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.

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.

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 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.

VY^® CBRE Global Real Estate Portfolio* (the “Portfolio”) seeks high total return consisting of capital appreciation and current income. The Portfolio is managed by Joseph P. Smith, CFA, President and Chief Investment Officer, Christopher S. Reich, CFA, and Kenneth S. Weinberg, CFA, Portfolio Managers of CBRE Investment Management Listed Real Assets LLC — the Sub-Adviser*.

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

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Annual Report

December 31, 2022

Classes ADV, I, P2, R6, S and S2

Voya Investors Trust

	■ Voya Balanced Income Portfolio			■ Voya U.S. Stock Index Portfolio
	■ Voya High Yield Portfolio			■ VY® CBRE Real Estate Portfolio (formerly, VY® Clarion Real Estate Portfolio)
	■ Voya Large Cap Growth Portfolio
	■ Voya Large Cap Value Portfolio			■ VY® JPMorgan Small Cap Core Equity Portfolio
	■ Voya Limited Maturity Bond 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 not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest.

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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	Portfolio Managers’ Reports					2
	Shareholder Expense Examples					19
	Report of Independent Registered Public Accounting Firm					21
	Statements of Assets and Liabilities					22
	Statements of Operations					26
	Statements of Changes in Net Assets					28
	Financial Highlights					32
	Notes to Financial Statements					39
	Portfolios of Investments					58
	Tax Information					143
	Trustee and Officer Information					145
	Advisory and Sub-Advisory Contract Approval Discussion					149

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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Benchmark Descriptions

		Index				Description
		Bloomberg High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg U.S. 1-3 Year Government/Credit Bond Index				A widely recognized index of publicly issued fixed rate, investment grade debt securities, including Treasuries, Agencies and credit securities with a maturity of one to three years.
		Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”)				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE®”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI U.S. REIT® Index				A free float-adjusted market capitalization weighted index that is comprised of equity real estate investment trusts that are included in the MSCI U.S. Investable Market 2500 Index (with the exception of specialty REITs that do not generate a majority of their revenue and income from real estate rental and leasing obligations). The index represents approximately 85% of the U.S. REIT market.
		Russell 1000® Index				A comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies.
		Russell 1000® Growth Index				Measures the performance of the 1,000 largest companies in the Russell 3000® Index with higher price-to-book ratios and higher forecasted growth.
		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.
		Russell 2000® Index				An index that measures the performance of securities of small U.S. companies.
		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.

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Voya Balanced Income Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2022 (as a percentage of net assets)

	Common Stock			39.7%
	Collateralized Mortgage Obligations			12.5%
	Corporate Bonds/Notes			11.2%
	Commercial Mortgage-Backed Securities			9.0%
	Asset-Backed Securities			8.7%
	U.S. Treasury Obligations			4.7%
	U.S. Government Agency Obligations			2.5%
	Mutual Funds			1.9%
	Sovereign Bonds			1.0%
	Preferred Stock			0.2%
	Exchange-Traded Funds			0.2%
	Purchased Options*			0.0%
	Assets in Excess of Other Liabilities**			8.4%
	Net Assets			100.0%
	* Amount is less than 0.05%
	** Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Balanced Income Portfolio (the “Portfolio”) seeks to maximize income while maintaining prospects for capital appreciation. The Portfolio is managed by Paul Zemsky, CFA, Brian Timberlake, Ph.D., CFA, Vincent Costa, CFA, and Leigh Todd, CFA, Portfolio Managers* of Voya Investment Management Co. LLC (“VIM”). — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class S shares provided a total return of -13.97% compared to the 60% Bloomberg U.S. Aggregate Bond Index/ 30% Russell 1000® Index/10% MSCI EAFE® Index, the Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”), the MSCI EAFE® Index (“MSCI EAFE®”), and the Russell 1000® Index which returned -14.72%, -13.01%, -14.45%, and -19.13%, respectively, for the same period.

Portfolio Specifics: The Portfolio started the year overweight to equities relative to fixed income.

As part of its annual review process at the end of April, the Portfolio made modest adjustments to its strategic asset allocation based on our updated long-term capital market assumptions. The update resulted in increasing the Portfolio’s US large cap growth positioning and decreasing US large cap value for a neutral weighting between the asset classes. Also, we increased the international equity allocation.

	Top Ten Holdings as of December 31, 2022 (as a percentage of net assets)

	United States Treasury Note, 4.000%, 12/15/25			2.7%
	Fannie Mae, 5.000%, 01/15/53			2.4%
	Microsoft Corp.			2.1%
	Apple, Inc.			1.5%
	Voya High Yield Bond Fund - Class P			1.2%
	United States Treasury Note, 3.875%, 12/31/27			1.2%
	Bank of America Corp., 3.384%, 04/02/26			1.0%
	Visa, Inc. - Class A			0.9%
	WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/48			0.9%
	Eli Lilly & Co.			0.9%
	Portfolio holdings are subject to change daily.

During the year, tactical moves relative to the strategic benchmark had negative impacts across the Portfolio.

The Portfolio is comprised of four strategies in weights matching that of the asset class — Voya Strategic Income Opportunities for fixed income exposure, Voya U.S. High Dividend Low Volatility and Voya Large Cap Growth for domestic equity exposures and International High Dividend Low Volatility for international equity exposures. The underlying sleeves contributed to performance during the year, with all but the Voya Large Cap Growth providing positive excess returns.

Current Strategy and Outlook: The Portfolio maintains its conservative, risk-adjusted return profile with investments split between 59% fixed income and 41% equities.

Effective October 4, 2022, Leigh Todd, CFA is added as a portfolio manager for the Portfolio. In addition, effective December 31, 2022, is no longer a portfolio manager for the Portfolio.

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.

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Portfolio Managers’ Report

Voya Balanced Income Portfolio

[MISSING IMAGE: lc_balancedincome-bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-14.30%		1.32%	4.20%
Class I		-13.78%		1.96%	4.81%
Class S		-13.97%		1.69%	4.57%
Class S2		-14.14%		1.54%	4.41%
60% Bloomberg U.S. Aggregate Bond Index/30% Russell 1000® Index/10% MSCI EAFE® Index		-14.72%		3.22%	4.97%
Bloomberg U.S. Aggregate Bond Index		-13.01%		0.02%	1.06%
Russell 1000® Index		-19.13%		9.13%	12.37%
MSCI EAFE® Index		-14.45%		1.54%	4.67%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Balanced 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 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 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.

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.

The Portfolio’s performance prior to July 9, 2021 reflects returns achieved pursuant to different principal investment strategies.

Prior to May 1, 2019, the Portfolio was managed by a different sub-adviser. The Portfolio's performance information for these periods reflects returns achieved by different sub-advisers.

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Voya High Yield Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2022 (as a percentage of net assets)

	Corporate Bonds/Notes			95.1%
	Bank Loans			0.5%
	Common Stock			0.3%
	Convertible Bonds/Notes			0.1%
	Assets in Excess of Other Liabilities*			4.0%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya High Yield Portfolio (the “Portfolio”) seeks to provide investors with a high level of current income and total return. The Portfolio is managed by Rick Cumberledge, CFA, and Randall Parrish, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class S shares provided a total return of -12.52% compared to the Bloomberg High Yield Bond — 2% Issuer Constrained Composite Index (the “Index”), which returned -11.18% for the same period.

Portfolio Specifics: The Portfolio underperformed the Index for the year. From a sector perspective, underperformance was driven by the Media and Entertainment sector. Security selection within the sector detracted from performance as radio broadcasting issuers in the Portfolio sold off on increased concern over advertising spending. The wirelines sector also detracted from performance. While our underweight view added to performance, this was offset by security selection. Relative to contributors, the retail sector added to performance. This positive contribution was driven by security selection as we held issuers that rallied on the increasingly positive economic outlook. The wireless sector also contributed positively to performance as both security selection and our underweight position added to performance.

Current Strategy and Outlook: While the near-term possibility of a US recession remains, we currently do not anticipate that economic growth will slow dramatically. This is in part due to our view on the absence of significant imbalances in the corporate sector. Corporate balance sheets are generally in a solid position and should be able to absorb cooling in the near term.

	Top Ten Holdings as of December 31, 2022* (as a percentage of net assets)

	Occidental Petroleum Corp., 6.625%, 09/01/30			0.7%
	Royal Caribbean Cruises Ltd., 5.375%, 07/15/27			0.6%
	Sirius XM Radio, Inc., 5.000%, 08/01/27			0.6%
	Ford Motor Credit Co. LLC, 4.125%, 08/17/27			0.6%
	Sprint Corp., 7.125%, 06/15/24			0.6%
	Southwestern Energy Co., 5.375%, 02/01/29			0.6%
	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 04/20/29			0.6%
	Univision Communications, Inc., 6.625%, 06/01/27			0.5%
	EnLink Midstream LLC, 5.375%, 06/01/29			0.5%
	International Game Technology PLC, 5.250%, 01/15/29			0.5%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Going forward, eyes remain on the US Federal Reserve. In the United States, easing inflation pressures should allow the Fed to halt the rapid rate rise, but we do not expect rate cuts until labor markets rebalance. We believe a scenario where the Fed successfully tames inflation without triggering too much of an economic slowdown would be very favorable for the asset class. Conversely, a recessionary environment would be difficult for the more leveraged credits in the high yield market. As the current environment stands, the market is pricing in a mild recession. Relative to positioning, market dynamics and sector views continue to evolve, and as always, our focus will be on security selection and finding pockets of value in an increasingly dispersed market.

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Portfolio Managers’ Report

Voya High Yield Portfolio

[MISSING IMAGE: lc_voyahighyield-bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-12.83%		1.24%	2.91%
Class I		-12.28%		1.85%	3.53%
Class S		-12.52%		1.59%	3.27%
Class S2		-12.63%		1.45%	3.11%
Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index		-11.18%		2.30%	4.03%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya High Yield 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.

Portfolio holdings are subject to change daily.

Prior to February 5, 2014, the Portfolio was managed by a different sub-adviser. The Portfolio’s performance information for these periods reflects returns achieved by different sub-advisers.

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Voya Large Cap Growth Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2022 (as a percentage of net assets)

	Information Technology			43.8%
	Health Care			15.2%
	Consumer Discretionary			11.7%
	Industrials			8.0%
	Consumer Staples			5.9%
	Communication Services			5.9%
	Financials			2.5%
	Real Estate			2.0%
	Energy			1.9%
	Utilities			1.2%
	Materials			0.7%
	Assets in Excess of Other Liabilities*			1.2%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Large Cap Growth Portfolio (the “Portfolio”) seeks long-term capital growth. The Portfolio is managed by Kristy Finnegan, CFA, and Leigh Todd, CFA, Portfolio Managers* of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class S shares, provided a total return of -30.66% compared to the Russell 1000® Growth Index, which returned -29.14% for the same period.

Portfolio Specifics: The Portfolio underperformed the Index during the reporting period due to stock selection effects. A favorable allocation to communication services and stock selection in health care contributed the most to performance. On an individual stock basis, an overweight position in Eli Lilly and Co., not owning Meta Platforms Inc. and our underweight position in Tesla Inc. added the most value. Conversely, stock selection within the information technology sector detracted the most from performance. On an individual stock basis, owning a non-benchmark position in Marvell Technology. Inc., not owning a position in AbbVie, Inc. and our overweight position in Advanced Micro Devices, Inc. had the greatest negative impact.

Current Strategy and Outlook: From a portfolio positioning standpoint, it is very difficult to predict macro direction but we believe we are closer to a bottom given the level of pessimism regarding 2023 expectations as higher costs would not finish flowing through until sometime mid next year. We have started to slowly increase our exposure to more economically

	Top Ten Holdings as of December 31, 2022 (as a percentage of net assets)

	Microsoft Corp.			11.9%
	Apple, Inc.			8.6%
	Visa, Inc. - Class A			4.9%
	Alphabet, Inc. - Class A			4.4%
	Eli Lilly & Co.			4.0%
	Amazon.com, Inc.			3.9%
	Constellation Brands, Inc.			2.8%
	Nvidia Corp.			2.4%
	DexCom, Inc.			2.2%
	Boston Scientific Corp.			2.0%
	Portfolio holdings are subject to change daily.

sensitive companies given this backdrop while still balancing the portfolio by also focusing on companies that we believe are more resilient in a slowing economic environment.

Effective December 31, 2022, Jeffrey Bianchi, CFA and Michael Pytosh no longer serveas portfolio managers for the Portfolio.

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Portfolio Managers’ Report

Voya Large Cap Growth Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-30.97%		6.64%	11.09%
Class I		-30.50%		7.30%	11.75%
Class R6(1)		-30.47%		7.31%	11.76%
Class S		-30.66%		7.04%	11.47%
Class S2		-30.80%		6.87%	11.30%
Russell 1000® Growth Index		-29.14%		10.96%	14.10%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Large Cap Growth 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.

Portfolio holdings are subject to change daily.

(1)

Class R6 incepted on November 24, 2015. 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.

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Voya Large Cap Value Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2022 (as a percentage of net assets)

	Financials			20.7%
	Health Care			16.4%
	Communication Services			9.5%
	Industrials			9.3%
	Information Technology			8.9%
	Energy			7.9%
	Consumer Staples			7.6%
	Utilities			5.5%
	Materials			4.9%
	Consumer Discretionary			4.7%
	Real Estate			4.2%
	Assets in Excess of Other Liabilities*			0.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Large Cap Value Portfolio (the “Portfolio”) seeks long-term growth of capital and current income. The Portfolio is managed by Vincent Costa, CFA, James Dorment, CFA, and Gregory Wachsman, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class S shares provided a total return of -3.47% compared to the Russell 1000® Value Index (the “Index” or “Russell 1000® Value”), which returned -7.54% for the same period.

Portfolio Specifics: For the year to date period ended December 31, 2022, the Portfolio outperformed the Index, primarily due to strong security selection. On the sector level, stock selection within the industrials and, to a lesser degree, health care and information technology sectors had the largest positive impact on performance. Key contributors included overweight positions in ConocoPhillips and McKesson Corp., as well as owning a non-benchmark position in BP p.l.c Sponsored ADR.

By contrast, the consumer discretionary and energy sectors had the largest negative impact on performance. At the individual stock level, the biggest detractors included not owning Exxon Mobil Corp., an overweight position in Caesars Entertainment Inc. and owning a non-benchmark position in Expedia Group, Inc.

Current Strategy and Outlook: From a portfolio positioning standpoint, we have continued to lean more into cyclical stocks

	Top Ten Holdings as of December 31, 2022 (as a percentage of net assets)

	JPMorgan Chase & Co.			4.9%
	AT&T, Inc.			4.3%
	Philip Morris International, Inc.			3.8%
	Bristol-Myers Squibb Co.			2.9%
	Truist Financial Corp.			2.7%
	Arthur J. Gallagher & Co.			2.6%
	Howmet Aerospace, Inc.			2.5%
	Thermo Fisher Scientific, Inc.			2.5%
	Bank of New York Mellon Corp.			2.3%
	Kraft Heinz Co.			2.3%
	Portfolio holdings are subject to change daily.

in the portfolio as they are trading at a historic discount to more stable companies and we believe that is unsustainable. With investor sentiment at all-time lows and our belief that better news on the economic and inflation front coupled with companies’ fundamental factors being better than feared setup well for more economically sensitive companies with depressed valuations to outperform going forward, in our opinion.

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Portfolio Managers’ Report

Voya Large Cap Value Portfolio

[MISSING IMAGE: lc_largecapvalue-bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year		Since Inception of Class S2 September 9, 2013
Class ADV		-3.88%		7.89%		9.70%		—
Class I		-3.21%		8.55%		10.37%		—
Class R6(1)		-3.26%		8.56%		10.36%		—
Class S		-3.47%		8.26%		10.09%		—
Class S2		-3.69%		8.10%		—		8.60%
Russell 1000® Value Index		-7.54%		6.67%		10.29%		8.91%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Large Cap Value 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.

Portfolio holdings are subject to change daily.

(1)

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Voya Limited Maturity Bond Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2022 (as a percentage of net assets)

	Corporate Bonds/Notes			34.0%
	U.S. Treasury Obligations			30.8%
	Asset-Backed Securities			17.7%
	Commercial Mortgage-Backed Securities			7.8%
	Collateralized Mortgage Obligations			5.5%
	U.S. Government Agency Obligations*			0.0%
	Assets in Excess of Other Liabilities**			4.2%
	Net Assets			100.0%
	* Amount is less than 0.5%
	** Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Limited Maturity Bond Portfolio (the “Portfolio”) seeks highest current income consistent with low risk to principal and liquidity. As a secondary objective, the Portfolio seeks to enhance its total return through capital appreciation when market factors, such as falling interest rates and rising bond prices, indicate that capital appreciation may be available without significant risk to principal. The Portfolio is managed by David Goodson, Randall Parrish, CFA, Matthew Toms, CFA, and Sean Banai, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class S shares provided a total return of -4.94% compared to the Bloomberg U.S. 1-3 Year Government/Credit Bond Index, which returned -3.69% for the same period.

Portfolio Specifics: Sector allocation detracted most for the reporting period. The largest detraction came from commercial mortgage-backed securities (“CMBS”), as this sector was pricing in a recessionary scenario amid higher rates. Non-agency residential mortgage-backed securities (“RMBS”) also detracted modestly. Investment grade (“IG”) corporates modestly contributed, as well as asset-backed securities (“ABS”). Security selection did not meaningfully contribute. Duration and yield curve positioning detracted from results as rates continued to move higher amid mixed data prints and hawkish US Federal Reserve (“Fed”) messaging.

Futures were used in conjunction with cash bonds for duration and yield curve management. These investment decisions in total (derivative instruments and cash securities) detracted from performance over the reporting period.

Current Strategy and Outlook: In the United States, easing inflation pressures should allow the Fed to halt the rapid rate rise, but we do not expect rate cuts until labor markets rebalance. We believe the cumulative effects of central bank tightening, disruption in

	Top Ten Holdings as of December 31, 2022* (as a percentage of net assets)

	United States Treasury Note, 4.250%, 12/31/24			11.8%
	United States Treasury Note, 4.000%, 12/15/25			11.8%
	United States Treasury Note, 1.625%, 10/31/23			4.9%
	WFRBS Commercial Mortgage Trust 2013-C14 C, 3.957%, 06/15/46			1.2%
	VMC Finance 2021-FL4 C LLC, 6.589%, 06/16/36			1.0%
	United States Treasury Note, 0.125%, 05/31/23			1.0%
	BPR Trust 2021-WILL C, 8.318%, 06/15/38			0.9%
	CSWF 2021-SOP2 D, 6.635%, 06/15/34			0.6%
	Ginnie Mae Series 2016-H06 FD, 4.418%, 07/20/65			0.6%
	OHA Credit Partners XVI 2021-16A A, 5.344%, 10/18/34			0.5%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

the energy supply and the fading impact of Covid stimulus will push global growth below potential and threaten recession in several key economies — particularly in the Eurozone. While, in our view, the probability of a US recession is high, we do not anticipate that economic growth will drop suddenly. This is in part because we do not see significant imbalances in either the corporate or consumer segments. Corporate balance sheets are merely cooling from their very strong positions, and consumer spending is still supported by excess savings left over from various covid stimulus packages.

If a recession happens, it will be a painful experience for many people. But from an economic perspective, it will be a necessary medicine to ensure the healthy functioning of an economy. A side effect will be higher unemployment, driven by the decrease in demand for labor. But on the flip side, companies have been struggling to recruit skilled talent, which could cause many of them to hold onto workers in a downturn. It is our belief that the persistent shortfall in the labor supply should keep the unemployment rate from going too high, too quickly.

That said, the speed of interest rate hikes has been swift and unrelenting, increasing the strain on the markets. Housing has fallen, crypto is in crisis, and the September rout in the United Kingdom government bond market forced many UK pension plans to offload assets. Cautious of additional imbalances lurking, we remain relatively defensive while we wait for more attractive entry points to increase exposures in the Portfolio.

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 i mposes no sales charges. An investor cannot invest directly in an index.

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Portfolio Managers’ Report

Voya Limited Maturity Bond Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-5.26%		0.23%		0.38%
Class I		-4.66%		0.86%		0.99%
Class S		-4.94%		0.59%		0.74%
Bloomberg U.S. 1-3 Year Government/Credit Bond Index		-3.69%		0.92%		0.88%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Limited Maturity Bond 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.

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Voya U.S. Stock Index Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2022 (as a percentage of net assets)

	Information Technology			25.3%
	Health Care			15.6%
	Financials			11.5%
	Consumer Discretionary			9.6%
	Industrials			8.5%
	Communication Services			7.2%
	Consumer Staples			7.1%
	Energy			5.2%
	Utilities			3.1%
	Materials			2.7%
	Real Estate			2.7%
	Assets in Excess of Other Liabilities*			1.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya U.S. Stock Index Portfolio (the “Portfolio”) seeks total return. The Portfolio is managed by Steve Wetter and Kai Yee Wong, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class I shares provided a total return of -18.35% compared to the S&P 500® Index, which returned -18.11% for the same period.

Portfolio Specifics*: The Portfolio employs a “passive management” approach designed to track the performance of the S&P 500® Index. The Portfolio attempts to track the S&P 500® Index by principally investing in stocks that make up the S&P 500® Index. The Portfolio may not always hold all of the same securities as the S&P 500® Index.

During the reporting period, absolute performance was strongest within energy, utilities and consumer staples. By contrast, information technology, consumer discretionary and communication services were the bottom performing sectors on an absolute basis for the reporting period.

Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive

	Top Ten Holdings as of December 31, 2022* (as a percentage of net assets)

	Apple, Inc.			6.0%
	Microsoft Corp.			5.5%
	Amazon.com, Inc.			2.3%
	Berkshire Hathaway, Inc. - Class B			1.7%
	Alphabet, Inc. - Class A			1.6%
	UnitedHealth Group, Inc.			1.5%
	Alphabet, Inc. - Class C			1.4%
	Johnson & Johnson			1.4%
	Exxon Mobil Corp.			1.4%
	JPMorgan Chase & Co.			1.2%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

management” approach designed to track the performance of the S&P 500® Index.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. Returns presented in the preceding paragraph refer to the Portfolio’s performance net of expenses. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya U.S. Stock Index Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.78%		8.56%	11.67%
Class I		-18.35%		9.14%	12.26%
Class P2(1)		-18.23%		9.25%	12.33%
Class S		-18.50%		8.88%	12.00%
Class S2		-18.63%		8.70%	11.82%
S&P 500® Index		-18.11%		9.42%	12.56%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya U.S. Stock Index 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.

Portfolio holdings are subject to change daily.

(1)

Class P2 incepted on May 3, 2017. The Class P2 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.

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VY® CBRE Real Estate Portfolio

Portfolio Managers’ Report

	REIT Diversification as of December 31, 2022 (as a percentage of net assets)

	Specialized REITs			28.2%
	Residential REITs			18.3%
	Industrial REITs			17.8%
	Retail REITs			15.7%
	Office REITs			6.9%
	Hotel & Resort REITs			4.9%
	Health Care REITs			3.8%
	Diversified REITs			1.6%
	Real Estate Operating Companies			1.2%
	Hotels, Resorts & Cruise Lines			0.5%
	Assets in Excess of Other Liabilities*			1.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® CBRE Real Estate Portfolio* (the “Portfolio”) seeks total return including capital appreciation and current income. The Portfolio is managed* by Joseph P. Smith, CFA, President, and Chief Investment Officer, Jonathan D. Miniman, CFA, and Kenneth S. Weinberg, CFA, Portfolio Managers of CBRE Investment Management Listed Real Assets LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class S shares provided a total return of -27.14% compared to the MSCI U.S. REIT® Index, which returned -24.51% for the same period.

Portfolio Specifics: For 2022, real estate stocks finished down -24.5% as the capital markets battled the headwinds of a sharp rise in inflation, a significant increase in interest rates and the increasing probability of an economic slowdown. In a year of higher interest rates and lower economic growth, underperformance is striking considering that REITs have resilient earnings compared to equities, growing dividends compared to bonds, and the same underlying assets as private real estate. While all property types traded down for the year, underlying fundamentals remained strong. The average earnings growth for the sector averaged slightly over 10% and dividend growth in 2022 was slightly over 20%. Companies in several sector saw material increases in occupancy and were able to raise rents accordingly.

The Portfolio lagged the benchmark during the period as value from sector allocation was more than offset by the negative impact of stock selection. From a stock selection standpoint, holdings in the residential, hotel, office and storage sectors accounted of a majority of the relative underperformance. Meanwhile, stock selection added value in the healthcare and net lease sectors. Sector allocation decisions contributed to relative performance as an overweight to the outperforming hotel sector combined with underweights to the underperforming data center, office and industrial sectors benefited relative performance. An underweight to the outperforming net lease sector detracted from performance during the period.

Current Strategy and Outlook: We believe the underperformance of REITs in 2022 has created an opportunity for investors. At the end of the year, REITs traded at a ~21% discount to estimates of NAV or intrinsic value — estimates that we have already lowered by ~15% to reflect market conditions and the current economic landscape. Historically, when REIT valuations have traded

	Top Ten Holdings as of December 31, 2022 (as a percentage of net assets)

	ProLogis, Inc.			11.3%
	Equinix, Inc.			7.8%
	Simon Property Group, Inc.			5.3%
	Life Storage, Inc.			4.8%
	CubeSmart			4.8%
	Alexandria Real Estate Equities, Inc.			4.6%
	Ventas, Inc.			3.8%
	Invitation Homes, Inc.			3.7%
	Sun Communities, Inc.			3.5%
	Digital Realty Trust, Inc.			3.5%
	Portfolio holdings are subject to change daily.

at material discounts to NAV, investors have benefited from buying the space.

We believe real estate stocks are oversold and are very attractively valued relative to private market real estate. In addition, it is our opinion that real estate stocks offer above-average and growing dividend yields, inflation-protected earnings growth, and a history of outperformance during periods of above-average inflation. 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.

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. We are overweight residential, storage, malls, hotels, and data centers.

Effective May 1, 2022, the Portfolio changed its name from “VY® Clarion Real Estate Portfolio” to “VY® CBRE Real Estate Portfolio.” In conjunction with the Portfolio name change, the Sub-Adviser’s name changed from “CBRE Clarion Securities LLC” to “CBRE Investment Management Listed Real Assets LLC.” Lastly, effective May 1, 2022, T. Ritson Ferguson was removed as a portfolio manager to the Portfolio.

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Portfolio Managers’ Report

VY® CBRE Real Estate Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-27.40%		3.77%	5.87%
Class I		-26.97%		4.39%	6.50%
Class S		-27.14%		4.14%	6.24%
Class S2		-27.25%		3.98%	6.08%
MSCI U.S. REIT® Index		-24.51%		3.69%	6.48%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® CBRE Real Estate 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.

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VY® JPMorgan Small Cap Core Equity Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2022 (as a percentage of net assets)

	Industrials			21.2%
	Financials			17.0%
	Health Care			14.2%
	Information Technology			12.8%
	Consumer Discretionary			10.2%
	Real Estate			5.7%
	Consumer Staples			5.5%
	Materials			4.3%
	Energy			2.9%
	Utilities			2.6%
	Communication Services			1.0%
	Assets in Excess of Other Liabilities*			2.6%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

VY® JPMorgan Small Cap Core Equity Portfolio (the “Portfolio”) seeks capital growth over the long-term. The Portfolio is managed using two investment styles — quantitative and fundamental analysis. The Portfolio is managed in two sleeves — the quantitative sleeve managed by Wonseok Choi, Ph.D., Managing Director, Akash Gupta, CFA, Executive Director, Johnathan Tse, CFA, Executive Director and Phillip D. Hart, CFA, Managing Director, and the fundamental sleeve managed by Daniel J. Percella, CFA, Managing Director and Don San Jose, CFA, Managing Director, Portfolio Managers of J.P. Morgan Investment Management Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class S shares provided a total return of -17.76% compared to the Russell 2000® Index, which returned -20.44% for the same period.

Portfolio Specifics: The quantitative sleeve outperformed the Russell 2000® Index Index during the year. Stock selection in the systems hardware and consumer cyclical sectors contributed the most towards performance. Alternatively, stock selection in the pharmaceutical and finance sectors detracted.

On the positive side, overweight allocations in Super Micro Computers and Axsome Therapeutics were top individual contributors towards performance. SMCI, the top contributing stock over the period, designs, develops, manufactures and sells server solutions based on modular and open-standard architecture. An overweight in SMCI buoyed results after reporting Q1 earnings which exceeded expectations and provided a strong outlook. Sales jumped 79% Y/Y, above the company’s guidance range of $1.52B to $1.62B, with a growth rate about 10 times greater than the overall industry average. The company was also added to the S&P MidCap 400 Index effective late December.

On the negative side, overweight allocations in Fate Therapeutics (“FATE”) and Fluence Energy (“FLNC”) were the top individual detractors from results. FATE researches and develops therapies to repair and regenerate body tissues with the help of stem cells. Most recently, shares fell after the company announced preclinical data with its partner GT Biopharma to

	Top Ten Holdings as of December 31, 2022* (as a percentage of net assets)

	WillScot Mobile Mini Holdings Corp.			0.9%
	BJ’s Wholesale Club Holdings, Inc.			0.9%
	MSA Safety, Inc.			0.9%
	Portland General Electric Co.			0.8%
	Primo Water Corp.			0.8%
	Wintrust Financial Corp.			0.8%
	Power Integrations, Inc.			0.8%
	Aptargroup, Inc.			0.8%
	HealthEquity, Inc.			0.8%
	RLI Corp.			0.8%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

highlight the potential of a new therapeutic approach to treat acute myeloid leukemia. The news was underwhelming to the market and subsequently led to two downgrades with one firm noting there is a need for clinical validation to differentiate the approach in a market with plenty of indications where currently available treatments have set the bar high.

From a proprietary attribution standpoint, strong results were driven by the alpha model. From a factor perspective, valuation, momentum and quality all contributed.

The fundamental outperformed the Russell 2000 Index during 2022. In a challenging market environment, the portfolio's structural bias of owning higher quality companies and lower beta profile was rewarded. Much of the outperformance was driven by those companies with more defensive and durable business models. Stock selection within industrials and consumer discretionary contributed the most. Energy was the lone detractor from a sector perspective, where the portfolio has no exposure.

Performance Food Group was the top contributor in 2022 on continued strong execution with guidance raised. The stock’s more defensive nature also benefited in the current market environment. WillScot Mobile Mini also outperformed on strong results throughout the year. Management also provided positive commentary on potential 2023 growth.

Syneos Health was a top detractor after posting a few quarters of disappointing results. Management also lowered guidance. Contract decision delays and some execution missteps contributed to the stock's leg down. Q2 was also a top detractor as the stock was pressured by rising rates and a general flight to safety.

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Portfolio Managers’ Report

VY® JPMorgan Small Cap Core Equity Portfolio

Quantitative sleeve: We continue to focus on fundamentals of the economy and company earnings. Inflation and other uncertainties, such as the tightening liquidity, lingering supply chain constraints and economic impacts of the war in Ukraine, will be integral to investor sentiment moving forward.

While the economy teeters on the edge of recession, we remain balanced and continue to monitor incremental risks that could represent headwinds for U.S. equities. Through the volatility, we continue to focus on high conviction stocks and take advantage of market dislocations for compelling stock selection opportunities.

Fundamental sleeve: We seek to own high-quality businesses, run by management teams with a proven track record of creating shareholder value, at attractive valuations. The team continues to take profits on defensives and cyclicals which have been relative outperformers. Proceeds have been allocated to positions that have underperformed. This includes select areas of technology, banks, real estate, and industrial cyclicals. Industrials and consumer discretionary are top overweights. Energy and health care are top underweights. The health care underweight has narrowed meaningfully driven by portfolio outperformance. The opportunity within small caps remains — absolute and relative valuations remain near historic lows for the Russell 2000 Index.

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VY® JPMorgan Small Cap Core Equity Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.08%		4.68%	9.67%
Class I		-17.57%		5.32%	10.34%
Class R6(1)		-17.55%		5.31%	10.33%
Class S		-17.76%		5.06%	10.06%
Class S2		-17.86%		4.90%	9.90%
Russell 2000® Index		-20.44%		4.13%	9.01%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY® JPMorgan Small Cap Core 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.

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.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2022*			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2022*
Voya Balanced Income Portfolio
Class ADV		$	1,000.00		$	988.30		1.20%		$	6.01		$	1,000.00		$	1,019.16		1.20%		$	6.11
Class I			1,000.00			991.10		0.60			3.01			1,000.00			1,022.18		0.60			3.06
Class S			1,000.00			989.90		0.85			4.26			1,000.00			1,020.92		0.85			4.33
Class S2			1,000.00			988.40		1.00			5.01			1,000.00			1,020.16		1.00			5.09
Voya High Yield Portfolio
Class ADV		$	1,000.00		$	1,029.20		1.08%		$	5.52		$	1,000.00		$	1,019.76		1.08%		$	5.50
Class I			1,000.00			1,032.30		0.48			2.46			1,000.00			1,022.79		0.48			2.45
Class S			1,000.00			1,031.00		0.73			3.74			1,000.00			1,021.53		0.73			3.72
Class S2			1,000.00			1,030.20		0.88			4.50			1,000.00			1,020.77		0.88			4.48
Voya Large Cap Growth Portfolio
Class ADV		$	1,000.00		$	979.70		1.27%		$	6.34		$	1,000.00		$	1,018.80		1.27%		$	6.46
Class I			1,000.00			983.20		0.67			3.35			1,000.00			1,021.83		0.67			3.41
Class R6			1,000.00			983.90		0.67			3.35			1,000.00			1,021.83		0.67			3.41
Class S			1,000.00			982.00		0.92			4.60			1,000.00			1,020.57		0.92			4.69
Class S2			1,000.00			981.40		1.07			5.34			1,000.00			1,019.81		1.07			5.45

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2022*			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2022*
Voya Large Cap Value Portfolio
Class ADV		$	1,000.00		$	1,055.30		1.24%		$	6.42		$	1,000.00		$	1,018.95		1.24%		$	6.31
Class I			1,000.00			1,059.20		0.64			3.32			1,000.00			1,021.98		0.64			3.26
Class R6			1,000.00			1,058.70		0.64			3.32			1,000.00			1,021.98		0.64			3.26
Class S			1,000.00			1,058.20		0.89			4.62			1,000.00			1,020.72		0.89			4.53
Class S2			1,000.00			1,055.70		1.04			5.39			1,000.00			1,019.96		1.04			5.30
Voya Limited Maturity Bond Portfolio
Class ADV		$	1,000.00		$	987.20		0.88%		$	4.41		$	1,000.00		$	1,020.77		0.88%		$	4.48
Class I			1,000.00			989.60		0.28			1.40			1,000.00			1,023.79		0.28			1.43
Class S			1,000.00			988.60		0.53			2.66			1,000.00			1,022.53		0.53			2.70
Voya U.S. Stock Index Portfolio
Class ADV		$	1,000.00		$	1,018.60		0.80%		$	4.07		$	1,000.00		$	1,021.17		0.80%		$	4.08
Class I			1,000.00			1,021.60		0.27			1.38			1,000.00			1,023.84		0.27			1.38
Class P2			1,000.00			1,022.00		0.15			0.76			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,020.50		0.51			2.60			1,000.00			1,022.63		0.51			2.60
Class S2			1,000.00			1,019.80		0.67			3.41			1,000.00			1,021.83		0.67			3.41
VY® CBRE Real Estate Portfolio
Class ADV		$	1,000.00		$	942.00		1.28%		$	6.27		$	1,000.00		$	1,018.75		1.28%		$	6.51
Class I			1,000.00			944.60		0.68			3.33			1,000.00			1,021.78		0.68			3.47
Class S			1,000.00			943.60		0.93			4.56			1,000.00			1,020.52		0.93			4.74
Class S2			1,000.00			943.00		1.08			5.29			1,000.00			1,019.76		1.08			5.50
VY® JPMorgan Small Cap Core Equity Portfolio
Class ADV		$	1,000.00		$	1,047.70		1.47%		$	7.59		$	1,000.00		$	1,017.80		1.47%		$	7.48
Class I			1,000.00			1,051.60		0.87			4.50			1,000.00			1,020.82		0.87			4.43
Class R6			1,000.00			1,051.70		0.87			4.50			1,000.00			1,020.82		0.87			4.43
Class S			1,000.00			1,050.00		1.12			5.79			1,000.00			1,019.56		1.12			5.70
Class S2			1,000.00			1,049.50		1.27			6.56			1,000.00			1,018.80		1.27			6.46

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.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Voya Balanced Income Portfolio, Voya High Yield Portfolio, Voya Large Cap Growth Portfolio, Voya Large Cap Value Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, VY® CBRE Real Estate Portfolio (formerly, VY® Clarion Real Estate Portfolio) and VY® JPMorgan Small Cap Core Equity 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 Balanced Income Portfolio, Voya High Yield Portfolio, Voya Large Cap Growth Portfolio, Voya Large Cap Value Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, VY® CBRE Real Estate Portfolio (formerly, VY® Clarion Real Estate Portfolio) and VY® JPMorgan Small Cap Core Equity 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, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three 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 each of the Portfolios (eight of the portfolios constituting Voya Investors Trust) at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the years in the two-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, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 28, 2023

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Balanced Income Portfolio			Voya High Yield Portfolio			Voya Large Cap Growth Portfolio			Voya Large Cap Value Portfolio
ASSETS:
Investments in securities at fair value+*		$	216,928,527		$	378,147,320		$	3,626,267,713		$	498,509,180
Investments in affiliates at fair value**			4,484,879			—			—			—
Short-term investments at fair value†			2,001,861			35,956,143			48,273,000			6,141,477
Cash			26,323,990			—			468,344			298,161
Cash collateral for futures contracts			683,800			—			—			—
Cash pledged for centrally cleared swaps (Note 2)			1,220,000			—			—			—
Cash pledged as collateral for OTC derivatives (Note 2)			2,210,000			—			—			—
Foreign currencies at value‡			89,665			—			—			138,900
Receivables:
Investment securities sold			611,236			538,500			—			—
Fund shares sold			89,716			201,339			1,900,169			114,274
Dividends			135,193			—			873,956			601,935
Interest			936,305			7,084,103			1,909			198
Foreign tax reclaims			161,971			—			48,300			200,851
Unrealized appreciation on forward foreign currency contracts			176,332			—			—			—
Unrealized appreciation on forward premium swaptions			12,797			—			—			—
Unrealized appreciation on OTC swap agreements			5,060			—			—			—
Prepaid expenses			1,401			—			23,896			2,875
Reimbursement due from Investment Adviser			15,871			—			166,765			92,684
Other assets			18,149			25,892			207,233			54,575
Total assets			256,106,753			421,953,297			3,678,231,285			506,155,110
LIABILITIES:
Payable for investment securities purchased			3,252,529			—			2,104,657			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			6,017,706			—			—			—
Payable for fund shares redeemed			197,678			157,979			777,570			495,151
Payable upon receipt of securities loaned			2,001,861			27,279,315			—			4,297,477
Unrealized depreciation on forward foreign currency contracts			201,983			—			—			—
Unrealized depreciation on forward premium swaptions			120,933			—			—			—
Variation margin payable on centrally cleared swaps			37,534			—			—			—
Variation margin payable on futures contracts			11,209			—			—			—
Payable for unified fees			—			161,574			—			—
Payable for investment management fees			125,014			—			2,110,770			318,496
Payable for distribution and shareholder service fees			66,023			70,966			920,009			29,394
Payable to custodian due to bank overdraft			—			148,772			—			—
Payable to trustees under the deferred compensation plan (Note 6)			18,149			25,892			207,233			54,575
Payable for trustee fees			703			—			11,092			1,247
Other accrued expenses and liabilities			52,292			—			489,999			161,585
Written options, at fair value^			2,085,652			—			—			—
Total liabilities			14,189,266			27,844,498			6,621,330			5,357,925
NET ASSETS		$	241,917,487		$	394,108,799		$	3,671,609,955		$	500,797,185
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	269,917,276		$	504,231,894		$	4,321,403,937		$	473,543,662
Total distributable earnings (loss)			(27,999,789)			(110,123,095)			(649,793,982)			27,253,523
NET ASSETS		$	241,917,487		$	394,108,799		$	3,671,609,955		$	500,797,185
+ Including securities loaned at value		$	1,923,240		$	26,521,385		$	—		$	4,168,955
* Cost of investments in securities		$	235,616,075		$	434,003,469		$	4,081,102,289		$	475,125,662
** Cost of investments in affiliates		$	5,309,523		$	—		$	—		$	—
† Cost of short-term investments		$	2,001,861		$	35,958,131		$	48,273,000		$	6,141,477
‡ Cost of foreign currencies		$	89,184		$	—		$	—		$	142,876
^ Premiums received on written options		$	2,180,959		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (continued)

	Voya Balanced Income Portfolio			Voya High Yield Portfolio			Voya Large Cap Growth Portfolio			Voya Large Cap Value Portfolio
Class ADV
Net assets		$	48,683,577		$	61,171,583		$	1,263,757,237		$	46,053,595
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			6,138,344			7,431,893			164,281,467			9,536,161
Net asset value and redemption price per share		$	7.93		$	8.23		$	7.69		$	4.83
Class I
Net assets		$	6,023,832		$	152,174,864		$	1,251,871,446		$	357,383,992
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			714,828			18,475,098			126,720,500			68,387,623
Net asset value and redemption price per share		$	8.43		$	8.24		$	9.88		$	5.23
Class R6
Net assets			n/a			n/a		$	53,899,837		$	72,041,940
Shares authorized			n/a			n/a			unlimited			unlimited
Par value			n/a			n/a		$	0.001		$	0.001
Shares outstanding			n/a			n/a			5,447,175			13,828,890
Net asset value and redemption price per share			n/a			n/a		$	9.90		$	5.21
Class S
Net assets		$	184,512,501		$	179,355,279		$	1,066,003,968		$	25,128,175
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			22,020,982			21,791,017			116,545,067			5,069,942
Net asset value and redemption price per share		$	8.38		$	8.23		$	9.15		$	4.96
Class S2
Net assets		$	2,697,577		$	1,407,073		$	36,077,467		$	189,483
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			322,583			170,782			4,049,361			38,110
Net asset value and redemption price per share		$	8.36		$	8.24		$	8.91		$	4.97

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Limited Maturity Bond Portfolio			Voya U.S. Stock Index Portfolio			VY® CBRE Real Estate Portfolio			VY® JPMorgan Small Cap Core Equity Portfolio
ASSETS:
Investments in securities at fair value+*		$	357,541,028		$	6,829,460,741		$	194,984,267		$	447,498,857
Short-term investments at fair value†			62,622,927			99,768,126			3,233,480			22,654,895
Cash			—			2,146,357			—			—
Cash collateral for futures contracts			577,325			5,766,400			—			421,500
Cash pledged for centrally cleared swaps (Note 2)			300,000			—			—			—
Receivables:
Investment securities sold			279,838			—			371,487			178,086
Fund shares sold			376,241			1,627,471			94,534			40,231
Dividends			44,047			6,203,599			1,070,157			492,004
Interest			1,587,909			—			—			—
Foreign tax reclaims			—			—			—			13,558
Prepaid expenses			—			—			1,205			—
Reimbursement due from Investment Adviser			—			326,946			39,228			—
Other assets			11,751			161,731			19,577			22,399
Total assets			423,341,066			6,945,461,371			199,813,935			471,321,530
LIABILITIES:
Payable for investment securities purchased			44,969,347			—			—			947,722
Payable for fund shares redeemed			262,089			995,932			12,659			384,470
Payable upon receipt of securities loaned			4,865,927			5,081,126			2,201,100			10,116,919
Variation margin payable on centrally cleared swaps			4,024			—			—			—
Variation margin payable on futures contracts			57,926			280,873			—			20,460
Payable for unified fees			87,023			1,543,589			—			346,569
Payable for investment management fees			—			—			134,958			—
Payable for distribution and shareholder service fees			19,161			130,561			54,035			75,973
Payable to custodian due to bank overdraft			705			—			—			—
Payable to trustees under the deferred compensation plan (Note 6)			11,751			161,731			19,577			22,399
Payable for trustee fees			—			—			607			—
Other accrued expenses and liabilities			—			—			96,477			—
Total liabilities			50,277,953			8,193,812			2,519,413			11,914,512
NET ASSETS		$	373,063,113		$	6,937,267,559		$	197,294,522		$	459,407,018
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	400,578,350		$	4,265,930,612		$	205,386,166		$	435,355,518
Total distributable earnings (loss)			(27,515,237)			2,671,336,947			(8,091,644)			24,051,500
NET ASSETS		$	373,063,113		$	6,937,267,559		$	197,294,522		$	459,407,018
+ Including securities loaned at value		$	4,722,419		$	4,941,733		$	2,131,250		$	9,866,538
* Cost of investments in securities		$	371,666,001		$	4,540,158,039		$	216,933,999		$	450,917,303
† Cost of short-term investments		$	62,622,927		$	99,768,126		$	3,233,480		$	22,654,895

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022 (continued)

	Voya Limited Maturity Bond Portfolio			Voya U.S. Stock Index Portfolio			VY® CBRE Real Estate Portfolio			VY® JPMorgan Small Cap Core Equity Portfolio
Class ADV
Net assets		$	13,671,089		$	73,854,658		$	38,305,145		$	105,703,084
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,481,454			4,919,218			1,536,141			8,473,294
Net asset value and redemption price per share		$	9.23		$	15.01		$	24.94		$	12.47
Class I
Net assets		$	301,980,173		$	3,602,729,619		$	8,128,049		$	229,935,355
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			32,069,570			228,281,694			301,884			16,204,274
Net asset value and redemption price per share		$	9.42		$	15.78		$	26.92		$	14.19
Class P2
Net assets			n/a		$	2,893,943,484			n/a			n/a
Shares authorized			n/a			unlimited			n/a			n/a
Par value			n/a		$	0.001			n/a			n/a
Shares outstanding			n/a			181,973,775			n/a			n/a
Net asset value and redemption price per share			n/a		$	15.90			n/a			n/a
Class R6
Net assets			n/a			n/a			n/a		$	31,036,050
Shares authorized			n/a			n/a			n/a			unlimited
Par value			n/a			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			n/a			2,190,196
Net asset value and redemption price per share			n/a			n/a			n/a		$	14.17
Class S
Net assets		$	57,411,851		$	224,159,962		$	143,263,920		$	86,656,109
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			6,051,290			14,399,033			5,329,871			6,278,187
Net asset value and redemption price per share		$	9.49		$	15.57		$	26.88		$	13.80
Class S2
Net assets			n/a		$	142,579,836		$	7,597,408		$	6,076,420
Shares authorized			n/a			unlimited			unlimited			unlimited
Par value			n/a		$	0.001		$	0.001		$	0.001
Shares outstanding			n/a			9,314,979			284,569			449,881
Net asset value and redemption price per share			n/a		$	15.31		$	26.70		$	13.51

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya Balanced Income Portfolio			Voya High Yield Portfolio			Voya Large Cap Growth Portfolio			Voya Large Cap Value Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	2,721,737		$	72,000		$	30,698,232		$	11,341,875
Dividends from affiliated underlying funds			1,539,537			—			—			—
Interest			5,056,118			27,252,580			4,814			157
Securities lending income, net			34,526			182,446			83,992			10,886
Total investment income			9,351,918			27,507,026			30,787,038			11,352,918
EXPENSES:
Investment management fees			1,545,464			—			28,836,293			3,735,858
Unified fees			—			2,139,454			—			—
Distribution and shareholder service fees:
Class ADV			330,190			404,847			9,233,533			288,835
Class S			540,018			505,879			3,274,104			68,266
Class S2			13,148			7,310			184,144			756
Transfer agent fees:
Class ADV			13,716			—			533,615			55,441
Class I			1,662			—			512,676			419,428
Class R6			—			—			94			92
Class S			53,836			—			453,815			31,450
Class S2			819			—			15,869			217
Shareholder reporting expense			13,119			—			107,183			40,850
Professional fees			17,389			—			193,805			18,558
Custody and accounting expense			112,746			—			500,860			54,770
Trustee fees and expenses			7,025			24,381			110,920			12,469
Miscellaneous expense			20,484			—			214,824			26,754
Interest expense			1,568			—			—			108
Total expenses			2,671,184			3,081,871			44,171,735			4,753,852
Waived and reimbursed fees			(91,149)			(65,500)			(1,649,134)			(1,191,796)
Net expenses			2,580,035			3,016,371			42,522,601			3,562,056
Net investment income (loss)			6,771,883			24,490,655			(11,735,563)			7,790,862
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(6,204,085)			(11,011,626)			(183,393,089)			6,753,740
Sale of affiliated underlying funds			(3,977,702)			—			—			—
Capital gain distributions from affiliated underlying funds			38,453			—			—			—
Forward foreign currency contracts			(488,765)			—			—			—
Foreign currency related transactions			61,682			—			—			26,979
Futures			(4,100,231)			—			—			—
Swaps			(734,976)			—			—			—
Written options			1,398,270			—			—			—
Net realized gain (loss)			(14,007,354)			(11,011,626)			(183,393,089)			6,780,719
Net change in unrealized appreciation (depreciation) on:
Investments			(37,535,320)			(75,961,739)			(1,569,710,336)			(34,649,378)
Affiliated underlying funds			292,042			—			—			—
Forward foreign currency contracts			5,005			—			—			—
Foreign currency related transactions			(6,543)			—			—			(10,566)
Futures			43,296			—			—			—
Swaps			(571,551)			—			—			—
Written options			(55,207)			—			—			—
Net change in unrealized appreciation (depreciation)			(37,828,278)			(75,961,739)			(1,569,710,336)			(34,659,944)
Net realized and unrealized loss			(51,835,632)			(86,973,365)			(1,753,103,425)			(27,879,225)
Decrease in net assets resulting from operations		$	(45,063,749)		$	(62,482,710)		$	(1,764,838,988)		$	(20,088,363)
* Foreign taxes withheld		$	70,795		$	—		$	33,272		$	6,549

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya Limited Maturity Bond Portfolio			Voya U.S. Stock Index Portfolio			VY® CBRE Real Estate Portfolio			VY® JPMorgan Small Cap Core Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	266,224		$	116,220,293		$	6,620,664		$	6,795,501
Interest			8,926,392			81,920			—			—
Securities lending income, net			126,953			136,401			1,381			63,645
Total investment income			9,319,569			116,438,614			6,622,045			6,859,146
EXPENSES:
Investment management fees			—			—			2,041,504			—
Unified fees			1,059,538			18,725,007			—			4,661,912
Distribution and shareholder service fees:
Class ADV			91,502			439,532			283,163			697,889
Class S			153,104			622,365			440,550			240,139
Class S2			—			624,223			39,276			27,941
Transfer agent fees:
Class ADV			—			—			63,819			—
Class I			—			—			12,879			—
Class S			—			—			238,380			—
Class S2			—			—			13,244			—
Shareholder reporting expense			—			—			14,913			—
Professional fees			—			—			13,908			—
Custody and accounting expense			—			—			34,675			—
Trustee fees and expenses			20,806			375,336			7,740			30,568
Miscellaneous expense			—			—			16,656			—
Interest expense			—			1,001			26			—
Total expenses			1,324,950			20,787,464			3,220,733			5,658,449
Waived and reimbursed fees			—			(3,430,058)			(795,686)			—
Brokerage commission recapture			—			—			(4,422)			(23,733)
Net expenses			1,324,950			17,357,406			2,420,625			5,634,716
Net investment income			7,994,619			99,081,208			4,201,420			1,224,430
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(8,609,098)			425,815,711			15,370,362			34,083,788
Foreign currency related transactions			—			—			(30)			4
Futures			(5,508,237)			(18,753,055)			—			(2,130,021)
Swaps			18,760			—			—			—
Net realized gain (loss)			(14,098,575)			407,062,656			15,370,332			31,953,771
Net change in unrealized appreciation (depreciation) on:
Investments			(13,513,364)			(2,016,289,173)			(101,056,953)			(149,799,731)
Foreign currency related transactions			—			—			2			—
Futures			336,517			(7,093,072)			—			(224,822)
Swaps			(18,908)			—			—			—
Net change in unrealized appreciation (depreciation)			(13,195,755)			(2,023,382,245)			(101,056,951)			(150,024,553)
Net realized and unrealized loss			(27,294,330)			(1,616,319,589)			(85,686,619)			(118,070,782)
Decrease in net assets resulting from operations		$	(19,299,711)		$	(1,517,238,381)		$	(81,485,199)		$	(116,846,352)
* Foreign taxes withheld		$	—		$	27,232		$	8,051		$	28,487

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Income Portfolio						Voya High Yield Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	6,771,883		$	6,743,015		$	24,490,655		$	25,757,698
Net realized gain (loss)			(14,007,354)			35,546,012			(11,011,626)			15,208,199
Net change in unrealized appreciation (depreciation)			(37,828,278)			(12,784,123)			(75,961,739)			(15,074,437)
Increase (decrease) in net assets resulting from operations			(45,063,749)			29,504,904			(62,482,710)			25,891,460
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(5,715,910)			(1,409,617)			(3,429,876)			(3,613,459)
Class I			(710,593)			(209,798)			(9,394,423)			(9,789,069)
Class S			(22,630,119)			(6,192,671)			(10,989,475)			(12,506,127)
Class S2			(339,825)			(93,865)			(95,016)			(143,803)
Return of capital:
Class ADV			—			—			—			(135,496)
Class I			—			—			—			(324,502)
Class S			—			—			—			(434,273)
Class S2			—			—			—			(5,123)
Total distributions			(29,396,447)			(7,905,951)			(23,908,790)			(26,951,852)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			8,540,090			10,679,554			20,339,766			38,328,906
Reinvestment of distributions			29,396,446			7,905,951			23,908,789			26,951,852
			37,936,536			18,585,505			44,248,555			65,280,758
Cost of shares redeemed			(55,305,413)			(52,621,761)			(79,676,796)			(89,322,737)
Net decrease in net assets resulting from capital share transactions			(17,368,877)			(34,036,256)			(35,428,241)			(24,041,979)
Net decrease in net assets			(91,829,073)			(12,437,303)			(121,819,741)			(25,102,371)
NET ASSETS:
Beginning of year or period			333,746,560			346,183,863			515,928,540			541,030,911
End of year or period		$	241,917,487		$	333,746,560		$	394,108,799		$	515,928,540

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Large Cap Growth Portfolio						Voya Large Cap Value Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	(11,735,563)		$	(22,229,766)		$	7,790,862		$	10,372,909
Net realized gain (loss)			(183,393,089)			1,604,384,633			6,780,719			314,513,567
Net change in unrealized appreciation (depreciation)			(1,569,710,336)			(524,394,925)			(34,659,944)			(93,894,109)
Increase (decrease) in net assets resulting from operations			(1,764,838,988)			1,057,759,942			(20,088,363)			230,992,367
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(592,084,304)			(429,952,557)			(28,444,970)			(1,581,277)
Class I			(490,216,573)			(350,150,390)			(213,097,315)			(13,251,427)
Class R6			(21,991,187)			(16,669,588)			(44,878,039)			(387,396)
Class S			(453,060,853)			(344,904,423)			(16,691,357)			(9,120,566)
Class S2			(16,012,415)			(12,028,880)			(112,240)			(6,040)
Total distributions			(1,573,365,332)			(1,153,705,838)			(303,223,921)			(24,346,706)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			71,552,407			107,613,864			95,303,169			28,627,367
Reinvestment of distributions			1,573,365,332			1,153,705,838			303,223,921			24,346,706
			1,644,917,739			1,261,319,702			398,527,090			52,974,073
Cost of shares redeemed			(606,794,736)			(1,724,612,567)			(57,603,015)			(765,388,438)
Net increase (decrease) in net assets resulting from capital share transactions			1,038,123,003			(463,292,865)			340,924,075			(712,414,365)
Net increase (decrease) in net assets			(2,300,081,317)			(559,238,761)			17,611,791			(505,768,704)
NET ASSETS:
Beginning of year or period			5,971,691,272			6,530,930,033			483,185,394			988,954,098
End of year or period		$	3,671,609,955		$	5,971,691,272		$	500,797,185		$	483,185,394

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Limited Maturity Bond Portfolio						Voya U.S. Stock Index Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	7,994,619		$	4,057,432		$	99,081,208		$	93,258,213
Net realized gain (loss)			(14,098,575)			466,485			407,062,656			676,633,780
Net change in unrealized appreciation (depreciation)			(13,195,755)			(4,697,587)			(2,023,382,245)			1,241,316,185
Increase (decrease) in net assets resulting from operations			(19,299,711)			(173,670)			(1,517,238,381)			2,011,208,178
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(191,594)			(154,223)			(9,186,914)			(10,440,961)
Class I			(5,799,067)			(5,247,269)			(412,241,517)			(453,677,922)
Class P2			—			—			(311,008,187)			(309,410,092)
Class S			(984,463)			(1,015,514)			(26,591,210)			(29,892,766)
Class S2			—			—			(17,065,903)			(17,679,101)
Total distributions			(6,975,124)			(6,417,006)			(776,093,731)			(821,100,842)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			80,827,028			103,680,258			1,666,419,998			1,127,258,843
Reinvestment of distributions			6,975,124			6,414,934			776,093,731			821,100,842
			87,802,152			110,095,192			2,442,513,729			1,948,359,685
Cost of shares redeemed			(104,372,094)			(106,718,859)			(1,937,759,843)			(2,112,087,904)
Net increase (decrease) in net assets resulting from capital share transactions			(16,569,942)			3,376,333			504,753,886			(163,728,219)
Net increase (decrease) in net assets			(42,844,777)			(3,214,343)			(1,788,578,226)			1,026,379,117
NET ASSETS:
Beginning of year or period			415,907,890			419,122,233			8,725,845,785			7,699,466,668
End of year or period		$	373,063,113		$	415,907,890		$	6,937,267,559		$	8,725,845,785

