# EDGAR Filing Document

**Accession Number:** 0000837276
**File Stem:** 0001104659-23-029957
**Filing Date:** 2023-3
**Character Count:** 1765832
**Document Hash:** c260f7d6dbefc4c6f15924ad90794612
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-029957.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001104659-23-029957

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**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 INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000837276
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05629
- **FILM NUMBER:** 23715134

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-366-0066

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING INVESTORS TRUST
- **DATE OF NAME CHANGE:** 20030501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GCG TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPECIALTY MANAGERS TRUST
- **DATE OF NAME CHANGE:** 19911209

## Series and Classes Contracts Data

### VY(R) JPMorgan Emerging Markets Equity Portfolio (Series ID: S000005623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015329 | Class ADV    | IJEAX           |
| C000015330 | Class I      | IJEMX           |
| C000015331 | Class S      | IJPIX           |
| C000015332 | Class S2     | IJPTX           |

### VY(R) JPMorgan Small Cap Core Equity Portfolio (Series ID: S000005624)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015333 | Class I      | IJSIX           |
| C000015334 | Class S      | IJSSX           |
| C000015335 | Class S2     | IJSTX           |
| C000028903 | Class ADV    | IJSAX           |
| C000168687 | Class R6     | VPRSX           |

### Voya Limited Maturity Bond Portfolio (Series ID: S000005629)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015349 | Class ADV    | IMBAX           |
| C000015350 | Class I      | ILBPX           |
| C000015351 | Class S      | ILMBX           |

### Voya Government Liquid Assets Portfolio (Series ID: S000005630)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015353 | Class I      | IPLXX           |
| C000015354 | Class S      | ISPXX           |
| C000015355 | Class S2     | ITLXX           |

### VY(R) CBRE Global Real Estate Portfolio (Series ID: S000005647)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015417 | Class ADV    | ICRNX           |
| C000015418 | Class I      | IRGIX           |
| C000015419 | Class S      | IRGTX           |
| C000015420 | Class S2     | IRGSX           |

### VY(R) Morgan Stanley Global Franchise Portfolio (Series ID: S000005745)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015776 | Class ADV    | IGFAX           |
| C000015778 | Class S      | IVGTX           |
| C000015779 | Class S2     | IGFSX           |
| C000168690 | Class R6     | VPRDX           |

### VY(R) Invesco Growth and Income Portfolio (Series ID: S000005746)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015780 | Class ADV    | IVGAX           |
| C000015781 | Class I      | IVGIX           |
| C000015782 | Class S      | IVGSX           |
| C000015783 | Class S2     | IVITX           |

### VY(R) CBRE Real Estate Portfolio (Series ID: S000005747)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015784 | Class ADV    | ICRPX           |
| C000015785 | Class I      | IVRIX           |
| C000015786 | Class S      | IVRSX           |
| C000015787 | Class S2     | IVRTX           |

### Voya Large Cap Growth Portfolio (Series ID: S000005752)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015798 | Class ADV    | IEOPX           |
| C000015799 | Class I      | IEOHX           |
| C000015800 | Class S      | IEOSX           |
| C000015801 | Class S2     | IEOTX           |
| C000163203 | Class R6     | VRLCX           |

### Voya U.S. Stock Index Portfolio (Series ID: S000005758)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015822 | Class I      | INGIX           |
| C000047554 | Class S      | ISJBX           |
| C000053098 | Class S2     | ISIPX           |
| C000075972 | Class ADV    | ISIVX           |
| C000183141 | Class P2     | VPSPX           |

### VY(R) T. Rowe Price Capital Appreciation Portfolio (Series ID: S000005759)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015823 | Class ADV    | ITRAX           |
| C000015824 | Class I      | ITRIX           |
| C000015825 | Class S      | ITCSX           |
| C000015826 | Class S2     | ITCTX           |
| C000168694 | Class R6     | VPRAX           |

### VY(R) T. Rowe Price Equity Income Portfolio (Series ID: S000005760)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015827 | Class ADV    | ITEAX           |
| C000015828 | Class I      | ITEIX           |
| C000015829 | Class S      | IRPSX           |
| C000015830 | Class S2     | ITETX           |

### Voya High Yield Portfolio (Series ID: S000005794)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015921 | Class S2     | IPYSX           |
| C000015922 | Class ADV    | IPYAX           |
| C000015923 | Class I      | IPIMX           |
| C000015924 | Class S      | IPHYX           |

### Voya Balanced Income Portfolio (Series ID: S000010459)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028890 | Class ADV    | IIFAX           |
| C000028891 | Class I      | IIFIX           |
| C000028892 | Class S      | IIFSX           |
| C000028893 | Class S2     | IIFTX           |

### Voya Large Cap Value Portfolio (Series ID: S000012824)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000034673 | Class ADV    | IPEAX           |
| C000034674 | Class I      | IPEIX           |
| C000034675 | Class S      | IPESX           |
| C000034676 | Class S2     | IPETX           |
| C000163204 | Class R6     | VLCRX           |

### VY(R) BlackRock Inflation Protected Bond Portfolio (Series ID: S000017158)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047545 | Class ADV    | IBRAX           |
| C000047546 | Class I      | IBRIX           |
| C000047547 | Class S      | IBRSX           |

### Voya Retirement Conservative Portfolio (Series ID: S000026280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079016 | Class ADV    | IRCAX           |
| C000079017 | Class I      | IRCPX           |

### Voya Retirement Growth Portfolio (Series ID: S000026281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079018 | Class ADV    | IRGPX           |
| C000079019 | Class I      | IIRGX           |

### Voya Retirement Moderate Growth Portfolio (Series ID: S000026282)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079020 | Class ADV    | IRMGX           |
| C000079021 | Class I      | IRGMX           |

### Voya Retirement Moderate Portfolio (Series ID: S000026283)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000079022 | Class ADV    | IRMPX           |
| C000079023 | Class I      | IRMIX           |

### Voya Global Perspectives(R) Portfolio (Series ID: S000040623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125916 | Class ADV    | IPARX           |
| C000125917 | Class I      | IPIRX           |
| C000125918 | Class S      | IPSRX           |

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: **811-05629**

**Voya Investors Trust** 

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ** | **85258** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: **1-800-366-0066**

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):

![](voya_banner.jpg) <br>

Annual Report

**December 31, 2022**

Classes ADV, I, R6, S and S2

**Voya Investors Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya Government Liquid Assets Portfolio <br>

■ VY<sup>®</sup> CBRE Global Real Estate Portfolio <br>
(formerly,
VY<sup>®</sup> Clarion Global Real Estate Portfolio)

■ VY<sup>®</sup> Invesco Growth and Income Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;■ VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

■ VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

■ VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

■ VY<sup>®</sup> T. Rowe Price Equity Income Portfolio

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio's annual and semi-annual shareholder reports, like this annual report, are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.<br> 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.<br> 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.<br>

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.<br>

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT<br>voyainvestments.com** | ![](voya_blk.jpg) |

---

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio Managers' Reports](#d414739a001) | 2 |
| [Shareholder Expense Examples](#d414739a002) | 18 |
| [Report of Independent Registered Public Accounting Firm](#d414739a003) | 20 |
| [Statements of Assets and Liabilities](#d414739a004) | 21 |
| [Statements of Operations](#d414739a005) | 25 |
| [Statements of Changes in Net Assets](#d414739a006) | 27 |
| [Financial Highlights](#d414739a007) | 31 |
| [Notes to Financial Statements](#d414739a008) | 35 |
| [Portfolios of Investments](#d414739a009) | 50 |
| [Tax Information](#d414739a010) | 79 |
| [Trustee and Officer Information](#d414739a011) | 81 |
| [Advisory and Sub-Advisory Contract Approval Discussion](#d414739a012) | 84 |

---

**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

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

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

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

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Benchmark Descriptions

---

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

---

1<br>

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<u>Voya Government Liquid Assets Portfolio</u> <u>Portfolio Managers' Report</u>

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

***Performance\*:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of 1.34% compared to the iMoneyNet Government Institutional Index, which returned 1.38% for the same period.

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

***Portfolio Specifics:*** What a difference a year makes. The US Federal Reserve was far more aggressive than anyone expected in 2022. Inflation pressures were elevated, persistent and far above what we believe is the comfort level for the Fed. The Consumer Price Index ("CPI") peaked at 9.1% in June, a driving force for the historically large rate hikes. At the beginning of 2022, the Fed Funds rate was in a range of 0.00% - 0.25%. The Fed began raising interest rates in March and accelerated their pace of monetary policy tightening with 0.75% hikes in June, July, September and November. CPI ended the year at 7%, still above the Fed's comfort level, and even though the Fed Funds rate ended the year in a range of 4.25%-4.50% Fed officials have indicated they will continue to raise interest rates into 2023.

The Portfolio maintained a defensive and shorter than normal weighted average maturity ("WAM") for the majority of the reporting period. The Portfolio was positioned with its lowest WAM (1-20 days) when the Fed was most aggressive. While we had anticipated these large moves, the market had not fully reflected these actions. The Portfolio increased exposure to floating rate securities, spanning agency and Treasury markets, tied to SOFR. These investments allowed the Portfolio to capture the immediate increase in yields following rate hikes by the Fed.

***Current Strategy and Outlook:*** We expect that the Fed will continue to raise rates in the first half of 2023, albeit at a slower pace than 2022. The Federal Open Market Committee has indicated once they reach a peak in the Fed Funds rate, they expect to hold rates for an extended period of time. We believe this is a prudent approach to monetary policy and have structured the Portfolios similar to 2022, with an emphasis on maintaining a shorter WAM and high exposures to floating rate agency and Treasury securities. Currently, the market is not pricing in the expected rate increases, nor do we anticipate potential Fed pauses for extended periods of time. Should the market begin to price in these additional increases, we may look to extend our maturity to take advantage of recent high yields.

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

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

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

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

2<br>

------

<u>Portfolio Managers' Report</u> <u>VY<sup>®</sup>CBRE Global Real Estate Portfolio</u> <br>

**Geographic Diversification<br> as of December 31, 2022**<br>*(as a percentage of net assets)*

---

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

---

---

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

---

***Portfolio holdings are subject to change daily.***

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

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -25.12% compared to the FTSE EPRA Nareit Developed Index and S&P 500<sup>®</sup> Index, which returned -25.09% and -18.11%, respectively, for the same period.

***Portfolio Specifics:*** For 2022, global real estate stocks finished down -25.10%, as the world's capital markets battled the headwinds of a sharp rise in inflation, a significant increase in interest rates, geopolitical uncertainty and the increasing probability of a global economic slowdown. In a year of higher interest rates and lower economic growth, underperformance is striking considering that global REITs have resilient earnings compared to broad market equities, growing dividends compared to bonds, and the same underlying assets as private real estate.

While all regions were down for the year, the Asia-Pacific region outperformed the benchmark (-9.0%), while the Americas (-25.6%) and Europe (-40.9%) lagged. In most markets, we believed underlying fundamentals remained strong. The average earnings growth for the sector averaged slightly over 10% and dividend growth in 2022 was nearly 15%. Companies in several regions and sectors saw material increases in occupancy and were able to raise rents accordingly.

Before fees and expenses, the Portfolio outperformed the benchmark during the period as value was added in each of the three major geographic regions. Sector allocation decisions drove the outperformance as stock selection modestly detracted from relative performance during the period. The European region was the top contributor to performance, followed by the Americas and the Asia-Pacific region.

In Europe, stock selection and sector allocations contributed to relative performance. The portfolio was under-weight both the U.K. as well as on the Continent as these markets underperformed for the year. Stock selection on the Continent was positive but stock selection in the U.K. was a slight detractor from performance. Relative out performance within the Americas region was driven by positive stock selection in Canada as well as positive contributions from positioning in the U.S. data center, mall and healthcare sectors. The portfolio continues to be under-weight the U.S. office sector, which helped performance as conditions continue to be challenging given the shift to a more flexible work environment. In the Asia-Pacific region, relative performance was essentially flat as positive sector allocation within the region was mostly offset by sub-par stock selection. Favorable positioning in Japan and Hong Kong was mostly offset by underperformance in Australia.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;ProLogis, Inc. | 9.3% |
| &nbsp;&nbsp;Equinix, Inc. | 7.0% |
| &nbsp;&nbsp;Simon Property Group, Inc. | 6.9% |
| &nbsp;&nbsp;Invitation Homes, Inc. | 4.0% |
| &nbsp;&nbsp;Link REIT | 3.0% |
| &nbsp;&nbsp;Public Storage, Inc. | 3.0% |
| &nbsp;&nbsp;Essex Property Trust, Inc. | 2.7% |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 2.5% |
| &nbsp;&nbsp;CubeSmart | 2.3% |
| &nbsp;&nbsp;Life Storage, Inc. | 2.1% |

---

***Portfolio holdings are subject to change daily.***

***Current Strategy and Outlook:*** We believe that the underperformance of global REITs in 2022 has created an opportunity for investors. At the end of the year, global REITs traded at a ˜18% discount to estimates of NAV or intrinsic value — estimates that we have already lowered by ˜14% to reflect market conditions and the current economic landscape. Historically, when REIT valuations have traded at material discounts to NAV, we believe investors have benefited from buying the space.

We believe real estate stocks are oversold and are very attractively valued relative to private market real estate. In addition, we think real estate stocks offer above-average and growing dividend yields, inflation-protected earnings growth, and a history of outperformance during periods of above-average inflation. We believe investors committing capital to listed real estate at this time have the potential to earn an attractive absolute and relative long-term total return.

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

In North America, we are overweight Canadian real estate stocks with an emphasis on residential, industrial, and retail. In the U.S., we are overweight single-family home for rent, storage, malls, hotels, and data centers. In Japan, we prefer mid-cap diversified and hotel J-REITs that are providing earnings growth and resiliency at very attractive relative valuations and select Japanese REOCs that have committed to improving their corporate governance. In Hong Kong, we are overweight diversified companies with a commercial bias and non-discretionary retail. In Australia, we prefer retail, industrial, and a few select diversified companies. In the U.K., we favor the storage and residential sectors, as well as attractively priced diversified companies. Within Continental Europe, we have a positive bias to retail, industrial, storage, and select diversified companies.

3<br>

------

<u>VY<sup>®</sup> CBRE Global Real Estate Portfolio</u> <u>Portfolio Managers' Report</u>

\* Effective May 1, 2022, the Portfolio changed its name from "VY**<sup>®</sup>** Clarion Global Real Estate Portfolio" to "VY**<sup>®</sup>** CBRE Global Real Estate Portfolio." In conjunction with the Portfolio name change, the Sub-Adviser's name changed from "CBRE Clarion Securities LLC" to "CBRE Investment Management Listed Real Assets LLC." Lastly, effective May 1, 2022, T. Ritson Ferguson was removed as a portfolio manager to the Portfolio and Kenneth S. Weinberg was added as a portfolio manager to 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.

4<br>

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<u>Portfolio Managers' Report</u> <u>VY<sup>®</sup> CBRE Global Real Estate Portfolio</u>

![](d414739cgre_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 | –25.39% | 1.23% | 3.03% |
| Class I | –24.95% | 1.85% | 3.65% |
| Class S | –25.12% | 1.59% | 3.40% |
| Class S2 | –25.25% | 1.44% | 3.24% |
| FTSE EPRA Nareit Developed Index | –25.09% | –0.23% | 2.99% |
| S&P 500<sup>®</sup> Index | –18.11% | 9.42% | 12.56% |

---

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

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

5<br>

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<u>VY<sup>®</sup> Invesco Growth and Income Portfolio</u> <u>Portfolio Managers' Report</u>

**Sector Diversification<br> as of December 31, 2022**<br> *(as a percentage of net assets)* 

---

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

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -5.84%, compared to the Russell 1000<sup>®</sup> Value Index, which returned -7.54%, for the same period.

***Portfolio Specifics:*** For the year ended December 31, 2022, the Portfolio outperformed the index.

Stock selection in health care was the largest contributor to relative performance during the year. Within the sector, Merck, McKesson and Cigna were strong individual contributors. Merck benefitted from strong sales of its oral antiviral Covid treatment. McKesson recently divested its underperforming pharmacy business in Europe that was a drag on growth and margins. Cigna's customer retention exceeded management's internal estimates, and the company affirmed its earnings outlook for the year.

Stock selection in energy also contributed to the Portfolio's outperformance during the year. Energy stocks benefitted from rising oil prices due to a rebound in demand following the pandemic, the conflict in Ukraine, OPEC production cuts and energy shortages abroad.

Security selection in industrials also contributed to the Portfolio's relative return, due largely to Raytheon Technologies and Quanta Services. Aerospace and defense company Raytheon performed well, particularly due to an increase in defense spending following the Russian invasion of Ukraine. Quanta Services benefitted from an increase in spending for renewable energy infrastructure and the recently passed Inflation Reduction Act, which provided incentives for green energy.

The Portfolio's overweight and stock selection in information technology was the largest detractor from relative performance for the year, due in part to Cognizant Technology Solutions and Intel. Higher labor costs and staffing issues weighed on Cognizant's stock. Intel reported earnings that came in far below expectations. The chipmaker also reduced guidance for the remainder of the year amid worsening macro conditions and weak PC demand.

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

---

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

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

Selection in consumer discretionary also detracted from relative performance, due primarily to General Motors (GM) and Amazon. GM has faced ongoing supply-chain related issues that have hurt results. Amazon reported weaker than expected revenues and operating income. Management also lowered its outlook due to macroeconomic headwinds and inflationary pressures.

Stock selection in the communication services sector was another detractor from relative performance. After achieving strong gains and robust new subscriber growth amid the pandemic, Walt Disney, Charter Communications and Netflix faced a weaking outlook as Covid lockdowns eased.

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

***Current Strategy and Outlook:*** During the year, the team increased the number of holdings in the energy and IT sectors and reduced holdings in industrials, materials and utilities. At year end, the Portfolio's largest relative overweight exposures were in IT and energy, while the largest underweights were in utilities and consumer staples.

We believe market volatility will continue as the Fed's rate increases gradually work through the economy and recession risks rise. Regardless of the market environment, we seek to invest in companies with attractive valuations and strong fundamentals, qualities that we believe will ultimately be reflected in those companies' stock prices.

***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.

6<br>

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<u>Portfolio Managers' Report</u> <u>VY<sup>®</sup> Invesco Growth and Income Portfolio</u>

![](d414739igi_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 | –6.16% | 5.77% | 9.78% |
| Class I | –5.59% | 6.41% | 10.44% |
| Class S | –5.84% | 6.14% | 10.16% |
| Class S2 | –5.99% | 5.98% | 10.00% |
| Russell 1000<sup>®</sup> Value Index | –7.54% | 6.67% | 10.29% |

---

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

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

7<br>

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<u>VY<sup>®</sup>JPMorgan Emerging<br> Markets Equity Portfolio</u> <u>Portfolio Managers' Report</u>

**Geographic Diversification<br> as of December 31, 2022**<br> *(as a percentage of net assets)*

---

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

---

---

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

---

***Portfolio holdings are subject to change daily.***

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

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S Shares provided a total return of -26.11% compared to the MSCI Emerging Markets Index<sup>SM</sup> ("MSCI EM Index<sup>SM</sup>"), which returned -20.09% for the same period.

***Portfolio Specifics:*** The Portfolio underperformed the benchmark during the period, stock selection detracted from relative returns while country allocation contributed.

In the information technology sector, stock selection was a headwind to performance. The Portfolio's exposure to Silergy, an integrated circuit manufacturer, underperformed because of concerns that slowing demand from a weakening global economy might dampen growth prospects.

The Portfolio's off-benchmark position to Uruguay, also detracted from relative performance. This was specifically driven by exposure to MercadoLibre, a leading e-commerce company in Latin America. Consumer discretionary companies that are growing quickly, but where sustained profitability is only expected in later years, have been hit the hardest as investors have sold out of longer duration assets as bond yields have soared on concerns over accelerating inflation.

Commodities prices climbed during the past year and the Portfolio's underweight exposure to Gulf States such as Saudi Arabia, detracted as these markets benefitted from commodity strength. Companies in the energy and materials sectors generally struggle to meet our standards on economics, duration, and governance or offer compelling long term expected returns.

On the positive side, stock selection in Mexico hurt performance, most notably driven by the Portfolio's exposure to Walmart de Mexico ("Walmex"), the Mexican subsidiary of Walmart. Despite high inflation pressuring overall consumer purchasing power in Mexico, Walmex has benefited from robust retail demand that is supported by strong remittances.

Overweight exposure, the result of stock selection, to the financials sector aided performance. In Indonesia, Bank Rakyat Indonesia outperformed led by a credible domestic reform agenda and stronger commodity prices, driving improved economic growth in the region. Loan growth and margin expansion have driven stronger results for the company during 2022.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Samsung Electronics Co., Ltd. 005930 | 5.8% |
| &nbsp;&nbsp;HDFC Bank Ltd. ADR | 5.4% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 4.5% |
| &nbsp;&nbsp;Tencent Holdings Ltd. | 4.2% |
| &nbsp;&nbsp;Housing Development Finance Corp. | 3.5% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 3.5% |
| &nbsp;&nbsp;AIA Group Ltd. | 3.0% |
| &nbsp;&nbsp;JD.com, Inc. — Class A | 2.6% |
| &nbsp;&nbsp;MercadoLibre, Inc. | 2.5% |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. | 2.2% |

---

***Portfolio holdings are subject to change daily.***

The Portfolio's overweight exposure to India also boosted relative returns, as the market proved to be more defensive than the broader universe. Indian equities performed very well as investors looked outside of Korea, China, and Taiwan for regional exposure.

***Current Strategy and Outlook:*** 2022 was a tough year for emerging markets ("EM") equities as the index fell by 23% over the full year, but we believe there are more reasons to be more optimistic for 2023. The Russia-Ukraine conflict, Covid resurgence in China and tightening US monetary policy posed various challenges to EM markets over the course of 2022. While these issues are not fully behind us, as the new year begins, there are two coiled springs that we believe are likely to unwind in 2023: the strong US Dollar and China's zero-covid restrictions. In our view, the release of both could well be tailwinds for EM equities, especially after the large swathe of EM earnings downgrades seen last year.

While there may still be further downside pressure on earnings for companies in the near-term, at some point in the year a shift from slowdown concerns to likely recovery is expected. Given the uncertainty on the exact timings of these shifts, it is even more important that we stick to our framework. Thus, we continue to look for what we believe are opportunities in EM equities where earnings growth can compound over the long-run.

8<br>

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<u>Portfolio Managers' Report</u> <u>VY<sup>®</sup> JPMorgan Emerging<br>Markets Equity Portfolio</u>

***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.

9<br>

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<u>VY<sup>®</sup> JPMorgan Emerging<br>Markets Equity Portfolio</u> <u>Portfolio Managers' Report</u>

![](d414739eme_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 | –26.35% | –0.91% | 1.96% |
| Class I | –25.89% | –0.31% | 2.58% |
| Class S | –26.11% | –0.56% | 2.32% |
| Class S2 | –26.23% | –0.71% | 2.17% |
| MSCI EM Index<sup>SM</sup> | –20.09% | –1.40% | 1.44% |

---

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

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

10<br>

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<u>Portfolio Managers' Report</u> <u>VY<sup>®</sup> Morgan Stanley Global<br>Franchise Portfolio</u>

**Geographic Diversification<br> as of December 31, 2022**<br> *(as a percentage of net assets)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 73.4% |
| &nbsp;&nbsp;United Kingdom | 10.5% |
| &nbsp;&nbsp;France | 6.8% |
| &nbsp;&nbsp;Germany | 5.1% |
| &nbsp;&nbsp;Netherlands | 2.3% |
| &nbsp;&nbsp;Italy | 0.4% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities\* | 1.5% |
| &nbsp;&nbsp;Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -17.58% compared to the MSCI World Index<sup>SM</sup> ("MSCI World" or the "Index"), which returned -18.14% for the same period.

***Portfolio Specifics:*** For 2022, outperformance was driven by sector allocation, helped by the Portfolio's overweight positions in the defensive Health Care and Consumer Staples sectors, which held up well in the year. The Consumer Discretionary underweight and absence of Communication Services stocks were also beneficial, offsetting the drag from the overweight to Information Technology and zero weight to Energy. The negative stock selection was driven by Health Care underperformance, as the Portfolio is concentrated in the Life Sciences and Equipment sub-sectors rather than Pharmaceuticals and Providers. Information Technology and Consumer Discretionary outperformance was insufficient to compensate.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Microsoft Corp. | 8.9% |
| &nbsp;&nbsp;Philip Morris International, Inc. | 7.6% |
| &nbsp;&nbsp;Visa, Inc.—Class A | 6.3% |
| &nbsp;&nbsp;Reckitt Benckiser Group PLC | 5.8% |
| &nbsp;&nbsp;Danaher Corp. | 5.4% |
| &nbsp;&nbsp;SAP SE | 5.1% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 4.7% |
| &nbsp;&nbsp;Accenture PLC | 4.6% |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. | 4.0% |
| &nbsp;&nbsp;Abbott Laboratories | 3.9% |

---

***Portfolio holdings are subject to change daily.***

***Current Strategy and Outlook:*** In our opinion, the outlook remains cautious entering 2023. Last year's de-rating has reduced, but not completely removed, the multiple risk. The main risk is now down to earnings, which we believe remain elevated. A downturn is the main short-term risk to earnings, with Recessionary Bear Markets seeing a median 17% earnings fall. Pricing power and recurring revenues are likely to become evident and valuable in the case of any slowdown. Pricing power, underpinned by brands, networks or mission-critical products, allows companies to pass on input costs to customers. Recurring revenues, due to purchasing habits or subscription models, protect top-line in any slowdown. We believe a quality focus should offer resilient earnings at reasonable valuations.

___________

***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.

11<br>

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<u>VY<sup>®</sup> Morgan Stanley Global<br>Franchise Portfolio</u> <u>Portfolio Managers' Report</u>

![](d414739msgf_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 |
| &nbsp;&nbsp;Class ADV | –17.90% | 7.24% | 9.36% |
| &nbsp;&nbsp;Class R6<sup>(1)</sup> | –17.43% | 7.88% | 9.93% |
| &nbsp;&nbsp;Class S | –17.58% | 7.63% | 9.74% |
| &nbsp;&nbsp;Class S2 | –17.72% | 7.45% | 9.58% |
| &nbsp;&nbsp;MSCI World | –18.14% | 6.14% | 8.85% |

---

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

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

12<br>

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<u>Portfolio Managers' Report</u> <u>VY<sup>®</sup> T. Rowe Price Capital<br>Appreciation Portfolio</u>

**Investment Type Allocation<br> as of December 31, 2022**<br> *(as a percentage of net assets)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Common Stock | 61.7% |
| &nbsp;&nbsp;Bank Loans | 13.6% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 9.0% |
| &nbsp;&nbsp;Corporate Bonds/Notes | 8.4% |
| &nbsp;&nbsp;Preferred Stock | 0.7% |
| &nbsp;&nbsp;Asset-Backed Securities | 0.2% |
| &nbsp;&nbsp;Convertible Bonds/Notes | 0.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities\* | 6.3% |
| &nbsp;&nbsp;Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -12.18%. By comparison, the S&P 500<sup>®</sup> Index, the Bloomberg U.S. Government/Credit Index, and the 60% S&P 500<sup>®</sup> Index/40% Bloomberg U.S. Government/Credit Index returned -18.11%, -13.58% and -16.00%, respectively, for the same period.

***Portfolio Specifics:*** In 2022, the Portfolio posted a negative return but strongly outperformed the S&P 500 Index. The Portfolio's equity holdings posted a negative return but outpaced its benchmark, S&P 500<sup>®</sup> Index. The Portfolio's fixed income holdings posted a negative return during the one-year period but outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

Our overall fixed income weight increased compared to the beginning of the year. Our largest exposure remains in bank loans, which we believe at current levels offer attractive risk-adjusted return profiles. We also like that bank loans are at the top of the capital structure and benefit from rising interest rates.

Within equities, the consumer discretionary sector boosted relative returns due to strong stock selection. Shares of Yum! Brands, parent company of Taco Bell, KFC, and Pizza Hut, declined but strongly outperformed sector peers. Despite some pressure on international sales due to pandemic-related lockdowns in China and suspended operations in Russia, the company posted strong same-store sales in other regions, as well as better-than-expected new unit growth. The information technology sector also contributed to relative returns due to stock selection and a moderate overweight allocation. NXP Semiconductors is a Netherlands-based diversified, mixed-signal semiconductor manufacturer and the largest supplier of chips to the automotive industry. An overweight allocation and stock selection in the utilities sector also aided relative returns. Conversely, the energy sector detracted from relative performance due to an underweight allocation. Energy was by far the best-performing sector during the year, outperforming the overall S&P 500<sup>®</sup> Index. The sector surged with oil and natural gas prices in the early part of the year and benefited late in the period from progress in the post-pandemic economic reopening of China. The health care sector also hurt relative results due to weak stock selection, which was offset by an overweight allocation. Shares of diagnostic and life sciences equipment maker PerkinElmer underperformed as investors appeared to cool on the life sciences and tools industry after a period of strong returns driven by the demand for equipment needed to test for COVID-19.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States Treasury Note, 2.750%, 08/15/32 | 9.0% |
| &nbsp;&nbsp;Microsoft Corp. | 5.2% |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. | 2.9% |
| &nbsp;&nbsp;Apple, Inc. | 2.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | 2.1% |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | 2.0% |
| &nbsp;&nbsp;Yum! Brands, Inc. | 1.9% |
| &nbsp;&nbsp;Fortive Corp. | 1.9% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1.9% |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. | 1.9% |

---

\* Excludes short-term investments.

***Portfolio holdings are subject to change daily.***

Additionally, markets had a negative initial reaction to the company's announced planned divesture of a large business segment focused on applied science in biopharmaceuticals and food and environmental safety.

The Portfolio's covered call strategy provided positive performance impact.

***Current Strategy and Outlook:*** Notwithstanding the year-end rally that pared earlier losses, U.S. equity markets suffered their worst decline in over a decade this calendar year. While myriad factors contributed to the global downturn, we believe the linked pair of elevated inflation and rising interest rates were the primary culprits in the U.S. Even as the rate of inflation appeared to recede and the Fed began to moderate the pace of its rate hikes, markets pulled back on speculation of a seemingly inevitable tightening-induced recession. A recession remains a realistic outcome, although we believe this scenario would produce an unusual environment as pockets of the market are already at trough levels. At current levels, we have a more constructive outlook for markets, particularly over the intermediate term where recent dislocation has created pockets of opportunity for long-term investors.

___________

***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.

13<br>

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<u>VY<sup>®</sup> T. Rowe Price Capital<br>Appreciation Portfolio</u> <u>Portfolio Managers' Report</u>

![](d414739trpca_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 |
| &nbsp;&nbsp;Class ADV | –12.47% | 8.54% | 10.26% |
| &nbsp;&nbsp;Class I | –11.96% | 9.19% | 10.92% |
| &nbsp;&nbsp;Class R6<sup>(1)</sup> | –11.96% | 9.19% | 10.92% |
| &nbsp;&nbsp;Class S | –12.18% | 8.92% | 10.64% |
| &nbsp;&nbsp;Class S2 | –12.30% | 8.76% | 10.48% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | –18.11% | 9.42% | 12.56% |
| &nbsp;&nbsp;Bloomberg U.S. Government/Credit Index | –13.58% | 0.21% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;60% S&P 500<sup>®</sup> Index/40% Bloomberg U.S. Government/Credit Index | –16.00% | 6.03% | 8.13% |

---

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

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

14<br>

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<u>Portfolio Managers' Report</u> <u>VY<sup>®</sup> T. Rowe Price Equity Income Portfolio</u>

**Sector Diversification<br> as of December 31, 2022**<br> *(as a percentage of net assets)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financials | 21.1% |
| &nbsp;&nbsp;Health Care | 17.8% |
| &nbsp;&nbsp;Industrials | 10.8% |
| &nbsp;&nbsp;Energy | 8.6% |
| &nbsp;&nbsp;Utilities | 8.4% |
| &nbsp;&nbsp;Consumer Staples | 7.0% |
| &nbsp;&nbsp;Information Technology | 6.9% |
| &nbsp;&nbsp;Communication Services | 5.1% |
| &nbsp;&nbsp;Consumer Discretionary | 5.0% |
| &nbsp;&nbsp;Materials | 4.2% |
| &nbsp;&nbsp;Real Estate | 3.9% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities\* | 1.2% |
| &nbsp;&nbsp;Net Assets | 100.0% |

---

\* Includes short-term investments.

***Portfolio holdings are subject to change daily.***

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

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of -3.41% compared to the Russell 1000<sup>®</sup> Value Index and the S&P 500<sup>®</sup> Index, which returned -7.54% and -18.11% respectively, for the same period.

***Portfolio Specifics:*** Financials was the primary contributor for the period, due to strong stock selection. American International Group outperformed the financials sector over the period. Shares benefited from a strong property and casualty pricing cycle that allowed the company to focus on pushing price, in addition to improved underwriting. The company's life and retirement business line, which was spun off in September 2022, had a mixed impact on the stock as capital markets pressure impacted earnings and a declining investment portfolio impacted book value.

Favorable stock choices in the health care sector also aided relative performance. Shares of AbbVie outperformed the health care sector over the year-to-date period. Shares advanced in April after the FDA approved Rinvoq and Skyrizi for use, which may help balance sales deficits from Humira's patent loss in 2023. Later in the period, shares were negatively impacted as the company reported a revenue miss driven by headwinds in its Aesthetics business.

The consumer discretionary sector also contributed to relative returns due to strong stock picks coupled with an underweight allocation. Shares of Las Vegas Sands have lagged reopening peers as China's increased lockdowns throughout the year delayed reopening in Macau. Shares benefitted during the third and fourth quarter due to a strong recovery in its Singapore operations, which helped offset some of costs associates with Macau. Additionally, during the fourth quarter, shares surged following news of Las Vegas Sands and other gaming companies signing 10-year contracts with the Macau government, renewing their casino licenses for the next decade.

Conversely, weak stock selection in the energy sector detracted from relative performance. Shares of TC Energy detracted from relative performance over the calendar-year period. Shares were lifted early in the year as global natural gas prices dramatically rose following Russia's invasion of Ukraine. In the third quarter, shares were pressured as capital markets risk and a higher interest rate environment weighed on performance. In early December, shares were again pressured as the company's Keystone pipeline was shut down following reporting a leak of 14,000 barrels.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;TotalEnergies SE ADR | 3.2% |
| &nbsp;&nbsp;Wells Fargo & Co. | 3.0% |
| &nbsp;&nbsp;Southern Co. | 3.0% |
| &nbsp;&nbsp;General Electric Co. | 2.9% |
| &nbsp;&nbsp;American International Group, Inc. | 2.5% |
| &nbsp;&nbsp;Elevance Health, Inc. | 2.3% |
| &nbsp;&nbsp;Qualcomm, Inc. | 2.1% |
| &nbsp;&nbsp;Sempra Energy | 2.1% |
| &nbsp;&nbsp;Chubb Ltd. | 2.0% |
| &nbsp;&nbsp;Johnson & Johnson | 2.0% |

---

***Portfolio holdings are subject to change daily.***

The industrials and business services sector also hindered relative performance due to unfavorable stock choices.

***Current Strategy and Outlook:*** We believe the range of outcomes in the equity market remains abnormally wide. We expect continued volatility, as investors react to new metrics as they are reported. Amid such uncertainty, we believe there is risk in being too anchored to a particular macro outlook. The balance of economic data suggests a recession is imminent, although such an event is broadly anticipated, making the eventual recession arguably the "most consensus" one in history. We believe the severity of the recession will depend on the degree to which the Federal Reserve (Fed) targets the labor market, which remains tight even as economic data weaken. Should the Fed "declare victory" at an inflation level above its stated target, the equity market would likely rally. Conversely, if the Fed's aim is to disrupt the labor market, the equity market may move lower.

Since we have no edge in determining the probable outcome, we believe it is important to respect the uncertainty of this environment and use it to our client's advantage by selectively leaning into weakness and trimming on strength. We will also seek to maintain balance in the portfolio, which should help make our performance less dependent on a particular macroeconomic outcome and offer a chance to outperform in a variety of markets. While there are many near-term unknowns in this environment, we remain confident in our approach and believe individual stock picking, a focus on fundamentals, and a valuation discipline will be rewarded.

15<br>

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<u>VY<sup>®</sup> T. Rowe Price Equity Income Portfolio</u> <u>Portfolio Managers' Report</u>

***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.

16<br>

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<u>Portfolio Managers' Report</u> <u>VY<sup>®</sup> T. Rowe Price Equity Income Portfolio</u>

![](d414739trpei_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 |
| &nbsp;&nbsp;Class ADV | –3.85% | 6.58% | 9.24% |
| &nbsp;&nbsp;Class I | –3.22% | 7.24% | 9.91% |
| &nbsp;&nbsp;Class S | –3.41% | 6.96% | 9.63% |
| &nbsp;&nbsp;Class S2 | –3.57% | 6.81% | 9.47% |
| &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index | –7.54% | 6.67% | 10.29% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index | –18.11% | 9.42% | 12.56% |

---

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

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

17<br>

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SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)<br>

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\* |
|  |.1 |.1 |.1 |.1 |.1 |.1 |.1 |.1 |
| **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** |
| Class I | $1000.00 | $1014.00 | 0.24% | $1.22 | $1000.00 | $1024.00 | 0.24% | $1.22 |
| Class S | 1000.00 | 1012.80 | 0.40 | 2.03 | 1000.00 | 1023.19 | 0.40 | 2.04 |
| Class S2 | 1000.00 | 1012.00 | 0.52 | 2.64 | 1000.00 | 1022.58 | 0.52 | 2.65 |
| **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** |
| Class ADV | 1000.00 | 963.60 | 1.47% | 7.28 | 1000.00 | 1017.80 | 1.47% | 7.48 |
| Class I | 1000.00 | 967.30 | 0.87 | 4.31 | 1000.00 | 1020.82 | 0.87 | 4.43 |
| Class S | 1000.00 | 965.50 | 1.12 | 5.55 | 1000.00 | 1019.56 | 1.12 | 5.70 |
| Class S2 | 1000.00 | 964.70 | 1.27 | 6.29 | 1000.00 | 1018.80 | 1.27 | 6.46 |
| **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** |
| Class ADV | 1000.00 | 1078.30 | 1.21% | 6.34 | 1000.00 | 1019.11 | 1.21% | 6.16 |
| Class I | 1000.00 | 1081.40 | 0.61 | 3.20 | 1000.00 | 1022.13 | 0.61 | 3.11 |
| Class S | 1000.00 | 1080.20 | 0.86 | 4.51 | 1000.00 | 1020.87 | 0.86 | 4.38 |
| Class S2 | 1000.00 | 1079.50 | 1.01 | 5.29 | 1000.00 | 1020.11 | 1.01 | 5.14 |

---

18<br>

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SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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\* |
|  |.1 |.1 |.1 |.1 |.1 |.1 |.1 |.1 |
| **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** |
| Class ADV | $1000.00 | $986.60 | 1.86% | $9.31 | $1000.00 | $1015.83 | 1.86% | $9.45 |
| Class I | 1000.00 | 990.10 | 1.26 | 6.32 | 1000.00 | 1018.85 | 1.26 | 6.41 |
| Class S | 1000.00 | 988.40 | 1.51 | 7.57 | 1000.00 | 1017.59 | 1.51 | 7.68 |
| Class S2 | 1000.00 | 987.40 | 1.66 | 8.32 | 1000.00 | 1016.84 | 1.66 | 8.44 |
| **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** |
| Class ADV | 1000.00 | 1010.40 | 1.55% | 7.85 | 1000.00 | 1017.39 | 1.55% | 7.88 |
| Class R6 | 1000.00 | 1013.30 | 0.95 | 4.82 | 1000.00 | 1020.42 | 0.95 | 4.84 |
| Class S | 1000.00 | 1012.30 | 1.20 | 6.09 | 1000.00 | 1019.16 | 1.20 | 6.11 |
| Class S2 | 1000.00 | 1011.00 | 1.35 | 6.84 | 1000.00 | 1018.40 | 1.35 | 6.87 |
| **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** |
| Class ADV | 1000.00 | 1024.20 | 1.24% | 6.33 | 1000.00 | 1018.95 | 1.24% | 6.31 |
| Class I | 1000.00 | 1027.20 | 0.64 | 3.27 | 1000.00 | 1021.98 | 0.64 | 3.26 |
| Class R6 | 1000.00 | 1027.20 | 0.64 | 3.27 | 1000.00 | 1021.98 | 0.64 | 3.26 |
| Class S | 1000.00 | 1026.10 | 0.89 | 4.55 | 1000.00 | 1020.72 | 0.89 | 4.53 |
| Class S2 | 1000.00 | 1025.30 | 1.04 | 5.31 | 1000.00 | 1019.96 | 1.04 | 5.30 |
| **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** |
| Class ADV | 1000.00 | 1051.30 | 1.21% | 6.26 | 1000.00 | 1019.11 | 1.21% | 6.16 |
| Class I | 1000.00 | 1054.70 | 0.61 | 3.16 | 1000.00 | 1022.13 | 0.61 | 3.11 |
| Class S | 1000.00 | 1054.00 | 0.86 | 4.45 | 1000.00 | 1020.87 | 0.86 | 4.38 |
| Class S2 | 1000.00 | 1053.40 | 1.01 | 5.23 | 1000.00 | 1020.11 | 1.01 | 5.14 |

---

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

19<br>

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<br>

To the Shareholders of Voya Government Liquid Assets Portfolio, VY<sup>®</sup> CBRE Global Real Estate Portfolio (formerly, VY<sup>®</sup> Clarion Global Real Estate Portfolio), VY<sup>®</sup> Invesco Growth and Income Portfolio, VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio, VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio and VY<sup>®</sup> T. Rowe Price Equity Income Portfolio and the Board of Trustees of Voya Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Government Liquid Assets Portfolio, VY<sup>®</sup> CBRE Global Real Estate Portfolio (formerly, VY<sup>®</sup> Clarion Global Real Estate Portfolio), VY<sup>®</sup> Invesco Growth and Income Portfolio, VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio, VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio and VY<sup>®</sup> T. Rowe Price Equity Income Portfolio (collectively referred to as the "Portfolios") (seven of the portfolios constituting Voya Investors Trust (the "Trust")), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (seven of the portfolios constituting Voya Investors Trust) at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

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

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.<br>![](ernstyoung.jpg)

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

Boston, Massachusetts<br> February 28, 2023

20<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya<br> Government<br> Liquid Assets<br> Portfolio | VY<sup>®</sup><br> CBRE Global<br> Real Estate<br> Portfolio | VY<sup>®</sup><br> Invesco<br>Growth and Income<br> Portfolio | VY<sup>®</sup><br> JPMorgan Emerging<br> Markets Equity<br> Portfolio |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $— | $164172924 | $387504648 | $308470601 |
| Short-term investments at fair value† |  | 3374019 | 10657087 | 2598993 |
| Short-term investments at amortized cost | 772582271 |  |  |  |
| Repurchase agreements | 207599000 |  |  |  |
| Cash | 24170 |  |  |  |
| Foreign currencies at value‡ |  |  | 699 | 128563 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 26723424 |  | 458934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 788055 | 92959 | 62381 | 107977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 6351 | 587612 | 486161 | 373811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 2235264 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 190579 | 23641 | 76953 |
| Unrealized appreciation on forward foreign currency contracts |  |  | 167548 |  |
| Prepaid expenses |  | 921 |  |  |
| Reimbursement due from Investment Adviser |  | 27482 |  |  |
| Other assets | 19027 | 10702 | 19977 | 21508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1009977562 | 168457198 | 399381076 | 311778406 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased |  |  | 196163 |  |
| Payable for fund shares redeemed | 159474 | 110294 | 271192 | 205542 |
| Payable upon receipt of securities loaned |  | 2567840 |  | 399649 |
| Unrealized depreciation on forward foreign currency contracts |  |  | 29202 |  |
| Payable for unified fees | 233889 |  | 208117 | 333458 |
| Payable for investment management fees |  | 123779 |  |  |
| Payable for distribution and shareholder service fees | 272636 | 19023 | 84375 | 65721 |
| Payable to trustees under the deferred compensation plan (Note 6) | 19027 | 10702 | 19977 | 21508 |
| Payable for trustee fees | 22118 | 471 |  |  |
| Payable for foreign capital gains tax |  |  |  | 1829616 |
| Other accrued expenses and liabilities |  | 55175 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 707144 | 2887284 | 809026 | 2855494 |
| **NET ASSETS** | $1009270418 | $165569914 | $398572050 | $308922912 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $1009501011 | $159211200 | $304635781 | $300883231 |
| Total distributable earnings (loss) | (230593) | 6358714 | 93936269 | 8039681 |
| **NET ASSETS** | $1009270418 | $165569914 | $398572050 | $308922912 |
| + Including securities loaned at value | $— | $2475783 | $— | $379416 |
| \* Cost of investments in securities | $— | $156624085 | $324517769 | $278296609 |
| † Cost of short-term investments | $— | $3374019 | $10657087 | $2598993 |
| ‡ Cost of foreign currencies | $— | $— | $705 | $128552 |

---

See Accompanying Notes to Financial Statements<br>

21<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022 (CONTINUED)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya<br> Government<br> Liquid Assets<br> Portfolio | VY<sup>®</sup><br> CBRE Global<br> Real Estate<br> Portfolio | VY<sup>®</sup><br> Invesco<br>Growth and Income<br> Portfolio | VY<sup>®</sup><br> JPMorgan Emerging<br> Markets Equity<br> Portfolio |
| **Class ADV** |  |  |  |  |
| Net assets | n/a | $10400733 | $16238714 | $37190142 |
| Shares authorized | n/a | unlimited | unlimited | unlimited |
| Par value | n/a | $0.001 | $0.001 | $0.001 |
| Shares outstanding | n/a | 1139057 | 782523 | 3469730 |
| Net asset value and redemption price per share | n/a | $9.13 | $20.75 | $10.72 |
| **Class I** |  |  |  |  |
| Net assets | $77571405 | $92595991 | $42131847 | $60062796 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 77585131 | 9842436 | 2002151 | 5010538 |
| Net asset value and redemption price per share | $1.00 | $9.41 | $21.04 | $11.99 |
| **Class S** |  |  |  |  |
| Net assets | $322095506 | $61861165 | $319719077 | $205543517 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 322152304 | 6603580 | 14958083 | 17462157 |
| Net asset value and redemption price per share | $1.00 | $9.37 | $21.37 | $11.77 |
| **Class S2** |  |  |  |  |
| Net assets | $609603507 | $712025 | $20482412 | $6126457 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 609711299 | 75212 | 970554 | 533642 |
| Net asset value and redemption price per share | $1.00 | $9.47 | $21.10 | $11.48 |

---

See Accompanying Notes to Financial Statements<br>

22<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022<br>

---

| | | | |
|:---|:---|:---|:---|
| | VY<sup>®</sup><br> Morgan Stanley<br> Global Franchise<br> Portfolio | VY<sup>®</sup><br> T. Rowe Price<br> Capital Appreciation<br> Portfolio | VY<sup>®</sup><br> T. Rowe Price<br> Equity Income<br> Portfolio |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $313817538 | $6903396250 | $341560286 |
| Short-term investments at fair value† | 5076025 | 516800028 | 17536741 |
| Cash |  | 29594136 | 1718976 |
| Foreign currencies at value‡ | 186614 | 571856 | 229 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 37472530 | 208193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 145 | 3329809 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 472881 | 3848173 | 1328949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 23687541 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 211324 | 38829 | 180562 |
| Other assets | 14608 | 205129 | 35842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 319779135 | 7518944281 | 362576960 |
| **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased | 146848 | 63492946 | 3073 |
| Payable for fund shares redeemed | 566744 | 1924879 | 937327 |
| Payable upon receipt of securities loaned |  | 61349197 | 15590713 |
| Payable for unified fees | 262665 | 4048020 | 181394 |
| Payable for distribution and shareholder service fees | 103863 | 1649782 | 88335 |
| Payable to trustees under the deferred compensation plan (Note 6) | 14608 | 205129 | 35842 |
| Unfunded loan commitments (Note 11) |  | 3429348 |  |
| Written options, at fair value^ |  | 11096460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1094728 | 147195761 | 16836684 |
| **NET ASSETS** | $318684407 | $7371748520 | $345740276 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $222927578 | $6856012686 | $260971508 |
| Total distributable earnings | 95756829 | 515735834 | 84768768 |
| **NET ASSETS** | $318684407 | $7371748520 | $345740276 |
| + Including securities loaned at value | $— | $59595627 | $15269164 |
| \* Cost of investments in securities | $243886945 | $7160973899 | $275686070 |
| † Cost of short-term investments | $5076025 | $516800028 | $17536741 |
| ‡ Cost of foreign currencies | $184954 | $566075 | $227 |
| ^ Premiums received on written options | $— | $39509140 | $— |

---

See Accompanying Notes to Financial Statements<br>

23<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022 (CONTINUED)<br>

---

| | | | |
|:---|:---|:---|:---|
| | VY<sup>®</sup><br> Morgan Stanley<br> Global Franchise<br> Portfolio | VY<sup>®</sup><br> T. Rowe Price<br> Capital Appreciation<br> Portfolio | VY<sup>®</sup><br> T. Rowe Price<br> Equity Income<br> Portfolio |
| **Class ADV** |  |  |  |
| Net assets | $103692486 | $1586695431 | $60126568 |
| Shares authorized | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 7760847 | 68982291 | 6235848 |
| Net asset value and redemption price per share | $13.36 | $23.00 | $9.64 |
| **Class I** |  |  |  |
| Net assets | n/a | $1447932638 | $67596423 |
| Shares authorized | n/a | unlimited | unlimited |
| Par value | n/a | $0.001 | $0.001 |
| Shares outstanding | n/a | 58304871 | 6800556 |
| Net asset value and redemption price per share | n/a | $24.83 | $9.94 |
| **Class R6** |  |  |  |
| Net assets | $1673042 | $525749822 | n/a |
| Shares authorized | unlimited | unlimited | n/a |
| Par value | $0.001 | $0.001 | n/a |
| Shares outstanding | 112940 | 21153162 | n/a |
| Net asset value and redemption price per share | $14.81 | $24.85 | n/a |
| **Class S** |  |  |  |
| Net assets | $185294595 | $3757937076 | $141080063 |
| Shares authorized | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 12463266 | 151329288 | 13940460 |
| Net asset value and redemption price per share | $14.87 | $24.83 | $10.12 |
| **Class S2** |  |  |  |
| Net assets | $28024284 | $53433553 | $76937222 |
| Shares authorized | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 1910450 | 2176644 | 7884342 |
| Net asset value and redemption price per share | $14.67 | $24.55 | $9.76 |

---

See Accompanying Notes to Financial Statements<br>

24<br>

------

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya<br> Government<br> Liquid Assets<br> Portfolio | VY<sup>®</sup><br> CBRE Global<br> Real Estate<br> Portfolio | VY<sup>®</sup><br> Invesco<br> Growth and Income<br>Portfolio | VY<sup>®</sup><br> JPMorgan Emerging<br> Markets Equity<br> Portfolio |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $192408 | $5725125 | $9237044 | $5539953 |
| Interest | 16874832 |  |  | 552 |
| Securities lending income, net |  | 8767 | 12293 | 16013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 17067240 | 5733892 | 9249337 | 5556518 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees |  | 1696423 |  |  |
| Unified fees | 2569477 |  | 2650570 | 4326056 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  | 74836 | 105574 | 244986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 804846 | 182020 | 841916 | 586393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 2147432 | 3269 | 88027 | 28358 |
| Transfer agent fees: | *—* | *229621* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  | 15194 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 124736 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S |  | 88695 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 |  | 996 |  |  |
| Shareholder reporting expense |  | 20949 |  |  |
| Professional fees |  | 10950 |  |  |
| Custody and accounting expense |  | 61184 |  |  |
| Trustee fees and expenses | 45304 | 8727 | 13072 | 20516 |
| Miscellaneous expense | 207 | 9339 | 9542 |  |
| Interest expense |  | 134 |  | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5567266 | 2297452 | 3708701 | 5207029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (1299501) | (400345) | (125169) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  | (1300) |  | (1022) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 4267765 | 1895807 | 3583532 | 5206007 |
| Net investment income | 12799475 | 3838085 | 5665805 | 350511 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | (230593) | 2824061 | 25835905 | (20086626) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  | (32684) | 992798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (4299) | (15020) | (145926) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (230593) | 2787078 | 26813683 | (20232552) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued<sup>#</sup>) |  | (64109776) | (59270042) | (99305667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  | (145) | 370427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (12130) | (6081) | (2320) |
| Net change in unrealized appreciation (depreciation) |  | (64122051) | (58905696) | (99307987) |
| Net realized and unrealized loss | (230593) | (61334973) | (32092013) | (119540539) |
| **Increase (decrease) in net assets resulting from operations** | $12568882 | $(57496888) | $(26426208) | $(119190028) |
| \* Foreign taxes withheld | $— | $262983 | $84391 | $662971 |
| ^ Foreign capital gains taxes withheld | $— | $— | $— | $600550 |
| # Change in foreign capital gains taxes accrued | $— | $— | $— | $1079297 |

---

See Accompanying Notes to Financial Statements<br>

25<br>

------

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022<br>

---

| | | | |
|:---|:---|:---|:---|
| | VY<sup>®</sup><br> Morgan Stanley<br> Global Franchise<br> Portfolio | VY<sup>®</sup><br> T. Rowe Price<br> Capital Appreciation<br> Portfolio | VY<sup>®</sup><br> T. Rowe Price<br> Equity Income<br> Portfolio |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $6063320 | $62056194 | $9876635 |
| Interest |  | 109435439 | 34517 |
| Securities lending income, net | 2616 | 397721 | 12160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 6065936 | 171889354 | 9923312 |
| **EXPENSES:** |  |  |  |
| Unified fees | 3441492 | 49799761 | 2292841 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 680222 | 10108950 | 361898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 520080 | 10179043 | 371287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | 126358 | 242054 | 328477 |
| Trustee fees and expenses | 19924 | 403145 | 19658 |
| Interest expense |  | 146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4788076 | 70733099 | 3374161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (92195) |  | (108273) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 4695881 | 70733099 | 3265888 |
| Net investment income | 1370055 | 101156255 | 6657424 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 25518243 | 704675352 | 19905574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (81212) | (119112) | (3381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 48782317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 25437031 | 753338557 | 19902193 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (103692879) | (2033670291) | (40147432) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (6897) | 8172 | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 113209032 |  |
| Net change in unrealized appreciation (depreciation) | (103699776) | (1920453087) | (40147626) |
| Net realized and unrealized loss | (78262745) | (1167114530) | (20245433) |
| **Decrease in net assets resulting from operations** | $(76892690) | $(1065958275) | $(13588009) |
| \* Foreign taxes withheld | $138795 | $440413 | $339714 |

---

See Accompanying Notes to Financial Statements<br>

26<br>

------

STATEMENTS OF CHANGES IN NET ASSETS<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Voya Government<br> Liquid Assets Portfolio | Voya Government<br> Liquid Assets Portfolio | VY<sup>®</sup> CBRE<br> Global Real Estate Portfolio | VY<sup>®</sup> CBRE<br> Global Real Estate Portfolio |
|  | Year Ended<br>December 31,<br>2022.2 | Year Ended<br>December 31,<br>2021.2 | Year Ended<br>December 31,<br>2022.2 | Year Ended<br>December 31,<br>2021.2 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $12799475 | $— | $3838085 | $4184504 |
| Net realized gain (loss) | (230593) | 230323 | 2787078 | 25340237 |
| Net change in unrealized appreciation (depreciation) |  |  | (64122051) | 33777150 |
| Increase (decrease) in net assets resulting from operations | 12568882 | 230323 | (57496888) | 63301891 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV |  |  | (977993) | (377513) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (1154963) | (16647) | (8681137) | (3281141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (4310529) | (102429) | (5868869) | (2361249) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (7333972) | (141054) | (65243) | (21700) |
| Total distributions | (12799464) | (260130) | (15593242) | (6041603) |
| **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 395452030 | 207160815 | 12899737 | 15944587 |
| Reinvestment of distributions | 12799464 | 260130 | 15593242 | 6041603 |
|  | 408251494 | 207420945 | 28492979 | 21986190 |
| Cost of shares redeemed | (207379450) | (365488398) | (24510404) | (38100037) |
| Net increase (decrease) in net assets resulting from capital share transactions | 200872044 | (158067453) | 3982575 | (16113847) |
| Net increase (decrease) in net assets | 200641462 | (158097260) | (69107555) | 41146441 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 808628956 | 966726216 | 234677469 | 193531028 |
| End of year or period | $1009270418 | $808628956 | $165569914 | $234677469 |

