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

Annual Report
December 31, 2021
Classes ADV, I, R6, S and S2

Voya Investors Trust

■		Voya Government Liquid Assets Portfolio
■		VY^® Clarion Global Real Estate Portfolio
■		VY^® Invesco Growth and Income Portfolio
■		VY^® JPMorgan Emerging Markets Equity Portfolio

■		VY^® Morgan Stanley Global Franchise Portfolio
■		VY^® T. Rowe Price Capital Appreciation Portfolio
■		VY^® T. Rowe Price Equity Income Portfolio
■		VY^® T. Rowe Price International Stock 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 annual report, are no longer 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.

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

President’s Letter		1
Portfolio Managers’ Reports		3
Shareholder Expense Examples		20
Report of Independent Registered Public Accounting Firm		22
Statements of Assets and Liabilities		23
Statements of Operations		27
Statements of Changes in Net Assets		29
Financial Highlights		33
Notes to Financial Statements		38
Portfolios of Investments		56
Tax Information		97
Trustee and Officer Information		99
Advisory and Sub-Advisory Contract Approval Discussion		103

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 year ended June 30 is available without charge on the Portfolios’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180. Voya Government Liquid Assets Portfolio does not file on Form N-PORT.

The Voya Government Liquid Assets Portfolio files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Portfolio’s Form N-MFP is available on the SEC’s website at www.sec.gov or the monthly schedule of portfolio holdings are also available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

A Solid Year Ends for the Financial Markets, Gauging the Policy Shifts to Come

Dear Shareholder,

The 12-month period ended December 31, 2021 marked another strong year for stocks. Forcefully accommodative and persistent monetary and fiscal policy, along with the COVID-19 vaccine rollouts and an impressively adaptable global economy, drove big gains within risk assets. The ascent wasn’t particularly smooth, as several new COVID-19 variants thwarted attempts at a full-fledged reopening. Besides the distress induced by a public health crisis, prolongation of the pandemic negatively impacted the supply of labor and costs of core goods. These two factors, combined with others such as economic stimulus and rising commodity prices, drove inflation higher. As economic activity proved resilient, however, investors shrugged off soaring prices and continued to buy stocks.

The U.S. unemployment rate declined to 3.9% in December and job openings continued to exceed job seekers, indicating the labor market is approaching full employment. This dynamic is pressuring wages upward and has contributed to inflation running above the U.S Federal Reserve Board’s (the “Fed”) 2% target since April. Sharply higher prices have caused the Fed to hasten its plans to withdraw stimulus. We recognize that in 2022, monetary and fiscal policy are likely to become less supportive of the global economy. Yet in our view, we also see potential offsets to tightening financial conditions, including consumer spending and corporate inventory rebuilding, which make us believe there is scope for continued global equity gains.

The pace and path to policy normalization will be a key market factor for the year ahead. A sharp rise in wages from prolonged labor market tightness is possible, but firms, particularly larger ones, have been able to pass through rising input costs to maintain margins. In our view, this is likely to continue and, combined with still above trend GDP growth, will support earnings growth in 2022.

As we’ve often noted, it’s important to have a plan for investing consistently through headwinds and tailwinds. Keep focused on your long-term goals and don’t get distracted by short-term fluctuations, however compelling or distracting they may seem. Should your long-term goals change, discuss the situation thoroughly with your investment advisor before making any changes to your investment portfolio.

Regardless of events, at Voya we remain well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to working with you in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds

January 21, 2022

The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.

International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

BENCHMARK DESCRIPTIONS

Index		Description
Bloomberg U.S. Government/Credit Index		An index made up of the Barclays Government and Credit indices, including securities issued by the U.S. government and its agencies and publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.
FTSE EPRA Nareit Developed Index		The index is designed to track the performance of listed real estate companies and real-estate investment trusts (REITs) worldwide. Relevant activities are defined as the ownership, disposal and development of income-producing real estate. Constituents are classified into distinct property sectors based on gross invested book assets, as disclosed in the latest published financial statement. Index constituents are free-float adjusted, liquidity, size and revenue screened.
iMoneyNet Government Institutional Index		The average return for a category of money market funds that includes all government institutional funds: Treasury Institutional, Treasury and Repo Institutional and Government and Agencies Institutional.
MSCI All Country World (ex-US) Index^SM		A free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI Emerging Markets Index^SM (“MSCI EM Index^SM”)		An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
MSCI World Index^SM (“MSCI World”)		An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
Russell 1000^® Value Index		An index that measures the performance of those Russell 1000^® securities with lower price-to-book ratios and lower forecasted growth values.
S&P 500^® Index		An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

PORTFOLIO MANAGERS’ REPORT

VOYA GOVERNMENT LIQUID ASSETS PORTFOLIO

	Investment Type Allocation as of December 31, 2021 (as a percentage of net assets)
	U.S. Government Agency Debt	44.6	%
	U.S. Treasury Debt	35.2
	U.S. Treasury Repurchase Agreement	14.5
	Investment Companies	7.2
	Liabilities in Excess of Other Assets	(1.5	)
	Net Assets	100.0	%

*Portfolio holdings are subject to change daily.*

Voya Government Liquid Assets Portfolio (the “Portfolio”) seeks a high level of current income consistent with the preservation of capital and liquidity. The Portfolio is managed by David S. Yealy, Portfolio Manager of Voya Investment Management Co. LLC (“Voya IM”) — the Sub-Adviser.

Performance*: For the year ended December 31, 2021, the Portfolio’s Class S shares provided a total return of 0.03% compared to the iMoneyNet Government Institutional Index, which returned 0.02% for the same period.

The adviser to the Portfolio has waived fees to maintain a zero or positive yield, as have other money market funds. The Portfolio was able to realize some capital gains by primarily buying longer-term new issue T-Bills and selling them after yields declined to market levels over time. These gains were distributed to the shareholders and allowed the Portfolio to increase the total return over the yield of the Portfolio. The Portfolio continued to maintain an exposure to floating rate money market securities, shifting out of floaters tied to three-month London inter-bank offered rate (“LIBOR”) or one-month LIBOR, and into floaters tied to one-day secured overnight financing rate (“SOFR”), as the market prepares for LIBOR to be replaced by SOFR or another benchmark.

Portfolio Specifics: The year was a continuation of the previous year marked by COVID-19 and the Federal Open Market Committee (“FOMC”) maintaining accommodative policies to provide liquidity and support the economy as the United States and other countries around the globe tried to recover from the economic impact of COVID-19. The U.S. Federal Reserve Board (the “Fed”) maintained its quantitative easing with the monthly purchases of U.S. Treasury and mortgage-backed securities (“MBS”) and expanded overnight repurchase agreement operations. The FOMC kept the federal funds rate in a range of 0% to 0.25% throughout the year. Money market rates of securities purchased by the Portfolio, as well as other money market funds, offered very limited yield and return potential in light of the FOMC’s and the Fed’s policies. The Portfolio did extend its weighted average maturity (“WAM”) for parts of the period in order to capture additional yield and capital gains potential.

Current Strategy and Outlook: Looking ahead at 2023, we expect the FOMC to start to raise rates in response to high and persistent inflation over its 2% target, the recovery in the labor market and the economy gaining a solid footing as the impact from COVID-19 subsides overtime. The FOMC has indicated that they expect to be in position to start raising rates as early as March following the end of the taper in the monthly purchases of U.S. Treasury and MBS securities. We expect that the FOMC will raise rates multiple times during the year and could also start to reduce the Fed balance sheet by allowing the maturities of U.S. Treasuries and principal paydowns of MBS to run-off instead of re-investing. We plan on shortening the WAM of the Portfolio as the market starts, in our view, to price in multiple rate increases. We plan on maintaining or adding to our holdings of floating rate securities to take advantage of the expected rate increases. We will look to take advantage of higher yields on longer-term maturities if or when the market has priced in more rate increases or faster rate increases than we expect, in our opinion, at that time, otherwise we will have a shorter-than-normal WAM.

*	Please see Note 5 for more information regarding the contractual waiver in place to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a yield of not less than zero.

You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Portfolio’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

VY^® CLARION GLOBAL REAL ESTATE PORTFOLIO

PORTFOLIO MANAGERS’ REPORT

	Geographic Diversification as of December 31, 2021 (as a percentage of net assets)
	United States	63.2	%
	Japan	9.3	%
	Hong Kong	5.3	%
	Australia	4.5	%
	Germany	4.0	%
	United Kingdom	3.8	%
	Sweden	2.9	%
	Singapore	2.4	%
	Canada	2.2	%
	Belgium	1.4	%
	Countries between 0.2%–0.5%ˆ	1.1	%
	Liabilities in Excess of Other Assets*	(0.1)	%
	Net Assets	100.0	%

* Includes short-term investments.

ˆ Includes 3 countries, which each represents 0.2%–0.5% of net assets.