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® CBRE Real Estate Portfolio						VY® JPMorgan Small Cap Core Equity Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	4,201,420		$	3,654,427		$	1,224,430		$	(78,894)
Net realized gain			15,370,332			59,330,382			31,953,771			103,656,118
Net change in unrealized appreciation (depreciation)			(101,056,951)			53,814,243			(150,024,553)			7,023,898
Increase (decrease) in net assets resulting from operations			(81,485,199)			116,799,052			(116,846,352)			110,601,122
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(9,017,013)			(866,071)			(22,591,888)			(7,449,294)
Class I			(1,797,658)			(178,785)			(43,363,601)			(14,055,559)
Class R6			—			—			(16,351,890)			(6,530,307)
Class S			(32,299,094)			(3,474,168)			(16,906,879)			(6,508,589)
Class S2			(1,695,919)			(193,147)			(1,225,506)			(428,894)
Total distributions			(44,809,684)			(4,712,171)			(100,439,764)			(34,972,643)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			10,951,621			18,272,772			65,235,304			159,746,121
Reinvestment of distributions			44,809,684			4,712,171			100,439,764			34,972,643
			55,761,305			22,984,943			165,675,068			194,718,764
Cost of shares redeemed			(48,786,120)			(66,187,534)			(174,554,190)			(173,565,349)
Net increase (decrease) in net assets resulting from capital share transactions			6,975,185			(43,202,591)			(8,879,122)			21,153,415
Net increase (decrease) in net assets			(119,319,698)			68,884,290			(226,165,238)			96,781,894
NET ASSETS:
Beginning of year or period			316,614,220			247,729,930			685,572,256			588,790,362
End of year or period		$	197,294,522		$	316,614,220		$	459,407,018		$	685,572,256

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Balanced Income Portfolio
Class ADV
12-31-22		10.39		0.19•		(1.67)		(1.48)		0.18		0.80		—		0.98		—		7.93		(14.30)		1.24		1.20		1.20		2.13		48,684		104
12-31-21		9.77		0.17•		0.67		0.84		0.22		—		—		0.22		—		10.39		8.65		1.22		1.20		1.20		1.69		65,611		133
12-31-20		10.65		0.21•		(0.01)		0.20		0.36		0.72		—		1.08		—		9.77		2.80		1.22		1.20		1.20		2.20		66,515		69
12-31-19		10.05		0.30		1.47		1.77		0.50		0.67		—		1.17		—		10.65		17.93		1.26		1.22		1.22		2.79		78,155		231
12-31-18		11.18		0.43•		(1.00)		(0.57)		0.56		—		—		0.56		—		10.05		(5.39)		1.39		1.26		1.26		3.91		69,593		45
Class I
12-31-22		10.99		0.26•		(1.77)		(1.51)		0.25		0.80		—		1.05		—		8.43		(13.78)		0.64		0.60		0.60		2.73		6,024		104
12-31-21		10.31		0.25•		0.71		0.96		0.28		—		—		0.28		—		10.99		9.42		0.62		0.60		0.60		2.29		7,878		133
12-31-20		11.19		0.29•		(0.03)		0.26		0.42		0.72		—		1.14		—		10.31		3.33		0.62		0.60		0.60		2.79		7,943		69
12-31-19		10.50		0.38•		1.55		1.93		0.57		0.67		—		1.24		—		11.19		18.73		0.66		0.62		0.62		3.38		8,836		231
12-31-18		11.65		0.51•		(1.03)		(0.52)		0.63		—		—		0.63		—		10.50		(4.79)		0.79		0.66		0.66		4.51		7,921		45
Class S
12-31-22		10.92		0.23•		(1.75)		(1.52)		0.22		0.80		—		1.02		—		8.38		(13.97)		0.89		0.85		0.85		2.47		184,513		104
12-31-21		10.25		0.22•		0.70		0.92		0.25		—		—		0.25		—		10.92		9.09		0.87		0.85		0.85		2.04		256,146		133
12-31-20		11.13		0.26•		(0.03)		0.23		0.39		0.72		—		1.11		—		10.25		3.03		0.87		0.85		0.85		2.55		266,536		69
12-31-19		10.45		0.36•		1.52		1.88		0.53		0.67		—		1.20		—		11.13		18.40		0.91		0.87		0.87		3.18		295,942		231
12-31-18		11.59		0.48•		(1.02)		(0.54)		0.60		—		—		0.60		—		10.45		(5.01)		1.04		0.91		0.91		4.26		285,793		45
Class S2
12-31-22		10.89		0.22•		(1.75)		(1.53)		0.20		0.80		—		1.00		—		8.36		(14.14)		1.04		1.00		1.00		2.32		2,698		104
12-31-21		10.22		0.20•		0.70		0.90		0.23		—		—		0.23		—		10.89		8.88		1.02		1.00		1.00		1.89		4,112		133
12-31-20		11.10		0.27		(0.04)		0.23		0.39		0.72		—		1.11		—		10.22		3.02		1.02		1.00		1.00		2.40		5,189		69
12-31-19		10.43		0.32		1.54		1.86		0.52		0.67		—		1.19		—		11.10		18.15		1.06		1.02		1.02		2.97		5,679		231
12-31-18		11.56		0.46•		(1.02)		(0.56)		0.57		—		—		0.57		—		10.43		(5.15)		1.19		1.06		1.06		4.11		4,647		45
Voya High Yield Portfolio
Class ADV
12-31-22		9.94		0.46•		(1.72)		(1.26)		0.45		—		—		0.45		—		8.23		(12.83)		1.10		1.08		1.08		5.22		61,172		21
12-31-21		9.96		0.45•		0.01		0.46		0.46		—		0.02		0.48		—		9.94		4.65		1.10		1.08		1.08		4.52		79,216		63
12-31-20		9.94		0.46•		0.03		0.49		0.46		—		0.01		0.47		—		9.96		5.26		1.10		1.08		1.08		4.80		80,017		90
12-31-19		9.09		0.50		0.83		1.33		0.48		—		—		0.48		—		9.94		14.82		1.10		1.08		1.08		5.20		87,540		59
12-31-18		9.94		0.48		(0.81)		(0.33)		0.52		—		—		0.52		—		9.09		(3.53)		1.10		1.08		1.08		5.02		80,872		35
Class I
12-31-22		9.95		0.51•		(1.72)		(1.21)		0.50		—		—		0.50		—		8.24		(12.28)		0.50		0.48		0.48		5.83		152,175		21
12-31-21		9.97		0.51•		0.01		0.52		0.52		—		0.02		0.54		—		9.95		5.28		0.50		0.48		0.48		5.12		189,224		63
12-31-20		9.94		0.51•		0.05		0.56		0.52		—		0.01		0.53		—		9.97		6.00		0.50		0.48		0.48		5.40		191,358		90
12-31-19		9.10		0.57•		0.81		1.38		0.54		—		—		0.54		—		9.94		15.37		0.50		0.48		0.48		5.84		189,247		59
12-31-18		9.95		0.54		(0.82)		(0.28)		0.57		—		—		0.57		—		9.10		(2.96)		0.50		0.48		0.48		5.62		56,385		35

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya High Yield Portfolio (continued)
Class S
12-31-22		9.94		0.49•		(1.72)		(1.23)		0.48		—		—		0.48		—		8.23		(12.52)		0.75		0.73		0.73		5.56		179,355		21
12-31-21		9.96		0.48•		0.01		0.49		0.49		—		0.02		0.51		—		9.94		5.01		0.75		0.73		0.73		4.87		244,800		63
12-31-20		9.94		0.49•		0.04		0.53		0.50		—		0.01		0.51		—		9.96		5.63		0.75		0.73		0.73		5.15		266,537		90
12-31-19		9.09		0.54		0.82		1.36		0.51		—		—		0.51		—		9.94		15.22		0.75		0.73		0.73		5.54		307,506		59
12-31-18		9.94		0.51		(0.81)		(0.30)		0.55		—		—		0.55		—		9.09		(3.20)		0.75		0.73		0.73		5.36		332,669		35
Class S2
12-31-22		9.95		0.48•		(1.72)		(1.24)		0.47		—		—		0.47		—		8.24		(12.63)		0.90		0.88		0.88		5.34		1,407		21
12-31-21		9.97		0.47•		0.01		0.48		0.48		—		0.02		0.50		—		9.95		4.86		0.90		0.88		0.88		4.72		2,688		63
12-31-20		9.95		0.48•		0.03		0.51		0.48		—		0.01		0.49		—		9.97		5.48		0.90		0.88		0.88		4.99		3,119		90
12-31-19		9.11		0.51		0.83		1.34		0.50		—		—		0.50		—		9.95		14.91		0.90		0.88		0.88		5.37		3,012		59
12-31-18		9.95		0.50		(0.80)		(0.30)		0.54		—		—		0.54		—		9.11		(3.23)		0.90		0.88		0.88		5.20		4,226		35
Voya Large Cap Growth Portfolio
Class ADV
12-31-22		19.43		(0.07)•		(5.77)		(5.84)		—		5.90		—		5.90		—		7.69		(30.97)		1.31		1.27		1.27		(0.58)		1,263,757		47
12-31-21		20.45		(0.14)•		3.76		3.62		—		4.64		—		4.64		—		19.43		18.89		1.30		1.27		1.27		(0.68)		2,085,856		72
12-31-20		17.96		(0.08)		5.00		4.92		—		2.43		—		2.43		—		20.45		30.11		1.32		1.27		1.27		(0.43)		2,073,088		86
12-31-19		16.37		(0.01)		4.97		4.96		0.02		3.35		—		3.37		—		17.96		31.90		1.27		1.27		1.27		(0.05)		1,890,631		78
12-31-18		19.36		0.01		(0.11)		(0.10)		0.01		2.88		—		2.89		—		16.37		(2.07)		1.27		1.27		1.27		0.04		1,686,805		85
Class I
12-31-22		22.48		0.00*•		(6.70)		(6.70)		—		5.90		—		5.90		—		9.88		(30.50)		0.71		0.67		0.67		0.02		1,251,871		47
12-31-21		22.90		(0.02)•		4.24		4.22		—		4.64		—		4.64		—		22.48		19.55		0.70		0.67		0.67		(0.07)		1,937,889		72
12-31-20		19.83		0.04		5.57		5.61		0.11		2.43		—		2.54		—		22.90		30.88		0.72		0.67		0.67		0.17		2,436,873		86
12-31-19		17.78		0.11		5.43		5.54		0.14		3.35		—		3.49		—		19.83		32.77		0.67		0.67		0.67		0.54		2,000,466		78
12-31-18		20.80		0.13•		(0.13)		0.00*		0.14		2.88		—		3.02		—		17.78		(1.48)		0.67		0.67		0.67		0.63		1,623,952		85
Class R6
12-31-22		22.50		0.00*•		(6.70)		(6.70)		—		5.90		—		5.90		—		9.90		(30.47)		0.68		0.67		0.67		0.02		53,900		47
12-31-21		22.91		(0.02)•		4.25		4.23		—		4.64		—		4.64		—		22.50		19.58		0.67		0.67		0.67		(0.08)		95,588		72
12-31-20		19.84		0.03		5.58		5.61		0.11		2.43		—		2.54		—		22.91		30.86		0.67		0.67		0.67		0.16		88,303		86
12-31-19		17.78		0.11		5.44		5.55		0.14		3.35		—		3.49		—		19.84		32.82		0.67		0.67		0.67		0.54		59,938		78
12-31-18		20.81		0.12		(0.13)		(0.01)		0.14		2.88		—		3.02		—		17.78		(1.53)		0.67		0.67		0.67		0.68		46,242		85
Class S
12-31-22		21.47		(0.03)•		(6.39)		(6.42)		—		5.90		—		5.90		—		9.15		(30.66)		0.96		0.92		0.92		(0.23)		1,066,004		47
12-31-21		22.10		(0.07)•		4.08		4.01		—		4.64		—		4.64		—		21.47		19.28		0.95		0.92		0.92		(0.33)		1,787,956		72
12-31-20		19.21		(0.01)		5.38		5.37		0.05		2.43		—		2.48		—		22.10		30.59		0.97		0.92		0.92		(0.08)		1,867,154		86
12-31-19		17.31		0.06		5.27		5.33		0.08		3.35		—		3.43		—		19.21		32.41		0.92		0.92		0.92		0.30		1,839,829		78
12-31-18		20.32		0.08•		(0.13)		(0.05)		0.08		2.88		—		2.96		—		17.31		(1.73)		0.92		0.92		0.92		0.39		1,677,848		85

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Large Cap Growth Portfolio (continued)
Class S2
12-31-22		21.16		(0.05)•		(6.30)		(6.35)		—		5.90		—		5.90		—		8.91		(30.80)		1.11		1.07		1.07		(0.38)		36,077		47
12-31-21		21.87		(0.10)•		4.03		3.93		—		4.64		—		4.64		—		21.16		19.10		1.10		1.07		1.07		(0.48)		64,403		72
12-31-20		19.03		(0.04)		5.33		5.29		0.02		2.43		—		2.45		—		21.87		30.43		1.12		1.07		1.07		(0.22)		65,511		86
12-31-19		17.18		0.04		5.21		5.25		0.05		3.35		—		3.40		—		19.03		32.16		1.07		1.07		1.07		0.15		61,219		78
12-31-18		20.18		0.05		(0.12)		(0.07)		0.05		2.88		—		2.93		—		17.18		(1.86)		1.07		1.07		1.07		0.25		58,647		85
Voya Large Cap Value Portfolio
Class ADV
12-31-22		13.67		0.08•		(1.13)		(1.05)		0.06		7.73		—		7.79		—		4.83		(3.88)		1.50		1.24		1.24		1.02		46,054		74
12-31-21		11.16		0.08•		2.83		2.91		0.22		0.18		—		0.40		—		13.67		26.24		1.42		1.24		1.24		0.66		52,418		82
12-31-20		11.96		0.15		0.26		0.41		0.18		1.03		—		1.21		—		11.16		5.61		1.43		1.24		1.24		1.43		47,671		130
12-31-19		10.48		0.17		2.34		2.51		0.18		0.85		—		1.03		—		11.96		24.45		1.35		1.24		1.24		1.40		53,098		95
12-31-18		13.06		0.18		(1.15)		(0.97)		0.17		1.44		—		1.61		—		10.48		(8.33)(a)		1.35		1.24		1.24		1.41(b)		49,230		97
Class I
12-31-22		14.04		0.13•		(1.13)		(1.00)		0.08		7.73		—		7.81		—		5.23		(3.21)		0.90		0.64		0.64		1.62		357,384		74
12-31-21		11.45		0.17•		2.90		3.07		0.30		0.18		—		0.48		—		14.04		26.99		0.82		0.64		0.64		1.26		386,934		82
12-31-20		12.22		0.22		0.28		0.50		0.24		1.03		—		1.27		—		11.45		6.28		0.83		0.64		0.64		2.02		329,385		130
12-31-19		10.69		0.24		2.39		2.63		0.25		0.85		—		1.10		—		12.22		25.12		0.75		0.64		0.64		2.00		367,345		95
12-31-18		13.30		0.25•		(1.17)		(0.92)		0.25		1.44		—		1.69		—		10.69		(7.81)(a)		0.75		0.64		0.64		2.01(b)		330,038		97
Class R6
12-31-22		14.03		0.12•		(1.12)		(1.00)		0.09		7.73		—		7.82		—		5.21		(3.26)		0.78		0.64		0.64		1.71		72,042		74
12-31-21		11.44		0.19•		2.88		3.07		0.30		0.18		—		0.48		—		14.03		27.02		0.76		0.64		0.64		1.41		12,976		82
12-31-20		12.21		0.21•		0.29		0.50		0.24		1.03		—		1.27		—		11.44		6.27		0.77		0.64		0.64		2.01		230		130
12-31-19		10.68		0.25•		2.38		2.63		0.25		0.85		—		1.10		—		12.21		25.14		0.75		0.64		0.64		2.16		306		95
12-31-18		13.28		0.25•		(1.16)		(0.91)		0.25		1.44		—		1.69		—		10.68		(7.74)(a)		0.75		0.64		0.64		2.03(b)		1,182		97
Class S
12-31-22		13.78		0.10•		(1.11)		(1.01)		0.08		7.73		—		7.81		—		4.96		(3.47)		1.15		0.89		0.89		1.36		25,128		74
12-31-21		11.25		0.13•		2.85		2.98		0.27		0.18		—		0.45		—		13.78		26.67		1.07		0.89		0.89		0.99		30,661		82
12-31-20		12.04		0.19		0.27		0.46		0.22		1.03		—		1.25		—		11.25		5.97		1.08		0.89		0.89		1.78		611,514		130
12-31-19		10.55		0.20•		2.36		2.56		0.22		0.85		—		1.07		—		12.04		24.78		1.00		0.89		0.89		1.75		665,553		95
12-31-18		13.14		0.22•		(1.15)		(0.93)		0.22		1.44		—		1.66		—		10.55		(8.00)(a)		1.00		0.89		0.89		1.76(b)		630,221		97
Class S2
12-31-22		13.80		0.09•		(1.12)		(1.03)		0.07		7.73		—		7.80		—		4.97		(3.69)		1.30		1.04		1.04		1.23		189		74
12-31-21		11.27		0.11•		2.85		2.96		0.25		0.18		—		0.43		—		13.80		26.43		1.22		1.04		1.04		0.87		196		82
12-31-20		12.06		0.17•		0.27		0.44		0.20		1.03		—		1.23		—		11.27		5.86		1.23		1.04		1.04		1.63		154		130
12-31-19		10.56		0.19•		2.36		2.55		0.20		0.85		—		1.05		—		12.06		24.63		1.15		1.04		1.04		1.60		145		95
12-31-18		13.15		0.20		(1.15)		(0.95)		0.20		1.44		—		1.64		—		10.56		(8.12)(a)		1.15		1.04		1.04		1.60(b)		151		97

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Limited Maturity Bond Portfolio
Class ADV
12-31-22		9.87		0.14•		(0.66)		(0.52)		0.12		—		—		0.12		—		9.23		(5.26)		0.88		0.88		0.88		1.53		13,671		306
12-31-21		10.03		0.05•		(0.10)		(0.05)		0.11		—		—		0.11		—		9.87		(0.55)		0.88		0.88		0.88		0.47		14,958		253
12-31-20		9.91		0.12		0.16		0.28		0.16		—		—		0.16		—		10.03		2.87		0.88		0.88		0.88		1.15		15,016		263
12-31-19		9.68		0.19		0.16		0.35		0.12		—		—		0.12		—		9.91		3.66		0.89		0.89		0.89		1.85		15,579		330
12-31-18		9.72		0.17		(0.10)		0.07		0.11		—		—		0.11		—		9.68		0.71		0.89		0.89		0.89		1.67		16,812		281
Class I
12-31-22		10.07		0.21•		(0.68)		(0.47)		0.18		—		—		0.18		—		9.42		(4.66)		0.28		0.28		0.28		2.16		301,980		306
12-31-21		10.23		0.11•		(0.10)		0.01		0.17		—		—		0.17		—		10.07		0.08		0.28		0.28		0.28		1.06		329,913		253
12-31-20		10.11		0.17•		0.18		0.35		0.23		—		—		0.23		—		10.23		3.46		0.28		0.28		0.28		1.70		332,196		263
12-31-19		9.87		0.24		0.19		0.43		0.19		—		—		0.19		—		10.11		4.33		0.29		0.29		0.29		2.44		197,182		330
12-31-18		9.91		0.22		(0.09)		0.13		0.17		—		—		0.17		—		9.87		1.33		0.29		0.29		0.29		2.30		195,851		281
Class S
12-31-22		10.15		0.18•		(0.68)		(0.50)		0.16		—		—		0.16		—		9.49		(4.94)		0.53		0.53		0.53		1.87		57,412		306
12-31-21		10.31		0.08•		(0.10)		(0.02)		0.14		—		—		0.14		—		10.15		(0.16)		0.53		0.53		0.53		0.82		71,037		253
12-31-20		10.19		0.16		0.16		0.32		0.20		—		—		0.20		—		10.31		3.19		0.53		0.53		0.53		1.50		71,911		263
12-31-19		9.95		0.22		0.18		0.40		0.16		—		—		0.16		—		10.19		4.06		0.54		0.54		0.54		2.20		75,066		330
12-31-18		9.99		0.20		(0.09)		0.11		0.15		—		—		0.15		—		9.95		1.07		0.54		0.54		0.54		2.02		74,885		281
Voya U.S. Stock Index Portfolio
Class ADV
12-31-22		20.92		0.14•		(4.09)		(3.95)		0.14		1.82		—		1.96		—		15.01		(18.78)		0.80		0.80		0.80		0.82		73,855		8
12-31-21		18.21		0.12•		4.72		4.84		0.11		2.02		—		2.13		—		20.92		27.66		0.80		0.80		0.80		0.61		99,373		3
12-31-20		16.38		0.18		2.55		2.73		0.24		0.66		—		0.90		—		18.21		17.48		0.79		0.79		0.79		1.03		100,049		9
12-31-19		13.44		0.19•		3.82		4.01		0.17		0.90		—		1.07		—		16.38		30.43		0.80		0.80		0.80		1.22		102,813		9
12-31-18		15.19		0.17•		(0.86)		(0.69)		0.18		0.88		—		1.06		—		13.44		(5.10)		0.80		0.80		0.80		1.14		92,071		12
Class I
12-31-22		21.87		0.24•		(4.28)		(4.04)		0.23		1.82		—		2.05		—		15.78		(18.35)		0.27		0.27		0.27		1.35		3,602,730		8
12-31-21		18.94		0.23•		4.95		5.18		0.23		2.02		—		2.25		—		21.87		28.37		0.27		0.27		0.27		1.14		4,525,779		3
12-31-20		16.99		0.28		2.66		2.94		0.33		0.66		—		0.99		—		18.94		18.11		0.26		0.26		0.26		1.55		4,258,517		9
12-31-19		13.90		0.26		3.99		4.25		0.26		0.90		—		1.16		—		16.99		31.12		0.27		0.27		0.27		1.75		4,065,091		9
12-31-18		15.69		0.26•		(0.90)		(0.64)		0.27		0.88		—		1.15		—		13.90		(4.62)		0.27		0.27		0.27		1.67		2,966,664		12
Class P2
12-31-22		22.01		0.27•		(4.31)		(4.04)		0.25		1.82		—		2.07		—		15.90		(18.23)		0.27		0.15		0.15		1.47		2,893,943		8
12-31-21		19.03		0.26•		4.97		5.23		0.23		2.02		—		2.25		—		22.01		28.50		0.27		0.15		0.15		1.25		3,615,635		3
12-31-20		17.05		0.28•		2.69		2.97		0.33		0.66		—		0.99		—		19.03		18.23		0.26		0.15		0.15		1.67		2,908,826		9
12-31-19		13.93		0.30•		3.98		4.28		0.26		0.90		—		1.16		—		17.05		31.27		0.27		0.15		0.15		1.86		2,395,089		9
12-31-18		15.71		0.26		(0.89)		(0.63)		0.27		0.88		—		1.15		—		13.93		(4.55)		0.27		0.15		0.15		1.80		1,442,733		12

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya U.S. Stock Index Portfolio (continued)
Class S
12-31-22		21.60		0.20•		(4.22)		(4.02)		0.19		1.82		—		2.01		—		15.57		(18.50)		0.52		0.51		0.51		1.11		224,160		8
12-31-21		18.74		0.18•		4.88		5.06		0.18		2.02		—		2.20		—		21.60		28.02		0.52		0.51		0.51		0.90		303,248		3
12-31-20		16.82		0.24		2.63		2.87		0.29		0.66		—		0.95		—		18.74		17.87		0.51		0.50		0.50		1.32		280,432		9
12-31-19		13.80		0.23•		3.94		4.17		0.25		0.90		—		1.15		—		16.82		30.77		0.52		0.51		0.51		1.46		283,768		9
12-31-18		15.57		0.22•		(0.88)		(0.66)		0.23		0.88		—		1.11		—		13.80		(4.84)		0.52		0.51		0.51		1.42		47,740		12
Class S2
12-31-22		21.28		0.17•		(4.16)		(3.99)		0.16		1.82		—		1.98		—		15.31		(18.63)		0.67		0.67		0.67		0.95		142,580		8
12-31-21		18.49		0.15•		4.81		4.96		0.15		2.02		—		2.17		—		21.28		27.85		0.67		0.67		0.67		0.74		181,812		3
12-31-20		16.62		0.20		2.59		2.79		0.26		0.66		—		0.92		—		18.49		17.62		0.66		0.66		0.66		1.16		151,642		9
12-31-19		13.62		0.21•		3.88		4.09		0.19		0.90		—		1.09		—		16.62		30.60		0.67		0.67		0.67		1.35		149,297		9
12-31-18		15.39		0.20•		(0.88)		(0.68)		0.21		0.88		—		1.09		—		13.62		(5.03)		0.67		0.67		0.67		1.27		150,127		12
VY® CBRE Real Estate Portfolio
Class ADV
12-31-22		43.39		0.46•		(11.98)		(11.52)		0.46		6.47		—		6.93		—		24.94		(27.40)		1.61		1.28		1.28		1.44		38,305		62
12-31-21		29.09		0.37•		14.50		14.87		0.57		—		—		0.57		—		43.39		51.46		1.62		1.28		1.28		1.02		63,318		67
12-31-20		36.39		0.41•		(3.54)		(3.13)		0.66		3.51		—		4.17		—		29.09		(6.89)		1.63		1.28		1.28		1.38		48,781		103
12-31-19		29.16		0.51•		7.53		8.04		0.63		0.18		—		0.81		—		36.39		27.71		1.46		1.31		1.31		1.49		63,873		69
12-31-18		36.01		0.49•		(3.01)		(2.52)		0.83		3.50		—		4.33		—		29.16		(7.97)		1.47		1.31		1.31		1.50		56,062		103
Class I
12-31-22		46.19		0.72•		(12.81)		(12.09)		0.71		6.47		—		7.18		—		26.92		(26.97)		1.01		0.68		0.68		2.10		8,128		62
12-31-21		30.88		0.62•		15.41		16.03		0.72		—		—		0.72		—		46.19		52.34		1.02		0.68		0.68		1.65		11,745		67
12-31-20		38.38		0.55•		(3.64)		(3.09)		0.90		3.51		—		4.41		—		30.88		(6.32)		1.03		0.68		0.68		1.76		14,403		103
12-31-19		30.72		0.68•		8.01		8.69		0.85		0.18		—		1.03		—		38.38		28.47		0.86		0.71		0.71		1.88		24,412		69
12-31-18		37.76		0.71•		(3.15)		(2.44)		1.10		3.50		—		4.60		—		30.72		(7.42)		0.87		0.71		0.71		2.05		38,978		103
Class S
12-31-22		46.11		0.62•		(12.77)		(12.15)		0.61		6.47		—		7.08		—		26.88		(27.14)		1.26		0.93		0.93		1.80		143,264		62
12-31-21		30.87		0.52•		15.39		15.91		0.67		—		—		0.67		—		46.11		51.96		1.27		0.93		0.93		1.37		227,726		67
12-31-20		38.32		0.53•		(3.68)		(3.15)		0.79		3.51		—		4.30		—		30.87		(6.53)		1.28		0.93		0.93		1.71		173,126		103
12-31-19		30.67		0.66•		7.93		8.59		0.76		0.18		—		0.94		—		38.32		28.15		1.11		0.96		0.96		1.82		230,346		69
12-31-18		37.67		0.63•		(3.16)		(2.53)		0.97		3.50		—		4.47		—		30.67		(7.65)		1.12		0.96		0.96		1.85		212,673		103
Class S2
12-31-22		45.78		0.54•		(12.65)		(12.11)		0.50		6.47		—		6.97		—		26.70		(27.25)		1.41		1.08		1.08		1.58		7,597		62
12-31-21		30.64		0.46•		15.28		15.74		0.60		—		—		0.60		—		45.78		51.74		1.42		1.08		1.08		1.21		13,826		67
12-31-20		38.07		0.46•		(3.64)		(3.18)		0.74		3.51		—		4.25		—		30.64		(6.69)		1.43		1.08		1.08		1.49		11,420		103
12-31-19		30.47		0.60•		7.88		8.48		0.70		0.18		—		0.88		—		38.07		27.97		1.26		1.11		1.11		1.67		15,394		69
12-31-18		37.44		0.58•		(3.14)		(2.56)		0.91		3.50		—		4.41		—		30.47		(7.78)		1.27		1.11		1.11		1.71		13,745		103

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
VY® JPMorgan Small Cap Core Equity Portfolio
Class ADV
12-31-22		19.30		(0.03)•		(3.59)		(3.62)		—		3.21		—		3.21		—		12.47		(18.08)		1.47		1.47		1.47		(0.18)		105,703		46
12-31-21		17.26		(0.08)•		3.14		3.06		—		1.02		—		1.02		—		19.30		17.94		1.46		1.46		1.45		(0.44)		140,945		52
12-31-20		14.90		(0.01)		2.37		2.36		—		—		—		—		—		17.26		15.84		1.47		1.47		1.46		(0.03)		128,295		71
12-31-19		15.79		0.00*		3.92		3.92		0.03		4.55		0.23		4.81		—		14.90		25.96		1.45		1.45		1.44		0.05		130,058		50
12-31-18		20.12		(0.02)		(1.67)		(1.69)		0.02		2.62		—		2.64		—		15.79		(10.82)		1.45		1.45		1.45		(0.07)		114,664		43
Class I
12-31-22		21.28		0.07•		(3.95)		(3.88)		0.00*		3.21		—		3.21		—		14.19		(17.57)		0.87		0.87		0.87		0.43		229,935		46
12-31-21		18.89		0.04•		3.45		3.49		0.08		1.02		—		1.10		—		21.28		18.71		0.86		0.86		0.85		0.18		282,032		52
12-31-20		16.21		0.10		2.58		2.68		—		—		—		—		—		18.89		16.53		0.87		0.87		0.86		0.57		211,266		71
12-31-19		16.89		0.12		4.20		4.32		0.22		4.55		0.23		5.00		—		16.21		26.75		0.85		0.85		0.84		0.66		240,957		50
12-31-18		21.35		0.11		(1.81)		(1.70)		0.14		2.62		—		2.76		—		16.89		(10.34)		0.85		0.85		0.85		0.53		165,568		43
Class R6
12-31-22		21.25		0.05•		(3.92)		(3.87)		0.00*		3.21		—		3.21		—		14.17		(17.55)		0.87		0.87		0.87		0.30		31,036		46
12-31-21		18.87		0.03•		3.45		3.48		0.08		1.02		—		1.10		—		21.25		18.67		0.86		0.86		0.85		0.16		129,718		52
12-31-20		16.20		0.11•		2.56		2.67		—		—		—		—		—		18.87		16.48		0.87		0.87		0.86		0.70		118,342		71
12-31-19		16.88		0.12		4.20		4.32		0.22		4.55		0.23		5.00		—		16.20		26.78		0.85		0.85		0.84		0.66		38,161		50
12-31-18		21.34		0.09		(1.79)		(1.70)		0.14		2.62		—		2.76		—		16.88		(10.34)		0.85		0.85		0.85		0.55		23,951		43
Class S
12-31-22		20.85		0.03•		(3.87)		(3.84)		—		3.21		—		3.21		—		13.80		(17.76)		1.12		1.12		1.12		0.16		86,656		46
12-31-21		18.55		(0.02)•		3.38		3.36		0.04		1.02		—		1.06		—		20.85		18.32		1.11		1.11		1.10		(0.09)		124,185		52
12-31-20		15.95		0.05		2.55		2.60		—		—		—		—		—		18.55		16.30		1.12		1.12		1.11		0.31		122,575		71
12-31-19		16.65		0.07		4.14		4.21		0.13		4.55		0.23		4.91		—		15.95		26.39		1.10		1.10		1.09		0.37		129,784		50
12-31-18		21.07		0.06		(1.78)		(1.72)		0.08		2.62		—		2.70		—		16.65		(10.52)		1.10		1.10		1.10		0.28		327,752		43
Class S2
12-31-22		20.52		0.00*•		(3.80)		(3.80)		—		3.21		—		3.21		—		13.51		(17.86)		1.27		1.27		1.27		0.01		6,076		46
12-31-21		18.27		(0.05)•		3.33		3.28		0.01		1.02		—		1.03		—		20.52		18.17		1.26		1.26		1.25		(0.24)		8,692		52
12-31-20		15.74		0.03		2.50		2.53		—		—		—		—		—		18.27		16.07		1.27		1.27		1.26		0.16		8,312		71
12-31-19		16.46		0.04•		4.09		4.13		0.07		4.55		0.23		4.85		—		15.74		26.20		1.25		1.25		1.24		0.22		9,014		50
12-31-18		20.85		0.03		(1.76)		(1.73)		0.04		2.62		—		2.66		—		16.46		(10.64)		1.25		1.25		1.25		0.13		27,453		43

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

(a)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Large Cap Value Portfolio would have been (8.34)%, (7.82)%, (7.75)%, (8.01)% and (8.13)% for Classes ADV, I, R6, S and S2, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, the net investment income ratios for Voya Large Cap Value Portfolio would have been 1.40%, 2.00%, 2.02%, 1.75% and 1.59% for Classes ADV, I, R6, S and S2, respectively.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022

NOTE 1 — ORGANIZATION

Voya Investors Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act” or the “Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-one active separate investment series. The eight series (each a “Portfolio” and collectively the “Portfolios”) included in this report are: Voya Balanced Income Portfolio (“Balanced Income”), Voya High Yield Portfolio (“High Yield”), Voya Large Cap Growth Portfolio (“Large Cap Growth”), Voya Large Cap Value Portfolio (“Large Cap Value”), Voya Limited Maturity Bond Portfolio (“Limited Maturity Bond”), Voya U.S. Stock Index Portfolio (“U.S. Stock Index”), VY® CBRE Real Estate Portfolio (“CBRE Real Estate”), and VY® JPMorgan Small Cap Core Equity Portfolio (“JPMorgan Small Cap Core Equity”). Prior to May 1, 2022, VY® CBRE Real Estate Portfolio was known as VY® Clarion Real Estate Portfolio. All of the Portfolios are diversified except for Large Cap Growth, which is a non-diversified Portfolio of the Trust. In seeking to track the performance of the index, U.S. Stock Index may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of the index. As a result, whether U.S. Stock Index will be considered diversified or non-diversified at any time will depend largely on the make-up of the index at the time. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

The classes of shares included in this report are: Adviser (“Class ADV”), Institutional (“Class I”), Class P2, Class R6, Service (“Class S”) and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on

the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to Balanced Income, High Yield, Large Cap Growth, Large Cap Value, Limited Maturity Bond, and U.S. Stock Index. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV

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per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

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

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

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

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

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

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

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

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-advisers’ or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3

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investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method. CBRE Real Estate estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

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

(1)

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

(2)

Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid.

Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by High Yield and Limited Maturity Bond. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by Large Cap Value and U.S. Stock Index. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and

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decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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

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

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

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

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. As of the date of this report, the United States experiences a rising market interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

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

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

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direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

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

As of December 31, 2022, the maximum amount of loss that Balanced Income would incur if its counterparties failed to perform would be $266,818 which represents the gross payments to be received on open forward foreign currency contracts, OTC purchased options, forward premium swaptions and volatility swaps were they to be unwound as of December 31, 2022. At December 31, 2022, the Portfolio did not receive any cash collateral for open OTC derivatives.

Certain Portfolios have entered into derivative contracts that contain credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and its derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio’s net assets and/or a percentage decrease in a Portfolio’s NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio’s Master Agreements.

As of December 31, 2022, Balanced Income had a liability position of $2,408,568 on open forward foreign currency contracts, forward premium swaptions and OTC written options. If a contingent feature would have been triggered as of December 31, 2022, the Portfolio could have been required to pay these amounts in cash to its counterparties. At December 31, 2022 Balanced Income pledged $2,210,000 in cash collateral for its open OTC derivative transactions.

H. Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain

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or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

During the year ended December 31, 2022, Balanced Income had average contract amounts on forward foreign currency contracts purchased and sold of $93,008,600 and $93,539,586, respectively. The Portfolio used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at December 31, 2022.

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

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

Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended December 31, 2022, U.S. Stock Index and JPMorgan Small Cap Core Equity have purchased futures contracts on various equity indexes to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. In addition, Balanced Income and Limited Maturity Bond had purchased and sold futures contracts on treasury futures to manage the duration and yield curve of the Portfolios. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against counterparty default.

During the year ended December 31, 2022, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at December 31, 2022.

	Purchased			Sold
Balanced Income		$	88,101,799		$	26,087,181
Limited Maturity Bond			120,565,766			20,434,270
U.S. Stock Index			172,174,820			—
JPMorgan Small Cap Core Equity			7,235,782			—

J. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being

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invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. There were no open repurchase agreements for any Portfolio at December 31, 2022.

K. Securities Lending. Each Portfolio may loan up to 33 1∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.

L. Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.”

These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

M. Delayed-Delivery Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such securities is identified in each Portfolio’s Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to identify liquid assets sufficient to cover the purchase price.

N. Options Contracts. Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the

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opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the year ended December 31, 2022, Balanced Income had purchased and written options on exchange-traded funds with a notional value of $26,531,176 and $14,423,909, respectively, to gain additional exposure to the high yield corporate bond market and to generate income. There were no open purchased and written options on exchange-traded funds at December 31, 2022.

During the year ended December 31, 2022, Balanced Income had purchased and written foreign currency options with a notional value of $17,511,719 and $8,417,535, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables following the Portfolios of Investments for open purchased and written foreign currency options at December 31, 2022.

During the year ended December 31, 2022, Balanced Income had written interest rate swaptions to generate income. Balanced Income had an average notional value of $21,571,400. Please refer to the tables within the Portfolio of Investments for open written interest rate swaptions at December 31, 2022.

During the year ended December 31, 2022, Balanced Income had purchased and written forward premium swaptions to manage duration and yield curve exposures. Balanced Income had an average notional value of $10,140,667 and $43,182,200, respectively, on purchased and written forward premium swaptions. Please refer to the tables following the Portfolios of Investments for open purchased and written forward premium swaptions at December 31, 2022.

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

trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).

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

Swaps are marked to market daily using quotations primarily from third party pricing services, registered commodities exchange(s), counterparties or brokers. The fair value of an OTC swap contract is recorded on each Portfolio’s Statements of Assets and Liabilities. Daily changes in the value of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received on OTC swaps by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio’s Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

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

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

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

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount

of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the year ended December 31, 2022, Balanced Income and Limited Maturity Bond had bought and sold credit protection on credit default swap indices (“CDX”) and

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

single name issuers (corporate or sovereign). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Balanced Income used CDX swaps to gain additional exposure within various sectors and to hedge the credit risk associated with various sectors within the credit market. In addition, Balanced Income bought credit protection on single name issuers to reduce its risk exposure to defaults of corporate and/or sovereign issuers.

For the year ended December 31, 2022, Balanced Income had an average notional amount of $2,652,155 and $4,949,279 on credit default swaps to buy and sell protection, respectively. Limited Maturity Bond had an average notional amount of $2,271,800 on credit default swaps to buy protection only. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protection at December 31, 2022 for both Balanced Income and Limited Maturity Bond. There were no open credit default swaps to sell protection at December 31, 2022.

Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

For the year ended December 31, 2022, Balanced Income had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on interest rate swaps was $11,827,656.

For the year ended December 31, 2022, Balanced Income had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps was $5,300,702.

Balanced Income entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for open centrally cleared interest rate swaps at December 31, 2022.

At December 31, 2022, Balanced Income and Limited Maturity Bond had pledged $1,220,000 and $300,000, respectively, in cash collateral for open centrally cleared credit default and interest rate swaps.

Volatility Swap Contracts. Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, a Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

During the year ended December 31, 2022, Balanced Income had an average notional amount of $3,744,200 on foreign currency volatility swaps (receiver). Please refer to the tables within the Portfolio of Investments for open volatility swaps at December 31, 2022.

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended December 31, 2022, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

	Purchases			Sales
Balanced Income		$	148,180,409		$	213,364,900
High Yield			535,409,019			90,031,372
Large Cap Growth			2,073,821,170			2,633,374,043
Large Cap Value			415,917,127			364,675,724
Limited Maturity Bond			79,918,666			124,891,207
U.S. Stock Index			574,078,341			698,724,173
CBRE Real Estate			151,263,042			189,027,497
JPMorgan Small Cap Core Equity			242,506,935			341,587,919

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 3 — INVESTMENT TRANSACTIONS (continued)

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

	Purchases			Sales
Balanced Income		$	168,662,254		$	159,698,731
Limited Maturity Bond			1,047,737,212			1,004,079,323

NOTE 4 — INVESTMENT MANAGEMENT FEES

Balanced Income, Large Cap Growth, Large Cap Value and CBRE Real Estate have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

Portfolio			Fee
Balanced Income Large Cap Growth			0.55% on all assets 0.65% on the first $5.5 billion; 0.62% on the next $1.5 billion; 0.60% on the next $3 billion; and 0.59% on the amount in excess of $10 billion
Large Cap Value(1)			0.75% on the first $500 million; 0.70% on the next $1.5 billion; and 0.65% on the amount in excess of $2 billion
CBRE Real Estate(1)			0.85% on the first $200 million; 0.80% on the next $550 million; and 0.75% on the amount in excess of $750 million

(1)

The Investment Adviser is contractually obligated to waive 0.010% and 0.067% of the management fee for Large Cap Value and CBRE Real Estate, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.

With the exception of the Portfolios in the table above, the Investment Adviser provides the below Portfolios with advisory and administrative services under a management agreement (the “Unified Agreement”). Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio’s assets and the purchase and sale of portfolio

securities and other investments. Pursuant to the Unified Agreement, the Investment Adviser also is responsible for providing or procuring, at the Investment Adviser’s expense, the services reasonably necessary for the ordinary operation of a Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services, licensing fees and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a “Unified Fee”) based on the following annual rates of the average daily net assets of each Portfolio:

Portfolio			Fee
High Yield(2)			0.490% on the first $1 billion; 0.480% on the next $1 billion; 0.470% on the amount in excess of $2 billion
Limited Maturity Bond(3)			0.350% on the first $200 million; 0.300% on the next $300 million; 0.250% on the amount in excess of $500 million
U.S. Stock Index			0.260%
JPMorgan Small Cap Core Equity			0.900% on the first $200 million; 0.850% on the next $300 million; 0.800% on the next $250 million; 0.750% on the amount in excess of $750 million

(2)

The Investment Adviser is contractually obligated to waive 0.015% of the Unified Fee for High Yield. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(3)

The assets of Limited Maturity Bond are aggregated with those of Voya Government Liquid Assets Portfolio, which is not included in this report, to determine the Unified Fee applicable to the Portfolio.

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for certain Portfolios and are paid by the Investment Adviser based on the average daily net assets of the respective Portfolios. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each respective Portfolio’s assets in accordance with the Portfolio’s investment objectives, policies, and limitations. The sub-advisers of the Portfolios are as follows (*denotes an affiliated sub-adviser):

Portfolio			Sub-Adviser
Balanced Income			Voya Investment Management Co. LLC*
High Yield			Voya Investment Management Co. LLC*
Large Cap Growth			Voya Investment Management Co. LLC*
Large Cap Value			Voya Investment Management Co. LLC*
Limited Maturity Bond			Voya Investment Management Co. LLC*
U.S. Stock Index			Voya Investment Management Co. LLC*

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

Portfolio			Sub-Adviser
CBRE Real Estate			CBRE Investment Management Listed Real Assets LLC(1)
JPMorgan Small Cap Core Equity			J.P. Morgan Investment Management Inc.

(1)

Previously known as CBRE Clarion Securities LLC.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

The Trust has entered into a shareholder service plan (the “Plan”) for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the “Class S2 Plan”) with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services including payments to the Distributor at an annual rate of 0.15% of the average daily net assets. The Distributor has contractually agreed to waive 0.01% of the shareholder service fee for Class S shares of U.S. Stock Index. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class ADV shares of the Portfolios have a shareholder service and distribution plan. The respective Portfolios pay the Distributor a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio’s average daily net assets attributable to Class ADV shares, except for U.S. Stock Index, which pays a distribution fee of 0.28%.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	JPMorgan Small Cap Core Equity		10.80%
Security Life of Denver Insurance Company	High Yield		5.02
	Limited Maturity Bond		6.49

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
	JPMorgan Small Cap Core Equity		7.40
Voya Index Solution 2035 Portfolio	U.S. Stock Index		7.46
Voya Index Solution 2045 Portfolio	U.S. Stock Index		7.02
Voya Institutional Trust Company	Balanced Income		20.52%
	High Yield		15.69
	Large Cap Growth		14.31
	Large Cap Value		10.61
	CBRE Real Estate		21.69
	JPMorgan Small Cap Core Equity		40.24
Voya Retirement Growth Portfolio	U.S. Stock Index		13.86
Voya Retirement Insurance and Annuity Company	High Yield		34.12
	Large Cap Growth		27.22
	Large Cap Value		65.57
	U.S. Stock Index		7.15
	CBRE Real Estate		37.97
	JPMorgan Small Cap Core Equity		35.36
Voya Retirement Moderate Growth Portfolio	U.S. Stock Index		8.46

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

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

Balanced Income, Large Cap Growth, Large Cap Value and CBRE Real Estate may pay per account fees to affiliates of Voya Investments for recordkeeping services

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

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

provided on certain assets. For the year ended December 31, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Balanced Income		$	69,558
Large Cap Growth			1,509,987
Large Cap Value			505,798
CBRE Real Estate			327,786

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV		Class I		Class P2		Class R6		Class S		Class S2
Balanced Income		1.20%		0.60%		N/A		N/A		0.85%		1.00%
Large Cap Growth(1)		1.27%		0.67%		N/A		0.67%		0.92%		1.07%
Large Cap Value(2)		1.29%		0.69%		N/A		0.69%		0.94%		1.09%
U.S. Stock Index		N/A		N/A		0.15%		N/A		N/A		N/A
CBRE Real Estate		1.35%		0.75%		N/A		N/A		1.00%		1.15%

(1)

Any fees waived pursuant to the Expense Limitation Agreement shall not be eligible for recoupment.

(2)

Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has further lowered the expense limits for Large Cap Value to 1.25%, 0.65%, 0.65%, 0.90%, and 1.05% for Class ADV, Class I, Class R6, Class S, and Class S2, respectively. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

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

As of December 31, 2022, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

	December 31,
	2023			2024			2025			Total
Balanced Income		$	46,785		$	34,723		$	91,149		$	172,657
U.S. Stock Index			2,811,766			3,532,042			3,405,161			9,748,969
CBRE Real Estate			719,807			751,784			633,059			2,104,650

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

NOTE 8 — LINE OF CREDIT

Effective June 13, 2022, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 12, 2023. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 13, 2022, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2022.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The below Portfolios utilized the line of credit during the year ended December 31, 2022 as follows:

Portfolio	Days Utilized	Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced Income	19		$	1,338,105		2.22%
Large Cap Value	1			1,505,000		2.58
U.S. Stock Index	1			22,803,000		1.58
CBRE Real Estate	1			708,000		1.33

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced Income
Class ADV
12/31/2022		175,025		—		712,707		(1,062,815)		(175,083)		1,534,923		—		5,715,909		(9,461,622)		(2,210,790)
12/31/2021		279,715		—		139,566		(916,360)		(497,079)		2,848,682		—		1,409,617		(9,270,094)		(5,011,795)
Class I
12/31/2022		2,324		—		83,599		(88,113)		(2,190)		22,418		—		710,593		(837,013)		(104,002)
12/31/2021		42,256		—		19,718		(115,249)		(53,275)		455,348		—		209,798		(1,233,785)		(568,639)
Class S
12/31/2022		681,028		—		2,674,955		(4,785,083)		(1,429,100)		6,843,528		—		22,630,119		(43,984,242)		(14,510,595)
12/31/2021		650,061		—		584,766		(3,780,658)		(2,545,831)		6,980,290		—		6,192,671		(40,255,667)		(27,082,706)
Class S2
12/31/2022		13,931		—		40,216		(109,120)		(54,973)		139,221		—		339,825		(1,022,536)		(543,490)
12/31/2021		38,165		—		8,880		(177,341)		(130,296)		395,234		—		93,865		(1,862,215)		(1,373,116)
High Yield
Class ADV
12/31/2022		357,131		—		395,361		(1,290,327)		(537,835)		3,113,344		—		3,429,876		(11,310,297)		(4,767,077)
12/31/2021		583,622		—		377,182		(1,025,629)		(64,825)		5,800,399		—		3,748,955		(10,197,422)		(648,068)
Class I
12/31/2022		1,022,317		—		1,081,820		(2,651,998)		(547,861)		9,221,349		—		9,394,423		(23,193,190)		(4,577,418)
12/31/2021		1,775,515		—		1,016,805		(2,968,643)		(176,323)		17,687,685		—		10,113,571		(29,521,461)		(1,720,205)
Class S
12/31/2022		770,547		—		1,265,328		(4,873,215)		(2,837,340)		6,845,419		—		10,989,475		(43,032,013)		(25,197,119)
12/31/2021		1,451,399		—		1,301,925		(4,887,361)		(2,134,037)		14,430,141		—		12,940,400		(48,613,102)		(21,242,561)
Class S2
12/31/2022		127,026		—		10,821		(237,171)		(99,324)		1,159,654		—		95,015		(2,141,296)		(886,627)
12/31/2021		41,312		—		14,963		(98,895)		(42,620)		410,681		—		148,926		(990,752)		(431,145)
Large Cap Growth
Class ADV
12/31/2022		1,911,158		—		74,663,847		(19,657,115)		56,917,890		24,612,333		—		592,084,304		(228,275,739)		388,420,898
12/31/2021		908,101		—		23,303,662		(18,207,779)		6,003,984		18,458,423		—		429,952,557		(365,043,084)		83,367,896
Class I
12/31/2022		1,416,691		—		48,297,199		(9,182,587)		40,531,303		20,079,200		—		490,216,573		(127,837,656)		382,458,117
12/31/2021		2,689,220		—		16,446,707		(39,368,162)		(20,232,235)		62,387,090		—		350,150,390		(912,881,309)		(500,343,829)
Class R6
12/31/2022		575,705		—		2,162,359		(1,538,461)		1,199,603		7,887,379		—		21,991,187		(22,725,638)		7,152,928
12/31/2021		391,820		—		782,242		(780,318)		393,744		8,889,620		—		16,669,588		(17,781,438)		7,777,770
Class S
12/31/2022		1,180,580		—		48,146,743		(16,045,165)		33,282,158		15,944,054		—		453,060,853		(215,333,101)		253,671,806
12/31/2021		641,021		—		16,940,296		(18,797,382)		(1,216,065)		14,184,112		—		344,904,423		(412,746,778)		(53,658,243)
Class S2
12/31/2022		216,834		—		1,746,174		(957,370)		1,005,638		3,029,441		—		16,012,415		(12,622,602)		6,419,254
12/31/2021		169,967		—		599,048		(721,069)		47,946		3,694,619		—		12,028,880		(16,159,958)		(436,459)
Large Cap Value
Class ADV
12/31/2022		372,459		—		6,205,898		(877,573)		5,700,784		2,673,647		—		28,444,970		(6,962,812)		24,155,805
12/31/2021		201,267		—		118,496		(757,608)		(437,845)		2,599,957		—		1,581,277		(9,720,281)		(5,539,047)
Class I
12/31/2022		1,444,285		—		42,920,461		(3,533,525)		40,831,221		11,437,681		—		213,097,315		(28,128,415)		196,406,581
12/31/2021		380,843		—		961,189		(2,557,064)		(1,215,032)		5,020,931		—		13,251,427		(33,488,201)		(15,215,843)
Class R6
12/31/2022		5,758,424		—		9,057,382		(1,911,607)		12,904,199		77,950,582		—		44,878,039		(14,840,268)		107,988,353
12/31/2021		1,026,544		—		27,964		(149,938)		904,570		13,978,384		—		387,396		(2,041,286)		12,324,494
Class S
12/31/2022		414,409		—		3,540,877		(1,110,533)		2,844,753		3,240,357		—		16,691,357		(7,671,034)		12,260,680
12/31/2021		545,245		—		696,754		(53,362,945)		(52,120,946)		7,026,135		—		9,120,566		(720,137,742)		(703,991,041)
Class S2
12/31/2022		172		—		23,758		(38)		23,892		902		—		112,240		(486)		112,656
12/31/2021		149		—		447		(70)		526		1,960		—		6,040		(928)		7,072
Limited Maturity Bond
Class ADV
12/31/2022		404,336		—		20,477		(458,773)		(33,960)		3,882,921		—		191,594		(4,311,105)		(236,590)
12/31/2021		214,621		—		15,454		(211,656)		18,419		2,136,743		—		154,223		(2,111,245)		179,721

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Limited Maturity Bond (continued)
Class I
12/31/2022		7,276,411		—		605,766		(8,568,521)		(686,344)		70,054,271		—		5,799,067		(82,798,210)		(6,944,872)
12/31/2021		9,142,650		—		515,626		(9,361,739)		296,537		93,025,513		—		5,245,197		(95,353,185)		2,917,525
Class S
12/31/2022		702,692		—		102,093		(1,753,628)		(948,843)		6,889,836		—		984,463		(17,262,779)		(9,388,480)
12/31/2021		830,068		—		99,029		(902,201)		26,896		8,518,002		—		1,015,514		(9,254,429)		279,087
U.S. Stock Index
Class ADV
12/31/2022		657,597		—		615,723		(1,104,725)		168,595		11,474,042		—		9,186,914		(18,950,191)		1,710,765
12/31/2021		328,198		—		540,533		(1,613,600)		(744,869)		6,544,675		—		10,440,961		(31,546,584)		(14,560,948)
Class I
12/31/2022		39,904,283		—		26,228,699		(44,820,710)		21,312,272		691,082,814		—		412,241,517		(818,330,523)		284,993,808
12/31/2021		15,845,138		—		22,322,283		(56,051,758)		(17,884,337)		321,966,399		—		453,677,922		(1,159,316,452)		(383,672,131)
Class P2
12/31/2022		53,087,029		—		19,631,240		(54,980,844)		17,737,425		922,767,349		—		311,008,187		(1,029,194,412)		204,581,124
12/31/2021		36,437,116		—		15,110,976		(40,137,473)		11,410,619		762,954,067		—		309,410,092		(825,339,515)		247,024,644
Class S
12/31/2022		995,056		—		1,717,244		(2,351,312)		360,988		17,522,457		—		26,591,210		(42,399,023)		1,714,644
12/31/2021		589,474		—		1,493,042		(3,010,801)		(928,285)		12,214,547		—		29,892,766		(61,225,497)		(19,118,184)
Class S2
12/31/2022		1,269,727		—		1,121,449		(1,619,473)		771,703		23,573,336		—		17,065,903		(28,885,694)		11,753,545
12/31/2021		1,166,088		—		897,499		(1,720,720)		342,867		23,579,155		—		17,679,101		(34,659,856)		6,598,400
CBRE Real Estate
Class ADV
12/31/2022		73,757		—		342,202		(339,226)		76,733		2,349,334		—		9,017,013		(11,312,065)		54,282
12/31/2021		129,323		—		23,612		(370,157)		(217,222)		4,726,279		—		866,071		(13,384,798)		(7,792,448)
Class I
12/31/2022		68,051		—		63,365		(83,784)		47,632		2,615,942		—		1,797,658		(3,209,313)		1,204,287
12/31/2021		73,715		—		4,591		(290,416)		(212,110)		2,761,886		—		178,785		(10,888,422)		(7,947,751)
Class S
12/31/2022		152,040		—		1,139,298		(900,083)		391,255		5,555,659		—		32,299,094		(30,973,659)		6,881,094
12/31/2021		248,483		—		89,264		(1,007,102)		(669,355)		9,744,772		—		3,474,168		(38,074,518)		(24,855,578)
Class S2
12/31/2022		12,528		—		60,182		(90,123)		(17,413)		430,686		—		1,695,919		(3,291,083)		(1,164,478)
12/31/2021		26,386		—		4,995		(102,079)		(70,698)		1,039,835		—		193,147		(3,839,796)		(2,606,814)
JPMorgan Small Cap Core Equity
Class ADV
12/31/2022		307,519		—		1,887,376		(1,024,327)		1,170,568		4,670,370		—		22,591,888		(14,856,559)		12,405,699
12/31/2021		516,401		—		401,796		(1,049,273)		(131,076)		9,911,668		—		7,449,294		(19,876,330)		(2,515,368)
Class I
12/31/2022		2,210,524		—		3,193,196		(2,455,100)		2,948,620		40,313,643		—		43,363,601		(41,621,402)		42,055,842
12/31/2021		3,194,127		—		689,674		(1,810,430)		2,073,371		66,678,668		—		14,055,559		(38,014,806)		42,719,421
Class R6
12/31/2022		828,165		—		1,205,891		(5,947,344)		(3,913,288)		14,874,404		—		16,351,890		(95,056,629)		(63,830,335)
12/31/2021		3,533,063		—		320,742		(4,020,693)		(166,888)		73,777,559		—		6,530,307		(85,001,647)		(4,693,781)
Class S
12/31/2022		293,532		—		1,278,886		(1,249,008)		323,410		4,638,527		—		16,906,879		(21,200,565)		344,841
12/31/2021		419,827		—		325,429		(1,399,921)		(654,665)		8,645,272		—		6,508,589		(28,825,077)		(13,671,216)
Class S2
12/31/2022		44,065		—		94,634		(112,371)		26,328		738,360		—		1,225,506		(1,819,035)		144,831
12/31/2021		36,086		—		21,771		(89,319)		(31,462)		732,954		—		428,894		(1,847,489)		(685,641)

NOTE 10 — SECURITIES LENDING

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

and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 10 — SECURITIES LENDING (continued)

investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.

