# EDGAR Filing Document

**Accession Number:** 0000916403
**File Stem:** 0001104659-23-029945
**Filing Date:** 2023-3
**Character Count:** 234036
**Document Hash:** 87291e6218fd762ead1ca0243d78763a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-029945.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001104659-23-029945

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya VARIABLE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000916403
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08220
- **FILM NUMBER:** 23715114

**BUSINESS ADDRESS:**
- **STREET 1:** ING FUNDS
- **STREET 2:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-992-0180

**MAIL ADDRESS:**
- **STREET 1:** ING FUNDS
- **STREET 2:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING VARIABLE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20020502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM VARIABLE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20020405

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING VARIABLE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20020320

## Series and Classes Contracts Data

### Voya MidCap Opportunities Portfolio (Series ID: S000008638)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023590 | Class ADV    | IAMOX           |
| C000023591 | Class I      | IIMOX           |
| C000023592 | Class S      | ISMOX           |
| C000074884 | Class S2     | IMOPX           |
| C000163133 | Class R6     | VMCRX           |

### Voya SmallCap Opportunities Portfolio (Series ID: S000008640)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023597 | Class I      | IVSOX           |
| C000023598 | Class S      | IVPOX           |
| C000073995 | Class ADV    | ISOPX           |
| C000074885 | Class S2     | ISCTX           |
| C000163134 | Class R6     | VRSCX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: **811-08220**

**Voya Variable Products Trust** 

(Exact name of registrant as specified in charter)

---

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

---

**CT Corporation System, 101 Federal Street, Boston, MA 02110**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-992-0180**

Date of fiscal year end: **December 31**

Date of reporting period: **December 31, 2022**

**Item 1. Reports to Stockholders.**

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

[**TABLE OF CONTENTS**](#TOC)

![[MISSING IMAGE: ing_cov.jpg]](ing_cov.jpg)

## Annual Report

#### December 31, 2022
Classes ADV, I, R6, S and S2

#### Voya Variable Products Trust
■ <br>

Voya MidCap Opportunities Portfolio

■ <br>

Voya SmallCap Opportunities 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.

![[MISSING IMAGE: voya_covinvmgt.jpg]](voya_covinvmgt.jpg)

------

[**TABLE OF CONTENTS**](#TOC)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio Managers' Reports](#tPMR)  | [2](#tPMR) |
| [Shareholder Expense Examples](#tSEEU)  | [6](#tSEEU) |
| [Report of Independent Registered Public Accounting Firm](#tROIR)  | [7](#tROIR) |
| [Statements of Assets and Liabilities](#tSOAA)  | [8](#tSOAA) |
| [Statements of Operations](#tSOOF)  | [10](#tSOOF) |
| [Statements of Changes in Net Assets](#tSOCI)  | [11](#tSOCI) |
| [Financial Highlights](#tFIHI)  | [12](#tFIHI) |
| [Notes to Financial Statements](#fNTFS)  | [14](#fNTFS) |
| [Portfolio of Investments](#tPOI)  | [23](#tPOI) |
| [Tax Information](#tTIU)  | [30](#tTIU) |
| [Trustee and Officer Information](#tTAOI)  | [31](#tTAOI) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#tAASC)  | [35](#tAASC) |

---

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

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

------

[**TABLE OF CONTENTS**](#TOC)

[This Page Intentionally Left Blank]

------

[**TABLE OF CONTENTS**](#TOC)

Benchmark Descriptions

---

| | |
|:---|:---|
| **Index**  | **Description**  |
| Russell 2000<sup>®</sup> Growth Index | An index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation. |
| Russell 2000<sup>®</sup> Index | An index that measures the performance of securities of small U.S. companies. |
| Russell Midcap<sup>®</sup> Growth Index | An index that measures the performance of those companies included in the Russell Midcap<sup>®</sup> Index with relatively higher price-to-book ratios and higher forecasted growth values. |
| Russell Midcap<sup>®</sup> Index | An index that measures the performance of the 800 smallest companies in the Russell 1000<sup>®</sup> Index, which represents approximately 26% of the total market capitalization of the Russell 1000<sup>®</sup> Index. |

---

------

[**TABLE OF CONTENTS**](#TOC)

Portfolio Managers' Report Voya MidCap Opportunities Portfolio

---

| | |
|:---|:---|
| **Sector Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  | **Sector Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  |
| Information Technology | 27.2%  |
| Health Care | 17.7%  |
| Industrials | 16.6%  |
| Consumer Discretionary | 15.4%  |
| Financials | 5.9%  |
| Energy | 5.3%  |
| Materials | 3.7%  |
| Consumer Staples | 2.9%  |
| Communication Services | 2.2%  |
| Real Estate | 1.3%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;1.8%  |
| Net Assets | 100.0%  |
| &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Includes short-term investments.  | &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Includes short-term investments.  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

---

Voya MidCap Opportunities Portfolio (the "Portfolio") seeks long-term capital appreciation. 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 I shares provided a total return of -25.07% compared to the Russell Midcap<sup>®</sup> Growth Index and the Russell Midcap<sup>®</sup> Index, which returned -26.72% and -17.32%, respectively, for the same period.

***Portfolio Specifics:*** The Portfolio outperformed the Russell Midcap<sup>®</sup> Growth Index on a net asset value basis, primarily due to stock selection. Favorable stock selection in the industrials sector contributed the most value. On an individual stock basis, our overweight positions in Quanta Services, Inc. and Diamondback Energy Inc., and owning a non-benchmark position in Waste Connections Inc. contributed the most to performance. Unfavorable stock selection in the information technology sector detracted the most from performance. On an individual stock basis, overweight positions in Tandem Diabetes Care Inc., CrowdStrike Holdings Inc. and Zscaler, Inc. had the largest 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 we believe higher costs would not finish flowing through until sometime mid next year. We have started to slowly increase our exposure to what we believe are more economically sensitive companies given this backdrop, while still balancing the Portfolio by also focusing

---

| | |
|:---|:---|
| **Top Ten Holdings <br> as of December 31, 2022 <br> (as a percentage of net assets)**  | **Top Ten Holdings <br> as of December 31, 2022 <br> (as a percentage of net assets)**  |
| Cadence Design Systems, Inc. | 4.0%  |
| DexCom, Inc. | 3.4%  |
| Keysight Technologies, Inc. | 2.7%  |
| MSCI, Inc. - Class A | 2.6%  |
| Agilent Technologies, Inc. | 2.5%  |
| Lululemon Athletica, Inc. | 2.5%  |
| Gartner, Inc. | 2.5%  |
| Ross Stores, Inc. | 2.4%  |
| Quanta Services, Inc. | 2.4%  |
| Hess Corp. | 2.3%  |
|  ***Portfolio holdings are subject to change daily.<br>***  |  ***Portfolio holdings are subject to change daily.<br>***  |

---

on companies that we believe are more resilient in a slowing economic environment.

\* <br>

Effective December 31, 2022, Jeffrey Bianchi, CFA and Michael Pytosh were removed as portfolio managers.

***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.***

------

[**TABLE OF CONTENTS**](#TOC)

Voya MidCap Opportunities Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_midcap-bw.jpg]](lc_midcap-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -25.49% | 6.70% | 10.09% |
| Class I | -25.07% | 7.24% | 10.64% |
| Class R6<sup>(1)</sup> | -25.12% | 7.23% | 10.63% |
| Class S | -25.20% | 7.00% | 10.37% |
| Class S2 | -25.41% | 6.80% | 10.19% |
| Russell Midcap<sup>®</sup> Growth Index | -26.72% | 7.64% | 11.41% |
| Russell Midcap<sup>®</sup> Index | -17.32% | 7.10% | 10.96% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya MidCap Opportunities 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) 992-0180 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.* 

<sup>(1)</sup> <br>

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.

------

[**TABLE OF CONTENTS**](#TOC)

Portfolio Managers' Report Voya SmallCap Opportunities Portfolio

---

| | |
|:---|:---|
| **Sector Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  | **Sector Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  |
| Information Technology | 22.5%  |
| Industrials | 22.4%  |
| Health Care | 22.1%  |
| Consumer Discretionary | 11.1%  |
| Energy | 7.8%  |
| Financials | 6.0%  |
| Materials | 3.6%  |
| Exchange-Traded Funds | 1.8%  |
| Consumer Staples | 0.6%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;2.1%  |
| Net Assets | 100.0%  |
| &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Includes short-term investments and exchange-traded funds.  | &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Includes short-term investments and exchange-traded funds.  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

---

Voya SmallCap Opportunities Portfolio\* (the "Portfolio") seeks long-term capital appreciation. The Portfolio is managed Michael Coyne, CFA, Mitchell Brivic, CFA, Scott Haugan, CFA and Richard Johnson, CFA – 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 -23.09% compared to the Russell 2000<sup>®</sup> Growth Index and the Russell 2000<sup>®</sup> Index, which returned -26.36% and -20.44%, respectively, for the same period.

***Portfolio Specifics:*** Returns for small cap growth stocks, as measured by the Russell 2000<sup>®</sup> Growth index, were challenged for much of 2022. The first half of 2022 began with increased volatility resulting from inflationary pressures, the beginning of the Federal Reserve's (the "Fed") interest-rate tightening policy, a war in Ukraine and continued supply chain issues. Market conditions in the second half of 2022 remained volatile, with the primary focus being the Fed's aggressive interest rate hikes and its quest to bring inflation closer to the Fed's stated target of 2% per year. During the fourth quarter, the economy showed signs of a slowdown: increasing credit card balances, decreasing gas prices and normalizing rent inflation.

For the 12-month reporting period the Portfolio outperformed its benchmark, largely driven by stock selection effects. For the one-month period under the management of the predecessor portfolio management team (January 1 – 31, 2022), the Portfolio outperformed due to strong security selection as well as favorable asset allocation effects. Stock selection within the software and services sector contributed the most to performance, followed by an underweight allocation to the pharmaceutical and biotechnology sector. An allocation to cash, while within the typical range, also was a tailwind. By contrast, stock selection within the capital goods sector and to a lesser extent the hardware and equipment sector detracted the most value.

For the remaining 11 months of the reporting period (February 1, 2022 through December 31, 2022), the strategy continued to outperform under the new management portfolio team, primarily driven by favorable stock selection. Stock selection within the information technology, industrial and health care sectors contributed the most to performance. A combination of an underweight to the consumer staples sector and stock selection within that sector detracted the most from performance. Stock selection within the materials sector also detracted from results. Individual contributors during the full-year reporting period included Axon Enterprise Inc., Helix Energy Solutions Group, Inc. and Tower Semiconductor Ltd. Key detractors from performance for the 12-month period included R1 RCM Inc., SiTime Corporation and Natera, Inc.

***Current Strategy and Outlook:*** From conversations with portfolio management teams, there is clearly evidence of a slowing economy, and we expect that Fed policy changes implemented in 2022 will affect economic growth in the year ahead.

---

| | |
|:---|:---|
| **Top Ten Holdings <br> as of December 31, 2022\* <br> (as a percentage of net assets)**  | **Top Ten Holdings <br> as of December 31, 2022\* <br> (as a percentage of net assets)**  |
| WNS Holdings Ltd. ADR | 2.6%  |
| Planet Fitness, Inc. | 2.6%  |
| CACI International, Inc. | 2.4%  |
| Matador Resources Co. | 2.2%  |
| Clean Harbors, Inc. | 2.1%  |
| Churchill Downs, Inc. | 2.1%  |
| Five Below, Inc. | 2.0%  |
| Kirby Corp. | 2.0%  |
| MAXIMUS, Inc. | 2.0%  |
| Ensign Group, Inc. | 1.9%  |
| &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Excludes short-term investments.  | &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Excludes short-term investments.  |
|  ***Portfolio holdings are subject to change daily.<br>***  |  ***Portfolio holdings are subject to change daily.<br>***  |

---

Heading into 2023, valuations of small cap stocks relative to large cap stocks remain near 20-year lows and forward earnings growth expectations favor smaller companies. We are taking profits in solid performers and looking at, what we believe are underperforming stocks of companies where sentiment is low and fundamentals are holding up. Our team continues to be prudent in adding new stocks to the Portfolio, seeking to avoid negative earnings revisions by preferring companies that have provided 2023 growth perspectives. Relative to the Russell 2000<sup>®</sup> Growth Index, the Portfolio remains overweighted in the industrial and technology sectors; it remains underweighted in such sectors as consumer staples, utilities, real estate and communication services.

