PORTFOLIO

OF

INVESTMENTS

as

of

September

30,

2023

(Unaudited)

1

Voya

Retirement

Conservative

Portfolio

Shares

RA

Value

Percentage

of

Net

Assets

EXCHANGE-TRADED

FUNDS

:

6.3%

177,352 

Schwab

U.S.

TIPS

ETF

$

8,954,502

3.1

123,262 

Vanguard

Short-Term

Bond

ETF

9,265,605

3.2

Total

Exchange-Traded

Funds

(Cost

$19,240,694)

18,220,107

6.3

MUTUAL

FUNDS

:

93.7%

Affiliated

Investment

Companies

:

93.7%

1,800,901 

(1)

Voya

High

Yield

Bond

Fund

- Class

R6

11,903,956

4.1

840,156 

(1)

Voya

International

Index

Portfolio

- Class

I

8,409,966

2.9

221,892 

(1)

Voya

Russell™

Large

Cap

Value

Index

Portfolio

- Class

I

5,853,508

2.0

4,544,532 

(1)

Voya

Short

Term

Bond

Fund

- Class

R6

41,718,804

14.5

17,496,477 

(1)

Voya

U.S.

Bond

Index

Portfolio

- Class

I

153,094,173

53.1

3,046,585 

(1)

Voya

U.S.

Stock

Index

Portfolio

- Class

I

49,263,286

17.1

270,243,693

93.7

Total

Mutual

Funds

(Cost

$274,546,062)

270,243,693

93.7

Total

Long-Term

Investments

(Cost

$293,786,756)

288,463,800

100.0

Total

Investments

in

Securities

(Cost

$293,786,756)

$

288,463,800

100.0

Liabilities

in

Excess

of

Other

Assets

(4,426)

0.0

Net

Assets

$

288,459,374

100.0

(1)

Investment

in

affiliate.

PORTFOLIO

OF

INVESTMENTS

as

of

September

30,

2023

(Unaudited)

(continued)

2

Voya

Retirement

Conservative

Portfolio

Fair

Value

Measurements

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

as

of

September

30,

2023

in

valuing

the

assets

and

liabilities:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Fair

Value

at

September

30,

2023

Asset

Table

Investments,

at

fair

value

Exchange-Traded

Funds

$

18,220,107

$

—

$

—

$

18,220,107

Mutual

Funds

270,243,693

—

—

270,243,693

Total

Investments,

at

fair

value

$

288,463,800

$

—

$

—

$

288,463,800

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

September

30,

2023,

where

the

following

issuers

were

considered

an

affiliate:

Issuer

Beginning

Fair

Value

at

12/31/2022

Purchases

at

Cost

Sales

at

Cost

Change

In

Unrealized

Appreciation/

(Depreciation)

Ending

Fair

Value

at

9/30/2023

Investment

Income

Realized

Gains/

(Losses)

Net

Capital

Gain

Distributions

Voya

High

Yield

Bond

Fund

-

Class

R6

$

—

$

12,701,352

$

(654,192)

$

(143,204)

$

11,903,956

$

222,532

$

367

$

—

Voya

International

Index

Portfolio

-

Class

I

9,647,846

628,863

(1,928,082)

61,339

8,409,966

467,251

103,126

—

Voya

Russell™

Large

Cap

Value

Index

Portfolio

-

Class

I

—

6,239,408

(321,557)

(64,343)

5,853,508

—

5,723

—

Voya

Short

Term

Bond

Fund

-

Class

R6

38,605,323

9,275,817

(6,500,409)

338,073

41,718,804

1,107,081

(481,440)

—

Voya

U.S.

Bond

Index

Portfolio

-

Class

I

191,219,918

12,118,345

(50,180,346)

(63,744)

153,094,173

4,864,428

(6,505,132)

—

Voya

U.S.

Stock

Index

Portfolio

-

Class

I

61,884,890

8,705,296

(19,032,669)

(2,294,231)

49,263,286

39,832

5,302,536

4,908,229

$

301,357,977

$

49,669,081

$

(78,617,255)

$

(2,166,110)

$

270,243,693

$

6,701,124

$

(1,574,820)

$

4,908,229

The

financial

statements

for

the

above

mutual

fund[s]

can

be

found

at

www.sec.gov.

Net

unrealized

depreciation

consisted

of:

Gross

Unrealized

Appreciation

$

23,355,330

Gross

Unrealized

Depreciation

(28,678,286)

Net

Unrealized

Depreciation

$

(5,322,956)