*Portfolio holdings are subject to change daily.*

VY^®Clarion Global Real Estate Portfolio* (the “Portfolio”) seeks high total return consisting of capital appreciation and current income. The Portfolio is managed by T. Ritson Ferguson, CFA, Vice Chairman, Joseph P. Smith, CFA, Chief Investment Officer and Christopher S. Reich, CFA, Portfolio Managers** of CBRE Clarion Securities LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio’s Class S shares provided a total return of 34.14% compared to the FTSE EPRA Nareit Developed Index and S&P 500^® Index, which returned 26.09% and 28.71%, respectively, for the same period.

Portfolio Specifics: For 2021, global real estate stocks finished up 26%, outpacing returns of broader market equities and bonds. After several years of relative underperformance, real estate stocks were among the best performing asset classes in 2021. Rising from the depths of the “pandemic recession” in 2020, real estate stocks benefited from improving employment, pent-up consumer demand, and supportive government and central bank policies.

The Portfolio outperformed the FTSE EPRA Nareit Developed Index during the period as value was added in each of the three major geographic regions. Stock selection and sector allocation decisions each contributed materially to relative performance during the period. The Americas region was the top contributor to performance, while the Asia-Pacific region and Europe contributed to a lesser degree.

In the Americas, positioning in the U.S. was the driver of outperformance in the region. Stock selection in the U.S. was led by the outperformance of portfolio holdings in the net lease, residential, industrial and storage sectors. Sector allocation decisions contributed to relative performance in most sectors, with overweights to the outperforming mall, storage and industrial sectors adding the most value. An overweight to the underperforming hotel sector was the only material detractor. In the Asia-Pacific region, stock selection added value within the region as holdings in Australia and Japan drove the outperformance. Sector allocation within the region was a modest drag as positive positioning in Singapore was overshadowed by sub-par allocation elsewhere in the region. In Europe, positioning in the U.K. helped performance while positioning on the European continent was a slight drag on performance. In the U.K., stock selection benefited from holdings in the storage and industrial sectors, which were notable outperformers for the year. Meanwhile, sector allocation was a modest contributor to relative performance. On the European continent, stock selection in the German residential sector was the primary source of relative underperformance, more than offsetting a positive contribution from sector allocation within the region.

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)
	ProLogis, Inc.	7.5	%
	Simon Property Group, Inc.	6.3	%
	Extra Space Storage, Inc.	5.1	%
	Invitation Homes, Inc.	3.9	%
	Realty Income Corp.	3.8	%
	Camden Property Trust	3.3	%
	Sun Communities, Inc.	3.1	%
	CubeSmart	2.6	%
	Duke Realty Corp.	2.6	%
	Mid-America Apartment Communities, Inc.	2.3	%

*Portfolio holdings are subject to change daily.*

Current Strategy and Outlook: We believe a “new real estate investment cycle” for publicly traded real estate stocks began at the stock market bottom in May 2020. As a result, we are very early in this new investment cycle for real estate securities, in our view. We believe that real estate securities are attractively priced relative to the private real estate market, the fixed income market, and the broader stock market. In our view, the earnings outlook for real estate stocks is improving as we transition into 2022 — and that outlook is superior to broad market earnings, where growth is moderating. We believe investors committing capital to listed real estate at this time have the potential to earn an attractive absolute and relative long-term total return.

In addition to attractive valuation metrics, we believe there are additional thematic reasons to be positive about real estate stocks, including: 1) real estate stocks are outperforming broader stock market indices for the first time in the last five years, which suggests a change in stock market leadership; 2) real estate benefits from a re-opening economy; 3) short lease duration sectors can quickly re-price rental rates in an inflationary environment, thus offering an inflation hedge; and 4) funds flows to dedicated real estate mutual funds and ETFs have turned positive in 2021 after several years of anemic fund flows signaling improving investor interest in the sector.

We own a well-balanced portfolio of securities that have been screened for their growth prospects in combination with the quality of their business models, assets, balance sheets, and management teams. We are positive on property types, regions, and stocks that offer these qualities at reasonable valuations.

PORTFOLIO MANAGERS’ REPORT

VY^®CLARION GLOBAL REAL ESTATE PORTFOLIO

In the U.S., we are overweight storage, residential, malls, towers, and hotels. In Japan, we prefer industrial, mid-cap diversified office Japanese REITs that are providing earnings resiliency at what we believe to be a very attractive relative valuation and select Japanese REOCs that have committed to improving their corporate governance. In Hong Kong, we are overweight diversified companies with a commercial bias and non-discretionary retail. In Australia, we prefer asset managers and a few select diversified companies.

In the U.K., we favor the storage and industrial sectors. Within Continental Europe, we own industrial companies, German residential companies and property companies in markets with a positive earnings growth profile, which favors mid to small cap stocks in the Nordics.

*	On January 27, 2022, the Board of Trustees approved a name change for the Portfolio. Effective on or about May 1, 2022, the Portfolio will be known as “VY^® CBRE Global Real Estate Portfolio.” Effective September 21, 2021, the Sub-Adviser’s name changed from CBRE Clarion Securities LLC to CBRE Investment Management Listed Real Assets LLC.

**	Effective January 1, 2022, T. Ritson Ferguson was removed as a portfolio manager to the Portfolio and Kenneth S. Weinberg was added as a portfolio manager to the Portfolio.

VY^® CLARION GLOBAL REAL ESTATE PORTFOLIO

PORTFOLIO MANAGERS’ REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV	33.56	%	9.44	%	8.50	%
Class I	34.47	%	10.10	%	9.17	%
Class S	34.14	%	9.82	%	8.89	%
Class S2	33.90	%	9.67	%	8.73	%
FTSE EPRA Nareit Developed Index	26.09	%	7.81	%	8.64	%
S&P 500^® Index	28.71	%	18.47	%	16.55	%

Based on a $10,000 initial investment the graph and table above illustrate the total return of VY^® Clarion Global Real Estate Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in the index.

The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 366-0066 to get performance through the most recent month end.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS’ REPORT

VY^®INVESCO GROWTH AND INCOME PORTFOLIO

	Sector Diversification as of December 31, 2021 (as a percentage of net assets)
	Financials	21.8	%
	Health Care	15.7	%
	Information Technology	13.6	%
	Industrials	11.9	%
	Consumer Discretionary	8.0	%
	Energy	7.2	%
	Communication Services	6.8	%
	Consumer Staples	5.2	%
	Real Estate	2.9	%
	Materials	2.8	%
	Utilities	2.5	%
	Assets in Excess of Other Liabilities*	1.6	%
	Net Assets	100.0	%

* Includes short-term investments.

*Portfolio holdings are subject to change daily.*

VY^® Invesco Growth and Income Portfolio (the “Portfolio”) seeks long-term growth of capital and income. The Portfolio is managed by Brian Jurkash, co-lead portfolio manager, Matthew Titus, co-lead portfolio manager and Sergio Marcheli, portfolio manager, of Invesco Advisers, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio’s Class S shares provided a total return of 28.97%, compared to the Russell 1000^® Value Index, which returned 25.16%, for the same period.

Portfolio Specifics: For the year ended December 31, 2021, the Portfolio outperformed the Russell 1000^® Value Index.

Stock selection and an overweight position in financials was the largest contributor to relative performance. Wells Fargo, Bank of America, AIG and Goldman Sachs were significant contributors. Financial companies benefited from rising interest rates and a recovery in loan growth.

Stock selection in energy also contributed to outperformance during the year. Energy stocks overall were buoyed by rising oil prices resulting from a rebound in demand, OPEC production cuts and energy shortages abroad.

Stock selection in industrials also aided relative returns, due primarily to Johnson Controls. The company reported better than expected earnings driven in part by strength in its HVAC segment, while orders and backlogs also improved amid a recovery in demand.

Stock selection in health care was the largest relative detractor. Zimmer Biomet and Medtronic were key detractors from both relative and absolute performance. Device makers suffered as COVID variants began to spread rapidly, causing delays or cancellations to elective procedures.

The information technology (“IT”) sector also detracted from relative returns, with Splunk and Intel posting double-digit declines. Intel provided weaker guidance for the full year, driven by shortages of production components for microchips. Splunk announced an abrupt CEO departure in November that was viewed skeptically by investors, causing a sharp selloff in the stock.

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)
	Wells Fargo & Co.	3.7	%
	General Motors Co.	3.6	%
	Cognizant Technology Solutions Corp.	3.4	%
	Bank of America Corp.	3.0	%
	CBRE Group, Inc.	2.9	%
	CSX Corp.	2.4	%
	American International Group, Inc.	2.4	%
	Cisco Systems, Inc.	2.3	%
	Philip Morris International, Inc.	2.2	%
	Raytheon Technologies Corp.	2.2	%

*Portfolio holdings are subject to change daily.*

The Portfolio’s cash position, while less than 2% on average, also dampened relative performance amid the strong market environment.