Our investment philosophy focuses on identifying companies with potential for double digit revenue and earnings growth that are trading at what we believe are attractive valuations. We believe this approach continues to offer potential for relative outperformance in the current investing environment.

\* <br>

On January 27, 2022, the Board of Trustees approved changes with respect to the Portfolio's principal investment strategies and portfolio management team. Effective February 1, 2022, James Hasso and Joseph Basset were removed as portfolio managers to the Portfolio and Richard Johnson, CFA, Mitchell S. Brivic, CFA, Michael C. Coyne, CFA, and Scott W. Haugen, CFA, were added as portfolio managers to the Portfolio. Effective on or about June 30, 2023, Richard J. Johnson, CFA will no longer serve as 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.***

------

[**TABLE OF CONTENTS**](#TOC)

Voya SmallCap Opportunities Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_smallcap-bw.jpg]](lc_smallcap-bw.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  |
| Class ADV | -23.48% | 0.97% | 7.21% |
| Class I | -23.09% | 1.47% | 7.74% |
| Class R6<sup>(1)</sup> | -23.10% | 1.46% | 7.74% |
| Class S | -23.30% | 1.21% | 7.47% |
| Class S2 | -23.43% | 1.05% | 7.30% |
| Russell 2000<sup>®</sup> Growth Index | -26.36% | 3.51% | 9.20% |
| Russell 2000<sup>®</sup> Index | -20.44% | 4.13% | 9.01% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya SmallCap Opportunities 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) 992-0180 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.* 

<sup>(1)</sup> <br>

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.

------

[**TABLE OF CONTENTS**](#TOC)

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**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\***  | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\***  |
| **<u>Voya MidCap Opportunities Portfolio</u>** | **<u>Voya MidCap Opportunities Portfolio</u>** | **<u>Voya MidCap Opportunities Portfolio</u>** | **<u>Voya MidCap Opportunities Portfolio</u>** | **<u>Voya MidCap Opportunities Portfolio</u>** | **<u>Voya MidCap Opportunities Portfolio</u>** | **<u>Voya MidCap Opportunities Portfolio</u>** | **<u>Voya MidCap Opportunities Portfolio</u>** | **<u>Voya MidCap Opportunities Portfolio</u>** |
| Class ADV | $1000.00 | $1070.10 | 1.16% | $6.05 | $1000.00 | $1019.36 | 1.16% | $5.90 |
| Class I | 1000.00 | 1073.60 | 0.66 | 3.45 | 1000.00 | 1021.88 | 0.66 | 3.36 |
| Class R6 | 1000.00 | 1072.90 | 0.66 | 3.45 | 1000.00 | 1021.88 | 0.66 | 3.36 |
| Class S | 1000.00 | 1073.10 | 0.91 | 4.76 | 1000.00 | 1020.62 | 0.91 | 4.63 |
| Class S2 | 1000.00 | 1070.10 | 1.06 | 5.53 | 1000.00 | 1019.86 | 1.06 | 5.40 |
| **<u>Voya SmallCap Opportunities Portfolio</u>** | **<u>Voya SmallCap Opportunities Portfolio</u>** | **<u>Voya SmallCap Opportunities Portfolio</u>** | **<u>Voya SmallCap Opportunities Portfolio</u>** | **<u>Voya SmallCap Opportunities Portfolio</u>** | **<u>Voya SmallCap Opportunities Portfolio</u>** | **<u>Voya SmallCap Opportunities Portfolio</u>** | **<u>Voya SmallCap Opportunities Portfolio</u>** | **<u>Voya SmallCap Opportunities Portfolio</u>** |
| Class ADV | $1000.00 | $1038.80 | 1.35% | $6.94 | $1000.00 | $1018.40 | 1.35% | $6.87 |
| Class I | 1000.00 | 1041.70 | 0.85 | 4.37 | 1000.00 | 1020.92 | 0.85 | 4.33 |
| Class R6 | 1000.00 | 1041.70 | 0.85 | 4.37 | 1000.00 | 1020.92 | 0.85 | 4.33 |
| Class S | 1000.00 | 1040.50 | 1.10 | 5.66 | 1000.00 | 1019.66 | 1.10 | 5.60 |
| Class S2 | 1000.00 | 1039.70 | 1.25 | 6.43 | 1000.00 | 1018.90 | 1.25 | 6.36 |

---

\* <br>

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

------

[**TABLE OF CONTENTS**](#TOC)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya MidCap Opportunities Portfolio and Voya SmallCap Opportunities Portfolio and the Board of Trustees of Voya Variable Products Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya MidCap Opportunities Portfolio and Voya SmallCap Opportunities Portfolio (collectively referred to as the "Portfolios") (two of the portfolios constituting Voya Variable Products 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 (two of the portfolios constituting Voya Variable Products 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 13, 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 each of 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.

![[MISSING IMAGE: sg_ernstandyoungllp-bw.jpg]](sg_ernstandyoungllp-bw.jpg)

We have served as the auditor of one or more Voya investment companies since 2019. <br> Boston, Massachusetts <br> February 17, 2023

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Voya MidCap <br> Opportunities <br> Portfolio**  | **Voya SmallCap <br> Opportunities <br> Portfolio**  |
| **ASSETS:** |  |  |
| Investments in securities at fair value+\* | $943374496 | $183590930 |
| Short-term investments at fair value† | 30190751 | 8589110 |
| Cash | 112076 | 809 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  |  | 38187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 4463348 | 120254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 318291 | 98821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 524 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  | 48104 | 1445 |
| Prepaid expenses | 6487 | 1186 |
| Reimbursement due from Investment Adviser | 261557 | 33266 |
| Other assets | 72848 | 11285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 978848482 | 192485305 |
| **LIABILITIES:** |  |  |
| Payable for investment securities purchased | 546605 |  |
| Payable for fund shares redeemed | 137976 | 4691 |
| Payable upon receipt of securities loaned | 15748751 | 4847110 |
| Payable for investment management fees | 667822 | 137827 |
| Payable for distribution and shareholder service fees | 81005 | 24506 |
| Payable to trustees under the deferred compensation plan (Note 6) | 72848 | 11285 |
| Payable for trustee fees | 2651 | 528 |
| Other accrued expenses and liabilities | 238763 | 50178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 17496421 | 5076125 |
| **NET ASSETS**  | $961352061 | $187409180 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $1050441982 | $229224985 |
| Total distributable loss | (89089921) | (41815805) |
| **NET ASSETS**  | $961352061 | $187409180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $15366891 | $4711931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $949852788 | $190803553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $30190751 | $8589110 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