---

See Accompanying Notes to Financial Statements<br>

27<br>

------

STATEMENTS OF CHANGES IN NET ASSETS<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | VY<sup>®</sup> Invesco<br> Growth and Income Portfolio | VY<sup>®</sup> Invesco<br> Growth and Income Portfolio | VY<sup>®</sup> JPMorgan<br> Emerging Markets Equity Portfolio | VY<sup>®</sup> JPMorgan<br> Emerging Markets Equity Portfolio |
|  | Year Ended<br>December 31,<br>2022.2 | Year Ended<br>December 31,<br>2021.2 | Year Ended<br>December 31,<br>2022.2 | Year Ended<br>December 31,<br>2021.2 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $5665805 | $4798839 | $350511 | $(3507412) |
| Net realized gain (loss) | 26813683 | 56576125 | (20232552) | 99431554 |
| Net change in unrealized appreciation (depreciation) | (58905696) | 46553766 | (99307987) | (148353847) |
| Increase (decrease) in net assets resulting from operations | (26426208) | 107928730 | (119190028) | (52429705) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (2532628) | (192270) | (12228273) | (4625629) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (6070318) | (593144) | (17903798) | (6493054) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (47695696) | (4704412) | (65531812) | (27977315) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (3043369) | (304187) | (1984692) | (908609) |
| Total distributions | (59342011) | (5794013) | (97648575) | (40004607) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 28454023 | 29359114 | 17832438 | 44423900 |
| Reinvestment of distributions | 59342011 | 5794013 | 97648575 | 40004607 |
|  | 87796034 | 35153127 | 115481013 | 84428507 |
| Cost of shares redeemed | (55341882) | (73541854) | (55565505) | (103276595) |
| Net increase (decrease) in net assets resulting from capital share transactions | 32454152 | (38388727) | 59915508 | (18848088) |
| Net increase (decrease) in net assets | (53314067) | 63745990 | (156923095) | (111282400) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 451886117 | 388140127 | 465846007 | 577128407 |
| End of year or period | $398572050 | $451886117 | $308922912 | $465846007 |

---

See Accompanying Notes to Financial Statements<br>

28<br>

------

STATEMENTS OF CHANGES IN NET ASSETS<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | VY<sup>®</sup> Morgan<br> Stanley Global Franchise Portfolio | VY<sup>®</sup> Morgan<br> Stanley Global Franchise Portfolio | VY<sup>®</sup> T. Rowe Price<br> Capital Appreciation Portfolio | VY<sup>®</sup> T. Rowe Price<br> Capital Appreciation Portfolio |
|  | Year Ended<br>December 31,<br>2022.2 | Year Ended<br>December 31,<br>2021.2 | Year Ended<br>December 31,<br>2022.2 | Year Ended<br>December 31,<br>2021.2 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $1370055 | $1732890 | $101156255 | $67667590 |
| Net realized gain | 25437031 | 31569221 | 753338557 | 987756190 |
| Net change in unrealized appreciation (depreciation) | (103699776) | 50575744 | (1920453087) | 356714175 |
| Increase (decrease) in net assets resulting from operations | (76892690) | 83877855 | (1065958275) | 1412137955 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** | **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (11201899) | (12325665) | (238416391) | (222578297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | (207448890) | (181327758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (156463) | (142984) | (75642708) | (74289334) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (19089147) | (22981508) | (547342082) | (562658520) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (2892423) | (3457895) | (8176336) | (8732930) |
| Total distributions | (33339932) | (38908052) | (1077026407) | (1049586839) |
| **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** | **FROM CAPITAL SHARE TRANSACTIONS:** |  |
| Net proceeds from sale of shares | 6855736 | 8943456 | 334183501 | 370730745 |
| Reinvestment of distributions | 33339932 | 38908052 | 1077026407 | 1049586839 |
|  | 40195668 | 47851508 | 1411209908 | 1420317584 |
| Cost of shares redeemed | (51724749) | (73769042) | (733699358) | (821030049) |
| Net increase (decrease) in net assets resulting from capital share transactions | (11529081) | (25917534) | 677510550 | 599287535 |
| Net increase (decrease) in net assets | (121761703) | 19052269 | (1465474132) | 961838651 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 440446110 | 421393841 | 8837222652 | 7875384001 |
| End of year or period | $318684407 | $440446110 | $7371748520 | $8837222652 |

---

See Accompanying Notes to Financial Statements<br>

29<br>

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | VY<sup>®</sup> T. Rowe Price<br> Equity Income Portfolio | VY<sup>®</sup> T. Rowe Price<br> Equity Income Portfolio |
|  | Year Ended<br>December 31,<br>2022.2 | Year Ended<br>December 31,<br>2021.2 |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $6657424 | $5359888 |
| Net realized gain | 19902193 | 36882956 |
| Net change in unrealized appreciation (depreciation) | (40147626) | 41263845 |
| Increase (decrease) in net assets resulting from operations | (13588009) | 83506689 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (7419583) | (1725808) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (8572897) | (2459976) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (17697150) | (4945638) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S2 | (9805856) | (2717084) |
| Total distributions | (43495486) | (11848506) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 32256135 | 26358264 |
| Reinvestment of distributions | 43495486 | 11848506 |
|  | 75751621 | 38206770 |
| Cost of shares redeemed | (52270423) | (77056559) |
| Net increase (decrease) in net assets resulting from capital share transactions | 23481198 | (38849789) |
| Net increase (decrease) in net assets | (33602297) | 32808394 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 379342573 | 346534179 |
| End of year or period | $345740276 | $379342573 |

---

See Accompanying Notes to Financial Statements<br>

30<br>

------

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Supplemental<br>data** | **Supplemental<br>data** |
|  | <br>Net asset value, beginning<br>of year or period | Net investment income (loss) | Net investment income (loss) | Net realized and unrealized<br>gain (loss) | <br>Total from investment<br>operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value,<br>end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before <br> reductions/<br>additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers<br>and/or recoupments<br>if any<sup>(2)(3)(4)</sup> | Expenses <br> net of all<br>reductions/<br> additions<sup>(2)(3)(4)</sup> | Net <br> investment <br> income<br>(loss)<sup>(2)(3)</sup> | Net assets, end of year or<br>period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** | **Voya Government Liquid Assets Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 1.00 | 0.02 | <sup>•</sup> | 0.00 \* | 0.02 | 0.02 |  |  | 0.02 |  | 1.00 | **1.51** | 0.28 | 0.24 | 0.24 | 1.65 | 77571 |  |
| 12-31-21 | 1.00 |  | <sup>•</sup> | 0.00 \* | 0.00 |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.28 | 0.05 | 0.05 | 0.00 | 50337 |  |
| 12-31-20 | 1.00 | 0.00 | \* | 0.00 \* | 0.00 \* | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.30** | 0.28 | 0.17 | 0.17 | 0.23 | 64002 |  |
| 12-31-19 | 1.00 | 0.02 |  | 0.00 \* | 0.02 | 0.02 | 0.00 \* |  | 0.02 |  | 1.00 | **2.01** | 0.29 | 0.29 | 0.29 | 1.93 | 52515 |  |
| 12-31-18 | 1.00 | 0.02 |  | 0.00 \* | 0.02 | 0.02 | 0.00 \* |  | 0.02 |  | 1.00 | **1.61** | 0.29 | 0.29 | 0.29 | 1.61 | 62115 |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 1.00 | 0.01 | <sup>•</sup> | 0.00 \* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 | **1.34** | 0.53 | 0.40 | 0.40 | 1.34 | 322096 |  |
| 12-31-21 | 1.00 |  | <sup>•</sup> | 0.00 \* | 0.00 |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.53 | 0.05 | 0.05 | 0.00 | 320548 |  |
| 12-31-20 | 1.00 | 0.00 | \* | 0.00 \* | 0.00 \* | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.24** | 0.53 | 0.21 | 0.21 | 0.17 | 375267 |  |
| 12-31-19 | 1.00 | 0.02 |  | 0.00 \* | 0.02 | 0.02 | 0.00 \* |  | 0.02 |  | 1.00 | **1.75** | 0.54 | 0.54 | 0.54 | 1.68 | 314786 |  |
| 12-31-18 | 1.00 | 0.01 |  | 0.00 \* | 0.01 | 0.01 | 0.00 \* |  | 0.01 |  | 1.00 | **1.36** | 0.54 | 0.54 | 0.54 | 1.33 | 354423 |  |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 1.00 | 0.01 | <sup>•</sup> | 0.00 \* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 | **1.24** | 0.68 | 0.52 | 0.52 | 1.37 | 609604 |  |
| 12-31-21 | 1.00 |  | <sup>•</sup> | 0.00 \* | 0.00 |  | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.03** | 0.68 | 0.05 | 0.05 | 0.00 | 437744 |  |
| 12-31-20 | 1.00 | 0.00 | \* | 0.00 \* | 0.00 \* | 0.00 \* | 0.00 \* |  | 0.00 \* |  | 1.00 | **0.21** | 0.68 | 0.23 | 0.23 | 0.13 | 527457 |  |
| 12-31-19 | 1.00 | 0.02 |  | 0.00 \* | 0.02 | 0.02 | 0.00 \* |  | 0.02 |  | 1.00 | **1.60** | 0.69 | 0.69 | 0.69 | 1.52 | 359294 |  |
| 12-31-18 | 1.00 | 0.01 |  | 0.00 \* | 0.01 | 0.01 | 0.00 \* |  | 0.01 |  | 1.00 | **1.21** | 0.69 | 0.69 | 0.69 | 1.19 | 386368 |  |
| **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** | **VY<sup>®</sup> CBRE Global Real Estate Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.38 | 0.17 | <sup>•</sup> | (3.54) | (3.37) | 0.29 | 0.59 |  | 0.88 |  | 9.13 | **(25.39)** | 1.68 | 1.47 | 1.47 | 1.55 | 10401 | 91 |
| 12-31-21 | 10.26 | 0.17 | <sup>•</sup> | 3.24 | 3.41 | 0.29 |  |  | 0.29 |  | 13.38 | **33.56** | 1.66 | 1.47 | 1.47 | 1.48 | 16348 | 74 |
| 12-31-20 | 12.77 | 0.15 | <sup>•</sup> | (1.11) | (0.96) | 0.60 | 0.95 |  | 1.55 |  | 10.26 | **(5.37)** | 1.68 | 1.47 | 1.47 | 1.47 | 14367 | 97 |
| 12-31-19 | 10.53 | 0.17 | <sup>•</sup> | 2.34 | 2.51 | 0.27 |  |  | 0.27 |  | 12.77 | **23.99** | 1.62 | 1.49 | 1.49 | 1.40 | 17308 | 77 |
| 12-31-18 | 12.17 | 0.18 | <sup>•</sup> | (1.24) | (1.06) | 0.58 |  |  | 0.58 |  | 10.53 | **(9.10)** | 1.62 | 1.49 | 1.49 | 1.54 | 16608 | 107 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.79 | 0.24 | <sup>•</sup> | (3.65) | (3.41) | 0.38 | 0.59 |  | 0.97 |  | 9.41 | **(24.95)** | 1.08 | 0.87 | 0.87 | 2.19 | 92596 | 91 |
| 12-31-21 | 10.55 | 0.25 | <sup>•</sup> | 3.35 | 3.60 | 0.36 |  |  | 0.36 |  | 13.79 | **34.47** | 1.06 | 0.87 | 0.87 | 2.09 | 122954 | 74 |
| 12-31-20 | 13.11 | 0.28 |  | (1.21) | (0.93) | 0.68 | 0.95 |  | 1.63 |  | 10.55 | **(4.83)** | 1.08 | 0.87 | 0.87 | 2.09 | 96799 | 97 |
| 12-31-19 | 10.81 | 0.25 | <sup>•</sup> | 2.41 | 2.66 | 0.36 |  |  | 0.36 |  | 13.11 | **24.74** | 1.02 | 0.89 | 0.89 | 2.02 | 119642 | 77 |
| 12-31-18 | 12.49 | 0.25 | <sup>•</sup> | (1.27) | (1.02) | 0.66 |  |  | 0.66 |  | 10.81 | **(8.52)** | 1.02 | 0.89 | 0.89 | 2.14 | 103029 | 107 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.72 | 0.21 | <sup>•</sup> | (3.63) | (3.42) | 0.34 | 0.59 |  | 0.93 |  | 9.37 | **(25.12)** | 1.33 | 1.12 | 1.12 | 1.90 | 61861 | 91 |
| 12-31-21 | 10.50 | 0.22 | <sup>•</sup> | 3.33 | 3.55 | 0.33 |  |  | 0.33 |  | 13.72 | **34.14** | 1.31 | 1.12 | 1.12 | 1.83 | 94359 | 74 |
| 12-31-20 | 13.04 | 0.22 |  | (1.16) | (0.94) | 0.65 | 0.95 |  | 1.60 |  | 10.50 | **(5.04)** | 1.33 | 1.12 | 1.12 | 1.85 | 81568 | 97 |
| 12-31-19 | 10.76 | 0.22 | <sup>•</sup> | 2.39 | 2.61 | 0.33 |  |  | 0.33 |  | 13.04 | **24.35** | 1.27 | 1.14 | 1.14 | 1.76 | 96519 | 77 |
| 12-31-18 | 12.43 | 0.22 | <sup>•</sup> | (1.26) | (1.04) | 0.63 |  |  | 0.63 |  | 10.76 | **(8.74)** | 1.27 | 1.14 | 1.14 | 1.91 | 90159 | 107 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.86 | 0.20 | <sup>•</sup> | (3.67) | (3.47) | 0.33 | 0.59 |  | 0.92 |  | 9.47 | **(25.25)** | 1.48 | 1.27 | 1.27 | 1.77 | 712 | 91 |
| 12-31-21 | 10.61 | 0.21 | <sup>•</sup> | 3.35 | 3.56 | 0.31 |  |  | 0.31 |  | 13.86 | **33.90** | 1.46 | 1.27 | 1.27 | 1.70 | 1016 | 74 |
| 12-31-20 | 13.15 | 0.20 |  | (1.17) | (0.97) | 0.62 | 0.95 |  | 1.57 |  | 10.61 | **(5.19)** | 1.48 | 1.27 | 1.27 | 1.76 | 796 | 97 |
| 12-31-19 | 10.85 | 0.20 | <sup>•</sup> | 2.41 | 2.61 | 0.31 |  |  | 0.31 |  | 13.15 | **24.15** | 1.42 | 1.29 | 1.29 | 1.61 | 906 | 77 |
| 12-31-18 | 12.52 | 0.21 | <sup>•</sup> | (1.27) | (1.06) | 0.61 |  |  | 0.61 |  | 10.85 | **(8.84)** | 1.42 | 1.29 | 1.29 | 1.76 | 850 | 107 |
| **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** | **VY<sup>®</sup> Invesco Growth and Income Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 26.21 | 0.23 | <sup>•</sup> | (2.16) | (1.93) | 0.25 | 3.28 |  | 3.53 |  | 20.75 | **(6.16)** | 1.24 | 1.21 | 1.21 | 1.00 | 16239 | 18 |
| 12-31-21 | 20.62 | 0.18 | <sup>•</sup> | 5.67 | 5.85 | 0.26 |  |  | 0.26 |  | 26.21 | **28.50** | 1.24 | 1.21 | 1.21 | 0.75 | 18354 | 30 |
| 12-31-20 | 22.73 | 0.32 |  | (0.32) | 0.00 \* | 0.35 | 1.76 |  | 2.11 |  | 20.62 | **2.55** | 1.24 | 1.24 | 1.24 | 1.45 | 15543 | 32 |
| 12-31-19 | 21.15 | 0.32 | <sup>•</sup> | 4.64 | 4.96 | 0.50 | 2.88 |  | 3.38 |  | 22.73 | **24.30** | 1.24 | 1.24 | 1.24 | 1.43 | 18401 | 22 |
| 12-31-18 | 27.94 | 0.32 | <sup>•</sup> | (3.71) | (3.39) | 0.30 | 3.10 |  | 3.40 |  | 21.15 | **(13.88)** | 1.24 | 1.24 | 1.24 | 1.22 | 16868 | 31 |

---

See Accompanying Notes to Financial Statements<br>

31<br>

------

FINANCIAL HIGHLIGHTS (CONTINUED)

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Supplemental<br>data** | **Supplemental<br>data** |
|  | <br>Net asset value, beginning<br>of year or period | Net investment income (loss) | Net realized and unrealized<br>gain (loss) | <br>Total from investment<br>operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value,<br>end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before <br> reductions/<br>additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers<br>and/or recoupments<br>if any<sup>(2)(3)(4)</sup> | Expenses <br> net of all<br>reductions/<br> additions<sup>(2)(3)(4)</sup> | Net <br> investment <br> income<br>(loss)<sup>(2)(3)</sup> | Net assets, end of year or<br>period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** | **VY<sup>®</sup> Invesco Growth and Income Portfolio (continued)** |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 26.54 | 0.37 | (2.19) | (1.82) | 0.40 | 3.28 |  | 3.68 |  | 21.04 | **(5.59)** | 0.64 | 0.61 | 0.61 | 1.62 | 42132 | 18 |
| 12-31-21 | 20.86 | 0.33 | 5.73 | 6.06 | 0.38 |  |  | 0.38 |  | 26.54 | **29.21** | 0.64 | 0.61 | 0.61 | 1.35 | 41488 | 30 |
| 12-31-20 | 23.01 | 0.39 | (0.28) | 0.11 | 0.50 | 1.76 |  | 2.26 |  | 20.86 | **3.22** | 0.64 | 0.64 | 0.64 | 2.05 | 30672 | 32 |
| 12-31-19 | 21.41 | 0.46 | 4.69 | 5.15 | 0.67 | 2.88 |  | 3.55 |  | 23.01 | **24.98** | 0.64 | 0.64 | 0.64 | 2.02 | 29773 | 22 |
| 12-31-18 | 28.23 | 0.48 | (3.73) | (3.25) | 0.47 | 3.10 |  | 3.57 |  | 21.41 | **(13.31)** | 0.64 | 0.64 | 0.64 | 1.82 | 27943 | 31 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 26.88 | 0.32 | (2.22) | (1.90) | 0.33 | 3.28 |  | 3.61 |  | 21.37 | **(5.84)** | 0.89 | 0.86 | 0.86 | 1.36 | 319719 | 18 |
| 12-31-21 | 21.12 | 0.27 | 5.82 | 6.09 | 0.33 |  |  | 0.33 |  | 26.88 | **28.97** | 0.89 | 0.86 | 0.86 | 1.10 | 367120 | 30 |
| 12-31-20 | 23.25 | 0.39 | (0.33) | 0.06 | 0.43 | 1.76 |  | 2.19 |  | 21.12 | **2.90** | 0.89 | 0.89 | 0.89 | 1.81 | 317890 | 32 |
| 12-31-19 | 21.58 | 0.41 | 4.73 | 5.14 | 0.59 | 2.88 |  | 3.47 |  | 23.25 | **24.73** | 0.89 | 0.89 | 0.89 | 1.78 | 367941 | 22 |
| 12-31-18 | 28.43 | 0.42 | (3.78) | (3.36) | 0.39 | 3.10 |  | 3.49 |  | 21.58 | **(13.58)** | 0.89 | 0.89 | 0.89 | 1.56 | 350968 | 31 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 26.57 | 0.28 | (2.19) | (1.91) | 0.28 | 3.28 |  | 3.56 |  | 21.10 | **(5.99)** | 1.04 | 1.01 | 1.01 | 1.20 | 20482 | 18 |
| 12-31-21 | 20.88 | 0.23 | 5.76 | 5.99 | 0.30 |  |  | 0.30 |  | 26.57 | **28.78** | 1.04 | 1.01 | 1.01 | 0.95 | 24924 | 30 |
| 12-31-20 | 23.00 | 0.34 | (0.30) | 0.04 | 0.40 | 1.76 |  | 2.16 |  | 20.88 | **2.77** | 1.04 | 1.04 | 1.04 | 1.66 | 24035 | 32 |
| 12-31-19 | 21.39 | 0.37 | 4.67 | 5.04 | 0.55 | 2.88 |  | 3.43 |  | 23.00 | **24.47** | 1.04 | 1.04 | 1.04 | 1.63 | 27277 | 22 |
| 12-31-18 | 28.19 | 0.37 | (3.73) | (3.36) | 0.34 | 3.10 |  | 3.44 |  | 21.39 | **(13.67)** | 1.04 | 1.04 | 1.04 | 1.41 | 25812 | 31 |
| **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** | **VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.50 | (0.03) | (5.71) | (5.74) |  | 5.04 |  | 5.04 |  | 10.72 | **(26.35)** | 1.86 | 1.86 | 1.86 | (0.25) | 37190 | 18 |
| 12-31-21 | 25.92 | (0.25) | (2.19) | (2.44) |  | 1.98 |  | 1.98 |  | 21.50 | **(10.30)** | 1.86 | 1.86 | 1.86 | (1.01) | 54012 | 25 |
| 12-31-20 | 21.02 | (0.17) | 6.57 | 6.40 | 0.01 | 1.49 |  | 1.50 |  | 25.92 | **32.71** | 1.85 | 1.85 | 1.85 | (0.80) | 58266 | 22 |
| 12-31-19 | 16.95 | 0.01 | 5.24 | 5.25 |  | 1.18 |  | 1.18 |  | 21.02 | **31.47** | 1.86 | 1.86 | 1.86 | 0.03 | 50224 | 21 |
| 12-31-18 | 20.52 | (0.01) | (3.49) | (3.50) | 0.07 |  |  | 0.07 |  | 16.95 | **(17.12)** | 1.86 | 1.86 | 1.86 | (0.07) | 40881 | 21 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 23.10 | 0.05 | (6.12) | (6.07) |  | 5.04 |  | 5.04 |  | 11.99 | **(25.89)** | 1.26 | 1.26 | 1.26 | 0.36 | 60063 | 18 |
| 12-31-21 | 27.55 | (0.11) | (2.36) | (2.47) |  | 1.98 |  | 1.98 |  | 23.10 | **(9.78)** | 1.26 | 1.26 | 1.26 | (0.40) | 80785 | 25 |
| 12-31-20 | 22.24 | (0.04) | 6.98 | 6.94 | 0.14 | 1.49 |  | 1.63 |  | 27.55 | **33.52** | 1.25 | 1.25 | 1.25 | (0.20) | 94067 | 22 |
| 12-31-19 | 17.80 | 0.13 | 5.52 | 5.65 | 0.03 | 1.18 |  | 1.21 |  | 22.24 | **32.23** | 1.26 | 1.26 | 1.26 | 0.62 | 79674 | 21 |
| 12-31-18 | 21.52 | 0.12 | (3.67) | (3.55) | 0.17 |  |  | 0.17 |  | 17.80 | **(16.58)** | 1.26 | 1.26 | 1.26 | 0.53 | 61663 | 21 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.86 | 0.01 | (6.06) | (6.05) |  | 5.04 |  | 5.04 |  | 11.77 | **(26.11)** | 1.51 | 1.51 | 1.51 | 0.10 | 205544 | 18 |
| 12-31-21 | 27.35 | (0.17) | (2.34) | (2.51) |  | 1.98 |  | 1.98 |  | 22.86 | **(10.00)** | 1.51 | 1.51 | 1.51 | (0.64) | 320977 | 25 |
| 12-31-20 | 22.08 | (0.10) | 6.94 | 6.84 | 0.08 | 1.49 |  | 1.57 |  | 27.35 | **33.23** | 1.50 | 1.50 | 1.50 | (0.45) | 411371 | 22 |
| 12-31-19 | 17.70 | 0.08 | 5.48 | 5.56 | 0.00 \* | 1.18 |  | 1.18 |  | 22.08 | **31.91** | 1.51 | 1.51 | 1.51 | 0.38 | 370441 | 21 |
| 12-31-18 | 21.40 | 0.05 | (3.63) | (3.58) | 0.12 |  |  | 0.12 |  | 17.70 | **(16.81)** | 1.51 | 1.51 | 1.51 | 0.27 | 319682 | 21 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.50 | (0.01) | (5.97) | (5.98) |  | 5.04 |  | 5.04 |  | 11.48 | **(26.23)** | 1.66 | 1.66 | 1.66 | (0.06) | 6126 | 18 |
| 12-31-21 | 26.98 | (0.20) | (2.30) | (2.50) |  | 1.98 |  | 1.98 |  | 22.50 | **(10.11)** | 1.66 | 1.66 | 1.66 | (0.79) | 10071 | 25 |
| 12-31-20 | 21.80 | (0.13) | 6.85 | 6.72 | 0.05 | 1.49 |  | 1.54 |  | 26.98 | **33.03** | 1.65 | 1.65 | 1.65 | (0.60) | 13424 | 22 |
| 12-31-19 | 17.52 | 0.05 | 5.41 | 5.46 |  | 1.18 |  | 1.18 |  | 21.80 | **31.64** | 1.66 | 1.66 | 1.66 | 0.24 | 11567 | 21 |
| 12-31-18 | 21.17 | 0.04 | (3.61) | (3.57) | 0.08 |  |  | 0.08 |  | 17.52 | **(16.92)** | 1.66 | 1.66 | 1.66 | 0.12 | 10587 | 21 |
| **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.19 | 0.02 | (3.31) | (3.29) | 0.05 | 1.49 |  | 1.54 |  | 13.36 | **(17.90)** | 1.58 | 1.55 | 1.55 | 0.16 | 103692 | 14 |
| 12-31-21 | 16.52 | 0.03 | 3.34 | 3.37 | 0.09 | 1.61 |  | 1.70 |  | 18.19 | **21.26** | 1.57 | 1.54 | 1.54 | 0.18 | 138475 | 11 |
| 12-31-20 | 16.06 | 0.06 | 1.86 | 1.92 | 0.09 | 1.37 |  | 1.46 |  | 16.52 | **12.87** | 1.57 | 1.54 | 1.54 | 0.40 | 120606 | 16 |
| 12-31-19 | 14.01 | 0.06 | 3.89 | 3.95 | 0.10 | 1.80 |  | 1.90 |  | 16.06 | **28.89** | 1.57 | 1.54 | 1.54 | 0.48 | 110093 | 16 |
| 12-31-18 | 16.98 | 0.07 | (0.23) | (0.16) | 0.14 | 2.67 |  | 2.81 |  | 14.01 | **(2.07)** | 1.57 | 1.54 | 1.54 | 0.47 | 78112 | 27 |

---

See Accompanying Notes to Financial Statements<br>

32<br>

------

FINANCIAL HIGHLIGHTS (CONTINUED)

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Supplemental<br>data** | **Supplemental<br>data** |
|  | <br>Net asset value, beginning<br>of year or period | Net investment income (loss) | Net investment income (loss) | Net realized and unrealized<br>gain (loss) | <br>Total from investment<br>operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value,<br>end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses <br> before <br> reductions/<br>additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers<br>and/or recoupments<br>if any<sup>(2)(3)(4)</sup> | Expenses <br> net of all<br>reductions/<br> additions<sup>(2)(3)(4)</sup> | Net <br> investment <br> income<br>(loss)<sup>(2)(3)</sup> | Net assets, end of year or<br>period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** | **VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (continued)** |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.98 | 0.12 | <sup>•</sup> | (3.64) | (3.52) | 0.16 | 1.49 |  | 1.65 |  | 14.81 | **(17.43)** | 0.98 | 0.95 | 0.95 | 0.77 | 1673 | 14 |
| 12-31-21 | 17.97 | 0.15 | <sup>•</sup> | 3.65 | 3.80 | 0.18 | 1.61 |  | 1.79 |  | 19.98 | **22.01** | 0.97 | 0.94 | 0.94 | 0.79 | 1828 | 11 |
| 12-31-20 | 17.33 | 0.17 | <sup>•</sup> | 2.01 | 2.18 | 0.17 | 1.37 |  | 1.54 |  | 17.97 | **13.55** | 0.97 | 0.94 | 0.94 | 0.98 | 1301 | 16 |
| 12-31-19 | 14.97 | 0.18 | <sup>•</sup> | 4.17 | 4.35 | 0.19 | 1.80 |  | 1.99 |  | 17.33 | **29.74** | 0.97 | 0.94 | 0.94 | 1.07 | 635 | 16 |
| 12-31-18 | 17.96 | 0.19 | <sup>•</sup> | (0.27) | (0.08) | 0.24 | 2.67 |  | 2.91 |  | 14.97 | **(1.51)** | 0.97 | 0.94 | 0.94 | 1.14 | 84 | 27 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.02 | 0.08 | <sup>•</sup> | (3.64) | (3.56) | 0.10 | 1.49 |  | 1.59 |  | 14.87 | **(17.58)** | 1.23 | 1.20 | 1.20 | 0.51 | 185295 | 14 |
| 12-31-21 | 18.01 | 0.10 | <sup>•</sup> | 3.65 | 3.75 | 0.13 | 1.61 |  | 1.74 |  | 20.02 | **21.66** | 1.22 | 1.19 | 1.19 | 0.52 | 260008 | 11 |
| 12-31-20 | 17.36 | 0.14 |  | 2.01 | 2.15 | 0.13 | 1.37 |  | 1.50 |  | 18.01 | **13.28** | 1.22 | 1.19 | 1.19 | 0.74 | 260901 | 16 |
| 12-31-19 | 15.00 | 0.14 | <sup>•</sup> | 4.16 | 4.30 | 0.14 | 1.80 |  | 1.94 |  | 17.36 | **29.34** | 1.22 | 1.19 | 1.19 | 0.82 | 266633 | 16 |
| 12-31-18 | 17.97 | 0.14 | <sup>•</sup> | (0.25) | (0.11) | 0.19 | 2.67 |  | 2.86 |  | 15.00 | **(1.69)** | 1.22 | 1.19 | 1.19 | 0.81 | 243512 | 27 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.77 | 0.06 | <sup>•</sup> | (3.60) | (3.54) | 0.07 | 1.49 |  | 1.56 |  | 14.67 | **(17.72)** | 1.38 | 1.35 | 1.35 | 0.36 | 28024 | 14 |
| 12-31-21 | 17.80 | 0.07 | <sup>•</sup> | 3.61 | 3.68 | 0.10 | 1.61 |  | 1.71 |  | 19.77 | **21.53** | 1.37 | 1.34 | 1.34 | 0.37 | 40135 | 11 |
| 12-31-20 | 17.18 | 0.11 |  | 1.98 | 2.09 | 0.10 | 1.37 |  | 1.47 |  | 17.80 | **13.06** | 1.37 | 1.34 | 1.34 | 0.60 | 38585 | 16 |
| 12-31-19 | 14.86 | 0.11 | <sup>•</sup> | 4.13 | 4.24 | 0.12 | 1.80 |  | 1.92 |  | 17.18 | **29.15** | 1.37 | 1.34 | 1.34 | 0.67 | 38888 | 16 |
| 12-31-18 | 17.83 | 0.12 |  | (0.26) | (0.14) | 0.16 | 2.67 |  | 2.83 |  | 14.86 | **(1.89)** | 1.37 | 1.34 | 1.34 | 0.66 | 35431 | 27 |
| **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** | **VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 30.88 | 0.25 | <sup>•</sup> | (4.19) | (3.94) | 0.26 | 3.68 |  | 3.94 |  | 23.00 | **(12.47)** | 1.24 | 1.24 | 1.24 | 0.95 | 1586695 | 90 |
| 12-31-21 | 29.91 | 0.14 | <sup>•</sup> | 4.98 | 5.12 | 0.16 | 3.99 |  | 4.16 |  | 30.88 | **17.97** | 1.24 | 1.24 | 1.24 | 0.47 | 1891868 | 58 |
| 12-31-20 | 27.98 | 0.20 | <sup>•</sup> | 4.33 | 4.53 | 0.29 | 2.31 |  | 2.60 |  | 29.91 | **17.54** | 1.24 | 1.24 | 1.24 | 0.71 | 1555873 | 98 |
| 12-31-19 | 24.10 | 0.25 |  | 5.46 | 5.71 | 0.34 | 1.49 |  | 1.83 |  | 27.98 | **23.99** | 1.24 | 1.24 | 1.24 | 1.02 | 1353246 | 53 |
| 12-31-18 | 26.53 | 0.48 |  | (0.36) | 0.12 | 0.50 | 2.05 |  | 2.55 |  | 24.10 | **0.10** | 1.24 | 1.24 | 1.24 | 1.94 | 990787 | 75 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 32.96 | 0.44 | <sup>•</sup> | (4.48) | (4.04) | 0.41 | 3.68 |  | 4.09 |  | 24.83 | **(11.96)** | 0.64 | 0.64 | 0.64 | 1.57 | 1447933 | 90 |
| 12-31-21 | 31.64 | 0.35 | <sup>•</sup> | 5.29 | 5.64 | 0.33 | 3.99 |  | 4.32 |  | 32.96 | **18.67** | 0.64 | 0.64 | 0.64 | 1.07 | 1553598 | 58 |
| 12-31-20 | 29.41 | 0.38 | <sup>•</sup> | 4.61 | 4.99 | 0.45 | 2.31 |  | 2.76 |  | 31.64 | **18.28** | 0.64 | 0.64 | 0.64 | 1.31 | 1280224 | 98 |
| 12-31-19 | 25.23 | 0.43 |  | 5.73 | 6.16 | 0.49 | 1.49 |  | 1.98 |  | 29.41 | **24.71** | 0.64 | 0.64 | 0.64 | 1.62 | 1673642 | 53 |
| 12-31-18 | 27.64 | 0.67 |  | (0.38) | 0.29 | 0.65 | 2.05 |  | 2.70 |  | 25.23 | **0.74** | 0.64 | 0.64 | 0.64 | 2.57 | 1245366 | 75 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 32.98 | 0.44 | <sup>•</sup> | (4.48) | (4.04) | 0.41 | 3.68 |  | 4.09 |  | 24.85 | **(11.96)** | 0.64 | 0.64 | 0.64 | 1.55 | 525750 | 90 |
| 12-31-21 | 31.66 | 0.35 | <sup>•</sup> | 5.29 | 5.64 | 0.33 | 3.99 |  | 4.32 |  | 32.98 | **18.66** | 0.64 | 0.64 | 0.64 | 1.07 | 620373 | 58 |
| 12-31-20 | 29.43 | 0.38 | <sup>•</sup> | 4.61 | 4.99 | 0.45 | 2.31 |  | 2.76 |  | 31.66 | **18.27** | 0.64 | 0.64 | 0.64 | 1.30 | 542043 | 98 |
| 12-31-19 | 25.24 | 0.46 | <sup>•</sup> | 5.71 | 6.17 | 0.49 | 1.49 |  | 1.98 |  | 29.43 | **24.74** | 0.64 | 0.64 | 0.64 | 1.62 | 181835 | 53 |
| 12-31-18 | 27.66 | 0.70 | <sup>•</sup> | (0.42) | 0.28 | 0.65 | 2.05 |  | 2.70 |  | 25.24 | **0.70** | 0.64 | 0.64 | 0.64 | 2.57 | 94159 | 75 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 32.96 | 0.36 | <sup>•</sup> | (4.47) | (4.11) | 0.34 | 3.68 |  | 4.02 |  | 24.83 | **(12.18)** | 0.89 | 0.89 | 0.89 | 1.30 | 3757937 | 90 |
| 12-31-21 | 31.64 | 0.27 | <sup>•</sup> | 5.29 | 5.56 | 0.25 | 3.99 |  | 4.24 |  | 32.96 | **18.40** | 0.89 | 0.89 | 0.89 | 0.82 | 4700019 | 58 |
| 12-31-20 | 29.42 | 0.32 |  | 4.59 | 4.91 | 0.38 | 2.31 |  | 2.69 |  | 31.64 | **17.97** | 0.89 | 0.89 | 0.89 | 1.06 | 4426278 | 98 |
| 12-31-19 | 25.25 | 0.39 | <sup>•</sup> | 5.69 | 6.08 | 0.42 | 1.49 |  | 1.91 |  | 29.42 | **24.36** | 0.89 | 0.89 | 0.89 | 1.37 | 4163308 | 53 |
| 12-31-18 | 27.65 | 0.63 | <sup>•</sup> | (0.40) | 0.23 | 0.58 | 2.05 |  | 2.63 |  | 25.25 | **0.51** | 0.89 | 0.89 | 0.89 | 2.29 | 3640431 | 75 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 32.63 | 0.32 | <sup>•</sup> | (4.43) | (4.11) | 0.29 | 3.68 |  | 3.97 |  | 24.55 | **(12.30)** | 1.04 | 1.04 | 1.04 | 1.14 | 53434 | 90 |
| 12-31-21 | 31.37 | 0.22 | <sup>•</sup> | 5.23 | 5.45 | 0.20 | 3.99 |  | 4.19 |  | 32.63 | **18.19** | 1.04 | 1.04 | 1.04 | 0.67 | 71364 | 58 |
| 12-31-20 | 29.19 | 0.28 |  | 4.54 | 4.82 | 0.33 | 2.31 |  | 2.64 |  | 31.37 | **17.82** | 1.04 | 1.04 | 1.04 | 0.91 | 70966 | 98 |
| 12-31-19 | 25.06 | 0.34 | <sup>•</sup> | 5.65 | 5.99 | 0.37 | 1.49 |  | 1.86 |  | 29.19 | **24.19** | 1.04 | 1.04 | 1.04 | 1.22 | 73222 | 53 |
| 12-31-18 | 27.47 | 0.58 | <sup>•</sup> | (0.40) | 0.18 | 0.54 | 2.05 |  | 2.59 |  | 25.06 | **0.33** | 1.04 | 1.04 | 1.04 | 2.13 | 68741 | 75 |

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See Accompanying Notes to Financial Statements<br>

33<br>

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FINANCIAL HIGHLIGHTS (CONTINUED)

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

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Supplemental<br>data** | **Supplemental<br>data** |
|  | <br>Net asset value, beginning<br>of year or period | Net investment income (loss) | Net investment income (loss) | Net realized and unrealized<br>gain (loss) | <br>Total from investment<br>operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value,<br>end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses <br> before <br> reductions/<br>additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers<br>and/or recoupments<br>if any<sup>(2)(3)(4)</sup> | Expenses <br> net of all<br>reductions/<br> additions<sup>(2)(3)(4)</sup> | Net <br> investment <br> income<br>(loss)<sup>(2)(3)</sup> | Net assets, end of year or<br>period | Portfolio turnover rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** | **VY<sup>®</sup> T. Rowe Price Equity Income Portfolio** |  |  |  |  |  |  |  |  |  |
| **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.48 | 0.16 | <sup>•</sup> | (0.67) | (0.51) | 0.17 | 1.16 |  | 1.33 |  | 9.64 | **(3.85)** | 1.24 | 1.21 | 1.21 | 1.57 | 60127 | 18 |
| 12-31-21 | 9.46 | 0.12 | <sup>•</sup> | 2.23 | 2.35 | 0.14 | 0.19 |  | 0.33 |  | 11.48 | **24.97** | 1.24 | 1.21 | 1.21 | 1.12 | 58287 | 19 |
| 12-31-20 | 9.97 | 0.17 |  | (0.19) | (0.02) | 0.37 | 0.12 |  | 0.49 |  | 9.46 | **0.64** | 1.24 | 1.21 | 1.21 | 1.87 | 47110 | 25 |
| 12-31-19 | 10.74 | 0.21 | <sup>•</sup> | 2.42 | 2.63 | 0.26 | 3.14 |  | 3.40 |  | 9.97 | **25.93** | 1.24 | 1.21 | 1.21 | 1.82 | 51293 | 17 |
| 12-31-18 | 14.34 | 0.23 |  | (1.38) | (1.15) | 0.23 | 2.22 |  | 2.45 |  | 10.74 | **(9.69** **)<sup>(a)</sup>** | 1.24 | 1.09 <sup>(b)</sup> | 1.09 | 1.80 <sup>(c)</sup> | 43287 | 16 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.78 | 0.23 | <sup>•</sup> | (0.69) | (0.46) | 0.22 | 1.16 |  | 1.38 |  | 9.94 | **(3.22)** | 0.64 | 0.61 | 0.61 | 2.14 | 67596 | 18 |
| 12-31-21 | 9.70 | 0.19 | <sup>•</sup> | 2.29 | 2.48 | 0.21 | 0.19 |  | 0.40 |  | 11.78 | **25.66** | 0.64 | 0.61 | 0.61 | 1.71 | 73572 | 19 |
| 12-31-20 | 10.27 | 0.23 |  | (0.20) | 0.03 | 0.48 | 0.12 |  | 0.60 |  | 9.70 | **1.27** | 0.64 | 0.61 | 0.61 | 2.47 | 77346 | 25 |
| 12-31-19 | 10.97 | 0.29 | <sup>•</sup> | 2.47 | 2.76 | 0.32 | 3.14 |  | 3.46 |  | 10.27 | **26.66** | 0.64 | 0.61 | 0.61 | 2.42 | 81596 | 17 |
| 12-31-18 | 14.59 | 0.31 |  | (1.41) | (1.10) | 0.30 | 2.22 |  | 2.52 |  | 10.97 | **(9.09** **)<sup>(a)</sup>** | 0.64 | 0.49 <sup>(b)</sup> | 0.49 | 2.40 <sup>(c)</sup> | 82300 | 16 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.96 | 0.21 | <sup>•</sup> | (0.69) | (0.48) | 0.20 | 1.16 |  | 1.36 |  | 10.12 | **(3.41)** | 0.89 | 0.86 | 0.86 | 1.88 | 141080 | 18 |
| 12-31-21 | 9.85 | 0.17 | <sup>•</sup> | 2.31 | 2.48 | 0.18 | 0.19 |  | 0.37 |  | 11.96 | **25.27** | 0.89 | 0.86 | 0.86 | 1.47 | 158847 | 19 |
| 12-31-20 | 10.31 | 0.22 |  | (0.20) | 0.02 | 0.36 | 0.12 |  | 0.48 |  | 9.85 | **0.95** | 0.89 | 0.86 | 0.86 | 2.22 | 141486 | 25 |
| 12-31-19 | 11.00 | 0.25 | <sup>•</sup> | 2.50 | 2.75 | 0.30 | 3.14 |  | 3.44 |  | 10.31 | **26.42** | 0.89 | 0.86 | 0.86 | 2.13 | 161388 | 17 |
| 12-31-18 | 14.62 | 0.29 |  | (1.42) | (1.13) | 0.27 | 2.22 |  | 2.49 |  | 11.00 | **(9.32** **)<sup>(a)</sup>** | 0.89 | 0.74 <sup>(b)</sup> | 0.74 | 2.15 <sup>(c)</sup> | 541914 | 16 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 11.59 | 0.18 | <sup>•</sup> | (0.67) | (0.49) | 0.18 | 1.16 |  | 1.34 |  | 9.76 | **(3.57)** | 1.04 | 1.01 | 1.01 | 1.73 | 76937 | 18 |
| 12-31-21 | 9.55 | 0.14 | <sup>•</sup> | 2.26 | 2.40 | 0.17 | 0.19 |  | 0.36 |  | 11.59 | **25.15** | 1.04 | 1.01 | 1.01 | 1.32 | 88637 | 19 |
| 12-31-20 | 10.07 | 0.20 |  | (0.20) | 0.00 \* | 0.40 | 0.12 |  | 0.52 |  | 9.55 | **0.85** | 1.04 | 1.01 | 1.01 | 2.07 | 80591 | 25 |
| 12-31-19 | 10.82 | 0.23 | <sup>•</sup> | 2.44 | 2.67 | 0.28 | 3.14 |  | 3.42 |  | 10.07 | **26.13** | 1.04 | 1.01 | 1.01 | 2.01 | 90172 | 17 |
| 12-31-18 | 14.42 | 0.26 |  | (1.39) | (1.13) | 0.25 | 2.22 |  | 2.47 |  | 10.82 | **(9.45** **)<sup>(a)</sup>** | 1.04 | 0.89 <sup>(b)</sup> | 0.89 | 2.00 <sup>(c)</sup> | 91924 | 16 |

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<sup>(1)</sup> 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> Annualized for periods less than one year.

<sup>(3)</sup> 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> Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

---

| | |
|:---|:---|
| <sup>(a)</sup> | Excluding amounts related to a securities lending settlement and a cumulative underpayment of prior years' waivers of management fees recorded in the year ended December 31, 2018, total return for VY<sup>®</sup> T.Rowe Price Equity Income Portfolio would have been (9.84)%, (9.24)%, (9.47)% and (9.60)% for Classes ADV, I, S and S2, respectively. |
| <sup>(b)</sup> | Excluding amounts related to a cumulative underpayment of prior years' waivers of management fees recorded in the year ended December 31, 2018, the net expense ratios for VY<sup>®</sup> T.Rowe Price Equity Income Portfolio would have been 1.23%, 0.63%, 0.88% and 1.03% for Class ADV, I, S and S2, respectively. |
| <sup>(c)</sup> | Excluding amounts related to a securities lending settlement and a cumulative underpayment of prior years' waivers of management fees recorded in the year ended December 31, 2018, the net investment income ratios for VY<sup>®</sup> T.Rowe Price Equity Income Portfolio would have been 1.65%, 2.25%, 2.00% and 1.85% for Classes ADV, I, S and S2, respectively. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |
| \* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |

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See Accompanying Notes to Financial Statements<br>

34<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022

**NOTE 1 — ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act" or the "Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-one active separate investment series. The seven series (each a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Government Liquid Assets Portfolio ("Government Liquid Assets"), VY<sup>®</sup> CBRE Global Real Estate Portfolio ("CBRE Global Real Estate"), VY<sup>®</sup> Invesco Growth and Income Portfolio ("Invesco Growth and Income"), VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio ("JPMorgan Emerging Markets Equity"), VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio ("Morgan Stanley Global Franchise"), VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio ("T. Rowe Price Capital Appreciation"), and VY<sup>®</sup> T. Rowe Price Equity Income Portfolio ("T. Rowe Price Equity Income). All of the Portfolios are diversified except for Morgan Stanley Global Franchise, which is a non-diversified Portfolio of the Trust. The investment objective of the Portfolios is described in the respective Portfolio's Prospectus. Prior to May 1, 2022, VY<sup>®</sup> CBRE Global Real Estate Portfolio was known as VY<sup>®</sup> Clarion Global Real Estate Portfolio.

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

waiver of fees and reimbursement of expenses between the separate classes, if any.

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

35<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

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

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

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

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

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

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

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

Government Liquid Assets uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Board has established procedures designed to stabilize, to the extent reasonably possible, the share price of Government Liquid Assets, there can be no assurance that the Portfolio's NAV can be maintained at $1.00 per share.

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

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes

36<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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. CBRE Global Real Estate estimates components of distributions from real estate investment trusts ("REITs"). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Global Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of investment securities, other assets and
liabilities — at the exchange rates prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases and sales of investment securities, income and expenses
 — at the rates of exchange prevailing on the respective dates of such transactions.

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or

losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each 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, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by Government Liquid Assets. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

37<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

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

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

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

***Foreign Exchange Rate Risk**.* To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign

(non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

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

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

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

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

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

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

all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

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

As of December 31, 2022, the maximum amount of loss that Invesco Growth and Income would incur if its counterparties failed to perform would be $167,548 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of December 31, 2022. There was no collateral pledged by any counterparty at December 31, 2022 to any Portfolio.

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

As of December 31, 2022, Invesco Growth and Income and T. Rowe Price Capital Appreciation had a liability position of $29,202 and $11,096,460, respectively, on open forward foreign currency contracts and open OTC written options. If a contingent feature would have been triggered as of December 31, 2022, each Portfolio could have been required to pay these amounts in cash to its counterparties. There was no cash collateral pledged by any Portfolio as of December 31, 2022.

H. ***Forward Foreign Currency Transactions and Futures Contracts**.* Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

During the year ended December 31, 2022, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below. The Portfolios used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for Invesco Growth and Income for open forward foreign currency contracts at December 31, 2022. There were no open forward foreign currency contracts for CBRE Global Real Estate at December 31, 2022.

---

| | | |
|:---|:---|:---|
| | **Purchased** | **Sold** |
| CBRE Global Real Estate | $72601 | $— |
| Invesco Growth and Income | 4177941 | 18465489 |

---

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

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

collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments, if any. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio's Statement of Operations. Realized gains (losses) are reported in each Portfolio's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. Futures contracts are purchased to provide immediate market exposure proportionate to the size of each Portfolio's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios' securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The Portfolios did not enter into any futures contracts for the year ended December 31, 2022.

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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

During the year ended December 31, 2022, T. Rowe Price Capital Appreciation had written equity options with an average notional value of $711,936,226 to generate income. Please refer to the tables within the Portfolio of Investments for open written equity options at December 31, 2022. At December 31, 2022, T. Rowe Price Capital Appreciation had pledged securities fair valued at $69,177,600 for open written call options and these are footnoted within the Portfolio of Investments.

J. ***Repurchase Agreements**.* Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreement, plus accrued interest, being invested by a Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest, is at least equal to the repurchase price. If the seller defaults, a Portfolio might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements ("MRA") which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table following the Portfolio of Investments for Government Liquid Assets for open repurchase agreements subject to the MRA on a net basis at December 31, 2022.

K. ***Securities Lending**.* Each Portfolio may temporarily loan up to 33⅓% (except for JPMorgan Emerging Markets Equity which may temporarily loan up to 30%) of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

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

Securities that are not registered for sale to the public under the 1933 Act are referred to as "restricted securities." These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

M. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

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

---

| | | |
|:---|:---|:---|
| | Purchases | Sales |
| CBRE Global Real Estate | $171428196 | $179561163 |
| Invesco Growth and Income | 74758607 | 98776946 |
| JPMorgan Emerging Markets Equity | 63432245 | 87682234 |
| Morgan Stanley Global Franchise | 48579252 | 91876967 |
| T. Rowe Price Capital Appreciation | 5220782871 | 5914213639 |
| T. Rowe Price Equity Income | 63945532 | 75963266 |

---

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

---

| | | |
|:---|:---|:---|
| | Purchases | Sales |
| T. Rowe Price Capital Appreciation | $1506893711 | $795653979 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

CBRE Global Real Estate has 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. The Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

---

| | |
|:---|:---|
| Portfolio | Fee |
| CBRE Global Real Estate<sup>(1)</sup> | 0.90% on the first $250 million;<br> 0.875% on the next $250 million;<br> 0.80% on the amount in excess of $500 million |

---

<sup>(1)</sup> The Investment Adviser is contractually obligated to waive 0.033% of the management fee for CBRE Global Real Estate. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

With the exception of the Portfolio in the table above, the Investment Adviser provides the Portfolios with advisory and administrative services under a management

agreement (the "Unified Agreement"). Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio's assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a "Unified Fee") based on the following annual rates of the average daily net assets of the Portfolios:

---

| | |
|:---|:---|
| Portfolio | Fee |
| Government Liquid Assets<sup>(2)</sup> | 0.35% on the first $200 million;<br> 0.30% on the next $300 million;<br> 0.25% on the amount in excess of $500 million |
| JPMorgan Emerging Markets Equity | 1.25% |
| Morgan Stanley Global Franchise<sup>(3)</sup> | 1.00% on the first $250 million;<br> 0.90% on the next $250 million;<br> 0.75% on the amount in excess of $500 million |
| Invesco Growth and Income,<sup>(3)</sup><br> T. Rowe Price Capital Appreciation, and<br> T. Rowe Price Equity Income<sup>(3)(4)</sup> | 0.75% first $750 million;<br> 0.70% on the next $1.25 billion;<br> 0.65% on the next $1.5 billion;<br> 0.60% on the amount in excess of $3.5 billion |

---

<sup>(2)</sup> The assets of Government Liquid Assets are aggregated with those of Voya Limited Maturity Bond Portfolio, which is not included in this report, to determine the Unified Fee applicable to the Portfolio.

<sup>(3)</sup> The Investment Adviser is contractually obligated to waive 0.026%, 0.030% and 0.030% of the Unified Fee for Morgan Stanley Global Franchise, T. Rowe Price Equity Income and Invesco Growth and Income, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.

<sup>(4)</sup> The assets of Invesco Growth and Income, T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income are aggregated with those of VY<sup>®</sup> CBRE Real Estate Portfolio, which is not included in this report, to determine the Unified Fee applicable to the respective Portfolios.

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

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

advisers of the Portfolios are as follows (\*denotes an affiliated sub-adviser):

---

| | |
|:---|:---|
| Portfolio | Sub-Adviser |
| Government Liquid Assets | Voya Investment Management Co. LLC |
| CBRE Global Real Estate | CBRE Investment Management Listed Real Assets LLC<sup>(1)</sup> |
| Invesco Growth and Income | Invesco Advisers, Inc. |
| JPMorgan Emerging Markets Equity | J.P. Morgan Investment Management Inc. |
| Morgan Stanley Global Franchise | Morgan Stanley Investment Management Inc. |
| T. Rowe Price Capital<br> Appreciation | T. Rowe Price Associates, Inc. |
| T. Rowe Price Equity Income | T. Rowe Price Associates, Inc. |

---

<sup>(1)</sup> Previously known as CBRE Clarion Securities LLC.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service plan (the "Plan") for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the "Class S2 Plan") with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services, including payments to the Distributor at an annual rate of 0.15% of the average daily net assets attributable to Class S2 shares.

Each Portfolio that offers Class ADV shares has a shareholder service and distribution plan. Class ADV shares pay a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio's average daily net assets attributable to Class ADV shares.

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and Unified Fee, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Liquid Assets in maintaining a yield of not less than zero through May 1, 2023. There is no guarantee that the Portfolio will maintain such a yield. Unified Fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser, as applicable, within three years subject to certain restrictions. In no event will the amount of the recoupment on any day exceed 20% of the

yield (net of all expenses) of the Portfolio on that day. Distribution and shareholder servicing fees waived are not subject to recoupment. For the year ended December 31, 2022, the Distributor waived $893,537 of class specific distribution and shareholder servicing fees and the Investment Adviser waived $405,964 of Unified Fees and/or certain expenses to assist the Portfolio in maintaining a yield of not less than zero. The class specific waivers were comprised of the following amounts:

---

| | | |
|:---|:---|:---|
| | Distribution<br>Fee | Shareholder<br>Servicing<br> Fee |
| Class S | $— | $269690 |
| Class S2 | 235859 | 387988 |

---

Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any. As of year the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2023.1 | 2024.1 | 2025.1 | Total.1 |
| Government Liquid Assets | $1091693 | $2048789 | $405964 | $3546446 |

---

**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 | Invesco Growth and Income | 5.09 |
| &nbsp;&nbsp;Company | T. Rowe Price Equity Income | 6.98 |
| Security Life of Denver | CBRE Global Real Estate | 6.31 |
| &nbsp;&nbsp;Insurance Company | JPMorgan Emerging Markets Equity | 9.45 |
|  | T. Rowe Price Equity Income | 9.17 |
| Voya Institutional Trust | Government Liquid Assets | 61.19 |
| &nbsp;&nbsp;Company | CBRE Global Real Estate | 11.68 |
|  | Invesco Growth and Income | 5.53 |
|  | JPMorgan Emerging Markets Equity | 13.62 |
|  | Morgan Stanley Global Franchise | 34.89 |
|  | T. Rowe Price Capital Appreciation | 32.53 |
|  | T. Rowe Price Equity Income | 42.04 |
| Voya Retirement | CBRE Global Real Estate | 39.21 |
| &nbsp;&nbsp;Insurance and Annuity | Invesco Growth and Income | 21.16 |
| &nbsp;&nbsp;Company | JPMorgan Emerging Markets Equity | 16.48 |
|  | T. Rowe Price Capital Appreciation | 32.44 |
|  | T. Rowe Price Equity Income | 41.7 |

---

The Investment Adviser may direct the Portfolios' sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio's equity security transactions through certain designated

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

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

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.