The Portfolio held currency forward contracts during the fiscal year for the purpose of hedging currency exposure of non-US-based companies held in the Portfolio. These derivatives were not for speculative purposes or leverage, and these positions had a small negative impact on the Portfolio’s relative performance for the fiscal year.

Current Strategy and Outlook: During the fiscal year, the team eliminated positions in materials, energy and financials, and added positions in communication services, consumer discretionary and health care. At the end of the fiscal year, the Portfolio’s largest overweight exposures were in IT and consumer discretionary, while the largest underweights were in health care and utilities.

VY^® INVESCO GROWTH AND INCOME PORTFOLIO

PORTFOLIO MANAGERS’ REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		28.50	%		9.86	%		11.95	%
Class I		29.21	%		10.52	%		12.63	%
Class S		28.97	%		10.25	%		12.34	%
Class S2		28.78	%		10.08	%		12.18	%
Russell 1000^® Value Index		25.16	%		11.16	%		12.97	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® Invesco Growth and Income Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS’ REPORT

VY^® JPMORGAN EMERGING
MARKETS EQUITY PORTFOLIO

	Geographic Diversification as of December 31, 2021 (as a percentage of net assets)
	China	35.5	%
	India	18.8	%
	Taiwan	8.8	%
	South Korea	7.7	%
	Hong Kong	5.4	%
	Indonesia	3.0	%
	Argentina	2.9	%
	United States	2.7	%
	Brazil	2.0	%
	Singapore	1.9	%
	Countries between 0.0%–1.4%ˆ	8.6	%
	Assets in Excess of Other Liabilities*	2.7	%
	Net Assets	100.0	%

* Includes short-term investments.

ˆ Includes 10 countries, which each represents 0.0%–1.4% of net assets.

*Portfolio holdings are subject to change daily.*

VY^® JPMorgan Emerging Markets Equity Portfolio (the “Portfolio”) seeks capital appreciation. The Portfolio is managed by Austin Forey, Managing Director, Leon Eidelman, CFA and Managing Director, and Amit Mehta, CFA and Executive Director; each a Portfolio Manager of J.P. Morgan Investment Management Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio’s Class S Shares provided a total return of -10.00% compared to the MSCI Emerging Markets Index^SM (“MSCI EM Index^SM”), which returned -2.54% for the same period.

Portfolio Specifics: The Portfolio underperformed the benchmark during the year ended December 31, 2021. Stock selection detracted from relative returns while country allocation was flat.

In the consumer discretionary sector, Portfolio exposure to New Oriental Education, which offers private tutoring in the K-12 market in China, detracted from returns during the period. The stock was negatively impacted when regulatory tightening in China culminated in the authorities announcing a new set of regulations governing after-school tutoring activities, which undermined the company’s business model.

Commodities prices climbed during the year and the Portfolio’s underweight exposure to the energy and materials sectors detracted as a result. Companies in these sectors struggle to meet standards on economics, duration and governance or to offer compelling long term expected returns.

Stock selection in information technology aided performance. Specifically, the Portfolio’s Belarussian IT software business, EPAM, contributed to returns. The company has benefitted as economic activity has recovered and the demand environment has improved over the course of the year.

Additionally, despite struggling in the fourth quarter, Sea Limited was among the top performers for the year following its strong performance early in 2021, driven by the growth of its e-commerce and fintech businesses.

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)
	Samsung Electronics Co., Ltd. 005930	5.9	%
	Tencent Holdings Ltd.	4.2	%
	Taiwan Semiconductor Manufacturing Co., Ltd.	4.0	%
	Taiwan Semiconductor Manufacturing Co., Ltd. ADR	3.6	%
	HDFC Bank Ltd. ADR	3.4	%
	Housing Development Finance Corp.	3.4	%
	MercadoLibre, Inc.	2.9	%
	EPAM Systems, Inc.	2.7	%
	Tata Consultancy Services Ltd.	2.5	%
	Techtronic Industries Co., Ltd.	2.5	%

*Portfolio holdings are subject to change daily.*

Current Strategy and Outlook: In our view, the year has started with a mix of risks and optimism. The COVID-19 Omicron variant has dampened recent sentiment but consumers, labor markets and business activity throughout the world have remained strong on the whole, in our opinion.

We believe that 2022 is poised to be different to 2021 in a few key ways: the U.S. Federal Reserve Board will be tightening monetary policy while China is expected to be more accommodative, and this stimulus from China should be supportive of emerging markets.

While 2021 saw most investors surprised by higher-than-expected inflation, we believe that this year inflation is expected to peak in the first six months, but where it settles is up for debate. The expectation of how sustained higher inflation after this year would affect households, central bank policy and asset markets, which in our opinion, is likely to drive market volatility. Additionally, in our view, emerging markets earnings expectations are more modest for 2022 but valuations are starting the year lower than 12 months ago. In the midst of these various market forces, we stick to our valuation framework to identify what we believe to be the most attractive opportunities.

VY^® JPMORGAN EMERGING
MARKETS EQUITY PORTFOLIO

PORTFOLIO MANAGERS’ REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		-10.30	%		13.08	%		6.59	%
Class I		-9.78	%		13.77	%		7.59	%
Class S		-10.00	%		13.49	%		7.33	%
Class S2		-10.11	%		13.32	%		7.17	%
MSCI EM Index^SM		-2.54	%		9.87	%		5.49	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of the VY^® JPMorgan Emerging Markets Equity Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

PORTFOLIO MANAGERS’ REPORT

VY^® MORGAN STANLEY GLOBAL
FRANCHISE PORTFOLIO

	Geographic Diversification as of December 31, 2021 (as a percentage of net assets)
	United States	75.2	%
	United Kingdom	10.3	%
	France	5.9	%
	Germany	4.8	%
	Netherlands	2.0	%
	Italy	0.6	%
	Assets in Excess of Other Liabilities*	1.2	%
	Net Assets	100.0	%

* Includes short-term investments.

*Portfolio holdings are subject to change daily.*

VY^® Morgan Stanley Global Franchise Portfolio (the “Portfolio”) seeks long-term capital appreciation. The Portfolio is managed by William D. Lock, Managing Director, Bruno Paulson, Managing Director, Nic Sochovsky, Managing Director, Vladimir A. Demine, Executive Director, Marcus Watson, Executive Director, Alex Gabriele, Executive Director, Nathan Wong, Executive Director, and Richard Perrott, Executive Director, Portfolio Managers* of Morgan Stanley Investment Management Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio’s Class S shares provided a total return of 21.66% compared to the MSCI World Index^SM (“MSCI World” or the “Index”), which returned 21.82% for the same period.

Portfolio Specifics: For the year ended December 31, 2021, positive stock selection outweighed the headwind from sector allocation, which was negative mainly due to the overweight in the lagging consumer staples sector. Outperformance in the health care, industrials and consumer staples sectors drove the positive stock selection.

Current Strategy and Outlook: In our opinion, the environment in 2022 remains uncertain, whether one looks at it through the lens of economics, health, politics or sustainability.

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)
	Microsoft Corp.	9.3	%
	Philip Morris International, Inc.	7.6	%
	Reckitt Benckiser Group PLC	6.5	%
	Accenture PLC	5.7	%
	Visa, Inc. — Class A	5.2	%
	Thermo Fisher Scientific, Inc.	4.9	%
	SAP SE	4.8	%
	Procter & Gamble Co.	4.7	%
	Danaher Corp.	4.7	%
	Abbott Laboratories	4.6	%

*Portfolio holdings are subject to change daily.*

Whatever the pace of change in 2022, we believe that efforts to create a sustainable future is a game that’s played out in decades, not months. Just like any journey, there will be bumps in the road but as the transition takes place, we believe companies with a strong ’seeking system’ that helps them be alert to the world around them will help them stay on top of their game and deliver long-term returns for clients. As bottom-up stock pickers, we’re determined to keep seeking better outcomes, to learn and improve our offering, and to keep pressing for progress from, what we believe, are the world’s best companies.

*	Effective March 31, 2021, Dirk Hoffmann-Becking retired and no longer serves as a portfolio manager of the Portfolio.

VY^® MORGAN STANLEY GLOBAL
FRANCHISE PORTFOLIO

PORTFOLIO MANAGERS’ REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		21.26	%		16.73	%		13.14	%
Class R6⁽¹⁾		22.01	%		17.43	%		13.71	%
Class S		21.66	%		17.13	%		13.54	%
Class S2		21.53	%		16.96	%		13.36	%
MSCI World		21.82	%		15.03	%		12.70	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® Morgan Stanley Global Franchise Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

(1)	Class R6 incepted on May 3, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class S shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

PORTFOLIO MANAGERS’ REPORT

VY^® T. ROWE PRICE CAPITAL
APPRECIATION PORTFOLIO

	Investment Type Allocation as of December 31, 2021 (as a percentage of net assets)
	Common Stock	71.9	%
	Bank Loans	11.5	%
	Corporate Bonds/Notes	8.0	%
	Preferred Stock	1.4	%
	Asset-Backed Securities	0.2	%
	Assets in Excess of Other Liabilities*	7.0	%
	Net Assets	100.0	%

* Includes short-term investments.