The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2022:

Balanced Income

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	121,069		$	(121,069)		$	—
Barclays Capital Inc.			111,421			(111,421)			—
BMO Capital Markets Corp			63,202			(63,202)			—
Citadel Clearing LLC			117,553			(117,553)			—
Citigroup Global Markets Limited			217,114			(217,114)			—
Deutsche Bank Securities Inc.			53,317			(53,317)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman Sachs International		$	102,733		$	(102,733)		$	—
Goldman, Sachs & Co. LLC			180,425			(180,425)			—
J.P. Morgan Securities LLC			134,488			(134,488)			—
JP Morgan Securities Plc.			56,363			(56,363)			—
Merrill Lynch International			82,433			(82,433)			—
Morgan Stanley & Co. LLC			251,580			(251,580)			—
RBC Capital Markets, LLC			222,430			(222,430)			—
State Street Bank and Trust Company			184,544			(184,544)			—
UBS Securities LLC.			24,568			(24,568)			—
Total		$	1,923,240		$	(1,923,240)		$	—

(1)

Cash collateral with a fair value of $2,001,861 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

High Yield

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	6,176,314		$	(6,176,314)		$	—
Barclays Capital Inc.			1,162,978			(1,162,978)			—
BMO Capital Markets Corp			1,759,289			(1,759,289)			—
BNP Paribas			1,472,897			(1,472,897)			—
BNP Paribas Prime Brokerage Intl Ltd			1,423,651			(1,423,651)			—
BNP Paribas Securities Corp.			756,831			(756,831)			—
BofA Securities Inc			760,232			(760,232)			—
Citadel Clearing LLC			1,252,362			(1,252,362)			—
Citigroup Global Markets Inc.			962,733			(962,733)			—
Goldman, Sachs & Co. LLC			2,847,856			(2,847,856)			—
J.P. Morgan Securities LLC			155,655			(155,655)			—
Morgan Stanley & Co. LLC			28,203			(28,203)			—
Nomura Securities International, Inc.			216,333			(216,333)			—
RBC Capital Markets, LLC			2,209,560			(2,209,560)			—
RBC Dominion Securities Inc			345,417			(345,417)			—
Scotia Capital (USA) INC			855,916			(855,916)			—
TD Securities INC			320,931			(320,931)			—
UBS AG			601,165			(601,165)			—
UBS Securities LLC.			3,160,771			(3,160,771)			—
Wells Fargo Bank NA			52,291			(52,291)			—
Total		$	26,521,385		$	(26,521,385)		$	—

(1)

Cash collateral with a fair value of $27,279,315 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Large Cap Value

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	2,139,852		$	(2,139,852)		$	—
BofA Securities Inc			43,921			(43,921)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 10 — SECURITIES LENDING (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman, Sachs & Co. LLC		$	757,970		$	(757,970)		$	—
Natixis Securities America LLC			1,227,212			(1,227,212)			—
Total		$	4,168,955		$	(4,168,955)		$	—

(1)

Cash collateral with a fair value of $4,297,477 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Limited Maturity Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	554,644		$	(554,644)		$	—
BMO Capital Markets Corp			297,269			(297,269)			—
BNP Paribas Prime Brokerage Intl Ltd			282,567			(282,567)			—
BofA Securities Inc			293,083			(293,083)			—
Deutsche Bank Securities Inc.			253,944			(253,944)			—
Goldman, Sachs & Co. LLC			638,865			(638,865)			—
HSBC Securities (USA) Inc.			492,049			(492,049)			—
J.P. Morgan Securities LLC			296,308			(296,308)			—
Morgan Stanley & Co. LLC			294,301			(294,301)			—
MUFG Securities Americas Inc.			5,039			(5,039)			—
National Bank Financial INC			182,876			(182,876)			—
National Financial Services LLC			148,981			(148,981)			—
RBC Capital Markets, LLC			288,319			(288,319)			—
US Bancorp Investments			694,174			(694,174)			—
Total		$	4,722,419		$	(4,722,419)		$	—

(1)

Cash collateral with a fair value of $4,865,927 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

U.S. Stock Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Natixis Securities America LLC		$	1,782,047		$	(1,782,047)		$	—
TD Prime Services LLC			2,709,307			(2,709,307)			—
Wells Fargo Bank NA			450,379			(450,379)			—
Total		$	4,941,733		$	(4,941,733)		$	—

(1)

Cash collateral with a fair value of $5,081,126 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

CBRE Real Estate

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	2,131,250		$	(2,131,250)		$	—
Total		$	2,131,250		$	(2,131,250)		$	—

(1)

Cash collateral with a fair value of $2,201,100 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

JPMorgan Small Cap Core Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	40,647		$	(40,647)		$	—
BNP Paribas Prime Brokerage Intl Ltd			172,260			(172,260)			—
BofA Securities Inc			1,628,101			(1,628,101)			—
Goldman, Sachs & Co. LLC			2,764,086			(2,764,086)			—
Jefferies LLC			1,787,346			(1,787,346)			—
Morgan Stanley & Co. LLC			647,656			(647,656)			—
National Financial Services LLC			427,476			(427,476)			—
State Stree Bank and Trust Company			859,596			(859,596)			—
TD Prime Services LLC			350,881			(350,881)			—
UBS Securities LLC.			58,530			(58,530)			—
Wells Fargo Bank NA			258,648			(258,648)			—
Wells Fargo Securities LLC			871,311			(871,311)			—
Total		$	9,866,538		$	(9,866,538)		$	—

(1)

Cash collateral with a fair value of $10,116,919 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 11 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, capital loss carryforwards, paydowns, straddle loss deferrals and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

The following permanent tax difference has been reclassified as of December 31, 2022:

			Paid-in Capital						Distributable Earnings
Large Cap Growth				$	(11,934,137)					$	11,934,137

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

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

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains			Return of Capital
Balanced Income		$	8,301,386		$	21,095,060		$	7,905,951		$	—		$	—
High Yield			23,908,789			—			26,052,457			—			899,395
Large Cap Growth			369,529,130			1,203,836,202			245,081,324			908,624,514			—
Large Cap Value			136,751,300			166,472,621			11,621,055			12,725,651			—
Limited Maturity Bond			6,975,124			—			6,417,006			—			—
U.S. Stock Index			108,922,943			667,170,788			96,193,161			724,907,681			—
CBRE Real Estate			8,854,104			35,955,580			4,712,171			—			—
JPMorgan Small Cap Core Equity			31,134,861			69,304,903			9,459,470			25,513,173			—

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2022 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards						Other			Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character	Expiration		Other			Total Distributable Earnings/(Loss)
Balanced Income		$	6,544,706		$	—		$	(22,536,473)		$	(8,818,296)	Short-term		None		$	—		$	(27,999,789)
												(3,189,726)	Long-term		None
											$	(12,008,022)
High Yield			603,577			—			(56,142,535)			(3,181,255)	Short-term		None			—			(110,123,095)
												(51,402,882)	Long-term		None
											$	(54,584,137)
Large Cap Growth			—			—			(463,600,591)			(186,193,391)	Short-term		None			—			(649,793,982)
Large Cap Value			231,853			6,049,025			20,972,645			—	—		—			—			27,253,523
Limited Maturity Bond			1,202,642			—			(14,198,323)			(5,258,255)	Short-term		None			18,908			(27,515,237)
												(9,280,209)	Long-term		None
											$	(14,538,464)
U.S. Stock Index			3,748,237			400,929,017			2,266,659,693			—	—		—			—			2,671,336,947
CBRE Real Estate			4,192,374			12,050,913			(24,334,931)			—	—		—			—			(8,091,644)
JPMorgan Small Cap Core Equity			1,155,890			31,154,721			(8,259,111)			—	—		—			—			24,051,500

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

As of December 31, 2022, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022 (continued)

NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

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

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio’s existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

NOTE 13 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S.. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse

short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the Portfolio’s investments. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolio’s service providers.

NOTE 14 — SUBSEQUENT EVENTS

Dividends: Subsequent to December 31, 2022, the following Portfolios paid dividends from net investment income of:

Per Share
Amount

Payable
Date

Record
Date

High Yield

Class ADV

0.0396

February 1, 2023

Daily

Class I

0.0439

February 1, 2023

Daily

Class S

0.0421

February 1, 2023

Daily

Class S2

0.0411

February 1, 2023

Daily

Limited Maturity Bond

Class ADV

0.0217

February 1, 2023

Daily

Class I

0.0270

February 1, 2023

Daily

Class S

0.0251

February 1, 2023

Daily

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 11.2%
	Basic Materials: 0.5%
15,000 (1)	ASP Unifrax Holdings, Inc., 5.250%, 09/30/2028		$	12,090		0.0
200,000 (1)	Celulosa Arauco y Constitucion SA, 4.250%, 04/30/2029			187,568		0.1
70,000 (1)(2)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031			61,910		0.0
70,000 (1)(2)	Coeur Mining, Inc., 5.125%, 02/15/2029			54,721		0.0
225,000 (1)	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			199,887		0.1
70,000 (1)	HudBay Minerals, Inc., 4.500%, 04/01/2026			63,669		0.1
70,000 (1)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028			58,720		0.0
70,000 (1)(3)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026			60,200		0.0
65,000 (1)	LSF11 A5 Holdco LLC, 6.625%, 10/15/2029			53,782		0.0
70,000 (1)	Mativ, Inc., 6.875%, 10/01/2026			61,941		0.1
70,000 (1)	Novelis Corp., 3.875%, 08/15/2031			57,242		0.0
60,000 (1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030			52,070		0.0
70,000	Olin Corp., 5.125%, 09/15/2027			66,270		0.1
70,000 (1)	Taseko Mines Ltd., 7.000%, 02/15/2026			61,641		0.0
50,000 (1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029			32,451		0.0
55,000 (1)	Tronox, Inc., 4.625%, 03/15/2029			45,822		0.0
				1,129,984		0.5
	Communications: 0.7%
15,000	AMC Networks, Inc., 4.250%, 02/15/2029			9,369		0.0
70,000 (1)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026			42,263		0.0
70,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034			51,800		0.0
70,000 (1)	Clear Channel Outdoor Holdings, Inc., 7.500%, 06/01/2029			51,530		0.0
206,000	Comcast Corp., 2.937%, 11/01/2056			128,336		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
70,000 (1)	CommScope Technologies LLC, 5.000%, 03/15/2027		$	47,655		0.0
70,000 (2)	CSC Holdings LLC, 5.250%, 06/01/2024			65,275		0.1
70,000 (1)	Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027			62,759		0.0
70,000	DISH DBS Corp., 5.125%, 06/01/2029			45,289		0.0
70,000	Embarq Corp., 7.995%, 06/01/2036			32,704		0.0
70,000 (1)	GCI LLC, 4.750%, 10/15/2028			58,920		0.0
70,000 (1)	Gray Escrow II, Inc., 5.375%, 11/15/2031			50,570		0.0
75,000 (1)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029			62,120		0.0
70,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026			44,891		0.0
45,000	Netflix, Inc., 5.875%, 11/15/2028			45,721		0.0
70,000 (4)	Paramount Global, 6.250%, 02/28/2057			56,546		0.0
280,000 (4)	Paramount Global, 6.375%, 03/30/2062			229,314		0.1
70,000 (1)	Radiate Holdco LLC / Radiate Finance, Inc., 4.500%, 09/15/2026			51,540		0.0
70,000 (1)	Sinclair Television Group, Inc., 4.125%, 12/01/2030			52,572		0.0
70,000 (1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027			64,859		0.1
70,000 (1)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026			40,338		0.0
70,000	Sprint Corp., 7.625%, 03/01/2026			73,815		0.1
70,000 (1)	Stagwell Global LLC, 5.625%, 08/15/2029			57,852		0.0
70,000	Telecom Italia Capital SA, 6.375%, 11/15/2033			57,374		0.0
70,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027			67,685		0.1
70,000 (1)	Urban One, Inc., 7.375%, 02/01/2028			59,259		0.0
70,000 (1)	ViaSat, Inc., 5.625%, 09/15/2025			65,056		0.1
70,000 (1)	Viavi Solutions, Inc., 3.750%, 10/01/2029			58,947		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
70,000 (1)	Zayo Group Holdings, Inc., 6.125%, 03/01/2028		$	39,846		0.0
				1,774,205		0.7
	Consumer, Cyclical: 1.4%
70,000 (1)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030			56,833		0.0
70,000 (1)	Academy Ltd., 6.000%, 11/15/2027			67,116		0.1
70,000 (1)	Adams Homes, Inc., 7.500%, 02/15/2025			59,733		0.0
70,000 (1)	Affinity Gaming, 6.875%, 12/15/2027			59,436		0.0
70,000 (1)	Allison Transmission, Inc., 5.875%, 06/01/2029			65,861		0.1
70,000 (1)	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026			67,438		0.1
65,000 (1)	Arko Corp., 5.125%, 11/15/2029			51,122		0.0
70,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030			58,639		0.0
70,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			61,649		0.0
70,000 (1)	Caesars Entertainment, Inc., 6.250%, 07/01/2025			68,159		0.1
70,000 (1)	CCM Merger, Inc., 6.375%, 05/01/2026			66,053		0.1
70,000 (1)	Century Communities, Inc., 3.875%, 08/15/2029			55,128		0.0
70,000 (1)	Crocs, Inc., 4.125%, 08/15/2031			57,136		0.0
70,000 (2)	Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/2028			62,510		0.0
70,000 (1)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/2030			56,593		0.0
70,000 (1)	Foot Locker, Inc., 4.000%, 10/01/2029			54,635		0.0
70,000	Ford Motor Co., 6.100%, 08/19/2032			64,770		0.1
70,000 (1)	Foundation Building Materials, Inc., 6.000%, 03/01/2029			52,726		0.0
70,000 (1)	Gap, Inc./The, 3.875%, 10/01/2031			48,936		0.0
70,000 (1)	Golden Entertainment, Inc., 7.625%, 04/15/2026			69,104		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
70,000 (2)	Goodyear Tire & Rubber Co/The, 5.250%, 07/15/2031		$	57,347		0.0
70,000 (1)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031			58,708		0.0
225,000	Home Depot, Inc./The, 3.625%, 04/15/2052			174,864		0.1
70,000 (1)	Installed Building Products, Inc., 5.750%, 02/01/2028			63,051		0.0
70,000 (1)	Interface, Inc., 5.500%, 12/01/2028			57,893		0.0
70,000 (1)	LBM Acquisition LLC, 6.250%, 01/15/2029			44,636		0.0
70,000 (1)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029			56,146		0.0
70,000 (1)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029			40,677		0.0
170,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			133,041		0.1
70,000	M/I Homes, Inc., 3.950%, 02/15/2030			56,610		0.0
70,000 (1)	Macy’s Retail Holdings LLC, 6.125%, 03/15/2032			58,940		0.0
70,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027			68,091		0.1
70,000 (1)	NCL Corp. Ltd., 7.750%, 02/15/2029			53,378		0.0
70,000 (1)	Penn Entertainment, Inc., 4.125%, 07/01/2029			55,391		0.0
70,000 (1)	Real Hero Merger Sub 2, Inc., 6.250%, 02/01/2029			48,076		0.0
70,000 (1)(2)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030			59,220		0.0
70,000	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029			58,971		0.0
65,000 (1)	Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.500%, 11/28/2025			59,890		0.0
70,000 (1)(2)	Sonic Automotive, Inc., 4.625%, 11/15/2029			56,141		0.0
70,000 (1)	SRS Distribution, Inc., 6.125%, 07/01/2029			56,687		0.0
70,000 (1)	Staples, Inc., 10.750%, 04/15/2027			50,518		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
70,000 (1)	Station Casinos LLC, 4.500%, 02/15/2028		$	60,965		0.0
70,000 (1)	STL Holding Co. LLC, 7.500%, 02/15/2026			62,051		0.0
70,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031			55,053		0.0
70,000 (2)	United Airlines Holdings, Inc., 4.875%, 01/15/2025			66,970		0.1
70,000 (1)(2)	Victoria’s Secret & Co., 4.625%, 07/15/2029			55,048		0.0
35,000 (1)	Viking Cruises Ltd., 5.875%, 09/15/2027			28,586		0.0
35,000 (1)	Viking Cruises Ltd., 13.000%, 05/15/2025			36,982		0.0
193,000 (1)	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			141,050		0.1
70,000 (1)	William Carter Co/The, 5.625%, 03/15/2027			67,266		0.1
70,000 (1)	Williams Scotsman International, Inc., 4.625%, 08/15/2028			63,287		0.1
70,000 (1)	Wolverine World Wide, Inc., 4.000%, 08/15/2029			53,132		0.0
70,000 (1)(2)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027			63,284		0.0
				3,325,527		1.4
	Consumer, Non-cyclical: 0.7%
70,000 (1)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028			66,507		0.1
70,000 (1)	ACCO Brands Corp., 4.250%, 03/15/2029			57,841		0.0
70,000 (1)	ADT Security Corp./The, 4.125%, 08/01/2029			59,626		0.0
60,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029			50,471		0.0
25,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026			22,927		0.0
20,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027			17,443		0.0
70,000 (1)	Alta Equipment Group, Inc., 5.625%, 04/15/2026			63,293		0.1
70,000 (1)	AMN Healthcare, Inc., 4.625%, 10/01/2027			64,665		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
70,000 (1)	APi Escrow Corp., 4.750%, 10/15/2029		$	61,038		0.0
70,000 (1)	BellRing Brands, Inc., 7.000%, 03/15/2030			67,447		0.1
35,000	Centene Corp., 2.625%, 08/01/2031			27,570		0.0
35,000	Centene Corp., 4.625%, 12/15/2029			32,063		0.0
70,000 (1)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030			52,908		0.0
70,000 (1)	CoreLogic, Inc., 4.500%, 05/01/2028			53,795		0.0
64,000 (1)	CPI CG, Inc., 8.625%, 03/15/2026			63,193		0.0
70,000 (1)	DaVita, Inc., 4.625%, 06/01/2030			56,458		0.0
70,000	Encompass Health Corp., 4.750%, 02/01/2030			61,582		0.0
70,000 (1)	Graham Holdings Co., 5.750%, 06/01/2026			68,886		0.1
70,000	HCA, Inc., 3.500%, 09/01/2030			60,538		0.0
56,000 (1)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026			55,196		0.0
70,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029			56,542		0.0
70,000 (1)(2)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028			46,705		0.0
40,000 (1)	NESCO Holdings II, Inc., 5.500%, 04/15/2029			35,052		0.0
70,000 (1)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029			45,569		0.0
70,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030			60,538		0.0
70,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029			60,534		0.0
70,000 (1)	Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029			57,068		0.0
70,000	Spectrum Brands, Inc., 5.750%, 07/15/2025			69,312		0.1
55,000 (1)	Teleflex, Inc., 4.250%, 06/01/2028			50,305		0.0
70,000 (1)(2)	Tenet Healthcare Corp., 6.125%, 10/01/2028			62,820		0.0
70,000 (1)	Triton Water Holdings, Inc., 6.250%, 04/01/2029			56,241		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
45,000 (1)	United Natural Foods, Inc., 6.750%, 10/15/2028		$	43,309		0.0
70,000	United Rentals North America, Inc., 3.750%, 01/15/2032			57,199		0.0
70,000 (1)	Varex Imaging Corp., 7.875%, 10/15/2027			69,674		0.1
				1,834,315		0.7
	Energy: 1.3%
70,000 (1)	Aethon United BR L.P. / Aethon United Finance Corp., 8.250%, 02/15/2026			69,517		0.1
70,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027			66,295		0.0
70,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028			64,165		0.0
70,000 (1)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029			62,505		0.0
70,000 (1)(2)	Baytex Energy Corp., 8.750%, 04/01/2027			71,339		0.1
70,000 (1)	Chesapeake Energy Corp., 6.750%, 04/15/2029			68,247		0.1
70,000 (1)	Chord Energy Corp., 6.375%, 06/01/2026			68,272		0.1
70,000 (1)	CNX Midstream Partners LP, 4.750%, 04/15/2030			57,538		0.0
70,000 (1)	Colgate Energy Partners III LLC, 5.875%, 07/01/2029			60,211		0.0
70,000 (1)	Comstock Resources, Inc., 5.875%, 01/15/2030			60,270		0.0
70,000 (1)	Crescent Energy Finance LLC, 7.250%, 05/01/2026			66,053		0.0
70,000	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.750%, 04/01/2025			68,216		0.1
46,000	Devon Energy Corp., 5.250%, 10/15/2027			45,598		0.0
70,000 (1)	DT Midstream, Inc., 4.125%, 06/15/2029			60,272		0.0
70,000 (1)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027			67,053		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
350,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026		$	328,937		0.2
70,000 (1)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028			64,070		0.0
40,000 (1)	Enerflex Ltd., 9.000%, 10/15/2027			39,943		0.0
450,000 (4)	Energy Transfer L.P., 7.125%, 12/31/2199			376,875		0.2
70,000	EnLink Midstream LLC, 5.375%, 06/01/2029			64,887		0.0
70,000 (1)	Enviva Partners L.P. / Enviva Partners Finance Corp., 6.500%, 01/15/2026			66,039		0.0
13,000 (1)	EQM Midstream Partners L.P., 6.000%, 07/01/2025			12,567		0.0
70,000 (1)	Hess Midstream Operations L.P., 4.250%, 02/15/2030			59,939		0.0
70,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029			62,406		0.0
70,000 (1)	Howard Midstream Energy Partners LLC, 6.750%, 01/15/2027			67,186		0.0
70,000	Murphy Oil Corp., 6.375%, 07/15/2028			67,479		0.0
60,000 (1)	Nabors Industries, Inc., 7.375%, 05/15/2027			58,191		0.0
70,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			72,494		0.1
225,000	Petroleos del Peru SA, 4.750%, 06/19/2032			174,308		0.1
200,000	Petroleos Mexicanos, 5.950%, 01/28/2031			151,827		0.1
185,000	Petroleos Mexicanos, 6.700%, 02/16/2032			145,632		0.1
70,000	Southwestern Energy Co., 5.375%, 02/01/2029			64,995		0.0
70,000 (1)	SunCoke Energy, Inc., 4.875%, 06/30/2029			60,178		0.0
70,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029			61,330		0.0
70,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028			62,189		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
70,000 (1)	Weatherford International Ltd., 8.625%, 04/30/2030		$	67,347		0.0
70,000	Western Midstream Operating L.P., 5.450%, 04/01/2044			58,275		0.0
				3,142,645		1.3
	Financial: 4.7%
70,000	Ally Financial, Inc., 5.750%, 11/20/2025			67,886		0.1
293,000	American Express Co., 3.950%, 08/01/2025			287,324		0.1
70,000 (1)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029			57,922		0.0
200,000	Banco Nacional de Panama, 2.500%, 08/11/2030			160,655		0.1
502,000 (4)	Bank of America Corp., 1.530%, 12/06/2025			463,352		0.2
2,391,000 (4)	Bank of America Corp., 3.384%, 04/02/2026			2,285,521		1.0
14,000 (4)	Bank of America Corp., 3.846%, 03/08/2037			11,629		0.0
70,000 (1)	BroadStreet Partners, Inc., 5.875%, 04/15/2029			59,667		0.0
70,000 (1)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030			62,614		0.0
407,000 (4)	Capital One Financial Corp., 4.166%, 05/09/2025			397,768		0.2
534,000 (1)(4)	Corebridge Financial, Inc., 6.875%, 12/15/2052			495,921		0.2
70,000 (1)	Cushman & Wakefield US Borrower LLC, 6.750%, 05/15/2028			66,929		0.0
30,000 (1)	Freedom Mortgage Corp., 6.625%, 01/15/2027			23,385		0.0
40,000 (1)	Freedom Mortgage Corp., 8.250%, 04/15/2025			36,042		0.0
1,675,000 (4)	JPMorgan Chase & Co., 2.083%, 04/22/2026			1,556,323		0.7
384,000 (4)	JPMorgan Chase & Co., 5.717%, 09/14/2033			375,953		0.2
70,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029			56,618		0.0
70,000 (1)	LPL Holdings, Inc., 4.000%, 03/15/2029			61,001		0.0
35,000 (1)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028			30,151		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,293,000 (4)	Morgan Stanley, 2.188%, 04/28/2026		$	1,202,649		0.5
1,870,000 (4)	Morgan Stanley, 4.679%, 07/17/2026			1,839,751		0.8
70,000	MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031			48,130		0.0
215,000	Nasdaq, Inc., 3.950%, 03/07/2052			164,402		0.1
70,000	Navient Corp., 4.875%, 03/15/2028			57,669		0.0
70,000	OneMain Finance Corp., 6.625%, 01/15/2028			64,581		0.0
70,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028			63,567		0.0
70,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029			53,038		0.0
70,000 (1)	RLJ Lodging Trust L.P., 4.000%, 09/15/2029			56,848		0.0
70,000 (1)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027			60,362		0.0
70,000 (1)	Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030			44,386		0.0
70,000 (1)(2)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 02/01/2030			56,219		0.0
1,100,000 (4)	Wells Fargo & Co., 4.540%, 08/15/2026			1,079,050		0.5
70,000 (1)	XHR L.P., 4.875%, 06/01/2029			57,430		0.0
				11,404,743		4.7
	Industrial: 0.7%
15,000	Ball Corp., 6.875%, 03/15/2028			15,427		0.0
25,000 (1)(2)	Bombardier, Inc., 7.875%, 04/15/2027			24,301		0.0
70,000 (1)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026			63,903		0.0
70,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030			62,140		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
70,000 (1)	Cargo Aircraft Management, Inc., 4.750%, 02/01/2028		$	63,641		0.0
70,000 (1)	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028			61,449		0.0
70,000 (1)	Chart Industries, Inc., 7.500%, 01/01/2030			70,458		0.1
70,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028			59,810		0.0
70,000 (1)	GFL Environmental, Inc., 4.000%, 08/01/2028			59,942		0.0
70,000 (1)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029			55,000		0.0
70,000 (1)(2)	GrafTech Finance, Inc., 4.625%, 12/15/2028			57,588		0.0
70,000 (1)	Graham Packaging Co., Inc., 7.125%, 08/15/2028			58,518		0.0
70,000 (1)	Granite US Holdings Corp., 11.000%, 10/01/2027			73,865		0.1
70,000	Howmet Aerospace, Inc., 5.900%, 02/01/2027			69,721		0.1
70,000 (1)	Imola Merger Corp., 4.750%, 05/15/2029			60,874		0.0
70,000 (1)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028			56,593		0.0
70,000 (1)	Koppers, Inc., 6.000%, 02/15/2025			66,611		0.1
225,000 (1)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			204,178		0.1
70,000 (1)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028			64,905		0.1
70,000 (1)	PGT Innovations, Inc., 4.375%, 10/01/2029			58,696		0.0
70,000 (1)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029			60,617		0.0
70,000 (1)	Sealed Air Corp., 4.000%, 12/01/2027			63,620		0.0
70,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031			57,692		0.0
70,000 (1)	Standard Industries, Inc./NJ, 3.375%, 01/15/2031			52,821		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
70,000 (1)	Stevens Holding Co., Inc., 6.125%, 10/01/2026		$	70,295		0.1
65,000	TransDigm, Inc., 5.500%, 11/15/2027			61,170		0.0
70,000 (1)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028			58,943		0.0
				1,732,778		0.7
	Technology: 0.3%
70,000	CDW LLC / CDW Finance Corp., 3.250%, 02/15/2029			59,742		0.0
70,000 (1)	Condor Merger Sub, Inc., 7.375%, 02/15/2030			56,407		0.0
70,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028			64,475		0.1
70,000 (1)(2)	Entegris, Inc., 3.625%, 05/01/2029			57,087		0.0
70,000 (1)	NCR Corp., 5.125%, 04/15/2029			58,668		0.0
70,000 (1)	Open Text Corp., 3.875%, 02/15/2028			60,189		0.0
157,000	Oracle Corp., 3.800%, 11/15/2037			124,867		0.1
85,000	Oracle Corp., 3.950%, 03/25/2051			60,930		0.1
70,000 (1)	Playtika Holding Corp., 4.250%, 03/15/2029			55,037		0.0
15,000 (1)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028			6,562		0.0
25,000 (1)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025			17,272		0.0
70,000 (1)	Virtusa Corp., 7.125%, 12/15/2028			53,447		0.0
				674,683		0.3
	Utilities: 0.9%
70,000 (1)	Clearway Energy Operating LLC, 4.750%, 03/15/2028			64,715		0.0
338,000 (4)	Dominion Energy, Inc., 4.650%, 12/31/2199			297,440		0.1
129,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			118,035		0.1
74,000	Duke Energy Florida LLC, 4.200%, 07/15/2048			62,400		0.0
104,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			72,664		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
334,000 (4)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043		$	309,802		0.1
275,000 (4)	NextEra Energy Capital Holdings, Inc., 5.650%, 05/01/2079			250,329		0.1
200,000	Perusahaan Listrik Negara PT, 5.450%, 05/21/2028			198,419		0.1
273,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			212,789		0.1
275,000 (4)	Southern Co/The, 4.000%, 01/15/2051			250,938		0.1
203,000	Southern Co/The, 4.475%, 08/01/2024			200,582		0.1
40,000	TransAlta Corp., 7.750%, 11/15/2029			40,905		0.0
70,000 (1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027			66,560		0.0
				2,145,578		0.9
	Total Corporate Bonds/Notes (Cost $30,150,377)			27,164,458		11.2
COLLATERALIZED MORTGAGE OBLIGATIONS: 12.5%
780,872 (1)(4)	Agate Bay Mortgage Trust 2015-1 B4, 3.666%, 01/25/2045			589,045		0.2
243,796 (1)(4)	Chase Mortgage Finance Corp. 2016-SH1 M2, 3.750%, 04/25/2045			205,389		0.1
176,881 (1)(4)	CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049			166,610		0.1
443,055 (1)(4)	CIM Trust 2019-J1 B2, 3.943%, 08/25/2049			372,828		0.2
109,896 (1)(4)	CIM Trust 2019-J2 A13, 3.500%, 10/25/2049			92,423		0.0
402,625 (1)	Connecticut Avenue Securities Trust 2020-R02 2M2, 6.389%, (US0001M + 2.000%), 01/25/2040			396,781		0.2
500,000 (1)	Connecticut Avenue Securities Trust 2022-R06 1M2, 7.778%, (SOFR30A + 3.850%), 05/25/2042			511,073		0.2
800,000 (1)	Connecticut Avenue Securities Trust 2022-R07 1M2, 8.594%, (SOFR30A + 4.650%), 06/25/2042			839,721		0.4

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
700,000 (1)	Connecticut Avenue Securities Trust 2022-R08 1M2, 7.528%, (SOFR30A + 3.600%), 07/25/2042		$	695,299		0.3
40,179 (1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 6.689%, (US0001M + 2.300%), 08/25/2031			40,133		0.0
61,586 (1)	Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 6.789%, (US0001M + 2.400%), 04/25/2031			61,446		0.0
4,271,330 (4)(5)	Fannie Mae Interest Strip 427 C100, 2.680%, 01/25/2052			524,469		0.2
3,261,152 (5)	Fannie Mae Interest Strip Series 367 2, 5.500%, 01/25/2036			640,357		0.3
859,100 (5)	Fannie Mae REMICS 2005-66 LS, 2.241%, (-1.000*US0001M + 6.630%), 07/25/2035			80,439		0.0
1,132,971 (5)	Fannie Mae REMICS 2008-36 YI, 2.811%, (-1.000*US0001M + 7.200%), 07/25/2036			83,923		0.0
534,316 (5)	Fannie Mae REMICS 2010-59 NS, 1.381%, (-1.000*US0001M + 5.770%), 06/25/2040			37,519		0.0
2,204,002 (5)	Fannie Mae REMICS 2012-121 ID, 3.000%, 11/25/2027			99,799		0.0
3,068,329 (5)	Fannie Mae REMICS 2012-144 SC, 1.711%, (-1.000*US0001M + 6.100%), 01/25/2043			341,421		0.1
1,384,137 (5)	Fannie Mae REMICS 2012-151 WS, 1.811%, (-1.000*US0001M + 6.200%), 03/25/2042			87,244		0.0
2,699,735 (5)	Fannie Mae REMICS 2012-35 LS, 2.211%, (-1.000*US0001M + 6.600%), 04/25/2041			128,232		0.1
4,431,484 (5)	Fannie Mae REMICS 2013-130 SB, 1.661%, (-1.000*US0001M + 6.050%), 01/25/2044			401,711		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,010,210 (5)	Fannie Mae REMICS 2013-20 SK, 1.811%, (-1.000*US0001M + 6.200%), 05/25/2041		$	60,718		0.0
2,535,653 (5)	Fannie Mae REMICS 2013-71 AI, 3.000%, 07/25/2028			126,323		0.1
6,171,460 (5)	Fannie Mae REMICS 2014-38 S, 1.711%, (-1.000*US0001M + 6.100%), 07/25/2044			616,985		0.3
821,246 (5)	Fannie Mae REMICS 2015-65 KI, 2.611%, (-1.000*US0001M + 7.000%), 08/25/2035			65,600		0.0
6,871,808 (5)	Fannie Mae REMICS 2016-29 SB, 1.661%, (-1.000*US0001M + 6.050%), 05/25/2046			737,453		0.3
178,132 (5)	Fannie Mae REMICS 2018-86 DS, 1.711%, (-1.000*US0001M + 6.100%), 12/25/2048			11,444		0.0
1,556,303 (5)	Fannie Mae REMICS 2019-13 IB, 6.000%, 09/25/2039			330,186		0.1
3,004,842 (5)	Fannie Mae REMICS 2021-56 QI, 4.500%, 09/25/2051			700,553		0.3
202,251 (1)(4)	Flagstar Mortgage Trust 2017-1 1A7, 3.500%, 03/25/2047			180,445		0.1
819,852 (1)(4)	Flagstar Mortgage Trust 2017-1 B3, 3.614%, 03/25/2047			698,144		0.3
415,266 (1)(4)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048			381,810		0.2
859,775 (1)(4)	Flagstar Mortgage Trust 2021-2 A4, 2.500%, 04/25/2051			661,097		0.3
571,762 (1)(4)	Flagstar Mortgage Trust 2021-2 B3, 2.784%, 04/25/2051			379,376		0.2
451,501 (5)	Freddie Mac REMICS 3318 KS, 2.092%, (-1.000*US0001M + 6.410%), 05/15/2037			29,401		0.0
590,638 (5)	Freddie Mac REMICS 3879 SL, 2.282%, (-1.000*US0001M + 6.600%), 01/15/2041			30,552		0.0
2,483,358 (5)	Freddie Mac REMICS 4120 JS, 1.882%, (-1.000*US0001M + 6.200%), 10/15/2032			158,752		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,177,987 (5)	Freddie Mac REMICS 4141 EI, 3.000%, 09/15/2027		$	31,534		0.0
4,003,806 (5)	Freddie Mac REMICS 4143 MS, 2.382%, (-1.000*US0001M + 6.700%), 12/15/2042			505,149		0.2
1,821,172 (5)	Freddie Mac REMICS 4153 IB, 2.500%, 01/15/2028			71,888		0.0
1,538,260 (5)	Freddie Mac REMICS 4517 KI, 5.463%, (-0.357*US0001M + 1.071%), 04/15/2043			12,640		0.0
2,392,995 (5)	Freddie Mac REMICS 4596 DI, 3.500%, 06/15/2046			414,741		0.2
1,462,429 (5)	Freddie Mac REMICS 4619 KS, 0.130%, (-1.000*US0001M + 4.250%), 06/15/2039			94,001		0.0
195,970 (1)	Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 6.289%, (US0001M + 1.900%), 01/25/2050			194,224		0.1
500,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA1 M2, 6.178%, (SOFR30A + 2.250%), 08/25/2033			471,899		0.2
600,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 7.678%, (SOFR30A + 3.750%), 12/25/2041			516,165		0.2
1,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 6.278%, (SOFR30A + 2.350%), 12/25/2041			885,619		0.4
400,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA4 M1B, 7.278%, (SOFR30A + 3.350%), 05/25/2042			402,691		0.2
177,870 (5)	Freddie Mac Strips 239 S30, 3.382%, (-1.000*US0001M + 7.700%), 08/15/2036			24,739		0.0
200,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1B, 6.328%, (SOFR30A + 2.400%), 02/25/2042			194,772		0.1
1,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M1B, 8.428%, (SOFR30A + 4.500%), 06/25/2042			1,047,024		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
860,075 (5)	Ginnie Mae Series 2013-148 DS, 1.354%, (-1.000*US0001M + 5.680%), 10/16/2043		$	75,044		0.0
4,806,809 (5)	Ginnie Mae Series 2015-20 CI, 3.500%, 02/20/2030			370,837		0.2
354,967 (5)	Ginnie Mae Series 2015-42 IY, 5.500%, 08/20/2039			28,837		0.0
4,904,489 (5)	Ginnie Mae Series 2019-23 MT, 0.600%, (-1.000*US0001M + 6.700%), 03/20/2042			79,499		0.0
42,942 (1)(4)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049			40,632		0.0
227,404 (1)(4)	GS Mortgage-Backed Securities Trust 2020-NQM1 A2, 1.791%, 09/27/2060			199,896		0.1
500,000 (1)	Home RE 2019-1 M2 Ltd., 7.639%, (US0001M + 3.250%), 05/25/2029			493,665		0.2
842,836 (1)(4)	Hundred Acre Wood Trust 2021-INV1 A27, 2.500%, 07/25/2051			645,973		0.3
38,340 (1)(4)	J.P. Morgan Mortgage Trust 2019-2 A15, 4.000%, 08/25/2049			36,622		0.0
959,956 (1)(4)	J.P. Morgan Mortgage Trust 2022-5 A9, 2.800%, 09/25/2052			763,367		0.3
415,877 (1)(4)	JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046			369,482		0.2
840,392 (1)(4)	JP Morgan Mortgage Trust 2017-5 B2, 3.211%, 10/26/2048			753,204		0.3
1,071,569 (1)(4)	JP Morgan Mortgage Trust 2018-3 B2, 3.711%, 09/25/2048			892,935		0.4
695,582 (1)(4)	JP Morgan Mortgage Trust 2018-4 B2, 3.716%, 10/25/2048			569,165		0.2
908,802 (1)(4)	JP MORGAN MORTGAGE TRUST 2018-5 A13, 3.500%, 10/25/2048			766,288		0.3
122,922 (1)(4)	JP Morgan Mortgage Trust 2018-8 A13, 4.000%, 01/25/2049			113,412		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
56,347 (1)(4)	JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049		$	52,884		0.0
50,311 (1)(4)	JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049			46,753		0.0
18,671 (1)(4)	JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050			15,934		0.0
932,941 (1)(4)	JP Morgan Mortgage Trust 2019-INV1 B2, 4.978%, 10/25/2049			822,732		0.3
15,244 (1)(4)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			15,031		0.0
561,903 (1)(4)	JP Morgan Mortgage Trust 2019-LTV2 B3, 4.701%, 12/25/2049			495,578		0.2
173,677 (1)(4)	JP Morgan Mortgage Trust 2020-3 A15, 3.500%, 08/25/2050			147,282		0.1
1,000,000 (1)(4)	JP Morgan Mortgage Trust 2021-3 A5, 2.500%, 07/25/2051			699,129		0.3
451,582 (1)(4)	Mello Mortgage Capital Acceptance 2018-MTG2 B1, 4.324%, 10/25/2048			390,003		0.2
117,355 (1)(4)	OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049			110,163		0.0
400,000 (1)(4)	Provident Funding Mortgage Trust 2021-J1 A10, 2.000%, 10/25/2051			257,164		0.1
474,553 (1)(4)	RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051			362,529		0.2
476,276 (1)(4)	RCKT Mortgage Trust 2021-1 B3, 2.719%, 03/25/2051			326,977		0.1
689,148 (1)(4)	RCKT Mortgage Trust 2021-4 A21, 2.500%, 09/25/2051			529,899		0.2
1,084,914 (1)(4)	Sequoia Mortgage Trust 2019-2 B2, 4.256%, 06/25/2049			944,821		0.4
1,086,512 (1)(4)	Sequoia Mortgage Trust 2019-2 B3, 4.256%, 06/25/2049			913,411		0.4
92,152 (1)(4)	Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049			77,044		0.0
23,529 (1)(4)	Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049			23,019		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
672,213 (1)(4)	Sequoia Mortgage Trust 2021-3 B3, 2.653%, 05/25/2051		$	444,669		0.2
686,673 (1)(4)	Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066			551,706		0.2
539,226 (1)(4)	Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.665%, 07/25/2047			448,274		0.2
	Total Collateralized Mortgage Obligations (Cost $37,573,847)			30,305,647		12.5
U.S. TREASURY OBLIGATIONS: 4.7%
	U.S. Treasury Bonds: 0.3%
740,000	3.000%, 08/15/2052			609,922		0.2
122,000	3.375%, 08/15/2042			109,076		0.0
150,000	4.000%, 11/15/2042			146,906		0.1
				865,904		0.3
	U.S. Treasury Notes: 4.4%
8,000	2.750%, 08/15/2032			7,286		0.0
753,100	3.875%, 11/30/2027			749,099		0.3
2,820,100	3.875%, 12/31/2027			2,804,237		1.2
85,300	3.875%, 11/30/2029			84,747		0.0
207,000	3.875%, 12/31/2029			206,013		0.1
6,545,000	4.000%, 12/15/2025			6,504,094		2.7
10,000	4.125%, 11/15/2032			10,207		0.0
208,000	4.250%, 12/31/2024			207,293		0.1
				10,572,976		4.4
	Total U.S. Treasury Obligations (Cost $11,498,301)			11,438,880		4.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.5%
	Federal National Mortgage Association: 2.4% (6)
5,860,000 (7)	5.000%, 01/15/2053			5,775,229		2.4

	Uniform Mortgage-Backed Securities: 0.1%
200,000 (7)	4.500%, 01/15/2053			192,514		0.1
	Total U.S. Government Agency Obligations
	(Cost $6,017,706)			5,967,743		2.5
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%
650,000 (1)	BANK 2017-BNK4 D, 3.357%, 05/15/2050			464,077		0.2
670,000 (1)	BANK 2017-BNK8 D, 2.600%, 11/15/2050			434,088		0.2
4,647,560 (4)(5)	BBCMS Trust 2022-C17 XA, 1.152%, 09/15/2055			373,300		0.2
1,000,000 (1)(4)	Benchmark 2018-B3 D Mortgage Trust, 3.036%, 04/10/2051			674,714		0.3

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
12,282,587 (4)(5)	BENCHMARK 2019-B10 XA Mortgage Trust, 1.221%, 03/15/2062		$	632,733		0.3
5,482,103 (4)(5)	Benchmark 2020-B17 XA Mortgage Trust, 1.416%, 03/15/2053			326,494		0.1
3,236,565 (4)(5)	Benchmark 2020-B18 XA Mortgage Trust, 1.789%, 07/15/2053			251,398		0.1
2,094,730 (4)(5)	Benchmark 2021-B24 XA Mortgage Trust, 1.151%, 03/15/2054			127,205		0.1
204,000 (1)(8)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052			124,875		0.1
16,051,901 (4)(5)	Citigroup Commercial Mortgage Trust 2019-C7 XA, 0.868%, 12/15/2072			701,800		0.3
130,000 (1)(4)	COMM 2013-CR10 E Mortgage Trust, 4.869%, 08/10/2046			120,143		0.1
1,530,000 (4)	Commercial Mortgage Pass Through Certificates 2016-CR28 D, 3.855%, 02/10/2049			1,297,587		0.5
300,000 (1)	CSAIL 2020-C19 E Commercial Mortgage Trust, 2.500%, 03/15/2053			173,981		0.1
560,000 (1)	CSWF 2021-SOP2 D, 6.635%, (US0001M + 2.317%), 06/15/2034			502,790		0.2
17,241 (1)(9)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044			17,163		0.0
1,000,000 (1)(4)	DBWF 2015-LCM D Mortgage Trust, 3.421%, 06/10/2034			770,771		0.3
292,858 (1)	Extended Stay America Trust 2021-ESH E, 7.168%, (US0001M + 2.850%), 07/15/2038			279,800		0.1
1,141,807 (4)(5)	Freddie Mac Multiclass Certificates Series 2021-P011 X1, 1.793%, 09/25/2045			145,771		0.1
1,452,405 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.583%, 04/25/2030			125,023		0.1
4,273,164 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.511%, 05/25/2035			501,814		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,694,689 (4)(5)	Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.980%, 08/25/2036		$	140,155		0.1
2,837,168 (1)(5)	FREMF 2016-K57 X2B Mortgage Trust, 0.100%, 08/25/2049			8,514		0.0
1,119,480 (1)(8)	FREMF 2016-K57 D Mortgage Trust, 0.000%, 08/25/2049			788,246		0.3
11,672,868 (1)(5)	FREMF 2016-K57 X2A Mortgage Trust, 0.100%, 08/25/2049			31,141		0.0
200,000 (1)(8)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			101,673		0.0
2,541,845 (1)(5)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029			8,951		0.0
280,000 (1)(5)	FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029			1,241		0.0
166,000 (1)(4)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.430%, 09/27/2051			114,811		0.0
126,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			103,115		0.0
153,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051			124,093		0.1
125,000 (1)(4)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.040%, 09/27/2051			99,915		0.0
106,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			57,868		0.0
126,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051			100,702		0.0
125,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			94,914		0.0
1,000,000 (1)	GAM Re-REMIC Trust 2021-FRR1 1B, 1.500%, 11/29/2050			657,227		0.3
1,000,000 (1)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.660%, 11/29/2050			630,175		0.3
238,000 (1)(4)(5)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.030%, 11/27/2050			168,355		0.1
163,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 BK61, 1.290%, 01/29/2052			112,161		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
176,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 BK89, 2.000%, 01/27/2052		$	98,418		0.0
92,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 C728, 0.600%, 08/27/2050			77,845		0.0
95,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.920%, 05/27/2048			75,300		0.0
113,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.570%, 11/27/2049			74,014		0.0
80,000 (1)(4)(5)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.410%, 01/29/2052			51,636		0.0
92,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK89, 2.260%, 01/27/2052			47,785		0.0
92,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 D728, 0.690%, 01/29/2052			75,314		0.0
125,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 DK27, 0.030%, 12/27/2045			124,111		0.1
75,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.770%, 10/27/2047			62,010		0.0
95,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 DK47, 1.000%, 05/27/2048			73,657		0.0
31,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 EK27, 0.040%, 12/27/2045			30,749		0.0
49,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 EK41, 0.700%, 01/29/2052			39,986		0.0
13,602,054 (4)(5)	GS Mortgage Securities Trust 2019-GC39 XA, 1.128%, 05/10/2052			621,608		0.3
770,000 (1)	JP Morgan Chase Commercial Mortgage Securities Corp. 2021-MHC E, 6.768%, (US0001M + 2.450%), 04/15/2038			731,638		0.3
200,000 (1)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			162,663		0.1
22,126,538 (4)(5)	JPMDB Commercial Mortgage Securities Trust 2018-C8 XA, 0.667%, 06/15/2051			433,843		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
182,000 (1)	MF1 Multifamily Housing Mortgage Loan Trust 2021-FL5 D, 6.950%, (TSFR1M + 2.500%), 07/15/2036		$	169,632		0.1
253,862 (1)(9)	Morgan Stanley Capital I Trust 2011-C1 M, 4.193%, 09/15/2047			—		—
1,955,000 (1)(4)	Morgan Stanley Capital I Trust 2016-BNK2 D, 3.000%, 11/15/2049			1,434,188		0.6
7,568,472 (4)(5)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.637%, 11/15/2052			254,670		0.1
90,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 1.120%, 03/28/2049			67,040		0.0
70,000 (1)(4)	RFM Reremic Trust 2022-FRR1 AB60, 2.470%, 11/08/2049			54,753		0.0
110,000 (1)(4)	RFM Reremic Trust 2022-FRR1 AB64, 2.314%, 03/01/2050			83,797		0.0
30,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049			21,209		0.0
30,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049			19,643		0.0
30,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050			19,206		0.0
22,576 (1)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.096%, 12/10/2045			21,532		0.0
815,103 (1)(4)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.521%, 11/15/2044			776,148		0.3
2,210,000 (1)	WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/2048			2,132,023		0.9
1,320,000 (1)(4)	WFRBS Commercial Mortgage Trust 2013-C14 D, 3.957%, 06/15/2046			844,544		0.4
1,920,000 (4)	WFRBS Commercial Mortgage Trust 2014-C19 C, 4.646%, 03/15/2047			1,811,187		0.8

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	Total Commercial Mortgage-Backed Securities (Cost $24,990,565)		$	21,878,933		9.0
ASSET-BACKED SECURITIES: 8.7%
	Automobile Asset-Backed Securities: 1.2%
296,451	Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024			295,955		0.1
450,000	Americredit Automobile Receivables Trust 2019-2 D, 2.990%, 06/18/2025			438,306		0.2
1,200,000	Carmax Auto Owner Trust 2019-3 D, 2.850%, 01/15/2026			1,165,188		0.5
400,000	GM Financial Automobile Leasing Trust 2022-3 C, 5.130%, 08/20/2026			391,020		0.2
500,000	GM Financial Consumer Automobile Receivables Trust 2019-3 C, 2.620%, 01/16/2025			497,202		0.2
88,796	Santander Drive Auto Receivables Trust 2019-1 D, 3.650%, 04/15/2025			88,645		0.0
				2,876,316		1.2
	Home Equity Asset-Backed Securities: 0.2%
517,178 (1)(4)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			405,371		0.2

	Other Asset-Backed Securities: 7.1%
396,000 (1)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2I, 4.194%, 06/05/2049			390,351		0.2
148,500 (1)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049			135,786		0.1
250,000 (1)	Arbor Realty Commercial Real Estate Notes 2021-FL4 D Ltd., 7.218%, (US0001M + 2.900%), 11/15/2036			232,085		0.1
300,000 (1)	Babson CLO Ltd. 2018-3A C, 6.143%, (US0003M + 1.900%), 07/20/2029			290,295		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
750,000 (1)	Benefit Street Partners CLO II Ltd. 2013-IIA BR2, 5.979%, (US0003M + 1.900%), 07/15/2029		$	727,500		0.3
400,000 (1)	Benefit Street Partners CLO Ltd. 2021-23A C, 6.558%, (US0003M + 2.200%), 04/25/2034			376,601		0.2
250,000 (1)	BlueMountain CLO Ltd. 2021-28A C, 6.079%, (US0003M + 2.000%), 04/15/2034			232,193		0.1
592,320 (1)	Domino’s Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048			562,912		0.2
1,000,000 (1)	Dryden Senior Loan Fund 2021-87A C, 6.575%, (US0003M + 1.900%), 05/20/2034			931,186		0.4
376,391 (1)	J.G. Wentworth XXXVIII LLC 2017-1A A, 3.990%, 08/16/2060			326,998		0.1
750,000 (1)	LCM XV L.P. 15A CR, 6.643%, (US0003M + 2.400%), 07/20/2030			712,502		0.3
750,000 (1)	LCM XXII Ltd. 22A BR, 6.243%, (US0003M + 2.000%), 10/20/2028			710,746		0.3
950,000 (1)	Magnetite XXVI Ltd. 2020-26A CR, 6.258%, (US0003M + 1.900%), 07/25/2034			897,525		0.4
292,241 (1)	Marlette Funding Trust 2022-3A A, 5.180%, 11/15/2032			290,040		0.1
310,833 (1)	Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043			279,516		0.1
470,110 (1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			436,280		0.2
750,000 (1)	Neuberger Berman CLO XVII Ltd. 2014-17A CR2, 6.325%, (US0003M + 2.000%), 04/22/2029			715,489		0.3
1,000,000 (1)	Neuberger Berman Loan Advisers CLO 25 Ltd. 2017-25A CR, 5.944%, (US0003M + 1.750%), 10/18/2029			948,997		0.4
750,000 (1)	Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A CR, 5.979%, (US0003M + 1.900%), 10/16/2033			707,797		0.3

