,510	Mirvac Group			11,633		0.0
5,800	Mitsui Fudosan Co., Ltd.			124,612		0.1
2,338	National Retail Properties, Inc.			100,534		0.1
949	National Storage Affiliates Trust			47,516		0.0
4,600	Nomura Real Estate Holdings, Inc.			112,541		0.0
1,732	Physicians Realty Trust			30,223		0.0
2,525	ProLogis, Inc.			297,066		0.1
114	Rexford Industrial Realty, Inc.			6,565		0.0
722	SBA Communications Corp.			231,076		0.1
7,214	Scentre Group			12,953		0.0
12,391	Segro PLC			147,921		0.1
1,277	SL Green Realty Corp.			58,934		0.0
2,038	Spirit Realty Capital, Inc.			76,996		0.0
15,500	Swire Pacific Ltd. - Class A			92,570		0.0
				4,380,035		1.4
	Utilities: 1.4%
119	ALLETE, Inc.			6,995		0.0
4,215	Atmos Energy Corp.			472,501		0.2
105	Black Hills Corp.			7,641		0.0
738	DTE Energy Co.			93,541		0.1
31,265	Enel S.p.A.			171,465		0.1
4,728	Engie SA			54,746		0.0
170	Essential Utilities, Inc.			7,794		0.0
5,941	Eversource Energy			501,836		0.2
16,347	Iberdrola S.A. - IBEE			170,196		0.1
8,392	National Fuel Gas Co.			554,292		0.2
602	New Jersey Resources Corp.			26,807		0.0
4,823	NextEra Energy, Inc.			373,590		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
422	ONE Gas, Inc.		$	34,262		0.0
9,600	Osaka Gas Co., Ltd.			183,986		0.1
19,000	Power Assets Holdings Ltd.			119,698		0.0
3,060	PPL Corp.			83,018		0.0
4,691	Sempra Energy			704,917		0.2
636	Southwest Gas Holdings, Inc.			55,383		0.0
7,100	Tokyo Gas Co., Ltd.			147,141		0.0
9,338	UGI Corp.			360,540		0.1
3,846 (3)	Veolia Environnement			94,279		0.0
767	Vistra Corp.			17,526		0.0
				4,242,154		1.4
	Total Common Stock (Cost $122,751,120)			123,504,729		40.2
EXCHANGE-TRADED FUNDS: 29.1%
55,269 (3)	iShares 20+ Year Treasury Bond ETF			6,348,750		2.1
446	iShares Core S&P Mid-Cap ETF			100,899		0.0
314	iShares MSCI EAFE ETF			19,622		0.0
116,591	iShares MSCI Japan ETF			6,159,503		2.0
53,904 (3)	iShares Russell 2000 ETF			9,129,181		3.0
55,358 (3)	Schwab U.S. TIPS ETF			3,088,976		1.0
163,040 (3)	SPDR S&P 500 ETF Trust			61,506,840		20.0
73,877	Vanguard Emerging Markets ETF			3,076,977		1.0
	Total Exchange-Traded Funds (Cost $91,444,924)			89,430,748		29.1
MUTUAL FUNDS: 2.9%
	Affiliated Investment Companies: 2.9%
191,696	Voya Floating Rate Fund - Class P			1,598,745		0.5
528,480	Voya High Yield Bond Fund - Class P			3,514,391		1.1
407,723	Voya Short Term Bond Fund - Class R6			3,828,518		1.3
	Total Mutual Funds (Cost $9,786,935)			8,941,654		2.9
PREFERRED STOCK: 0.1%
	Consumer Discretionary: 0.1%
1,154	Porsche AG			76,754		0.1
451	Volkswagen AG			60,723		0.0
				137,477		0.1
	Consumer Staples: 0.0%
1,351	Henkel AG & Co. KGaA			83,601		0.0
	Total Preferred Stock (Cost $357,150)			221,078		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 8.9%
	Basic Materials: 0.1%
13,000	Albemarle Corp., 5.050%, 06/01/2032		$	12,712		0.0
17,000 (3)	Albemarle Corp., 5.650%, 06/01/2052			17,040		0.0
10,000 (2)	Anglo American Capital PLC, 3.625%, 09/11/2024			9,815		0.0
12,000 (2)	Anglo American Capital PLC, 5.625%, 04/01/2030			12,097		0.0
30,000	Celanese US Holdings LLC, 1.400%, 08/05/2026			25,844		0.0
46,000	Dow Chemical Co., 4.250%, 10/01/2034			43,703		0.0
55,000	Dow Chemical Co., 4.375%, 11/15/2042			48,550		0.1
11,000	Ecolab, Inc., 2.750%, 08/18/2055			7,686		0.0
40,000 (2)	Georgia-Pacific LLC, 0.950%, 05/15/2026			35,621		0.0
39,000	Mosaic Co/The, 5.450%, 11/15/2033			40,232		0.0
31,000	Nucor Corp., 3.850%, 04/01/2052			25,260		0.0
27,000	Nucor Corp., 4.300%, 05/23/2027			26,924		0.0
32,000	PPG Industries, Inc., 1.200%, 03/15/2026			28,786		0.0
7,000	Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051			5,133		0.0
47,000	RPM International, Inc., 2.950%, 01/15/2032			39,058		0.0
21,000	Steel Dynamics, Inc., 1.650%, 10/15/2027			18,046		0.0
15,000	Steel Dynamics, Inc., 2.400%, 06/15/2025			14,204		0.0
19,000	Teck Resources Ltd., 5.400%, 02/01/2043			17,704		0.0
				428,415		0.1
	Communications: 0.7%
43,000	Amazon.com, Inc., 2.100%, 05/12/2031			36,867		0.0
131,000	Amazon.com, Inc., 2.875%, 05/12/2041			105,019		0.1
51,000 (3)	Amazon.com, Inc., 3.600%, 04/13/2032			49,161		0.0
25,000	Amazon.com, Inc., 3.950%, 04/13/2052			23,140		0.0
25,000	Amazon.com, Inc., 4.100%, 04/13/2062			22,669		0.0
49,000	AT&T, Inc., 2.550%, 12/01/2033			39,807		0.0
120,000	AT&T, Inc., 3.500%, 06/01/2041			96,017		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
20,000	AT&T, Inc., 3.550%, 09/15/2055		$	15,018		0.0
95,000	AT&T, Inc., 3.650%, 09/15/2059			71,361		0.0
14,000	AT&T, Inc., 4.500%, 05/15/2035			13,324		0.0
21,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			17,273		0.0
30,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042			20,866		0.0
35,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			23,085		0.0
21,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052			14,619		0.0
10,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050			7,944		0.0
72,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025			72,265		0.0
35,000	Comcast Corp., 2.650%, 02/01/2030			31,349		0.0
32,000	Comcast Corp., 2.887%, 11/01/2051			22,902		0.0
87,000	Comcast Corp., 3.900%, 03/01/2038			78,821		0.0
78,000	Comcast Corp., 3.950%, 10/15/2025			78,418		0.0
40,000	Comcast Corp., 3.999%, 11/01/2049			34,970		0.0
15,000	Corning, Inc., 5.450%, 11/15/2079			13,551		0.0
80,000	Discovery Communications LLC, 4.000%, 09/15/2055			56,195		0.0
45,000	Discovery Communications LLC, 5.300%, 05/15/2049			38,622		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
92,000	Fox Corp., 3.500%, 04/08/2030		$	83,570		0.0
9,000	Interpublic Group of Cos., Inc., 4.200%, 04/15/2024			9,011		0.0
200,000 (2)	NBN Co. Ltd., 1.625%, 01/08/2027			177,700		0.1
17,000 (2)	Rogers Communications, Inc., 3.800%, 03/15/2032			15,565		0.0
12,000 (2)	Rogers Communications, Inc., 4.550%, 03/15/2052			10,566		0.0
25,000	Time Warner Cable LLC, 5.875%, 11/15/2040			22,953		0.0
143,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			124,287		0.1
358,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			334,442		0.1
133,000	Verizon Communications, Inc., 2.100%, 03/22/2028			118,242		0.1
142,000	Verizon Communications, Inc., 2.355%, 03/15/2032			117,860		0.1
12,000	Verizon Communications, Inc., 2.987%, 10/30/2056			8,358		0.0
18,000	Verizon Communications, Inc., 3.400%, 03/22/2041			14,685		0.0
8,000	Verizon Communications, Inc., 3.550%, 03/22/2051			6,428		0.0
77,000	Verizon Communications, Inc., 3.700%, 03/22/2061			60,669		0.0
9,000	Verizon Communications, Inc., 4.400%, 11/01/2034			8,637		0.0
80,000	Verizon Communications, Inc., 4.812%, 03/15/2039			78,660		0.0
31,000	Vodafone Group PLC, 4.375%, 02/19/2043			26,999		0.0
20,000	Vodafone Group PLC, 5.125%, 06/19/2059			18,446		0.0
				2,220,341		0.7
	Consumer, Cyclical: 0.4%
5,294 (2)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029			5,235		0.0
3,579	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			3,322		0.0
3,918	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			3,608		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
2,305	Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 04/29/2026		$	2,217		0.0
10,651	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			9,339		0.0
20,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025			19,452		0.0
17,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			16,072		0.0
50,000	General Motors Co., 5.400%, 04/01/2048			43,595		0.0
17,000	General Motors Co., 6.125%, 10/01/2025			17,599		0.0
95,000	General Motors Financial Co., Inc., 2.350%, 02/26/2027			83,755		0.1
25,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			24,831		0.0
25,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			24,003		0.0
56,000	General Motors Financial Co., Inc., 5.000%, 04/09/2027			54,981		0.0
40,000	Hasbro, Inc., 3.000%, 11/19/2024			38,977		0.0
15,000	Home Depot, Inc./The, 3.625%, 04/15/2052			12,904		0.0
37,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			32,125		0.0
22,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			18,830		0.0
96,000 (2)	Magallanes, Inc., 3.755%, 03/15/2027			90,129		0.1
30,000 (2)	Magallanes, Inc., 4.279%, 03/15/2032			26,841		0.0
22,000 (2)	Magallanes, Inc., 5.050%, 03/15/2042			18,751		0.0
100,000 (2)	Magallanes, Inc., 5.141%, 03/15/2052			84,066		0.1
39,000 (2)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			38,447		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
24,000	O’Reilly Automotive, Inc., 4.700%, 06/15/2032		$	23,929		0.0
20,000	Target Corp., 2.950%, 01/15/2052			15,172		0.0
43,000	Toyota Motor Credit Corp., 3.050%, 03/22/2027			41,375		0.0
40,000	Toyota Motor Credit Corp., 4.450%, 06/29/2029			40,527		0.0
13,369	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			13,132		0.0
6,908	United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/2027			6,615		0.0
10,464	United Airlines 2014-1 Class A Pass Through Trust, 4.000%, 10/11/2027			9,867		0.0
6,100	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			5,584		0.0
26,674	United Airlines 2016-2 Class A Pass Through Trust, 3.100%, 04/07/2030			22,852		0.0
83,833	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			76,646		0.0
17,185	United Airlines 2019-2 Class A Pass Through Trust, 2.900%, 11/01/2029			15,133		0.0
130,357	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			128,311		0.1
55,284	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			55,169		0.0
				1,123,391		0.4
	Consumer, Non-cyclical: 1.3%
28,000	AbbVie, Inc., 2.600%, 11/21/2024			27,135		0.0
12,000	AbbVie, Inc., 4.050%, 11/21/2039			10,721		0.0
69,000	AbbVie, Inc., 4.300%, 05/14/2036			64,923		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
33,000	AbbVie, Inc., 4.400%, 11/06/2042		$	30,057		0.0
66,000	AbbVie, Inc., 4.500%, 05/14/2035			64,159		0.0
11,000	AbbVie, Inc., 4.550%, 03/15/2035			10,717		0.0
30,000	AbbVie, Inc., 4.625%, 10/01/2042			27,794		0.0
42,000	Aetna, Inc., 2.800%, 06/15/2023			41,500		0.0
70,000	Aetna, Inc., 4.500%, 05/15/2042			62,765		0.0
21,000	Aetna, Inc., 6.625%, 06/15/2036			23,742		0.0
40,000	Altria Group, Inc., 2.450%, 02/04/2032			30,166		0.0
100,000	Altria Group, Inc., 3.700%, 02/04/2051			64,070		0.0
9,000	Altria Group, Inc., 4.800%, 02/14/2029			8,563		0.0
20,000	Altria Group, Inc., 5.800%, 02/14/2039			18,206		0.0
90,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			86,368		0.1
175,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			164,809		0.1
15,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			15,278		0.0
23,000	Astrazeneca Finance LLC, 1.750%, 05/28/2028			20,312		0.0
78,000	BAT Capital Corp., 2.259%, 03/25/2028			65,418		0.1
15,000	BAT Capital Corp., 2.726%, 03/25/2031			11,896		0.0
17,000	BAT Capital Corp., 3.734%, 09/25/2040			11,945		0.0
32,000	BAT Capital Corp., 4.390%, 08/15/2037			25,435		0.0
61,000	BAT International Finance PLC, 4.448%, 03/16/2028			57,808		0.0
20,000	Baxter International, Inc., 1.915%, 02/01/2027			17,927		0.0
40,000	Baxter International, Inc., 2.272%, 12/01/2028			35,064		0.0
92,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			79,599		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
30,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039		$	28,708		0.0
25,000 (2)	Cargill, Inc., 2.125%, 04/23/2030			21,439		0.0
42,000 (2)	Cargill, Inc., 2.125%, 11/10/2031			35,061		0.0
22,000 (2)	Cargill, Inc., 3.125%, 05/25/2051			16,972		0.0
22,000 (2)	Cargill, Inc., 4.375%, 04/22/2052			21,205		0.0
51,000	Cigna Corp., 3.400%, 03/15/2050			39,035		0.0
150,000	Cigna Corp., 4.375%, 10/15/2028			148,997		0.1
64,000	Cigna Corp., 4.800%, 08/15/2038			62,364		0.0
100,000	Cigna Corp., 4.900%, 12/15/2048			96,222		0.1
38,000 (2)	CSL Finance PLC, 4.050%, 04/27/2029			37,340		0.0
52,000 (2)	CSL Finance PLC, 4.250%, 04/27/2032			51,031		0.0
23,000 (2)	CSL Finance PLC, 4.625%, 04/27/2042			22,149		0.0
40,000 (2)	CSL Finance PLC, 4.750%, 04/27/2052			38,714		0.0
17,000 (2)	CSL Finance PLC, 4.950%, 04/27/2062			16,325		0.0
30,000	CVS Health Corp., 2.700%, 08/21/2040			21,708		0.0
5,000	CVS Health Corp., 3.875%, 07/20/2025			4,976		0.0
7,000	CVS Health Corp., 4.125%, 04/01/2040			6,122		0.0
5,000	CVS Health Corp., 4.780%, 03/25/2038			4,741		0.0
60,000	CVS Health Corp., 5.050%, 03/25/2048			57,521		0.0
36,000 (2)	Element Fleet Management Corp., 3.850%, 06/15/2025			35,399		0.0
26,000	Elevance Health, Inc., 4.100%, 05/15/2032			25,329		0.0
16,000	Elevance Health, Inc., 4.550%, 05/15/2052			15,087		0.0
150,000	Global Payments, Inc., 2.650%, 02/15/2025			143,289		0.1
69,000	Global Payments, Inc., 3.200%, 08/15/2029			60,362		0.0
16,000	GXO Logistics, Inc., 1.650%, 07/15/2026			13,986		0.0
27,000 (2)	HCA, Inc., 3.125%, 03/15/2027			24,554		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
52,000	HCA, Inc., 3.500%, 09/01/2030		$	44,387		0.0
19,000 (2)	HCA, Inc., 3.625%, 03/15/2032			16,050		0.0
177,000	HCA, Inc., 4.125%, 06/15/2029			161,555		0.1
38,000 (2)	HCA, Inc., 4.375%, 03/15/2042			30,649		0.0
200,000	HCA, Inc., 4.500%, 02/15/2027			192,452		0.1
22,000	HCA, Inc., 5.250%, 04/15/2025			22,064		0.0
18,000 (2)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025			16,666		0.0
180,000	Humana, Inc., 1.350%, 02/03/2027			157,534		0.1
8,000	Humana, Inc., 2.150%, 02/03/2032			6,485		0.0
12,000	Humana, Inc., 3.125%, 08/15/2029			10,855		0.0
35,000	Humana, Inc., 4.500%, 04/01/2025			35,288		0.0
28,000	Johnson & Johnson, 3.625%, 03/03/2037			26,580		0.0
20,000	Johnson & Johnson, 3.700%, 03/01/2046			18,458		0.0
37,000	Keurig Dr Pepper, Inc., 4.050%, 04/15/2032			34,664		0.0
58,000	Keurig Dr Pepper, Inc., 4.500%, 04/15/2052			51,265		0.0
25,000 (2)	Mars, Inc., 0.875%, 07/16/2026			22,342		0.0
75,000 (2)	Mars, Inc., 2.375%, 07/16/2040			54,686		0.0
30,000 (2)	Mars, Inc., 3.875%, 04/01/2039			27,176		0.0
40,000	McKesson Corp., 1.300%, 08/15/2026			35,620		0.0
15,000	Merck & Co., Inc., 2.750%, 12/10/2051			11,106		0.0
15,000	Merck & Co., Inc., 2.900%, 12/10/2061			10,687		0.0
35,000	Mylan, Inc., 5.200%, 04/15/2048			28,014		0.0
25,000 (3)	PayPal Holdings, Inc., 4.400%, 06/01/2032			24,778		0.0
63,000	PayPal Holdings, Inc., 5.050%, 06/01/2052			62,645		0.0
49,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			48,607		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
6,000	PerkinElmer, Inc., 1.900%, 09/15/2028		$	5,004		0.0
7,000	PerkinElmer, Inc., 3.300%, 09/15/2029			6,211		0.0
28,000	Reynolds American, Inc., 5.700%, 08/15/2035			26,598		0.0
22,000	Reynolds American, Inc., 5.850%, 08/15/2045			18,498		0.0
6,000	Reynolds American, Inc., 6.150%, 09/15/2043			5,570		0.0
11,000	Royalty Pharma PLC, 1.200%, 09/02/2025			9,818		0.0
14,000	Royalty Pharma PLC, 1.750%, 09/02/2027			11,946		0.0
83,000	Royalty Pharma PLC, 3.550%, 09/02/2050			58,119		0.0
6,000	S&P Global, Inc., 1.250%, 08/15/2030			4,755		0.0
54,000 (2)	S&P Global, Inc., 2.700%, 03/01/2029			49,177		0.0
76,000 (2)	S&P Global, Inc., 2.900%, 03/01/2032			67,790		0.1
43,000 (2)	S&P Global, Inc., 3.700%, 03/01/2052			36,768		0.0
15,000 (2)	S&P Global, Inc., 3.900%, 03/01/2062			12,760		0.0
120,000 (2)	Triton Container International Ltd., 2.050%, 04/15/2026			106,260		0.1
21,000 (2)	Triton Container International Ltd., 3.150%, 06/15/2031			16,997		0.0
15,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			11,707		0.0
4,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			3,231		0.0
19,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			16,597		0.0
19,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047			16,459		0.0
30,000	UnitedHealth Group, Inc., 4.200%, 05/15/2032			30,001		0.0
16,000	UnitedHealth Group, Inc., 4.750%, 05/15/2052			16,019		0.0
88,000	Viatris, Inc., 2.700%, 06/22/2030			70,704		0.1
66,000	Viatris, Inc., 3.850%, 06/22/2040			46,846		0.0
51,000	Viatris, Inc., 4.000%, 06/22/2050			34,236		0.0
				3,957,697		1.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: 0.8%
18,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026		$	16,524		0.0
17,000	BP Capital Markets America, Inc., 1.749%, 08/10/2030			13,931		0.0
15,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			10,758		0.0
26,000 (4)	BP Capital Markets PLC, 4.875%, 12/31/2199			22,718		0.0
10,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			10,996		0.0
30,000	Cenovus Energy, Inc., 5.400%, 06/15/2047			28,887		0.0
18,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029			16,482		0.0
5,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027			5,023		0.0
25,000	Continental Resources, Inc./OK, 4.900%, 06/01/2044			19,731		0.0
160,000 (2)	Coterra Energy, Inc., 3.900%, 05/15/2027			153,558		0.1
16,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			14,670		0.0
200,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			185,077		0.1
38,000 (4)	Enbridge, Inc., 5.750%, 07/15/2080			34,839		0.0
9,000	Energy Transfer L.P., 4.250%, 04/01/2024			9,006		0.0
5,000	Energy Transfer L.P., 4.900%, 03/15/2035			4,492		0.0
43,000	Energy Transfer L.P., 5.300%, 04/01/2044			37,379		0.0
160,000	Energy Transfer L.P., 5.300%, 04/15/2047			138,864		0.1
55,000	Energy Transfer L.P., 5.800%, 06/15/2038			51,686		0.0
25,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025			24,732		0.0
50,000 (4)	Enterprise Products Operating LLC, 4.875%, 08/16/2077			39,872		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
144,000	Hess Corp., 5.600%, 02/15/2041		$	140,569		0.1
200,000 (2)	KazMunayGas National Co. JSC, 4.750%, 04/24/2025			187,345		0.1
100,000	Kinder Morgan, Inc., 3.600%, 02/15/2051			73,836		0.0
18,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			16,991		0.0
23,000	Marathon Petroleum Corp., 4.700%, 05/01/2025			23,300		0.0
35,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			30,906		0.0
25,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			22,517		0.0
20,000	MPLX L.P., 1.750%, 03/01/2026			18,041		0.0
105,000	MPLX L.P., 2.650%, 08/15/2030			87,750		0.0
9,000	MPLX L.P., 4.700%, 04/15/2048			7,585		0.0
55,000	MPLX L.P., 4.875%, 06/01/2025			55,335		0.0
11,000	MPLX L.P., 5.200%, 03/01/2047			9,995		0.0
21,000	MPLX L.P., 5.200%, 12/01/2047			18,936		0.0
25,000	MPLX L.P., 5.500%, 02/15/2049			23,245		0.0
16,000 (2)	Northern Natural Gas Co., 3.400%, 10/16/2051			11,949		0.0
9,000	ONEOK Partners L.P., 6.125%, 02/01/2041			8,591		0.0
24,000	ONEOK Partners L.P., 6.200%, 09/15/2043			22,640		0.0
10,000	ONEOK, Inc., 2.200%, 09/15/2025			9,320		0.0
12,000	ONEOK, Inc., 3.100%, 03/15/2030			10,328		0.0
200,000 (2)	Petroleos del Peru SA, 4.750%, 06/19/2032			154,925		0.1
235,000	Petroleos Mexicanos, 6.700%, 02/16/2032			179,681		0.1
10,000	Phillips 66, 0.900%, 02/15/2024			9,528		0.0
38,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			33,518		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
25,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.500%, 12/15/2026		$	24,591		0.0
50,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			49,564		0.0
73,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			58,836		0.0
4,000	Plains All American Pipeline L.P. / PAA Finance Corp., 5.150%, 06/01/2042			3,367		0.0
15,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			14,441		0.0
16,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			16,071		0.0
116,000 (2)	Santos Finance Ltd., 3.649%, 04/29/2031			98,517		0.1
19,000 (2)	Schlumberger Holdings Corp., 3.750%, 05/01/2024			18,933		0.0
63,000	Shell International Finance BV, 3.875%, 11/13/2028			62,215		0.0
32,000	Shell International Finance BV, 4.125%, 05/11/2035			30,523		0.0
17,000	Targa Resources Corp., 5.200%, 07/01/2027			17,088		0.0
23,000	Targa Resources Corp., 6.250%, 07/01/2052			23,113		0.0
34,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.000%, 01/15/2028			32,419		0.0
7,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030			6,294		0.0
30,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			29,567		0.0
19,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			18,145		0.0
				2,499,740		0.8
	Financial: 3.3%
6,000	Alleghany Corp., 3.250%, 08/15/2051			4,372		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
23,000	Alleghany Corp., 3.625%, 05/15/2030		$	21,545		0.0
54,000	American Campus Communities Operating Partnership L.P., 2.250%, 01/15/2029			50,050		0.0
206,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031			164,487		0.1
28,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032			24,578		0.0
25,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			20,191		0.0
12,000	American International Group, Inc., 3.900%, 04/01/2026			11,778		0.0
27,000 (2)	Antares Holdings L.P., 2.750%, 01/15/2027			21,586		0.0
8,000 (2)	Antares Holdings L.P., 3.750%, 07/15/2027			6,733		0.0
50,000	Assurant, Inc., 3.700%, 02/22/2030			44,515		0.0
12,000 (2)	Athene Global Funding, 2.950%, 11/12/2026			11,038		0.0
21,000 (2)	Aviation Capital Group LLC, 1.950%, 09/20/2026			17,861		0.0
8,000 (2)	Aviation Capital Group LLC, 3.875%, 05/01/2023			7,934		0.0
6,000 (2)	Aviation Capital Group LLC, 4.375%, 01/30/2024			5,896		0.0
32,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024			31,747		0.0
14,000 (2)	Avolon Holdings Funding Ltd., 2.125%, 02/21/2026			12,120		0.0
25,000 (2)	Avolon Holdings Funding Ltd., 2.528%, 11/18/2027			20,400		0.0
16,000 (2)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028			13,063		0.0
9,000 (2)	Avolon Holdings Funding Ltd., 2.875%, 02/15/2025			8,289		0.0
40,000 (2)	Avolon Holdings Funding Ltd., 4.250%, 04/15/2026			37,093		0.0
200,000	Banco Santander SA, 2.746%, 05/28/2025			189,659		0.1
63,000 (4)	Bank of America Corp., 0.981%, 09/25/2025			58,352		0.0
36,000 (4)	Bank of America Corp., 1.197%, 10/24/2026			32,265		0.0
248,000 (4)	Bank of America Corp., 1.734%, 07/22/2027			220,872		0.1
57,000 (4)	Bank of America Corp., 1.898%, 07/23/2031			45,606		0.0
65,000 (4)	Bank of America Corp., 2.087%, 06/14/2029			55,724		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
42,000 (4)	Bank of America Corp., 2.572%, 10/20/2032		$	34,686		0.0
41,000 (4)	Bank of America Corp., 2.676%, 06/19/2041			29,560		0.0
333,000 (4)	Bank of America Corp., 2.687%, 04/22/2032			279,856		0.1
60,000 (4)	Bank of America Corp., 3.593%, 07/21/2028			56,643		0.0
132,000 (4)	Bank of America Corp., 3.846%, 03/08/2037			114,243		0.1
20,000	Bank of America Corp., 3.950%, 04/21/2025			19,752		0.0
18,000 (4)	Bank of America Corp., 3.970%, 03/05/2029			17,183		0.0
40,000 (4)	Bank of America Corp., 4.078%, 04/23/2040			35,244		0.0
13,000 (4)	Bank of America Corp., 4.083%, 03/20/2051			11,236		0.0
79,000	Bank of America Corp., 4.125%, 01/22/2024			79,910		0.0
103,000	Bank of America Corp., 4.183%, 11/25/2027			100,196		0.1
69,000 (4)	Bank of America Corp., 4.271%, 07/23/2029			66,374		0.0
21,000 (4)	Bank of America Corp., 4.571%, 04/27/2033			20,462		0.0
92,000 (4)	Bank of America Corp., 6.125%, 12/31/2199			88,952		0.0
46,000 (4)	Bank of Montreal, 3.803%, 12/15/2032			42,675		0.0
99,000 (4)	Bank of New York Mellon Corp./The, 4.289%, 06/13/2033			96,962		0.1
23,000	Bank of Nova Scotia/The, 1.950%, 02/02/2027			20,766		0.0
25,000	Bank of Nova Scotia/The, 2.200%, 02/03/2025			23,953		0.0
21,000	Bank of Nova Scotia/The, 2.700%, 08/03/2026			19,806		0.0
140,000 (4)	Bank of Nova Scotia/The, 4.588%, 05/04/2037			128,879		0.1
34,000 (4)	Bank of Nova Scotia/The, 4.900%, 12/31/2199			31,610		0.0
11,000	Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050			7,935		0.0
21,000 (2)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			17,763		0.0
55,000 (2)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			43,763		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
41,000 (2)	Blackstone Holdings Finance Co. LLC, 2.850%, 08/05/2051		$	28,013		0.0
59,000 (2)	Blackstone Holdings Finance Co. LLC, 3.200%, 01/30/2052			43,067		0.0
20,000 (2)	Blackstone Private Credit Fund, 4.000%, 01/15/2029			16,409		0.0
200,000 (2)(4)	BNP Paribas SA, 2.219%, 06/09/2026			184,910		0.1
250,000 (2)(4)	BPCE SA, 2.277%, 01/20/2032			198,018		0.1
206,000 (2)	BPCE SA, 5.700%, 10/22/2023			209,154		0.1
35,000	Canadian Imperial Bank of Commerce, 2.250%, 01/28/2025			33,581		0.0
24,000	Canadian Imperial Bank of Commerce, 3.600%, 04/07/2032			21,812		0.0
45,000 (4)	Capital One Financial Corp., 1.878%, 11/02/2027			39,505		0.0
37,000 (4)	Capital One Financial Corp., 3.273%, 03/01/2030			32,776		0.0
8,000	Capital One Financial Corp., 3.650%, 05/11/2027			7,627		0.0
27,000 (4)	Capital One Financial Corp., 4.927%, 05/10/2028			26,762		0.0
30,000 (4)	Capital One Financial Corp., 5.268%, 05/10/2033			29,495		0.0
30,000	CBRE Services, Inc., 2.500%, 04/01/2031			24,439		0.0
28,000	CI Financial Corp., 4.100%, 06/15/2051			18,186		0.0
221,000 (4)	Citigroup, Inc., 1.462%, 06/09/2027			195,771		0.1
17,000 (4)	Citigroup, Inc., 2.904%, 11/03/2042			12,338		0.0
45,000	Citigroup, Inc., 5.500%, 09/13/2025			46,304		0.0
260,000	Cooperatieve Rabobank UA, 4.375%, 08/04/2025			258,209		0.1
102,000 (2)	Corebridge Financial, Inc., 3.850%, 04/05/2029			94,355		0.0
136,000 (2)	Corebridge Financial, Inc., 3.900%, 04/05/2032			122,143		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
17,000 (2)	Corebridge Financial, Inc., 4.350%, 04/05/2042		$	14,530		0.0
17,000 (2)	Corebridge Financial, Inc., 4.400%, 04/05/2052			14,212		0.0
250,000 (2)(4)	Credit Suisse Group AG, 2.193%, 06/05/2026			226,925		0.1
30,000	CubeSmart L.P., 2.250%, 12/15/2028			25,660		0.0
33,000 (2)	Empower Finance 2020 L.P., 1.357%, 09/17/2027			28,428		0.0
50,000	Essex Portfolio L.P., 3.250%, 05/01/2023			49,825		0.0
43,000 (4)	Goldman Sachs Group, Inc., 1.542%, 09/10/2027			37,776		0.0
35,000	Goldman Sachs Group, Inc., 4.250%, 10/21/2025			34,786		0.0
46,000	Goldman Sachs Group, Inc., 5.150%, 05/22/2045			43,786		0.0
15,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			16,637		0.0
74,000 (2)	Hartford Financial Services Group, Inc./The, 3.536%, (US0003M + 2.125)%, 02/12/2067			58,591		0.0
7,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			7,643		0.0
400,000 (4)	HSBC Holdings PLC, 2.099%, 06/04/2026			369,989		0.1
400,000 (4)	HSBC Holdings PLC, 2.633%, 11/07/2025			381,861		0.1
25,000 (4)	Huntington Bancshares, Inc./OH, 5.023%, 05/17/2033			24,950		0.0
29,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030			24,352		0.0
24,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			17,526		0.0
83,000	Intercontinental Exchange, Inc., 4.600%, 03/15/2033			82,916		0.0
58,000	Intercontinental Exchange, Inc., 4.950%, 06/15/2052			57,461		0.0
39,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028			32,839		0.0
55,000 (4)	JPMorgan Chase & Co., 0.969%, 06/23/2025			51,463		0.0
137,000 (4)	JPMorgan Chase & Co., 1.040%, 02/04/2027			121,388		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
65,000 (4)	JPMorgan Chase & Co., 1.470%, 09/22/2027		$	57,055		0.0
39,000 (4)	JPMorgan Chase & Co., 2.069%, 06/01/2029			33,576		0.0
33,000 (4)	JPMorgan Chase & Co., 2.182%, 06/01/2028			29,366		0.0
19,000 (4)	JPMorgan Chase & Co., 2.525%, 11/19/2041			13,622		0.0
168,000 (4)	JPMorgan Chase & Co., 2.545%, 11/08/2032			139,752		0.1
44,000 (4)	JPMorgan Chase & Co., 2.580%, 04/22/2032			37,060		0.0
57,000 (4)	JPMorgan Chase & Co., 2.595%, 02/24/2026			54,243		0.0
57,000 (4)	JPMorgan Chase & Co., 2.947%, 02/24/2028			52,855		0.0
211,000 (4)	JPMorgan Chase & Co., 3.157%, 04/22/2042			164,239		0.1
31,000 (4)	JPMorgan Chase & Co., 3.328%, 04/22/2052			23,639		0.0
70,000 (4)	JPMorgan Chase & Co., 3.797%, 07/23/2024			69,779		0.0
104,000 (4)	JPMorgan Chase & Co., 4.565%, 06/14/2030			102,194		0.1
28,000	Kilroy Realty L.P., 2.650%, 11/15/2033			21,706		0.0
11,000	Kite Realty Group L.P., 4.000%, 10/01/2026			10,536		0.0
50,000 (2)	Liberty Mutual Group, Inc., 5.500%, 06/15/2052			47,437		0.0
61,000	Main Street Capital Corp., 3.000%, 07/14/2026			53,307		0.0
30,000	Main Street Capital Corp., 5.200%, 05/01/2024			29,931		0.0
200,000	Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			200,136		0.1
32,000 (4)	Morgan Stanley, 1.512%, 07/20/2027			28,122		0.0
103,000 (4)	Morgan Stanley, 1.593%, 05/04/2027			91,608		0.0
22,000 (4)	Morgan Stanley, 1.794%, 02/13/2032			17,327		0.0
234,000 (4)	Morgan Stanley, 2.188%, 04/28/2026			219,360		0.1
140,000 (4)	Morgan Stanley, 2.239%, 07/21/2032			113,564		0.1
18,000 (4)	Morgan Stanley, 2.475%, 01/21/2028			16,377		0.0
46,000 (4)	Morgan Stanley, 2.511%, 10/20/2032			38,062		0.0
86,000 (4)	Morgan Stanley, 2.630%, 02/18/2026			82,156		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
32,000 (4)	Morgan Stanley, 2.802%, 01/25/2052		$	22,283		0.0
45,000 (4)	Morgan Stanley, 3.737%, 04/24/2024			44,862		0.0
112,000	Morgan Stanley, 3.875%, 01/27/2026			110,482		0.1
100,000	Morgan Stanley, 4.000%, 07/23/2025			100,060		0.1
40,000 (4)	Morgan Stanley, 4.457%, 04/22/2039			37,323		0.0
145,000 (4)	Morgan Stanley, 5.297%, 04/20/2037			140,572		0.1
200,000 (4)	NatWest Group PLC, 3.073%, 05/22/2028			181,972		0.1
43,000 (2)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			37,988		0.0
28,000 (2)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			20,904		0.0
38,000	Old Republic International Corp., 3.850%, 06/11/2051			28,764		0.0
150,000	ORIX Corp., 3.250%, 12/04/2024			147,720		0.1
106,000 (4)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			88,650		0.0
19,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032			14,700		0.0
30,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			30,116		0.0
15,000	Public Storage, 1.950%, 11/09/2028			12,984		0.0
8,000	Realty Income Corp., 3.950%, 08/15/2027			7,812		0.0
27,000	Realty Income Corp., 4.875%, 06/01/2026			27,570		0.0
22,000	Sabra Health Care L.P., 3.200%, 12/01/2031			17,484		0.0
23,000 (4)	Santander Holdings USA, Inc., 2.490%, 01/06/2028			20,318		0.0
27,000	Simon Property Group L.P., 1.750%, 02/01/2028			23,036		0.0
200,000 (2)(4)	Societe Generale SA, 2.797%, 01/19/2028			178,757		0.1
37,000 (4)	State Street Corp., 2.623%, 02/07/2033			31,596		0.0
8,000	Sumitomo Mitsui Financial Group, Inc., 3.010%, 10/19/2026			7,553		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
31,000 (2)	Sumitomo Mitsui Trust Bank Ltd., 2.800%, 03/10/2027		$	29,095		0.0
50,000	Sun Communities Operating L.P., 4.200%, 04/15/2032			45,522		0.0
23,000 (2)	Swiss Re Treasury US Corp., 4.250%, 12/06/2042			21,325		0.0
25,000 (2)	Teachers Insurance & Annuity Association of America, 3.300%, 05/15/2050			19,129		0.0
20,000	Toronto-Dominion Bank/The, 2.800%, 03/10/2027			18,729		0.0
45,000	Toronto-Dominion Bank/The, 4.456%, 06/08/2032			44,539		0.0
35,000 (4)	Truist Financial Corp., 1.267%, 03/02/2027			31,410		0.0
38,000 (4)	Truist Financial Corp., 5.100%, 12/31/2199			34,580		0.0
200,000 (2)(4)	UBS Group AG, 2.095%, 02/11/2032			158,999		0.1
200,000 (2)(4)	UBS Group AG, 2.746%, 02/11/2033			162,947		0.1
7,000	Ventas Realty L.P., 5.700%, 09/30/2043			7,139		0.0
50,000	Visa, Inc., 4.300%, 12/14/2045			49,470		0.0
36,000 (4)	Wells Fargo & Co., 2.393%, 06/02/2028			32,268		0.0
101,000 (4)	Wells Fargo & Co., 2.406%, 10/30/2025			96,264		0.0
21,000 (4)	Wells Fargo & Co., 3.068%, 04/30/2041			16,294		0.0
120,000	Wells Fargo & Co., 3.750%, 01/24/2024			120,375		0.1
57,000 (4)	Wells Fargo & Co., 4.611%, 04/25/2053			52,844		0.0
28,000	Wells Fargo & Co., 4.750%, 12/07/2046			25,697		0.0
23,000	Westpac Banking Corp., 1.953%, 11/20/2028			20,090		0.0
24,000	XLIT Ltd., 5.500%, 03/31/2045			24,927		0.0
				9,984,739		3.3
	Industrial: 0.4%
38,000	Amcor Flexibles North America, Inc., 4.000%, 05/17/2025			37,622		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
39,000	Avnet, Inc., 5.500%, 06/01/2032		$	38,319		0.0
27,000	Berry Global, Inc., 0.950%, 02/15/2024			25,591		0.0
40,000	Berry Global, Inc., 1.650%, 01/15/2027			35,046		0.0
22,000	Boeing Co/The, 3.250%, 02/01/2028			19,681		0.0
46,000	Boeing Co/The, 3.250%, 02/01/2035			34,867		0.0
9,000 (3)	Boeing Co/The, 3.625%, 02/01/2031			7,777		0.0
9,000	Boeing Co/The, 3.850%, 11/01/2048			6,391		0.0
35,000	Boeing Co/The, 4.875%, 05/01/2025			34,919		0.0
42,000	Boeing Co/The, 5.150%, 05/01/2030			40,350		0.0
27,000	Boeing Co/The, 5.805%, 05/01/2050			24,848		0.0
45,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			40,066		0.0
75,000	Burlington Northern Santa Fe LLC, 4.450%, 01/15/2053			72,682		0.1
47,000	FedEx Corp., 3.900%, 02/01/2035			41,935		0.0
25,000	Fortune Brands Home & Security, Inc., 4.000%, 03/25/2032			22,139		0.0
18,000	GE Capital Funding LLC, 4.400%, 05/15/2030			17,002		0.0
55,000	John Deere Capital Corp., 3.350%, 04/18/2029			52,799		0.0
200,000 (2)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			188,065		0.1
13,000	Norfolk Southern Corp., 4.100%, 05/15/2121			9,809		0.0
68,000	Parker-Hannifin Corp., 4.500%, 09/15/2029			67,719		0.1
24,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			21,455		0.0
40,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			35,706		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
2,000	Raytheon Technologies Corp., 3.650%, 08/16/2023		$	1,999		0.0
34,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			32,490		0.0
51,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			48,724		0.0
30,000 (2)	Sealed Air Corp., 1.573%, 10/15/2026			26,126		0.0
44,000	Sonoco Products Co., 2.250%, 02/01/2027			39,612		0.0
15,000 (2)	TD SYNNEX Corp., 1.750%, 08/09/2026			13,235		0.0
97,000	Teledyne Technologies, Inc., 1.600%, 04/01/2026			87,448		0.1
76,000	Union Pacific Corp., 3.500%, 02/14/2053			62,089		0.0
				1,186,511		0.4
	Technology: 0.6%
45,000	Advanced Micro Devices, Inc., 3.924%, 06/01/2032			44,335		0.0
41,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052			39,976		0.0
115,000	Apple, Inc., 2.650%, 02/08/2051			85,022		0.1
110,000	Apple, Inc., 2.800%, 02/08/2061			79,130		0.1
25,000	Apple, Inc., 2.850%, 08/05/2061			18,179		0.0
70,000	Apple, Inc., 3.750%, 09/12/2047			63,291		0.0
13,000	Apple, Inc., 4.500%, 02/23/2036			13,573		0.0
27,000	Citrix Systems, Inc., 1.250%, 03/01/2026			26,156		0.0
6,000	Citrix Systems, Inc., 3.300%, 03/01/2030			5,858		0.0
25,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			25,995		0.0
20,000	DXC Technology Co., 1.800%, 09/15/2026			17,988		0.0
20,000	DXC Technology Co., 2.375%, 09/15/2028			17,230		0.0
20,000	Fiserv, Inc., 2.750%, 07/01/2024			19,529		0.0
27,000	Fiserv, Inc., 3.500%, 07/01/2029			24,652		0.0
28,000	HP, Inc., 2.650%, 06/17/2031			22,524		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
81,000	HP, Inc., 4.000%, 04/15/2029		$	75,960		0.1
45,000	HP, Inc., 4.050%, 09/15/2022			45,183		0.0
27,000	HP, Inc., 4.750%, 01/15/2028			26,706		0.0
15,000 (2)	Infor, Inc., 1.450%, 07/15/2023			14,600		0.0
18,000	Intel Corp., 3.100%, 02/15/2060			12,891		0.0
24,000	Intel Corp., 3.200%, 08/12/2061			17,592		0.0
30,000	Intel Corp., 3.250%, 11/15/2049			23,381		0.0
75,000	Intel Corp., 4.600%, 03/25/2040			73,370		0.0
48,000	KLA Corp., 4.950%, 07/15/2052			48,348		0.0
32,000	KLA Corp., 5.250%, 07/15/2062			33,037		0.0
21,000 (2)	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			17,693		0.0
54,000 (2)	Kyndryl Holdings, Inc., 2.700%, 10/15/2028			43,059		0.0
23,000 (2)	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			17,052		0.0
37,000	Microchip Technology, Inc., 2.670%, 09/01/2023			36,400		0.0
93,000	Microsoft Corp., 2.921%, 03/17/2052			73,509		0.0
31,000	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026			31,624		0.0
20,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			13,891		0.0
18,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			15,896		0.0
100,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029			95,500		0.1
70,000	Oracle Corp., 2.300%, 03/25/2028			60,294		0.0
9,000	Oracle Corp., 3.600%, 04/01/2050			6,269		0.0
74,000	Oracle Corp., 3.650%, 03/25/2041			55,259		0.0
6,000	Oracle Corp., 3.850%, 07/15/2036			4,829		0.0
52,000	Oracle Corp., 3.950%, 03/25/2051			38,273		0.0
139,000	Oracle Corp., 4.300%, 07/08/2034			121,461		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
17,000	Roper Technologies, Inc., 1.400%, 09/15/2027		$	14,577		0.0
81,000	Salesforce, Inc., 2.700%, 07/15/2041			62,755		0.0
30,000	Take-Two Interactive Software, Inc., 4.000%, 04/14/2032			28,196		0.0
180,000	VMware, Inc., 1.400%, 08/15/2026			159,374		0.1
20,000	VMware, Inc., 1.800%, 08/15/2028			16,629		0.0
21,000	Workday, Inc., 3.500%, 04/01/2027			20,099		0.0
				1,807,145		0.6
	Utilities: 1.3%
152,000	AEP Texas, Inc., 3.450%, 01/15/2050			118,902		0.1
32,000 (2)	AEP Texas, Inc., 3.850%, 10/01/2025			31,803		0.0
21,000	AES Corp./The, 1.375%, 01/15/2026			18,545		0.0
14,000 (2)	AES Corp./The, 3.950%, 07/15/2030			12,668		0.0
20,000	Alabama Power Co., 3.450%, 10/01/2049			15,865		0.0
38,000 (2)	Alliant Energy Finance LLC, 3.600%, 03/01/2032			34,445		0.0
74,000 (2)	Alliant Energy Finance LLC, 3.750%, 06/15/2023			74,082		0.1
30,000 (4)	American Electric Power Co., Inc., 3.875%, 02/15/2062			23,744		0.0
32,000 (2)	American Transmission Systems, Inc., 2.650%, 01/15/2032			27,139		0.0
28,000 (2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			27,038		0.0
21,000	Appalachian Power Co., 2.700%, 04/01/2031			18,141		0.0
14,000	Appalachian Power Co., 3.700%, 05/01/2050			11,155		0.0
55,000	Avangrid, Inc., 3.200%, 04/15/2025			53,535		0.0
28,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			23,865		0.0
42,000 (2)	Berkshire Hathaway Energy Co., 4.600%, 05/01/2053			40,344		0.0
23,000	Black Hills Corp., 2.500%, 06/15/2030			19,233		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
13,000	Black Hills Corp., 3.050%, 10/15/2029		$	11,661		0.0
40,000	Black Hills Corp., 4.250%, 11/30/2023			40,137		0.0
6,000	Black Hills Corp., 4.350%, 05/01/2033			5,607		0.0
25,000	CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042			21,518		0.0
39,000 (2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			36,732		0.0
26,000 (4)	CMS Energy Corp., 3.750%, 12/01/2050			19,940		0.0
68,000 (4)	CMS Energy Corp., 4.750%, 06/01/2050			59,753		0.0
13,000	Commonwealth Edison Co., 3.750%, 08/15/2047			11,222		0.0
34,000	Consolidated Edison Co. of New York, Inc., 4.000%, 11/15/2057			28,394		0.0
12,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			12,491		0.0
70,000 (4)	Dominion Energy, Inc., 4.350%, 12/31/2199			57,925		0.0
35,000 (4)	Dominion Energy, Inc., 4.650%, 12/31/2199			31,277		0.0
13,000	DTE Electric Co., 2.950%, 03/01/2050			9,950		0.0
10,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			8,756		0.0
6,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			5,037		0.0
125,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			111,264		0.1
2,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041			1,847		0.0
10,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			9,125		0.0
42,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			35,961		0.0
8,000	Duke Energy Florida LLC, 4.200%, 07/15/2048			7,310		0.0
195,000	Duke Energy Indiana LLC, 2.750%, 04/01/2050			138,524		0.1
30,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			23,264		0.0
11,000	Duke Energy Ohio, Inc., 2.125%, 06/01/2030			9,292		0.0
109,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			92,961		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
55,000	Duke Energy Progress LLC, 4.100%, 05/15/2042		$	49,848		0.0
3,000	Duke Energy Progress LLC, 4.100%, 03/15/2043			2,697		0.0
2,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			1,822		0.0
15,000 (2)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			12,340		0.0
78,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			54,225		0.0
34,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			31,412		0.0
30,000	Entergy Corp., 2.400%, 06/15/2031			24,431		0.0
11,000	Entergy Corp., 2.800%, 06/15/2030			9,446		0.0
100,000	Entergy Louisiana LLC, 2.900%, 03/15/2051			72,295		0.1
9,000	Entergy Louisiana LLC, 4.200%, 04/01/2050			8,139		0.0
33,000	Entergy Texas, Inc., 4.000%, 03/30/2029			32,251		0.0
16,000	Evergy Metro, Inc., 2.250%, 06/01/2030			13,806		0.0
25,000	Eversource Energy, 1.400%, 08/15/2026			22,356		0.0
57,000	Eversource Energy, 2.900%, 03/01/2027			53,560		0.0
32,000	Eversource Energy, 3.375%, 03/01/2032			28,811		0.0
5,000	Exelon Corp., 4.050%, 04/15/2030			4,803		0.0
16,000	Florida Power & Light Co., 2.875%, 12/04/2051			11,933		0.0
25,000	Georgia Power Co., 2.200%, 09/15/2024			24,155		0.0
14,000	Georgia Power Co., 5.125%, 05/15/2052			13,913		0.0
33,000	Georgia Power Co., 5.750%, 04/15/2023			33,515		0.0
44,000	Indiana Michigan Power Co., 3.250%, 05/01/2051			33,425		0.0
20,000	Interstate Power and Light Co., 3.100%, 11/30/2051			14,704		0.0
80,000	Interstate Power and Light Co., 3.250%, 12/01/2024			79,081		0.1
10,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030			9,299		0.0
200,000 (2)	Israel Electric Corp. Ltd., 3.750%, 02/22/2032			179,312		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
12,000 (2)	Jersey Central Power & Light Co., 2.750%, 03/01/2032		$	10,221		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			49,446		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.700%, 04/01/2024			50,342		0.0
12,000 (2)	Metropolitan Edison Co., 4.000%, 04/15/2025			11,819		0.0
5,000	MidAmerican Energy Co., 4.400%, 10/15/2044			4,760		0.0
30,000	Mississippi Power Co., 4.250%, 03/15/2042			26,217		0.0
20,000 (2)	Monongahela Power Co., 3.550%, 05/15/2027			19,044		0.0
13,000 (2)	Narragansett Electric Co/The, 3.395%, 04/09/2030			12,220		0.0
41,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			35,800		0.0
31,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032			27,030		0.0
43,000 (4)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			39,961		0.0
175,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027			157,971		0.1
123,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028			107,071		0.1
23,000	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			19,176		0.0
45,000 (4)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			36,158		0.0
34,000 (3)	NextEra Energy Capital Holdings, Inc., 5.000%, 07/15/2032			34,865		0.0
100,000	NiSource, Inc., 0.950%, 08/15/2025			89,966		0.1
20,000	NiSource, Inc., 5.950%, 06/15/2041			20,733		0.0
16,000	NSTAR Electric Co., 1.950%, 08/15/2031			13,303		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
20,000	Oglethorpe Power Corp., 3.750%, 08/01/2050		$	15,954		0.0
34,000	ONE Gas, Inc., 1.100%, 03/11/2024			32,410		0.0
13,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			9,519		0.0
28,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			20,403		0.0
17,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			12,794		0.0
3,000	PacifiCorp, 4.150%, 02/15/2050			2,713		0.0
5,000	PECO Energy Co., 3.700%, 09/15/2047			4,358		0.0
10,000	PECO Energy Co., 4.150%, 10/01/2044			9,121		0.0
200,000	Perusahaan Listrik Negara PT, 4.125%, 05/15/2027			192,481		0.1
15,000	Piedmont Natural Gas Co., Inc., 3.350%, 06/01/2050			11,210		0.0
75,000	PPL Electric Utilities Corp., 4.125%, 06/15/2044			67,512		0.1
5,000	Public Service Electric and Gas Co., 3.600%, 12/01/2047			4,241		0.0
15,000	Public Service Enterprise Group, Inc., 1.600%, 08/15/2030			11,929		0.0
74,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			61,825		0.0
46,000	Sempra Energy, 3.800%, 02/01/2038			38,899		0.0
75,000 (4)	Sempra Energy, 4.125%, 04/01/2052			60,297		0.0
24,000 (4)	Sempra Energy, 4.875%, 12/31/2199			22,140		0.0
67,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			59,740		0.0
6,000	Southern California Edison Co., 4.050%, 03/15/2042			4,956		0.0
60,000 (4)	Southern Co/The, 3.750%, 09/15/2051			51,130		0.0
35,000 (4)	Southern Co/The, 4.000%, 01/15/2051			31,464		0.0
38,000	Southern Co/The, 5.113%, 08/01/2027			38,351		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
13,000	Southwest Gas Corp., 4.050%, 03/15/2032		$	11,811		0.0
36,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			32,821		0.0
14,000	Tampa Electric Co., 4.350%, 05/15/2044			12,847		0.0
23,000	Tucson Electric Power Co., 1.500%, 08/01/2030			18,373		0.0
17,000	Union Electric Co., 3.900%, 09/15/2042			15,078		0.0
28,000	Virginia Electric and Power Co., 3.450%, 09/01/2022			28,008		0.0
45,000 (2)	Vistra Operations Co. LLC, 5.125%, 05/13/2025			44,583		0.0
36,000	Washington Gas Light Co., 3.650%, 09/15/2049			29,882		0.0
31,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			26,891		0.0
26,000	WEC Energy Group, Inc., 2.200%, 12/15/2028			22,769		0.0
23,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			20,058		0.0
26,000	Wisconsin Public Service Corp., 3.671%, 12/01/2042			22,102		0.0
				3,976,804		1.3
	Total Corporate Bonds/Notes (Cost $30,762,139)			27,184,783		8.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.9%
57,411	Alternative Loan Trust 2004-J7 MI, 2.644%, (US0001M + 1.020)%, 10/25/2034			57,625		0.0
39,702	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			31,493		0.0
82,152	Alternative Loan Trust 2005-J2 1A12, 2.024%, (US0001M + 0.400)%, 04/25/2035			67,254		0.0
15,461	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			8,534		0.0
79,050	Alternative Loan Trust 2006-19CB A12, 2.024%, (US0001M + 0.400)%, 08/25/2036			40,890		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
24,034	Alternative Loan Trust 2007-23CB A3, 2.124%, (US0001M + 0.500)%, 09/25/2037		$	11,305		0.0
103,050	Alternative Loan Trust 2007-2CB 2A1, 2.224%, (US0001M + 0.600)%, 03/25/2037			49,238		0.0
600,000 (2)	Arroyo Mortgage Trust 2022-1 A3, 3.650%, 12/25/2056			499,462		0.2
24,366 (4)	Bear Stearns ALT-A Trust 2005-7 21A1, 2.944%, 09/25/2035			21,078		0.0
40,939	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 1.814%, (US0001M + 0.190)%, 01/25/2037			36,488		0.0
500,000 (2)	Bellemeade Re 2022-1 M1C Ltd., 4.626%, (SOFR30A + 3.700)%, 01/26/2032			479,182		0.2
55,427 (4)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 2.845%, 03/25/2036			45,149		0.0
28,966 (4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.396%, 09/25/2037			26,382		0.0
100,000 (2)	Connecticut Avenue Securities Trust 2020-R02 2B1, 4.624%, (US0001M + 3.000)%, 01/25/2040			86,787		0.0
280,546	Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			279,327		0.1
434,862	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			449,205		0.2
46,007	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 5.624%, (US0001M + 4.000)%, 05/25/2025			46,286		0.0
129,009	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 4.624%, (US0001M + 3.000)%, 10/25/2029			130,264		0.1
146,367	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 4.474%, (US0001M + 2.850)%, 11/25/2029			146,882		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
54,609	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 4.424%, (US0001M + 2.800)%, 02/25/2030		$	54,801		0.0
145,513	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 3.624%, (US0001M + 2.000)%, 03/25/2031			144,033		0.1
14,800 (2)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 3.924%, (US0001M + 2.300)%, 08/25/2031			14,803		0.0
70,036 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 3.674%, (US0001M + 2.050)%, 01/25/2040			68,601		0.0
168,735	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			172,817		0.1
146,829 (4)	Fannie Mae REMIC Trust 2009-50 HZ, 5.536%, 02/25/2049			155,453		0.1
122,621	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			126,448		0.1
92,401	Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			93,750		0.0
214,981	Fannie Mae REMICS 2009-96 DB, 4.000%, 11/25/2029			217,117		0.1
57,697	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			60,571		0.0
35,119	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041			37,058		0.0
76,825	Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			75,938		0.0
419,228	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			424,137		0.1
45,418	Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047			43,804		0.0
90,005 (2)(4)	Flagstar Mortgage Trust 2018-1 B3, 3.961%, 03/25/2048			82,574		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
264,252	Freddie Mac 4634 ZM, 5.000%, 11/15/2056		$	288,275		0.1
50,124	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			52,571		0.0
43,375	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			46,085		0.0
10,085	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			10,652		0.0
32,205	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			33,726		0.0
99,767	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			104,892		0.0
38,710	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			40,536		0.0
36,340 (4)(5)	Freddie Mac REMIC Trust 3524 LA, 4.958%, 03/15/2033			35,922		0.0
36,992	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			38,785		0.0
6,623	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			6,806		0.0
211,582	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			206,355		0.1
563,630	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			570,001		0.2
563,630	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			564,446		0.2
1,066,090	Freddie Mac REMICS 4136 ZG, 3.000%, 11/15/2042			1,002,254		0.3
522,254	Freddie Mac REMICS 4372 Z, 3.000%, 08/15/2044			491,449		0.2
163,903	Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043			164,728		0.1
250,000 (2)	Freddie Mac STACR REMIC Trust 2020-DNA6 M2, 2.926%, (SOFR30A + 2.000)%, 12/25/2050			246,137		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
95,870 (2)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 4.724%, (US0001M + 3.100)%, 03/25/2050		$	95,200		0.0
12,681 (2)	Freddie Mac STACR REMIC Trust 2020-HQA3 M2, 5.224%, (US0001M + 3.600)%, 07/25/2050			12,675		0.0
236,203 (2)	Freddie Mac STACR REMIC Trust 2021-DNA5 M2, 2.576%, (SOFR30A + 1.650)%, 01/25/2034			227,988		0.1
600,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 4.676%, (SOFR30A + 3.750)%, 12/25/2041			498,713		0.2
100,000 (2)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 4.326%, (SOFR30A + 3.400)%, 01/25/2042			84,735		0.0
118,816	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 3.974%, (US0001M + 2.350)%, 04/25/2030			118,731		0.0
74,991	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 3.924%, (US0001M + 2.300)%, 09/25/2030			74,463		0.0
265,014	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			245,511		0.1
1,123,554	Ginnie Mae 2019-15 CZ, 3.500%, 02/20/2049			1,078,710		0.4
31,727	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			32,723		0.0
211,893	Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			212,211		0.1
9,006	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			9,498		0.0
25,474	HomeBanc Mortgage Trust 2004-1 2A, 2.484%, (US0001M + 0.860)%, 08/25/2029			24,578		0.0
64,855 (2)(4)	JP Morgan Mortgage Trust 2019-LTV3 A5, 3.500%, 03/25/2050			64,034		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
159,139 (2)(4)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050		$	142,097		0.1
100,000 (2)	Mello Warehouse Securitization Trust 2021-1 C, 1.768%, (US0001M + 1.100)%, 02/25/2055			98,205		0.0
44,886	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			29,505		0.0
300,000 (2)	Mortgage Insurance-Linked Notes 2021-3 M1B, 3.826%, (SOFR30A + 2.900)%, 02/25/2034			286,427		0.1
9,352	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			8,177		0.0
16,260 (4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 2.521%, 10/25/2036			15,302		0.0
39,698	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 2.644%, (US0001M + 0.510)%, 08/25/2045			38,179		0.0
21,477	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.604%, (US0001M + 0.490)%, 10/25/2045			20,462		0.0
21,320 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.853%, 08/25/2046			19,957		0.0
105,477 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.196%, 12/25/2036			99,099		0.0
57,122 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.107%, 07/25/2037			54,635		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
128,691	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 1.436%, (12MTA + 0.960)%, 08/25/2046		$	83,498		0.0
11,980	Wells Fargo Alternative Loan 2007-PA2 2A1, 2.054%, (US0001M + 0.430)%, 06/25/2037			9,673		0.0
9,840 (4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 2.870%, 04/25/2036			9,399		0.0
15,133 (4)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 2.767%, 12/28/2037			14,359		0.0
	Total Collateralized Mortgage Obligations (Cost $12,691,985)			11,897,100		3.9
U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.2%
	Federal Home Loan Mortgage Corporation: 0.5%(6)
5,109	2.500%, 05/01/2030			5,011		0.0
7,922	2.500%, 05/01/2030			7,780		0.0
9,475	2.500%, 06/01/2030			9,305		0.0
587,159	2.500%, 02/01/2052			530,503		0.2
489,280	2.500%, 02/01/2052			442,067		0.2
17,506	3.000%, 03/01/2045			16,725		0.0
12,848	3.000%, 03/01/2045			12,234		0.0
19,422	3.000%, 04/01/2045			18,495		0.0
28,656	3.500%, 03/01/2045			28,054		0.0
83,165	4.000%, 12/01/2041			84,244		0.0
28,284	4.000%, 12/01/2042			28,580		0.0
6,016	4.000%, 09/01/2045			6,068		0.0
4,634	4.000%, 09/01/2045			4,674		0.0
4,190	4.000%, 09/01/2045			4,227		0.0
3,859	4.000%, 09/01/2045			3,892		0.0
56,122	4.500%, 08/01/2041			56,888		0.0
183,670	4.500%, 09/01/2041			188,371		0.1
2,148	5.500%, 07/01/2037			2,311		0.0
1,717	6.500%, 12/01/2031			1,845		0.0
				1,451,274		0.5
	Federal National Mortgage Association: 0.6%(6)
569,423	2.500%, 06/01/2051			514,383		0.2
790,106	3.000%, 05/01/2052			738,341		0.3
388,931	4.500%, 09/01/2047			410,627		0.1
				1,663,351		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association: 1.2%
1,259,745	2.500%, 05/20/2051		$	1,158,158		0.4
600,000 (7)	3.000%, 07/15/2052			565,828		0.2
1,950,000 (7)	3.500%, 07/15/2052			1,895,156		0.6
21,307	4.000%, 11/20/2040			21,675		0.0
43,638	4.000%, 03/20/2046			44,178		0.0
39,531	4.500%, 08/20/2041			41,351		0.0
73,524	4.500%, 09/15/2047			75,920		0.0
				3,802,266		1.2
	Uniform Mortgage-Backed Securities: 3.9%
278,084	2.000%, 05/01/2051			242,533		0.1
286,286	2.000%, 10/01/2051			249,281		0.1
979,438	2.000%, 02/01/2052			854,203		0.3
13,047	2.500%, 05/01/2030			12,801		0.0
17,368	2.500%, 06/01/2030			17,041		0.0
23,960	2.500%, 06/01/2030			23,509		0.0
9,826	2.500%, 07/01/2030			9,641		0.0
326,686	2.500%, 01/01/2052			295,283		0.1
862,198	2.500%, 02/01/2052			779,900		0.3
980,560	2.500%, 02/01/2052			887,203		0.3
373,590	2.500%, 03/01/2052			338,020		0.1
32,688	3.000%, 09/01/2043			31,247		0.0
159,634	3.000%, 04/01/2045			152,024		0.1
108,667	3.000%, 07/01/2046			103,056		0.0
575,348	3.000%, 04/01/2050			537,571		0.2
1,084,825	3.000%, 02/01/2052			1,017,740		0.3
938,000 (7)	3.000%, 07/15/2052			873,879		0.3
36,229	3.500%, 10/01/2042			35,613		0.0
329,891	3.500%, 08/01/2046			322,670		0.1
84,044	4.000%, 07/01/2042			85,056		0.0
8,933	4.000%, 07/01/2042			9,040		0.0
130,190	4.000%, 01/01/2045			131,516		0.0
20,650	4.000%, 06/01/2045			20,808		0.0
2,741,000 (7)	4.000%, 07/15/2052			2,703,686		0.9
16,590	4.500%, 11/01/2040			17,131		0.0
31,849	4.500%, 10/01/2041			32,834		0.0
2,021,000 (7)	4.500%, 07/15/2052			2,029,289		0.7
15,374	5.000%, 06/01/2033			16,178		0.0
3,651	5.000%, 02/01/2036			3,846		0.0
1,625	5.000%, 07/01/2036			1,709		0.0
39,287	5.000%, 07/01/2037			40,563		0.0
36,860	5.000%, 11/01/2040			38,829		0.0
16,447	5.000%, 05/01/2041			17,330		0.0
44,775	5.000%, 06/01/2041			46,905		0.0
23,828	5.000%, 06/01/2041			25,105		0.0
58,965	5.500%, 12/01/2036			63,160		0.0
206	7.000%, 10/01/2029			218		0.0
1,148	7.000%, 01/01/2032			1,194		0.0
				12,067,612		3.9