*Portfolio holdings are subject to change daily.*

VY^® T. Rowe Price Capital Appreciation Portfolio (the “Portfolio”) seeks, over the long-term, a high total investment return, consistent with the preservation of capital and with prudent investment risk. The Portfolio is managed by David R. Giroux, CFA and Vice President of T. Rowe Price Associates, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio’s Class S shares provided a total return of 18.40%. By comparison, the S&P 500^® Index, the Bloomberg U.S. Government/Credit Index, and the 60% S&P 500^® Index/40% Bloomberg U.S. Government/Credit Index returned 28.71%, –1.75% and 15.76%, respectively, for the same period.

Portfolio Specifics: In 2021, the Portfolio posted a positive return but lagged the S&P 500^® Index. The Portfolio’s equity holdings posted a positive return but slightly underperformed its S&P 500^® Index benchmark. The Portfolio’s fixed income holdings posted a positive return during the one-year period, strongly outperforming its benchmark, the Bloomberg U.S. Government/Credit Index.

Our overall fixed income weight decreased over the year. Our largest exposure remains in bank loans, which we think at current levels offer compelling risk-adjusted return profiles.

Within equities, information technology weighed on relative performance, due to stock picks such as Global Payments. Global Payments is a U.S. centric merchant acquirer and leading provider of cloud and enterprise applications to help businesses simplify operations and offer customer-friendly payment solutions. Shares underperformed on disappointing revenue hampered by economic restrictions related to the COVID-19 pandemic combined with increased investor concern about disruptive competitors in the merchant acquirer space. The consumer discretionary sector also detracted from relative returns due to stock choices such as Amazon.com. Despite strong results from its cloud and advertising business segments, Amazon.com underperformed on deceleration in its e-commerce business, which faced tough year-over-year comparisons due to the coronavirus. The industrials and business services sector further weighed on relative results due to stock picks and an overweight allocation. Conversely, the health care sector contributed to relative outperformance due to stock selection. Diversified medical equipment and supplies conglomerate Danaher outperformed on strong revenue growth from its life sciences and diagnostics businesses, as tailwinds from coronavirus-related demand have proven durable. News of its acquisition of Aldevron, a manufacturer of high-quality plasmid DNA, mRNA, and proteins needed for a range of biotechnology and pharmaceutical applications, also contributed to the upside. Communication services aided relative results driven by stock selection, led by Alphabet. Shares of Alphabet surged during the year driven by strong performance from its advertising business, owing to higher market expenditure from retail and other businesses. Additionally, the company disclosed the profitability of Google’s cloud unit for the first time, showing that it has developed into a significant source of revenue and growth.

	Top Ten Holdings as of December 31, 2021* (as a percentage of net assets)
	Microsoft Corp.	7.6	%
	Amazon.com, Inc.	5.3	%
	General Electric Co.	4.4	%
	PNC Financial Services Group, Inc.	3.8	%
	Yum! Brands, Inc.	3.7	%
	UnitedHealth Group, Inc.	3.7	%
	Thermo Fisher Scientific, Inc.	3.5	%
	Alphabet, Inc. — Class C	3.2	%
	Humana, Inc.	2.7	%
	Marsh & McLennan Cos., Inc.	2.5	%

* Excludes short-term investments.

*Portfolio holdings are subject to change daily.*

During the 12-month period ending December 31, 2021, the covered call strategy represented, on average, 13.33% of the overall Portfolio and generated a return of approximately 17.90%. The covered call strategy’s estimated contribution to the Portfolio’s total return was 2.10%. The estimated return impact from employing options was –71 basis points (–0.71%) for the reporting period December 31, 2020 through December 31, 2021.

Current Strategy and Outlook: After back-to-back years of remarkable gains, we believe that equity markets face more uncertain prospects in 2022. In our view, a protracted period of strong returns has left valuations extended across most market segments, with what we see as attractive opportunities harder to come by. We expect earnings growth to slow, particularly as the tailwind from fiscal stimulus fades and monetary policy begins to tighten. The U.S. Federal Reserve Board appears set to not only taper asset purchases, but also to end its bond-buying program early and raise rates in the new year in an effort to curb inflation, in our opinion. Most sectors already face challenging comparables, and, in our view, diminished liquidity and weaker economic activity are likely to contribute to a regression in spending that will weigh on earnings in the intermediate term. We believe risks in the current market are modestly tilted to the downside and have positioned the Portfolio accordingly. We remain focused on identifying what we believe are high-quality businesses with strong fundamentals that can deliver solid earnings and the potential for growth over the long term.

VY^® T. ROWE PRICE CAPITAL
APPRECIATION PORTFOLIO

PORTFOLIO MANAGERS’ REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		17.97	%		14.57	%		13.22	%
Class I		18.67	%		15.27	%		13.90	%
Class R6⁽¹⁾		18.66	%		15.27	%		13.90	%
Class S		18.40	%		14.98	%		13.62	%
Class S2		18.19	%		14.81	%		13.45	%
S&P 500^® Index		28.71	%		18.47	%		16.55	%
Bloomberg U.S. Government/Credit Index		-1.75	%		3.99	%		3.13	%
60% S&P 500^® Index/40% Bloomberg U.S. Government/Credit Index		15.76	%		12.79	%		11.24	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® T. Rowe Price Capital Appreciation Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

Portfolio holdings are subject to change daily.

(1)	Class R6 incepted on May 3, 2016. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

PORTFOLIO MANAGERS’ REPORT

VY^® T. ROWE PRICE EQUITY INCOME PORTFOLIO

	Sector Diversification as of December 31, 2021 (as a percentage of net assets)
	Financials	22.6	%
	Health Care	17.0	%
	Industrials	10.6	%
	Information Technology	9.3	%
	Utilities	9.0	%
	Consumer Staples	6.9	%
	Energy	5.4	%
	Materials	5.1	%
	Real Estate	4.7	%
	Communication Services	4.6	%
	Consumer Discretionary	3.5	%
	Assets in Excess of Other Liabilities*	1.3	%
	Net Assets	100.0	%

* Includes short-term investments.

*Portfolio holdings are subject to change daily.*

VY^® T. Rowe Price Equity Income Portfolio (the “Portfolio”) seeks a high level of dividend income as well as long-term growth of capital primarily through investments in stocks. The Portfolio is managed by John Linehan, CFA, Head of U.S. Equity and Portfolio Manager of T. Rowe Price Associates, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio’s Class S shares provided a total return of 25.27% compared to the Russell 1000^® Value Index and the S&P 500^® Index, which returned 25.16% and 28.71% respectively, for the same period.

Portfolio Specifics: The Portfolio outperformed the Russell 1000^® Value Index for the reporting period. Financials was the primary relative contributor for the period, due to strong stock selection. Shares of Wells Fargo ended higher after continued consumer credit resilience and the U.S. Federal Reserve Board (the “Fed”) greenlighting banks to resume returning capital to shareholders in the second half of the year. Despite shares being impacted by headlines in which the Office of the Comptroller of Currency assessed a civil penalty against the company in relation to deficiencies in its lending loss mitigation program, the company delivered strong loan growth figures late in the period, lifting shares.

Stock selection within the information technology sector also aided relative performance. Applied Materials rose over the period as shares continued to benefit from cyclical strength within the industry and robust semiconductor demand over the year.

The communication services sector contributed to relative returns due to an underweight allocation.

Conversely, stock selection in the consumer discretionary sector detracted from relative performance. Shares of Las Vegas Sands finished lower following continued coronavirus-related travel restrictions imposed by the Macanese government. Shares were also pressured due to the potential for more restrictive concession terms in Macau.

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)
	Wells Fargo & Co.	3.9	%
	Qualcomm, Inc.	3.0	%
	United Parcel Service, Inc. — Class B	2.6	%
	Southern Co.	2.5	%
	General Electric Co.	2.5	%
	American International Group, Inc.	2.5	%
	Anthem, Inc.	2.4	%
	TotalEnergies SE ADR	2.3	%
	AbbVie, Inc.	1.9	%
	Tyson Foods, Inc.	1.9	%

*Portfolio holdings are subject to change daily.*

The industrials and business services sector also hindered relative performance due to unfavorable stock choices. GE underperformed the broader sector for the period following a muted reaction to the company’s proposed plan to split into three separate companies late in the period. Additionally, with the initial reports of the omicron variant, there was growing concern within the market regarding the impact the variant would have on the aviation industry.