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

---

| | | |
|:---|:---|:---|
| | **Voya MidCap <br> Opportunities <br> Portfolio**  | **Voya SmallCap <br> Opportunities <br> Portfolio**  |
| **Class ADV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $115011795 | $44505029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 51081296 | 3436073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $2.25 | $12.95 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $633556312 | $117864921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 153844438 | 7213220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $4.12 | $16.34 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $95236266 | $1283723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 23177926 | 78615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $4.11 | $16.33 |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $81783552 | $23285902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 28525102 | 1640673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $2.87 | $14.19 |
| **Class S2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $35764136 | $469605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 13690441 | 35009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $2.61 | $13.41 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Voya MidCap <br> Opportunities <br> Portfolio**  | **Voya SmallCap <br> Opportunities <br> Portfolio**  |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $6869809 | $930169 |
| Interest | 1515 | 741 |
| Securities lending income, net | 48262 | 13150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 6919586 | 944060 |
| **EXPENSES:** |  |  |
| Investment management fees | 8388296 | 1795584 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 660785 | 252822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 236481 | 69237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 163489 | 2822 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 192623 | 79256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 1005625 | 202721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | 225 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 137740 | 43375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 59551 | 1093 |
| Shareholder reporting expense | 53875 | 22140 |
| Professional fees | 88950 | 21785 |
| Custody and accounting expense | 141250 | 40100 |
| Trustee fees | 26513 | 5283 |
| Miscellaneous expense | 72381 | 28573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 11227784 | 2564797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (3134462) | (437158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 8093322 | 2127639 |
| Net investment loss | (1173736) | (1183579) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (79560548) | (33526380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | (205) | (171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss  | (79560753) | (33526551) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (267692838) | (27975137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | 28 |  |
| Net change in unrealized appreciation (depreciation) | (267692810) | (27975137) |
| Net realized and unrealized loss | (347253563) | (61501688) |
| **Decrease in net assets resulting from operations**  | $(348427299) | $(62685267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $25245 | $6756 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya MidCap Opportunities Portfolio**  | **Voya MidCap Opportunities Portfolio**  | **Voya SmallCap Opportunities Portfolio**  | **Voya SmallCap Opportunities Portfolio**  |
| | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment (loss) | $(1173736) | $(9443010) | $(1183579) | $(1893155) |
| Net realized gain (loss) | (79560753) | 696022943 | (33526551) | 47967116 |
|  Net change in unrealized appreciation (depreciation)  | (267692810) | (399736409) | (27975137) | (32025307) |
|  Increase (decrease) in net assets resulting from operations  | (348427299) | 286843524 | (62685267) | 14048654 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Total distributions (excluding return of capital):  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (94835472) | (27608118) | (11704002) | (7427990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (427477333) | (119780243) | (24922077) | (16783528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | (65243069) | (18235333) | (268239) | (1287819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (63530474) | (145201294) | (5983433) | (4244869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (27910303) | (8058653) | (105417) | (185672) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (719226) |  | (47843) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (3241962) |  | (101873) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | (213785) |  | (434) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (481811) |  | (24459) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (492684) |  | (1094) |  |
| Total distributions | (684146119) | (318883641) | (43158871) | (29929878) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 61783976 | 101505282 | 8665612 | 22232954 |
| Reinvestment of distributions | 684146119 | 318883641 | 43158871 | 29929878 |
|  | 745930095 | 420388923 | 51824483 | 52162832 |
| Cost of shares redeemed | (164010986) | (1271642136) | (41791083) | (66409046) |
|  Net increase (decrease) in net assets resulting <br> from capital share transactions  | 581919109 | (851253213) | 10033400 | (14246214) |
| Net decrease in net assets | (450654309) | (883293330) | (95810738) | (30127438) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1412006370 | 2295299700 | 283219918 | 313347356 |
| End of year or period | $961352061 | $1412006370 | $187409180 | $283219918 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less Distributions**  | **Less Distributions**  | **Less Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> 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 <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya MidCap Opportunities Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.67 | (0.02)<sup>•</sup> | (4.47) | (4.49) |  | 8.85 | 0.07 | 8.92 |  | 2.25 | **(25.49)** | 1.47 | 1.16 | 1.16 | (0.51) | 115012 | 45 |
| 12-31-21 | 16.43 | (0.13)<sup>•</sup> | 1.99 | 1.86 |  | 2.62 |  | 2.62 |  | 15.67 | 11.57 | 1.35 | 1.16 | 1.16 | (0.79) | 180187 | 66 |
| 12-31-20 | 12.46 | (0.09) | 4.86 | 4.77 | 0.00\* | 0.80 |  | 0.80 |  | 16.43 | 40.50 | 1.37 | 1.16 | 1.16 | (0.65) | 185463 | 91 |
| 12-31-19 | 11.07 | (0.01) | 3.09 | 3.08 | 0.01 | 1.68 |  | 1.69 |  | 12.46 | 28.68 | 1.29 | 1.16 | 1.16 | (0.10) | 154333 | 95 |
| 12-31-18 | 13.44 | (0.04) | (0.87) | (0.91) |  | 1.46 |  | 1.46 |  | 11.07 | **(7.98)** | 1.28 | 1.16 | 1.16 | (0.30) | 141404 | 102 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.11 | (0.00)<sup>\*</sup> | (5.06) | (5.06) |  | 8.85 | 0.07 | 8.92 |  | 4.12 | **(25.07)** | 0.97 | 0.66 | 0.66 | (0.01) | 633556 | 45 |
| 12-31-21 | 18.54 | (0.05)<sup>•</sup> | 2.24 | 2.19 |  | 2.62 |  | 2.62 |  | 18.11 | 12.07 | 0.85 | 0.66 | 0.66 | (0.29) | 905105 | 66 |
| 12-31-20 | 13.92 | (0.02) | 5.46 | 5.44 | 0.01 | 0.81 |  | 0.82 |  | 18.54 | 41.14 | 0.87 | 0.66 | 0.66 | (0.15) | 880212 | 91 |
| 12-31-19 | 12.17 | 0.05 | 3.42 | 3.47 | 0.04 | 1.68 |  | 1.72 |  | 13.92 | 29.34 | 0.79 | 0.66 | 0.66 | 0.40 | 797161 | 95 |
| 12-31-18 | 14.56 | 0.03 | (0.96) | (0.93) |  | 1.46 |  | 1.46 |  | 12.17 | **(7.48)** | 0.78 | 0.66 | 0.66 | 0.20 | 721478 | 102 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.11 | (0.00)<sup>\*</sup> | (5.07) | (5.07) |  | 8.85 | 0.07 | 8.92 |  | 4.11 | **(25.12)** | 0.83 | 0.66 | 0.66 | (0.01) | 95236 | 45 |
| 12-31-21 | 18.53 | (0.05)<sup>•</sup> | 2.25 | 2.20 |  | 2.62 |  | 2.62 |  | 18.11 | 12.14 | 0.77 | 0.66 | 0.66 | (0.29) | 135451 | 66 |
| 12-31-20 | 13.92 | (0.02) | 5.46 | 5.44 | 0.01 | 0.82 |  | 0.83 |  | 18.53 | 41.11 | 0.78 | 0.66 | 0.66 | (0.16) | 126339 | 91 |
| 12-31-19 | 12.17 | 0.05 | 3.42 | 3.47 | 0.04 | 1.68 |  | 1.72 |  | 13.92 | 29.34 | 0.79 | 0.66 | 0.66 | 0.45 | 76595 | 95 |
| 12-31-18 | 14.56 | 0.02 | (0.95) | (0.93) |  | 1.46 |  | 1.46 |  | 12.17 | **(7.48)** | 0.78 | 0.66 | 0.66 | 0.22 | 32929 | 102 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.47 | (0.01)<sup>•</sup> | (4.66) | (4.67) |  | 8.85 | 0.07 | 8.92 |  | 2.87 | **(25.20)** | 1.22 | 0.91 | 0.91 | (0.27) | 81784 | 45 |
| 12-31-21 | 17.11 | (0.09)<sup>•</sup> | 2.07 | 1.98 |  | 2.62 |  | 2.62 |  | 16.47 | 11.83 | 1.10 | 0.91 | 0.91 | (0.53) | 135499 | 66 |
| 12-31-20 | 12.93 | (0.06) | 5.06 | 5.00 | 0.01 | 0.81 |  | 0.82 |  | 17.11 | 40.76 | 1.12 | 0.91 | 0.91 | (0.40) | 1046030 | 91 |
| 12-31-19 | 11.41 | 0.02 | 3.20 | 3.22 | 0.02 | 1.68 |  | 1.70 |  | 12.93 | 29.06 | 1.04 | 0.91 | 0.91 | 0.15 | 882543 | 95 |
| 12-31-18 | 13.77 | (0.01) | (0.89) | (0.90) |  | 1.46 |  | 1.46 |  | 11.41 | **(7.70)** | 1.03 | 0.91 | 0.91 | (0.05) | 836518 | 102 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 16.14 | (0.02)<sup>•</sup> | (4.58) | (4.60) |  | 8.85 | 0.07 | 8.92 |  | 2.61 | **(25.41)** | 1.37 | 1.06 | 1.06 | (0.41) | 35764 | 45 |
| 12-31-21 | 16.84 | (0.12)<sup>•</sup> | 2.04 | 1.92 |  | 2.62 |  | 2.62 |  | 16.14 | 11.65 | 1.25 | 1.06 | 1.06 | (0.69) | 55765 | 66 |
| 12-31-20 | 12.75 | (0.08) | 4.97 | 4.89 | 0.00\* | 0.80 |  | 0.80 |  | 16.84 | 40.56 | 1.27 | 1.06 | 1.06 | (0.55) | 57255 | 91 |
| 12-31-19 | 11.28 | (0.00)<sup>\*</sup> | 3.16 | 3.16 | 0.01 | 1.68 |  | 1.69 |  | 12.75 | 28.89 | 1.19 | 1.06 | 1.06 | 0.00\* | 46493 | 95 |
| 12-31-18 | 13.66 | (0.03) | (0.89) | (0.92) |  | 1.46 |  | 1.46 |  | 11.28 | **(7.92)** | 1.18 | 1.06 | 1.06 | (0.20) | 41818 | 102 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Supplemental <br> Data**  | **Supplemental <br> Data**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> 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 <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya SmallCap Opportunities Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.82 | (0.14)<sup>•</sup> | (5.37) | (5.51) |  | 4.34 | 0.02 | 4.36 |  | 12.95 | **(23.48)** | 1.56 | 1.35 | 1.35 | (0.91) | 44505 | 179 |
| 12-31-21 | 24.47 | (0.23)<sup>•</sup> | 1.33 | 1.10 |  | 2.75 |  | 2.75 |  | 22.82 | 4.14 | 1.52 | 1.35 | 1.35 | (0.96) | 66518 | 128 |
| 12-31-20 | 19.57 | (0.17) | 5.17 | 5.00 |  | 0.10 |  | 0.10 |  | 24.47 | 25.74 | 1.57 | 1.35 | 1.35 | (0.81) | 68635 | 145 |
| 12-31-19 | 18.21 | (0.12) | 4.57 | 4.45 |  | 3.09 |  | 3.09 |  | 19.57 | 25.09 | 1.38 | 1.38 | 1.38 | (0.63) | 67555 | 133 |
| 12-31-18 | 26.04 | (0.12) | (3.11) | (3.23) |  | 4.60 |  | 4.60 |  | 18.21 | **(16.29)** | 1.37 | 1.37 | 1.37 | (0.50) | 61957 | 108 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 27.13 | (0.08)<sup>•</sup> | (6.35) | (6.43) |  | 4.34 | 0.02 | 4.36 |  | 16.34 | **(23.09)** | 1.06 | 0.85 | 0.85 | (0.41) | 117865 | 179 |
| 12-31-21 | 28.47 | (0.13)<sup>•</sup> | 1.54 | 1.41 |  | 2.75 |  | 2.75 |  | 27.13 | 4.67 | 1.02 | 0.85 | 0.85 | (0.46) | 167668 | 128 |
| 12-31-20 | 22.64 | (0.08) | 6.01 | 5.93 |  | 0.10 |  | 0.10 |  | 28.47 | 26.35 | 1.07 | 0.85 | 0.85 | (0.31) | 182625 | 145 |
| 12-31-19 | 20.57 | (0.03) | 5.19 | 5.16 |  | 3.09 |  | 3.09 |  | 22.64 | 25.70 | 0.88 | 0.88 | 0.88 | (0.13) | 199372 | 133 |
| 12-31-18 | 28.72 | 0.00\* | (3.55) | (3.55) |  | 4.60 |  | 4.60 |  | 20.57 | **(15.87)** | 0.87 | 0.87 | 0.87 | 0.00\* | 182621 | 108 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 27.12 | (0.09)<sup>•</sup> | (6.34) | (6.43) |  | 4.34 | 0.02 | 4.36 |  | 16.33 | **(23.10)** | 0.90 | 0.85 | 0.85 | (0.43) | 1284 | 179 |
| 12-31-21 | 28.47 | (0.14)<sup>•</sup> | 1.54 | 1.40 |  | 2.75 |  | 2.75 |  | 27.12 | 4.63 | 0.87 | 0.85 | 0.85 | (0.47) | 9278 | 128 |
| 12-31-20 | 22.64 | (0.08) | 6.01 | 5.93 |  | 0.10 |  | 0.10 |  | 28.47 | 26.35 | 0.89 | 0.85 | 0.85 | (0.31) | 15147 | 145 |
| 12-31-19 | 20.57 | (0.03) | 5.19 | 5.16 |  | 3.09 |  | 3.09 |  | 22.64 | 25.71 | 0.88 | 0.88 | 0.88 | (0.13) | 20997 | 133 |
| 12-31-18 | 28.72 | 0.00\* | (3.55) | (3.55) |  | 4.60 |  | 4.60 |  | 20.57 | **(15.87)** | 0.87 | 0.87 | 0.87 | 0.00\* | 23066 | 108 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 24.39 | (0.11)<sup>•</sup> | (5.73) | (5.84) |  | 4.34 | 0.02 | 4.36 |  | 14.19 | **(23.30)** | 1.31 | 1.10 | 1.10 | (0.66) | 23286 | 179 |
| 12-31-21 | 25.92 | (0.19)<sup>•</sup> | 1.41 | 1.22 |  | 2.75 |  | 2.75 |  | 24.39 | 4.38 | 1.27 | 1.10 | 1.10 | (0.72) | 38269 | 128 |
| 12-31-20 | 20.67 | (0.13) | 5.48 | 5.35 |  | 0.10 |  | 0.10 |  | 25.92 | 26.06 | 1.32 | 1.10 | 1.10 | (0.56) | 43862 | 145 |
| 12-31-19 | 19.05 | (0.08) | 4.79 | 4.71 |  | 3.09 |  | 3.09 |  | 20.67 | 25.38 | 1.13 | 1.13 | 1.13 | (0.38) | 43527 | 133 |
| 12-31-18 | 26.98 | (0.06) | (3.27) | (3.33) |  | 4.60 |  | 4.60 |  | 19.05 | **(16.09)** | 1.12 | 1.12 | 1.12 | (0.25) | 45898 | 108 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 23.41 | (0.14)<sup>•</sup> | (5.50) | (5.64) |  | 4.34 | 0.02 | 4.36 |  | 13.41 | **(23.43)** | 1.46 | 1.25 | 1.25 | (0.81) | 470 | 179 |
| 12-31-21 | 25.01 | (0.22)<sup>•</sup> | 1.37 | 1.15 |  | 2.75 |  | 2.75 |  | 23.41 | 4.25 | 1.42 | 1.25 | 1.25 | (0.89) | 1487 | 128 |
| 12-31-20 | 19.98 | (0.16) | 5.29 | 5.13 |  | 0.10 |  | 0.10 |  | 25.01 | 25.86 | 1.47 | 1.25 | 1.25 | (0.71) | 3080 | 145 |
| 12-31-19 | 18.53 | (0.12) | 4.66 | 4.54 |  | 3.09 |  | 3.09 |  | 19.98 | 25.15 | 1.28 | 1.28 | 1.28 | (0.53) | 3263 | 133 |
| 12-31-18 | 26.39 | (0.11) | (3.15) | (3.26) |  | 4.60 |  | 4.60 |  | 18.53 | **(16.18)** | 1.27 | 1.27 | 1.27 | (0.41) | 3377 | 108 |

---

<sup>(1)</sup> <br>

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.