CBRE Global Real Estate 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 the Portfolio were as follows:

---

| | |
|:---|:---|
| Portfolio | Amount |
| CBRE Global Real Estate | $229254 |

---

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio | Class ADV | Class ADV | Class I | Class I | Class S | Class S | Class S2 | Class S2 |
| CBRE Global Real Estate | 1.5 | % | 0.9 | % | 1.15 | % | 1.3 | % |

---

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

accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2023.1 | 2024.1 | 2025.1 | Total.1 |
| CBRE Global Real Estate | $332373 | $342083 | $338144 | $1012600 |

---

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

**NOTE 8 — LINE OF CREDIT**

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Portfolio | Days<br>Utilized | Approximate<br>Average<br>Daily Balance<br>For Days<br>Utilized | Approximate<br>Weighted<br>Average<br>Interest Rate<br>For Days<br>Utilized |
| CBRE Global Real Estate | 1 | $3628000 | 1.33 |
| JPMorgan Emerging Markets Equity | 12 | 705917 | 3.06 |
| T. Rowe Price Capital Appreciation | 1 | 3947000 | 1.33 |

---

44<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 9 — CAPITAL SHARES TRANSACTIONS**

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<br> 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<br> increase<br> (decrease)** |
| **Year or** <br>**period ended** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** | **Government Liquid Assets** |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 58683440 |  | 1154963 | (32586842) | 27251561 | 58683440 |  | 1154963 | (32586842) | 27251561 |
| 12/31/2021 | 23190070 |  | 16647 | (36870033) | (13663316) | 23190070 |  | 16647 | (36870033) | (13663316) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 88694297 |  | 4310529 | (91379556) | 1625270 | 88694297 |  | 4310529 | (91379555) | 1625271 |
| 12/31/2021 | 97462266 |  | 102429 | (152272917) | (54708222) | 97462266 |  | 102429 | (152272917) | (54708222) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 248074293 |  | 7333972 | (83413053) | 171995212 | 248074293 |  | 7333972 | (83413053) | 171995212 |
| 12/31/2021 | 86508479 |  | 141054 | (176345448) | (89695915) | 86508479 |  | 141054 | (176345448) | (89695915) |
| **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** | **CBRE Global Real Estate** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 48123 |  | 103711 | (234182) | (82348) | 508230 |  | 977993 | (2522608) | (1036385) |
| 12/31/2021 | 36402 |  | 31148 | (246757) | (179207) | 440881 |  | 377513 | (2969373) | (2150979) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 846182 |  | 895886 | (816542) | 925526 | 9353912 |  | 8681137 | (9043174) | 8991875 |
| 12/31/2021 | 870641 |  | 263545 | (1391609) | (257423) | 10351322 |  | 3281141 | (17034398) | (3401935) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 271475 |  | 607543 | (1152568) | (273550) | 3033874 |  | 5868869 | (12888605) | (3985862) |
| 12/31/2021 | 400678 |  | 190423 | (1480173) | (889072) | 5035135 |  | 2361249 | (17946886) | (10550502) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 369 |  | 6678 | (5151) | 1896 | 3721 |  | 65243 | (56017) | 12947 |
| 12/31/2021 | 8920 |  | 1732 | (12413) | (1761) | 117249 |  | 21700 | (149380) | (10431) |
| **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** | **Invesco Growth and Income** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 97794 |  | 133086 | (148611) | 82269 | 2486982 |  | 2532628 | (3360859) | 1658751 |
| 12/31/2021 | 93633 |  | 7922 | (155021) | (53466) | 2283226 |  | 192270 | (3740417) | (1264921) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 347318 |  | 315341 | (223524) | 439135 | 8133362 |  | 6070318 | (5009932) | 9193748 |
| 12/31/2021 | 257685 |  | 24200 | (189580) | 92305 | 6267142 |  | 593144 | (4677696) | 2182590 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 682248 |  | 2437184 | (1819344) | 1300088 | 17172383 |  | 47695696 | (43303492) | 21564587 |
| 12/31/2021 | 811169 |  | 189312 | (2391268) | (1390787) | 20227445 |  | 4704412 | (59053401) | (34121544) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 30684 |  | 157361 | (155607) | 32438 | 661296 |  | 3043369 | (3667599) | 37066 |
| 12/31/2021 | 23460 |  | 12375 | (248583) | (212748) | 581301 |  | 304187 | (6070340) | (5184852) |
| **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** | **JPMorgan Emerging Markets Equity** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 204432 |  | 1156885 | (403642) | 957675 | 2895615 |  | 12228273 | (5688494) | 9435394 |
| 12/31/2021 | 398659 |  | 190433 | (324566) | 264526 | 10209266 |  | 4625629 | (8016811) | 6818084 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 461106 |  | 1518558 | (465860) | 1513804 | 7188446 |  | 17903798 | (7103612) | 17988632 |
| 12/31/2021 | 473196 |  | 249445 | (640202) | 82439 | 12725273 |  | 6493054 | (17402497) | 1815830 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 499166 |  | 5654168 | (2731854) | 3421480 | 7506106 |  | 65531812 | (41129101) | 31908817 |
| 12/31/2021 | 810713 |  | 1084813 | (2897162) | (1001636) | 20975903 |  | 27977315 | (75127105) | (26173887) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 16907 |  | 175481 | (106389) | 85999 | 242271 |  | 1984692 | (1644298) | 582665 |
| 12/31/2021 | 20594 |  | 35772 | (106192) | (49826) | 513458 |  | 908609 | (2730182) | (1308115) |
| **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** | **Morgan Stanley Global Franchise** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 181629 |  | 858383 | (891765) | 148247 | 2734362 |  | 11201899 | (13031104) | 905157 |
| 12/31/2021 | 362182 |  | 734983 | (785409) | 311756 | 6143775 |  | 12325665 | (13504448) | 4964992 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 21375 |  | 10843 | (10774) | 21444 | 351260 |  | 156463 | (193746) | 313977 |
| 12/31/2021 | 23034 |  | 7784 | (11744) | 19074 | 421413 |  | 142984 | (218243) | 346154 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 198478 |  | 1316493 | (2037343) | (522372) | 3425143 |  | 19089147 | (32986792) | (10472502) |
| 12/31/2021 | 111714 |  | 1246962 | (2860955) | (1502279) | 2083227 |  | 22981508 | (53664794) | (28600059) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 21231 |  | 201985 | (342688) | (119472) | 344971 |  | 2892423 | (5513107) | (2275713) |
| 12/31/2021 | 15867 |  | 189890 | (342983) | (137226) | 295041 |  | 3457895 | (6381557) | (2628621) |

---

45<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 9 — CAPITAL SHARES TRANSACTIONS (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares <br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Net<br> 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<br> increase<br> (decrease)** |
| **Year or**<br>**period ended** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** | **T. Rowe Price Capital Appreciation** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1563275 |  | 10500765 | (4343343) | 7720697 | 41800112 |  | 238416391 | (111868483) | 168348020 |
| 12/31/2021 | 3907585 |  | 7606265 | (2263017) | 9250833 | 120879451 |  | 222578297 | (69340875) | 274116873 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 6133931 |  | 8442815 | (3408197) | 11168549 | 178999158 |  | 207448890 | (93964163) | 292483885 |
| 12/31/2021 | 3638741 |  | 5781019 | (2746988) | 6672772 | 118764330 |  | 181327758 | (88908320) | 211183768 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 2142625 |  | 3076026 | (2874236) | 2344415 | 59347637 |  | 75642708 | (81754844) | 53235501 |
| 12/31/2021 | 2158514 |  | 2367244 | (2838265) | 1687493 | 70531505 |  | 74289334 | (92862424) | 51958415 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1813408 |  | 22309280 | (15402409) | 8720279 | 51653705 |  | 547342082 | (434323812) | 164671975 |
| 12/31/2021 | 1754026 |  | 17982319 | (17005161) | 2731184 | 57374711 |  | 562658520 | (555142856) | 64890375 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 85450 |  | 337378 | (433403) | (10575) | 2382889 |  | 8176336 | (11788056) | (1228831) |
| 12/31/2021 | 96357 |  | 282378 | (453978) | (75243) | 3180748 |  | 8732930 | (14775574) | (2861896) |
| **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** | **T. Rowe Price Equity Income** |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1104063 |  | 801678 | (749188) | 1156553 | 11967603 |  | 7419583 | (7637893) | 11749293 |
| 12/31/2021 | 1114789 |  | 154753 | (1171214) | 98328 | 12227521 |  | 1725809 | (12810997) | 1142333 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1031137 |  | 895243 | (1371622) | 554758 | 11217430 |  | 8572897 | (14670129) | 5120198 |
| 12/31/2021 | 715388 |  | 213445 | (2660105) | (1731272) | 7970005 |  | 2459976 | (29890253) | (19460272) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 595071 |  | 1818791 | (1749374) | 664488 | 6828594 |  | 17697150 | (19137969) | 5387775 |
| 12/31/2021 | 474787 |  | 423645 | (1993772) | (1095340) | 5432775 |  | 4945637 | (22283889) | (11905477) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 201086 |  | 1045669 | (1009295) | 237460 | 2242508 |  | 9805856 | (10824432) | 1223932 |
| 12/31/2021 | 67166 |  | 240652 | (1101605) | (793787) | 727963 |  | 2717084 | (12071420) | (8626373) |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government

securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

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

46<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 10 — SECURITIES LENDING (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| CBRE Global Real Estate |  |  |  |
| Counterparty | Securities<br>Loaned at<br>Value | Cash<br>Collateral<br>Received<sup>(1)</sup> | Net<br>Amount |
| BofA Securities Inc | $968750 | $(968750) | $— |
| National Bank of Canada Financial Inc | 162016 | (162016) |  |
| Nomura Securities International, Inc. | 569983 | (569983) |  |
| TD Prime Services LLC | 775034 | (775034) |  |
| Total | $2475783 | $(2475783) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $2,567,840 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| JPMorgan Emerging Markets Equity | JPMorgan Emerging Markets Equity | JPMorgan Emerging Markets Equity | JPMorgan Emerging Markets Equity |  |
| Counterparty | Securities<br>Loaned at<br>Value | Cash<br>Collateral<br>Received<sup>(1)</sup> | Net<br>Amount | Net<br>Amount |
| TD Prime Services LLC | $359594 | $(359594) |  | $— |
| Wells Fargo Bank NA | 19822 | (19822) |  |  |
| Total | $379416 | $(379416) |  | $— |

---

<sup>(1)</sup> Collateral with a fair value of $399,649 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| T. Rowe Price Capital Appreciation |  |  |  |
| Counterparty | Securities<br>Loaned at<br>Value | Cash<br>Collateral<br>Received<sup>(1)</sup> | Net<br>Amount |
| Barclays Bank PLC | $7039369 | $(7039369) | $— |
| Barclays Capital Inc. | 1847551 | (1847551) |  |
| BMO Capital Markets Corp | 75533 | (75533) |  |
| BNP Paribas | 972999 | (972999) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 2931419 | (2931419) |  |
| BofA Securities Inc | 4190549 | (4190549) |  |
| Citadel Clearing LLC | 13373018 | (13373018) |  |
| Cowen Excecution Services LLC | 405769 | (405769) |  |
| Deutsche Bank Securities Inc. | 207833 | (207833) |  |
| Goldman, Sachs & Co. LLC | 613214 | (613214) |  |
| J.P. Morgan Securities LLC | 8506454 | (8506454) |  |

---

---

| | | |
|:---|:---|:---|
| Counterparty | Securities<br>Loaned at<br>Value | Net<br>Amount |
| Mizuho Securities USA LLC. | $685265 | $|
| Morgan Stanley & Co. LLC | 639070 |  |
| Nomura Securities International, Inc. | 7404254 |  |
| RBC Capital Markets, LLC | 6383944 |  |
| RBC Dominion Securities Inc | 18190 |  |
| TD Securities INC | 2570382 |  |
| Truist Securities INC | 180360 |  |
| UBS AG | 68748 |  |
| UBS Securities LLC. | 1038351 |  |
| Wells Fargo Securities LLC | 443355 |  |
| Total | $59595627 | $|

---

<sup>(1)</sup> Cash collateral with a fair value of $61,349,197 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.

---

| | | | |
|:---|:---|:---|:---|
| T. Rowe Price Equity Income |  |  |  |
| Counterparty | Securities<br>Loaned at<br>Value | Cash<br>Collateral<br>Received<sup>(1)</sup> | Net<br>Amount |
| BofA Securities Inc | $2380903 | $(2380903) | $— |
| Goldman, Sachs & Co. LLC | 12319145 | (12319145) |  |
| J.P. Morgan Securities LLC | 235753 | (235753) |  |
| TD Prime Services LLC | 333363 | (333363) |  |
| Total | $15269164 | $(15269164) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $15,590,713 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 — UNFUNDED LOAN COMMITMENTS**

Certain Portfolios may enter in credit agreements, all or a portion of which may be unfunded. The Portfolios are obligated to fund these loan commitments at the borrower's discretion. Funded portions of the credit agreements are presented in the Portfolio of Investments. At December 31, 2022, T. Rowe Price Capital Appreciation had the following unfunded loan commitments:

---

| | |
|:---|:---|
| **Loan** | **Unfunded Loan<br> Commitment\*** |
| Athenahealth, Inc. 2022 Term Loan | $3429348 |

---

<sup>\*</sup> The unrealized appreciation/(depreciation) on these commitments as of December 31, 2022 is included in the Investments in securities at fair value on the Statement of Assets and Liabilities.

**NOTE 12 — FEDERAL INCOME TAXES NOTE**

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

47<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 12 — FEDERAL INCOME TAXES NOTE (continued)**

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

---

| | |
|:---|:---|
| | Paid-in<br>Capital |
| Government Liquid Assets | $(14574) |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2021 |
|  | Ordinary<br>Income.1 | Long-term<br>Capital Gains.1 | Ordinary<br>Income.1 | Long-term<br>Capital Gains.1 |
| Government Liquid Assets | $12799464 | $— | $260130 | $— |
| CBRE Global Real Estate | 6868125 | 8725117 | 6041603 |  |
| Invesco Growth and Income | 9856260 | 49485751 | 5794013 |  |
| JPMorgan Emerging Markets Equity |  | 97648575 | 1437832 | 38566775 |
| Morgan Stanley Global Franchise | 2051533 | 31288399 | 3006032 | 35902020 |
| T. Rowe Price Capital Appreciation | 366382363 | 710644044 | 308314113 | 741272726 |
| T. Rowe Price Equity Income | 10037507 | 33457979 | 5696840 | 6151666 |

---

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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Capital Loss Carryforwards | Capital Loss Carryforwards | Capital Loss Carryforwards | | |
|  | Undistributed<br> Ordinary<br>Income | Undistributed<br> Long-term<br>Capital Gains | Unrealized<br> Appreciation/<br>(Depreciation) | Amount | Character | Expiration | <br>Other | Total<br> Distributable<br>Earnings/(Loss) |
| Government Liquid Assets | $— | $— | $(284) | $(230253) | Short-term |  | $— | $(230593) |
|  |  |  |  | (56) | Long-term |  |  |  |
|  |  |  |  | $(230309) |  |  |  |  |
| CBRE Global Real Estate | 3431510 | 1752385 | 1174819 |  |  |  |  | 6358714 |
| Invesco Growth and Income | 6997709 | 25671237 | 61267323 |  |  |  |  | 93936269 |
| JPMorgan Emerging Markets Equity | 5214821 |  | 26082924 | (12530116) | Short-term |  | (1829616) | 8039681 |
|  |  |  |  | (8898332) | Long-term |  |  |  |
|  |  |  |  | $(21428448) |  |  |  |  |
| Morgan Stanley Global Franchise | 1276382 | 25544921 | 68935526 |  |  |  |  | 95756829 |
| T. Rowe Price Capital Appreciation | 7475713 | 774676109 | (266415988) |  |  |  |  | 515735834 |
| T. Rowe Price Equity Income | 769374 | 19053715 | 64945679 |  |  |  |  | 84768768 |

---

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 13 — 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

48<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 13 — LONDON INTERBANK OFFERED RATE ("LIBOR") (continued)**

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 14 — MARKET DISRUPTION**

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S.. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and

systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio's investments, including beyond a Portfolio's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolio's service providers.

**NOTE 15 — SUBSEQUENT EVENTS**

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

---

| | | | |
|:---|:---|:---|:---|
| | Per Share<br> Amount | Payable<br> Date | Record<br> Date |
| Government Liquid Assets | Government Liquid Assets |  |  |
| &nbsp;&nbsp;Class I | $0.0035 | February 1, 2023 | Daily |
| &nbsp;&nbsp;Class S | $0.0033 | February 1, 2023 | Daily |
| &nbsp;&nbsp;Class S2 | $0.0032 | February 1, 2023 | Daily |

---

On January 11, 2023, the Board approved a new non-recoupable side letter expense limit agreement with respect to JPMorgan Emerging Markets Equity. Effective January 1, 2023 through May 1, 2024, the new side letter expense limits are 1.81%, 1.21%, 1.46%, and 1.61% for Class ADV, Class I, Class S, and Class S2, respectively.

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

49<br>

------

<u>VOYA GOVERNMENT LIQUID<br>ASSETS PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **U.S. GOVERNMENT AGENCY DEBT: 50.3%** | **U.S. GOVERNMENT AGENCY DEBT: 50.3%** | **U.S. GOVERNMENT AGENCY DEBT: 50.3%** | **U.S. GOVERNMENT AGENCY DEBT: 50.3%** |
| 17000000 | Federal Farm Credit Banks Funding Corp., 4.710%, (FEDL01 + 0.380%),<br> 05/11/2023 | $17020585 | 1.7 |
| 84000000 | Federal Home Loan Bank Discount Notes, 4.230%, 03/10/2023 | 83301791 | 8.3 |
| 130000000 | Federal Home Loan Bank Discount Notes, 4.290%, 02/08/2023 | 129423244 | 12.8 |
| 5000000 | Federal Home Loan Bank Discount Notes, 4.336%, 02/10/2023 | 4976389 | 0.5 |
| 28000000 | Federal Home Loan Bank Discount Notes, 4.492%, 03/03/2023 | 27792193 | 2.8 |
| 29000000 | Federal Home Loan Bank Discount Notes, 4.499%, 03/23/2023 | 28714857 | 2.8 |
| 11000000 | Federal Home Loan Bank Discount Notes, 4.521%, 03/08/2023 | 10911065 | 1.1 |
| 122000000 | Federal Home Loan Bank Discount Notes, 4.540%, 03/15/2023 | 120904676 | 12 |
| 3800000 | Federal Home Loan Banks, 4.320%, (SOFRRATE + 0.020%), 01/10/2023 | 3799980 | 0.4 |
| 10300000 | Federal Home Loan Banks, 4.320%, (SOFRRATE + 0.020%), 01/11/2023 | 10299940 | 1 |
| 56000000 | Federal Home Loan Banks, 4.320%, (SOFRRATE + 0.020%), 03/24/2023 | 56000000 | 5.5 |
| 14250000 | Federal Home Loan Banks, 4.330%, (SOFRRATE + 0.030%), 04/14/2023 | 14250000 | 1.4 |
|  | Total U.S. Government Agency Debt<br> (Cost $507,394,720) | **507394720** | **50.3** |
| **U.S. TREASURY DEBT: 24.9%** | **U.S. TREASURY DEBT: 24.9%** | **U.S. TREASURY DEBT: 24.9%** | **U.S. TREASURY DEBT: 24.9%** |
| 251000000 | United States Treasury Floating Rate Note, 4.432%, (USBMMY3M + 0.034%), 04/30/2023 | **251187551** | **24.9** |
|  | Total U.S. Treasury Debt<br> (Cost $251,187,551) | **251187551** | **24.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **U.S. TREASURY REPURCHASE AGREEMENT: 20.5%** | **U.S. TREASURY REPURCHASE AGREEMENT: 20.5%** | **U.S. TREASURY REPURCHASE AGREEMENT: 20.5%** | **U.S. TREASURY REPURCHASE AGREEMENT: 20.5%** |
| 207599000 | Deutsche Bank Repurchase Agreement dated 12/30/22, 4.250%, due 01/03/23, $207,697,033 to be received upon repurchase (Collateralized by $194,013,800, U.S. Treasury Note,<br> 0.125%–0.500%, Market Value plus accrued interest $211,751,005 due<br> 4/15/24-1/15/32),<br> 4.250%, 01/03/2023 | $**207599000** | **20.5** |
|  | Total U.S. Treasury Repurchase Agreement<br> (Cost $207,599,000) | **207599000** | **20.5** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **INVESTMENT COMPANIES: 1.4%** | **INVESTMENT COMPANIES: 1.4%** | **INVESTMENT COMPANIES: 1.4%** | **INVESTMENT COMPANIES: 1.4%** | **INVESTMENT COMPANIES: 1.4%** |
| 14000000 | (1) | Goldman Sachs Financial Square Government Fund — Institutional Shares, 4.143%, 10/03/22 | **14000000** | **1.4** |
|  |  | Total Investment Companies<br> (Cost $14,000,000) | **14000000** | **1.4** |
|  |  | **Total Investments in Securities<br> (Cost $980,181,271)** | $**980181271** | **97.1** |
|  |  | **Assets in Excess of Other Liabilities** | **29089147** | **2.9** |
|  |  | **Net Assets** | $**1009270418** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

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

Reference Rate Abbreviations:

FEDL01 Federal Funds Effective Rate <br> SOFRRATE 1-day Secured Overnight Financing Rate <br> USBMMY3M U.S. Treasury 3-month Bill Money Market Yiel

See Accompanying Notes to Financial Statements<br>

50<br>

------

<u>VOYA GOVERNMENT LIQUID<br>ASSETS PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

**Fair Value Measurementsˆ**

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** |  |  |  |  |
| U.S. Government Agency Debt | $— | $507394720 | $— | $507394720 |
| Investment Companies | 14000000 |  |  | 14000000 |
| U.S. Treasury Debt |  | 251187551 |  | 251187551 |
| U.S. Treasury Repurchase Agreement |  | 207599000 |  | 207599000 |
| Total Investments, at fair value | $14000000 | $966181271 | $— | $980181271 |

---

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

The following table is a summary of the Portfolio's repurchase agreements by counterparty which are subject to offset under a MRA as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Government Repurchase<br> Agreement, at fair value** | **Fair Value of<br> Non-Cash Collateral<br> Received Including<br> Accrued Interest<sup>(1)</sup>** | **Net<br> Amount** |
| Deutsche Bank | $207599000 | $(207599000) | $— |
| Totals | $207599000 | $(207599000) | $— |

---

<sup>(1)</sup> Collateral with a fair value of $211,751,005 has been pledged in connection with the above government repurchase agreement. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

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: <br>

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $980,181,555. | Cost for federal income tax purposes was $980,181,555. |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;Gross Unrealized Appreciation | $— |
| &nbsp;&nbsp;Gross Unrealized Depreciation | (284) |
| &nbsp;&nbsp;Net Unrealized Depreciation | $(284) |

---

See Accompanying Notes to Financial Statements<br>

51<br>

------

<u>VY<sup>®</sup> CBRE GLOBAL<br>REAL ESTATE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Percentage<br> of Net Assets** |
| **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** |
|  |  | **Australia: 3.4%** | **Australia: 3.4%** | **Australia: 3.4%** |
| 152814 |  | Goodman Group | $1797150 | 1.1 |
| 229536 |  | Ingenia Communities Group | 694584 | 0.4 |
| 491033 |  | Rural Funds Group | 805996 | 0.5 |
| 1187623 |  | Scentre Group | 2311783 | 1.4 |
|  |  |  | **5609513** | **3.4** |
|  |  | **Austria: 0.5%** | **Austria: 0.5%** | **Austria: 0.5%** |
| 27578 |  | CA Immobilien Anlagen AG | **832659** | **0.5** |
|  |  | **Belgium: 2.2%** | **Belgium: 2.2%** | **Belgium: 2.2%** |
| 11115 |  | Aedifica SA | 904403 | 0.6 |
| 11458 |  | Cofinimmo | 1026079 | 0.6 |
| 13103 |  | Shurgard Self Storage SA | 600829 | 0.4 |
| 36033 |  | Warehouses De Pauw CVA | 1032226 | 0.6 |
|  |  |  | **3563537** | **2.2** |
|  |  | **Canada: 4.5%** | **Canada: 4.5%** | **Canada: 4.5%** |
| 20755 |  | Boardwalk Real Estate Investment Trust | 757696 | 0.4 |
| 102406 | (1) | Chartwell Retirement Residences | 638336 | 0.4 |
| 105482 |  | First Capital Real Estate Investment Trust | 1309566 | 0.8 |
| 142622 |  | H&R Real Estate Investment Trust | 1275593 | 0.8 |
| 41571 |  | Killam Apartment Real Estate Investment Trust | 497685 | 0.3 |
| 123862 |  | RioCan Real Estate Investment Trust | 1932942 | 1.2 |
| 135433 | (1) | Tricon Residential, Inc. | 1044188 | 0.6 |
|  |  |  | **7456006** | **4.5** |
|  |  | **France: 3.0%** | **France: 3.0%** | **France: 3.0%** |
| 18050 |  | ICADE | 778507 | 0.5 |
| 84804 |  | Klepierre SA | 1957322 | 1.2 |
| 58073 |  | Mercialys SA | 607610 | 0.3 |
| 31837 | (2) | Unibail-Rodamco-Westfield | 1664311 | 1 |
|  |  |  | **5007750** | **3.0** |
|  |  | **Hong Kong: 6.2%** | **Hong Kong: 6.2%** | **Hong Kong: 6.2%** |
| 944940 |  | Hang Lung Properties Ltd. | 1840753 | 1.1 |
| 84238 |  | Kerry Properties Ltd. | 182749 | 0.1 |
| 674587 |  | Link REIT | 4936183 | 3 |
| 579409 |  | Sino Land Co. | 722689 | 0.5 |
| 182700 |  | Sun Hung Kai Properties Ltd. | 2495567 | 1.5 |
|  |  |  | **10177941** | **6.2** |
|  |  | **Japan: 10.2%** | **Japan: 10.2%** | **Japan: 10.2%** |
| 426 |  | Activia Properties, Inc. | 1335457 | 0.8 |
| 700 |  | AEON REIT Investment Corp. | 821527 | 0.5 |
| 1396 |  | GLP J-Reit | 1607743 | 1 |
| 338 |  | Hulic Reit, Inc. | 420978 | 0.2 |
| 3547 |  | Japan Hotel REIT Investment Corp. | 2086005 | 1.3 |
| 3128 |  | Japan Metropolitan Fund Invest | 2488368 | 1.5 |
| 249 |  | Kenedix Retail REIT Corp. | 481561 | 0.3 |
| 1886 |  | LaSalle Logiport REIT | 2299688 | 1.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Value** | **Percentage<br> of Net Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Japan: (continued)** | **Japan: (continued)** | **Japan: (continued)** | **Japan: (continued)** |
| 95912 |  | Mitsui Fudosan Co., Ltd. | $| 1752981 | 1 |
| 1432 |  | Orix JREIT, Inc. |  | 2031511 | 1.2 |
| 334755 |  | Tokyu Fudosan Holdings Corp. |  | 1587451 | 1 |
|  |  |  |  | **16913270** | **10.2** |
|  |  | **Netherlands: 0.5%** | **Netherlands: 0.5%** | **Netherlands: 0.5%** | **Netherlands: 0.5%** |
| 34959 |  | Eurocommercial Properties NV |  | **846924** | **0.5** |
|  |  | **Singapore: 2.8%** | **Singapore: 2.8%** | **Singapore: 2.8%** | **Singapore: 2.8%** |
| 1078217 |  | CapLand Ascendas REIT |  | 2208265 | 1.3 |
| 1642290 |  | Frasers Logistics & Commercial Trust |  | 1421951 | 0.9 |
| 1841000 |  | Lendlease Global Commercial REIT |  | 968910 | 0.6 |
|  |  |  |  | **4599126** | **2.8** |
|  |  | **Spain: 0.9%** | **Spain: 0.9%** | **Spain: 0.9%** | **Spain: 0.9%** |
| 165355 |  | Merlin Properties Socimi SA |  | **1550843** | **0.9** |
|  |  | **Sweden: 1.0%** | **Sweden: 1.0%** | **Sweden: 1.0%** | **Sweden: 1.0%** |
| 12685 |  | Catena AB |  | 473817 | 0.3 |
| 37067 |  | Hufvudstaden AB |  | 527658 | 0.3 |
| 55861 | (2) | Pandox AB |  | 623253 | 0.4 |
|  |  |  |  | **1624728** | **1.0** |
|  |  | **Switzerland: 0.8%** | **Switzerland: 0.8%** | **Switzerland: 0.8%** | **Switzerland: 0.8%** |
| 10966 |  | PSP Swiss Property AG |  | **1288199** | **0.8** |
|  |  | **United Kingdom: 3.3%** | **United Kingdom: 3.3%** | **United Kingdom: 3.3%** | **United Kingdom: 3.3%** |
| 252658 |  | British Land Co. PLC |  | 1199566 | 0.7 |
| 459402 |  | Grainger PLC |  | 1399600 | 0.9 |
| 420100 |  | NewRiver REIT PLC |  | 396148 | 0.2 |
| 88370 |  | Safestore Holdings PLC |  | 1007724 | 0.6 |
| 333374 |  | Target Healthcare REIT PLC |  | 323234 | 0.2 |
| 103587 |  | Unite Group PLC |  | 1136427 | 0.7 |
|  |  |  |  | **5462699** | **3.3** |
|  |  | **United States: 59.9%** | **United States: 59.9%** | **United States: 59.9%** | **United States: 59.9%** |
| 28840 |  | Alexandria Real Estate Equities, Inc. |  | 4201123 | 2.5 |
| 29403 |  | Apartment Income REIT Corp. |  | 1008817 | 0.6 |
| 44951 |  | Brixmor Property Group, Inc. |  | 1019039 | 0.6 |
| 77411 |  | Broadstone Net Lease, Inc. |  | 1254832 | 0.8 |
| 21978 |  | Camden Property Trust |  | 2458899 | 1.5 |
| 93091 |  | CubeSmart |  | 3746913 | 2.3 |
| 74090 |  | DiamondRock Hospitality Co. |  | 606797 | 0.4 |
| 32984 |  | Digital Realty Trust, Inc. |  | 3307306 | 2 |
| 17678 |  | Equinix, Inc. |  | 11579620 | 7 |
| 20812 |  | Essex Property Trust, Inc. |  | 4410479 | 2.7 |
| 35089 |  | Four Corners Property Trust, Inc. |  | 909858 | 0.5 |
| 105580 |  | Host Hotels & Resorts, Inc. |  | 1694559 | 1 |
| 61131 |  | Independence Realty Trust, Inc. |  | 1030669 | 0.6 |
| 223780 |  | Invitation Homes, Inc. |  | 6632839 | 4 |

---

See Accompanying Notes to Financial Statements<br>

52<br>

------

<u>VY<sup>®</sup> CBRE GLOBAL<br>REAL ESTATE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Value** | **Percentage<br> of Net Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 29902 |  | Iron Mountain, Inc. | $| 1490615 | 0.9 |
| 30731 |  | Kite Realty Group Trust |  | 646887 | 0.4 |
| 35056 |  | Life Storage, Inc. |  | 3453016 | 2.1 |
| 15064 |  | Mid-America Apartment Communities, Inc. |  | 2364897 | 1.4 |
| 63912 |  | National Retail Properties, Inc. |  | 2924613 | 1.8 |
| 98872 |  | Park Hotels & Resorts, Inc. |  | 1165701 | 0.7 |
| 85065 | (1) | Pebblebrook Hotel Trust |  | 1139020 | 0.7 |
| 80733 |  | Piedmont Office Realty Trust, Inc. |  | 740321 | 0.4 |
| 137093 |  | ProLogis, Inc. |  | 15454494 | 9.3 |
| 17579 |  | Public Storage, Inc. |  | 4925460 | 3.0 |
| 96558 |  | Simon Property Group, Inc. |  | 11343634 | 6.9 |
| 61734 |  | Spirit Realty Capital, Inc. |  | 2465039 | 1.5 |
| 77670 |  | STAG Industrial, Inc. |  | 2509518 | 1.5 |
| 115786 |  | Sunstone Hotel Investors, Inc. |  | 1118493 | 0.7 |
| 67900 |  | Ventas, Inc. |  | 3058895 | 1.8 |
| 43807 |  | Xenia Hotels & Resorts, Inc. |  | 577376 | 0.3 |
|  |  |  |  | **99239729** | **59.9** |
|  |  | Total Common Stock<br> (Cost $156,624,085) |  | **164172924** | **99.2** |
| **Principal<br>Amount†** |  |  | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** |
|  |  | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** |
| 567840 | (3) | Citibank N.A.,<br> Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $568,108, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.375%–4.500%, Market Value plus accrued interest $579,682, due<br> 04/15/25–11/01/51) |  | 567840 | 0.3 |
| 1000000 | (3) | National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $1,000,476, collateralized by various U.S. Government Securities, 0.000%–4.435%, Market Value plus accrued interest $1,020,000, due 01/03/23-09/09/49) |  | 1000000 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  |  | **Repurchase Agreement: (continued)** | **Repurchase Agreement: (continued)** | **Repurchase Agreement: (continued)** |
| 1000000 | (3) | RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,471, collateralized by various U.S. Government Agency Obligations, 2.000%–6.000%, Market Value plus accrued interest $1,020,000, due<br> 09/01/24–10/20/52) | $1000000 | 0.6 |
|  |  | Total Repurchase Agreements<br> (Cost $2,567,840) | **2567840** | **1.5** |
| **Shares** |  |  | **Value** | **Percentage<br> of Net<br> Assets** |
|  |  | **Mutual Funds: 0.5%** | **Mutual Funds: 0.5%** | **Mutual Funds: 0.5%** |
| 806179 | (4) | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030%<br> (Cost $806,179) | **806179** | **0.5** |
|  |  | Total Short-Term Investments<br> (Cost $3,374,019) | **3374019** | **2.0** |
|  |  | **Total Investments in Securities<br> (Cost $159,998,104)** | $**167546943** | **101.2** |
|  |  | **Liabilities in Excess of Other Assets** | **(1977029)** | **(1.2)** |
|  |  | **Net Assets** | $**165569914** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

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

(2) Non-income producing security.

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

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

---

| | |
|:---|:---|
| **REIT Diversification** | **Percentage<br> of Net Assets** |
| Retail REITs | 24.5% |
| Specialized REITs | 18.9 |
| Industrial REITs | 17.1 |
| Residential REITs | 12.7 |
| Hotel & Resort REITs | 5.1 |
| Diversified Real Estate Activities | 4.8 |
| Office REITs | 4.1 |
| Real Estate Operating Companies | 4.1 |
| Diversified REITs | 4.0 |
| Health Care REITs | 3.1 |
| Real Estate Development | 0.4 |
| Health Care Facilities | 0.4 |
| Assets in Excess of Other Liabilities\* | 0.8 |
| **Net Assets** | **100.0%** |

---

\* Includes short-term investments.

See Accompanying Notes to Financial Statements<br>

53<br>

------

<u>VY<sup>®</sup> CBRE GLOBAL<br>REAL ESTATE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

**Fair Value Measurementsˆ**

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 |  |  |  |  |
| &nbsp;&nbsp;Australia | $— | $5609513 | $— | $5609513 |
| &nbsp;&nbsp;Austria |  | 832659 |  | 832659 |
| &nbsp;&nbsp;Belgium |  | 3563537 |  | 3563537 |
| &nbsp;&nbsp;Canada | 7456006 |  |  | 7456006 |
| &nbsp;&nbsp;France |  | 5007750 |  | 5007750 |
| &nbsp;&nbsp;Hong Kong |  | 10177941 |  | 10177941 |
| &nbsp;&nbsp;Japan |  | 16913270 |  | 16913270 |
| &nbsp;&nbsp;Netherlands |  | 846924 |  | 846924 |
| &nbsp;&nbsp;Singapore |  | 4599126 |  | 4599126 |
| &nbsp;&nbsp;Spain |  | 1550843 |  | 1550843 |
| &nbsp;&nbsp;Sweden |  | 1624728 |  | 1624728 |
| &nbsp;&nbsp;Switzerland |  | 1288199 |  | 1288199 |
| &nbsp;&nbsp;United Kingdom | 2118982 | 3343717 |  | 5462699 |
| &nbsp;&nbsp;United States | 99239729 |  |  | 99239729 |
| Total Common Stock | 108814717 | 55358207 |  | 164172924 |
| Short-Term Investments | 806179 | 2567840 |  | 3374019 |
| Total Investments, at fair value | $109620896 | $57926047 | $— | $167546943 |

---

---

| | |
|:---|:---|
| ˆ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on<br> Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging instruments** | **Forward foreign**<br> **currency contracts** |
| Foreign exchange contracts | $(32684) |
| **Total** | $(32684) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation)<br> on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging instruments** | **Forward foreign**<br> **currency contracts** |
| Foreign exchange contracts | $(145) |
| **Total** | $(145) |

---

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 $166,358,464. | Cost for federal income tax purposes was $166,358,464. |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;Gross Unrealized Appreciation | $17826603 |
| &nbsp;&nbsp;Gross Unrealized Depreciation | (16651784) |
| &nbsp;&nbsp;Net Unrealized Appreciation | $1174819 |

---

See Accompanying Notes to Financial Statements<br>

54<br>

------

<u>VY<sup>®</sup> INVESCO GROWTH<br>AND INCOME PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: 97.2%** | **COMMON STOCK: 97.2%** | **COMMON STOCK: 97.2%** | **COMMON STOCK: 97.2%** | **COMMON STOCK: 97.2%** |
|  |  | **Communication Services: 5.9%** | **Communication Services: 5.9%** | **Communication Services: 5.9%** |
| 10881 | (1) | Charter Communications, Inc. | $3689747 | 0.9 |
| 139119 |  | Comcast Corp. — Class A | 4864992 | 1.2 |
| 23207 | (1) | Meta Platforms, Inc. | 2792730 | 0.7 |
| 54378 | (1) | T-Mobile US, Inc. | 7612920 | 1.9 |
| 54236 | (1) | Walt Disney Co. | 4712024 | 1.2 |
|  |  |  | **23672413** | **5.9** |
|  |  | **Consumer Discretionary: 7.6%** | **Consumer Discretionary: 7.6%** | **Consumer Discretionary: 7.6%** |
| 51351 | (1) | Amazon.com, Inc. | 4313484 | 1.1 |
| 2149 | (1) | Booking Holdings, Inc. | 4330837 | 1.1 |
| 285002 |  | General Motors Co. | 9587467 | 2.4 |
| 101200 | (1) | Las Vegas Sands Corp. | 4864684 | 1.2 |
| 92820 |  | TJX Cos., Inc. | 7388472 | 1.8 |
|  |  |  | **30484944** | **7.6** |
|  |  | **Consumer Staples: 4.8%** | **Consumer Staples: 4.8%** | **Consumer Staples: 4.8%** |
| 119970 |  | Diageo PLC | 5251338 | 1.3 |
| 57149 |  | Philip Morris International, Inc. | 5784050 | 1.5 |
| 52219 |  | Sysco Corp. | 3992142 | 1 |
| 117685 | (1) | US Foods Holding Corp. | 4003644 | 1 |
|  |  |  | **19031174** | **4.8** |
|  |  | **Energy: 11.4%** | **Energy: 11.4%** | **Energy: 11.4%** |
| 45962 |  | Chevron Corp. | 8249719 | 2.1 |
| 122396 |  | ConocoPhillips | 14442728 | 3.6 |
| 100571 |  | Devon Energy Corp. | 6186122 | 1.6 |
| 90938 |  | Exxon Mobil Corp. | 10030462 | 2.5 |
| 5749 |  | Phillips 66 | 598356 | 0.2 |
| 25220 |  | Pioneer Natural Resources Co. | 5759996 | 1.4 |
|  |  |  | **45267383** | **11.4** |
|  |  | **Financials: 20.4%** | **Financials: 20.4%** | **Financials: 20.4%** |
| 27719 |  | American Express Co. | 4095482 | 1 |
| 177869 |  | American International Group, Inc. | 11248436 | 2.8 |
| 323771 |  | Bank of America Corp. | 10723296 | 2.7 |
| 77031 |  | Charles Schwab Corp. | 6413601 | 1.6 |
| 180171 |  | Citizens Financial Group, Inc. | 7093332 | 1.8 |
| 20354 |  | Goldman Sachs Group, Inc. | 6989157 | 1.8 |
| 96720 |  | KKR & Co., Inc. | 4489742 | 1.1 |
| 75668 |  | Morgan Stanley | 6433293 | 1.6 |
| 22254 |  | PNC Financial Services Group, Inc. | 3514797 | 0.9 |
| 347541 |  | Wells Fargo & Co. | 14349968 | 3.6 |
| 25074 |  | Willis Towers Watson PLC | 6132599 | 1.5 |
|  |  |  | **81483703** | **20.4** |
|  |  | **Health Care: 19.2%** | **Health Care: 19.2%** | **Health Care: 19.2%** |
| 105655 |  | Bristol-Myers Squibb Co. | 7601877 | 1.9 |
| 59449 | (1) | Centene Corp. | 4875412 | 1.2 |
| 24805 |  | Cigna Corp. | 8218889 | 2.1 |
| 44658 |  | CVS Health Corp. | 4161679 | 1 |
| 6717 |  | Elevance Health, Inc. | 3445619 | 0.9 |
| 167395 |  | GSK PLC | 2893141 | 0.7 |
| 46193 |  | Johnson & Johnson | 8159993 | 2 |
| 14399 |  | McKesson Corp. | 5401353 | 1.4 |
| 78280 |  | Medtronic PLC | 6083922 | 1.5 |
| 88946 |  | Merck & Co., Inc. | 9868559 | 2.5 |
| 76566 |  | Sanofi | 7382971 | 1.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Value** | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **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)** |
| 30967 |  | Universal Health Services, Inc. | $| 4362941 | 1.1 |
| 31574 |  | Zimmer Biomet Holdings, Inc. |  | 4025685 | 1 |
|  |  |  |  | **76482041** | **19.2** |
|  |  | **Industrials: 11.1%** | **Industrials: 11.1%** | **Industrials: 11.1%** | **Industrials: 11.1%** |
| 203435 |  | CSX Corp. |  | 6302416 | 1.6 |
| 41633 |  | Emerson Electric Co. |  | 3999266 | 1 |
| 45904 |  | Ferguson PLC |  | 5828431 | 1.5 |
| 127146 |  | Johnson Controls International plc |  | 8137344 | 2 |
| 26657 |  | Parker Hannifin Corp. |  | 7757187 | 1.9 |
| 70119 |  | Raytheon Technologies Corp. |  | 7076409 | 1.8 |
| 73737 |  | Textron, Inc. |  | 5220580 | 1.3 |
|  |  |  |  | **44321633** | **11.1** |
|  |  | **Information Technology: 11.2%** | **Information Technology: 11.2%** | **Information Technology: 11.2%** | **Information Technology: 11.2%** |
| 140643 |  | Cisco Systems, Inc. |  | 6700233 | 1.7 |
| 115216 |  | Cognizant Technology Solutions Corp. |  | 6589203 | 1.6 |
| 42452 | (1) | Fiserv, Inc. |  | 4290624 | 1.1 |
| 104652 |  | Intel Corp. |  | 2765952 | 0.7 |
| 8884 |  | Lam Research Corp. |  | 3733945 | 0.9 |
| 45154 |  | Micron Technology, Inc. |  | 2256797 | 0.6 |
| 23402 |  | NXP Semiconductor NV — NXPI — US |  | 3698218 | 0.9 |
| 55975 | (1) | PayPal Holdings, Inc. |  | 3986539 | 1 |
| 35646 |  | Qualcomm, Inc. |  | 3918921 | 1 |
| 36590 | (1) | Splunk, Inc. |  | 3150033 | 0.8 |
| 29721 |  | TE Connectivity Ltd. |  | 3411971 | 0.9 |
|  |  |  |  | **44502436** | **11.2** |
|  |  | **Materials: 1.8%** | **Materials: 1.8%** | **Materials: 1.8%** | **Materials: 1.8%** |
| 182911 |  | Barrick Gold Corp. |  | 3142411 | 0.8 |
| 67686 |  | Corteva, Inc. |  | 3978583 | 1 |
|  |  |  |  | **7120994** | **1.8** |
|  |  | **Real Estate: 2.3%** | **Real Estate: 2.3%** | **Real Estate: 2.3%** | **Real Estate: 2.3%** |
| 120598 | (1) | CBRE Group, Inc. |  | **9281222** | **2.3** |
|  |  | **Utilities: 1.5%** | **Utilities: 1.5%** | **Utilities: 1.5%** | **Utilities: 1.5%** |
| 36472 |  | American Electric Power Co., Inc. |  | 3463017 | 0.9 |
| 55371 |  | Exelon Corp. |  | 2393688 | 0.6 |
|  |  |  |  | **5856705** | **1.5** |
|  |  | Total Common Stock<br> (Cost $324,517,769) |  | **387504648** | **97.2** |

---

See Accompanying Notes to Financial Statements<br>

55<br>

------

<u>VY<sup>®</sup> INVESCO GROWTH<br>AND INCOME PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** |
|  |  | **Mutual Funds: 2.7%** | **Mutual Funds: 2.7%** | **Mutual Funds: 2.7%** |
| 10657087 | (2) | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030%<br> (Cost $10,657,087) | $**10657087** | **2.7** |
|  |  | Total Short-Term Investments<br> (Cost $10,657,087) | **10657087** | **2.7** |
|  |  | **Total Investments in Securities<br> (Cost $335,174,856)** | $**398161735** | **99.9** |
|  |  | **Assets in Excess of Other Liabilities** | **410315** | **0.1** |
|  |  | **Net Assets** | $**398572050** | **100.0** |

---

(1) Non-income producing security.

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

**Fair Value Measurementsˆ**

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 |  |  |  |  |
| &nbsp;&nbsp;Communication Services | $23672413 | $— | $— | $23672413 |
| &nbsp;&nbsp;Consumer Discretionary | 30484944 |  |  | 30484944 |
| &nbsp;&nbsp;Consumer Staples | 13779836 | 5251338 |  | 19031174 |
| &nbsp;&nbsp;Energy | 45267383 |  |  | 45267383 |
| &nbsp;&nbsp;Financials | 81483703 |  |  | 81483703 |
| &nbsp;&nbsp;Health Care | 66205929 | 10276112 |  | 76482041 |
| &nbsp;&nbsp;Industrials | 44321633 |  |  | 44321633 |
| &nbsp;&nbsp;Information Technology | 44502436 |  |  | 44502436 |
| &nbsp;&nbsp;Materials | 7120994 |  |  | 7120994 |
| &nbsp;&nbsp;Real Estate | 9281222 |  |  | 9281222 |
| &nbsp;&nbsp;Utilities | 5856705 |  |  | 5856705 |
| Total Common Stock | 371977198 | 15527450 |  | 387504648 |
| Short-Term Investments | 10657087 |  |  | 10657087 |
| Total Investments, at fair value | $382634285 | $15527450 | $— | $398161735 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 167548 |  | 167548 |
| Total Assets | $382634285 | $15694998 | $— | $398329283 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(29202) | $— | $(29202) |
| Total Liabilities | $— | $(29202) | $— | $(29202) |

---

---

| |
|:---|
| See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
| The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

See Accompanying Notes to Financial Statements<br>

56<br>

------

<u>VY<sup>®</sup> INVESCO GROWTH<br>AND INCOME PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

At December 31, 2022, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> Invesco Growth and Income Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Sold | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation<br> (Depreciation) |
| USD 112,876 | GBP 93,723 | State Street Bank and Trust Co. | 01/13/23 | $(463) |
| USD 138,976 | EUR 130,928 | State Street Bank and Trust Co. | 01/13/23 | (1278) |
| USD 72,646 | EUR 68,335 | State Street Bank and Trust Co. | 01/13/23 | (557) |
| EUR 79,246 | USD 84,226 | State Street Bank and Trust Co. | 01/13/23 | 665 |
| GBP 73,206 | USD 88,974 | State Street Bank and Trust Co. | 01/13/23 | (445) |
| GBP 71,280 | USD 86,852 | State Street Bank and Trust Co. | 01/13/23 | (654) |
| USD 5,449,000 | EUR 5,110,781 | The Bank of New York Mellon | 01/13/23 | (25805) |
| USD 6,452,921 | GBP 5,198,070 | The Bank of New York Mellon | 01/13/23 | 166883 |
|  |  |  |  | $138346 |

---

Currency Abbreviations

EUR — EU Euro <br> GBP — British Pound <br> USD — United States Dollar

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as<br> hedging instruments** | **Location on Statement<br> of Assets and Liabilities** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $167548 |
| **Total Asset Derivatives** |  | $167548 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $29202 |
| **Total Liability Derivatives** |  | $29202 |

---

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on<br> Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging instruments** | **Forward foreign**<br> **currency contracts** |
| Foreign exchange contracts | $992798 |
| **Total** | $992798 |
|  | **Change in Unrealized Appreciation or (Depreciation)<br> on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging instruments** | **Forward foreign**<br> **currency contracts** |
| Foreign exchange contracts | $370427 |
| **Total** | $370427 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | State Street<br> Bank and Trust Co. | The Bank of<br> New York Mellon | Totals |
| **Assets:** |  |  |  |
| Forward foreign currency contracts | $665 | $166883 | $167548 |
| **Total Assets** | $665 | $166883 | $167548 |
| **Liabilities:** |  |  |  |
| Forward foreign currency contracts | $3397 | $25805 | $29202 |
| **Total Liabilities** | $3397 | $25805 | $29202 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(2732) | $141078 | 138346 |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(2732) | $141078 | $138346 |

---

See Accompanying Notes to Financial Statements<br>

57<br>

------

<u>VY<sup>®</sup> INVESCO GROWTH<br>AND INCOME PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

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 $337,033,847.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;Gross Unrealized Appreciation | $85547670 |
| &nbsp;&nbsp;Gross Unrealized Depreciation | (24280347) |
| &nbsp;&nbsp;Net Unrealized Appreciation | $61267323 |

---

See Accompanying Notes to Financial Statements<br>

58<br>

------

<u>VY<sup>®</sup> JPMORGAN EMERGING<br> MARKETS EQUITY PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  |  | Value | Percentage<br> of Net<br> Assets |
| **COMMON STOCK: 99.9%** | **COMMON STOCK: 99.9%** | **COMMON STOCK: 99.9%** | **COMMON STOCK: 99.9%** | **COMMON STOCK: 99.9%** |
|  |  | **Argentina: 3.0%** | **Argentina: 3.0%** | **Argentina: 3.0%** |
| 9066 | (1) | Globant SA | $1524538 | 0.5 |
| 9249 | (1) | MercadoLibre, Inc. | 7826874 | 2.5 |
|  |  |  | **9351412** | **3.0** |
|  |  | **Brazil: 2.9%** | **Brazil: 2.9%** | **Brazil: 2.9%** |
| 261396 |  | B3 SA — Brasil Bolsa Balcao | 654016 | 0.2 |
| 701813 | (1),(2) | NU Holdings Ltd./Cayman Islands | 2856379 | 1 |
| 624109 |  | Raia Drogasil SA | 2803895 | 0.9 |
| 165018 | (1) | XP, Inc. | 2531376 | 0.8 |
|  |  |  | **8845666** | **2.9** |
|  |  | **China: 27.5%** | **China: 27.5%** | **China: 27.5%** |
| 549400 |  | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. — A Shares | 2639602 | 0.9 |
| 1251500 | (3) | Budweiser Brewing Co. APAC Ltd. | 3912184 | 1.3 |
| 138289 | (1),(2) | Dada Nexus Ltd. ADR | 963875 | 0.3 |
| 381455 |  | Foshan Haitian Flavouring & Food Co. Ltd. — A Shares | 4357798 | 1.4 |
| 394769 |  | Fuyao Glass Industry Group Co. Ltd. — A Shares | 1987761 | 0.6 |
| 31802 |  | JD.com, Inc. ADR | 1785046 | 0.6 |
| 287264 |  | JD.com, Inc.—Class A | 8019446 | 2.6 |
| 595687 |  | Jiangsu Hengli Hydraulic Co. Ltd. — A Shares | 5401571 | 1.8 |
| 1275000 | (1) | Kingdee International Software Group Co., Ltd. | 2705673 | 0.9 |
| 170577 | (1),(3) | Meituan Class B | 3779276 | 1.2 |
| 112100 |  | Midea Group Co. Ltd. — A Shares | 831927 | 0.3 |
| 231565 |  | NetEase, Inc. | 3358622 | 1.1 |
| 181800 |  | Pharmaron Beijing Co. Ltd. — A Shares | 1774971 | 0.6 |
| 66821 |  | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. — A Shares | 3030184 | 1 |
| 344000 |  | Shenzhou International Group Holdings Ltd. | 3836239 | 1.2 |
| 287000 |  | Silergy Corp. | 4053851 | 1.3 |
| 308200 |  | Tencent Holdings Ltd. | 13067792 | 4.2 |
| 327794 |  | Wanhua Chemical Group Co. Ltd. — A Shares | 4358224 | 1.4 |
| 168000 |  | Wuliangye Yibin Co. Ltd. — A Shares | 4349361 | 1.4 |
| 218000 |  | WuXi AppTec Co. Ltd. — A Shares | 2527160 | 0.8 |
| 561500 | (1),(3) | Wuxi Biologics Cayman, Inc. | 4252751 | 1.4 |
| 69723 |  | Yum China Holdings, Inc. | 3810362 | 1.2 |
|  |  |  | **84803676** | **27.5** |
|  |  | **Germany: 0.7%** | **Germany: 0.7%** | **Germany: 0.7%** |
| 47284 | (1),(3) | Delivery Hero SE | **2269140** | **0.7** |
|  |  | **Hong Kong: 5.3%** | **Hong Kong: 5.3%** | **Hong Kong: 5.3%** |
| 836400 |  | AIA Group Ltd. | 9236693 | 3 |
| 50400 |  | Hong Kong Exchanges and Clearing Ltd. | 2165701 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  |  | Value | Percentage<br> of Net<br> Assets |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Hong Kong: (continued)** | **Hong Kong: (continued)** | **Hong Kong: (continued)** |
| 447500 |  | Techtronic Industries Co., Ltd. | 4970313 | 1.6 |
|  |  |  | **16372707** | **5.3** |
|  |  | **India: 23.3%** | **India: 23.3%** | **India: 23.3%** |
| 55225 |  | Apollo Hospitals Enterprise Ltd. | 2984256 | 1 |
| 57644 |  | Asian Paints Ltd. | 2142983 | 0.7 |
| 47294 |  | Britannia Industries Ltd. | 2460138 | 0.8 |
| 241970 |  | HDFC Bank Ltd. ADR | 16553168 | 5.4 |
| 792726 | (3) | HDFC Life Insurance Co., Ltd. | 5415021 | 1.8 |
| 128605 |  | Hindustan Unilever Ltd. | 3973052 | 1.3 |
| 340741 |  | Housing Development Finance Corp. | 10832485 | 3.5 |
| 241453 |  | Infosys Ltd. ADR | 4348568 | 1.4 |
| 109510 |  | Infosys Ltd. | 1996510 | 0.6 |
| 503612 |  | ITC Ltd. | 2015834 | 0.6 |
| 273845 |  | Kotak Mahindra Bank Ltd. | 6024947 | 1.9 |
| 206688 |  | Reliance Industries Ltd. | 6345448 | 2.1 |
| 172954 |  | Tata Consultancy Services Ltd. | 6801783 | 2.2 |
|  |  |  | **71894193** | **23.3** |
|  |  | **Indonesia: 4.1%** | **Indonesia: 4.1%** | **Indonesia: 4.1%** |
| 11170300 |  | Bank Central Asia Tbk PT | 6125103 | 2 |
| 20326551 |  | Bank Rakyat Indonesia | 6444538 | 2.1 |
|  |  |  | **12569641** | **4.1** |
|  |  | **Macau: 0.7%** | **Macau: 0.7%** | **Macau: 0.7%** |
| 671600 | (1) | Sands China Ltd. | **2203001** | **0.7** |
|  |  | **Mexico: 3.2%** | **Mexico: 3.2%** | **Mexico: 3.2%** |
| 555576 |  | Grupo Financiero Banorte | 3998357 | 1.3 |
| 1683310 |  | Wal-Mart de Mexico SAB de CV | 5950088 | 1.9 |
|  |  |  | **9948445** | **3.2** |
|  |  | **Panama: 1.0%** | **Panama: 1.0%** | **Panama: 1.0%** |
| 37638 | (1) | Copa Holdings S.A. — Class A | **3130352** | **1.0** |
|  |  | **Portugal: 1.3%** | **Portugal: 1.3%** | **Portugal: 1.3%** |
| 179303 |  | Jeronimo Martins SGPS SA | **3879296** | **1.3** |
|  |  | **South Africa: 3.1%** | **South Africa: 3.1%** | **South Africa: 3.1%** |
| 193340 |  | Bid Corp. Ltd. | 3753296 | 1.2 |
| 30135 |  | Capitec Bank Holdings Ltd. | 3280398 | 1.1 |
| 725445 |  | FirstRand Ltd. | 2635606 | 0.8 |
|  |  |  | **9669300** | **3.1** |
|  |  | **South Korea: 7.7%** | **South Korea: 7.7%** | **South Korea: 7.7%** |
| 8261 |  | LG Chem Ltd. | 3944869 | 1.3 |
| 4811 |  | NCSoft Corp. | 1718604 | 0.6 |
| 411758 |  | Samsung Electronics Co., Ltd. 005930 | 18073394 | 5.8 |
|  |  |  | **23736867** | **7.7** |

---

See Accompanying Notes to Financial Statements<br>

59<br>

------

<u>VY<sup>®</sup> JPMORGAN EMERGING<br> MARKETS EQUITY PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  |  | Value | Percentage<br> of Net<br> Assets |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Taiwan: 11.1%** | **Taiwan: 11.1%** | **Taiwan: 11.1%** |
| 609315 |  | Chailease Holding Co. Ltd. | $4292739 | 1.4 |
| 417000 |  | Delta Electronics, Inc. | 3865586 | 1.2 |
| 176000 |  | Realtek Semiconductor Corp. | 1600543 | 0.5 |
| 950223 |  | Taiwan Semiconductor Manufacturing Co., Ltd. | 13800529 | 4.5 |
| 145021 |  | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 10802614 | 3.5 |
|  |  |  | **34362011** | **11.1** |
|  |  | **United Kingdom: 1.3%** | **United Kingdom: 1.3%** | **United Kingdom: 1.3%** |
| 298766 |  | Prudential PLC | **4073783** | **1.3** |
|  |  | **United States: 3.7%** | **United States: 3.7%** | **United States: 3.7%** |
| 18813 | (1) | EPAM Systems, Inc. | 6165773 | 2.0 |
| 13954 |  | Estee Lauder Cos., Inc. | 3462127 | 1.1 |
| 1556169 | (3) | JS Global Lifestyle Co. Ltd. | 1733211 | 0.6 |
|  |  |  | **11361111** | **3.7** |
|  |  | Total Common Stock<br> (Cost $278,296,609) | **308470601** | **99.9** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount† |  |  | Value | Percentage<br> of Net<br> Assets |
| **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** |
|  |  | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** |
| 399649 | (4) | National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $399,839, collateralized by various U.S. Government Securities, 0.000%–4.435%, Market Value plus accrued interest $407,642, due 01/03/23–09/09/49)<br> (Cost $399,649) | **399649** | **0.1** |
| Shares |  |  | Value | Percentage<br> of Net<br> Assets |
|  |  | **Mutual Funds: 0.7%** | **Mutual Funds: 0.7%** | **Mutual Funds: 0.7%** |
| 2199344 | (5) | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030%<br> (Cost $2,199,344) | **2199344** | **0.7** |
|  |  | Total Short-Term Investments<br> (Cost $2,598,993) | **2598993** | **0.8** |
|  |  | **Total Investments in Securities<br> (Cost $280,895,602)** | $**311069594** | **100.7** |
|  |  | **Liabilities in Excess of Other Assets** | **(2146682)** | **(0.7)** |
|  |  | **Net Assets** | $**308922912** | **100.0** |

---

---

| | |
|:---|:---|
| † | Unless otherwise indicated, principal amount is shown in USD. |
| ADR | American Depositary Receipt |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (4) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (5) | Rate shown is the 7-day yield as of December 31, 2022. |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage<br> of Net Assets** |
| Financials | 28.2% |
| Information Technology | 24.5 |
| Consumer Staples | 13.3 |
| Consumer Discretionary | 12.6 |
| Communication Services | 5.9 |
| Health Care | 4.7 |
| Industrials | 4.4 |
| Materials | 4.2 |
| Energy | 2.1 |
| Short-Term Investments | 0.8 |
| Liabilities in Excess of Other Assets | (0.7) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements<br>

60<br>

------

<u>VY<sup>®</sup> JPMORGAN EMERGING<br> MARKETS EQUITY PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

**Fair Value Measurementsˆ**

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) | Fair Value<br> at<br> December 31, 2022 |
| **Asset Table** |  |  |  |
| **Investments, at fair value** |  |  |  |
| Common Stock |  |  |  |
| &nbsp;&nbsp;Argentina | $9351412 | $— | $9351412 |
| &nbsp;&nbsp;Brazil | 8845666 |  | 8845666 |
| &nbsp;&nbsp;China | 6559283 | 78244393 | 84803676 |
| &nbsp;&nbsp;Germany |  | 2269140 | 2269140 |
| &nbsp;&nbsp;Hong Kong |  | 16372707 | 16372707 |
| &nbsp;&nbsp;India | 20901736 | 50992457 | 71894193 |
| &nbsp;&nbsp;Indonesia |  | 12569641 | 12569641 |
| &nbsp;&nbsp;Macau |  | 2203001 | 2203001 |
| &nbsp;&nbsp;Mexico | 9948445 |  | 9948445 |
| &nbsp;&nbsp;Panama | 3130352 |  | 3130352 |
| &nbsp;&nbsp;Portugal |  | 3879296 | 3879296 |
| &nbsp;&nbsp;South Africa | 3753296 | 5916004 | 9669300 |
| &nbsp;&nbsp;South Korea |  | 23736867 | 23736867 |
| &nbsp;&nbsp;Taiwan | 10802614 | 23559397 | 34362011 |
| &nbsp;&nbsp;United Kingdom |  | 4073783 | 4073783 |
| &nbsp;&nbsp;United States | 9627900 | 1733211 | 11361111 |
| Total Common Stock | 82920704 | 225549897 | 308470601 |
| Short-Term Investments | 2199344 | 399649 | 2598993 |
| Total Investments, at fair value | $85120048 | $225949546 | $311069594 |

---

---

| | |
|:---|:---|
| ˆ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

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: <br>

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $285,109,714. | Cost for federal income tax purposes was $285,109,714. |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;Gross Unrealized Appreciation | $70619168 |
| &nbsp;&nbsp;Gross Unrealized Depreciation | (44536244) |
| &nbsp;&nbsp;Net Unrealized Appreciation | $26082924 |

---

See Accompanying Notes to Financial Statements<br>

61<br>

------

<u>VY<sup>®</sup> MORGAN STANLEY GLOBAL <br>FRANCHISE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022</u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** |
|  | **France: 6.8%** | **France: 6.8%** | **France: 6.8%** |
| 17302 | L'Oreal S.A. | $6195785 | 1.9 |
| 10952 | LVMH Moet Hennessy Louis Vuitton SE | 7969667 | 2.5 |
| 38425 | Pernod Ricard SA | 7559041 | 2.4 |
|  |  | **21724493** | **6.8** |
|  | **Germany: 5.1%** | **Germany: 5.1%** | **Germany: 5.1%** |
| 158684 | SAP SE | **16382593** | **5.1** |
|  | **Italy: 0.4%** | **Italy: 0.4%** | **Italy: 0.4%** |
| 122328 | Davide Campari-Milano NV | **1241907** | **0.4** |
|  | **Netherlands: 2.3%** | **Netherlands: 2.3%** | **Netherlands: 2.3%** |
| 76322 | Heineken NV | **7188916** | **2.3** |
|  | **United Kingdom: 10.5%** | **United Kingdom: 10.5%** | **United Kingdom: 10.5%** |
| 143159 | Experian PLC | 4848581 | 1.5 |
| 267173 | Reckitt Benckiser Group PLC | 18519553 | 5.8 |
| 74619 | Relx PLC (EUR Exchange) | 2067019 | 0.7 |
| 287052 | Relx PLC (GBP Exchange) | 7936462 | 2.5 |
|  |  | **33371615** | **10.5** |
|  | **United States: 73.4%** | **United States: 73.4%** | **United States: 73.4%** |
| 114167 | Abbott Laboratories | 12534395 | 3.9 |
| 54743 | Accenture PLC | 14607622 | 4.6 |
| 35373 | Automatic Data Processing, Inc. | 8449195 | 2.6 |
| 187958 | Baxter International, Inc. | 9580219 | 3 |
| 44745 | Becton Dickinson & Co. | 11378654 | 3.6 |
| 30514 | Broadridge Financial Solutions, Inc. ADR | 4092843 | 1.3 |
| 95408 | Coca-Cola Co. | 6068903 | 1.9 |
| 64493 | Danaher Corp. | 17117732 | 5.4 |
| 31829 | Equifax, Inc. | 6186284 | 1.9 |
| 17886 | Estee Lauder Cos., Inc. | 4437695 | 1.4 |
| 18235 | Fidelity National Information Services, Inc. | 1237245 | 0.4 |
| 123624 | Intercontinental Exchange, Inc. | 12682586 | 4 |
| 117982 | Microsoft Corp. | 28294443 | 8.9 |
| 14292 | Moody's Corp. | 3982037 | 1.2 |
| 40545 | Nike, Inc. — Class B | 4744170 | 1.5 |
| 66686 | Otis Worldwide Corp. | 5222181 | 1.6 |
| 240177 | Philip Morris International, Inc. | 24308314 | 7.6 |
| 62706 | Procter & Gamble Co. | 9503721 | 3 |
| 18400 | Roper Technologies, Inc. | 7950456 | 2.5 |
| 18916 | STERIS Public Ltd. Co. | 3493596 | 1.1 |
| 26998 | Thermo Fisher Scientific, Inc. | 14867529 | 4.7 |
| 96254 | Visa, Inc. — Class A | 19997731 | 6.3 |
| 21634 | Zoetis, Inc. | 3170463 | 1 |
|  |  | **233908014** | **73.4** |
|  | Total Common Stock<br> (Cost $243,886,945) | **313817538** | **98.5** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  |  | Value | Percentage<br> of Net<br> Assets |
| **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** |
|  |  | **Mutual Funds: 1.6%** | **Mutual Funds: 1.6%** | **Mutual Funds: 1.6%** |
| 5076025 | (1) | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030%<br> (Cost $5,076,025) | $**5076025** | **1.6** |
|  |  | Total Short-Term Investments<br> (Cost $5,076,025) | **5076025** | **1.6** |
|  |  | **Total Investments in Securities<br> (Cost $248,962,970)** | $**318893563** | **100.1** |
|  |  | **Liabilities in Excess of Other Assets** | **(209156)** | **(0.1)** |
|  |  | **Net Assets** | $**318684407** | **100.0** |

---

ADR American Depositary Receipt <br> (1) Rate shown is the 7-day yield as of December 31, 2022.