Current Strategy and Outlook: Market concerns surrounding the coronavirus were met with an aggressive and coordinated fiscal and monetary policy response in recent periods. Moving forward, all eyes remain on the trajectory of both the virus and government policy. Given this duality, we expect a choppy market throughout 2022 with a focus on potential missteps by the Fed. While in our view fundamentals are strong, the equity market is relatively expensive, particularly on the growth side. However, it is our opinion that low bond yields mean that there are few alternatives to equities. Although markets are showing isolated signs of exuberance, we believe that the economic backdrop seems reasonable. For markets to continue their ascent, they will need to climb a wall of worry consisting of pandemic dynamics, inflation, and labor shortages. We believe that the intensity of each concern will likely have a strong bearing on equity market returns in 2022.

VY^® T. ROWE PRICE EQUITY INCOME PORTFOLIO

PORTFOLIO MANAGERS’ REPORT

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		24.97	%		10.64	%		11.39	%
Class I		25.66	%		11.28	%		12.06	%
Class S		25.27	%		11.00	%		11.78	%
Class S2		25.15	%		10.84	%		11.61	%
Russell 1000^® Value Index		25.16	%		11.16	%		12.97	%
S&P 500^® Index		28.71	%		18.47	%		16.55	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® T. Rowe Price Equity Income Portfolio against the indices indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

Portfolio holdings are subject to change daily.

Effective May 25, 2018, the Portfolio changed its benchmark from the S&P 500^® Index to the Russell 1000^® Value Index because the Russell 1000^® Value Index is considered by the Sub-Adviser to be a more appropriate benchmark that better aligns with the Portfolio’s value-focused investment style.

PORTFOLIO MANAGERS’ REPORT

VY^® T. ROWE PRICE INTERNATIONAL
STOCK PORTFOLIO

	Geographic Diversification as of December 31, 2021 (as a percentage of net assets)
	Japan	14.7	%
	Netherlands	9.3	%
	Switzerland	8.5	%
	France	8.3	%
	United Kingdom	8.3	%
	China	7.1	%
	Canada	6.2	%
	Germany	5.5	%
	India	4.8	%
	Taiwan	4.0	%
	Countries between 0.3%–3.9%ˆ	20.4	%
	Assets in Excess of Other Liabilities*	2.9	%
	Net Assets	100.0	%

* Includes short-term investments.

ˆ Includes 15 countries, which each represents 0.3%–3.9% of net assets.

*Portfolio holdings are subject to change daily.*

VY^® T. Rowe Price International Stock Portfolio* (the “Portfolio”) seeks long-term growth of capital. The Portfolio is managed by Richard N. Clattenburg, CFA and Vice President, Portfolio Manager of T. Rowe Price Associates, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio’s Class I shares provided a total return of 1.48% compared to the MSCI All Country World (ex-U.S.) Index^SM (“MSCI ACWI ex-U.S.”), which returned 7.82% for the same period.

Portfolio Specifics: The Portfolio underperformed its benchmark, the MSCI ACWI ex-U.S., for the reporting period. Broadly speaking, stock selection drove relative underperformance. At the sector level, consumer discretionary was the largest detractor due to security selection. Financials hindered relative returns due to stock selection. Industrials and business services also hampered relative results due to stock choices and an unfavorable underweight position. In contrast, holdings within communication services contributed. Utilities also aided relative performance due to stock choices and an underweight allocation.

Regionally, stock selection within developed Europe detracted from relative returns — particularly United Kingdom. Conversely, security picks in the United States contributed, although the effect was partially offset by an overweight exposure.

Within the consumer discretionary sector, Alibaba Group Holding was one of the top relative detractors from the Portfolio in 2021. The company’s stock has struggled over the last year in the wake of the cancellation of the Ant Financial IPO in late 2020. The cancellation came after Chinese regulators, possibly irritated by Alibaba founder Jack Ma’s comments criticizing the Chinese Communist Party for meddling in corporate affairs, demanded several new regulations that effectively made the IPO impossible to complete. The cancellation chilled investor sentiment on Alibaba Group Holding shares, as it is likely both it and Ant Financial will face greater regulatory scrutiny going forward. The stock lost ground again in the spring of 2021 when the company said it would look to ramp up investment in the low end of the e-commerce market as well as the community grocery shopping area.

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)
	Taiwan Semiconductor Manufacturing Co., Ltd.	4.0	%
	Prosus NV	2.7	%
	Nestle SA	2.7	%
	ASML Holding NV	2.7	%
	Thales S.A.	2.0	%
	Housing Development Finance Corp.	1.8	%
	Sanofi	1.8	%
	Lonza Group AG	1.7	%
	Nippon Telegraph & Telephone Corp.	1.7	%
	Akzo Nobel NV	1.7	%

*Portfolio holdings are subject to change daily.*

The Portfolio’s strength in the communication services sector was largely explained by beneficial holdings such as NAVER. NAVER operates the biggest search engine portal in Korea and leading instant messenger service in Korea and Japan. NAVER beat consensus estimates for revenue and noted that it continued to invest in new e-commerce, fintech, and cloud initiatives. This investment is an expected development for our thesis, as it is likely to position NAVER to benefit from the accelerated pace of the shift to e-commerce and live streaming taking place in Japan and Korea, two of the most “online” nations on Earth. Earnings in July showed the company continued to execute well in its core businesses, delivering its fifth consecutive quarter of growth acceleration.

Current Strategy and Outlook: The emergence of the omicron variant has made it apparent that there will not be a day or a week or a month when the pandemic ends. Equity markets have performed well in our opinion and valuations have become expensive in many cases. In our view, corporate fundamentals are generally strong as measured by revenue, earnings, and cash flow growth. There has been a robust economic recovery in most developed countries, in fact so robust that the extraordinary demand is, along with pandemic-induced supply chain fallout, a primary factor in material and labor shortages. Inflation has increased to punitive levels, higher than witnessed in the past 30 years. We believe that central banks will need to calibrate their interest rate policies to respond to potentially entrenched inflation without calling into question sovereign debt servicing abilities in the future. Fortunately, equities often do well before inflation becomes rampant and extreme, and we believe there is still time for central banks to act. We are monitoring this risk and others as we leverage the insights of our fundamental research platform and disciplined investment process to navigate these headwinds.

On January 27, 2022, the Board of Trustees approved a proposal to reorganize the Portfolio (the “Merging Portfolio”) with and into Voya International Index Portfolio, which is not included in this report (the “Reorganization”). The proposed Reorganization is subject to approval by shareholders of the Merging Portfolio at a shareholder meeting scheduled to be held on or about June 28, 2022. The Merging Portfolio will notify its shareholders if shareholder approval of its proposed Reorganization is not obtained. If shareholder approval of the Reorganization is obtained, it is expected that the Reorganization will take place on or about July 8, 2022.

VY^® T. ROWE PRICE INTERNATIONAL
STOCK PORTFOLIO

PORTFOLIO MANAGERS’ REPORT

VY^® T. ROWE PRICE INTERNATIONAL
STOCK PORTFOLIO

Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year			5 Year			10 Year
Class ADV		0.87	%		9.80	%		7.83	%
Class I		1.48	%		10.46	%		8.48	%
Class S		1.19	%		10.18	%		8.21	%
MSCI ACWI ex-U.S.		7.82	%		9.61	%		7.28	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY^® T. Rowe Price International Stock Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Portfolio holdings are subject to change daily.

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 July 1, 2021 to December 31, 2021. 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 July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*

Voya Government Liquid Assets Portfolio
Class I		$1,000.00		$1,000.20		0.05	%		$0.25		$1,000.00		$1,024.95		0.05	%		$0.26
Class S		1,000.00		1,000.20		0.05			0.25		1,000.00		1,024.95		0.05			0.26
Class S2		1,000.00		1,000.20		0.05			0.25		1,000.00		1,024.95		0.05			0.26
VY^® Clarion Global Real Estate Portfolio
Class ADV		1,000.00		1,136.30		1.47	%		7.92		1,000.00		1,017.80		1.47	%		7.48
Class I		1,000.00		1,140.40		0.87			4.69		1,000.00		1,020.82		0.87			4.43
Class S		1,000.00		1,139.50		1.12			6.04		1,000.00		1,019.56		1.12			5.70
Class S2		1,000.00		1,138.40		1.27			6.85		1,000.00		1,018.80		1.27			6.46
VY^® Invesco Growth and Income Portfolio
Class ADV		1,000.00		1,075.30		1.21	%		6.33		1,000.00		1,019.11		1.21	%		6.16
Class I		1,000.00		1,078.10		0.61			3.20		1,000.00		1,022.13		0.61			3.11
Class S		1,000.00		1,077.00		0.86			4.50		1,000.00		1,020.87		0.86			4.38
Class S2		1,000.00		1,076.40		1.01			5.29		1,000.00		1,020.11		1.01			5.14