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
500,000 (1)	NYACK Park CLO Ltd. 2021-1A C, 6.193%, (US0003M + 1.950%), 10/20/2034		$	465,014		0.2
250,000 (1)	Oak Hill Credit Partners 2021-8A C, 6.094%, (US0003M + 1.900%), 01/18/2034			235,930		0.1
580,000 (1)	Octagon Investment Partners 31 Ltd. 2017-1A CR, 6.293%, (US0003M + 2.050%), 07/20/2030			554,015		0.2
250,000 (1)	Octagon Loan Funding Ltd. 2014-1A CRR, 6.874%, (US0003M + 2.200%), 11/18/2031			232,060		0.1
550,000 (1)	Shackleton 2019-15A CR CLO Ltd., 6.229%, (US0003M + 2.150%), 01/15/2032			521,349		0.2
500,000 (1)	Silver Creek CLO Ltd. 2014-1A CR, 6.543%, (US0003M + 2.300%), 07/20/2030			484,981		0.2
276,868 (1)	SoFi Consumer Loan Program 2020-1 C Trust, 2.500%, 01/25/2029			273,961		0.1
392,567 (1)	Sunnova Helios IX Issuer LLC 2022-B A, 5.000%, 08/20/2049			368,582		0.1
291,001 (1)	Sunrun Xanadu Issuer 2019-1A A LLC, 3.980%, 06/30/2054			258,081		0.1
600,000 (1)	THL Credit Wind River 2017-3A CR Clo Ltd., 6.579%, (US0003M + 2.500%), 04/15/2035			565,164		0.2
2,000,000 (1)(4)	Towd Point Mortgage Trust 2015-4 M2, 3.750%, 04/25/2055			1,944,376		0.8
180,000 (1)(4)	Towd Point Mortgage Trust 2015-6 M2, 3.750%, 04/25/2055			168,081		0.1
1,140,000 (1)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			1,031,005		0.4
227,500 (1)	Wendy’s Funding LLC 2019-1A A2I, 3.783%, 06/15/2049			210,163		0.1
				17,217,561		7.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities: 0.2%
600,000 (1)	Sofi Professional Loan Program 2019-C BFX LLC, 3.050%, 11/16/2048		$	471,791		0.2
	Total Asset-Backed Securities
	(Cost $22,294,682)			20,971,039		8.7
SOVEREIGN BONDS: 1.0%
275,000	Chile Government International Bond, 2.450%, 01/31/2031			228,849		0.1
250,000	Colombia Government International Bond, 3.875%, 04/25/2027			222,113		0.1
MXN 27,250,000	Mexican Bonos, 7.750%, 05/29/2031			1,295,118		0.6
200,000	Mexico Government International Bond, 4.500%, 04/22/2029			191,094		0.1
250,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029			223,768		0.1
200,000 (11)	Russian Foreign Bond - Eurobond, 4.375%, 03/21/2029			60,000		0.0
350,000 (11)	Ukraine Government International Bond, 7.750%, 09/01/2027			76,022		0.0
	Total Sovereign Bonds
	(Cost $2,802,669)			2,296,964		1.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: 39.7%
	Communication Services: 2.3%
20,354 (12)	Alphabet, Inc. - Class A		1,795,833		0.8
29,628	AT&T, Inc.		545,452		0.2
16,428	Comcast Corp. - Class A		574,487		0.2
3,347	Deutsche Telekom AG		66,594		0.0
2,537	Electronic Arts, Inc.		309,971		0.1
1,065	Elisa OYJ		56,450		0.0
25,000	HKT Trust & HKT Ltd. - Stapled Security		30,603		0.0
4,344 (12)	Iridium Communications, Inc.		223,282		0.1
26,390	Koninklijke KPN NV		81,683		0.0
5,020 (12)	Live Nation Entertainment, Inc.		350,095		0.2
439	Nexstar Media Group, Inc.		76,838		0.0
1,700	Nintendo Co., Ltd.		71,479		0.0
700	Nippon Telegraph & Telephone Corp.		19,963		0.0
10,268	Orange SA		101,880		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Communication Services (continued)
11,300	SoftBank Corp.		$	127,845		0.1
9,432	Spark New Zealand Ltd.			32,293		0.0
179	Swisscom AG			98,058		0.1
6,909	Telenor ASA			64,551		0.0
8,836	Telia Co. AB			22,578		0.0
15,993	Verizon Communications, Inc.			630,124		0.3
3,055 (12)	Walt Disney Co.			265,418		0.1
				5,545,477		2.3
	Consumer Discretionary: 3.3%
19,555 (12)	Amazon.com, Inc.			1,642,620		0.7
1,459	Bayerische Motoren Werke AG			129,172		0.1
1,900 (2)	Bridgestone Corp.			67,274		0.0
450 (12)	Chipotle Mexican Grill, Inc.			624,370		0.3
1,428	Domino’s Pizza, Inc.			494,659		0.2
3,627 (12)	Etsy, Inc.			434,442		0.2
3,736 (12)	Expedia Group, Inc.			327,274		0.1
281	Ferrari NV			60,257		0.0
12,816	Ford Motor Co.			149,050		0.1
3,344	General Motors Co.			112,492		0.0
5,546	Gentex Corp.			151,239		0.1
1,607	Genuine Parts Co.			278,831		0.1
1,205	Industria de Diseno Textil SA			32,006		0.0
4,469	LKQ Corp.			238,689		0.1
2,147 (12)	Lululemon Athletica, Inc.			687,856		0.3
2,154	McDonald’s Corp.			567,644		0.2
1,800 (2)	McDonald’s Holdings Co. Japan Ltd.			68,412		0.0
1,706	Mercedes-Benz Group AG			111,563		0.1
3,401	Ross Stores, Inc.			394,754		0.2
4,300	Sekisui House Ltd.			76,235		0.1
4,219	Service Corp. International			291,702		0.1
2,600	Subaru Corp.			39,364		0.0
2,389 (12)	Tesla, Inc.			294,277		0.1
2,621	Travel + Leisure Co.			95,404		0.0
3,500	USS Co., Ltd.			55,535		0.0
9,738	Wendy’s Company			220,371		0.1
2,033	Yum! Brands, Inc.			260,387		0.1
				7,905,879		3.3
	Consumer Staples: 2.8%
9,266	Altria Group, Inc.			423,549		0.2
5,427	British American Tobacco PLC			214,683		0.1
5,976	Coca-Cola Co.			380,133		0.2
6,145	Coles Group Ltd.			69,658		0.0
3,374	Conagra Brands, Inc.			130,574		0.0
5,077	Constellation Brands, Inc.			1,176,595		0.5
3,116	Estee Lauder Cos., Inc.			773,111		0.3
10,117	Flowers Foods, Inc.			290,762		0.1
4,598	General Mills, Inc.			385,542		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
4,191	Imperial Brands PLC		$	104,403		0.0
5,300 (2)	Japan Tobacco, Inc.			106,849		0.1
4,020	Koninklijke Ahold Delhaize NV			115,580		0.1
6,815	Mondelez International, Inc.			454,220		0.2
1,851	PepsiCo, Inc.			334,402		0.1
5,708	Philip Morris International, Inc.			577,707		0.2
2,622	Procter & Gamble Co.			397,390		0.2
945	Reckitt Benckiser Group PLC			65,504		0.0
2,370	Tyson Foods, Inc.			147,532		0.1
1,092	Unilever PLC			54,793		0.0
1,316	Unilever PLC - ULVRL			66,442		0.0
3,544	Walmart, Inc.			502,504		0.2
				6,771,933		2.8
	Energy: 2.2%
415	Aker BP ASA			12,899		0.0
10,497	Baker Hughes Co.			309,976		0.1
43,716	BP PLC			252,240		0.1
3,741	Cheniere Energy, Inc.			561,000		0.2
1,730	Chevron Corp.			310,518		0.1
1,195	ConocoPhillips			141,010		0.0
4,595	Diamondback Energy, Inc.			628,504		0.3
2,995	DT Midstream, Inc.			165,504		0.1
25,700	ENEOS Holdings, Inc.			87,519		0.0
8,929	ENI S.p.A.			126,965		0.1
2,221	EOG Resources, Inc.			287,664		0.1
2,026	Exxon Mobil Corp.			223,468		0.1
7,070	Galp Energia SGPS SA			95,379		0.0
3,300	Idemitsu Kosan Co., Ltd.			77,258		0.0
17,046	Kinder Morgan, Inc.			308,192		0.1
3,626	Marathon Petroleum Corp.			422,030		0.2
3,864	Phillips 66			402,165		0.2
6,833	Repsol SA			108,761		0.1
2,503	Shell PLC			70,562		0.0
2,858	Targa Resources Corp.			210,063		0.1
746 (2)	TotalEnergies SE			46,829		0.0
3,035	Valero Energy Corp.			385,020		0.2
2,027 (2)	Washington H Soul Pattinson & Co. Ltd.			38,029		0.0
6,180	Woodside Energy Group Ltd. (WDS)			149,669		0.1
				5,421,224		2.2
	Financials: 5.3%
979	Ageas SA/NV			43,440		0.0
976	Allianz SE			208,432		0.1
2,600	Allstate Corp.			352,560		0.1
483	American Financial Group, Inc.			66,306		0.0
3,708	American International Group, Inc.			234,494		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
202	Ameriprise Financial, Inc.		$	62,897		0.0
7,925	ANZ Group Holdings Ltd.			127,663		0.1
805	Aon PLC			241,613		0.1
18,367	Aviva PLC			97,431		0.1
3,577	Axis Capital Holdings Ltd.			193,766		0.1
353	Baloise Holding AG			54,435		0.0
10,071	Bank Leumi Le-Israel BM			83,879		0.0
10,233	Bank of America Corp.			338,917		0.1
4,244	Bank OZK			170,015		0.1
516 (2)	Banque Cantonale Vaudoise			49,473		0.0
514	BNP Paribas			29,267		0.0
26,000	BOC Hong Kong Holdings Ltd.			88,265		0.1
2,958	Charles Schwab Corp.			246,283		0.1
8,928	Citigroup, Inc.			403,813		0.2
6,809	Citizens Financial Group, Inc.			268,070		0.1
340	CME Group, Inc.			57,174		0.0
3,577	Commerce Bancshares, Inc.			243,486		0.1
1,875	Cullen/Frost Bankers, Inc.			250,687		0.1
370	Deutsche Boerse AG			63,710		0.0
905	Erie Indemnity Co.			225,092		0.1
192	Everest Re Group Ltd.			63,604		0.0
2,081	First American Financial Corp.			108,920		0.0
4,533	First Hawaiian, Inc.			118,039		0.1
541	Groupe Bruxelles Lambert NV			43,235		0.0
3,791	Hancock Whitney Corp.			183,446		0.1
357	Hannover Rueck SE			70,439		0.0
1,193	Hanover Insurance Group, Inc.			161,210		0.1
4,034	Hartford Financial Services Group, Inc.			305,898		0.1
45,334	HSBC Holdings PLC			280,961		0.1
10,990	Insurance Australia Group Ltd.			35,329		0.0
2,689	International Bancshares Corp.			123,049		0.1
10,200 (2)	Japan Post Bank Co. Ltd.			87,444		0.1
12,900	Japan Post Holdings Co. Ltd.			108,540		0.1
368	JPMorgan Chase & Co.			49,349		0.0
6,533	Keycorp			113,805		0.0
4,673	Loews Corp.			272,576		0.1
1,045	LPL Financial Holdings, Inc.			225,898		0.1
30,715	M&G PLC			69,455		0.0
1,595	Marsh & McLennan Cos., Inc.			263,941		0.1
31,650	Medibank Pvt Ltd.			63,143		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
8,520	Mediobanca Banca di Credito Finanziario SpA		$	81,869		0.0
5,063	Metlife, Inc.			366,409		0.2
14,100	Mitsubishi HC Capital, Inc.			69,352		0.0
31,600	Mitsubishi UFJ Financial Group, Inc.			212,144		0.1
1,644	Mizrahi Tefahot Bank Ltd.			53,061		0.0
10,300	Mizuho Financial Group, Inc.			145,109		0.1
2,015	Morgan Stanley			171,315		0.1
3,200	MS&AD Insurance Group Holdings, Inc.			102,303		0.1
1,114	MSCI, Inc. - Class A			518,199		0.2
224	Muenchener Rueckversicherungs- Gesellschaft AG			72,457		0.0
4,382	NatWest Group PLC			13,975		0.0
2,025	NN Group NV			82,806		0.0
4,058	Nordea Bank Abp			43,469		0.0
10,785	Old Republic International Corp.			260,458		0.1
10,376	Phoenix Group Holdings PLC			76,010		0.0
3,046	Popular, Inc.			202,011		0.1
7,003 (1)	Poste Italiane SpA			68,324		0.0
3,526	Prosperity Bancshares, Inc.			256,270		0.1
2,212	Sampo OYJ			115,531		0.1
1,900	Sompo Holdings, Inc.			84,062		0.0
4,500	Sumitomo Mitsui Financial Group, Inc.			181,046		0.1
2,900	Sumitomo Mitsui Trust Holdings, Inc.			101,197		0.1
8,215	Suncorp Group Ltd.			66,943		0.0
4,752	Tradeweb Markets, Inc.			308,547		0.1
1,836	Travelers Cos, Inc.			344,232		0.1
3,232 (2)	Tryg A/S			76,810		0.0
1,640	UMB Financial Corp.			136,973		0.1
6,046	Unum Group			248,067		0.1
8,593	US Bancorp			374,741		0.2
3,811	Washington Federal, Inc.			127,859		0.1
7,241	Wells Fargo & Co.			298,981		0.1
6,420	Westpac Banking Corp.			101,638		0.1
1,335	Willis Towers Watson PLC			326,514		0.1
1,167	Wintrust Financial Corp.			98,635		0.0
408	Zurich Insurance Group AG			195,056		0.1
				12,931,822		5.3
	Health Care: 6.3%
2,381	Abbott Laboratories			261,410		0.1
1,515	AbbVie, Inc.			244,839		0.1
645	AmerisourceBergen Corp.			106,883		0.0
1,114	Amgen, Inc.			292,581		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
18,156 (12)	Boston Scientific Corp.		$	840,078		0.3
8,165	Bristol-Myers Squibb Co.			587,472		0.2
3,965	Cardinal Health, Inc.			304,790		0.1
1,162	Cigna Corp.			385,017		0.2
5,170	CVS Health Corp.			481,792		0.2
1,864	Danaher Corp.			494,743		0.2
7,992 (12)	DexCom, Inc.			905,014		0.4
558	Elevance Health, Inc.			286,237		0.1
5,629	Eli Lilly & Co.			2,059,313		0.9
5,594	Gilead Sciences, Inc.			480,245		0.2
10,096	GSK PLC			174,493		0.1
1,950	Humana, Inc.			998,770		0.4
2,206 (12)	Intuitive Surgical, Inc.			585,362		0.2
7,312	Johnson & Johnson			1,291,665		0.5
973	McKesson Corp.			364,992		0.2
1,698	Medtronic PLC			131,969		0.1
5,827	Merck & Co., Inc.			646,506		0.3
4,392	Novartis AG			397,465		0.2
2,800	Ono Pharmaceutical Co., Ltd.			65,446		0.0
1,079	Orion Oyj			59,154		0.0
1,600 (2)	Otsuka Holdings Co. Ltd.			52,180		0.0
17,698	Pfizer, Inc.			906,845		0.4
89	Roche Holding AG-GENUSSCHEIN			27,967		0.0
2,370	Sanofi			228,530		0.1
5,200	Takeda Pharmaceutical Co., Ltd.			162,483		0.1
1,940	UnitedHealth Group, Inc.			1,028,549		0.4
1,488 (12)	Vertex Pharmaceuticals, Inc.			429,705		0.2
				15,282,495		6.3
	Industrials: 3.8%
3,208	3M Co.			384,703		0.2
2,564 (2)	ACS Actividades de Construccion y Servicios SA			73,365		0.0
1,891	AECOM			160,603		0.1
391 (1)(12)	Aena SME SA			49,015		0.0
657	Allegion Public Ltd.			69,156		0.0
43	AP Moller - Maersk A/S - Class B			96,260		0.1
27,168	Aurizon Holdings Ltd.			68,829		0.0
10,041	BAE Systems PLC			103,708		0.1
3,703	Booz Allen Hamilton Holding Corp.			387,038		0.2
2,500 (2)	Bouygues SA			74,979		0.1
8,311	Brambles Ltd.			68,155		0.0
918	Bureau Veritas SA			24,193		0.0
724	Caterpillar, Inc.			173,441		0.1
598 (12)	Copa Holdings S.A.- Class A			49,736		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
3,026	CSX Corp.		$	93,745		0.0
881	Cummins, Inc.			213,457		0.1
1,900	Dai Nippon Printing Co., Ltd.			38,170		0.0
221	Dassault Aviation SA			37,480		0.0
1,297	DCC PLC			63,776		0.0
3,352	Eaton Corp. PLC			526,096		0.2
745	Eiffage SA			73,281		0.0
271	Elbit Systems Ltd.			44,073		0.0
8,309	Emerson Electric Co.			798,163		0.3
3,319	Ferrovial SA - FERE			86,900		0.1
2,885	Fortive Corp.			185,361		0.1
383	GEA Group AG			15,576		0.0
674	General Electric Co.			56,474		0.0
2,200	Hankyu Hanshin Holdings, Inc.			65,181		0.0
4,472	Johnson Controls International plc			286,208		0.1
2,174	Leidos Holdings, Inc.			228,683		0.1
491	Lockheed Martin Corp.			238,867		0.1
3,047	MSC Industrial Direct Co.			248,940		0.1
16,000	MTR Corp.			84,622		0.1
10,200 (2)	Obayashi Corp.			77,047		0.1
734	Old Dominion Freight Line			208,295		0.1
273	Parker Hannifin Corp.			79,443		0.0
4,868	Quanta Services, Inc.			693,690		0.3
2,365	Relx PLC (GBP Exchange)			65,388		0.0
181	Rheinmetall AG			36,033		0.0
2,330	Robert Half International, Inc.			172,024		0.1
1,300	Secom Co., Ltd.			74,175		0.0
30,000	SITC International Holdings Co. Ltd.			66,493		0.0
1,517	Smiths Group PLC			29,115		0.0
1,400	Sumitomo Corp.			23,272		0.0
527	Thales S.A.			67,334		0.0
2,500	Tobu Railway Co., Ltd.			58,312		0.0
779	TransDigm Group, Inc.			490,497		0.2
9,844	Transurban Group - Stapled Security			86,606		0.1
2,433	U-Haul Holding Co. - Non-Voting			133,766		0.1
1,439	United Parcel Service, Inc. - Class B			250,156		0.1
609 (12)	United Rentals, Inc.			216,451		0.1
1,356	Verisk Analytics, Inc.			239,226		0.1
1,738	Waste Connections, Inc.			230,389		0.1
421	Westinghouse Air Brake Technologies Corp.			42,020		0.0
7,622 (12)	WillScot Mobile Mini Holdings Corp.			344,286		0.1
683	Wolters Kluwer NV			71,466		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
345	WW Grainger, Inc.		$	191,906		0.1
3,100	Yamato Holdings Co., Ltd.			49,123		0.0
				9,164,747		3.8
	Information Technology: 9.3%
560	Accenture PLC			149,430		0.1
6,803 (12)	Advanced Micro Devices, Inc.			440,630		0.2
3,344	Amdocs Ltd.			303,970		0.1
27,531	Apple, Inc.			3,577,103		1.5
1,036	Automatic Data Processing, Inc.			247,459		0.1
3,867 (12)	Cadence Design Systems, Inc.			621,195		0.3
14,404	Cisco Systems, Inc.			686,207		0.3
5,147	Cognizant Technology Solutions Corp.			294,357		0.1
2,525 (12)	Crowdstrike Holdings, Inc.			265,857		0.1
4,153 (12)	Datadog, Inc.			305,246		0.1
2,260	Dolby Laboratories, Inc.			159,420		0.1
1,225	Edenred			66,671		0.1
2,126 (12)	Enphase Energy, Inc.			563,305		0.2
1,963 (12)	Gartner, Inc.			659,843		0.3
5,170	Genpact Ltd.			239,474		0.1
10,848	Hewlett Packard Enterprise Co.			173,134		0.1
1,669	Intuit, Inc.			649,608		0.3
1,256	Jack Henry & Associates, Inc.			220,503		0.1
8,449	Juniper Networks, Inc.			270,030		0.1
3,009 (12)	Keysight Technologies, Inc.			514,750		0.2
474	Lam Research Corp.			199,222		0.1
9,166	Marvell Technology, Inc.			339,509		0.1
3,743	MAXIMUS, Inc.			274,474		0.1
21,038	Microsoft Corp.			5,045,333		2.1
1,938	Motorola Solutions, Inc.			499,442		0.2
4,776	National Instruments Corp.			176,234		0.1
3,399	NetApp, Inc.			204,144		0.1
6,652	Nvidia Corp.			972,123		0.4
4,315 (12)	Palo Alto Networks, Inc.			602,115		0.2
5,933	Paychex, Inc.			685,618		0.3
1,585 (12)	ServiceNow, Inc.			615,408		0.2
253	Texas Instruments, Inc.			41,801		0.0
6,997	The Sage Group PLC			63,006		0.0
800 (2)	Trend Micro, Inc.			37,414		0.0
10,959	Visa, Inc. - Class A			2,276,842		0.9
				22,440,877		9.3
	Materials: 1.2%
544	Air Liquide SA			77,213		0.1
1,258	Air Products & Chemicals, Inc.			387,791		0.2
8,925	Amcor PLC			106,297		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
5,700	Asahi Kasei Corp.		$	40,576		0.0
6,331	Dow, Inc.			319,019		0.1
4,464	FMC Corp.			557,107		0.2
26,802	Glencore PLC			178,734		0.1
1,860	Holcim AG			96,280		0.1
1,599	ICL Group Ltd.			11,554		0.0
559	Linde PLC			182,335		0.1
2,700	Mitsubishi Chemical Holdings Corp.			13,978		0.0
4,300	Nippon Steel Corp.			74,610		0.1
400	Nitto Denko Corp.			23,038		0.0
1,224 (2)	Novozymes A/S			62,098		0.0
1,950 (2)	OCI NV			69,717		0.0
10,300	Oji Holdings Corp.			41,602		0.0
2,436	Rio Tinto Ltd.			192,263		0.1
6,200	Sumitomo Chemical Co., Ltd.			22,231		0.0
528	Symrise AG			57,343		0.0
5,800	Tosoh Corp.			68,971		0.0
877	UPM-Kymmene OYJ			32,818		0.0
4,745	WestRock Co.			166,834		0.1
863	Yara International ASA			37,900		0.0
				2,820,309		1.2
	Real Estate: 1.5%
1,680	Crown Castle, Inc.			227,875		0.1
1,905	CubeSmart			76,676		0.0
1,500	Daiwa House Industry Co., Ltd.			34,554		0.0
2,389	Digital Realty Trust, Inc.			239,545		0.1
2,948	Equity Residential			173,932		0.1
2,437	First Industrial Realty Trust, Inc.			117,610		0.0
17,961	GPT Group			51,225		0.0
5,534	Highwoods Properties, Inc.			154,841		0.1
4,194	Iron Mountain, Inc.			209,071		0.1
4,885	Kilroy Realty Corp.			188,903		0.1
669	Lamar Advertising Co.			63,154		0.0
1,861	Life Storage, Inc.			183,308		0.1
12,500	Link REIT			91,467		0.1
1,609	Mid-America Apartment Communities, Inc.			252,597		0.1
5,884	National Retail Properties, Inc.			269,252		0.1
2,300	Nomura Real Estate Holdings, Inc.			49,180		0.0
4,909	ProLogis, Inc.			553,392		0.2
1,616	SBA Communications Corp.			452,981		0.2
7,500	Sun Hung Kai Properties Ltd.			102,445		0.1
8,200	Swire Properties Ltd.			20,770		0.0
483	Swiss Prime Site AG			41,863		0.0
				3,554,641		1.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities: 1.7%
2,854	American Electric Power Co., Inc.		$	270,987		0.1
496	Atmos Energy Corp.			55,587		0.0
3,500	CK Infrastructure Holdings Ltd.			18,263		0.0
8,500	CLP Holdings Ltd.			61,927		0.0
2,105	Consolidated Edison, Inc.			200,628		0.1
2,161	DTE Energy Co.			253,982		0.1
3,860	Duke Energy Corp.			397,541		0.2
4,368	Edison International			277,892		0.1
254	Elia Group SA/NV			36,109		0.0
4,143	Enagas			68,892		0.0
917	Eversource Energy			76,881		0.0
11,221	Iberdrola S.A. - IBEE			130,988		0.1
2,619	National Fuel Gas Co.			165,783		0.1
11,689	National Grid PLC			140,028		0.1
5,703	NextEra Energy, Inc.			476,771		0.2
2,222	NiSource, Inc.			60,927		0.0
1,715	ONE Gas, Inc.			129,860		0.1
15,000	Power Assets Holdings Ltd.			81,982		0.1
10,155	PPL Corp.			296,729		0.1
4,528 (2)	Red Electrica Corp. SA			78,733		0.0
1,790	Sempra Energy			276,627		0.1
13,480	Snam SpA			65,362		0.0
5,702	Southern Co.			407,180		0.2
11,094 (2)	Terna - Rete Elettrica Nazionale			81,931		0.0
6,717	United Utilities Group PLC			80,257		0.0
				4,191,847		1.7
	Total Common Stock (Cost $95,555,439)			96,031,251		39.7
EXCHANGE-TRADED FUNDS: 0.2%
391	iShares MSCI EAFE Value Index ETF			17,939		0.0
2,338	iShares Russell 1000 Value ETF			354,558		0.2
	Total Exchange-Traded Funds (Cost $382,126)			372,497		0.2
MUTUAL FUNDS: 1.9%
	Affiliated Investment Companies: 1.9%
227,313	Voya Emerging Markets Hard Currency Debt Fund - Class P			1,673,026		0.7
427,984	Voya High Yield Bond Fund - Class P			2,811,853		1.2
	Total Mutual Funds (Cost $5,309,523)			4,484,879		1.9
PREFERRED STOCK: 0.2%
	Consumer Staples: 0.0%
952	Henkel AG & Co. KGaA			65,986		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
PREFERRED STOCK: (continued)
	Financials: 0.2%
50 (12)(13)	Fannie Mae		$	362,500		0.2
	Total Preferred Stock (Cost $4,164,759)			428,486		0.2
PURCHASED OPTIONS (14): 0.0%
	Total Purchased Options (Cost $185,604)			72,629		0.0
	Total Long-Term Investments (Cost $240,925,598)			221,413,406		91.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.8%
	Repurchase Agreements: 0.8%
1,000,000 (15)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $1,000,476, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $1,020,000, due 01/03/23-09/09/49)		1,000,000		0.4
1,000,000 (15)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,471, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,020,000, due 09/01/24-10/20/52)		1,000,000		0.4
1,861 (15)	TD Securities (USA) LLC, Repurchase Agreement dated 12/30/22, 4.27%, due 01/03/23 (Repurchase Amount $1,862, collateralized by various U.S. Government Securities, 0.375%-1.875%, Market Value plus accrued interest $1,898, due 10/31/23-07/31/26)		1,861		0.0
	Total Repurchase Agreements
	Total Short-Term Investments (Cost $2,001,861)		2,001,861		0.8

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Investments in Securities (Cost $242,927,459)		$	223,415,267		92.4
	Assets in Excess of Other Liabilities			18,502,220		7.6
	Net Assets		$	241,917,487		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

All or a portion of this security is payment-in-kind (“PIK”) which may pay interest or additional principal at the issuer’s discretion. Rates shown are the current rate and possible payment rates.

(4)

Variable rate security. Rate shown is the rate in effect as of December 31, 2022.

(5)

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

(6)

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

(7)

Represents or includes a TBA transaction.

(8)

Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security.

(9)

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

(10)

Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2022.

(11)

Defaulted security.

(12)

Non-income producing security.

(13)

Preferred Stock may be called prior to convertible date.

(14)

The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

(15)

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

Currency Abbreviations:

MXN Mexican Peso

Reference Rate Abbreviations:

SOFR30A

30-day Secured Overnight Financing Rate

TSFR1M

1-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	4,771,500		$	773,977		$	—		$	5,545,477
Consumer Discretionary			7,266,061			639,818			—			7,905,879
Consumer Staples			5,974,021			797,912			—			6,771,933
Energy			4,355,114			1,066,110			—			5,421,224
Financials			9,511,782			3,420,040			—			12,931,822
Health Care			14,114,777			1,167,718			—			15,282,495
Industrials			7,392,820			1,771,927			—			9,164,747
Information Technology			22,273,786			167,091			—			22,440,877
Materials			1,719,383			1,100,926			—			2,820,309
Real Estate			3,163,137			391,504			—			3,554,641
Utilities			3,347,375			844,472			—			4,191,847
Total Common Stock			83,889,756			12,141,495			—			96,031,251
Exchange-Traded Funds			372,497			—			—			372,497
Mutual Funds			4,484,879			—			—			4,484,879
Preferred Stock			—			428,486			—			428,486
Purchased Options			—			72,629			—			72,629
Corporate Bonds/Notes			—			27,164,458			—			27,164,458
Collateralized Mortgage Obligations			—			30,305,647			—			30,305,647
Asset-Backed Securities			—			20,971,039			—			20,971,039
U.S. Government Agency Obligations			—			5,967,743			—			5,967,743
Commercial Mortgage-Backed Securities			—			21,861,770			17,163			21,878,933
Sovereign Bonds			—			2,296,964			—			2,296,964
U.S. Treasury Obligations			—			11,438,880			—			11,438,880
Short-Term Investments			—			2,001,861			—			2,001,861
Total Investments, at fair value		$	88,747,132		$	134,650,972		$	17,163		$	223,415,267
Other Financial Instruments+
Centrally Cleared Swaps			—			191,951			—			191,951
Forward Foreign Currency Contracts			—			176,332			—			176,332
Forward Premium Swaptions			—			12,797			—			12,797
Futures			190,552			—			—			190,552
Volatility Swaps			—			5,060			—			5,060
Total Assets		$	88,937,684		$	135,037,112		$	17,163		$	223,991,959
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(779,886)		$	—		$	(779,886)
Forward Foreign Currency Contracts			—			(201,983)			—			(201,983)
Forward Premium Swaptions			—			(120,933)			—			(120,933)
Futures			(187,299)			—			—			(187,299)
Written Options			—			(2,085,652)			—			(2,085,652)
Total Liabilities		$	(187,299)		$	(3,188,454)		$	—		$	(3,375,753)

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

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

Transactions with Affiliates

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

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Hard Currency Debt Fund - Class P		$	2,012,032		$	97,789		$	—		$	(436,796)		$	1,673,026		$	97,789		$	—		$	—
Voya Floating Rate Fund - Class P			28,239,002			1,004,455			(30,491,113)			1,247,656			—			1,028,516			(3,165,661)			—
Voya High Yield Bond Fund - Class P			2,391,021			9,451,680			(8,512,030)			(518,818)			2,811,853			413,232			(812,041)			38,453
		$	32,642,055		$	10,553,924		$	(39,003,143)		$	292,042		$	4,484,879		$	1,539,537		$	(3,977,702)		$	38,453

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

At December 31, 2022, the following forward foreign currency contracts were outstanding for Voya Balanced Income Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 387,641

GBP 320,749

Bank of America N.A.

02/03/23

3,268

USD 877,875

CAD 1,193,322

Bank of America N.A.

02/03/23

(3,596)

CAD 1,663,520

USD 1,217,482

Bank of America N.A.

02/03/23

11,309

MXN 7,122,743

USD 366,246

BNP Paribas

01/13/23

(1,462)

USD 1,387,448

AUD 2,077,096

BNP Paribas

02/03/23

(28,658)

JPY 83,924,779

USD 641,374

BNP Paribas

02/03/23

862

USD 1,211,314

CAD 1,647,753

BNP Paribas

02/03/23

(5,830)

EUR 256,164

USD 272,912

Citibank N.A.

02/03/23

1,915

USD 413,584

GBP 343,613

Citibank N.A.

02/03/23

1,812

USD 691,777

NZD 1,089,904

Citibank N.A.

02/03/23

(536)

USD 1,061,139

EUR 999,972

Citibank N.A.

02/03/23

(11,690)

USD 653,728

JPY 86,894,096

Citibank N.A.

02/03/23

(11,231)

CHF 856,688

USD 929,233

Goldman Sachs International

02/03/23

635

NZD 2,170,380

USD 1,371,561

Goldman Sachs International

02/03/23

7,077

CAD 1,656,883

USD 1,217,267

Goldman Sachs International

02/03/23

6,621

EUR 856,261

USD 909,715

Morgan Stanley Capital Services LLC

02/03/23

8,932

NOK 33,602

USD 3,387

Morgan Stanley Capital Services LLC

02/03/23

NZD 995,982

USD 632,234

Morgan Stanley Capital Services LLC

02/03/23

420

USD 1,036,732

CAD 1,418,459

Morgan Stanley Capital Services LLC

02/03/23

(11,040)

EUR 1,892,154

USD 2,023,914

Morgan Stanley Capital Services LLC

02/03/23

(23,055)

USD 629,276

NZD 1,000,809

Morgan Stanley Capital Services LLC

02/03/23

(6,443)

USD 987,582

EUR 920,586

Morgan Stanley Capital Services LLC

02/03/23

14,108

USD 1,009,511

CHF 931,816

Morgan Stanley Capital Services LLC

02/03/23

(1,902)

AUD 2,061,391

USD 1,391,649

Morgan Stanley Capital Services LLC

02/03/23

13,750

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 414,981

EUR 389,150

Morgan Stanley Capital Services LLC

02/03/23

(2,522)

USD 1,603,156

EUR 1,505,332

Morgan Stanley Capital Services LLC

02/03/23

(11,852)

USD 551,561

MXN 10,756,556

Standard Chartered Bank

01/13/23

675

USD 3,269

SEK 33,936

Standard Chartered Bank

02/03/23

USD 60,221

JPY 8,207,136

Standard Chartered Bank

02/03/23

(2,584)

MXN 7,122,215

USD 366,245

State Street Bank and Trust Co.

01/13/23

(1,489)

USD 781,456

MXN 15,297,676

State Street Bank and Trust Co.

01/13/23

(1,998)

USD 1,103,424

CHF 1,020,456

State Street Bank and Trust Co.

02/03/23

(4,201)

USD 642,778

JPY 84,710,513

State Street Bank and Trust Co.

02/03/23

(5,471)

USD 924,990

CHF 858,459

State Street Bank and Trust Co.

02/03/23

(6,800)

AUD 2,006,567

USD 1,348,461

State Street Bank and Trust Co.

02/03/23

19,561

JPY 9,121,866

USD 69,402

State Street Bank and Trust Co.

02/03/23

403

GBP 629,959

USD 759,367

State Street Bank and Trust Co.

02/03/23

2,897

AUD 1,080,096

USD 720,178

State Street Bank and Trust Co.

02/03/23

16,202

NZD 1,104,325

USD 689,116

State Street Bank and Trust Co.

02/03/23

12,357

USD 823,714

GBP 684,205

State Street Bank and Trust Co.

02/03/23

(4,188)

USD 701,410

AUD 1,040,457

State Street Bank and Trust Co.

02/03/23

(7,944)

EUR 559,669

USD 597,266

State Street Bank and Trust Co.

02/03/23

3,180

CHF 1,025,402

USD 1,108,015

State Street Bank and Trust Co.

02/03/23

4,979

CAD 1,563,819

USD 1,156,934

State Street Bank and Trust Co.

02/03/23

(1,789)

USD 187,733

CAD 255,777

State Street Bank and Trust Co.

02/03/23

(1,202)

USD 764,744

GBP 629,241

State Street Bank and Trust Co.

02/03/23

3,348

USD 1,108,284

CHF 1,020,063

State Street Bank and Trust Co.

02/03/23

14,962

USD 1,384,456

AUD 2,035,825

State Street Bank and Trust Co.

02/03/23

12,925

GBP 679,472

USD 818,255

State Street Bank and Trust Co.

02/03/23

3,920

CAD 1,203,875

USD 889,388

State Street Bank and Trust Co.

02/03/23

(8,519)

AUD 1,995,606

USD 1,361,067

State Street Bank and Trust Co.

02/03/23

(16,631)

USD 695,106

NZD 1,107,103

State Street Bank and Trust Co.

02/03/23

(8,132)

USD 674,900

AUD 1,006,373

State Street Bank and Trust Co.

02/03/23

(11,218)

CHF 933,383

USD 1,005,259

State Street Bank and Trust Co.

02/03/23

7,855

EUR 279,677

USD 297,753

State Street Bank and Trust Co.

02/03/23

2,301

(25,651)

At December 31, 2022, the following futures contracts were outstanding for Voya Balanced Income Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note		290		03/31/23		$	59,472,656		$	(27,810)
U.S. Treasury 5-Year Note		311		03/31/23			33,566,133			(141,225)
U.S. Treasury Ultra 10-Year Note		22		03/22/23			2,602,187			(18,264)
						$	95,640,976		$	(187,299)
Short Contracts:
U.S. Treasury 10-Year Note		(280)		03/22/23			(31,443,125)			92,370
U.S. Treasury Long Bond		(56)		03/22/23			(7,019,250)			59,512
U.S. Treasury Ultra Long Bond		(23)		03/22/23			(3,089,188)			38,670
						$	(41,551,563)		$	190,552

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the following centrally cleared credit default swaps were outstanding for Voya Balanced Income Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 39, Version 1		Buy		(5.000)		12/20/27	USD 4,390,000		$	(25,567)		$	(78,303)
									$	(25,567)		$	(78,303)

Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection(1)

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
Prudential Financial Inc. 3.50%, due 05/15/2024		Buy		(1.000)		12/20/24	USD 1,140,000		$	(13,434)		$	16,854
									$	(13,434)		$	16,854

(1)

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

(2)

Payments made quarterly.

(3)

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

(4)

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

At December 31, 2022, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Income Portfolio:

Pay/Receive
Floating Rate

Floating
Rate
Index

Floating
Rate
Index
Payment
Frequency

Fixed
Rate

Fixed
Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight Financing Rate

Annual

3.393%

Annual

08/25/24

USD 16,000,000

(313,910)

Pay

1-day Secured Overnight Financing Rate

Annual

3.067

Annual

05/10/33

USD 1,289,236

(46,491)

Pay

1-day Secured Overnight Financing Rate

Annual

3.076

Annual

05/10/33

USD 920,882

(32,563)

Pay

1-day Secured Overnight Financing Rate

Annual

3.094

Annual

05/10/33

USD 1,105,000

(37,394)

Pay

1-day Secured Overnight Financing Rate

Annual

3.114

Annual

05/10/33

USD 829,000

(26,707)

Pay

1-day Secured Overnight Financing Rate

Annual

3.154

Annual

05/10/33

USD 1,105,000

(31,967)

Pay

1-day Secured Overnight Financing Rate

Annual

3.289

Annual

05/10/33

USD 2,026,476

(36,093)

Pay

1-day Secured Overnight Financing Rate

Annual

3.345

Annual

05/10/33

USD 1,188,000

(15,663)

Pay

1-day Secured Overnight Financing Rate

Annual

3.473

Annual

05/10/33

USD 1,842,013

(4,927)

Pay

1-day Secured Overnight Financing Rate

Annual

3.475

Annual

05/10/33

USD 1,841,995

(4,507)

Pay

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/10/33

USD 2,762,992

(5,167)

Pay

1-day Secured Overnight Financing Rate

Annual

3.105

Annual

05/11/33

USD 1,842,000

(60,626)

Pay

1-day Secured Overnight Financing Rate

Annual

3.129

Annual

05/11/33

USD 920,994

(28,437)

Pay

1-day Secured Overnight Financing Rate

Annual

3.172

Annual

05/11/33

USD 920,994

(25,213)

Pay

1-day Secured Overnight Financing Rate

Annual

3.212

Annual

05/11/33

USD 1,105,000

(26,614)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

Pay/Receive
Floating Rate

Floating
Rate
Index

Floating
Rate
Index
Payment
Frequency

Fixed
Rate

Fixed
Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight Financing Rate

Annual

3.456

Annual

05/17/33

USD 1,400,000

(5,304)

Receive

1-day Secured Overnight Financing Rate

Annual

3.209%

Annual

05/10/33

USD 2,210,000

53,921

Receive

1-day Secured Overnight Financing Rate

Annual

3.226

Annual

05/10/33

USD 2,284,000

52,479

Receive

1-day Secured Overnight Financing Rate

Annual

3.269

Annual

05/10/33

USD 1,382,000

26,887

Receive

1-day Secured Overnight Financing Rate

Annual

3.297

Annual

05/10/33

USD 893,000

15,272

Receive

1-day Secured Overnight Financing Rate

Annual

3.372

Annual

05/10/33

USD 1,474,000

16,148

Receive

1-day Secured Overnight Financing Rate

Annual

3.443

Annual

05/17/33

USD 1,124,000

5,404

Receive

1-day Secured Overnight Financing Rate

Annual

3.465

Annual

05/17/33

USD 1,658,000

4,986

Receive

1-day Secured Overnight Financing Rate

Annual

3.515

Annual

05/17/33

USD 1,225,000

—

(526,486)

At December 31, 2022, the following OTC volatility swaps were outstanding for Voya Balanced Income Portfolio:

Pay/Receive Volatility(1)	Reference Entity	Volatility Strike Rate		Counterparty	Maturity Date	Currency		Notional Amount	Fair Value			Unrealized Appreciation (Depreciation)
Receive	USD vs. CNH Spot Exchange Rate		6.350%	Morgan Stanley Capital Services LLC	06/16/23		USD	3,341,000		$	5,060		$	5,060
										$	5,060		$	5,060

At December 31, 2022, the following OTC purchased foreign currency dual digital options were outstanding for Voya Balanced Income Portfolio:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount

Cost

Fair
Value

AUD/USD & USD/JPY Dual Digital

Barclays Bank PLC

05/30/23

0.60 & 125

USD 175,000

3,325

1,536

AUD/USD & USD/JPY Dual Digital

Goldman Sachs International

05/30/23

0.6375 & 131.5

USD 76,000

4,419

5,599

USD/CNH & USD/JPY Dual Digital

BNP Paribas

05/30/23

7.2 & 131.5

USD 66,000

4,554

2,763

12,298

9,898

At December 31, 2022, the following OTC purchased foreign currency options were outstanding for Voya Balanced Income Portfolio:

Description	Counterparty	Expiration Date	Exercise Price		Notional Amount	Cost			Fair Value
Call EUR vs. Put USD	BNP Paribas	03/16/23		1.080	USD 1,755,400		$	10,207		$	24,167
Call JPY vs. Put USD	BNP Paribas	02/27/25		107.500	USD 855,000			42,408			17,487
Call USD vs. Put CNH	Bank of America N.A.	02/07/23		7.500	USD 3,494,000			16,247			782
Call USD vs. Put CNH	Morgan Stanley Capital Services LLC	02/09/23		7.470	USD 6,600,000			33,416			1,902
Call USD vs. Put JPY	Bank of America N.A.	09/09/32		140.000	USD 1,118,300			19,906			9,146
Call USD vs. Put JPY	BNP Paribas	09/09/32		140.000	USD 1,118,300			21,337			9,146
Put USD vs. Call GBP	Morgan Stanley Capital Services LLC	01/19/23		1.095	USD 1,526,875			29,785			101
							$	173,306		$	62,731

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the following OTC written foreign currency options were outstanding for Voya Balanced Income Portfolio:

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount		Premiums Received			Fair Value
Call USD vs. Put GBP	Morgan Stanley Capital Services LLC		01/19/23		1.065		USD 1,526,875		$	20,111		$	(27)
Call USD vs. Put JPY	Bank of America N.A.		09/09/27		140.000		USD 1,118,300			31,670			(12,760)
Call USD vs. Put JPY	BNP Paribas		09/09/27		140.000		USD 1,118,300			30,641			(12,760)
Call USD vs. Put MXN	Bank of America N.A.		04/26/23		20.600		USD 1,527,000			47,474			(22,780)
Call USD vs. Put MXN	Morgan Stanley Capital Services LLC		04/26/23		20.600		USD 1,527,000			48,363			(22,780)
Put USD vs. Call MXN	Bank of America N.A.		04/26/23		20.000		USD 1,527,000			32,052			(42,922)
Put USD vs. Call MXN	Morgan Stanley Capital Services LLC		04/26/23		20.000		USD 1,527,000			30,952			(36,632)
									$	241,263		$	(150,661)

At December 31, 2022, the following OTC written interest rate swaptions were outstanding for Voya Balanced Income Portfolio:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest
Rate Swap(2)

Bank of America N.A.

Pay

3.880%

1-day
Secured Overnight
Financing Rate

05/09/23

USD 7,368,000

216,527

(318,794)

Call on 10-Year Interest
Rate Swap(2)

Barclays Bank PLC

Pay

3.790%

1-day
Secured Overnight
Financing Rate

05/10/23

USD 7,368,000

212,567

(282,726)

Call on 10-Year Interest
Rate Swap(2)

Deutsche Bank AG

Pay

3.820%

1-day
Secured Overnight
Financing Rate

05/09/23

USD 3,684,000

105,731

(146,961)

Call on 10-Year Interest
Rate Swap(2)

Goldman Sachs International

Pay

2.940%

1-day
Secured Overnight
Financing Rate

12/15/23

USD 1,842,000

68,891

(41,232)

Call on 10-Year Interest
Rate Swap(2)

JPMorgan Chase Bank N.A.

Pay

2.995%

1-day
Secured Overnight
Financing Rate

06/07/23

USD 3,684,000

112,915

(44,944)

Call on 10-Year Interest
Rate Swap(2)

Morgan Stanley Capital
Services LLC

Pay

3.815%

1-day
Secured Overnight
Financing Rate

05/09/23

USD 7,368,000

210,356

(291,896)

Put on 10-Year Interest
Rate Swap(3)

Bank of America N.A.

Receive

3.880%

1-day
Secured Overnight
Financing Rate

05/09/23

USD 7,368,000

216,527

(105,505)

Put on 10-Year Interest
Rate Swap(3)

Barclays Bank PLC

Receive

3.790%

1-day
Secured Overnight
Financing Rate

05/10/23

USD 7,368,000

212,567

(123,364)

Put on 10-Year Interest
Rate Swap(3)

Deutsche Bank AG

Receive

3.820%

1-day
Secured Overnight
Financing Rate

05/09/23

USD 3,684,000

105,731

(58,392)

Put on 10-Year Interest
Rate Swap(3)

Goldman Sachs International

Receive

2.940%

1-day
Secured Overnight
Financing Rate

12/15/23

USD 1,842,000

68,891

(111,446)

Put on 10-Year Interest
Rate Swap(3)

JPMorgan Chase Bank N.A.

Receive

2.995%

1-day
Secured Overnight
Financing Rate

06/07/23

USD 3,684,000

112,914

(194,436)

Put on 10-Year Interest
Rate Swap(3)

Morgan Stanley Capital
Services LLC

Receive

3.815%

1-day
Secured Overnight
Financing Rate

05/09/23

USD 7,368,000

210,356

(117,771)

Put on 2-Year Interest
Rate Swap(3)

JPMorgan Chase Bank N.A.

Receive

4.250%

1-day
Secured Overnight
Financing Rate

11/15/27

USD 8,725,000

85,723

(97,524)

1,939,696

(1,934,991)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the following OTC purchased forward premium swaptions were outstanding for Voya Balanced Income Portfolio:

Description

Counterparty

Exercise
Rate(4)

Pay/
Receive
Exercise
Rate

Floating
Rate Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(5)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year Interest
Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day
Secured Overnight
Financing Rate

06/14/27

USD 1,676,000

293,300

(1,583)

Call on 35-Year Interest
Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day
Secured Overnight
Financing Rate

06/03/27

USD 1,676,000

293,719

(1,755)

Put on 30-Year Interest
Rate Swap

Barclays Bank PLC

0.000%

Pay

1-day
Secured Overnight
Financing Rate

05/25/27

USD 4,989,400

898,092

(24,067)

1,485,111

(27,405)

At December 31, 2022, the following OTC written forward premium swaptions were outstanding for Voya Balanced Income Portfolio:

Description

Counterparty

Exercise
Rate(4)

Pay/
Receive
Exercise
Rate

Floating
Rate Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(5)

Unrealized
Appreciation/
(Depreciation)

Call on 1-Year Interest Rate Swap

Deutsche Bank AG

2.750%

Pay

1-day
Secured Overnight
Financing Rate

06/30/27

USD 21,591,100

(180,376)

12,797

Put on 1-Year Interest Rate Swap

Deutsche Bank AG

2.750%

Receive

1-day
Secured Overnight
Financing Rate

06/30/27

USD 21,591,100

(180,376)

(93,528)

(360,752)

(80,731)

(1)

Payments made at maturity date.

(2)

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

(3)

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

(4)

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

(5)

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

Currency Abbreviations

AUD	–	Australian Dollar
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
EUR	–	EU Euro
GBP	–	British Pound
JPY	–	Japanese Yen
MXN	–	Mexican Peso
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
SEK	–	Swedish Krona
USD	–	United States Dollar

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	72,629
Interest rate contracts	Unrealized appreciation on OTC forward premium swaptions			12,797
Foreign exchange contracts	Unrealized appreciation on OTC swap agreements			5,060
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			176,332
Interest rate contracts	Variation margin receivable on futures contracts**			190,552
Credit contracts	Variation margin receivable on centrally cleared swaps**			16,854
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			175,097
Total Asset Derivatives			$	649,321
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	201,983
Interest rate contracts	Unrealized depreciation on OTC forward premium swaptions			120,933
Interest rate contracts	Variation margin payable on futures contracts**			187,299
Credit contracts	Variation margin payable on centrally cleared swaps**			78,303
Interest rate contracts	Variation margin payable on centrally cleared swaps**			701,583
Foreign exchange contracts	Written options, at fair value			150,661
Interest rate contracts	Written options, at fair value			1,934,991
Total Liability Derivatives			$	3,375,753

Includes purchased options.

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	240,071		$	—		$	240,071
Equity contracts			—			—			439			—			—			439
Foreign exchange contracts			(83,505)			(488,765)			—			38,298			425,053			(108,919)
Interest rate contracts			138,671			—			(4,100,670)			(1,013,345)			973,217			(4,002,127)
Total		$	55,166		$	(488,765)		$	(4,100,231)		$	(734,976)		$	1,398,270		$	(3,870,536)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(68,430)		$	—		$	(68,430)
Equity contracts			—			—			—			—			—			—
Foreign exchange contracts			(112,975)			5,005			—			21,570			90,602			4,202
Interest rate contracts			(27,405)			—			43,296			(524,691)			(145,809)			(654,609)
Total		$	(140,380)		$	5,005		$	43,296		$	(571,551)		$	(55,207)		$	(718,837)

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2022:

	Barclays Bank PLC			Bank of America N.A.			BNP Paribas			Brown Brothers Harriman			Citibank N.A.			Deutsche Bank AG			Goldman Sachs & Co.			Goldman Sachs International			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			State Street Bank and Trust Co.			Totals
Assets:
Purchased options		$	1,536		$	9,928		$	53,563		$	—		$	—		$	—		$	—		$	5,599		$	—		$	2,003		$	—		$	—		$	72,629
Forward foreign currency contracts			—			14,577			862			—			3,727			—			—			14,333			—			37,257			686			104,890			176,332
Forward premium swaptions			—			—			—			—			—			12,797			—			—			—			—			—			—			12,797
Volatility Swaps			—			—			—			—			—			—			—			—			—			5,060			—			—			5,060
Total Assets		$	1,536		$	24,505		$	54,425		$	—		$	3,727		$	12,797		$	—		$	19,932		$	—		$	44,320		$	686		$	104,890		$	266,818
Liabilities:
Forward foreign currency contracts		$	—		$	3,596		$	35,950		$	—		$	23,457		$	—		$	—		$	—		$	—		$	56,814		$	2,584		$	79,582		$	201,983
Forward premium swaptions			27,405			—			—			—			—			93,528			—			—			—			—			—			—			120,933
Written options			406,090			502,761			12,760			—			—			205,353						152,678			336,904			469,106			—			—			2,085,652
Total Liabilities		$	433,495		$	506,357		$	48,710		$	—		$	23,457		$	298,881		$	—		$	152,678		$	336,904		$	525,920		$	2,584		$	79,582		$	2,408,568
Net OTC derivative instruments by counterparty, at fair value		$	(431,959)		$	(481,852)		$	5,715		$	—		$	(19,730)		$	(286,084)		$	—		$	(132,746)		$	(336,904)		$	(481,600)		$	(1,898)		$	25,308			(2,141,750)
Total collateral pledged by the Portfolio/(Received from counterparty)(2)		$	431,959		$	480,000		$	—		$	—		$	—		$	286,084		$	—		$	—		$	—		$	481,600		$	—		$	—		$	1,679,643
Net Exposure(1)		$	—		$	(1,852)		$	5,715		$	—		$	(19,730)		$	—		$	—		$	(132,746)		$	(336,904)		$	—		$	(1,898)		$	25,308		$	(462,107)

(1)

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

(2)

At December 31, 2022, the Portfolio had pledged $530,000, $650,000 and $550,000 in cash collateral to Barclays Bank PLC, Deutsche Bank AG and Morgan Stanley Capital Services LLC, respectively. Excess cash collateral is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $243,257,397.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	10,811,093
Gross Unrealized Depreciation		(33,347,566)
Net Unrealized Depreciation	$	(22,536,473)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 95.1%
	Basic Materials: 5.9%
350,000 (1)	ASP Unifrax Holdings, Inc., 5.250%, 09/30/2028		$	282,097		0.1
750,000 (1)(2)	ASP Unifrax Holdings, Inc., 7.500%, 09/30/2029			477,000		0.1
1,125,000 (1)(2)	Cleveland-Cliffs, Inc., 4.625%, 03/01/2029			1,000,063		0.2
575,000 (1)(2)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031			508,551		0.1
1,175,000 (1)(2)	Coeur Mining, Inc., 5.125%, 02/15/2029			918,529		0.2
1,225,000 (1)	Consolidated Energy Finance S.A., 5.625%, 10/15/2028			1,042,446		0.3
1,150,000 (1)	Constellium SE, 5.625%, 06/15/2028			1,064,693		0.3
1,100,000 (1)	First Quantum Minerals Ltd., 6.875%, 10/15/2027			1,034,312		0.3
2,175,000 (1)	HudBay Minerals, Inc., 4.500%, 04/01/2026			1,978,292		0.5
1,225,000 (1)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028			1,027,593		0.2
1,300,000 (1)	INEOS Quattro Finance 2 Plc, 3.375%, 01/15/2026			1,195,993		0.3
1,600,000 (1)(3)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026			1,376,000		0.3
1,475,000 (1)	LSF11 A5 Holdco LLC, 6.625%, 10/15/2029			1,220,432		0.3
1,700,000 (1)	Mativ, Inc., 6.875%, 10/01/2026			1,504,279		0.4
1,475,000 (1)	Novelis Corp., 3.875%, 08/15/2031			1,206,170		0.3
400,000 (1)	Novelis Corp., 4.750%, 01/30/2030			355,528		0.1
1,225,000 (1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030			1,063,104		0.3
800,000 (2)	Olin Corp., 5.000%, 02/01/2030			731,420		0.2
825,000	Olin Corp., 5.125%, 09/15/2027			781,044		0.2
1,400,000 (1)	Olympus Water US Holding Corp., 6.250%, 10/01/2029			1,064,709		0.3
285,000 (1)	Olympus Water US Holding Corp., 7.125%, 10/01/2027			273,257		0.1
1,475,000 (1)	Taseko Mines Ltd., 7.000%, 02/15/2026			1,298,869		0.3
1,250,000 (1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029			811,275		0.2
1,400,000 (1)	Tronox, Inc., 4.625%, 03/15/2029			1,166,375		0.3
				23,382,031		5.9

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: 14.0%
1,200,000 (1)	Acuris Finance Us, Inc. / Acuris Finance SARL, 5.000%, 05/01/2028		$	963,522		0.2
1,800,000 (1)(2)	Altice France Holding SA, 6.000%, 02/15/2028			1,066,395		0.3
1,700,000 (1)	Altice France SA/France, 5.500%, 10/15/2029			1,299,335		0.3
700,000 (1)	Altice France SA/France, 8.125%, 02/01/2027			639,058		0.2
265,000	AMC Networks, Inc., 4.250%, 02/15/2029			165,510		0.0
1,650,000 (1)	Audacy Capital Corp., 6.500%, 05/01/2027			313,044		0.1
1,600,000 (1)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026			966,000		0.2
1,550,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034			1,147,000		0.3
2,075,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032			1,655,694		0.4
1,150,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028			1,046,724		0.3
1,825,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027			1,705,043		0.4
925,000 (1)	Clear Channel Outdoor Holdings, Inc., 7.500%, 06/01/2029			680,934		0.2
825,000 (1)	Clear Channel Outdoor Holdings, Inc., 7.750%, 04/15/2028			603,326		0.2
575,000 (1)	CommScope Tech Finance LLC, 6.000%, 06/15/2025			524,434		0.1
325,000 (1)	CommScope Technologies LLC, 5.000%, 03/15/2027			221,254		0.1
675,000 (1)	CommScope, Inc., 4.750%, 09/01/2029			545,451		0.1
1,200,000 (1)	CommScope, Inc., 7.125%, 07/01/2028			859,793		0.2
1,725,000 (1)	Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026			1,602,214		0.4
1,875,000 (1)	CSC Holdings LLC, 4.625%, 12/01/2030			1,040,323		0.3
675,000 (2)	CSC Holdings LLC, 5.250%, 06/01/2024			629,437		0.2
2,825,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030			1,599,501		0.4
450,000 (1)	CSC Holdings LLC, 7.500%, 04/01/2028			306,990		0.1
1,200,000 (1)	Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027			1,075,872		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,700,000	DISH DBS Corp., 5.125%, 06/01/2029		$	1,099,874		0.3
500,000 (1)	DISH DBS Corp., 5.250%, 12/01/2026			422,105		0.1
775,000 (1)	DISH DBS Corp., 5.750%, 12/01/2028			620,000		0.2
860,000	DISH DBS Corp., 7.375%, 07/01/2028			609,847		0.2
1,150,000	Embarq Corp., 7.995%, 06/01/2036			537,286		0.1
1,400,000 (1)	GCI LLC, 4.750%, 10/15/2028			1,178,402		0.3
1,625,000 (1)	Gray Escrow II, Inc., 5.375%, 11/15/2031			1,173,957		0.3
500,000 (1)	iHeartCommunications, Inc., 5.250%, 08/15/2027			424,332		0.1
1,200,000 (1)	ION Trading Technologies Sarl, 5.750%, 05/15/2028			1,005,540		0.3
900,000 (1)	LCPR Senior Secured Financing DAC, 5.125%, 07/15/2029			746,890		0.2
1,150,000 (1)	LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027			1,077,918		0.3
1,340,000 (1)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029			1,109,878		0.3
1,475,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026			945,919		0.2
825,000	Netflix, Inc., 5.875%, 11/15/2028			838,225		0.2
1,100,000	Northwestern Bell Telephone, 7.750%, 05/01/2030			1,042,361		0.3
950,000 (4)	Paramount Global, 6.250%, 02/28/2057			767,404		0.2
1,725,000 (1)	Radiate Holdco LLC / Radiate Finance, Inc., 6.500%, 09/15/2028			725,604		0.2
635,000 (1)	Sinclair Television Group, Inc., 4.125%, 12/01/2030			476,905		0.1
860,000 (1)(2)	Sinclair Television Group, Inc., 5.500%, 03/01/2030			602,744		0.1
2,650,000 (1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027			2,455,387		0.6
1,375,000 (1)(2)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026			792,344		0.2
2,325,000	Sprint Corp., 7.125%, 06/15/2024			2,375,545		0.6
675,000	Sprint Corp., 7.625%, 03/01/2026			711,792		0.2
1,375,000 (1)	Stagwell Global LLC, 5.625%, 08/15/2029			1,136,376		0.3
725,000	Telecom Italia Capital SA, 6.000%, 09/30/2034			549,068		0.1
825,000	Telecom Italia Capital SA, 6.375%, 11/15/2033			676,195		0.2
550,000 (1)	Univision Communications, Inc., 4.500%, 05/01/2029			460,974		0.1
2,250,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027			2,175,604		0.5