<sup>(2)</sup> <br>

Annualized for periods less than one year.

<sup>(3)</sup> <br>

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.

<sup>(4)</sup> <br>

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

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

\* <br>

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**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022

#### NOTE 1 — ORGANIZATION
Voya Variable Products Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and was organized as a Massachusetts business trust on December 17, 1993. There are two active separate investment series (each a "Portfolio" and collectively the "Portfolios") that comprise the Trust: Voya MidCap Opportunities Portfolio ("MidCap Opportunities") and Voya SmallCap Opportunities Portfolio ("SmallCap Opportunities"), each a diversified series of the Trust. 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 ("Class ADV"), Class I, Class R6, Class S, and Service 2 Class ("Class S2"). With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio *pro rata* based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class *pro rata* based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under 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 the Portfolio is calculated by taking the value of each 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 the 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 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

------

[**TABLE OF CONTENTS**](#TOC)

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios' investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

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

(1) <br>

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

------

[**TABLE OF CONTENTS**](#TOC)

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

(2) <br>

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 Portfolios' 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 are declared and paid quarterly by each Portfolio. Each Portfolio distributes capital gains, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

H. ***Securities Lending.*** Each Portfolio may temporarily loan up to 33% 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

------

[**TABLE OF CONTENTS**](#TOC)

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

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.

J. ***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 short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| MidCap Opportunities | $476184519 | $584873910 |
| SmallCap Opportunities | 375886340 | 409266932 |

---

#### NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

---

| | |
|:---|:---|
| MidCap Opportunities | 0.85% on the first $250 million; <br> 0.80% on the next $400 million; <br> 0.75% on the next $450 million; and <br> 0.70% in excess of $1.1 billion  |
| SmallCap Opportunities | 0.85% on the first $250 million; <br> 0.80% on the next $250 million; <br> 0.75% on the next $250 million; <br> 0.70% on the next $250 million; and <br> 0.65% in excess of $1 billion  |

---

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

#### NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV and Class S2 shares of the respective Portfolios are subject to a shareholder service and distribution plan (the "Plan"). Under the Plan, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is

------

[**TABLE OF CONTENTS**](#TOC)

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

paid an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the average daily net assets attributable to its Class S2 shares.

Class S shares of the Portfolios are subject to a shareholder services plan (the "Shareholder Services Plan"). Under the Shareholder Services Plan, each Portfolio pays the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to its Class S shares as compensation for services the Distributor provides and expenses it bears in connection with shareholder services rendered to Portfolio shareholders and the maintenance of shareholders' accounts.

#### 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. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary**  | **Portfolio**  | **Percentage**  |
|  ReliaStar Life Insurance Company  | MidCap Opportunities | 5.76% |
|  ReliaStar Life Insurance Company  | SmallCap Opportunities  | 14.82 |
|  Voya Institutional Trust Company  | MidCap Opportunities | 39.48 |
|  Voya Institutional Trust Company  | SmallCap Opportunities  | 32.50 |
|  Voya Retirement Insurance and Annuity Company  | MidCap Opportunities | 51.65 |
|  Voya Retirement Insurance and Annuity Company  | SmallCap Opportunities  | 38.16 |

---

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

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.

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services 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**  |
| MidCap Opportunities | $1393486 |
| SmallCap Opportunities | 325809 |

---

#### NOTE 7 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Portfolio whereby the Investment Adviser has agreed to limit the expenses excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio**  | **Class ADV**  | **Class I**  | **Class R6**  | **Class S**  | **Class S2**  |
|  MidCap Opportunities  | 1.40% | 0.90% | 0.90% | 1.10% | 1.30% |
|  SmallCap Opportunities  | 1.42% | 0.92% | 0.92% | 1.17% | 1.32% |

---

Pursuant to side letter agreements, through May 1, 2023, the Investment Adviser has further lowered the expense limits for each Portfolio. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that these side letter agreements will continue. Termination or modification of these obligations requires approval by the Board.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio**  | **Class ADV**  | **Class I**  | **Class R6**  | **Class S**  | **Class S2**  |
|  MidCap <br> Opportunities<sup>(1)</sup>  | 1.16% | 0.66% | 0.66% | 0.91% | 1.06% |
|  SmallCap <br> Opportunities<sup>(1)</sup>  | 1.35% | 0.85% | 0.85% | 1.10% | 1.25% |

---

<sup>(1)</sup> <br>

Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

Unless otherwise specified above, 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

------

[**TABLE OF CONTENTS**](#TOC)

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

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

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 Portfolios did not have any amount of waived and/or reimbursed fees that would be subject to possible recoupment by the Investment Adviser.

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

#### NOTE 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 Portfolios did not utilize the line of credit during the year ended December 31, 2022.

#### NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 986705 |  | 44861361 | (6268178) | 39579888 | 4613051 |  | 95554698 | (25181724) | 74986025 |
| 12/31/2021 | 506073 |  | 1791572 | (2085272) | 212373 | 8226646 |  | 27608118 | (34103429) | 1731335 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 5438176 |  | 110724754 | (12286219) | 103876711 | 37786062 |  | 430719295 | (85083409) | 383421948 |
| 12/31/2021 | 2653441 |  | 6740588 | (6914830) | 2479199 | 49392610 |  | 119780243 | (128898555) | 40274298 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1975804 |  | 16870323 | (3149474) | 15696653 | 15006875 |  | 65456854 | (21443608) | 59020121 |
| 12/31/2021 | 1262696 |  | 1026764 | (1627058) | 662402 | 24011104 |  | 18235333 | (30472244) | 11774193 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 523004 |  | 23620769 | (3847327) | 20296446 | 3110409 |  | 64012285 | (24870381) | 42252313 |
| 12/31/2021 | 1008935 |  | 8974122 | (62900497) | (52917440) | 17604450 |  | 145201294 | (1068122778) | (905317034) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 222959 |  | 11499185 | (1485847) | 10236297 | 1267579 |  | 28402987 | (7431864) | 22238702 |
| 12/31/2021 | 134702 |  | 507792 | (588029) | 54465 | 2270472 |  | 8058653 | (10045130) | 283995 |
| **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** | **SmallCap Opportunities** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 97163 |  | 939396 | (515750) | 520809 | 1705306 |  | 11751845 | (8715143) | 4742008 |
| 12/31/2021 | 209736 |  | 315682 | (415116) | 110302 | 5033147 |  | 7427990 | (10028462) | 2432675 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 288985 |  | 1589832 | (846586) | 1032231 | 5353193 |  | 25023950 | (17533551) | 12843592 |
| 12/31/2021 | 417445 |  | 601344 | (1251412) | (232623) | 12281388 |  | 16783528 | (35510473) | (6445557) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18472 |  | 17080 | (299083) | (263531) | 397650 |  | 268673 | (7010738) | (6344415) |
| 12/31/2021 | 75220 |  | 46158 | (311322) | (189944) | 2190283 |  | 1287819 | (8850827) | (5372725) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 61234 |  | 438853 | (428711) | 71376 | 1122479 |  | 6007892 | (7690805) | (560434) |
| 12/31/2021 | 94433 |  | 168984 | (386633) | (123216) | 2501808 |  | 4244869 | (10064623) | (3317946) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 5114 |  | 8225 | (41833) | (28494) | 86984 |  | 106511 | (840846) | (647351) |
| 12/31/2021 | 8972 |  | 7695 | (76283) | (59616) | 226328 |  | 185672 | (1954661) | (1542661) |

---

------

[**TABLE OF CONTENTS**](#TOC)

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

#### 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 must be equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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

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

The following tables represent a summary of the Portfolios' securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2022:

#### MidCap Opportunities

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
|  BNP Paribas Prime Brokerage <br> Intl Ltd  | $1188985 | $(1188985) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Citigroup Global Markets Inc. | 5506448 | (5506448) |  |
|  State Street Bank and Trust Company  | 1626636 | (1626636) |  |
| Wells Fargo Bank NA | 7044822 | (7044822) |  |
| Total | $15366891 | $(15366891) | $— |

---

<sup>(1)</sup> <br>

Cash collateral with a fair value of $15,748,751 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.

#### SmallCap Opportunities

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
|  BNP Paribas Prime Brokerage <br> Intl Ltd  | $346532 | $(346532) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| J.P. Morgan Securities LLC | 731696 | (731696) |  |
| Scotia Capital (USA) INC | 2879318 | (2879318) |  |
|  State Street Bank and Trust Company  | 165268 | (165268) |  |
| Wells Fargo Securities LLC | 589117 | (589117) |  |
| Total | $4711931 | $(4711931) | $— |

---

<sup>(1)</sup> <br>

Cash collateral with a fair value of $4,847,110 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 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**](#TOC)

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

NOTE 11 — FEDERAL INCOME TAXES (continued)

The following permanent tax differences have been reclassified as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| | **Paid-in <br> Capital**  | **Distributable <br> Earnings**  |
| MidCap Opportunities | $(1226055) | $1226055 |
| SmallCap Opportunities | (1211620) | 1211620 |

---

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 <br> December 31, 2022**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2021**  |
| | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  | **Return of <br> Capital**  | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  |
|  MidCap Opportunities  | $184631927 | $494364724 | $5149468 | $175414024 | $143469617 |
|  SmallCap Opportunities  | 22900843 | 20082325 | 175703 | 18624149 | 11305729 |

---

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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Capital Loss Carryforwards**  | **Capital Loss Carryforwards**  | **Capital Loss Carryforwards**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Amount**  | **Character**  | **Expiration**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
|  MidCap <br> Opportunities  | $(11380337) | $(77709584) | Short-term  |  | $(89089921) |
|  SmallCap <br> Opportunities  | (9789970) | (32025835) | Short-term  |  | (41815805) |

---

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.

#### 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

------

[**TABLE OF CONTENTS**](#TOC)

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

NOTE 13 — MARKET DISRUPTION (continued)