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2021*

VY^® JPMorgan Emerging Markets Equity Portfolio
Class ADV		$1,000.00		$868.90		1.86	%		$8.76	$	1,000.00		$1,015.83		1.86	%		$9.45
Class I		1,000.00		871.50		1.26			5.94		1,000.00		1,018.85		1.26			6.41
Class S		1,000.00		870.40		1.51			7.12		1,000.00		1,017.59		1.51			7.68
Class S2		1,000.00		869.90		1.66			7.82		1,000.00		1,016.84		1.66			8.44
VY^® Morgan Stanley Global Franchise Portfolio
Class ADV		1,000.00		1,108.00		1.54	%		8.18		1,000.00		1,017.44		1.54	%		7.83
Class R6		1,000.00		1,111.30		0.94			5.00		1,000.00		1,020.47		0.94			4.79
Class S		1,000.00		1,109.40		1.19			6.33		1,000.00		1,019.21		1.19			6.06
Class S2		1,000.00		1,108.70		1.34			7.12		1,000.00		1,018.45		1.34			6.82
VY^® T. Rowe Price Capital Appreciation Portfolio
Class ADV		1,000.00		1,075.40		1.24	%		6.49		1,000.00		1,018.95		1.24	%		6.31
Class I		1,000.00		1,079.00		0.64			3.35		1,000.00		1,021.98		0.64			3.26
Class R6		1,000.00		1,078.60		0.64			3.35		1,000.00		1,021.98		0.64			3.26
Class S		1,000.00		1,077.40		0.89			4.66		1,000.00		1,020.72		0.89			4.53
Class S2		1,000.00		1,076.60		1.04			5.44		1,000.00		1,019.96		1.04			5.30
VY^® T. Rowe Price Equity Income Portfolio
Class ADV		1,000.00		1,058.40		1.21	%		6.28		1,000.00		1,019.11		1.21	%		6.16
Class I		1,000.00		1,060.80		0.61			3.17		1,000.00		1,022.13		0.61			3.11
Class S		1,000.00		1,059.10		0.86			4.46		1,000.00		1,020.87		0.86			4.38
Class S2		1,000.00		1,058.70		1.01			5.24		1,000.00		1,020.11		1.01			5.14
VY^® T. Rowe Price International Stock Portfolio
Class ADV		1,000.00		944.70		1.35	%		6.62		1,000.00		1,018.40		1.35	%		6.87
Class I		1,000.00		947.70		0.75			3.68		1,000.00		1,021.42		0.75			3.82
Class S		1,000.00		946.30		1.00			4.91		1,000.00		1,020.16		1.00			5.09

*	Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Government Liquid Assets Portfolio, VY^® Clarion Global Real Estate Portfolio, VY^® Invesco Growth and Income Portfolio, VY^® JPMorgan Emerging Markets Equity Portfolio, VY^® Morgan Stanley Global Franchise Portfolio, VY^® T. Rowe Price Capital Appreciation Portfolio, VY^® T. Rowe Price Equity Income Portfolio and VY^® T. Rowe Price International Stock Portfolio and the Board of Trustees of Voya Investors Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Government Liquid Assets Portfolio, VY^® Clarion Global Real Estate Portfolio, VY^® Invesco Growth and Income Portfolio, VY^® JPMorgan Emerging Markets Equity Portfolio, VY^® Morgan Stanley Global Franchise Portfolio, VY^® T. Rowe Price Capital Appreciation Portfolio, VY^® T. Rowe Price Equity Income Portfolio and VY^® T. Rowe Price International Stock Portfolio (collectively referred to as the “Portfolios”) (eight of the portfolios constituting Voya Investors Trust (the “Trust”)), including the portfolios of investments, as of December 31, 2021, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolios (eight of the portfolios constituting Voya Investors Trust) at December 31, 2021, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the periods in the three-year period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 21, 2020, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts
February 24, 2022

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021

	Voya Government Liquid Assets Portfolio			VY^® Clarion Global Real Estate Portfolio		VY^® Invesco Growth and Income Portfolio		VY^® JPMorgan Emerging Markets Equity Portfolio
ASSETS:
Investments in securities at fair value+*	$	—		$	234,942,561	$	445,037,093	$	453,182,170
Short-term investments at fair value†		—			3,589,330		8,817,807		7,903,412
Short-term investments at amortized cost		703,448,234			—		—		—
Repurchase agreements		117,326,000			—		—		—
Cash		299			—		—		—
Foreign currencies at value‡		—			—		699		100,318
Receivables:
Investment securities and currencies sold		53,453,972			592,760		—		182,622
Fund shares sold		1,892,666			109,887		23,912		8,831,679
Dividends		—			763,466		433,759		336,573
Interest		16,734			—		—		—
Foreign tax reclaims		—			133,294		87,092		61,487
Unrealized appreciation on forward foreign currency contracts		—			148		15,299		—
Reimbursement due from Investment Adviser		370,811			31,493		—		—
Other assets		22,877			12,707		23,675		25,584
Total assets		876,531,593			240,175,646		454,439,336		470,623,845
LIABILITIES:
Payable for investment securities and currencies purchased		66,439,126			665,615		—		34,847
Payable for fund shares redeemed		1,008,156			3,015,811		1,918,256		30,735
Payable upon receipt of securities loaned		—			1,486,945		42,956		1,190,512
Unrealized depreciation on forward foreign currency contracts		—			3		247,380		—
Payable for unified fees		191,628			—		226,754		489,380
Payable for investment management fees		—			168,949		—		—
Payable for distribution and shareholder service fees		217,197			28,481		94,198		97,868
Payable to trustees under the deferred compensation plan (Note 6)		22,877			12,707		23,675		25,584
Payable for trustee fees		23,653			1,081		—		—
Payable for foreign capital gains tax		—			—		—		2,908,912
Other accrued expenses and liabilities		—			118,585		—		—
Total liabilities		67,902,637			5,498,177		2,553,219		4,777,838
NET ASSETS	$	808,628,956		$	234,677,469	$	451,886,117	$	465,846,007
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	808,643,541		$	155,228,625	$	272,181,629	$	240,967,723
Total distributable earnings (loss)		(14,585	)		79,448,844		179,704,488		224,878,284
NET ASSETS	$	808,628,956		$	234,677,469	$	451,886,117	$	465,846,007

+ Including securities loaned at value	$	—		$	1,427,117	$	42,006	$	1,147,740
* Cost of investments in securities	$	—		$	163,283,945	$	322,780,172	$	322,623,215
† Cost of short-term investments	$	—		$	3,589,330	$	8,817,807	$	7,903,412
‡ Cost of foreign currencies	$	—		$	—	$	692	$	99,843

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021 (CONTINUED)

	Voya Government Liquid Assets Portfolio		VY^® Clarion Global Real Estate Portfolio		VY^® Invesco Growth and Income Portfolio		VY^® JPMorgan Emerging Markets Equity Portfolio

Class ADV
Net assets		n/a	$	16,348,479	$	18,353,973	$	54,012,399
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001	$	0.001
Shares outstanding		n/a		1,221,405		700,254		2,512,055
Net asset value and redemption price per share		n/a	$	13.38	$	26.21	$	21.50

Class I
Net assets	$	50,336,899	$	122,954,076	$	41,488,440	$	80,785,154
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		50,333,569		8,916,911		1,563,016		3,496,734
Net asset value and redemption price per share	$	1.00	$	13.79	$	26.54	$	23.10

Class S
Net assets	$	320,547,773	$	94,358,956	$	367,119,533	$	320,977,356
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		320,527,033		6,877,130		13,657,995		14,040,677
Net asset value and redemption price per share	$	1.00	$	13.72	$	26.88	$	22.86

Class S2
Net assets	$	437,744,284	$	1,015,958	$	24,924,171	$	10,071,098
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		437,716,088		73,317		938,116		447,643
Net asset value and redemption price per share	$	1.00	$	13.86	$	26.57	$	22.50