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,100,000 (1)	Urban One, Inc., 7.375%, 02/01/2028		$	931,216		0.2
1,250,000 (1)	ViaSat, Inc., 5.625%, 09/15/2025			1,161,710		0.3
250,000 (1)	ViaSat, Inc., 5.625%, 04/15/2027			227,525		0.1
625,000 (1)	ViaSat, Inc., 6.500%, 07/15/2028			469,905		0.1
1,150,000 (1)	Viavi Solutions, Inc., 3.750%, 10/01/2029			968,414		0.2
2,100,000 (1)	Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028			1,838,849		0.5
1,200,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031			977,166		0.2
2,025,000 (1)	Zayo Group Holdings, Inc., 6.125%, 03/01/2028			1,152,688		0.3
				55,122,803		14.0
	Consumer, Cyclical: 23.3%
1,175,000 (1)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030			953,977		0.2
1,600,000 (1)	Academy Ltd., 6.000%, 11/15/2027			1,534,089		0.4
1,475,000 (1)	Adams Homes, Inc., 7.500%, 02/15/2025			1,258,651		0.3
1,575,000 (1)(2)	Adient Global Holdings Ltd., 4.875%, 08/15/2026			1,468,593		0.4
1,800,000 (1)	Affinity Gaming, 6.875%, 12/15/2027			1,528,360		0.4
400,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031			329,500		0.1
1,425,000 (1)	Allison Transmission, Inc., 5.875%, 06/01/2029			1,340,747		0.3
847,820	American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 03/22/2029			690,625		0.2
2,400,000 (1)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.750%, 04/20/2029			2,197,826		0.6
1,350,000 (1)	Arko Corp., 5.125%, 11/15/2029			1,061,775		0.3
810,000	Asbury Automotive Group, Inc., 4.500%, 03/01/2028			714,149		0.2
325,000 (1)	Asbury Automotive Group, Inc., 4.625%, 11/15/2029			274,241		0.1
775,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030			649,215		0.2
1,625,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			1,431,138		0.4
162,000 (1)	Bath & Body Works, Inc., 9.375%, 07/01/2025			173,249		0.0
300,000 (1)(3)	BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750%), 04/01/2027			185,748		0.0
1,150,000 (1)	Caesars Entertainment, Inc., 6.250%, 07/01/2025			1,119,761		0.3
1,375,000 (1)	Carnival Corp., 6.000%, 05/01/2029			918,853		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,500,000 (1)	Carnival Corp., 9.875%, 08/01/2027		$	1,419,982		0.4
1,325,000 (1)	CCM Merger, Inc., 6.375%, 05/01/2026			1,250,283		0.3
1,100,000 (1)	Century Communities, Inc., 3.875%, 08/15/2029			866,305		0.2
950,000 (1)	Cinemark USA, Inc., 8.750%, 05/01/2025			961,855		0.2
1,025,000 (1)	Crocs, Inc., 4.125%, 08/15/2031			836,631		0.2
1,450,000 (2)	Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/2028			1,294,856		0.3
375,000 (2)	Delta Air Lines 2020-1 Class A Pass Through Trust, 7.375%, 01/15/2026			383,764		0.1
1,675,000 (1)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/2030			1,354,196		0.3
1,150,000 (1)	Foot Locker, Inc., 4.000%, 10/01/2029			897,574		0.2
2,075,000 (2)	Ford Motor Co., 6.100%, 08/19/2032			1,919,961		0.5
1,800,000	Ford Motor Credit Co. LLC, 2.700%, 08/10/2026			1,565,370		0.4
2,650,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027			2,377,832		0.6
1,500,000	Ford Motor Credit Co. LLC, 4.542%, 08/01/2026			1,384,687		0.3
1,150,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029			1,043,970		0.3
850,000	Ford Motor Credit Co. LLC, 5.584%, 03/18/2024			840,692		0.2
1,400,000 (1)	Foundation Building Materials, Inc., 6.000%, 03/01/2029			1,054,513		0.3
1,250,000 (1)	Gap, Inc./The, 3.875%, 10/01/2031			873,856		0.2
800,000 (1)	Golden Entertainment, Inc., 7.625%, 04/15/2026			789,757		0.2
1,300,000 (2)	Goodyear Tire & Rubber Co/The, 5.250%, 07/15/2031			1,065,012		0.3
800,000 (1)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031			670,952		0.2
1,300,000 (1)	Installed Building Products, Inc., 5.750%, 02/01/2028			1,170,943		0.3
1,575,000 (1)	Interface, Inc., 5.500%, 12/01/2028			1,302,582		0.3
2,200,000 (1)	International Game Technology PLC, 5.250%, 01/15/2029			2,053,787		0.5
1,150,000 (1)	LBM Acquisition LLC, 6.250%, 01/15/2029			733,299		0.2
1,550,000 (1)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029			1,243,237		0.3
1,500,000 (1)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029			871,645		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
400,000	M/I Homes, Inc., 3.950%, 02/15/2030		$	323,485		0.1
1,125,000	M/I Homes, Inc., 4.950%, 02/01/2028			1,001,295		0.3
575,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034			401,218		0.1
325,000 (1)	Macy’s Retail Holdings LLC, 5.875%, 03/15/2030			282,490		0.1
975,000 (1)	Macy’s Retail Holdings LLC, 6.125%, 03/15/2032			820,950		0.2
850,000	Mattel, Inc., 5.450%, 11/01/2041			693,278		0.2
1,500,000 (1)	Melco Resorts Finance Ltd., 5.375%, 12/04/2029			1,206,135		0.3
1,075,000	Murphy Oil USA, Inc., 4.750%, 09/15/2029			985,565		0.2
275,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027			267,501		0.1
1,475,000 (1)	NCL Corp. Ltd., 7.750%, 02/15/2029			1,124,747		0.3
875,000 (1)	NCL Finance Ltd., 6.125%, 03/15/2028			647,037		0.2
1,000,000 (1)(2)	Penn Entertainment, Inc., 4.125%, 07/01/2029			791,304		0.2
900,000 (1)	Penn National Gaming, Inc., 5.625%, 01/15/2027			817,488		0.2
2,000,000 (1)	PetSmart, Inc. / PetSmart Finance Corp., 7.750%, 02/15/2029			1,882,135		0.5
1,550,000 (1)	Real Hero Merger Sub 2, Inc., 6.250%, 02/01/2029			1,064,540		0.3
3,175,000 (1)(2)	Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027			2,574,769		0.6
679,000 (1)	Royal Caribbean Cruises Ltd., 11.500%, 06/01/2025			729,721		0.2
725,000 (1)(2)	Royal Caribbean Cruises Ltd., 11.625%, 08/15/2027			729,321		0.2
425,000	Sands China Ltd., 5.625%, 08/08/2025			406,892		0.1
1,000,000	Sands China Ltd., 5.900%, 08/08/2028			937,663		0.2
1,475,000 (1)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030			1,247,850		0.3
1,025,000 (1)	Scientific Games International, Inc., 7.000%, 05/15/2028			979,598		0.2
600,000 (1)	Scientific Games International, Inc., 8.625%, 07/01/2025			613,153		0.2
1,300,000	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029			1,095,179		0.3
1,225,000 (1)	Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.500%, 11/28/2025			1,128,699		0.3
1,525,000 (1)(2)	Sonic Automotive, Inc., 4.625%, 11/15/2029			1,223,062		0.3
450,000 (1)	SRS Distribution, Inc., 6.000%, 12/01/2029			358,719		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,175,000 (1)	SRS Distribution, Inc., 6.125%, 07/01/2029		$	951,539		0.2
2,190,000 (1)(2)	Staples, Inc., 10.750%, 04/15/2027			1,580,479		0.4
1,775,000 (1)	Station Casinos LLC, 4.500%, 02/15/2028			1,545,904		0.4
1,375,000 (1)	STL Holding Co. LLC, 7.500%, 02/15/2026			1,218,869		0.3
1,300,000 (1)	Taylor Morrison Communities, Inc., 5.125%, 08/01/2030			1,128,412		0.3
1,325,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031			1,042,073		0.3
1,175,000 (1)	United Airlines 2015-1 Class AA Pass Through Trust, 4.625%, 04/15/2029			1,025,130		0.3
1,225,000 (2)	United Airlines Holdings, Inc., 4.875%, 01/15/2025			1,171,982		0.3
450,000 (1)	United Airlines, Inc., 4.375%, 04/15/2026			417,882		0.1
1,725,000 (1)(2)	Victoria’s Secret & Co., 4.625%, 07/15/2029			1,356,540		0.3
1,710,000 (1)	Viking Cruises Ltd., 5.875%, 09/15/2027			1,396,633		0.4
550,000 (1)	Viking Cruises Ltd., 13.000%, 05/15/2025			581,150		0.1
1,375,000 (1)	White Cap Buyer LLC, 6.875%, 10/15/2028			1,191,635		0.3
500,000 (1)(3)	White Cap Parent LLC, 8.250% (PIK Rate 9.000%, Cash Rate 8.250%), 03/15/2026			432,870		0.1
1,150,000 (1)	William Carter Co/The, 5.625%, 03/15/2027			1,105,080		0.3
550,000 (1)	Williams Scotsman International, Inc., 4.625%, 08/15/2028			497,255		0.1
1,450,000 (1)	Wolverine World Wide, Inc., 4.000%, 08/15/2029			1,100,594		0.3
1,800,000 (1)(2)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027			1,627,292		0.4
				91,763,151		23.3
	Consumer, Non-cyclical: 13.6%
147,448 (1)	1375209 BC Ltd., 9.000%, 01/30/2028			144,315		0.0
1,375,000 (1)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028			1,306,387		0.3
1,350,000 (1)	ACCO Brands Corp., 4.250%, 03/15/2029			1,115,505		0.3
1,745,000 (1)	ADT Security Corp./The, 4.125%, 08/01/2029			1,486,402		0.4
1,125,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029			946,339		0.2
475,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030			424,762		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,200,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028		$	1,142,880		0.3
400,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.000%, 06/01/2029			290,824		0.1
300,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026			275,118		0.1
1,125,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027			981,169		0.2
1,600,000 (1)	Alta Equipment Group, Inc., 5.625%, 04/15/2026			1,446,688		0.4
1,550,000 (1)	AMN Healthcare, Inc., 4.625%, 10/01/2027			1,431,874		0.4
775,000 (1)	APi Escrow Corp., 4.750%, 10/15/2029			675,781		0.2
520,000 (1)	APi Group DE, Inc., 4.125%, 07/15/2029			431,600		0.1
425,000 (1)	Bausch Health Cos, Inc., 4.875%, 06/01/2028			271,112		0.1
262,000 (1)	Bausch Health Cos, Inc., 11.000%, 09/30/2028			205,629		0.0
1,150,000 (1)	BellRing Brands, Inc., 7.000%, 03/15/2030			1,108,054		0.3
1,800,000 (1)	Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028			1,508,004		0.4
625,000 (1)	CHS/Community Health Systems, Inc., 4.750%, 02/15/2031			454,934		0.1
750,000 (1)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030			566,867		0.1
900,000 (1)	CHS/Community Health Systems, Inc., 5.625%, 03/15/2027			773,352		0.2
1,635,000 (1)	CoreLogic, Inc., 4.500%, 05/01/2028			1,256,489		0.3
1,450,000 (1)	CPI CG, Inc., 8.625%, 03/15/2026			1,431,712		0.4
475,000 (1)	DaVita, Inc., 3.750%, 02/15/2031			355,564		0.1
1,320,000 (1)	DaVita, Inc., 4.625%, 06/01/2030			1,064,635		0.3
1,550,000	Encompass Health Corp., 4.750%, 02/01/2030			1,363,608		0.3
1,025,000 (1)	Graham Holdings Co., 5.750%, 06/01/2026			1,008,687		0.3
1,450,000 (1)	Jazz Securities DAC, 4.375%, 01/15/2029			1,294,959		0.3
1,148,000 (1)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026			1,131,526		0.3
1,135,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029			916,791		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,500,000 (1)(2)	Medline Borrower L.P., 5.250%, 10/01/2029		$	1,194,082		0.3
1,050,000 (1)(2)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028			700,573		0.2
1,475,000 (1)	NESCO Holdings II, Inc., 5.500%, 04/15/2029			1,292,542		0.3
850,000	New Albertsons L.P., 7.450%, 08/01/2029			866,061		0.2
1,975,000 (1)	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031			1,713,580		0.4
1,200,000 (1)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029			781,188		0.2
1,019,000 (1)	Picasso Finance Sub, Inc., 6.125%, 06/15/2025			1,010,389		0.3
800,000 (1)	Pilgrim’s Pride Corp., 4.250%, 04/15/2031			681,600		0.2
775,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030			670,239		0.2
1,550,000 (1)(2)	Post Holdings, Inc., 5.625%, 01/15/2028			1,461,348		0.4
1,675,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029			1,448,492		0.4
1,250,000 (1)	Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029			1,019,078		0.3
600,000 (1)	Spectrum Brands, Inc., 3.875%, 03/15/2031			467,421		0.1
700,000 (1)	Spectrum Brands, Inc., 5.500%, 07/15/2030			618,915		0.2
1,090,000 (1)	Teleflex, Inc., 4.250%, 06/01/2028			996,947		0.2
675,000 (1)	Tenet Healthcare Corp., 4.250%, 06/01/2029			585,998		0.1
375,000 (1)	Tenet Healthcare Corp., 5.125%, 11/01/2027			349,601		0.1
1,900,000 (1)(2)	Tenet Healthcare Corp., 6.125%, 10/01/2028			1,705,117		0.4
1,430,000 (1)	Tenet Healthcare Corp., 6.125%, 06/15/2030			1,365,014		0.3
1,400,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 05/09/2027			1,267,210		0.3
1,350,000 (1)	Triton Water Holdings, Inc., 6.250%, 04/01/2029			1,084,644		0.3
1,450,000 (1)	United Natural Foods, Inc., 6.750%, 10/15/2028			1,395,523		0.3
385,000 (2)	United Rentals North America, Inc., 3.750%, 01/15/2032			314,595		0.1
825,000	United Rentals North America, Inc., 4.875%, 01/15/2028			783,630		0.2
275,000	United Rentals North America, Inc., 5.250%, 01/15/2030			258,873		0.1
1,015,000 (1)	United Rentals North America, Inc., 6.000%, 12/15/2029			1,010,610		0.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
750,000	Universal Health Services, Inc., 2.650%, 10/15/2030		$	598,642		0.1
1,100,000 (1)	Varex Imaging Corp., 7.875%, 10/15/2027			1,094,874		0.3
				53,548,353		13.6
	Energy: 16.1%
1,625,000 (1)	Aethon United BR L.P. / Aethon United Finance Corp., 8.250%, 02/15/2026			1,613,789		0.4
850,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029			778,251		0.2
1,075,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027			1,018,108		0.3
1,250,000 (1)	Antero Resources Corp., 5.375%, 03/01/2030			1,160,575		0.3
190,000 (1)	Antero Resources Corp., 7.625%, 02/01/2029			191,302		0.1
950,000	Apache Corp., 5.100%, 09/01/2040			789,419		0.2
745,000	Apache Corp., 5.250%, 02/01/2042			613,432		0.2
1,400,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028			1,283,292		0.3
500,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027			478,122		0.1
1,475,000 (1)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029			1,317,072		0.3
1,400,000 (1)	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/2028			1,244,046		0.3
1,150,000 (1)(2)	Baytex Energy Corp., 8.750%, 04/01/2027			1,171,994		0.3
1,700,000 (1)	Chesapeake Energy Corp., 6.750%, 04/15/2029			1,657,415		0.4
1,300,000 (1)	Chord Energy Corp., 6.375%, 06/01/2026			1,267,916		0.3
1,175,000 (1)	CNX Midstream Partners LP, 4.750%, 04/15/2030			965,809		0.2
1,475,000 (1)	Colgate Energy Partners III LLC, 5.875%, 07/01/2029			1,268,737		0.3
1,625,000 (1)	Comstock Resources, Inc., 5.875%, 01/15/2030			1,399,125		0.4
1,825,000 (1)	Crescent Energy Finance LLC, 7.250%, 05/01/2026			1,722,097		0.4
1,825,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029			1,677,094		0.4
475,000	DCP Midstream Operating L.P., 5.375%, 07/15/2025			471,357		0.1
915,000	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025			885,391		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
950,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028		$	858,154		0.2
625,000 (1)	DT Midstream, Inc., 4.125%, 06/15/2029			538,147		0.1
1,100,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031			924,275		0.2
1,375,000 (1)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027			1,317,112		0.3
1,450,000 (1)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028			1,327,163		0.3
625,000 (1)	Enerflex Ltd., 9.000%, 10/15/2027			624,106		0.2
2,250,000	EnLink Midstream LLC, 5.375%, 06/01/2029			2,085,656		0.5
1,350,000 (1)	Enviva Partners L.P. / Enviva Partners Finance Corp., 6.500%, 01/15/2026			1,273,617		0.3
500,000	EQM Midstream Partners L.P., 5.500%, 07/15/2028			447,976		0.1
212,000 (1)	EQM Midstream Partners L.P., 6.000%, 07/01/2025			204,944		0.1
925,000 (1)	Hess Midstream Operations L.P., 4.250%, 02/15/2030			792,051		0.2
850,000 (1)	Hess Midstream Operations L.P., 5.125%, 06/15/2028			787,497		0.2
400,000 (1)	Hess Midstream Operations L.P., 5.500%, 10/15/2030			366,482		0.1
700,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029			624,058		0.2
725,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030			653,406		0.2
900,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031			779,678		0.2
1,575,000 (1)	Howard Midstream Energy Partners LLC, 6.750%, 01/15/2027			1,511,679		0.4
1,755,000 (1)	Kinetik Holdings L.P., 5.875%, 06/15/2030			1,648,178		0.4
1,850,000 (1)	Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026			1,670,846		0.4
775,000	Murphy Oil Corp., 5.875%, 12/01/2027			747,108		0.2
1,325,000	Murphy Oil Corp., 6.375%, 07/15/2028			1,277,273		0.3
1,240,000 (1)	Nabors Industries Ltd., 7.500%, 01/15/2028			1,136,430		0.3
590,000	Nabors Industries, Inc., 5.100%, 09/15/2023			581,002		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
500,000 (1)	Nabors Industries, Inc., 7.375%, 05/15/2027		$	484,925		0.1
725,000	Occidental Petroleum Corp., 4.625%, 06/15/2045			586,907		0.2
1,825,000	Occidental Petroleum Corp., 5.500%, 12/01/2025			1,821,350		0.5
2,500,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			2,589,088		0.7
1,150,000	Occidental Petroleum Corp., 8.500%, 07/15/2027			1,240,305		0.3
2,525,000	Southwestern Energy Co., 5.375%, 02/01/2029			2,344,475		0.6
1,400,000 (1)	SunCoke Energy, Inc., 4.875%, 06/30/2029			1,203,563		0.3
480,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029			420,550		0.1
1,225,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030			1,065,015		0.3
650,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028			577,473		0.2
825,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 7.500%, 10/01/2025			833,724		0.2
1,115,625 (1)	Transocean Poseidon Ltd., 6.875%, 02/01/2027			1,087,400		0.3
850,000 (1)	Transocean, Inc., 7.500%, 01/15/2026			716,907		0.2
1,825,000 (1)(2)	Weatherford International Ltd., 8.625%, 04/30/2030			1,755,820		0.4
1,800,000	Western Midstream Operating L.P., 5.450%, 04/01/2044			1,498,491		0.4
				63,377,174		16.1
	Financial: 7.8%
1,400,000	Ally Financial, Inc., 5.750%, 11/20/2025			1,357,721		0.3
1,150,000 (1)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029			951,577		0.2
1,500,000 (1)	BroadStreet Partners, Inc., 5.875%, 04/15/2029			1,278,572		0.3
1,250,000 (1)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030			1,118,115		0.3
1,550,000 (1)	Cushman & Wakefield US Borrower LLC, 6.750%, 05/15/2028			1,481,994		0.4
545,000 (1)	Freedom Mortgage Corp., 6.625%, 01/15/2027			424,828		0.1
675,000 (1)	Freedom Mortgage Corp., 7.625%, 05/01/2026			564,101		0.1
1,075,000 (1)	Freedom Mortgage Corp., 8.250%, 04/15/2025			968,636		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,525,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029		$	1,233,466		0.3
1,500,000 (1)	LPL Holdings, Inc., 4.000%, 03/15/2029			1,307,175		0.3
650,000 (1)	Midcap Financial Issuer Trust, 5.625%, 01/15/2030			527,260		0.1
1,100,000 (1)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028			947,611		0.2
1,070,000 (2)	MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029			817,892		0.2
1,125,000 (2)	MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027			948,105		0.2
1,525,000 (1)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030			1,179,866		0.3
1,675,000	Navient Corp., 4.875%, 03/15/2028			1,379,928		0.4
900,000	Navient Corp., 5.000%, 03/15/2027			789,447		0.2
325,000	Navient Corp., 7.250%, 09/25/2023			325,749		0.1
575,000 (2)	OneMain Finance Corp., 4.000%, 09/15/2030			429,781		0.1
2,100,000	OneMain Finance Corp., 5.375%, 11/15/2029			1,721,077		0.4
1,675,000 (1)	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/01/2028			1,521,061		0.4
1,325,000 (1)	PRA Group, Inc., 5.000%, 10/01/2029			1,095,073		0.3
325,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 04/15/2030			237,513		0.1
1,550,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029			1,174,419		0.3
1,225,000 (1)	RLJ Lodging Trust L.P., 4.000%, 09/15/2029			994,835		0.3
1,900,000 (1)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027			1,638,391		0.4
625,000 (1)	Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030			396,299		0.1
1,000,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029			664,370		0.2
1,100,000 (1)	VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027			1,000,312		0.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,350,000 (1)(2)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 02/01/2030		$	1,084,219		0.3
1,315,000 (1)	XHR L.P., 4.875%, 06/01/2029			1,078,861		0.3
				30,638,254		7.8
	Industrial: 10.3%
1,750,000 (1)(3)	ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027			1,219,947		0.3
700,000	Ball Corp., 3.125%, 09/15/2031			563,101		0.1
615,000	Ball Corp., 6.875%, 03/15/2028			632,509		0.2
750,000 (1)(2)	Bombardier, Inc., 7.875%, 04/15/2027			729,027		0.2
1,575,000 (1)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026			1,437,811		0.4
1,150,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030			1,020,865		0.3
1,750,000 (1)	Cargo Aircraft Management, Inc., 4.750%, 02/01/2028			1,591,030		0.4
1,830,000 (1)	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028			1,606,444		0.4
1,395,000 (1)	Chart Industries, Inc., 7.500%, 01/01/2030			1,404,123		0.4
370,000 (1)	Chart Industries, Inc., 9.500%, 01/01/2031			379,922		0.1
1,625,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028			1,388,449		0.3
1,525,000 (1)	GFL Environmental, Inc., 4.000%, 08/01/2028			1,305,880		0.3
775,000 (1)	GFL Environmental, Inc., 4.375%, 08/15/2029			657,762		0.2
550,000 (1)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029			432,145		0.1
675,000 (1)	Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032			535,207		0.1
1,175,000 (1)	GrafTech Finance, Inc., 4.625%, 12/15/2028			966,664		0.2
1,350,000 (1)	Graham Packaging Co., Inc., 7.125%, 08/15/2028			1,128,563		0.3
1,275,000 (1)	Granite US Holdings Corp., 11.000%, 10/01/2027			1,345,393		0.3
200,000	Howmet Aerospace, Inc., 5.125%, 10/01/2024			198,208		0.0
1,050,000	Howmet Aerospace, Inc., 5.900%, 02/01/2027			1,045,810		0.3
1,600,000 (1)	Imola Merger Corp., 4.750%, 05/15/2029			1,391,406		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
750,000 (1)(3)	Intelligent Packaging Holdco Issuer LP, 9.000% (PIK Rate 9.750%, Cash Rate 9.000%), 01/15/2026		$	527,861		0.1
1,475,000 (1)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028			1,192,494		0.3
1,050,000 (1)	Koppers, Inc., 6.000%, 02/15/2025			999,159		0.3
1,625,000 (1)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028			1,506,724		0.4
1,350,000 (1)	PGT Innovations, Inc., 4.375%, 10/01/2029			1,131,999		0.3
1,075,000 (1)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029			930,896		0.2
400,000 (1)	Rolls-Royce PLC, 3.625%, 10/14/2025			370,000		0.1
1,300,000 (1)	Rolls-Royce PLC, 5.750%, 10/15/2027			1,240,369		0.3
1,750,000 (1)	Sealed Air Corp., 4.000%, 12/01/2027			1,590,500		0.4
450,000 (1)	Sensata Technologies BV, 5.000%, 10/01/2025			440,249		0.1
1,550,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031			1,277,471		0.3
1,500,000 (1)	Standard Industries, Inc./NJ, 3.375%, 01/15/2031			1,131,882		0.3
825,000 (1)	Standard Industries, Inc./NJ, 4.375%, 07/15/2030			674,033		0.2
1,300,000 (1)	Stevens Holding Co., Inc., 6.125%, 10/01/2026			1,305,486		0.3
1,025,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029			956,120		0.2
725,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027			711,726		0.2
900,000	TransDigm, Inc., 4.625%, 01/15/2029			792,922		0.2
825,000	TransDigm, Inc., 5.500%, 11/15/2027			776,391		0.2
1,125,000	TransDigm, Inc., 6.375%, 06/15/2026			1,096,217		0.3
1,250,000 (1)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028			1,052,551		0.3
				40,685,316		10.3
	Technology: 2.8%
950,000	CDW LLC / CDW Finance Corp., 3.276%, 12/01/2028			815,133		0.2
150,000	CDW LLC / CDW Finance Corp., 4.125%, 05/01/2025			145,920		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
1,500,000 (1)	Condor Merger Sub, Inc., 7.375%, 02/15/2030		$	1,208,724		0.3
1,150,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028			1,059,229		0.3
665,000 (1)	Entegris Escrow Corp., 6.950%, 06/15/2030			614,128		0.1
475,000 (1)(2)	Entegris, Inc., 3.625%, 05/01/2029			387,375		0.1
2,100,000 (1)	NCR Corp., 5.125%, 04/15/2029			1,760,027		0.4
575,000 (1)	Open Text Corp., 3.875%, 12/01/2029			463,239		0.1
700,000 (1)	Open Text Corp., 6.900%, 12/01/2027			700,910		0.2
1,150,000 (1)	Open Text Holdings, Inc., 4.125%, 02/15/2030			924,531		0.2
1,300,000 (1)	Playtika Holding Corp., 4.250%, 03/15/2029			1,022,125		0.3
1,425,000 (1)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028			623,404		0.2
540,000 (1)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025			373,069		0.1
1,375,000 (1)	Virtusa Corp., 7.125%, 12/15/2028			1,049,844		0.3
				11,147,658		2.8
	Utilities: 1.3%
245,000 (1)	Clearway Energy Operating LLC, 3.750%, 01/15/2032			197,312		0.1
1,150,000 (1)(2)	Clearway Energy Operating LLC, 4.750%, 03/15/2028			1,063,170		0.3
1,350,000 (1)	Drax Finco PLC, 6.625%, 11/01/2025			1,292,255		0.3
790,000	TransAlta Corp., 7.750%, 11/15/2029			807,875		0.2
550,000 (1)	Vistra Operations Co. LLC, 5.500%, 09/01/2026			530,776		0.1
1,125,000 (1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027			1,069,720		0.3
				4,961,108		1.3
	Total Corporate Bonds/Notes (Cost $430,556,311)			374,625,848		95.1
BANK LOANS: 0.5%
	Consumer, Cyclical: 0.2%
1,000,000	Hilton Worldwide Finance, LLC 2019 Term Loan B2, 5.766%, (US0001M + 1.750%), 06/22/2026			970,204		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
BANK LOANS: (continued)
	Electronics/Electrical: 0.3%
1,300,000	AP Core Holdings II, LLC High-Yield Term Loan B2, 9.884%, (US0001M + 5.500%), 09/01/2027		$	1,176,175		0.3
	Total Bank Loans (Cost $2,258,174)			2,146,379		0.5
CONVERTIBLE BONDS/NOTES: 0.1%
	Communications: 0.1%
350,000	DISH Network Corp., 3.375%, 08/15/2026			220,150		0.1

	Financial: 0.0%
499,200 (1)(5)	Lehman Brothers Holdings, Inc., 8.160%, 05/30/2009			1,550		0.0
	Total Convertible Bonds/Notes (Cost $797,904)			221,700		0.1

Shares		Value		Percentage of Net Assets
COMMON STOCK: 0.3%
	Consumer Discretionary: —%
1,476 (1)(6)(7)	Perseus Holding Corp.		—	—

	Consumer Staples: 0.3%
54,000 (6)	Southeastern Grocers, Inc.		1,147,500		0.3

	Energy: 0.0%
2 (7)	Amplify Energy Corp.		18		0.0
424,441 (6)(7)	Ascent Resources - Utica LLC		5,093		0.0
			5,111		0.0
	Health Care: 0.0%
26 (7)	Option Care Health, Inc.		782		0.0

	Information Technology: —%
1 (7)	Avaya Holdings Corp.		—	—
	Total Common Stock (Cost $391,080)		1,153,393		0.3
PREFERRED STOCK: —%
	Consumer Discretionary: —%
775 (1)(6)(7)	Perseus Holding Corp.		—	—
	Total Preferred Stock (Cost $—)		—	—
WARRANTS: —%
	Health Care: —%
126 (6)(7)	Option Care Health, Inc. - Class A		—	—
126 (6)(7)	Option Care Health, Inc. - Class B		—	—
	Total Warrants (Cost $—)		—	—

Shares		Value			Percentage of Net Assets
OTHER (8): —%
	Energy: —%
2,000 (6)(9)	Green Field Energy Services, Inc. (Escrow)		$	—	—
	Total Other (Cost $—)			—	—
	Total Long-Term Investments (Cost $434,003,469)			378,147,320		96.0

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 9.1%
	Commercial Paper: 2.2%
1,730,000	American Electric Power Co., Inc., 5.100%, 01/11/2023		1,727,347		0.4
1,400,000	Consolidated Edison Inc., 4.940%, 02/02/2023		1,393,773		0.4
1,200,000	Dominion Resources, Inc., 4.900%, 01/30/2023		1,195,190		0.3
1,400,000	Dominion Resources, Inc., 4.910%, 02/06/2023		1,393,065		0.3
275,000	Mondelez International, Inc., 5.550%, 01/03/2023		274,861		0.1
1,900,000	Waste Management, Inc., 5.120%, 01/10/2023		1,897,337		0.5
800,000	Waste Management, Inc., 5.550%, 02/13/2023		795,255		0.2
	Total Commercial Paper (Cost $8,678,816)		8,676,828		2.2

	Repurchase Agreements: 6.9%
6,350,000 (10)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $6,352,992, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $6,477,000, due 01/15/23-11/20/72)		6,350,000		1.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
6,033,274 (10)	Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $6,036,190, collateralized by various U.S. Government Securities, 0.125%-6.250%, Market Value plus accrued interest $6,156,955, due 04/15/23-11/15/52)		$	6,033,274		1.5
78,069 (10)	Deutsche Bank Securities Inc., Repurchase Agreement dated 12/30/22, 4.26%, due 01/03/23 (Repurchase Amount $78,105, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $79,630, due 01/10/23-06/29/23)			78,069		0.0
2,672,324 (10)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $2,673,583, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $2,727,073, due 03/01/23-11/20/72)			2,672,324		0.7
6,350,049 (10)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $6,353,069, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $6,477,050, due 01/03/23-09/09/49)			6,350,049		1.6
5,795,599 (10)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $5,798,355, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $5,911,539, due 01/15/24-02/15/51)			5,795,599		1.5

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
	Total Repurchase Agreements (Cost $27,279,315)		$	27,279,315		6.9
	Total Short-Term Investments (Cost $35,958,131)			35,956,143		9.1
	Total Investments in Securities (Cost $469,961,600)		$	414,103,463		105.1
	Liabilities in Excess of Other Assets			(19,994,664)		(5.1)
	Net Assets		$	394,108,799		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

(4)

Variable rate security. Rate shown is the rate in effect as of December 31, 2022.

(5)

Defaulted security.

(6)

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

(7)

Non-income producing security.

(8)

Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing.

(9)

Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2022, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(10)

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

Reference Rate Abbreviations:
US0001M 1-month LIBOR

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of December 31, 2022 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	—		$	—		$	—		$	—
Consumer Staples			—			—			1,147,500			1,147,500
Energy			18			—			5,093			5,111
Health Care			782			—			—			782
Information Technology			—			—			—			—
Total Common Stock			800			—			1,152,593			1,153,393
Preferred Stock			—			—			—			—
Warrants			—			—			—			—
Corporate Bonds/Notes			—			374,625,848			—			374,625,848
Convertible Bonds/Notes			—			221,700			—			221,700
Other			—			—			—			—
Bank Loans			—			2,146,379			—			2,146,379
Short-Term Investments			—			35,956,143			—			35,956,143
Total Investments, at fair value		$	800		$	412,950,070		$	1,152,593		$	414,103,463

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

At December 31, 2022, Voya High Yield Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Green Field Energy Services, Inc. (Escrow)

8/25/2019

—

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $470,245,998.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	2,085,223
Gross Unrealized Depreciation		(58,227,758)
Net Unrealized Depreciation	$	(56,142,535)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Growth Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.8%
	Communication Services: 5.9%
1,823,745 (1)	Alphabet, Inc. - Class A		$	160,909,021		4.4
437,863 (1)	Live Nation Entertainment, Inc.			30,536,566		0.8
267,576 (1)	Walt Disney Co.			23,247,003		0.7
				214,692,590		5.9
	Consumer Discretionary: 11.7%
1,698,244 (1)	Amazon.com, Inc.			142,652,496		3.9
39,913 (1)	Chipotle Mexican Grill, Inc.			55,378,888		1.5
124,725	Domino’s Pizza, Inc.			43,204,740		1.2
319,742 (1)	Etsy, Inc.			38,298,697		1.0
340,231 (1)	Expedia Group, Inc.			29,804,236		0.8
188,842 (1)	Lululemon Athletica, Inc.			60,501,200		1.7
297,915	Ross Stores, Inc.			34,578,994		0.9
210,563 (1)	Tesla, Inc.			25,937,150		0.7
				430,356,401		11.7
	Consumer Staples: 5.9%
448,931	Constellation Brands, Inc.			104,039,759		2.8
272,019	Estee Lauder Cos., Inc.			67,490,634		1.9
313,287	Walmart, Inc.			44,420,964		1.2
				215,951,357		5.9
	Energy: 1.9%
179,163	Cheniere Energy, Inc.			26,867,284		0.7
317,626	Diamondback Energy, Inc.			43,444,884		1.2
				70,312,168		1.9
	Financials: 2.5%
92,345	LPL Financial Holdings, Inc.			19,962,219		0.5
98,863	MSCI, Inc. - Class A			45,988,102		1.3
415,655	Tradeweb Markets, Inc.			26,988,479		0.7
				92,938,800		2.5
	Health Care: 15.2%
1,598,349 (1)	Boston Scientific Corp.			73,955,608		2.0
167,738	Danaher Corp.			44,521,020		1.2
706,693 (1)	DexCom, Inc.			80,025,915		2.2
401,925	Eli Lilly & Co.			147,040,242		4.0
124,704	Humana, Inc.			63,872,142		1.7
193,835 (1)	Intuitive Surgical, Inc.			51,434,117		1.4
114,103	UnitedHealth Group, Inc.			60,495,129		1.7
130,195 (1)	Vertex Pharmaceuticals, Inc.			37,597,712		1.0
				558,941,885		15.2
	Industrials: 8.0%
323,228	Booz Allen Hamilton Holding Corp.			33,783,790		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
298,788	Eaton Corp. PLC		$	46,894,777		1.3
412,613	Emerson Electric Co.			39,635,605		1.1
64,282	Old Dominion Freight Line			18,241,946		0.5
431,912	Quanta Services, Inc.			61,547,460		1.7
69,115	TransDigm Group, Inc.			43,518,260		1.2
53,358 (1)	United Rentals, Inc.			18,964,500		0.5
671,384 (1)	WillScot Mobile Mini Holdings Corp.			30,326,415		0.8
				292,912,753		8.0
	Information Technology: 43.8%
614,950 (1)	Advanced Micro Devices, Inc.			39,830,311		1.1
2,439,273	Apple, Inc.			316,934,741		8.6
340,567 (1)	Cadence Design Systems, Inc.			54,708,683		1.5
222,588 (1)	Crowdstrike Holdings, Inc.			23,436,291		0.7
365,524 (1)	Datadog, Inc.			26,866,014		0.7
185,415 (1)	Enphase Energy, Inc.			49,127,558		1.3
175,370 (1)	Gartner, Inc.			58,948,872		1.6
149,829	Intuit, Inc.			58,316,443		1.6
262,466 (1)	Keysight Technologies, Inc.			44,900,059		1.2
41,850	Lam Research Corp.			17,589,555		0.5
798,664	Marvell Technology, Inc.			29,582,515		0.8
1,825,302	Microsoft Corp.			437,743,926		11.9
173,244	Motorola Solutions, Inc.			44,646,711		1.2
590,159	Nvidia Corp.			86,245,836		2.4
376,801 (1)	Palo Alto Networks, Inc.			52,578,812		1.4
344,924	Paychex, Inc.			39,859,417		1.1
122,716 (1)	ServiceNow, Inc.			47,646,941		1.3
864,927	Visa, Inc. - Class A			179,697,234		4.9
				1,608,659,919		43.8
	Materials: 0.7%
210,303	FMC Corp.			26,245,814		0.7

	Real Estate: 2.0%
296,649	ProLogis, Inc.			33,441,242		0.9
142,989	SBA Communications Corp.			40,081,246		1.1
				73,522,488		2.0
	Utilities: 1.2%
499,205	NextEra Energy, Inc.			41,733,538		1.2
	Total Common Stock (Cost $4,081,102,289)			3,626,267,713		98.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Growth Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.3%
	Mutual Funds: 1.3%
48,273,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $48,273,000)		$	48,273,000		1.3
	Total Short-Term Investments
	(Cost $48,273,000)			48,273,000		1.3
	Total Investments in Securities (Cost $4,129,375,289)		$	3,674,540,713		100.1
	Liabilities in Excess of Other Assets			(2,930,758)		(0.1)
	Net Assets		$	3,671,609,955		100.0

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of December 31, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	3,626,267,713		$	—		$	—		$	3,626,267,713
Short-Term Investments			48,273,000			—			—			48,273,000
Total Investments, at fair value		$	3,674,540,713		$	—		$	—		$	3,674,540,713

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

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $4,138,141,304.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	206,144,806
Gross Unrealized Depreciation		(669,745,397)
Net Unrealized Depreciation	$	(463,600,591)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.6%
	Communication Services: 9.5%
71,942	Activision Blizzard, Inc.		$	5,507,160		1.1
1,162,059	AT&T, Inc.			21,393,506		4.3
251,108 (1)	Paramount Global - Class B			4,238,703		0.8
293,459 (2)	Pinterest, Inc.			7,125,184		1.4
108,645 (2)	Walt Disney Co.			9,439,078		1.9
				47,703,631		9.5
	Consumer Discretionary: 4.7%
67,538 (2)	Aptiv PLC			6,289,814		1.2
105,049 (2)	Caesars Entertainment, Inc.			4,370,038		0.9
57,883 (2)	Expedia Group, Inc.			5,070,551		1.0
75,500	Ralph Lauren Corp.			7,978,085		1.6
				23,708,488		4.7
	Consumer Staples: 7.6%
119,388	Coca-Cola Co.			7,594,271		1.5
277,850	Kraft Heinz Co.			11,311,273		2.3
189,066	Philip Morris International, Inc.			19,135,370		3.8
				38,040,914		7.6
	Energy: 7.9%
258,220	BP PLC ADR			9,019,624		1.8
29,925	Chevron Corp.			5,371,238		1.1
88,875	ConocoPhillips			10,487,250		2.1
49,320	Diamondback Energy, Inc.			6,745,990		1.3
62,402	Valero Energy Corp.			7,916,318		1.6
				39,540,420		7.9
	Financials: 20.7%
120,264	Apollo Global Management, Inc.			7,671,641		1.5
68,484	Arthur J. Gallagher & Co.			12,911,973		2.6
254,122	Bank of New York Mellon Corp.			11,567,634		2.3
308,550	Equitable Holdings, Inc.			8,855,385		1.8
20,282	Everest Re Group Ltd.			6,718,818		1.4
30,924	Goldman Sachs Group, Inc.			10,618,683		2.1
184,153	JPMorgan Chase & Co.			24,694,917		4.9
111,487	Nasdaq, Inc.			6,839,728		1.4
315,347	Truist Financial Corp.			13,569,381		2.7
				103,448,160		20.7
	Health Care: 16.4%
114,158	Alcon, Inc.			7,825,531		1.6
225,139 (2)	Boston Scientific Corp.			10,417,182		2.1
205,632	Bristol-Myers Squibb Co.			14,795,222		2.9
15,228	Eli Lilly & Co.			5,571,011		1.1
19,294	Humana, Inc.			9,882,194		2.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
21,573	McKesson Corp.		$	8,092,464		1.6
43,679	Quest Diagnostics, Inc.			6,833,143		1.4
22,356	Thermo Fisher Scientific, Inc.			12,311,226		2.5
21,263 (2)	Vertex Pharmaceuticals, Inc.			6,140,329		1.2
				81,868,302		16.4
	Industrials: 9.3%
66,743	Booz Allen Hamilton Holding Corp.			6,975,978		1.4
94,095	Emerson Electric Co.			9,038,766		1.8
321,037	Howmet Aerospace, Inc.			12,652,068		2.5
200,687	nVent Electric PLC			7,720,429		1.5
11,371 (2)	Saia, Inc.			2,384,271		0.5
21,990 (2)	United Rentals, Inc.			7,815,686		1.6
				46,587,198		9.3
	Information Technology: 8.9%
32,221	Analog Devices, Inc.			5,285,211		1.1
15,618	Broadcom, Inc.			8,732,492		1.7
3,360	Constellation Software, Inc./Canada			5,245,868		1.0
110,290	Dolby Laboratories, Inc.			7,779,857		1.5
21,836	Motorola Solutions, Inc.			5,627,356		1.1
81,693 (2)	PayPal Holdings, Inc.			5,818,175		1.2
14,557	Roper Technologies, Inc.			6,289,934		1.3
				44,778,893		8.9
	Materials: 4.9%
20,771	Air Products & Chemicals, Inc.			6,402,868		1.3
88,365	Alcoa Corp.			4,017,957		0.8
45,625	CF Industries Holdings, Inc.			3,887,250		0.8
75,250	Eastman Chemical Co.			6,128,360		1.2
20,538	Reliance Steel & Aluminum Co.			4,157,713		0.8
				24,594,148		4.9
	Real Estate: 4.2%
80,755	ProLogis, Inc.			9,103,511		1.8
41,865	Ryman Hospitality Properties			3,423,720		0.7
128,256	Welltower, Inc.			8,407,181		1.7
				20,934,412		4.2
	Utilities: 5.5%
47,304	Ameren Corp.			4,206,272		0.9
49,705	Entergy Corp.			5,591,812		1.1
103,450	NextEra Energy, Inc.			8,648,420		1.7
440,822 (2)(3)	PRIME AET&D Holdings NO 1			—		—

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
144,575	Public Service Enterprise Group, Inc.		$	8,858,110		1.8
				27,304,614		5.5
	Total Common Stock (Cost $474,306,912)			498,509,180		99.6
OTHER (4): — %
	Energy: —%
1,685,000 (3)(5)	Samson Investment Co. (Escrow)			—		—
	Total Other (Cost $30,842)			—		—

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: — %
	Financial: —%
1,216,000 (3)(6)	Tropicana Entertainment LLC / Tropicana Finance Corp., 9.625%, 12/15/2014		—		—
	Total Corporate Bonds/ Notes (Cost $787,908)		—		—
	Total Long-Term Investments (Cost $475,125,662)		498,509,180		99.6
SHORT-TERM INVESTMENTS: 1.2%
	Repurchase Agreements: 0.8%
1,000,353 (7)	Bank of America Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,824, collateralized by various U.S. Government Agency Obligations, 1.500%-6.500%, Market Value plus accrued interest $1,020,360, due 05/01/37-05/01/58)		1,000,353		0.2
296,065 (7)	Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $296,203, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $301,986, due 04/11/23-10/31/29)		296,065		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,353 (7)	Daiwa Capital Markets, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,824, collateralized by various U.S. Government Agency Obligations, 1.500%-6.000%, Market Value plus accrued interest $1,020,360, due 08/01/23-01/01/53)		$	1,000,353		0.2
1,000,353 (7)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $1,000,829, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $1,020,360, due 01/03/23-09/09/49)			1,000,353		0.2
1,000,353 (7)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,824, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,020,360, due 09/01/24-10/20/52)			1,000,353		0.2
	Total Repurchase Agreements (Cost $4,297,477)			4,297,477		0.8

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.2%
	Mutual Funds: 0.4%
1,844,000 (8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $1,844,000)		$	1,844,000		0.4
	Total Short-Term Investments (Cost $6,141,477)			6,141,477		1.2
	Total Investments in Securities (Cost $481,267,139)		$	504,650,657		100.8
	Liabilities in Excess of Other Assets			(3,853,472)		(0.8)
	Net Assets		$	500,797,185		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

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

(2)

Non-income producing security.

(3)

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

(4)

(5)

(6)

Defaulted security.

(7)

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

(8)

Rate shown is the 7-day yield as of December 31, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	47,703,631		$	—		$	—		$	47,703,631
Consumer Discretionary			23,708,488			—			—			23,708,488
Consumer Staples			38,040,914			—			—			38,040,914
Energy			39,540,420			—			—			39,540,420
Financials			103,448,160			—			—			103,448,160
Health Care			81,868,302			—			—			81,868,302
Industrials			46,587,198			—			—			46,587,198
Information Technology			44,778,893			—			—			44,778,893
Materials			24,594,148			—			—			24,594,148
Real Estate			20,934,412			—			—			20,934,412
Utilities			27,304,614			—			—			27,304,614
Total Common Stock			498,509,180			—			—			498,509,180
Corporate Bonds/Notes			—			—			—			—
Other			—			—			—			—
Short-Term Investments			1,844,000			4,297,477			—			6,141,477
Total Investments, at fair value		$	500,353,180		$	4,297,477		$	—		$	504,650,657

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

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, Voya Large Cap Value Portfolio held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
Samson Investment Co. (Escrow)		6/28/2017		$	30,842		$	—
				$	30,842		$	—

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $483,810,410.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	46,953,901
Gross Unrealized Depreciation		(25,981,256)
Net Unrealized Appreciation	$	20,972,645

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 34.0%
	Basic Materials: 0.5%
288,000 (1)	Albemarle Corp., 4.650%, 06/01/2027		$	281,312		0.1
475,000	Ecolab, Inc., 1.650%, 02/01/2027			421,155		0.1
407,000	Ecolab, Inc., 2.700%, 11/01/2026			378,257		0.1
500,000 (2)	Georgia-Pacific LLC, 1.750%, 09/30/2025			457,192		0.1
280,000	Nucor Corp., 2.000%, 06/01/2025			260,829		0.1
				1,798,745		0.5
	Communications: 1.6%
560,000 (1)	Alibaba Group Holding Ltd., 2.800%, 06/06/2023			553,681		0.1
721,000	Amazon.com, Inc., 3.000%, 04/13/2025			696,360		0.2
375,000	Amazon.com, Inc., 4.550%, 12/01/2027			374,437		0.1
370,000	AT&T, Inc., 1.700%, 03/25/2026			333,871		0.1
472,000	Bell Telephone Co. of Canada or Bell Canada/ The, 0.750%, 03/17/2024			447,594		0.1
213,000	British Telecommunications PLC, 4.500%, 12/04/2023			211,242		0.0
326,000 (1)	Comcast Corp., 5.250%, 11/07/2025			330,633		0.1
399,000	Fox Corp., 4.030%, 01/25/2024			394,541		0.1
447,000	Meta Platforms, Inc., 3.500%, 08/15/2027			417,359		0.1
36,000	Motorola Solutions, Inc., 4.000%, 09/01/2024			35,361		0.0
653,000 (2)	NTT Finance Corp., 0.583%, 03/01/2024			619,309		0.2
368,000 (2)	NTT Finance Corp., 4.142%, 07/26/2024			362,389		0.1
460,000 (2)	Sky Ltd., 3.750%, 09/16/2024			449,321		0.1
194,000	T-Mobile USA, Inc., 2.250%, 02/15/2026			176,833		0.0
271,000	Verizon Communications, Inc., 0.850%, 11/20/2025			241,972		0.1
272,000	Verizon Communications, Inc., 3.500%, 11/01/2024			264,399		0.1
259,000	Walt Disney Co/The, 4.000%, 10/01/2023			257,087		0.1
				6,166,389		1.6

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: 2.5%
358,000 (2)	7-Eleven, Inc., 0.950%, 02/10/2026		$	313,925		0.1
509,000	American Honda Finance Corp., 0.875%, 07/07/2023			498,745		0.1
140,000	American Honda Finance Corp., 1.300%, 09/09/2026			123,719		0.0
390,000	American Honda Finance Corp., 2.050%, 01/10/2023			389,853		0.1
236,000 (2)	BMW US Capital LLC, 0.800%, 04/01/2024			223,854		0.1
505,000 (1)(2)	BMW US Capital LLC, 3.250%, 04/01/2025			487,801		0.1
431,000 (2)	BMW US Capital LLC, 3.900%, 04/09/2025			422,062		0.1
710,000 (2)	Daimler Trucks Finance North America LLC, 3.500%, 04/07/2025			681,692		0.2
250,000	Delta Air Lines 2019-1 Class A Pass Through Trust, 3.404%, 10/25/2025			239,023		0.1
150,950	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			128,397		0.0
266,000	General Motors Financial Co., Inc., 1.700%, 08/18/2023			259,964		0.1
418,000	General Motors Financial Co., Inc., 2.350%, 02/26/2027			365,632		0.1
305,000	General Motors Financial Co., Inc., 3.800%, 04/07/2025			294,676		0.1
408,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026			402,137		0.1
270,000 (2)	Harley-Davidson Financial Services, Inc., 3.050%, 02/14/2027			240,835		0.1
226,000	Home Depot, Inc./The, 2.700%, 04/15/2025			216,783		0.1
532,000	Honda Motor Co. Ltd., 2.534%, 03/10/2027			486,835		0.1
462,000 (2)	Hyundai Capital America, 1.300%, 01/08/2026			404,538		0.1
187,000	Lowe’s Cos, Inc., 3.350%, 04/01/2027			175,834		0.0
480,599 (2)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			478,869		0.1

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
423,000	Ross Stores, Inc., 4.600%, 04/15/2025		$	420,589		0.1
474,000	Toyota Motor Corp., 0.681%, 03/25/2024			449,838		0.1
10,116	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			9,804		0.0
227,630	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			224,746		0.1
195,982	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			189,743		0.0
288,000 (1)	Walmart, Inc., 3.950%, 09/09/2027			284,524		0.1
421,000 (2)	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			379,722		0.1
629,000	WW Grainger, Inc., 1.850%, 02/15/2025			590,987		0.2
				9,385,127		2.5
	Consumer, Non-cyclical: 3.4%
317,000	AbbVie, Inc., 2.600%, 11/21/2024			303,489		0.1
500,000	Altria Group, Inc., 2.350%, 05/06/2025			471,395		0.1
144,000	AmerisourceBergen Corp., 0.737%, 03/15/2023			142,798		0.0
644,000	BAT International Finance PLC, 1.668%, 03/25/2026			571,349		0.2
386,000 (1)	Boston Scientific Corp., 1.900%, 06/01/2025			360,642		0.1
506,000	Bristol-Myers Squibb Co., 0.750%, 11/13/2025			455,206		0.1
587,000	Bunge Ltd. Finance Corp., 1.630%, 08/17/2025			535,100		0.1
219,000 (2)	Cargill, Inc., 1.375%, 07/23/2023			214,590		0.1
160,000 (2)	Cargill, Inc., 3.500%, 04/22/2025			154,957		0.0
195,000 (2)	Cargill, Inc., 3.625%, 04/22/2027			186,622		0.1
274,000	Cigna Corp., 1.250%, 03/15/2026			244,430		0.1
473,000	Conagra Brands, Inc., 0.500%, 08/11/2023			459,680		0.1
233,000 (2)	CSL Finance PLC, 3.850%, 04/27/2027			223,259		0.1
587,000 (2)	Element Fleet Management Corp., 3.850%, 06/15/2025			556,315		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
385,000	Elevance Health, Inc., 3.500%, 08/15/2024		$	375,778		0.1
316,000 (2)	GE HealthCare Technologies, Inc., 5.600%, 11/15/2025			318,285		0.1
258,000	Global Payments, Inc., 1.200%, 03/01/2026			225,172		0.1
262,000	Humana, Inc., 0.650%, 08/03/2023			255,304		0.1
206,000	Illumina, Inc., 0.550%, 03/23/2023			203,907		0.1
400,000	Laboratory Corp. of America Holdings, 3.600%, 02/01/2025			387,685		0.1
433,000 (2)	Mylan, Inc., 3.125%, 01/15/2023			432,673		0.1
334,000 (1)(2)	Nestle Holdings, Inc., 1.150%, 01/14/2027			291,211		0.1
510,000 (2)	Nestle Holdings, Inc., 4.125%, 10/01/2027			498,881		0.1
448,000	PepsiCo, Inc., 3.600%, 02/18/2028			429,752		0.1
465,000	PerkinElmer, Inc., 0.850%, 09/15/2024			431,204		0.1
129,000	RELX Capital, Inc., 3.500%, 03/16/2023			128,489		0.0
675,000	Royalty Pharma PLC, 0.750%, 09/02/2023			654,106		0.2
461,000 (2)	S&P Global, Inc., 2.450%, 03/01/2027			421,709		0.1
702,000	Stryker Corp., 0.600%, 12/01/2023			674,478		0.2
121,000 (2)	Triton Container International Ltd., 0.800%, 08/01/2023			116,800		0.0
470,000 (2)	Triton Container International Ltd., 1.150%, 06/07/2024			434,912		0.1
165,000	UnitedHealth Group, Inc., 2.375%, 08/15/2024			158,769		0.0
314,000	UnitedHealth Group, Inc., 2.950%, 10/15/2027			291,222		0.1
323,000	UnitedHealth Group, Inc., 3.375%, 04/15/2027			306,403		0.1
550,000	Viatris, Inc., 1.650%, 06/22/2025			498,621		0.1
316,000	Zoetis, Inc., 5.400%, 11/14/2025			322,658		0.1
				12,737,851		3.4

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy: 1.6%
331,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026		$	297,126		0.1
580,000	Canadian Natural Resources Ltd., 2.050%, 07/15/2025			540,139		0.1
500,000	Chevron USA, Inc., 0.426%, 08/11/2023			486,275		0.1
614,000 (1)	Enbridge, Inc., 0.550%, 10/04/2023			593,788		0.2
634,000	Energy Transfer L.P., 4.250%, 03/15/2023			632,501		0.2
469,000	Equinor ASA, 2.875%, 04/06/2025			449,807		0.1
395,000	Kinder Morgan, Inc., 1.750%, 11/15/2026			349,206		0.1
306,000	Ovintiv Exploration, Inc., 5.375%, 01/01/2026			303,289		0.1
326,000	Phillips 66, 3.850%, 04/09/2025			318,271		0.1
191,000	Pioneer Natural Resources Co., 0.550%, 05/15/2023			187,883		0.1
495,000	Pioneer Natural Resources Co., 1.125%, 01/15/2026			441,734		0.1
519,000	Shell International Finance BV, 0.375%, 09/15/2023			502,955		0.1
270,000	TransCanada PipeLines Ltd., 1.000%, 10/12/2024			250,071		0.1
467,000	Williams Cos, Inc./The, 4.550%, 06/24/2024			462,160		0.1
				5,815,205		1.6
	Financial: 17.8%
393,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.650%, 10/29/2024			362,768		0.1
410,000	Aflac, Inc., 1.125%, 03/15/2026			363,713		0.1
433,000	Ally Financial, Inc., 3.875%, 05/21/2024			421,715		0.1
536,000	American Express Co., 2.500%, 07/30/2024			515,805		0.1
466,000	American Express Co., 5.850%, 11/05/2027			485,958		0.1
258,000	American Tower Corp., 3.500%, 01/31/2023			257,698		0.1
326,000	American Tower Corp., 3.650%, 03/15/2027			304,963		0.1
234,000	Ameriprise Financial, Inc., 3.000%, 04/02/2025			224,339		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
485,000	Ameriprise Financial, Inc., 4.000%, 10/15/2023		$	481,797		0.1
330,000	Assurant, Inc., 4.200%, 09/27/2023			326,435		0.1
738,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024			725,502		0.2
475,000 (2)	Avolon Holdings Funding Ltd., 4.375%, 05/01/2026			433,339		0.1
400,000 (3)	Banco Bilbao Vizcaya Argentaria SA, 5.862%, 09/14/2026			400,288		0.1
1,204,000 (3)	Bank of America Corp., 0.810%, 10/24/2024			1,154,836		0.3
1,531,000 (3)	Bank of America Corp., 0.976%, 04/22/2025			1,436,150		0.4
425,000 (3)	Bank of America Corp., 1.530%, 12/06/2025			392,281		0.1
186,000 (3)	Bank of America Corp., 1.658%, 03/11/2027			164,763		0.0
496,000 (3)	Bank of America Corp., 2.015%, 02/13/2026			460,790		0.1
907,000 (3)	Bank of America Corp., 3.384%, 04/02/2026			866,988		0.2
50,000 (3)	Bank of America Corp., 3.419%, 12/20/2028			45,361		0.0
153,000 (3)	Bank of America Corp., 3.550%, 03/05/2024			152,435		0.0
81,000 (3)	Bank of America Corp., 3.705%, 04/24/2028			75,079		0.0
301,000 (3)	Bank of America Corp., 4.376%, 04/27/2028			288,318		0.1
733,000 (3)	Bank of New York Mellon Corp./The, 3.430%, 06/13/2025			717,053		0.2
179,000 (3)	Bank of New York Mellon Corp./The, 4.414%, 07/24/2026			176,447		0.1
432,000	Bank of Nova Scotia/The, 0.550%, 09/15/2023			418,593		0.1
473,000	Bank of Nova Scotia/The, 0.700%, 04/15/2024			447,233		0.1
468,000 (1)	Bank of Nova Scotia/The, 1.450%, 01/10/2025			435,605		0.1
401,000	Bank of Nova Scotia/The, 3.450%, 04/11/2025			386,244		0.1
463,000 (3)	Barclays PLC, 1.007%, 12/10/2024			440,899		0.1
277,000	Berkshire Hathaway, Inc., 3.125%, 03/15/2026			265,771		0.1

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
326,000 (2)	Blackstone Holdings Finance Co. LLC, 5.900%, 11/03/2027		$	329,003		0.1
420,000 (2)	BPCE SA, 1.000%, 01/20/2026			368,639		0.1
250,000 (2)	BPCE SA, 2.750%, 01/11/2023			249,858		0.1
1,120,000 (2)	BPCE SA, 5.700%, 10/22/2023			1,111,917		0.3
350,000	Brookfield Finance, Inc., 4.000%, 04/01/2024			344,732		0.1
386,000	Canadian Imperial Bank of Commerce, 0.950%, 06/23/2023			378,869		0.1
424,000	Canadian Imperial Bank of Commerce, 1.000%, 10/18/2024			395,715		0.1
358,000	Canadian Imperial Bank of Commerce, 3.300%, 04/07/2025			343,841		0.1
182,000	Canadian Imperial Bank of Commerce, 3.945%, 08/04/2025			177,935		0.1
261,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027			227,645		0.1
520,000	Capital One Financial Corp., 3.200%, 01/30/2023			520,000		0.1
444,000 (3)	Capital One Financial Corp., 4.166%, 05/09/2025			433,929		0.1
261,000	Charles Schwab Corp./ The, 0.750%, 03/18/2024			248,167		0.1
473,000 (3)	Citigroup, Inc., 0.981%, 05/01/2025			443,174		0.1
388,000 (3)	Citigroup, Inc., 1.678%, 05/15/2024			382,560		0.1
374,000 (2)	Corebridge Financial, Inc., 3.650%, 04/05/2027			349,202		0.1
525,000 (2)	Corebridge Global Funding, 0.900%, 09/22/2025			469,254		0.1
298,000	Credit Suisse AG/New York NY, 0.520%, 08/09/2023			283,540		0.1
233,000	Credit Suisse AG/New York NY, 2.950%, 04/09/2025			209,887		0.1
1,246,000	Credit Suisse AG/New York NY, 3.625%, 09/09/2024			1,162,586		0.3
467,000 (2)(3)	Danske Bank A/S, 0.976%, 09/10/2025			426,656		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
279,000 (2)(3)	Danske Bank A/S, 3.773%, 03/28/2025		$	270,470		0.1
257,000 (2)(3)	Danske Bank A/S, 4.298%, 04/01/2028			236,691		0.1
467,000 (3)	Deutsche Bank AG/New York NY, 2.222%, 09/18/2024			451,168		0.1
259,000	Discover Financial Services, 3.950%, 11/06/2024			252,281		0.1
465,000 (2)(3)	DNB Bank ASA, 2.968%, 03/28/2025			448,739		0.1
611,000 (2)(3)	DNB Bank ASA, 5.896%, 10/09/2026			611,652		0.2
475,000	Equinix, Inc., 1.250%, 07/15/2025			429,939		0.1
388,000	Federal Realty Investment Trust, 3.950%, 01/15/2024			383,109		0.1
305,000 (2)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			284,512		0.1
356,000 (2)	Five Corners Funding Trust, 4.419%, 11/15/2023			353,057		0.1
490,000 (2)	GA Global Funding Trust, 3.850%, 04/11/2025			470,076		0.1
236,000 (3)	Goldman Sachs Group, Inc./The, 0.925%, 10/21/2024			226,161		0.1
278,000 (3)	Goldman Sachs Group, Inc./The, 2.640%, 02/24/2028			247,923		0.1
257,000	Hanover Insurance Group, Inc./The, 4.500%, 04/15/2026			251,771		0.1
933,000 (3)	HSBC Holdings PLC, 0.732%, 08/17/2024			899,279		0.2
293,000 (3)	HSBC Holdings PLC, 1.162%, 11/22/2024			279,170		0.1
531,000 (3)	HSBC Holdings PLC, 1.645%, 04/18/2026			479,725		0.1
335,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			314,840		0.1
519,000 (3)	HSBC Holdings PLC, 2.999%, 03/10/2026			488,217		0.1
441,000 (3)	ING Groep NV, 4.017%, 03/28/2028			413,028		0.1
566,000	Jackson Financial, Inc., 1.125%, 11/22/2023			545,185		0.1
654,000 (3)	JPMorgan Chase & Co., 0.824%, 06/01/2025			609,973		0.2