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
	Total U.S. Government Agency Obligations (Cost $19,535,097)		$	18,984,503		6.2
U.S. TREASURY OBLIGATIONS: 5.1%
	U.S. Treasury Bonds: 1.3%
1,000	1.250%, 05/15/2050			637		0.0
22,000	1.375%, 11/15/2040			15,853		0.0
2,200	1.625%, 11/15/2050			1,548		0.0
1,616,600 (3)	2.250%, 02/15/2052			1,330,916		0.4
2,674,400	3.250%, 05/15/2042			2,610,883		0.9
				3,959,837		1.3
	U.S. Treasury Notes: 3.8%
1,000	0.125%, 10/15/2023			964		0.0
260,500	0.500%, 11/30/2023			251,688		0.1
344,900	0.875%, 01/31/2024			333,798		0.1
20,500	1.125%, 02/15/2031			17,619		0.0
137,800	1.250%, 11/30/2026			127,613		0.0
219,300	1.250%, 09/30/2028			196,453		0.1
347,900	1.500%, 01/31/2027			324,872		0.1
693,400	1.500%, 11/30/2028			629,748		0.2
534,000 (3)	2.500%, 05/31/2024			529,223		0.2
389,500	2.625%, 05/31/2027			382,182		0.1
2,000	2.750%, 04/30/2027			1,973		0.0
302,600	2.750%, 05/31/2029			296,690		0.1
2,689,000	2.875%, 06/15/2025			2,678,496		0.9
2,298,800	2.875%, 05/15/2032			2,273,298		0.7
2,247,000	3.000%, 06/30/2024			2,248,317		0.7
745,000	3.250%, 06/30/2027			752,334		0.2
791,000	3.250%, 06/30/2029			800,455		0.3
				11,845,723		3.8
	Total U.S. Treasury Obligations (Cost $16,010,087)			15,805,560		5.1
COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.2%
500,000 (2)(4)	Arbor Multifamily Mortgage Securities Trust 2021-MF2 E, 2.000%, 06/15/2054			338,104		0.1
500,000 (2)	AREIT 2021-CRE5 D Trust, 4.173%, (US0001M + 2.650)%, 11/17/2038			469,452		0.2
100,000 (2)(4)	BAMLL Commercial Mortgage Securities Trust 2015-200P F, 3.716%, 04/14/2033			90,356		0.0
3,000,000 (4)(5)	BANK 2017-BNK8 XB, 0.221%, 11/15/2050			26,153		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
964,570 (4)(5)	BANK 2019-BNK16 XA, 1.103%, 02/15/2052		$	46,358		0.0
3,630,943 (4)(5)	BANK 2019-BNK21 XA, 0.987%, 10/17/2052			172,463		0.1
2,180,000 (2)(4)(5)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			38,376		0.0
986,544 (4)(5)	Benchmark 2019-B9 XA Mortgage Trust, 1.202%, 03/15/2052			52,266		0.0
343,000 (2)	BX Commercial Mortgage Trust 2021-IRON E, 3.674%, (US0001M + 2.350)%, 02/15/2038			317,670		0.1
400,000 (2)	BX Trust 2021-ARIA F, 3.918%, (US0001M + 2.594)%, 10/15/2036			367,460		0.1
773,363 (4)(5)	CD 2017-CD4 Mortgage Trust XA, 1.389%, 05/10/2050			35,370		0.0
872,216 (4)(5)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 2.054%, 07/10/2049			50,416		0.0
1,241,364 (4)(5)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.225%, 10/12/2050			52,151		0.0
964,786 (4)(5)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.023%, 09/15/2050			34,983		0.0
1,289,431 (4)(5)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.690%, 06/10/2051			40,261		0.0
1,113,493 (4)(5)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.183%, 08/10/2056			59,120		0.0
60,000	Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052			55,367		0.0
627,313 (4)(5)	COMM 2012-CR4 XA, 1.817%, 10/15/2045			523		0.0
2,380,000 (2)(4)(5)	COMM 2012-CR4 XB, 0.768%, 10/15/2045			5,419		0.0
177,000 (4)	Comm 2013-CCRE13 C Mortgage Trust, 5.041%, 11/10/2046			173,402		0.1
1,403,090 (4)(5)	COMM 2016-CR28 XA, 0.776%, 02/10/2049			25,535		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
695,393 (4)(5)	COMM 2017-COR2 XA, 1.310%, 09/10/2050		$	32,954		0.0
110,000 (2)(4)	DBJPM 16-C3 Mortgage Trust, 3.624%, 08/10/2049			85,618		0.0
130,000 (2)(4)	DBWF 2015-LCM D Mortgage Trust, 3.535%, 06/10/2034			107,211		0.1
652,735	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			105,167		0.1
1,646,314 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.973%, 11/25/2030			96,225		0.1
798,613 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.443%, 07/25/2035			98,481		0.1
1,288,787 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.959%, 10/25/2035			102,388		0.1
848,000 (5)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029			66,142		0.0
300,000 (2)	GAM Re-REMIC Trust 2021-FRR1 1B, 0.890%, 11/29/2050			233,164		0.1
300,000 (2)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.190%, 11/29/2050			213,987		0.1
900,000 (2)	Great Wolf Trust 2019-WOLF E, 4.056%, (US0001M + 2.732)%, 12/15/2036			839,632		0.3
100,000 (2)	GS Mortgage Securities Corp. II 2018-RIVR F, 3.424%, (US0001M + 2.100)%, 07/15/2035			86,473		0.0
974,659 (4)(5)	GS Mortgage Securities Trust 2014-GC22 XA, 1.096%, 06/10/2047			11,768		0.0
1,354,867 (4)(5)	GS Mortgage Securities Trust 2016-GS4 XA, 0.694%, 11/10/2049			26,534		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
835,211 (4)(5)	GS Mortgage Securities Trust 2017-GS6 XA, 1.164%, 05/10/2050		$	34,175		0.0
50,000	GS Mortgage Securities Trust 2019-GC38 A4, 3.968%, 02/10/2052			49,059		0.0
1,217,145 (4)(5)	GS Mortgage Securities Trust 2019-GC38 XA, 1.115%, 02/10/2052			58,425		0.0
2,053,513 (4)(5)	GS Mortgage Securities Trust 2019-GC42 XA, 0.932%, 09/01/2052			88,590		0.0
90,000	GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052			83,017		0.0
1,299,222 (4)(5)	GS Mortgage Securities Trust 2020-GC47 XA, 1.245%, 05/12/2053			91,107		0.0
1,132,969 (4)(5)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.724%, 12/15/2049			22,977		0.0
100,000 (2)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			78,728		0.0
391,686 (4)(5)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.796%, 04/15/2047			2,967		0.0
72,104 (2)(4)(5)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.637%, 11/15/2038			0		—
1,479,561 (4)(5)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.103%, 12/15/2047			25,542		0.0
62,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			58,285		0.0
3,343,328 (4)(5)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.761%, 11/15/2052			128,170		0.1
1,007,883 (4)(5)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.422%, 05/15/2054			79,896		0.0
280,000 (2)	Motel Trust 2021-MTL6 F, 4.874%, (US0001M + 3.550)%, 09/15/2038			266,343		0.1
2,080,821 (4)(5)	UBS Commercial Mortgage Trust 2018-C9 XA, 1.030%, 03/15/2051			84,816		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
60,000	UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 10/15/2052		$	54,387		0.0
40,000 (2)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.606%, 12/10/2045			37,720		0.0
400,000 (2)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051			295,587		0.1
1,024,311 (4)(5)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.751%, 08/15/2052			83,615		0.0
185,919 (2)(4)(5)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.491%, 08/15/2045			6		0.0
500,000 (2)(4)	WFRBS Commercial Mortgage Trust 2014-C23 D, 4.149%, 10/15/2057			451,310		0.2
	Total Commercial Mortgage-Backed Securities (Cost $7,216,688)			6,631,671		2.2
ASSET-BACKED SECURITIES: 3.0%
	Automobile Asset-Backed Securities: 0.3%
100,000	Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024			100,178		0.1
100,000	Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025			99,273		0.0
100,000	Carmax Auto Owner Trust 2018-4 D, 4.150%, 04/15/2025			100,054		0.1
150,000	Drive Auto Receivables Trust 2021-2 C, 0.870%, 10/15/2027			142,399		0.1
100,000 (2)	Ford Credit Auto Owner Trust 2022-REV1 C, 4.670%, 11/15/2034			98,135		0.0
100,000 (2)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			93,669		0.0
100,000	GM Financial Automobile Leasing Trust 2022-2 C, 4.330%, 05/20/2026			98,825		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
1,898	Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025		$	1,898		0.0
				734,431		0.3
	Home Equity Asset-Backed Securities: 0.0%
77,846 (4)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			77,536		0.0

	Other Asset-Backed Securities: 2.5%
250,000 (2)	AMMC CLO 16 Ltd. 2015-16A CR2, 2.988%, (US0003M + 1.950)%, 04/14/2029			241,124		0.1
43,342 (2)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046			41,561		0.0
400,000 (2)	ARES XLIV CLO Ltd. 2017-44A A2R, 2.344%, (US0003M + 1.300)%, 04/15/2034			380,973		0.1
93,333 (2)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046			83,573		0.0
250,000 (2)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 3.213%, (US0003M + 2.150)%, 01/20/2032			236,240		0.1
500,000 (2)	Benefit Street Partners Clo XXII Ltd. 2020-22A AR, 1.667%, (TSFR3M + 1.350)%, 04/20/2035			486,938		0.2
500,000 (2)	BlueMountain CLO 2014-2A A2R2 Ltd., 2.463%, (US0003M + 1.400)%, 10/20/2030			480,305		0.2
250,000 (2)	BlueMountain CLO Ltd. 2021-28A C, 3.044%, (US0003M + 2.000)%, 04/15/2034			230,292		0.1
455,000 (2)	BlueMountain CLO XXX Ltd. 2020-30A CR, 3.001%, (TSFR3M + 2.150)%, 04/15/2035			424,734		0.2
99,750 (2)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			94,736		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
250,000 (2)	Carlyle US Clo 2017-2A CR Ltd., 2.463%, (US0003M + 1.400)%, 07/20/2031		$	239,586		0.1
16,450	Chase Funding Trust Series 2003-5 2A2, 2.224%, (US0001M + 0.600)%, 07/25/2033			15,389		0.0
81,575 (2)	CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045			73,015		0.0
95,813 (2)	CLI Funding VIII LLC 2022-1A A1, 2.720%, 01/18/2047			85,945		0.0
96,500 (2)	Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048			93,792		0.0
195,500 (2)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			177,573		0.1
99,000 (2)	Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051			84,888		0.0
96,750 (2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			92,898		0.0
250,000 (2)	Eaton Vance Clo 2015-1A A2R Ltd., 2.313%, (US0003M + 1.250)%, 01/20/2030			241,131		0.1
99,250 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			96,425		0.0
16,051 (2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			16,024		0.0
235,454 (2)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			218,430		0.1
250,000 (2)	LCM XXIV Ltd. 24A AR, 2.043%, (US0003M + 0.980)%, 03/20/2030			245,574		0.1
71,809 (2)	Loanpal Solar Loan 2020-2GF A Ltd., 2.750%, 07/20/2047			64,024		0.0
72,855 (2)	Loanpal Solar Loan 2021-1 1GS A Ltd., 2.290%, 01/20/2048			63,194		0.0
120,742 (2)	Loanpal Solar Loan 2021-2GS A Ltd., 2.220%, 03/20/2048			103,418		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
250,000 (2)	Madison Park Funding XLVIII Ltd. 2021-48A C, 3.044%, (US0003M + 2.000)%, 04/19/2033		$	235,674		0.1
178,208 (2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			177,331		0.1
200,000 (2)(4)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			193,169		0.1
39,143 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			37,806		0.0
57,177 (2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			55,513		0.0
62,720 (2)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046			54,435		0.0
70,856 (2)	Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046			61,259		0.0
250,000 (2)	Oak Hill Credit Partners 2021-8A C, 2.944%, (US0003M + 1.900)%, 01/18/2034			234,262		0.1
250,000 (2)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 2.244%, (US0003M + 1.200)%, 07/15/2029			241,229		0.1
200,000 (2)	OHA Loan Funding 2013-1A A1R2 Ltd., 2.274%, (US0003M + 1.090)%, 07/23/2031			196,761		0.1
93,617 (2)	Pagaya AI Debt Trust 2022-1 A, 2.030%, 10/15/2029			90,447		0.0
250,000 (2)	Palmer Square CLO 2021-1A B Ltd., 2.763%, (US0003M + 1.700)%, 04/20/2034			230,738		0.1
250,000 (2)	Rockland Park CLO Ltd. 2021-1A C, 2.963%, (US0003M + 1.900)%, 04/20/2034			232,705		0.1
193,050 (2)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055			166,080		0.1
94,601 (2)	Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056			81,036		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
93,635 (2)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055		$	83,313		0.0
96,500 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			92,656		0.0
99,500 (2)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051			81,650		0.0
93,333 (2)	Textainer Marine Containers Ltd. 2021-3A A, 1.940%, 08/20/2046			80,761		0.0
89,375 (2)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			78,195		0.0
93,837 (2)	Upstart Securitization Trust 2021-4 A, 0.840%, 09/20/2031			90,375		0.0
95,500 (2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			90,343		0.0
99,000 (2)	Wendy’s Funding LLC 2021-1A A2II, 2.775%, 06/15/2051			82,877		0.0
198,500 (2)	Zaxby’s Funding LLC 2021-1A A2, 3.238%, 07/30/2051			173,499		0.1
				7,753,896		2.5
	Student Loan Asset-Backed Securities: 0.2%
28,861 (2)	Commonbond Student Loan Trust 2017-BGS A1, 2.680%, 09/25/2042			27,688		0.0
23,212 (2)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			22,687		0.0
50,239 (2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			49,268		0.0
38,751 (2)	Commonbond Student Loan Trust 2020-AGS A, 1.980%, 08/25/2050			37,210		0.0
33,037 (2)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			32,461		0.0
36,594 (2)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069			34,592		0.0
100,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			95,640		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
73,361 (2)	SMB Private Education Loan Trust 2020-PTA A2A, 1.600%, 09/15/2054		$	66,896		0.0
39,917 (2)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			39,345		0.0
37,807 (2)	Sofi Professional Loan Program 2018-D A2FX Trust, 3.600%, 02/25/2048			37,261		0.0
79,393 (2)	SoFi Professional Loan Program 2020-C AFX Trust, 1.950%, 02/15/2046			75,621		0.1
				518,669		0.2
	Total Asset-Backed Securities (Cost $9,650,847)			9,084,532		3.0
SOVEREIGN BONDS: 0.5%
116,940 (8)	Argentine Republic Government International Bond, 0.500% (Step Rate @ 0.750% on 0), 07/09/2030			27,736		0.0
8,843	Argentine Republic Government International Bond, 1.000%, 07/09/2029			2,033		0.0
200,000	Brazilian Government International Bond, 4.625%, 01/13/2028			187,128		0.1
200,000	Colombia Government International Bond, 3.125%, 04/15/2031			147,809		0.0
150,000	Dominican Republic International Bond, 4.875%, 09/23/2032			115,790		0.0
225,000	Egypt Government International Bond, 7.625%, 05/29/2032			147,986		0.0
225,000	Export-Import Bank of India, 2.250%, 01/13/2031			177,454		0.1
200,000 (2)	Hungary Government International Bond, 2.125%, 09/22/2031			155,020		0.1
200,000	Mexico Government International Bond, 3.500%, 02/12/2034			165,698		0.1

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
200,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029		$	171,344		0.1
150,000 (2)	Romanian Government International Bond, 3.625%, 03/27/2032			118,142		0.0
80,000	Turkey Government International Bond, 7.375%, 02/05/2025			74,562		0.0
	Total Sovereign Bonds (Cost $1,854,845)			1,490,702		0.5

		Value		Percentage of Net Assets
PURCHASED OPTIONS(9): 0.0%
	Total Purchased Options (Cost $40,157)		20,169		0.0
	Total Long-Term Investments (Cost $322,101,974)		313,197,229		102.1

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 24.6%
	Commercial Paper: 0.9%
750,000	Dominion Resources, Inc., 2.040%, 07/25/2022		748,954		0.2
2,056,000 (10)	Liberty Street Funding LLC, 1.550%, 07/01/2022		2,055,912		0.7
	Total Commercial Paper (Cost $2,804,911)		2,804,866		0.9

	Repurchase Agreements: 17.1%
11,477,164 (10)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $11,477,651, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $11,706,707, due 08/01/22-01/20/68)		11,477,164		3.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
6,065,531 (10)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $6,065,789, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $6,187,155, due 07/21/22-05/15/52)		$	6,065,531		2.0
3,217,439 (10)	Citigroup, Inc., Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $3,217,571, collateralized by various U.S. Government Securities, 1.875%-3.250%, Market Value plus accrued interest $3,281,788, due 06/30/24-05/15/52)			3,217,439		1.0
3,299,028 (10)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $3,299,164, collateralized by various U.S. Government Securities, 0.000%-3.250%, Market Value plus accrued interest $3,365,009, due 12/29/22-06/30/27)			3,299,028		1.1
3,931,006 (10)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $3,931,177, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $4,009,803, due 08/01/22-02/20/72)			3,931,006		1.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
17,391,007 (10)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $17,391,746, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $17,738,827, due 08/16/22-05/20/52)		$	17,391,007		5.7
7,109,482 (10)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $7,109,784, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $7,251,683, due 01/15/25-02/15/51)			7,109,482		2.3
	Total Repurchase Agreements (Cost $52,490,657)			52,490,657		17.1

	Time Deposits: 5.3%
1,830,000 (10)	Barclays Bank PLC, 1.590%, 07/01/2022			1,830,000		0.6
1,820,000 (10)	Canadian Imperial Bank of Commerce, 1.550%, 07/01/2022			1,820,000		0.6
1,800,000 (10)	DZ Bank AG, 1.550%, 07/01/2022			1,800,000		0.6
1,700,000 (10)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022			1,700,000		0.5
1,820,000 (10)	Mizuho Bank Ltd., 1.570%, 07/01/2022			1,820,000		0.6
1,830,000 (10)	Royal Bank of Canada, 1.570%, 07/01/2022			1,830,000		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Time Deposits (continued)
1,820,000 (10)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022		$	1,820,000		0.6
1,830,000 (10)	Societe Generale, 1.550%, 07/01/2022			1,830,000		0.6
1,800,000 (10)	Toronto-Dominion Bank, 1.560%, 07/01/2022			1,800,000		0.6
	Total Time Deposits (Cost $16,250,000)			16,250,000		5.3

Shares		Value			Percentage of Net Assets
	Mutual Funds: 1.3%
718,000 (10)(11)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%			718,000		0.2
1,470,000 (10)(11)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%			1,470,000		0.5
1,729,000 (10)(11)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%			1,729,000		0.6
	Total Mutual Funds (Cost $3,917,000)			3,917,000		1.3
	Total Short-Term Investments (Cost $75,462,568)			75,462,523		24.6
	Total Investments in Securities (Cost $397,564,542)		$	388,659,752		126.7
	Liabilities in Excess of Other Assets			(81,892,072)		(26.7)
	Net Assets		$	306,767,680		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

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

(4)

Variable rate security. Rate shown is the rate in effect as of June 30, 2022.