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021

	VY^® Morgan Stanley Global Franchise Portfolio		VY^® T. Rowe Price Capital Appreciation Portfolio		VY^® T. Rowe Price Equity Income Portfolio		VY^® T. Rowe Price International Stock Portfolio
ASSETS:
Investments in securities at fair value+*	$	435,290,000	$	8,217,707,088	$	374,425,083	$	199,509,162
Short-term investments at fair value†		7,108,644		1,012,981,490		18,819,391		5,772,650
Cash		—		15,239,148		2,437,550		973,683
Foreign currencies at value‡		—		95,606		—		319,995
Receivables:
Investment securities and currencies sold		—		3,066,895		979,589		218,941
Fund shares sold		1,322		1,072,124		2,866		2,595,086
Dividends		611,673		1,619,706		663,995		283,020
Interest		—		10,802,522		—		—
Foreign tax reclaims		203,049		—		79,985		359,807
Unrealized appreciation on forward foreign currency contracts		—		—		—		66
Prepaid expenses		—		—		—		20
Other assets		17,217		239,617		42,723		10,814
Total assets		443,231,905		9,262,824,196		397,451,182		210,043,244
LIABILITIES:
Payable for investment securities and currencies purchased		—		77,511,733		881,594		244,099
Payable for fund shares redeemed		2,290,925		5,942,527		2,162,840		34
Payable upon receipt of securities loaned		—		174,981,936		14,739,853		3,910,198
Unrealized depreciation on forward foreign currency contracts		—		—		—		196
Payable for unified fees		341,234		4,685,352		189,991		—
Payable for investment management fees		—		—		—		102,866
Payable for distribution and shareholder service fees		136,419		1,963,371		91,608		40,560
Payable to trustees under the deferred compensation plan (Note 6)		17,217		239,617		42,723		10,814
Payable for trustee fees		—		—		—		1,113
Payable for foreign capital gains tax		—		—		—		68,593
Other accrued expenses and liabilities		—		—		—		135,198
Written options, at fair value^		—		160,277,008		—		—
Total liabilities		2,785,795		425,601,544		18,108,609		4,513,671
NET ASSETS	$	440,446,110	$	8,837,222,652	$	379,342,573	$	205,529,573
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	234,456,659	$	6,178,502,136	$	237,490,310	$	144,267,521
Total distributable earnings		205,989,451		2,658,720,516		141,852,263		61,262,052
NET ASSETS	$	440,446,110	$	8,837,222,652	$	379,342,573	$	205,529,573

+ Including securities loaned at value	$	—	$	171,064,192	$	14,430,935	$	3,742,862
* Cost of investments in securities	$	261,666,528	$	6,441,614,444	$	268,403,435	$	157,987,956
† Cost of short-term investments	$	7,108,644	$	1,012,981,490	$	18,819,391	$	5,772,650
‡ Cost of foreign currencies	$	—	$	95,607	$	—	$	318,056
^ Premiums received on written options	$	—	$	75,480,656	$	—	$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2021 (CONTINUED)

	VY^® Morgan Stanley Global Franchise Portfolio		VY^® T. Rowe Price Capital Appreciation Portfolio		VY^® T. Rowe Price Equity Income Portfolio		VY^® T. Rowe Price International Stock Portfolio
Class ADV
Net assets	$	138,475,297	$	1,891,868,152	$	58,287,453	$	24,945,558
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		7,612,601		61,261,594		5,079,296		1,436,332
Net asset value and redemption price per share	$	18.19	$	30.88	$	11.48	$	17.37

Class I
Net assets		n/a	$	1,553,598,060	$	73,571,837	$	45,208,838
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001	$	0.001
Shares outstanding		n/a		47,136,322		6,245,799		2,586,215
Net asset value and redemption price per share		n/a	$	32.96	$	11.78	$	17.48

Class R6
Net assets	$	1,827,827	$	620,373,379		n/a		n/a
Shares authorized		unlimited		unlimited		n/a		n/a
Par value	$	0.001	$	0.001		n/a		n/a
Shares outstanding		91,496		18,808,747		n/a		n/a
Net asset value and redemption price per share	$	19.98	$	32.98		n/a		n/a

Class S
Net assets	$	260,007,805	$	4,700,019,071	$	158,846,601	$	135,375,177
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		12,985,637		142,609,009		13,275,971		7,779,489
Net asset value and redemption price per share	$	20.02	$	32.96	$	11.96	$	17.40

Class S2
Net assets	$	40,135,181	$	71,363,990	$	88,636,682		n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	0.001	$	0.001	$	0.001		n/a
Shares outstanding		2,029,922		2,187,219		7,646,881		n/a
Net asset value and redemption price per share	$	19.77	$	32.63	$	11.59		n/a

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2021

	Voya Government Liquid Assets Portfolio			VY^® Clarion Global Real Estate Portfolio			VY^® Invesco Growth and Income Portfolio			VY^® JPMorgan Emerging Markets Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	8,729		$	6,358,156		$	8,530,675		$	4,652,771
Interest		393,822			—			—			—
Securities lending income, net		—			22,248			16,874			59,831
Total investment income		402,551			6,380,404			8,547,549			4,712,602
EXPENSES:
Investment management fees		—			1,946,226			—			—
Unified fees		2,406,036			—			2,761,117			6,826,420
Distribution and shareholder service fees:
Class ADV		—			93,825			105,916			358,484
Class S		853,780			220,268			888,600			957,773
Class S2		1,880,005			3,500			101,723			48,515
Transfer agent fees:
Class ADV		—			19,049			—			—
Class I		—			135,971			—			—
Class S		—			107,322			—			—
Class S2		—			1,064			—			—
Shareholder reporting expense		—			10,310			—			—
Professional fees		—			10,950			—			—
Custody and accounting expense		—			45,080			—			—
Trustee fees and expenses		45,304			11,315			22,237			29,134
Miscellaneous expense		—			5,798			—			—
Interest expense		—			—			—			958
Total expenses		5,185,125			2,610,678			3,879,593			8,221,284
Waived and reimbursed fees		(4,782,574	)		(413,444	)		(130,883	)		—
Brokerage commission recapture		—			(1,334	)		—			(1,270	)
Net expenses		402,551			2,195,900			3,748,710			8,220,014
Net investment income (loss)		—			4,184,504			4,798,839			(3,507,412	)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)		230,323			25,372,383			55,918,354			99,458,062
Forward foreign currency contracts		—			(20,222	)		649,368			(1,548	)
Foreign currency related transactions		—			(11,924	)		8,403			(24,960	)
Net realized gain		230,323			25,340,237			56,576,125			99,431,554
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued^#)		—			33,785,617			46,590,861			(148,343,958	)
Forward foreign currency contracts		—			(62	)		(21,757	)		(4	)
Foreign currency related transactions		—			(8,405	)		(15,338	)		(9,885	)
Net change in unrealized appreciation (depreciation)		—			33,777,150			46,553,766			(148,353,847	)
Net realized and unrealized gain (loss)		230,323			59,117,387			103,129,891			(48,922,293	)
Increase (decrease) in net assets resulting from operations	$	230,323		$	63,301,891		$	107,928,730		$	(52,429,705	)

* Foreign taxes withheld	$	—		$	276,354		$	105,299		$	727,464
^ Foreign capital gains taxes withheld	$	—		$	—		$	—		$	412,295
# Change in foreign capital gains taxes accrued	$	—		$	—		$	—		$	511,463

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2021

	VY^® Morgan Stanley Global Franchise Portfolio			VY^® T. Rowe Price Capital Appreciation Portfolio			VY^® T. Rowe Price Equity Income Portfolio			VY^® T. Rowe Price International Stock Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	7,324,486		$	69,304,950		$	8,679,730		$	3,381,633
Interest		—			73,998,191			19,174			—
Securities lending income, net		2,677			215,481			22,090			24,545
Total investment income		7,327,163			143,518,622			8,720,994			3,406,178
EXPENSES:
Investment management fees		—			—			—			1,424,803
Unified fees		4,103,806			53,259,068			2,376,590			—
Distribution and shareholder service fees:
Class ADV		776,419			10,428,021			337,523			152,456
Class S		645,316			11,463,650			389,175			375,899
Class S2		156,444			288,259			350,696			—
Transfer agent fees:
Class ADV		—			—			—			11,044
Class I		—			—			—			20,368
Class S		—			—			—			65,366
Shareholder reporting expense		—			—			—			8,819
Professional fees		—			—			—			23,249
Custody and accounting expense		—			—			—			123,039
Trustee fees and expenses		23,615			412,126			19,766			11,027
Miscellaneous expense		—			—			—			6,995
Total expenses		5,705,600			75,851,124			3,473,750			2,223,065
Waived and reimbursed fees		(111,327	)		—			(112,644	)		(27,624	)
Brokerage commission recapture		—			(92	)		—			—
Net expenses		5,594,273			75,851,032			3,361,106			2,195,441
Net investment income		1,732,890			67,667,590			5,359,888			1,210,737
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)		31,567,071			947,698,895			36,881,129			22,218,001
Forward foreign currency contracts		—			—			—			7,224
Foreign currency related transactions		2,150			(87,377	)		1,827			(66,026	)
Written options		—			40,144,672			—			42,773
Net realized gain		31,569,221			987,756,190			36,882,956			22,201,972
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued^#)		50,590,726			394,925,500			41,264,380			(19,877,168	)
Forward foreign currency contracts		—			—			—			137
Foreign currency related transactions		(14,982	)		29,037			(535	)		(20,120	)
Written options		—			(38,240,362	)		—			13,793
Net change in unrealized appreciation (depreciation)		50,575,744			356,714,175			41,263,845			(19,883,358	)
Net realized and unrealized gain		82,144,965			1,344,470,365			78,146,801			2,318,614
Increase in net assets resulting from operations	$	83,877,855		$	1,412,137,955		$	83,506,689		$	3,529,351