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,340,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025		$	1,249,849		0.3
565,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027			489,877		0.1
348,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027			306,175		0.1
830,000 (3)	JPMorgan Chase & Co., 2.083%, 04/22/2026			771,193		0.2
48,000 (3)	JPMorgan Chase & Co., 2.301%, 10/15/2025			45,265		0.0
140,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026			131,734		0.0
537,000 (3)	JPMorgan Chase & Co., 3.797%, 07/23/2024			531,784		0.1
27,000 (3)	JPMorgan Chase & Co., 3.960%, 01/29/2027			25,768		0.0
389,000 (3)	JPMorgan Chase & Co., 5.546%, 12/15/2025			389,303		0.1
252,000	KeyBank NA/Cleveland OH, 4.390%, 12/14/2027			242,812		0.1
424,000 (3)	Lloyds Banking Group PLC, 0.695%, 05/11/2024			415,885		0.1
176,000 (3)	Lloyds Banking Group PLC, 3.870%, 07/09/2025			170,447		0.0
480,000 (2)	LSEGA Financing PLC, 0.650%, 04/06/2024			450,835		0.1
460,000	Marsh & McLennan Cos, Inc., 4.050%, 10/15/2023			455,221		0.1
430,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.848%, 09/15/2024			415,120		0.1
415,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.953%, 07/19/2025			385,845		0.1
365,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.962%, 10/11/2025			335,840		0.1
323,000	Mitsubishi UFJ Financial Group, Inc., 1.412%, 07/17/2025			293,611		0.1
276,000 (3)	Mitsubishi UFJ Financial Group, Inc., 4.788%, 07/18/2025			273,416		0.1
392,000 (3)	Mizuho Financial Group, Inc., 0.849%, 09/08/2024			378,418		0.1
304,000 (3)	Mizuho Financial Group, Inc., 2.555%, 09/13/2025			287,133		0.1
620,000	Mizuho Financial Group, Inc., 5.387%, (US0003M + 0.630%), 05/25/2024			616,676		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
457,000 (3)	Morgan Stanley, 0.731%, 04/05/2024		$	450,493		0.1
1,056,000 (3)	Morgan Stanley, 0.790%, 05/30/2025			982,315		0.3
1,252,000 (3)	Morgan Stanley, 0.791%, 01/22/2025			1,184,958		0.3
990,000 (3)	Morgan Stanley, 1.164%, 10/21/2025			911,967		0.2
121,000 (3)	Morgan Stanley, 1.512%, 07/20/2027			105,150		0.0
371,000 (3)	Morgan Stanley, 2.475%, 01/21/2028			330,171		0.1
157,000 (3)	Morgan Stanley, 2.720%, 07/22/2025			150,188		0.0
845,000	Morgan Stanley, 3.750%, 02/25/2023			843,317		0.2
496,000	Morgan Stanley, 4.000%, 07/23/2025			484,824		0.1
324,000	National Australia Bank Ltd./New York, 3.500%, 06/09/2025			314,400		0.1
684,000 (3)	National Bank of Canada, 0.550%, 11/15/2024			654,890		0.2
349,000	National Bank of Canada, 0.750%, 08/06/2024			324,815		0.1
350,000 (2)	National Securities Clearing Corp., 1.200%, 04/23/2023			346,414		0.1
250,000 (2)	National Securities Clearing Corp., 1.500%, 04/23/2025			231,953		0.1
213,000 (2)	Nationwide Building Society, 1.500%, 10/13/2026			183,854		0.1
399,000 (2)	Nationwide Building Society, 2.000%, 01/27/2023			398,210		0.1
417,000 (3)	NatWest Group PLC, 2.359%, 05/22/2024			411,092		0.1
327,000 (3)	NatWest Group PLC, 4.269%, 03/22/2025			319,922		0.1
395,000 (2)	Nordea Bank Abp, 0.625%, 05/24/2024			369,910		0.1
293,000 (2)	Nordea Bank Abp, 0.750%, 08/28/2025			261,698		0.1
324,000 (2)	Nordea Bank Abp, 3.600%, 06/06/2025			312,955		0.1
480,000 (2)	Nordea Bank Abp, 5.375%, 09/22/2027			483,045		0.1

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
587,000	Old Republic International Corp., 4.875%, 10/01/2024		$	583,937		0.2
498,000 (2)	Pacific Life Global Funding II, 0.500%, 09/23/2023			480,824		0.1
207,000 (2)	Pacific Life Global Funding II, 1.200%, 06/24/2025			187,843		0.1
265,000 (2)	Pacific Life Global Funding II, 1.375%, 04/14/2026			233,985		0.1
470,000	PNC Financial Services Group, Inc./The, 3.500%, 01/23/2024			463,228		0.1
495,000 (2)	Reliance Standard Life Global Funding II, 2.150%, 01/21/2023			494,200		0.1
384,000 (1)	Royal Bank of Canada, 1.150%, 06/10/2025			351,832		0.1
284,000	Royal Bank of Canada, 1.150%, 07/14/2026			250,434		0.1
280,000	Royal Bank of Canada, 1.600%, 04/17/2023			277,610		0.1
466,000	Royal Bank of Canada, 1.600%, 01/21/2025			435,544		0.1
345,000 (1)	Royal Bank of Canada, 1.950%, 01/17/2023			344,678		0.1
553,000	Royal Bank of Canada, 3.700%, 10/05/2023			547,917		0.1
225,000	Royal Bank of Canada, 4.408%, (US0003M + 0.660%), 10/05/2023			225,028		0.1
440,000	Sixth Street Specialty Lending, Inc., 3.875%, 11/01/2024			424,282		0.1
954,000 (2)	Skandinaviska Enskilda Banken AB, 0.550%, 09/01/2023			925,018		0.3
619,000 (2)	Skandinaviska Enskilda Banken AB, 0.650%, 09/09/2024			573,237		0.2
464,000 (2)	Skandinaviska Enskilda Banken AB, 3.700%, 06/09/2025			448,767		0.1
477,000 (2)(3)	Societe Generale SA, 2.226%, 01/21/2026			439,051		0.1
475,000 (2)	Standard Chartered PLC, 3.950%, 01/11/2023			474,795		0.1
286,000	Sumitomo Mitsui Financial Group, Inc., 1.474%, 07/08/2025			260,856		0.1
355,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 07/16/2024			340,652		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
465,000 (2)	Sumitomo Mitsui Trust Bank Ltd., 0.800%, 09/16/2024		$	429,821		0.1
800,000 (2)	Svenska Handelsbanken AB, 0.625%, 06/30/2023			782,692		0.2
468,000 (2)	Svenska Handelsbanken AB, 3.650%, 06/10/2025			453,779		0.1
425,000 (2)	Swedbank AB, 0.600%, 09/25/2023			410,998		0.1
371,000 (2)	Swedbank AB, 3.356%, 04/04/2025			356,892		0.1
467,000	Toronto-Dominion Bank/ The, 0.700%, 09/10/2024			434,907		0.1
621,000	Toronto-Dominion Bank/ The, 1.150%, 06/12/2025			567,073		0.2
468,000 (1)	Toronto-Dominion Bank/ The, 1.450%, 01/10/2025			436,148		0.1
454,000	Toronto-Dominion Bank/ The, 3.766%, 06/06/2025			441,005		0.1
369,000 (2)	UBS AG/London, 0.700%, 08/09/2024			344,066		0.1
600,000 (2)(3)	UBS Group AG, 1.008%, 07/30/2024			583,544		0.2
372,000 (2)(3)	UBS Group AG, 4.488%, 05/12/2026			363,914		0.1
464,000 (1)(2)(3)	UBS Group AG, 4.490%, 08/05/2025			456,318		0.1
280,000 (2)	USAA Capital Corp., 1.500%, 05/01/2023			277,173		0.1
115,000 (3)	Wells Fargo & Co., 2.164%, 02/11/2026			107,297		0.0
414,000 (3)	Wells Fargo & Co., 2.188%, 04/30/2026			385,649		0.1
518,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			490,218		0.1
				66,237,201		17.8
	Industrial: 1.4%
388,000	Boeing Co/The, 4.875%, 05/01/2025			385,378		0.1
423,000	Caterpillar Financial Services Corp., 0.650%, 07/07/2023			414,542		0.1
223,000	General Dynamics Corp., 3.250%, 04/01/2025			216,269		0.1
392,000 (2)	Graphic Packaging International LLC, 0.821%, 04/15/2024			367,065		0.1
386,000	Honeywell International, Inc., 1.350%, 06/01/2025			357,180		0.1

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109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
651,000	Huntington Ingalls Industries, Inc., 0.670%, 08/16/2023		$	632,260		0.2
335,000	John Deere Capital Corp., 2.050%, 01/09/2025			318,260		0.1
184,000	John Deere Capital Corp., 2.125%, 03/07/2025			174,255		0.0
138,000	John Deere Capital Corp., 2.350%, 03/08/2027			125,775		0.0
435,000	Raytheon Technologies Corp., 3.700%, 12/15/2023			430,069		0.1
400,000	Republic Services, Inc., 2.500%, 08/15/2024			383,563		0.1
305,000 (1)	Rockwell Automation, Inc., 0.350%, 08/15/2023			296,925		0.1
350,000 (2)	SMBC Aviation Capital Finance DAC, 1.900%, 10/15/2026			298,365		0.1
713,000	Teledyne Technologies, Inc., 0.950%, 04/01/2024			673,906		0.2
				5,073,812		1.4
	Technology: 1.6%
233,000	Analog Devices, Inc., 2.950%, 04/01/2025			224,298		0.1
173,000	Apple, Inc., 1.125%, 05/11/2025			159,424		0.0
449,000	Apple, Inc., 2.750%, 01/13/2025			432,693		0.1
290,000	CGI, Inc., 1.450%, 09/14/2026			256,844		0.1
457,000	Fidelity National Information Services, Inc., 0.600%, 03/01/2024			432,626		0.1
268,000	Fidelity National Information Services, Inc., 4.700%, 07/15/2027			261,900		0.1
245,000	Fiserv, Inc., 2.750%, 07/01/2024			236,818		0.1
198,000	HP, Inc., 2.200%, 06/17/2025			185,165		0.0
430,000	Intel Corp., 3.750%, 08/05/2027			413,810		0.1
446,000	International Business Machines Corp., 4.000%, 07/27/2025			439,203		0.1
255,000	International Business Machines Corp., 6.500%, 01/15/2028			273,047		0.1
465,000	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			379,946		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
473,000	Oracle Corp., 1.650%, 03/25/2026		$	423,983		0.1
288,000	Oracle Corp., 2.500%, 04/01/2025			271,791		0.1
470,000	Oracle Corp., 2.650%, 07/15/2026			432,584		0.1
500,000	Take-Two Interactive Software, Inc., 3.550%, 04/14/2025			481,621		0.1
307,000	VMware, Inc., 1.000%, 08/15/2024			285,849		0.1
408,000	VMware, Inc., 1.400%, 08/15/2026			356,192		0.1
215,000	Workday, Inc., 3.500%, 04/01/2027			201,257		0.0
				6,149,051		1.6
	Utilities: 3.6%
475,000 (2)	AEP Texas, Inc., 3.850%, 10/01/2025			456,724		0.1
475,000 (1)	Alabama Power Co., 3.750%, 09/01/2027			455,912		0.1
502,000	American Electric Power Co., Inc., 0.750%, 11/01/2023			483,439		0.1
245,000	American Electric Power Co., Inc., 2.031%, 03/15/2024			236,340		0.1
213,000 (2)	Aquarion Co., 4.000%, 08/15/2024			209,333		0.0
425,000	Arizona Public Service Co., 3.350%, 06/15/2024			411,612		0.1
425,000	Avangrid, Inc., 3.200%, 04/15/2025			406,511		0.1
279,000	Black Hills Corp., 1.037%, 08/23/2024			260,366		0.1
500,000 (2)	Dominion Energy, Inc., 2.450%, 01/15/2023			499,485		0.1
448,000 (3)	DTE Energy Co., 4.220%, 11/01/2024			440,683		0.1
380,000	Duke Energy Corp., 4.300%, 03/15/2028			366,346		0.1
385,000	Duke Energy Ohio, Inc., 3.800%, 09/01/2023			381,765		0.1
290,000	Duke Energy Progress LLC, 3.375%, 09/01/2023			286,936		0.1
479,000 (2)	Enel Finance International NV, 6.800%, 10/14/2025			492,367		0.1
329,000	Entergy Corp., 0.900%, 09/15/2025			293,297		0.1

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
555,000	Entergy Louisiana LLC, 0.950%, 10/01/2024		$	516,981		0.1
250,000	Entergy Louisiana LLC, 4.050%, 09/01/2023			248,859		0.1
277,000	Eversource Energy, 2.900%, 03/01/2027			255,443		0.1
485,000	Interstate Power and Light Co., 3.250%, 12/01/2024			468,199		0.1
72,000	IPALCO Enterprises, Inc., 3.700%, 09/01/2024			69,815		0.0
428,000	National Rural Utilities Cooperative Finance Corp., 1.000%, 10/18/2024			396,021		0.1
325,000 (1)	National Rural Utilities Cooperative Finance Corp., 1.875%, 02/07/2025			305,033		0.1
473,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027			419,296		0.1
271,000	NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027			266,911		0.1
462,000	NiSource, Inc., 0.950%, 08/15/2025			416,929		0.1
328,000 (2)	NRG Energy, Inc., 3.750%, 06/15/2024			316,090		0.1
284,000	OGE Energy Corp., 0.703%, 05/26/2023			279,011		0.1
797,443	PG&E Wildfire Recovery Funding LLC, 3.594%, 06/01/2032			756,245		0.2
485,000	Public Service Electric and Gas Co., 3.750%, 03/15/2024			479,027		0.1
335,000	Public Service Enterprise Group, Inc., 0.800%, 08/15/2025			300,565		0.1
384,000	Southern Co. Gas Capital Corp., 3.250%, 06/15/2026			358,000		0.1
646,000	Southern Co/The, 0.600%, 02/26/2024			613,027		0.2
272,000 (2)	Trans-Allegheny Interstate Line Co., 3.850%, 06/01/2025			262,817		0.1
273,000 (2)	Vistra Operations Co. LLC, 5.125%, 05/13/2025			268,441		0.1
43,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			43,035		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
61,000	WEC Energy Group, Inc., 5.150%, 10/01/2027		$	61,763		0.0
658,000	Xcel Energy, Inc., 0.500%, 10/15/2023			634,337		0.2
				13,416,961		3.6
	Total Corporate Bonds/ Notes (Cost $133,285,319)			126,780,342		34.0
COLLATERALIZED MORTGAGE OBLIGATIONS: 5.5%
455,392 (2)(3)	Deephaven Residential Mortgage Trust 2022-2 A1, 4.300%, 03/25/2067			435,092		0.1
896,922	Fannie Mae REMICS 2006-43-FJ, 4.799%, (US0001M + 0.410%), 06/25/2036			884,489		0.2
362,117	Fannie Mae REMICS 2007-14 PF, 4.579%, (US0001M + 0.190%), 03/25/2037			352,438		0.1
225,960	Fannie Mae REMICS 2010-123 FL, 4.819%, (US0001M + 0.430%), 11/25/2040			222,352		0.1
606,299	Fannie Mae REMICS 2010-136 FG, 4.889%, (US0001M + 0.500%), 12/25/2030			605,129		0.2
867,062	Fannie Mae REMICS 2011-51 FM, 5.039%, (US0001M + 0.650%), 06/25/2041			854,873		0.2
563,730	Fannie Mae REMICS 2011-68 F, 4.659%, (US0001M + 0.270%), 07/25/2031			562,073		0.2
87,393	Fannie Mae REMICS 2011-96 FN, 4.889%, (US0001M + 0.500%), 10/25/2041			86,169		0.0
16,975 (2)(3)	Flagstar Mortgage Trust 2017-2 A3, 3.500%, 10/25/2047			15,450		0.0
272,540 (2)(3)	Flagstar Mortgage Trust 2020-2 A2, 3.000%, 08/25/2050			227,473		0.1

See Accompanying Notes to Financial Statements

111

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
467,179	Freddie Mac REMICS 3626 FA, 4.968%, (US0001M + 0.650%), 05/15/2036		$	464,569		0.1
297,503	Freddie Mac REMICS 4508 CF, 4.718%, (US0001M + 0.400%), 09/15/2045			291,430		0.1
1,256,357	Ginnie Mae Series 2012-H11 FA, 4.542%, (US0001M + 0.700%), 02/20/2062			1,250,859		0.3
1,530,704	Ginnie Mae Series 2012-H31 FD, 4.182%, (US0001M + 0.340%), 12/20/2062			1,514,671		0.4
701,102	Ginnie Mae Series 2014-H05 FB, 4.442%, (US0001M + 0.600%), 12/20/2063			698,358		0.2
1,837,554	Ginnie Mae Series 2015-H30 FE, 4.442%, (US0001M + 0.600%), 11/20/2065			1,822,773		0.5
2,086,713	Ginnie Mae Series 2016-H06 FD, 4.418%, (US0001M + 0.920%), 07/20/2065			2,068,103		0.6
637,237	Ginnie Mae Series 2016-H07 FK, 2.991%, (US0001M + 1.000%), 03/20/2066			628,656		0.2
402,829	Ginnie Mae Series 2016-H08 FT, 4.562%, (US0001M + 0.720%), 02/20/2066			401,246		0.1
1,753,639	Ginnie Mae Series 2016-H16 FE, 3.155%, (US0012M + 0.380%), 06/20/2066			1,727,815		0.5
459,117	Ginnie Mae Series 2017-H09 FG, 4.312%, (US0001M + 0.470%), 03/20/2067			454,857		0.1
450,661	Ginnie Mae Series 2018-H04 FM, 4.142%, (US0001M + 0.300%), 03/20/2068			445,204		0.1
1,389,534	Ginnie Mae Series 2019-H02 FA, 4.292%, (US0001M + 0.450%), 01/20/2069			1,371,736		0.4

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
843,492	Ginnie Mae Series 2020-H09 NF, 5.092%, (US0001M + 1.250%), 04/20/2070		$	845,104		0.2
17,338 (2)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050			16,097		0.0
680,761 (2)(3)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ4 A4, 2.500%, 09/25/2051			523,450		0.1
206,445 (2)(3)	JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050			179,657		0.1
321,660 (2)(3)	Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051			247,330		0.1
569,463 (2)(3)	RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051			435,035		0.1
718,460 (2)(3)	Rate Mortgage Trust 2021-J2 A31, 2.500%, 08/25/2051			552,437		0.1
181,231 (2)(3)	Sequoia Mortgage Trust 2014-4 B3, 3.903%, 11/25/2044			165,394		0.0
59,776 (2)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			55,369		0.0
89,767 (3)	WaMu Mortgage Pass-Through Certificates Series 2004-AR4 A6 Trust, 3.469%, 06/25/2034			84,275		0.0
192,280 (2)(3)	Wells Fargo Mortgage Backed Securities 2020-1 A17 Trust, 3.000%, 12/25/2049			159,969		0.0
	Total Collateralized Mortgage Obligations (Cost $21,575,895)			20,649,932		5.5
U.S. TREASURY OBLIGATIONS: 30.8%
	U.S. Treasury Notes: 30.8%
3,652,600	0.125%, 05/31/2023			3,587,467		1.0
1,808,200	0.500%, 11/30/2023			1,739,763		0.5
1,815,800	0.875%, 01/31/2024			1,743,097		0.5
189,400	1.250%, 11/30/2026			169,979		0.0
107,900	1.500%, 01/31/2027			97,434		0.0
128,900	1.500%, 11/30/2028			111,952		0.0
18,713,100	1.625%, 10/31/2023			18,249,660		4.9

See Accompanying Notes to Financial Statements

112

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Notes (continued)
174,300	3.875%, 11/30/2027		$	173,374		0.0
651,300	3.875%, 12/31/2027			647,636		0.2
103,700	3.875%, 11/30/2029			103,028		0.0
252,000	3.875%, 12/31/2029			250,799		0.1
44,101,000	4.000%, 12/15/2025			43,825,369		11.8
44,152,000	4.250%, 12/31/2024			44,001,952		11.8
	Total U.S. Treasury Obligations (Cost $115,553,325)			114,701,510		30.8
COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.8%
2,000,000 (2)	BHMS 2018-ATLS D, 6.568%, (US0001M + 2.250%), 07/15/2035			1,837,852		0.5
3,500,000 (2)	BPR Trust 2021-WILL C, 8.318%, (US0001M + 4.000%), 06/15/2038			3,284,858		0.9
800,000 (2)	BX Trust 2021-ARIA C, 5.964%, (US0001M + 1.646%), 10/15/2036			747,551		0.2
425,082 (2)	BX Trust 2022-PSB A, 6.787%, (TSFR1M + 2.451%), 08/15/2039			424,777		0.1
1,500,000 (2)	BXMT 2021-FL4 D Ltd., 6.568%, (US0001M + 2.250%), 05/15/2038			1,368,070		0.4
1,705,000 (3)	COMM 2013-LC6 C Mortgage Trust, 4.242%, 01/10/2046			1,696,945		0.5
2,520,000 (2)	CSWF 2021-SOP2 D, 6.635%, (US0001M + 2.317%), 06/15/2034			2,262,554		0.6
488,096 (2)	Extended Stay America Trust 2021-ESH B, 5.698%, (US0001M + 1.380%), 07/15/2038			470,064		0.1
1,269,050 (2)	Extended Stay America Trust 2021-ESH C, 6.018%, (US0001M + 1.700%), 07/15/2038			1,220,883		0.3
15,154	Ginnie Mae 2015-183 AC, 2.350%, 07/16/2056			15,019		0.0
8,653	Ginnie Mae 2016-110 AB, 2.000%, 05/16/2049			8,594		0.0
51,972	Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057			50,793		0.0
16,400	Ginnie Mae 2017-69 AB, 2.350%, 05/16/2053			16,075		0.0
16,321	Ginnie Mae 2017-70 A, 2.500%, 10/16/2057			16,117		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
109,078	Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051		$	105,246		0.0
63,761	Ginnie Mae 2017-89 A, 2.500%, 08/16/2057			62,677		0.0
530,000 (2)	GS Mortgage Securities Corp. Trust 2017-GPTX B, 3.104%, 05/10/2034			479,650		0.1
1,820,000 (2)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.180%, 11/15/2045			1,731,429		0.5
1,630,000 (3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 C, 4.883%, 01/15/2047			1,560,201		0.4
900,000 (2)(3)	JPMBB Commercial Mortgage Securities Trust 2014-C19 D, 4.647%, 04/15/2047			823,875		0.2
1,250,000 (3)	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 A4, 4.070%, 07/15/2046			1,240,265		0.3
276,791	Morgan Stanley Capital I Trust 2017-H1 A2, 3.089%, 06/15/2050			264,796		0.1
500,000 (2)	PFP 2021-8 Ltd. E, 6.826%, (US0001M + 2.500%), 08/09/2037			466,927		0.1
796,484 (2)	Ready Capital Mortgage Financing 2020-FL4 A LLC, 6.539%, (US0001M + 2.150%), 02/25/2035			778,202		0.2
4,000,000 (2)	VMC Finance 2021-FL4 C LLC, 6.589%, (US0001M + 2.250%), 06/16/2036			3,691,532		1.0
5,720,000 (3)	WFRBS Commercial Mortgage Trust 2013-C14 C, 3.957%, 06/15/2046			4,361,425		1.2
250,000 (2)	WMRK Commercial Mortgage Trust 2022-WMRK A, 7.125%, (TSFR1M + 2.789%), 11/15/2027			249,780		0.1
	Total Commercial Mortgage-Backed Securities (Cost $32,521,459)			29,236,157		7.8

See Accompanying Notes to Financial Statements

113

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: 17.7%
	Automobile Asset-Backed Securities: 3.6%
59,983	AmeriCredit Automobile Receivables Trust 2019-3 B, 2.130%, 07/18/2025		$	59,897		0.0
900,000	AmeriCredit Automobile Receivables Trust 2020-1 C, 1.590%, 10/20/2025			871,103		0.2
1,350,000	AmeriCredit Automobile Receivables Trust 2020-2 B, 0.970%, 02/18/2026			1,321,847		0.3
550,000	AmeriCredit Automobile Receivables Trust 2021-3 B, 1.170%, 08/18/2027			506,869		0.1
259,269	BMW Vehicle Owner Trust 2020-A A3, 0.480%, 10/25/2024			255,895		0.1
260,143	Capital One Prime Auto Receivables Trust 2019-1 A4, 2.560%, 10/15/2024			260,234		0.1
300,000	CarMax Auto Owner Trust 2021-2 B, 1.030%, 12/15/2026			270,900		0.1
750,000	CarMax Auto Owner Trust 2022-1 B, 1.950%, 09/15/2027			681,835		0.2
750,000	Carvana Auto Receivables Trust 2022-P1 A3, 3.350%, 02/10/2027			721,386		0.2
50,911	Drive Auto Receivables Trust 2021-1 B, 0.650%, 07/15/2025			50,838		0.0
382,941	Exeter Automobile Receivables Trust 2021-4 A3, 0.680%, 07/15/2025			381,360		0.1
750,000	Ford Credit Auto Owner Trust 2022-A B, 1.910%, 07/15/2027			685,995		0.2
450,000	GM Financial Automobile Leasing Trust 2019-4 A4, 1.760%, 01/16/2025			444,753		0.1
500,000	GM Financial Automobile Leasing Trust 2022-3 A4, 4.110%, 08/20/2026			490,206		0.1
600,000	GM Financial Consumer Automobile Receivables Trust 2022-4 B, 5.500%, 08/16/2028			602,261		0.2
283,271	Honda Auto Receivables 2020-2 A3 Owner Trust, 0.820%, 07/15/2024			279,140		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
850,000	Hyundai Auto Receivables Trust 2021-C B, 1.490%, 12/15/2027		$	762,504		0.2
299,958 (2)	JPMorgan Chase Bank NA - CACLN 2021-3 B, 0.760%, 02/26/2029			282,821		0.1
55,597	Nissan Auto Receivables 2018-C A4 Owner Trust, 3.270%, 06/16/2025			55,572		0.0
400,000 (2)	Oscar US Funding XIII LLC 2021-2A A3, 0.860%, 09/10/2025			377,583		0.1
355,349	Santander Drive Auto Receivables Trust 2020-1 C, 4.110%, 12/15/2025			353,692		0.1
207,742	Santander Drive Auto Receivables Trust 2021-2 B, 0.590%, 09/15/2025			207,168		0.1
870,130	Santander Drive Auto Receivables Trust 2021-3 B, 0.600%, 12/15/2025			863,626		0.2
600,000	Santander Drive Auto Receivables Trust 2022-4 A3, 4.140%, 02/16/2027			587,841		0.2
759,983	Toyota Auto Receivables 2019-C A4 Owner Trust, 1.880%, 11/15/2024			753,870		0.2
1,150,000 (2)	Westlake Automobile Receivables Trust 2022-3A A3, 5.490%, 07/15/2026			1,148,672		0.3
				13,277,868		3.6
	Credit Card Asset-Backed Securities: 0.7%
1,500,000	American Express Credit Account Master Trust 2022-3 A, 3.750%, 08/15/2027			1,467,573		0.4
1,350,000 (2)	CARDS II Trust 2021-1A A, 0.602%, 04/15/2027			1,273,624		0.3
				2,741,197		0.7
	Other Asset-Backed Securities: 12.6%
800,000 (2)	AGL CLO 13 Ltd. 2021-13A A1, 5.403%, (US0003M + 1.160%), 10/20/2034			781,241		0.2

See Accompanying Notes to Financial Statements

114

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,000,000 (2)	Aimco CLO 11 Ltd. 2020-11A AR, 5.209%, (US0003M + 1.130%), 10/17/2034		$	1,950,818		0.5
840,000 (2)	Apidos Clo XXV 2016-25A A1R, 5.413%, (US0003M + 1.170%), 10/20/2031			826,740		0.2
100,000 (2)	Arbor Realty Commercial Real Estate Notes 2021-FL3 C Ltd., 6.168%, (US0001M + 1.850%), 08/15/2034			92,633		0.0
750,000 (2)	Arbor Realty Commercial Real Estate Notes 2021-FL4 D Ltd., 7.218%, (US0001M + 2.900%), 11/15/2036			696,254		0.2
2,000,000 (2)	Arbor Realty Commercial Real Estate Notes 2021-FL4 E Ltd., 7.718%, (US0001M + 3.400%), 11/15/2036			1,825,890		0.5
700,000 (2)	ARES XLVI CLO Ltd. 2017-46A A2, 5.309%, (US0003M + 1.230%), 01/15/2030			675,203		0.2
250,000 (2)	Babson CLO Ltd. 2017-1A A2, 5.544%, (US0003M + 1.350%), 07/18/2029			243,904		0.1
1,000,000 (2)	Benefit Street Partners CLO XIX Ltd. 2019-19A A, 5.429%, (US0003M + 1.350%), 01/15/2033			982,271		0.3
500,000 (2)	BlueMountain CLO XXXI Ltd. 2021-31A A2, 5.627%, (US0003M + 1.400%), 04/19/2034			478,351		0.1
250,000 (2)	Carbone CLO Ltd. 2017-1A A1, 5.383%, (US0003M + 1.140%), 01/20/2031			246,607		0.1
492,818 (2)	Carlyle Global Market Strategies CLO 2014-2RA A1 Ltd., 5.656%, (US0003M + 1.050%), 05/15/2031			485,352		0.1
1,200,000 (2)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A A1R2, 5.383%, (US0003M + 1.140%), 04/20/2034			1,170,428		0.3

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
800,000 (2)	Carlyle US Clo 2017-2A CR Ltd., 5.643%, (US0003M + 1.400%), 07/20/2031		$	780,798		0.2
850,000 (2)	Carlyle US CLO 2020-2A A1R Ltd., 5.498%, (US0003M + 1.140%), 01/25/2035			826,328		0.2
1,550,000 (2)	Carlyle US Clo 2021-4A A2 Ltd., 5.643%, (US0003M + 1.400%), 04/20/2034			1,500,865		0.4
1,000,000 (2)	Cedar Funding IV CLO Ltd.2014-4A ARR, 5.485%, (US0003M + 1.160%), 07/23/2034			972,243		0.3
600,000 (2)	CIFC Funding 2018-4A A1 Ltd., 5.229%, (US0003M + 1.150%), 10/17/2031			591,086		0.2
900,000 (2)	CIFC Funding 2020-2A AR Ltd., 5.413%, (US0003M + 1.170%), 10/20/2034			879,796		0.2
600,000 (2)	Clear Creek CLO Ltd. 2015-1A AR, 5.443%, (US0003M + 1.200%), 10/20/2030			593,465		0.2
550,000	CNH Equipment Trust 2021-C A3, 0.810%, 12/15/2026			512,898		0.1
250,000 (2)	Deer Creek Clo Ltd. 2017-1A A, 5.423%, (US0003M + 1.180%), 10/20/2030			247,170		0.1
477,917 (2)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 5.806%, (US0003M + 1.200%), 08/15/2030			474,208		0.1
300,000 (2)	Eaton Vance Clo 2015-1A A2R Ltd., 5.493%, (US0003M + 1.250%), 01/20/2030			285,278		0.1
588,211 (2)	Elevation CLO 2014-2A A1R Ltd., 5.355%, (TSFR3M + 1.230%), 10/15/2029			583,116		0.2
450,000 (2)	Elmwood CLO IX Ltd. 2021-2A A, 5.373%, (US0003M + 1.130%), 07/20/2034			439,640		0.1

See Accompanying Notes to Financial Statements

115

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,000,000 (2)	FS RIALTO 2021-FL2 E, 7.776%, (US0001M + 3.450%), 05/16/2038		$	1,805,820		0.5
1,360,000 (2)	HGI CRE CLO 2021-FL1 B Ltd., 5.926%, (US0001M + 1.600%), 06/16/2036			1,289,944		0.3
2,100,000 (2)	HGI CRE CLO 2021-FL1 D Ltd., 6.676%, (US0001M + 2.350%), 06/16/2036			1,947,356		0.5
338,586 (2)	JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077			287,233		0.1
400,000	John Deere Owner Trust 2022-A A4, 2.490%, 01/16/2029			377,214		0.1
950,000	John Deere Owner Trust 2022-B A4, 3.800%, 05/15/2029			922,621		0.2
1,150,000	John Deere Owner Trust 2022-C A4, 5.200%, 09/17/2029			1,158,041		0.3
1,300,000 (2)	Kayne CLO 6 Ltd. 2019-6A A1, 5.623%, (US0003M + 1.380%), 01/20/2033			1,282,893		0.3
1,000,000 (2)	Kayne CLO 7 Ltd. 2020-7A A1, 5.279%, (US0003M + 1.200%), 04/17/2033			981,478		0.3
600,000 (2)	LCM 26A A2 Ltd., 5.493%, (US0003M + 1.250%), 01/20/2031			571,944		0.1
500,000 (2)	Magnetite XXVI Ltd. 2020-26A A2R, 5.758%, (US0003M + 1.400%), 07/25/2034			481,986		0.1
1,500,000 (2)	Magnetite XXVII Ltd. 27A AR, 5.383%, (US0003M + 1.140%), 10/20/2034			1,463,042		0.4
720,000 (2)	Marble Point CLO XIV Ltd. 2018-2A A1R, 5.523%, (US0003M + 1.280%), 01/20/2032			704,542		0.2
525,294 (2)	Marlette Funding Trust 2021-1A B, 1.000%, 06/16/2031			518,314		0.1
700,000 (2)	Oaktree CLO Ltd. 2021-1A A1, 5.239%, (US0003M + 1.160%), 07/15/2034			683,517		0.2
350,000 (2)	OCP CLO 2021-22A A Ltd., 5.423%, (US0003M + 1.180%), 12/02/2034			340,852		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,100,000 (2)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 5.279%, (US0003M + 1.200%), 07/15/2029		$	1,058,584		0.3
400,000 (2)	Octagon Investment Partners 33 Ltd. 2017-1A A1, 5.433%, (US0003M + 1.190%), 01/20/2031			395,640		0.1
1,000,000 (2)	Octagon Investment Partners 48 Ltd. 2020-3A AR, 5.393%, (US0003M + 1.150%), 10/20/2034			974,787		0.3
400,000 (2)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 5.577%, (US0003M + 1.350%), 07/19/2030			381,763		0.1
2,000,000 (2)	OHA Credit Partners XVI 2021-16A A, 5.344%, (US0003M + 1.150%), 10/18/2034			1,956,542		0.5
1,600,000 (2)	OHA Loan Funding 2015-1A AR3 Ltd., 5.377%, (US0003M + 1.150%), 01/19/2037			1,561,213		0.4
962,537 (2)	Palmer Square CLO 2015-2A A1R2 Ltd., 5.343%, (US0003M + 1.100%), 07/20/2030			951,647		0.3
600,000 (2)	PFS Financing Corp. 2021-B A, 0.770%, 08/15/2026			553,731		0.1
650,000 (2)	PFS Financing Corp. 2022-D A, 4.270%, 08/15/2027			634,756		0.2
800,000 (2)	Sound Point CLO XXIII 2019-2A AR, 5.249%, (US0003M + 1.170%), 07/15/2034			772,423		0.2
850,000 (2)	THL Credit Wind River 2018-2 A A2Clo Ltd., 5.529%, (US0003M + 1.450%), 07/15/2030			820,488		0.2
1,850,000 (2)	THL Credit Wind River 2019-1A AR CLO Ltd., 5.403%, (US0003M + 1.160%), 07/20/2034			1,797,804		0.5
650,000 (2)	Trafigura Securitisation Finance PLC 2021-1A A2, 1.080%, 01/15/2025			598,660		0.2

See Accompanying Notes to Financial Statements

116

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
250,000 (2)	Venture 34 CLO Ltd. 2018-34A A, 5.309%, (US0003M + 1.230%), 10/15/2031		$	244,070		0.1
500,000 (2)	Wellman Park CLO Ltd. 2021-1A A, 5.179%, (US0003M + 1.100%), 07/15/2034			489,754		0.1
				47,151,242		12.6
	Student Loan Asset-Backed Securities: 0.8%
356,770 (2)	Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068			330,366		0.1
392,670 (2)	Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069			348,472		0.1
184,756 (2)	Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069			159,902		0.0
276,457 (2)	Navient Private Education Refi Loan Trust 2021-F A, 1.110%, 02/18/2070			233,080		0.1
1,214,808 (2)	Navient Private Education Refi Loan Trust 2022-BA A, 4.160%, 10/15/2070			1,136,524		0.3
481,238 (2)	Sofi Professional Loan Program 2018-A A2B LLC, 2.950%, 02/25/2042			463,015		0.1
383,462 (2)	SoFi Professional Loan Program 2021-B AFX Trust, 1.140%, 02/15/2047			315,797		0.1
				2,987,156		0.8
	Total Asset-Backed Securities (Cost $68,714,261)			66,157,463		17.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%
	Uniform Mortgage-Backed Securities: 0.0%
8,274	6.500%,10/01/2032			8,489		0.0
7,153	7.000%,10/01/2032			7,135		0.0
	Total U.S. Government Agency Obligations
	(Cost $15,742)			15,624		0.0
	Total Long-Term Investments (Cost $371,666,001)			357,541,028		95.8

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 16.8%
	Repurchase Agreements: 1.3%
1,149,290 (4)	Bank of America Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,149,832, collateralized by various U.S. Government Agency Obligations, 1.500%-6.500%, Market Value plus accrued interest $1,172,276, due 05/01/37-05/01/58)		$	1,149,290		0.3
268,767 (4)	Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $268,892, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $274,142, due 04/11/23-10/31/29)			268,767		0.1
1,149,290 (4)	Deutsche Bank Securities Inc., Repurchase Agreement dated 12/30/22, 4.29%, due 01/03/23 (Repurchase Amount $1,149,830, collateralized by various U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $1,172,276, due 02/01/24-01/01/57)			1,149,290		0.3

See Accompanying Notes to Financial Statements

117

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,149,290 (4)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $1,149,837, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $1,172,276, due 01/03/23-09/09/49)		$	1,149,290		0.3
1,149,290 (4)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,149,832, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,172,276, due 09/01/24-10/20/52)			1,149,290		0.3
	Total Repurchase Agreements (Cost $4,865,927)			4,865,927		1.3

Value

Percentage
of Net
Assets

Mutual Funds: 15.5%

56,033,000 (5)

Goldman Sachs Financial
Square Government
Fund - Institutional Shares,
4.150%

56,033,000

15.0

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 15.5%
1,724,000 (5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.110%		$	1,724,000		0.5
	Total Mutual Funds (Cost $57,757,000)			57,757,000		15.5
	Total Short-Term Investments (Cost $62,622,927)			62,622,927		16.8
	Total Investments in Securities (Cost $434,288,928)		$	420,163,955		112.6
	Liabilities in Excess of Other Assets			(47,100,842)		(12.6)
	Net Assets		$	373,063,113		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

Variable rate security. Rate shown is the rate in effect as of December 31, 2022.

(4)

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

(5)

Rate shown is the 7-day yield as of December 31, 2022.

Reference Rate Abbreviations:

TSFR1M

1-month CME Term Secured Overnight Financing Rate

TSFR3M

3-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0012M

12-month LIBOR

See Accompanying Notes to Financial Statements

118

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	126,780,342		$	—		$	126,780,342
Collateralized Mortgage Obligations			—			20,649,932			—			20,649,932
Asset-Backed Securities			—			66,157,463			—			66,157,463
Commercial Mortgage-Backed Securities			—			29,236,157			—			29,236,157
U.S. Government Agency Obligations			—			15,624			—			15,624
U.S. Treasury Obligations			—			114,701,510			—			114,701,510
Short-Term Investments			57,757,000			4,865,927			—			62,622,927
Total Investments, at fair value		$	57,757,000		$	362,406,955		$	—		$	420,163,955
Other Financial Instruments+
Futures			132,319			—			—			132,319
Total Assets		$	57,889,319		$	362,406,955		$	—		$	420,296,274
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(18,908)		$	—		$	(18,908)
Total Liabilities		$	—		$	(18,908)		$	—		$	(18,908)

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

At December 31, 2022, the following futures contracts were outstanding for Voya Limited Maturity Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note		529		03/31/23		$	108,486,328		$	111,596
						$	108,486,328		$	111,596
Short Contracts:
U.S. Treasury 5-Year Note		(165)		03/31/23			(17,808,398)			20,723
						$	(17,808,398)		$	20,723

See Accompanying Notes to Financial Statements

119

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the following centrally cleared credit default swaps were outstanding for Voya Limited Maturity Bond Portfolio:

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

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American Investment Grade Index, Series 39, Version 1		Buy		(1.000)		12/20/27	USD 3,650,000		$	(29,091)		$	(18,908)
									$	(29,091)		$	(18,908)

(1)

(2)

Payments made quarterly.

(3)

(4)

Currency Abbreviations

USD

–

United States Dollar

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	132,319
Total Asset Derivatives			$	132,319
Liability Derivatives
Credit contracts	Variation margin payable on centrally cleared swaps*			18,908
Total Liability Derivatives			$	18,908

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

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

Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Credit contracts		$	—		$	18,760		$	18,760
Interest rate contracts			(5,508,237)			—			(5,508,237)
Total		$	(5,508,237)		$	18,760		$	(5,489,477)

See Accompanying Notes to Financial Statements

120

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of December 31, 2022 (continued)

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

Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Credit contracts		$	—		$	(18,908)		$	(18,908)
Interest rate contracts			336,517			—			336,517
Total		$	336,517		$	(18,908)		$	317,609

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $434,465,506.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	111,456
Gross Unrealized Depreciation		(14,309,779)
Net Unrealized Depreciation	$	(14,198,323)

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.5%
	Communication Services: 7.2%
151,367	Activision Blizzard, Inc.		$	11,587,144		0.2
1,269,489 (1)	Alphabet, Inc. - Class A			112,007,014		1.6
1,125,350 (1)	Alphabet, Inc. - Class C			99,852,305		1.4
1,514,758	AT&T, Inc.			27,886,695		0.4
22,829 (1)	Charter Communications, Inc.			7,741,314		0.1
916,881	Comcast Corp. - Class A			32,063,329		0.5
53,422 (1)	Dish Network Corp. - Class A			750,045		0.0
55,744	Electronic Arts, Inc.			6,810,802		0.1
64,287	Fox Corp. - Class A			1,952,396		0.0
29,612	Fox Corp. - Class B			842,461		0.0
82,576	Interpublic Group of Cos., Inc.			2,750,607		0.1
30,359 (1)	Live Nation Entertainment, Inc.			2,117,237		0.0
202,297	Lumen Technologies, Inc.			1,055,990		0.0
59,363 (1)	Match Group, Inc.			2,462,971		0.0
477,928 (1)	Meta Platforms, Inc.			57,513,855		0.8
94,584 (1)	NetFlix, Inc.			27,890,930		0.4
81,264	News Corp - Class A			1,479,005		0.0
25,058	News Corp - Class B			462,070		0.0
43,340	Omnicom Group			3,535,244		0.1
107,338 (2)	Paramount Global - Class B			1,811,865		0.0
33,528 (1)	Take-Two Interactive Software, Inc.			3,491,271		0.1
126,926 (1)	T-Mobile US, Inc.			17,769,640		0.3
892,621	Verizon Communications, Inc.			35,169,267		0.5
387,469 (1)	Walt Disney Co.			33,663,307		0.5
469,675 (1)	Warner Bros Discovery, Inc.			4,452,519		0.1
				497,119,283		7.2
	Consumer Discretionary: 9.6%
12,777	Advance Auto Parts, Inc.			1,878,602		0.0
1,886,368 (1)	Amazon.com, Inc.			158,454,912		2.3
57,587 (1)	Aptiv PLC			5,363,077		0.1
4,034 (1)	Autozone, Inc.			9,948,570		0.2
48,538	Bath & Body Works, Inc.			2,045,391		0.0
42,586	Best Buy Co., Inc.			3,415,823		0.1
8,244 (1)	Booking Holdings, Inc.			16,613,968		0.2
49,767	BorgWarner, Inc.			2,003,122		0.0
45,603 (1)	Caesars Entertainment, Inc.			1,897,085		0.0
33,584 (1)	Carmax, Inc.			2,044,930		0.0
212,843 (1)(2)	Carnival Corp.			1,715,515		0.0
5,892 (1)	Chipotle Mexican Grill, Inc.			8,175,091		0.1
66,524	D.R. Horton, Inc.			5,929,949		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
26,012	Darden Restaurants, Inc.		$	3,598,240		0.1
47,943	Dollar General Corp.			11,805,964		0.2
44,739 (1)	Dollar Tree, Inc.			6,327,884		0.1
7,524	Domino’s Pizza, Inc.			2,606,314		0.0
115,336	eBay, Inc.			4,782,984		0.1
26,713 (1)	Etsy, Inc.			3,199,683		0.1
32,001 (1)	Expedia Group, Inc.			2,803,288		0.0
839,449	Ford Motor Co.			9,762,792		0.1
32,589	Garmin Ltd.			3,007,639		0.1
301,952	General Motors Co.			10,157,665		0.2
29,960	Genuine Parts Co.			5,198,360		0.1
27,593	Hasbro, Inc.			1,683,449		0.0
57,482	Hilton Worldwide Holdings, Inc.			7,263,425		0.1
217,581	Home Depot, Inc.			68,725,135		1.0
69,838 (1)	Las Vegas Sands Corp.			3,357,113		0.1
54,148	Lennar Corp. - Class A			4,900,394		0.1
53,946	LKQ Corp.			2,881,256		0.0
131,923	Lowe’s Cos, Inc.			26,284,338		0.4
57,185	Marriott International, Inc.			8,514,275		0.1
155,668	McDonald’s Corp.			41,023,188		0.6
67,744	MGM Resorts International			2,271,456		0.0
11,208 (1)	Mohawk Industries, Inc.			1,145,682		0.0
79,994	Newell Brands, Inc.			1,046,321		0.0
267,732	Nike, Inc. - Class B			31,327,321		0.5
89,563 (1)(2)	Norwegian Cruise Line Holdings Ltd.			1,096,251		0.0
639 (1)	NVR, Inc.			2,947,439		0.0
13,300 (1)	O’Reilly Automotive, Inc.			11,225,599		0.2
8,300	Pool Corp.			2,509,339		0.0
48,420	Pulte Group, Inc.			2,204,563		0.0
8,733	Ralph Lauren Corp.			922,816		0.0
73,764	Ross Stores, Inc.			8,561,787		0.1
46,643 (1)	Royal Caribbean Cruises Ltd.			2,305,563		0.0
243,972	Starbucks Corp.			24,202,022		0.4
51,213	Tapestry, Inc.			1,950,191		0.0
97,823	Target Corp.			14,579,540		0.2
570,471 (1)	Tesla, Inc.			70,270,618		1.0
246,768	TJX Cos., Inc.			19,642,733		0.3
23,478	Tractor Supply Co.			5,281,846		0.1
10,886 (1)	Ulta Beauty, Inc.			5,106,296		0.1
70,197	VF Corp.			1,938,139		0.0
11,579	Whirlpool Corp.			1,637,965		0.0
21,916 (1)	Wynn Resorts Ltd.			1,807,413		0.0
59,869	Yum! Brands, Inc.			7,668,022		0.1
				669,018,343		9.6

See Accompanying Notes to Financial Statements

122

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PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples: 7.1%
380,905	Altria Group, Inc.		$	17,411,168		0.2
116,754	Archer-Daniels-Midland Co.			10,840,609		0.2
38,864	Brown-Forman Corp. - Class B			2,552,587		0.0
42,686	Campbell Soup Co.			2,422,430		0.0
51,831	Church & Dwight Co., Inc.			4,178,097		0.1
26,224	Clorox Co.			3,680,014		0.1
827,211	Coca-Cola Co.			52,618,892		0.8
177,515	Colgate-Palmolive Co.			13,986,407		0.2
101,860	Conagra Brands, Inc.			3,941,982		0.1
34,501	Constellation Brands, Inc.			7,995,607		0.1
94,070	Costco Wholesale Corp.			42,942,955		0.6
49,154	Estee Lauder Cos., Inc.			12,195,599		0.2
126,149	General Mills, Inc.			10,577,594		0.1
31,236	Hershey Co.			7,233,320		0.1
61,527	Hormel Foods Corp.			2,802,555		0.0
22,647	JM Smucker Co.			3,588,644		0.0
54,401	Kellogg Co.			3,875,527		0.1
180,604	Keurig Dr Pepper, Inc.			6,440,339		0.1
71,730	Kimberly-Clark Corp.			9,737,347		0.1
169,224	Kraft Heinz Co.			6,889,109		0.1
138,444	Kroger Co.			6,171,833		0.1
30,570	Lamb Weston Holdings, Inc.			2,731,735		0.0
53,262	McCormick & Co., Inc.			4,414,887		0.1
39,957	Molson Coors Beverage Co.			2,058,585		0.0
290,246	Mondelez International, Inc.			19,344,896		0.3
80,950 (1)	Monster Beverage Corp.			8,218,853		0.1
292,815	PepsiCo, Inc.			52,899,958		0.8
329,477	Philip Morris International, Inc.			33,346,367		0.5
503,651	Procter & Gamble Co.			76,333,346		1.1
107,707	Sysco Corp.			8,234,200		0.1
61,555	Tyson Foods, Inc.			3,831,799		0.1
152,559	Walgreens Boots Alliance, Inc.			5,699,604		0.1
299,977	Walmart, Inc.			42,533,739		0.6
				491,730,584		7.1
	Energy: 5.2%
68,334	APA Corp.			3,189,831		0.0
212,850	Baker Hughes Co.			6,285,460		0.1
378,094	Chevron Corp.			67,864,092		1.0
264,837	ConocoPhillips			31,250,766		0.5
167,579	Coterra Energy, Inc.			4,117,416		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
138,936	Devon Energy Corp.		$	8,545,953		0.1
37,406	Diamondback Energy, Inc.			5,116,393		0.1
124,842	EOG Resources, Inc.			16,169,536		0.2
78,011	EQT Corp.			2,639,112		0.0
875,294	Exxon Mobil Corp.			96,544,928		1.4
192,994	Halliburton Co.			7,594,314		0.1
58,974	Hess Corp.			8,363,693		0.1
420,403	Kinder Morgan, Inc.			7,600,886		0.1
134,976	Marathon Oil Corp.			3,653,800		0.1
99,608	Marathon Petroleum Corp.			11,593,375		0.2
154,543	Occidental Petroleum Corp.			9,734,664		0.1
94,995	Oneok, Inc.			6,241,171		0.1
100,452	Phillips 66			10,455,044		0.2
50,499	Pioneer Natural Resources Co.			11,533,467		0.2
301,379	Schlumberger Ltd.			16,111,721		0.2
48,113	Targa Resources Corp.			3,536,306		0.1
81,938	Valero Energy Corp.			10,394,655		0.1
258,871	Williams Cos., Inc.			8,516,856		0.1
				357,053,439		5.2
	Financials: 11.5%
120,260	Aflac, Inc.			8,651,504		0.1
56,367	Allstate Corp.			7,643,365		0.1
127,052	American Express Co.			18,771,933		0.3
157,911	American International Group, Inc.			9,986,292		0.1
22,618	Ameriprise Financial, Inc.			7,042,567		0.1
43,964	Aon PLC			13,195,355		0.2
78,612 (1)	Arch Capital Group Ltd.			4,935,261		0.1
44,812	Arthur J. Gallagher & Co.			8,448,854		0.1
11,229	Assurant, Inc.			1,404,299		0.0
1,483,412	Bank of America Corp.			49,130,605		0.7
156,329	Bank of New York Mellon Corp.			7,116,096		0.1
382,934 (1)	Berkshire Hathaway, Inc. - Class B			118,288,313		1.7
31,922	Blackrock, Inc.			22,620,887		0.3
49,962	Brown & Brown, Inc.			2,846,335		0.0
81,126	Capital One Financial Corp.			7,541,473		0.1
22,546	Cboe Global Markets, Inc.			2,828,847		0.0
324,186	Charles Schwab Corp.			26,991,726		0.4
88,214	Chubb Ltd.			19,460,008		0.3
33,408	Cincinnati Financial Corp.			3,420,645		0.1

See Accompanying Notes to Financial Statements

123

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Voya U.S. Stock Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
411,655	Citigroup, Inc.		$	18,619,156		0.3
104,673	Citizens Financial Group, Inc.			4,120,976		0.1
76,455	CME Group, Inc.			12,856,673		0.2
27,832	Comerica, Inc.			1,860,569		0.0
58,071	Discover Financial Services			5,681,086		0.1
8,324	Everest Re Group Ltd.			2,757,491		0.0
8,097	Factset Research Systems, Inc.			3,248,597		0.1
145,885	Fifth Third Bancorp			4,786,487		0.1
38,879	First Republic Bank			4,738,961		0.1
60,374 (2)	Franklin Resources, Inc.			1,592,666		0.0
19,226	Globe Life, Inc.			2,317,694		0.0
71,973	Goldman Sachs Group, Inc.			24,714,089		0.4
67,608	Hartford Financial Services Group, Inc.			5,126,715		0.1
306,636	Huntington Bancshares, Inc.			4,323,568		0.1
118,714	Intercontinental Exchange, Inc.			12,178,869		0.2
96,662	Invesco Ltd.			1,738,949		0.0
623,417	JPMorgan Chase & Co.			83,600,220		1.2
198,292	Keycorp			3,454,247		0.1
32,728	Lincoln National Corp.			1,005,404		0.0
41,884	Loews Corp.			2,443,094		0.0
36,687	M&T Bank Corp.			5,321,816		0.1
7,999	MarketAxess Holdings, Inc.			2,230,841		0.0
105,421	Marsh & McLennan Cos., Inc.			17,445,067		0.3
140,077	Metlife, Inc.			10,137,373		0.1
33,486	Moody’s Corp.			9,329,869		0.1
280,186	Morgan Stanley			23,821,414		0.3
16,994	MSCI, Inc. - Class A			7,905,099		0.1
72,047	Nasdaq, Inc.			4,420,083		0.1
44,296	Northern Trust Corp.			3,919,753		0.1
85,721	PNC Financial Services Group, Inc.			13,538,775		0.2
48,364	Principal Financial Group, Inc.			4,058,707		0.1
124,350	Progressive Corp.			16,129,439		0.2
78,214	Prudential Financial, Inc.			7,779,164		0.1
41,145	Raymond James Financial, Inc.			4,396,343		0.1
198,605	Regions Financial Corp.			4,281,924		0.1
70,775	S&P Global, Inc.			23,705,379		0.3
13,374	Signature Bank			1,540,952		0.0
77,989	State Street Corp.			6,049,607		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
12,562 (1)	SVB Financial Group		$	2,891,019		0.0
95,757	Synchrony Financial			3,146,575		0.0
47,495	T. Rowe Price Group, Inc.			5,179,805		0.1
49,808	Travelers Cos, Inc.			9,338,502		0.1
281,988	Truist Financial Corp.			12,133,944		0.2
287,372	US Bancorp			12,532,293		0.2
809,874	Wells Fargo & Co.			33,439,697		0.5
23,005	Willis Towers Watson PLC			5,626,563		0.1
43,446	WR Berkley Corp.			3,152,876		0.0
31,800	Zions Bancorp NA			1,563,288		0.0
				796,506,043		11.5
	Health Care: 15.6%
370,576	Abbott Laboratories			40,685,539		0.6
375,869	AbbVie, Inc.			60,744,189		0.9
62,920	Agilent Technologies, Inc.			9,415,978		0.1
15,440 (1)	Align Technology, Inc.			3,256,296		0.0
34,421	AmerisourceBergen Corp.			5,703,904		0.1
113,406	Amgen, Inc.			29,784,952		0.4
107,145	Baxter International, Inc.			5,461,181		0.1
60,615	Becton Dickinson & Co.			15,414,395		0.2
30,606 (1)	Biogen, Inc.			8,475,414		0.1
4,576 (1)	Bio-Rad Laboratories, Inc.			1,924,162		0.0
33,362	Bio-Techne Corp.			2,765,043		0.0
304,420 (1)	Boston Scientific Corp.			14,085,513		0.2
451,890	Bristol-Myers Squibb Co.			32,513,486		0.5
55,713	Cardinal Health, Inc.			4,282,658		0.1
38,249 (1)	Catalent, Inc.			1,721,588		0.0
120,352 (1)	Centene Corp.			9,870,068		0.1
10,814 (1)	Charles River Laboratories International, Inc.			2,356,371		0.0
64,981	Cigna Corp.			21,530,805		0.3
10,488	Cooper Cos., Inc.			3,468,067		0.1
279,268	CVS Health Corp.			26,024,985		0.4
139,248	Danaher Corp.			36,959,204		0.5
11,681 (1)	DaVita, Inc.			872,220		0.0
45,677	Dentsply Sirona, Inc.			1,454,356		0.0
82,094 (1)	DexCom, Inc.			9,296,325		0.1
131,404 (1)	Edwards Lifesciences Corp.			9,804,052		0.1
50,760	Elevance Health, Inc.			26,038,357		0.4
167,618	Eli Lilly & Co.			61,321,369		0.9
266,574	Gilead Sciences, Inc.			22,885,378		0.3