---

| | |
|:---|:---|
| Sector Diversification | Percentage<br> of Net Assets |
| Information Technology | 31.7% |
| Consumer Staples | 26.7 |
| Health Care | 22.6 |
| Industrials | 8.3 |
| Financials | 5.2 |
| Consumer Discretionary | 4.0 |
| Short-Term Investments | 1.6 |
| Liabilities in Excess of Other Assets | (0.1) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements<br>

62<br>

------

<u>VY<sup>®</sup> MORGAN STANLEY GLOBAL <br>FRANCHISE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

**Fair Value Measurementsˆ**

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 |  |  |  |  |
| &nbsp;&nbsp;France | $— | $21724493 | $— | $21724493 |
| &nbsp;&nbsp;Germany |  | 16382593 |  | 16382593 |
| &nbsp;&nbsp;Italy |  | 1241907 |  | 1241907 |
| &nbsp;&nbsp;Netherlands |  | 7188916 |  | 7188916 |
| &nbsp;&nbsp;United Kingdom |  | 33371615 |  | 33371615 |
| &nbsp;&nbsp;United States | 233908014 |  |  | 233908014 |
| Total Common Stock | 233908014 | 79909524 |  | 313817538 |
| Short-Term Investments | 5076025 |  |  | 5076025 |
| Total Investments, at fair value | $238984039 | $79909524 | $— | $318893563 |

---

---

| | |
|:---|:---|
| ˆ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

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 $250,133,825. | Cost for federal income tax purposes was $250,133,825. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $84305279 |
| Gross Unrealized Depreciation | (15369753) |
| Net Unrealized Appreciation | $68935526 |

---

See Accompanying Notes to Financial Statements<br>

63<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 61.7%** | **COMMON STOCK: 61.7%** | **COMMON STOCK: 61.7%** |  |  |
|  |  | **Communication Services: 1.9%** | **Communication Services: 1.9%** | **Communication Services: 1.9%** |
| 1196160 | (1),(2) | Alphabet, Inc. — Class A | $105537197 | 1.4 |
| 33680 |  | Madison Square Garden Sports Corp. | 6174554 | 0.1 |
| 233095 | (2) | Meta Platforms, Inc. | 28050652 | 0.4 |
|  |  |  | **139762403** | **1.9** |
|  |  | **Consumer Discretionary: 5.0%** | **Consumer Discretionary: 5.0%** | **Consumer Discretionary: 5.0%** |
| 1821324 | (1),(2) | Amazon.com, Inc. | 152991216 | 2.1 |
| 258400 |  | Hilton Worldwide Holdings, Inc. | 32651424 | 0.4 |
| 123009 | (2),(3) | Mobileye Global, Inc. | 4312696 | 0.1 |
| 384000 | (1) | Starbucks Corp. | 38092800 | 0.5 |
| 1126719 |  | Yum! Brands, Inc. | 144310169 | 1.9 |
|  |  |  | **372358305** | **5.0** |
|  |  | **Consumer Staples: 0.3%** | **Consumer Staples: 0.3%** |  |
| 694127 |  | Keurig Dr Pepper, Inc. | **24752569** | **0.3** |
|  |  | **Energy: 1.6%** | **Energy: 1.6%** |  |
| 161182 |  | ConocoPhillips | 19019476 | 0.3 |
| 525805 |  | EOG Resources, Inc. | 68102264 | 0.9 |
| 143900 |  | Pioneer Natural Resources Co. | 32865321 | 0.4 |
|  |  |  | **119987061** | **1.6** |
|  |  | **Financials: 6.8%** | **Financials: 6.8%** |  |
| 1344694 |  | Intercontinental Exchange, Inc. | 137952158 | 1.9 |
| 1322354 |  | KKR & Co., Inc. | 61383673 | 0.8 |
| 331705 |  | Marsh & McLennan Cos., Inc. | 54890543 | 0.8 |
| 21032 |  | MSCI, Inc. — Class A | 9783455 | 0.1 |
| 1344832 |  | PNC Financial Services Group, Inc. | 212402766 | 2.9 |
| 71593 |  | S&P Global, Inc. | 23979359 | 0.3 |
|  |  |  | **500391954** | **6.8** |
|  |  | **Health Care: 14.6%** | **Health Care: 14.6%** | **Health Care: 14.6%** |
| 335684 |  | AbbVie, Inc. | 54249891 | 0.7 |
| 1128638 |  | Alcon, Inc. | 77445974 | 1.1 |
| 4153152 | (2) | Avantor, Inc. | 87589976 | 1.2 |
| 727800 |  | Baxter International, Inc. | 37095966 | 0.5 |
| 367536 |  | Becton Dickinson & Co. | 93464405 | 1.3 |
| 454496 | (2) | Catalent, Inc. | 20456865 | 0.3 |
| 438362 |  | Danaher Corp. | 116350042 | 1.6 |
| 125200 |  | Eli Lilly & Co. | 45803168 | 0.6 |
| 166016 | (2) | GE HealthCare Technologies, Inc. | 9692014 | 0.1 |
| 950034 |  | PerkinElmer, Inc. | 133213767 | 1.8 |
| 131964 |  | Stryker Corp. | 32263878 | 0.4 |
| 330654 |  | Teleflex, Inc. | 82541158 | 1.1 |
| 250637 |  | Thermo Fisher Scientific, Inc. | 138023290 | 1.9 |
| 273887 |  | UnitedHealth Group, Inc. | 145209410 | 2.0 |
|  |  |  | **1073399804** | **14.6** |
|  |  | **Industrials: 9.2%** | **Industrials: 9.2%** | **Industrials: 9.2%** |
| 5655527 | (2),(3) | Aurora Innovation, Inc. | 6843188 | 0.1 |
| 502974 |  | Equifax, Inc. | 97758027 | 1.3 |
| 2214562 |  | Fortive Corp. | 142285608 | 1.9 |
| 1483616 |  | General Electric Co. | 124312185 | 1.7 |
| 2204511 |  | Ingersoll Rand, Inc. | 115185700 | 1.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  |  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1639475 |  | TransUnion | $| 93040206 | 1.3 |
| 718824 |  | Waste Connections, Inc. |  | 95287309 | 1.3 |
|  |  |  |  | **674712223** | **9.2** |
|  |  | **Information Technology: 18.1%** | **Information Technology: 18.1%** | **Information Technology: 18.1%** | **Information Technology: 18.1%** |
| 1375413 |  | Apple, Inc. |  | 178707411 | 2.4 |
| 620674 | (2) | Black Knight, Inc. |  | 38326619 | 0.5 |
| 155800 |  | Mastercard, Inc. — Class A |  | 54176334 | 0.8 |
| 1605811 |  | Microsoft Corp. |  | 385105594 | 5.2 |
| 305000 |  | Nvidia Corp. |  | 44572700 | 0.6 |
| 834255 |  | NXP Semiconductor NV — NXPI — US |  | 131837318 | 1.8 |
| 208988 |  | Roper Technologies, Inc. |  | 90301625 | 1.2 |
| 486393 | (2) | Salesforce, Inc. |  | 64490848 | 0.9 |
| 927433 |  | TE Connectivity Ltd. |  | 106469308 | 1.5 |
| 214328 | (2) | Teledyne Technologies, Inc. |  | 85711910 | 1.2 |
| 633389 |  | Texas Instruments, Inc. |  | 104648531 | 1.4 |
| 224268 |  | Visa, Inc. — Class A |  | 46593920 | 0.6 |
|  |  |  |  | **1330942118** | **18.1** |
|  |  | **Materials: 1.0%** | **Materials: 1.0%** | **Materials: 1.0%** |  |
| 220267 |  | Linde PLC |  | **71846690** | **1.0** |
|  |  | **Utilities: 3.2%**  | **Utilities: 3.2%**  | **Utilities: 3.2%**  |  |
| 1216218 |  | Ameren Corp. |  | 108146105 | 1.4 |
| 982287 |  | Exelon Corp. |  | 42464267 | 0.6 |
| 462600 |  | Public Service Enterprise Group, Inc. |  | 28343502 | 0.4 |
| 846300 |  | Xcel Energy, Inc. |  | 59334093 | 0.8 |
|  |  |  |  | **238287967** | **3.2** |
|  |  | Total Common Stock<br> (Cost $4,730,123,124) |  | **4546441094** | **61.7** |
| **PREFERRED STOCK: 0.7%** | **PREFERRED STOCK: 0.7%** | **PREFERRED STOCK: 0.7%** |  |  |  |
|  |  | **Consumer Discretionary: 0.3%** | **Consumer Discretionary: 0.3%** | **Consumer Discretionary: 0.3%** |  |
| 413251 | (4),(5) | Waymo LLC., Series A-2 |  | **19497182** | **0.3** |
|  |  | **Financials: 0.0%** | **Financials: 0.0%** | **Financials: 0.0%** |  |
| 23000 | (3),(6) | Charles Schwab Corp. — Series D |  | **542570** | **0.0** |
|  |  | **Utilities: 0.4%** | **Utilities: 0.4%** | **Utilities: 0.4%** |  |
| 534728 | (6) | CMS Energy Corp.<br> (03/01/2079) |  | 11977907 | 0.2 |
| 434307 | (6) | CMS Energy Corp.<br> (10/15/2078) |  | 9632929 | 0.1 |
| 105984 | (6),(7) | NiSource, Inc. — Series B |  | 2574352 | 0 |
| 330621 | (6),(7) | SCE Trust IV |  | 5984240 | 0.1 |
|  |  |  |  | **30169428** | **0.4** |
|  |  | Total Preferred Stock<br> (Cost $71,200,706) |  | **50209180** | **0.7** |
| **Principal<br> Amount†** |  |  | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: 8.4%** | **CORPORATE BONDS/NOTES: 8.4%** | **CORPORATE BONDS/NOTES: 8.4%** | **CORPORATE BONDS/NOTES: 8.4%** | **CORPORATE BONDS/NOTES: 8.4%** |  |
|  |  | **Communications: 1.3%** | **Communications: 1.3%** | **Communications: 1.3%** | **Communications: 1.3%** |
| 9330000 | (8) | Altice France Holding SA, 10.500%, 05/15/2027 |  | 7134185 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount† |  |  | Value | Value | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  |  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |  |
| 45000 | (8) | Arches Buyer, Inc., 4.250%, 06/01/2028 | $| 35255 |  | 0.0 |
| 45653000 | (3),(8) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 |  | 41553132 |  | 0.6 |
| 44545000 | (8) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 |  | 41617057 |  | 0.6 |
| 2125000 | (8) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 |  | 2060677 |  | 0.0 |
| 600000 |  | Lamar Media Corp., 3.625%, 01/15/2031 |  | 496817 |  | 0.0 |
| 3610000 | (3) | Lamar Media Corp., 3.750%, 02/15/2028 |  | 3237038 |  | 0.0 |
| 2618000 | (8) | Sirius XM Radio, Inc., 5.000%, 08/01/2027 |  | 2425737 |  | 0.0 |
|  |  |  |  | **98559898** |  | **1.3** |
|  |  | **Consumer, Cyclical: 3.4%** | **Consumer, Cyclical: 3.4%** | **Consumer, Cyclical: 3.4%** |  |  |
| 14517000 | (3) | Cedar Fair L.P., 5.250%, 07/15/2029 |  | 13060279 |  | 0.2 |
| 18346000 | (3) | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 04/15/2027 |  | 17548866 |  | 0.2 |
| 8217000 | (8) | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.500%, 05/01/2025 |  | 8141705 |  | 0.1 |
| 11860000 |  | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.500%, 10/01/2028 |  | 11489612 |  | 0.2 |
| 2719000 | (8) | Clarios Global L.P., 6.750%, 05/15/2025 |  | 2729255 |  | 0.0 |
| 3708000 | (3),(8) | Clarios Global L.P. / Clarios US Finance Co., 6.250%, 05/15/2026 |  | 3629992 |  | 0.0 |
| 11970000 | (3),(8) | Clarios Global L.P. / Clarios US Finance Co., 8.500%, 05/15/2027 |  | 11713321 |  | 0.2 |
| 7010000 | (8) | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 |  | 6599982 |  | 0.1 |
| 5778000 | (8) | Hilton Domestic Operating Co., Inc., 3.625%,<br> 02/15/2032 |  | 4637307 |  | 0.1 |
| 3305000 | (8) | Hilton Domestic Operating Co., Inc., 3.750%,<br> 05/01/2029 |  | 2863254 |  | 0.0 |
| 4348000 | (8) | Hilton Domestic Operating Co., Inc., 4.000%,<br> 05/01/2031 |  | 3646624 |  | 0.1 |
| 4471000 | (3) | Hilton Domestic Operating Co., Inc., 4.875%,<br> 01/15/2030 |  | 4059176 |  | 0.1 |
| 1751000 | (8) | Hilton Domestic Operating Co., Inc., 5.375%,<br> 05/01/2025 |  | 1737527 |  | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 1266000 | (8) | Hilton Domestic Operating Co., Inc., 5.750%,<br> 05/01/2028 | $1230254 | 0.0 |
| 2270000 | (3) | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 04/01/2027 | 2164554 | 0.0 |
| 25531000 | (8) | KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 06/01/2027 | 24553673 | 0.3 |
| 9459000 | (8) | Life Time, Inc., 5.750%, 01/15/2026 | 8813423 | 0.1 |
| 595000 | (8) | Live Nation Entertainment, Inc., 4.875%, 11/01/2024 | 577028 | 0.0 |
| 1203000 | (8) | Mattel, Inc., 3.375%, 04/01/2026 | 1107608 | 0.0 |
| 2566000 | (8) | Mattel, Inc., 3.750%, 04/01/2029 | 2257490 | 0.0 |
| 924000 | (8) | Mattel, Inc., 5.875%, 12/15/2027 | 907941 | 0.0 |
| 6795000 | (8) | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027 | 6770551 | 0.1 |
| 34751000 | (8) | Six Flags Entertainment Corp., 4.875%,<br> 07/31/2024 | 33512996 | 0.5 |
| 21402000 | (3),(8) | Six Flags Entertainment Corp., 5.500%,<br> 04/15/2027 | 19308884 | 0.3 |
| 5559000 | (3),(8) | Six Flags Theme Parks, Inc., 7.000%, 07/01/2025 | 5605929 | 0.1 |
| 2073784 |  | United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025 | 2009767 | 0.0 |
| 1077926 |  | US Airways 2010-1 Class A Pass Through Trust, 6.250%, 10/22/2024 | 1077388 | 0.0 |
| 276939 |  | US Airways 2012-2 Class A Pass Through Trust, 4.625%, 12/03/2026 | 252658 | 0.0 |
| 1515683 |  | US Airways 2013-1 Class A Pass Through Trust, 3.950%, 05/15/2027 | 1378888 | 0.0 |
| 1693000 | (8) | Vail Resorts, Inc., 6.250%, 05/15/2025 | 1695913 | 0.0 |
| 4961000 |  | Yum! Brands, Inc., 3.625%, 03/15/2031 | 4170266 | 0.1 |
| 10952000 |  | Yum! Brands, Inc., 4.625%, 01/31/2032 | 9701849 | 0.1 |
| 4153000 | (8) | Yum! Brands, Inc., 4.750%, 01/15/2030 | 3817355 | 0.1 |
| 14802000 |  | Yum! Brands, Inc., 5.350%, 11/01/2043 | 12269526 | 0.2 |
| 8784000 | (3) | Yum! Brands, Inc., 5.375%, 04/01/2032 | 8148038 | 0.1 |
| 6411000 |  | Yum! Brands, Inc., 6.875%, 11/15/2037 | 6520756 | 0.1 |
|  |  |  | **249709635** | **3.4** |

---

See Accompanying Notes to Financial Statements

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  |  | **Consumer, Non-cyclical: 0.9%** | **Consumer, Non-cyclical: 0.9%** |  |  |
| 6484000 | (3),(8) | Avantor Funding, Inc., 3.875%, 11/01/2029 | $5453206 |  | 0.1 |
| 13457000 | (3),(8) | Avantor Funding, Inc., 4.625%, 07/15/2028 | 12255559 |  | 0.2 |
| 3679000 | (8) | Charles River Laboratories International, Inc., 3.750%, 03/15/2029 | 3259024 |  | 0.1 |
| 2300000 | (8) | Charles River Laboratories International, Inc., 4.000%, 03/15/2031 | 1992823 |  | 0.0 |
| 1046000 | (8) | Charles River Laboratories International, Inc., 4.250%, 05/01/2028 | 965186 |  | 0.0 |
| 4423000 | (8) | Gartner, Inc., 3.625%, 06/15/2029 | 3891908 |  | 0.1 |
| 1714000 | (3),(8) | Gartner, Inc., 3.750%, 10/01/2030 | 1480043 |  | 0.0 |
| 770000 | (8) | Gartner, Inc., 4.500%, 07/01/2028 | 719257 |  | 0.0 |
| 11184000 | (8) | Hadrian Merger Sub, Inc., 8.500%, 05/01/2026 | 9900133 |  | 0.1 |
| 2749000 | (8) | Hologic, Inc., 3.250%, 02/15/2029 | 2365037 |  | 0.0 |
| 2355000 | (8) | IQVIA, Inc., 5.000%, 05/15/2027 | 2250203 |  | 0.0 |
| 2345000 | (8) | Korn Ferry, 4.625%, 12/15/2027 | 2163802 |  | 0.0 |
| 1263000 | (8) | PRA Health Sciences, Inc., 2.875%, 07/15/2026 | 1144623 |  | 0.0 |
| 4105000 |  | Service Corp. International/US, 3.375%, 08/15/2030 | 3343674 |  | 0.1 |
| 6286000 | (3),(8) | Surgery Center Holdings, Inc., 10.000%, 04/15/2027 | 6405937 |  | 0.1 |
| 700000 | (8) | Teleflex, Inc., 4.250%, 06/01/2028 | 640241 |  | 0.0 |
| 6015000 |  | Teleflex, Inc., 4.625%, 11/15/2027 | 5743182 |  | 0.1 |
|  |  |  | **63973838** |  | **0.9** |
|  |  | **Financial: 1.7%** |  |  |  |
| 12600000 | (8) | Acrisure LLC / Acrisure Finance, Inc., 7.000%, 11/15/2025 | 11596948 |  | 0.2 |
| 2230000 | (3),(8) | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 4.250%, 10/15/2027 | 2000706 |  | 0.0 |
| 3784000 | (3),(8) | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 | 3116881 |  | 0.0 |
| 11923000 | (8) | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.750%, 10/15/2027 | 10742742 |  | 0.2 |
| 3510000 | (8) | AmWINS Group, Inc., 4.875%, 06/30/2029 | 2981558 |  | 0.0 |
| 1180000 | (8) | BroadStreet Partners, Inc., 5.875%, 04/15/2029 | 1005810 |  | 0.0 |
| 2790000 | (8) | HUB International Ltd., 5.625%, 12/01/2029 | 2440364 |  | 0.0 |
| 50705000 | (8) | HUB International Ltd., 7.000%, 05/01/2026 | 49742619 |  | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Financial: (continued)** | **Financial: (continued)** |  |
| 1027000 |  | Intercontinental Exchange, Inc., 4.000%, 09/15/2027 | $993397 | 0.0 |
| 3470000 |  | Intercontinental Exchange, Inc., 4.350%, 06/15/2029 | 3362359 | 0.0 |
| 6907000 |  | Intercontinental Exchange, Inc., 5.200%, 06/15/2062 | 6545208 | 0.1 |
| 480000 | (8) | Ryan Specialty Group LLC, 4.375%, 02/01/2030 | 416230 | 0.0 |
| 5822000 |  | SBA Communications Corp., 3.125%,<br> 02/01/2029 | 4851153 | 0.1 |
| 5255000 |  | SBA Communications Corp., 3.875%, 02/15/2027 | 4756897 | 0.1 |
| 411000 | (8) | SBA Tower Trust, 6.599%, 01/15/2028 | 412766 | 0.0 |
| 21024000 | (8) | USI, Inc./NY, 6.875%, 05/01/2025 | 20286571 | 0.3 |
|  |  |  | **125252209** | **1.7** |
|  |  | **Industrial: 0.7%** |  |  |
| 24704000 | (7) | General Electric Co., 8.099%, 12/31/2199 | 24362900 | 0.3 |
| 3550000 |  | Howmet Aerospace, Inc., 3.000%, 01/15/2029 | 3022630 | 0.1 |
| 510000 |  | Howmet Aerospace, Inc., 5.900%, 02/01/2027 | 507965 | 0.0 |
| 1500000 |  | Lennox International, Inc., 3.000%, 11/15/2023 | 1473760 | 0.0 |
| 5092000 | (8) | Sensata Technologies BV, 4.000%, 04/15/2029 | 4398724 | 0.1 |
| 5100000 | (8) | Sensata Technologies BV, 5.000%, 10/01/2025 | 4989488 | 0.1 |
| 1430000 | (8) | Sensata Technologies BV, 5.625%, 11/01/2024 | 1423222 | 0.0 |
| 1182000 | (8) | Sensata Technologies BV, 5.875%, 09/01/2030 | 1121919 | 0.0 |
| 2035000 | (8) | Sensata Technologies, Inc., 3.750%, 02/15/2031 | 1677196 | 0.0 |
| 664000 | (8) | Sensata Technologies, Inc., 4.375%, 02/15/2030 | 579193 | 0.0 |
| 655000 |  | TransDigm UK Holdings PLC, 6.875%, 05/15/2026 | 640632 | 0.0 |
| 4038000 |  | TransDigm, Inc., 5.500%, 11/15/2027 | 3800081 | 0.1 |
| 2100000 | (8) | TransDigm, Inc., 6.250%, 03/15/2026 | 2075619 | 0.0 |
| 940000 | (3) | TransDigm, Inc., 6.375%, 06/15/2026 | 915950 | 0.0 |
|  |  |  | **50989279** | **0.7** |
|  |  | **Technology: 0.4%** |  |  |
| 1686000 | (8) | Black Knight InfoServ LLC, 3.625%, 09/01/2028 | 1476093 | 0.0 |
| 2024000 | (8) | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 1796771 | 0.0 |
| 255000 | (3),(8) | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | 224805 | 0.0 |
| 1790000 | (8) | Clarivate Science Holdings Corp., 3.875%, 07/01/2028 | 1552961 | 0.0 |
| 1280000 | (8) | Clarivate Science Holdings Corp., 4.875%, 07/01/2029 | 1090112 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>

66<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** |  |  | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)**  | **CORPORATE BONDS/NOTES: (continued)**  | **CORPORATE BONDS/NOTES: (continued)**  | **CORPORATE BONDS/NOTES: (continued)**  |  |
|  |  | **Technology: (continued)** |  |  |
| 408000 |  | Crowdstrike Holdings, Inc., 3.000%, 02/15/2029 | 344776 | 0.0 |
| 2826000 | (8) | Entegris Escrow Corp., 4.750%, 04/15/2029 | 2582829 | 0.1 |
| 2747000 | (8) | MSCI, Inc., 3.250%,<br> 08/15/2033 | 2125364 | 0.0 |
| 6596000 | (8) | MSCI, Inc., 3.625%,<br> 09/01/2030 | 5494633 | 0.1 |
| 2982000 | (8) | MSCI, Inc., 3.625%,<br> 11/01/2031 | 2470363 | 0.0 |
| 3578000 | (8) | MSCI, Inc., 3.875%,<br> 02/15/2031 | 2981190 | 0.1 |
| 4737000 | (3),(8) | MSCI, Inc., 4.000%,<br> 11/15/2029 | 4134500 | 0.1 |
| 200000 |  | Twilio, Inc., 3.625%, 03/15/2029 | 162740 | 0.0 |
|  |  |  | **26437137** | **0.4** |
|  |  | **Utilities: 0.0%** |  |  |
| 4263000 | (3),(7) | NiSource, Inc., 5.650%, 12/31/2199 | **3996562** | **0.0** |
|  |  | Total Corporate Bonds/Notes<br> (Cost $643,842,862) | **618918558** | **8.4** |
| **U.S. TREASURY OBLIGATIONS: 9.0%** | **U.S. TREASURY OBLIGATIONS: 9.0%** | **U.S. TREASURY OBLIGATIONS: 9.0%** | **U.S. TREASURY OBLIGATIONS: 9.0%** | **U.S. TREASURY OBLIGATIONS: 9.0%** |
|  |  | **U.S. Treasury Notes: 9.0%** |  |  |
| 723936700 |  | 2.750%, 08/15/2032 | **659347972** | **9.0** |
|  |  | Total U.S. Treasury Obligations<br> (Cost $658,327,520) | **659347972** | **9.0** |
| **BANK LOANS: 13.6%** | **BANK LOANS: 13.6%** | **BANK LOANS: 13.6%** | **BANK LOANS: 13.6%** | **BANK LOANS: 13.6%** |
|  |  | **Aerospace & Defense: 0.1%** |  |  |
| 10257131 |  | SkyMiles IP Ltd. 2020 Skymiles Term Loan B, 4.750%, (US0003M + 3.750%), 10/20/2027 | **10472428** | **0.1** |
|  |  | **Business Equipment & Services: 0.4%** |  |  |
| 28040296 |  | Ascend Learning, LLC 2021 Term Loan, 7.884%, (US0001M + 3.500%), 12/11/2028 | **26579144** | **0.4** |
|  |  | **Chemicals & Plastics: 0.1%** |  |  |
| 6387645 |  | Avantor Funding, Inc. 2021 Term Loan B5, 6.634%, (US0001M + 2.250%), 11/08/2027 | **6367684** | **0.1** |
|  |  | **Communications: 0.1%** |  |  |
| 3390092 |  | Charter Communications Operating, LLC 2019 Term Loan B1, 6.137%, (US0001M + 1.750%), 04/30/2025 | 3377145 | 0.1 |
| 797631 |  | SBA Senior Finance II LLC 2021 Term Loan B, 6.300%, 04/11/2025 | 796135 | 0.0 |
|  |  |  | **4173280** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** |  | **Value** | **Percentage<br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Cyclical: 0.8%** |  |  |
| 11653169 | Insprire Brands TL B 1L, 7.134%, (US0001M + 2.750%), 02/05/2025 | $11565770 | 0.2 |
| 3731830 | Life Time, Inc. — TL B 1L, 9.139%, (US0001M + 4.750%), 12/22/2024 | 3719000 | 0.0 |
| 39670846 | Mileage Plus Holdings LLC 2020 Term Loan B, 6.250%, (US0003M + 5.250%), 06/21/2027 | 40894017 | 0.6 |
| 1008433 | SeaWorld Parks & Entertainment, Inc. TL B 1L, 7.387%, (US0001M + 3.000%), 08/25/2028 | 993202 | 0.0 |
| 3266813 | WellPet — TL B 1L, 7.315%, (US0003M + 3.750%), 12/21/2027 | 3070804 | 0.0 |
|  |  | **60242793** | **0.8** |
|  | **Consumer, Non-cyclical: 1.5%** |  |  |
| 22959219 | ADMI Corp. 2021 Incremental Term Loan B3, 8.119%, (US0001M + 3.750%), 12/23/2027 | 20990466 | 0.3 |
| 2689301 | ADMI Corp./ Aspen Dental 2018 Term Loan B 1l, 7.517%, (US0003M + 2.750%), 04/30/2025 | 2538988 | 0.1 |
| 1040000 | CoreLogic, Inc. TL 2L, 10.938%, (US0001M + 6.500%), 04/13/2029 | 755734 | 0.0 |
| 1653904 | Eyecare Partners LLC TL 1L, 8.071%, (TSFR1M + 3.750%), 02/20/2027 | 1407196 | 0.0 |
| 800706 | Eyecare Partners LLC TL 1L, 8.480%, (US0001M + 3.750%), 10/14/2028 | 681267 | 0.0 |
| 29927696 | Heartland Dental LLC — TL 1L, 8.210%, (US0003M + 3.750%), 04/30/2025 | 27764163 | 0.4 |
| 21298056 | Loire Finco Luxembourg Sarl — TL B 1L, 7.384%, (US0003M + 3.250%), 01/24/2027 | 20046795 | 0.3 |
| 1050269 | Loire Finco Luxembourg Sarl 2021 Term Loan B, 7.884%, 04/20/2027 | 988566 | 0.0 |
| 7881297 | PetVet Care Centers LLC, 7.880%, (US0003M + 3.250%), 02/14/2025 | 7405133 | 0.1 |
| 655000 | PetVet Care Centers LLC 2021 2L, 10.321%, (US0001M + 6.250%), 02/13/2026 | 606079 | 0.0 |
| 2087461 | PetVet Care Centers LLC TL 1L, 7.134%, (US0003M + 2.750%), 02/14/2025 | 1961343 | 0.0 |
| 23059686 | Sunshine Luxembourg VII Sarl — TL B 1L, 8.480%, (US0003M + 4.250%), 07/17/2026 | 22140504 | 0.3 |
|  |  | **107286234** | **1.5** |

---

See Accompanying Notes to Financial Statements<br>

67<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |  |  |
|  | **Electronics/Electrical: 1.4%** | **Electronics/Electrical: 1.4%** |  |
| 111132170 | Ultimate Software Group Inc (The) 2021 Term Loan, 6.998%, (US0003M + 3.250%), 05/04/2026 | $**105853392** | **1.4** |
|  | **Financial: 4.3%** |  |  |
| 4266000 | Acrisure, LLC 2021 Incremental Term Loan B, 8.134%, (US0001M + 3.750%), 02/15/2027 | 4065144 | 0.0 |
| 25922258 | Alliant Holdings Intermediate, LLC Term Loan B 1L, 7.321%, (US0003M + 3.000%), 05/09/2025 | 25620911 | 0.3 |
| 27781023 | Howden Group Holdings Ltd. — TL B 1L, 7.619%, (US0001M + 3.250%), 11/12/2027 | 27108195 | 0.4 |
| 7138865 | Hub International Limited 2022 Term Loan B, 8.129%, (TSFR1M + 4.000%), 11/10/2029 | 7070660 | 0.1 |
| 87949635 | HUB International Ltd. — TL B3 1L, 5.982%, (US0001M + 3.250%), 04/25/2025 | 87290013 | 1.2 |
| 131288638 | HUB International Ltd. TL B 1L, 7.327%, (US0001M + 3.000%), 04/25/2025 | 130085115 | 1.8 |
| 6585802 | Ryan Specialty Group, LLC TL B 1L, 7.423%, (US0001M + 3.250%), 07/23/2027 | 6555619 | 0.1 |
| 26444854 | USI, Inc. 2022 Incremental Term Loan, 7.682%, 11/16/2029 | 26226684 | 0.4 |
|  |  | **314022341** | **4.3** |
|  | **Food Products: 0.1%** | **Food Products: 0.1%** |  |
| 11485650 | IRB Holding Corp 2022 Term Loan B, 7.317%, (SOFRRATE + 3.000%), 12/15/2027 | **11151854** | **0.1** |
|  | **Health Care: 1.2%** |  |  |
| 10259731 | ADMI Corp. 2021 Term Loan B2, 7.759%, (US0001M + 3.375%), 12/23/2027 | 9344050 | 0.1 |
| 3444570 | Heartland Dental, LLC 2021 Incremental Term Loan, 8.387%, (US0001M + 4.000%), 04/30/2025 | 3210987 | 0.0 |
| 57499200 | Medline Borrower, LP USD Term Loan B, 7.634%, (US0001M + 3.250%), 10/23/2028 | 54735615 | 0.7 |
| 12352240 | PetVet Care Centers, LLC 2021 Term Loan B3, 5.872%, (US0003M + 3.500%), 02/14/2025 | 11672867 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |  |  |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |  |
| 6940717 | Press Ganey Holdings, Inc. 2021 Term Loan B, 4.500%, (US0003M + 3.750%), 07/24/2026 | $| 6385460 | 0.1 |
| 4231374 | Press Ganey Holdings, Inc. 2022 Incremental Term Loan, 8.173%, (TSFR1M + 3.750%), 07/24/2026 |  | 3903442 | 0.1 |
|  |  |  | **89252421** | **1.2** |
|  | **Industrial: 0.6%** |  |  |  |
| EUR 9,294,124 | Filtration Group — TL B 1L, 4.992%, (US0003M + 3.000%), 03/29/2025 |  | 9712573 | 0.1 |
| 10645662 | Filtration Group Corp. 2018 1st Lien Term Loan, 7.384%, (US0003M + 3.000%), 03/31/2025 |  | 10558336 | 0.2 |
| 8882710 | Filtration Group Corporation 2021 Incremental Term Loan, 7.886%, (US0001M + 3.500%), 10/19/2028 |  | 8742328 | 0.1 |
| 13882608 | TK Elevator US NewCo, Inc. TL B 1L, 6.871%, (US0001M + 3.500%), 07/30/2027 |  | 13399202 | 0.2 |
|  |  |  | **42412439** | **0.6** |
|  | **Insurance: 1.1%** |  |  |  |
| 33116198 | Alliant Holdings Intermediate, LLC 2021 Term Loan B4, 7.854%, (US0001M + 3.500%), 11/06/2027 |  | 32419367 | 0.4 |
| 12889245 | Alliant Holdings Intermediate, LLC Term Loan B, 5.622%, (US0001M + 3.250%), 05/09/2025 |  | 12741019 | 0.2 |
| 6650280 | Applied Systems, Inc. 2021 2nd Lien Term Loan, 6.250%, (US0003M + 5.500%), 09/19/2025 |  | 6625341 | 0.1 |
| 32516459 | USI, Inc. 2019 Incremental Term Loan B, 3.382%, (US0003M + 3.250%), 12/02/2026 |  | 32325425 | 0.4 |
|  |  |  | **84111152** | **1.1** |
|  | **Lodging & Casinos: 0.0%** | **Lodging & Casinos: 0.0%** | **Lodging & Casinos: 0.0%** |  |
| 3350293 | Hilton Worldwide Finance, LLC 2019 Term Loan B2, 6.173%, (US0001M + 1.750%), 06/22/2026 |  | **3343384** | **0.0** |
|  | **Technology: 1.9%** | **Technology: 1.9%** | **Technology: 1.9%** |  |
| 38546660 | Applied Systems, Inc. 2022 Extended 1st Lien Term Loan, 8.800%, 09/19/2026 |  | 38441372 | 0.5 |

---

See Accompanying Notes to Financial Statements<br>

68<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount† |  |  | Value | Value | Percentage<br> of Net<br> Assets |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  |  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 31415112 | (9) | Athenahealth, Inc. 2022 Term Loan, 7.821%, (SOFRRATE + 3.500%), 01/27/2029 | $| 28443777 | 0.4 |
| 4298416 |  | Clarivate / Camelot Finance SA TL B 1L, 7.384%, (US0003M + 3.000%), 10/31/2026 |  | 4239850 | 0.1 |
| 25305611 |  | Press Ganey Holdings, Inc. Term Loan, 3.656%, (US0001M + 3.500%), 07/24/2026 |  | 23291715 | 0.3 |
| 31122535 |  | RealPage, Inc. Term Loan B 1L, 7.071%, (US0001M + 3.000%), 04/24/2028 |  | 29675337 | 0.4 |
| 1125000 |  | RealPage, Inc. Term Loan B 2L, 10.884%, (US0003M + 3.250%), 02/17/2029 |  | 1087031 | 0 |
| 2662974 |  | Sophia L.P., 8.571%, (TSFR1M + 4.250%), 10/07/2027 |  | 2598618 | 0 |
| 6059776 |  | Sophia L.P. TL B 1L, 7.887%, (US0001M + 3.500%), 10/07/2027 |  | 5864724 | 0.1 |
| 1588000 |  | Storable, Inc. 2021 TL B 1L, 7.821%, (TSFR1M + 3.250%), 04/17/2028 |  | 1519020 | 0 |
| 5385000 |  | UKG, Inc. TL 2L, 8.998%, (US0001M + 6.750%), 05/03/2027 |  | 4974394 | 0.1 |
|  |  |  |  | **140135838** | **1.9** |
|  |  | Total Bank Loans<br> (Cost $1,032,571,756) |  | **1005404384** | **13.6** |
| **ASSET-BACKED SECURITIES: 0.2%** | **ASSET-BACKED SECURITIES: 0.2%** | **ASSET-BACKED SECURITIES: 0.2%** | **ASSET-BACKED SECURITIES: 0.2%** | **ASSET-BACKED SECURITIES: 0.2%** | **ASSET-BACKED SECURITIES: 0.2%** |
|  |  | **Other Asset-Backed Securities: 0.2%** | **Other Asset-Backed Securities: 0.2%** | **Other Asset-Backed Securities: 0.2%** | **Other Asset-Backed Securities: 0.2%** |
| 7784783 | (8) | Domino's Pizza Master Issuer LLC 2017-1A A23, 4.118%, 07/25/2047 |  | 7161209 | 0.1 |
| 7286400 | (8) | Domino's Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048 |  | 6924643 | 0.1 |
| 3607975 | (8) | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 |  | 3128050 | 0 |
|  |  | Total Asset-Backed Securities<br> (Cost $18,596,745) |  | **17213902** | **0.2** |
| **CONVERTIBLE BONDS/NOTES: 0.1%** | **CONVERTIBLE BONDS/NOTES: 0.1%** | **CONVERTIBLE BONDS/NOTES: 0.1%** | **CONVERTIBLE BONDS/NOTES: 0.1%** | **CONVERTIBLE BONDS/NOTES: 0.1%** | **CONVERTIBLE BONDS/NOTES: 0.1%** |
|  |  | **Communications: 0.1%** | **Communications: 0.1%** | **Communications: 0.1%** | **Communications: 0.1%** |
| 7236000 | (10) | Spotify USA, Inc., 6.790%, 03/15/2026 |  | **5861160** | **0.1** |
|  |  | Total Convertible Bonds/Notes<br> (Cost $6,311,186) |  | **5861160** | **0.1** |
|  |  | Total Long-Term Investments<br> (Cost $7,160,973,899) |  | **6903396250** | **93.7** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 7.0%** | **SHORT-TERM INVESTMENTS: 7.0%** | **SHORT-TERM INVESTMENTS: 7.0%** | **SHORT-TERM INVESTMENTS: 7.0%** | **SHORT-TERM INVESTMENTS: 7.0%** |
|  |  | **Repurchase Agreements: 0.7%** | **Repurchase Agreements: 0.7%** | **Repurchase Agreements: 0.7%** |
| 14280800 | (11) | Cantor Fitzgerald Securities, Repurchase Agreement dated<br> 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $14,287,530, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–9.000%, Market Value plus accrued interest $14,566,416, due<br> 01/15/23–11/20/72) | $14280800 | 0.2 |
| 10677000 | (11) | Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $10,682,160, collateralized by various U.S. Government Securities, 0.125%–6.250%, Market Value plus accrued interest $10,895,876, due 04/15/23–11/15/52) | 10677000 | 0.1 |
| 4724340 | (11) | Mirae Asset Securities USA Inc., Repurchase Agreement dated<br> 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $4,726,566, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%–8.250%, Market Value plus accrued interest $4,821,130, due 03/01/23–11/20/72) | 4724340 | 0.1 |
| 11615574 | (11) | National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $11,621,099, collateralized by various U.S. Government Securities, 0.000%–4.435%, Market Value plus accrued interest $11,847,886, due 01/03/23–09/09/49) | 11615574 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>

69<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **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)** | **Repurchase Agreements: (continued)** |
| 11091483 | (11) | State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $11,096,758, collateralized by various U.S. Government Securities, 0.125%–3.875%, Market Value plus accrued interest $11,313,366, due<br> 01/15/24–02/15/51) | $| 11091483 | 0.1 |
|  |  | Total Repurchase Agreements<br> (Cost $52,389,197) |  | **52389197** | **0.7** |
|  |  | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** |
| 1490000 | (11) | Canadian Imperial Bank of Commerce, 4.300%, 01/03/2023 |  | 1490000 | 0.0 |
| 1480000 | (11) | Credit Agricole, 4.300%, 01/03/2023 |  | 1480000 | 0.0 |
| 1500000 | (11) | Landesbank Baden-Wuerttemberg, 4.320%, 01/03/2023 |  | 1500000 | 0.0 |
| 1490000 | (11) | Mizuho Bank Ltd., 4.320%, 01/03/2023 |  | 1490000 | 0.0 |
| 1500000 | (11) | The Royal Bank of Canada, 4.320%,<br> 01/03/2023 |  | 1500000 | 0.1 |
| 1500000 | (11) | Toronto-Dominion Bank, 4.310%, 01/03/2023 |  | 1500000 | 0.0 |
|  |  | Total Time Deposits<br> (Cost $8,960,000) |  | **8960000** | **0.1** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  | **Value** | **Percentage<br>of Net<br>Assets** |
|  |  | **Mutual Funds: 6.2%** | **Mutual Funds: 6.2%** | **Mutual Funds: 6.2%** |
| 455450831 | (12) | T. Rowe Price Government Reserve Fund, 4.310%<br> (Cost $455,450,831) | **455450831** | **6.2** |
|  |  | Total Short-Term Investments<br> (Cost $516,800,028) | **516800028** | **7.0** |
|  |  | **Total Investments in Securities<br> (Cost $7,677,773,927)** | $**7420196278** | **100.7** |
|  |  | **Liabilities in Excess of Other Assets** | **(48447758)** | **(0.7)** |
|  |  | **Net Assets** | $**7371748520** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

(1) All or a portion of this security is pledged to cover open written call options at December
 31, 2022.

(2) Non-income producing security.

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

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

(5) Restricted security as to resale, excluding Rule 144A securities. As of December 31, 2022,
 the Portfolio held restricted securities with a fair value of $19,497,182 or 0.3% of net assets. Please refer to the table
 below for additional details.

(6) Preferred Stock may be called prior to convertible date.

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

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

(9) All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note
 11 for additional details.

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

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

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

Currency Abbreviations:

EUR EU Euro

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| US0001M | 1-month LIBOR |
| US0003M | 3-month LIBOR |

---

See Accompanying Notes to Financial Statements<br>

70<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

**Fair Value Measurementsˆ**

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 |  |  |  |  |
| &nbsp;&nbsp;Communication Services | $139762403 | $— | $— | $139762403 |
| &nbsp;&nbsp;Consumer Discretionary | 372358305 |  |  | 372358305 |
| &nbsp;&nbsp;Consumer Staples | 24752569 |  |  | 24752569 |
| &nbsp;&nbsp;Energy | 119987061 |  |  | 119987061 |
| &nbsp;&nbsp;Financials | 500391954 |  |  | 500391954 |
| &nbsp;&nbsp;Health Care | 995953830 | 77445974 |  | 1073399804 |
| &nbsp;&nbsp;Industrials | 674712223 |  |  | 674712223 |
| &nbsp;&nbsp;Information Technology | 1330942118 |  |  | 1330942118 |
| &nbsp;&nbsp;Materials | 71846690 |  |  | 71846690 |
| &nbsp;&nbsp;Utilities | 238287967 |  |  | 238287967 |
| Total Common Stock | 4468995120 | 77445974 |  | 4546441094 |
| Preferred Stock | 30711998 |  | 19497182 | 50209180 |
| Corporate Bonds/Notes |  | 618918558 |  | 618918558 |
| Bank Loans |  | 1005404384 |  | 1005404384 |
| Asset-Backed Securities |  | 17213902 |  | 17213902 |
| Convertible Bonds/Notes |  | 5861160 |  | 5861160 |
| U.S. Treasury Obligations |  | 659347972 |  | 659347972 |
| Short-Term Investments | 455450831 | 61349197 |  | 516800028 |
| Total Investments, at fair value | $4955157949 | $2445541147 | $19497182 | $7420196278 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Written Options | $— | $(11096460) | $— | $(11096460) |
| Total Liabilities | $— | $(11096460) | $— | $(11096460) |

---

---

| |
|:---|
| See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
| The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

At December 31, 2022, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| Security | Acquisition<br> Date | Acquisition<br> Cost | Fair<br> Value |
| Waymo LLC., Series A-2 | 5/8/2020 | $35484706 | $19497182 |
|  |  | $35484706 | $19497182 |

---

At December 31, 2022, the following OTC written equity options were outstanding for VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Expiration<br> Date | Exercise<br> Price | Number of<br> Contracts | Notional<br> Amount | Premiums<br> Received | Fair<br> Value |
| Alphabet, Inc. — Class A | Goldman Sachs & Co.<br>Call | 01/20/23 | USD 160.000 | 400 | USD 3,529,200 | $361940 | $— |
| Alphabet, Inc. — Class A | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 165.000 | 400 | USD 3,529,200 | 309940 |  |
| Alphabet, Inc. — Class A | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 170.000 | 400 | USD 3,529,200 | 260940 |  |
| Alphabet, Inc. — Class A | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 175.000 | 400 | USD 3,529,200 | 221940 |  |
| Alphabet, Inc. — Class A | Wells Fargo Securities, LLC<br> Call | 01/19/24 | USD 120.000 | 1875 | USD16,543,125 | 1479525 | (738656) |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 180.000 | 300 | USD 2,520,000 | 351211 |  |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 185.000 | 300 | USD 2,520,000 | 303894 |  |

---

See Accompanying Notes to Financial Statements<br>

71<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Expiration<br> Date | Exercise<br> Price | Number of<br> Contracts | **Notional<br> Amount** | **Premiums<br> Received** | **Fair<br> Value** |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 190.000 | 300 | USD 2,520,000 | $260805 | $— |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 200.000 | 180 | USD 1,512,000 | 306198 |  |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 205.000 | 200 | USD 1,680,000 | 305438 |  |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 210.000 | 180 | USD 1,512,000 | 247703 |  |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 215.000 | 180 | USD 1,512,000 | 223212 |  |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 220.000 | 180 | USD 1,512,000 | 200072 |  |
| Amazon.com, Inc. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 225.000 | 200 | USD 1,680,000 | 199590 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 175.000 | 1360 | USD11,424,000 | 1289604 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 190.000 | 520 | USD 4,368,000 | 552630 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 195.000 | 500 | USD 4,200,000 | 450225 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 200.000 | 500 | USD 4,200,000 | 389075 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 205.000 | 520 | USD 4,368,000 | 342966 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 210.000 | 520 | USD 4,368,000 | 289770 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 225.000 | 220 | USD 1,848,000 | 314360 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 230.000 | 220 | USD 1,848,000 | 287609 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 235.000 | 220 | USD 1,848,000 | 263240 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 240.000 | 220 | USD 1,848,000 | 240834 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 245.000 | 220 | USD 1,848,000 | 220353 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 250.000 | 220 | USD 1,848,000 | 201633 |  |
| Amazon.com, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 255.000 | 220 | USD 1,848,000 | 184617 |  |
| Apple, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 170.000 | 640 | USD 8,315,520 | 419654 | (52) |
| Apple, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 170.000 | 191 | USD 2,481,663 | 153213 | (16) |
| Apple, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 175.000 | 191 | USD 2,481,663 | 125048 | (5) |
| Apple, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 175.000 | 640 | USD 8,315,520 | 345338 | (17) |
| Apple, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 180.000 | 640 | USD 8,315,520 | 283994 | (6) |
| Apple, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 180.000 | 191 | USD 2,481,663 | 100796 | (2) |
| General Electric Company | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 110.000 | 693 | USD 4,532,913 | 576929 | (490) |
| General Electric Company | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 110.000 | 819 | USD 5,357,079 | 672456 | (579) |
| General Electric Company | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 110.000 | 50 | USD 327,050 | 43588 | (35) |
| General Electric Company | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 85.000 | 1185 | USD 7,751,085 | 694078 | (287063) |
| General Electric Company | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 90.000 | 1185 | USD 7,751,085 | 505865 | (95504) |
| General Electric Company | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 95.000 | 1185 | USD 7,751,085 | 354208 | (26709) |
| Hilton Worldwide Holdings, Inc. | Wells Fargo Securities, LLC<br> Call | 01/19/24 | USD 145.000 | 484 | USD 6,115,824 | 804408 | (563498) |
| Hilton Worldwide Holdings, Inc. | Wells Fargo Securities, LLC<br> Call | 01/19/24 | USD 150.000 | 483 | USD 6,103,188 | 720636 | (475426) |
| Keurig Dr Pepper, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 40.000 | 1196 | USD 4,264,936 | 170956 | (1349) |
| Keurig Dr Pepper, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 42.000 | 1196 | USD 4,264,936 | 105643 | (251) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 325.000 | 701 | USD16,811,382 | 482821 | (20) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 330.000 | 108 | USD 2,590,056 | 191984 | (2) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 330.000 | 126 | USD 3,021,732 | 186181 | (2) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 330.000 | 126 | USD 3,021,732 | 185100 | (2) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 340.000 | 126 | USD 3,021,732 | 156440 | (1) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 340.000 | 126 | USD 3,021,732 | 157080 | (1) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 340.000 | 119 | USD 2,853,858 | 241622 | (1) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 340.000 | 267 | USD 6,403,194 | 540843 | (2) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 340.000 | 108 | USD 2,590,056 | 162832 | (1) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 350.000 | 267 | USD 6,403,194 | 460113 | (1) |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 350.000 | 108 | USD 2,590,056 | 137458 |  |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 350.000 | 119 | USD 2,853,858 | 207035 |  |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 350.000 | 126 | USD 3,021,732 | 131560 |  |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 350.000 | 126 | USD 3,021,732 | 132978 |  |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 360.000 | 267 | USD 6,403,194 | 389903 |  |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 360.000 | 119 | USD 2,853,858 | 176257 |  |
| Microsoft Corp. | Citigroup Global Markets<br> Call | 01/20/23 | USD 365.000 | 264 | USD 6,331,248 | 351271 |  |
| Microsoft Corp. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 350.000 | 387 | USD 9,281,034 | 590949 | (1) |
| Microsoft Corp. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 355.000 | 388 | USD 9,305,016 | 538156 | (1) |
| Microsoft Corp. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 360.000 | 387 | USD 9,281,034 | 486459 | (1) |
| Microsoft Corp. | Susquehanna International Group LLP<br> Call | 01/20/23 | USD 320.000 | 192 | USD 4,604,544 | 366591 | (8) |
| Microsoft Corp. | Susquehanna International Group LLP<br> Call | 01/20/23 | USD 320.000 | 192 | USD 4,604,544 | 341299 | (8) |
| Microsoft Corp. | Susquehanna International Group LLP<br> Call | 01/20/23 | USD 330.000 | 192 | USD 4,604,544 | 310840 | (3) |
| Microsoft Corp. | Susquehanna International Group LLP<br> Call | 01/20/23 | USD 330.000 | 192 | USD 4,604,544 | 290433 | (3) |