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
The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya MidCap Opportunities Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** |
|  | **Communication Services: 2.2%** | **Communication Services: 2.2%** | **Communication Services: 2.2%** |
| 160933 <sup>(1)</sup> | Live Nation <br> Entertainment, Inc.  | $11223467 | 1.2 |
| 416263 <sup>(1)</sup> | Pinterest, Inc. | 10106866 | 1 |
|  |  | **21330333** | **2.2** |
|  | **Consumer Discretionary: 15.4%** | **Consumer Discretionary: 15.4%** | **Consumer Discretionary: 15.4%** |
| 121720 <sup>(1)</sup> | Aptiv PLC | 11335783 | 1.2 |
| 15789 <sup>(1)</sup> | Chipotle Mexican Grill, <br> Inc. | 21907080 | 2.3 |
| 44635 | Domino's Pizza, Inc. | 15461564 | 1.6 |
| 130997 <sup>(1)(2)</sup>  | Etsy, Inc. | 15690821 | 1.6 |
| 151248 <sup>(1)</sup> | Expedia Group, Inc. | 13249325 | 1.4 |
| 157972 <br> <sup>(1)(2)</sup>  | Floor & Decor Holdings, <br> Inc. | 10999590 | 1.1 |
| 76076 <sup>(1)</sup> | Lululemon Athletica, <br> Inc. | 24373229 | 2.5 |
| 114510 | Ralph Lauren Corp. | 12100272 | 1.3 |
| 199085 | Ross Stores, Inc. | 23107796 | 2.4 |
|  |  | **148225460** | **15.4** |
|  | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** |
| 87275 <sup>(1)(2)</sup> | Celsius Holdings, Inc. | 9080091 | 0.9 |
| 54973 | Constellation Brands, <br> Inc. | 12739993 | 1.3 |
| 278979 <sup>(1)</sup> | Hostess Brands, Inc. | 6260289 | 0.7 |
|  |  | **28080373** | **2.9** |
|  | **Energy: 5.3%** | **Energy: 5.3%** | **Energy: 5.3%** |
| 68239 | Cheniere Energy, Inc. | 10233120 | 1.1 |
| 64024 | Diamondback Energy, <br> Inc. | 8757203 | 0.9 |
| 236008 | Halliburton Co. | 9286915 | 1 |
| 157351 <sup>(2)</sup> | Hess Corp. | 22315519 | 2.3 |
|  |  | **50592757** | **5.3** |
|  | **Financials: 5.9%** | **Financials: 5.9%** | **Financials: 5.9%** |
| 153777 | Apollo Global <br> Management, Inc. | 9809435 | 1 |
| 68100 | LPL Financial Holdings, <br> Inc. | 14721177 | 1.6 |
| 53555 | MSCI, Inc. - Class A | 24912179 | 2.6 |
| 107941 | Tradeweb Markets, Inc.  | 7008609 | 0.7 |
|  |  | **56451400** | **5.9** |
|  | **Health Care: 17.7%** | **Health Care: 17.7%** | **Health Care: 17.7%** |
| 162883 | Agilent Technologies, <br> Inc.  | 24375441 | 2.5 |
| 34388 <sup>(1)</sup> | Alnylam <br> Pharmaceuticals, Inc. | 8172308 | 0.9 |
| 178124 | Bio-Techne Corp. | 14762917 | 1.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| 58177 <sup>(1)</sup> | Charles River <br> Laboratories <br> International, Inc. | $| 12676768 | 1.3 |
| 115866 <sup>(2)</sup> | Conmed Corp. |  | 10270362 | 1.1 |
| 291549 <sup>(1)</sup> | DexCom, Inc. |  | 33015009 | 3.4 |
| 72385 <sup>(1)(2)</sup> | Novocure Ltd. |  | 5309440 | 0.6 |
| 383493 <sup>(1)</sup> | Progyny, Inc. |  | 11945807 | 1.2 |
| 86677 | Resmed, Inc. |  | 18040084 | 1.9 |
| 132709 <sup>(1)</sup> | Seagen, Inc. |  | 17054434 | 1.8 |
| 52291 <sup>(1)</sup> | United Therapeutics <br> Corp.  |  | 14541604 | 1.5 |
|  |  |  | **170164174** | **17.7** |
|  | **Industrials: 16.6%** | **Industrials: 16.6%** | **Industrials: 16.6%** | **Industrials: 16.6%** |
| 158333 | Ametek, Inc. |  | 22122287 | 2.3 |
| 152342 | Booz Allen Hamilton <br> Holding Corp. |  | 15922786 | 1.7 |
| 299664 | Howmet Aerospace, <br> Inc.  |  | 11809758 | 1.2 |
| 74657 | Hubbell, Inc. |  | 17520505 | 1.8 |
| 55382 | IDEX Corp. |  | 12645372 | 1.3 |
| 159459 | Quanta Services, Inc. |  | 22722907 | 2.4 |
| 42720 <sup>(1)</sup> | Saia, Inc. |  | 8957529 | 0.9 |
| 32858 | TransDigm Group, Inc. |  | 20689040 | 2.2 |
| 40124 <sup>(1)</sup> | United Rentals, Inc. |  | 14260872 | 1.5 |
| 277135 <sup>(1)</sup> | WillScot Mobile Mini <br> Holdings Corp.  |  | 12518188 | 1.3 |
|  |  |  | **159169244** | **16.6** |
|  | **Information Technology: 27.2%** | **Information Technology: 27.2%** | **Information Technology: 27.2%** | **Information Technology: 27.2%** |
| 238924 <sup>(1)</sup> | Cadence Design <br> Systems, Inc. |  | 38380751 | 4 |
| 84242 | CDW Corp. |  | 15043936 | 1.6 |
| 104637 <sup>(1)</sup> | Crowdstrike Holdings, <br> Inc. |  | 11017230 | 1.1 |
| 196371 <sup>(1)</sup> | Datadog, Inc. |  | 14433269 | 1.5 |
| 393784 <sup>(1)</sup> | Dynatrace, Inc. |  | 15081927 | 1.6 |
| 65265 <sup>(1)</sup> | Enphase Energy, Inc. |  | 17292614 | 1.8 |
| 103398 | Entegris, Inc. |  | 6781875 | 0.7 |
| 71130 <sup>(1)</sup> | Gartner, Inc. |  | 23909638 | 2.5 |
| 153389 <sup>(1)</sup> | Keysight Technologies, <br> Inc. |  | 26240256 | 2.7 |
| 129120 | Marvell Technology, Inc.  |  | 4782605 | 0.5 |
| 27209 | Monolithic Power <br> Systems, Inc. |  | 9621375 | 1 |
| 74314 | Motorola Solutions, Inc.  |  | 19151461 | 2 |
| 126945 <sup>(1)</sup> | Palo Alto Networks, Inc.  |  | 17713905 | 1.8 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya MidCap Opportunities Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| 107211 <sup>(1)</sup> | Paylocity Holding Corp.  | $| 20826809 | 2.2 |
| 33756 | Roper Technologies, <br> Inc.  |  | 14585630 | 1.5 |
| 56173 <sup>(1)</sup> | Zscaler, Inc. |  | 6285759 | 0.7 |
|  |  |  | **261149040** | **27.2** |
|  | **Materials: 3.7%** | **Materials: 3.7%** | **Materials: 3.7%** | **Materials: 3.7%** |
| 90168 | Ashland, Inc. |  | 9695765 | 1 |
| 96467 | Avery Dennison Corp. |  | 17460527 | 1.8 |
| 94140 | CF Industries Holdings, <br> Inc. |  | 8020728 | 0.9 |
|  |  |  | **35177020** | **3.7** |
|  | **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** |
| 46501 | SBA Communications <br> Corp. |  | **13034695** | 1.3 |
|  | Total Common Stock <br> (Cost $949,852,788)  |  | **943374496** | 98.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 3.1%** | **SHORT-TERM INVESTMENTS: 3.1%** | **SHORT-TERM INVESTMENTS: 3.1%** | **SHORT-TERM INVESTMENTS: 3.1%** |
|  | **Repurchase Agreements: 1.6%** | **Repurchase Agreements: 1.6%** | **Repurchase Agreements: 1.6%** |
| 3666000 <sup>(3)</sup>  | Cantor Fitzgerald <br> Securities, Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $3,667,728, <br> collateralized by various <br> U.S. Government/U.S. <br> Government Agency <br> Obligations, <br> 0.000%-9.000%, Market <br> Value plus accrued <br> interest $3,739,320, due <br> 01/15/23-11/20/72) | 3666000 | 0.4 |
| 3666000 <sup>(3)</sup>  | Citadel Securities LLC, <br> Repurchase Agreement <br> dated 12/30/22, 4.41%, <br> due 01/03/23 (Repurchase <br> Amount $3,667,772, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.125%-6.250%, Market <br> Value plus accrued <br> interest $3,741,152, due <br> 04/15/23-11/15/52) | 3666000 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1404984 <sup>(3)</sup>  | Citigroup, Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.25%, <br> due 01/03/23 (Repurchase <br> Amount $1,405,638, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.000%-4.500%, Market <br> Value plus accrued <br> interest $1,433,084, due <br> 04/11/23-10/31/29) | $1404984 | 0.1 |
| 3665959 <sup>(3)</sup>  | RBC Dominion Securities <br> Inc., Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $3,667,687, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, <br> 2.000%-6.000%, Market <br> Value plus accrued <br> interest $3,739,278, due <br> 09/01/24-10/20/52) | 3665959 | 0.4 |
| 3345808 <sup>(3)</sup>  | State of Wisconsin <br> Investment Board, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 (Repurchase <br> Amount $3,347,399, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.125%-3.875%, Market <br> Value plus accrued <br> interest $3,412,740, due <br> 01/15/24-02/15/51) | 3345808 | 0.3 |
|  | Total Repurchase <br> Agreements <br> (Cost $15,748,751)  | **15748751** | 1.6 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya MidCap Opportunities Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 1.5%** | **Mutual Funds: 1.5%** | **Mutual Funds: 1.5%** |
| 14442000 <sup>(4)</sup>  | Goldman Sachs <br> Financial Square <br> Government Fund - <br> Institutional Shares, <br> 4.150% <br> (Cost $14,442,000)  | $**14442000** | 1.5 |
|  | Total Short-Term <br> Investments <br> (Cost $30,190,751)  | **30190751** | 3.1 |
|  | **Total Investments in <br> Securities <br> (Cost $980,043,539)** | $**973565247** | **101.3** |
|  | **Liabilities in Excess of <br> Other Assets**  | **(12213186)** | **(1.3)** |
|  | **Net Assets** | $**961352061** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

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

<sup>(3)</sup> <br>

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

<sup>(4)</sup> <br>

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 <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $943374496 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $943374496 |
| Short-Term Investments | 14442000 | 15748751 |  | 30190751 |
| Total Investments, at fair value | $957816496 | $15748751 | $— | $973565247 |

---

^ <br>

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

\* <br>

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 $984,945,584.

Net unrealized depreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $112306733 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (123687070) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(11380337) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya SmallCap PORTFOLIO OF INVESTMENTS