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
45,066	HCA Healthcare, Inc.		$	10,814,037		0.2
28,809 (1)	Henry Schein, Inc.			2,300,975		0.0
53,061 (1)	Hologic, Inc.			3,969,493		0.1
26,907	Humana, Inc.			13,781,496		0.2
17,602 (1)	Idexx Laboratories, Inc.			7,180,912		0.1
33,432 (1)	Illumina, Inc.			6,759,950		0.1
39,246 (1)	Incyte Corp., Ltd.			3,152,239		0.0
75,108 (1)	Intuitive Surgical, Inc.			19,929,908		0.3
39,477 (1)	IQVIA Holdings, Inc.			8,088,443		0.1
555,677	Johnson & Johnson			98,160,342		1.4
18,831	Laboratory Corp. of America Holdings			4,434,324		0.1
30,136	McKesson Corp.			11,304,616		0.2
282,495	Medtronic PLC			21,955,511		0.3
538,868	Merck & Co., Inc.			59,787,405		0.9
4,738 (1)	Mettler Toledo International, Inc.			6,848,542		0.1
70,221 (1)	Moderna, Inc.			12,613,096		0.2
12,412 (1)	Molina Healthcare, Inc.			4,098,691		0.1
54,062	Organon & Co.			1,509,952		0.0
26,827	PerkinElmer, Inc.			3,761,682		0.1
1,193,043	Pfizer, Inc.			61,131,523		0.9
24,205	Quest Diagnostics, Inc.			3,786,630		0.1
22,759 (1)	Regeneron Pharmaceuticals, Inc.			16,420,391		0.2
31,133	Resmed, Inc.			6,479,711		0.1
21,216	STERIS Public Ltd. Co.			3,918,383		0.1
71,583	Stryker Corp.			17,501,328		0.3
9,969	Teleflex, Inc.			2,488,561		0.0
83,357	Thermo Fisher Scientific, Inc.			45,903,866		0.7
198,585	UnitedHealth Group, Inc.			105,285,795		1.5
13,636	Universal Health Services, Inc.			1,921,176		0.0
54,557 (1)	Vertex Pharmaceuticals, Inc.			15,754,970		0.2
257,742	Viatris, Inc.			2,868,668		0.0
12,626 (1)	Waters Corp.			4,325,415		0.1
15,735	West Pharmaceutical Services, Inc.			3,703,232		0.1
44,602	Zimmer Biomet Holdings, Inc.			5,686,755		0.1
99,058	Zoetis, Inc.			14,516,950		0.2
				1,080,260,823		15.6
	Industrials: 8.5%
117,479	3M Co.			14,088,082		0.2
26,958 (1)	Alaska Air Group, Inc.			1,157,577		0.0
18,670	Allegion Public Ltd.			1,965,204		0.0
138,129 (1)	American Airlines Group, Inc.			1,757,001		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
48,810	Ametek, Inc.		$	6,819,733		0.1
26,965	AO Smith Corp.			1,543,477		0.0
119,069 (1)	Boeing Co.			22,681,454		0.3
177,737	Carrier Global Corp.			7,331,651		0.1
110,607	Caterpillar, Inc.			26,497,013		0.4
25,018	CH Robinson Worldwide, Inc.			2,290,648		0.0
18,345	Cintas Corp.			8,284,969		0.1
91,078 (1)	Copart, Inc.			5,545,739		0.1
86,437 (1)	CoStar Group, Inc.			6,679,851		0.1
446,842	CSX Corp.			13,843,165		0.2
29,973	Cummins, Inc.			7,262,158		0.1
58,375	Deere & Co.			25,028,865		0.4
136,277 (1)	Delta Air Lines, Inc.			4,478,062		0.1
29,831	Dover Corp.			4,039,416		0.1
84,526	Eaton Corp. PLC			13,266,356		0.2
125,674	Emerson Electric Co.			12,072,244		0.2
26,024	Equifax, Inc.			5,058,025		0.1
33,822	Expeditors International Washington, Inc.			3,514,782		0.1
121,733	Fastenal Co.			5,760,406		0.1
50,882	FedEx Corp.			8,812,762		0.1
75,198	Fortive Corp.			4,831,471		0.1
13,466 (1)	Generac Holdings, Inc.			1,355,488		0.0
47,849	General Dynamics Corp.			11,871,815		0.2
232,233	General Electric Co.			19,458,803		0.3
142,894	Honeywell International, Inc.			30,622,184		0.4
78,257	Howmet Aerospace, Inc.			3,084,108		0.0
8,481	Huntington Ingalls Industries, Inc.			1,956,397		0.0
16,030	IDEX Corp.			3,660,130		0.1
59,413	Illinois Tool Works, Inc.			13,088,684		0.2
86,062	Ingersoll Rand, Inc.			4,496,740		0.1
27,121	Jacobs Solutions, Inc.			3,256,418		0.0
17,604	JB Hunt Transport Services, Inc.			3,069,433		0.0
146,375	Johnson Controls International plc			9,368,000		0.1
40,468	L3Harris Technologies, Inc.			8,425,842		0.1
29,052	Leidos Holdings, Inc.			3,055,980		0.0
49,574	Lockheed Martin Corp.			24,117,255		0.4
47,933	Masco Corp.			2,237,033		0.0
11,430	Nordson Corp.			2,717,140		0.0
49,206	Norfolk Southern Corp.			12,125,343		0.2
30,749	Northrop Grumman Corp.			16,776,962		0.2
19,255	Old Dominion Freight Line			5,464,184		0.1
88,540	Otis Worldwide Corp.			6,933,567		0.1

See Accompanying Notes to Financial Statements

125

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Voya U.S. Stock Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
73,914	Paccar, Inc.		$	7,315,269		0.1
27,291	Parker Hannifin Corp.			7,941,681		0.1
34,962	Pentair PLC			1,572,591		0.0
30,372	Quanta Services, Inc.			4,328,010		0.1
312,444	Raytheon Technologies Corp.			31,531,848		0.5
43,655	Republic Services, Inc.			5,631,058		0.1
23,060	Robert Half International, Inc.			1,702,520		0.0
24,409	Rockwell Automation, Inc.			6,287,026		0.1
49,194	Rollins, Inc.			1,797,549		0.0
11,297	Snap-On, Inc.			2,581,252		0.0
126,195 (1)	Southwest Airlines Co.			4,248,986		0.1
31,443	Stanley Black & Decker, Inc.			2,361,998		0.0
44,372	Textron, Inc.			3,141,538		0.0
48,949	Trane Technologies PLC			8,227,837		0.1
10,979	TransDigm Group, Inc.			6,912,927		0.1
130,669	Union Pacific Corp.			27,057,630		0.4
69,485 (1)	United Airlines Holdings, Inc.			2,619,585		0.0
155,115	United Parcel Service, Inc. - Class B			26,965,192		0.4
14,731 (1)	United Rentals, Inc.			5,235,692		0.1
33,238	Verisk Analytics, Inc.			5,863,848		0.1
79,390	Waste Management, Inc.			12,454,703		0.2
38,654	Westinghouse Air Brake Technologies Corp.			3,858,056		0.1
9,558	WW Grainger, Inc.			5,316,638		0.1
38,304	Xylem, Inc.			4,235,273		0.1
				590,940,324		8.5
	Information Technology: 25.3%
133,916	Accenture PLC			35,734,145		0.5
98,809 (1)	Adobe, Inc.			33,252,193		0.5
342,687 (1)	Advanced Micro Devices, Inc.			22,195,837		0.3
33,420 (1)	Akamai Technologies, Inc.			2,817,306		0.0
126,480	Amphenol Corp.			9,630,187		0.1
109,317	Analog Devices, Inc.			17,931,268		0.3
18,515 (1)	ANSYS, Inc.			4,473,039		0.1
3,178,215	Apple, Inc.			412,945,475		6.0
182,848	Applied Materials, Inc.			17,805,738		0.3
52,606 (1)	Arista Networks, Inc.			6,383,738		0.1
45,878 (1)	Autodesk, Inc.			8,573,222		0.1
88,167	Automatic Data Processing, Inc.			21,059,570		0.3
86,080	Broadcom, Inc.			48,129,910		0.7
25,006	Broadridge Financial Solutions, Inc. ADR			3,354,055		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
58,303 (1)	Cadence Design Systems, Inc.		$	9,365,794		0.1
28,776	CDW Corp.			5,138,818		0.1
32,645 (1)	Ceridian HCM Holding, Inc.			2,094,177		0.0
872,674	Cisco Systems, Inc.			41,574,189		0.6
109,228	Cognizant Technology Solutions Corp.			6,246,749		0.1
161,790	Corning, Inc.			5,167,573		0.1
48,898 (1)	DXC Technology Co.			1,295,797		0.0
28,889 (1)	Enphase Energy, Inc.			7,654,429		0.1
12,224 (1)	EPAM Systems, Inc.			4,006,294		0.1
12,723 (1)	F5, Inc.			1,825,878		0.0
126,116	Fidelity National Information Services, Inc.			8,556,971		0.1
21,072 (1)	First Solar, Inc.			3,156,375		0.1
134,968 (1)	Fiserv, Inc.			13,641,216		0.2
15,675 (1)	FleetCor Technologies, Inc.			2,879,184		0.0
137,815 (1)	Fortinet, Inc.			6,737,775		0.1
16,796 (1)	Gartner, Inc.			5,645,807		0.1
123,210	Gen Digital, Inc.			2,640,390		0.0
57,470	Global Payments, Inc.			5,707,920		0.1
273,473	Hewlett Packard Enterprise Co.			4,364,629		0.1
188,144	HP, Inc.			5,055,429		0.1
877,144	Intel Corp.			23,182,916		0.3
192,161	International Business Machines Corp.			27,073,563		0.4
59,908	Intuit, Inc.			23,317,392		0.3
15,504	Jack Henry & Associates, Inc.			2,721,882		0.0
68,980	Juniper Networks, Inc.			2,204,601		0.0
38,001 (1)	Keysight Technologies, Inc.			6,500,831		0.1
30,120	KLA Corp.			11,356,144		0.2
28,986	Lam Research Corp.			12,182,816		0.2
180,420	Mastercard, Inc. - Class A			62,737,447		0.9
116,898	Microchip Technology, Inc.			8,212,084		0.1
231,065	Micron Technology, Inc.			11,548,629		0.2
1,584,359	Microsoft Corp.			379,960,975		5.5
9,478	Monolithic Power Systems, Inc.			3,351,516		0.1
35,537	Motorola Solutions, Inc.			9,158,240		0.1
46,199	NetApp, Inc.			2,774,712		0.0
529,220	Nvidia Corp.			77,340,211		1.1
55,076	NXP Semiconductor NV - NXPI - US			8,703,660		0.1

See Accompanying Notes to Financial Statements

126

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
91,907 (1)	ON Semiconductor Corp.		$	5,732,240		0.1
326,631	Oracle Corp.			26,698,818		0.4
68,173	Paychex, Inc.			7,878,072		0.1
10,331 (1)	Paycom Software, Inc.			3,205,813		0.1
242,299 (1)	PayPal Holdings, Inc.			17,256,535		0.3
22,469 (1)	PTC, Inc.			2,697,179		0.0
21,549 (1)	Qorvo, Inc.			1,953,201		0.0
238,255	Qualcomm, Inc.			26,193,755		0.4
22,540	Roper Technologies, Inc.			9,739,309		0.1
212,538 (1)	Salesforce, Inc.			28,180,413		0.4
40,808	Seagate Technology Holdings PLC			2,146,909		0.0
42,933 (1)	ServiceNow, Inc.			16,669,596		0.2
34,101	Skyworks Solutions, Inc.			3,107,624		0.0
11,880 (1)	SolarEdge Technologies, Inc.			3,365,248		0.1
32,499 (1)	Synopsys, Inc.			10,376,606		0.2
67,604	TE Connectivity Ltd.			7,760,939		0.1
9,962 (1)	Teledyne Technologies, Inc.			3,983,903		0.1
33,104	Teradyne, Inc.			2,891,634		0.0
192,894	Texas Instruments, Inc.			31,869,947		0.5
52,417 (1)	Trimble, Inc.			2,650,204		0.0
8,850 (1)	Tyler Technologies, Inc.			2,853,328		0.0
19,603 (1)	VeriSign, Inc.			4,027,240		0.1
347,503	Visa, Inc. - Class A			72,197,223		1.0
67,513 (1)	Western Digital Corp.			2,130,035		0.0
10,973 (1)	Zebra Technologies Corp.			2,813,587		0.0
				1,757,748,054		25.3
	Materials: 2.7%
47,141	Air Products & Chemicals, Inc.			14,531,685		0.2
24,899	Albemarle Corp.			5,399,597		0.1
316,473	Amcor PLC			3,769,193		0.1
17,209	Avery Dennison Corp.			3,114,829		0.0
66,720	Ball Corp.			3,412,061		0.1
21,201	Celanese Corp. - Series A			2,167,590		0.0
41,698	CF Industries Holdings, Inc.			3,552,670		0.1
151,857	Corteva, Inc.			8,926,154		0.1
149,576	Dow, Inc.			7,537,135		0.1
105,587	DuPont de Nemours, Inc.			7,246,436		0.1
25,502	Eastman Chemical Co.			2,076,883		0.0
52,667	Ecolab, Inc.			7,666,208		0.1
26,773	FMC Corp.			3,341,270		0.0
303,786	Freeport-McMoRan, Inc.			11,543,868		0.2
54,189	International Flavors & Fragrances, Inc.			5,681,175		0.1
75,593	International Paper Co.			2,617,786		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
105,075	Linde PLC		$	34,273,363		0.5
53,982	LyondellBasell Industries NV - Class A			4,482,125		0.1
13,197	Martin Marietta Materials, Inc.			4,460,190		0.1
72,365	Mosaic Co.			3,174,653		0.0
168,700	Newmont Corp.			7,962,640		0.1
54,525	Nucor Corp.			7,186,940		0.1
19,667	Packaging Corp. of America			2,515,606		0.0
49,952	PPG Industries, Inc.			6,280,964		0.1
30,745	Sealed Air Corp.			1,533,561		0.0
50,121	Sherwin-Williams Co.			11,895,217		0.2
35,431	Steel Dynamics, Inc.			3,461,609		0.1
28,248	Vulcan Materials Co.			4,946,507		0.1
54,048	WestRock Co.			1,900,328		0.0
				186,658,243		2.7
	Real Estate: 2.7%
31,736	Alexandria Real Estate Equities, Inc.			4,622,983		0.1
98,959	American Tower Corp.			20,965,454		0.3
29,733	AvalonBay Communities, Inc.			4,802,474		0.1
30,318	Boston Properties, Inc.			2,048,890		0.0
22,641	Camden Property Trust			2,533,075		0.0
67,151 (1)	CBRE Group, Inc.			5,167,941		0.1
92,039	Crown Castle, Inc.			12,484,170		0.2
61,109	Digital Realty Trust, Inc.			6,127,399		0.1
19,668	Equinix, Inc.			12,883,130		0.2
72,290	Equity Residential			4,265,110		0.1
13,763	Essex Property Trust, Inc.			2,916,655		0.0
28,464	Extra Space Storage, Inc.			4,189,332		0.1
15,534	Federal Realty Investment Trust			1,569,555		0.0
114,248	Healthpeak Properties, Inc.			2,864,197		0.0
151,971	Host Hotels & Resorts, Inc.			2,439,135		0.0
123,450	Invitation Homes, Inc.			3,659,058		0.1
61,788	Iron Mountain, Inc.			3,080,132		0.1
131,446	Kimco Realty Corp.			2,784,026		0.0
24,543	Mid-America Apartment Communities, Inc.			3,853,006		0.1
196,189	ProLogis, Inc.			22,116,386		0.3
33,597	Public Storage, Inc.			9,413,543		0.1
133,294	Realty Income Corp.			8,454,838		0.1
32,733	Regency Centers Corp.			2,045,813		0.0
22,947	SBA Communications Corp.			6,432,274		0.1

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
69,488	Simon Property Group, Inc.		$	8,163,450		0.1
65,039	UDR, Inc.			2,518,960		0.0
84,955	Ventas, Inc.			3,827,223		0.1
204,695	VICI Properties, Inc.			6,632,118		0.1
34,238	Vornado Realty Trust			712,493		0.0
100,429	Welltower, Inc.			6,583,121		0.1
156,410	Weyerhaeuser Co.			4,848,710		0.1
				185,004,651		2.7
	Utilities: 3.1%
141,965	AES Corp.			4,082,913		0.1
53,352	Alliant Energy Corp.			2,945,564		0.0
54,946	Ameren Corp.			4,885,798		0.1
109,216	American Electric Power Co., Inc.			10,370,059		0.1
38,645	American Water Works Co., Inc.			5,890,271		0.1
29,732	Atmos Energy Corp.			3,332,065		0.0
133,800	Centerpoint Energy, Inc.			4,012,662		0.1
61,690	CMS Energy Corp.			3,906,828		0.1
75,422	Consolidated Edison, Inc.			7,188,471		0.1
69,504	Constellation Energy Corp.			5,991,940		0.1
177,103	Dominion Energy, Inc.			10,859,956		0.2
41,178	DTE Energy Co.			4,839,650		0.1
163,668	Duke Energy Corp.			16,856,167		0.2
81,163	Edison International			5,163,590		0.1
43,248	Entergy Corp.			4,865,400		0.1
48,785	Evergy, Inc.			3,070,040		0.0
74,028	Eversource Energy			6,206,508		0.1
211,208	Exelon Corp.			9,130,522		0.1
115,443	FirstEnergy Corp.			4,841,679		0.1
422,348	NextEra Energy, Inc.			35,308,293		0.5
86,319	NiSource, Inc.			2,366,867		0.0
48,862	NRG Energy, Inc.			1,554,789		0.0
342,194 (1)	PG&E Corp.			5,564,075		0.1
24,047	Pinnacle West Capital Corp.			1,828,534		0.0
156,496	PPL Corp.			4,572,813		0.1
106,046	Public Service Enterprise Group, Inc.			6,497,438		0.1
66,808	Sempra Energy			10,324,508		0.1
231,384	Southern Co.			16,523,132		0.2
67,042	WEC Energy Group, Inc.			6,285,858		0.1
116,311	Xcel Energy, Inc.			8,154,564		0.1
				217,420,954		3.1
	Total Common Stock (Cost $4,540,158,039)			6,829,460,741		98.5

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.4%
	Repurchase Agreements: 0.1%
1,182,769 (3)	Bank of America Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,183,326, collateralized by various U.S. Government Agency Obligations, 1.500%- 6.500%, Market Value plus accrued interest $1,206,424, due 05/01/37-05/01/58)		$	1,182,769		0.0
350,050 (3)	Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $350,213, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $357,051, due 04/11/23-10/31/29)			350,050		0.0
1,182,769 (3)	Daiwa Capital Markets, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,183,326, collateralized by various U.S. Government Agency Obligations, 1.500%- 6.000%, Market Value plus accrued interest $1,206,424, due 08/01/23-01/01/53)			1,182,769		0.0
1,182,769 (3)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $1,183,332, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $1,206,424, due 01/03/23-09/09/49)			1,182,769		0.0

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,182,769 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,183,326, collateralized by various U.S. Government Agency Obligations, 2.000%- 6.000%, Market Value plus accrued interest $1,206,424, due 09/01/ 24-10/20/52)		$	1,182,769		0.1
	Total Repurchase Agreements (Cost $5,081,126)			5,081,126		0.1

Value

Percentage
of Net
Assets

Mutual Funds: 1.3%

94,687,000 (4)

Goldman Sachs
Financial Square
Government Fund -
Institutional Shares,
4.150%
(Cost $94,687,000)

94,687,000

1.3

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $99,768,126)		$	99,768,126		1.4
	Total Investments in Securities (Cost $4,639,926,165)		$	6,929,228,867		99.9
	Assets in Excess of Other Liabilities			8,038,692		0.1
	Net Assets		$	6,937,267,559		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

Rate shown is the 7-day yield as of December 31, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	6,829,460,741		$	—		$	—		$	6,829,460,741
Short-Term Investments			94,687,000			5,081,126			—			99,768,126
Total Investments, at fair value		$	6,924,147,741		$	5,081,126		$	—		$	6,929,228,867
Liabilities Table
Other Financial Instruments+
Futures			(4,326,446)			—			—			(4,326,446)
Total Liabilities		$	(4,326,446)		$	—		$	—		$	(4,326,446)

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

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the following futures contracts were outstanding for Voya U.S. Stock Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500®E-Mini		556		03/17/23		$	107,335,800		$	(4,326,446)
						$	107,335,800		$	(4,326,446)

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

	Location on Statement
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*	$	4,326,446
		$	4,326,446

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(18,753,055)
Total		$	(18,753,055)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(7,093,072)
Total		$	(7,093,072)

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $4,658,242,728.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,557,007,269
Gross Unrealized Depreciation		(290,347,576)
Net Unrealized Appreciation	$	2,266,659,693

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® CBRE Real Estate Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.9%
	Diversified REITs: 1.6%
196,749	Broadstone Net Lease, Inc.		$	3,189,301		1.6

	Health Care REITs: 3.8%
166,136	Ventas, Inc.			7,484,427		3.8

	Hotel & Resort REITs: 4.9%
236,183	DiamondRock Hospitality Co.			1,934,339		1.0
245,908	Park Hotels & Resorts, Inc.			2,899,255		1.5
280,030	Sunstone Hotel Investors, Inc.			2,705,090		1.4
153,665	Xenia Hotels & Resorts, Inc.			2,025,305		1.0
				9,563,989		4.9
	Hotels, Resorts & Cruise Lines: 0.5%
7,787	Hilton Worldwide Holdings, Inc.			983,965		0.5

	Industrial REITs: 17.8%
96,564	Americold Realty Trust, Inc.			2,733,727		1.4
198,895	ProLogis, Inc.			22,421,433		11.3
89,888	Rexford Industrial Realty, Inc.			4,911,480		2.5
158,492	STAG Industrial, Inc.			5,120,877		2.6
				35,187,517		17.8
	Office REITs: 6.9%
61,724	Alexandria Real Estate Equities, Inc.			8,991,335		4.6
130,964	Hudson Pacific Properties, Inc.			1,274,280		0.6
221,435	Piedmont Office Realty Trust, Inc.			2,030,559		1.0
85,858 (1)	Veris Residential, Inc.			1,367,718		0.7
				13,663,892		6.9
	Real Estate Operating Companies: 1.2%
306,649 (2)	Tricon Residential, Inc.			2,364,264		1.2

	Residential REITs: 18.3%
100,795	Apartment Income REIT Corp.			3,458,276		1.7
22,669	AvalonBay Communities, Inc.			3,661,497		1.9
49,163	Camden Property Trust			5,500,356		2.8
26,790	Essex Property Trust, Inc.			5,677,337		2.9
127,181	Independence Realty Trust, Inc.			2,144,272		1.1
245,352	Invitation Homes, Inc.			7,272,233		3.7
31,102	NexPoint Residential Trust, Inc.			1,353,559		0.7
48,967	Sun Communities, Inc.			7,002,281		3.5
				36,069,811		18.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Retail REITs: 15.7%
189,576	Kite Realty Group Trust		$	3,990,575		2.0
159,790	NETSTREIT Corp.			2,928,951		1.5
58,539	Regency Centers Corp.			3,658,687		1.9
158,345	Retail Opportunity Investments Corp.			2,379,925		1.2
88,282	Simon Property Group, Inc.			10,371,369		5.3
132,633	Spirit Realty Capital, Inc.			5,296,036		2.7
159,946	Urban Edge Properties			2,253,639		1.1
				30,879,182		15.7
	Specialized REITs: 28.2%
236,383	CubeSmart			9,514,416		4.8
69,432	Digital Realty Trust, Inc.			6,961,947		3.5
23,316	Equinix, Inc.			15,272,679		7.8
40,057	Extra Space Storage, Inc.			5,895,589		3.0
115,028	Four Corners Property Trust, Inc.			2,982,676		1.5
78,829	Iron Mountain, Inc.			3,929,626		2.0
96,955	Life Storage, Inc.			9,550,068		4.8
46,016	VICI Properties, Inc.			1,490,918		0.8
				55,597,919		28.2
	Total Common Stock (Cost $216,933,999)			194,984,267		98.9

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.6%
	Repurchase Agreements: 1.1%
201,100 (3)	Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $201,194, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $205,122, due 04/11/23-10/31/29)		201,100		0.1
1,000,000 (3)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $1,000,476, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $1,020,000, due 01/03/23-09/09/49)		1,000,000		0.5

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® CBRE Real Estate Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,471, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,020,000, due 09/01/24-10/20/52)		$	1,000,000		0.5
	Total Repurchase Agreements (Cost $2,201,100)			2,201,100		1.1

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.5%
1,032,380 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030% (Cost $1,032,380)		$	1,032,380		0.5
	Total Short-Term Investments
	(Cost $3,233,480)			3,233,480		1.6
	Total Investments in Securities (Cost $220,167,479)		$	198,217,747		100.5
	Liabilities in Excess of Other Assets			(923,225)		(0.5)
	Net Assets		$	197,294,522		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

Rate shown is the 7-day yield as of December 31, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	194,984,267		$	—		$	—		$	194,984,267
Short-Term Investments			1,032,380			2,201,100			—			3,233,480
Total Investments, at fair value		$	196,016,647		$	2,201,100		$	—		$	198,217,747

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

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $222,552,681.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	7,244,594
Gross Unrealized Depreciation		(31,579,525)
Net Unrealized Depreciation	$	(24,334,931)

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.4%
			Communication Services: 1.0%
	25,700	(1)	Bandwidth, Inc.		$	589,815		0.1
	7,500	(1)	Bumble, Inc.			157,875		0.0
	26,900	(1)	EchoStar Corp.			448,692		0.1
	13,200	(1)	Gogo, Inc.			194,832		0.0
	18,100		Gray Television, Inc.			202,539		0.1
	11,000	(1)	IDT Corp.			309,870		0.1
	11,000	(1)	Imax Corp.			161,260		0.0
	68,833	(1)	Liberty Latin America Ltd.			523,131		0.1
	25,600	(1)	Liberty Latin America Ltd. - Class A			192,768		0.0
	49,900	(1)	Lions Gate Entertainment Corp. - Class A			284,929		0.1
	39,000	(1)	Ooma, Inc.			531,180		0.1
	7,400		Shutterstock, Inc.			390,128		0.1
	14,700	(1)	Thryv Holdings, Inc.			279,300		0.1
	18,600	(1)	Yelp, Inc.			508,524		0.1
						4,774,843		1.0
			Consumer Discretionary: 10.2%
	37,300	(1)	2U, Inc.			233,871		0.1
	3,850		Aaron’s Co., Inc./The			46,008		0.0
	14,000		Academy Sports & Outdoors, Inc.			735,560		0.2
	44,805		Acushnet Holdings Corp.			1,902,420		0.4
	43,900	(1)	American Axle & Manufacturing Holdings, Inc.			343,298		0.1
	28,000		Bloomin Brands, Inc.			563,360		0.1
	8,000		Bluegreen Vacations Holding Corp.			199,680		0.0
	3,900		Boyd Gaming Corp.			212,667		0.0
	39,304	(1)	Bright Horizons Family Solutions, Inc.			2,480,082		0.5
	1,900	(1)	Brinker International, Inc.			60,629		0.0
	42,328		Brunswick Corp.			3,051,002		0.7
	22,522		Carter’s, Inc.			1,680,366		0.4
	73,700	(1)	Chegg, Inc.			1,862,399		0.4
	13,200	(1)	CROCS, Inc.			1,431,276		0.3
	5,900	(1)	Deckers Outdoor Corp.			2,355,044		0.5
	3,300	(2)	Dillards, Inc.			1,066,560		0.2
	14,100		Dine Brands Global, Inc.			910,860		0.2
	31,900	(1)	Everi Holdings, Inc.			457,765		0.1
	2,200	(1)	Genesco, Inc.			101,244		0.0
	3,300	(1)	G-III Apparel Group Ltd.			45,243		0.0
	33,649	(1)	Goodyear Tire & Rubber Co.			341,537		0.1
	7,300	(1)	Helen of Troy Ltd.			809,643		0.2
	9,000		Hibbett, Inc.			613,980		0.1
	13,800	(1)	Hilton Grand Vacations, Inc.			531,852		0.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Consumer Discretionary (continued)
	22,335		LCI Industries		$	2,064,871		0.5
	98,094	(1)	Leslie’s, Inc.			1,197,728		0.3
	19,447		Lifetime Brands, Inc.			147,603		0.0
	5,300		Marriott Vacations Worldwide Corp.			713,327		0.2
	3,200	(1)	Meritage Homes Corp.			295,040		0.1
	20,540	(1)	Monarch Casino & Resort, Inc.			1,579,321		0.3
	41,228	(1)	National Vision Holdings, Inc.			1,597,997		0.4
	3,496	(1)	ODP Corp./The			159,208		0.0
	2,500	(1)	Overstock.com, Inc.			48,400		0.0
	5,650		Patrick Industries, Inc.			342,390		0.1
	38,052	(1)	Planet Fitness, Inc.			2,998,498		0.7
	9,500	(1)(2)	PLBY Group, Inc.			26,125		0.0
	2,200		RCI Hospitality Holdings, Inc.			205,018		0.0
	30,500		Rent-A-Center, Inc.			687,775		0.2
	29,600	(1)	SeaWorld Entertainment, Inc.			1,583,896		0.3
	14,600		Signet Jewelers Ltd.			992,800		0.2
	129,800	(1)	Sonos, Inc.			2,193,620		0.5
	46,694	(1)	Taylor Morrison Home Corp.			1,417,163		0.3
	17,778	(2)	Thor Industries, Inc.			1,342,061		0.3
	35,600	(1)	Tri Pointe Homes, Inc.			661,804		0.1
	6,800	(1)	Tupperware Brands Corp.			28,152		0.0
	131,497		Wendy’s Company			2,975,777		0.7
	7,600	(1)	WW International, Inc.			29,336		0.0
	34,285	(1)(2)	Xometry, Inc.			1,105,006		0.2
	10,200	(1)	Zumiez, Inc.			221,748		0.1
						46,651,010		10.2
			Consumer Staples: 5.5%
	10,800		Andersons, Inc.			377,892		0.1
	59,271	(1)	BJ’s Wholesale Club Holdings, Inc.			3,921,369		0.9
	9,567		Casey’s General Stores, Inc.			2,146,356		0.5
	30,400	(1)	Central Garden & Pet Co. - Class A - CENTA			1,088,320		0.2
	600		Coca-Cola Consolidated, Inc.			307,416		0.1
	13,600	(1)	Darling Ingredients, Inc.			851,224		0.2
	22,300		Edgewell Personal Care Co.			859,442		0.2
	19,500	(1)	elf Beauty, Inc.			1,078,350		0.2
	20,536	(1)	Freshpet, Inc.			1,083,685		0.2
	70,300	(1)(2)	Herbalife Nutrition Ltd.			1,046,064		0.2
	8,900		Medifast, Inc.			1,026,615		0.2

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Consumer Staples (continued)
	10,100		Nu Skin Enterprises, Inc.		$	425,816		0.1
	58,762	(1)	Performance Food Group Co.			3,431,113		0.7
	244,483		Primo Water Corp.			3,799,266		0.8
	33,300		SpartanNash Co.			1,006,992		0.2
	20,900	(1)	Sprouts Farmers Market, Inc.			676,533		0.2
	132,836		Utz Brands, Inc.			2,106,779		0.5
						25,233,232		5.5
			Energy: 2.9%
	4,550	(2)	Arch Resources, Inc.			649,694		0.1
	6,475		Berry Corp.			51,800		0.0
	32,000		ChampionX Corp.			927,680		0.2
	2,700		Chord Energy Corp.			369,387		0.1
	10,900	(1)	CNX Resources Corp.			183,556		0.0
	3,200		CONSOL Energy, Inc.			208,000		0.1
	9,800		CVR Energy, Inc.			307,132		0.1
	5,520		Delek US Holdings, Inc.			149,040		0.0
	18,100	(1)	Green Plains, Inc.			552,050		0.1
	43,900		Liberty Energy, Inc.			702,839		0.2
	25,800		Magnolia Oil & Gas Corp.			605,010		0.1
	21,000		Matador Resources Co.			1,202,040		0.3
	9,900		Murphy Oil Corp.			425,799		0.1
	70,800	(1)	NexTier Oilfield Solutions, Inc.			654,192		0.1
	31,055		Ovintiv, Inc.			1,574,799		0.3
	35,500		Patterson-UTI Energy, Inc.			597,820		0.1
	11,100		PBF Energy, Inc.			452,658		0.1
	16,100		PDC Energy, Inc.			1,022,028		0.2
	9,500	(1)	Peabody Energy Corp.			250,990		0.1
	4,500	(1)	REX American Resources Corp.			143,370		0.0
	30,600		Select Energy Services, Inc.			282,744		0.1
	22,700		SM Energy Co.			790,641		0.2
	23,800		Solaris Oilfield Infrastructure, Inc.			236,334		0.1
	95,350	(1)	Southwestern Energy Co.			557,798		0.1
	9,500	(1)	Weatherford International PLC			483,740		0.1
						13,381,141		2.9
			Financials: 17.0%
	8,600		American Equity Investment Life Holding Co.			392,332		0.1
	6,582		Ameris Bancorp.			310,276		0.1
	13,500		Arbor Realty Trust, Inc.			178,065		0.0
	42,100		Ares Commercial Real Estate Corp.			433,209		0.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	68,924	(1)	AssetMark Financial Holdings, Inc.		$	1,585,252		0.4
	3,800		Atlantic Union Bankshares Corp.			133,532		0.0
	7,800	(1)	Axos Financial, Inc.			298,116		0.1
	5,000		Banc of California, Inc.			79,650		0.0
	5,600	(1)	Bancorp, Inc.			158,928		0.0
	22,400		Bank of NT Butterfield & Son Ltd.			667,744		0.2
	65,122		BankUnited, Inc.			2,212,194		0.5
	38,500		Blackstone Mortgage Trust, Inc.			815,045		0.2
	29,900	(1)	Blucora, Inc.			763,347		0.2
	7,500		Bread Financial Holdings, Inc.			282,450		0.1
	9,500	(1)	BRP Group, Inc.			238,830		0.1
	8,671		Business First Bancshares, Inc.			191,976		0.0
	16,000		Byline Bancorp, Inc.			367,520		0.1
	3,900		Cadence Bank			96,174		0.0
	2,000		Capital Bancorp, Inc.			47,080		0.0
	8,700		Capital City Bank Group, Inc.			282,750		0.1
	14,700		Capstar Financial Holdings, Inc.			259,602		0.1
	1,300		Cathay General Bancorp.			53,027		0.0
	2,400		Central Pacific Financial Corp.			48,672		0.0
	3,800	(1)	Coastal Financial Corp./ WA			180,576		0.0
	10,700		Columbia Banking System, Inc.			322,391		0.1
	25,575		Commerce Bancshares, Inc.			1,740,890		0.4
	37,700		ConnectOne Bancorp, Inc.			912,717		0.2
	2,900		Cowen, Inc.			111,998		0.0
	16,874		Cullen/Frost Bankers, Inc.			2,256,054		0.5
	11,600	(1)	Customers Bancorp, Inc.			328,744		0.1
	33,800		CVB Financial Corp.			870,350		0.2
	2,700		Dime Community Bancshares, Inc.			85,941		0.0
	27,300	(1)	Donnelley Financial Solutions, Inc.			1,055,145		0.2
	48,500		Dynex Capital, Inc.			616,920		0.1
	24,600		Eastern Bankshares, Inc.			424,350		0.1
	5,700		Ellington Financial, Inc.			70,509		0.0
	2,300		Employers Holdings, Inc.			99,199		0.0
	15,000	(1)	Encore Capital Group, Inc.			719,100		0.2

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	11,600	(1)	Enova International, Inc.		$	445,092		0.1
	2,792		Enterprise Financial Services Corp.			136,696		0.0
	23,300		Essent Group Ltd.			905,904		0.2
	23,718		Evercore, Inc.			2,587,159		0.6
	2,700		FB Financial Corp.			97,578		0.0
	8,600		Financial Institutions, Inc.			209,496		0.1
	65,100		First BanCorp. Puerto Rico			828,072		0.2
	600		First BanCorp. Southern Pines NC			25,704		0.0
	2,100		First Bancshares, Inc./The			67,221		0.0
	2,300		First Bank/Hamilton NJ			31,648		0.0
	117		First Citizens BancShares, Inc.			88,728		0.0
	15,200		First Commonwealth Financial Corp.			212,344		0.1
	89,689		First Financial Bancorp.			2,173,164		0.5
	3,900		First Financial Corp.			179,712		0.0
	9,000		First Foundation, Inc.			128,970		0.0
	79,894		First Hawaiian, Inc.			2,080,440		0.5
	4,540		First Horizon Corp.			111,230		0.0
	52,380		First Interstate Bancsystem, Inc.			2,024,487		0.4
	5,000		First Merchants Corp.			205,550		0.0
	900	(1)	First Western Financial, Inc.			25,335		0.0
	8,100		FNB Corp.			105,705		0.0
	86,575	(1)	Focus Financial Partners, Inc.			3,226,650		0.7
	3,900		Glacier Bancorp., Inc.			192,738		0.0
	4,700	(1)	Green Dot Corp.			74,354		0.0
	13,000		Hancock Whitney Corp.			629,070		0.1
	1,600		Hannon Armstrong Sustainable Infrastructure Capital, Inc.			46,368		0.0
	6,500		HBT Financial, Inc.			127,205		0.0
	23,300		Heritage Commerce Corp.			302,900		0.1
	5,300		Home Bancshares, Inc./Conway AR			120,787		0.0
	4,700		HomeTrust Bancshares, Inc.			113,599		0.0
	3,800		Houlihan Lokey, Inc.			331,208		0.1
	4,400		Jackson Financial, Inc.			153,076		0.0
	3,900		James River Group Holdings Ltd.			81,549		0.0
	15,500		Kearny Financial Corp./MD			157,325		0.0
	8,929		Kinsale Capital Group, Inc.			2,335,112		0.5
	31,600	(2)	KKR Real Estate Finance Trust, Inc.			441,136		0.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	41,200		Ladder Capital Corp.		$	413,648		0.1
	9,200	(1)	LendingClub Corp.			80,960		0.0
	2,337		Luther Burbank Corp.			25,964		0.0
	1,400		Mercantile Bank Corp.			46,872		0.0
	5,300		Merchants Bancorp/IN			128,896		0.0
	1,100	(1)	Metropolitan Bank Holding Corp.			64,537		0.0
	1,800		Mid Penn Bancorp, Inc.			53,946		0.0
	58,477		Moelis & Co.			2,243,763		0.5
	11,826		Morningstar, Inc.			2,561,393		0.6
	3,950	(1)	Mr Cooper Group, Inc.			158,514		0.0
	700		MVB Financial Corp.			15,414		0.0
	5,000		National Bank Holdings Corp.			210,350		0.1
	20,100	(1)	NMI Holdings, Inc.			420,090		0.1
	85,500		OceanFirst Financial Corp.			1,816,875		0.4
	33,600		OFG Bancorp			926,016		0.2
	47,300		Old National Bancorp.			850,454		0.2
	28,900		Old Second Bancorp, Inc.			463,556		0.1
	4,850		Origin Bancorp, Inc.			177,995		0.0
	8,700		Peapack-Gladstone Financial Corp.			323,814		0.1
	2,700		PennyMac Financial Services, Inc.			152,982		0.0
	2,700		Peoples Bancorp., Inc.			76,275		0.0
	5,800		Pinnacle Financial Partners, Inc.			425,720		0.1
	900		Piper Sandler Cos			117,171		0.0
	12,650		PJT Partners, Inc.			932,179		0.2
	23,900		Popular, Inc.			1,585,048		0.4
	8,400		QCR Holdings, Inc.			416,976		0.1
	39,500		Radian Group, Inc.			753,265		0.2
	9,300		Redwood Trust, Inc.			62,868		0.0
	1,200		Republic Bancorp., Inc.			49,104		0.0
	27,319		RLI Corp.			3,586,165		0.8
	31,229		ServisFirst Bancshares, Inc.			2,151,990		0.5
	1,800		Sierra Bancorp.			38,232		0.0
	17,324		Signature Bank			1,996,071		0.4
	10,100		SmartFinancial, Inc.			277,750		0.1
	1,000		South Plains Financial, Inc.			27,530		0.0
	16,050		SouthState Corp.			1,225,578		0.3
	95,710		StepStone Group, Inc.			2,409,978		0.5
	11,600		Stewart Information Services Corp.			495,668		0.1
	3,850		Stifel Financial Corp.			224,725		0.1
	4,000	(1)	StoneX Group, Inc.			381,200		0.1

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Financials (continued)
	5,300		TPG RE Finance Trust, Inc.		$	35,987		0.0
	7,100		Trico Bancshares			362,029		0.1
	35,000		Veritex Holdings, Inc.			982,800		0.2
	5,700		Victory Capital Holdings, Inc.			152,931		0.0
	775		Virtus Investment Partners, Inc.			148,366		0.0
	1,700		Walker & Dunlop, Inc.			133,416		0.0
	6,000		Washington Federal, Inc.			201,300		0.0
	1,300		Waterstone Financial, Inc.			22,412		0.0
	51,264		Western Alliance Bancorp.			3,053,284		0.7
	44,928		Wintrust Financial Corp.			3,797,315		0.8
	4,600		Zions Bancorp NA			226,136		0.1
						78,179,475		17.0
			Health Care: 14.2%
	39,806	(1)	2seventy bio, Inc.			372,982		0.1
	38,000	(1)	Aclaris Therapeutics, Inc.			598,500		0.1
	71,300	(1)	AdaptHealth Corp.			1,370,386		0.3
	4,600	(1)	Adaptive Biotechnologies Corp.			35,144		0.0
	136,254	(1)(2)	Agiliti, Inc.			2,222,303		0.5
	13,100	(1)	Alector, Inc.			120,913		0.0
	12,500	(1)(2)	Allogene Therapeutics, Inc.			78,625		0.0
	36,900	(1)	Allscripts Healthcare Solutions, Inc.			650,916		0.1
	76,900	(1)	Alphatec Holdings, Inc.			949,715		0.2
	121,200	(1)	Amicus Therapeutics, Inc.			1,479,852		0.3
	34,100	(1)	AnaptysBio, Inc.			1,056,759		0.2
	9,600	(1)	Apellis Pharmaceuticals, Inc.			496,416		0.1
	13,800	(1)	Arrowhead Pharmaceuticals, Inc.			559,728		0.1
	14,900	(1)	Arvinas, Inc.			509,729		0.1
	2,600	(1)	Atara Biotherapeutics, Inc.			8,528		0.0
	32,600	(1)	Axonics, Inc.			2,038,478		0.4
	23,600	(1)(2)	Axsome Therapeutics, Inc.			1,820,268		0.4
	31,757		Azenta, Inc.			1,848,893		0.4
	8,900	(1)(2)	Beam Therapeutics, Inc.			348,079		0.1
	1,250	(1)	Biohaven Ltd.			17,350		0.0
	1,220	(1)	Bluebird Bio, Inc.			8,442		0.0
	5,700	(1)	Blueprint Medicines Corp.			249,717		0.1
	6,700	(1)	Bridgebio Pharma, Inc.			51,054		0.0
	7,100	(1)	Cara Therapeutics, Inc.			76,254		0.0
	18,800	(1)	CareDx, Inc.			214,508		0.0
	55,300	(1)	Catalyst Pharmaceuticals, Inc.			1,028,580		0.2
	93,392	(1)	Certara, Inc.			1,500,809		0.3
	5,425		Chemed Corp.			2,769,083		0.6

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	16,860	(1)	Chinook Therapeutics, Inc.		$	441,732		0.1
	17,000	(1)	Coherus Biosciences, Inc.			134,640		0.0
	37,351	(1)	CTI BioPharma Corp.			224,480		0.0
	6,200	(1)(2)	Cutera, Inc.			274,164		0.1
	22,526	(1)(2)	Decibel Therapeutics, Inc.			46,178		0.0
	105,553	(1)	Definitive Healthcare Corp.			1,160,027		0.3
	12,800	(1)	Enanta Pharmaceuticals, Inc.			595,456		0.1
	58,906		Encompass Health Corp.			3,523,168		0.8
	59,000	(1)	Envista Holdings Corp.			1,986,530		0.4
	33,100	(1)	Fate Therapeutics, Inc.			333,979		0.1
	8,700	(1)(2)	Fulgent Genetics, Inc.			259,086		0.1
	99,400	(1)	Health Catalyst, Inc.			1,056,622		0.2
	58,790	(1)	HealthEquity, Inc.			3,623,816		0.8
	3,400	(1)	Heska Corp.			211,344		0.0
	17,729	(1)	ICU Medical, Inc.			2,791,963		0.6
	7,800	(1)	Inari Medical, Inc.			495,768		0.1
	1,900	(1)	Inogen, Inc.			37,449		0.0
	11,450	(1)	Inspire Medical Systems, Inc.			2,884,026		0.6
	11,100	(1)	Intellia Therapeutics, Inc.			387,279		0.1
	52,000	(1)	Invivyd, Inc.			78,000		0.0
	5,900	(1)	iRhythm Technologies, Inc.			552,653		0.1
	14,000	(1)	Joint Corp./The			195,720		0.0
	10,300	(1)	Jounce Therapeutics, Inc.			11,433		0.0
	17,800	(1)	Kronos Bio, Inc.			28,836		0.0
	46,200	(1)	Kura Oncology, Inc.			573,342		0.1
	17,300	(1)	Kymera Therapeutics, Inc.			431,808		0.1
	8,700	(1)	MeiraGTx Holdings plc			56,724		0.0
	5,600	(1)	ModivCare, Inc.			502,488		0.1
	6,100	(1)	Natera, Inc.			245,037		0.1
	4,000		National Healthcare Corp.			238,000		0.1
	82,157	(1)	Neogen Corp.			1,251,251		0.3
	42,500	(1)	NeoGenomics, Inc.			392,700		0.1
	17,400	(1)	NGM Biopharmaceuticals, Inc.			87,348		0.0
	6,100	(1)	Omnicell, Inc.			307,562		0.1
	13,500	(1)	OptimizeRx Corp.			226,800		0.1
	35,900	(1)	Option Care Health, Inc.			1,080,231		0.2
	21,400	(1)	Orthofix Medical, Inc.			439,342		0.1
	4,200	(1)	Outset Medical, Inc.			108,444		0.0
	4,600		Phibro Animal Health Corp.			61,686		0.0
	35,200	(1)	PMV Pharmaceuticals, Inc.			306,240		0.1
	75,274	(1)	Progyny, Inc.			2,344,785		0.5
	3,300	(1)	Prothena Corp. PLC			198,825		0.0
	9,900	(1)	PTC Therapeutics, Inc.			377,883		0.1
	8,000	(1)	Quanterix Corp.			110,800		0.0
	24,319	(1)	QuidelOrtho Corp.			2,083,409		0.5

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Health Care (continued)
	42,200	(1)	Relay Therapeutics, Inc.		$	630,468		0.1
	59,800	(1)	Revance Therapeutics, Inc.			1,103,908		0.2
	30,300	(1)	REVOLUTION Medicines, Inc.			721,746		0.2
	5,700	(1)	Sage Therapeutics, Inc.			217,398		0.0
	5,400	(1)	Sarepta Therapeutics, Inc.			699,732		0.2
	13,600	(1)	Schrodinger, Inc./United States			254,184		0.1
	3,950	(1)	Shockwave Medical, Inc.			812,160		0.2
	16,600	(1)	SI-BONE, Inc.			225,760		0.1
	9,000	(1)	SpringWorks Therapeutics, Inc.			234,090		0.1
	2,900	(1)	Sutro Biopharma, Inc.			23,432		0.0
	34,700	(1)	Syndax Pharmaceuticals, Inc.			883,115		0.2
	47,711	(1)	Syneos Health, Inc.			1,750,039		0.4
	38,500	(1)	Travere Therapeutics, Inc.			809,655		0.2
	12,300	(1)	Twist Bioscience Corp.			292,863		0.1
	8,600	(1)	Vericel Corp.			226,524		0.1
	47,100	(1)	Xencor, Inc.			1,226,484		0.3
	1,300	(1)	Y-mAbs Therapeutics, Inc.			6,344		0.0
						65,358,967		14.2
			Industrials: 21.2%
	42,900		ABM Industries, Inc.			1,905,618		0.4
	32,450		ACCO Brands Corp.			181,395		0.0
	45,545	(1)	Alaska Air Group, Inc.			1,955,702		0.4
	1,300		Albany International Corp.			128,167		0.0
	8,189		Altra Industrial Motion Corp.			489,293		0.1
	5,100		Apogee Enterprises, Inc.			226,746		0.1
	19,197		Applied Industrial Technologies, Inc.			2,419,398		0.5
	19,500		ArcBest Corp.			1,365,780		0.3
	26,300		Argan, Inc.			969,944		0.2
	14,200	(1)	Atkore, Inc.			1,610,564		0.4
	6,600	(1)	Atlas Air Worldwide Holdings, Inc.			665,280		0.1
	52,600	(1)	AZEK Co., Inc./The			1,068,832		0.2
	9,300		AZZ, Inc.			373,860		0.1
	17,200		Barrett Business Services, Inc.			1,604,416		0.4
	5,800	(1)	Beacon Roofing Supply, Inc.			306,182		0.1
	17,450	(1)	Bloom Energy Corp.			333,644		0.1
	7,000	(1)	BlueLinx Holdings, Inc.			497,770		0.1
	5,600		Boise Cascade Co.			384,552		0.1
	49,661		Brady Corp.			2,339,033		0.5
	8,100		Brink’s Co.			435,051		0.1
	7,918	(1)	Builders FirstSource, Inc.			513,720		0.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials (continued)
	32,899	(1)	Casella Waste Systems, Inc.		$	2,609,220		0.6
	12,000		Comfort Systems USA, Inc.			1,380,960		0.3
	40,503		Douglas Dynamics, Inc.			1,464,588		0.3
	94,540	(1)	Driven Brands Holdings, Inc.			2,581,887		0.6
	13,000		Encore Wire Corp.			1,788,280		0.4
	149,124	(1)	First Advantage Corp.			1,938,612		0.4
	2,500		Forward Air Corp.			262,225		0.1
	125,115	(1)	Gates Industrial Corp. PLC			1,427,562		0.3
	7,254	(1)	Generac Holdings, Inc.			730,188		0.2
	29,800	(1)	GMS, Inc.			1,484,040		0.3
	17,000	(1)	Great Lakes Dredge & Dock Corp.			101,150		0.0
	16,800		Greenbrier Cos., Inc.			563,304		0.1
	145,436	(1)	Hayward Holdings, Inc.			1,367,098		0.3
	11,000		Heidrick & Struggles International, Inc.			307,670		0.1
	5,500		Herc Holdings, Inc.			723,635		0.2
	5,081	(1)	Heritage-Crystal Clean, Inc.			165,031		0.0
	241,697	(1)	Hillman Solutions Corp.			1,742,635		0.4
	7,300		HNI Corp.			207,539		0.0
	15,600	(1)	HUB Group, Inc.			1,240,044		0.3
	73,198	(1)	IAA, Inc.			2,927,920		0.6
	22,500		KBR, Inc.			1,188,000		0.3
	46,200		Kelly Services, Inc.			780,780		0.2
	8,700		Kforce, Inc.			477,021		0.1
	38,898		Knight-Swift Transportation Holdings, Inc.			2,038,644		0.4
	22,000		Korn Ferry			1,113,640		0.2
	15,156		Landstar System, Inc.			2,468,912		0.5
	21,723		Lincoln Electric Holdings, Inc.			3,138,756		0.7
	6,200		Luxfer Holdings PLC			85,064		0.0
	64,496	(1)	Lyft, Inc.			710,746		0.2
	11,000	(1)	Mastec, Inc.			938,630		0.2
	7,500		Matson, Inc.			468,825		0.1
	63,892		MillerKnoll, Inc.			1,342,371		0.3
	1,900		Moog, Inc.			166,744		0.0
	47,000	(1)	MRC Global, Inc.			544,260		0.1
	27,024		MSA Safety, Inc.			3,896,591		0.9
	8,500		Mueller Industries, Inc.			501,500		0.1
	105,200	(1)	NOW, Inc.			1,336,040		0.3
	7,700		Powell Industries, Inc.			270,886		0.1
	17,500		Primoris Services Corp.			383,950		0.1
	36,900	(1)	Radiant Logistics, Inc.			187,821		0.0

See Accompanying Notes to Financial Statements

137

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Industrials (continued)
	13,293	(1)	RBC Bearings, Inc.		$	2,782,890		0.6
	13,600	(1)	Resideo Technologies, Inc.			223,720		0.1
	35,331		Ritchie Bros Auctioneers, Inc.			2,043,192		0.4
	20,000		Rush Enterprises, Inc. - Class A			1,045,600		0.2
	25,742		Simpson Manufacturing Co., Inc.			2,282,286		0.5
	52,845	(1)	Stericycle, Inc.			2,636,437		0.6
	9,700	(1)	Sterling Infrastructure, Inc.			318,160		0.1
	19,700		Terex Corp.			841,584		0.2
	9,200	(1)	Titan Machinery, Inc.			365,516		0.1
	26,020		Toro Co.			2,945,464		0.6
	15,100	(1)	TriNet Group, Inc.			1,023,780		0.2
	17,600		UFP Industries, Inc.			1,394,800		0.3
	11,466		Unifirst Corp.			2,212,823		0.5
	18,000	(1)	V2X, Inc.			743,220		0.2
	5,467		Veritiv Corp.			665,389		0.1
	2,768		Wabash National Corp.			62,557		0.0
	8,700		Watts Water Technologies, Inc.			1,272,201		0.3
	10,700	(1)	Wesco International, Inc.			1,339,640		0.3
	95,723	(1)	WillScot Mobile Mini Holdings Corp.			4,323,808		0.9
	19,231		Woodward, Inc.			1,857,907		0.4
						97,208,690		21.2
			Information Technology: 12.8%
	32,100		Adeia, Inc.			304,308		0.1
	70,694	(1)	Allegro MicroSystems, Inc.			2,122,234		0.5
	18,200	(1)	Alpha & Omega Co.			519,974		0.1
	2,400	(1)	Ambarella, Inc.			197,352		0.0
	30,800		Amkor Technology, Inc.			738,584		0.2
	15,900	(1)	Asana, Inc.			218,943		0.1
	9,401	(1)	Aviat Networks, Inc.			293,217		0.1
	13,900	(1)	Avid Technology, Inc.			369,601		0.1
	19,494		Badger Meter, Inc.			2,125,431		0.5
	8,300		Belden, Inc.			596,770		0.1
	22,160		Benchmark Electronics, Inc.			591,450		0.1
	2,800	(1)	Blackline, Inc.			188,356		0.0
	18,000	(1)	Box, Inc.			560,340		0.1
	29,446	(1)	Calix, Inc.			2,014,990		0.4
	3,600	(1)	Cerence, Inc.			66,708		0.0
	106,221	(1)(2)	Clearwater Analytics Holdings, Inc.			1,991,644		0.4
	215,953	(1)	CommScope Holding Co., Inc.			1,587,254		0.3
	21,000	(1)	Commvault Systems, Inc.			1,319,640		0.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology (continued)
	2,666	(1)	Consensus Cloud Solutions, Inc.		$	143,324		0.0
	8,600	(1)	Digital Turbine, Inc.			131,064		0.0
	19,053	(1)(2)	DigitalOcean Holdings, Inc.			485,280		0.1
	3,800	(1)	Diodes, Inc.			289,332		0.1
	122,100	(1)	eGain Corp.			1,102,563		0.2
	43,584	(1)	Envestnet, Inc.			2,689,133		0.6
	29,200	(1)(2)	EverCommerce, Inc.			217,248		0.1
	6,500		EVERTEC, Inc.			210,470		0.1
	2,800	(1)	Fabrinet			359,016		0.1
	32,601	(1)	Guidewire Software, Inc.			2,039,519		0.4
	141,100		Information Services Group, Inc.			649,060		0.1
	64,670	(1)	International Money Express, Inc.			1,576,008		0.3
	20,900	(1)	LiveRamp Holdings, Inc.			489,896		0.1
	37,495	(1)	MACOM Technology Solutions Holdings, Inc.			2,361,435		0.5
	13,300	(1)(2)	Marathon Digital Holdings, Inc.			45,486		0.0
	7,400	(1)	MaxLinear, Inc.			251,230		0.1
	375	(1)	MicroStrategy, Inc.			53,089		0.0
	59,695	(1)	nCino, Inc.			1,578,336		0.3
	84,435	(1)	nLight, Inc.			856,171		0.2
	19,029	(1)	Novanta, Inc.			2,585,470		0.6
	14,185	(1)	OSI Systems, Inc.			1,127,991		0.2
	12,000	(1)	PagerDuty, Inc.			318,720		0.1
	81,136	(1)	Paycor HCM, Inc.			1,985,398		0.4
	6,900	(1)	PDF Solutions, Inc.			196,788		0.0
	5,900	(1)	Perficient, Inc.			411,997		0.1
	52,868		Power Integrations, Inc.			3,791,693		0.8
	60,787	(1)	Q2 Holdings, Inc.			1,633,347		0.4
	6,800	(1)	Qualys, Inc.			763,164		0.2
	5,600	(1)	Rambus, Inc.			200,592		0.0
	40,000	(1)	Repay Holdings Corp.			322,000		0.1
	29,700	(1)(2)	Riot Blockchain, Inc.			100,683		0.0
	7,900	(1)	Scansource, Inc.			230,838		0.1
	7,400	(1)	Semtech Corp.			212,306		0.1
	20,100	(1)	Silicon Laboratories, Inc.			2,726,967		0.6
	29,500	(1)	SMART Global Holdings, Inc.			438,960		0.1
	4,500	(1)	Sprout Social, Inc.			254,070		0.1
	800	(1)	SPS Commerce, Inc.			102,744		0.0
	700	(1)	Synaptics, Inc.			66,612		0.0
	4,100	(1)	Tenable Holdings, Inc.			156,415		0.0
	14,400		TTEC Holdings, Inc.			635,472		0.1
	79,600	(1)	TTM Technologies, Inc.			1,200,368		0.3

See Accompanying Notes to Financial Statements

138

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Information Technology (continued)
	10,600	(1)	Ultra Clean Holdings, Inc.		$	351,390		0.1
	24,500	(1)	Unisys Corp.			125,195		0.0
	28,600	(1)	Upland Software, Inc.			203,918		0.0
	49,100	(1)	Verint Systems, Inc.			1,781,348		0.4
	19,345	(1)	WEX, Inc.			3,165,809		0.7
	19,551	(1)	Workiva, Inc.			1,641,697		0.4
	12,860	(1)	Xperi, Inc.			110,725		0.0
	125,300	(1)	Zuora, Inc.			796,908		0.2
						58,974,041		12.8
			Materials: 4.3%
	8,600		AdvanSix, Inc.			326,972		0.1
	1,800		Alpha Metallurgical Resources, Inc.			263,502		0.1
	33,426		Aptargroup, Inc.			3,676,191		0.8
	17,650	(1)	Arconic Corp.			373,474		0.1
	4,100	(1)	ATI, Inc.			122,426		0.0
	13,100		Avient Corp.			442,256		0.1
	40,712	(1)	Axalta Coating Systems Ltd.			1,036,935		0.2
	11,600		Cabot Corp.			775,344		0.2
	25,300		Commercial Metals Co.			1,221,990		0.3
	29,300	(1)	Constellium SE			346,619		0.1
	136,600	(1)	Diversey Holdings Ltd.			581,916		0.1
	7,700	(1)	Ecovyst, Inc.			68,222		0.0
	3,300		Greif, Inc. - Class A			221,298		0.0
	8,600		HB Fuller Co.			615,932		0.1
	8,000	(1)	Ingevity Corp.			563,520		0.1
	8,000	(1)	Livent Corp.			158,960		0.0
	3,900		Louisiana-Pacific Corp.			230,880		0.1
	3,000		Minerals Technologies, Inc.			182,160		0.0
	16,200	(1)	O-I Glass, Inc.			268,434		0.1
	1,900		Olympic Steel, Inc.			63,802		0.0
	57,000		Orion Engineered Carbons SA			1,015,170		0.2
	153,931	(1)(2)	Perimeter Solutions SA			1,406,929		0.3
	15,832		Quaker Chemical Corp.			2,642,361		0.6
	5,100		Schnitzer Steel Industries, Inc.			156,315		0.0
	12,610	(1)	Summit Materials, Inc.			357,998		0.1
	27,400		Tronox Holdings PLC			375,654		0.1
	69,306		Valvoline, Inc.			2,262,841		0.5
						19,758,101		4.3
			Real Estate: 5.7%
	9,400		Acadia Realty Trust			134,890		0.0
	22,200		Agree Realty Corp.			1,574,646		0.3
	11,600	(1)	Anywhere Real Estate, Inc.			74,124		0.0
	34,400		Apple Hospitality REIT, Inc.			542,832		0.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Real Estate (continued)
	6,800		Armada Hoffler Properties, Inc.		$	78,200		0.0
	4,400		City Office REIT, Inc.			36,872		0.0
	2,100		Community Healthcare Trust, Inc.			75,180		0.0
	11,300		Corporate Office Properties Trust SBI MD			293,122		0.1
	2,400		CTO Realty Growth, Inc.			43,872		0.0
	58,277		CubeSmart			2,345,649		0.5
	196,746	(1)	Cushman & Wakefield PLC			2,451,455		0.5
	20,900		DiamondRock Hospitality Co.			171,171		0.0
	19,043		EastGroup Properties, Inc.			2,819,507		0.6
	18,300		Equity Commonwealth			456,951		0.1
	9,300		Essential Properties Realty Trust, Inc.			218,271		0.1
	4,875		First Industrial Realty Trust, Inc.			235,267		0.1
	7,600		Getty Realty Corp.			257,260		0.1
	4,000		Gladstone Commercial Corp.			74,000		0.0
	5,300		Global Medical REIT, Inc.			50,244		0.0
	22,100		Healthcare Realty Trust, Inc.			425,867		0.1
	27,200		Independence Realty Trust, Inc.			458,592		0.1
	7,200	(2)	Innovative Industrial Properties, Inc.			729,720		0.2
	11,700		Kennedy-Wilson Holdings, Inc.			184,041		0.0
	31,328		Kite Realty Group Trust			659,454		0.2
	9,300		Macerich Co.			104,718		0.0
	51,126		National Retail Properties, Inc.			2,339,526		0.5
	7,500		National Storage Affiliates Trust			270,900		0.1
	12,000		NETSTREIT Corp.			219,960		0.1
	122,422		Outfront Media, Inc.			2,029,757		0.4
	9,300		Phillips Edison & Co., Inc.			296,112		0.1
	22,200		Physicians Realty Trust			321,234		0.1
	17,800		Piedmont Office Realty Trust, Inc.			163,226		0.0
	3,400		Plymouth Industrial REIT, Inc.			65,212		0.0
	15,000		PotlatchDeltic Corp.			659,850		0.2
	4,100		Retail Opportunity Investments Corp.			61,623		0.0
	35,800		RLJ Lodging Trust			379,122		0.1