---

See Accompanying Notes to Financial Statements<br>

72<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Expiration<br> Date | Exercise<br> Price | Number of<br> Contracts | **Notional<br> Amount** | **Premiums<br> Received** | **Fair<br> Value** |
| Microsoft Corp. | Susquehanna International Group LLP<br> Call | 01/20/23 | USD 340.000 | 192 | USD 4,604,544 | $262769 | $(1) |
| Microsoft Corp. | Susquehanna International Group LLP<br> Call | 01/20/23 | USD 340.000 | 192 | USD 4,604,544 | 247482 | (1) |
| Microsoft Corp. | Susquehanna International Group LLP<br> Call | 01/20/23 | USD 350.000 | 192 | USD 4,604,544 | 208136 | (1) |
| Microsoft Corp. | Susquehanna International Group LLP<br> Call | 01/20/23 | USD 350.000 | 192 | USD 4,604,544 | 222390 | (1) |
| Microsoft Corp. | JPMorgan Chase Bank N.A.<br> Call | 01/19/24 | USD 300.000 | 750 | USD17,986,500 | 1197825 | (950377) |
| Microsoft Corp. | JPMorgan Chase Bank N.A.<br> Call | 01/19/24 | USD 300.000 | 770 | USD18,466,140 | 1202971 | (975721) |
| PNC Financial Services Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 220.000 | 212 | USD 3,348,328 | 282416 | (12) |
| PNC Financial Services Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 220.000 | 149 | USD 2,353,306 | 193697 | (9) |
| PNC Financial Services Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 220.000 | 129 | USD 2,037,426 | 167292 | (7) |
| PNC Financial Services Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 220.000 | 44 | USD 694,936 | 56782 | (3) |
| PNC Financial Services Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 230.000 | 129 | USD 2,037,426 | 131685 | (3) |
| PNC Financial Services Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 230.000 | 44 | USD 694,936 | 44879 | (1) |
| PNC Financial Services Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 230.000 | 149 | USD 2,353,306 | 153214 | (4) |
| PNC Financial Services Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 230.000 | 212 | USD 3,348,328 | 223582 | (6) |
| PNC Financial Services Group, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 190.000 | 317 | USD 5,006,698 | 290689 | (463) |
| PNC Financial Services Group, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 195.000 | 317 | USD 5,006,698 | 241554 | (234) |
| PNC Financial Services Group, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 200.000 | 317 | USD 5,006,698 | 198759 | (130) |
| Starbucks Corp. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 100.000 | 449 | USD 4,454,080 | 380303 | (102819) |
| Starbucks Corp. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 100.000 | 439 | USD 4,354,880 | 400298 | (100530) |
| Starbucks Corp. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 105.000 | 449 | USD 4,454,080 | 299483 | (28411) |
| Starbucks Corp. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 105.000 | 439 | USD 4,354,880 | 310145 | (27778) |
| Starbucks Corp. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 97.500 | 449 | USD 4,454,080 | 420713 | (167685) |
| Starbucks Corp. | Goldman Sachs & Co.<br> Call | 01/20/23 | USD 97.500 | 439 | USD 4,354,880 | 449510 | (163950) |
| Starbucks Corp. | Goldman Sachs & Co.<br> Call | 01/19/24 | USD 100.000 | 588 | USD 5,832,960 | 634346 | (802871) |
| Starbucks Corp. | Goldman Sachs & Co.<br> Call | 01/19/24 | USD 105.000 | 588 | USD 5,832,960 | 522162 | (661716) |
| TE Connectivity Ltd. | JPMorgan Chase Bank N.A.<br> Call | 01/20/23 | USD 120.000 | 926 | USD10,630,480 | 439924 | (108005) |
| Thermo Fisher Scientific, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 640.000 | 154 | USD 8,480,626 | 412949 | (2966) |
| UnitedHealth Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 540.000 | 292 | USD15,481,256 | 789857 | (240533) |
| UnitedHealth Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 560.000 | 164 | USD 8,694,952 | 431537 | (43171) |
| UnitedHealth Group, Inc. | Citigroup Global Markets<br> Call | 01/20/23 | USD 580.000 | 164 | USD 8,694,952 | 325433 | (11562) |
| UnitedHealth Group, Inc. | Citigroup Global Markets<br> Call | 01/19/24 | USD 580.000 | 334 | USD17,708,012 | 1869398 | (1424851) |
| UnitedHealth Group, Inc. | JPMorgan Chase Bank N.A.<br> Call | 01/19/24 | USD 600.000 | 353 | USD18,715,354 | 1171314 | (1241724) |
| Yum! Brands, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 145.000 | 101 | USD 1,293,608 | 33027 | (307) |
| Yum! Brands, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 145.000 | 235 | USD 3,009,880 | 68357 | (714) |
| Yum! Brands, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 150.000 | 101 | USD 1,293,608 | 19291 | (70) |
| Yum! Brands, Inc. | Wells Fargo Securities, LLC<br> Call | 01/20/23 | USD 150.000 | 235 | USD 3,009,880 | 49613 | (163) |
| Yum! Brands, Inc. | Citigroup Global Markets<br> Call | 01/19/24 | USD 145.000 | 356 | USD 4,559,648 | 200108 | (270737) |
| Yum! Brands, Inc. | Citigroup Global Markets<br> Call | 01/19/24 | USD 150.000 | 356 | USD 4,559,648 | 178744 | (214964) |
| Yum! Brands, Inc. | Wells Fargo Securities, LLC<br> Call | 01/19/24 | USD 140.000 | 1440 | USD18,443,520 | 1424167 | (1364243) |
|  |  |  |  |  |  | $39509140 | $(11096460) |

---

Currency Abbreviations<br>

USD — United States Dollar

See Accompanying Notes to Financial Statements<br>

73<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>CAPITAL APPRECIATION PORTFOLIO</u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

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

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as<br> hedging instruments** | | **Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Written options, at fair value | $11096460 |
| **Total Liability Derivatives** |  | $11096460 |

---

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

---

| | |
|:---|:---|
|  | Amount of Realized Gain or (Loss) on<br> Derivatives Recognized in Income |
| Derivatives not accounted for as hedging instruments | Written options.2 |
| Equity contracts | $48782317 |
| **Total** | $48782317 |

---

---

| | |
|:---|:---|
| | **Change in Unrealized Appreciation or (Depreciation)<br> on Derivatives Recognized in Income** |
| Derivatives not accounted for as hedging instruments | **Written options**.1 |
| Equity contracts | $113209032 |
| **Total** | $113209032 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Citigroup Global<br> Markets | Goldman<br> Sachs & Co. | JPMorgan<br> Chase Bank N.A. | Susquehanna<br> International<br> Group LLP | Wells Fargo<br> Securities, LLC | Totals |
| **Liabilities:** |  |  |  |  |  |  |
| Written options | $2210462 | $2055760 | $3276755 | $26 | $3553457 | $11096460 |
| **Total Liabilities** | $2210462 | $2055760 | $3276755 | $26 | $3553457 | $11096460 |
| **Net OTC derivative instruments by<br> counterparty, at fair value** | $(2210462) | $(2055760) | $(3276755) | $(26) | $(3553457) | $(11096460) |
| **Total collateral pledged by the<br> Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(2210462) | $(2055760) | $(3276755) | $(26) | $(3553457) | $(11096460) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

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 $7,676,090,049. | Cost for federal income tax purposes was $7,676,090,049. |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $201644353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (468060341) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(266415988) |

---

See Accompanying Notes to Financial Statements<br>

74<br>

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<u>VY<sup>®</sup> T. ROWE PRICE<br>EQUITY INCOME PORTFOLIO </u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** |
|  |  | **Communication Services: 5.1%** | **Communication Services: 5.1%** | **Communication Services: 5.1%** |
| 33001 |  | AT&T, Inc. | $607548 | 0.2 |
| 96126 |  | Comcast Corp. — Class A | 3361526 | 1 |
| 7029 |  | Fox Corp. — Class B | 199975 | 0.1 |
| 14200 | (1) | Meta Platforms, Inc. | 1708828 | 0.5 |
| 295708 |  | News Corp — Class A | 5381886 | 1.5 |
| 14200 | (2) | Paramount Global — Class B | 239696 | 0.1 |
| 55805 |  | Verizon Communications, Inc. | 2198717 | 0.6 |
| 43538 | (1) | Walt Disney Co. | 3782582 | 1.1 |
| 15942 | (1) | Warner Bros Discovery, Inc. | 151130 | 0 |
|  |  |  | **17631888** | **5.1** |
|  |  | **Consumer Discretionary: 5.0%** | **Consumer Discretionary: 5.0%** | **Consumer Discretionary: 5.0%** |
| 18800 |  | Best Buy Co., Inc. | 1507948 | 0.4 |
| 61464 |  | Kohl's Corp. | 1551966 | 0.5 |
| 72431 | (1) | Las Vegas Sands Corp. | 3481758 | 1 |
| 123541 | (1) | Mattel, Inc. | 2203971 | 0.6 |
| 36500 |  | TJX Cos., Inc. | 2905400 | 0.8 |
| 460326 |  | Volkswagen AG ADR | 5698836 | 1.7 |
|  |  |  | **17349879** | **5.0** |
|  |  | **Consumer Staples: 7.0%** | **Consumer Staples: 7.0%** | **Consumer Staples: 7.0%** |
| 143509 |  | Conagra Brands, Inc. | 5553798 | 1.6 |
| 2700 |  | Constellation Brands, Inc. | 625725 | 0.2 |
| 39319 |  | Kimberly-Clark Corp. | 5337554 | 1.5 |
| 7600 |  | Mondelez International, Inc. | 506540 | 0.2 |
| 58237 |  | Philip Morris International, Inc. | 5894167 | 1.7 |
| 47289 |  | Tyson Foods, Inc. | 2943740 | 0.9 |
| 22811 |  | Walmart, Inc. | 3234372 | 0.9 |
|  |  |  | **24095896** | **7.0** |
|  |  | **Energy: 8.6%** | **Energy: 8.6%** | **Energy: 8.6%** |
| 6174 |  | Chevron Corp. | 1108171 | 0.3 |
| 21900 |  | Enbridge, Inc. | 856290 | 0.3 |
| 30417 |  | EOG Resources, Inc. | 3939610 | 1.1 |
| 48466 |  | Exxon Mobil Corp. | 5345800 | 1.5 |
| 21172 |  | Hess Corp. | 3002613 | 0.9 |
| 3376 |  | Targa Resources Corp. | 248136 | 0.1 |
| 97586 | (2) | TC Energy Corp. | 3889778 | 1.1 |
| 177636 | (2) | TotalEnergies SE ADR | 11027643 | 3.2 |
| 7400 |  | Williams Cos., Inc. | 243460 | 0.1 |
|  |  |  | **29661501** | **8.6** |
|  |  | **Financials: 21.1%** | **Financials: 21.1%** | **Financials: 21.1%** |
| 135697 |  | American International Group, Inc. | 8581478 | 2.5 |
| 11900 |  | Apollo Global Management, Inc. | 759101 | 0.2 |
| 55518 |  | Bank of America Corp. | 1838756 | 0.5 |
| 20800 |  | Carlyle Group, Inc./The | 620672 | 0.2 |
| 22072 |  | Charles Schwab Corp. | 1837715 | 0.5 |
| 31180 |  | Chubb Ltd. | 6878308 | 2 |
| 40300 |  | Citigroup, Inc. | 1822769 | 0.5 |
| 190781 |  | Equitable Holdings, Inc. | 5475415 | 1.6 |
| 106944 |  | Fifth Third Bancorp | 3508833 | 1 |
| 12551 | (2) | Franklin Resources, Inc. | 331095 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 12300 |  | Goldman Sachs Group, Inc. | $| 4223574 | 1.2 |
| 43900 |  | Hartford Financial Services Group, Inc. |  | 3328937 | 1 |
| 325352 |  | Huntington Bancshares, Inc. |  | 4587463 | 1.3 |
| 18407 |  | JPMorgan Chase & Co. |  | 2468379 | 0.7 |
| 59742 |  | Loews Corp. |  | 3484751 | 1 |
| 75601 |  | Metlife, Inc. |  | 5471244 | 1.6 |
| 30142 |  | Morgan Stanley |  | 2562673 | 0.8 |
| 4154 |  | PNC Financial Services Group, Inc. |  | 656083 | 0.2 |
| 2212 |  | Raymond James Financial, Inc. |  | 236352 | 0.1 |
| 28343 |  | State Street Corp. |  | 2198566 | 0.6 |
| 36400 |  | US Bancorp |  | 1587404 | 0.5 |
| 254462 |  | Wells Fargo & Co. |  | 10506736 | 3 |
|  |  |  |  | **72966304** | **21.1** |
|  |  | **Health Care: 17.4%** | **Health Care: 17.4%** | **Health Care: 17.4%** | **Health Care: 17.4%** |
| 32429 |  | AbbVie, Inc. |  | 5240851 | 1.5 |
| 29143 |  | AstraZeneca PLC ADR |  | 1975895 | 0.6 |
| 22215 |  | Becton Dickinson & Co. |  | 5649275 | 1.6 |
| 3800 | (1) | Biogen, Inc. |  | 1052296 | 0.3 |
| 25600 |  | Cardinal Health, Inc. |  | 1967872 | 0.6 |
| 26908 | (1) | Centene Corp. |  | 2206725 | 0.6 |
| 12415 |  | Cigna Corp. |  | 4113586 | 1.2 |
| 41650 |  | CVS Health Corp. |  | 3881364 | 1.1 |
| 15656 |  | Elevance Health, Inc. |  | 8031058 | 2.3 |
| 38926 |  | Johnson & Johnson |  | 6876278 | 2 |
| 39136 |  | Medtronic PLC |  | 3041650 | 0.9 |
| 29442 |  | Merck & Co., Inc. |  | 3266590 | 0.9 |
| 90776 |  | Pfizer, Inc. |  | 4651362 | 1.4 |
| 70815 |  | Sanofi ADR |  | 3429570 | 1 |
| 59700 |  | Viatris, Inc. |  | 664461 | 0.2 |
| 31238 |  | Zimmer Biomet Holdings, Inc. |  | 3982845 | 1.2 |
|  |  |  |  | **60031678** | **17.4** |
|  |  | **Industrials: 10.8%** | **Industrials: 10.8%** | **Industrials: 10.8%** | **Industrials: 10.8%** |
| 4200 |  | 3M Co. |  | 503664 | 0.2 |
| 16224 | (1) | Boeing Co. |  | 3090510 | 0.9 |
| 3600 |  | Cummins, Inc. |  | 872244 | 0.3 |
| 10247 |  | Flowserve Corp. |  | 314378 | 0.1 |
| 121237 |  | General Electric Co. |  | 10158448 | 2.9 |
| 26515 |  | L3Harris Technologies, Inc. |  | 5520688 | 1.6 |
| 4860 |  | Paccar, Inc. |  | 480994 | 0.1 |
| 52439 |  | Siemens AG ADR |  | 3607279 | 1 |
| 48562 | (1) | Southwest Airlines Co. |  | 1635083 | 0.5 |
| 28900 |  | Stanley Black & Decker, Inc. |  | 2170968 | 0.6 |
| 42215 | (1) | Stericycle, Inc. |  | 2106106 | 0.6 |
| 39220 |  | United Parcel Service, Inc. — Class B |  | 6818005 | 2 |
|  |  |  |  | **37278367** | **10.8** |
|  |  | **Information Technology: 6.9%** | **Information Technology: 6.9%** | **Information Technology: 6.9%** | **Information Technology: 6.9%** |
| 2000 |  | Accenture PLC |  | 533680 | 0.2 |
| 26338 |  | Applied Materials, Inc. |  | 2564795 | 0.7 |
| 28780 |  | Cisco Systems, Inc. |  | 1371079 | 0.4 |

---

See Accompanying Notes to Financial Statements<br>

75<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>EQUITY INCOME PORTFOLIO </u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **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)** |
| 28000 | (1) | Fiserv, Inc. | $| 2829960 | 0.8 |
| 18018 |  | Microsoft Corp. |  | 4321077 | 1.2 |
| 1948 |  | NXP Semiconductor NV — NXPI — US |  | 307842 | 0.1 |
| 65244 |  | Qualcomm, Inc. |  | 7172925 | 2.1 |
| 4797 |  | Samsung Electronics Co., Ltd. 005930 |  | 210556 | 0.1 |
| 7900 |  | TE Connectivity Ltd. |  | 906920 | 0.3 |
| 21321 |  | Texas Instruments, Inc. |  | 3522656 | 1 |
|  |  |  |  | **23741490** | **6.9** |
|  |  | **Materials: 4.2%** | **Materials: 4.2%** | **Materials: 4.2%** | **Materials: 4.2%** |
| 74098 |  | CF Industries Holdings, Inc. |  | 6313150 | 1.8 |
| 2672 |  | DuPont de Nemours, Inc. |  | 183379 | 0 |
| 22198 |  | International Flavors & Fragrances, Inc. |  | 2327238 | 0.7 |
| 140080 |  | International Paper Co. |  | 4850971 | 1.4 |
| 10800 |  | RPM International, Inc. |  | 1052460 | 0.3 |
|  |  |  |  | **14727198** | **4.2** |
|  |  | **Real Estate: 3.9%** | **Real Estate: 3.9%** | **Real Estate: 3.9%** | **Real Estate: 3.9%** |
| 81730 |  | Equity Residential |  | 4822070 | 1.4 |
| 84565 |  | Rayonier, Inc. |  | 2787262 | 0.8 |
| 9900 |  | Vornado Realty Trust |  | 206019 | 0.1 |
| 7700 |  | Welltower, Inc. |  | 504735 | 0.1 |
| 168890 |  | Weyerhaeuser Co. |  | 5235590 | 1.5 |
|  |  |  |  | **13555676** | **3.9** |
|  |  | **Utilities: 7.6%** | **Utilities: 7.6%** | **Utilities: 7.6%** | **Utilities: 7.6%** |
| 26874 |  | Ameren Corp. |  | 2389636 | 0.7 |
| 67446 |  | Dominion Energy, Inc. |  | 4135789 | 1.2 |
| 64420 |  | NiSource, Inc. |  | 1766396 | 0.5 |
| 28700 | (1) | PG&E Corp. |  | 466662 | 0.1 |
| 45791 |  | Sempra Energy |  | 7076541 | 2.1 |
| 145543 |  | Southern Co. |  | 10393226 | 3 |
|  |  |  |  | **26228250** | **7.6** |
|  |  | Total Common Stock<br> (Cost $271,494,735) |  | **337268127** | **97.6** |
| **PREFERRED STOCK: 1.2%** | **PREFERRED STOCK: 1.2%** | **PREFERRED STOCK: 1.2%** | **PREFERRED STOCK: 1.2%** | **PREFERRED STOCK: 1.2%** | **PREFERRED STOCK: 1.2%** |
|  |  | **Health Care: 0.4%** | **Health Care: 0.4%** | **Health Care: 0.4%** | **Health Care: 0.4%** |
| 26624 |  | Becton Dickinson and Co. |  | **1333330** | **0.4** |
|  |  | **Utilities: 0.8%** | **Utilities: 0.8%** | **Utilities: 0.8%** | **Utilities: 0.8%** |
| 23003 |  | NextEra Energy, Inc. (03/01/2023) |  | 1166252 | 0.3 |
| 14210 |  | NextEra Energy, Inc. (09/01/2025) |  | 713200 | 0.2 |
| 10453 |  | NiSource, Inc. |  | 1079377 | 0.3 |
|  |  |  |  | **2958829** | **0.8** |
|  |  | Total Preferred Stock<br> (Cost $4,191,335) |  | **4292159** | **1.2** |
|  |  | Total Long-Term Investments<br> (Cost $275,686,070) |  | **341560286** | **98.8** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 5.1%** | **SHORT-TERM INVESTMENTS: 5.1%** | **SHORT-TERM INVESTMENTS: 5.1%** | **SHORT-TERM INVESTMENTS: 5.1%** | **SHORT-TERM INVESTMENTS: 5.1%** |
|  |  | **Repurchase Agreements: 4.5%** | **Repurchase Agreements: 4.5%** | **Repurchase Agreements: 4.5%** |
| &nbsp;&nbsp;3629100 | &nbsp;&nbsp;&nbsp;&nbsp;(3) | Cantor Fitzgerald Securities, Repurchase Agreement dated<br> 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $3,630,810, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–9.000%, Market Value plus accrued interest $3,701,682, due 01/15/23–11/20/72) | $3629100 | 1 |
| &nbsp;&nbsp;3629100 | &nbsp;&nbsp;&nbsp;&nbsp;(3) | Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $3,630,854, collateralized by various U.S. Government Securities, 0.125%–6.250%, Market Value plus accrued interest $3,703,496, due 04/15/23–11/15/52) | 3629100 | 1.1 |
| &nbsp;&nbsp;1391239 | &nbsp;&nbsp;&nbsp;&nbsp;(3) | Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $1,391,887, collateralized by various U.S. Government Securities, 0.000%–4.500%, Market Value plus accrued interest $1,419,064, due<br> 04/11/23-10/31/29) | 1391239 | 0.4 |
| &nbsp;&nbsp;3629069 | &nbsp;&nbsp;&nbsp;&nbsp;(3) | National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $3,630,795, collateralized by various U.S. Government Securities, 0.000%–4.435%, Market Value plus accrued interest $3,701,651, due<br> 01/03/23-09/09/49) | 3629069 | 1 |

---

See Accompanying Notes to Financial Statements<br>

76<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>EQUITY INCOME PORTFOLIO </u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  |  | **Repurchase Agreements: (continued)** | **Repurchase Agreements: (continued)** | **Repurchase Agreements: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;3312205 | (3) | State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $3,313,780, collateralized by various U.S. Government Securities, 0.125%–3.875%, Market Value plus accrued interest $3,378,465, due 01/15/24–02/15/51) | $3312205 | 1 |
|  |  | Total Repurchase Agreements<br> (Cost $15,590,713) | **15590713** | **4.5** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  |  | **Mutual Funds: 0.6%** | **Mutual Funds: 0.6%** | **Mutual Funds: 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;1946028 | (4) | T. Rowe Price Government Reserve Fund, 4.310%<br> (Cost $1,946,028) | $**1946028** | **0.6** |
|  |  | Total Short-Term Investments<br> (Cost $17,536,741) | **17536741** | **5.1** |
|  |  | **Total Investments in Securities<br> (Cost $293,222,811)** | $**359097027** | **103.9** |
|  |  | **Liabilities in Excess of<br> Other Assets** | **(13356751)** | **(3.9)** |
|  |  | **Net Assets** | $**345740276** | **100.0** |

---

---

| | |
|:---|:---|
| † | Unless otherwise indicated, principal amount is shown in USD. |
| ADR  | American Depositary Receipt |
| (1) | Non-income producing security. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (4) | Rate shown is the 7-day yield as of December 31, 2022. |

---

**Fair Value Measurementsˆ**

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)** | **Fair Value<br> at<br> December 31, 2022** |
| **Asset Table** |  |  |  |
| **Investments, at fair value** |  |  |  |
| Common Stock |  |  |  |
| &nbsp;&nbsp;Communication Services | $17631888 | $— | $17631888 |
| &nbsp;&nbsp;Consumer Discretionary | 17349879 |  | 17349879 |
| &nbsp;&nbsp;Consumer Staples | 24095896 |  | 24095896 |
| &nbsp;&nbsp;Energy | 29661501 |  | 29661501 |
| &nbsp;&nbsp;Financials | 72966304 |  | 72966304 |
| &nbsp;&nbsp;Health Care | 60031678 |  | 60031678 |
| &nbsp;&nbsp;Industrials | 37278367 |  | 37278367 |
| &nbsp;&nbsp;Information Technology | 23530934 | 210556 | 23741490 |
| &nbsp;&nbsp;Materials | 14727198 |  | 14727198 |
| &nbsp;&nbsp;Real Estate | 13555676 |  | 13555676 |
| &nbsp;&nbsp;Utilities | 26228250 |  | 26228250 |
| Total Common Stock | 337057571 | 210556 | 337268127 |
| Preferred Stock | 2499582 | 1792577 | 4292159 |
| Short-Term Investments | 1946028 | 15590713 | 17536741 |
| Total Investments, at fair value | $341503181 | $17593846 | $359097027 |

---

---

| | |
|:---|:---|
| ˆ  | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio's investments are categorized as Level 2 investments. |

---

See Accompanying Notes to Financial Statements<br>

77<br>

------

<u>VY<sup>®</sup> T. ROWE PRICE<br>EQUITY INCOME PORTFOLIO </u> <u> PORTFOLIO OF INVESTMENTS<br>AS OF DECEMBER 31, 2022 (CONTINUED)</u>

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 $294,151,608. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;Gross Unrealized Appreciation | $77781009 |
| &nbsp;&nbsp;Gross Unrealized Depreciation | (12835330) |
| &nbsp;&nbsp;Net Unrealized Appreciation | $64945679 |

---

See Accompanying Notes to Financial Statements<br>

78<br>

------

TAX INFORMATION (Unaudited)

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

---

| | | |
|:---|:---|:---|
| <u>Portfolio Name</u> | Type | Per Share Amount |
| Voya Government Liquid Assets Portfolio |  |  |
| &nbsp;&nbsp;Class I | NII | $0.015 |
| &nbsp;&nbsp;Class S | NII | $0.0134 |
| &nbsp;&nbsp;Class S2 | NII | $0.0124 |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.2934 |
| &nbsp;&nbsp;Class I | NII | $0.3799 |
| &nbsp;&nbsp;Class S | NII | $0.3431 |
| &nbsp;&nbsp;Class S2 | NII | $0.3308 |
| &nbsp;&nbsp;All Classes | STCG | $0.0576 |
| &nbsp;&nbsp;All Classes | LTCG | $0.5302 |
| VY<sup>®</sup> Invesco Growth and Income Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.2495 |
| &nbsp;&nbsp;Class I | NII | $0.397 |
| &nbsp;&nbsp;Class S | NII | $0.3298 |
| &nbsp;&nbsp;Class S2 | NII | $0.2781 |
| &nbsp;&nbsp;All Classes | STCG | $0.269 |
| &nbsp;&nbsp;All Classes | LTCG | $3.0092 |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio |  |  |
| &nbsp;&nbsp;All Classes | LTCG | $5.0432 |
| VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.0494 |
| &nbsp;&nbsp;Class R6 | NII | $0.1559 |
| &nbsp;&nbsp;Class S | NII | $0.1022 |
| &nbsp;&nbsp;Class S2 | NII | $0.0716 |
| &nbsp;&nbsp;All Classes | STCG | $0.0149 |
| &nbsp;&nbsp;All Classes | LTCG | $1.4726 |

---

---

| | | |
|:---|:---|:---|
| <u>Portfolio Name</u> | Type | Per Share Amount |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.2569 |
| &nbsp;&nbsp;Class I | NII | $0.4051 |
| &nbsp;&nbsp;Class R6 | NII | $0.4051 |
| &nbsp;&nbsp;Class S | NII | $0.337 |
| &nbsp;&nbsp;Class S2 | NII | $0.2927 |
| &nbsp;&nbsp;All Classes | STCG | $1.0052 |
| &nbsp;&nbsp;All Classes | LTCG | $2.6765 |
| VY<sup>®</sup> T. Rowe Price Equity Income Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.1657 |
| &nbsp;&nbsp;Class I | NII | $0.2245 |
| &nbsp;&nbsp;Class S | NII | $0.1974 |
| &nbsp;&nbsp;Class S2 | NII | $0.1824 |
| &nbsp;&nbsp;All Classes | STCG | $0.1066 |
| &nbsp;&nbsp;All Classes | LTCG | $1.0496 |

---

NII—Net investment income

STCG—Short-term capital gain

LTCG—Long-term capital gain

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

---

| | |
|:---|:---|
| VY<sup>®</sup> Invesco Growth and Income Portfolio | 70.95% |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | 0.85% |
| VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | 100.00% |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | 25.58% |
| VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | 94.26% |

---

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):

---

| | |
|:---|:---|
| VY<sup>®</sup> CBRE Global Real Estate Portfolio | $8725117 |
| VY<sup>®</sup> Invesco Growth and Income Portfolio | $49485751 |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | $97648575 |
| VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | $31288399 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | $710644044 |
| VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | $33457979 |

---

79<br>

------

TAX INFORMATION (Unaudited) (continued)

Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2022. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
| | Creditable<br> Foreign Taxes<br> Paid | Per Share<br> Amount | Portion of Ordinary Income<br> Distribution Derived from<br> Foreign Sourced Income\* |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | $1202052 | $0.0454 | 62.73% |

---

\* None of the Portfolio's income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

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.

80<br>

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TRUSTEE AND OFFICER INFORMATION (UNAUDITED)<br>

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>Name, Address and Age</u> | Position(s)<br> Held with<br>the Trust | Term of Office<br>and Length of<br>Time Served<sup>(1)</sup> | Principal Occupation(s) —<br> During the Past 5 Years | Number of<br>funds in<br>Fund 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<br> 2020–Present<br> November 2007–Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009–Present). | 132 | RSR Partners, Inc,<br> (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<br> 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. (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. |

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<sup>(1)</sup> 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).

<sup>(2)</sup> 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.

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| | | | |
|:---|:---|:---|:---|
| <u>Name, Address and Age</u> | Position(s) Held<br>With the Trust | Term of Office and Length<br>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). |

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| | | | |
|:---|:---|:---|:---|
| <u>Name, Address and Age</u> | Position(s) Held<br>With the Trust | Term of Office and Length<br>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 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<br> 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<br> 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). |

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<sup>(1)</sup> The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

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

At a meeting held on November 17, 2022, the Board of Trustees ("Board") of Voya Investors Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management, sub-advisory and sub-sub-advisory contracts, and who are not "interested persons" of Voya Government Liquid Assets Portfolio, VY<sup>®</sup> CBRE Global Real Estate Portfolio (*formerly*, VY<sup>®</sup> Clarion Global Real Estate Portfolio), VY<sup>®</sup> Invesco Growth and Income Portfolio, VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio, VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio, VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio, and VY<sup>®</sup> T. Rowe Price Equity Income 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 for an additional one year period ending November 30, 2023 of (1) the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Portfolios, (2) the sub-advisory contracts (the "Sub-Advisory Contracts") with Voya Investment Management Co. LLC, CBRE Investment Management Listed Real Assets LLC (*formerly*, CBRE Clarion Securities LLC), Invesco Advisers, Inc., J.P. Morgan Investment Management Inc., and T. Rowe Price Associates, Inc. ("TRPA"), the respective sub-advisers to each Portfolio (the "Sub-Advisers"), and (3) the sub-sub-advisory contract (the "Sub-Sub-Advisory Contract" and together with the Management Contracts and the Sub-Advisory Contracts, the "Contracts") with Morgan Stanley Investment Management Limited, the sub-sub-adviser to VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio (the "Sub-Sub-Adviser").

In addition to the Board meeting on November 17, 2022, the Independent Trustees also held meetings outside the presence of representatives of the Manager, Sub-Advisers, or Sub-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, sub-advisory contracts and sub-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, sub-advisory and sub-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, sub-advisory and sub-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 and sub-sub advisers, as well as the Manager's role in monitoring the sub-advisers and sub-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, a Sub-Adviser, or the Sub-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

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information was requested in conducting its evaluation of the Manager, a Sub-Adviser, and the Sub-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 responsibilities to one or more sub-advisers and their sub-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 and their sub-sub-advisers, if any, to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' and the Sub-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 the sub-sub-adviser and to recommend appropriate changes in investment strategies, sub-advisers, sub-sub-adviser, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's and the Sub-Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser and the Sub-Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with each Sub-Adviser and the Sub-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, the Sub-Advisers, and the Sub-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-Advisers and the Sub-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, Sub-Advisers, and the Sub-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, each Sub-Adviser, and the Sub-Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management, sub-advisory, and sub-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, the Sub-Advisers, and the Sub-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 any breakpoints in the management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Portfolios do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager, Sub-Advisers or the Sub-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

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information regarding economies of scale. In the case of sub-advisory and sub-sub advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager and the relevant Sub-Adviser, respectively.

**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, Sub-Advisers, and the Sub-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, Sub-Advisers, or the Sub-Sub-Adviser, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser with respect to sub-advisory and sub-sub-advisory fee schedules, that the Manager is responsible for paying the fees of the Sub-Advisers and that the applicable Sub-Adviser is responsible for paying the fees of the Sub-Sub-Adviser.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio's Selected Peer Group and which additional services the Manager pays for on behalf of certain of those Portfolios under the "bundled fee" arrangement in return for a single management fee ("Unified Fee Structure"). The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager, and the contractual sub-sub-advisory fee schedule payable to the Sub-Sub-Adviser by the relevant Sub-Adviser. In this regard, the Board considered that the Sub-Sub-Adviser is compensated by its relevant Sub-Adviser and not the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser and the Sub-Sub-Adviser are reasonable for the

services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

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

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

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager,

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Sub-Advisers, and the Sub-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, Sub-Advisers', and Sub-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 Government Liquid Assets Portfolio***

In considering whether to approve the renewal of the Contracts for Voya Government Liquid Assets Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio outperformed its Morningstar category average for the one-year period, underperformed for the five-year and ten-year periods, and its performance was equal to the performance of its Morningstar category average for the year-to-date and three-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio's management fee rate, which result in lower fees at higher

asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

***VY<sup>®</sup> CBRE Global Real Estate Portfolio***

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

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the 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 fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account the competitiveness of the Portfolio's management fee rate and net expense ratio.

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***VY<sup>®</sup> Invesco Growth and Income Portfolio***

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Invesco Growth and Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date, one-year, three-year and ten-year periods, and the fourth quintile for the five-year period; and (2) the Portfolio outperformed its primary benchmark for all periods presented. In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio's management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the second 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. In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

***VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio***

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

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

fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the fifth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding: (1) the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure; (2) that, as a result of the Board's request during the 2022 annual contract renewal cycle, lower fee rates and expense limits were implemented, effective January 1, 2023; and (3) its belief that the Portfolio's pricing is reasonable.

***VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio***

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> Morgan Stanley Global Franchise 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 five-year and ten-year periods, the second quintile for the one-year period, the third quintile for the three-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed. In analyzing this performance data, the Board took into account: (1) the uniqueness of the Portfolio's security selection and sector allocation as compared to its primary benchmark and Selected Peer Group and its impact on performance; and (2) the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the 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 fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)<br>

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 fifth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding: (1) the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure; and (2) its belief that the Portfolio's pricing is reasonable.

***VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio***

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> T. Rowe Price Capital Appreciation 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, one-year, three-year, five-year and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

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 second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account the expense borne by the Manager for the provision of services to the Portfolio, such as transfer agency, custody, accounting, and legal services, pursuant to the Portfolio's Unified Fee Structure.

***VY<sup>®</sup> T. Rowe Price Equity Income Portfolio***

In considering whether to approve the renewal of the Contracts for VY<sup>®</sup> T. Rowe Price Equity Income Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is

ranked in the first quintile of its Morningstar category for the year-to-date period, the second quintile for the one-year and three-year periods, and the third quintile for the five-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.

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

**Board Conclusions**

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

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

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

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

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

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

**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.**

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| | |
|:---|:---|
| RETIREMENT \| INVESTMENTS \| INSURANCE<br>voyainvestments.com | ![](voya_blk.jpg) |
|  | VPAR-VIT1AISS2 (1222-022223) |

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## Annual Report

#### December 31, 2022
Classes ADV, I, P2, R6, S and S2

#### Voya Investors Trust

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Balanced Income Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya U.S. Stock Index Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya High Yield Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>VY<sup>®</sup> CBRE Real Estate Portfolio <br> (formerly, VY<sup>®</sup> Clarion Real Estate Portfolio)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Large Cap Growth Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>VY<sup>®</sup> CBRE Real Estate Portfolio <br> (formerly, VY<sup>®</sup> Clarion Real Estate Portfolio)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Large Cap Value Portfolio <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ <br>Voya Limited Maturity Bond Portfolio <br>|  |

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| |
|:---|
| 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. |

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

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Portfolio Managers' Reports](#tPMR)  | [2](#tPMR) |
| [Shareholder Expense Examples](#tSEEU)  | [19](#tSEEU) |
| [Report of Independent Registered Public Accounting Firm](#tROIR)  | [21](#tROIR) |
| [Statements of Assets and Liabilities](#tSOAA)  | [22](#tSOAA) |
| [Statements of Operations](#tSOOF)  | [26](#tSOOF) |
| [Statements of Changes in Net Assets](#tSOCI)  | [28](#tSOCI) |
| [Financial Highlights](#tFIHI)  | [32](#tFIHI) |
| [Notes to Financial Statements](#tNTFS)  | [39](#tNTFS) |
| [Portfolios of Investments](#tPOOI)  | [58](#tPOOI) |
| [Tax Information](#tTAIN)  | [143](#tTAIN) |
| [Trustee and Officer Information](#tTAOI)  | [145](#tTAOI) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#tAASA)  | [149](#tAASA) |

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#### 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.

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Benchmark Descriptions

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| | |
|:---|:---|
| **Index**  | **Description**  |
| Bloomberg High Yield Bond — 2% Issuer <br> Constrained Composite Index | An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | A widely recognized index of publicly issued fixed rate, investment grade debt securities, including Treasuries, Agencies and credit securities with a maturity of one to three years. |
| Bloomberg U.S. Aggregate Bond Index <br> ("Bloomberg U.S. Aggregate Bond") | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. |
| MSCI Europe, Australasia and Far East<sup>®</sup> ("MSCI EAFE<sup>®</sup>") Index | An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
| MSCI U.S. REIT<sup>®</sup> Index | A free float-adjusted market capitalization weighted index that is comprised of equity real estate investment trusts that are included in the MSCI U.S. Investable Market 2500 Index (with the exception of specialty REITs that do not generate a majority of their revenue and income from real estate rental and leasing obligations). The index represents approximately 85% of the U.S. REIT market. |
| Russell 1000<sup>®</sup> Index | A comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies. |
| Russell 1000<sup>®</sup> Growth Index | Measures the performance of the 1,000 largest companies in the Russell 3000<sup>®</sup> Index with higher price-to-book ratios and higher forecasted growth. |
| Russell 1000<sup>®</sup> Value Index | An index that measures the performance of those Russell 1000<sup>®</sup> securities with lower price-to-book ratios and lower forecasted growth values. |
| Russell 2000<sup>®</sup> Index | An index that measures the performance of securities of small U.S. companies. |
| S&P 500<sup>®</sup> Index | An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. |

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Voya Balanced Income Portfolio Portfolio Managers' Report

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| | |
|:---|:---|
| **Investment Type Allocation <br> as of December 31, 2022 <br> (as a percentage of net assets)**  | **Investment Type Allocation <br> as of December 31, 2022 <br> (as a percentage of net assets)**  |
| Common Stock | 39.7%  |
| Collateralized Mortgage Obligations | 12.5%  |
| Corporate Bonds/Notes | 11.2%  |
| Commercial Mortgage-Backed Securities | 9.0%  |
| Asset-Backed Securities | 8.7%  |
| U.S. Treasury Obligations | 4.7%  |
| U.S. Government Agency Obligations | 2.5%  |
| Mutual Funds | 1.9%  |
| Sovereign Bonds | 1.0%  |
| Preferred Stock | 0.2%  |
| Exchange-Traded Funds | 0.2%  |
| Purchased Options\* | 0.0%  |
| Assets in Excess of Other Liabilities\*\* | &nbsp;&nbsp;&nbsp;&nbsp;8.4%  |
| Net Assets | 100.0%  |
| &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Amount is less than 0.05%  | &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Amount is less than 0.05%  |
| &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 Balanced Income Portfolio (the "Portfolio") seeks to maximize income while maintaining prospects for capital appreciation. The Portfolio is managed by Paul Zemsky, CFA, Brian Timberlake, Ph.D., CFA, Vincent Costa, CFA, and Leigh Todd, CFA, Portfolio Managers\* of Voya Investment Management Co. LLC ("VIM"). — the Sub-Adviser.

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

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

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

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

---

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

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

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

\* <br>

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

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

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

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Portfolio Managers' Report Voya Balanced Income Portfolio

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

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| | | | |
|:---|:---|:---|:---|
| **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 | -14.30% | 1.32% | 4.20%  |
| Class I | -13.78% | 1.96% | 4.81%  |
| Class S | -13.97% | 1.69% | 4.57%  |
| Class S2 | -14.14% | 1.54% | 4.41%  |
|  60% Bloomberg U.S. Aggregate Bond Index/30% Russell 1000<sup>®</sup> Index/10% MSCI EAFE<sup>®</sup> Index  | -14.72% | 3.22% | 4.97%  |
| Bloomberg U.S. Aggregate Bond Index | -13.01% | 0.02% | 1.06%  |
| Russell 1000<sup>®</sup> Index | -19.13% | 9.13% | 12.37%  |
| MSCI EAFE<sup>®</sup> Index | -14.45% | 1.54% | 4.67%  |

---

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

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

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

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

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

*Portfolio holdings are subject to change daily.* 

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

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

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Voya High Yield Portfolio Portfolio Managers' Report

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| | |
|:---|:---|
| **Investment Type Allocation <br> as of December 31, 2022 <br> (as a percentage of net assets)**  | **Investment Type Allocation <br> as of December 31, 2022 <br> (as a percentage of net assets)**  |
| Corporate Bonds/Notes | 95.1%  |
| Bank Loans | 0.5%  |
| Common Stock | 0.3%  |
| Convertible Bonds/Notes | 0.1%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;4.0%  |
| 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.*** |

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

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

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

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

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

---

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

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

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

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

Portfolio Managers' Report Voya High Yield Portfolio

![[MISSING IMAGE: lc_voyahighyield-bw.jpg]](lc_voyahighyield-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 | -12.83% | 1.24% | 2.91%  |
| Class I | -12.28% | 1.85% | 3.53%  |
| Class S | -12.52% | 1.59% | 3.27%  |
| Class S2 | -12.63% | 1.45% | 3.11%  |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | -11.18% | 2.30% | 4.03%  |

---

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

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

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

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

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

*Portfolio holdings are subject to change daily.* 

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

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

Voya Large Cap Growth Portfolio Portfolio Managers' Report

---

| | |
|:---|:---|
| **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 | 43.8%  |
| Health Care | 15.2%  |
| Consumer Discretionary | 11.7%  |
| Industrials | 8.0%  |
| Consumer Staples | 5.9%  |
| Communication Services | 5.9%  |
| Financials | 2.5%  |
| Real Estate | 2.0%  |
| Energy | 1.9%  |
| Utilities | 1.2%  |
| Materials | 0.7%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;1.2%  |
| 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 Large Cap Growth Portfolio (the "Portfolio") seeks long-term capital growth. The Portfolio is managed by Kristy Finnegan, CFA, and Leigh Todd, CFA, Portfolio Managers\* of Voya Investment Management Co. LLC — the Sub-Adviser.

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

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

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

---

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

---

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

\* <br>

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

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

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

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

Portfolio Managers' Report Voya Large Cap Growth Portfolio

![[MISSING IMAGE: lc_largecapgrowth-bw.jpg]](lc_largecapgrowth-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 | -30.97% | 6.64% | 11.09%  |
| Class I | -30.50% | 7.30% | 11.75%  |
| Class R6<sup>(1)</sup> | -30.47% | 7.31% | 11.76%  |
| Class S | -30.66% | 7.04% | 11.47%  |
| Class S2 | -30.80% | 6.87% | 11.30%  |
| Russell 1000<sup>®</sup> Growth Index | -29.14% | 10.96% | 14.10%  |

---

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

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

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

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

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

*Portfolio holdings are subject to change daily.* 

<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.

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

Voya Large Cap Value Portfolio Portfolio Managers' Report

---

| | |
|:---|:---|
| **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)**  |
| Financials | 20.7%  |
| Health Care | 16.4%  |
| Communication Services | 9.5%  |
| Industrials | 9.3%  |
| Information Technology | 8.9%  |
| Energy | 7.9%  |
| Consumer Staples | 7.6%  |
| Utilities | 5.5%  |
| Materials | 4.9%  |
| Consumer Discretionary | 4.7%  |
| Real Estate | 4.2%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;0.4%  |
| 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 Large Cap Value Portfolio (the "Portfolio") seeks long-term growth of capital and current income. The Portfolio is managed by Vincent Costa, CFA, James Dorment, CFA, and Gregory Wachsman, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

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

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

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

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

---

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

---

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

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

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

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

Portfolio Managers' Report Voya Large Cap Value Portfolio

![[MISSING IMAGE: lc_largecapvalue-bw.jpg]](lc_largecapvalue-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**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  | **Since Inception <br> of Class S2 <br> September 9, 2013**  |
| Class ADV | -3.88% | 7.89% | 9.70% |  |
| Class I | -3.21% | 8.55% | 10.37% |  |
| Class R6<sup>(1)</sup> | -3.26% | 8.56% | 10.36% |  |
| Class S | -3.47% | 8.26% | 10.09% |  |
| Class S2 | -3.69% | 8.10% |  | 8.60% |
| Russell 1000<sup>®</sup> Value Index | -7.54% | 6.67% | 10.29% | 8.91% |

---

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

<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.

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

Voya Limited Maturity Bond Portfolio Portfolio Managers' Report

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| | |
|:---|:---|
| **Investment Type Allocation as of <br> December 31, 2022 <br> (as a percentage of net assets)**  | **Investment Type Allocation as of <br> December 31, 2022 <br> (as a percentage of net assets)**  |
| Corporate Bonds/Notes | 34.0%  |
| U.S. Treasury Obligations | 30.8%  |
| Asset-Backed Securities | 17.7%  |
| Commercial Mortgage-Backed Securities | 7.8%  |
| Collateralized Mortgage Obligations | 5.5%  |
| U.S. Government Agency Obligations\* | 0.0%  |
| Assets in Excess of Other Liabilities\*\* | &nbsp;&nbsp;&nbsp;&nbsp;4.2%  |
| Net Assets | 100.0%  |
| &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Amount is less than 0.5%  | &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Amount is less than 0.5%  |
| &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 Limited Maturity Bond Portfolio (the "Portfolio") seeks highest current income consistent with low risk to principal and liquidity. As a secondary objective, the Portfolio seeks to enhance its total return through capital appreciation when market factors, such as falling interest rates and rising bond prices, indicate that capital appreciation may be available without significant risk to principal. The Portfolio is managed by David Goodson, Randall Parrish, CFA, Matthew Toms, CFA, and Sean Banai, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

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

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

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

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

---

| | |
|:---|:---|
| **Top Ten Holdings as of <br> December 31, 2022\* <br> (as a percentage of net assets)**  | **Top Ten Holdings as of <br> December 31, 2022\* <br> (as a percentage of net assets)**  |
|  United States Treasury Note, 4.250%, <br> 12/31/24  | 11.8%  |
|  United States Treasury Note, 4.000%, <br> 12/15/25  | 11.8%  |
|  United States Treasury Note, 1.625%, <br> 10/31/23  | 4.9%  |
|  WFRBS Commercial Mortgage Trust <br> 2013-C14 C, 3.957%, 06/15/46  | 1.2%  |
|  VMC Finance 2021-FL4 C LLC, 6.589%, 06/16/36  | 1.0%  |
|  United States Treasury Note, 0.125%, <br> 05/31/23  | 1.0%  |
| BPR Trust 2021-WILL C, 8.318%, 06/15/38  | 0.9%  |
| CSWF 2021-SOP2 D, 6.635%, 06/15/34 | 0.6%  |
|  Ginnie Mae Series 2016-H06 FD, 4.418%, 07/20/65  | 0.6%  |
|  OHA Credit Partners XVI 2021-16A A, 5.344%, 10/18/34  | 0.5%  |
| &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.*** |  ***Portfolio holdings are subject to change daily.*** |

---

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

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

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

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

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

Portfolio Managers' Report Voya Limited Maturity Bond Portfolio

![[MISSING IMAGE: lc_maturity-bw.jpg]](lc_maturity-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 | -5.26% | 0.23% | 0.38% |
| Class I | -4.66% | 0.86% | 0.99% |
| Class S | -4.94% | 0.59% | 0.74% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | -3.69% | 0.92% | 0.88% |

---

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

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

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

Voya U.S. Stock Index Portfolio Portfolio Managers' Report

---

| | |
|:---|:---|
| **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 | 25.3%  |
| Health Care | 15.6%  |
| Financials | 11.5%  |
| Consumer Discretionary | 9.6%  |
| Industrials | 8.5%  |
| Communication Services | 7.2%  |
| Consumer Staples | 7.1%  |
| Energy | 5.2%  |
| Utilities | 3.1%  |
| Materials | 2.7%  |
| Real Estate | 2.7%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;1.5%  |
| 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 U.S. Stock Index Portfolio (the "Portfolio") seeks total return. The Portfolio is managed by Steve Wetter and Kai Yee Wong, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

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

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

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

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

---

| | |
|:---|:---|
| **Top Ten Holdings <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)**  |
| Apple, Inc. | 6.0%  |
| Microsoft Corp. | 5.5%  |
| Amazon.com, Inc. | 2.3%  |
| Berkshire Hathaway, Inc. - Class B | 1.7%  |
| Alphabet, Inc. - Class A | 1.6%  |
| UnitedHealth Group, Inc. | 1.5%  |
| Alphabet, Inc. - Class C | 1.4%  |
| Johnson & Johnson | 1.4%  |
| Exxon Mobil Corp. | 1.4%  |
| JPMorgan Chase & Co. | 1.2%  |
| &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.*** |  ***Portfolio holdings are subject to change daily.*** |

---

management" approach designed to track the performance of the S&P 500<sup>®</sup> Index.

\* <br>

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

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

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

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

Portfolio Managers' Report Voya U.S. Stock Index Portfolio

![[MISSING IMAGE: lc_usstockindex-bw.jpg]](lc_usstockindex-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 | -18.78% | 8.56% | 11.67%  |
| Class I | -18.35% | 9.14% | 12.26%  |
| Class P2<sup>(1)</sup> | -18.23% | 9.25% | 12.33%  |
| Class S | -18.50% | 8.88% | 12.00%  |
| Class S2 | -18.63% | 8.70% | 11.82%  |
| S&P 500<sup>®</sup> Index | -18.11% | 9.42% | 12.56%  |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya U.S. Stock Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

*Portfolio holdings are subject to change daily.* 

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

Class P2 incepted on May 3, 2017. The Class P2 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

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

VY<sup>®</sup> CBRE Real Estate Portfolio Portfolio Managers' Report

---

| | |
|:---|:---|
| **REIT Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  | **REIT Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  |
| Specialized REITs | 28.2%  |
| Residential REITs | 18.3%  |
| Industrial REITs | 17.8%  |
| Retail REITs | 15.7%  |
| Office REITs | 6.9%  |
| Hotel & Resort REITs | 4.9%  |
| Health Care REITs | 3.8%  |
| Diversified REITs | 1.6%  |
| Real Estate Operating Companies | 1.2%  |
| Hotels, Resorts & Cruise Lines | 0.5%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;1.1%  |
| 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.*** |

---

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

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

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

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

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

---

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

---

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

We believe real estate stocks are oversold and are very attractively valued relative to private market real estate. In addition, it is our opinion that real estate stocks offer above-average and growing dividend yields, inflation-protected earnings growth, and a history of outperformance during periods of above-average inflation. We believe investors committing capital to listed real estate at this time have the potential to earn an attractive absolute and relative long-term total return.