* Foreign taxes withheld	$	123,148		$	136,614		$	146,106		$	492,902
^ Foreign capital gains taxes withheld	$	—		$	—		$	—		$	290
# Change in foreign capital gains taxes accrued	$	—		$	—		$	—		$	68,593

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Liquid Assets Portfolio						VY^® Clarion Global Real Estate Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income	$	—		$	1,420,460		$	4,184,504		$	3,655,947
Net realized gain (loss)		230,323			330,328			25,340,237			(7,007,785	)
Net change in unrealized appreciation (depreciation)		—			—			33,777,150			(9,668,409	)
Increase (decrease) in net assets resulting from operations		230,323			1,750,788			63,301,891			(13,020,247	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			—			(377,513	)		(1,943,130	)
Class I		(16,647	)		(160,481	)		(3,281,141	)		(13,539,081	)
Class S		(102,429	)		(795,507	)		(2,361,249	)		(11,140,696	)
Class S2		(141,054	)		(801,847	)		(21,700	)		(103,320	)
Total distributions		(260,130	)		(1,757,835	)		(6,041,603	)		(26,726,227	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		207,160,815			588,651,285			15,944,587			15,969,658
Reinvestment of distributions		260,130			1,757,835			6,041,603			26,726,227
		207,420,945			590,409,120			21,986,190			42,695,885
Cost of shares redeemed		(365,488,398	)		(350,271,057	)		(38,100,037	)		(43,792,715	)
Net increase (decrease) in net assets resulting from capital share transactions		(158,067,453	)		240,138,063			(16,113,847	)		(1,096,830	)
Net increase (decrease) in net assets		(158,097,260	)		240,131,016			41,146,441			(40,843,304	)

NET ASSETS:
Beginning of year or period		966,726,216			726,595,200			193,531,028			234,374,332
End of year or period	$	808,628,956		$	966,726,216		$	234,677,469		$	193,531,028

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® Invesco Growth and Income Portfolio						VY^® JPMorgan Emerging Markets Equity Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income (loss)	$	4,798,839		$	6,389,512		$	(3,507,412	)	$	(2,155,611	)
Net realized gain (loss)		56,576,125			(3,654,870	)		99,431,554			43,071,876
Net change in unrealized appreciation (depreciation)		46,553,766			480,905			(148,353,847	)		103,209,620
Increase (decrease) in net assets resulting from operations		107,928,730			3,215,547			(52,429,705	)		144,125,885

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(192,270	)		(1,511,379	)		(4,625,629	)		(3,335,242	)
Class I		(593,144	)		(2,995,867	)		(6,493,054	)		(5,482,509	)
Class S		(4,704,412	)		(31,609,283	)		(27,977,315	)		(23,848,555	)
Class S2		(304,187	)		(2,436,023	)		(908,609	)		(770,608	)
Total distributions		(5,794,013	)		(38,552,552	)		(40,004,607	)		(33,436,914	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		29,359,114			13,095,950			44,423,900			29,912,036
Reinvestment of distributions		5,794,013			38,552,552			40,004,607			33,436,914
		35,153,127			51,648,502			84,428,507			63,348,950
Cost of shares redeemed		(73,541,854	)		(71,563,036	)		(103,276,595	)		(108,814,057	)
Net decrease in net assets resulting from capital share transactions		(38,388,727	)		(19,914,534	)		(18,848,088	)		(45,465,107	)
Net increase (decrease) in net assets		63,745,990			(55,251,539	)		(111,282,400	)		65,223,864

NET ASSETS:
Beginning of year or period		388,140,127			443,391,666			577,128,407			511,904,543
End of year or period	$	451,886,117		$	388,140,127		$	465,846,007		$	577,128,407

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
	VY^® Morgan Stanley Global Franchise Portfolio						VY^® T. Rowe Price Capital Appreciation Portfolio
FROM OPERATIONS:
Net investment income	$	1,732,890		$	2,549,812		$	67,667,590		$	78,262,680
Net realized gain		31,569,221			35,992,073			987,756,190			973,820,862
Net change in unrealized appreciation (depreciation)		50,575,744			9,934,729			356,714,175			187,123,331
Increase in net assets resulting from operations		83,877,855			48,476,614			1,412,137,955			1,239,206,873

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(12,325,665	)		(9,746,549	)		(222,578,297	)		(125,242,472	)
Class I		—			—			(181,327,758	)		(146,443,507	)
Class R6		(142,984	)		(83,242	)		(74,289,334	)		(22,268,407	)
Class S		(22,981,508	)		(21,154,417	)		(562,658,520	)		(361,997,134	)
Class S2		(3,457,895	)		(3,140,746	)		(8,732,930	)		(5,800,989	)
Total distributions		(38,908,052	)		(34,124,954	)		(1,049,586,839	)		(661,752,509	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		8,943,456			14,807,838			370,730,745			780,080,807
Reinvestment of distributions		38,908,052			34,124,954			1,049,586,839			661,752,509
		47,851,508			48,932,792			1,420,317,584			1,441,833,316
Cost of shares redeemed		(73,769,042	)		(58,139,153	)		(821,030,049	)		(1,589,155,945	)
Net increase (decrease) in net assets resulting from capital share transactions		(25,917,534	)		(9,206,361	)		599,287,535			(147,322,629	)
Net increase in net assets		19,052,269			5,145,299			961,838,651			430,131,735

NET ASSETS:
Beginning of year or period		421,393,841			416,248,542			7,875,384,001			7,445,252,266
End of year or period	$	440,446,110		$	421,393,841		$	8,837,222,652		$	7,875,384,001

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
	VY^® T. Rowe Price Equity Income Portfolio						VY^® T. Rowe Price International Stock Portfolio
FROM OPERATIONS:
Net investment income	$	5,359,888		$	6,886,831		$	1,210,737		$	997,100
Net realized gain		36,882,956			6,251,840			22,201,972			5,851,108
Net change in unrealized appreciation (depreciation)		41,263,845			(14,818,868	)		(19,883,358	)		20,045,597
Increase (decrease) in net assets resulting from operations		83,506,689			(1,680,197	)		3,529,351			26,893,805

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		(1,725,808	)		(2,417,696	)		(739,677	)		(951,655	)
Class I		(2,459,976	)		(4,638,752	)		(1,559,070	)		(1,967,794	)
Class S		(4,945,638	)		(6,991,587	)		(4,681,463	)		(6,557,580	)
Class S2		(2,717,084	)		(4,344,569	)		—			—
Total distributions		(11,848,506	)		(18,392,604	)		(6,980,210	)		(9,477,029	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		26,358,264			17,085,747			14,304,379			10,128,091
Reinvestment of distributions		11,848,506			18,392,604			6,980,210			9,477,029
		38,206,770			35,478,351			21,284,589			19,605,120
Cost of shares redeemed		(77,056,559	)		(53,320,095	)		(35,266,663	)		(30,264,106	)
Net decrease in net assets resulting from capital share transactions		(38,849,789	)		(17,841,744	)		(13,982,074	)		(10,658,986	)
Net increase (decrease) in net assets		32,808,394			(37,914,545	)		(17,432,933	)		6,757,790

NET ASSETS:
Beginning of year or period		346,534,179			384,448,724			222,962,506			216,204,716
End of year or period	$	379,342,573		$	346,534,179		$	205,529,573		$	222,962,506

See Accompanying Notes to Financial Statements

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 Government Liquid Assets Portfolio
Class I
12-31-21		1.00		—	^•		0.00	*		0.00			—			0.00	*		—		0.00	*		—		1.00		0.03		0.28		0.05		0.05		0.00		50,337		—
12-31-20		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.30		0.28		0.17		0.17		0.23		64,002		—
12-31-19		1.00		0.02			0.00	*		0.02			0.02			0.00	*		—		0.02			—		1.00		2.01		0.29		0.29		0.29		1.93		52,515		—
12-31-18		1.00		0.02			0.00	*		0.02			0.02			0.00	*		—		0.02			—		1.00		1.61		0.29		0.29		0.29		1.61		62,115		—
12-31-17		1.00		0.01			0.00	*		0.01			0.01			0.00	*		—		0.01			—		1.00		0.66		0.29		0.29		0.29		0.62		50,773		—
Class S
12-31-21		1.00		—	^•		0.00	*		0.00			—			0.00	*		—		0.00	*		—		1.00		0.03		0.53		0.05		0.05		0.00		320,548		—
12-31-20		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.24		0.53		0.21		0.21		0.17		375,267		—
12-31-19		1.00		0.02			0.00	*		0.02			0.02			0.00	*		—		0.02			—		1.00		1.75		0.54		0.54		0.54		1.68		314,786		—
12-31-18		1.00		0.01			0.00	*		0.01			0.01			0.00	*		—		0.01			—		1.00		1.36		0.54		0.54		0.54		1.33		354,423		—
12-31-17		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.41		0.54		0.54		0.54		0.37		372,943		—
Class S2