(5)

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.

(6)

(7)

Represents or includes a TBA transaction.

(8)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of June 30, 2022.

(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, 2022.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

SOFR30A

30-day Secured Overnight Financing Rate

TSFR3M

3-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

	Investment Type Allocation as of June 30, 2022 (as a percentage of net assets)
	Common Stock			40.2%
	Exchange-Traded Funds			29.1%
	Corporate Bonds/Notes			8.9%
	U.S. Government Agency Obligations			6.2%
	U.S. Treasury Obligations			5.1%
	Collateralized Mortgage Obligations			3.9%
	Asset-Backed Securities			3.0%
	Mutual Funds			2.9%
	Commercial Mortgage-Backed Securities			2.2%
	Sovereign Bonds			0.5%
	Preferred Stock			0.1%
	Purchased Options			0.0%^
	Liabilities in Excess of Other Assets*			(2.1)%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	7,226,893		$	1,121,366		$	—		$	8,348,259
Consumer Discretionary			10,835,638			2,087,701			—			12,923,339
Consumer Staples			6,478,373			2,419,090			—			8,897,463
Energy			4,286,803			1,082,922			—			5,369,725
Financials			11,944,631			4,210,548			—			16,155,179
Health Care			14,952,834			3,457,579			—			18,410,413
Industrials			8,247,213			3,450,520			—			11,697,733
Information Technology			26,316,982			1,847,361			—			28,164,343
Materials			2,785,517			2,130,569			—			4,916,086
Real Estate			3,581,387			798,648			—			4,380,035
Utilities			3,300,643			941,511			—			4,242,154
Total Common Stock			99,956,914			23,547,815			—			123,504,729
Exchange-Traded Funds			89,430,748			—			—			89,430,748
Mutual Funds			8,941,654			—			—			8,941,654
Preferred Stock			—			221,078			—			221,078
Purchased Options			—			20,169			—			20,169
Corporate Bonds/Notes			—			27,184,783			—			27,184,783
Collateralized Mortgage Obligations			—			11,897,100			—			11,897,100
Asset-Backed Securities			—			9,084,532			—			9,084,532
U.S. Government Agency Obligations			—			18,984,503			—			18,984,503
Commercial Mortgage-Backed Securities			—			6,631,671			—			6,631,671
Sovereign Bonds			—			1,490,702			—			1,490,702
U.S. Treasury Obligations			—			15,805,560			—			15,805,560
Short-Term Investments			3,917,000			71,545,523			—			75,462,523
Total Investments, at fair value		$	202,246,316		$	186,413,436		$	—		$	388,659,752
Other Financial Instruments+
Centrally Cleared Swaps			—			5,999			—			5,999
Forward Foreign Currency Contracts			—			19,949			—			19,949
Futures			105,988			—			—			105,988
Total Assets		$	202,352,304		$	186,439,384		$	—		$	388,791,688
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(3,121)		$	—		$	(3,121)
Forward Foreign Currency Contracts			—			(4,828)			—			(4,828)
Forward Premium Swaptions			—			(24,606)			—			(24,606)
Futures			(182,061)			—			—			(182,061)
Written Options			—			(21,439)			—			(21,439)
Total Liabilities		$	(182,061)		$	(53,994)		$	—		$	(236,055)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (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 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, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	804,693		$	15,052		$	(1,016,825)		$	197,080		$	—			17,906		$	(303,931)		$	—
Voya Floating Rate Fund - Class P			1,691,934			37,881			—			(131,070)			1,598,745			37,881			—			—
Voya High Yield Bond Fund - Class P			32,911,489			2,223,982			(29,171,534)			(2,449,546)			3,514,391			239,755			1,025,942			—
Voya Short Term Bond Fund - Class R6			4,762,230			37,461			(763,215)			(207,958)			3,828,518			37,461			(25,294)			—
		$	40,170,346		$	2,314,376		$	(30,951,574)		$	(2,591,494)		$	8,941,654		$	333,003		$	696,717		$	—

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

At June 30, 2022, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 25,488

HUF 9,282,257

Barclays Bank PLC

07/29/22

1,055

USD 9,324

TRY 167,972

Barclays Bank PLC

07/29/22

(587)

PHP 40,551

USD 738

Barclays Bank PLC

08/05/22

(2)

USD 69,103

THB 2,370,100

Barclays Bank PLC

08/05/22

1,969

USD 72,260

MYR 317,909

Barclays Bank PLC

08/05/22

THB 2,370,099

USD 67,528

Barclays Bank PLC

08/05/22

(394)

MYR 317,909

USD 72,201

Barclays Bank PLC

08/05/22

(36)

HUF 9,282,257

USD 24,252

BNP Paribas

07/29/22

180

USD 1,641

CLP 1,515,016

BNP Paribas

08/05/22

CNY 581,089

USD 86,804

BNP Paribas

08/05/22

(23)

USD 87,425

CNY 581,089

BNP Paribas

08/05/22

643

USD 183

ILS 606

Citibank N.A.

07/29/22

USD 61,656

ZAR 950,629

Citibank N.A.

07/29/22

3,379

USD 20,779

RON 96,559

Goldman Sachs & Co.

07/29/22

398

CZK 807,548

USD 34,351

Goldman Sachs & Co.

07/29/22

(273)

ZAR 950,629

USD 59,655

Goldman Sachs & Co.

07/29/22

(1,377)

RON 96,559

USD 20,533

Goldman Sachs & Co.

07/29/22

(152)

PLN 288,089

USD 64,550

Goldman Sachs & Co.

07/29/22

(502)

PEN 94,617

USD 24,866

Goldman Sachs & Co.

08/05/22

(241)

USD 84,477

IDR 1,219,102,102

HSBC Bank USA N.A.

08/05/22

3,007

TRY 167,972

USD 9,952

JPMorgan Chase Bank N.A.

07/29/22

(41)

IDR 1,219,102,102

USD 82,106

JPMorgan Chase Bank N.A.

08/05/22

(635)

MXN 1,820,970

USD 90,356

JPMorgan Chase Bank N.A.

08/05/22

(346)

USD 66,914

PLN 288,089

Morgan Stanley Capital Services LLC

07/29/22

2,866

USD 34,804

CZK 807,548

Morgan Stanley Capital Services LLC

07/29/22

726

COP 160,078,860

USD 38,545

Morgan Stanley Capital Services LLC

08/05/22

(219)

USD 41,789

COP 160,078,860

Morgan Stanley Capital Services LLC

08/05/22

3,462

USD 92,168

MXN 1,820,970

Morgan Stanley Capital Services LLC

08/05/22

2,158

15,121

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
90-Day Eurodollar		25		09/19/22		$	6,049,687		$	(33,991)
U.S. Treasury 2-Year Note		43		09/30/22			9,030,672			18,802
U.S. Treasury 5-Year Note		22		09/30/22			2,469,500			51,520
U.S. Treasury Long Bond		4		09/21/22			554,500			7,367
U.S. Treasury Ultra Long Bond		21		09/21/22			3,241,219			(80,419)
						$	21,345,578		$	(36,721)
Short Contracts:
MSCI EAFE Index		(33)		09/16/22			(3,063,390)			(24,885)
MSCI Emerging Markets Index		(61)		09/16/22			(3,058,235)			11,743
S&P 500® E-Mini		(24)		09/16/22			(4,547,400)			(42,766)
U.S. Treasury 10-Year Note		(10)		09/21/22			(1,185,313)			6,144
U.S. Treasury Ultra 10-Year Note		(24)		09/21/22			(3,057,000)			10,412
						$	(14,911,338)		$	(39,352)

At June 30, 2022, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Portfolio:

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed
Rate

Fixed
Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight Financing Rate

Annual

2.836%

Annual

07/14/32

USD 188,600

1,046

Pay

1-day Secured Overnight Financing Rate

Annual

2.897

Annual

07/14/32

USD 199,000

2,169

Pay

1-day Secured Overnight Financing Rate

Annual

2.941

Annual

07/14/32

USD 188,600

2,784

Receive

1-day Secured Overnight Financing Rate

Annual

2.933

Annual

07/14/32

USD 75,400

(1,060)

Receive

1-day Secured Overnight Financing Rate

Annual

2.981

Annual

07/14/32

USD 113,200

(2,061)

2,878

At June 30, 2022, the following OTC purchased foreign currency dual digital options were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount

Cost

Fair Value

AUD/USD & USD/JPY Dual Digital

Standard Chartered Bank

08/10/22

0.6728 & 126.25 USD

19,000

1,425

$137

1,425

$137

At June 30, 2022, 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	$4,785
Call USD vs. Put AUD	Morgan Stanley Capital Services LLC		08/18/22		0.650 USD	2,683,000			19,097	11,495
Call USD vs. Put AUD	Standard Chartered Bank		08/18/22		0.640 USD	1,258,000			9,219	3,752
								$	38,732	$20,032

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following OTC written interest rate swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Pay/
Receive
Exercise Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest
Rate Swap(1)

Goldman Sachs
International

Pay

3.070%

1-day Secured Overnight
Financing Rate

07/12/22

USD 206,000

2,189

(5,152)

Call on 10-Year Interest
Rate Swap(1)

Goldman Sachs
International

Pay

3.070%

1-day Secured Overnight
Financing Rate

07/12/22

USD 618,000

6,527

(15,457)

Put on 10-Year Interest
Rate Swap(2)

BNP Paribas

Receive

3.070%

1-day Secured Overnight
Financing Rate

07/12/22

USD 618,000

6,528

(622)

Put on 10-Year Interest
Rate Swap(2)

Goldman Sachs
International

Receive

3.070%

1-day Secured Overnight
Financing Rate

07/12/22

USD 206,000

2,189

(208)

17,433

(21,439)

At June 30, 2022, the following OTC forward premium swaptions were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Exercise
Rate(3)

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year
Interest Rate Swap
(Purchased)

Barclays Bank PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

06/14/27

USD 439,500

(76,913)

(3,547)

Call on 30-Year
Interest Rate Swap
(Purchased)

Barclays Bank PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

05/28/27

USD 740,000

(130,980)

(6,754)

Call on 35-Year
Interest Rate Swap
(Purchased)

Barclays Bank PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

06/03/27

USD 439,500

(77,022)

(3,497)

Put on 30-Year
Interest Rate Swap
(Purchased)

Barclays Bank PLC

0.000%

Pay

1-day Secured Overnight
Financing Rate

05/25/27

USD 925,000

(166,500)

(10,808)

(451,415)

(24,606)

(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

CLP – Chilean Peso
COP – Colombian Peso
CNY – Chinese Yuan
CZK – Czech Koruna
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Nuevo Sol
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian New Leu
THB – Thai Baht
TRY – Turkish Lira
USD – United States Dollar
ZAR – South African Rand

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (Unaudited) (continued)

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

The fair value of derivative instruments as of June 30, 2022 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*		$	20,169
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			19,949
Equity contracts	Variation margin receivable on futures contracts**			11,743
Interest rate contracts	Variation margin receivable on futures contracts**			94,245
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			5,999
Total Asset Derivatives			$	152,105
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	4,828
Equity contracts	Variation margin payable on futures contracts**			67,651
Interest rate contracts	Variation margin payable on futures contracts**			114,410
Interest rate contracts	Variation margin payable on centrally cleared swaps**			3,121
Interest rate contracts	Unrealized depreciation on OTC forward premium swaptions			24,606
Interest rate contracts	Written Options, at fair value			21,439
Total Liability Derivatives			$	236,055

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, 2022 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	78,627		$	—		$	78,627
Equity contracts			6,057			—			871,876			—			(17,449)			860,484
Foreign exchange contracts			3,652			1,021			—			—			54,817			59,490
Interest rate contracts			—			—			(1,426,223)			(107,794)			105,461			(1,428,556)
Total		$	9,709		$	1,021		$	(554,347)		$	(29,167)		$	142,829		$	(429,955)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	—		$	—		$	—
Equity contracts			17,350			—			(55,908)			—			(15,096)			(53,654)
Foreign exchange contracts			(19,988)			26,019			—			—			—			6,031
Interest rate contracts			(24,606)			—			(66,904)			2,878			(4,006)			(92,638)
Total		$	(27,244)		$	26,019		$	(122,812)		$	2,878		$	(19,102)		$	(140,261)

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of June 30, 2022 (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, 2022:

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs & Co.			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	4,785		$	—		$	—		$	—		$	—		$	11,495		$	3,889		$	20,169
Forward foreign currency contracts			3,119			825			3,388			398			3,007			—			9,212			—			19,949
Total Assets		$	3,119		$	5,610		$	3,388		$	398		$	3,007		$	—		$	20,707		$	3,889		$	40,118
Liabilities:
Forward foreign currency contracts		$	1,019		$	23		$	—		$	2,545		$	—		$	1,022		$	219		$	—		$	4,828
Forward premium swaptions			24,606			—			—			—			—			—			—			—			24,606
Written options			—			16,079			—			5,360			—			—			—			—			21,439
Total Liabilities		$	25,625		$	16,102		$	—		$	7,905		$	—		$	1,022		$	219		$	—		$	50,873
Net OTC derivative instruments by counterparty, at fair value		$	(22,506)		$	(10,492)		$	3,388		$	(7,507)		$	3,007		$	(1,022)		$	20,488		$	3,889		$	(10,755)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(22,506)		$	(10,492)		$	3,388		$	(7,507)		$	3,007		$	(1,022)		$	20,488		$	3,889		$	(10,755)

(1)

At June 30, 2022, 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 $398,422,197.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	15,738,663
Gross Unrealized Depreciation		(25,589,788)
Net Unrealized Depreciation	$	(9,851,125)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.8%
	Australia: 3.0%
70,002	Ampol Ltd.		$	1,652,220		0.3
528,525	Aurizon Holdings Ltd.			1,390,038		0.3
192,454	Australia & New Zealand Banking Group Ltd.			2,931,212		0.5
183,717	Brambles Ltd.			1,358,458		0.2
714,649	Medibank Pvt Ltd.			1,607,373		0.3
42,387	Rio Tinto Ltd.			3,023,840		0.6
23,077	Sonic Healthcare Ltd.			526,001		0.1
315,378	Telstra Corp., Ltd.			838,835		0.2
281,486	Transurban Group - Stapled Security			2,800,592		0.5
				16,128,569		3.0
	Belgium: 0.1%
7,616	UCB S.A.			645,377		0.1

	Canada: 4.8%
66,216 (1)	Bank of Nova Scotia			3,918,843		0.7
58,477	BCE, Inc.			2,874,332		0.6
67,893 (1)	Canadian Imperial Bank of Commerce - XTSE			3,297,072		0.6
18,364	Canadian Utilities Ltd.			547,696		0.1
80,178	Enbridge, Inc.			3,386,013		0.6
7,308 (1)	National Bank Of Canada			479,573		0.1
49,406	Pembina Pipeline Corp.			1,746,405		0.3
27,491	Royal Bank of Canada			2,661,963		0.5
19,913	Shaw Communications, Inc. - Class B			586,778		0.1
130,671	TELUS Corp.			2,910,455		0.6
27,323	Waste Connections, Inc.			3,386,959		0.6
				25,796,089		4.8
	China: 0.1%
193,500	BOC Hong Kong Holdings Ltd.			768,384		0.1

	Denmark: 0.2%
16,076	Novozymes A/S			967,501		0.2

	Finland: 0.6%
22,971	Elisa OYJ			1,293,211		0.2
38,907	Kone Oyj			1,859,576		0.4
				3,152,787		0.6
	France: 2.5%
14,350	Air Liquide SA			1,931,559		0.4
48,615	AXA S.A.			1,110,446		0.2
24,776	BNP Paribas			1,185,090		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
32,132	Bouygues SA		$	991,711		0.2
9,300	Cie de Saint-Gobain			401,848		0.1
23,820	Cie Generale des Etablissements Michelin SCA			650,550		0.1
19,244	Dassault Systemes SE			712,817		0.1
5,595	Ipsen SA			529,754		0.1
20,804 (2)	La Francaise des Jeux SAEM			722,407		0.1
13,212	Legrand S.A.			980,975		0.2
291,474	Orange SA			3,434,620		0.6
7,868	SEB SA			759,315		0.2
				13,411,092		2.5
	Germany: 1.6%
72,457	Deutsche Post AG			2,735,709		0.5
92,359	Deutsche Telekom AG			1,836,960		0.3
32,246	GEA Group AG			1,117,910		0.2
16,509 (2)	Scout24 SE			850,470		0.2
18,003	Symrise AG			1,963,510		0.4
				8,504,559		1.6
	Hong Kong: 1.9%
173,000	CK Hutchison Holdings Ltd.			1,173,632		0.2
559,000	HKT Trust & HKT Ltd. - Stapled Security			750,761		0.2
23,900	Jardine Matheson Holdings Ltd.			1,255,800		0.2
378,600	Link REIT			3,093,680		0.6
309,000	MTR Corp.			1,620,006		0.3
250,000	Power Assets Holdings Ltd.			1,574,978		0.3
222,000	SITC International Holdings Co. Ltd.			631,408		0.1
				10,100,265		1.9
	Ireland: 0.9%
18,348	CRH PLC			633,170		0.1
25,893	DCC PLC			1,610,974		0.3
29,438	Medtronic PLC			2,642,061		0.5
				4,886,205		0.9
	Israel: 0.2%
20,983 (1)	ZIM Integrated Shipping Services Ltd.			991,027		0.2

	Italy: 1.2%
254,715	ENI S.p.A.			3,021,102		0.6
101,566 (1)	FinecoBank Banca Fineco SpA			1,218,448		0.2
228,888 (2)	Poste Italiane SpA			2,141,595		0.4
				6,381,145		1.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan: 7.1%
45,100	Dai Nippon Printing Co., Ltd.		$	970,124		0.2
812,500	ENEOS Holdings, Inc.			3,057,270		0.6
102,700 (1)	Japan Tobacco, Inc.			1,779,666		0.3
41,700	McDonald’s Holdings Co. Japan Ltd.			1,518,957		0.3
141,800	Mitsubishi HC Capital, Inc.			654,460		0.1
187,800	Mizuho Financial Group, Inc.			2,138,088		0.4
6,600	Nintendo Co., Ltd.			2,838,373		0.5
83,700	Nippon Telegraph & Telephone Corp.			2,404,966		0.5
29,900	Ono Pharmaceutical Co., Ltd.			768,109		0.1
81,600	Osaka Gas Co., Ltd.			1,563,884		0.3
45,000	Secom Co., Ltd.			2,778,513		0.5
150,500	Sekisui House Ltd.			2,642,081		0.5
42,600	SG Holdings Co. Ltd.			720,363		0.1
178,400	Sumitomo Chemical Co., Ltd.			698,204		0.1
105,600	Sumitomo Mitsui Financial Group, Inc.			3,138,970		0.6
97,000	Sumitomo Mitsui Trust Holdings, Inc.			2,997,879		0.6
122,500	Takeda Pharmaceutical Co., Ltd.			3,440,823		0.6
52,100	Tokio Marine Holdings, Inc.			3,038,053		0.6
55,000	Tokyo Gas Co., Ltd.			1,139,823		0.2
				38,288,606		7.1
	Netherlands: 0.6%
32,502	Wolters Kluwer NV			3,150,042		0.6

	New Zealand: 0.1%
206,610	Spark New Zealand Ltd.			618,333		0.1

	Singapore: 0.1%
215,300	Singapore Technologies Engineering Ltd.			633,804		0.1

	Spain: 0.7%
28,754 (1)	ACS Actividades de Construccion y Servicios SA			700,786		0.1
109,993	Iberdrola S.A. - IBEE			1,145,187		0.2
147,132 (1)	Repsol SA			2,169,030		0.4
				4,015,003		0.7
	Switzerland: 2.0%
34,038	Holcim AG			1,459,875		0.3
4,798	Roche Holding AG-GENUSSCHEIN			1,603,971		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Switzerland (continued)
6,138	Swisscom AG		$	3,395,054		0.6
10,503	Zurich Insurance Group AG			4,580,079		0.8
				11,038,979		2.0
	United Kingdom: 5.4%
113,463	3i Group PLC			1,537,858		0.3
52,780	Admiral Group Plc			1,445,125		0.3
305,047	Amcor PLC			3,791,734		0.7
636,577	Aviva PLC			3,118,125		0.6
101,469	British American Tobacco PLC			4,349,396		0.8
240,152	GSK PLC			5,175,661		0.9
33,769	Hikma Pharmaceuticals PLC			666,282		0.1
170,328	Imperial Brands PLC			3,813,258		0.7
724,165	M&G PLC			1,716,794		0.3
202,077	Natwest Group PLC			537,881		0.1
253,067	Sage Group PLC/The			1,959,697		0.4
75,097	United Utilities Group PLC			934,829		0.2
				29,046,640		5.4
	United States: 65.7%
57,154	AbbVie, Inc.			8,753,707		1.6
21,797	AECOM			1,421,600		0.3
4,671	Agilent Technologies, Inc.			554,775		0.1
18,152	Air Products & Chemicals, Inc.			4,365,193		0.8
12,475	Allegion Public Ltd.			1,221,303		0.2
25,513	Allstate Corp.			3,233,262		0.6
40,646	Amdocs Ltd.			3,386,218		0.6
25,482	Amgen, Inc.			6,199,771		1.2
13,841	AO Smith Corp.			756,826		0.1
7,076	Aptargroup, Inc.			730,314		0.1
17,493	Assurant, Inc.			3,023,665		0.6
25,736	Avnet, Inc.			1,103,560		0.2
44,062	Axis Capital Holdings Ltd.			2,515,500		0.5
10,056	Bank of Hawaii Corp.			748,166		0.1
50,021	Bank OZK			1,877,288		0.4
17,243	Baxter International, Inc.			1,107,518		0.2
18,112	Becton Dickinson & Co.			4,465,151		0.8
5,721	Blackrock, Inc.			3,484,318		0.7
7,890	Booz Allen Hamilton Holding Corp.			712,940		0.1
87,971	Bristol-Myers Squibb Co.			6,773,767		1.3
56,071	Cardinal Health, Inc.			2,930,831		0.5
38,488	Chevron Corp.			5,572,293		1.0
11,655	Church & Dwight Co., Inc.			1,079,952		0.2
3,699	Cigna Corp.			974,760		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
143,912	Cisco Systems, Inc.		$	6,136,408		1.1
43,839	Citigroup, Inc.			2,016,156		0.4
10,823	Coca-Cola Co.			680,875		0.1
53,709	Colgate-Palmolive Co.			4,304,239		0.8
37,331	ConocoPhillips			3,352,697		0.6
25,069	CVS Health Corp.			2,322,894		0.4
24,273	Digital Realty Trust, Inc.			3,151,364		0.6
43,701	Dolby Laboratories, Inc.			3,127,244		0.6
3,436	Dollar General Corp.			843,332		0.2
59,347	DT Midstream, Inc.			2,909,190		0.5
27,475	DTE Energy Co.			3,482,456		0.6
46,188	Duke Energy Corp.			4,951,815		0.9
21,558	Duke Realty Corp.			1,184,612		0.2
24,050	Electronic Arts, Inc.			2,925,682		0.5
4,136	Elevance Health, Inc.			1,995,951		0.4
46,527	Emerson Electric Co.			3,700,758		0.7
28,927	Entergy Corp.			3,258,337		0.6
8,973	Everest Re Group Ltd.			2,514,952		0.5
50,042	Evergy, Inc.			3,265,240		0.6
15,303	Eversource Energy			1,292,644		0.2
3,169	Extra Space Storage, Inc.			539,110		0.1
7,184	Factset Research Systems, Inc.			2,762,751		0.5
6,895	FedEx Corp.			1,563,165		0.3
29,587	First American Financial Corp.			1,565,744		0.3
24,056	First Industrial Realty Trust, Inc.			1,142,179		0.2
124,936	Flowers Foods, Inc.			3,288,316		0.6
47,285	FNB Corp.			513,515		0.1
14,644	Fortive Corp.			796,341		0.2
49,455	Gaming and Leisure Properties, Inc.			2,268,006		0.4
65,037	General Mills, Inc.			4,907,042		0.9
42,125	Genpact Ltd.			1,784,415		0.3
84,152	Gentex Corp.			2,353,731		0.4
25,752	Genuine Parts Co.			3,425,016		0.6
72,535	Gilead Sciences, Inc.			4,483,388		0.8
9,369	Greif, Inc. - Class A			584,438		0.1
11,397	Hancock Whitney Corp.			505,229		0.1
15,478	Hanover Insurance Group, Inc.			2,263,657		0.4
48,964	Hartford Financial Services Group, Inc.			3,203,715		0.6
9,135	Hasbro, Inc.			747,974		0.1
16,156	Hershey Co.			3,476,125		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
60,953	Highwoods Properties, Inc.		$	2,083,983		0.4
21,655	International Bancshares Corp.			867,932		0.2
23,183	International Business Machines Corp.			3,273,208		0.6
50,527	Iron Mountain, Inc.			2,460,160		0.5
70,094	Johnson & Johnson			12,442,386		2.3
39,070	Johnson Controls International plc			1,870,672		0.4
76,922	Juniper Networks, Inc.			2,192,277		0.4
55,435	Kellogg Co.			3,954,733		0.7
56,542	Keurig Dr Pepper, Inc.			2,001,021		0.4
16,188	Kilroy Realty Corp.			847,118		0.2
4,656	Kimberly-Clark Corp.			629,258		0.1
8,029	Lamar Advertising Co.			706,311		0.1
15,575	Life Storage, Inc.			1,739,105		0.3
33,094	Loews Corp.			1,961,150		0.4
23,605	Manpowergroup, Inc.			1,803,658		0.3
40,940	Marathon Petroleum Corp.			3,365,677		0.6
29,601	Marsh & McLennan Cos., Inc.			4,595,555		0.9
11,349	McKesson Corp.			3,702,157		0.7
37,260	MDU Resources Group, Inc.			1,005,647		0.2
87,420	Merck & Co., Inc.			7,970,081		1.5
54,459	Metlife, Inc.			3,419,481		0.6
28,953	Mondelez International, Inc.			1,797,692		0.3
17,187	Morgan Stanley			1,307,243		0.2
10,250	MSC Industrial Direct Co.			769,878		0.1
38,011	National Fuel Gas Co.			2,510,627		0.5
71,774	National Retail Properties, Inc.			3,086,282		0.6
25,377	National Storage Affiliates Trust			1,270,626		0.2
31,081	NetApp, Inc.			2,027,724		0.4
3,219	NewMarket Corp.			968,790		0.2
90,246	NiSource, Inc.			2,661,355		0.5
136,837	Old Republic International Corp.			3,059,675		0.6
22,160	Packaging Corp. of America			3,047,000		0.6
40,866	PepsiCo, Inc.			6,810,728		1.3
131,930	Pfizer, Inc.			6,917,090		1.3
30,541	Philip Morris International, Inc.			3,015,618		0.6
39,533	Phillips 66			3,241,311		0.6
119,167	PPL Corp.			3,233,001		0.6
15,787	Premier, Inc.			563,280		0.1
67,457	Procter & Gamble Co.			9,699,642		1.8
4,538	ProLogis, Inc.			533,896		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
43,110	Prosperity Bancshares, Inc.		$	2,943,120		0.5
39,922	Reynolds Consumer Products, Inc.			1,088,673		0.2
7,669	Rockwell Automation, Inc.			1,528,508		0.3
7,747	Roper Technologies, Inc.			3,057,354		0.6
7,171	Ryder System, Inc.			509,571		0.1
4,724	S&P Global, Inc.			1,592,271		0.3
17,006	Sempra Energy			2,555,492		0.5
43,785	Service Corp. International			3,026,419		0.6
17,457	Silgan Holdings, Inc.			721,847		0.1
20,119	SL Green Realty Corp.			928,492		0.2
12,557	Snap-On, Inc.			2,474,106		0.5
49,441	Sonoco Products Co.			2,820,115		0.5
20,060	T. Rowe Price Group, Inc.			2,279,017		0.4
21,813	Targa Resources Corp.			1,301,582		0.2
31,521	Texas Instruments, Inc.			4,843,202		0.9
14,085	Travelers Cos, Inc.			2,382,196		0.4
13,795	UMB Financial Corp.			1,187,750		0.2
13,872	United Parcel Service, Inc. - Class B			2,532,195		0.5
3,197	UnitedHealth Group, Inc.			1,642,075		0.3
88,557	US Bancorp			4,075,393		0.8
4,173	Valero Energy Corp.			443,506		0.1
15,560	Verisk Analytics, Inc.			2,693,280		0.5
143,372	Verizon Communications, Inc.			7,276,129		1.4
32,886	Washington Federal, Inc.			987,238		0.2
19,821	WEC Energy Group, Inc.			1,994,785		0.4
17,551	Wells Fargo & Co.			687,473		0.1
27,455	WestRock Co.			1,093,807		0.2
120,162	Williams Cos., Inc.			3,750,256		0.7
42,439	WP Carey, Inc.			3,516,496		0.7
13,294	Zoetis, Inc.			2,285,106		0.4
				354,213,863		65.7
	Total Common Stock (Cost $522,053,991)			532,738,270		98.8

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 1.2%
48,022	iShares MSCI EAFE Value Index ETF		$	2,084,154		0.4
31,472	iShares Russell 1000 Value ETF			4,562,496		0.8
	Total Exchange-Traded Funds (Cost $7,366,742)			6,646,650		1.2
	Total Long-Term Investments (Cost $529,420,733)			539,384,920		100.0

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.6%
			Repurchase Agreements: 2.5%
	3,106,553	(3)	Bank of America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,106,685, collateralized by various U.S. Government Agency Obligations, 1.000%-8.500%, Market Value plus accrued interest $3,168,684, due 01/20/24-06/20/52)		3,106,553		0.6
	3,106,600	(3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,106,732, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $3,168,732, due 08/01/22-01/20/68)		3,106,600		0.6
	720,186	(3)	Citigroup, Inc., Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $720,216, collateralized by various U.S. Government Securities, 1.875%-3.250%, Market Value plus accrued interest $734,590, due 06/30/24-05/15/52)		720,186		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Repurchase Agreements (continued)
	3,106,553	(3)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,106,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $3,168,684, due 07/31/22-07/01/52)		$	3,106,553		0.6
	3,106,553	(3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,106,685, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $3,168,684, due 08/16/22-05/20/52)			3,106,553		0.6
			Total Repurchase Agreements (Cost $13,146,445)			13,146,445		2.5

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.1%
	737,000	(3)(4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $737,000)			737,000		0.1
			Total Short-Term Investments (Cost $13,883,445)			13,883,445		2.6
			Total Investments in Securities (Cost $543,304,178)		$	553,268,365		102.6
			Liabilities in Excess of Other Assets			(14,101,189)		(2.6)
			Net Assets		$	539,167,176		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

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

(4)

Rate shown is the 7-day yield as of June 30, 2022.

Sector Diversification	Percentage of Net Assets
Financials		20.0%
Health Care		17.1
Industrials		10.9
Consumer Staples		10.5
Energy		7.2
Utilities		6.7
Communication Services		6.5
Information Technology		6.2
Materials		5.3
Real Estate		5.3
Consumer Discretionary		3.1
Exchange-Traded Funds		1.2
Short-Term Investments		2.6
Liabilities in Excess of Other Assets		(2.6)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	16,128,569		$	—		$	16,128,569
Belgium			—			645,377			—			645,377
Canada			25,796,089			—			—			25,796,089
China			—			768,384			—			768,384
Denmark			—			967,501			—			967,501
Finland			—			3,152,787			—			3,152,787
France			—			13,411,092			—			13,411,092
Germany			—			8,504,559			—			8,504,559
Hong Kong			—			10,100,265			—			10,100,265
Ireland			2,642,061			2,244,144			—			4,886,205
Israel			991,027			—			—			991,027
Italy			—			6,381,145			—			6,381,145
Japan			—			38,288,606			—			38,288,606
Netherlands			—			3,150,042			—			3,150,042
New Zealand			—			618,333			—			618,333
Singapore			—			633,804			—			633,804
Spain			—			4,015,003			—			4,015,003
Switzerland			—			11,038,979			—			11,038,979
United Kingdom			3,791,734			25,254,906			—			29,046,640
United States			354,213,863			—			—			354,213,863
Total Common Stock			387,434,774			145,303,496			—			532,738,270
Exchange-Traded Funds			6,646,650			—			—			6,646,650
Short-Term Investments			737,000			13,146,445			—			13,883,445
Total Investments, at fair value		$	394,818,424		$	158,449,941		$	—		$	553,268,365

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

At June 30, 2022, 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 $544,415,611.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	47,147,905
Gross Unrealized Depreciation		(38,280,969)
Net Unrealized Appreciation	$	8,866,936

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2022 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 35.9%
16,000,000	Federal Farm Credit Banks Funding Corp., 1.518%, (SOFRRATE + 0.008%), 11/22/2022		$	15,999,360		3.2
6,250,000	Federal Farm Credit Banks Funding Corp., 1.530%, (SOFRRATE + 0.020%), 04/10/2023			6,249,509		1.2
8,000,000	Federal Farm Credit Banks Funding Corp., 1.535%, (SOFRRATE + 0.025%), 12/16/2022			8,000,093		1.6
6,250,000	Federal Farm Credit Banks Funding Corp., 1.560%, (SOFRRATE + 0.050%), 02/17/2023			6,251,191		1.2
26,500,000	Federal Farm Credit Banks Funding Corp., 1.818%, (USBMMY3M + 0.060%), 09/15/2022			26,515,514		5.3
7,750,000	Federal Home Loan Bank Discount Notes, 1.510%, 11/29/2022			7,701,565		1.5
12,000,000	Federal Home Loan Bank Discount Notes, 2.100%, 07/01/2022			12,000,000		2.4
9,000,000	Federal Home Loan Banks, 1.520%, (SOFRRATE + 0.010%), 09/16/2022			9,000,000		1.8
39,000,000	Federal Home Loan Banks, 1.520%, (SOFRRATE + 0.010%), 09/06/2022			39,000,000		7.7
9,000,000	Federal Home Loan Banks, 1.520%, (SOFRRATE + 0.010%), 10/07/2022			9,000,000		1.8
8,000,000	Federal Home Loan Banks, 1.520%, (SOFRRATE + 0.010%), 10/07/2022			8,000,000		1.6
20,000,000	Federal Home Loan Banks, 1.530%, (SOFRRATE + 0.020%), 11/01/2022			20,000,000		4.0
13,000,000	Federal Home Loan Banks, 1.550%, 11/07/2022			13,000,000		2.6
	Total U.S. Government Agency Debt (Cost $180,717,232)			180,717,232		35.9
U.S. TREASURY DEBT: 5.8%
15,000,000	United States Treasury Floating Rate Note, 1.792%, (USBMMY3M + 0.034%), 04/30/2023			15,028,108		3.0

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY DEBT: (continued)
14,000,000	United States Treasury Floating Rate Note, 1.813%, (USBMMY3M + 0.055%), 07/31/2022		$	14,003,490		2.8
	Total U.S. Treasury Debt (Cost $29,031,598)			29,031,598		5.8
U.S. TREASURY REPURCHASE AGREEMENT: 43.3%
217,499,000	Deutsche Bank Repurchase Agreement dated 06/30/22, 1.450%, due 07/01/22, $217,507,760 to be received upon repurchase (Collateralized by $338,783,423, U.S. Treasury Interest-only, 0.000%, Market Value plus accrued interest $224,023,970 due 2/15/24-5/ 15/42)			217,499,000		43.3
	Total U.S. Treasury Repurchase Agreement (Cost $217,499,000)			217,499,000		43.3

Shares		Value			Percentage of Net Assets
INVESTMENT COMPANIES: 9.5%
24,000,000 (1)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.330%, 07/01/22			24,000,000		4.7
24,000,000 (1)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.390%, 07/01/22			24,000,000		4.8
	Total Investment Companies (Cost $48,000,000)			48,000,000		9.5
	Total Investments in Securities (Cost $475,247,830)		$	475,247,830		94.5
	Assets in Excess of Other Liabilities			27,501,407		5.5
	Net Assets		$	502,749,237		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Rate shown is the 7-day yield as of June 30, 2022.

Reference Rate Abbreviations:

SOFRRATE

1-day Secured Overnight Financing Rate

USBMMY3M

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of June 30, 2022 (Unaudited) (continued)

	Investment Type Allocation as of June 30, 2022 (as a percentage of net assets)
	U.S. Treasury Repurchase Agreement			43.3%
	U.S. Government Agency Debt			35.9
	Investment Companies			9.5
	U.S. Treasury Debt			5.8
	Assets in Excess of Other Liabilities			5.5
	Net Assets			100.0%
	Portfolio holdings are subject to change daily.