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

\* <br>

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

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

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

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

Portfolio Managers' Report VY<sup>®</sup> CBRE Real Estate Portfolio

![[MISSING IMAGE: lc_cbrerealestate-bw.jpg]](lc_cbrerealestate-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 | -27.40% | 3.77% | 5.87%  |
| Class I | -26.97% | 4.39% | 6.50%  |
| Class S | -27.14% | 4.14% | 6.24%  |
| Class S2 | -27.25% | 3.98% | 6.08%  |
| MSCI U.S. REIT<sup>®</sup> Index | -24.51% | 3.69% | 6.48%  |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> CBRE Real Estate Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

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

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio Portfolio Managers' Report

---

| | |
|:---|:---|
| **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)**  |
| Industrials | 21.2%  |
| Financials | 17.0%  |
| Health Care | 14.2%  |
| Information Technology | 12.8%  |
| Consumer Discretionary | 10.2%  |
| Real Estate | 5.7%  |
| Consumer Staples | 5.5%  |
| Materials | 4.3%  |
| Energy | 2.9%  |
| Utilities | 2.6%  |
| Communication Services | 1.0%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;2.6%  |
| 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.*** |

---

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

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

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

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

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

---

| | |
|:---|:---|
| **Top Ten Holdings <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)**  |
| WillScot Mobile Mini Holdings Corp. | 0.9%  |
| BJ's Wholesale Club Holdings, Inc. | 0.9%  |
| MSA Safety, Inc. | 0.9%  |
| Portland General Electric Co. | 0.8%  |
| Primo Water Corp. | 0.8%  |
| Wintrust Financial Corp. | 0.8%  |
| Power Integrations, Inc. | 0.8%  |
| Aptargroup, Inc. | 0.8%  |
| HealthEquity, Inc. | 0.8%  |
| RLI Corp. | 0.8%  |
| &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.*** |  ***Portfolio holdings are subject to change daily.*** |

---

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

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

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

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

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

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

Portfolio Managers' Report VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

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

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

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

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

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

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

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_managersreport-bw.jpg]](lc_managersreport-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 | -18.08% | 4.68% | 9.67%  |
| Class I | -17.57% | 5.32% | 10.34%  |
| Class R6<sup>(1)</sup> | -17.55% | 5.31% | 10.33%  |
| Class S | -17.76% | 5.06% | 10.06%  |
| Class S2 | -17.86% | 4.90% | 9.90%  |
| 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 VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

*Portfolio holdings are subject to change daily.*

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

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

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return**  | **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 Balanced Income Portfolio</u>** | **<u>Voya Balanced Income Portfolio</u>** | **<u>Voya Balanced Income Portfolio</u>** | **<u>Voya Balanced Income Portfolio</u>** | **<u>Voya Balanced Income Portfolio</u>** | **<u>Voya Balanced Income Portfolio</u>** | **<u>Voya Balanced Income Portfolio</u>** | **<u>Voya Balanced Income Portfolio</u>** | **<u>Voya Balanced Income Portfolio</u>** |
| Class ADV | $1000.00 | $988.30 | 1.20% | $6.01 | $1000.00 | $1019.16 | 1.20% | $6.11 |
| Class I | 1000.00 | 991.10 | 0.60 | 3.01 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class S | 1000.00 | 989.90 | 0.85 | 4.26 | 1000.00 | 1020.92 | 0.85 | 4.33 |
| Class S2 | 1000.00 | 988.40 | 1.00 | 5.01 | 1000.00 | 1020.16 | 1.00 | 5.09 |
| **<u>Voya High Yield Portfolio</u>** | **<u>Voya High Yield Portfolio</u>** | **<u>Voya High Yield Portfolio</u>** | **<u>Voya High Yield Portfolio</u>** | **<u>Voya High Yield Portfolio</u>** | **<u>Voya High Yield Portfolio</u>** | **<u>Voya High Yield Portfolio</u>** | **<u>Voya High Yield Portfolio</u>** | **<u>Voya High Yield Portfolio</u>** |
| Class ADV | $1000.00 | $1029.20 | 1.08% | $5.52 | $1000.00 | $1019.76 | 1.08% | $5.50 |
| Class I | 1000.00 | 1032.30 | 0.48 | 2.46 | 1000.00 | 1022.79 | 0.48 | 2.45 |
| Class S | 1000.00 | 1031.00 | 0.73 | 3.74 | 1000.00 | 1021.53 | 0.73 | 3.72 |
| Class S2 | 1000.00 | 1030.20 | 0.88 | 4.50 | 1000.00 | 1020.77 | 0.88 | 4.48 |
| **<u>Voya Large Cap Growth Portfolio</u>** | **<u>Voya Large Cap Growth Portfolio</u>** | **<u>Voya Large Cap Growth Portfolio</u>** | **<u>Voya Large Cap Growth Portfolio</u>** | **<u>Voya Large Cap Growth Portfolio</u>** | **<u>Voya Large Cap Growth Portfolio</u>** | **<u>Voya Large Cap Growth Portfolio</u>** | **<u>Voya Large Cap Growth Portfolio</u>** | **<u>Voya Large Cap Growth Portfolio</u>** |
| Class ADV | $1000.00 | $979.70 | 1.27% | $6.34 | $1000.00 | $1018.80 | 1.27% | $6.46 |
| Class I | 1000.00 | 983.20 | 0.67 | 3.35 | 1000.00 | 1021.83 | 0.67 | 3.41 |
| Class R6 | 1000.00 | 983.90 | 0.67 | 3.35 | 1000.00 | 1021.83 | 0.67 | 3.41 |
| Class S | 1000.00 | 982.00 | 0.92 | 4.60 | 1000.00 | 1020.57 | 0.92 | 4.69 |
| Class S2 | 1000.00 | 981.40 | 1.07 | 5.34 | 1000.00 | 1019.81 | 1.07 | 5.45 |

---

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 Large Cap Value Portfolio</u>** | **<u>Voya Large Cap Value Portfolio</u>** | **<u>Voya Large Cap Value Portfolio</u>** | **<u>Voya Large Cap Value Portfolio</u>** | **<u>Voya Large Cap Value Portfolio</u>** | **<u>Voya Large Cap Value Portfolio</u>** | **<u>Voya Large Cap Value Portfolio</u>** | **<u>Voya Large Cap Value Portfolio</u>** | **<u>Voya Large Cap Value Portfolio</u>** |
| Class ADV | $1000.00 | $1055.30 | 1.24% | $6.42 | $1000.00 | $1018.95 | 1.24% | $6.31 |
| Class I | 1000.00 | 1059.20 | 0.64 | 3.32 | 1000.00 | 1021.98 | 0.64 | 3.26 |
| Class R6 | 1000.00 | 1058.70 | 0.64 | 3.32 | 1000.00 | 1021.98 | 0.64 | 3.26 |
| Class S | 1000.00 | 1058.20 | 0.89 | 4.62 | 1000.00 | 1020.72 | 0.89 | 4.53 |
| Class S2 | 1000.00 | 1055.70 | 1.04 | 5.39 | 1000.00 | 1019.96 | 1.04 | 5.30 |
| **<u>Voya Limited Maturity Bond Portfolio</u>** | **<u>Voya Limited Maturity Bond Portfolio</u>** | **<u>Voya Limited Maturity Bond Portfolio</u>** | **<u>Voya Limited Maturity Bond Portfolio</u>** | **<u>Voya Limited Maturity Bond Portfolio</u>** | **<u>Voya Limited Maturity Bond Portfolio</u>** | **<u>Voya Limited Maturity Bond Portfolio</u>** | **<u>Voya Limited Maturity Bond Portfolio</u>** | **<u>Voya Limited Maturity Bond Portfolio</u>** |
| Class ADV | $1000.00 | $987.20 | 0.88% | $4.41 | $1000.00 | $1020.77 | 0.88% | $4.48 |
| Class I | 1000.00 | 989.60 | 0.28 | 1.40 | 1000.00 | 1023.79 | 0.28 | 1.43 |
| Class S | 1000.00 | 988.60 | 0.53 | 2.66 | 1000.00 | 1022.53 | 0.53 | 2.70 |
| **<u>Voya U.S. Stock Index Portfolio</u>** | **<u>Voya U.S. Stock Index Portfolio</u>** | **<u>Voya U.S. Stock Index Portfolio</u>** | **<u>Voya U.S. Stock Index Portfolio</u>** | **<u>Voya U.S. Stock Index Portfolio</u>** | **<u>Voya U.S. Stock Index Portfolio</u>** | **<u>Voya U.S. Stock Index Portfolio</u>** | **<u>Voya U.S. Stock Index Portfolio</u>** | **<u>Voya U.S. Stock Index Portfolio</u>** |
| Class ADV | $1000.00 | $1018.60 | 0.80% | $4.07 | $1000.00 | $1021.17 | 0.80% | $4.08 |
| Class I | 1000.00 | 1021.60 | 0.27 | 1.38 | 1000.00 | 1023.84 | 0.27 | 1.38 |
| Class P2 | 1000.00 | 1022.00 | 0.15 | 0.76 | 1000.00 | 1024.45 | 0.15 | 0.77 |
| Class S | 1000.00 | 1020.50 | 0.51 | 2.60 | 1000.00 | 1022.63 | 0.51 | 2.60 |
| Class S2 | 1000.00 | 1019.80 | 0.67 | 3.41 | 1000.00 | 1021.83 | 0.67 | 3.41 |
| **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>CBRE Real Estate Portfolio</u>** |
| Class ADV | $1000.00 | $942.00 | 1.28% | $6.27 | $1000.00 | $1018.75 | 1.28% | $6.51 |
| Class I | 1000.00 | 944.60 | 0.68 | 3.33 | 1000.00 | 1021.78 | 0.68 | 3.47 |
| Class S | 1000.00 | 943.60 | 0.93 | 4.56 | 1000.00 | 1020.52 | 0.93 | 4.74 |
| Class S2 | 1000.00 | 943.00 | 1.08 | 5.29 | 1000.00 | 1019.76 | 1.08 | 5.50 |
| **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** | **<u>VY</u><sup>®</sup> <u>JPMorgan Small Cap Core Equity Portfolio</u>** |
| Class ADV | $1000.00 | $1047.70 | 1.47% | $7.59 | $1000.00 | $1017.80 | 1.47% | $7.48 |
| Class I | 1000.00 | 1051.60 | 0.87 | 4.50 | 1000.00 | 1020.82 | 0.87 | 4.43 |
| Class R6 | 1000.00 | 1051.70 | 0.87 | 4.50 | 1000.00 | 1020.82 | 0.87 | 4.43 |
| Class S | 1000.00 | 1050.00 | 1.12 | 5.79 | 1000.00 | 1019.56 | 1.12 | 5.70 |
| Class S2 | 1000.00 | 1049.50 | 1.27 | 6.56 | 1000.00 | 1018.80 | 1.27 | 6.46 |

---

\* <br>

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

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

Report of Independent Registered Public Accounting Firm

To the Shareholders of Voya Balanced Income Portfolio, Voya High Yield Portfolio, Voya Large Cap Growth Portfolio, Voya Large Cap Value Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, VY<sup>®</sup> CBRE Real Estate Portfolio (formerly, VY<sup>®</sup> Clarion Real Estate Portfolio) and VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio and the Board of Trustees of Voya Investors Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Balanced Income Portfolio, Voya High Yield Portfolio, Voya Large Cap Growth Portfolio, Voya Large Cap Value Portfolio, Voya Limited Maturity Bond Portfolio, Voya U.S. Stock Index Portfolio, VY<sup>®</sup> CBRE Real Estate Portfolio (formerly, VY<sup>®</sup> Clarion Real Estate Portfolio) and VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio (collectively referred to as the "Portfolios") (eight of the portfolios constituting Voya Investors Trust (the "Trust")), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (eight of the portfolios constituting Voya Investors Trust) at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

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

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

We have served as the auditor of one or more Voya investment companies since 2019. <br> Boston, Massachusetts <br> February 28, 2023

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

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Balanced <br> Income Portfolio**  | **Voya High Yield <br> Portfolio**  | **Voya Large Cap <br> Growth Portfolio**  | **Voya Large Cap <br> Value Portfolio**  |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $216928527 | $378147320 | $3626267713 | $498509180 |
| Investments in affiliates at fair value\*\* | 4484879 |  |  |  |
| Short-term investments at fair value† | 2001861 | 35956143 | 48273000 | 6141477 |
| Cash | 26323990 |  | 468344 | 298161 |
| Cash collateral for futures contracts | 683800 |  |  |  |
| Cash pledged for centrally cleared swaps (Note 2) | 1220000 |  |  |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 2210000 |  |  |  |
| Foreign currencies at value‡ | 89665 |  |  | 138900 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 611236 | 538500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 89716 | 201339 | 1900169 | 114274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 135193 |  | 873956 | 601935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 936305 | 7084103 | 1909 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  | 161971 |  | 48300 | 200851 |
| Unrealized appreciation on forward foreign currency contracts  | 176332 |  |  |  |
| Unrealized appreciation on forward premium swaptions | 12797 |  |  |  |
| Unrealized appreciation on OTC swap agreements | 5060 |  |  |  |
| Prepaid expenses | 1401 |  | 23896 | 2875 |
| Reimbursement due from Investment Adviser | 15871 |  | 166765 | 92684 |
| Other assets | 18149 | 25892 | 207233 | 54575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 256106753 | 421953297 | 3678231285 | 506155110 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased | 3252529 |  | 2104657 |  |
|  Payable for investment securities purchased on a delayed-delivery or when-issued basis  | 6017706 |  |  |  |
| Payable for fund shares redeemed | 197678 | 157979 | 777570 | 495151 |
| Payable upon receipt of securities loaned | 2001861 | 27279315 |  | 4297477 |
| Unrealized depreciation on forward foreign currency contracts  | 201983 |  |  |  |
| Unrealized depreciation on forward premium swaptions | 120933 |  |  |  |
| Variation margin payable on centrally cleared swaps | 37534 |  |  |  |
| Variation margin payable on futures contracts | 11209 |  |  |  |
| Payable for unified fees |  | 161574 |  |  |
| Payable for investment management fees | 125014 |  | 2110770 | 318496 |
| Payable for distribution and shareholder service fees | 66023 | 70966 | 920009 | 29394 |
| Payable to custodian due to bank overdraft |  | 148772 |  |  |
|  Payable to trustees under the deferred compensation plan (Note 6)  | 18149 | 25892 | 207233 | 54575 |
| Payable for trustee fees | 703 |  | 11092 | 1247 |
| Other accrued expenses and liabilities | 52292 |  | 489999 | 161585 |
| Written options, at fair value^ | 2085652 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 14189266 | 27844498 | 6621330 | 5357925 |
| **NET ASSETS**  | $241917487 | $394108799 | $3671609955 | $500797185 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $269917276 | $504231894 | $4321403937 | $473543662 |
| Total distributable earnings (loss) | (27999789) | (110123095) | (649793982) | 27253523 |
| **NET ASSETS**  | $241917487 | $394108799 | $3671609955 | $500797185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $1923240 | $26521385 | $— | $4168955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $235616075 | $434003469 | $4081102289 | $475125662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in affiliates <br>| $5309523 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $2001861 | $35958131 | $48273000 | $6141477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ‡ <br>Cost of foreign currencies <br>| $89184 | $— | $— | $142876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ^ <br>Premiums received on written options <br>| $2180959 | $— | $— | $— |

---

See Accompanying Notes to Financial Statements

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Balanced <br> Income Portfolio**  | **Voya High Yield <br> Portfolio**  | **Voya Large Cap <br> Growth Portfolio**  | **Voya Large Cap <br> Value Portfolio**  |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $48683577 | $61171583 | $1263757237 | $46053595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 6138344 | 7431893 | 164281467 | 9536161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $7.93 | $8.23 | $7.69 | $4.83 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $6023832 | $152174864 | $1251871446 | $357383992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 714828 | 18475098 | 126720500 | 68387623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.43 | $8.24 | $9.88 | $5.23 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | n/a | $53899837 | $72041940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | n/a | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | n/a | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | n/a | 5447175 | 13828890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | n/a | $9.90 | $5.21 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $184512501 | $179355279 | $1066003968 | $25128175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 22020982 | 21791017 | 116545067 | 5069942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.38 | $8.23 | $9.15 | $4.96 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $2697577 | $1407073 | $36077467 | $189483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 322583 | 170782 | 4049361 | 38110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $8.36 | $8.24 | $8.91 | $4.97 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Limited <br> Maturity Bond <br> Portfolio**  | **Voya U.S. Stock <br> Index Portfolio**  | **VY<sup>®</sup> CBRE Real <br> Estate Portfolio**  | **VY<sup>®</sup> JPMorgan <br> Small Cap Core <br> Equity Portfolio**  |
| **ASSETS:** |  |  |  |  |
| Investments in securities at fair value+\* | $357541028 | $6829460741 | $194984267 | $447498857 |
| Short-term investments at fair value† | 62622927 | 99768126 | 3233480 | 22654895 |
| Cash |  | 2146357 |  |  |
| Cash collateral for futures contracts | 577325 | 5766400 |  | 421500 |
| Cash pledged for centrally cleared swaps (Note 2) | 300000 |  |  |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 279838 |  | 371487 | 178086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 376241 | 1627471 | 94534 | 40231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 44047 | 6203599 | 1070157 | 492004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 1587909 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  |  |  |  | 13558 |
| Prepaid expenses |  |  | 1205 |  |
| Reimbursement due from Investment Adviser |  | 326946 | 39228 |  |
| Other assets | 11751 | 161731 | 19577 | 22399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 423341066 | 6945461371 | 199813935 | 471321530 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investment securities purchased | 44969347 |  |  | 947722 |
| Payable for fund shares redeemed | 262089 | 995932 | 12659 | 384470 |
| Payable upon receipt of securities loaned | 4865927 | 5081126 | 2201100 | 10116919 |
| Variation margin payable on centrally cleared swaps | 4024 |  |  |  |
| Variation margin payable on futures contracts | 57926 | 280873 |  | 20460 |
| Payable for unified fees | 87023 | 1543589 |  | 346569 |
| Payable for investment management fees |  |  | 134958 |  |
| Payable for distribution and shareholder service fees | 19161 | 130561 | 54035 | 75973 |
| Payable to custodian due to bank overdraft | 705 |  |  |  |
|  Payable to trustees under the deferred compensation plan (Note 6)  | 11751 | 161731 | 19577 | 22399 |
| Payable for trustee fees |  |  | 607 |  |
| Other accrued expenses and liabilities |  |  | 96477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 50277953 | 8193812 | 2519413 | 11914512 |
| **NET ASSETS**  | $373063113 | $6937267559 | $197294522 | $459407018 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $400578350 | $4265930612 | $205386166 | $435355518 |
| Total distributable earnings (loss) | (27515237) | 2671336947 | (8091644) | 24051500 |
| **NET ASSETS**  | $373063113 | $6937267559 | $197294522 | $459407018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $4722419 | $4941733 | $2131250 | $9866538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $371666001 | $4540158039 | $216933999 | $450917303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $62622927 | $99768126 | $3233480 | $22654895 |

---

See Accompanying Notes to Financial Statements

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Limited <br> Maturity Bond <br> Portfolio**  | **Voya U.S. Stock <br> Index Portfolio**  | **VY<sup>®</sup> CBRE Real <br> Estate Portfolio**  | **VY<sup>®</sup> JPMorgan <br> Small Cap Core <br> Equity Portfolio**  |
| **Class ADV** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $13671089 | $73854658 | $38305145 | $105703084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1481454 | 4919218 | 1536141 | 8473294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.23 | $15.01 | $24.94 | $12.47 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $301980173 | $3602729619 | $8128049 | $229935355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 32069570 | 228281694 | 301884 | 16204274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.42 | $15.78 | $26.92 | $14.19 |
| **Class P2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $2893943484 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | unlimited | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.001 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 181973775 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $15.90 | n/a | n/a |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | n/a | n/a | $31036050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | n/a | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | n/a | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | n/a | n/a | 2190196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | n/a | n/a | $14.17 |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $57411851 | $224159962 | $143263920 | $86656109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 6051290 | 14399033 | 5329871 | 6278187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.49 | $15.57 | $26.88 | $13.80 |
| **Class S2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $142579836 | $7597408 | $6076420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 9314979 | 284569 | 449881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $15.31 | $26.70 | $13.51 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Balanced <br> Income Portfolio**  | **Voya High <br> Yield Portfolio**  | **Voya Large Cap <br> Growth Portfolio**  | **Voya Large Cap <br> Value Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $2721737 | $72000 | $30698232 | $11341875 |
| Dividends from affiliated underlying funds | 1539537 |  |  |  |
| Interest | 5056118 | 27252580 | 4814 | 157 |
| Securities lending income, net | 34526 | 182446 | 83992 | 10886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 9351918 | 27507026 | 30787038 | 11352918 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 1545464 |  | 28836293 | 3735858 |
| Unified fees |  | 2139454 |  |  |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 330190 | 404847 | 9233533 | 288835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 540018 | 505879 | 3274104 | 68266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 13148 | 7310 | 184144 | 756 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 13716 |  | 533615 | 55441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 1662 |  | 512676 | 419428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  |  | 94 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 53836 |  | 453815 | 31450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 819 |  | 15869 | 217 |
| Shareholder reporting expense | 13119 |  | 107183 | 40850 |
| Professional fees | 17389 |  | 193805 | 18558 |
| Custody and accounting expense | 112746 |  | 500860 | 54770 |
| Trustee fees and expenses | 7025 | 24381 | 110920 | 12469 |
| Miscellaneous expense | 20484 |  | 214824 | 26754 |
| Interest expense | 1568 |  |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 2671184 | 3081871 | 44171735 | 4753852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (91149) | (65500) | (1649134) | (1191796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 2580035 | 3016371 | 42522601 | 3562056 |
| Net investment income (loss) | 6771883 | 24490655 | (11735563) | 7790862 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (6204085) | (11011626) | (183393089) | 6753740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | (3977702) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 38453 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | (488765) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | 61682 |  |  | 26979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (4100231) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  | (734976) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  | 1398270 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (14007354) | (11011626) | (183393089) | 6780719 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (37535320) | (75961739) | (1569710336) | (34649378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | 292042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 5005 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | (6543) |  |  | (10566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 43296 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  | (571551) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  | (55207) |  |  |  |
| Net change in unrealized appreciation (depreciation) | (37828278) | (75961739) | (1569710336) | (34659944) |
| Net realized and unrealized loss | (51835632) | (86973365) | (1753103425) | (27879225) |
| **Decrease in net assets resulting from operations**  | $(45063749) | $(62482710) | $(1764838988) | $(20088363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $70795 | $— | $33272 | $6549 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Limited <br> Maturity Bond <br> Portfolio**  | **Voya U.S. Stock <br> Index Portfolio**  | **VY<sup>®</sup> CBRE Real <br> Estate Portfolio**  | **VY<sup>®</sup> JPMorgan <br> Small Cap Core <br> Equity Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends, net of foreign taxes withheld\* | $266224 | $116220293 | $6620664 | $6795501 |
| Interest | 8926392 | 81920 |  |  |
| Securities lending income, net | 126953 | 136401 | 1381 | 63645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 9319569 | 116438614 | 6622045 | 6859146 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees |  |  | 2041504 |  |
| Unified fees | 1059538 | 18725007 |  | 4661912 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 91502 | 439532 | 283163 | 697889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 153104 | 622365 | 440550 | 240139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  | 624223 | 39276 | 27941 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  |  |  | 63819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  |  |  | 12879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  |  |  | 238380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  |  | 13244 |  |
| Shareholder reporting expense |  |  | 14913 |  |
| Professional fees |  |  | 13908 |  |
| Custody and accounting expense |  |  | 34675 |  |
| Trustee fees and expenses | 20806 | 375336 | 7740 | 30568 |
| Miscellaneous expense |  |  | 16656 |  |
| Interest expense |  | 1001 | 26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1324950 | 20787464 | 3220733 | 5658449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  |  | (3430058) | (795686) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage commission recapture  |  |  | (4422) | (23733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 1324950 | 17357406 | 2420625 | 5634716 |
| Net investment income | 7994619 | 99081208 | 4201420 | 1224430 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (8609098) | 425815711 | 15370362 | 34083788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  |  |  | (30) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (5508237) | (18753055) |  | (2130021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  | 18760 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (14098575) | 407062656 | 15370332 | 31953771 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (13513364) | (2016289173) | (101056953) | (149799731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 336517 | (7093072) |  | (224822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  | (18908) |  |  |  |
| Net change in unrealized appreciation (depreciation) | (13195755) | (2023382245) | (101056951) | (150024553) |
| Net realized and unrealized loss | (27294330) | (1616319589) | (85686619) | (118070782) |
| **Decrease in net assets resulting from operations**  | $(19299711) | $(1517238381) | $(81485199) | $(116846352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $— | $27232 | $8051 | $28487 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Balanced Income Portfolio**  | **Voya Balanced Income Portfolio**  | **Voya High Yield Portfolio**  | **Voya High Yield Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $6771883 | $6743015 | $24490655 | $25757698 |
| Net realized gain (loss) | (14007354) | 35546012 | (11011626) | 15208199 |
| Net change in unrealized appreciation (depreciation) | (37828278) | (12784123) | (75961739) | (15074437) |
|  Increase (decrease) in net assets resulting from operations  | (45063749) | 29504904 | (62482710) | 25891460 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (5715910) | (1409617) | (3429876) | (3613459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (710593) | (209798) | (9394423) | (9789069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (22630119) | (6192671) | (10989475) | (12506127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (339825) | (93865) | (95016) | (143803) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  |  |  |  | (135496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  |  |  |  | (324502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  |  |  |  | (434273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  |  |  | (5123) |
| Total distributions | (29396447) | (7905951) | (23908790) | (26951852) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 8540090 | 10679554 | 20339766 | 38328906 |
| Reinvestment of distributions | 29396446 | 7905951 | 23908789 | 26951852 |
|  | 37936536 | 18585505 | 44248555 | 65280758 |
| Cost of shares redeemed | (55305413) | (52621761) | (79676796) | (89322737) |
|  Net decrease in net assets resulting from capital share <br> transactions  | (17368877) | (34036256) | (35428241) | (24041979) |
| Net decrease in net assets | (91829073) | (12437303) | (121819741) | (25102371) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 333746560 | 346183863 | 515928540 | 541030911 |
| End of year or period | $241917487 | $333746560 | $394108799 | $515928540 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Large Cap Growth Portfolio**  | **Voya Large Cap Growth Portfolio**  | **Voya Large Cap Value Portfolio**  | **Voya Large Cap Value Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(11735563) | $(22229766) | $7790862 | $10372909 |
| Net realized gain (loss) | (183393089) | 1604384633 | 6780719 | 314513567 |
| Net change in unrealized appreciation (depreciation) | (1569710336) | (524394925) | (34659944) | (93894109) |
| Increase (decrease) in net assets resulting from operations | (1764838988) | 1057759942 | (20088363) | 230992367 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (592084304) | (429952557) | (28444970) | (1581277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (490216573) | (350150390) | (213097315) | (13251427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | (21991187) | (16669588) | (44878039) | (387396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (453060853) | (344904423) | (16691357) | (9120566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (16012415) | (12028880) | (112240) | (6040) |
| Total distributions | (1573365332) | (1153705838) | (303223921) | (24346706) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 71552407 | 107613864 | 95303169 | 28627367 |
| Reinvestment of distributions | 1573365332 | 1153705838 | 303223921 | 24346706 |
|  | 1644917739 | 1261319702 | 398527090 | 52974073 |
| Cost of shares redeemed | (606794736) | (1724612567) | (57603015) | (765388438) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | 1038123003 | (463292865) | 340924075 | (712414365) |
| Net increase (decrease) in net assets | (2300081317) | (559238761) | 17611791 | (505768704) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 5971691272 | 6530930033 | 483185394 | 988954098 |
| End of year or period | $3671609955 | $5971691272 | $500797185 | $483185394 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Limited Maturity Bond Portfolio**  | **Voya Limited Maturity Bond Portfolio**  | **Voya U.S. Stock Index Portfolio**  | **Voya U.S. Stock Index Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $7994619 | $4057432 | $99081208 | $93258213 |
| Net realized gain (loss) | (14098575) | 466485 | 407062656 | 676633780 |
| Net change in unrealized appreciation (depreciation) | (13195755) | (4697587) | (2023382245) | 1241316185 |
|  Increase (decrease) in net assets resulting from operations  | (19299711) | (173670) | (1517238381) | 2011208178 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (191594) | (154223) | (9186914) | (10440961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (5799067) | (5247269) | (412241517) | (453677922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2  |  |  | (311008187) | (309410092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (984463) | (1015514) | (26591210) | (29892766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  |  | (17065903) | (17679101) |
| Total distributions | (6975124) | (6417006) | (776093731) | (821100842) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 80827028 | 103680258 | 1666419998 | 1127258843 |
| Reinvestment of distributions | 6975124 | 6414934 | 776093731 | 821100842 |
|  | 87802152 | 110095192 | 2442513729 | 1948359685 |
| Cost of shares redeemed | (104372094) | (106718859) | (1937759843) | (2112087904) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | (16569942) | 3376333 | 504753886 | (163728219) |
| Net increase (decrease) in net assets | (42844777) | (3214343) | (1788578226) | 1026379117 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 415907890 | 419122233 | 8725845785 | 7699466668 |
| End of year or period | $373063113 | $415907890 | $6937267559 | $8725845785 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **VY<sup>®</sup> CBRE Real Estate Portfolio**  | **VY<sup>®</sup> CBRE Real Estate Portfolio**  | **VY<sup>®</sup> JPMorgan Small <br> Cap Core Equity Portfolio**  | **VY<sup>®</sup> JPMorgan Small <br> Cap Core Equity Portfolio**  |
| | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $4201420 | $3654427 | $1224430 | $(78894) |
| Net realized gain | 15370332 | 59330382 | 31953771 | 103656118 |
| Net change in unrealized appreciation (depreciation) | (101056951) | 53814243 | (150024553) | 7023898 |
| Increase (decrease) in net assets resulting from operations | (81485199) | 116799052 | (116846352) | 110601122 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (9017013) | (866071) | (22591888) | (7449294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (1797658) | (178785) | (43363601) | (14055559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  |  | (16351890) | (6530307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (32299094) | (3474168) | (16906879) | (6508589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (1695919) | (193147) | (1225506) | (428894) |
| Total distributions | (44809684) | (4712171) | (100439764) | (34972643) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 10951621 | 18272772 | 65235304 | 159746121 |
| Reinvestment of distributions | 44809684 | 4712171 | 100439764 | 34972643 |
|  | 55761305 | 22984943 | 165675068 | 194718764 |
| Cost of shares redeemed | (48786120) | (66187534) | (174554190) | (173565349) |
|  Net increase (decrease) in net assets resulting from capital share <br> transactions  | 6975185 | (43202591) | (8879122) | 21153415 |
| Net increase (decrease) in net assets | (119319698) | 68884290 | (226165238) | 96781894 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 316614220 | 247729930 | 685572256 | 588790362 |
| End of year or period | $197294522 | $316614220 | $459407018 | $685572256 |

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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 <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> 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 Balanced Income Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.39 | 0.19• | (1.67) | (1.48) | 0.18 | 0.80 |  | 0.98 |  | 7.93 | **(14.30)** | 1.24 | 1.20 | 1.20 | 2.13 | 48684 | 104 |
| 12-31-21 | 9.77 | 0.17• | 0.67 | 0.84 | 0.22 |  |  | 0.22 |  | 10.39 | 8.65 | 1.22 | 1.20 | 1.20 | 1.69 | 65611 | 133 |
| 12-31-20 | 10.65 | 0.21• | (0.01) | 0.20 | 0.36 | 0.72 |  | 1.08 |  | 9.77 | 2.80 | 1.22 | 1.20 | 1.20 | 2.20 | 66515 | 69 |
| 12-31-19 | 10.05 | 0.30 | 1.47 | 1.77 | 0.50 | 0.67 |  | 1.17 |  | 10.65 | 17.93 | 1.26 | 1.22 | 1.22 | 2.79 | 78155 | 231 |
| 12-31-18 | 11.18 | 0.43• | (1.00) | (0.57) | 0.56 |  |  | 0.56 |  | 10.05 | **(5.39)** | 1.39 | 1.26 | 1.26 | 3.91 | 69593 | 45 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.99 | 0.26• | (1.77) | (1.51) | 0.25 | 0.80 |  | 1.05 |  | 8.43 | **(13.78)** | 0.64 | 0.60 | 0.60 | 2.73 | 6024 | 104 |
| 12-31-21 | 10.31 | 0.25• | 0.71 | 0.96 | 0.28 |  |  | 0.28 |  | 10.99 | 9.42 | 0.62 | 0.60 | 0.60 | 2.29 | 7878 | 133 |
| 12-31-20 | 11.19 | 0.29• | (0.03) | 0.26 | 0.42 | 0.72 |  | 1.14 |  | 10.31 | 3.33 | 0.62 | 0.60 | 0.60 | 2.79 | 7943 | 69 |
| 12-31-19 | 10.50 | 0.38• | 1.55 | 1.93 | 0.57 | 0.67 |  | 1.24 |  | 11.19 | 18.73 | 0.66 | 0.62 | 0.62 | 3.38 | 8836 | 231 |
| 12-31-18 | 11.65 | 0.51• | (1.03) | (0.52) | 0.63 |  |  | 0.63 |  | 10.50 | **(4.79)** | 0.79 | 0.66 | 0.66 | 4.51 | 7921 | 45 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.92 | 0.23• | (1.75) | (1.52) | 0.22 | 0.80 |  | 1.02 |  | 8.38 | **(13.97)** | 0.89 | 0.85 | 0.85 | 2.47 | 184513 | 104 |
| 12-31-21 | 10.25 | 0.22• | 0.70 | 0.92 | 0.25 |  |  | 0.25 |  | 10.92 | 9.09 | 0.87 | 0.85 | 0.85 | 2.04 | 256146 | 133 |
| 12-31-20 | 11.13 | 0.26• | (0.03) | 0.23 | 0.39 | 0.72 |  | 1.11 |  | 10.25 | 3.03 | 0.87 | 0.85 | 0.85 | 2.55 | 266536 | 69 |
| 12-31-19 | 10.45 | 0.36• | 1.52 | 1.88 | 0.53 | 0.67 |  | 1.20 |  | 11.13 | 18.40 | 0.91 | 0.87 | 0.87 | 3.18 | 295942 | 231 |
| 12-31-18 | 11.59 | 0.48• | (1.02) | (0.54) | 0.60 |  |  | 0.60 |  | 10.45 | **(5.01)** | 1.04 | 0.91 | 0.91 | 4.26 | 285793 | 45 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.89 | 0.22• | (1.75) | (1.53) | 0.20 | 0.80 |  | 1.00 |  | 8.36 | **(14.14)** | 1.04 | 1.00 | 1.00 | 2.32 | 2698 | 104 |
| 12-31-21 | 10.22 | 0.20• | 0.70 | 0.90 | 0.23 |  |  | 0.23 |  | 10.89 | 8.88 | 1.02 | 1.00 | 1.00 | 1.89 | 4112 | 133 |
| 12-31-20 | 11.10 | 0.27 | (0.04) | 0.23 | 0.39 | 0.72 |  | 1.11 |  | 10.22 | 3.02 | 1.02 | 1.00 | 1.00 | 2.40 | 5189 | 69 |
| 12-31-19 | 10.43 | 0.32 | 1.54 | 1.86 | 0.52 | 0.67 |  | 1.19 |  | 11.10 | 18.15 | 1.06 | 1.02 | 1.02 | 2.97 | 5679 | 231 |
| 12-31-18 | 11.56 | 0.46• | (1.02) | (0.56) | 0.57 |  |  | 0.57 |  | 10.43 | **(5.15)** | 1.19 | 1.06 | 1.06 | 4.11 | 4647 | 45 |
| **Voya High Yield Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 9.94 | 0.46• | (1.72) | (1.26) | 0.45 |  |  | 0.45 |  | 8.23 | **(12.83)** | 1.10 | 1.08 | 1.08 | 5.22 | 61172 | 21 |
| 12-31-21 | 9.96 | 0.45• | 0.01 | 0.46 | 0.46 |  | 0.02 | 0.48 |  | 9.94 | 4.65 | 1.10 | 1.08 | 1.08 | 4.52 | 79216 | 63 |
| 12-31-20 | 9.94 | 0.46• | 0.03 | 0.49 | 0.46 |  | 0.01 | 0.47 |  | 9.96 | 5.26 | 1.10 | 1.08 | 1.08 | 4.80 | 80017 | 90 |
| 12-31-19 | 9.09 | 0.50 | 0.83 | 1.33 | 0.48 |  |  | 0.48 |  | 9.94 | 14.82 | 1.10 | 1.08 | 1.08 | 5.20 | 87540 | 59 |
| 12-31-18 | 9.94 | 0.48 | (0.81) | (0.33) | 0.52 |  |  | 0.52 |  | 9.09 | **(3.53)** | 1.10 | 1.08 | 1.08 | 5.02 | 80872 | 35 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 9.95 | 0.51• | (1.72) | (1.21) | 0.50 |  |  | 0.50 |  | 8.24 | **(12.28)** | 0.50 | 0.48 | 0.48 | 5.83 | 152175 | 21 |
| 12-31-21 | 9.97 | 0.51• | 0.01 | 0.52 | 0.52 |  | 0.02 | 0.54 |  | 9.95 | 5.28 | 0.50 | 0.48 | 0.48 | 5.12 | 189224 | 63 |
| 12-31-20 | 9.94 | 0.51• | 0.05 | 0.56 | 0.52 |  | 0.01 | 0.53 |  | 9.97 | 6.00 | 0.50 | 0.48 | 0.48 | 5.40 | 191358 | 90 |
| 12-31-19 | 9.10 | 0.57• | 0.81 | 1.38 | 0.54 |  |  | 0.54 |  | 9.94 | 15.37 | 0.50 | 0.48 | 0.48 | 5.84 | 189247 | 59 |
| 12-31-18 | 9.95 | 0.54 | (0.82) | (0.28) | 0.57 |  |  | 0.57 |  | 9.10 | **(2.96)** | 0.50 | 0.48 | 0.48 | 5.62 | 56385 | 35 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> 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 High Yield Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 9.94 | 0.49• | (1.72) | (1.23) | 0.48 |  |  | 0.48 |  | 8.23 | **(12.52)** | 0.75 | 0.73 | 0.73 | 5.56 | 179355 | 21 |
| 12-31-21 | 9.96 | 0.48• | 0.01 | 0.49 | 0.49 |  | 0.02 | 0.51 |  | 9.94 | 5.01 | 0.75 | 0.73 | 0.73 | 4.87 | 244800 | 63 |
| 12-31-20 | 9.94 | 0.49• | 0.04 | 0.53 | 0.50 |  | 0.01 | 0.51 |  | 9.96 | 5.63 | 0.75 | 0.73 | 0.73 | 5.15 | 266537 | 90 |
| 12-31-19 | 9.09 | 0.54 | 0.82 | 1.36 | 0.51 |  |  | 0.51 |  | 9.94 | 15.22 | 0.75 | 0.73 | 0.73 | 5.54 | 307506 | 59 |
| 12-31-18 | 9.94 | 0.51 | (0.81) | (0.30) | 0.55 |  |  | 0.55 |  | 9.09 | **(3.20)** | 0.75 | 0.73 | 0.73 | 5.36 | 332669 | 35 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 9.95 | 0.48• | (1.72) | (1.24) | 0.47 |  |  | 0.47 |  | 8.24 | **(12.63)** | 0.90 | 0.88 | 0.88 | 5.34 | 1407 | 21 |
| 12-31-21 | 9.97 | 0.47• | 0.01 | 0.48 | 0.48 |  | 0.02 | 0.50 |  | 9.95 | 4.86 | 0.90 | 0.88 | 0.88 | 4.72 | 2688 | 63 |
| 12-31-20 | 9.95 | 0.48• | 0.03 | 0.51 | 0.48 |  | 0.01 | 0.49 |  | 9.97 | 5.48 | 0.90 | 0.88 | 0.88 | 4.99 | 3119 | 90 |
| 12-31-19 | 9.11 | 0.51 | 0.83 | 1.34 | 0.50 |  |  | 0.50 |  | 9.95 | 14.91 | 0.90 | 0.88 | 0.88 | 5.37 | 3012 | 59 |
| 12-31-18 | 9.95 | 0.50 | (0.80) | (0.30) | 0.54 |  |  | 0.54 |  | 9.11 | **(3.23)** | 0.90 | 0.88 | 0.88 | 5.20 | 4226 | 35 |
| **Voya Large Cap Growth Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.43 | (0.07)<sup>•</sup> | (5.77) | (5.84) |  | 5.90 |  | 5.90 |  | 7.69 | **(30.97)** | 1.31 | 1.27 | 1.27 | (0.58) | 1263757 | 47 |
| 12-31-21 | 20.45 | (0.14)<sup>•</sup> | 3.76 | 3.62 |  | 4.64 |  | 4.64 |  | 19.43 | 18.89 | 1.30 | 1.27 | 1.27 | (0.68) | 2085856 | 72 |
| 12-31-20 | 17.96 | (0.08) | 5.00 | 4.92 |  | 2.43 |  | 2.43 |  | 20.45 | 30.11 | 1.32 | 1.27 | 1.27 | (0.43) | 2073088 | 86 |
| 12-31-19 | 16.37 | (0.01) | 4.97 | 4.96 | 0.02 | 3.35 |  | 3.37 |  | 17.96 | 31.90 | 1.27 | 1.27 | 1.27 | (0.05) | 1890631 | 78 |
| 12-31-18 | 19.36 | 0.01 | (0.11) | (0.10) | 0.01 | 2.88 |  | 2.89 |  | 16.37 | **(2.07)** | 1.27 | 1.27 | 1.27 | 0.04 | 1686805 | 85 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.48 | 0.00<sup>\*</sup><sup>•</sup> | (6.70) | (6.70) |  | 5.90 |  | 5.90 |  | 9.88 | **(30.50)** | 0.71 | 0.67 | 0.67 | 0.02 | 1251871 | 47 |
| 12-31-21 | 22.90 | (0.02)<sup>•</sup> | 4.24 | 4.22 |  | 4.64 |  | 4.64 |  | 22.48 | 19.55 | 0.70 | 0.67 | 0.67 | (0.07) | 1937889 | 72 |
| 12-31-20 | 19.83 | 0.04 | 5.57 | 5.61 | 0.11 | 2.43 |  | 2.54 |  | 22.90 | 30.88 | 0.72 | 0.67 | 0.67 | 0.17 | 2436873 | 86 |
| 12-31-19 | 17.78 | 0.11 | 5.43 | 5.54 | 0.14 | 3.35 |  | 3.49 |  | 19.83 | 32.77 | 0.67 | 0.67 | 0.67 | 0.54 | 2000466 | 78 |
| 12-31-18 | 20.80 | 0.13• | (0.13) | 0.00\* | 0.14 | 2.88 |  | 3.02 |  | 17.78 | **(1.48)** | 0.67 | 0.67 | 0.67 | 0.63 | 1623952 | 85 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.50 | 0.00<sup>\*</sup><sup>•</sup> | (6.70) | (6.70) |  | 5.90 |  | 5.90 |  | 9.90 | **(30.47)** | 0.68 | 0.67 | 0.67 | 0.02 | 53900 | 47 |
| 12-31-21 | 22.91 | (0.02)<sup>•</sup> | 4.25 | 4.23 |  | 4.64 |  | 4.64 |  | 22.50 | 19.58 | 0.67 | 0.67 | 0.67 | (0.08) | 95588 | 72 |
| 12-31-20 | 19.84 | 0.03 | 5.58 | 5.61 | 0.11 | 2.43 |  | 2.54 |  | 22.91 | 30.86 | 0.67 | 0.67 | 0.67 | 0.16 | 88303 | 86 |
| 12-31-19 | 17.78 | 0.11 | 5.44 | 5.55 | 0.14 | 3.35 |  | 3.49 |  | 19.84 | 32.82 | 0.67 | 0.67 | 0.67 | 0.54 | 59938 | 78 |
| 12-31-18 | 20.81 | 0.12 | (0.13) | (0.01) | 0.14 | 2.88 |  | 3.02 |  | 17.78 | **(1.53)** | 0.67 | 0.67 | 0.67 | 0.68 | 46242 | 85 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.47 | (0.03)<sup>•</sup> | (6.39) | (6.42) |  | 5.90 |  | 5.90 |  | 9.15 | **(30.66)** | 0.96 | 0.92 | 0.92 | (0.23) | 1066004 | 47 |
| 12-31-21 | 22.10 | (0.07)<sup>•</sup> | 4.08 | 4.01 |  | 4.64 |  | 4.64 |  | 21.47 | 19.28 | 0.95 | 0.92 | 0.92 | (0.33) | 1787956 | 72 |
| 12-31-20 | 19.21 | (0.01) | 5.38 | 5.37 | 0.05 | 2.43 |  | 2.48 |  | 22.10 | 30.59 | 0.97 | 0.92 | 0.92 | (0.08) | 1867154 | 86 |
| 12-31-19 | 17.31 | 0.06 | 5.27 | 5.33 | 0.08 | 3.35 |  | 3.43 |  | 19.21 | 32.41 | 0.92 | 0.92 | 0.92 | 0.30 | 1839829 | 78 |
| 12-31-18 | 20.32 | 0.08• | (0.13) | (0.05) | 0.08 | 2.88 |  | 2.96 |  | 17.31 | **(1.73)** | 0.92 | 0.92 | 0.92 | 0.39 | 1677848 | 85 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> 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 Large Cap Growth Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.16 | (0.05)<sup>•</sup> | (6.30) | (6.35) |  | 5.90 |  | 5.90 |  | 8.91 | **(30.80)** | 1.11 | 1.07 | 1.07 | (0.38) | 36077 | 47 |
| 12-31-21 | 21.87 | (0.10)<sup>•</sup> | 4.03 | 3.93 |  | 4.64 |  | 4.64 |  | 21.16 | 19.10 | 1.10 | 1.07 | 1.07 | (0.48) | 64403 | 72 |
| 12-31-20 | 19.03 | (0.04) | 5.33 | 5.29 | 0.02 | 2.43 |  | 2.45 |  | 21.87 | 30.43 | 1.12 | 1.07 | 1.07 | (0.22) | 65511 | 86 |
| 12-31-19 | 17.18 | 0.04 | 5.21 | 5.25 | 0.05 | 3.35 |  | 3.40 |  | 19.03 | 32.16 | 1.07 | 1.07 | 1.07 | 0.15 | 61219 | 78 |
| 12-31-18 | 20.18 | 0.05 | (0.12) | (0.07) | 0.05 | 2.88 |  | 2.93 |  | 17.18 | **(1.86)** | 1.07 | 1.07 | 1.07 | 0.25 | 58647 | 85 |
| **Voya Large Cap Value Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.67 | 0.08• | (1.13) | (1.05) | 0.06 | 7.73 |  | 7.79 |  | 4.83 | **(3.88)** | 1.50 | 1.24 | 1.24 | 1.02 | 46054 | 74 |
| 12-31-21 | 11.16 | 0.08• | 2.83 | 2.91 | 0.22 | 0.18 |  | 0.40 |  | 13.67 | 26.24 | 1.42 | 1.24 | 1.24 | 0.66 | 52418 | 82 |
| 12-31-20 | 11.96 | 0.15 | 0.26 | 0.41 | 0.18 | 1.03 |  | 1.21 |  | 11.16 | 5.61 | 1.43 | 1.24 | 1.24 | 1.43 | 47671 | 130 |
| 12-31-19 | 10.48 | 0.17 | 2.34 | 2.51 | 0.18 | 0.85 |  | 1.03 |  | 11.96 | 24.45 | 1.35 | 1.24 | 1.24 | 1.40 | 53098 | 95 |
| 12-31-18 | 13.06 | 0.18 | (1.15) | (0.97) | 0.17 | 1.44 |  | 1.61 |  | 10.48 | **(8.33)<sup>(a)</sup>** | 1.35 | 1.24 | 1.24 | 1.41(b) | 49230 | 97 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.04 | 0.13• | (1.13) | (1.00) | 0.08 | 7.73 |  | 7.81 |  | 5.23 | **(3.21)** | 0.90 | 0.64 | 0.64 | 1.62 | 357384 | 74 |
| 12-31-21 | 11.45 | 0.17• | 2.90 | 3.07 | 0.30 | 0.18 |  | 0.48 |  | 14.04 | 26.99 | 0.82 | 0.64 | 0.64 | 1.26 | 386934 | 82 |
| 12-31-20 | 12.22 | 0.22 | 0.28 | 0.50 | 0.24 | 1.03 |  | 1.27 |  | 11.45 | 6.28 | 0.83 | 0.64 | 0.64 | 2.02 | 329385 | 130 |
| 12-31-19 | 10.69 | 0.24 | 2.39 | 2.63 | 0.25 | 0.85 |  | 1.10 |  | 12.22 | 25.12 | 0.75 | 0.64 | 0.64 | 2.00 | 367345 | 95 |
| 12-31-18 | 13.30 | 0.25• | (1.17) | (0.92) | 0.25 | 1.44 |  | 1.69 |  | 10.69 | **(7.81)<sup>(a)</sup>** | 0.75 | 0.64 | 0.64 | 2.01(b) | 330038 | 97 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 14.03 | 0.12• | (1.12) | (1.00) | 0.09 | 7.73 |  | 7.82 |  | 5.21 | **(3.26)** | 0.78 | 0.64 | 0.64 | 1.71 | 72042 | 74 |
| 12-31-21 | 11.44 | 0.19• | 2.88 | 3.07 | 0.30 | 0.18 |  | 0.48 |  | 14.03 | 27.02 | 0.76 | 0.64 | 0.64 | 1.41 | 12976 | 82 |
| 12-31-20 | 12.21 | 0.21• | 0.29 | 0.50 | 0.24 | 1.03 |  | 1.27 |  | 11.44 | 6.27 | 0.77 | 0.64 | 0.64 | 2.01 | 230 | 130 |
| 12-31-19 | 10.68 | 0.25• | 2.38 | 2.63 | 0.25 | 0.85 |  | 1.10 |  | 12.21 | 25.14 | 0.75 | 0.64 | 0.64 | 2.16 | 306 | 95 |
| 12-31-18 | 13.28 | 0.25• | (1.16) | (0.91) | 0.25 | 1.44 |  | 1.69 |  | 10.68 | **(7.74)<sup>(a)</sup>** | 0.75 | 0.64 | 0.64 | 2.03(b) | 1182 | 97 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.78 | 0.10• | (1.11) | (1.01) | 0.08 | 7.73 |  | 7.81 |  | 4.96 | **(3.47)** | 1.15 | 0.89 | 0.89 | 1.36 | 25128 | 74 |
| 12-31-21 | 11.25 | 0.13• | 2.85 | 2.98 | 0.27 | 0.18 |  | 0.45 |  | 13.78 | 26.67 | 1.07 | 0.89 | 0.89 | 0.99 | 30661 | 82 |
| 12-31-20 | 12.04 | 0.19 | 0.27 | 0.46 | 0.22 | 1.03 |  | 1.25 |  | 11.25 | 5.97 | 1.08 | 0.89 | 0.89 | 1.78 | 611514 | 130 |
| 12-31-19 | 10.55 | 0.20• | 2.36 | 2.56 | 0.22 | 0.85 |  | 1.07 |  | 12.04 | 24.78 | 1.00 | 0.89 | 0.89 | 1.75 | 665553 | 95 |
| 12-31-18 | 13.14 | 0.22• | (1.15) | (0.93) | 0.22 | 1.44 |  | 1.66 |  | 10.55 | **(8.00)<sup>(a)</sup>** | 1.00 | 0.89 | 0.89 | 1.76(b) | 630221 | 97 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.80 | 0.09• | (1.12) | (1.03) | 0.07 | 7.73 |  | 7.80 |  | 4.97 | **(3.69)** | 1.30 | 1.04 | 1.04 | 1.23 | 189 | 74 |
| 12-31-21 | 11.27 | 0.11• | 2.85 | 2.96 | 0.25 | 0.18 |  | 0.43 |  | 13.80 | 26.43 | 1.22 | 1.04 | 1.04 | 0.87 | 196 | 82 |
| 12-31-20 | 12.06 | 0.17• | 0.27 | 0.44 | 0.20 | 1.03 |  | 1.23 |  | 11.27 | 5.86 | 1.23 | 1.04 | 1.04 | 1.63 | 154 | 130 |
| 12-31-19 | 10.56 | 0.19• | 2.36 | 2.55 | 0.20 | 0.85 |  | 1.05 |  | 12.06 | 24.63 | 1.15 | 1.04 | 1.04 | 1.60 | 145 | 95 |
| 12-31-18 | 13.15 | 0.20 | (1.15) | (0.95) | 0.20 | 1.44 |  | 1.64 |  | 10.56 | **(8.12)<sup>(a)</sup>** | 1.15 | 1.04 | 1.04 | 1.60(b) | 151 | 97 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> 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 Limited Maturity Bond Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 9.87 | 0.14• | (0.66) | (0.52) | 0.12 |  |  | 0.12 |  | 9.23 | **(5.26)** | 0.88 | 0.88 | 0.88 | 1.53 | 13671 | 306 |
| 12-31-21 | 10.03 | 0.05• | (0.10) | (0.05) | 0.11 |  |  | 0.11 |  | 9.87 | **(0.55)** | 0.88 | 0.88 | 0.88 | 0.47 | 14958 | 253 |
| 12-31-20 | 9.91 | 0.12 | 0.16 | 0.28 | 0.16 |  |  | 0.16 |  | 10.03 | 2.87 | 0.88 | 0.88 | 0.88 | 1.15 | 15016 | 263 |
| 12-31-19 | 9.68 | 0.19 | 0.16 | 0.35 | 0.12 |  |  | 0.12 |  | 9.91 | 3.66 | 0.89 | 0.89 | 0.89 | 1.85 | 15579 | 330 |
| 12-31-18 | 9.72 | 0.17 | (0.10) | 0.07 | 0.11 |  |  | 0.11 |  | 9.68 | 0.71 | 0.89 | 0.89 | 0.89 | 1.67 | 16812 | 281 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.07 | 0.21• | (0.68) | (0.47) | 0.18 |  |  | 0.18 |  | 9.42 | **(4.66)** | 0.28 | 0.28 | 0.28 | 2.16 | 301980 | 306 |
| 12-31-21 | 10.23 | 0.11• | (0.10) | 0.01 | 0.17 |  |  | 0.17 |  | 10.07 | 0.08 | 0.28 | 0.28 | 0.28 | 1.06 | 329913 | 253 |
| 12-31-20 | 10.11 | 0.17• | 0.18 | 0.35 | 0.23 |  |  | 0.23 |  | 10.23 | 3.46 | 0.28 | 0.28 | 0.28 | 1.70 | 332196 | 263 |
| 12-31-19 | 9.87 | 0.24 | 0.19 | 0.43 | 0.19 |  |  | 0.19 |  | 10.11 | 4.33 | 0.29 | 0.29 | 0.29 | 2.44 | 197182 | 330 |
| 12-31-18 | 9.91 | 0.22 | (0.09) | 0.13 | 0.17 |  |  | 0.17 |  | 9.87 | 1.33 | 0.29 | 0.29 | 0.29 | 2.30 | 195851 | 281 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.15 | 0.18• | (0.68) | (0.50) | 0.16 |  |  | 0.16 |  | 9.49 | **(4.94)** | 0.53 | 0.53 | 0.53 | 1.87 | 57412 | 306 |
| 12-31-21 | 10.31 | 0.08• | (0.10) | (0.02) | 0.14 |  |  | 0.14 |  | 10.15 | **(0.16)** | 0.53 | 0.53 | 0.53 | 0.82 | 71037 | 253 |
| 12-31-20 | 10.19 | 0.16 | 0.16 | 0.32 | 0.20 |  |  | 0.20 |  | 10.31 | 3.19 | 0.53 | 0.53 | 0.53 | 1.50 | 71911 | 263 |
| 12-31-19 | 9.95 | 0.22 | 0.18 | 0.40 | 0.16 |  |  | 0.16 |  | 10.19 | 4.06 | 0.54 | 0.54 | 0.54 | 2.20 | 75066 | 330 |
| 12-31-18 | 9.99 | 0.20 | (0.09) | 0.11 | 0.15 |  |  | 0.15 |  | 9.95 | 1.07 | 0.54 | 0.54 | 0.54 | 2.02 | 74885 | 281 |
| **Voya U.S. Stock Index Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.92 | 0.14• | (4.09) | (3.95) | 0.14 | 1.82 |  | 1.96 |  | 15.01 | **(18.78)** | 0.80 | 0.80 | 0.80 | 0.82 | 73855 | 8 |
| 12-31-21 | 18.21 | 0.12• | 4.72 | 4.84 | 0.11 | 2.02 |  | 2.13 |  | 20.92 | 27.66 | 0.80 | 0.80 | 0.80 | 0.61 | 99373 | 3 |
| 12-31-20 | 16.38 | 0.18 | 2.55 | 2.73 | 0.24 | 0.66 |  | 0.90 |  | 18.21 | 17.48 | 0.79 | 0.79 | 0.79 | 1.03 | 100049 | 9 |
| 12-31-19 | 13.44 | 0.19• | 3.82 | 4.01 | 0.17 | 0.90 |  | 1.07 |  | 16.38 | 30.43 | 0.80 | 0.80 | 0.80 | 1.22 | 102813 | 9 |
| 12-31-18 | 15.19 | 0.17• | (0.86) | (0.69) | 0.18 | 0.88 |  | 1.06 |  | 13.44 | **(5.10)** | 0.80 | 0.80 | 0.80 | 1.14 | 92071 | 12 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.87 | 0.24• | (4.28) | (4.04) | 0.23 | 1.82 |  | 2.05 |  | 15.78 | **(18.35)** | 0.27 | 0.27 | 0.27 | 1.35 | 3602730 | 8 |
| 12-31-21 | 18.94 | 0.23• | 4.95 | 5.18 | 0.23 | 2.02 |  | 2.25 |  | 21.87 | 28.37 | 0.27 | 0.27 | 0.27 | 1.14 | 4525779 | 3 |
| 12-31-20 | 16.99 | 0.28 | 2.66 | 2.94 | 0.33 | 0.66 |  | 0.99 |  | 18.94 | 18.11 | 0.26 | 0.26 | 0.26 | 1.55 | 4258517 | 9 |
| 12-31-19 | 13.90 | 0.26 | 3.99 | 4.25 | 0.26 | 0.90 |  | 1.16 |  | 16.99 | 31.12 | 0.27 | 0.27 | 0.27 | 1.75 | 4065091 | 9 |
| 12-31-18 | 15.69 | 0.26• | (0.90) | (0.64) | 0.27 | 0.88 |  | 1.15 |  | 13.90 | **(4.62)** | 0.27 | 0.27 | 0.27 | 1.67 | 2966664 | 12 |
| **Class P2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.01 | 0.27• | (4.31) | (4.04) | 0.25 | 1.82 |  | 2.07 |  | 15.90 | **(18.23)** | 0.27 | 0.15 | 0.15 | 1.47 | 2893943 | 8 |
| 12-31-21 | 19.03 | 0.26• | 4.97 | 5.23 | 0.23 | 2.02 |  | 2.25 |  | 22.01 | 28.50 | 0.27 | 0.15 | 0.15 | 1.25 | 3615635 | 3 |
| 12-31-20 | 17.05 | 0.28• | 2.69 | 2.97 | 0.33 | 0.66 |  | 0.99 |  | 19.03 | 18.23 | 0.26 | 0.15 | 0.15 | 1.67 | 2908826 | 9 |
| 12-31-19 | 13.93 | 0.30• | 3.98 | 4.28 | 0.26 | 0.90 |  | 1.16 |  | 17.05 | 31.27 | 0.27 | 0.15 | 0.15 | 1.86 | 2395089 | 9 |
| 12-31-18 | 15.71 | 0.26 | (0.89) | (0.63) | 0.27 | 0.88 |  | 1.15 |  | 13.93 | **(4.55)** | 0.27 | 0.15 | 0.15 | 1.80 | 1442733 | 12 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> 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 U.S. Stock Index Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.60 | 0.20• | (4.22) | (4.02) | 0.19 | 1.82 |  | 2.01 |  | 15.57 | **(18.50)** | 0.52 | 0.51 | 0.51 | 1.11 | 224160 | 8 |
| 12-31-21 | 18.74 | 0.18• | 4.88 | 5.06 | 0.18 | 2.02 |  | 2.20 |  | 21.60 | 28.02 | 0.52 | 0.51 | 0.51 | 0.90 | 303248 | 3 |
| 12-31-20 | 16.82 | 0.24 | 2.63 | 2.87 | 0.29 | 0.66 |  | 0.95 |  | 18.74 | 17.87 | 0.51 | 0.50 | 0.50 | 1.32 | 280432 | 9 |
| 12-31-19 | 13.80 | 0.23• | 3.94 | 4.17 | 0.25 | 0.90 |  | 1.15 |  | 16.82 | 30.77 | 0.52 | 0.51 | 0.51 | 1.46 | 283768 | 9 |
| 12-31-18 | 15.57 | 0.22• | (0.88) | (0.66) | 0.23 | 0.88 |  | 1.11 |  | 13.80 | **(4.84)** | 0.52 | 0.51 | 0.51 | 1.42 | 47740 | 12 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.28 | 0.17• | (4.16) | (3.99) | 0.16 | 1.82 |  | 1.98 |  | 15.31 | **(18.63)** | 0.67 | 0.67 | 0.67 | 0.95 | 142580 | 8 |
| 12-31-21 | 18.49 | 0.15• | 4.81 | 4.96 | 0.15 | 2.02 |  | 2.17 |  | 21.28 | 27.85 | 0.67 | 0.67 | 0.67 | 0.74 | 181812 | 3 |
| 12-31-20 | 16.62 | 0.20 | 2.59 | 2.79 | 0.26 | 0.66 |  | 0.92 |  | 18.49 | 17.62 | 0.66 | 0.66 | 0.66 | 1.16 | 151642 | 9 |
| 12-31-19 | 13.62 | 0.21• | 3.88 | 4.09 | 0.19 | 0.90 |  | 1.09 |  | 16.62 | 30.60 | 0.67 | 0.67 | 0.67 | 1.35 | 149297 | 9 |
| 12-31-18 | 15.39 | 0.20• | (0.88) | (0.68) | 0.21 | 0.88 |  | 1.09 |  | 13.62 | **(5.03)** | 0.67 | 0.67 | 0.67 | 1.27 | 150127 | 12 |
| **VY<sup>®</sup> CBRE Real Estate Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 43.39 | 0.46• | (11.98) | (11.52) | 0.46 | 6.47 |  | 6.93 |  | 24.94 | **(27.40)** | 1.61 | 1.28 | 1.28 | 1.44 | 38305 | 62 |
| 12-31-21 | 29.09 | 0.37• | 14.50 | 14.87 | 0.57 |  |  | 0.57 |  | 43.39 | 51.46 | 1.62 | 1.28 | 1.28 | 1.02 | 63318 | 67 |
| 12-31-20 | 36.39 | 0.41• | (3.54) | (3.13) | 0.66 | 3.51 |  | 4.17 |  | 29.09 | **(6.89)** | 1.63 | 1.28 | 1.28 | 1.38 | 48781 | 103 |
| 12-31-19 | 29.16 | 0.51• | 7.53 | 8.04 | 0.63 | 0.18 |  | 0.81 |  | 36.39 | 27.71 | 1.46 | 1.31 | 1.31 | 1.49 | 63873 | 69 |
| 12-31-18 | 36.01 | 0.49• | (3.01) | (2.52) | 0.83 | 3.50 |  | 4.33 |  | 29.16 | **(7.97)** | 1.47 | 1.31 | 1.31 | 1.50 | 56062 | 103 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 46.19 | 0.72• | (12.81) | (12.09) | 0.71 | 6.47 |  | 7.18 |  | 26.92 | **(26.97)** | 1.01 | 0.68 | 0.68 | 2.10 | 8128 | 62 |
| 12-31-21 | 30.88 | 0.62• | 15.41 | 16.03 | 0.72 |  |  | 0.72 |  | 46.19 | 52.34 | 1.02 | 0.68 | 0.68 | 1.65 | 11745 | 67 |
| 12-31-20 | 38.38 | 0.55• | (3.64) | (3.09) | 0.90 | 3.51 |  | 4.41 |  | 30.88 | **(6.32)** | 1.03 | 0.68 | 0.68 | 1.76 | 14403 | 103 |
| 12-31-19 | 30.72 | 0.68• | 8.01 | 8.69 | 0.85 | 0.18 |  | 1.03 |  | 38.38 | 28.47 | 0.86 | 0.71 | 0.71 | 1.88 | 24412 | 69 |
| 12-31-18 | 37.76 | 0.71• | (3.15) | (2.44) | 1.10 | 3.50 |  | 4.60 |  | 30.72 | **(7.42)** | 0.87 | 0.71 | 0.71 | 2.05 | 38978 | 103 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 46.11 | 0.62• | (12.77) | (12.15) | 0.61 | 6.47 |  | 7.08 |  | 26.88 | **(27.14)** | 1.26 | 0.93 | 0.93 | 1.80 | 143264 | 62 |
| 12-31-21 | 30.87 | 0.52• | 15.39 | 15.91 | 0.67 |  |  | 0.67 |  | 46.11 | 51.96 | 1.27 | 0.93 | 0.93 | 1.37 | 227726 | 67 |
| 12-31-20 | 38.32 | 0.53• | (3.68) | (3.15) | 0.79 | 3.51 |  | 4.30 |  | 30.87 | **(6.53)** | 1.28 | 0.93 | 0.93 | 1.71 | 173126 | 103 |
| 12-31-19 | 30.67 | 0.66• | 7.93 | 8.59 | 0.76 | 0.18 |  | 0.94 |  | 38.32 | 28.15 | 1.11 | 0.96 | 0.96 | 1.82 | 230346 | 69 |
| 12-31-18 | 37.67 | 0.63• | (3.16) | (2.53) | 0.97 | 3.50 |  | 4.47 |  | 30.67 | **(7.65)** | 1.12 | 0.96 | 0.96 | 1.85 | 212673 | 103 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 45.78 | 0.54• | (12.65) | (12.11) | 0.50 | 6.47 |  | 6.97 |  | 26.70 | **(27.25)** | 1.41 | 1.08 | 1.08 | 1.58 | 7597 | 62 |
| 12-31-21 | 30.64 | 0.46• | 15.28 | 15.74 | 0.60 |  |  | 0.60 |  | 45.78 | 51.74 | 1.42 | 1.08 | 1.08 | 1.21 | 13826 | 67 |
| 12-31-20 | 38.07 | 0.46• | (3.64) | (3.18) | 0.74 | 3.51 |  | 4.25 |  | 30.64 | **(6.69)** | 1.43 | 1.08 | 1.08 | 1.49 | 11420 | 103 |
| 12-31-19 | 30.47 | 0.60• | 7.88 | 8.48 | 0.70 | 0.18 |  | 0.88 |  | 38.07 | 27.97 | 1.26 | 1.11 | 1.11 | 1.67 | 15394 | 69 |
| 12-31-18 | 37.44 | 0.58• | (3.14) | (2.56) | 0.91 | 3.50 |  | 4.41 |  | 30.47 | **(7.78)** | 1.27 | 1.11 | 1.11 | 1.71 | 13745 | 103 |