Opportunities Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: 96.1%** | **COMMON STOCK: 96.1%** | **COMMON STOCK: 96.1%** | **COMMON STOCK: 96.1%** |
|  | **Consumer Discretionary: 11.1%** | **Consumer Discretionary: 11.1%** | **Consumer Discretionary: 11.1%** |
| 3626 <sup>(1)</sup> | Cavco Industries, Inc. | $820382 | 0.4 |
| 18288 | Churchill Downs, Inc. | 3866632 | 2.1 |
| 55030 <sup>(1)</sup> | Dave & Buster's <br> Entertainment, Inc. | 1950263 | 1 |
| 15033 <sup>(1)</sup> | Dorman Products, Inc.  | 1215719 | 0.7 |
| 21557 <sup>(1)</sup> | Five Below, Inc. | 3812787 | 2 |
| 43090 <sup>(1)(2)</sup> | Lindblad Expeditions <br> Holdings, Inc. | 331793 | 0.2 |
| 61184 <sup>(1)</sup> | Planet Fitness, Inc. | 4821299 | 2.6 |
| 33932 <sup>(1)</sup> | Revolve Group, Inc. | 755326 | 0.4 |
| 18045 | Strategic Education, <br> Inc. | 1413284 | 0.8 |
| 19347 | Texas Roadhouse, Inc.  | 1759610 | 0.9 |
|  |  | **20747095** | **11.1** |
|  | **Consumer Staples: 0.6%** | **Consumer Staples: 0.6%** | **Consumer Staples: 0.6%** |
| 10037 <sup>(1)</sup> | Celsius Holdings, Inc. | **1044250** | 0.6 |
|  | **Energy: 7.8%** | **Energy: 7.8%** | **Energy: 7.8%** |
| 448019 <sup>(1)</sup> | Helix Energy Solutions <br> Group, Inc. | 3306380 | 1.8 |
| 72294 | Matador Resources Co.  | 4138109 | 2.2 |
| 93275 | Northern Oil and Gas, <br> Inc. | 2874735 | 1.5 |
| 162701 | Patterson-UTI Energy, <br> Inc. | 2739885 | 1.4 |
| 159599 <sup>(1)</sup> | ProPetro Holding Corp.  | 1655042 | 0.9 |
|  |  | **14714151** | **7.8** |
|  | **Financials: 6.0%** | **Financials: 6.0%** | **Financials: 6.0%** |
| 63939 <sup>(1)</sup> | Focus Financial <br> Partners, Inc. | 2383007 | 1.3 |
| 37044 | Hannon Armstrong <br> Sustainable <br> Infrastructure Capital, <br> Inc. | 1073535 | 0.6 |
| 57001 <sup>(2)</sup> | HCI Group, Inc. | 2256670 | 1.2 |
| 5268 | Kinsale Capital Group, <br> Inc. | 1377687 | 0.7 |
| 29772 | Western Alliance <br> Bancorp. | 1773220 | 0.9 |
| 28956 | Wintrust Financial <br> Corp. | 2447361 | 1.3 |
|  |  | **11311480** | **6.0** |
|  | **Health Care: 22.1%** | **Health Care: 22.1%** | **Health Care: 22.1%** |
| 25536 <sup>(1)</sup> | Acadia <br> Pharmaceuticals, Inc. | 406533 | 0.2 |
| 27855 <sup>(1)</sup> | Alkermes PLC | 727851 | 0.4 |
| 39305 <sup>(1)</sup> | Amicus Therapeutics, <br> Inc. | 479914 | 0.3 |
| 14853 <sup>(1)</sup> | Apellis <br> Pharmaceuticals, Inc. | 768049 | 0.4 |
| 17242 <sup>(1)</sup> | Arrowhead <br> Pharmaceuticals, Inc. | 699336 | 0.4 |
| 8439 <sup>(1)</sup> | Arvinas, Inc. | 288698 | 0.2 |
| 42520 <sup>(1)</sup> | Axonics, Inc. | 2658776 | 1.4 |
| 9043 <sup>(1)(2)</sup> | Beam Therapeutics, <br> Inc. | 353672 | 0.2 |
| 9524 <sup>(1)</sup> | Blueprint Medicines <br> Corp. | 417246 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| 16145 <sup>(1)</sup> | Charles River <br> Laboratories <br> International, Inc. | $| 3517995 | 1.9 |
| 14629 <sup>(1)</sup> | Corcept Therapeutics, <br> Inc. |  | 297115 | 0.2 |
| 11313 <sup>(1)</sup> | Cytokinetics, Inc. |  | 518362 | 0.3 |
| 14230 <sup>(1)</sup> | Denali Therapeutics, <br> Inc. |  | 395736 | 0.2 |
| 37850 | Ensign Group, Inc. |  | 3580989 | 1.9 |
| 44236 <sup>(1)(2)</sup> | Establishment Labs <br> Holdings, Inc. |  | 2904093 | 1.5 |
| 90381 <sup>(1)</sup> | Evolent Health, Inc. |  | 2537898 | 1.4 |
| 21581 <sup>(1)</sup> | Halozyme <br> Therapeutics, Inc. |  | 1227959 | 0.7 |
| 11329 <sup>(1)</sup> | ICON PLC |  | 2200658 | 1.2 |
| 20741 <sup>(1)</sup> | Insmed, Inc. |  | 414405 | 0.2 |
| 12584 <sup>(1)</sup> | Inspire Medical <br> Systems, Inc. |  | 3169658 | 1.7 |
| 7406 <sup>(1)</sup> | Intellia Therapeutics, <br> Inc. |  | 258395 | 0.1 |
| 15649 <sup>(1)</sup> | Intra-Cellular <br> Therapies, Inc. |  | 828145 | 0.4 |
| 4358 <sup>(1)</sup> | Karuna Therapeutics, <br> Inc. |  | 856347 | 0.5 |
| 19259 <sup>(1)</sup> | Lantheus Holdings, Inc.  |  | 981439 | 0.5 |
| 34580 | LeMaitre Vascular, Inc.  |  | 1591372 | 0.8 |
| 20801 <sup>(1)</sup> | ModivCare, Inc. |  | 1866474 | 1 |
| 31530 <sup>(1)</sup> | Pacira BioSciences, <br> Inc. |  | 1217373 | 0.6 |
| 15419 <sup>(1)</sup> | Penumbra, Inc. |  | 3430111 | 1.8 |
| 60316 <sup>(1)</sup> | Progyny, Inc. |  | 1878843 | 1 |
| 82485 <sup>(1)</sup> | R1 RCM, Inc. |  | 903211 | 0.5 |
|  |  |  | **41376653** | **22.1** |
|  | **Industrials: 22.4%** | **Industrials: 22.4%** | **Industrials: 22.4%** | **Industrials: 22.4%** |
| 117206 <sup>(1)</sup> | Array Technologies, <br> Inc. |  | 2265592 | 1.2 |
| 14884 <sup>(1)</sup> | ASGN, Inc. |  | 1212748 | 0.7 |
| 19161 <sup>(1)</sup> | Axon Enterprise, Inc. |  | 3179385 | 1.7 |
| 114792 <sup>(1)</sup> | Bloom Energy Corp. |  | 2194823 | 1.2 |
| 14985 <sup>(1)</sup> | CACI International, Inc.  |  | 4504341 | 2.4 |
| 42343 <sup>(1)</sup> | Casella Waste <br> Systems, Inc. |  | 3358223 | 1.8 |
| 14978 <sup>(1)</sup> | Chart Industries, Inc. |  | 1725915 | 0.9 |
| 34808 <sup>(1)</sup> | Clean Harbors, Inc. |  | 3972289 | 2.1 |
| 69473 <sup>(1)</sup> | Construction Partners, <br> Inc. |  | 1854234 | 1 |
| 72908 <sup>(1)</sup> | Driven Brands <br> Holdings, Inc. |  | 1991117 | 1.1 |
| 75674 | Flowserve Corp. |  | 2321678 | 1.2 |
| 59113 <sup>(1)</sup> | Kirby Corp. |  | 3803922 | 2 |
| 6480 | Quanta Services, Inc. |  | 923400 | 0.5 |
| 6370 <sup>(1)</sup> | Saia, Inc. |  | 1335662 | 0.7 |
| 45982 <sup>(1)</sup> | Sterling Infrastructure, <br> Inc. |  | 1508210 | 0.8 |
| 27519 | TFI International, Inc. |  | 2758505 | 1.5 |
| 67759 <sup>(1)</sup> | WillScot Mobile Mini <br> Holdings Corp. |  | 3060674 | 1.6 |
|  |  |  | **41970718** | **22.4** |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya SmallCap PORTFOLIO OF INVESTMENTS

Opportunities Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: 22.5%** | **Information Technology: 22.5%** | **Information Technology: 22.5%** |
| 15498 <sup>(1)</sup> | Axcelis Technologies, <br> Inc. | $1229921 | 0.7 |
| 35501 <sup>(1)</sup> | Blackline, Inc. | 2388152 | 1.3 |
| 90390 <sup>(1)</sup> | Cohu, Inc. | 2896999 | 1.5 |
| 9282 <sup>(1)</sup> | CyberArk Software Ltd.  | 1203411 | 0.6 |
| 12839 <sup>(1)</sup> | ExlService Holdings, <br> Inc. | 2175312 | 1.2 |
| 19559 <sup>(1)</sup> | Fabrinet | 2507855 | 1.3 |
| 40345 <sup>(1)</sup> | Five9, Inc. | 2737812 | 1.5 |
| 63096 | Genpact Ltd. | 2922607 | 1.6 |
| 81643 <sup>(1)</sup> | I3 Verticals, Inc. | 1987191 | 1.1 |
| 241911 <sup>(1)(2)</sup>  | indie Semiconductor, <br> Inc. | 1410341 | 0.7 |
| 39792 | Kulicke & Soffa <br> Industries, Inc. | 1761194 | 0.9 |
| 7650 | Littelfuse, Inc. | 1684530 | 0.9 |
| 20138 <sup>(1)</sup> | Manhattan Associates, <br> Inc. | 2444753 | 1.3 |
| 50692 | MAXIMUS, Inc. | 3717244 | 2.0 |
| 43578 <sup>(1)</sup> | Onto Innovation, Inc. | 2967226 | 1.6 |
| 23828 <sup>(1)</sup> | Sprout Social, Inc. | 1345329 | 0.7 |
| 25171 <sup>(1)</sup> | Varonis Systems, Inc. | 602594 | 0.3 |
| 128715 <sup>(1)</sup> | Viavi Solutions, Inc. | 1352795 | 0.7 |
| 61105 <sup>(1)</sup> | WNS Holdings Ltd. <br> ADR | 4887789 | 2.6 |
|  |  | **42223055** | **22.5** |
|  | **Materials: 3.6%** | **Materials: 3.6%** | **Materials: 3.6%** |
| 27702 | Innospec, Inc. | 2849427 | 1.5 |
| 62670 <sup>(1)</sup> | Livent Corp. | 1245253 | 0.7 |
| 95038 <sup>(1)</sup> | Summit Materials, Inc.  | 2698129 | 1.4 |
|  |  | **6792809** | **3.6** |
|  | Total Common Stock <br> (Cost $187,079,896) | **180180211** | 96.1 |
| **EXCHANGE-TRADED FUNDS: 1.8%** | **EXCHANGE-TRADED FUNDS: 1.8%** | **EXCHANGE-TRADED FUNDS: 1.8%** | **EXCHANGE-TRADED FUNDS: 1.8%** |
| 41093 <sup>(1)</sup> | SPDR S&P Biotech <br> ETF | **3410719** | 1.8 |
|  | Total Exchange-Traded <br> Funds |  |  |
|  | (Cost $3,723,657) | **3410719** | 1.8 |
|  | Total Long-Term <br> Investments <br> (Cost $190,803,553) | **183590930** | 97.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** | **SHORT-TERM INVESTMENTS: 4.6%** |
|  | **Repurchase Agreements: 2.6%** | **Repurchase Agreements: 2.6%** | **Repurchase Agreements: 2.6%** |
| 1128293 <sup>(3)</sup>  | Bank of America Inc., <br> Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,128,825, <br> collateralized by <br> various U.S. <br> Government Agency <br> Obligations, <br> 1.500%-6.500%, <br> Market Value plus <br> accrued interest <br> $1,150,859, due <br> 05/01/37-05/01/58) | $1128293 | 0.6 |
| 333938 <sup>(3)</sup> | Citigroup, Inc., <br> Repurchase <br> Agreement dated <br> 12/30/22, 4.25%, due <br> 01/03/23 (Repurchase <br> Amount $334,094, <br> collateralized by <br> various U.S. <br> Government Securities, <br> 0.000%-4.500%, <br> Market Value plus <br> accrued interest <br> $340,617, due <br> 04/11/23-10/31/29) | 333938 | 0.2 |
| 1128293 <sup>(3)</sup>  | Daiwa Capital Markets, <br> Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,128,825, <br> collateralized by <br> various U.S. <br> Government Agency <br> Obligations, <br> 1.500%-6.000%, <br> Market Value plus <br> accrued interest <br> $1,150,859, due <br> 08/01/23-01/01/53) | 1128293 | 0.6 |
| 1128293 <sup>(3)</sup>  | MUFG Securities <br> America Inc., <br> Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,128,825, <br> collateralized by <br> various U.S. <br> Government Agency <br> Obligations, <br> 2.000%-5.500%, <br> Market Value plus <br> accrued interest <br> $1,150,859, due <br> 08/01/24-01/01/53) | 1128293 | 0.6 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya SmallCap PORTFOLIO OF INVESTMENTS

Opportunities Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1128293 <sup>(3)</sup>  | RBC Dominion <br> Securities Inc., <br> Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,128,825, <br> collateralized by <br> various U.S. <br> Government Agency <br> Obligations, <br> 2.000%-6.000%, <br> Market Value plus <br> accrued interest <br> $1,150,859, due <br> 09/01/24-10/20/52) | $1128293 | 0.6 |
|  | Total Repurchase <br> Agreements |  |  |
|  | (Cost $4,847,110) | **4847110** | 2.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
|  | **Mutual Funds: 2.0%** | **Mutual Funds: 2.0%** | **Mutual Funds: 2.0%** |
| 3742000 <sup>(4)</sup> | Goldman Sachs <br> Financial Square <br> Government Fund - <br> Institutional Shares, <br> 4.150% <br> (Cost $3,742,000) | **3742000** | 2.0 |
|  | Total Short-Term <br> Investments <br> (Cost $8,589,110) | **8589110** | 4.6 |
|  | **Total Investments in <br> Securities <br> (Cost $199,392,663)** | $**192180040** | **102.5** |
|  | **Liabilities in Excess <br> of Other Assets** | **(4770860)** | **(2.5)** |
|  | **Net Assets** | $**187409180** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

<sup>ADR</sup> <br>

American Depositary Receipt

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

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

<sup>(3)</sup> <br>

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

<sup>(4)</sup> <br>

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

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya SmallCap PORTFOLIO OF INVESTMENTS

Opportunities Portfolio as of December 31, 2022 (continued)

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 <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> December 31, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $180180211 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $180180211 |
| Exchange-Traded Funds | 3410719 |  |  | 3410719 |
| Short-Term Investments | 3742000 | 4847110 |  | 8589110 |
| Total Investments, at fair value | $187332930 | $4847110 | $— | $192180040 |

---

^ <br>

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

\* <br>

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 $201,970,011.