At June 30, 2022, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Investment Companies		$	48,000,000		$	—		$	—		$	48,000,000
U.S. Government Agency Debt			—			180,717,232			—			180,717,232
U.S. Treasury Debt			—			29,031,598			—			29,031,598
U.S. Treasury Repurchase Agreement			—			217,499,000			—			217,499,000
Total Investments, at fair value		$	48,000,000		$	427,247,830		$	—		$	475,247,830

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

The following table is a summary of the Portfolio’s repurchase agreements by counterparty which are subject to offset under a MRA as of June 30, 2022:

Counterparty	Government Repurchase Agreement, at fair value	Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank	$217,499,000		$	(217,499,000)		$	—
Totals	$217,499,000		$	(217,499,000)		$	—

(1)

Collateral with a fair value of $224,023,970 has been pledged in connection with the above government repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.8%
	Communication Services: 10.8%
41,244 (1)	Alphabet, Inc. - Class A		$	89,881,399		4.9
2,672,135	AT&T, Inc.			56,007,950		3.0
666,815 (2)	Fox Corp. - Class A			21,444,770		1.2
722,963 (2)	Paramount Global - Class B			17,842,727		1.0
932,390 (1)	Warner Bros Discovery, Inc.			12,512,674		0.7
				197,689,520		10.8
	Consumer Discretionary: 10.4%
797,940 (1)	Amazon.com, Inc.			84,749,208		4.6
395,066 (1)(2)	Caesars Entertainment, Inc.			15,131,028		0.8
149,904 (1)	Expedia Group, Inc.			14,215,396		0.8
153,270	McDonald’s Corp.			37,839,298		2.1
178,787	Nike, Inc. - Class B			18,272,031		1.0
232,068 (2)	Ralph Lauren Corp.			20,804,896		1.1
				191,011,857		10.4
	Consumer Staples: 7.2%
680,369	Coca-Cola Co.			42,802,014		2.3
257,917	Lamb Weston Holdings, Inc.			18,430,749		1.0
388,133	Philip Morris International, Inc.			38,324,252		2.1
263,701	Walmart, Inc.			32,060,768		1.8
				131,617,783		7.2
	Energy: 4.6%
805,091	BP PLC ADR			22,824,330		1.2
302,248	ConocoPhillips			27,144,893		1.5
127,993	Diamondback Energy, Inc.			15,506,352		0.9
170,036	Valero Energy Corp.			18,071,426		1.0
				83,547,001		4.6
	Financials: 11.2%
437,732 (2)	Apollo Global Management, Inc.			21,221,247		1.2
180,732	Assurant, Inc.			31,239,526		1.7
678,957	Bank of New York Mellon Corp.			28,319,297		1.5
125,971	Chubb Ltd.			24,763,379		1.4
629,240	Equitable Holdings, Inc.			16,404,287		0.9
132,867	First Republic Bank			19,159,422		1.0
325,582	JPMorgan Chase & Co.			36,663,789		2.0
594,989	Truist Financial Corp.			28,220,328		1.5
				205,991,275		11.2
	Health Care: 15.0%
314,743 (2)	Alcon, Inc.			21,997,388		1.2
874,817 (1)	Boston Scientific Corp.			32,604,430		1.8
458,257 (2)	Bristol-Myers Squibb Co.			35,285,789		1.9
139,986	Eli Lilly & Co.			45,387,661		2.5
70,057	Humana, Inc.			32,791,580		1.8
98,170 (2)	McKesson Corp.			32,024,036		1.8
61,892	Thermo Fisher Scientific, Inc.			33,624,686		1.8
68,288 (1)	Vertex Pharmaceuticals, Inc.			19,242,875		1.1
121,565	Zoetis, Inc.			20,895,808		1.1
				273,854,253		15.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 7.4%
658,162	Howmet Aerospace, Inc.		$	20,699,195		1.1
118,124	L3Harris Technologies, Inc.			28,550,571		1.6
608,053 (2)	nVent Electric PLC			19,050,300		1.0
471,615	Raytheon Technologies Corp.			45,326,918		2.5
91,494 (1)	United Rentals, Inc.			22,224,807		1.2
				135,851,791		7.4
	Information Technology: 23.1%
162,192	Analog Devices, Inc.			23,694,629		1.3
68,934	Broadcom, Inc.			33,488,827		1.8
334,753 (2)	Dolby Laboratories, Inc.			23,954,925		1.3
630,243	Microsoft Corp.			161,865,310		8.8
278,799	Motorola Solutions, Inc.			58,436,270		3.2
52,284 (1)	Palo Alto Networks, Inc.			25,825,159		1.4
68,270 (1)	Paycom Software, Inc.			19,123,792		1.1
41,919	Roper Technologies, Inc.			16,543,333		0.9
221,333 (1)	Salesforce, Inc.			36,528,798		2.0
50,286 (1)	ServiceNow, Inc.			23,911,999		1.3
				423,373,042		23.1
	Materials: 2.8%
78,078 (2)	Air Products & Chemicals, Inc.			18,776,197		1.0
120,335 (2)	Alcoa Corp.			5,484,869		0.3
142,768	CF Industries Holdings, Inc.			12,239,501		0.7
173,396	Eastman Chemical Co.			15,565,759		0.8
				52,066,326		2.8
	Real Estate: 3.2%
119,338	ProLogis, Inc.			14,040,116		0.8
141,775 (1)	Ryman Hospitality Properties			10,779,153		0.6
229,057	UDR, Inc.			10,545,784		0.6
276,318 (2)	Welltower, Inc.			22,754,788		1.2
				58,119,841		3.2
	Utilities: 3.1%
220,422	Entergy Corp.			24,828,334		1.4
695,632	Exelon Corp.			31,526,042		1.7
				56,354,376		3.1
	Total Common Stock (Cost $1,577,045,752)			1,809,477,065		98.8
OTHER (3): —%
	Utilities: —%
10,000,000 (4)(5)	Southern Energy (Escrow)			—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $1,577,045,752)			1,809,477,065		98.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 6.5%
	Commercial Paper: 0.1%
1,805,000 (6)	Liberty Street Funding LLC, 1.550%, 07/01/2022 (Cost $1,804,922)		$	1,804,922		0.1

	Floating Rate Notes: 0.5%
350,000 (6)	ANZ Bank, 1.620%, 07/13/2022			350,002		0.0
400,000 (6)	ANZ Bank, 1.660%, 08/18/2022			399,938		0.0
500,000 (6)	Bank of America N.A., 1.620%, 07/06/2022			499,998		0.1
450,000 (6)	Bank of Nova Scotia, 1.650%, 07/12/2022			450,008		0.0
475,000 (6)	Bayeriche Landesbank of New York, 1.710%, 07/27/2022			475,003		0.0
425,000 (6)	Commonwealth Bank of Australia, 1.690%, 09/01/2022			424,895		0.0
475,000 (6)	Cooperatieve Rabobank U.A./New York, 1.640%, 07/11/2022			475,008		0.1
325,000 (6)	Cooperatieve Rabobank U.A./New York, 1.660%, 08/16/2022			324,959		0.0
275,000 (6)	Credit Agricole, 1.650%, 08/04/2022			275,002		0.0
475,000 (6)	Credit Industriel et Commercial, 1.640%, 07/05/2022			475,006		0.0
325,000 (6)	Credit Industriel et Commercial, 1.650%, 07/07/2022			325,006		0.0
475,000 (6)	Credit Suisse AG, 1.670%, 07/19/2022			475,020		0.1
475,000 (6)	Mitsubishi UFJ Trust and Banking Corp., 1.700%, 07/26/2022			474,992		0.0
400,000 (6)	National Australia Bank Ltd., 1.640%, 08/08/2022			399,965		0.0
475,000 (6)	National Bank of Canada, 1.670%, 08/09/2022			474,968		0.0
475,000 (6)	Natixis SA, 1.630%, 07/11/2022			475,006		0.0
275,000 (6)	Royal Bank of Canada, 1.640%, 07/11/2022			275,004		0.0
425,000 (6)	Royal Bank of Canada, 1.660%, 08/16/2022			424,943		0.0
600,000 (6)	Skandinaviska Enskilda Banken AB, 1.650%, 07/20/2022			599,991		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
475,000 (6)	Svenska Handelsbanken AB, 1.640%, 07/11/2022		$	475,006		0.0
475,000 (6)	Toronto-Dominion Bank, 1.660%, 08/19/2022			474,951		0.0
500,000 (6)	Westpac Banking Corp., 1.650%, 08/02/2022			499,976		0.1
	Total Floating Rate Notes (Cost $9,524,647)			9,524,647		0.5

	Repurchase Agreements: 3.5%
13,319,331 (6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $13,319,897, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $13,585,718, due 08/01/22-01/20/68)			13,319,331		0.7
2,309,025 (6)	CF Secured LLC, Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $2,309,119, collateralized by various U.S. Government Securities, 0.000%-4.250%, Market Value plus accrued interest $2,355,206, due 09/15/22-05/15/52)			2,309,025		0.1
7,444,802 (6)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $7,445,118, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $7,594,083, due 07/21/22-05/15/52)			7,444,802		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,238,025 (6)	HSBC Securities USA, Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $1,238,075, collateralized by various U.S. Government Securities, 0.000%-6.500%, Market Value plus accrued interest $1,262,786, due 11/15/23-08/15/51)		$	1,238,025		0.1
4,049,212 (6)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $4,049,378, collateralized by various U.S. Government Securities, 0.000%-3.250%, Market Value plus accrued interest $4,130,196, due 12/29/22-06/30/27)			4,049,212		0.2
4,561,961 (6)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $4,562,160, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $4,653,406, due 08/01/22-02/20/72)			4,561,961		0.2
22,912,520 (6)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $22,913,493, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $23,370,771, due 08/16/22-05/20/52)			22,912,520		1.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
8,726,142 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $8,726,513, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,900,678, due 01/15/25-02/15/51)		$	8,726,142		0.5
	Total Repurchase Agreements (Cost $64,561,018)			64,561,018		3.5

	Time Deposits: 0.9%
2,590,000 (6)	Barclays Bank PLC, 1.590%, 07/01/2022			2,590,000		0.2
640,000 (6)	DZ Bank AG, 1.550%, 07/01/2022			640,000		0.0
2,410,000 (6)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022			2,410,000		0.1
2,580,000 (6)	Mizuho Bank Ltd., 1.570%, 07/01/2022			2,580,000		0.2
1,900,000 (6)	Royal Bank of Canada, 1.570%, 07/01/2022			1,900,000		0.1
1,990,000 (6)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022			1,990,000		0.1
2,090,000 (6)	Societe Generale, 1.550%, 07/01/2022			2,090,000		0.1
2,080,000 (6)	Toronto-Dominion Bank, 1.560%, 07/01/2022			2,080,000		0.1
	Total Time Deposits (Cost $16,280,000)			16,280,000		0.9

Value

Percentage
of Net
Assets

Mutual Funds: 1.5%

1,862,000 (6)(7)

BlackRock Liquidity Funds,
FedFund, Institutional Class,
1.320%

1,862,000

0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
	Mutual Funds (continued)
2,197,000 (6)(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%		$	2,197,000		0.1
22,893,000 (6)(7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%			22,893,000		1.3
	Total Mutual Funds (Cost $26,952,000)			26,952,000		1.5
	Total Short-Term Investments (Cost $119,122,587)			119,122,587		6.5
	Total Investments in Securities (Cost $1,696,168,339)		$	1,928,599,652		105.3
	Liabilities in Excess of Other Assets			(96,520,025)		(5.3)
	Net Assets		$	1,832,079,627		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(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)

(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, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	1,809,477,065		$	—		$	—		$	1,809,477,065
Other			—			—			—			—
Short-Term Investments			26,952,000			92,170,587			—			119,122,587
Total Investments, at fair value		$	1,836,429,065		$	92,170,587		$	—		$	1,928,599,652

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, 2022, Voya Growth and Income Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Southern Energy (Escrow)

11/30/2005

—

At June 30, 2022, 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 $1,711,267,974.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	402,799,034
Gross Unrealized Depreciation		(185,467,334)
Net Unrealized Appreciation	$	217,331,700

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 24.4%
	Basic Materials: 0.4%
217,000 (1)	Albemarle Corp., 5.050%, 06/01/2032		$	212,196		0.0
281,000 (1)	Albemarle Corp., 5.650%, 06/01/2052			281,664		0.0
445,000 (2)	Anglo American Capital PLC, 2.250%, 03/17/2028			383,917		0.0
1,250,000 (2)	Anglo American Capital PLC, 3.625%, 09/11/2024			1,226,891		0.1
476,000 (2)	Anglo American Capital PLC, 5.625%, 04/01/2030			479,847		0.0
1,195,000	Celanese US Holdings LLC, 1.400%, 08/05/2026			1,029,435		0.0
1,226,000	Dow Chemical Co., 4.250%, 10/01/2034			1,164,784		0.1
500,000 (1)	Dow Chemical Co/The, 4.625%, 10/01/2044			451,491		0.0
380,000	Ecolab, Inc., 2.750%, 08/18/2055			265,512		0.0
1,991,000	Mosaic Co/The, 5.450%, 11/15/2033			2,053,913		0.1
480,000 (1)	Nucor Corp., 3.850%, 04/01/2052			391,115		0.0
580,000	Nucor Corp., 4.300%, 05/23/2027			578,366		0.0
1,333,000	PPG Industries, Inc., 1.200%, 03/15/2026			1,199,116		0.1
143,000 (1)	Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051			104,868		0.0
19,000	RPM International, Inc., 2.950%, 01/15/2032			15,789		0.0
1,147,000 (1)	Steel Dynamics, Inc., 1.650%, 10/15/2027			985,634		0.0
362,000	Teck Resources Ltd., 5.400%, 02/01/2043			337,312		0.0
				11,161,850		0.4
	Communications: 1.6%
774,000	Amazon.com, Inc., 2.100%, 05/12/2031			663,612		0.0
2,340,000	Amazon.com, Inc., 2.875%, 05/12/2041			1,875,920		0.1
822,000 (1)	Amazon.com, Inc., 3.600%, 04/13/2032			792,360		0.1
540,000 (1)	Amazon.com, Inc., 3.950%, 04/13/2052			499,822		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
522,000	Amazon.com, Inc., 4.100%, 04/13/2062		$	473,337		0.0
1,348,000	AT&T, Inc., 2.550%, 12/01/2033			1,095,100		0.1
4,145,000	AT&T, Inc., 3.550%, 09/15/2055			3,112,501		0.1
2,180,000	AT&T, Inc., 3.650%, 09/15/2059			1,637,545		0.1
764,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			628,427		0.0
1,065,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042			740,744		0.0
739,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			487,428		0.0
747,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052			520,014		0.0
2,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025			2,509,194		0.1
1,018,000	Comcast Corp., 2.650%, 02/01/2030			911,807		0.1
1,417,000	Comcast Corp., 2.887%, 11/01/2051			1,014,127		0.1
529,000	Comcast Corp., 3.900%, 03/01/2038			479,266		0.0
900,000	Comcast Corp., 3.999%, 11/01/2049			786,831		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
3,290,000	Comcast Corp., 4.000%, 03/01/2048		$	2,867,091		0.1
688,000	Corning, Inc., 5.450%, 11/15/2079			621,535		0.0
738,000 (2)	NBN Co. Ltd., 1.450%, 05/05/2026			666,617		0.0
550,000 (1)(2)	NBN Co. Ltd., 1.625%, 01/08/2027			488,675		0.0
325,000 (2)	Rogers Communications, Inc., 3.800%, 03/15/2032			297,576		0.0
588,000 (2)	Rogers Communications, Inc., 4.550%, 03/15/2052			517,743		0.0
3,754,000	Time Warner Cable LLC, 5.875%, 11/15/2040			3,446,614		0.1
527,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			458,036		0.0
818,000 (1)	T-Mobile USA, Inc., 3.750%, 04/15/2027			788,333		0.0
289,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			269,982		0.0
851,000	T-Mobile USA, Inc., 4.375%, 04/15/2040			761,188		0.0
861,000	Verizon Communications, Inc., 2.100%, 03/22/2028			765,463		0.0
1,185,000 (1)	Verizon Communications, Inc., 2.355%, 03/15/2032			983,547		0.1
488,000	Verizon Communications, Inc., 2.987%, 10/30/2056			339,905		0.0
779,000	Verizon Communications, Inc., 3.400%, 03/22/2041			635,538		0.0
1,233,000	Verizon Communications, Inc., 3.550%, 03/22/2051			990,667		0.1
2,268,000	Verizon Communications, Inc., 3.700%, 03/22/2061			1,786,980		0.1
2,000,000	Verizon Communications, Inc., 3.850%, 11/01/2042			1,709,089		0.1
217,000	Verizon Communications, Inc., 4.000%, 03/22/2050			188,022		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,429,000	Verizon Communications, Inc., 4.400%, 11/01/2034		$	1,371,341		0.1
169,000 (1)	Verizon Communications, Inc., 4.500%, 08/10/2033			164,999		0.0
2,750,000 (1)	Verizon Communications, Inc., 4.812%, 03/15/2039			2,703,937		0.1
286,000	Vodafone Group PLC, 4.375%, 02/19/2043			249,084		0.0
792,000 (1)	Vodafone Group PLC, 5.125%, 06/19/2059			730,456		0.0
				42,030,453		1.6
	Consumer, Cyclical: 1.3%
124,421 (2)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029			123,014		0.0
39,368	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			36,539		0.0
2,122,862	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			1,945,409		0.1
45,444 (1)	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			41,856		0.0
21,898	Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 04/29/2026			21,065		0.0
584,148	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			512,230		0.0
840,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025			816,993		0.0
478,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			451,898		0.0
725,000 (1)	General Motors Co., 5.400%, 04/01/2048			632,122		0.0
935,000	General Motors Co., 6.125%, 10/01/2025			967,966		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,027,000 (1)	General Motors Financial Co., Inc., 2.350%, 02/26/2027		$	905,432		0.0
985,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			978,354		0.1
1,893,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			1,817,524		0.1
1,527,000	General Motors Financial Co., Inc., 5.000%, 04/09/2027			1,499,202		0.1
2,878,000 (2)	Harley-Davidson Financial Services, Inc., 3.050%, 02/14/2027			2,609,020		0.1
1,652,000	Hasbro, Inc., 3.000%, 11/19/2024			1,609,765		0.1
265,000 (1)	Home Depot, Inc./The, 3.625%, 04/15/2052			227,969		0.0
580,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			503,584		0.0
304,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			260,196		0.0
1,505,000 (2)	Magallanes, Inc., 3.755%, 03/15/2027			1,412,963		0.1
373,000 (1)(2)	Magallanes, Inc., 4.279%, 03/15/2032			333,723		0.0
410,000 (2)	Magallanes, Inc., 5.050%, 03/15/2042			349,457		0.0
3,394,000 (2)	Magallanes, Inc., 5.141%, 03/15/2052			2,853,195		0.1
550,000 (1)	McDonald’s Corp., 3.500%, 07/01/2027			539,371		0.0
720,000 (2)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			709,794		0.0
1,812,000 (2)	Nissan Motor Co. Ltd., 4.810%, 09/17/2030			1,611,485		0.1
468,000 (1)	O’Reilly Automotive, Inc., 4.700%, 06/15/2032			466,612		0.0
547,000	Target Corp., 2.950%, 01/15/2052			414,943		0.0
835,000 (1)	Toyota Motor Credit Corp., 3.050%, 03/22/2027			803,452		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
750,000	Toyota Motor Credit Corp., 4.450%, 06/29/2029		$	759,883		0.0
379,896	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			373,180		0.0
125,607	United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/2027			120,263		0.0
536,136	United Airlines 2014-1 Class A Pass Through Trust, 4.000%, 10/11/2027			505,533		0.0
228,003	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			208,711		0.0
945,030	United Airlines 2016-2 Class A Pass Through Trust, 3.100%, 04/07/2030			809,595		0.0
3,580,445	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			3,273,483		0.1
665,700	United Airlines 2019-2 Class A Pass Through Trust, 2.900%, 11/01/2029			586,195		0.0
1,791,748	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			1,763,618		0.1
1,792,478	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			1,788,763		0.1
				35,644,357		1.3
	Consumer, Non-cyclical: 3.6%
109,000	Abbott Laboratories, 4.900%, 11/30/2046			114,522		0.0
1,663,000	AbbVie, Inc., 2.600%, 11/21/2024			1,611,627		0.1
830,000	AbbVie, Inc., 2.900%, 11/06/2022			830,061		0.0
732,000	AbbVie, Inc., 4.050%, 11/21/2039			653,980		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,832,000	AbbVie, Inc., 4.300%, 05/14/2036		$	1,723,743		0.1
1,964,000	AbbVie, Inc., 4.400%, 11/06/2042			1,788,832		0.1
844,000	AbbVie, Inc., 4.500%, 05/14/2035			820,459		0.0
425,000	AbbVie, Inc., 4.550%, 03/15/2035			414,063		0.0
1,700,000	AbbVie, Inc., 4.625%, 10/01/2042			1,575,015		0.1
2,403,000	Aetna, Inc., 4.500%, 05/15/2042			2,154,646		0.1
690,000	Altria Group, Inc., 2.450%, 02/04/2032			520,357		0.0
1,522,000	Altria Group, Inc., 3.700%, 02/04/2051			975,144		0.0
301,000 (1)	Altria Group, Inc., 4.800%, 02/14/2029			286,373		0.0
730,000	Altria Group, Inc., 5.800%, 02/14/2039			664,503		0.0
900,000	Altria Group, Inc., 5.950%, 02/14/2049			790,572		0.0
719,000	Amgen, Inc., 3.375%, 02/21/2050			550,957		0.0
2,005,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			1,924,082		0.1
3,000,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			2,825,296		0.1
1,909,000	Anheuser-Busch InBev Finance, Inc., 4.000%, 01/17/2043			1,581,997		0.1
1,260,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			1,283,329		0.1
862,000	Astrazeneca Finance LLC, 1.750%, 05/28/2028			761,251		0.0
2,362,000	BAT Capital Corp., 2.259%, 03/25/2028			1,981,006		0.1
705,000	BAT Capital Corp., 2.726%, 03/25/2031			559,097		0.0
140,000	BAT Capital Corp., 3.557%, 08/15/2027			128,190		0.0
866,000	BAT Capital Corp., 3.734%, 09/25/2040			608,517		0.0
611,000	BAT Capital Corp., 4.390%, 08/15/2037			485,658		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,250,000	BAT International Finance PLC, 4.448%, 03/16/2028		$	1,184,582		0.1
550,000	Baxter International, Inc., 1.915%, 02/01/2027			492,991		0.0
1,150,000	Baxter International, Inc., 2.272%, 12/01/2028			1,008,086		0.1
226,000	Bio-Rad Laboratories, Inc., 3.300%, 03/15/2027			213,456		0.0
1,158,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			1,001,908		0.1
1,757,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			1,681,339		0.1
374,000 (2)	Cargill, Inc., 2.125%, 04/23/2030			320,728		0.0
831,000 (2)	Cargill, Inc., 2.125%, 11/10/2031			693,698		0.0
310,000 (2)	Cargill, Inc., 3.125%, 05/25/2051			239,151		0.0
388,000 (2)	Cargill, Inc., 4.375%, 04/22/2052			373,975		0.0
2,195,000	Cigna Corp., 3.250%, 04/15/2025			2,154,271		0.1
317,000	Cigna Corp., 3.400%, 03/15/2050			242,626		0.0
3,900,000	Cigna Corp., 4.800%, 08/15/2038			3,800,320		0.2
843,000	Cigna Corp., 4.900%, 12/15/2048			811,148		0.0
793,000 (2)	CSL Finance PLC, 4.050%, 04/27/2029			779,224		0.0
1,168,000 (2)	CSL Finance PLC, 4.250%, 04/27/2032			1,146,241		0.1
404,000 (2)	CSL Finance PLC, 4.625%, 04/27/2042			389,051		0.0
668,000 (2)	CSL Finance PLC, 4.750%, 04/27/2052			646,523		0.0
278,000 (2)	CSL Finance PLC, 4.950%, 04/27/2062			266,954		0.0
798,000	CVS Health Corp., 2.700%, 08/21/2040			577,442		0.0
1,075,000	CVS Health Corp., 3.875%, 07/20/2025			1,069,813		0.1
1,886,000	CVS Health Corp., 4.125%, 04/01/2040			1,649,543		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
3,000,000	CVS Health Corp., 4.780%, 03/25/2038		$	2,844,518		0.1
1,212,000	CVS Health Corp., 5.050%, 03/25/2048			1,161,931		0.1
52,208	CVS Pass-Through Trust, 6.943%, 01/10/2030			55,622		0.0
1,400,000 (2)	Element Fleet Management Corp., 3.850%, 06/15/2025			1,376,626		0.1
448,000 (1)	Elevance Health, Inc., 4.100%, 05/15/2032			436,431		0.0
267,000	Elevance Health, Inc., 4.550%, 05/15/2052			251,757		0.0
1,237,000 (2)	Fresenius Medical Care US Finance III, Inc., 1.875%, 12/01/2026			1,066,335		0.1
1,000,000	Global Payments, Inc., 1.200%, 03/01/2026			882,608		0.0
1,000,000	Global Payments, Inc., 2.650%, 02/15/2025			955,263		0.0
2,443,000	Global Payments, Inc., 3.200%, 08/15/2029			2,137,152		0.1
614,000 (1)(2)	GSK Consumer Healthcare Capital US LLC, 3.375%, 03/24/2029			574,979		0.0
602,000	GXO Logistics, Inc., 1.650%, 07/15/2026			526,217		0.0
440,000 (1)(2)	HCA, Inc., 3.125%, 03/15/2027			400,141		0.0
856,000	HCA, Inc., 3.500%, 09/01/2030			730,686		0.0
349,000 (2)	HCA, Inc., 3.625%, 03/15/2032			294,818		0.0
1,166,000	HCA, Inc., 4.125%, 06/15/2029			1,064,258		0.1
670,000 (2)	HCA, Inc., 4.375%, 03/15/2042			540,395		0.0
1,604,000 (1)	HCA, Inc., 4.500%, 02/15/2027			1,543,464		0.1
772,000	HCA, Inc., 5.250%, 04/15/2025			774,240		0.0
1,115,000	Humana, Inc., 1.350%, 02/03/2027			975,838		0.1
282,000	Humana, Inc., 2.150%, 02/03/2032			228,598		0.0
260,000	Humana, Inc., 3.125%, 08/15/2029			235,194		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
407,000	Johnson & Johnson, 3.625%, 03/03/2037		$	386,359		0.0
250,000	Johnson & Johnson, 3.700%, 03/01/2046			230,725		0.0
665,000 (1)	Keurig Dr Pepper, Inc., 4.050%, 04/15/2032			623,024		0.0
912,000	Keurig Dr Pepper, Inc., 4.500%, 04/15/2052			806,093		0.0
296,000	Kraft Heinz Foods Co., 5.000%, 06/04/2042			270,922		0.0
294,000	Kraft Heinz Foods Co., 5.200%, 07/15/2045			272,712		0.0
1,870,000 (2)	Mars, Inc., 3.875%, 04/01/2039			1,693,975		0.1
1,595,000	McKesson Corp., 1.300%, 08/15/2026			1,420,354		0.1
405,000	Merck & Co., Inc., 2.750%, 12/10/2051			299,858		0.0
405,000	Merck & Co., Inc., 2.900%, 12/10/2061			288,543		0.0
1,466,000	Mylan, Inc., 5.200%, 04/15/2048			1,173,387		0.1
1,537,000 (1)(2)	Nestle Holdings, Inc., 1.500%, 09/14/2028			1,347,844		0.1
471,000 (1)	PayPal Holdings, Inc., 4.400%, 06/01/2032			466,822		0.0
1,780,000 (1)	PayPal Holdings, Inc., 5.050%, 06/01/2052			1,769,970		0.1
804,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			797,549		0.0
237,000	PerkinElmer, Inc., 1.900%, 09/15/2028			197,672		0.0
293,000	PerkinElmer, Inc., 3.300%, 09/15/2029			259,997		0.0
562,000	Reynolds American, Inc., 5.700%, 08/15/2035			533,852		0.0
560,000	Reynolds American, Inc., 5.850%, 08/15/2045			470,852		0.0
624,000	Reynolds American, Inc., 6.150%, 09/15/2043			579,292		0.0
1,130,000 (2)	Roche Holdings, Inc., 1.930%, 12/13/2028			999,722		0.1
480,000 (2)	Roche Holdings, Inc., 2.607%, 12/13/2051			349,213		0.0
537,000	Royalty Pharma PLC, 1.200%, 09/02/2025			479,306		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
796,000	Royalty Pharma PLC, 1.750%, 09/02/2027		$	679,212		0.0
1,080,000	Royalty Pharma PLC, 3.550%, 09/02/2050			756,252		0.0
125,000	S&P Global, Inc., 1.250%, 08/15/2030			99,056		0.0
1,000,000 (1)(2)	S&P Global, Inc., 2.700%, 03/01/2029			910,687		0.0
1,456,000 (1)(2)	S&P Global, Inc., 2.900%, 03/01/2032			1,298,711		0.1
755,000 (1)(2)	S&P Global, Inc., 3.700%, 03/01/2052			645,579		0.0
253,000 (2)	S&P Global, Inc., 3.900%, 03/01/2062			215,224		0.0
830,000 (2)	Triton Container International Ltd., 2.050%, 04/15/2026			734,967		0.0
702,000 (2)	Triton Container International Ltd., 3.150%, 06/15/2031			568,188		0.0
485,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			378,539		0.0
245,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			197,894		0.0
1,111,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			970,489		0.0
493,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047			427,065		0.0
482,000	UnitedHealth Group, Inc., 4.200%, 05/15/2032			482,018		0.0
265,000	UnitedHealth Group, Inc., 4.750%, 05/15/2052			265,309		0.0
806,000	Viatris, Inc., 2.700%, 06/22/2030			647,589		0.0
1,500,000	Viatris, Inc., 3.850%, 06/22/2040			1,064,675		0.1
673,000	Viatris, Inc., 4.000%, 06/22/2050			451,781		0.0
1,065,000 (2)	Viterra Finance BV, 2.000%, 04/21/2026			943,429		0.0
				94,868,125		3.6

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: 2.0%
277,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026		$	254,283		0.0
366,000	BP Capital Markets America, Inc., 1.749%, 08/10/2030			299,918		0.0
321,000	BP Capital Markets America, Inc., 2.772%, 11/10/2050			223,378		0.0
752,000 (3)	BP Capital Markets PLC, 4.875%, 12/31/2199			657,076		0.0
205,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			225,423		0.0
905,000 (1)	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029			828,703		0.0
297,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027			298,345		0.0
580,000 (1)	Continental Resources, Inc./OK, 4.900%, 06/01/2044			457,751		0.0
4,243,000 (2)	Coterra Energy, Inc., 3.900%, 05/15/2027			4,072,158		0.2
677,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			620,744		0.0
979,000 (3)	Enbridge, Inc., 5.750%, 07/15/2080			897,567		0.0
582,000	Energy Transfer L.P., 4.250%, 04/01/2024			582,418		0.0
224,000	Energy Transfer L.P., 4.900%, 03/15/2035			201,229		0.0
1,625,000	Energy Transfer L.P., 5.300%, 04/01/2044			1,412,589		0.1
1,800,000	Energy Transfer L.P., 5.300%, 04/15/2047			1,562,216		0.1
845,000	Energy Transfer L.P., 5.350%, 05/15/2045			737,434		0.0
399,000	Energy Transfer L.P., 5.800%, 06/15/2038			374,961		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
1,067,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023		$	1,072,797		0.1
1,385,000 (1)	Enterprise Products Operating LLC, 3.750%, 02/15/2025			1,370,159		0.1
530,000	Enterprise Products Operating LLC, 3.950%, 01/31/2060			420,374		0.0
255,000	Enterprise Products Operating LLC, 4.200%, 01/31/2050			213,191		0.0
2,400,000 (3)	Enterprise Products Operating LLC, 4.875%, 08/16/2077			1,913,871		0.1
826,000	Equinor ASA, 3.125%, 04/06/2030			766,635		0.0
1,394,000	Exxon Mobil Corp., 2.726%, 03/01/2023			1,394,314		0.1
2,306,000	Hess Corp., 5.600%, 02/15/2041			2,251,052		0.1
1,000,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024			1,001,267		0.1
920,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044			850,386		0.0
786,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			741,930		0.0
647,000 (2)	Lundin Energy Finance BV, 2.000%, 07/15/2026			578,754		0.0
751,000	Marathon Petroleum Corp., 4.700%, 05/01/2025			760,798		0.0
1,336,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			1,179,724		0.1
900,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			810,619		0.0
335,000	MPLX L.P., 4.700%, 04/15/2048			282,334		0.0
1,100,000	MPLX L.P., 4.875%, 06/01/2025			1,106,703		0.1
836,000	MPLX L.P., 5.200%, 12/01/2047			753,844		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
512,000	MPLX L.P., 5.500%, 02/15/2049		$	476,053		0.0
611,000 (2)	Northern Natural Gas Co., 3.400%, 10/16/2051			456,300		0.0
350,000	ONEOK Partners L.P., 6.125%, 02/01/2041			334,088		0.0
908,000	ONEOK Partners L.P., 6.200%, 09/15/2043			856,541		0.0
770,000	ONEOK, Inc., 2.200%, 09/15/2025			717,606		0.0
163,000	ONEOK, Inc., 3.100%, 03/15/2030			140,295		0.0
510,000	Phillips 66, 0.900%, 02/15/2024			485,949		0.0
1,124,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			991,427		0.1
1,180,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.500%, 12/15/2026			1,160,676		0.1
1,779,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			1,763,496		0.1
500,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			402,986		0.0
900,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			866,488		0.0
906,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			910,038		0.0
852,000 (2)	Santos Finance Ltd., 3.649%, 04/29/2031			723,592		0.0
500,000 (2)	Schlumberger Holdings Corp., 3.750%, 05/01/2024			498,228		0.0
587,000	Shell International Finance BV, 4.000%, 05/10/2046			524,130		0.0
1,262,000	Shell International Finance BV, 4.125%, 05/11/2035			1,203,764		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
342,000	Targa Resources Corp., 5.200%, 07/01/2027		$	343,779		0.0
433,000	Targa Resources Corp., 6.250%, 07/01/2052			435,125		0.0
963,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.000%, 01/15/2028			918,230		0.0
2,000,000	TotalEnergies Capital Canada Ltd., 2.750%, 07/15/2023			1,986,201		0.1
500,000	TotalEnergies Capital International SA, 2.986%, 06/29/2041			394,782		0.0
209,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030			187,910		0.0
3,804,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			3,749,038		0.2
1,017,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			971,213		0.1
				52,672,880		2.0
	Financial: 9.6%
1,147,000 (2)(3)	ABN AMRO Bank NV, 2.470%, 12/13/2029			978,596		0.0
600,000 (2)(3)	ABN AMRO Bank NV, 3.324%, 03/13/2037			481,329		0.0
712,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.300%, 01/30/2032			570,682		0.0
1,890,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.400%, 10/29/2033			1,494,718		0.1
111,000	Alleghany Corp., 3.250%, 08/15/2051			80,882		0.0
901,000	Alleghany Corp., 3.625%, 05/15/2030			843,987		0.0
2,008,000 (1)	American Campus Communities Operating Partnership L.P., 2.250%, 01/15/2029			1,861,124		0.1
673,000 (1)	American Homes 4 Rent L.P., 2.375%, 07/15/2031			537,377		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
492,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032		$	431,878		0.0
495,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			399,781		0.0
578,000	American International Group, Inc., 3.900%, 04/01/2026			567,307		0.0
419,000	American Tower Corp., 3.650%, 03/15/2027			398,277		0.0
842,000 (2)	Antares Holdings L.P., 2.750%, 01/15/2027			673,149		0.0
255,000 (2)	Antares Holdings L.P., 3.750%, 07/15/2027			214,618		0.0
914,000 (2)	ASB Bank Ltd., 1.625%, 10/22/2026			819,888		0.0
1,049,000 (2)(3)	ASB Bank Ltd., 5.284%, 06/17/2032			1,039,006		0.1
1,367,000	Assurant, Inc., 3.700%, 02/22/2030			1,217,038		0.1
273,000 (2)	Athene Global Funding, 2.950%, 11/12/2026			251,116		0.0
789,000 (2)	Aviation Capital Group LLC, 1.950%, 09/20/2026			671,073		0.0
452,000 (2)	Aviation Capital Group LLC, 3.875%, 05/01/2023			448,258		0.0
808,000 (2)	Aviation Capital Group LLC, 4.375%, 01/30/2024			794,061		0.0
863,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024			856,179		0.0
599,000 (2)	Avolon Holdings Funding Ltd., 2.125%, 02/21/2026			518,576		0.0
1,094,000 (1)(2)	Avolon Holdings Funding Ltd., 2.528%, 11/18/2027			892,726		0.0
710,000 (2)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028			579,693		0.0
391,000 (2)	Avolon Holdings Funding Ltd., 2.875%, 02/15/2025			360,129		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,565,000 (2)	Avolon Holdings Funding Ltd., 4.250%, 04/15/2026		$	1,451,255		0.1
1,000,000	Banco Santander SA, 2.746%, 05/28/2025			948,296		0.0
2,000,000	Banco Santander SA, 3.125%, 02/23/2023			1,992,133		0.1
800,000 (3)	Banco Santander SA, 3.225%, 11/22/2032			633,597		0.0
3,375,000 (3)	Bank of America Corp., 0.981%, 09/25/2025			3,126,023		0.1
1,955,000 (3)	Bank of America Corp., 1.197%, 10/24/2026			1,752,186		0.1
1,971,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			1,755,401		0.1
178,000 (3)	Bank of America Corp., 1.898%, 07/23/2031			142,420		0.0
322,000 (3)	Bank of America Corp., 1.922%, 10/24/2031			257,503		0.0
225,000 (3)	Bank of America Corp., 2.015%, 02/13/2026			211,156		0.0
2,501,000 (3)	Bank of America Corp., 2.087%, 06/14/2029			2,144,089		0.1
806,000 (3)	Bank of America Corp., 2.572%, 10/20/2032			665,635		0.0
782,000 (3)	Bank of America Corp., 2.676%, 06/19/2041			563,794		0.0
1,136,000 (3)	Bank of America Corp., 2.687%, 04/22/2032			954,705		0.0
814,000 (3)	Bank of America Corp., 3.194%, 07/23/2030			730,437		0.0
1,000,000 (3)	Bank of America Corp., 3.593%, 07/21/2028			944,056		0.0
2,649,000 (3)	Bank of America Corp., 3.846%, 03/08/2037			2,292,649		0.1
1,645,000	Bank of America Corp., 3.950%, 04/21/2025			1,624,630		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
435,000 (3)	Bank of America Corp., 3.970%, 03/05/2029		$	415,251		0.0
1,355,000 (3)	Bank of America Corp., 4.078%, 04/23/2040			1,193,892		0.1
291,000 (3)	Bank of America Corp., 4.083%, 03/20/2051			251,513		0.0
3,641,000	Bank of America Corp., 4.183%, 11/25/2027			3,541,879		0.1
4,336,000	Bank of America Corp., 4.250%, 10/22/2026			4,278,182		0.2
814,000 (3)	Bank of America Corp., 4.271%, 07/23/2029			783,026		0.0
174,000 (1)(3)	Bank of America Corp., 4.571%, 04/27/2033			169,543		0.0
1,419,000 (1)(3)	Bank of America Corp., 6.125%, 12/31/2199			1,371,996		0.1
1,791,000 (1)(3)	Bank of New York Mellon Corp./The, 4.289%, 06/13/2033			1,754,123		0.1
452,000	Bank of Nova Scotia/ The, 1.950%, 02/02/2027			408,104		0.0
1,545,000 (1)	Bank of Nova Scotia/ The, 2.200%, 02/03/2025			1,480,272		0.1
2,676,000 (3)	Bank of Nova Scotia/ The, 4.588%, 05/04/2037			2,463,424		0.1
1,535,000 (2)	Banque Federative du Credit Mutuel SA, 2.375%, 11/21/2024			1,472,372		0.1
547,000	Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050			394,587		0.0
798,000 (2)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			674,997		0.0
1,061,000 (2)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			844,220		0.0
1,492,000 (2)	Blackstone Holdings Finance Co. LLC, 2.850%, 08/05/2051			1,019,385		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,232,000 (2)	Blackstone Holdings Finance Co. LLC, 3.200%, 01/30/2052		$	899,294		0.0
433,000 (2)	Blackstone Private Credit Fund, 4.000%, 01/15/2029			355,249		0.0
500,000 (2)(3)	BPCE SA, 2.277%, 01/20/2032			396,036		0.0
1,596,000 (2)	BPCE SA, 2.700%, 10/01/2029			1,391,079		0.1
955,000 (2)	BPCE SA, 5.700%, 10/22/2023			969,623		0.0
910,000 (1)	Canadian Imperial Bank of Commerce, 2.250%, 01/28/2025			873,095		0.0
421,000	Canadian Imperial Bank of Commerce, 3.600%, 04/07/2032			382,616		0.0
1,100,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027			965,680		0.0
694,000 (3)	Capital One Financial Corp., 3.273%, 03/01/2030			614,777		0.0
452,000	Capital One Financial Corp., 3.650%, 05/11/2027			430,920		0.0
550,000 (3)	Capital One Financial Corp., 4.927%, 05/10/2028			545,158		0.0
478,000 (1)(3)	Capital One Financial Corp., 5.268%, 05/10/2033			469,948		0.0
1,123,000	CBRE Services, Inc., 2.500%, 04/01/2031			914,825		0.0
931,000	CI Financial Corp., 4.100%, 06/15/2051			604,677		0.0
806,000 (3)	Citigroup, Inc., 1.462%, 06/09/2027			713,990		0.0
461,000 (3)	Citigroup, Inc., 2.904%, 11/03/2042			334,567		0.0
4,000,000	Citigroup, Inc., 5.500%, 09/13/2025			4,115,906		0.2
2,000,000 (2)	Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,004,810		0.1
400,000 (2)	CNO Global Funding, 2.650%, 01/06/2029			348,883		0.0
745,000 (2)	Commonwealth Bank of Australia, 3.743%, 09/12/2039			608,021		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
550,000 (2)(3)	Cooperatieve Rabobank UA, 3.758%, 04/06/2033		$	496,937		0.0
5,500,000	Cooperatieve Rabobank UA, 4.375%, 08/04/2025			5,462,123		0.2
2,325,000 (2)	Corebridge Financial, Inc., 3.850%, 04/05/2029			2,150,737		0.1
3,052,000 (2)	Corebridge Financial, Inc., 3.900%, 04/05/2032			2,741,039		0.1
356,000 (2)	Corebridge Financial, Inc., 4.350%, 04/05/2042			304,283		0.0
310,000 (2)	Corebridge Financial, Inc., 4.400%, 04/05/2052			259,155		0.0
2,036,000 (2)(3)	Credit Agricole SA, 4.750%, 12/31/2199			1,587,401		0.1
1,235,000 (1)(2)(3)	Credit Agricole SA/London, 1.907%, 06/16/2026			1,137,471		0.1
6,000,000 (2)	Credit Suisse AG, 6.500%, 08/08/2023			6,015,000		0.2
880,000	Credit Suisse AG/New York NY, 3.700%, 02/21/2025			860,320		0.0
3,000,000 (2)(3)	Credit Suisse Group AG, 2.997%, 12/14/2023			2,980,534		0.1
750,000	Credit Suisse Group Funding Guernsey Ltd., 3.800%, 09/15/2022			750,684		0.0
589,000	Crown Castle International Corp., 1.050%, 07/15/2026			510,411		0.0
445,000 (1)	Crown Castle International Corp., 2.900%, 03/15/2027			410,751		0.0
760,000	CubeSmart L.P., 2.250%, 12/15/2028			650,062		0.0
1,870,000 (2)(3)	Danske Bank A/S, 1.621%, 09/11/2026			1,675,580		0.1
993,000 (2)	Danske Bank A/S, 4.375%, 06/12/2028			940,400		0.0
813,000 (2)(3)	Depository Trust & Clearing Corp./The, 3.375%, 12/31/2199			643,057		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
686,000 (3)	Deutsche Bank AG/New York NY, 2.552%, 01/07/2028		$	594,349		0.0
721,000 (2)	Empower Finance 2020 L.P., 1.357%, 09/17/2027			621,109		0.0
1,925,000 (2)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			1,819,249		0.1
1,608,000 (3)	Goldman Sachs Group, Inc., 1.542%, 09/10/2027			1,412,650		0.1
2,500,000	Goldman Sachs Group, Inc., 4.250%, 10/21/2025			2,484,743		0.1
1,000,000	Goldman Sachs Group, Inc., 5.150%, 05/22/2045			951,867		0.0
366,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			405,933		0.0
2,813,000 (2)	Hartford Financial Services Group, Inc./The, 3.536%, (US0003M + 2.125)%, 02/12/2067			2,227,236		0.1
340,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			371,237		0.0
1,355,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027			1,192,293		0.1
1,875,000 (3)	HSBC Holdings PLC, 2.206%, 08/17/2029			1,576,699		0.1
1,331,000 (1)(3)	HSBC Holdings PLC, 2.633%, 11/07/2025			1,270,641		0.1
1,037,000 (3)	HSBC Holdings PLC, 2.999%, 03/10/2026			988,313		0.0
2,000,000 (3)	HSBC Holdings PLC, 4.041%, 03/13/2028			1,900,880		0.1
1,250,000	HSBC Holdings PLC, 4.300%, 03/08/2026			1,239,199		0.1
1,673,000 (1)(3)	HSBC Holdings PLC, 4.700%, 12/31/2199			1,262,293		0.1
1,804,000 (1)(3)	HSBC Holdings PLC, 4.755%, 06/09/2028			1,755,380		0.1
489,000 (3)	Huntington Bancshares, Inc./OH, 5.023%, 05/17/2033			488,018		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
744,000 (3)	ING Groep NV, 4.017%, 03/28/2028		$	709,208		0.0
672,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030			564,285		0.0
1,059,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			773,329		0.0
1,611,000	Intercontinental Exchange, Inc., 4.600%, 03/15/2033			1,609,361		0.1
1,553,000	Intercontinental Exchange, Inc., 4.950%, 06/15/2052			1,538,562		0.1
928,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028			781,401		0.0
2,030,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025			1,899,468		0.1
1,184,000 (3)	JPMorgan Chase & Co., 1.040%, 02/04/2027			1,049,074		0.1
1,435,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027			1,259,592		0.1
1,465,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029			1,261,260		0.1
381,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028			339,042		0.0
594,000 (3)	JPMorgan Chase & Co., 2.525%, 11/19/2041			425,872		0.0
1,537,000 (3)	JPMorgan Chase & Co., 2.545%, 11/08/2032			1,278,561		0.1
766,000 (3)	JPMorgan Chase & Co., 2.580%, 04/22/2032			645,179		0.0
1,058,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026			1,006,824		0.0
1,058,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028			981,062		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
255,000 (3)	JPMorgan Chase & Co., 3.109%, 04/22/2051		$	187,398		0.0
2,326,000 (3)	JPMorgan Chase & Co., 3.157%, 04/22/2042			1,810,524		0.1
1,146,000 (3)	JPMorgan Chase & Co., 3.328%, 04/22/2052			873,896		0.0
3,320,000	JPMorgan Chase & Co., 3.875%, 09/10/2024			3,317,063		0.1
853,000 (3)	JPMorgan Chase & Co., 3.964%, 11/15/2048			724,692		0.0
2,070,000 (3)	JPMorgan Chase & Co., 4.565%, 06/14/2030			2,034,044		0.1
326,000	Kilroy Realty L.P., 2.650%, 11/15/2033			252,724		0.0
435,000	Kite Realty Group L.P., 4.000%, 10/01/2026			416,651		0.0
971,000 (2)	Liberty Mutual Group, Inc., 5.500%, 06/15/2052			921,223		0.0
1,125,000 (3)	Lloyds Banking Group PLC, 2.438%, 02/05/2026			1,065,489		0.1
2,177,000 (3)	Lloyds Banking Group PLC, 2.907%, 11/07/2023			2,169,859		0.1
2,805,000	Main Street Capital Corp., 3.000%, 07/14/2026			2,451,231		0.1
684,000	Main Street Capital Corp., 5.200%, 05/01/2024			682,420		0.0
356,000 (3)	Mitsubishi UFJ Financial Group, Inc., 1.538%, 07/20/2027			315,089		0.0
350,000 (1)	Mitsubishi UFJ Financial Group, Inc., 2.757%, 09/13/2026			327,710		0.0
5,870,000	Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			5,873,980		0.2
315,000 (2)	Mizuho Financial Group, Inc., 3.477%, 04/12/2026			303,146		0.0
1,204,000 (3)	Morgan Stanley, 1.512%, 07/20/2027			1,058,105		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,340,000 (3)	Morgan Stanley, 1.593%, 05/04/2027		$	1,191,788		0.1
802,000 (3)	Morgan Stanley, 1.794%, 02/13/2032			631,638		0.0
1,074,000 (3)	Morgan Stanley, 2.188%, 04/28/2026			1,006,805		0.0
2,773,000 (3)	Morgan Stanley, 2.239%, 07/21/2032			2,249,376		0.1
444,000 (1)(3)	Morgan Stanley, 2.475%, 01/21/2028			403,972		0.0
914,000 (3)	Morgan Stanley, 2.511%, 10/20/2032			756,285		0.0
1,505,000 (3)	Morgan Stanley, 2.630%, 02/18/2026			1,437,739		0.1
983,000 (3)	Morgan Stanley, 2.802%, 01/25/2052			684,518		0.0
1,155,000 (3)	Morgan Stanley, 3.591%, 07/22/2028			1,094,404		0.1
585,000 (3)	Morgan Stanley, 3.737%, 04/24/2024			583,212		0.0
538,000	Morgan Stanley, 3.875%, 01/27/2026			530,709		0.0
4,000,000	Morgan Stanley, 4.000%, 07/23/2025			4,002,412		0.2
2,549,000 (3)	Morgan Stanley, 5.297%, 04/20/2037			2,471,160		0.1
1,368,000 (2)(3)	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, 5.875%, 05/23/2042			1,379,751		0.1
432,000 (2)	National Australia Bank Ltd., 2.332%, 08/21/2030			347,682		0.0
820,000 (2)	Nationwide Building Society, 1.500%, 10/13/2026			731,100		0.0
336,000 (3)	NatWest Group PLC, 3.073%, 05/22/2028			305,712		0.0
3,858,000 (1)	NatWest Group PLC, 3.875%, 09/12/2023			3,847,760		0.2
398,000 (3)	NatWest Group PLC, 4.269%, 03/22/2025			394,251		0.0
1,766,000 (3)	NatWest Group PLC, 4.519%, 06/25/2024			1,762,356		0.1
1,470,000 (2)(3)	Nordea Bank Abp, 3.750%, 12/31/2199			1,086,341		0.1
2,661,000 (1)(2)(3)	Nordea Bank ABP, 6.125%, 12/31/2199			2,565,148		0.1