---

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income <br> (loss) from <br> investment <br> operations**  | **Income <br> (loss) from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | | | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> net assets**  | **Ratios to average <br> 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)  | (%)  |
| **VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.30 | (0.03)<sup>•</sup> | (3.59) | (3.62) |  | 3.21 |  | 3.21 |  | 12.47 | **(18.08)** | 1.47 | 1.47 | 1.47 | (0.18) | 105703 | 46 |
| 12-31-21 | 17.26 | (0.08)<sup>•</sup> | 3.14 | 3.06 |  | 1.02 |  | 1.02 |  | 19.30 | 17.94 | 1.46 | 1.46 | 1.45 | (0.44) | 140945 | 52 |
| 12-31-20 | 14.90 | (0.01) | 2.37 | 2.36 |  |  |  |  |  | 17.26 | 15.84 | 1.47 | 1.47 | 1.46 | (0.03) | 128295 | 71 |
| 12-31-19 | 15.79 | 0.00\* | 3.92 | 3.92 | 0.03 | 4.55 | 0.23 | 4.81 |  | 14.90 | 25.96 | 1.45 | 1.45 | 1.44 | 0.05 | 130058 | 50 |
| 12-31-18 | 20.12 | (0.02) | (1.67) | (1.69) | 0.02 | 2.62 |  | 2.64 |  | 15.79 | **(10.82)** | 1.45 | 1.45 | 1.45 | (0.07) | 114664 | 43 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.28 | 0.07• | (3.95) | (3.88) | 0.00\* | 3.21 |  | 3.21 |  | 14.19 | **(17.57)** | 0.87 | 0.87 | 0.87 | 0.43 | 229935 | 46 |
| 12-31-21 | 18.89 | 0.04• | 3.45 | 3.49 | 0.08 | 1.02 |  | 1.10 |  | 21.28 | 18.71 | 0.86 | 0.86 | 0.85 | 0.18 | 282032 | 52 |
| 12-31-20 | 16.21 | 0.10 | 2.58 | 2.68 |  |  |  |  |  | 18.89 | 16.53 | 0.87 | 0.87 | 0.86 | 0.57 | 211266 | 71 |
| 12-31-19 | 16.89 | 0.12 | 4.20 | 4.32 | 0.22 | 4.55 | 0.23 | 5.00 |  | 16.21 | 26.75 | 0.85 | 0.85 | 0.84 | 0.66 | 240957 | 50 |
| 12-31-18 | 21.35 | 0.11 | (1.81) | (1.70) | 0.14 | 2.62 |  | 2.76 |  | 16.89 | **(10.34)** | 0.85 | 0.85 | 0.85 | 0.53 | 165568 | 43 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.25 | 0.05• | (3.92) | (3.87) | 0.00\* | 3.21 |  | 3.21 |  | 14.17 | **(17.55)** | 0.87 | 0.87 | 0.87 | 0.30 | 31036 | 46 |
| 12-31-21 | 18.87 | 0.03• | 3.45 | 3.48 | 0.08 | 1.02 |  | 1.10 |  | 21.25 | 18.67 | 0.86 | 0.86 | 0.85 | 0.16 | 129718 | 52 |
| 12-31-20 | 16.20 | 0.11• | 2.56 | 2.67 |  |  |  |  |  | 18.87 | 16.48 | 0.87 | 0.87 | 0.86 | 0.70 | 118342 | 71 |
| 12-31-19 | 16.88 | 0.12 | 4.20 | 4.32 | 0.22 | 4.55 | 0.23 | 5.00 |  | 16.20 | 26.78 | 0.85 | 0.85 | 0.84 | 0.66 | 38161 | 50 |
| 12-31-18 | 21.34 | 0.09 | (1.79) | (1.70) | 0.14 | 2.62 |  | 2.76 |  | 16.88 | **(10.34)** | 0.85 | 0.85 | 0.85 | 0.55 | 23951 | 43 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.85 | 0.03• | (3.87) | (3.84) |  | 3.21 |  | 3.21 |  | 13.80 | **(17.76)** | 1.12 | 1.12 | 1.12 | 0.16 | 86656 | 46 |
| 12-31-21 | 18.55 | (0.02)<sup>•</sup> | 3.38 | 3.36 | 0.04 | 1.02 |  | 1.06 |  | 20.85 | 18.32 | 1.11 | 1.11 | 1.10 | (0.09) | 124185 | 52 |
| 12-31-20 | 15.95 | 0.05 | 2.55 | 2.60 |  |  |  |  |  | 18.55 | 16.30 | 1.12 | 1.12 | 1.11 | 0.31 | 122575 | 71 |
| 12-31-19 | 16.65 | 0.07 | 4.14 | 4.21 | 0.13 | 4.55 | 0.23 | 4.91 |  | 15.95 | 26.39 | 1.10 | 1.10 | 1.09 | 0.37 | 129784 | 50 |
| 12-31-18 | 21.07 | 0.06 | (1.78) | (1.72) | 0.08 | 2.62 |  | 2.70 |  | 16.65 | **(10.52)** | 1.10 | 1.10 | 1.10 | 0.28 | 327752 | 43 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.52 | 0.00\*• | (3.80) | (3.80) |  | 3.21 |  | 3.21 |  | 13.51 | **(17.86)** | 1.27 | 1.27 | 1.27 | 0.01 | 6076 | 46 |
| 12-31-21 | 18.27 | (0.05)<sup>•</sup> | 3.33 | 3.28 | 0.01 | 1.02 |  | 1.03 |  | 20.52 | 18.17 | 1.26 | 1.26 | 1.25 | (0.24) | 8692 | 52 |
| 12-31-20 | 15.74 | 0.03 | 2.50 | 2.53 |  |  |  |  |  | 18.27 | 16.07 | 1.27 | 1.27 | 1.26 | 0.16 | 8312 | 71 |
| 12-31-19 | 16.46 | 0.04• | 4.09 | 4.13 | 0.07 | 4.55 | 0.23 | 4.85 |  | 15.74 | 26.20 | 1.25 | 1.25 | 1.24 | 0.22 | 9014 | 50 |
| 12-31-18 | 20.85 | 0.03 | (1.76) | (1.73) | 0.04 | 2.62 |  | 2.66 |  | 16.46 | **(10.64)** | 1.25 | 1.25 | 1.25 | 0.13 | 27453 | 43 |

---

<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.

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

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

<sup>(a)</sup> <br>

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

<sup>(b)</sup> <br>

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

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

\* <br>

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022

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

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

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

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

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

(1) <br>

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

(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 Portfolio's books, and the U.S. dollar equivalent of the amounts actually received or paid.

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| | **Purchased**  | **Sold**  |
| Balanced Income | $88101799 | $26087181 |
| Limited Maturity Bond | 120565766 | 20434270 |
| U.S. Stock Index | 172174820 |  |
| JPMorgan Small Cap Core Equity | 7235782 |  |

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

#### NOTE 3 — INVESTMENT TRANSACTIONS
For the year ended December 31, 2022, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| Balanced Income | $148180409 | $213364900 |
| High Yield | 535409019 | 90031372 |
| Large Cap Growth | 2073821170 | 2633374043 |
| Large Cap Value | 415917127 | 364675724 |
| Limited Maturity Bond | 79918666 | 124891207 |
| U.S. Stock Index | 574078341 | 698724173 |
| CBRE Real Estate | 151263042 | 189027497 |
|  JPMorgan Small Cap Core Equity  | 242506935 | 341587919 |

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NOTE 3 — INVESTMENT TRANSACTIONS (continued)

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

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| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| Balanced Income | $168662254 | $159698731 |
| Limited Maturity Bond | 1047737212 | 1004079323 |

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

------

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

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

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

---

| | |
|:---|:---|
| **Portfolio**  | **Sub-Adviser**  |
| CBRE Real Estate | CBRE Investment Management Listed Real Assets LLC<sup>(1)</sup> |
|  JPMorgan Small Cap Core Equity  | J.P. Morgan Investment Management Inc.  |

---

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

Previously known as CBRE Clarion Securities LLC.

#### NOTE 5 — DISTRIBUTION AND SERVICE FEES
The Trust has entered into a shareholder service plan (the "Plan") for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the "Class S2 Plan") with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services including payments to the Distributor at an annual rate of 0.15% of the average daily net assets. The Distributor has contractually agreed to waive 0.01% of the shareholder service fee for Class S shares of U.S. Stock Index. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

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

#### NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At December 31, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated <br> Investment Company** | **Portfolio**  | **Percentage**  |
| ReliaStar Life Insurance Company | JPMorgan Small Cap <br> Core Equity | 10.80% |
|  Security Life of Denver Insurance <br> Company  | High Yield | 5.02 |
|  | Limited Maturity Bond | 6.49 |

---

---

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

---

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

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

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

------

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

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

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

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

---

| | |
|:---|:---|
| **Portfolio**  | **Amount**  |
| Balanced Income | $69558 |
| Large Cap Growth | 1509987 |
| Large Cap Value | 505798 |
| CBRE Real Estate | 327786 |

---

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

---

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

---

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  | |
| | **2023**  | **2024**  | **2025**  | **Total**  |
| Balanced Income | $46785 | $34723 | $91149 | $172657 |
| U.S. Stock Index | 2811766 | 3532042 | 3405161 | 9748969 |
| CBRE Real Estate | 719807 | 751784 | 633059 | 2104650 |

---

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

#### NOTE 8 — LINE OF CREDIT
Effective June 13, 2022, the Portfolios, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 12, 2023. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 13, 2022, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2022.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio**  | **Days <br> Utilized**  | **Approximate <br> Average Daily <br> Balance <br> For Days <br> Utilized**  | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized**  |
| Balanced Income | 19  | $1338105 | 2.22% |
| Large Cap Value | 1  | 1505000 | 2.58 |
| U.S. Stock Index | 1  | 22803000 | 1.58 |
| CBRE Real Estate | 1  | 708000 | 1.33 |

---

------

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

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued <br> in 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** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Balanced Income** | **Balanced Income** | **Balanced Income** | **Balanced Income** | **Balanced Income** | **Balanced Income** | **Balanced Income** | **Balanced Income** | **Balanced Income** | **Balanced Income** | **Balanced Income** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 175025 |  | 712707 | (1062815) | (175083) | 1534923 |  | 5715909 | (9461622) | (2210790) |
| 12/31/2021 | 279715 |  | 139566 | (916360) | (497079) | 2848682 |  | 1409617 | (9270094) | (5011795) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 2324 |  | 83599 | (88113) | (2190) | 22418 |  | 710593 | (837013) | (104002) |
| 12/31/2021 | 42256 |  | 19718 | (115249) | (53275) | 455348 |  | 209798 | (1233785) | (568639) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 681028 |  | 2674955 | (4785083) | (1429100) | 6843528 |  | 22630119 | (43984242) | (14510595) |
| 12/31/2021 | 650061 |  | 584766 | (3780658) | (2545831) | 6980290 |  | 6192671 | (40255667) | (27082706) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 13931 |  | 40216 | (109120) | (54973) | 139221 |  | 339825 | (1022536) | (543490) |
| 12/31/2021 | 38165 |  | 8880 | (177341) | (130296) | 395234 |  | 93865 | (1862215) | (1373116) |
| **High Yield** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 357131 |  | 395361 | (1290327) | (537835) | 3113344 |  | 3429876 | (11310297) | (4767077) |
| 12/31/2021 | 583622 |  | 377182 | (1025629) | (64825) | 5800399 |  | 3748955 | (10197422) | (648068) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1022317 |  | 1081820 | (2651998) | (547861) | 9221349 |  | 9394423 | (23193190) | (4577418) |
| 12/31/2021 | 1775515 |  | 1016805 | (2968643) | (176323) | 17687685 |  | 10113571 | (29521461) | (1720205) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 770547 |  | 1265328 | (4873215) | (2837340) | 6845419 |  | 10989475 | (43032013) | (25197119) |
| 12/31/2021 | 1451399 |  | 1301925 | (4887361) | (2134037) | 14430141 |  | 12940400 | (48613102) | (21242561) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 127026 |  | 10821 | (237171) | (99324) | 1159654 |  | 95015 | (2141296) | (886627) |
| 12/31/2021 | 41312 |  | 14963 | (98895) | (42620) | 410681 |  | 148926 | (990752) | (431145) |
| **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** | **Large Cap Growth** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1911158 |  | 74663847 | (19657115) | 56917890 | 24612333 |  | 592084304 | (228275739) | 388420898 |
| 12/31/2021 | 908101 |  | 23303662 | (18207779) | 6003984 | 18458423 |  | 429952557 | (365043084) | 83367896 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1416691 |  | 48297199 | (9182587) | 40531303 | 20079200 |  | 490216573 | (127837656) | 382458117 |
| 12/31/2021 | 2689220 |  | 16446707 | (39368162) | (20232235) | 62387090 |  | 350150390 | (912881309) | (500343829) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 575705 |  | 2162359 | (1538461) | 1199603 | 7887379 |  | 21991187 | (22725638) | 7152928 |
| 12/31/2021 | 391820 |  | 782242 | (780318) | 393744 | 8889620 |  | 16669588 | (17781438) | 7777770 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1180580 |  | 48146743 | (16045165) | 33282158 | 15944054 |  | 453060853 | (215333101) | 253671806 |
| 12/31/2021 | 641021 |  | 16940296 | (18797382) | (1216065) | 14184112 |  | 344904423 | (412746778) | (53658243) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 216834 |  | 1746174 | (957370) | 1005638 | 3029441 |  | 16012415 | (12622602) | 6419254 |
| 12/31/2021 | 169967 |  | 599048 | (721069) | 47946 | 3694619 |  | 12028880 | (16159958) | (436459) |
| **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 372459 |  | 6205898 | (877573) | 5700784 | 2673647 |  | 28444970 | (6962812) | 24155805 |
| 12/31/2021 | 201267 |  | 118496 | (757608) | (437845) | 2599957 |  | 1581277 | (9720281) | (5539047) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1444285 |  | 42920461 | (3533525) | 40831221 | 11437681 |  | 213097315 | (28128415) | 196406581 |
| 12/31/2021 | 380843 |  | 961189 | (2557064) | (1215032) | 5020931 |  | 13251427 | (33488201) | (15215843) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 5758424 |  | 9057382 | (1911607) | 12904199 | 77950582 |  | 44878039 | (14840268) | 107988353 |
| 12/31/2021 | 1026544 |  | 27964 | (149938) | 904570 | 13978384 |  | 387396 | (2041286) | 12324494 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 414409 |  | 3540877 | (1110533) | 2844753 | 3240357 |  | 16691357 | (7671034) | 12260680 |
| 12/31/2021 | 545245 |  | 696754 | (53362945) | (52120946) | 7026135 |  | 9120566 | (720137742) | (703991041) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 172 |  | 23758 | (38) | 23892 | 902 |  | 112240 | (486) | 112656 |
| 12/31/2021 | 149 |  | 447 | (70) | 526 | 1960 |  | 6040 | (928) | 7072 |
| **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** | **Limited Maturity Bond** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 404336 |  | 20477 | (458773) | (33960) | 3882921 |  | 191594 | (4311105) | (236590) |
| 12/31/2021 | 214621 |  | 15454 | (211656) | 18419 | 2136743 |  | 154223 | (2111245) | 179721 |

---

------

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

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

NOTE 9 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued <br> in 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** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** | **Limited Maturity Bond (continued)** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 7276411 |  | 605766 | (8568521) | (686344) | 70054271 |  | 5799067 | (82798210) | (6944872) |
| 12/31/2021 | 9142650 |  | 515626 | (9361739) | 296537 | 93025513 |  | 5245197 | (95353185) | 2917525 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 702692 |  | 102093 | (1753628) | (948843) | 6889836 |  | 984463 | (17262779) | (9388480) |
| 12/31/2021 | 830068 |  | 99029 | (902201) | 26896 | 8518002 |  | 1015514 | (9254429) | 279087 |
| **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** | **U.S. Stock Index** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 657597 |  | 615723 | (1104725) | 168595 | 11474042 |  | 9186914 | (18950191) | 1710765 |
| 12/31/2021 | 328198 |  | 540533 | (1613600) | (744869) | 6544675 |  | 10440961 | (31546584) | (14560948) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 39904283 |  | 26228699 | (44820710) | 21312272 | 691082814 |  | 412241517 | (818330523) | 284993808 |
| 12/31/2021 | 15845138 |  | 22322283 | (56051758) | (17884337) | 321966399 |  | 453677922 | (1159316452) | (383672131) |
| **Class P2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 53087029 |  | 19631240 | (54980844) | 17737425 | 922767349 |  | 311008187 | (1029194412) | 204581124 |
| 12/31/2021 | 36437116 |  | 15110976 | (40137473) | 11410619 | 762954067 |  | 309410092 | (825339515) | 247024644 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 995056 |  | 1717244 | (2351312) | 360988 | 17522457 |  | 26591210 | (42399023) | 1714644 |
| 12/31/2021 | 589474 |  | 1493042 | (3010801) | (928285) | 12214547 |  | 29892766 | (61225497) | (19118184) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1269727 |  | 1121449 | (1619473) | 771703 | 23573336 |  | 17065903 | (28885694) | 11753545 |
| 12/31/2021 | 1166088 |  | 897499 | (1720720) | 342867 | 23579155 |  | 17679101 | (34659856) | 6598400 |
| **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** | **CBRE Real Estate** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 73757 |  | 342202 | (339226) | 76733 | 2349334 |  | 9017013 | (11312065) | 54282 |
| 12/31/2021 | 129323 |  | 23612 | (370157) | (217222) | 4726279 |  | 866071 | (13384798) | (7792448) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 68051 |  | 63365 | (83784) | 47632 | 2615942 |  | 1797658 | (3209313) | 1204287 |
| 12/31/2021 | 73715 |  | 4591 | (290416) | (212110) | 2761886 |  | 178785 | (10888422) | (7947751) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 152040 |  | 1139298 | (900083) | 391255 | 5555659 |  | 32299094 | (30973659) | 6881094 |
| 12/31/2021 | 248483 |  | 89264 | (1007102) | (669355) | 9744772 |  | 3474168 | (38074518) | (24855578) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12528 |  | 60182 | (90123) | (17413) | 430686 |  | 1695919 | (3291083) | (1164478) |
| 12/31/2021 | 26386 |  | 4995 | (102079) | (70698) | 1039835 |  | 193147 | (3839796) | (2606814) |
| **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** | **JPMorgan Small Cap Core Equity** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 307519 |  | 1887376 | (1024327) | 1170568 | 4670370 |  | 22591888 | (14856559) | 12405699 |
| 12/31/2021 | 516401 |  | 401796 | (1049273) | (131076) | 9911668 |  | 7449294 | (19876330) | (2515368) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 2210524 |  | 3193196 | (2455100) | 2948620 | 40313643 |  | 43363601 | (41621402) | 42055842 |
| 12/31/2021 | 3194127 |  | 689674 | (1810430) | 2073371 | 66678668 |  | 14055559 | (38014806) | 42719421 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 828165 |  | 1205891 | (5947344) | (3913288) | 14874404 |  | 16351890 | (95056629) | (63830335) |
| 12/31/2021 | 3533063 |  | 320742 | (4020693) | (166888) | 73777559 |  | 6530307 | (85001647) | (4693781) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 293532 |  | 1278886 | (1249008) | 323410 | 4638527 |  | 16906879 | (21200565) | 344841 |
| 12/31/2021 | 419827 |  | 325429 | (1399921) | (654665) | 8645272 |  | 6508589 | (28825077) | (13671216) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 44065 |  | 94634 | (112371) | 26328 | 738360 |  | 1225506 | (1819035) | 144831 |
| 12/31/2021 | 36086 |  | 21771 | (89319) | (31462) | 732954 |  | 428894 | (1847489) | (685641) |

---

#### NOTE 10 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned

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

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

NOTE 10 — SECURITIES LENDING (continued)

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

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

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

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

#### Balanced Income

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Bank PLC | $121069 | $(121069) | $— |
| Barclays Capital Inc. | 111421 | (111421) |  |
| BMO Capital Markets Corp | 63202 | (63202) |  |
| Citadel Clearing LLC | 117553 | (117553) |  |
| Citigroup Global Markets Limited | 217114 | (217114) |  |
| Deutsche Bank Securities Inc. | 53317 | (53317) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Goldman Sachs International | $102733 | $(102733) | $— |
| Goldman, Sachs & Co. LLC | 180425 | (180425) |  |
| J.P. Morgan Securities LLC | 134488 | (134488) |  |
| JP Morgan Securities Plc. | 56363 | (56363) |  |
| Merrill Lynch International | 82433 | (82433) |  |
| Morgan Stanley & Co. LLC | 251580 | (251580) |  |
| RBC Capital Markets, LLC | 222430 | (222430) |  |
|  State Street Bank and Trust Company  | 184544 | (184544) |  |
| UBS Securities LLC. | 24568 | (24568) |  |
| Total | $1923240 | $(1923240) | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

#### High Yield

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Bank PLC | $6176314 | $(6176314) | $— |
| Barclays Capital Inc. | 1162978 | (1162978) |  |
| BMO Capital Markets Corp | 1759289 | (1759289) |  |
| BNP Paribas | 1472897 | (1472897) |  |
|  BNP Paribas Prime Brokerage Intl <br> Ltd  | 1423651 | (1423651) |  |
| BNP Paribas Securities Corp. | 756831 | (756831) |  |
| BofA Securities Inc | 760232 | (760232) |  |
| Citadel Clearing LLC | 1252362 | (1252362) |  |
| Citigroup Global Markets Inc. | 962733 | (962733) |  |
| Goldman, Sachs & Co. LLC | 2847856 | (2847856) |  |
| J.P. Morgan Securities LLC | 155655 | (155655) |  |
| Morgan Stanley & Co. LLC | 28203 | (28203) |  |
|  Nomura Securities International, Inc.  | 216333 | (216333) |  |
| RBC Capital Markets, LLC | 2209560 | (2209560) |  |
| RBC Dominion Securities Inc | 345417 | (345417) |  |
| Scotia Capital (USA) INC | 855916 | (855916) |  |
| TD Securities INC | 320931 | (320931) |  |
| UBS AG | 601165 | (601165) |  |
| UBS Securities LLC. | 3160771 | (3160771) |  |
| Wells Fargo Bank NA | 52291 | (52291) |  |
| Total | $26521385 | $(26521385) | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

#### Large Cap Value

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Capital Inc. | $2139852 | $(2139852) | $— |
| BofA Securities Inc | 43921 | (43921) |  |

---

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

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

NOTE 10 — SECURITIES LENDING (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Goldman, Sachs & Co. LLC | $757970 | $(757970) | $— |
| Natixis Securities America LLC | 1227212 | (1227212) |  |
| Total | $4168955 | $(4168955) | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

#### Limited Maturity Bond

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Capital Inc. | $554644 | $(554644) | $— |
| BMO Capital Markets Corp | 297269 | (297269) |  |
|  BNP Paribas Prime Brokerage Intl Ltd  | 282567 | (282567) |  |
| BofA Securities Inc | 293083 | (293083) |  |
| Deutsche Bank Securities Inc. | 253944 | (253944) |  |
| Goldman, Sachs & Co. LLC | 638865 | (638865) |  |
| HSBC Securities (USA) Inc. | 492049 | (492049) |  |
| J.P. Morgan Securities LLC | 296308 | (296308) |  |
| Morgan Stanley & Co. LLC | 294301 | (294301) |  |
| MUFG Securities Americas Inc. | 5039 | (5039) |  |
| National Bank Financial INC | 182876 | (182876) |  |
| National Financial Services LLC | 148981 | (148981) |  |
| RBC Capital Markets, LLC | 288319 | (288319) |  |
| US Bancorp Investments | 694174 | (694174) |  |
| Total | $4722419 | $(4722419) | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

#### U.S. Stock Index

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Natixis Securities America LLC | $1782047 | $(1782047) | $— |
| TD Prime Services LLC | 2709307 | (2709307) |  |
| Wells Fargo Bank NA | 450379 | (450379) |  |
| Total | $4941733 | $(4941733) | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

#### CBRE Real Estate

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Citigroup Global Markets Inc. | $2131250 | $(2131250) | $— |
| Total | $2131250 | $(2131250) | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

#### JPMorgan Small Cap Core Equity

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Capital Inc. | $40647 | $(40647) | $— |
|  BNP Paribas Prime Brokerage Intl Ltd  | 172260 | (172260) |  |
| BofA Securities Inc | 1628101 | (1628101) |  |
| Goldman, Sachs & Co. LLC | 2764086 | (2764086) |  |
| Jefferies LLC | 1787346 | (1787346) |  |
| Morgan Stanley & Co. LLC | 647656 | (647656) |  |
| National Financial Services LLC | 427476 | (427476) |  |
| State Stree Bank and Trust Company  | 859596 | (859596) |  |
| TD Prime Services LLC | 350881 | (350881) |  |
| UBS Securities LLC. | 58530 | (58530) |  |
| Wells Fargo Bank NA | 258648 | (258648) |  |
| Wells Fargo Securities LLC | 871311 | (871311) |  |
| Total | $9866538 | $(9866538) | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

#### NOTE 11 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, capital loss carryforwards, paydowns, straddle loss deferrals and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

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

NOTE 11 — FEDERAL INCOME TAXES (continued)

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

---

| | | |
|:---|:---|:---|
| | **Paid-in <br> Capital**  | **Distributable <br> Earnings**  |
| Large Cap Growth | $(11934137) | $11934137 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022**  | **Year Ended December 31, 2022**  | **Year Ended December 31, 2021**  | **Year Ended December 31, 2021**  | **Year Ended December 31, 2021**  |
| | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  | **Return of Capital**  |
| Balanced Income | $8301386 | $21095060 | $7905951 | $— | $— |
| High Yield | 23908789 |  | 26052457 |  | 899395 |
| Large Cap Growth | 369529130 | 1203836202 | 245081324 | 908624514 |  |
| Large Cap Value | 136751300 | 166472621 | 11621055 | 12725651 |  |
| Limited Maturity Bond | 6975124 |  | 6417006 |  |  |
| U.S. Stock Index | 108922943 | 667170788 | 96193161 | 724907681 |  |
| CBRE Real Estate | 8854104 | 35955580 | 4712171 |  |  |
| JPMorgan Small Cap Core Equity | 31134861 | 69304903 | 9459470 | 25513173 |  |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-term <br> Capital Gains**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Capital Loss Carryforwards**  | **Capital Loss Carryforwards**  | **Capital Loss Carryforwards**  | **Other**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-term <br> Capital Gains**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Amount**  | **Character**  | **Expiration**  | **Other**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| Balanced Income | $6544706 | $— | $(22536473) | $(8818296) | Short-term  |  | $— | $(27999789) |
|  |  |  |  | (3189726) | Long-term  |  |  |  |
|  |  |  |  | $(12008022) |  |  |  |  |
| High Yield | 603577 |  | (56142535) | (3181255) | Short-term  |  |  | (110123095) |
|  |  |  |  | (51402882) | Long-term  |  |  |  |
|  |  |  |  | $(54584137) |  |  |  |  |
| Large Cap Growth |  |  | (463600591) | (186193391) | Short-term  |  |  | (649793982) |
| Large Cap Value | 231853 | 6049025 | 20972645 |  | —  |  |  | 27253523 |
| Limited Maturity Bond | 1202642 |  | (14198323) | (5258255) | Short-term  |  | 18908 | (27515237) |
|  |  |  |  | (9280209) | Long-term  |  |  |  |
|  |  |  |  | $(14538464) |  |  |  |  |
| U.S. Stock Index | 3748237 | 400929017 | 2266659693 |  | —  |  |  | 2671336947 |
| CBRE Real Estate | 4192374 | 12050913 | (24334931) |  | —  |  |  | (8091644) |
|  JPMorgan Small Cap Core Equity  | 1155890 | 31154721 | (8259111) |  | —  |  |  | 24051500 |

---

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.

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

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

#### NOTE 12 — LONDON INTERBANK OFFERED RATE ("LIBOR")
In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

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

#### NOTE 13 — MARKET DISRUPTION
A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S.. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse

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

#### NOTE 14 — SUBSEQUENT EVENTS
*Dividends:* Subsequent to December 31, 2022, the following Portfolios paid dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
| | **Per Share <br> Amount**  | **Payable <br> Date**  | **Record <br> Date**  |
| **High Yield** |  |  |  |
| Class ADV | $0.0396 | February 1, 2023  | Daily |
| Class I | $0.0439 | February 1, 2023  | Daily |
| Class S | $0.0421 | February 1, 2023  | Daily |
| Class S2 | $0.0411 | February 1, 2023  | Daily |
| **Limited Maturity Bond** |  |  |  |
| Class ADV | $0.0217 | February 1, 2023  | Daily |
| Class I | $0.0270 | February 1, 2023  | Daily |
| Class S | $0.0251 | February 1, 2023  | Daily |