See Accompanying Notes to Financial Statements

139

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VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Real Estate (continued)
	1,900		RMR Group, Inc.		$	53,675		0.0
	35,118		Ryman Hospitality Properties			2,871,950		0.6
	21,800		Sabra Healthcare REIT, Inc.			270,974		0.1
	37,200		SITE Centers Corp.			508,152		0.1
	17,200		STAG Industrial, Inc.			555,732		0.1
	900		Terreno Realty Corp.			51,183		0.0
	25,900		UMH Properties, Inc.			416,990		0.1
	23,800		Uniti Group, Inc.			131,614		0.0
	3,300		Xenia Hotels & Resorts, Inc.			43,494		0.0
						26,206,191		5.7
			Utilities: 2.6%
	4,700		Chesapeake Utilities Corp.			555,446		0.1
	14,500		Clearway Energy, Inc.- Class A			433,840		0.1
	39,600		Clearway Energy, Inc.- Class C			1,262,052		0.3
	5,200		Idacorp, Inc.			560,820		0.1
	3,900		New Jersey Resources Corp.			193,518		0.1
	8,100		Northwest Natural Holding Co.			385,479		0.1
	44,359		NorthWestern Corp.			2,632,263		0.6
	6,300		ONE Gas, Inc.			477,036		0.1
	78,432		Portland General Electric Co.			3,843,168		0.8
	7,400		Southwest Gas Holdings, Inc.			457,912		0.1
	4,800		Spire, Inc.			330,528		0.1
	6,707		Unitil Corp.			344,471		0.1
	37,400	(2)	Via Renewables, Inc.			191,114		0.0
	4,544		Vistra Corp.			105,421		0.0
						11,773,068		2.6
			Total Common Stock (Cost $450,917,303)			447,498,759		97.4
RIGHTS: 0.0%
			Consumer Discretionary: 0.0%
	9,800	(1)(2)	PLBY Group, Inc.			98		0.0

			Health Care: —%
	28,260	(1)(3)(4)	Aduro Biotech, Inc. - CVR			—		—
			Total Rights (Cost $—)			98		0.0
			Total Long-Term Investments (Cost $450,917,303)			447,498,857		97.4

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.9%
	Repurchase Agreements: 2.2%
2,355,000 (5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $2,356,110, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,402,100, due 01/15/23-11/20/72)		$	2,355,000		0.5
902,629 (5)	Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $903,049, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $920,682, due 04/11/23-10/31/29)			902,629		0.2
2,354,989 (5)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $2,356,109, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $2,402,089, due 01/03/23-09/09/49)			2,354,989		0.5
2,354,989 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $2,356,099, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $2,402,089, due 09/01/24-10/20/52)			2,354,989		0.5

See Accompanying Notes to Financial Statements

140

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VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,149,312 (5)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $2,150,334, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,192,309, due 01/15/24-02/15/51)		$	2,149,312		0.5
	Total Repurchase Agreements (Cost $10,116,919)			10,116,919		2.2

Value

Percentage
of Net
Assets

Mutual Funds: 2.7%

12,537,976 (6)

BlackRock Liquidity Funds,
FedFund, Institutional
Class, 4.030%
(Cost $12,537,976)

12,537,976

2.7

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
	Total Short-Term Investments (Cost $22,654,895)		$	22,654,895		4.9
	Total Investments in Securities (Cost $473,572,198)		$	470,153,752		102.3
	Liabilities in Excess of Other Assets			(10,746,734)		(2.3)
	Net Assets		$	459,407,018		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

(5)

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

(6)

Rate shown is the 7-day yield as of December 31, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	447,498,759		$	—		$	—		$	447,498,759
Rights			—			98			—			98
Short-Term Investments			12,537,976			10,116,919			—			22,654,895
Total Investments, at fair value		$	460,036,735		$	10,117,017		$	—		$	470,153,752
Liabilities Table
Other Financial Instruments+
Futures		$	(33,526)		$	—		$	—		$	(33,526)
Total Liabilities		$	(33,526)		$	—		$	—		$	(33,526)

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

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

See Accompanying Notes to Financial Statements

141

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VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, VY® JPMorgan Small Cap Core Equity Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Aduro Biotech, Inc. - CVR

10/6/2020

—

At December 31, 2022, the following futures contracts were outstanding for VY® JPMorgan Small Cap Core Equity Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		66		03/17/23		$	5,843,970		$	(33,526)
						$	5,843,970		$	(33,526)

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

The fair value of derivative instruments as of December 31, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	33,526
			$	33,526

The effect of derivative instruments on the Portfolio’s Statement of Operations for the year ended December 31, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(2,130,021)
Total		$	(2,130,021)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(224,822)
Total		$	(224,822)

At December 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $478,379,337.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	54,238,126
Gross Unrealized Depreciation		(62,497,237)
Net Unrealized Depreciation	$	(8,259,111)

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2022 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Balanced Income Portfolio
Class ADV	NII		$	0.1839
Class I	NII		$	0.2523
Class S	NII		$	0.2226
Class S2	NII		$	0.1992
All Classes	STCG		$	0.0719
All Classes	LTCG		$	0.7297
Voya High Yield Portfolio
Class ADV	NII		$	0.4471
Class I	NII		$	0.5008
Class S	NII		$	0.4781
Class S2	NII		$	0.4653
Voya Large Cap Growth Portfolio
All Classes	STCG		$	1.3858
All Classes	LTCG		$	4.5146
Voya Large Cap Value Portfolio
Class ADV	NII		$	0.0581
Class I	NII		$	0.0811
Class R6	NII		$	0.0876
Class S	NII		$	0.0754
Class S2	NII		$	0.0684
All Classes	STCG		$	3.3768
All Classes	LTCG		$	4.3521
Voya Limited Maturity Bond Portfolio
Class ADV	NII		$	0.1220
Class I	NII		$	0.1827
Class S	NII		$	0.1597

Portfolio Name	Type	Per Share Amount
Voya U.S. Stock Index Portfolio
Class ADV	NII		$	0.1371
Class I	NII		$	0.2278
Class P2	NII		$	0.2466
Class S	NII		$	0.1858
Class S2	NII		$	0.1601
All Classes	STCG		$	0.0250
All Classes	LTCG		$	1.7909
VY® CBRE Real Estate Portfolio
Class ADV	NII		$	0.4597
Class I	NII		$	0.7060
Class S	NII		$	0.6084
Class S2	NII		$	0.5007
All Classes	STCG		$	0.8154
All Classes	LTCG		$	5.6572
VY® JPMorgan Small Cap Core Equity Portfolio
Class ADV	NII		$	—
Class I	NII		$	0.0011
Class R6	NII		$	0.0011
Class S	NII		$	—
Class S2	NII		$	—
All Classes	STCG		$	0.9933
All Classes	LTCG		$	2.2125

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

Of the ordinary distributions made during the year ended December 31, 2022, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Balanced Income Portfolio					28.08%
	Voya High Yield Portfolio					0.29%
	Voya Large Cap Growth Portfolio					8.62%
	Voya Large Cap Value Portfolio					16.04%
	Voya U.S. Stock Index Portfolio					98.72%
	VY® JPMorgan Small Cap Core Equity Portfolio					16.85%

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TAX INFORMATION (Unaudited) (continued)

The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

Voya Balanced Income Portfolio	$	21,095,060
Voya Large Cap Growth Portfolio	$	1,203,836,202
Voya Large Cap Value Portfolio	$	166,472,621
Voya U.S. Stock Index Portfolio	$	667,170,788
VY® CBRE Real Estate Portfolio	$	35,955,580
VY® JPMorgan Small Cap Core Equity Portfolio	$	69,304,903

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

144

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TRUSTEE AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Trust are managed under the direction of the Board. A Trustee, who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee (“Independent Trustee”). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about Trustees of the Trust and is available, without charge, upon request at (800) 992-0180.

Name, Address and Age

Position(s)
Held with the
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) –
During the Past 5 Years

Number of
funds in
Fund
Complex
Overseen by
Trustee(2)

Other Board Positions
Held by Trustee

Independent Trustees:

Colleen D. Baldwin
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 62

Chairperson

Trustee

January 2020 –
Present

November 2007 –
Present

President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present).

132

RSR Partners, Inc, (2016 − Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Trustee

January 2005 –
Present

Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019).

132

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 74

Trustee

January 2006 –
Present

Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present).

132

The Royce Funds (22 funds) (December 2009 – Present). AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 72

Trustee

August 2015 –
Present

Retired.

132

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 65

Trustee

May 2013 –
Present

President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present).

132

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 72

Trustee

January 2006 –
Present

Consultant (May 2001 − Present).

132

Centerra Gold Inc. (May 2008 − Present).

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 69

Trustee

October 2015 –
Present

Retired.

132

None.

(1)

Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

(2)

For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of January 31, 2023.

146

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Andy Simonoff 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 50	President and Chief Executive Officer	January 2023 – Present	Director, President and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, LLC and Voya Investments, LLC (January 1, 2023 – Present); Managing Director, Chief Strategy and Transformation Officer, Voya Investment Management (January 2020 – Present). Formerly, Managing Director, Head of Business Management, Voya Investment Management (March 2019 – January 2020); Managing Director, Head of Business Management, Fixed Income, Voya Investment Management (November 2015 – March 2019).
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 55	Executive Vice President and Chief Investment Risk Officer	March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC (September 2018 – March 2020); Consultant, DA Capital LLC (January 2016 – March 2017).
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 64	Executive Vice President	March 2018 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 − Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 − September 2017).
Steven Hartstein 230 Park Avenue New York, NY 10169 Age: 59	Chief Compliance Officer	December 2022 – Present	Senior Vice President, Voya Investment Management (December 2022 – Present). Formerly, Brighthouse Financial, Inc. − Head of Funds Compliance; Chief Compliance Officer − Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017 – December 2022).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	Director and Senior Vice President, Voya Capital, LLC, and Voya Funds Services, LLC (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, President, Voya Funds Services, LLC (March 2018 − September 2022).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Senior Vice President	November 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 − Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	Senior Vice President	June 2022 – Present	Senior Vice President, Voya Investments, LLC (February 2022 − Present); Senior Vice President, Head of Active Ownership, Voya Investment Management (September 2021 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 − February 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Senior Vice President	June 2022 – Present	Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management (March 2022 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 − Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Formerly, Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – February 2022); Vice President, Voya Investment Management (March 2014 − February 2018).

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 52	Senior Vice President	May 2006 – Present	Senior Vice President, Voya Investments Distributor, LLC (April 2018 − Present); Senior Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41	Vice President Secretary	June 2022 – Present September 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President Principal Accounting Officer and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Vice President	November 1999 – Present	Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 − Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 − Present); Vice President, Voya Funds Services, LLC (July 2007 − Present).
Erica McKenna 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President	June 2022 – Present	Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 − Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Nicholas C.D. Ward 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 29	Assistant Vice President and Assistant Secretary	June 2022 – Present	Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).
Gizachew Wubishet 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Assistant Vice President and Assistant Secretary	June 2022 – Present	Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 − Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 − April 2019).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 46	Anti-Money Laundering Officer	June 2018 – Present	Compliance Consultant, Voya Financial, Inc. (January 2019 − Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).

(1)

The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT

At a meeting held on November 17, 2022, the Board of Trustees (“Board”) of Voya Investors Trust (the “Trust”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Balanced Income Portfolio, Voya High Yield Portfolio, Voya Large Cap Growth Portfolio, Voya Large Cap Value Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, VY® CBRE Real Estate Portfolio (formerly, VY® Clarion Real Estate Portfolio), and VY® JPMorgan Small Cap Core Equity Portfolio, each a series of the Trust (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Trust, on behalf of the Portfolios, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, CBRE Investment Management List Real Assets LLC (formerly, CBRE Clarion Securities LLC), and JPMorgan Investment Management Inc., the respective sub-advisers to each Portfolio (the “Sub-Advisers”), for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as “management”) on October 12-13, 2022, and November 15, 2022. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members.

The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Portfolio (“Selected Peer Group”) based on that Portfolio’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Portfolio share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and a Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

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Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Portfolios, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolios as set forth in the Management Contracts, including oversight of the Portfolios’ operations and risk management and the oversight of their various other service providers.

The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers’ investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Portfolios under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser’s management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Advisers to the Portfolios and the level of resources committed to the Portfolios (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Portfolios.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and

quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

Portfolio Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio, including its investment performance over certain time periods compared to the Portfolio’s Morningstar category (except for Voya U.S. Stock Index Portfolio, as discussed below) and primary benchmark, a broad-based securities market index identified in the Portfolio’s prospectus In addition, the Board considered Voya Limited Maturity Bond Portfolio’s investment performance compared to an additional performance peer group that is approved by the Board due to the investment structure or strategy of that Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.

In assessing the investment management and sub-advisory relationships, with respect to Voya U.S. Stock Index Portfolio which seeks investment results corresponding to the performance of an index (commonly referred to an as an “index fund”), the Board focused on the reasonableness of the differences between the Portfolio’s net performance and the total return of such index over certain time periods.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

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Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm’s-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee schedules and that the Manager is responsible for paying the fees of the Sub-Advisers.

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group and which additional services the Manager pays for on behalf of Voya High Yield Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, and VY® JPMorgan Small Cap Core Equity Portfolio under the “bundled fee” arrangement in return for a single management fee (“Unified Fee Structure”). The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with

services they render to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Advisers that are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm’s-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Portfolios, including their ability to engage in soft-dollar transactions on behalf of the Portfolios. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Portfolios and the Manager’s and Sub-Advisers’ potential fall-out benefits were not unreasonable.

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Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark and, as applicable, a performance peer group. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Portfolio’s more recent performance, asset levels and asset flows. Each Portfolio’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya Balanced Income Portfolio

In considering whether to approve the renewal of the Contracts for Voya Balanced Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the one-year period, the third quintile for the year-to-date period, the fourth quintile for the five-year period, and the fifth quintile for the three-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of asset allocation on the Portfolio’s performance; and (2) the competitiveness of the Portfolio’s performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net

management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

Voya High Yield Portfolio

In considering whether to approve the renewal of the Contracts for Voya High Yield Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for the year-to-date and one-year periods and underperformed for the three-year, five-year and ten-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure.

Voya Large Cap Growth Portfolio

In considering whether to approve the renewal of the Contracts for Voya Large Cap Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date period, and the third quintile for the one-year, three-year, five-year and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

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In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Large Cap Value Portfolio

In considering whether to approve the renewal of the Contracts for Voya Large Cap Value Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year and three-year periods, the second quintile for the year-to-date and five-year periods, and the third quintile for the ten-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Portfolio’s net expense ratio.

Voya Limited Maturity Bond Portfolio

In considering whether to approve the renewal of the Contracts for Voya Limited Maturity Bond Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods, the third quintile for the three-year and five-year periods, and the fourth quintile for the ten-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed. In analyzing this performance data, the Board took into account: (1) that the Portfolio outperformed its performance peer group average for all periods presented, with the exception of the year-to-date period, during which its performance was equal to its performance peer group average; and (2) management’s representations regarding the competitiveness of the Portfolio’s performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure.

Voya U.S. Stock Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya U.S. Stock Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the

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compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding: (1) its belief that the Portfolio’s pricing is competitive; and (2) the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure.

VY® CBRE Real Estate Portfolio

In considering whether to approve the renewal of the Contracts for VY® CBRE Real Estate Portfolio (formerly, VY® Clarion Real Estate Portfolio), the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year and three-year periods, the second quintile for the five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account the competitiveness of the Portfolio’s management fee rate and net expense ratio.

VY® JPMorgan Small Cap Core Equity Portfolio

In considering whether to approve the renewal of the Contracts for VY® JPMorgan Small Cap Core Equity Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the five-year period, the third quintile for the three-year period, and the fourth quintile for the year-to-date and one-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio’s Unified Fee Structure.

Board Conclusions

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Portfolio’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2023.

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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

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

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VPAR-VIT2AISS2 (1222-022323)

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

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

VY^® BlackRock Inflation Protected Bond Portfolio (the “Portfolio”) seeks to maximize real return, consistent with preservation of real capital and prudent investment management. The Portfolio is managed by Chris Allen, Managing Director and Akiva Dickstein, Managing Director, and David Rogal, Portfolio Managers of BlackRock Financial Management, Inc. — the Sub-Adviser.

Performance: For the year ended December 31, 2022, the Portfolio’s Class I shares provided a total return of -12.74% compared to the Bloomberg U.S. Treasury Inflation Protected Securities Index (“TIPS Index” or “TIPS”) which returned -11.85% for the same period.

Portfolio Specifics: Our structural underweight in US nominal rates was the most notable contributor to performance over the year. We were underweight headline nominal duration in the US, as the rates market recalibrated its pricing after the continued hawkish pivot from the Fed since late 2021. The portfolio’s long in US breakevens at both the 1-year and 5-year points on the curve also positively contributed to performance due to the tailwind of high inflation prints over the year. Finally, the portfolio’s relative value positions between US vs. EU breakevens contributed to performance as breakevens in the US slightly outperformed the EU.

Offsetting some of the positive performance was the portfolio’s outright short in UK breakevens, especially earlier in the year. An acute surge in energy prices in the UK pushed the country’s inflation expectations materially higher over period. 10-year UK breakevens increased ~41 bps just in Q1 2022 and settled materially higher than realized inflation. The portfolio’s tactical positions in EU supra sovereign spread assets negatively contributed to performance as spread levels widened. Also, detracting from performance was the portfolio’s relative value positions between New Zealand vs. US real rates as New Zealand real rates increased more than the US. The Team’s tactical interest rate volatility positions also hurt performance as rates volatility picked up over the year. The small allocation to emerging market debt and European peripheral spreads also negatively contributed to performance.

Market Overview: In our opinion, the past year was one defined by central banks moving interest rates higher as inflation ran at its highest level in decades. As the Fed and other central banks raised rates, interest rates across the curve moved materially higher, curves inverted, and risks assets performed poorly. The market did, however, price inflation expectations higher over the period given the elevated levels of realized inflation. Following the extensive rate hikes of the Fed, inflationary pressures are thought to have peaked and therefore, likely to ease into 2023. This is also due to healing supply chains. However, we believe the full effects of Fed policy have not been totally apparent due to the lagging effect of economic indicators, which has resulted in increased expectations for a recession. Macroeconomic volatility and uncertainty during the year was only reinforced by major global events contributing to the turbulence in the markets in 2022. Energy prices underwent shocks across the globe and, particularly in Europe, driven by the war in Ukraine leading to soaring prices. To dampen the burden of these high energy costs, the EU energy ministers settled on a gas price cap of €180 per megawatt hour but will likely continue to combat recessionary symptoms in the new year. In addition to the numerous rate hikes from the ECB, it is anticipated that their hawkish rhetoric will continue in order to subdue the omnipresent inflation throughout the euro area. For the UK, the Bank of England followed the ECB and raised rates onset by the UK Gilt crisis seen earlier this fall. Meanwhile, the Bank of Japan shocked markets during their announcement to increase the range of the Japanese 10-year note which may drive global long-term bond yields into the new year as loosening in their yield curve control led to a selloff.

Current Strategy and Outlook: US: The Team views the Federal Reserve (Fed) will only pause its rate hikes in Q2 or H2 of 2023. It will remain focused on crushing inflation and hold rates at a restrictive area to temper the stubbornly strong labor market. However, in our opinion, this makes a recession almost inevitable. The central bank has been toeing the line between a soft landing and a hard landing,

where the former means we can get through this tightening period without a significant economic contraction. We believe volatility in the rates market is likely to come down as inflation pressures ease further with the healing of the supply chain and normalizing consumer demand. We believe this puts the terminal policy rate in sight, with the market pricing in a potential rate cut in the latter half of 2023. We believe the interest rate carry is attractive in the front end, but rates further out the curve have room to increase as investors demand higher term premiums. Depending on the inflation trajectory, we forecast the Fed to raise rates by either 25 or 50 bps at its February meeting, followed by a 25 bps hike in March. This will bring the Fed Funds Target to ~4.85% by the end of Q1.

On the inflation front, CPI data showed compelling signs of slowing over Q4, with declines across the spectrum. The Team believes inflation has likely peaked and will continue to slow in the coming months. Our current forecasts have MoM core CPI hovering ~0.2 — 0.3% MoM and headline CPI ~0.1 — 0.2% MoM over the next several months. However, we believe shelter inflation, in particular, will remain sticky into 2023.

Within Europe: We view the near-term policy path for the European Central Bank (ECB) is materially impacted by the ongoing energy crisis and persistent inflation. The war-induced energy crisis has put EU countries’ economies in a precarious situation, with a recession that is likely to run deep without significant recovery until 2024. The warmer-than-expected winter has helped ease the energy crunch, but the problem will likely persist in 2023 as major supply pipelines, such as the Nord Stream 1, likely stay permanently shut; stockpiling energy will remain a crucial focus for the Euro area in 2023.

The energy supply crunch has translated to double-digit inflation and has significantly raised stagflation risk. Given geopolitical uncertainties, we think current price momentum is unlikely to fade quickly. Given the recent hawkish ECB rhetoric, we believe the central bank will continue to hike rates to control the high, persistent, and broad-based inflation in the euro area. We expect the ECB Governing Council to increase policy rates by a total of ~100 bps over Q1, lifting the deposit rate to 3% and the Main Refinancing Operations (MRO) rate to 3.5% by March 2023. We forecast headline (core) inflation to average ~5.6% (3.7%) in 2023 before converging to the ECB 2% target by the end of 2024.

Against a similar backdrop, the Bank of England (BoE) has a perilous task of weighing the need for further rate hikes without triggering a material economic downturn. The capping of energy prices has returned some freedom to BoE in terms of growth/inflation policy trade-off. However, the government has pledged not to extend the energy cap beyond April 2023. In light of this, we expect inflation to remain above 8% for most of 2023 before falling towards 2% in mid-2024 as base effects from higher energy costs wane. We believe we will see the BoE hike two more times before potentially pausing, 50 bps at the February meeting and 25 bps at the March meeting, taking the terminal Bank Rate to 4.25%.

Within Japan: The Bank of Japan (BoJ) surprised the market in December when it tweaked its long-standing Yield Curve Control (YCC) policy by adjusting its 10-year yield range up from +/-0.25% to +/-0.50%. This sent a shockwave across the market as the upward adjustment signaled a potential beginning of policy normalization. The change helped the Japanese Yen (JPY) to regain some lost ground after experiencing significant depreciation in 2022. It’s important to note that the BoJ does not face the same surging inflationary macro backdrop as some of its developed market peers. Despite inflation running well above the BoJ’s 2% target at ~3.7% YoY in November, its sustainability is questionable as most of the increase is led by FX and commodity induced price increases. We believe wage growth is the key to the longer-term sustainability of inflation. One focal point in 2023 will be whether the annual spring wage negotiations produce notable wage increases. We estimate that core CPI inflation reached 3.6% YoY in Q4 due to a concentration of markups to food prices with the rise in the cost of raw material imports. We expect core CPI ex. perishables eases to around 1.6% YoY by the end of 2023.

VY^® BrandywineGLOBAL — Bond Portfolio (the “Portfolio”) seeks total return consisting of capital appreciation and income. The Portfolio is managed by David F. Hoffman, CFA, John P. McIntyre, CFA, and Anujeet Sareen, CFA, Portfolio Managers of Brandywine Global Investment Management, LLC (“Brandywine”). — the Sub-Adviser.

Performance: For the year-ended December 31, 2022, the Portfolio’s shares provided a total return of -11.89% compared to the Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”), which returned -13.01% for the same period.

Portfolio Specifics — The Portfolio started the year with an underweight duration position versus the benchmark but ended the year with a substantially overweight duration position. As the Federal Reserve began aggressively raising interest rates in the first half of 2022, we felt it was prudent to begin increasing duration to take advantage of value opportunities in anticipation of slowing growth and inflation. The underweight duration position in the first half of the year along with selection and timing within corporates and mortgages were the primary drivers of our relative outperformance.

We increased duration during the year, mostly notably in the second half of 2022. The team elected to increase duration for a couple of key reasons. First, we believe that rate hikes tend to impact the economy on a lagged basis, and we felt the aggressive hikes had the potential to materially slow growth and inflation to a point that the Fed may have to reverse course in 2023. Secondly, virtually all major economic indicators began to turn lower (some sharply) by late summer.

We reduced our investment grade corporate positions in late 2021 and early 2022 due to valuations and tight spreads but elected to add back exposure in the second half of the year due to wider spreads and attractive yields. We increased our exposure to agency MBS in the second half of the year due to attractive spreads and a decrease in prepayment risk.

Current Strategy and Outlook: We believe the outlook for the U.S. economy is complicated; the inverted yield curve suggests inflation is set to moderate, while the Fed appears committed to further action. In our opinion, this hawkishness, accompanied by more supply-side normalization, should lead to significantly slower inflation and a softer labor market. We believe the conditions for a credit crunch, commonly seen ahead of previous U.S. recessions, do not exist currently. That said, recession odds increase significantly if Fed Chair Powell remains dogmatic about creating labor market slack through monetary policy. A pause in rate hikes seems probable in our opinion, especially if economic data shows a steep decline in inflation.

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.

To the Shareholders of VY^® BlackRock Inflation Protected Bond Portfolio and VY^® BrandywineGLOBAL — Bond Portfolio and the Boards of Trustees of Voya Investors Trust and Voya Variable Insurance Trust

We have audited the accompanying statements of assets and liabilities of VY^® BlackRock Inflation Protected Bond Portfolio and VY^® BrandywineGLOBAL — Bond Portfolio (collectively referred to as the “Portfolios”) (each a portfolio of Voya Investors Trust and Voya Variable Insurance Trust, respectively (collectively referred to as the “Trusts”)), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three 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 each of the Portfolios at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

These financial statements are the responsibility of the Trusts’ 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 Trusts 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 Trusts are not required to have, nor were we engaged to perform, an audit of the Trusts’ 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 Trusts’ internal control over financial reporting. Accordingly, we express no such opinion.

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the assets and liabilities:

At December 31, 2022, the following forward foreign currency contracts were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

At December 31, 2022, the following futures contracts were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

At December 31, 2022, the following centrally cleared interest rate swaps were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

At December 31, 2022, the following centrally cleared inflation-linked swaps were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

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

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

Of the ordinary distributions made during the year ended December 31, 2022, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds.

A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2022:

7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ	85258
(Address of principal executive offices)	(Zip code)


ASSETS:
Investments in securities at fair value+*	$	313,817,538	$	6,903,396,250	$	341,560,286
Short-term investments at fair value†		5,076,025		516,800,028		17,536,741
Cash		—		29,594,136		1,718,976
Foreign currencies at value‡		186,614		571,856		229
Receivables:
Investment securities sold		—		37,472,530		208,193
Fund shares sold		145		3,329,809		4,129
Dividends		472,881		3,848,173		1,328,949
Interest		—		23,687,541		3,053
Foreign tax reclaims		211,324		38,829		180,562
Other assets		14,608		205,129		35,842
Total assets		319,779,135		7,518,944,281		362,576,960
LIABILITIES:
Payable for investment securities purchased		146,848		63,492,946		3,073
Payable for fund shares redeemed		566,744		1,924,879		937,327
Payable upon receipt of securities loaned		—		61,349,197		15,590,713
Payable for unified fees		262,665		4,048,020		181,394
Payable for distribution and shareholder service fees		103,863		1,649,782		88,335
Payable to trustees under the deferred compensation plan (Note 6)		14,608		205,129		35,842
Unfunded loan commitments (Note 11)		—		3,429,348		—
Written options, at fair value^		—		11,096,460		—
Total liabilities		1,094,728		147,195,761		16,836,684
NET ASSETS	$	318,684,407	$	7,371,748,520	$	345,740,276
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	222,927,578	$	6,856,012,686	$	260,971,508
Total distributable earnings		95,756,829		515,735,834		84,768,768
NET ASSETS	$	318,684,407	$	7,371,748,520	$	345,740,276


+ Including securities loaned at value	$	—	$	59,595,627	$	15,269,164
* Cost of investments in securities	$	243,886,945	$	7,160,973,899	$	275,686,070
† Cost of short-term investments	$	5,076,025	$	516,800,028	$	17,536,741
‡ Cost of foreign currencies	$	184,954	$	566,075	$	227
^ Premiums received on written options	$	—	$	39,509,140	$	—


INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	6,063,320		$	62,056,194		$	9,876,635
Interest		—			109,435,439			34,517
Securities lending income, net		2,616			397,721			12,160
Total investment income		6,065,936			171,889,354			9,923,312

EXPENSES:
Unified fees		3,441,492			49,799,761			2,292,841
Distribution and shareholder service fees:
Class ADV		680,222			10,108,950			361,898
Class S		520,080			10,179,043			371,287
Class S2		126,358			242,054			328,477
Trustee fees and expenses		19,924			403,145			19,658
Interest expense		—			146			—
Total expenses		4,788,076			70,733,099			3,374,161
Waived and reimbursed fees		(92,195	)		—			(108,273	)
Net expenses		4,695,881			70,733,099			3,265,888
Net investment income		1,370,055			101,156,255			6,657,424

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		25,518,243			704,675,352			19,905,574
Foreign currency related transactions		(81,212	)		(119,112	)		(3,381	)
Written options		—			48,782,317			—
Net realized gain		25,437,031			753,338,557			19,902,193
Net change in unrealized appreciation (depreciation) on:
Investments		(103,692,879	)		(2,033,670,291	)		(40,147,432	)
Foreign currency related transactions		(6,897	)		8,172			(194	)
Written options		—			113,209,032			—
Net change in unrealized appreciation (depreciation)		(103,699,776	)		(1,920,453,087	)		(40,147,626	)
Net realized and unrealized loss		(78,262,745	)		(1,167,114,530	)		(20,245,433	)
Decrease in net assets resulting from operations	$	(76,892,690	)	$	(1,065,958,275	)	$	(13,588,009	)


* Foreign taxes withheld	$	138,795		$	440,413		$	339,714

	Voya Government Liquid Assets Portfolio								VY^® CBRE Global Real Estate Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021				Year Ended December 31, 2022				Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	12,799,475			$	—			$	3,838,085			$	4,184,504
Net realized gain (loss)			(230,593	)			230,323				2,787,078				25,340,237
Net change in unrealized appreciation (depreciation)			—				—				(64,122,051	)			33,777,150
Increase (decrease) in net assets resulting from operations			12,568,882				230,323				(57,496,888	)			63,301,891

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—				—				(977,993	)			(377,513	)
Class I			(1,154,963	)			(16,647	)			(8,681,137	)			(3,281,141	)
Class S			(4,310,529	)			(102,429	)			(5,868,869	)			(2,361,249	)
Class S2			(7,333,972	)			(141,054	)			(65,243	)			(21,700	)
Total distributions			(12,799,464	)			(260,130	)			(15,593,242	)			(6,041,603	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			395,452,030				207,160,815				12,899,737				15,944,587
Reinvestment of distributions			12,799,464				260,130				15,593,242				6,041,603
			408,251,494				207,420,945				28,492,979				21,986,190
Cost of shares redeemed			(207,379,450	)			(365,488,398	)			(24,510,404	)			(38,100,037	)
Net increase (decrease) in net assets resulting from capital share transactions			200,872,044				(158,067,453	)			3,982,575				(16,113,847	)
Net increase (decrease) in net assets			200,641,462				(158,097,260	)			(69,107,555	)			41,146,441

NET ASSETS:
Beginning of year or period			808,628,956				966,726,216				234,677,469				193,531,028
End of year or period		$	1,009,270,418			$	808,628,956			$	165,569,914			$	234,677,469

	VY^® Invesco Growth and Income Portfolio								VY^® JPMorgan Emerging Markets Equity Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021				Year Ended December 31, 2022				Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	5,665,805			$	4,798,839			$	350,511			$	(3,507,412	)
Net realized gain (loss)			26,813,683				56,576,125				(20,232,552	)			99,431,554
Net change in unrealized appreciation (depreciation)			(58,905,696	)			46,553,766				(99,307,987	)			(148,353,847	)
Increase (decrease) in net assets resulting from operations			(26,426,208	)			107,928,730				(119,190,028	)			(52,429,705	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(2,532,628	)			(192,270	)			(12,228,273	)			(4,625,629	)
Class I			(6,070,318	)			(593,144	)			(17,903,798	)			(6,493,054	)
Class S			(47,695,696	)			(4,704,412	)			(65,531,812	)			(27,977,315	)
Class S2			(3,043,369	)			(304,187	)			(1,984,692	)			(908,609	)
Total distributions			(59,342,011	)			(5,794,013	)			(97,648,575	)			(40,004,607	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			28,454,023				29,359,114				17,832,438				44,423,900
Reinvestment of distributions			59,342,011				5,794,013				97,648,575				40,004,607
			87,796,034				35,153,127				115,481,013				84,428,507
Cost of shares redeemed			(55,341,882	)			(73,541,854	)			(55,565,505	)			(103,276,595	)
Net increase (decrease) in net assets resulting from capital share transactions			32,454,152				(38,388,727	)			59,915,508				(18,848,088	)
Net increase (decrease) in net assets			(53,314,067	)			63,745,990				(156,923,095	)			(111,282,400	)

NET ASSETS:
Beginning of year or period			451,886,117				388,140,127				465,846,007				577,128,407
End of year or period		$	398,572,050			$	451,886,117			$	308,922,912			$	465,846,007

	■	Voya Government Liquid Assets Portfolio
	■	VY^® CBRE Global Real Estate Portfolio (formerly, 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

Portfolio Managers’ Report	VY^®CBRE Global Real Estate Portfolio


United States	59.9	%
Japan	10.2	%
Hong Kong	6.2	%
Canada	4.5	%
Australia	3.4	%
United Kingdom	3.3	%
France	3.0	%
Singapore	2.8	%
Belgium	2.2	%
Sweden	1.0	%
Countries between 0.5%-0.9%ˆ	2.7	%
Assets in Excess of Other Liabilities*	0.8	%
Net Assets	100.0	%

*		Includes short-term investments.
ˆ		Includes 4 countries, which each represents 0.5%-0.9% of net assets.


Financials	20.4	%
Health Care	19.2	%
Energy	11.4	%
Information Technology	11.2	%
Industrials	11.1	%
Consumer Discretionary	7.6	%
Communication Services	5.9	%
Consumer Staples	4.8	%
Real Estate	2.3	%
Materials	1.8	%
Utilities	1.5	%
Assets in Excess of Other Liabilities*	2.8	%
Net Assets	100.0	%


ConocoPhillips	3.6	%
Wells Fargo & Co.	3.6	%
American International Group, Inc.	2.8	%
Bank of America Corp.	2.7	%
Exxon Mobil Corp.	2.5	%
Merck & Co., Inc.	2.5	%
General Motors Co.	2.4	%
CBRE Group, Inc.	2.3	%
Chevron Corp.	2.1	%
Cigna Corp.	2.1	%


China	27.5	%
India	23.3	%
Taiwan	11.1	%
South Korea	7.7	%
Hong Kong	5.3	%
Indonesia	4.1	%
United States	3.7	%
Mexico	3.2	%
South Africa	3.1	%
Argentina	3.0	%
Countries between 0.7%-2.9%ˆ	7.9	%
Assets in Excess of Other Liabilities*	0.1	%
Net Assets	100.0	%

*		Includes short-term investments.
ˆ		Includes 6 countries, which each represents 0.7%-2.9% of net assets.


Samsung Electronics Co., Ltd. 005930	5.8	%
HDFC Bank Ltd. ADR	5.4	%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.5	%
Tencent Holdings Ltd.	4.2	%
Housing Development Finance Corp.	3.5	%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	3.5	%
AIA Group Ltd.	3.0	%
JD.com, Inc. — Class A	2.6	%
MercadoLibre, Inc.	2.5	%
Tata Consultancy Services Ltd.	2.2	%

United States	73.4	%
United Kingdom	10.5	%
France	6.8	%
Germany	5.1	%
Netherlands	2.3	%
Italy	0.4	%
Assets in Excess of Other Liabilities*	1.5	%
Net Assets	100.0	%

Microsoft Corp.	8.9	%
Philip Morris International, Inc.	7.6	%
Visa, Inc.—Class A	6.3	%
Reckitt Benckiser Group PLC	5.8	%
Danaher Corp.	5.4	%
SAP SE	5.1	%
Thermo Fisher Scientific, Inc.	4.7	%
Accenture PLC	4.6	%
Intercontinental Exchange, Inc.	4.0	%
Abbott Laboratories	3.9	%


Common Stock	61.7	%
Bank Loans	13.6	%
U.S. Treasury Obligations	9.0	%
Corporate Bonds/Notes	8.4	%
Preferred Stock	0.7	%
Asset-Backed Securities	0.2	%
Convertible Bonds/Notes	0.1	%
Assets in Excess of Other Liabilities*	6.3	%
Net Assets	100.0	%


United States Treasury Note, 2.750%, 08/15/32	9.0	%
Microsoft Corp.	5.2	%
PNC Financial Services Group, Inc.	2.9	%
Apple, Inc.	2.4	%
Amazon.com, Inc.	2.1	%
UnitedHealth Group, Inc.	2.0	%
Yum! Brands, Inc.	1.9	%
Fortive Corp.	1.9	%
Thermo Fisher Scientific, Inc.	1.9	%
Intercontinental Exchange, Inc.	1.9	%

Financials	21.1	%
Health Care	17.8	%
Industrials	10.8	%
Energy	8.6	%
Utilities	8.4	%
Consumer Staples	7.0	%
Information Technology	6.9	%
Communication Services	5.1	%
Consumer Discretionary	5.0	%
Materials	4.2	%
Real Estate	3.9	%
Assets in Excess of Other Liabilities*	1.2	%
Net Assets	100.0	%

TotalEnergies SE ADR	3.2	%
Wells Fargo & Co.	3.0	%
Southern Co.	3.0	%
General Electric Co.	2.9	%
American International Group, Inc.	2.5	%
Elevance Health, Inc.	2.3	%
Qualcomm, Inc.	2.1	%
Sempra Energy	2.1	%
Chubb Ltd.	2.0	%
Johnson & Johnson	2.0	%

	Voya Government Liquid Assets Portfolio			VY^® CBRE Global Real Estate Portfolio		VY^® Invesco Growth and Income Portfolio		VY^® JPMorgan Emerging Markets Equity Portfolio
ASSETS:
Investments in securities at fair value+*	$	—		$	164,172,924	$	387,504,648	$	308,470,601
Short-term investments at fair value†		—			3,374,019		10,657,087		2,598,993
Short-term investments at amortized cost		772,582,271			—		—		—
Repurchase agreements		207,599,000			—		—		—
Cash		24,170			—		—		—
Foreign currencies at value‡		—			—		699		128,563
Receivables:
Investment securities sold		26,723,424			—		458,934		—
Fund shares sold		788,055			92,959		62,381		107,977
Dividends		6,351			587,612		486,161		373,811
Interest		2,235,264			—		—		—
Foreign tax reclaims		—			190,579		23,641		76,953
Unrealized appreciation on forward foreign currency contracts		—			—		167,548		—
Prepaid expenses		—			921		—		—
Reimbursement due from Investment Adviser		—			27,482		—		—
Other assets		19,027			10,702		19,977		21,508
Total assets		1,009,977,562			168,457,198		399,381,076		311,778,406
LIABILITIES:
Payable for investment securities purchased		—			—		196,163		—
Payable for fund shares redeemed		159,474			110,294		271,192		205,542
Payable upon receipt of securities loaned		—			2,567,840		—		399,649
Unrealized depreciation on forward foreign currency contracts		—			—		29,202		—
Payable for unified fees		233,889			—		208,117		333,458
Payable for investment management fees		—			123,779		—		—
Payable for distribution and shareholder service fees		272,636			19,023		84,375		65,721
Payable to trustees under the deferred compensation plan (Note 6)		19,027			10,702		19,977		21,508
Payable for trustee fees		22,118			471		—		—
Payable for foreign capital gains tax		—			—		—		1,829,616
Other accrued expenses and liabilities		—			55,175		—		—
Total liabilities		707,144			2,887,284		809,026		2,855,494
NET ASSETS	$	1,009,270,418		$	165,569,914	$	398,572,050	$	308,922,912
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	1,009,501,011		$	159,211,200	$	304,635,781	$	300,883,231
Total distributable earnings (loss)		(230,593	)		6,358,714		93,936,269		8,039,681
NET ASSETS	$	1,009,270,418		$	165,569,914	$	398,572,050	$	308,922,912


+ Including securities loaned at value	$	—		$	2,475,783	$	—	$	379,416
* Cost of investments in securities	$	—		$	156,624,085	$	324,517,769	$	278,296,609
† Cost of short-term investments	$	—		$	3,374,019	$	10,657,087	$	2,598,993
‡ Cost of foreign currencies	$	—		$	—	$	705	$	128,552

	Voya Government Liquid Assets Portfolio		VY^® CBRE Global Real Estate Portfolio		VY^® Invesco Growth and Income Portfolio		VY^® JPMorgan Emerging Markets Equity Portfolio
Class ADV
Net assets		n/a	$	10,400,733	$	16,238,714	$	37,190,142
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001	$	0.001
Shares outstanding		n/a		1,139,057		782,523		3,469,730
Net asset value and redemption price per share		n/a	$	9.13	$	20.75	$	10.72
Class I
Net assets	$	77,571,405	$	92,595,991	$	42,131,847	$	60,062,796
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		77,585,131		9,842,436		2,002,151		5,010,538
Net asset value and redemption price per share	$	1.00	$	9.41	$	21.04	$	11.99
Class S
Net assets	$	322,095,506	$	61,861,165	$	319,719,077	$	205,543,517
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		322,152,304		6,603,580		14,958,083		17,462,157
Net asset value and redemption price per share	$	1.00	$	9.37	$	21.37	$	11.77
Class S2
Net assets	$	609,603,507	$	712,025	$	20,482,412	$	6,126,457
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		609,711,299		75,212		970,554		533,642
Net asset value and redemption price per share	$	1.00	$	9.47	$	21.10	$	11.48


Class ADV
Net assets	$	103,692,486	$	1,586,695,431	$	60,126,568
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		7,760,847		68,982,291		6,235,848
Net asset value and redemption price per share	$	13.36	$	23.00	$	9.64
Class I
Net assets		n/a	$	1,447,932,638	$	67,596,423
Shares authorized		n/a		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001
Shares outstanding		n/a		58,304,871		6,800,556
Net asset value and redemption price per share		n/a	$	24.83	$	9.94
Class R6
Net assets	$	1,673,042	$	525,749,822		n/a
Shares authorized		unlimited		unlimited		n/a
Par value	$	0.001	$	0.001		n/a
Shares outstanding		112,940		21,153,162		n/a
Net asset value and redemption price per share	$	14.81	$	24.85		n/a
Class S
Net assets	$	185,294,595	$	3,757,937,076	$	141,080,063
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		12,463,266		151,329,288		13,940,460
Net asset value and redemption price per share	$	14.87	$	24.83	$	10.12
Class S2
Net assets	$	28,024,284	$	53,433,553	$	76,937,222
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		1,910,450		2,176,644		7,884,342
Net asset value and redemption price per share	$	14.67	$	24.55	$	9.76


INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	192,408		$	5,725,125		$	9,237,044		$	5,539,953
Interest		16,874,832			—			—			552
Securities lending income, net		—			8,767			12,293			16,013
Total investment income		17,067,240			5,733,892			9,249,337			5,556,518
EXPENSES:
Investment management fees		—			1,696,423			—			—
Unified fees		2,569,477			—			2,650,570			4,326,056
Distribution and shareholder service fees:
Class ADV		—			74,836			105,574			244,986
Class S		804,846			182,020			841,916			586,393
Class S2		2,147,432			3,269			88,027			28,358
Transfer agent fees:		—			229,621			—			—
Class ADV		—			15,194			—			—
Class I		—			124,736			—			—
Class S		—			88,695			—			—
Class S2		—			996			—			—
Shareholder reporting expense		—			20,949			—			—
Professional fees		—			10,950			—			—
Custody and accounting expense		—			61,184			—			—
Trustee fees and expenses		45,304			8,727			13,072			20,516
Miscellaneous expense		207			9,339			9,542			—
Interest expense		—			134			—			720
Total expenses		5,567,266			2,297,452			3,708,701			5,207,029
Waived and reimbursed fees		(1,299,501	)		(400,345	)		(125,169	)		—
Brokerage commission recapture		—			(1,300	)		—			(1,022	)
Net expenses		4,267,765			1,895,807			3,583,532			5,206,007
Net investment income		12,799,475			3,838,085			5,665,805			350,511
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)		(230,593	)		2,824,061			25,835,905			(20,086,626	)
Forward foreign currency contracts		—			(32,684	)		992,798			—
Foreign currency related transactions		—			(4,299	)		(15,020	)		(145,926	)
Net realized gain (loss)		(230,593	)		2,787,078			26,813,683			(20,232,552	)
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued^#)		—			(64,109,776	)		(59,270,042	)		(99,305,667	)
Forward foreign currency contracts		—			(145	)		370,427			—
Foreign currency related transactions		—			(12,130	)		(6,081	)		(2,320	)
Net change in unrealized appreciation (depreciation)		—			(64,122,051	)		(58,905,696	)		(99,307,987	)
Net realized and unrealized loss		(230,593	)		(61,334,973	)		(32,092,013	)		(119,540,539	)
Increase (decrease) in net assets resulting from operations	$	12,568,882		$	(57,496,888	)	$	(26,426,208	)	$	(119,190,028	)

* Foreign taxes withheld	$	—		$	262,983		$	84,391		$	662,971
^ Foreign capital gains taxes withheld	$	—		$	—		$	—		$	600,550
# Change in foreign capital gains taxes accrued	$	—		$	—		$	—		$	1,079,297

				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
12-31-22		1.00		0.02	^•		0.00	*		0.02			0.02			—			—		0.02			—		1.00		1.51			0.28		0.24		0.24		1.65		77,571		—
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		—
Class S
12-31-22		1.00		0.01	^•		0.00	*		0.01			0.01			—			—		0.01			—		1.00		1.34			0.53		0.40		0.40		1.34		322,096		—
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		—
Class S2
12-31-22		1.00		0.01	^•		0.00	*		0.01			0.01			—			—		0.01			—		1.00		1.24			0.68		0.52		0.52		1.37		609,604		—
12-31-21		1.00		—	^•		0.00	*		0.00			—			0.00	*		—		0.00	*		—		1.00		0.03			0.68		0.05		0.05		0.00		437,744		—
12-31-20		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.21			0.68		0.23		0.23		0.13		527,457		—
12-31-19		1.00		0.02			0.00	*		0.02			0.02			0.00	*		—		0.02			—		1.00		1.60			0.69		0.69		0.69		1.52		359,294		—
12-31-18		1.00		0.01			0.00	*		0.01			0.01			0.00	*		—		0.01			—		1.00		1.21			0.69		0.69		0.69		1.19		386,368		—
VY^®CBRE Global Real Estate Portfolio
Class ADV
12-31-22		13.38		0.17	^•		(3.54	)		(3.37	)		0.29			0.59			—		0.88			—		9.13		(25.39	)		1.68		1.47		1.47		1.55		10,401		91
12-31-21		10.26		0.17	^•		3.24			3.41			0.29			—			—		0.29			—		13.38		33.56			1.66		1.47		1.47		1.48		16,348		74
12-31-20		12.77		0.15	^•		(1.11	)		(0.96	)		0.60			0.95			—		1.55			—		10.26		(5.37	)		1.68		1.47		1.47		1.47		14,367		97
12-31-19		10.53		0.17	^•		2.34			2.51			0.27			—			—		0.27			—		12.77		23.99			1.62		1.49		1.49		1.40		17,308		77
12-31-18		12.17		0.18	^•		(1.24	)		(1.06	)		0.58			—			—		0.58			—		10.53		(9.10	)		1.62		1.49		1.49		1.54		16,608		107
Class I
12-31-22		13.79		0.24	^•		(3.65	)		(3.41	)		0.38			0.59			—		0.97			—		9.41		(24.95	)		1.08		0.87		0.87		2.19		92,596		91
12-31-21		10.55		0.25	^•		3.35			3.60			0.36			—			—		0.36			—		13.79		34.47			1.06		0.87		0.87		2.09		122,954		74
12-31-20		13.11		0.28			(1.21	)		(0.93	)		0.68			0.95			—		1.63			—		10.55		(4.83	)		1.08		0.87		0.87		2.09		96,799		97
12-31-19		10.81		0.25	^•		2.41			2.66			0.36			—			—		0.36			—		13.11		24.74			1.02		0.89		0.89		2.02		119,642		77
12-31-18		12.49		0.25	^•		(1.27	)		(1.02	)		0.66			—			—		0.66			—		10.81		(8.52	)		1.02		0.89		0.89		2.14		103,029		107
Class S
12-31-22		13.72		0.21	^•		(3.63	)		(3.42	)		0.34			0.59			—		0.93			—		9.37		(25.12	)		1.33		1.12		1.12		1.90		61,861		91
12-31-21		10.50		0.22	^•		3.33			3.55			0.33			—			—		0.33			—		13.72		34.14			1.31		1.12		1.12		1.83		94,359		74
12-31-20		13.04		0.22			(1.16	)		(0.94	)		0.65			0.95			—		1.60			—		10.50		(5.04	)		1.33		1.12		1.12		1.85		81,568		97
12-31-19		10.76		0.22	^•		2.39			2.61			0.33			—			—		0.33			—		13.04		24.35			1.27		1.14		1.14		1.76		96,519		77
12-31-18		12.43		0.22	^•		(1.26	)		(1.04	)		0.63			—			—		0.63			—		10.76		(8.74	)		1.27		1.14		1.14		1.91		90,159		107
Class S2
12-31-22		13.86		0.20	^•		(3.67	)		(3.47	)		0.33			0.59			—		0.92			—		9.47		(25.25	)		1.48		1.27		1.27		1.77		712		91
12-31-21		10.61		0.21	^•		3.35			3.56			0.31			—			—		0.31			—		13.86		33.90			1.46		1.27		1.27		1.70		1,016		74
12-31-20		13.15		0.20			(1.17	)		(0.97	)		0.62			0.95			—		1.57			—		10.61		(5.19	)		1.48		1.27		1.27		1.76		796		97
12-31-19		10.85		0.20	^•		2.41			2.61			0.31			—			—		0.31			—		13.15		24.15			1.42		1.29		1.29		1.61		906		77
12-31-18		12.52		0.21	^•		(1.27	)		(1.06	)		0.61			—			—		0.61			—		10.85		(8.84	)		1.42		1.29		1.29		1.76		850		107
VY^®Invesco Growth and Income Portfolio
Class ADV
12-31-22		26.21		0.23	^•		(2.16	)		(1.93	)		0.25			3.28			—		3.53			—		20.75		(6.16	)		1.24		1.21		1.21		1.00		16,239		18
12-31-21		20.62		0.18	^•		5.67			5.85			0.26			—			—		0.26			—		26.21		28.50			1.24		1.21		1.21		0.75		18,354		30
12-31-20		22.73		0.32			(0.32	)		0.00	*		0.35			1.76			—		2.11			—		20.62		2.55			1.24		1.24		1.24		1.45		15,543		32
12-31-19		21.15		0.32	^•		4.64			4.96			0.50			2.88			—		3.38			—		22.73		24.30			1.24		1.24		1.24		1.43		18,401		22
12-31-18		27.94		0.32	^•		(3.71	)		(3.39	)		0.30			3.10			—		3.40			—		21.15		(13.88	)		1.24		1.24		1.24		1.22		16,868		31

⁽¹⁾		Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.
⁽²⁾		Annualized for periods less than one year.
⁽³⁾		Ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.
⁽⁴⁾		Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

^(a)		Excluding amounts related to a securities lending settlement and a cumulative underpayment of prior years’ waivers of management fees recorded in the year ended December 31, 2018, total return for VY^® T.Rowe Price Equity Income Portfolio would have been (9.84)%, (9.24)%, (9.47)% and (9.60)% for Classes ADV, I, S and S2, respectively.
^(b)		Excluding amounts related to a cumulative underpayment of prior years’ waivers of management fees recorded in the year ended December 31, 2018, the net expense ratios for VY^® T.Rowe Price Equity Income Portfolio would have been 1.23%, 0.63%, 0.88% and 1.03% for Class ADV, I, S and S2, respectively.
^(c)		Excluding amounts related to a securities lending settlement and a cumulative underpayment of prior years’ waivers of management fees recorded in the year ended December 31, 2018, the net investment income ratios for VY^® T.Rowe Price Equity Income Portfolio would have been 1.65%, 2.25%, 2.00% and 1.85% for Classes ADV, I, S and S2, respectively.
^•		Calculated using average number of shares outstanding throughout the year or period.
*		Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

		Purchased			Sold
CBRE Global Real Estate		$	72,601		$	—
Invesco Growth and Income			4,177,941			18,465,489

	Purchases		Sales
CBRE Global Real Estate	$	171,428,196	$	179,561,163
Invesco Growth and Income		74,758,607		98,776,946
JPMorgan Emerging Markets Equity		63,432,245		87,682,234
Morgan Stanley Global Franchise		48,579,252		91,876,967
T. Rowe Price Capital Appreciation		5,220,782,871		5,914,213,639
T. Rowe Price Equity Income		63,945,532		75,963,266

Portfolio		Fee
Government Liquid Assets⁽²⁾		0.35% on the first $200 million; 0.30% on the next $300 million; 0.25% on the amount in excess of $500 million
JPMorgan Emerging Markets Equity		1.25%
Morgan Stanley Global Franchise⁽³⁾		1.00% on the first $250 million; 0.90% on the next $250 million; 0.75% on the amount in excess of $500 million
Invesco Growth and Income,⁽³⁾ T. Rowe Price Capital Appreciation, and T. Rowe Price Equity Income⁽³⁾⁽⁴⁾		0.75% first $750 million; 0.70% on the next $1.25 billion; 0.65% on the next $1.5 billion; 0.60% on the amount in excess of $3.5 billion

⁽²⁾		The assets of Government Liquid Assets are aggregated with those of Voya Limited Maturity Bond Portfolio, which is not included in this report, to determine the Unified Fee applicable to the Portfolio.
⁽³⁾		The Investment Adviser is contractually obligated to waive 0.026%, 0.030% and 0.030% of the Unified Fee for Morgan Stanley Global Franchise, T. Rowe Price Equity Income and Invesco Growth and Income, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.
⁽⁴⁾		The assets of Invesco Growth and Income, T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income are aggregated with those of VY^® CBRE Real Estate Portfolio, which is not included in this report, to determine the Unified Fee applicable to the respective Portfolios.

Portfolio		Sub-Adviser
Government Liquid Assets		Voya Investment Management Co. LLC
CBRE Global Real Estate		CBRE Investment Management Listed Real Assets LLC⁽¹⁾
Invesco Growth and Income		Invesco Advisers, Inc.
JPMorgan Emerging Markets Equity		J.P. Morgan Investment Management Inc.
Morgan Stanley Global Franchise		Morgan Stanley Investment Management Inc.
T. Rowe Price Capital Appreciation		T. Rowe Price Associates, Inc.
T. Rowe Price Equity Income		T. Rowe Price Associates, Inc.

Subsidiary	Portfolio
ReliaStar Life Insurance	Invesco Growth and Income	5.09	%
Company	T. Rowe Price Equity Income	6.98
Security Life of Denver	CBRE Global Real Estate	6.31
Insurance Company	JPMorgan Emerging Markets Equity	9.45
	T. Rowe Price Equity Income	9.17
Voya Institutional Trust	Government Liquid Assets	61.19
Company	CBRE Global Real Estate	11.68
	Invesco Growth and Income	5.53
	JPMorgan Emerging Markets Equity	13.62
	Morgan Stanley Global Franchise	34.89
	T. Rowe Price Capital Appreciation	32.53
	T. Rowe Price Equity Income	42.04
Voya Retirement	CBRE Global Real Estate	39.21
Insurance and Annuity	Invesco Growth and Income	21.16
Company	JPMorgan Emerging Markets Equity	16.48
	T. Rowe Price Capital Appreciation	32.44
	T. Rowe Price Equity Income	41.70

Portfolio		Approximate Average Daily Balance For Days Utilized
CBRE Global Real Estate	1	$	3,628,000	1.33	%
JPMorgan Emerging Markets Equity	12		705,917	3.06
T. Rowe Price Capital Appreciation	1		3,947,000	1.33