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,611,000 (2)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028		$	1,423,242		0.1
156,000 (2)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			116,465		0.0
1,321,000	Old Republic International Corp., 3.850%, 06/11/2051			999,912		0.0
5,000,000	ORIX Corp., 3.250%, 12/04/2024			4,924,005		0.2
2,920,000 (3)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			2,442,058		0.1
429,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032			331,917		0.0
1,130,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			1,134,351		0.1
365,000	Public Storage, 1.950%, 11/09/2028			315,932		0.0
167,000 (1)	Realty Income Corp., 3.950%, 08/15/2027			163,072		0.0
575,000	Realty Income Corp., 4.875%, 06/01/2026			587,147		0.0
653,000	Sabra Health Care L.P., 3.200%, 12/01/2031			518,955		0.0
454,000 (3)	Santander Holdings USA, Inc., 2.490%, 01/06/2028			401,060		0.0
1,391,000 (3)	Santander UK Group Holdings PLC, 2.469%, 01/11/2028			1,230,126		0.1
2,131,000 (2)(3)	Societe Generale SA, 1.792%, 06/09/2027			1,862,520		0.1
628,000 (2)(3)	Societe Generale SA, 2.797%, 01/19/2028			561,298		0.0
1,070,000 (1)(2)(3)	Standard Chartered PLC, 1.456%, 01/14/2027			944,876		0.0
1,110,000 (2)(3)	Standard Chartered PLC, 1.822%, 11/23/2025			1,028,796		0.1
667,000 (2)(3)	Standard Chartered PLC, 2.608%, 01/12/2028			596,241		0.0
1,358,000 (1)(2)(3)	Standard Chartered PLC, 3.971%, 03/30/2026			1,329,245		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
571,000 (3)	State Street Corp., 2.623%, 02/07/2033		$	487,595		0.0
1,430,000	Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024			1,378,345		0.1
1,234,000 (2)	Sumitomo Mitsui Trust Bank Ltd., 1.050%, 09/12/2025			1,120,542		0.1
874,000 (2)	Sumitomo Mitsui Trust Bank Ltd., 2.800%, 03/10/2027			820,293		0.0
852,000	Sun Communities Operating L.P., 4.200%, 04/15/2032			775,702		0.0
1,137,000 (2)(3)	Svenska Handelsbanken AB, 1.418%, 06/11/2027			1,013,993		0.0
674,000 (2)	Swiss Re Treasury US Corp., 4.250%, 12/06/2042			624,916		0.0
633,000 (1)	Toronto-Dominion Bank/The, 2.800%, 03/10/2027			592,783		0.0
694,000	Toronto-Dominion Bank/The, 4.456%, 06/08/2032			686,894		0.0
1,501,000 (1)(3)	Truist Financial Corp., 1.267%, 03/02/2027			1,347,040		0.1
784,000 (3)	Truist Financial Corp., 5.100%, 12/31/2199			713,440		0.0
2,470,000	UBS AG, 5.125%, 05/15/2024			2,469,506		0.1
3,500,000	UBS AG/Stamford CT, 7.625%, 08/17/2022			3,510,431		0.1
791,000 (2)(3)	UBS Group AG, 1.008%, 07/30/2024			766,364		0.0
750,000 (2)(3)	UBS Group AG, 1.364%, 01/30/2027			665,981		0.0
383,000 (2)(3)	UBS Group AG, 2.095%, 02/11/2032			304,483		0.0
812,000 (2)(3)	UBS Group AG, 3.179%, 02/11/2043			613,156		0.0
1,460,000 (2)(3)	UBS Group AG, 4.751%, 05/12/2028			1,446,322		0.1
163,000	Ventas Realty L.P., 5.700%, 09/30/2043			166,226		0.0
1,320,000	Visa, Inc., 4.300%, 12/14/2045			1,306,019		0.1
2,100,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			2,001,538		0.1

See Accompanying Notes to Financial Statements

101

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
752,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041		$	583,487		0.0
4,000,000	Wells Fargo & Co., 3.750%, 01/24/2024			4,012,484		0.2
943,000 (3)	Wells Fargo & Co., 4.611%, 04/25/2053			874,236		0.0
666,000	Wells Fargo & Co., 4.750%, 12/07/2046			611,218		0.0
418,000 (3)	Wells Fargo & Co., 5.013%, 04/04/2051			411,100		0.0
472,000	Westpac Banking Corp., 1.953%, 11/20/2028			412,278		0.0
1,750,000	XLIT Ltd., 5.500%, 03/31/2045			1,817,571		0.1
				255,581,971		9.6
	Industrial: 1.2%
777,000	Amcor Flexibles North America, Inc., 4.000%, 05/17/2025			769,266		0.0
598,000	Avnet, Inc., 5.500%, 06/01/2032			587,556		0.0
1,201,000	Berry Global, Inc., 0.950%, 02/15/2024			1,138,308		0.1
1,472,000	Berry Global, Inc., 1.650%, 01/15/2027			1,289,692		0.1
1,213,000	Boeing Co/The, 3.250%, 02/01/2028			1,085,125		0.0
651,000	Boeing Co/The, 3.250%, 02/01/2035			493,442		0.0
497,000 (1)	Boeing Co/The, 3.625%, 02/01/2031			429,494		0.0
199,000	Boeing Co/The, 3.850%, 11/01/2048			141,310		0.0
768,000	Boeing Co/The, 4.875%, 05/01/2025			766,233		0.0
1,429,000	Boeing Co/The, 5.150%, 05/01/2030			1,372,872		0.1
478,000	Boeing Co/The, 5.805%, 05/01/2050			439,896		0.0
1,161,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			1,033,698		0.0
1,435,000	Burlington Northern Santa Fe LLC, 4.450%, 01/15/2053			1,390,651		0.1
1,574,000	CSX Corp., 4.650%, 03/01/2068			1,431,674		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
526,000	FedEx Corp., 3.900%, 02/01/2035		$	469,321		0.0
1,125,000	FedEx Corp., 4.400%, 01/15/2047			987,471		0.0
347,000	Fortune Brands Home & Security, Inc., 4.000%, 03/25/2032			307,294		0.0
284,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035			265,617		0.0
1,067,000 (1)	General Dynamics Corp., 3.500%, 04/01/2027			1,048,084		0.0
1,014,000 (1)	John Deere Capital Corp., 3.350%, 04/18/2029			973,421		0.0
452,000	Norfolk Southern Corp., 4.100%, 05/15/2121			341,047		0.0
1,221,000	Parker-Hannifin Corp., 4.500%, 09/15/2029			1,215,957		0.1
1,295,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			1,157,667		0.1
1,661,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			1,482,698		0.1
118,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			117,937		0.0
1,423,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			1,359,820		0.1
2,066,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			1,973,789		0.1
1,070,000 (2)	Sealed Air Corp., 1.573%, 10/15/2026			931,812		0.0
1,322,000 (2)	SMBC Aviation Capital Finance DAC, 1.900%, 10/15/2026			1,124,400		0.0
1,111,000	Sonoco Products Co., 2.250%, 02/01/2027			1,000,216		0.0
390,000 (2)	TD SYNNEX Corp., 1.750%, 08/09/2026			344,101		0.0

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
2,105,000	Teledyne Technologies, Inc., 1.600%, 04/01/2026		$	1,897,702		0.1
2,250,000 (2)	TTX Co., 3.600%, 01/15/2025			2,223,966		0.1
1,190,000	Union Pacific Corp., 3.500%, 02/14/2053			972,187		0.0
				32,563,724		1.2
	Technology: 1.6%
920,000	Advanced Micro Devices, Inc., 3.924%, 06/01/2032			906,400		0.0
827,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052			806,345		0.0
838,000	Apple, Inc., 2.650%, 02/08/2051			619,550		0.0
1,905,000	Apple, Inc., 2.800%, 02/08/2061			1,370,386		0.1
860,000	Apple, Inc., 2.850%, 08/05/2061			625,357		0.0
2,489,000	Apple, Inc., 3.750%, 09/12/2047			2,250,429		0.1
2,000,000	Apple, Inc., 3.850%, 05/04/2043			1,844,086		0.1
383,000	Apple, Inc., 4.500%, 02/23/2036			399,876		0.0
1,137,000	Citrix Systems, Inc., 1.250%, 03/01/2026			1,101,467		0.1
265,000 (1)	Citrix Systems, Inc., 3.300%, 03/01/2030			258,734		0.0
1,000,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			1,039,797		0.1
775,000	DXC Technology Co., 1.800%, 09/15/2026			697,025		0.0
775,000 (1)	DXC Technology Co., 2.375%, 09/15/2028			667,653		0.0
549,000	Fiserv, Inc., 3.500%, 07/01/2029			501,258		0.0
977,000	HP, Inc., 2.650%, 06/17/2031			785,939		0.0
1,642,000	HP, Inc., 4.000%, 04/15/2029			1,539,833		0.1
1,840,000	HP, Inc., 4.050%, 09/15/2022			1,847,501		0.1
550,000	HP, Inc., 4.750%, 01/15/2028			544,001		0.0
638,000	Intel Corp., 3.100%, 02/15/2060			456,932		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
813,000	Intel Corp., 3.200%, 08/12/2061		$	595,928		0.0
2,880,000	Intel Corp., 3.250%, 11/15/2049			2,244,562		0.1
2,578,000 (1)	International Business Machines Corp., 3.300%, 05/15/2026			2,518,795		0.1
917,000	KLA Corp., 4.950%, 07/15/2052			923,649		0.1
644,000	KLA Corp., 5.250%, 07/15/2062			664,873		0.0
564,000 (2)	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			475,183		0.0
1,563,000 (2)	Kyndryl Holdings, Inc., 2.700%, 10/15/2028			1,246,332		0.1
411,000 (2)	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			304,712		0.0
900,000	Microchip Technology, Inc., 2.670%, 09/01/2023			885,410		0.0
3,600,000	Microsoft Corp., 2.921%, 03/17/2052			2,845,509		0.1
495,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			343,796		0.0
208,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			183,687		0.0
2,015,000 (1)	Oracle Corp., 2.300%, 03/25/2028			1,735,600		0.1
295,000	Oracle Corp., 3.600%, 04/01/2050			205,469		0.0
998,000	Oracle Corp., 3.650%, 03/25/2041			745,245		0.0
747,000	Oracle Corp., 3.800%, 11/15/2037			582,281		0.0
170,000	Oracle Corp., 3.850%, 07/15/2036			136,836		0.0
1,260,000	Oracle Corp., 3.950%, 03/25/2051			927,391		0.1
1,677,000	Oracle Corp., 4.000%, 11/15/2047			1,246,718		0.1
525,000 (2)	Renesas Electronics Corp., 2.170%, 11/25/2026			468,814		0.0
1,173,000	Salesforce, Inc., 2.700%, 07/15/2041			908,783		0.0

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
455,000	Take-Two Interactive Software, Inc., 4.000%, 04/14/2032		$	427,643		0.0
1,795,000	VMware, Inc., 1.400%, 08/15/2026			1,589,316		0.1
780,000	VMware, Inc., 1.800%, 08/15/2028			648,545		0.0
613,000 (1)	Workday, Inc., 3.500%, 04/01/2027			586,709		0.0
				41,704,355		1.6
	Utilities: 3.1%
1,198,000 (2)	AEP Texas, Inc., 3.850%, 10/01/2025			1,190,616		0.1
1,068,000	AES Corp./The, 1.375%, 01/15/2026			943,163		0.0
1,283,000 (2)	AES Corp./The, 3.950%, 07/15/2030			1,160,929		0.1
537,000 (2)	Alliant Energy Finance LLC, 3.600%, 03/01/2032			486,761		0.0
775,000 (3)	American Electric Power Co., Inc., 3.875%, 02/15/2062			613,381		0.0
733,000 (2)	American Transmission Systems, Inc., 2.650%, 01/15/2032			621,663		0.0
1,377,000 (2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			1,329,679		0.1
771,000 (1)	Appalachian Power Co., 2.700%, 04/01/2031			666,021		0.0
181,000	Appalachian Power Co., 3.700%, 05/01/2050			144,217		0.0
323,000	Avangrid, Inc., 3.200%, 04/15/2025			314,398		0.0
912,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			777,307		0.0
740,000 (1)(2)	Berkshire Hathaway Energy Co., 4.600%, 05/01/2053			710,820		0.0
574,000	Black Hills Corp., 2.500%, 06/15/2030			479,992		0.0
851,000	Black Hills Corp., 3.050%, 10/15/2029			763,354		0.0
1,800,000	Black Hills Corp., 4.250%, 11/30/2023			1,806,172		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
397,000	Black Hills Corp., 4.350%, 05/01/2033		$	371,015		0.0
750,000	CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042			645,540		0.0
1,216,000 (3)	CMS Energy Corp., 3.750%, 12/01/2050			932,587		0.0
600,000 (3)	CMS Energy Corp., 4.750%, 06/01/2050			527,232		0.0
568,000	Commonwealth Edison Co., 3.750%, 08/15/2047			490,307		0.0
449,000	Consolidated Edison Co. of New York, Inc., 4.000%, 11/15/2057			374,963		0.0
400,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			416,378		0.0
2,095,000 (3)	Dominion Energy, Inc., 4.350%, 12/31/2199			1,733,612		0.1
2,155,000 (3)	Dominion Energy, Inc., 4.650%, 12/31/2199			1,925,791		0.1
405,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			354,611		0.0
1,186,000	Duke Energy Carolinas LLC, 3.700%, 12/01/2047			1,006,855		0.1
116,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			97,372		0.0
1,265,000 (1)	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			1,125,987		0.1
36,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041			33,250		0.0
734,000 (1)(3)	Duke Energy Corp., 4.875%, 12/31/2199			669,775		0.0
794,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			679,827		0.0
130,000	Duke Energy Florida LLC, 4.200%, 07/15/2048			118,793		0.0
1,425,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			1,105,058		0.1

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
479,000	Duke Energy Progress LLC, 3.700%, 10/15/2046		$	408,517		0.0
250,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			226,582		0.0
44,000	Duke Energy Progress LLC, 4.100%, 03/15/2043			39,557		0.0
1,029,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			937,376		0.0
707,000 (2)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			581,604		0.0
699,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			485,937		0.0
512,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			473,032		0.0
1,626,000	Entergy Corp., 0.900%, 09/15/2025			1,465,375		0.1
1,085,000	Entergy Corp., 2.400%, 06/15/2031			883,583		0.0
608,000	Entergy Corp., 2.800%, 06/15/2030			522,104		0.0
1,749,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049			1,358,083		0.1
925,000	Eversource Energy, 1.400%, 08/15/2026			827,182		0.0
1,070,000	Eversource Energy, 2.900%, 03/01/2027			1,005,432		0.1
526,000	Eversource Energy, 3.375%, 03/01/2032			473,575		0.0
220,000 (1)	Exelon Corp., 4.050%, 04/15/2030			211,338		0.0
359,000	Florida Power & Light Co., 2.875%, 12/04/2051			267,739		0.0
1,505,000	Georgia Power Co., 2.200%, 09/15/2024			1,454,132		0.1
284,000	Georgia Power Co., 5.125%, 05/15/2052			282,241		0.0
1,310,000	Georgia Power Co., 5.750%, 04/15/2023			1,330,441		0.1
1,619,000	Indiana Michigan Power Co., 3.250%, 05/01/2051			1,229,899		0.1
468,000	Interstate Power and Light Co., 3.100%, 11/30/2051			344,068		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
3,640,000 (1)	Interstate Power and Light Co., 3.250%, 12/01/2024		$	3,598,194		0.1
421,000 (2)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			358,576		0.0
2,802,000 (2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			2,770,960		0.1
411,000 (2)	Metropolitan Edison Co., 4.000%, 04/15/2025			404,804		0.0
2,745,000	Mississippi Power Co., 4.250%, 03/15/2042			2,398,828		0.1
266,000	Mississippi Power Co., 4.750%, 10/15/2041			247,338		0.0
830,000 (2)	Monongahela Power Co., 3.550%, 05/15/2027			790,338		0.0
188,000 (2)	Narragansett Electric Co/The, 3.395%, 04/09/2030			176,725		0.0
1,490,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			1,301,039		0.1
616,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032			537,116		0.0
1,507,000 (3)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			1,400,488		0.1
1,750,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027			1,579,710		0.1
863,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028			751,241		0.0
489,000 (1)	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			407,707		0.0
1,215,000 (3)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			976,255		0.0
614,000 (1)	NextEra Energy Capital Holdings, Inc., 5.000%, 07/15/2032			629,611		0.0
764,000	NiSource, Inc., 5.950%, 06/15/2041			792,003		0.0

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
526,000 (1)	NSTAR Electric Co., 1.950%, 08/15/2031		$	437,319		0.0
758,000	Oglethorpe Power Corp., 3.750%, 08/01/2050			604,664		0.0
1,409,000	ONE Gas, Inc., 1.100%, 03/11/2024			1,343,102		0.1
436,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			319,260		0.0
629,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			458,342		0.0
583,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			438,765		0.0
465,000	PECO Energy Co., 4.150%, 10/01/2044			424,120		0.0
313,000	Piedmont Natural Gas Co., Inc., 3.350%, 06/01/2050			233,919		0.0
1,714,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			1,431,995		0.1
1,556,000 (3)	Sempra Energy, 4.125%, 04/01/2052			1,250,970		0.1
1,315,000 (3)	Sempra Energy, 4.875%, 12/31/2199			1,213,062		0.1
2,359,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			2,103,377		0.1
1,574,000	Southern Co. Gas Capital Corp., 4.400%, 05/30/2047			1,376,567		0.1
2,295,000 (3)	Southern Co/The, 3.750%, 09/15/2051			1,955,730		0.1
1,280,000 (1)(3)	Southern Co/The, 4.000%, 01/15/2051			1,150,694		0.1
780,000	Southern Co/The, 5.113%, 08/01/2027			787,210		0.0
233,000	Southwest Gas Corp., 4.050%, 03/15/2032			211,694		0.0
1,499,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			1,366,616		0.1
580,000	Tampa Electric Co., 4.350%, 05/15/2044			532,216		0.0
998,000	Union Electric Co., 3.900%, 09/15/2042			885,184		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
850,000 (2)	Vistra Operations Co. LLC, 5.125%, 05/13/2025		$	842,129		0.0
711,000	Washington Gas Light Co., 3.650%, 09/15/2049			590,172		0.0
1,683,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			1,459,939		0.1
396,000	WEC Energy Group, Inc., 2.200%, 12/15/2028			346,781		0.0
861,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			750,867		0.0
				81,060,850		3.1
	Total Corporate Bonds/Notes (Cost $725,697,822)			647,288,565		24.4

COLLATERALIZED MORTGAGE OBLIGATIONS: 14.8%
1,068,755	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			847,780		0.0
1,309,056	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			1,174,633		0.1
246,691 (4)	Alternative Loan Trust 2005-J3 2A2, 3.376%, (-1.000*US0001M + 5.000)%, 05/25/2035			15,892		0.0
1,129,635	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			623,550		0.0
1,584,915	Alternative Loan Trust 2007-23CB A3, 2.124%, (US0001M + 0.500)%, 09/25/2037			745,499		0.0
87,191	Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			76,870		0.0
500,286 (3)	Bear Stearns ALT-A Trust 2005-10 22A1, 2.999%, 01/25/2036			479,533		0.0
240,730 (3)	Bear Stearns ALT-A Trust 2005-4 23A1, 2.752%, 05/25/2035			231,655		0.0

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
778,985 (3)	Bear Stearns ALT-A Trust 2006-6 31A1, 3.128%, 11/25/2036		$	510,572		0.0
907,146 (3)	Bear Stearns ALT-A Trust 2006-6 32A1, 2.954%, 11/25/2036			512,369		0.0
3,619 (3)	Bear Stearns ARM Trust 2005-12 13A1, 3.383%, 02/25/2036			3,226		0.0
1,801,345	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 1.814%, (US0001M + 0.190)%, 01/25/2037			1,605,492		0.1
93,015 (3)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 3.490%, 01/26/2036			77,081		0.0
3,300,000 (2)	Bellemeade RE 2021-3 A M1C Ltd., 2.476%, (SOFR30A + 1.550)%, 09/25/2031			2,980,444		0.1
145,105 (3)	Chase Mortgage Finance Trust Series 2005-A1 1A1, 2.894%, 12/25/2035			134,829		0.0
1,388,837 (3)	CHL Mortgage Pass-Through Trust 2004-22 A3, 2.711%, 11/25/2034			1,339,099		0.1
13,473 (3)	CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 2.520%, 02/20/2035			13,487		0.0
13,020	CHL Mortgage Pass-Through Trust 2005-2 2A3, 2.304%, (US0001M + 0.680)%, 03/25/2035			11,510		0.0
1,438,098 (2)(3)	CIM Trust 2020-J1 B3, 3.450%, 07/25/2050			1,252,693		0.1
511,158	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037			461,796		0.0
747,458 (3)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.396%, 09/25/2037			680,784		0.0
732,186 (2)(3)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			713,557		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
22,963 (3)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 2.829%, 08/25/2035		$	22,673		0.0
1,148,871	Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			1,130,993		0.1
190,957	CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037			173,084		0.0
711,350 (2)	Connecticut Avenue Securities Trust 2020-R02 2M2, 3.624%, (US0001M + 2.000)%, 01/25/2040			701,145		0.0
1,500,000 (2)	Connecticut Avenue Securities Trust 2021-R01 1B1, 4.026%, (SOFR30A + 3.100)%, 10/25/2041			1,291,422		0.1
1,500,000 (2)	Connecticut Avenue Securities Trust 2021-R03 1B1, 3.676%, (SOFR30A + 2.750)%, 12/25/2041			1,265,884		0.1
8,600,000 (2)	Connecticut Avenue Securities Trust 2022-R01 1B1, 4.076%, (SOFR30A + 3.150)%, 12/25/2041			7,377,650		0.3
733,556	Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.124%, (US0001M + 0.500)%, 11/25/2035			381,619		0.0
112,215 (3)	DSLA Mortgage Loan Trust 2004-AR3 2A1, 2.700%, 07/19/2044			104,653		0.0
1,500,000 (2)	Eagle RE 2021-2 M1C Ltd., 4.376%, (SOFR30A + 3.450)%, 04/25/2034			1,414,912		0.1
800,000 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 5.274%, (US0001M + 3.650)%, 02/25/2040			767,867		0.0
1,000,000	Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			1,023,490		0.0

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
13,493,678	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041		$	13,938,708		0.5
808,341	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			773,302		0.0
16,388,562 (4)	Fannie Mae 2016-82 SD, 4.426%, (-1.000*US0001M + 6.050)%, 11/25/2046			1,990,215		0.1
699,888	Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			702,384		0.0
1,231,997	Fannie Mae Connecticut Avenue Securities, 7.324%, (US0001M + 5.700)%, 04/25/2028			1,287,824		0.1
4,218,749	Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 5.874%, (US0001M + 4.250)%, 04/25/2029			4,365,648		0.2
998,972	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 5.624%, (US0001M + 4.000)%, 05/25/2025			1,005,031		0.0
3,226,434	Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 7.174%, (US0001M + 5.550)%, 04/25/2028			3,334,822		0.1
183,913	Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 5.974%, (US0001M + 4.350)%, 05/25/2029			190,323		0.0
2,549,827	Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 5.174%, (US0001M + 3.550)%, 07/25/2029			2,606,289		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,309,759	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 4.474%, (US0001M + 2.850)%, 11/25/2029		$	4,324,938		0.2
4,889,313	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.124%, (US0001M + 2.500)%, 05/25/2030			4,882,062		0.2
2,621,243	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 4.424%, (US0001M + 2.800)%, 02/25/2030			2,630,429		0.1
1,909,473	Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 3.774%, (US0001M + 2.150)%, 10/25/2030			1,919,402		0.1
4,219,873	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 3.624%, (US0001M + 2.000)%, 03/25/2031			4,176,948		0.2
2,374,769	Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 3.724%, (US0001M + 2.100)%, 03/25/2031			2,329,344		0.1
265,544 (2)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 4.074%, (US0001M + 2.450)%, 07/25/2031			264,010		0.0
630,320 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 3.674%, (US0001M + 2.050)%, 01/25/2040			617,410		0.0

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
243,951 (4)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043		$	39,593		0.0
233,955 (4)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			33,558		0.0
2,191	Fannie Mae REMIC Trust 1994-77 FB, 3.124%, (US0001M + 1.500)%, 04/25/2024			2,207		0.0
171,967	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			178,362		0.0
13,286	Fannie Mae REMIC Trust 2002-21 FC, 2.524%, (US0001M + 0.900)%, 04/25/2032			13,425		0.0
555,708 (4)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			119,672		0.0
26,054	Fannie Mae REMIC Trust 2004-11 A, 1.744%, (US0001M + 0.120)%, 03/25/2034			25,959		0.0
258,736	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			274,073		0.0
137,317	Fannie Mae REMIC Trust 2005-74 DK, 17.506%, (-4.000*US0001M + 24.000)%, 07/25/2035			171,178		0.0
2,685,688 (4)	Fannie Mae REMIC Trust 2005-92 SC, 5.056%, (-1.000*US0001M + 6.680)%, 10/25/2035			375,848		0.0
135,500	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			145,847		0.0
532,457	Fannie Mae REMIC Trust 2006-104 ES, 25.332%, (-5.000*US0001M + 33.450)%, 11/25/2036			823,562		0.0
3,059,437 (4)	Fannie Mae REMIC Trust 2006-12 SD, 5.126%, (-1.000*US0001M + 6.750)%, 10/25/2035			315,947		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,534,909 (4)	Fannie Mae REMIC Trust 2006-123 UI, 5.116%, (-1.000*US0001M + 6.740)%, 01/25/2037		$	253,774		0.0
273,926 (4)	Fannie Mae REMIC Trust 2006-72 HS, 5.076%, (-1.000*US0001M + 6.700)%, 08/25/2026			15,654		0.0
376,743	Fannie Mae REMIC Trust 2007-73 A1, 1.001%, (US0001M + 0.060)%, 07/25/2037			368,247		0.0
261,908	Fannie Mae REMIC Trust 2008-20 SP, 11.441%, (-2.500*US0001M + 15.500)%, 03/25/2038			308,783		0.0
1,303,757	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			1,335,297		0.1
4,420,505 (4)	Fannie Mae REMIC Trust 2010-102 SB, 4.976%, (-1.000*US0001M + 6.600)%, 09/25/2040			669,915		0.0
1,406,087 (4)	Fannie Mae REMIC Trust 2010-116 SE, 4.976%, (-1.000*US0001M + 6.600)%, 10/25/2040			201,673		0.0
3,999,520 (4)	Fannie Mae REMIC Trust 2010-123 SL, 4.446%, (-1.000*US0001M + 6.070)%, 11/25/2040			412,929		0.0
2,131,283 (4)	Fannie Mae REMIC Trust 2010-55 AS, 4.796%, (-1.000*US0001M + 6.420)%, 06/25/2040			276,997		0.0
3,963,276	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			4,115,229		0.2
521,601	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			542,386		0.0

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,783,969 (4)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041		$	185,894		0.0
331,370 (4)	Fannie Mae REMIC Trust 2012-10 US, 4.826%, (-1.000*US0001M + 6.450)%, 02/25/2042			45,133		0.0
128,545	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			129,026		0.0
4,803,560 (4)	Fannie Mae REMIC Trust 2012-113 SG, 4.476%, (-1.000*US0001M + 6.100)%, 10/25/2042			678,304		0.0
3,385,384 (4)	Fannie Mae REMIC Trust 2012-122 SB, 4.526%, (-1.000*US0001M + 6.150)%, 11/25/2042			566,332		0.0
1,647,018 (4)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			116,259		0.0
765,285	Fannie Mae REMIC Trust 2012-131 BS, 4.126%, (-1.200*US0001M + 5.400)%, 12/25/2042			665,245		0.0
5,349,140 (4)	Fannie Mae REMIC Trust 2012-137 SN, 4.476%, (-1.000*US0001M + 6.100)%, 12/25/2042			686,431		0.0
507,935 (4)	Fannie Mae REMIC Trust 2012-15 SP, 4.996%, (-1.000*US0001M + 6.620)%, 06/25/2040			8,590		0.0
912,622 (4)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042			143,656		0.0
5,007,412 (4)	Fannie Mae REMIC Trust 2013-60 DS, 4.576%, (-1.000*US0001M + 6.200)%, 06/25/2033			547,447		0.0
5,374,768 (4)	Fannie Mae REMIC Trust 2013-9 DS, 4.526%, (-1.000*US0001M + 6.150)%, 02/25/2043			838,097		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
12,472,455 (4)	Fannie Mae REMIC Trust 2013-9 SA, 4.526%, (-1.000*US0001M + 6.150)%, 03/25/2042		$	1,103,993		0.0
12,839,804 (4)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			2,707,318		0.1
2,344,906 (4)	Fannie Mae REMICS 2005-66 SY, 5.076%, (-1.000*US0001M + 6.700)%, 07/25/2035			327,009		0.0
3,831,684 (4)	Fannie Mae REMICS 2006-120 QD, 3.076%, (-1.000*US0001M + 4.700)%, 10/25/2036			197,510		0.0
1,688,697 (4)	Fannie Mae REMICS 2006-59 XS, 5.576%, (-1.000*US0001M + 7.200)%, 07/25/2036			242,103		0.0
1,826,380 (4)	Fannie Mae REMICS 2007-53 SX, 4.476%, (-1.000*US0001M + 6.100)%, 06/25/2037			272,176		0.0
2,794,761 (4)	Fannie Mae REMICS 2010-112 PI, 6.000%, 10/25/2040			625,888		0.0
10,644,524 (4)	Fannie Mae REMICS 2010-139 SA, 4.406%, (-1.000*US0001M + 6.030)%, 12/25/2040			1,304,979		0.1
585,212	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			614,366		0.0
55,924	Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			53,488		0.0
1,638,915 (4)	Fannie Mae REMICS 2011-149 ES, 4.376%, (-1.000*US0001M + 6.000)%, 07/25/2041			102,827		0.0
1,317,329	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041			1,390,070		0.1
8,664,241 (4)	Fannie Mae REMICS 2012-19 S, 4.326%, (-1.000*US0001M + 5.950)%, 03/25/2042			1,126,028		0.1
17,652,422 (4)	Fannie Mae REMICS 2016-2 IO, 5.500%, 02/25/2046			3,052,471		0.1

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,656,551 (4)	Fannie Mae REMICS 2016-62 SC, 4.376%, (-1.000*US0001M + 6.000)%, 09/25/2046		$	1,052,742		0.0
26,775,621 (4)	Fannie Mae REMICS 2016-88 CS, 4.426%, (-1.000*US0001M + 6.050)%, 12/25/2046			3,145,778		0.1
7,447,407 (4)	Fannie Mae REMICS 2016-93 SL, 5.026%, (-1.000*US0001M + 6.650)%, 12/25/2046			865,234		0.0
1,144,714	Fannie Mae REMICS 2016-97 PA, 3.000%, 12/25/2044			1,118,206		0.1
8,474,586 (4)	Fannie Mae REMICS 2017-23 IO, 6.000%, 04/25/2047			1,855,974		0.1
1,252,340	Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			1,194,346		0.1
4,192,275	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			4,241,374		0.2
233,351	Fannie Mae REMICS 2018-27 EA, 3.000%, 05/25/2048			222,349		0.0
3,964,302 (4)	Fannie Mae REMICS 2018-43 SE, 4.626%, (-1.000*US0001M + 6.250)%, 09/25/2038			467,560		0.0
587,421	Fannie Mae REMICS 2018-64 ET, 3.000%, 09/25/2048			560,479		0.0
19,294,394 (4)	Fannie Mae REMICS 2019-17 SB, 4.476%, (-1.000*US0001M + 6.100)%, 09/25/2038			2,049,387		0.1
7,211,155 (4)	Fannie Mae REMICS 2019-18 SA, 4.426%, (-1.000*US0001M + 6.050)%, 05/25/2049			965,907		0.0
5,947,386 (4)	Fannie Mae REMICS 2019-25 PS, 4.426%, (-1.000*US0001M + 6.050)%, 06/25/2049			839,098		0.0
16,691,877 (4)	Fannie Mae REMICS 2019-33 PS, 4.426%, (-1.000*US0001M + 6.050)%, 07/25/2049			2,351,418		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
11,224,236 (4)	Fannie Mae REMICS 2020-94 SC, 4.326%, (-1.000*US0001M + 5.950)%, 07/25/2050		$	1,474,682		0.1
19,982,549 (4)	Fannie Mae REMICS 2021-8 TI, 4.000%, 03/25/2051			3,875,206		0.2
7,073,221	Fannie Mae REMICS 2022-5 CZ, 2.500%, 02/25/2052			5,203,395		0.2
131,878 (3)	First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 2.801%, 03/25/2035			89,232		0.0
73,678 (3)	First Horizon Asset Securities, Inc. 2005-AR6 4A1, 2.683%, 02/25/2036			66,058		0.0
19,542 (3)	First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 3.214%, 08/25/2035			13,303		0.0
1,350,077 (2)(3)	Flagstar Mortgage Trust 2018-1 B1, 3.961%, 03/25/2048			1,252,803		0.1
1,890,108 (2)(3)	Flagstar Mortgage Trust 2018-1 B3, 3.961%, 03/25/2048			1,734,054		0.1
1,640,193 (2)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.006%, 04/25/2048			1,517,536		0.1
3,127,187 (4)	Freddie Mac 2815 GS, 4.676%, (-1.000*US0001M + 6.000)%, 03/15/2034			359,982		0.0
116,449	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			122,651		0.0
118,236	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			124,010		0.0
57,447	Freddie Mac REMIC Trust 2411 FJ, 1.674%, (US0001M + 0.350)%, 12/15/2029			57,248		0.0
73,219	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			77,223		0.0

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
16,638	Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022		$	16,676		0.0
175,736	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			186,715		0.0
69,739	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			74,315		0.0
158,569 (4)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			31,572		0.0
204,389	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			215,876		0.0
652,524	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			680,735		0.0
447,658	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			467,041		0.0
551,252	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			577,283		0.0
3,593,592 (4)	Freddie Mac REMIC Trust 3045 DI, 5.406%, (-1.000*US0001M + 6.730)%, 10/15/2035			454,040		0.0
426,273 (4)	Freddie Mac REMIC Trust 3064 SP, 5.276%, (-1.000*US0001M + 6.600)%, 03/15/2035			5,392		0.0
241,810	Freddie Mac REMIC Trust 3065 DC, 15.888%, (-3.000*US0001M + 19.860)%, 03/15/2035			272,052		0.0
363,103 (4)	Freddie Mac REMIC Trust 3102 IS, 19.712%, (-3.667*US0001M + 24.567)%, 01/15/2036			128,202		0.0
1,830,022	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			1,924,047		0.1
1,107,051 (4)	Freddie Mac REMIC Trust 3170 SA, 5.276%, (-1.000*US0001M + 6.600)%, 09/15/2033			138,632		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
541,098 (4)	Freddie Mac REMIC Trust 3171 PS, 5.161%, (-1.000*US0001M + 6.485)%, 06/15/2036		$	55,118		0.0
839,434	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			879,041		0.0
218,038 (3)(4)	Freddie Mac REMIC Trust 3524 LA, 4.958%, 03/15/2033			215,533		0.0
44,452	Freddie Mac REMIC Trust 3556 NT, 4.424%, (US0001M + 3.100)%, 03/15/2038			45,039		0.0
3,949,485 (4)	Freddie Mac REMIC Trust 3589 SB, 4.876%, (-1.000*US0001M + 6.200)%, 10/15/2039			493,643		0.0
521,461 (4)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			68,702		0.0
4,066,511	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			4,334,993		0.2
1,373,448	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			1,467,611		0.1
693,013	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			726,595		0.0
731,101	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			725,236		0.0
2,911,551 (4)	Freddie Mac REMIC Trust 3856 KS, 5.226%, (-1.000*US0001M + 6.550)%, 05/15/2041			373,465		0.0
1,059,609	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			1,095,199		0.0
529,754 (4)	Freddie Mac REMIC Trust 3925 SD, 4.726%, (-1.000*US0001M + 6.050)%, 07/15/2040			24,620		0.0