Net unrealized depreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $11994911 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (21784881) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(9789970) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

TAX INFORMATION (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name**  | **Type**  | **Per Share <br> Amount**  |
| Voya MidCap Opportunities Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $2.4079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $6.4473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | ROC  | $0.0672 |
| Voya SmallCap Opportunities Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $2.3130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $2.0284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | ROC  | $0.0177 |

---

STCG – Short-term capital gain

LTCG – Long-term capital gain

ROC – Return of capital

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 MidCap Opportunities Portfolio | 3.91% |
| Voya SmallCap Opportunities Portfolio | 4.05% |

---

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 MidCap Opportunities Portfolio | $494364724 |
| Voya SmallCap Opportunities Portfolio | $20082325 |

---

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.

------

[**TABLE OF CONTENTS**](#TOC)

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) <br> Held with <br> the Trust**  | **Term of Office and <br> Length of Time <br> Served<sup>(1)</sup>**  | **Principal <br> Occupation(s) – <br> During the Past 5 Years**  | **Number of <br> funds in <br> Fund <br> Complex <br> Overseen by <br> Trustee<sup>(2)</sup>**  | **Other Board Positions <br> Held by Trustee**  |
| **Independent Trustees:** |  |  |  |  |  |
| Colleen D. Baldwin <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 62 | Chairperson <br> Trustee  | January 2020 – Present <br> November 2007 – Present  | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | 132  | RSR Partners, Inc, (2016 – Present). |
| John V. Boyer <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. Suite 100 <br> Scottsdale, AZ 85258 <br> Age: 72 | Trustee | August 2015 – Present | Retired. | 132  | None. |
| Joseph E. Obermeyer <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 72 | Trustee | January 2006 – Present | Consultant (May 2001 – Present). | 132  | Centerra Gold Inc. <br> (May 2008 – Present). |
| Christopher P. Sullivan <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 69 | Trustee | October 2015 – Present | Retired. | 132  | None. |

---

<sup>(1)</sup> <br>

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).

------

[**TABLE OF CONTENTS**](#TOC)

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup> <br>

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.

------

[**TABLE OF CONTENTS**](#TOC)

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held <br> With the Trust**  | **Term of Office and <br> Length of Time Served<sup>(1)</sup>**  | **Principal Occupation(s) – <br> During the Past 5 Years**  |
| Andy Simonoff <br> 5780 Powers Ferry Road NW <br> Atlanta, Georgia 30327 <br> 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 <br> 230 Park Avenue <br> New York, New York 10169 <br> 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 <br> 5780 Powers Ferry Road NW <br> Atlanta, Georgia 30327 <br> 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 <br> 230 Park Avenue <br> New York, NY 10169 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 58 | Senior Vice President  | November 2003 – Present | Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
| Sara M. Donaldson <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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). |

---

------

[**TABLE OF CONTENTS**](#TOC)

TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held <br> With the Trust**  | **Term of Office and <br> Length of Time Served<sup>(1)</sup>**  | **Principal Occupation(s) – <br> During the Past 5 Years**  |
| Robert Terris <br> 5780 Powers Ferry Road NW <br> Atlanta, Georgia 30327 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 41 | Vice President <br> Secretary  | June 2022 – Present <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 53 | Vice President | May 2013 – Present | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). |
| Nicholas C.D. Ward <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> 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 <br> One Orange Way <br> Windsor, Connecticut 06095 <br> 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). |

---

<sup>(1)</sup> <br>

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

------

[**TABLE OF CONTENTS**](#TOC)

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 Variable Products 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 MidCap Opportunities Portfolio and Voya SmallCap Opportunities 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, the sub-adviser to each Portfolio (the "Sub-Adviser"), 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-Adviser (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 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 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.

#### 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

------

[**TABLE OF CONTENTS**](#TOC)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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-Adviser's 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, the Sub-Adviser's management team, portfolio data and attribution analysis related to the 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-Adviser 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-Adviser 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-Adviser, 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 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 and primary benchmark, a broad-based securities market index identified in the Portfolio's prospectus. 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.

#### 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 Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted the 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, in addition to the management fee breakpoints, the Portfolios have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser 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.

#### 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-Adviser 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-Adviser, as applicable, for these differences.

------

[**TABLE OF CONTENTS**](#TOC)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

#### 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. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and 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 the 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 the 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 and both before and after giving effect to any expenses incurred by the Manager.

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-Adviser 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-Adviser's potential fall-out benefits were not unreasonable.

#### 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. 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 MidCap Opportunities Portfolio
In considering whether to approve the renewal of the Contracts for Voya MidCap Opportunities 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 and three-year periods, and the third quintile for the year-to-date, five-year and ten-year periods; and

------

[**TABLE OF CONTENTS**](#TOC)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and three-year periods, during which it outperformed.

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 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 first quintile of net expense ratios of the funds in its Selected Peer Group.

#### Voya SmallCap Opportunities Portfolio
In considering whether to approve the renewal of the Contracts for Voya SmallCap Opportunities 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 year-to-date period, the third quintile for the one-year period, and the fifth quintile for the 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 and one-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the competitiveness of the Portfolio's performance during certain periods; and (2) that recent changes to the Portfolio's investment strategies and portfolio management team were implemented, effective February 1, 2022.

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 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 second quintile of net expense ratios of the funds in its Selected Peer Group.

#### 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.

------

[**TABLE OF CONTENTS**](#TOC)

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

**Distributor** <br> Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

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

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

**Custodian** <br> The Bank of New York Mellon <br> 225 Liberty Street <br> New York, New York 10286

**Legal Counsel** <br> Ropes & Gray LLP <br> Prudential Tower <br> 800 Boylston Street <br> 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.

RETIREMENT \| INVESTMENTS \| INSURANCE

voyainvestments.com

![[MISSING IMAGE: lg_voya-r.jpg]](lg_voya-bw.jpg)

VPAR-VPT (1222-021623)

------

(b) Not applicable.

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 13(a)(1), Ex-99.CODE ETH.

**Item 3. Audit Committee Financial Expert.** 

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, and Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer are "independent" for purposes of Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal year ended December 31, 2022 and December 31, 2021.

(a) <u>Audit Fees</u>: The aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by
EY, the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided
by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $38,100 for the year
ended December 31, 2022 and $38,100 for the year ended December 31, 2021.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for assurance and related services
by EY that are reasonably related to the performance of each respective audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item were $0 for the year ended December 31, 2022 and $0 for the year ended December 31, 2021.

(c) <u>Tax Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY
for tax compliance, tax advice, and tax planning were $15,600 for the year ended December 31, 2022 and $15,600 for the year ended December
31, 2021. Such services included review of excise distribution calculations (if applicable), preparation of the Registrants' federal,
state, and excise tax returns, tax services related to mergers and routine consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for products and services provided
by EY, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended December 31, 2022 and $0
for the year ended December 31, 2021.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES<br> PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 18, 2021

Appendix A<br> Pre-Approved Audit Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Statutory audits or financial audits (including tax services associated with audit services) | &nbsp;&nbsp;√ | &nbsp;&nbsp;As presented to Audit Committee<sup>1</sup> |
| &nbsp;&nbsp;Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $9,750 per filing |
| &nbsp;&nbsp;Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $8,000 during the Pre-Approval Period |
| &nbsp;&nbsp;Seed capital audit and related review and issuance of consent on the N-2 registration statement | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $14,750 per audit |
| &nbsp;&nbsp;Audit of summary portfolio of investments | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $750 per fund |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B<br> Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $10,000 per merger |
| &nbsp;&nbsp;Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| &nbsp;&nbsp;Review of the Funds' semi-annual and quarterly financial statements | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $2,700 per set of financial statements per fund |
| &nbsp;&nbsp;Reports to regulatory or government agencies related to the annual engagement | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Up to $5,000 per occurrence during the Pre-Approval Period |
| &nbsp;&nbsp;Regulatory compliance assistance | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per quarter |
| &nbsp;&nbsp;Training courses |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per course |

---

Appendix C<br> Pre-Approved Tax Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;As presented to Audit Committee<sup>2</sup> |
| &nbsp;&nbsp;Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;As presented to Audit Committee<sup>2</sup> |
| &nbsp;&nbsp;Tax assistance and advice regarding statutory, regulatory or administrative developments | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

---

<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Tax and technology training sessions |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,000 per course during the Pre-Approval Period |
| &nbsp;&nbsp;Tax services associated with Fund mergers | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| &nbsp;&nbsp;Ernst & Young LLP Passive Foreign Investment Company ("PFIC") Analyzer |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $95,000 during the Pre-Approval Period |
| &nbsp;&nbsp;Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $300,000 during the Pre-Approval Period |

---

Appendix D<br> Pre-Approved Other Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | &nbsp;&nbsp;The Fund(s) | &nbsp;&nbsp;Fund Affiliates | &nbsp;&nbsp;Fee Range |
| &nbsp;&nbsp;Agreed-upon procedures for Class B share 12b-1 programs |  | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $60,000 during the Pre-Approval Period |
| &nbsp;&nbsp; Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br>Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | &nbsp;&nbsp;√ | &nbsp;&nbsp;√ | &nbsp;&nbsp;Not to exceed $5,700 per Fund during the Pre-Approval Period |
| &nbsp;&nbsp;Agreed upon procedures for 15 (c) FACT Books | &nbsp;&nbsp;√ |  | &nbsp;&nbsp;Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated: January 1, 2022 to December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;· Bookkeeping or other services related to the accounting records
or financial statements of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;· Financial information systems design and implementation

&nbsp;&nbsp;&nbsp;&nbsp;· Appraisal or valuation services, fairness opinions, or contribution-in-kind
reports

&nbsp;&nbsp;&nbsp;&nbsp;· Actuarial services

&nbsp;&nbsp;&nbsp;&nbsp;· Internal audit outsourcing services

&nbsp;&nbsp;&nbsp;&nbsp;· Management functions

&nbsp;&nbsp;&nbsp;&nbsp;· Human resources

&nbsp;&nbsp;&nbsp;&nbsp;· Broker-dealer, investment adviser, or investment banking
services

&nbsp;&nbsp;&nbsp;&nbsp;· Legal services

&nbsp;&nbsp;&nbsp;&nbsp;· Expert services unrelated to the audit

&nbsp;&nbsp;&nbsp;&nbsp;· Any other service that the Public Company Accounting Oversight
Board determines, by regulation, is impermissible

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

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 INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA CREDIT INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.<br> VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee</u> |

---

100% of the services were approved by the audit committee.

