PORTFOLIO OF INVESTMENTS

as of March 31, 2025 (Unaudited)

1

Voya Index Solution 2035 Portfolio

Shares

RA

Value

Percentage

of Net

Assets

EXCHANGE-TRADED FUNDS: 22.9%

109,113 

Health Care Select

Sector SPDR Fund

$

15,931,589

1.0

557,051 

Vanguard Long-Term

Treasury ETF

32,091,708

2.1

5,702,309 

(1)

WisdomTree Voya

Yield Enhanced USD

Universal Bond Fund

276,966,281

17.8

871,407 

Xtrackers USD High

Yield Corporate Bond

ETF

31,501,363

2.0

Total Exchange-Traded

Funds

(Cost $360,113,752)

356,490,941

22.9

MUTUAL FUNDS: 77.0%

Affiliated Investment Companies: 77.0%

12,288,105 

Voya U.S. Bond Index

Portfolio - Class I

111,698,877

7.2

5,933,639 

Voya VACS Index

Series Emerging

Markets Portfolio

69,779,590

4.5

22,077,563 

Voya VACS Index

Series I Portfolio

262,281,453

16.8

7,111,742 

Voya VACS Index

Series MC Portfolio

85,056,436

5.5

45,822,888 

Voya VACS Index

Series S Portfolio

639,229,289

41.0

2,836,502 

Voya VACS Index

Series SC Portfolio

30,464,030

2.0

Total Mutual Funds

(Cost $1,009,762,649)

1,198,509,675

77.0

Total Long-Term

Investments

(Cost $1,369,876,401)

1,555,000,616

99.9

Total Investments in

Securities

(Cost $1,369,876,401)

$

1,555,000,616

99.9

Assets in Excess of

Other Liabilities

2,298,972

0.1

Net Assets

$

1,557,299,588

100.0

(1)

Investment in affiliate.

PORTFOLIO OF INVESTMENTS

as of March 31, 2025 (Unaudited) (continued)

2

Voya Index Solution 2035 Portfolio

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets

and liabilities:

Quoted Prices

in Active Markets

for Identical

Investments

(Level 1)

Significant Other

Observable

Inputs

(Level 2)

Significant

Unobservable

Inputs

(Level 3)

Fair Value

at

March 31, 2025

Asset Table

Investments, at fair value

Exchange-Traded Funds

$

356,490,941

$

—

$

—

$

356,490,941

Mutual Funds

1,198,509,675

—

—

1,198,509,675

Total Investments, at fair value

$

1,555,000,616

$

—

$

—

$

1,555,000,616

Liabilities Table

Other Financial Instruments+

Futures

$

(127,955)

$

—

$

—

$

(127,955)

Total Liabilities

$

(127,955)

$

—

$

—

$

(127,955)

+

Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options.

Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument.

OTC swaps and written options are valued at the fair value of the instrument.

Transactions with Affiliates

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the

issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended March 31, 2025, where the following issuers were

considered an affiliate:

Issuer

Beginning

Fair Value

at 12/31/2024

Purchases

at Cost

Sales

at Cost

Change In

Unrealized

Appreciation/

(Depreciation)

Ending

Fair

Value at

3/31/2025

Investment

Income

Realized

Gains/

(Losses)

Net

Capital

Gain

Distributions

Voya Short Duration Bond Fund -

Class R6

$

7,845,276

$

100,627

$

(7,937,493)

$

(8,410)

$

—

$

54,331

$

33,541

$

—

Voya U.S. Bond Index Portfolio -

Class I

111,405,848

10,725,311

(12,044,459)

1,612,177

111,698,877

1,056,027

202,730

—

Voya VACS Index Series Emerging

Markets Portfolio

70,299,826

1,079,005

(3,959,506)

2,360,265

69,779,590

—

510,747

—

Voya VACS Index Series I Portfolio

290,659,471

4,284,452

(47,325,697)

14,663,227

262,281,453

—

9,165,810

—

Voya VACS Index Series MC

Portfolio

76,043,202

14,146,169

(1,625,715)

(3,507,220)

85,056,436

—

427,686

—

Voya VACS Index Series S

Portfolio

640,021,132

44,183,507

(11,129,199)

(33,846,151)

639,229,289

—

5,310,530

—

Voya VACS Index Series SC

Portfolio

41,663,323

1,680,754

(8,214,352)

(4,665,695)

30,464,030

—

1,316,499

—

WisdomTree Voya Yield Enhanced

USD Universal Bond Fund

268,344,020

8,647,951

(3,171,950)

3,146,260

276,966,281

3,446,964

(107,932)

—

$

1,506,282,098

$

84,847,776

$

(95,408,371)

$

(20,245,547)

$

1,475,475,956

$

4,557,322

$

16,859,611

$

—

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

At March 31, 2025, the following futures contracts were outstanding for Voya Index Solution 2035 Portfolio:

Description

Number

of Contracts

Expiration

Date

Notional

Amount

Unrealized

Depreciation

Long Contracts:

E-mini Russell 2000 Index

75

06/20/25

$

7,601,625

$

(127,459)

$

7,601,625

$

(127,459)

Short Contracts:

U.S. Treasury 2-Year Note

(38)

06/30/25

(7,872,531)

(496)

$

(7,872,531)

$

(496)

PORTFOLIO OF INVESTMENTS

as of March 31, 2025 (Unaudited) (continued)

3

Voya Index Solution 2035 Portfolio

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation

$

191,064,265

Gross Unrealized Depreciation

(5,940,050)

Net Unrealized Appreciation

$

185,124,215