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,956,297 (4)	Freddie Mac REMIC Trust 3925 SL, 4.726%, (-1.000*US0001M + 6.050)%, 01/15/2041		$	79,159		0.0
7,603,798 (4)	Freddie Mac REMIC Trust 3951 SN, 5.226%, (-1.000*US0001M + 6.550)%, 11/15/2041			1,134,338		0.1
456,995	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			469,624		0.0
1,097,191	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042			1,228,853		0.1
101,322 (4)	Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040			835		0.0
1,200,890 (4)	Freddie Mac REMIC Trust 4094 YS, 5.376%, (-1.000*US0001M + 6.700)%, 04/15/2040			31,769		0.0
4,038,292 (4)	Freddie Mac REMIC Trust 4102 MS, 5.276%, (-1.000*US0001M + 6.600)%, 09/15/2042			718,475		0.0
501,522 (4)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			74,882		0.0
3,656,550	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			3,566,225		0.1
23,092,391	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			23,860,528		0.9
5,080,821 (4)	Freddie Mac REMIC Trust 4313 SD, 4.826%, (-1.000*US0001M + 6.150)%, 03/15/2044			597,174		0.0
7,787,034 (4)	Freddie Mac REMIC Trust 4313 SE, 4.826%, (-1.000*US0001M + 6.150)%, 03/15/2044			968,913		0.0
360,111 (4)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			11,886		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
800,957 (4)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043		$	139,189		0.0
8,129,033	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			8,220,919		0.3
2,370,700 (4)	Freddie Mac REMIC Trust 4346 ST, 4.876%, (-1.000*US0001M + 6.200)%, 07/15/2039			137,975		0.0
12,560,996	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			12,579,182		0.5
2,273,941 (4)	Freddie Mac REMIC Trust 4386 LS, 4.776%, (-1.000*US0001M + 6.100)%, 09/15/2044			285,512		0.0
5,518,306 (4)	Freddie Mac REMICS 3284 CI, 4.796%, (-1.000*US0001M + 6.120)%, 03/15/2037			711,885		0.0
2,332,083 (4)	Freddie Mac REMICS 3311 IC, 5.086%, (-1.000*US0001M + 6.410)%, 05/15/2037			325,059		0.0
5,238,437 (4)	Freddie Mac REMICS 3510 IC, 4.756%, (-1.000*US0001M + 6.080)%, 08/15/2037			682,477		0.0
2,413,722 (4)	Freddie Mac REMICS 3575 ST, 5.276%, (-1.000*US0001M + 6.600)%, 04/15/2039			344,250		0.0
7,879,141 (4)	Freddie Mac REMICS 3702 SB, 3.176%, (-1.000*US0001M + 4.500)%, 08/15/2040			514,292		0.0
9,377,077 (4)	Freddie Mac REMICS 4139 CS, 4.826%, (-1.000*US0001M + 6.150)%, 12/15/2042			1,404,932		0.1
2,535,872 (4)	Freddie Mac REMICS 4465 MI, 5.000%, 03/15/2041			601,035		0.0
7,605,871 (4)	Freddie Mac REMICS 4675 KS, 4.676%, (-1.000*US0001M + 6.000)%, 04/15/2047			1,198,743		0.1

See Accompanying Notes to Financial Statements

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TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,712,235	Freddie Mac REMICS 4753 VZ, 3.000%, 12/15/2047		$	1,502,052		0.1
1,598,086	Freddie Mac REMICS 4755 Z, 3.000%, 02/15/2048			1,481,992		0.1
15,553,577	Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048			14,846,250		0.6
881,881	Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048			871,324		0.0
18,824,787 (4)	Freddie Mac REMICS 4901 BS, 4.476%, (-1.000*US0001M + 6.100)%, 07/25/2049			2,208,155		0.1
37,195,765 (4)	Freddie Mac REMICS 5072 IU, 2.500%, 02/25/2051			6,013,875		0.2
32,173,543 (4)	Freddie Mac REMICS 5077 LI, 3.000%, 02/25/2051			5,074,887		0.2
19,926,467 (4)	Freddie Mac REMICS 5118 LI, 3.000%, 06/25/2041			2,586,623		0.1
9,267,086	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			9,270,763		0.4
2,000,000 (2)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 4.326%, (SOFR30A + 3.400)%, 10/25/2041			1,719,960		0.1
2,550,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 3.026%, (SOFR30A + 2.100)%, 09/25/2041			2,236,872		0.1
5,000,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 4.676%, (SOFR30A + 3.750)%, 12/25/2041			4,155,939		0.2
1,700,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 3.276%, (SOFR30A + 2.350)%, 12/25/2041			1,472,802		0.1
4,000,000 (2)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 4.326%, (SOFR30A + 3.400)%, 01/25/2042			3,389,401		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,500,000 (2)	Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 3.426%, (SOFR30A + 2.500)%, 01/25/2042		$	2,147,170		0.1
356,906 (3)(4)	Freddie Mac Strips 347 118, 4.500%, 02/15/2044			71,642		0.0
9,281,507 (3)(4)	Freddie Mac Strips 347 C29, 3.000%, 01/15/2044			1,349,246		0.1
8,135,634 (3)(4)	Freddie Mac Strips 347 C30, 3.500%, 02/15/2044			1,361,299		0.1
3,080,737 (3)(4)	Freddie Mac Strips 347 C31, 4.000%, 02/15/2044			577,063		0.0
8,711,609 (4)	Freddie Mac Strips 351 C1, 2.500%, 02/15/2031			537,043		0.0
5,983,814 (4)	Freddie Mac Strips 351 C11, 3.500%, 02/15/2031			536,567		0.0
7,877,071 (4)	Freddie Mac Strips 351 C12, 4.000%, 02/15/2031			792,504		0.0
5,517,824 (4)	Freddie Mac Strips 351 C13, 3.000%, 02/15/2031			429,281		0.0
9,095,108 (4)	Freddie Mac Strips 351 C2, 3.000%, 02/15/2031			679,086		0.0
7,592,751 (4)	Freddie Mac Strips 351 C7, 3.000%, 02/15/2031			563,696		0.0
8,014,282 (4)	Freddie Mac Strips 351 C8, 3.500%, 02/15/2031			728,560		0.0
4,745,656 (4)	Freddie Mac Strips Series 311 S1, 4.626%, (-1.000*US0001M + 5.950)%, 08/15/2043			695,427		0.0
209,212	Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 5.624%, (US0001M + 4.000)%, 08/25/2024			210,906		0.0

See Accompanying Notes to Financial Statements

114

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
44,521	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 5.524%, (US0001M + 3.900)%, 12/25/2027		$	44,463		0.0
974,879	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 3.924%, (US0001M + 2.300)%, 09/25/2030			968,018		0.0
2,000,000 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 3.226%, (SOFR30A + 2.300)%, 08/25/2033			1,894,447		0.1
1,000,000 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, 4.576%, (SOFR30A + 3.650)%, 11/25/2041			860,024		0.0
273,130	Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			298,400		0.0
1,711,014	Freddie Mac Structured Pass Through Certificates T-62 1A1, 1.676%, (12MTA + 1.200)%, 10/25/2044			1,759,267		0.1
9,556	Freddie Mac-Ginnie Mae Series 27 FC, 2.125%, (PRIME + (1.375))%, 03/25/2024			9,444		0.0
6,512,159 (4)	Ginnie Mae 2007-35 KY, 4.941%, (-1.000*US0001M + 6.450)%, 06/16/2037			894,600		0.0
527,580	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			502,265		0.0
446,174	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			417,941		0.0
192,632	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			177,125		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
142,203	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042		$	131,738		0.0
30,756,522 (4)	Ginnie Mae 2019-143 SC, 4.455%, (-1.000*US0001M + 6.050)%, 04/20/2046			4,008,513		0.2
29,328,179 (4)	Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051			5,137,766		0.2
12,834,519 (4)	Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051			1,780,745		0.1
481,054 (4)	Ginnie Mae Series 2005-7 AH, 5.261%, (-1.000*US0001M + 6.770)%, 02/16/2035			53,862		0.0
229,678	Ginnie Mae Series 2007-8 SP, 16.876%, (-3.242*US0001M + 22.048)%, 03/20/2037			302,718		0.0
1,352,719 (4)	Ginnie Mae Series 2008-35 SN, 4.805%, (-1.000*US0001M + 6.400)%, 04/20/2038			150,674		0.0
711,040 (4)	Ginnie Mae Series 2008-40 PS, 4.991%, (-1.000*US0001M + 6.500)%, 05/16/2038			82,618		0.0
5,670,226 (4)	Ginnie Mae Series 2009-106 SU, 4.605%, (-1.000*US0001M + 6.200)%, 05/20/2037			716,232		0.0
1,914,884 (4)	Ginnie Mae Series 2009-25 KS, 4.605%, (-1.000*US0001M + 6.200)%, 04/20/2039			254,334		0.0
892,829	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			920,866		0.0
982,580	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			1,018,206		0.0
9,536,588	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			9,709,524		0.4

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,133,549 (4)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040		$	97,928		0.0
1,215,862 (4)	Ginnie Mae Series 2010-116 NS, 5.141%, (-1.000*US0001M + 6.650)%, 09/16/2040			133,128		0.0
3,681,915 (4)	Ginnie Mae Series 2010-116 SK, 5.025%, (-1.000*US0001M + 6.620)%, 08/20/2040			449,287		0.0
4,200,339 (4)	Ginnie Mae Series 2010-149 HS, 4.591%, (-1.000*US0001M + 6.100)%, 05/16/2040			196,840		0.0
1,543,665 (4)	Ginnie Mae Series 2010-4 SP, 4.991%, (-1.000*US0001M + 6.500)%, 01/16/2039			90,375		0.0
1,722,773	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			1,766,499		0.1
642,394 (4)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			44,526		0.0
1,190,646 (4)	Ginnie Mae Series 2010-68 MS, 4.255%, (-1.000*US0001M + 5.850)%, 06/20/2040			137,084		0.0
2,961,488 (4)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			644,260		0.0
1,058,571 (4)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			42,943		0.0
85,090 (4)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			1,368		0.0
23,022	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			24,280		0.0
2,900,841 (4)	Ginnie Mae Series 2011-80 KS, 5.075%, (-1.000*US0001M + 6.670)%, 06/20/2041			444,280		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
73,308 (4)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040		$	4,871		0.0
6,181,889 (4)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			1,073,153		0.0
5,489,364 (4)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043			1,237,059		0.1
5,045,637	Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043			4,903,456		0.2
4,916,488 (4)	Ginnie Mae Series 2014-3 SU, 4.455%, (-1.000*US0001M + 6.050)%, 07/20/2039			595,304		0.0
6,160,976 (4)	Ginnie Mae Series 2014-55 MS, 4.691%, (-1.000*US0001M + 6.200)%, 04/16/2044			826,980		0.0
4,745,543 (4)	Ginnie Mae Series 2014-56 SP, 4.691%, (-1.000*US0001M + 6.200)%, 12/16/2039			476,752		0.0
5,750,299 (4)	Ginnie Mae Series 2014-58 CS, 4.091%, (-1.000*US0001M + 5.600)%, 04/16/2044			543,009		0.0
7,560,915 (4)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			1,541,724		0.1
2,713,525 (4)	Ginnie Mae Series 2014-99 S, 4.005%, (-1.000*US0001M + 5.600)%, 06/20/2044			317,573		0.0
1,368,641	Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048			1,361,083		0.1
1,549,132	Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			1,540,562		0.1
26,119,860 (4)	Ginnie Mae Series 2019-145 LS, 1.235%, (-1.000*US0001M + 2.830)%, 11/20/2049			418,939		0.0

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
246,959 (2)(3)	GS Mortgage- Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		$	243,357		0.0
1,348	GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032			1,312		0.0
34,915	HarborView Mortgage Loan Trust 2005-2 2A1A, 2.052%, (US0001M + 0.440)%, 05/19/2035			32,171		0.0
125,135	HomeBanc Mortgage Trust 2004-1 2A, 2.484%, (US0001M + 0.860)%, 08/25/2029			120,733		0.0
1,761,288	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 2.044%, (US0001M + 0.420)%, 02/25/2046			1,351,335		0.1
4,885 (3)	JP Morgan Mortgage Trust 2005-A1 6T1, 2.496%, 02/25/2035			4,673		0.0
49,540 (3)	JP Morgan Mortgage Trust 2007-A1 5A5, 2.417%, 07/25/2035			48,688		0.0
1,534,069 (2)(3)	JP Morgan Mortgage Trust 2017-4 B2, 3.883%, 11/25/2048			1,435,564		0.1
994,137 (2)(3)	JP Morgan Mortgage Trust 2017-6 B3, 3.777%, 12/25/2048			919,118		0.0
1,530,058 (2)(3)	JP Morgan Mortgage Trust 2018-1 B1, 3.633%, 06/25/2048			1,422,677		0.1
1,530,058 (2)(3)	JP Morgan Mortgage Trust 2018-1 B2, 3.633%, 06/25/2048			1,417,209		0.1
1,892,129 (2)(3)	JP Morgan Mortgage Trust 2018-1 B3, 3.633%, 06/25/2048			1,627,638		0.1
1,358,095 (2)(3)	JP Morgan Mortgage Trust 2018-3 B1, 3.712%, 09/25/2048			1,258,635		0.1
1,224,274 (2)(3)	JP Morgan Mortgage Trust 2018-4 B1, 3.716%, 10/25/2048			1,138,035		0.1
1,898,467 (2)(3)	JP Morgan Mortgage Trust 2019-8 B3A, 3.425%, 03/25/2050			1,731,936		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
32,920 (2)(3)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049		$	32,704		0.0
1,386,537 (2)(3)	JP Morgan Mortgage Trust 2020-8 B2, 3.513%, 03/25/2051			1,200,944		0.1
1,840,418 (2)(3)	JP Morgan Mortgage Trust 2020-8 B3, 3.513%, 03/25/2051			1,519,270		0.1
1,199,013,213 (2)(4)	L Street Securities 2017-PM1 XIO, 0.010%, 10/25/2048			1,626,521		0.1
6,537,323 (4)	Lehman Mortgage Trust 2006-9 2A5, 4.996%, (-1.000*US0001M + 6.620)%, 01/25/2037			862,535		0.0
700,000 (2)	Mello Warehouse Securitization Trust 2021-1 C, 1.768%, (US0001M + 1.100)%, 02/25/2055			687,434		0.0
40,011 (3)	Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 2.120%, 05/25/2033			39,232		0.0
14,985	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 2.124%, (US0001M + 0.250)%, 11/25/2035			14,220		0.0
2,000,000	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 3.424%, (US0001M + 1.800)%, 09/25/2035			2,067,778		0.1
1,330,860	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			874,819		0.0
6,500,000 (2)	Mortgage Insurance-Linked Notes 2021-3 M1B, 3.826%, (SOFR30A + 2.900)%, 02/25/2034			6,205,913		0.2
1,387,888 (2)(3)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,346,553		0.1

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
13,690 (2)(3)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030		$	13,301		0.0
2,900,000 (2)	Oaktown Re VII Ltd. 2021-2 M1C, 4.276%, (SOFR30A + 3.350)%, 04/25/2034			2,688,747		0.1
397,461	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			347,510		0.0
35,992 (2)	RBSSP Resecuritization Trust 2011-3 2A1, 1.506%, (US0001M + 0.250)%, 02/26/2037			35,992		0.0
1,263	RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032			1,222		0.0
1,714,694	Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057			1,746,005		0.1
711,751	Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057			676,203		0.0
931,375	Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057			882,978		0.0
726,440	Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058			688,534		0.0
759,587	Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058			721,343		0.0
471,092	Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058			447,734		0.0
195,412	Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058			185,704		0.0
39,903	Sequoia Mortgage Trust 2003-4 2A1, 2.295%, (US0001M + 0.350)%, 07/20/2033			37,828		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
13,313 (3)	Sequoia Mortgage Trust 2005-4 2A1, 2.602%, 04/20/2035		$	13,367		0.0
671,467 (2)(3)	Sequoia Mortgage Trust 2015-2 B3, 3.772%, 05/25/2045			606,918		0.0
774,636 (2)(3)	Sequoia Mortgage Trust 2015-3 B3, 3.723%, 07/25/2045			656,917		0.0
154,914 (2)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			151,057		0.0
2,001,533 (2)(3)	Sequoia Mortgage Trust 2020-3 B3, 3.330%, 04/25/2050			1,693,314		0.1
698,000 (2)(3)	Starwood Mortgage Residential Trust 2020-1, 2.878%, 02/25/2050			643,259		0.0
31,162 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-17 3A1, 2.961%, 08/25/2035			28,809		0.0
623,503 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 2.880%, 04/25/2035			595,255		0.0
110,844	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 2.095%, (US0001M + 0.250)%, 07/19/2035			104,764		0.0
58,535	Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 2.095%, (US0001M + 0.250)%, 07/19/2035			54,617		0.0
148,989 (3)	Thornburg Mortgage Securities Trust 2006-5 A1, 2.489%, 10/25/2046			145,076		0.0
4,164	WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 1.473%, (COF 11 + 1.250)%, 02/27/2034			4,070		0.0
14,366	WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 1.876%, (12MTA + 1.400)%, 08/25/2042			13,649		0.0

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
19,720	WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 2.264%, (US0001M + 0.640)%, 01/25/2045		$	18,741		0.0
424,381 (3)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 2.521%, 10/25/2036			399,369		0.0
235,299	WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 1.723%, (COF 11 + 1.500)%, 07/25/2046			211,658		0.0
35,604,659 (3)(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.017%, 08/25/2045			160,280		0.0
961,089	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 2.604%, (US0001M + 0.490)%, 10/25/2045			915,658		0.0
453,730 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.011%, 10/25/2036			435,591		0.0
792,744 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 2.387%, 12/25/2036			713,191		0.0
1,508,652 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.853%, 08/25/2046			1,412,211		0.1
1,412,621 (3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.107%, 07/25/2037			1,351,129		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,636,617	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036		$	1,405,922		0.1
148,571	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			142,110		0.0
1,264,759	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 1.824%, (US0001M + 0.200)%, 12/25/2036			739,391		0.0
864,745	Wells Fargo Alternative Loan 2007-PA2 2A1, 2.054%, (US0001M + 0.430)%, 06/25/2037			698,203		0.0
55,254 (3)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 3.067%, 05/25/2035			55,021		0.0
174,150 (3)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 2.870%, 04/25/2036			166,337		0.0
589,518 (2)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.754%, 08/20/2045			542,651		0.0
	Total Collateralized Mortgage Obligations (Cost $436,925,233)			393,000,384		14.8

MUNICIPAL BONDS: 0.1%
	California: 0.1%
500,000	California State University, 6.434%, 11/01/2030			566,337		0.1
200,000	Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033			238,290		0.0

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
MUNICIPAL BONDS: (continued)
	California (continued)
300,000	Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040		$	392,669		0.0
200,000	Regents of the University of California Medical Center Pooled Revenue, 6.398%, 05/15/2031			224,358		0.0
300,000	Regents of the University of California Medical Center Pooled Revenue, 6.548%, 05/15/2048			373,377		0.0
	Total Municipal Bonds (Cost $1,500,000)			1,795,031		0.1

U.S. GOVERNMENT AGENCY OBLIGATIONS: 22.6%
	Federal Home Loan Mortgage Corporation: 2.8%(5)
40,364	1.618%, (US0012M + 1.345)%,09/01/2035			41,025		0.0
4,402	2.339%, (H15T1Y + 2.250)%,11/01/2031			4,355		0.0
325	2.363%, (H15T1Y + 2.210)%,06/01/2024			323		0.0
10,674	2.375%, (H15T1Y + 2.250)%,11/01/2035			10,984		0.0
726,158	2.500%,05/01/2030			713,147		0.0
406,726	2.500%,05/01/2030			398,942		0.0
806,794	2.500%,06/01/2030			792,332		0.0
4,793,699	2.500%,02/01/2052			4,331,144		0.2
4,305,666	2.500%,02/01/2052			3,890,192		0.2
83,510	2.530%, (H15T1Y + 2.462)%,01/01/2029			83,323		0.0
1,828	2.602%, (H15T1Y + 2.250)%,03/01/2036			1,884		0.0
2,015,006	3.000%,03/01/2045			1,918,811		0.1
2,748,794	3.000%,03/01/2045			2,626,108		0.1
2,352,519	3.000%,04/01/2045			2,242,156		0.1
2,133,659	3.000%,04/01/2045			2,031,795		0.1
5,295,042	3.000%,10/01/2046			5,041,220		0.2
4,087,486	3.000%,10/01/2046			3,873,795		0.2
5,740,400	3.000%,03/01/2048			5,442,059		0.2
276,748	3.036%, (US0012M + 1.721)%,06/01/2035			285,369		0.0
2,428	3.250%, (H15T1Y + 2.250)%,04/01/2032			2,434		0.0
803,468	3.500%,08/01/2042			790,566		0.0
2,055,576	3.500%,03/01/2045			2,012,364		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
358,128	3.500%,04/01/2045		$	350,598		0.0
125,896	3.500%,05/01/2045			123,300		0.0
831,895	3.500%,05/01/2045			814,401		0.0
482,525	3.500%,06/01/2045			471,662		0.0
496,171	3.500%,07/01/2045			487,785		0.0
566,525	3.500%,07/01/2045			554,625		0.0
525,634	3.500%,08/01/2045			517,195		0.0
902,424	3.500%,08/01/2045			885,335		0.0
564,352	3.500%,08/01/2045			555,292		0.0
424,352	3.500%,08/01/2045			415,451		0.0
602,852	3.500%,08/01/2045			590,174		0.0
939,609	3.500%,09/01/2045			920,923		0.1
263,027	3.500%,09/01/2045			257,722		0.0
683,875	3.500%,09/01/2045			669,494		0.0
1,071,443	3.500%,11/01/2045			1,048,931		0.1
4,015,240	3.500%,12/01/2046			3,930,796		0.2
10,555,679	3.500%,03/01/2048			10,333,592		0.4
624,137	4.000%,10/01/2041			632,228		0.0
976,490	4.000%,12/01/2041			989,162		0.1
165,086	4.000%,07/01/2045			166,492		0.0
105,195	4.000%,09/01/2045			106,104		0.0
1,363,670	4.000%,09/01/2045			1,375,464		0.1
1,920,297	4.000%,09/01/2045			1,936,893		0.1
1,001,473	4.000%,09/01/2045			1,010,125		0.1
778,652	4.000%,05/01/2047			785,469		0.0
218,339	4.000%,11/01/2047			219,078		0.0
230,301	4.000%,03/01/2048			231,505		0.0
929,924	4.000%,06/01/2048			935,646		0.1
4,163	4.500%,06/01/2039			4,280		0.0
11,851	4.500%,09/01/2040			12,251		0.0
39,073	4.500%,03/01/2041			40,377		0.0
323,910	4.500%,08/01/2041			333,959		0.0
221,265	4.500%,08/01/2041			224,282		0.0
299,929	4.500%,09/01/2041			309,237		0.0
151,834	4.500%,09/01/2041			155,721		0.0
121,495	4.500%,09/01/2041			125,519		0.0
718,311	4.500%,09/01/2041			728,571		0.0
16,628	5.000%,05/01/2028			17,019		0.0
69,182	5.000%,05/01/2035			72,838		0.0
156,392	5.000%,01/01/2041			163,957		0.0
90,419	5.000%,04/01/2041			95,074		0.0
3,431	5.500%,03/01/2023			3,568		0.0
1,078	5.500%,05/01/2023			1,121		0.0
7,316	5.500%,03/01/2034			7,852		0.0
1,404	5.500%,05/01/2036			1,474		0.0
49,861	5.500%,06/01/2036			53,549		0.0
5,755	5.500%,12/01/2036			6,192		0.0

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
27,199	5.500%,03/01/2037		$	29,263		0.0
7,096	5.500%,04/01/2037			7,584		0.0
42,076	5.500%,05/01/2037			45,266		0.0
73,996	5.500%,07/01/2037			79,635		0.0
15,704	5.500%,09/01/2037			16,360		0.0
8,258	5.500%,10/01/2037			8,885		0.0
26,712	5.500%,11/01/2037			28,739		0.0
21,408	5.500%,12/01/2037			22,959		0.0
77,959	5.500%,12/01/2037			83,869		0.0
5,430	5.500%,01/01/2038			5,842		0.0
5,625	5.500%,01/01/2038			6,033		0.0
73,169	5.500%,02/01/2038			78,742		0.0
54,494	5.500%,02/01/2038			58,629		0.0
50,167	5.500%,03/01/2038			53,959		0.0
64,767	5.500%,04/01/2038			69,666		0.0
5,672	5.500%,05/01/2038			6,104		0.0
47,962	5.500%,05/01/2038			50,693		0.0
139,869	5.500%,06/01/2038			150,500		0.0
39,829	5.500%,06/01/2038			42,852		0.0
131,705	5.500%,07/01/2038			141,666		0.0
6,892	5.500%,08/01/2038			7,415		0.0
26,948	5.500%,08/01/2038			28,979		0.0
30,642	5.500%,09/01/2038			32,950		0.0
26,002	5.500%,10/01/2038			27,970		0.0
29,540	5.500%,10/01/2038			31,776		0.0
108,519	5.500%,11/01/2038			116,756		0.0
2,901	5.500%,11/01/2038			3,122		0.0
10,506	5.500%,12/01/2038			11,283		0.0
6,529	5.500%,12/01/2038			7,024		0.0
23,808	5.500%,01/01/2039			25,603		0.0
48,657	5.500%,03/01/2039			52,350		0.0
19,028	5.500%,07/01/2039			20,271		0.0
12,885	5.500%,12/01/2039			13,860		0.0
84,449	5.500%,03/01/2040			90,838		0.0
56,106	5.500%,08/01/2040			60,332		0.0
36,651	5.500%,08/01/2040			38,177		0.0
27,799	5.500%,08/01/2040			29,855		0.0
254,250	6.000%,09/01/2027			267,684		0.0
4,583	6.000%,02/01/2029			4,825		0.0
6,018	6.000%,05/01/2035			6,519		0.0
244,468	6.000%,03/01/2037			268,347		0.0
1,875	6.000%,05/01/2037			2,061		0.0
26,546	6.000%,07/01/2037			29,135		0.0
32,297	6.000%,08/01/2037			35,464		0.0
6,127	6.000%,08/01/2037			6,561		0.0
174,738	6.000%,09/01/2037			191,794		0.0
510	6.000%,10/01/2037			559		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
6,864	6.000%,11/01/2037		$	7,537		0.0
5,487	6.000%,12/01/2037			5,998		0.0
1,905	6.000%,12/01/2037			2,010		0.0
161,758	6.000%,01/01/2038			176,125		0.0
1,046	6.000%,04/01/2038			1,148		0.0
6,785	6.000%,06/01/2038			7,251		0.0
354	6.000%,07/01/2038			373		0.0
22,034	6.000%,08/01/2038			23,524		0.0
47,176	6.000%,11/01/2038			51,456		0.0
12,093	6.000%,05/01/2039			13,030		0.0
7,162	6.000%,08/01/2039			7,623		0.0
1,679	6.000%,09/01/2039			1,768		0.0
559,157	6.500%,09/01/2034			598,746		0.0
				73,501,956		2.8
	Federal National Mortgage Association: 2.5%(5)
27,227	1.524%, (12MTA + 1.200)%,08/01/2042			27,693		0.0
44,839	1.524%, (12MTA + 1.200)%,08/01/2042			45,684		0.0
13,944	1.524%, (12MTA + 1.200)%,10/01/2044			14,218		0.0
24,053	1.524%, (12MTA + 1.200)%,10/01/2044			24,530		0.0
35,041	1.637%, (US0012M + 1.486)%,07/01/2035			34,875		0.0
31,040	1.704%, (US0006M + 1.373)%,09/01/2035			30,725		0.0
11,839	1.711%, (US0012M + 1.444)%,08/01/2035			11,791		0.0
135,387	1.908%, (US0012M + 1.661)%,10/01/2035			134,282		0.0
39,473	1.966%, (US0001M + 1.422)%,02/01/2033			39,831		0.0
331,689	1.982%, (H15T1Y + 1.711)%,08/01/2035			331,995		0.0
62,769	1.996%, (US0012M + 1.610)%,02/01/2034			63,411		0.0
4,132,848	2.000%,10/01/2050			3,613,690		0.1
1,056,966	2.000%,11/01/2051			925,452		0.0
2,909,397	2.000%,11/01/2051			2,541,502		0.1
37,016,000 (6)	2.000%,07/15/2052			32,134,515		1.2
136,559	2.060%, (US0012M + 1.810)%,09/01/2034			140,310		0.0
19,626	2.175%, (US0012M + 1.675)%,02/01/2035			19,520		0.0
61,378	2.300%, (H15T1Y + 2.175)%,10/01/2035			61,025		0.0

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association (continued)
52,870	2.357%, (US0012M + 1.480)%,04/01/2035		$	52,609		0.0
4,857,875	2.500%,12/01/2051			4,403,397		0.2
4,969,359	2.500%,02/01/2052			4,479,036		0.2
1,553	2.506%, (H15T1Y + 2.215)%,09/01/2031			1,546		0.0
7,364	2.585%, (H15T1Y + 2.210)%,04/01/2032			7,282		0.0
3,970,512	3.000%,05/01/2052			3,713,490		0.1
9,876,327	3.000%,05/01/2052			9,229,264		0.4
2,136	3.182%, (COF 11 + 1.251)%,05/01/2036			2,140		0.0
18,552	3.965%, (COF 11 + 1.926)%,12/01/2036			18,905		0.0
4,975,797	4.000%,05/01/2052			4,941,767		0.2
				67,044,485		2.5
	Government National Mortgage Association: 3.1%
1,343,728	2.500%,05/20/2051			1,235,369		0.1
4,595,080	2.500%,08/20/2051			4,215,073		0.2
3,740,972	2.500%,09/20/2051			3,438,029		0.1
4,959,763	2.500%,04/20/2052			4,549,291		0.2
54,900,000 (6)	2.500%,07/15/2052			50,259,235		1.9
4,390,000 (6)	3.000%,07/15/2052			4,139,976		0.2
2,087,912	3.500%,07/20/2046			2,046,512		0.1
325,742	3.500%,07/20/2047			320,763		0.0
5,314,718	3.500%,12/20/2047			5,251,739		0.2
2,959,919	3.500%,01/20/2048			2,924,843		0.1
411,185	4.000%,11/20/2040			418,287		0.0
778,679	4.000%,03/20/2046			788,309		0.0
645,008	4.500%,08/20/2041			674,699		0.0
309,295	4.500%,01/20/2047			323,272		0.0
13,068	5.000%,11/15/2035			13,633		0.0
1,796	5.000%,11/15/2035			1,861		0.0
5,080	5.000%,11/15/2035			5,371		0.0
4,749	5.000%,11/15/2035			4,928		0.0
14,156	5.000%,06/15/2037			14,686		0.0
31,136	5.000%,03/15/2038			32,845		0.0
94,268	5.000%,03/15/2038			99,618		0.0
4,794	5.000%,06/15/2038			5,000		0.0
1,820	5.000%,09/15/2038			1,906		0.0
8,918	5.000%,11/15/2038			9,278		0.0
32,083	5.000%,11/15/2038			33,923		0.0
662,881	5.000%,12/15/2038			703,128		0.0
50,714	5.000%,12/15/2038			53,778		0.0
7,608	5.000%,12/15/2038			7,892		0.0
90,509	5.000%,01/15/2039			95,936		0.0
47,155	5.000%,01/15/2039			50,023		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
501,748	5.000%,01/15/2039		$	529,364		0.0
42,486	5.000%,02/15/2039			44,898		0.0
69,587	5.000%,02/15/2039			73,681		0.0
20,306	5.000%,02/15/2039			21,468		0.0
1,686	5.000%,03/15/2039			1,789		0.0
51,424	5.000%,03/15/2039			54,369		0.0
52,907	5.000%,03/15/2039			55,933		0.0
95,247	5.000%,03/15/2039			100,657		0.0
55,344	5.000%,04/15/2039			58,323		0.0
74,430	5.000%,05/15/2039			78,141		0.0
398	5.000%,05/15/2039			413		0.0
32,870	5.000%,05/15/2039			34,672		0.0
46,609	5.000%,07/15/2039			49,426		0.0
36,662	5.000%,09/15/2039			38,595		0.0
8,566	5.000%,11/15/2039			9,033		0.0
1,305	5.000%,04/15/2040			1,379		0.0
8,388	5.000%,06/15/2040			8,874		0.0
17,936	5.000%,09/15/2040			18,979		0.0
11,237	5.000%,09/15/2040			11,648		0.0
38,009	5.000%,10/15/2040			40,306		0.0
46,792	5.000%,05/15/2042			48,528		0.0
232,966	5.000%,02/20/2043			247,793		0.0
				83,247,472		3.1
	Uniform Mortgage-Backed Securities: 14.2%
1,972,849	2.000%,02/01/2052			1,720,595		0.1
3,923,682	2.000%,02/01/2052			3,421,982		0.2
1,174,443	2.500%,05/01/2030			1,152,329		0.1
2,258,733	2.500%,06/01/2030			2,216,203		0.1
1,689,680	2.500%,06/01/2030			1,657,869		0.1
1,024,366	2.500%,07/01/2030			1,005,073		0.1
2,941,544	2.500%,02/01/2052			2,667,565		0.1
4,905,203	2.500%,02/01/2052			4,442,636		0.2
82,700,000 (6)	2.500%,07/15/2052			74,397,696		2.8
2,375,468	3.000%,08/01/2030			2,368,387		0.1
1,216,197	3.000%,09/01/2030			1,212,567		0.1
851,297	3.000%,08/01/2043			813,979		0.1
1,450,920	3.000%,09/01/2043			1,386,961		0.1
5,328,957	3.000%,04/01/2045			5,074,902		0.2
3,310,456	3.000%,08/01/2046			3,138,332		0.1
311,332	3.000%,09/01/2046			294,943		0.0
4,377,845	3.000%,01/01/2047			4,144,528		0.2
4,903,617	3.000%,02/01/2052			4,600,371		0.2
2,951,288	3.000%,02/01/2052			2,767,177		0.1
17,900,000 (6)	3.000%,07/15/2052			16,676,367		0.6
485,743	3.500%,12/01/2041			477,585		0.0
398,886	3.500%,08/01/2042			392,133		0.0

See Accompanying Notes to Financial Statements

122

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
79,827	3.500%,08/01/2042		$	78,318		0.0
547,836	3.500%,10/01/2042			538,522		0.0
341,977	3.500%,10/01/2042			336,163		0.0
236,629	3.500%,03/01/2043			232,618		0.0
1,985,187	3.500%,01/01/2046			1,941,733		0.1
3,409,005	3.500%,02/01/2046			3,334,406		0.1
14,585,304	3.500%,08/01/2046			14,266,088		0.6
2,279,672	3.500%,08/01/2046			2,229,793		0.1
2,293,655	3.500%,09/01/2047			2,239,008		0.1
6,771,136	3.500%,07/01/2048			6,623,339		0.3
2,665,360	3.500%,02/01/2052			2,578,825		0.1
2,575	4.000%,05/01/2029			2,619		0.0
19,908	4.000%,11/01/2030			20,255		0.0
11,001	4.000%,02/01/2031			11,194		0.0
5,663	4.000%,10/01/2031			5,762		0.0
4,127,235	4.000%,12/01/2039			4,176,572		0.2
1,985,098	4.000%,07/01/2042			2,009,014		0.1
524,767	4.000%,07/01/2042			531,069		0.0
212,680	4.000%,07/01/2042			215,089		0.0
314,312	4.000%,08/01/2042			312,906		0.0
162,617	4.000%,08/01/2042			163,398		0.0
1,320,862	4.000%,08/01/2043			1,332,443		0.1
2,268,961	4.000%,09/01/2043			2,288,930		0.1
80,259	4.000%,10/01/2043			80,874		0.0
149,020	4.000%,10/01/2043			150,160		0.0
4,291,881	4.000%,01/01/2045			4,335,598		0.2
411,337	4.000%,06/01/2045			414,495		0.0
1,764,940	4.000%,07/01/2045			1,776,760		0.1
716,874	4.000%,07/01/2045			721,823		0.0
3,312,826	4.000%,02/01/2046			3,338,257		0.1
643,148	4.000%,06/01/2047			648,442		0.0
125,728	4.000%,03/01/2048			125,747		0.0
432,353	4.000%,03/01/2048			433,535		0.0
3,120,368	4.000%,09/01/2048			3,128,757		0.1
77,558,000 (6)	4.000%,07/15/2052			76,502,181		2.9
17,311	4.500%,10/01/2025			17,488		0.0
297,800	4.500%,07/01/2026			304,661		0.0
302,878	4.500%,04/01/2029			306,046		0.0
4,457	4.500%,06/01/2029			4,503		0.0
54,389	4.500%,06/01/2029			54,957		0.0
57,992	4.500%,07/01/2029			58,599		0.0
1,350	4.500%,10/01/2029			1,367		0.0
8,487	4.500%,06/01/2030			8,589		0.0
252,328	4.500%,10/01/2030			256,821		0.0
62,065	4.500%,02/01/2031			62,929		0.0
41,805	4.500%,05/01/2031			42,553		0.0
31,290	4.500%,10/01/2033			32,215		0.0
13,576	4.500%,01/01/2034			13,936		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
3,799	4.500%,07/01/2034		$	3,909		0.0
3,443	4.500%,09/01/2035			3,522		0.0
19,190	4.500%,09/01/2035			19,692		0.0
28,258	4.500%,11/01/2035			29,076		0.0
126,077	4.500%,02/01/2036			126,785		0.0
61,330	4.500%,01/01/2037			63,330		0.0
30,424	4.500%,09/01/2037			31,323		0.0
1,584	4.500%,02/01/2038			1,604		0.0
19,034	4.500%,01/01/2039			19,656		0.0
1,985	4.500%,02/01/2039			2,000		0.0
25,095	4.500%,02/01/2039			25,916		0.0
11,693	4.500%,04/01/2039			12,074		0.0
59,278	4.500%,04/01/2039			60,729		0.0
34,108	4.500%,04/01/2039			35,218		0.0
10,370	4.500%,05/01/2039			10,709		0.0
3,436	4.500%,05/01/2039			3,549		0.0
693,228	4.500%,05/01/2039			715,877		0.0
61,565	4.500%,05/01/2039			63,573		0.0
53,659	4.500%,05/01/2039			55,410		0.0
369	4.500%,05/01/2039			380		0.0
69,722	4.500%,05/01/2039			71,990		0.0
4,547	4.500%,06/01/2039			4,696		0.0
87,820	4.500%,06/01/2039			90,681		0.0
43,352	4.500%,07/01/2039			44,770		0.0
19,384	4.500%,07/01/2039			19,756		0.0
12,436	4.500%,07/01/2039			12,842		0.0
40,630	4.500%,08/01/2039			41,956		0.0
156,046	4.500%,08/01/2039			161,135		0.0
83,502	4.500%,08/01/2039			86,227		0.0
56,117	4.500%,08/01/2039			57,953		0.0
150,008	4.500%,09/01/2039			154,909		0.0
133,440	4.500%,10/01/2039			137,804		0.0
8,118	4.500%,11/01/2039			8,383		0.0
63,477	4.500%,11/01/2039			65,548		0.0
6,784	4.500%,12/01/2039			6,868		0.0
3,865	4.500%,12/01/2039			3,992		0.0
287,838	4.500%,01/01/2040			297,208		0.0
3,456	4.500%,01/01/2040			3,505		0.0
128,668	4.500%,02/01/2040			132,873		0.0
65,425	4.500%,02/01/2040			67,564		0.0
41,094	4.500%,04/01/2040			42,324		0.0
456,575	4.500%,04/01/2040			470,271		0.0
191,312	4.500%,05/01/2040			194,197		0.0
34,977	4.500%,05/01/2040			35,504		0.0
47,721	4.500%,06/01/2040			49,153		0.0
221,106	4.500%,06/01/2040			228,308		0.0
2,988	4.500%,06/01/2040			3,085		0.0
26,146	4.500%,06/01/2040			26,998		0.0