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%</u> 

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (*i.e*., fees for audit-related, tax, and
other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant's fiscal
years ended December 31, 2022 and December 31, 2021; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of
its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time
periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2022** | **2021** |
| Voya Variable Products Trust | $15600 | $15600 |
| Voya Investments, LLC <sup>(1)</sup> | $12831317 | $13583983 |

---

<sup>(1)</sup> The Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h) <u>Principal Accountants Independence</u>: The Registrant's Audit committee has considered whether the provision of non-audit
services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii)
of Regulation S-X is compatible with maintaining EY's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Schedule of Investments.** 

(a) Schedule
is included as part of the report to shareholders filed under Item 1 of this Fo rm.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 11. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant
is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR
are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information
for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.** 

[(a)(1)](tm232302d14_ex99-codeeth.htm) [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm232302d14_ex99-codeeth.htm)

---

| | |
|:---|:---|
| [(a)(2)](tm232302d14_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm232302d14_ex99-cert.htm) |

---

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

[(b)](tm232302d14_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm232302d14_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Variable Products Trust

---

| | |
|:---|:---|
| By | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

Date: March 8, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

Date: March 8, 2023

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Senior Vice President and Chief Financial Officer |

---

Date: March 8, 2023

## Ex-99.Code

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**A.** **Adoption** 

The Boards of Directors/Trustees (collectively, the "Board") of the Voya mutual funds (each a "Fund," and collectively, the "Funds") set forth on <u>Exhibit A</u> hereto, as such exhibit may be amended from time to time, have adopted this code of ethics (the "Code") in connection with the requirements of Section 406 of the Sarbanes-Oxley Act of 2002 (the "Act) concerning disclosure of a code of ethics for the principal executive officer, the principal financial officer, the principal accounting officer or controller, and persons performing similar functions (regardless of whether they are employed by a Fund or a third party) of the Funds (the "Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**B.** **Policy and Purpose; Conflicts with Law and Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Policy and Purpose**

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;a. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships.

&nbsp;&nbsp;&nbsp;&nbsp;b. Full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the Securities
and Exchange Commission (the "SEC") and in other public communications made by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;c. Compliance with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;d. The prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;e. Accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Conflicts with Law and Policy**

If any part of this Code, or if compliance with any part of this Code, violates or is in conflict with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or is in conflict with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

**C.** **Covered Officer Duties** 

Each Covered Officer shall adhere to a high standard of business ethics in his or her dealings with and on behalf of a Fund. Specifically, each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct himself or herself in an honest and ethical manner when dealing with or on behalf of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from engaging in any activity that would compromise his or her professional ethics or otherwise prejudice his or her ability
faithfully to carry out his or her duties to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain from using or appearing to use material non-public information acquired in the course of his or her work for the Funds for
unethical or illegal advantage, either directly or indirectly through others.

&nbsp;&nbsp;&nbsp;&nbsp;4. Place the interests of the Funds and their shareholders before his or her personal interests, and handle actual or apparent conflicts
of interest between his or her personal interests and the interests of a Fund in an ethical manner.

&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements generally applicable to the Funds and take all reasonable actions, consistent with his
or her position(s) with a Fund and/or a Fund's service provider(s) to ensure full, fair, accurate, timely and understandable disclosure
in reports and documents that a Fund files with, or submits to, the SEC or other governmental authorities, and in other public communications
made by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable laws and governmental rules and regulations in his or her dealings with or on behalf of a Fund, and take all
reasonable actions, consistent with his or her position(s) with a Fund and/or a Fund's service provider(s), to ensure compliance
by the Fund with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;7. Take all reasonable actions, consistent with his or her position(s) with a Fund and/or a Fund's service provider(s), to ensure
prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;8. Not knowingly misrepresent, or knowingly cause or permit others to misrepresent, facts about a Fund to a Fund's shareholders,
directors, counsel or auditors, to governmental regulators or self-regulatory organizations, or to the public.

&nbsp;&nbsp;&nbsp;&nbsp;9. Consult with other officers and employees of a Fund, and its adviser(s), administrator and principal underwriter, with the goal of
promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to,
the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;10. Promote compliance by the Funds with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;11. Not influence investment decisions or financial or other reporting by the Fund whereby the Covered Officer would benefit personally.

&nbsp;&nbsp;&nbsp;&nbsp;12. Not cause a Fund to take an action, or fail to take an action, whereby the Covered Officer would benefit personally.

&nbsp;&nbsp;&nbsp;&nbsp;13. Not retaliate or take any adverse action against, or cause or permit any retaliation or adverse action to be taken against, any other
Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations of this Code or of applicable
laws and governmental rules and regulations that are made in good faith.

**D.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Conflicts of Interest**

For the purposes of this Code (i) an "actual conflict of interest" is a situation in which a Covered Officer, a member of a Covered Officer's immediate family, or an entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered Officer may receive compensation or other personal benefit, has an interest in a transaction or the results of a transaction in which a Fund is involved that is different from the interests of the Fund with regard to that same transaction, and (ii) an "apparent conflict of interest" is a situation in which a Covered Officer, a member of a Covered Officer's immediate family, or an entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered Officer may receive compensation or other personal benefit, appears to have an actual conflict of interest, without regard to whether an actual conflict of interest in fact exists<sup>. (1)</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund with regard to a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transition, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law or by the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940.<sup>(2)</sup>

<sup>(1)</sup> Certain actual conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, administrator or principal underwriter, or for a combination thereof), be involved in recommending actions that may have different effects on the respective parties or may redound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

<sup>(2)</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act of 1940 (the "Investment Company Act") and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase of sale or securities or other property) with a Fund because of his or her status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside of the coverage of this Code. All other actual and apparent conflicts of interest, even if such actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Waiver and Implicit Waiver**

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer <sup>(3)</sup> of the Fund.

<sup>(3)</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Benefit Personally; Immediate Family**

With regard to a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, by a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, of any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes any step and adoptive relationships.

**E.** **Activities Requiring Prior Approval** 

A Covered Officer and his or her immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer (the "Chief Legal Officer") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the Chief Legal Officer and the Qualified Legal Compliance Committee of the Board (the "QLCC"). The obtain such approval, the Covered Officer shall submit a written statement to the Chief Legal Officer describing in detail the proposed activity and the reasons for it.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a direct, partner, officer, manager, or managing member on the board of any public or private company <sup>(4)</sup> other
than a Fund's investment adviser, administrator, principal underwriter, or an affiliate of any of the foregoing, if such company
has current or prospective business dealings with a Fund or if any Fund may invest in securities issued by such company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt of any entertainment <sup>(5)</sup> or meals from any company with which the Fund has current or prospective business dealings
unless such entertainment or meals are business-related, reasonable in cost, appropriate as to time and place, and not so frequent as
to raise any question of impropriety. For the purposes of this Code, entertainment and meals that are incidental to a business conference,
seminar or meeting shall be deemed business-related, reasonable in cost, and appropriate as to time and place.

&nbsp;&nbsp;&nbsp;&nbsp;3. Having any ownership interest in, or any consulting, employment or compensation relationship with, any of a Fund's service providers,
other than its investment adviser(s), administrator, principal underwriter, or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit for his or her own personal gain any opportunity which a Fund may exploit. This prohibition shall not apply to securities
trading undertaken in conformance with the Funds' and an investment adviser's code of ethics adopted pursuant to Rule 17j-1
of the Investment Company Act.

<sup>(4)</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, *etc.*

<sup>(5)</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, *etc.,* at which a representative of the entertaining company is present along with the Covered Officer or his or her immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

**F.** **Prohibited Activities** 

A Covered Officer and his or her immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have direct or indirect financial interest, such as compensation or equity ownership, in commissions, transaction charges or spreads
paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered
Officer's employment with the Fund's investment adviser, administrator, principal underwriter, or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive any gifts in excess of $500 in any calendar year from any entity or person that directly or indirectly currently or prospectively
does or will do business with or receives compensation or other benefits from a Fund. For the purposes of this restriction, gifts from
different persons employed by the same entity shall be aggregated, along with any gifts from the entity itself, in order to determine
whether the $500 limit has been exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept employment from any company, other than a Fund's investment adviser(s), administrator or principal underwriter (or any
affiliate thereof), with which the Fund has current or prospective business dealings within one year after the latest to occur of such
Covered Officer's termination of employment at the Fund or at the Fund's investment adviser(s), administrator or principal
underwriter (or any affiliate thereof).

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money from any Fund, or borrow money from or have any other financial transactions with any company, other than a Fund's
investment adviser(s), administrator or principal underwriter (or any affiliate thereof), with which the Fund has current or prospective
business dealings, other than routine retail transactions that are effected on the same terms and conditions as are available to the general
public.

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in a transaction directly as a principal with a Fund, except that this prohibition shall not apply to the purchase or redemption
of the shares of any Fund on the same terms and conditions as all other shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;6. Any other activity that would cause them to benefit personally at the expense of a Fund.

**G.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Reporting**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon adoption of this Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Legal Officer
and the Board that he or she has received, read and understands this Code. Such affirmation shall be substantially in the form attached
hereto as <u>Exhibit B.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annually thereafter affirm to the Chief Legal Officer and the Board that he or she has complied with the requirements of this Code.
Such affirmation shall be substantially in the form attached hereto as <u>Exhibit C.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Report at least annually all employment, ownership, affiliations or other relationships related to conflicts of interest that the
Fund's Directors and Officers Questionnaire covers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Notify the Chief Legal Officer promptly if he or she knows of any violation of this Code or of any applicable laws and governmental
rules and regulations. Failure to do so is itself violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Interpretations**

The Chief Legal Officer has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in any particular situation. In making interpretations of this Code, the Chief Legal Officer may consult with the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Investigations**

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required
to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, after such investigation, the Chief Legal Officer believes a violation has occurred, the Chief Legal Officer shall report such
potential violation to the QLCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If the QLCC concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate
action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate
personnel of the investment adviser or its board; and a recommendation to discipline or dismiss the Covered Officer or to require reimbursement
or disgorgement by the Covered Officer of any personal benefits received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Waivers**

The QLCC and the Chief Legal Officer, as applicable, may grant a waiver to compliance with this Code by a Covered Officer or his or her immediate family if the QLCC or the Chief Legal Officer determines that the proposed activity will not have an adverse impact on any Fund or on the ability of a Covered Officer faithfully to perform his or her duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the Chief Legal Officer describing in detail the proposed activity, and the reasons for it, and the provision(s) of this Code as to which the waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

**H.** **Relationship to Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other services providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**I.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

**J.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or his or her immediate family, as to any fact, circumstance, or legal conclusion.

**K.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Any amendments to this Code shall be disclosed to the extent required by law and SEC rules.

Date: _________________________

**<u>Exhibit A</u>**

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 INFRASTRUCTURE, INDUSTRIALS AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

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.

VOYA VARIABLE PRODUCTS TRUST

**<u>Exhibit B</u>**

**INITIAL ACKNOWLEDGEMENT**

Covered Officer Name and Title: ____________________________________________________________________________

*(please print)*

I acknowledge that I have received and read a copy of the Voya mutual funds Sarbanes-Oxley Act Code of Ethics (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br>Signature Date

**<u>Exhibit C</u>**

**ANNUAL ACKNOWLEDGEMENT**

Covered Office Name and Title: ____________________________________________________________________________

*(please print)*

I acknowledge that I have received and read a copy of the Voya mutual funds Sarbanes-Oxley Act Code of Ethics (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br>Signature Date

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Andy Simonoff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form Voya Variable Products Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Variable Products Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

Date: March 8, 2023 <u>/ s/ Todd Modic</u> <br> Todd Modic <br> Senior Vice President and Chief Financial Officer

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Variable Products Trust <br>Date of Form N-CSR: December 31, 2022

The undersigned, the principle executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Variable Products Trust and will be retained by Voya Variable Products Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 8<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Andy Simonoff |
| Andy Simonoff |
| Chief Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Variable Products Trust <br>Date of Form N-CSR: December 31, 2022

The undersigned, the principle financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Variable Products Trust and will be retained by Voya Variable Products Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 8<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Senior Vice President and Chief Financial Officer |

---