See Accompanying Notes to Financial Statements

123

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
91,483	4.500%,06/01/2040		$	94,467		0.0
97,299	4.500%,07/01/2040			100,483		0.0
55,612	4.500%,07/01/2040			57,279		0.0
17,245	4.500%,07/01/2040			17,761		0.0
33,155	4.500%,08/01/2040			34,058		0.0
1,664	4.500%,08/01/2040			1,718		0.0
20,851	4.500%,08/01/2040			21,532		0.0
55,103	4.500%,08/01/2040			56,906		0.0
66,933	4.500%,08/01/2040			68,179		0.0
5,560	4.500%,08/01/2040			5,629		0.0
57,912	4.500%,08/01/2040			59,327		0.0
20,085	4.500%,09/01/2040			20,687		0.0
160,872	4.500%,09/01/2040			166,130		0.0
15,071	4.500%,09/01/2040			15,563		0.0
76,583	4.500%,09/01/2040			77,370		0.0
13,287	4.500%,09/01/2040			13,722		0.0
12,781	4.500%,09/01/2040			12,970		0.0
20,625	4.500%,09/01/2040			21,297		0.0
21,772	4.500%,10/01/2040			22,425		0.0
24,388	4.500%,10/01/2040			25,187		0.0
116,775	4.500%,10/01/2040			119,854		0.0
136,873	4.500%,10/01/2040			141,335		0.0
59,242	4.500%,10/01/2040			61,180		0.0
762,553	4.500%,11/01/2040			787,500		0.1
38,481	4.500%,11/01/2040			39,423		0.0
285,446	4.500%,11/01/2040			287,790		0.0
41,256	4.500%,11/01/2040			42,608		0.0
319,600	4.500%,11/01/2040			330,026		0.0
81,050	4.500%,12/01/2040			83,701		0.0
30,655	4.500%,12/01/2040			31,657		0.0
12,514	4.500%,12/01/2040			12,753		0.0
2,108	4.500%,12/01/2040			2,171		0.0
72,406	4.500%,12/01/2040			74,534		0.0
35,345	4.500%,12/01/2040			36,500		0.0
19,489	4.500%,12/01/2040			20,127		0.0
19,372	4.500%,12/01/2040			19,953		0.0
162,643	4.500%,12/01/2040			167,965		0.0
384,982	4.500%,01/01/2041			397,559		0.0
167,026	4.500%,01/01/2041			172,453		0.0
14,875	4.500%,01/01/2041			15,221		0.0
30,498	4.500%,01/01/2041			31,490		0.0
115,128	4.500%,01/01/2041			118,888		0.0
58,211	4.500%,02/01/2041			58,864		0.0
45,042	4.500%,02/01/2041			46,510		0.0
18,078	4.500%,02/01/2041			18,621		0.0
60,836	4.500%,02/01/2041			62,827		0.0
58,998	4.500%,02/01/2041			60,924		0.0
18,765	4.500%,03/01/2041			19,378		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
75,003	4.500%,03/01/2041		$	75,842		0.0
3,419	4.500%,03/01/2041			3,530		0.0
158,836	4.500%,03/01/2041			161,840		0.0
57,590	4.500%,03/01/2041			59,472		0.0
20,330	4.500%,03/01/2041			20,995		0.0
11,450	4.500%,03/01/2041			11,514		0.0
47,653	4.500%,03/01/2041			49,215		0.0
36,733	4.500%,03/01/2041			37,930		0.0
73,592	4.500%,04/01/2041			74,007		0.0
336,483	4.500%,04/01/2041			349,618		0.0
30,365	4.500%,04/01/2041			31,360		0.0
174,762	4.500%,04/01/2041			180,483		0.0
16,748	4.500%,04/01/2041			16,842		0.0
4,056	4.500%,04/01/2041			4,155		0.0
263,253	4.500%,05/01/2041			271,836		0.0
2,773	4.500%,05/01/2041			2,856		0.0
6,315	4.500%,05/01/2041			6,522		0.0
326,709	4.500%,05/01/2041			337,354		0.0
14,172	4.500%,05/01/2041			14,520		0.0
150,543	4.500%,05/01/2041			154,614		0.0
227,680	4.500%,05/01/2041			234,803		0.0
21,092	4.500%,05/01/2041			21,726		0.0
11,395	4.500%,05/01/2041			11,545		0.0
185,119	4.500%,06/01/2041			191,013		0.0
48,423	4.500%,06/01/2041			49,130		0.0
11,540	4.500%,06/01/2041			11,917		0.0
19,506	4.500%,07/01/2041			19,984		0.0
3,318	4.500%,07/01/2041			3,427		0.0
79,523	4.500%,07/01/2041			82,123		0.0
2,216	4.500%,07/01/2041			2,270		0.0
10,573	4.500%,07/01/2041			10,920		0.0
42,302	4.500%,07/01/2041			43,595		0.0
150,473	4.500%,07/01/2041			155,340		0.0
90,741	4.500%,08/01/2041			93,648		0.0
21,384	4.500%,08/01/2041			21,504		0.0
14,216	4.500%,08/01/2041			14,681		0.0
124,536	4.500%,08/01/2041			125,235		0.0
129,915	4.500%,08/01/2041			131,283		0.0
104,188	4.500%,08/01/2041			107,597		0.0
158,322	4.500%,08/01/2041			160,225		0.0
54,864	4.500%,08/01/2041			56,105		0.0
52,032	4.500%,09/01/2041			52,759		0.0
4,069	4.500%,09/01/2041			4,191		0.0
10,903	4.500%,09/01/2041			11,231		0.0
438,665	4.500%,09/01/2041			451,783		0.0
44,044	4.500%,10/01/2041			44,675		0.0
29,401	4.500%,10/01/2041			30,261		0.0
483,800	4.500%,10/01/2041			498,764		0.0

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
20,451	4.500%,10/01/2041		$	21,119		0.0
205,389	4.500%,10/01/2041			211,546		0.0
860,806	4.500%,10/01/2041			880,588		0.1
87,319	4.500%,10/01/2041			88,327		0.0
229,695	4.500%,10/01/2041			236,124		0.0
3,303	4.500%,11/01/2041			3,411		0.0
242,687	4.500%,11/01/2041			250,379		0.0
617,978	4.500%,12/01/2041			637,614		0.0
184,984	4.500%,12/01/2041			191,005		0.0
13,309	4.500%,01/01/2042			13,409		0.0
22,737	4.500%,01/01/2042			23,468		0.0
10,280	4.500%,01/01/2042			10,616		0.0
4,240	4.500%,03/01/2042			4,264		0.0
33,712	4.500%,03/01/2042			34,110		0.0
27,418	4.500%,04/01/2042			27,572		0.0
11,572	4.500%,06/01/2042			11,752		0.0
5,720	4.500%,08/01/2042			5,908		0.0
4,140	4.500%,09/01/2042			4,164		0.0
6,523	4.500%,01/01/2043			6,560		0.0
5,376	4.500%,12/01/2043			5,526		0.0
43,213	4.500%,04/01/2047			43,584		0.0
20,670	4.500%,05/01/2047			20,939		0.0
95,693	4.500%,06/01/2047			97,081		0.0
62,559	4.500%,06/01/2047			63,438		0.0
67,754	4.500%,07/01/2047			68,551		0.0
285,913	4.500%,07/01/2047			291,228		0.0
16,334	4.500%,08/01/2047			16,495		0.0
65,670,000 (6)	4.500%,07/15/2052			65,939,349		2.5
83	5.000%,04/01/2023			85		0.0
220	5.000%,12/01/2023			225		0.0
25,861	5.000%,04/01/2026			26,445		0.0
35,764	5.000%,05/01/2026			36,572		0.0
28,415	5.000%,08/01/2027			29,056		0.0
10,537	5.000%,04/01/2028			10,775		0.0
80,680	5.000%,05/01/2033			82,536		0.0
166,273	5.000%,06/01/2033			174,968		0.0
17,824	5.000%,08/01/2033			18,758		0.0
194,444	5.000%,09/01/2033			202,692		0.0
48,698	5.000%,02/01/2034			50,239		0.0
100,008	5.000%,03/01/2034			105,194		0.0
28,682	5.000%,06/01/2034			30,189		0.0
8,147	5.000%,11/01/2034			8,575		0.0
220,083	5.000%,02/01/2035			231,571		0.0
228,322	5.000%,03/01/2035			240,278		0.0
6,453	5.000%,05/01/2035			6,791		0.0
835,068	5.000%,07/01/2035			864,396		0.1
43,825	5.000%,08/01/2035			44,815		0.0
80,927	5.000%,09/01/2035			85,225		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
4,121	5.000%,09/01/2035		$	4,315		0.0
105,498	5.000%,10/01/2035			111,081		0.0
2,147	5.000%,10/01/2035			2,261		0.0
53,756	5.000%,12/01/2035			56,609		0.0
121,255	5.000%,02/01/2036			127,735		0.0
39,244	5.000%,03/01/2036			41,322		0.0
50,918	5.000%,04/01/2036			53,139		0.0
31,330	5.000%,05/01/2036			32,993		0.0
295,671	5.000%,07/01/2036			311,080		0.0
1,053,466	5.000%,12/01/2036			1,109,044		0.1
1,082,268	5.000%,07/01/2037			1,117,399		0.1
53,676	5.000%,04/01/2038			55,324		0.0
24,510	5.000%,04/01/2039			25,167		0.0
5,244	5.000%,07/01/2039			5,362		0.0
189,684	5.000%,11/01/2040			199,818		0.0
15,094	5.000%,04/01/2041			15,469		0.0
145,836	5.000%,05/01/2041			153,658		0.0
381,371	5.000%,06/01/2041			401,819		0.0
727,763	5.000%,06/01/2041			762,370		0.1
84	5.500%,11/01/2022			84		0.0
48	5.500%,11/01/2022			48		0.0
305	5.500%,11/01/2022			305		0.0
4	5.500%,12/01/2022			4		0.0
9,853	5.500%,06/01/2023			10,239		0.0
2,197	5.500%,07/01/2023			2,207		0.0
1,423	5.500%,09/01/2023			1,430		0.0
297	5.500%,01/01/2025			298		0.0
62	5.500%,08/01/2025			62		0.0
3,366	5.500%,07/01/2026			3,499		0.0
3,350	5.500%,12/01/2027			3,484		0.0
11,478	5.500%,04/01/2028			11,934		0.0
4,011	5.500%,08/01/2028			4,179		0.0
5,788	5.500%,01/01/2029			6,031		0.0
51,283	5.500%,10/01/2029			53,389		0.0
40,395	5.500%,04/01/2033			42,368		0.0
12,059	5.500%,10/01/2033			12,567		0.0
5,835	5.500%,11/01/2033			6,100		0.0
3,913	5.500%,11/01/2033			4,164		0.0
2,734	5.500%,11/01/2033			2,845		0.0
762	5.500%,11/01/2033			805		0.0
210,158	5.500%,12/01/2033			223,307		0.0
65,955	5.500%,12/01/2033			69,307		0.0
981	5.500%,12/01/2033			1,051		0.0
33,035	5.500%,12/01/2033			35,420		0.0
10,397	5.500%,12/01/2033			10,971		0.0
70,915	5.500%,01/01/2034			75,943		0.0
416	5.500%,01/01/2034			434		0.0
7,426	5.500%,01/01/2034			7,726		0.0

See Accompanying Notes to Financial Statements

125

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
8,736	5.500%,01/01/2034		$	9,341		0.0
16,501	5.500%,01/01/2034			17,178		0.0
3,766	5.500%,06/01/2034			3,992		0.0
4,940	5.500%,11/01/2034			5,139		0.0
33,478	5.500%,11/01/2034			35,901		0.0
688	5.500%,12/01/2034			738		0.0
19,735	5.500%,01/01/2035			21,153		0.0
22,791	5.500%,01/01/2035			23,744		0.0
9,792	5.500%,01/01/2035			10,501		0.0
942,316	5.500%,02/01/2035			1,010,741		0.1
9,226	5.500%,02/01/2035			9,648		0.0
6,596	5.500%,07/01/2035			7,007		0.0
554,445	5.500%,08/01/2035			587,421		0.0
2,629	5.500%,10/01/2035			2,819		0.0
31,254	5.500%,11/01/2035			33,223		0.0
331	5.500%,11/01/2035			346		0.0
492	5.500%,12/01/2035			527		0.0
79,778	5.500%,12/01/2035			85,572		0.0
9,387	5.500%,12/01/2035			10,085		0.0
553	5.500%,12/01/2035			594		0.0
6,251	5.500%,01/01/2036			6,645		0.0
54,607	5.500%,01/01/2036			58,645		0.0
420	5.500%,02/01/2036			437		0.0
8,173	5.500%,04/01/2036			8,770		0.0
653,889	5.500%,07/01/2036			701,524		0.0
425	5.500%,08/01/2036			456		0.0
55,065	5.500%,09/01/2036			59,019		0.0
32,780	5.500%,09/01/2036			35,158		0.0
83,309	5.500%,12/01/2036			89,506		0.0
1,041	5.500%,12/01/2036			1,118		0.0
84,789	5.500%,12/01/2036			90,263		0.0
824	5.500%,12/01/2036			886		0.0
10,493	5.500%,01/01/2037			11,202		0.0
48,109	5.500%,01/01/2037			51,693		0.0
68,498	5.500%,02/01/2037			73,602		0.0
194,640	5.500%,03/01/2037			207,515		0.0
7,021	5.500%,04/01/2037			7,544		0.0
8,940	5.500%,05/01/2037			9,542		0.0
1,325	5.500%,05/01/2037			1,419		0.0
19,566	5.500%,05/01/2037			21,021		0.0
527	5.500%,05/01/2037			566		0.0
19,730	5.500%,06/01/2037			21,003		0.0
47,846	5.500%,06/01/2037			51,392		0.0
19,833	5.500%,07/01/2037			21,055		0.0
28,117	5.500%,08/01/2037			30,195		0.0
25,443	5.500%,08/01/2037			27,335		0.0
10,355	5.500%,08/01/2037			11,111		0.0
70,688	5.500%,09/01/2037			75,952		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
577	5.500%,11/01/2037		$	620		0.0
250,299	5.500%,01/01/2038			268,928		0.0
784	5.500%,02/01/2038			837		0.0
473	5.500%,02/01/2038			508		0.0
4,632	5.500%,03/01/2038			4,872		0.0
230,704	5.500%,03/01/2038			247,947		0.0
447	5.500%,04/01/2038			476		0.0
41,880	5.500%,04/01/2038			44,719		0.0
9,239	5.500%,04/01/2038			9,630		0.0
74,539	5.500%,05/01/2038			78,430		0.0
2,060	5.500%,05/01/2038			2,215		0.0
5,457	5.500%,05/01/2038			5,864		0.0
59,325	5.500%,06/01/2038			63,778		0.0
15,586	5.500%,06/01/2038			16,641		0.0
1,187,521	5.500%,06/01/2038			1,276,421		0.1
312	5.500%,07/01/2038			335		0.0
27,937	5.500%,07/01/2038			30,025		0.0
39,769	5.500%,07/01/2038			42,730		0.0
33,100	5.500%,07/01/2038			35,589		0.0
7,662	5.500%,08/01/2038			8,224		0.0
16,067	5.500%,08/01/2038			17,109		0.0
60,947	5.500%,08/01/2038			65,500		0.0
132,372	5.500%,11/01/2038			142,311		0.0
32,671	5.500%,11/01/2038			35,096		0.0
21,420	5.500%,12/01/2038			23,032		0.0
116	5.500%,12/01/2038			122		0.0
243,442	5.500%,01/01/2039			261,714		0.0
35,536	5.500%,01/01/2039			38,194		0.0
70,765	5.500%,01/01/2039			76,056		0.0
13,400	5.500%,03/01/2039			14,408		0.0
206,359	5.500%,06/01/2039			221,835		0.0
125,458	5.500%,06/01/2039			134,893		0.0
11,968	5.500%,07/01/2041			12,863		0.0
243,868	5.500%,09/01/2041			261,371		0.0
132	6.000%,01/01/2023			138		0.0
56,048	6.000%,11/01/2028			58,933		0.0
273	6.000%,04/01/2031			294		0.0
241	6.000%,01/01/2032			253		0.0
546	6.000%,11/01/2032			596		0.0
511	6.000%,11/01/2032			538		0.0
34,688	6.000%,01/01/2033			37,851		0.0
2,263	6.000%,09/01/2033			2,393		0.0
348	6.000%,01/01/2034			369		0.0
26,745	6.000%,06/01/2035			28,221		0.0
5,707	6.000%,07/01/2035			6,027		0.0
4,035	6.000%,07/01/2035			4,406		0.0
7,897	6.000%,07/01/2035			8,657		0.0
4,612	6.000%,07/01/2035			4,852		0.0

See Accompanying Notes to Financial Statements

126

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
369	6.000%,10/01/2035		$	388		0.0
1,070	6.000%,10/01/2035			1,126		0.0
40,637	6.000%,11/01/2035			44,168		0.0
197,313	6.000%,12/01/2035			207,838		0.0
32,529	6.000%,12/01/2035			35,683		0.0
2,227	6.000%,12/01/2035			2,344		0.0
4,481	6.000%,01/01/2036			4,754		0.0
223	6.000%,02/01/2036			235		0.0
31,146	6.000%,02/01/2036			34,143		0.0
26,099	6.000%,02/01/2036			28,606		0.0
23,715	6.000%,03/01/2036			25,534		0.0
16,219	6.000%,03/01/2036			17,265		0.0
14,311	6.000%,04/01/2036			15,680		0.0
31,109	6.000%,04/01/2036			34,084		0.0
9,454	6.000%,05/01/2036			10,102		0.0
2,302	6.000%,06/01/2036			2,481		0.0
342	6.000%,06/01/2036			368		0.0
1,223	6.000%,07/01/2036			1,292		0.0
2,620	6.000%,07/01/2036			2,757		0.0
52,886	6.000%,07/01/2036			58,014		0.0
12,918	6.000%,07/01/2036			13,603		0.0
14,042	6.000%,08/01/2036			15,391		0.0
346,213	6.000%,08/01/2036			374,928		0.0
163,936	6.000%,08/01/2036			175,040		0.0
12,654	6.000%,08/01/2036			13,504		0.0
2,489	6.000%,08/01/2036			2,728		0.0
1,654	6.000%,08/01/2036			1,748		0.0
10,035	6.000%,09/01/2036			11,007		0.0
78	6.000%,09/01/2036			82		0.0
12,467	6.000%,09/01/2036			13,303		0.0
56,628	6.000%,09/01/2036			59,570		0.0
20,067	6.000%,09/01/2036			21,892		0.0
8,803	6.000%,09/01/2036			9,318		0.0
34,672	6.000%,09/01/2036			37,978		0.0
12,903	6.000%,10/01/2036			13,646		0.0
26,646	6.000%,10/01/2036			28,774		0.0
10,691	6.000%,10/01/2036			11,714		0.0
19,771	6.000%,10/01/2036			21,607		0.0
27,936	6.000%,10/01/2036			30,617		0.0
2,286	6.000%,10/01/2036			2,405		0.0
25,817	6.000%,11/01/2036			28,294		0.0
15,219	6.000%,11/01/2036			16,012		0.0
3,964	6.000%,11/01/2036			4,154		0.0
9,148	6.000%,11/01/2036			9,768		0.0
29,025	6.000%,12/01/2036			31,840		0.0
3,838	6.000%,12/01/2036			4,081		0.0
20,424	6.000%,12/01/2036			21,513		0.0
73,349	6.000%,12/01/2036			77,173		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,394	6.000%,12/01/2036		$	1,496		0.0
2,706	6.000%,12/01/2036			2,968		0.0
527	6.000%,01/01/2037			558		0.0
469	6.000%,01/01/2037			512		0.0
10,712	6.000%,01/01/2037			11,270		0.0
7,486	6.000%,01/01/2037			8,202		0.0
10,887	6.000%,02/01/2037			11,942		0.0
688	6.000%,02/01/2037			724		0.0
63,061	6.000%,02/01/2037			68,204		0.0
7,728	6.000%,02/01/2037			8,176		0.0
436	6.000%,03/01/2037			470		0.0
17,962	6.000%,03/01/2037			19,287		0.0
5,270	6.000%,03/01/2037			5,774		0.0
84,073	6.000%,03/01/2037			89,815		0.0
8,471	6.000%,03/01/2037			8,932		0.0
12,941	6.000%,03/01/2037			14,183		0.0
11,092	6.000%,04/01/2037			12,169		0.0
1,587	6.000%,04/01/2037			1,738		0.0
28,219	6.000%,04/01/2037			29,714		0.0
14,435	6.000%,04/01/2037			15,532		0.0
39,831	6.000%,04/01/2037			43,669		0.0
19,740	6.000%,04/01/2037			20,823		0.0
72,652	6.000%,04/01/2037			78,991		0.0
5,407	6.000%,04/01/2037			5,854		0.0
650	6.000%,04/01/2037			684		0.0
21,041	6.000%,04/01/2037			22,134		0.0
744	6.000%,04/01/2037			783		0.0
2,264	6.000%,04/01/2037			2,396		0.0
20,029	6.000%,04/01/2037			21,792		0.0
10,811	6.000%,05/01/2037			11,375		0.0
67,639	6.000%,05/01/2037			74,187		0.0
13,151	6.000%,05/01/2037			13,834		0.0
18,898	6.000%,05/01/2037			19,954		0.0
12,317	6.000%,05/01/2037			13,509		0.0
5,282	6.000%,05/01/2037			5,720		0.0
5,631	6.000%,05/01/2037			5,929		0.0
20,896	6.000%,05/01/2037			22,482		0.0
608	6.000%,05/01/2037			643		0.0
7,667	6.000%,05/01/2037			8,067		0.0
514	6.000%,05/01/2037			541		0.0
1,282	6.000%,06/01/2037			1,349		0.0
24,113	6.000%,06/01/2037			25,372		0.0
42,873	6.000%,06/01/2037			46,999		0.0
3,718	6.000%,06/01/2037			3,917		0.0
3,629	6.000%,06/01/2037			3,884		0.0
4,741	6.000%,06/01/2037			5,201		0.0
5,069	6.000%,06/01/2037			5,333		0.0
31,558	6.000%,07/01/2037			33,234		0.0

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
6,548	6.000%,07/01/2037		$	6,885		0.0
2,786	6.000%,07/01/2037			3,016		0.0
5,193	6.000%,07/01/2037			5,693		0.0
5,056	6.000%,07/01/2037			5,550		0.0
18,605	6.000%,07/01/2037			19,741		0.0
13,246	6.000%,07/01/2037			13,957		0.0
41,768	6.000%,07/01/2037			45,822		0.0
10,570	6.000%,07/01/2037			11,244		0.0
4,341	6.000%,08/01/2037			4,762		0.0
6,024	6.000%,08/01/2037			6,343		0.0
7,689	6.000%,08/01/2037			8,089		0.0
17,102	6.000%,08/01/2037			17,993		0.0
33,945	6.000%,08/01/2037			37,215		0.0
18,512	6.000%,08/01/2037			20,292		0.0
8,766	6.000%,08/01/2037			9,224		0.0
36,584	6.000%,08/01/2037			38,493		0.0
5,952	6.000%,09/01/2037			6,263		0.0
1,851	6.000%,09/01/2037			2,029		0.0
545	6.000%,09/01/2037			574		0.0
62,667	6.000%,09/01/2037			67,875		0.0
11,858	6.000%,09/01/2037			13,008		0.0
186,484	6.000%,09/01/2037			204,559		0.0
716	6.000%,10/01/2037			759		0.0
23,720	6.000%,10/01/2037			25,997		0.0
687	6.000%,11/01/2037			753		0.0
39,215	6.000%,11/01/2037			42,794		0.0
25,500	6.000%,11/01/2037			27,833		0.0
1,050	6.000%,12/01/2037			1,151		0.0
67,754	6.000%,12/01/2037			74,146		0.0
46,397	6.000%,12/01/2037			50,462		0.0
18,453	6.000%,12/01/2037			19,987		0.0
56,887	6.000%,02/01/2038			60,518		0.0
18,984	6.000%,02/01/2038			20,723		0.0
95,546	6.000%,02/01/2038			104,313		0.0
3,872	6.000%,03/01/2038			4,075		0.0
934	6.000%,03/01/2038			995		0.0
17,600	6.000%,03/01/2038			19,291		0.0
2,522	6.000%,05/01/2038			2,767		0.0
48,596	6.000%,05/01/2038			53,050		0.0
8,314	6.000%,06/01/2038			9,121		0.0
79,572	6.000%,07/01/2038			85,731		0.0
33,259	6.000%,07/01/2038			36,455		0.0
824	6.000%,08/01/2038			893		0.0
3,305	6.000%,09/01/2038			3,491		0.0
19,538	6.000%,09/01/2038			21,330		0.0
4,941	6.000%,09/01/2038			5,421		0.0
14,523	6.000%,09/01/2038			15,357		0.0
21,725	6.000%,10/01/2038			23,815		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
355	6.000%,10/01/2038		$	374		0.0
1,459	6.000%,10/01/2038			1,586		0.0
11,790	6.000%,10/01/2038			12,407		0.0
9,214	6.000%,10/01/2038			10,108		0.0
10,928	6.000%,10/01/2038			11,829		0.0
1,127	6.000%,11/01/2038			1,187		0.0
443	6.000%,11/01/2038			481		0.0
116,141	6.000%,11/01/2038			123,903		0.0
12,427	6.000%,12/01/2038			13,172		0.0
51,623	6.000%,12/01/2038			56,633		0.0
869	6.000%,12/01/2038			916		0.0
13,009	6.000%,10/01/2039			14,269		0.0
1,042	6.000%,10/01/2039			1,143		0.0
299,007	6.000%,02/01/2040			328,037		0.0
13,226	6.000%,04/01/2040			14,510		0.0
74,710	6.000%,09/01/2040			78,655		0.0
136,494	6.000%,10/01/2040			148,198		0.0
196,905	6.000%,05/01/2041			214,917		0.0
2,237	6.500%,04/01/2027			2,348		0.0
673	6.500%,02/01/2028			706		0.0
9	6.500%,06/01/2029			10		0.0
5,019	6.500%,01/01/2032			5,272		0.0
5,776	6.500%,04/01/2032			6,238		0.0
8,243	6.500%,10/01/2032			8,658		0.0
11,931	6.500%,10/01/2032			12,523		0.0
4,310	6.500%,03/01/2038			4,717		0.0
295	7.000%,08/01/2025			302		0.0
105	7.000%,02/01/2026			105		0.0
1,337	7.000%,03/01/2026			1,340		0.0
4,435	7.000%,03/01/2026			4,563		0.0
497	7.000%,12/01/2027			500		0.0
179,077	7.000%,03/01/2038			196,708		0.0
473,159	7.000%,04/01/2038			537,052		0.0
6,626	7.500%,09/01/2031			7,129		0.0
				376,035,079		14.2
	Total U.S. Government Agency Obligations (Cost $605,938,593)			599,828,992		22.6

U.S. TREASURY OBLIGATIONS: 10.7%
	U.S. Treasury Bonds: 3.2%
17,000	1.250%,05/15/2050			10,824		0.0
920,000	1.375%,11/15/2040			662,939		0.0
77,000	1.625%,11/15/2050			54,190		0.0
100	2.000%,11/15/2041			80		0.0
36,863,200 (1)	2.250%,02/15/2052			30,348,781		1.2
54,534,300	3.250%,05/15/2042			53,239,110		2.0
				84,315,924		3.2

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Notes: 7.5%
25,000	0.125%,10/15/2023		$	24,110		0.0
16,997,000	0.250%,06/15/2024			16,120,592		0.6
4,476,400	0.500%,11/30/2023			4,324,972		0.2
4,427,600	0.875%,01/31/2024			4,285,087		0.2
170,000	0.875%,06/30/2026			156,081		0.0
773,500	1.125%,02/15/2031			664,787		0.0
1,757,900	1.250%,11/30/2026			1,627,946		0.0
8,250,800	1.250%,09/30/2028			7,391,234		0.3
139,400	1.500%,01/31/2027			130,173		0.0
1,600,500	1.500%,11/30/2028			1,453,579		0.0
9,502,000 (1)	2.500%,05/31/2024			9,417,002		0.3
12,192,900 (1)	2.625%,05/31/2027			11,963,807		0.4
97,800	2.750%,04/30/2027			96,490		0.0
7,481,600	2.750%,05/31/2029			7,335,475		0.3
10,177,000	2.875%,06/15/2025			10,137,246		0.4
58,088,300 (1)	2.875%,05/15/2032			57,443,883		2.2
20,461,000	3.000%,06/30/2024			20,472,989		0.8
39,816,000	3.250%,06/30/2027			40,207,939		1.5
7,330,000	3.250%,06/30/2029			7,417,616		0.3
				200,671,008		7.5
	Total U.S. Treasury Obligations (Cost $288,597,802)			284,986,932		10.7

ASSET-BACKED SECURITIES: 6.4%
	Automobile Asset-Backed Securities: 0.0%
350,000 (2)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			327,842		0.0
13,283	Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025			13,289		0.0
				341,131		0.0
	Home Equity Asset-Backed Securities: 0.1%
1,211,201 (2)(3)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			986,692		0.0
144,150	Home Equity Asset Trust 2005-2 M5, 2.719%, (US0001M + 1.095)%, 07/25/2035			143,786		0.0
774,809	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 2.539%, (US0001M + 0.915)%, 03/25/2035			768,990		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities (continued)
94,574	New Century Home Equity Loan Trust 2005-2 M3, 2.359%, (US0001M + 0.735)%, 06/25/2035		$	94,387		0.0
44,987	Renaissance Home Equity Loan Trust 2003-2 A, 2.504%, (US0001M + 0.880)%, 08/25/2033			42,366		0.0
1,011,996 (3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			1,007,970		0.1
52,307	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 1.784%, (US0001M + 0.160)%, 11/25/2036			17,678		0.0
				3,061,869		0.1
	Other Asset-Backed Securities: 5.6%
2,000,000 (2)	AGL CLO 12 Ltd. 2021-12A C, 2.913%, (US0003M + 1.850)%, 07/20/2034			1,823,486		0.1
2,416,889 (2)(3)(4)(7)	American Homes 4 Rent 2015-SFR1 XS, 3.232%, 04/17/2052			—		—
650,000 (2)	AMMC CLO 16 Ltd. 2015-16A CR2, 2.988%, (US0003M + 1.950)%, 04/14/2029			626,923		0.0
3,470,000 (2)	Babson CLO Ltd. 2017-1A A2, 2.394%, (US0003M + 1.350)%, 07/18/2029			3,381,033		0.1
4,393,000 (2)	Babson CLO Ltd. 2018-3A A2, 2.363%, (US0003M + 1.300)%, 07/20/2029			4,301,186		0.2
886,667 (2)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046			793,939		0.0
623,025 (3)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 3.066%, 10/25/2036			601,607		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,250,000 (2)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 3.213%, (US0003M + 2.150)%, 01/20/2032		$	2,126,164		0.1
2,000,000 (2)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A1R, 2.214%, (US0003M + 1.170)%, 10/15/2034			1,932,184		0.1
1,950,000 (2)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A2R, 2.494%, (US0003M + 1.450)%, 10/15/2034			1,849,240		0.1
1,450,000 (2)	BlueMountain CLO Ltd. 2021-28A C, 3.044%, (US0003M + 2.000)%, 04/15/2034			1,335,694		0.1
5,000,000 (2)	BlueMountain CLO XXXI Ltd. 2021-31A C, 3.044%, (US0003M + 2.000)%, 04/19/2034			4,615,005		0.2
2,344,125 (2)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			2,226,297		0.1
3,490,000 (2)	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 2.233%, (US0003M + 1.170)%, 07/20/2034			3,368,230		0.1
3,000,000 (2)	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 3.063%, (US0003M + 2.000)%, 07/20/2034			2,702,244		0.1
1,750,000 (2)	California Street CLO IX L.P. 2012-9A CR3, 3.544%, (US0003M + 2.500)%, 07/16/2032			1,685,985		0.1
5,500,000 (2)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A BR2, 3.113%, (US0003M + 2.050)%, 04/20/2034			5,086,812		0.2
2,400,000 (2)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 2.174%, (US0003M + 1.130)%, 04/17/2031			2,293,241		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
3,250,000 (2)	Cedar Funding IV CLO Ltd. 2014-4A CRR, 3.184%, (US0003M + 2.000)%, 07/23/2034		$	2,985,170		0.1
3,000,000 (2)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 2.494%, (US0003M + 1.450)%, 10/17/2034			2,848,008		0.1
40,417	Chase Funding Trust Series 2002-4 2A1, 2.364%, (US0001M + 0.740)%, 10/25/2032			38,938		0.0
106,708	Chase Funding Trust Series 2003-5 2A2, 2.224%, (US0001M + 0.600)%, 07/25/2033			99,821		0.0
1,101,853 (2)	CLI Funding VIII LLC 2022-1A A1, 2.720%, 01/18/2047			988,369		0.0
923,875 (2)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			864,720		0.0
486,250 (2)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			470,887		0.0
293,250 (2)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			266,359		0.0
1,354,500 (2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,300,579		0.0
3,662,325 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,558,074		0.1
103,805	GSAMP Trust 2007-FM1 A2A, 1.694%, (US0001M + 0.070)%, 12/25/2036			55,065		0.0
1,138,009 (2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			1,136,111		0.0
10,000,000 (2)	LCM 26A A2 Ltd., 2.313%, (US0003M + 1.250)%, 01/20/2031			9,636,200		0.4
2,450,000 (2)	LCM 30A CR Ltd., 3.063%, (US0003M + 2.000)%, 04/20/2031			2,293,937		0.1

See Accompanying Notes to Financial Statements

130

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
58,753	Long Beach Mortgage Loan Trust 2004-4 1A1, 2.184%, (US0001M + 0.560)%, 10/25/2034		$	55,203		0.0
2,090,000 (2)	Madison Park Funding XLVIII Ltd. 2021-48A C, 3.044%, (US0003M + 2.000)%, 04/19/2033			1,970,233		0.1
1,650,000 (2)	Madison Park Funding XXI Ltd. 2016-21A ABRR, 2.444%, (US0003M + 1.400)%, 10/15/2032			1,539,222		0.1
1,247,457 (2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			1,241,318		0.0
1,467,854 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			1,417,712		0.1
857,652 (2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			832,693		0.0
1,728,714 (2)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			1,643,031		0.1
1,500,000 (2)	Oak Hill Credit Partners 2021-8A C, 2.944%, (US0003M + 1.900)%, 01/18/2034			1,405,571		0.1
5,050,000 (2)	OCP CLO 2021-21A C Ltd., 2.963%, (US0003M + 1.900)%, 07/20/2034			4,608,201		0.2
4,000,000 (2)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 2.394%, (US0003M + 1.350)%, 07/19/2030			3,870,080		0.1
1,800,000 (2)	OHA Credit Funding 9 Ltd. 2021-9A C, 2.944%, (US0003M + 1.900)%, 07/19/2035			1,682,584		0.1
4,000,000 (2)	Palmer Square CLO 2013-2A BR3 Ltd., 2.894%, (US0003M + 1.850)%, 10/17/2031			3,749,356		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,000,000 (2)	Palmer Square CLO 2021-3A A2 Ltd., 1.633%, (US0003M + 1.400)%, 01/15/2035		$	1,910,244		0.1
7,000,000 (2)	Palmer Square CLO Ltd. 2021-2A C, 2.844%, (US0003M + 1.800)%, 07/15/2034			6,479,921		0.2
344,806 (3)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.549%, 01/25/2036			337,617		0.0
2,450,000 (2)	Rockland Park CLO Ltd. 2021-1A C, 2.963%, (US0003M + 1.900)%, 04/20/2034			2,280,511		0.1
111,731	Small Business Administration Participation Certificates 2007-20L 1, 5.290%, 12/01/2027			114,718		0.0
1,000,000 (2)	SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028			986,708		0.0
1,522,875 (2)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050			1,445,247		0.1
2,600,000 (2)	Sound Point CLO XXIX Ltd. 2021-1A C1, 3.484%, (US0003M + 2.300)%, 04/25/2034			2,440,381		0.1
2,800,000 (2)	Sound Point CLO XXVI Ltd. 2021-1A C1R, 3.263%, (US0003M + 2.200)%, 07/20/2034			2,609,135		0.1
1,840,310 (2)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			1,802,769		0.1
8,200,000 (2)	Symphony CLO XXV Ltd. 2021-25A C, 3.094%, (US0003M + 2.050)%, 04/19/2034			7,622,745		0.3
1,737,000 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,667,801		0.1

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,492,500 (2)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051		$	1,224,755		0.0
6,000,000 (2)	TCW CLO 2020-1A CRR Ltd., 3.113%, (US0003M + 2.050)%, 04/20/2034			5,580,576		0.2
5,500,000 (2)	TES LLC 2017-1A B, 7.740%, 10/20/2047			5,326,802		0.2
7,000,000 (2)	THL Credit Wind River 2017-3A CR Clo Ltd., 3.544%, (US0003M + 2.500)%, 04/15/2035			6,642,503		0.2
7,000,000 (2)	Trinitas Clo VII Ltd. 2017-7A A1R, 2.384%, (US0003M + 1.200)%, 01/25/2035			6,707,351		0.3
1,251,250 (2)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			1,094,730		0.0
				147,581,226		5.6
	Student Loan Asset-Backed Securities: 0.7%
501,262 (2)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			487,869		0.0
348,186 (2)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			340,306		0.0
602,872 (2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			591,212		0.0
2,000,000 (2)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			1,997,649		0.1
1,550,000 (2)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,381,281		0.0
1,500,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,434,606		0.1
2,500,000 (2)(3)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,440,909		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
2,100,000 (2)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041		$	2,022,715		0.1
2,200,000 (2)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			2,125,291		0.1
5,000,000 (2)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			4,838,100		0.2
798,332 (2)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			786,897		0.0
1,000,000 (2)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			947,426		0.0
				19,394,261		0.7
	Total Asset-Backed Securities (Cost $179,913,714)			170,378,487		6.4

COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.3%
12,350,158 (3)(4)	BANK 2019-BNK16 XA, 1.103%, 02/15/2052			593,558		0.0
50,672,153 (3)(4)	BANK 2019-BNK19 XA, 1.087%, 08/15/2061			2,670,709		0.1
22,800,000 (2)(3)(4)	BBCCRE Trust 2015-GTP XA, 0.749%, 08/10/2033			401,362		0.0
27,278,861 (3)(4)	Benchmark 2019-B12 XA Mortgage Trust, 1.179%, 08/15/2052			1,337,743		0.1
19,469,445 (3)(4)	Benchmark 2019-B9 XA Mortgage Trust, 1.202%, 03/15/2052			1,031,466		0.0
3,537,000 (2)(8)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052			2,441,700		0.1
1,348,000 (2)(3)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.520%, 05/25/2052			1,089,726		0.0

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
4,000,000 (2)	BX Commercial Mortgage Trust 2021-IRON E, 3.674%, (US0001M + 2.350)%, 02/15/2038		$	3,704,603		0.1
17,019,337 (3)(4)	CD 2016-CD1 Mortgage Trust XA, 1.504%, 08/10/2049			713,755		0.0
1,865,000 (2)(3)	Citigroup Commercial Mortgage Trust 2016-C2 E, 4.578%, 08/10/2049			1,362,254		0.1
34,732,289 (3)(4)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 1.023%, 09/15/2050			1,259,398		0.1
51,421,279 (3)(4)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.690%, 06/10/2051			1,605,555		0.1
2,101,000 (2)(3)	Citigroup Commercial Mortgage Trust 2018-C6 D, 5.234%, 11/10/2051			1,873,980		0.1
852,512 (3)(4)	COMM 2012-CR2 XA, 1.536%, 08/15/2045			341		0.0
16,622,455 (3)(4)	COMM 2012-CR3 XA, 1.980%, 10/15/2045			51,432		0.0
65,166,000 (2)(3)(4)	COMM 2012-CR4 XB, 0.768%, 10/15/2045			148,367		0.0
15,194,083 (3)(4)	COMM 2012-CR5 XA, 1.646%, 12/10/2045			19,224		0.0
1,910,000 (2)(3)	COMM 2013-CR10 E Mortgage Trust, 5.063%, 08/10/2046			1,792,100		0.1
72,331,808 (3)(4)	COMM 2016-CR28 XA, 0.776%, 02/10/2049			1,316,388		0.1
3,906,000 (2)(3)	COMM 2020-CBM F Mortgage Trust, 3.754%, 02/10/2037			3,421,578		0.1
750,000 (2)	CSAIL 2020-C19 E Commercial Mortgage Trust, 2.500%, 03/15/2053			527,984		0.0
3,616,000 (2)	CSWF 2021-SOP2 D, 3.641%, (US0001M + 2.317)%, 06/15/2034			3,398,433		0.1
2,939,417 (2)(7)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650)%, 07/10/2044			2,936,166		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
10,482,280	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037		$	1,688,883		0.1
8,073,094 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 3.727%, 05/25/2040			12		0.0
36,935,042 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K023 X1, 1.285%, 08/25/2022			5,747		0.0
22,000,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.718%, 06/25/2041			269,424		0.0
27,650,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.645%, 05/25/2041			347,761		0.0
10,700,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.849%, 12/25/2041			212,810		0.0
7,871,000 (2)(8)	FREMF 2016-K60 D Mortgage Trust, 0.000%, 12/25/2049			5,614,261		0.2
1,245,370 (2)	FREMF 2019-KBF3 C Mortgage Trust, 5.870%, (US0001M + 4.750)%, 01/25/2029			1,243,453		0.0
5,200,000 (2)(8)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			3,038,658		0.1
66,299,945 (2)(4)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029			250,955		0.0
7,380,000 (2)(4)	FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029			35,311		0.0
1,000,000 (2)(3)	FRR Re-REMIC Trust 2018-C1 B725, 2.954%, 02/27/2050			955,341		0.0

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
3,000,000 (2)(3)(9)	FRR Re-REMIC Trust 2018-C1 C725, 0.370%, 02/27/2050		$	2,705,827		0.1
2,532,000 (2)	GAM RE-REMIC TR 2021-FFR2 BK44, 1.750%, 09/27/2051			2,251,975		0.1
2,845,000 (2)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.430%, 09/27/2051			2,278,370		0.1
2,164,000 (2)(8)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			1,830,163		0.1
2,631,000 (2)(8)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051			2,172,507		0.1
2,140,000 (2)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.050%, 09/27/2051			1,821,187		0.1
1,817,000 (2)(8)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			1,150,455		0.0
2,163,000 (2)(8)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051			1,784,731		0.1
2,140,000 (2)(8)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			1,691,731		0.1
6,158,000 (2)	GAM Re-REMIC Trust 2021-FRR1 1B, 0.890%, 11/29/2050			4,786,070		0.2
8,097,000 (2)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.190%, 11/29/2050			5,775,510		0.2
4,451,000 (2)(4)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.038%, 01/29/2052			3,670,694		0.1
3,030,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 BK61, 0.820%, 01/29/2052			2,378,827		0.1
3,298,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 BK89, 1.280%, 01/27/2052			2,260,753		0.1
1,723,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 C728, 0.460%, 08/27/2050			1,513,239		0.1
1,756,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.640%, 05/27/2048			1,486,528		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,125,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.080%, 11/27/2049		$	1,579,078		0.1
1,483,000 (2)(4)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.411%, 01/29/2052			1,115,947		0.0
1,728,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 CK89, 1.500%, 01/27/2052			1,109,300		0.0
1,724,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 D728, 0.520%, 01/29/2052			1,476,439		0.1
2,328,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 DK27, 0.140%, 12/27/2045			2,250,253		0.1
1,388,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.560%, 10/27/2047			1,204,885		0.0
1,755,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 DK47, 0.720%, 05/27/2048			1,454,564		0.1
580,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 EK27, 0.180%, 12/27/2045			555,358		0.0
924,000 (2)(9)	GAM Resecuritization Trust 2022-FRR3 EK41, 0.610%, 01/29/2052			771,968		0.0
28,218,114 (3)(4)	GS Mortgage Securities Trust 2013-GC16 XA, 1.179%, 11/10/2046			274,308		0.0
38,597,852 (3)(4)	GS Mortgage Securities Trust 2014-GC22 XA, 1.096%, 06/10/2047			466,038		0.0
6,930,000 (2)(3)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.668%, 07/10/2052			6,377,662		0.2
5,310,000 (2)(3)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.668%, 07/10/2052			4,807,325		0.2

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
105,209,757 (3)(4)	GS Mortgage Securities Trust 2019-GC42 XA, 0.932%, 09/01/2052		$	4,538,823		0.2
4,020,488 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 0.552%, 06/15/2045			6		0.0
38,520,137 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.724%, 12/15/2049			781,198		0.0
3,720,000 (2)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 5.049%, 01/15/2047			3,473,591		0.1
1,982,285 (3)(4)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.095%, 10/15/2048			36,006		0.0
292,068 (2)(3)(4)	LB-UBS Commercial Mortgage Trust 2006-C7 XCL, 0.637%, 11/15/2038			0		—
1,525,929 (2)(3)(4)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.637%, 11/15/2038			2		0.0
688,079 (2)	Life 2021-BMR F Mortgage Trust, 3.674%, (US0001M + 2.350)%, 03/15/2038			642,859		0.0
8,200,000	RFM 2022-WF1, 3.750%, 05/27/2027			8,200,000		0.3
2,060,000 (2)(3)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.606%, 12/10/2045			1,942,596		0.1
25,874,104 (3)(4)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.182%, 12/15/2047			483,350		0.0
24,936,725 (3)(4)	Wells Fargo Commercial Mortgage Trust 2021-C59 E, 1.676%, 04/15/2054			2,380,247		0.1
696,126 (2)(3)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.703%, 11/15/2044			694,024		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,327,411 (2)(3)(4)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.491%, 08/15/2045		$	77		0.0
9,020,000 (2)(3)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.371%, 03/15/2045			7,974,137		0.3
26,326,899 (2)(3)(4)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.221%, 03/15/2048			113,687		0.0
	Total Commercial Mortgage-Backed Securities (Cost $148,780,775)			141,622,733		5.3

Shares		Value		Percentage of Net Assets
MUTUAL FUNDS: 25.3%
	Affiliated Investment Companies: 25.3%
10,289,334	Voya Emerging Markets Corporate Debt Fund - Class P		83,137,817		3.2
15,378,418	Voya Emerging Markets Hard Currency Debt Fund - Class P		111,801,096		4.2
95,766	Voya Floating Rate Fund - Class P		798,692		0.0
20,973,744	Voya High Yield Bond Fund - Class P		139,475,398		5.3
16,344,006	Voya Investment Grade Credit Fund - Class P		151,835,814		5.7
19,797,467	Voya Securitized Credit Fund - Class P		183,522,520		6.9
	Total Mutual Funds (Cost $780,205,426)		670,571,337		25.3

		Value		Percentage of Net Assets
PURCHASED OPTIONS (10): 0.0%
	Total Purchased Options (Cost $1,124,624)		564,189		0.0
	Total Long-Term Investments (Cost $3,168,683,989)		2,910,036,650		109.6

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.7%
	Commercial Paper: 0.1%
1,976,000 (11)	Liberty Street Funding LLC, 1.550%, 07/01/2022 (Cost $1,975,915)		$	1,975,915		0.1

	Floating Rate Notes: 0.6%
600,000 (11)	ANZ Bank, 1.660%, 08/18/2022			599,908		0.0
750,000 (11)	Bank of America N.A., 1.620%, 07/06/2022			749,997		0.1
400,000 (11)	Bank of Montreal, 1.650%, 07/25/2022			399,989		0.0
725,000 (11)	Bank of Nova Scotia, 1.650%, 07/12/2022			725,013		0.1
525,000 (11)	Bayeriche Landesbank of New York, 1.710%, 07/27/2022			525,003		0.0
625,000 (11)	Commonwealth Bank of Australia, 1.690%, 09/01/2022			624,846		0.0
375,000 (11)	Cooperatieve Rabobank U.A./New York, 1.640%, 07/11/2022			375,006		0.0
725,000 (11)	Cooperatieve Rabobank U.A./New York, 1.650%, 08/03/2022			724,960		0.0
725,000 (11)	Credit Agricole, 1.650%, 08/04/2022			725,005		0.0
725,000 (11)	Credit Industriel et Commercial, 1.640%, 07/05/2022			725,010		0.1
700,000 (11)	Credit Industriel et Commercial, 1.650%, 07/07/2022			700,012		0.0
325,000 (11)	DNB Bank ASA, 1.650%, 07/08/2022			325,006		0.0
600,000 (11)	Mizuho Bank Ltd., 1.680%, 07/25/2022			599,992		0.0
725,000 (11)	National Australia Bank Ltd., 1.640%, 08/08/2022			724,937		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
400,000 (11)	National Australia Bank Ltd., 1.660%, 08/15/2022		$	399,956		0.0
725,000 (11)	National Bank of Canada, 1.670%, 08/09/2022			724,951		0.0
725,000 (11)	Natixis SA, 1.630%, 07/11/2022			725,010		0.1
600,000 (11)	Royal Bank of Canada, 1.640%, 07/11/2022			600,009		0.0
650,000 (11)	Royal Bank of Canada, 1.660%, 08/16/2022			649,912		0.0
725,000 (11)	Skandinaviska Enskilda Banken AB, 1.650%, 07/20/2022			724,988		0.0
725,000 (11)	Societe Generale, 1.670%, 08/08/2022			725,073		0.1
650,000 (11)	Starbird Funding Corp., 1.690%, 08/23/2022			649,885		0.0
500,000 (11)	Sumitomo Mitsui Trust Bank Ltd., 1.670%, 07/25/2022			499,993		0.0
250,000 (11)	Sumitomo Mitsui Trust Bank Ltd., 1.670%, 07/28/2022			249,996		0.0
725,000 (11)	Svenska Handelsbanken AB, 1.640%, 07/11/2022			725,010		0.0
275,000 (11)	Svenska Handelsbanken AB, 1.670%, 07/29/2022			274,991		0.0
325,000 (11)	Toronto-Dominion Bank, 1.650%, 07/25/2022			324,993		0.0
750,000 (11)	Westpac Banking Corp., 1.650%, 08/02/2022			749,964		0.1
	Total Floating Rate Notes (Cost $16,549,415)			16,549,415		0.6

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 2.3%
1,881,495 (11)	Bank of America Inc., Repurchase Agreement dated 06/30/22, 1.45%, due 07/01/22 (Repurchase Amount $1,881,570, collateralized by various U.S. Government Securities, 2.375%, Market Value plus accrued interest $1,919,125, due 05/15/29)		$	1,881,495		0.1
13,044,062 (11)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $13,044,616, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 9.000%, Market Value plus accrued interest $13,304,943, due 08/01/22-01/20/68)			13,044,062		0.5
6,893,617 (11)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $6,893,910, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $7,031,846, due 07/21/22-05/15/52)			6,893,617		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
3,749,424 (11)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $3,749,578, collateralized by various U.S. Government Securities, 0.000%-3.250%, Market Value plus accrued interest $3,824,413, due 12/29/22-06/30/27)		$	3,749,424		0.1
4,467,681 (11)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $4,467,876, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $4,557,236, due 08/01/22-02/20/72)			4,467,681		0.2
22,797,493 (11)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $22,798,461, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.875%, Market Value plus accrued interest $23,253,443, due 08/16/22-05/20/52)			22,797,493		0.8

See Accompanying Notes to Financial Statements

137

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
8,080,092 (11)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $8,080,435, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,241,706, due 01/15/25-02/15/51)		$	8,080,092		0.3
	Total Repurchase Agreements (Cost $60,913,864)			60,913,864		2.3

	Time Deposits: 0.4%
2,400,000 (11)	Barclays Bank PLC, 1.590%, 07/01/2022			2,400,000		0.1
500,000 (11)	DZ Bank AG, 1.550%, 07/01/2022			500,000		0.0
2,230,000 (11)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022			2,230,000		0.1
1,800,000 (11)	Mizuho Bank Ltd., 1.570%, 07/01/2022			1,800,000		0.1
1,160,000 (11)	Royal Bank of Canada, 1.570%, 07/01/2022			1,160,000		0.0
1,670,000 (11)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022			1,670,000		0.0
2,040,000 (11)	Toronto-Dominion Bank, 1.560%, 07/01/2022			2,040,000		0.1
	Total Time Deposits (Cost $11,800,000)			11,800,000		0.4

Value

Percentage
of Net
Assets

Mutual Funds: 1.3%

2,436,000 (11)(12)

BlackRock Liquidity
Funds, FedFund,
Institutional Class,
1.320%

2,436,000

0.1

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
2,608,000 (11)(12)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%		$	2,608,000		0.1
29,497,000 (11)(12)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%			29,497,000		1.1
	Total Mutual Funds (Cost $34,541,000)			34,541,000		1.3
	Total Short-Term Investments (Cost $125,780,194)			125,780,194		4.7
	Total Investments in Securities (Cost $3,294,464,183)		$	3,035,816,844		114.3
	Liabilities in Excess of Other Assets			(380,062,156)		(14.3)
	Net Assets		$	2,655,754,688		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

Variable rate security. Rate shown is the rate in effect as of June 30, 2022.

(4)

(5)

(6)

Represents or includes a TBA transaction.

(7)

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

(8)

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.

See Accompanying Notes to Financial Statements

138

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

(9)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2022.

(10)

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

(11)

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

(12)

Rate shown is the 7-day yield as of June 30, 2022.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

COF 11

11th District Costs of Funds

H15T1Y

U.S. Treasury 1-Year Constant Maturity

PRIME

Federal Reserve Bank Prime Loan Rate

SOFR30A

30-day Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0006M

6-month LIBOR

US0012M

12-month LIBOR

	Investment Type Allocation as of June 30, 2022 (as a percentage of net assets)
	Mutual Funds			25.3%
	Corporate Bonds/Notes			24.4%
	U.S. Government Agency Obligations			22.6%
	Collateralized Mortgage Obligations			14.8%
	U.S. Treasury Obligations			10.7%
	Asset-Backed Securities			6.4%
	Commercial Mortgage-Backed Securities			5.3%
	Municipal Bonds			0.1%
	Purchased Options			0.0%^
	Liabilities in Excess of Other Assets*			(9.6)%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Mutual Funds		$	670,571,337		$	—		$	—		$	670,571,337
Purchased Options			—			564,189			—			564,189
Corporate Bonds/Notes			—			647,288,565			—			647,288,565
Collateralized Mortgage Obligations			—			393,000,384			—			393,000,384
Municipal Bonds			—			1,795,031			—			1,795,031
Asset-Backed Securities			—			170,378,487			—			170,378,487
U.S. Government Agency Obligations			—			599,828,992			—			599,828,992
Commercial Mortgage-Backed Securities			—			138,686,567			2,936,166			141,622,733
U.S. Treasury Obligations			—			284,986,932			—			284,986,932
Short-Term Investments			34,541,000			91,239,194			—			125,780,194
Total Investments, at fair value		$	705,112,337		$	2,327,768,341		$	2,936,166		$	3,035,816,844
Other Financial Instruments+
Centrally Cleared Swaps			—			2,076,206			—			2,076,206
Forward Foreign Currency Contracts			—			1,330,714			—			1,330,714
Futures			414,433			—			—			414,433
Total Assets		$	705,526,770		$	2,331,175,261		$	2,936,166		$	3,039,638,197
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(89,514)		$	—		$	(89,514)
Forward Foreign Currency Contracts			—			(325,373)			—			(325,373)
Forward Premium Swaptions			—			(696,212)			—			(696,212)
Futures			(4,960,409)			—			—			(4,960,409)
Written Options			—			(614,741)			—			(614,741)
Total Liabilities		$	(4,960,409)		$	(1,725,840)		$	—		$	(6,686,249)

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

See Accompanying Notes to Financial Statements

139

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund – Class P		$	99,395,231		$	1,994,541		$	—		$	(18,251,955)		$	83,137,817		$	1,994,542		$	—		$	—
Voya Emerging Markets Hard Currency Debt Fund – Class P			140,639,743			3,129,033			—			(31,967,680)			111,801,096			3,129,034			—			—
Voya Emerging Markets Local Currency Debt Fund – Class P			54,094,440			130,471			(71,225,272)			17,000,361			—			297,218			(23,301,872)			—
Voya Floating Rate Fund Class P			845,247			18,924			—			(65,479)			798,692			18,925			—			—
Voya High Yield Bond Fund – Class P			138,305,077			29,198,793			—			(28,028,472)			139,475,398			4,198,770			—			—
Voya Investment Grade Credit Fund – Class P			179,068,657			2,237,650			(158,940)			(29,311,553)			151,835,814			2,237,650			(158,940)			—
Voya Securitized Credit Fund – Class P			193,421,253			—			—			(9,898,733)			183,522,520			3,202,509			—			—
		$	805,769,648		$	36,709,412		$	(71,384,212)		$	(100,523,511)		$	670,571,337		$	15,078,648		$	(23,460,812)		$	—

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

At June 30, 2022, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 1,706,546

HUF 621,498,481

Barclays Bank PLC

07/29/22

70,625

USD 614,209

TRY 11,065,391

Barclays Bank PLC

07/29/22

(38,684)

PHP 4,202,365

USD 76,473

Barclays Bank PLC

08/05/22

(224)

USD 4,626,857

THB 158,691,497

Barclays Bank PLC

08/05/22

131,856

MYR 13,034,344

USD 2,960,265

Barclays Bank PLC

08/05/22

(1,474)

USD 2,962,687

MYR 13,034,344

Barclays Bank PLC

08/05/22

3,896

THB 158,691,497

USD 4,521,383

Barclays Bank PLC

08/05/22

(26,382)

HUF 621,498,481

USD 1,623,833

BNP Paribas

07/29/22

12,087

USD 5,519,147

CNY 36,684,320

BNP Paribas

08/05/22

40,591

CNY 36,684,320

USD 5,479,993

BNP Paribas

08/05/22

(1,436)

CLP 1,551,286,349

USD 1,679,803

BNP Paribas

08/05/22

(1,837)

SGD 305,095

USD 221,646

BNP Paribas

08/05/22

(2,034)

USD 4,119,865

ZAR 63,520,811

Citibank N.A.

07/29/22

225,774

USD 3,341

ILS 11,094

Citibank N.A.

07/29/22

161

ZAR 63,520,811

USD 3,986,131

Goldman Sachs & Co.

07/29/22

(92,040)

RON 6,364,323

USD 1,353,378

Goldman Sachs & Co.

07/29/22

(9,991)

PLN 19,482,975

USD 4,365,383

Goldman Sachs & Co.

07/29/22

(33,961)

USD 1,369,598

RON 6,364,323

Goldman Sachs & Co.

07/29/22

26,211

CZK 53,820,783

USD 2,289,374

Goldman Sachs & Co.

07/29/22

(18,208)

PEN 6,295,766

USD 1,654,544

Goldman Sachs & Co.

08/05/22

(16,017)

USD 5,649,069

IDR 81,522,390,850

HSBC Bank USA N.A.

08/05/22

201,091

TRY 11,065,391

USD 655,600

JPMorgan Chase Bank N.A.

07/29/22

(2,707)

IDR 81,522,390,850

USD 5,490,463

JPMorgan Chase Bank N.A.

08/05/22

(42,484)

MXN 122,418,537

USD 6,074,387

JPMorgan Chase Bank N.A.

08/05/22

(23,286)

USD 4,525,285

PLN 19,482,975

Morgan Stanley Capital Services LLC

07/29/22

193,863

See Accompanying Notes to Financial Statements

140

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 2,319,558

CZK 53,820,783

Morgan Stanley Capital Services LLC

07/29/22

48,392

COP 10,683,261,693

USD 2,572,426

Morgan Stanley Capital Services LLC

08/05/22

(14,608)

USD 2,788,905

COP 10,683,261,693

Morgan Stanley Capital Services LLC

08/05/22

231,086

USD 6,196,183

MXN 122,418,537

Morgan Stanley Capital Services LLC

08/05/22

145,081

1,005,341

At June 30, 2022, the following futures contracts were outstanding for Voya Intermediate Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury Long Bond		339		09/21/22		$	46,993,875		$	(708,007)
U.S. Treasury Ultra Long Bond		525		09/21/22			81,030,469			(1,665,520)
						$	128,024,344		$	(2,373,527)
Short Contracts:
U.S. Treasury 10-Year Note		(413)		09/21/22			(48,953,406)			(145,106)
U.S. Treasury 2-Year Note		(345)		09/30/22			(72,455,391)			414,433
U.S. Treasury 5-Year Note		(610)		09/30/22			(68,472,500)			(1,693,310)
U.S. Treasury Ultra 10-Year Note		(282)		09/21/22			(35,919,750)			(748,466)
						$	(225,801,047)		$	(2,172,449)

At June 30, 2022, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(2)		Termination Date	Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 33, Version 12	Buy		(5.000)	12/20/24	USD 27,986,640		$	(292,135)		$	1,904,302
							$	(292,135)		$	1,904,302

(1)

(2)

Payments made quarterly.

(3)

(4)

At June 30, 2022, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Portfolio:

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight Financing Rate

Annual

2.836%

Annual

07/14/32

USD 5,408,500

30,004

Pay

1-day Secured Overnight Financing Rate

Annual

2.897

Annual

07/14/32

USD 5,694,000

62,068

Pay

1-day Secured Overnight Financing Rate

Annual

2.941

Annual

07/14/32

USD 5,408,500

79,832

Receive

1-day Secured Overnight Financing Rate

Annual

2.933

Annual

07/14/32

USD 2,163,400

(30,421)

Receive

1-day Secured Overnight Financing Rate

Annual

2.981

Annual

07/14/32

USD 3,245,100

(59,093)

82,390

See Accompanying Notes to Financial Statements

141

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following OTC purchased foreign currency dual digital options were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount

Cost

Fair
Value

AUD/USD & USD/JPY Dual Digital

Standard Chartered Bank

08/10/22

0.6728 & 126.25

USD 538,000

$40,350

$3,892

$40,350

$3,892

At June 30, 2022, the following OTC purchased foreign currency options were outstanding for Voya Intermediate Bond Portfolio:

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount	Cost			Fair Value
Call JPY vs. Put USD	BNP Paribas		02/27/25		107.500	USD 6,000,500		$	297,625		$	136,720
Call USD vs. Put AUD	Morgan Stanley Capital Services LLC		08/18/22		0.650	USD 74,544,000			530,604			319,374
Call USD vs. Put AUD	Standard Chartered Bank		08/18/22		0.640	USD 34,940,000			256,045			104,203
								$	1,084,274		$	560,297

At June 30, 2022, the following OTC written interest rate swaptions were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair
Value

Call on 10-Year Interest Rate Swap(1)

Goldman Sachs International

Pay

3.070%

1-day Secured Overnight
Financing Rate

07/12/22

USD 5,907,000

62,762

(147,738)

Call on 10-Year Interest Rate Swap(1)

Goldman Sachs International

Pay

3.070%

1-day Secured Overnight
Financing Rate

07/12/22

USD 17,721,000

187,178

(443,215)

Put on 10-Year Interest Rate Swap(2)

BNP Paribas

Receive

3.070%

1-day Secured Overnight
Financing Rate

07/12/22

USD 17,721,000

187,178

(17,841)

Put on 10-Year Interest Rate Swap(2)

Goldman Sachs International

Receive

3.070%

1-day Secured Overnight
Financing Rate

07/12/22

USD 5,907,000

62,762

(5,947)

499,880

(614,741)

At June 30, 2022, the following OTC forward premium swaptions were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Exercise
Rate(3)

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year Interest Rate
Swap (Purchased)

Barclays Bank
PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

06/14/27

USD 12,484,500

(2,184,787)

(100,756)

Call on 30-Year Interest Rate
Swap (Purchased)

Barclays Bank
PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

05/28/27

USD 20,904,800

(3,700,150)

(190,805)

Call on 30-Year Interest Rate
Swap (Purchased)

Nomura International PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

05/25/27

USD 6,658,000

(1,198,440)

(77,792)

Call on 35-Year Interest Rate
Swap (Purchased)

Barclays Bank
PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

06/03/27

USD 12,484,500

(2,187,909)

(99,337)

Put on 30-Year Interest Rate
Swap (Purchased)

Barclays Bank
PLC

0.000%

Pay

1-day Secured Overnight
Financing Rate

05/25/27

USD 19,473,000

(3,505,140)

(227,522)

(12,776,426)

(696,212)

(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)

(4)

See Accompanying Notes to Financial Statements

142

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Currency Abbreviations

CLP – Chilean Peso

COP – Colombian Peso

CNY – Chinese Yuan

CZK – Czech Koruna

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

MXN – Mexican Peso

MYR – Malaysian Ringgit

PEN – Peruvian Nuevo Sol

PHP – Philippine Peso

PLN – Polish Zloty

RON – Romanian New Leu

SGD – Singapore Dollar

THB – Thai Baht

TRY – Turkish Lira

USD – United States Dollar

ZAR – South African Rand

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

The fair value of derivative instruments as of June 30, 2022 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*		$	564,189
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			1,330,714
Interest rate contracts	Variation margin receivable on futures contracts**			414,433
Credit contracts	Variation margin receivable on centrally cleared swaps**			1,904,302
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			171,904
Total Asset Derivatives			$	4,385,542
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	325,373
Interest rate contracts	Variation margin payable on futures contracts**			4,960,409
Interest rate contracts	Variation margin payable on centrally cleared swaps**			89,514
Interest rate contracts	Unrealized depreciation on OTC forward premium swaptions			696,213
Interest rate contracts	Written options, at fair value			614,741
Total Liability Derivatives			$	6,686,250

Includes purchased options.

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2022 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	8,720,676		$	—		$	8,720,676
Equity contracts			—			—			10,236			—			(407,128)			(396,892)
Foreign exchange contracts			549,452			(306,290)			—			—			1,088,231			1,331,393
Interest rate contracts			—			—			(29,384,247)			(3,318,729)			3,068,797			(29,634,179)
Total		$	549,452		$	(306,290)		$	(29,374,011)		$	5,401,947		$	3,749,900		$	(19,979,002)

See Accompanying Notes to Financial Statements

143

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	2,115,548					$	2,115,548
Equity contracts			629,190			—			—			—			(551,748)			77,442
Foreign exchange contracts			(560,435)			1,678,579			—			—			—			1,118,144
Interest rate contracts			(696,213)			—			(7,156,193)			82,390			(114,861)			(7,884,877)
Total		$	(627,458)		$	1,678,579		$	(7,156,193)		$	2,197,938		$	(666,609)		$	(4,573,743)

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, 2022:

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs & Co.			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Nomura International PLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	136,720		$	—		$	—		$	—		$	—		$	319,374		$	—		$	108,095		$	564,189
Forward foreign currency contracts			206,377			52,678			225,935			26,211			201,091			—			618,422			—			—			1,330,714
Total Assets		$	206,377		$	189,398		$	225,935		$	26,211		$	201,091		$	—		$	937,796		$	—		$	108,095		$	1,894,903
Liabilities:
Forward foreign currency contracts		$	66,764		$	5,307		$	—		$	170,217		$	—		$	68,477		$	14,608		$	—		$	—		$	325,373
Forward premium swaptions			618,421			—			—			—			—			—			—			77,792			—			696,213
Written options			—			461,056			—			153,685			—			—			—			—			—			614,741
Total Liabilities		$	685,185		$	466,363		$	—		$	323,902		$	—		$	68,477		$	14,608		$	77,792		$	—		$	1,636,327
Net OTC derivative instruments by counterparty, at fair value		$	(478,808)		$	(276,965)		$	225,935		$	(297,691)		$	201,091		$	(68,477)		$	923,188		$	(77,792)		$	108,095		$	258,576
Total collateral pledged by the Portfolio/(Received from counterparty)		$	478,808		$	—		$	(225,935)		$	170,000		$	—		$	—		$	(910,000)		$	—		$	—		$	(487,127)
Net Exposure(1)(2)		$	—		$	(276,965)		$	—		$	(127,691)		$	201,091		$	(68,477)		$	13,188		$	(77,792)		$	108,095		$	(228,551)

(1)

(2)

At June 30, 2022, the Portfolio had pledged $530,000 in cash collateral to Barclays Bank PLC. In addition, the Portfolio had received $200,000 and $460,000 in cash collateral from BNP Paribas and Citibank N.A., respectively. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2022, 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 $3,299,867,386.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	10,517,518
Gross Unrealized Depreciation		(279,629,393)
Net Unrealized Depreciation	$	(269,111,875)

See Accompanying Notes to Financial Statements

144

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.1%
	Communication Services: 3.7%
143,736 (1)	Cargurus, Inc.		$	3,088,887		1.0
90,479 (1)	Imax Corp.			1,528,190		0.5
247,220 (1)	Playtika Holding Corp.			3,273,193		1.0
82,407 (1)	Yelp, Inc.			2,288,442		0.7
23,769 (1)	Ziff Davis, Inc.			1,771,504		0.5
				11,950,216		3.7
	Consumer Discretionary: 6.4%
21,303	Acushnet Holdings Corp.			887,909		0.3
169,859	International Game Technology PLC			3,152,583		1.0
183,874 (1)	Lindblad Expeditions Holdings, Inc.			1,489,379		0.4
216,052 (1)	Modine Manufacturing Co.			2,275,028		0.7
81,398 (1)	Sonos, Inc.			1,468,420		0.4
87,676	Steven Madden Ltd.			2,824,044		0.9
82,967 (1)	Taylor Morrison Home Corp.			1,938,109		0.6
244,193 (1)	Tri Pointe Homes, Inc.			4,119,536		1.3
126,918	Wolverine World Wide, Inc.			2,558,667		0.8
				20,713,675		6.4
	Energy: 1.7%
88,240	Murphy Oil Corp.			2,663,966		0.8
140,833	World Fuel Services Corp.			2,881,443		0.9
				5,545,409		1.7
	Financials: 16.2%
26,011	Argo Group International Holdings Ltd.			958,765		0.3
176,138	Associated Banc-Corp.			3,216,280		1.0
27,357	Atlantic Union Bankshares Corp.			927,949		0.3
127,478	BankUnited, Inc.			4,534,392		1.4
35,542	Berkshire Hills Bancorp, Inc.			880,375		0.3
20,406	Capstar Financial Holdings, Inc.			400,366		0.1
28,590	Cathay General Bancorp.			1,119,299		0.3
28,366	Community Bank System, Inc.			1,795,001		0.5
98,103	ConnectOne Bancorp, Inc.			2,398,618		0.7
88,573	Eastern Bankshares, Inc.			1,635,058		0.5
72,316 (2)	Ellington Financial, Inc.			1,060,876		0.3
57,180	Essent Group Ltd.			2,224,302		0.7
56,620	Federated Hermes, Inc.			1,799,950		0.5
13,342 (2)	HCI Group, Inc.			904,054		0.3
121,760	Home Bancshares, Inc./ Conway AR			2,528,955		0.8
25,115	International Bancshares Corp.			1,006,609		0.3
50,229 (2)	KKR Real Estate Finance Trust, Inc.			876,496		0.3
78,371	MFA Financial, Inc.			842,488		0.3
70,410 (1)	NMI Holdings, Inc.			1,172,327		0.4
26,130	OFG Bancorp			663,702		0.2
45,408	Origin Bancorp, Inc.			1,761,830		0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
120,863	Pacific Premier Bancorp, Inc.		$	3,534,034		1.1
23,545 (1)	Palomar Holdings, Inc.			1,516,298		0.5
128,504	Provident Financial Services, Inc.			2,860,499		0.9
106,494	Radian Group, Inc.			2,092,607		0.6
277,941	Redwood Trust, Inc.			2,142,925		0.7
96,085	Simmons First National Corp.			2,042,767		0.6
16,481 (1)	Third Coast Bancshares, Inc.			360,934		0.1
58,189	United Community Banks, Inc./GA			1,756,726		0.5
259,778	Valley National Bancorp			2,704,289		0.8
6,727	Virtus Investment Partners, Inc.			1,150,452		0.4
				52,869,223		16.2
	Health Care: 17.4%
69,705 (1)	Acadia Pharmaceuticals, Inc.			982,143		0.3
22,536 (1)	Addus HomeCare Corp.			1,876,798		0.6
157,188 (1)	Allscripts Healthcare Solutions, Inc.			2,331,098		0.7
125,201 (1)	Amicus Therapeutics, Inc.			1,344,659		0.4
53,256 (1)	Arrowhead Pharmaceuticals, Inc.			1,875,144		0.6
22,084 (1)	AtriCure, Inc.			902,352		0.3
291,844 (1)	BioCryst Pharmaceuticals, Inc.			3,087,709		0.9
74,334 (1)	Castle Biosciences, Inc.			1,631,631		0.5
724,395 (1)	Cerus Corp.			3,832,050		1.2
133,645 (1)	Coherus Biosciences, Inc.			967,590		0.3
73,662 (1)	Corcept Therapeutics, Inc.			1,751,682		0.5
33,972 (1)	Cross Country Healthcare, Inc.			707,637		0.2
67,519 (1)	Denali Therapeutics, Inc.			1,987,084		0.6
9,251	Ensign Group, Inc.			679,671		0.2
33,941 (1)	Global Blood Therapeutics, Inc.			1,084,415		0.3
14,219 (1)	Haemonetics Corp.			926,794		0.3
62,477 (1)	Health Catalyst, Inc.			905,292		0.3
31,258 (1)	HealthEquity, Inc.			1,918,929		0.6
13,146 (1)	Inari Medical, Inc.			893,797		0.3
12,669 (1)	Integer Holdings Corp.			895,192		0.3
324,694 (1)(2)	MannKind Corp.			1,237,084		0.4
39,802 (1)	Medpace Holdings, Inc.			5,957,165		1.8
38,793 (1)	Merit Medical Systems, Inc.			2,105,296		0.6
10,427 (1)	ModivCare, Inc.			881,081		0.3
62,225 (1)	Neogen Corp.			1,499,000		0.4
13,738 (1)	NuVasive, Inc.			675,360		0.2
145,956 (1)	Phreesia, Inc.			3,650,360		1.1
18,728	Premier, Inc.			668,215		0.2
31,154 (1)	PTC Therapeutics, Inc.			1,248,029		0.4
161,787	Select Medical Holdings Corp.			3,821,409		1.2
16,594 (1)	Staar Surgical Co.			1,177,012		0.4
38,681 (1)	Travere Therapeutics, Inc.			937,241		0.3

See Accompanying Notes to Financial Statements

145

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
122,433 (1)	Veracyte, Inc.		$	2,436,417		0.7
				56,875,336		17.4
	Industrials: 15.2%
27,918	AAON, Inc.			1,528,790		0.5
86,331	ABM Industries, Inc.			3,748,492		1.1
29,935 (1)	Air Transport Services Group, Inc.			860,033		0.3
16,369	Alamo Group, Inc.			1,905,843		0.6
49,220	Altra Industrial Motion Corp.			1,735,005		0.5
35,429	Barnes Group, Inc.			1,103,259		0.3
32,402	Brady Corp.			1,530,670		0.5
35,549	Curtiss-Wright Corp.			4,694,601		1.4
38,120	Federal Signal Corp.			1,357,072		0.4
28,030	Franklin Electric Co., Inc.			2,053,478		0.6
121,088	Hillenbrand, Inc.			4,959,764		1.5
9,082	ICF International, Inc.			862,790		0.3
9,082	Insperity, Inc.			906,656		0.3
62,786 (1)	JELD-WEN Holding, Inc.			916,048		0.3
7,736	John Bean Technologies Corp.			854,209		0.3
104,382	Kennametal, Inc.			2,424,794		0.7
137,121	Mueller Water Products, Inc.			1,608,429		0.5
68,056 (1)	Resideo Technologies, Inc.			1,321,647		0.4
127,815	Shyft Group, Inc./The			2,376,081		0.7
18,387	Simpson Manufacturing Co., Inc.			1,849,916		0.6
21,751 (1)	SPX Corp.			1,149,323		0.3
89,695	Terex Corp.			2,454,952		0.8
103,934 (1)	TPI Composites, Inc.			1,299,175		0.4
152,368 (1)	Upwork, Inc.			3,150,970		1.0
15,584	Watts Water Technologies, Inc.			1,914,339		0.6
22,406	Werner Enterprises, Inc.			863,527		0.3
				49,429,863		15.2
	Information Technology: 20.0%
209,661 (1)	ACI Worldwide, Inc.			5,428,123		1.7
29,823 (1)	Altair Engineering, Inc.			1,565,707		0.5
16,594 (1)	Appfolio, Inc.			1,504,080		0.5
68,728 (1)	Avid Technology, Inc.			1,783,492		0.5
16,930	Badger Meter, Inc.			1,369,468		0.4
39,017 (1)	Blackbaud, Inc.			2,265,717		0.7
187,647 (1)	Box, Inc.			4,717,446		1.4
73,101 (1)	Cohu, Inc.			2,028,553		0.6
50,229 (1)	Commvault Systems, Inc.			3,159,404		1.0
36,326	CSG Systems International, Inc.			2,167,936		0.7
50,677 (1)	Domo, Inc.			1,408,821		0.4
58,974	EVERTEC, Inc.			2,174,961		0.7
55,498 (1)	Formfactor, Inc.			2,149,438		0.7
226,367 (1)	Harmonic, Inc.			1,962,602		0.6
159,320 (1)	Knowles Corp.			2,761,016		0.8
392,413 (1)	Momentive Global, Inc.			3,453,234		1.0
223,676 (1)	Nutanix, Inc.			3,272,380		1.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
20,181 (1)	Onto Innovation, Inc.		$	1,407,423		0.4
119,518 (1)	Repay Holdings Corp.			1,535,806		0.5
47,650 (1)	Semtech Corp.			2,619,320		0.8
319,649 (1)	Sumo Logic, Inc.			2,394,171		0.7
140,036 (1)(2)	SunPower Corp.			2,213,969		0.7
30,384 (1)	Tenable Holdings, Inc.			1,379,737		0.4
101,467 (1)	Varonis Systems, Inc.			2,975,012		0.9
56,508 (1)	Verra Mobility Corp.			887,741		0.3
196,543 (1)	Viavi Solutions, Inc.			2,600,264		0.8
318,191 (1)	Yext, Inc.			1,520,953		0.5
286,686 (1)	Zuora, Inc.			2,565,840		0.8
				65,272,614		20.0
	Materials: 5.4%
54,153	Avient Corp.			2,170,452		0.7
10,651	Balchem Corp.			1,381,861		0.4
18,994	Commercial Metals Co.			628,701		0.2
184,546	Glatfelter Corp.			1,269,676		0.4
36,550 (1)	Ingevity Corp.			2,307,767		0.7
7,435	Innospec, Inc.			712,199		0.2
38,905	Minerals Technologies, Inc.			2,386,433		0.7
65,141	Sensient Technologies Corp.			5,247,759		1.6
34,532 (1)	Summit Materials, Inc.			804,250		0.2
19,621	Worthington Industries, Inc.			865,286		0.3
				17,774,384		5.4
	Real Estate: 9.9%
32,402	American Assets Trust, Inc.			962,339		0.3
143,399 (1)	Apartment Investment and Management Co.			917,754		0.3
60,544	Broadstone Net Lease, Inc.			1,241,757		0.4
52,696	CareTrust REIT, Inc.			971,714		0.3
192,282 (1)	Cushman & Wakefield PLC			2,930,378		0.9
703,653 (1)	DigitalBridge Group, Inc.			3,433,827		1.0
46,641	Easterly Government Properties, Inc.			888,045		0.3
76,577	Essential Properties Realty Trust, Inc.			1,645,640		0.5
37,614	Farmland Partners, Inc.			519,073		0.2
43,278 (2)	Gladstone Land Corp.			959,041		0.3
73,549	Industrial Logistics Properties Trust			1,035,570		0.3
40,587	Innovative Industrial Properties, Inc.			4,459,294		1.4
15,276	PotlatchDeltic Corp.			675,046		0.2
154,218	Sabra Healthcare REIT, Inc.			2,154,425		0.7
332,752	Service Properties Trust			1,740,293		0.5
159,992	STAG Industrial, Inc.			4,940,553		1.5
49,444	Terreno Realty Corp.			2,755,514		0.8
				32,230,263		9.9
	Utilities: 3.2%
30,135	ALLETE, Inc.			1,771,335		0.5
34,428	Avista Corp.			1,497,962		0.5
9,737	Black Hills Corp.			708,562		0.2

See Accompanying Notes to Financial Statements

146

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
37,784	California Water Service Group		$	2,098,901		0.7
23,979	NorthWestern Corp.			1,413,082		0.4
59,244	Portland General Electric Co.			2,863,263		0.9
				10,353,105		3.2
	Total Common Stock (Cost $353,381,918)			323,014,088		99.1
EXCHANGE-TRADED FUNDS: 0.5%
9,621	iShares Russell 2000 ETF			1,629,413		0.5
	Total Exchange-Traded Funds (Cost $1,793,424)			1,629,413		0.5
	Total Long-Term Investments (Cost $355,175,342)			324,643,501		99.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.0%
	Repurchase Agreements: 1.6%
1,221,630 (3)	Bank of America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,221,682, collateralized by various U.S. Government Agency Obligations, 1.000%-8.500%, Market Value plus accrued interest $1,246,063, due 01/20/24-06/20/52)		1,221,630		0.4
361,897 (3)	Citigroup, Inc., Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $361,912, collateralized by various U.S. Government Securities, 1.875%-3.250%, Market Value plus accrued interest $369,135, due 06/30/24-05/15/52)		361,897		0.1
1,221,630 (3)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,221,682, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,246,063, due 07/31/22-07/01/52)		1,221,630		0.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,221,630 (3)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,221,682, collateralized by various U.S. Government Agency Obligations, 3.000%-5.000%, Market Value plus accrued interest $1,246,063, due 11/01/26-07/01/52)		$	1,221,630		0.4
1,221,630 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,221,682, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $1,246,063, due 08/16/22-05/20/52)			1,221,630		0.3
	Total Repurchase Agreements (Cost $5,248,417)			5,248,417		1.6

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.4%
1,363,000 (4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $1,363,000)			1,363,000		0.4
	Total Short-Term Investments
	(Cost $6,611,417)			6,611,417		2.0
	Total Investments in Securities (Cost $361,786,759)		$	331,254,918		101.6
	Liabilities in Excess of Other Assets			(5,098,612)		(1.6)
	Net Assets		$	326,156,306		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.

(4)

Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements

147

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 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, 2022
Asset Table
Investments, at fair value
Common Stock*		$	323,014,088		$	—		$	—		$	323,014,088
Exchange-Traded Funds			1,629,413			—			—			1,629,413
Short-Term Investments			1,363,000			5,248,417			—			6,611,417
Total Investments, at fair value		$	326,006,501		$	5,248,417		$	—		$	331,254,918

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, 2022, 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 $363,723,546.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	6,748,205
Gross Unrealized Depreciation		(39,216,942)
Net Unrealized Depreciation	$	(32,468,737)

See Accompanying Notes to Financial Statements

148

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF NEW SUB-SUB-ADVISORY CONTRACT

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), provides that an investment company such as Voya Variable Portfolios, Inc. (“VVPI”), on behalf of Voya Small Company Portfolio (the “Portfolio”), a series of VVPI, can enter into a new sub-sub-advisory agreement, only if the Board of Directors of VVPI (the “Board”), including a majority of the Board members who have no direct or indirect interest in the sub-advisory agreement, and who are not “interested persons” of the Portfolio, as such term is defined under the 1940 Act (the “Independent Directors”), determine to approve the new arrangement. Thus, at its meeting held on May 25, 2022 (the “May 25 Meeting”), the Board, including a majority of the Independent Directors, considered a proposal by management that the Board approve a sub-sub-advisory agreement between Voya Investment Management Co. LLC (“VIM”) and Voya UK Limited (“Voya UK”) (the “Sub-Sub-Advisory Agreement”) under which Voya UK would serve as the sub-sub-adviser to the Portfolio. The Portfolio has been sub-advised by VIM since January 4, 1994.

In determining whether to initially approve the Sub-Sub-Advisory Agreement with respect to the Portfolio, the Board received and evaluated such information as it deemed necessary for an informed determination of whether to approve the Sub-Sub-Advisory Agreement. The materials provided included the following: (1) memoranda and related materials provided to the Board in advance of the May 25 Meeting discussing: (a) VIM’s rationale for requesting that Voya UK be added as a sub-sub-adviser to the Portfolio, and (b) Voya UK’s investment philosophy and how it supports VIM’s overall investment process for the Portfolio; (2) VIM’s responses to inquiries from counsel to

the Independent Directors; (3) supporting documentation, including a copy of the proposed Sub-Sub-Advisory Agreement; and (4) other information relevant to the Board’s evaluation. The Board also considered that the Portfolio would not experience any increase in aggregate fees paid for services under the Sub-Sub-Advisory Agreement.

In reviewing the proposed Sub-Sub-Advisory Agreement, the Board considered a number of factors, including, but not limited to: (1) the information that had been provided by Voya UK in advance of the May 25 Meeting; (2) presentations made to the Board or a committee of the Board by Voya UK’s Equity Machine Intelligence portfolio management team with respect to their investing philosophy and process; (3) the nature, extent and quality of the services to be provided by Voya UK under the Sub-Sub-Advisory Agreement; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of VIM and Voya UK’s fit as a sub-sub-adviser to the Portfolio; (5) the potential fall-out benefits to their respective affiliates from their relationship with the Portfolio; and (6) the appropriateness of the selection of Voya UK in light of the Portfolio’s investment objective and investor base.

After its deliberation, the Board determined to appoint Voya UK as a sub-sub-adviser to the Portfolio under the Sub-Sub-Advisory Agreement and that the nature, extent and quality of the services to be provided by Voya UK under the Sub-Sub-Advisory Agreement were reasonable. Based on these conclusions and other factors, the Board voted to approve the Sub-Sub-Advisory Agreement for the Portfolio. During their deliberations, different Board members may have given different weight to different individual factors and related conclusions.

149

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

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.

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

Gross Unrealized Appreciation	$	28,130,434
Gross Unrealized Depreciation		(27,030,179)
Net Unrealized Appreciation	$	1,100,255

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