---

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

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: 11.2%** | **CORPORATE BONDS/NOTES: 11.2%** | **CORPORATE BONDS/NOTES: 11.2%** | **CORPORATE BONDS/NOTES: 11.2%** |
|  | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** |
| 15000 <sup>(1)</sup> | ASP Unifrax Holdings, <br> Inc., 5.250%, 09/30/2028 | $12090 | 0.0 |
| 200000 <sup>(1)</sup> | Celulosa Arauco y <br> Constitucion SA, 4.250%, <br> 04/30/2029 | 187568 | 0.1 |
| 70000 <sup>(1)(2)</sup> | Cleveland-Cliffs, Inc., <br> 4.875%, 03/01/2031 | 61910 | 0.0 |
| 70000 <sup>(1)(2)</sup> | Coeur Mining, Inc., <br> 5.125%, 02/15/2029 | 54721 | 0.0 |
| 225000 <sup>(1)</sup> | GC Treasury Center Co. <br> Ltd., 4.400%, 03/30/2032 | 199887 | 0.1 |
| 70000 <sup>(1)</sup> | HudBay Minerals, Inc., <br> 4.500%, 04/01/2026 | 63669 | 0.1 |
| 70000 <sup>(1)</sup> | Illuminate Buyer LLC / <br> Illuminate Holdings IV, <br> Inc., 9.000%, 07/01/2028 | 58720 | 0.0 |
| 70000 <sup>(1)(3)</sup> | Iris Holdings, Inc., 8.750% <br> (PIK Rate 9.500%, Cash <br> Rate 8.750%), 02/15/2026 | 60200 | 0.0 |
| 65000 <sup>(1)</sup> | LSF11 A5 Holdco LLC, <br> 6.625%, 10/15/2029 | 53782 | 0.0 |
| 70000 <sup>(1)</sup> | Mativ, Inc., 6.875%, <br> 10/01/2026 | 61941 | 0.1 |
| 70000 <sup>(1)</sup> | Novelis Corp., 3.875%, <br> 08/15/2031 | 57242 | 0.0 |
| 60000 <sup>(1)</sup> | Nufarm Australia Ltd. / <br> Nufarm Americas, Inc., <br> 5.000%, 01/27/2030 | 52070 | 0.0 |
| 70000 | Olin Corp., 5.125%, <br> 09/15/2027 | 66270 | 0.1 |
| 70000 <sup>(1)</sup> | Taseko Mines Ltd., <br> 7.000%, 02/15/2026 | 61641 | 0.0 |
| 50000 <sup>(1)</sup> | Trinseo Materials <br> Operating SCA / Trinseo <br> Materials Finance, Inc., <br> 5.125%, 04/01/2029 | 32451 | 0.0 |
| 55000 <sup>(1)</sup> | Tronox, Inc., 4.625%, <br> 03/15/2029 | 45822 | 0.0 |
|  |  | **1129984** | **0.5** |
|  | **Communications: 0.7%** | **Communications: 0.7%** | **Communications: 0.7%** |
| 15000 | AMC Networks, Inc., <br> 4.250%, 02/15/2029 | 9369 | 0.0 |
| 70000 <sup>(1)</sup> | Beasley Mezzanine <br> Holdings LLC, 8.625%, <br> 02/01/2026 | 42263 | 0.0 |
| 70000 <sup>(1)</sup> | CCO Holdings LLC / CCO <br> Holdings Capital Corp., <br> 4.250%, 01/15/2034 | 51800 | 0.0 |
| 70000 <sup>(1)</sup> | Clear Channel Outdoor <br> Holdings, Inc., 7.500%, <br> 06/01/2029 | 51530 | 0.0 |
| 206000 | Comcast Corp., 2.937%, <br> 11/01/2056 | 128336 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| 70000 <sup>(1)</sup> | CommScope <br> Technologies LLC, <br> 5.000%, 03/15/2027 | $47655 | 0.0 |
| 70000 <sup>(2)</sup> | CSC Holdings LLC, <br> 5.250%, 06/01/2024 | 65275 | 0.1 |
| 70000 <sup>(1)</sup> | Directv Financing LLC / <br> Directv Financing <br> Co-Obligor, Inc., 5.875%, <br> 08/15/2027 | 62759 | 0.0 |
| 70000 | DISH DBS Corp., 5.125%, <br> 06/01/2029 | 45289 | 0.0 |
| 70000 | Embarq Corp., 7.995%, <br> 06/01/2036 | 32704 | 0.0 |
| 70000 <sup>(1)</sup> | GCI LLC, 4.750%, <br> 10/15/2028 | 58920 | 0.0 |
| 70000 <sup>(1)</sup> | Gray Escrow II, Inc., <br> 5.375%, 11/15/2031 | 50570 | 0.0 |
| 75000 <sup>(1)</sup> | McGraw-Hill Education, <br> Inc., 8.000%, 08/01/2029 | 62120 | 0.0 |
| 70000 <sup>(1)</sup> | Millennium Escrow Corp., <br> 6.625%, 08/01/2026 | 44891 | 0.0 |
| 45000 | Netflix, Inc., 5.875%, <br> 11/15/2028 | 45721 | 0.0 |
| 70000 <sup>(4)</sup> | Paramount Global, <br> 6.250%, 02/28/2057 | 56546 | 0.0 |
| 280000 <sup>(4)</sup> | Paramount Global, <br> 6.375%, 03/30/2062 | 229314 | 0.1 |
| 70000 <sup>(1)</sup> | Radiate Holdco LLC / <br> Radiate Finance, Inc., <br> 4.500%, 09/15/2026 | 51540 | 0.0 |
| 70000 <sup>(1)</sup> | Sinclair Television Group, <br> Inc., 4.125%, 12/01/2030 | 52572 | 0.0 |
| 70000 <sup>(1)</sup> | Sirius XM Radio, Inc., <br> 5.000%, 08/01/2027 | 64859 | 0.1 |
| 70000 <sup>(1)</sup> | Spanish Broadcasting <br> System, Inc., 9.750%, <br> 03/01/2026 | 40338 | 0.0 |
| 70000 | Sprint Corp., 7.625%, <br> 03/01/2026 | 73815 | 0.1 |
| 70000 <sup>(1)</sup> | Stagwell Global LLC, <br> 5.625%, 08/15/2029 | 57852 | 0.0 |
| 70000 | Telecom Italia Capital SA, <br> 6.375%, 11/15/2033 | 57374 | 0.0 |
| 70000 <sup>(1)</sup> | Univision <br> Communications, Inc., <br> 6.625%, 06/01/2027 | 67685 | 0.1 |
| 70000 <sup>(1)</sup> | Urban One, Inc., 7.375%, <br> 02/01/2028 | 59259 | 0.0 |
| 70000 <sup>(1)</sup> | ViaSat, Inc., 5.625%, <br> 09/15/2025 | 65056 | 0.1 |
| 70000 <sup>(1)</sup> | Viavi Solutions, Inc., <br> 3.750%, 10/01/2029 | 58947 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| 70000 <sup>(1)</sup> | Zayo Group Holdings, Inc., <br> 6.125%, 03/01/2028 | $| 39846 | 0.0 |
|  |  |  | **1774205** | **0.7** |
|  | **Consumer, Cyclical: 1.4%** | **Consumer, Cyclical: 1.4%** | **Consumer, Cyclical: 1.4%** | **Consumer, Cyclical: 1.4%** |
| 70000 <sup>(1)</sup> | 1011778 BC ULC / New <br> Red Finance, Inc., <br> 4.000%, 10/15/2030 |  | 56833 | 0.0 |
| 70000 <sup>(1)</sup> | Academy Ltd., 6.000%, <br> 11/15/2027 |  | 67116 | 0.1 |
| 70000 <sup>(1)</sup> | Adams Homes, Inc., <br> 7.500%, 02/15/2025 |  | 59733 | 0.0 |
| 70000 <sup>(1)</sup> | Affinity Gaming, 6.875%, <br> 12/15/2027 |  | 59436 | 0.0 |
| 70000 <sup>(1)</sup> | Allison Transmission, Inc., <br> 5.875%, 06/01/2029 |  | 65861 | 0.1 |
| 70000 <sup>(1)</sup> | American Airlines, <br> Inc./AAdvantage Loyalty <br> IP Ltd., 5.500%, <br> 04/20/2026 |  | 67438 | 0.1 |
| 65000 <sup>(1)</sup> | Arko Corp., 5.125%, <br> 11/15/2029 |  | 51122 | 0.0 |
| 70000 | Asbury Automotive Group, <br> Inc., 4.750%, 03/01/2030 |  | 58639 | 0.0 |
| 70000 | Bath & Body Works, Inc., <br> 6.750%, 07/01/2036 |  | 61649 | 0.0 |
| 70000 <sup>(1)</sup> | Caesars Entertainment, <br> Inc., 6.250%, 07/01/2025 |  | 68159 | 0.1 |
| 70000 <sup>(1)</sup> | CCM Merger, Inc., <br> 6.375%, 05/01/2026 |  | 66053 | 0.1 |
| 70000 <sup>(1)</sup> | Century Communities, <br> Inc., 3.875%, 08/15/2029 |  | 55128 | 0.0 |
| 70000 <sup>(1)</sup> | Crocs, Inc., 4.125%, <br> 08/15/2031 |  | 57136 | 0.0 |
| 70000 <sup>(2)</sup> | Delta Air Lines 2020-1 <br> Class A Pass Through <br> Trust, 4.375%, 04/19/2028 |  | 62510 | 0.0 |
| 70000 <sup>(1)</sup> | Fertitta Entertainment <br> LLC / Fertitta <br> Entertainment Finance <br> Co., Inc., 6.750%, <br> 01/15/2030 |  | 56593 | 0.0 |
| 70000 <sup>(1)</sup> | Foot Locker, Inc., 4.000%, <br> 10/01/2029 |  | 54635 | 0.0 |
| 70000 | Ford Motor Co., 6.100%, <br> 08/19/2032 |  | 64770 | 0.1 |
| 70000 <sup>(1)</sup> | Foundation Building <br> Materials, Inc., 6.000%, <br> 03/01/2029 |  | 52726 | 0.0 |
| 70000 <sup>(1)</sup> | Gap, Inc./The, 3.875%, <br> 10/01/2031 |  | 48936 | 0.0 |
| 70000 <sup>(1)</sup> | Golden Entertainment, <br> Inc., 7.625%, 04/15/2026 |  | 69104 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
| 70000 <sup>(2)</sup> | Goodyear Tire & Rubber <br> Co/The, 5.250%, <br> 07/15/2031 | $57347 | 0.0 |
| 70000 <sup>(1)</sup> | Hilton Domestic Operating <br> Co., Inc., 4.000%, <br> 05/01/2031 | 58708 | 0.0 |
| 225000 | Home Depot, Inc./The, <br> 3.625%, 04/15/2052 | 174864 | 0.1 |
| 70000 <sup>(1)</sup> | Installed Building <br> Products, Inc., 5.750%, <br> 02/01/2028 | 63051 | 0.0 |
| 70000 <sup>(1)</sup> | Interface, Inc., 5.500%, <br> 12/01/2028 | 57893 | 0.0 |
| 70000 <sup>(1)</sup> | LBM Acquisition LLC, <br> 6.250%, 01/15/2029 | 44636 | 0.0 |
| 70000 <sup>(1)</sup> | LCM Investments <br> Holdings II LLC, 4.875%, <br> 05/01/2029 | 56146 | 0.0 |
| 70000 <sup>(1)</sup> | Lions Gate Capital <br> Holdings LLC, 5.500%, <br> 04/15/2029 | 40677 | 0.0 |
| 170000 | Lowe's Cos, Inc., 4.450%, <br> 04/01/2062 | 133041 | 0.1 |
| 70000 | M/I Homes, Inc., 3.950%, <br> 02/15/2030 | 56610 | 0.0 |
| 70000 <sup>(1)</sup> | Macy's Retail Holdings <br> LLC, 6.125%, 03/15/2032 | 58940 | 0.0 |
| 70000 | Murphy Oil USA, Inc., <br> 5.625%, 05/01/2027 | 68091 | 0.1 |
| 70000 <sup>(1)</sup> | NCL Corp. Ltd., 7.750%, <br> 02/15/2029 | 53378 | 0.0 |
| 70000 <sup>(1)</sup> | Penn Entertainment, Inc., <br> 4.125%, 07/01/2029 | 55391 | 0.0 |
| 70000 <sup>(1)</sup> | Real Hero Merger Sub 2, <br> Inc., 6.250%, 02/01/2029 | 48076 | 0.0 |
| 70000 <sup>(1)(2)</sup> | Scientific Games Holdings <br> L.P./Scientific Games US <br> FinCo, Inc., 6.625%, <br> 03/01/2030 | 59220 | 0.0 |
| 70000 | Shea Homes L.P. / Shea <br> Homes Funding Corp., <br> 4.750%, 04/01/2029 | 58971 | 0.0 |
| 65000 <sup>(1)</sup> | Sizzling Platter LLC / <br> Sizzling Platter Finance <br> Corp., 8.500%, <br> 11/28/2025 | 59890 | 0.0 |
| 70000 <sup>(1)(2)</sup> | Sonic Automotive, Inc., <br> 4.625%, 11/15/2029 | 56141 | 0.0 |
| 70000 <sup>(1)</sup> | SRS Distribution, Inc., <br> 6.125%, 07/01/2029 | 56687 | 0.0 |
| 70000 <sup>(1)</sup> | Staples, Inc., 10.750%, <br> 04/15/2027 | 50518 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
| 70000 <sup>(1)</sup> | Station Casinos LLC, <br> 4.500%, 02/15/2028 | $| 60965 | 0.0 |
| 70000 <sup>(1)</sup> | STL Holding Co. LLC, <br> 7.500%, 02/15/2026 |  | 62051 | 0.0 |
| 70000 <sup>(1)</sup> | Tempur Sealy <br> International, Inc., <br> 3.875%, 10/15/2031 |  | 55053 | 0.0 |
| 70000 <sup>(2)</sup> | United Airlines Holdings, <br> Inc., 4.875%, 01/15/2025 |  | 66970 | 0.1 |
| 70000 <sup>(1)(2)</sup> | Victoria's Secret & Co., <br> 4.625%, 07/15/2029 |  | 55048 | 0.0 |
| 35000 <sup>(1)</sup> | Viking Cruises Ltd., <br> 5.875%, 09/15/2027 |  | 28586 | 0.0 |
| 35000 <sup>(1)</sup> | Viking Cruises Ltd., <br> 13.000%, 05/15/2025 |  | 36982 | 0.0 |
| 193000 <sup>(1)</sup> | Warnermedia Holdings, <br> Inc., 5.141%, 03/15/2052 |  | 141050 | 0.1 |
| 70000 <sup>(1)</sup> | William Carter Co/The, <br> 5.625%, 03/15/2027 |  | 67266 | 0.1 |
| 70000 <sup>(1)</sup> | Williams Scotsman <br> International, Inc., <br> 4.625%, 08/15/2028 |  | 63287 | 0.1 |
| 70000 <sup>(1)</sup> | Wolverine World Wide, <br> Inc., 4.000%, 08/15/2029 |  | 53132 | 0.0 |
| 70000 <sup>(1)(2)</sup> | Wynn Las Vegas LLC / <br> Wynn Las Vegas Capital <br> Corp., 5.250%, <br> 05/15/2027 |  | 63284 | 0.0 |
|  |  |  | **3325527** | **1.4** |
|  | **Consumer, Non-cyclical: 0.7%** | **Consumer, Non-cyclical: 0.7%** | **Consumer, Non-cyclical: 0.7%** | **Consumer, Non-cyclical: 0.7%** |
| 70000 <sup>(1)</sup> | Acadia Healthcare Co., <br> Inc., 5.500%, 07/01/2028 |  | 66507 | 0.1 |
| 70000 <sup>(1)</sup> | ACCO Brands Corp., <br> 4.250%, 03/15/2029 |  | 57841 | 0.0 |
| 70000 <sup>(1)</sup> | ADT Security Corp./The, <br> 4.125%, 08/01/2029 |  | 59626 | 0.0 |
| 60000 <sup>(1)</sup> | Albertsons Cos, Inc. / <br> Safeway, Inc. / New <br> Albertsons L.P. / <br> Albertsons LLC, 3.500%, <br> 03/15/2029 |  | 50471 | 0.0 |
| 25000 <sup>(1)</sup> | Allied Universal Holdco <br> LLC / Allied Universal <br> Finance Corp., 6.625%, <br> 07/15/2026 |  | 22927 | 0.0 |
| 20000 <sup>(1)</sup> | Allied Universal Holdco <br> LLC / Allied Universal <br> Finance Corp., 9.750%, <br> 07/15/2027 |  | 17443 | 0.0 |
| 70000 <sup>(1)</sup> | Alta Equipment Group, <br> Inc., 5.625%, 04/15/2026 |  | 63293 | 0.1 |
| 70000 <sup>(1)</sup> | AMN Healthcare, Inc., <br> 4.625%, 10/01/2027 |  | 64665 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 70000 <sup>(1)</sup> | APi Escrow Corp., <br> 4.750%, 10/15/2029 | $61038 | 0.0 |
| 70000 <sup>(1)</sup> | BellRing Brands, Inc., <br> 7.000%, 03/15/2030 | 67447 | 0.1 |
| 35000 | Centene Corp., 2.625%, <br> 08/01/2031 | 27570 | 0.0 |
| 35000 | Centene Corp., 4.625%, <br> 12/15/2029 | 32063 | 0.0 |
| 70000 <sup>(1)</sup> | CHS/Community Health <br> Systems, Inc., 5.250%, <br> 05/15/2030 | 52908 | 0.0 |
| 70000 <sup>(1)</sup> | CoreLogic, Inc., 4.500%, <br> 05/01/2028 | 53795 | 0.0 |
| 64000 <sup>(1)</sup> | CPI CG, Inc., 8.625%, <br> 03/15/2026 | 63193 | 0.0 |
| 70000 <sup>(1)</sup> | DaVita, Inc., 4.625%, <br> 06/01/2030 | 56458 | 0.0 |
| 70000 | Encompass Health Corp., <br> 4.750%, 02/01/2030 | 61582 | 0.0 |
| 70000 <sup>(1)</sup> | Graham Holdings Co., <br> 5.750%, 06/01/2026 | 68886 | 0.1 |
| 70000 | HCA, Inc., 3.500%, <br> 09/01/2030 | 60538 | 0.0 |
| 56000 <sup>(1)</sup> | KeHE Distributors LLC / <br> KeHE Finance Corp., <br> 8.625%, 10/15/2026 | 55196 | 0.0 |
| 70000 <sup>(1)</sup> | Medline Borrower L.P., <br> 3.875%, 04/01/2029 | 56542 | 0.0 |
| 70000 <sup>(1)(2)</sup> | MPH Acquisition Holdings <br> LLC, 5.750%, 11/01/2028 | 46705 | 0.0 |
| 40000 <sup>(1)</sup> | NESCO Holdings II, Inc., <br> 5.500%, 04/15/2029 | 35052 | 0.0 |
| 70000 <sup>(1)</sup> | PECF USS Intermediate <br> Holding III Corp., 8.000%, <br> 11/15/2029 | 45569 | 0.0 |
| 70000 <sup>(1)</sup> | Post Holdings, Inc., <br> 4.625%, 04/15/2030 | 60538 | 0.0 |
| 70000 <sup>(1)</sup> | Primo Water Holdings, <br> Inc., 4.375%, 04/30/2029 | 60534 | 0.0 |
| 70000 <sup>(1)</sup> | Simmons Foods, Inc./<br>Simmons Prepared Foods, <br>Inc./Simmons Pet Food, <br>Inc./Simmons Feed, <br>4.625%, 03/01/2029 | 57068 | 0.0 |
| 70000 | Spectrum Brands, Inc., <br> 5.750%, 07/15/2025 | 69312 | 0.1 |
| 55000 <sup>(1)</sup> | Teleflex, Inc., 4.250%, <br> 06/01/2028 | 50305 | 0.0 |
| 70000 <sup>(1)(2)</sup> | Tenet Healthcare Corp., <br> 6.125%, 10/01/2028 | 62820 | 0.0 |
| 70000 <sup>(1)</sup> | Triton Water Holdings, <br> Inc., 6.250%, 04/01/2029 | 56241 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 45000 <sup>(1)</sup> | United Natural Foods, Inc., <br> 6.750%, 10/15/2028 | $| 43309 | 0.0 |
| 70000 | United Rentals North <br> America, Inc., 3.750%, <br> 01/15/2032 |  | 57199 | 0.0 |
| 70000 <sup>(1)</sup> | Varex Imaging Corp., <br> 7.875%, 10/15/2027 |  | 69674 | 0.1 |
|  |  |  | **1834315** | **0.7** |
|  | **Energy: 1.3%** | **Energy: 1.3%** | **Energy: 1.3%** | **Energy: 1.3%** |
| 70000 <sup>(1)</sup> | Aethon United BR L.P. / <br> Aethon United Finance <br> Corp., 8.250%, <br> 02/15/2026 |  | 69517 | 0.1 |
| 70000 <sup>(1)</sup> | Antero Midstream <br> Partners L.P. / Antero <br> Midstream Finance Corp., <br> 5.750%, 03/01/2027 |  | 66295 | 0.0 |
| 70000 <sup>(1)</sup> | Archrock Partners L.P. / <br> Archrock Partners <br> Finance Corp., 6.250%, <br> 04/01/2028 |  | 64165 | 0.0 |
| 70000 <sup>(1)</sup> | Ascent Resources Utica <br> Holdings LLC / ARU <br> Finance Corp., 5.875%, <br> 06/30/2029 |  | 62505 | 0.0 |
| 70000 <sup>(1)(2)</sup> | Baytex Energy Corp., <br> 8.750%, 04/01/2027 |  | 71339 | 0.1 |
| 70000 <sup>(1)</sup> | Chesapeake Energy <br> Corp., 6.750%, <br> 04/15/2029 |  | 68247 | 0.1 |
| 70000 <sup>(1)</sup> | Chord Energy Corp., <br> 6.375%, 06/01/2026 |  | 68272 | 0.1 |
| 70000 <sup>(1)</sup> | CNX Midstream Partners <br> LP, 4.750%, 04/15/2030 |  | 57538 | 0.0 |
| 70000 <sup>(1)</sup> | Colgate Energy <br> Partners III LLC, 5.875%, <br> 07/01/2029 |  | 60211 | 0.0 |
| 70000 <sup>(1)</sup> | Comstock Resources, <br> Inc., 5.875%, 01/15/2030 |  | 60270 | 0.0 |
| 70000 <sup>(1)</sup> | Crescent Energy Finance <br> LLC, 7.250%, 05/01/2026 |  | 66053 | 0.0 |
| 70000 | Crestwood Midstream <br> Partners L.P. / Crestwood <br> Midstream Finance Corp., <br> 5.750%, 04/01/2025 |  | 68216 | 0.1 |
| 46000 | Devon Energy Corp., <br> 5.250%, 10/15/2027 |  | 45598 | 0.0 |
| 70000 <sup>(1)</sup> | DT Midstream, Inc., <br> 4.125%, 06/15/2029 |  | 60272 | 0.0 |
| 70000 <sup>(1)</sup> | Earthstone Energy <br> Holdings LLC, 8.000%, <br> 04/15/2027 |  | 67053 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| 350000 | Empresa Nacional del <br> Petroleo, 3.750%, <br> 08/05/2026 | $328937 | 0.2 |
| 70000 <sup>(1)</sup> | Encino Acquisition <br> Partners Holdings LLC, <br> 8.500%, 05/01/2028 | 64070 | 0.0 |
| 40000 <sup>(1)</sup> | Enerflex Ltd., 9.000%, <br> 10/15/2027 | 39943 | 0.0 |
| 450000 <sup>(4)</sup> | Energy Transfer L.P., <br> 7.125%, 12/31/2199 | 376875 | 0.2 |
| 70000 | EnLink Midstream LLC, <br> 5.375%, 06/01/2029 | 64887 | 0.0 |
| 70000 <sup>(1)</sup> | Enviva Partners L.P. / <br> Enviva Partners Finance <br> Corp., 6.500%, <br> 01/15/2026 | 66039 | 0.0 |
| 13000 <sup>(1)</sup> | EQM Midstream Partners <br> L.P., 6.000%, 07/01/2025 | 12567 | 0.0 |
| 70000 <sup>(1)</sup> | Hess Midstream <br> Operations L.P., 4.250%, <br> 02/15/2030 | 59939 | 0.0 |
| 70000 <sup>(1)</sup> | Hilcorp Energy I L.P. / <br> Hilcorp Finance Co., <br> 5.750%, 02/01/2029 | 62406 | 0.0 |
| 70000 <sup>(1)</sup> | Howard Midstream Energy <br> Partners LLC, 6.750%, <br> 01/15/2027 | 67186 | 0.0 |
| 70000 | Murphy Oil Corp., 6.375%, <br> 07/15/2028 | 67479 | 0.0 |
| 60000 <sup>(1)</sup> | Nabors Industries, Inc., <br> 7.375%, 05/15/2027 | 58191 | 0.0 |
| 70000 | Occidental Petroleum <br> Corp., 6.625%, <br> 09/01/2030 | 72494 | 0.1 |
| 225000 | Petroleos del Peru SA, <br> 4.750%, 06/19/2032 | 174308 | 0.1 |
| 200000 | Petroleos Mexicanos, <br> 5.950%, 01/28/2031 | 151827 | 0.1 |
| 185000 | Petroleos Mexicanos, <br> 6.700%, 02/16/2032 | 145632 | 0.1 |
| 70000 | Southwestern Energy Co., <br> 5.375%, 02/01/2029 | 64995 | 0.0 |
| 70000 <sup>(1)</sup> | SunCoke Energy, Inc., <br> 4.875%, 06/30/2029 | 60178 | 0.0 |
| 70000 | Sunoco L.P. / Sunoco <br> Finance Corp., 4.500%, <br> 05/15/2029 | 61330 | 0.0 |
| 70000 <sup>(1)</sup> | Tallgrass Energy Partners <br> L.P. / Tallgrass Energy <br> Finance Corp., 5.500%, <br> 01/15/2028 | 62189 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| 70000 <sup>(1)</sup> | Weatherford International <br> Ltd., 8.625%, 04/30/2030 | $| 67347 | 0 |
| 70000 | Western Midstream <br> Operating L.P., 5.450%, <br> 04/01/2044 |  | 58275 | 0 |
|  |  |  | **3142645** | **1.3** |
|  | **Financial: 4.7%** | **Financial: 4.7%** | **Financial: 4.7%** | **Financial: 4.7%** |
| 70000 | Ally Financial, Inc., <br> 5.750%, 11/20/2025 |  | 67886 | 0.1 |
| 293000 | American Express Co., <br> 3.950%, 08/01/2025 |  | 287324 | 0.1 |
| 70000 <sup>(1)</sup> | Aretec Escrow Issuer, Inc., <br> 7.500%, 04/01/2029 |  | 57922 | 0 |
| 200000 | Banco Nacional de <br> Panama, 2.500%, <br> 08/11/2030 |  | 160655 | 0.1 |
| 502000 <sup>(4)</sup> | Bank of America Corp., <br> 1.530%, 12/06/2025 |  | 463352 | 0.2 |
| 2391000 <sup>(4)</sup> | Bank of America Corp., <br> 3.384%, 04/02/2026 |  | 2285521 | 1 |
| 14000 <sup>(4)</sup> | Bank of America Corp., <br> 3.846%, 03/08/2037 |  | 11629 | 0 |
| 70000 <sup>(1)</sup> | BroadStreet Partners, Inc., <br> 5.875%, 04/15/2029 |  | 59667 | 0 |
| 70000 <sup>(1)</sup> | Burford Capital Global <br> Finance LLC, 6.875%, <br> 04/15/2030 |  | 62614 | 0 |
| 407000 <sup>(4)</sup> | Capital One Financial <br> Corp., 4.166%, <br> 05/09/2025 |  | 397768 | 0.2 |
| 534000 <sup>(1)(4)</sup> | Corebridge Financial, Inc., <br> 6.875%, 12/15/2052 |  | 495921 | 0.2 |
| 70000 <sup>(1)</sup> | Cushman & Wakefield US <br> Borrower LLC, 6.750%, <br> 05/15/2028 |  | 66929 | 0 |
| 30000 <sup>(1)</sup> | Freedom Mortgage Corp., <br> 6.625%, 01/15/2027 |  | 23385 | 0 |
| 40000 <sup>(1)</sup> | Freedom Mortgage Corp., <br> 8.250%, 04/15/2025 |  | 36042 | 0 |
| 1675000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 2.083%, 04/22/2026 |  | 1556323 | 0.7 |
| 384000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 5.717%, 09/14/2033 |  | 375953 | 0.2 |
| 70000 <sup>(1)</sup> | Ladder Capital Finance <br> Holdings LLLP / Ladder <br> Capital Finance Corp., <br> 4.750%, 06/15/2029 |  | 56618 | 0 |
| 70000 <sup>(1)</sup> | LPL Holdings, Inc., <br> 4.000%, 03/15/2029 |  | 61001 | 0 |
| 35000 <sup>(1)</sup> | Midcap Financial Issuer <br> Trust, 6.500%, 05/01/2028 |  | 30151 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 1293000 <sup>(4)</sup> | Morgan Stanley, 2.188%, <br> 04/28/2026 | $| 1202649 | 0.5 |
| 1870000 <sup>(4)</sup> | Morgan Stanley, 4.679%, <br> 07/17/2026 |  | 1839751 | 0.8 |
| 70000 | MPT Operating <br> Partnership L.P. / MPT <br> Finance Corp., 3.500%, <br> 03/15/2031 |  | 48130 | 0.0 |
| 215000 | Nasdaq, Inc., 3.950%, <br> 03/07/2052 |  | 164402 | 0.1 |
| 70000 | Navient Corp., 4.875%, <br> 03/15/2028 |  | 57669 | 0.0 |
| 70000 | OneMain Finance Corp., <br> 6.625%, 01/15/2028 |  | 64581 | 0.0 |
| 70000 <sup>(1)</sup> | Park Intermediate <br> Holdings LLC / PK <br> Domestic Property LLC / <br> PK Finance Co-Issuer, <br> 5.875%, 10/01/2028 |  | 63567 | 0.0 |
| 70000 <sup>(1)</sup> | Realogy Group LLC / <br> Realogy Co-Issuer Corp., <br> 5.750%, 01/15/2029 |  | 53038 | 0.0 |
| 70000 <sup>(1)</sup> | RLJ Lodging Trust L.P., <br> 4.000%, 09/15/2029 |  | 56848 | 0.0 |
| 70000 <sup>(1)</sup> | United Wholesale <br> Mortgage LLC, 5.750%, <br> 06/15/2027 |  | 60362 | 0.0 |
| 70000 <sup>(1)</sup> | Uniti Group L.P. / Uniti <br> Fiber Holdings, Inc. / CSL <br> Capital LLC, 6.000%, <br> 01/15/2030 |  | 44386 | 0.0 |
| 70000 <sup>(1)(2)</sup> | VistaJet Malta Finance <br> PLC / XO Management <br> Holding, Inc., 6.375%, <br> 02/01/2030 |  | 56219 | 0.0 |
| 1100000 <sup>(4)</sup> | Wells Fargo & Co., <br> 4.540%, 08/15/2026 |  | 1079050 | 0.5 |
| 70000 <sup>(1)</sup> | XHR L.P., 4.875%, <br> 06/01/2029 |  | 57430 | 0.0 |
|  |  |  | **11404743** | **4.7** |
|  | **Industrial: 0.7%** | **Industrial: 0.7%** | **Industrial: 0.7%** | **Industrial: 0.7%** |
| 15000 | Ball Corp., 6.875%, <br> 03/15/2028 |  | 15427 | 0.0 |
| 25000 <sup>(1)(2)</sup> | Bombardier, Inc., 7.875%, <br> 04/15/2027 |  | 24301 | 0.0 |
| 70000 <sup>(1)</sup> | Brundage-Bone Concrete <br> Pumping Holdings, Inc., <br> 6.000%, 02/01/2026 |  | 63903 | 0.0 |
| 70000 <sup>(1)</sup> | Builders FirstSource, Inc., <br> 5.000%, 03/01/2030 |  | 62140 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
| 70000 <sup>(1)</sup> | Cargo Aircraft <br> Management, Inc., <br> 4.750%, 02/01/2028 | $63641 | 0.0 |
| 70000 <sup>(1)</sup> | Cascades, Inc./Cascades <br> USA, Inc., 5.375%, <br> 01/15/2028 | 61449 | 0.0 |
| 70000 <sup>(1)</sup> | Chart Industries, Inc., <br> 7.500%, 01/01/2030 | 70458 | 0.1 |
| 70000 <sup>(1)</sup> | Fortress Transportation <br> and Infrastructure <br> Investors LLC, 5.500%, <br> 05/01/2028 | 59810 | 0.0 |
| 70000 <sup>(1)</sup> | GFL Environmental, Inc., <br> 4.000%, 08/01/2028 | 59942 | 0.0 |
| 70000 <sup>(1)</sup> | Global Infrastructure <br> Solutions, Inc., 5.625%, <br> 06/01/2029 | 55000 | 0.0 |
| 70000 <sup>(1)(2)</sup> | GrafTech Finance, Inc., <br> 4.625%, 12/15/2028 | 57588 | 0.0 |
| 70000 <sup>(1)</sup> | Graham Packaging Co., <br> Inc., 7.125%, 08/15/2028 | 58518 | 0.0 |
| 70000 <sup>(1)</sup> | Granite US Holdings <br> Corp., 11.000%, <br> 10/01/2027 | 73865 | 0.1 |
| 70000 | Howmet Aerospace, Inc., <br> 5.900%, 02/01/2027 | 69721 | 0.1 |
| 70000 <sup>(1)</sup> | Imola Merger Corp., <br> 4.750%, 05/15/2029 | 60874 | 0.0 |
| 70000 <sup>(1)</sup> | Intelligent Packaging Ltd. <br> Finco, Inc. / Intelligent <br> Packaging Ltd. Co-Issuer <br> LLC, 6.000%, 09/15/2028 | 56593 | 0.0 |
| 70000 <sup>(1)</sup> | Koppers, Inc., 6.000%, <br> 02/15/2025 | 66611 | 0.1 |
| 225000 <sup>(1)</sup> | Misc Capital Two Labuan <br> Ltd., 3.750%, 04/06/2027 | 204178 | 0.1 |
| 70000 <sup>(1)</sup> | New Enterprise Stone & <br> Lime Co., Inc., 9.750%, <br> 07/15/2028 | 64905 | 0.1 |
| 70000 <sup>(1)</sup> | PGT Innovations, Inc., <br> 4.375%, 10/01/2029 | 58696 | 0.0 |
| 70000 <sup>(1)</sup> | Roller Bearing Co. of <br> America, Inc., 4.375%, <br> 10/15/2029 | 60617 | 0.0 |
| 70000 <sup>(1)</sup> | Sealed Air Corp., 4.000%, <br> 12/01/2027 | 63620 | 0.0 |
| 70000 <sup>(1)</sup> | Sensata Technologies, <br> Inc., 3.750%, 02/15/2031 | 57692 | 0.0 |
| 70000 <sup>(1)</sup> | Standard Industries, <br> Inc./NJ, 3.375%, <br> 01/15/2031 | 52821 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
| 70000 <sup>(1)</sup> | Stevens Holding Co., Inc., <br> 6.125%, 10/01/2026 | $| 70295 | 0.1 |
| 65000 | TransDigm, Inc., 5.500%, <br> 11/15/2027 |  | 61170 | 0.0 |
| 70000 <sup>(1)</sup> | Weekley Homes LLC / <br> Weekley Finance Corp., <br> 4.875%, 09/15/2028 |  | 58943 | 0.0 |
|  |  |  | **1732778** | **0.7** |
|  | **Technology: 0.3%** | **Technology: 0.3%** | **Technology: 0.3%** | **Technology: 0.3%** |
| 70000 | CDW LLC / CDW Finance <br> Corp., 3.250%, <br> 02/15/2029 |  | 59742 | 0.0 |
| 70000 <sup>(1)</sup> | Condor Merger Sub, Inc., <br> 7.375%, 02/15/2030 |  | 56407 | 0.0 |
| 70000 <sup>(1)</sup> | Consensus Cloud <br> Solutions, Inc., 6.500%, <br> 10/15/2028 |  | 64475 | 0.1 |
| 70000 <sup>(1)(2)</sup> | Entegris, Inc., 3.625%, <br> 05/01/2029 |  | 57087 | 0.0 |
| 70000 <sup>(1)</sup> | NCR Corp., 5.125%, <br> 04/15/2029 |  | 58668 | 0.0 |
| 70000 <sup>(1)</sup> | Open Text Corp., 3.875%, <br> 02/15/2028 |  | 60189 | 0.0 |
| 157000 | Oracle Corp., 3.800%, <br> 11/15/2037 |  | 124867 | 0.1 |
| 85000 | Oracle Corp., 3.950%, <br> 03/25/2051 |  | 60930 | 0.1 |
| 70000 <sup>(1)</sup> | Playtika Holding Corp., <br> 4.250%, 03/15/2029 |  | 55037 | 0.0 |
| 15000 <sup>(1)</sup> | Rackspace Technology <br> Global, Inc., 5.375%, <br> 12/01/2028 |  | 6562 | 0.0 |
| 25000 <sup>(1)</sup> | Veritas US, Inc. / Veritas <br> Bermuda Ltd., 7.500%, <br> 09/01/2025 |  | 17272 | 0.0 |
| 70000 <sup>(1)</sup> | Virtusa Corp., 7.125%, <br> 12/15/2028 |  | 53447 | 0.0 |
|  |  |  | **674683** | **0.3** |
|  | **Utilities: 0.9%** | **Utilities: 0.9%** | **Utilities: 0.9%** | **Utilities: 0.9%** |
| 70000 <sup>(1)</sup> | Clearway Energy <br> Operating LLC, 4.750%, <br> 03/15/2028 |  | 64715 | 0.0 |
| 338000 <sup>(4)</sup> | Dominion Energy, Inc., <br> 4.650%, 12/31/2199 |  | 297440 | 0.1 |
| 129000 <sup>(4)</sup> | Duke Energy Corp., <br> 4.875%, 12/31/2199 |  | 118035 | 0.1 |
| 74000 | Duke Energy Florida LLC, <br> 4.200%, 07/15/2048 |  | 62400 | 0.0 |
| 104000 | Duke Energy Indiana LLC, <br> 3.250%, 10/01/2049 |  | 72664 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| 334000 <sup>(4)</sup> | National Rural Utilities <br> Cooperative Finance <br> Corp., 4.750%, <br> 04/30/2043 | $| 309802 | 0.1 |
| 275000 <sup>(4)</sup> | NextEra Energy Capital <br> Holdings, Inc., 5.650%, <br> 05/01/2079 |  | 250329 | 0.1 |
| 200000 | Perusahaan Listrik Negara <br> PT, 5.450%, 05/21/2028 |  | 198419 | 0.1 |
| 273000 | South Jersey Industries, <br> Inc., 5.020%, 04/15/2031 |  | 212789 | 0.1 |
| 275000 <sup>(4)</sup> | Southern Co/The, 4.000%, <br> 01/15/2051 |  | 250938 | 0.1 |
| 203000 | Southern Co/The, 4.475%, <br> 08/01/2024 |  | 200582 | 0.1 |
| 40000 | TransAlta Corp., 7.750%, <br> 11/15/2029 |  | 40905 | 0.0 |
| 70000 <sup>(1)</sup> | Vistra Operations Co. LLC, <br> 5.625%, 02/15/2027 |  | 66560 | 0.0 |
|  |  |  | **2145578** | **0.9** |
|  | Total Corporate <br> Bonds/Notes <br> (Cost $30,150,377) |  | **27164458** | 11.2 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.5%** |
| 780872 <sup>(1)(4)</sup> | Agate Bay Mortgage Trust <br> 2015-1 B4, 3.666%, <br> 01/25/2045 |  | 589045 | 0.2 |
| 243796 <sup>(1)(4)</sup> | Chase Mortgage Finance <br> Corp. 2016-SH1 M2, <br> 3.750%, 04/25/2045 |  | 205389 | 0.1 |
| 176881 <sup>(1)(4)</sup> | CIM Trust 2019-INV2 A3, <br> 4.000%, 05/25/2049 |  | 166610 | 0.1 |
| 443055 <sup>(1)(4)</sup> | CIM Trust 2019-J1 B2, <br> 3.943%, 08/25/2049 |  | 372828 | 0.2 |
| 109896 <sup>(1)(4)</sup> | CIM Trust 2019-J2 A13, <br> 3.500%, 10/25/2049 |  | 92423 | 0.0 |
| 402625 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2020-R02 <br> 2M2, 6.389%, <br> (US0001M + 2.000%), <br> 01/25/2040 |  | 396781 | 0.2 |
| 500000 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2022-R06 <br> 1M2, 7.778%, <br> (SOFR30A + 3.850%), <br> 05/25/2042 |  | 511073 | 0.2 |
| 800000 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2022-R07 <br> 1M2, 8.594%, <br> (SOFR30A + 4.650%), <br> 06/25/2042 |  | 839721 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 700000 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2022-R08 <br> 1M2, 7.528%, <br> (SOFR30A + 3.600%), <br> 07/25/2042 | $695299 | 0.3 |
| 40179 <sup>(1)</sup> | Fannie Mae Connecticut <br> Avenue Securities <br> 2019-R02 1M2, 6.689%, <br> (US0001M + 2.300%), <br> 08/25/2031 | 40133 | 0.0 |
| 61586 <sup>(1)</sup> | Fannie Mae Connecticut <br> Avenue Securities Trust <br> 2018-R07 1M2, 6.789%, <br> (US0001M + 2.400%), <br> 04/25/2031 | 61446 | 0.0 |
| 4271330 <sup>(4)(5)</sup> | Fannie Mae Interest Strip <br> 427 C100, 2.680%, <br> 01/25/2052 | 524469 | 0.2 |
| 3261152 <sup>(5)</sup> | Fannie Mae Interest Strip <br> Series 367 2, 5.500%, <br> 01/25/2036 | 640357 | 0.3 |
| 859100 <sup>(5)</sup> | Fannie Mae REMICS <br> 2005-66 LS, 2.241%, <br> (-1.000\*US0001M + <br> 6.630%), 07/25/2035 | 80439 | 0.0 |
| 1132971 <sup>(5)</sup> | Fannie Mae REMICS <br> 2008-36 YI, 2.811%, <br> (-1.000\*US0001M + <br> 7.200%), 07/25/2036 | 83923 | 0.0 |
| 534316 <sup>(5)</sup> | Fannie Mae REMICS <br> 2010-59 NS, 1.381%, <br> (-1.000\*US0001M + <br> 5.770%), 06/25/2040 | 37519 | 0.0 |
| 2204002 <sup>(5)</sup> | Fannie Mae REMICS <br> 2012-121 ID, 3.000%, <br> 11/25/2027 | 99799 | 0.0 |
| 3068329 <sup>(5)</sup> | Fannie Mae REMICS <br> 2012-144 SC, 1.711%, <br> (-1.000\*US0001M + <br> 6.100%), 01/25/2043 | 341421 | 0.1 |
| 1384137 <sup>(5)</sup> | Fannie Mae REMICS <br> 2012-151 WS, 1.811%, <br> (-1.000\*US0001M + <br> 6.200%), 03/25/2042 | 87244 | 0.0 |
| 2699735 <sup>(5)</sup> | Fannie Mae REMICS <br> 2012-35 LS, 2.211%, <br> (-1.000\*US0001M + <br> 6.600%), 04/25/2041 | 128232 | 0.1 |
| 4431484 <sup>(5)</sup> | Fannie Mae REMICS <br> 2013-130 SB, 1.661%, <br> (-1.000\*US0001M + <br> 6.050%), 01/25/2044 | 401711 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2010210 <sup>(5)</sup> | Fannie Mae REMICS <br> 2013-20 SK, 1.811%, <br> (-1.000\*US0001M + <br> 6.200%), 05/25/2041 | $60718 | 0.0 |
| 2535653 <sup>(5)</sup> | Fannie Mae REMICS <br> 2013-71 AI, 3.000%, <br> 07/25/2028 | 126323 | 0.1 |
| 6171460 <sup>(5)</sup> | Fannie Mae REMICS <br> 2014-38 S, 1.711%, <br> (-1.000\*US0001M + <br> 6.100%), 07/25/2044 | 616985 | 0.3 |
| 821246 <sup>(5)</sup> | Fannie Mae REMICS <br> 2015-65 KI, 2.611%, <br> (-1.000\*US0001M + <br> 7.000%), 08/25/2035 | 65600 | 0.0 |
| 6871808 <sup>(5)</sup> | Fannie Mae REMICS <br> 2016-29 SB, 1.661%, <br> (-1.000\*US0001M + <br> 6.050%), 05/25/2046 | 737453 | 0.3 |
| 178132 <sup>(5)</sup> | Fannie Mae REMICS <br> 2018-86 DS, 1.711%, <br> (-1.000\*US0001M + <br> 6.100%), 12/25/2048 | 11444 | 0.0 |
| 1556303 <sup>(5)</sup> | Fannie Mae REMICS <br> 2019-13 IB, 6.000%, <br> 09/25/2039 | 330186 | 0.1 |
| 3004842 <sup>(5)</sup> | Fannie Mae REMICS <br> 2021-56 QI, 4.500%, <br> 09/25/2051 | 700553 | 0.3 |
| 202251 <sup>(1)(4)</sup> | Flagstar Mortgage Trust <br> 2017-1 1A7, 3.500%, <br> 03/25/2047 | 180445 | 0.1 |
| 819852 <sup>(1)(4)</sup> | Flagstar Mortgage Trust <br> 2017-1 B3, 3.614%, <br> 03/25/2047 | 698144 | 0.3 |
| 415266 <sup>(1)(4)</sup> | Flagstar Mortgage Trust <br> 2018-3INV A3, 4.000%, <br> 05/25/2048 | 381810 | 0.2 |
| 859775 <sup>(1)(4)</sup> | Flagstar Mortgage Trust <br> 2021-2 A4, 2.500%, <br> 04/25/2051 | 661097 | 0.3 |
| 571762 <sup>(1)(4)</sup> | Flagstar Mortgage Trust <br> 2021-2 B3, 2.784%, <br> 04/25/2051 | 379376 | 0.2 |
| 451501 <sup>(5)</sup> | Freddie Mac REMICS <br> 3318 KS, 2.092%, <br> (-1.000\*US0001M + <br> 6.410%), 05/15/2037 | 29401 | 0.0 |
| 590638 <sup>(5)</sup> | Freddie Mac REMICS <br> 3879 SL, 2.282%, <br> (-1.000\*US0001M + <br> 6.600%), 01/15/2041 | 30552 | 0.0 |
| 2483358 <sup>(5)</sup> | Freddie Mac REMICS <br> 4120 JS, 1.882%, <br> (-1.000\*US0001M + <br> 6.200%), 10/15/2032 | 158752 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1177987 <sup>(5)</sup> | Freddie Mac REMICS <br> 4141 EI, 3.000%, <br> 09/15/2027 | $31534 | 0 |
| 4003806 <sup>(5)</sup> | Freddie Mac REMICS <br> 4143 MS, 2.382%, <br> (-1.000\*US0001M + <br> 6.700%), 12/15/2042 | 505149 | 0.2 |
| 1821172 <sup>(5)</sup> | Freddie Mac REMICS <br> 4153 IB, 2.500%, <br> 01/15/2028 | 71888 | 0 |
| 1538260 <sup>(5)</sup> | Freddie Mac REMICS <br> 4517 KI, 5.463%, <br> (-0.357\*US0001M + <br> 1.071%), 04/15/2043 | 12640 | 0 |
| 2392995 <sup>(5)</sup> | Freddie Mac REMICS <br> 4596 DI, 3.500%, <br> 06/15/2046 | 414741 | 0.2 |
| 1462429 <sup>(5)</sup> | Freddie Mac REMICS <br> 4619 KS, 0.130%, <br> (-1.000\*US0001M + <br> 4.250%), 06/15/2039 | 94001 | 0 |
| 195970 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2020-HQA1 <br> M2, 6.289%, (US0001M + <br> 1.900%), 01/25/2050 | 194224 | 0.1 |
| 500000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2021-HQA1 <br> M2, 6.178%, (SOFR30A + <br> 2.250%), 08/25/2033 | 471899 | 0.2 |
| 600000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2021-HQA4 <br> B1, 7.678%, (SOFR30A + <br> 3.750%), 12/25/2041 | 516165 | 0.2 |
| 1000000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2021-HQA4 <br> M2, 6.278%, (SOFR30A + <br> 2.350%), 12/25/2041 | 885619 | 0.4 |
| 400000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2022-DNA4 <br> M1B, 7.278%, <br> (SOFR30A + 3.350%), <br> 05/25/2042 | 402691 | 0.2 |
| 177870 <sup>(5)</sup> | Freddie Mac Strips 239 <br> S30, 3.382%, <br> (-1.000\*US0001M + <br> 7.700%), 08/15/2036 | 24739 | 0 |
| 200000 <sup>(1)</sup> | Freddie Mac Structured <br> Agency Credit Risk Debt <br> Notes 2022-DNA2 M1B, <br> 6.328%, (SOFR30A + <br> 2.400%), 02/25/2042 | 194772 | 0.1 |
| 1000000 <sup>(1)</sup> | Freddie Mac Structured <br> Agency Credit Risk Debt <br> Notes 2022-DNA5 M1B, <br> 8.428%, (SOFR30A + <br> 4.500%), 06/25/2042 | 1047024 | 0.4 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 860075 <sup>(5)</sup> | Ginnie Mae <br> Series 2013-148 DS, <br> 1.354%, <br> (-1.000\*US0001M + <br> 5.680%), 10/16/2043 | $75044 | 0.0 |
| 4806809 <sup>(5)</sup> | Ginnie Mae <br> Series 2015-20 CI, <br> 3.500%, 02/20/2030 | 370837 | 0.2 |
| 354967 <sup>(5)</sup> | Ginnie Mae <br> Series 2015-42 IY, <br> 5.500%, 08/20/2039 | 28837 | 0.0 |
| 4904489 <sup>(5)</sup> | Ginnie Mae <br> Series 2019-23 MT, <br> 0.600%, <br> (-1.000\*US0001M + <br> 6.700%), 03/20/2042 | 79499 | 0.0 |
| 42942 <sup>(1)(4)</sup> | GS Mortgage-Backed <br> Securities Corp. Trust <br> 2019-PJ2 A1, 4.000%, <br> 11/25/2049 | 40632 | 0.0 |
| 227404 <sup>(1)(4)</sup> | GS Mortgage-Backed <br> Securities Trust <br> 2020-NQM1 A2, 1.791%, <br> 09/27/2060 | 199896 | 0.1 |
| 500000 <sup>(1)</sup> | Home RE 2019-1 M2 Ltd., <br> 7.639%, (US0001M + <br> 3.250%), 05/25/2029 | 493665 | 0.2 |
| 842836 <sup>(1)(4)</sup> | Hundred Acre Wood Trust <br> 2021-INV1 A27, 2.500%, <br> 07/25/2051 | 645973 | 0.3 |
| 38340 <sup>(1)(4)</sup> | J.P. Morgan Mortgage <br> Trust 2019-2 A15, 4.000%, <br> 08/25/2049 | 36622 | 0.0 |
| 959956 <sup>(1)(4)</sup> | J.P. Morgan Mortgage <br> Trust 2022-5 A9, 2.800%, <br> 09/25/2052 | 763367 | 0.3 |
| 415877 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2016-4 A13, 3.500%, <br> 10/25/2046 | 369482 | 0.2 |
| 840392 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2017-5 B2, 3.211%, <br> 10/26/2048 | 753204 | 0.3 |
| 1071569 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2018-3 B2, 3.711%, <br> 09/25/2048 | 892935 | 0.4 |
| 695582 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2018-4 B2, 3.716%, <br> 10/25/2048 | 569165 | 0.2 |
| 908802 <sup>(1)(4)</sup> | JP MORGAN <br> MORTGAGE TRUST <br> 2018-5 A13, 3.500%, <br> 10/25/2048 | 766288 | 0.3 |
| 122922 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2018-8 A13, 4.000%, <br> 01/25/2049 | 113412 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 56347 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2019-1 A3, 4.000%, <br> 05/25/2049 | $52884 | 0.0 |
| 50311 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2019-5 A3, 4.000%, <br> 11/25/2049 | 46753 | 0.0 |
| 18671 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2019-8 A15, 3.500%, <br> 03/25/2050 | 15934 | 0.0 |
| 932941 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2019-INV1 B2, 4.978%, <br> 10/25/2049 | 822732 | 0.3 |
| 15244 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2019-LTV2 A18, 4.000%, <br> 12/25/2049 | 15031 | 0.0 |
| 561903 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2019-LTV2 B3, 4.701%, <br> 12/25/2049 | 495578 | 0.2 |
| 173677 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2020-3 A15, 3.500%, <br> 08/25/2050 | 147282 | 0.1 |
| 1000000 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust <br> 2021-3 A5, 2.500%, <br> 07/25/2051 | 699129 | 0.3 |
| 451582 <sup>(1)(4)</sup> | Mello Mortgage Capital <br> Acceptance 2018-MTG2 <br> B1, 4.324%, 10/25/2048 | 390003 | 0.2 |
| 117355 <sup>(1)(4)</sup> | OBX 2019-INV2 A25 <br> Trust, 4.000%, 05/27/2049 | 110163 | 0.0 |
| 400000 <sup>(1)(4)</sup> | Provident Funding <br> Mortgage Trust 2021-J1 <br> A10, 2.000%, 10/25/2051 | 257164 | 0.1 |
| 474553 <sup>(1)(4)</sup> | RATE Mortgage Trust <br> 2021-HB1 A31, 2.500%, <br> 12/25/2051 | 362529 | 0.2 |
| 476276 <sup>(1)(4)</sup> | RCKT Mortgage Trust <br> 2021-1 B3, 2.719%, <br> 03/25/2051 | 326977 | 0.1 |
| 689148 <sup>(1)(4)</sup> | RCKT Mortgage Trust <br> 2021-4 A21, 2.500%, <br> 09/25/2051 | 529899 | 0.2 |
| 1084914 <sup>(1)(4)</sup> | Sequoia Mortgage Trust <br> 2019-2 B2, 4.256%, <br> 06/25/2049 | 944821 | 0.4 |
| 1086512 <sup>(1)(4)</sup> | Sequoia Mortgage Trust <br> 2019-2 B3, 4.256%, <br> 06/25/2049 | 913411 | 0.4 |
| 92152 <sup>(1)(4)</sup> | Sequoia Mortgage Trust <br> 2019-4 A19, 3.500%, <br> 11/25/2049 | 77044 | 0.0 |
| 23529 <sup>(1)(4)</sup> | Sequoia Mortgage Trust <br> 2019-CH2 A1, 4.500%, <br> 08/25/2049 | 23019 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 672213 <sup>(1)(4)</sup> | Sequoia Mortgage Trust <br> 2021-3 B3, 2.653%, <br> 05/25/2051 | $| 444669 | 0.2 |
| 686673 <sup>(1)(4)</sup> | Verus Securitization Trust <br> 2021-3 A1, 1.046%, <br> 06/25/2066 |  | 551706 | 0.2 |
| 539226 <sup>(1)(4)</sup> | Wells Fargo Mortgage <br> Backed Securities 2018-1 <br> B3, 3.665%, 07/25/2047 |  | 448274 | 0.2 |
|  | Total Collateralized <br> Mortgage Obligations <br> (Cost $37,573,847) |  | **30305647** | 12.5 |
| **U.S. TREASURY OBLIGATIONS: 4.7%** | **U.S. TREASURY OBLIGATIONS: 4.7%** | **U.S. TREASURY OBLIGATIONS: 4.7%** | **U.S. TREASURY OBLIGATIONS: 4.7%** | **U.S. TREASURY OBLIGATIONS: 4.7%** |
|  | **U.S. Treasury Bonds: 0.3%** | **U.S. Treasury Bonds: 0.3%** | **U.S. Treasury Bonds: 0.3%** | **U.S. Treasury Bonds: 0.3%** |
| 740000 | 3.000%, 08/15/2052 |  | 609922 | 0.2 |
| 122000 | 3.375%, 08/15/2042 |  | 109076 | 0 |
| 150000 | 4.000%, 11/15/2042 |  | 146906 | 0.1 |
|  |  |  | **865904** | **0.3** |
|  | **U.S. Treasury Notes: 4.4%** | **U.S. Treasury Notes: 4.4%** | **U.S. Treasury Notes: 4.4%** | **U.S. Treasury Notes: 4.4%** |
| 8000 | 2.750%, 08/15/2032 |  | 7286 | 0 |
| 753100 | 3.875%, 11/30/2027 |  | 749099 | 0.3 |
| 2820100 | 3.875%, 12/31/2027 |  | 2804237 | 1.2 |
| 85300 | 3.875%, 11/30/2029 |  | 84747 | 0 |
| 207000 | 3.875%, 12/31/2029 |  | 206013 | 0.1 |
| 6545000 | 4.000%, 12/15/2025 |  | 6504094 | 2.7 |
| 10000 | 4.125%, 11/15/2032 |  | 10207 | 0 |
| 208000 | 4.250%, 12/31/2024 |  | 207293 | 0.1 |
|  |  |  | **10572976** | **4.4** |
|  | Total U.S. Treasury <br> Obligations <br> (Cost $11,498,301) |  | **11438880** | 4.7 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.5%** |
|  | **Federal National Mortgage Association: 2.4% <sup>(6)</sup>** | **Federal National Mortgage Association: 2.4% <sup>(6)</sup>** | **Federal National Mortgage Association: 2.4% <sup>(6)</sup>** | **Federal National Mortgage Association: 2.4% <sup>(6)</sup>** |
| 5860000 <sup>(7)</sup> | 5.000%, 01/15/2053 |  | **5775229** | 2.4 |
|  | **Uniform Mortgage-Backed Securities: 0.1%** | **Uniform Mortgage-Backed Securities: 0.1%** | **Uniform Mortgage-Backed Securities: 0.1%** | **Uniform Mortgage-Backed Securities: 0.1%** |
| 200000 <sup>(7)</sup> | 4.500%, 01/15/2053 |  | **192514** | 0.1 |
|  | Total U.S. Government <br> Agency Obligations |  |  |  |
|  | (Cost $6,017,706) |  | **5967743** | 2.5 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.0%** |
| 650000 <sup>(1)</sup> | BANK 2017-BNK4 D, <br> 3.357%, 05/15/2050 |  | 464077 | 0.2 |
| 670000 <sup>(1)</sup> | BANK 2017-BNK8 D, <br> 2.600%, 11/15/2050 |  | 434088 | 0.2 |
| 4647560 <sup>(4)(5)</sup> | BBCMS Trust 2022-C17 <br> XA, 1.152%, 09/15/2055 |  | 373300 | 0.2 |
| 1000000 <sup>(1)(4)</sup> | Benchmark 2018-B3 D <br> Mortgage Trust, 3.036%, <br> 04/10/2051 |  | 674714 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** |
| 12282587 <sup>(4)(5)</sup> | BENCHMARK 2019-B10 <br> XA Mortgage Trust, <br> 1.221%, 03/15/2062 | $632733 | 0.3 |
| 5482103 <sup>(4)(5)</sup> | Benchmark 2020-B17 XA <br> Mortgage Trust, 1.416%, <br> 03/15/2053 | 326494 | 0.1 |
| 3236565 <sup>(4)(5)</sup> | Benchmark 2020-B18 XA <br> Mortgage Trust, 1.789%, <br> 07/15/2053 | 251398 | 0.1 |
| 2094730 <sup>(4)(5)</sup> | Benchmark 2021-B24 XA <br> Mortgage Trust, 1.151%, <br> 03/15/2054 | 127205 | 0.1 |
| 204000 <sup>(1)(8)</sup> | BMD2 Re-Remic Trust <br> 2019-FRR1 3AB, 0.000%, <br> 05/25/2052 | 124875 | 0.1 |
| 16051901 <sup>(4)(5)</sup> | Citigroup Commercial <br> Mortgage Trust 2019-C7 <br> XA, 0.868%, 12/15/2072 | 701800 | 0.3 |
| 130000 <sup>(1)(4)</sup> | COMM 2013-CR10 E <br> Mortgage Trust, 4.869%, <br> 08/10/2046 | 120143 | 0.1 |
| 1530000 <sup>(4)</sup> | Commercial Mortgage <br> Pass Through Certificates <br> 2016-CR28 D, 3.855%, <br> 02/10/2049 | 1297587 | 0.5 |
| 300000 <sup>(1)</sup> | CSAIL 2020-C19 E <br> Commercial Mortgage <br> Trust, 2.500%, 03/15/2053 | 173981 | 0.1 |
| 560000 <sup>(1)</sup> | CSWF 2021-SOP2 D, <br> 6.635%, (US0001M + <br> 2.317%), 06/15/2034 | 502790 | 0.2 |
| 17241 <sup>(1)(9)</sup> | DBUBS 2011-LC2A F <br> Mortgage Trust, 4.000%, <br> (US0001M + 3.650%), <br> 07/10/2044 | 17163 | 0.0 |
| 1000000 <sup>(1)(4)</sup> | DBWF 2015-LCM D <br> Mortgage Trust, 3.421%, <br> 06/10/2034 | 770771 | 0.3 |
| 292858 <sup>(1)</sup> | Extended Stay America <br> Trust 2021-ESH E, <br> 7.168%, (US0001M + <br> 2.850%), 07/15/2038 | 279800 | 0.1 |
| 1141807 <sup>(4)(5)</sup> | Freddie Mac Multiclass <br> Certificates <br> Series 2021-P011 X1, <br> 1.793%, 09/25/2045 | 145771 | 0.1 |
| 1452405 <sup>(4)(5)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates K109 X1, <br> 1.583%, 04/25/2030 | 125023 | 0.1 |
| 4273164 <sup>(4)(5)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates K-1516 X1, <br> 1.511%, 05/25/2035 | 501814 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** |
| 1694689 <sup>(4)(5)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates K-1521 X1, <br> 0.980%, 08/25/2036 | $140155 | 0.1 |
| 2837168 <sup>(1)(5)</sup> | FREMF 2016-K57 X2B <br> Mortgage Trust, 0.100%, <br> 08/25/2049 | 8514 | 0 |
| 1119480 <sup>(1)(8)</sup> | FREMF 2016-K57 D <br> Mortgage Trust, 0.000%, <br> 08/25/2049 | 788246 | 0.3 |
| 11672868 <sup>(1)(5)</sup> | FREMF 2016-K57 X2A <br> Mortgage Trust, 0.100%, <br> 08/25/2049 | 31141 | 0 |
| 200000 <sup>(1)(8)</sup> | FREMF 2019-KG01 C <br> Mortgage Trust, 0.000%, <br> 05/25/2029 | 101673 | 0 |
| 2541845 <sup>(1)(5)</sup> | FREMF 2019-KG01 X2A <br> Mortgage Trust, 0.100%, <br> 04/25/2029 | 8951 | 0 |
| 280000 <sup>(1)(5)</sup> | FREMF 2019-KG01 X2B <br> Mortgage Trust, 0.100%, <br> 05/25/2029 | 1241 | 0 |
| 166000 <sup>(1)(4)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 BK78, <br> 2.430%, 09/27/2051 | 114811 | 0 |
| 126000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 C730, <br> 0.000%, 09/27/2051 | 103115 | 0 |
| 153000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 CK44, <br> 0.000%, 09/27/2051 | 124093 | 0.1 |
| 125000 <sup>(1)(4)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 CK49, <br> 1.040%, 09/27/2051 | 99915 | 0 |
| 106000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 CK78, <br> 0.000%, 09/27/2051 | 57868 | 0 |
| 126000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 D730, <br> 0.000%, 09/27/2051 | 100702 | 0 |
| 125000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 DK49, <br> 0.000%, 09/27/2051 | 94914 | 0 |
| 1000000 <sup>(1)</sup> | GAM Re-REMIC Trust <br> 2021-FRR1 1B, 1.500%, <br> 11/29/2050 | 657227 | 0.3 |
| 1000000 <sup>(1)</sup> | GAM Re-REMIC Trust <br> 2021-FRR1 2B, 1.660%, <br> 11/29/2050 | 630175 | 0.3 |
| 238000 <sup>(1)(4)(5)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 BK47, <br> 2.030%, 11/27/2050 | 168355 | 0.1 |
| 163000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 BK61, <br> 1.290%, 01/29/2052 | 112161 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** |
| 176000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 BK89, <br> 2.000%, 01/27/2052 | $98418 | 0 |
| 92000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 C728, <br> 0.600%, 08/27/2050 | 77845 | 0 |
| 95000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 CK47, <br> 0.920%, 05/27/2048 | 75300 | 0 |
| 113000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 CK61, <br> 1.570%, 11/27/2049 | 74014 | 0 |
| 80000 <sup>(1)(4)(5)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 CK71, <br> 1.410%, 01/29/2052 | 51636 | 0 |
| 92000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 CK89, <br> 2.260%, 01/27/2052 | 47785 | 0 |
| 92000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 D728, <br> 0.690%, 01/29/2052 | 75314 | 0 |
| 125000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 DK27, <br> 0.030%, 12/27/2045 | 124111 | 0.1 |
| 75000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 DK41, <br> 0.770%, 10/27/2047 | 62010 | 0 |
| 95000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 DK47, <br> 1.000%, 05/27/2048 | 73657 | 0 |
| 31000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 EK27, <br> 0.040%, 12/27/2045 | 30749 | 0 |
| 49000 <sup>(1)(10)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 EK41, <br> 0.700%, 01/29/2052 | 39986 | 0 |
| 13602054 <sup>(4)(5)</sup> | GS Mortgage Securities <br> Trust 2019-GC39 XA, <br> 1.128%, 05/10/2052 | 621608 | 0.3 |
| 770000 <sup>(1)</sup> | JP Morgan Chase <br> Commercial Mortgage <br> Securities Corp. <br> 2021-MHC E, 6.768%, <br> (US0001M + 2.450%), <br> 04/15/2038 | 731638 | 0.3 |
| 200000 <sup>(1)(4)</sup> | JPMBB Commercial <br> Mortgage Securities Trust <br> 2013-C17 F, 3.867%, <br> 01/15/2047 | 162663 | 0.1 |
| 22126538 <sup>(4)(5)</sup> | JPMDB Commercial <br> Mortgage Securities Trust <br> 2018-C8 XA, 0.667%, <br> 06/15/2051 | 433843 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** |
| 182000 <sup>(1)</sup> | MF1 Multifamily Housing <br> Mortgage Loan Trust <br> 2021-FL5 D, 6.950%, <br> (TSFR1M + 2.500%), <br> 07/15/2036 | $169632 | 0.1 |
| 253862 <sup>(1)(9)</sup> | Morgan Stanley Capital I <br> Trust 2011-C1 M, 4.193%, <br> 09/15/2047 |  |  |
| 1955000 <sup>(1)(4)</sup> | Morgan Stanley Capital I <br> Trust 2016-BNK2 D, <br> 3.000%, 11/15/2049 | 1434188 | 0.6 |
| 7568472 <sup>(4)(5)</sup> | Morgan Stanley Capital I <br> Trust 2019-L3 XA, <br> 0.637%, 11/15/2052 | 254670 | 0.1 |
| 90000 <sup>(1)</sup> | RFM Reremic Trust <br> 2022-FRR1 AB55, <br> 1.120%, 03/28/2049 | 67040 | 0.0 |
| 70000 <sup>(1)(4)</sup> | RFM Reremic Trust <br> 2022-FRR1 AB60, <br> 2.470%, 11/08/2049 | 54753 | 0.0 |
| 110000 <sup>(1)(4)</sup> | RFM Reremic Trust <br> 2022-FRR1 AB64, <br> 2.314%, 03/01/2050 | 83797 | 0.0 |
| 30000 <sup>(1)(8)</sup> | RFM Reremic Trust <br> 2022-FRR1 CK55, <br> 0.000%, 03/28/2049 | 21209 | 0.0 |
| 30000 <sup>(1)(8)</sup> | RFM Reremic Trust <br> 2022-FRR1 CK60, <br> 0.000%, 11/08/2049 | 19643 | 0.0 |
| 30000 <sup>(1)(8)</sup> | RFM Reremic Trust <br> 2022-FRR1 CK64, <br> 0.000%, 03/01/2050 | 19206 | 0.0 |
| 22576 <sup>(1)(4)</sup> | UBS-Barclays Commercial <br> Mortgage Trust <br> 2012-C4 D, 4.096%, <br> 12/10/2045 | 21532 | 0.0 |
| 815103 <sup>(1)(4)</sup> | WFRBS Commercial <br> Mortgage Trust <br> 2011-C5 E, 5.521%, <br> 11/15/2044 | 776148 | 0.3 |
| 2210000 <sup>(1)</sup> | WFRBS Commercial <br> Mortgage Trust <br> 2013-C12 E, 3.500%, <br> 03/15/2048 | 2132023 | 0.9 |
| 1320000 <sup>(1)(4)</sup> | WFRBS Commercial <br> Mortgage Trust <br> 2013-C14 D, 3.957%, <br> 06/15/2046 | 844544 | 0.4 |
| 1920000 <sup>(4)</sup> | WFRBS Commercial <br> Mortgage Trust <br> 2014-C19 C, 4.646%, <br> 03/15/2047 | 1811187 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** |
|  | Total Commercial <br> Mortgage-Backed <br> Securities <br> (Cost $24,990,565) | **$** | **21878933** | 9.0 |
| **ASSET-BACKED SECURITIES: 8.7%** | **ASSET-BACKED SECURITIES: 8.7%** | **ASSET-BACKED SECURITIES: 8.7%** | **ASSET-BACKED SECURITIES: 8.7%** | **ASSET-BACKED SECURITIES: 8.7%** |
|  | **Automobile Asset-Backed Securities: 1.2%** | **Automobile Asset-Backed Securities: 1.2%** | **Automobile Asset-Backed Securities: 1.2%** | **Automobile Asset-Backed Securities: 1.2%** |
| 296451 | Americredit Automobile <br> Receivables Trust <br> 2018-2 D, 4.010%, <br> 07/18/2024 |  | 295955 | 0.1 |
| 450000 | Americredit Automobile <br> Receivables Trust <br> 2019-2 D, 2.990%, <br> 06/18/2025 |  | 438306 | 0.2 |
| 1200000 | Carmax Auto Owner Trust <br> 2019-3 D, 2.850%, <br> 01/15/2026 |  | 1165188 | 0.5 |
| 400000 | GM Financial Automobile <br> Leasing Trust 2022-3 C, <br> 5.130%, 08/20/2026 |  | 391020 | 0.2 |
| 500000 | GM Financial Consumer <br> Automobile Receivables <br> Trust 2019-3 C, 2.620%, <br> 01/16/2025 |  | 497202 | 0.2 |
| 88796 | Santander Drive Auto <br> Receivables Trust <br> 2019-1 D, 3.650%, <br> 04/15/2025 |  | 88645 | 0.0 |
|  |  |  | **2876316** | **1.2** |
|  | **Home Equity Asset-Backed Securities: 0.2%** | **Home Equity Asset-Backed Securities: 0.2%** | **Home Equity Asset-Backed Securities: 0.2%** | **Home Equity Asset-Backed Securities: 0.2%** |
| 517178 <sup>(1)(4)</sup> | ACE Securities Corp. <br> Mortgage Loan Trust <br> Series 2007-D1 A2, <br> 6.336%, 02/25/2038 |  | **405371** | 0.2 |
|  | **Other Asset-Backed Securities: 7.1%** | **Other Asset-Backed Securities: 7.1%** | **Other Asset-Backed Securities: 7.1%** | **Other Asset-Backed Securities: 7.1%** |
| 396000 <sup>(1)</sup> | Applebee's Funding LLC / <br> IHOP Funding LLC <br> 2019-1A A2I, 4.194%, <br> 06/05/2049 |  | 390351 | 0.2 |
| 148500 <sup>(1)</sup> | Applebee's Funding LLC / <br> IHOP Funding LLC <br> 2019-1A A2II, 4.723%, <br> 06/05/2049 |  | 135786 | 0.1 |
| 250000 <sup>(1)</sup> | Arbor Realty Commercial <br> Real Estate Notes <br> 2021-FL4 D Ltd., 7.218%, <br> (US0001M + 2.900%), <br> 11/15/2036 |  | 232085 | 0.1 |
| 300000 <sup>(1)</sup> | Babson CLO Ltd. 2018-3A <br> C, 6.143%, (US0003M + <br> 1.900%), 07/20/2029 |  | 290295 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| 750000 <sup>(1)</sup> | Benefit Street Partners <br> CLO II Ltd. 2013-IIA BR2, <br> 5.979%, (US0003M + <br> 1.900%), 07/15/2029 | $727500 | 0.3 |
| 400000 <sup>(1)</sup> | Benefit Street Partners <br> CLO Ltd. 2021-23A C, <br> 6.558%, (US0003M + <br> 2.200%), 04/25/2034 | 376601 | 0.2 |
| 250000 <sup>(1)</sup> | BlueMountain CLO Ltd. <br> 2021-28A C, 6.079%, <br> (US0003M + 2.000%), <br> 04/15/2034 | 232193 | 0.1 |
| 592320 <sup>(1)</sup> | Domino's Pizza Master <br> Issuer LLC 2018-1A A2I, <br> 4.116%, 07/25/2048 | 562912 | 0.2 |
| 1000000 <sup>(1)</sup> | Dryden Senior Loan Fund <br> 2021-87A C, 6.575%, <br> (US0003M + 1.900%), <br> 05/20/2034 | 931186 | 0.4 |
| 376391 <sup>(1)</sup> | J.G. Wentworth XXXVIII <br> LLC 2017-1A A, 3.990%, <br> 08/16/2060 | 326998 | 0.1 |
| 750000 <sup>(1)</sup> | LCM XV L.P. 15A CR, <br> 6.643%, (US0003M + <br> 2.400%), 07/20/2030 | 712502 | 0.3 |
| 750000 <sup>(1)</sup> | LCM XXII Ltd. 22A BR, <br> 6.243%, (US0003M + <br> 2.000%), 10/20/2028 | 710746 | 0.3 |
| 950000 <sup>(1)</sup> | Magnetite XXVI Ltd. <br> 2020-26A CR, 6.258%, <br> (US0003M + 1.900%), <br> 07/25/2034 | 897525 | 0.4 |
| 292241 <sup>(1)</sup> | Marlette Funding Trust <br> 2022-3A A, 5.180%, <br> 11/15/2032 | 290040 | 0.1 |
| 310833 <sup>(1)</sup> | Mill City Solar Loan <br> 2019-2GS A Ltd., 3.690%, <br> 07/20/2043 | 279516 | 0.1 |
| 470110 <sup>(1)</sup> | Mosaic Solar Loans <br> 2017-2A A LLC, 3.820%, <br> 06/22/2043 | 436280 | 0.2 |
| 750000 <sup>(1)</sup> | Neuberger Berman CLO <br> XVII Ltd. 2014-17A CR2, <br> 6.325%, (US0003M + <br> 2.000%), 04/22/2029 | 715489 | 0.3 |
| 1000000 <sup>(1)</sup> | Neuberger Berman Loan <br> Advisers CLO 25 Ltd. <br> 2017-25A CR, 5.944%, <br> (US0003M + 1.750%), <br> 10/18/2029 | 948997 | 0.4 |
| 750000 <sup>(1)</sup> | Neuberger Berman Loan <br> Advisers CLO 33 Ltd. <br> 2019-33A CR, 5.979%, <br> (US0003M + 1.900%), <br> 10/16/2033 | 707797 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| 500000 <sup>(1)</sup> | NYACK Park CLO Ltd. <br> 2021-1A C, 6.193%, <br> (US0003M + 1.950%), <br> 10/20/2034 | $465014 | 0.2 |
| 250000 <sup>(1)</sup> | Oak Hill Credit Partners <br> 2021-8A C, 6.094%, <br> (US0003M + 1.900%), <br> 01/18/2034 | 235930 | 0.1 |
| 580000 <sup>(1)</sup> | Octagon Investment <br> Partners 31 Ltd. <br> 2017-1A CR, 6.293%, <br> (US0003M + 2.050%), <br> 07/20/2030 | 554015 | 0.2 |
| 250000 <sup>(1)</sup> | Octagon Loan Funding <br> Ltd. 2014-1A CRR, <br> 6.874%, (US0003M + <br> 2.200%), 11/18/2031 | 232060 | 0.1 |
| 550000 <sup>(1)</sup> | Shackleton 2019-15A CR <br> CLO Ltd., 6.229%, <br> (US0003M + 2.150%), <br> 01/15/2032 | 521349 | 0.2 |
| 500000 <sup>(1)</sup> | Silver Creek CLO Ltd. <br> 2014-1A CR, 6.543%, <br> (US0003M + 2.300%), <br> 07/20/2030 | 484981 | 0.2 |
| 276868 <sup>(1)</sup> | SoFi Consumer Loan <br> Program 2020-1 C <br> Trust, 2.500%, <br> 01/25/2029 | 273961 | 0.1 |
| 392567 <sup>(1)</sup> | Sunnova Helios IX Issuer <br> LLC 2022-B A, 5.000%, <br> 08/20/2049 | 368582 | 0.1 |
| 291001 <sup>(1)</sup> | Sunrun Xanadu Issuer <br> 2019-1A A LLC, 3.980%, <br> 06/30/2054 | 258081 | 0.1 |
| 600000 <sup>(1)</sup> | THL Credit Wind River <br> 2017-3A CR Clo Ltd., <br> 6.579%, (US0003M + <br> 2.500%), 04/15/2035 | 565164 | 0.2 |
| 2000000 <sup>(1)(4)</sup> | Towd Point Mortgage Trust <br> 2015-4 M2, 3.750%, <br> 04/25/2055 | 1944376 | 0.8 |
| 180000 <sup>(1)(4)</sup> | Towd Point Mortgage Trust <br> 2015-6 M2, 3.750%, <br> 04/25/2055 | 168081 | 0.1 |
| 1140000 <sup>(1)</sup> | Wendy's Funding LLC <br> 2018-1A A2II, 3.884%, <br> 03/15/2048 | 1031005 | 0.4 |
| 227500 <sup>(1)</sup> | Wendy's Funding LLC <br> 2019-1A A2I, 3.783%, <br> 06/15/2049 | 210163 | 0.1 |
|  |  | **17217561** | **7.1** |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: 0.2%** | **Student Loan Asset-Backed Securities: 0.2%** | **Student Loan Asset-Backed Securities: 0.2%** |
| 600000 <sup>(1)</sup> | Sofi Professional Loan <br> Program 2019-C BFX <br> LLC, 3.050%, 11/16/2048 | $**471791** | 0.2 |
|  | Total Asset-Backed <br> Securities |  |  |
|  | (Cost $22,294,682) | **20971039** | 8.7 |
| **SOVEREIGN BONDS: 1.0%** | **SOVEREIGN BONDS: 1.0%** | **SOVEREIGN BONDS: 1.0%** | **SOVEREIGN BONDS: 1.0%** |
| 275000 | Chile Government <br> International Bond, <br> 2.450%, 01/31/2031 | 228849 | 0.1 |
| 250000 | Colombia Government <br> International Bond, <br> 3.875%, 04/25/2027 | 222113 | 0.1 |
| <sup>MXN</sup> 27250000  | Mexican Bonos, 7.750%, <br> 05/29/2031 | 1295118 | 0.6 |
| 200000 | Mexico Government <br> International Bond, <br> 4.500%, 04/22/2029 | 191094 | 0.1 |
| 250000 | Republic of South Africa <br> Government International <br> Bond, 4.850%, 09/30/2029 | 223768 | 0.1 |
| 200000 <sup>(11)</sup> | Russian Foreign Bond - <br> Eurobond, 4.375%, <br> 03/21/2029 | 60000 | 0 |
| 350000 <sup>(11)</sup> | Ukraine Government <br> International Bond, <br> 7.750%, 09/01/2027 | 76022 | 0 |
|  | Total Sovereign Bonds |  |  |
|  | (Cost $2,802,669) | **2296964** | 1.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 39.7%** | **COMMON STOCK: 39.7%** | **COMMON STOCK: 39.7%** | **COMMON STOCK: 39.7%** |
|  | **Communication Services: 2.3%** | **Communication Services: 2.3%** | **Communication Services: 2.3%** |
| 20354 <sup>(12)</sup> | Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;1795833 | 0.8 |
| 29628 | AT&T, Inc. | 545452 | 0.2 |
| 16428 | Comcast Corp. - Class A | 574487 | 0.2 |
| 3347 | Deutsche Telekom AG | 66594 | 0.0 |
| 2537 | Electronic Arts, Inc. | 309971 | 0.1 |
| 1065 | Elisa OYJ | 56450 | 0.0 |
| 25000 | HKT Trust & HKT Ltd. - <br> Stapled Security | 30603 | 0.0 |
| 4344 <sup>(12)</sup> | Iridium Communications, <br> Inc. | 223282 | 0.1 |
| 26390 | Koninklijke KPN NV | 81683 | 0.0 |
| 5020 <sup>(12)</sup> | Live Nation Entertainment, <br> Inc. | 350095 | 0.2 |
| 439 | Nexstar Media Group, Inc.  | 76838 | 0.0 |
| 1700 | Nintendo Co., Ltd. | 71479 | 0.0 |
| 700 | Nippon Telegraph & <br> Telephone Corp. | 19963 | 0.0 |
| 10268 | Orange SA | 101880 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Communication Services (continued)** | **Communication Services (continued)** | **Communication Services (continued)** | **Communication Services (continued)** |
| 11300 | SoftBank Corp. | $| 127845 | 0.1 |
| 9432 | Spark New Zealand Ltd. |  | 32293 | 0.0 |
| 179 | Swisscom AG |  | 98058 | 0.1 |
| 6909 | Telenor ASA |  | 64551 | 0.0 |
| 8836 | Telia Co. AB |  | 22578 | 0.0 |
| 15993 | Verizon Communications, <br> Inc. |  | 630124 | 0.3 |
| 3055 <sup>(12)</sup> | Walt Disney Co. |  | 265418 | 0.1 |
|  |  |  | **5545477** | **2.3** |
|  | **Consumer Discretionary: 3.3%** | **Consumer Discretionary: 3.3%** | **Consumer Discretionary: 3.3%** | **Consumer Discretionary: 3.3%** |
| 19555 <sup>(12)</sup> | Amazon.com, Inc. |  | 1642620 | 0.7 |
| 1459 | Bayerische Motoren Werke <br> AG |  | 129172 | 0.1 |
| 1900 <sup>(2)</sup> | Bridgestone Corp. |  | 67274 | 0.0 |
| 450 <sup>(12)</sup> | Chipotle Mexican Grill, Inc.  |  | 624370 | 0.3 |
| 1428 | Domino's Pizza, Inc. |  | 494659 | 0.2 |
| 3627 <sup>(12)</sup> | Etsy, Inc. |  | 434442 | 0.2 |
| 3736 <sup>(12)</sup> | Expedia Group, Inc. |  | 327274 | 0.1 |
| 281 | Ferrari NV |  | 60257 | 0.0 |
| 12816 | Ford Motor Co. |  | 149050 | 0.1 |
| 3344 | General Motors Co. |  | 112492 | 0.0 |
| 5546 | Gentex Corp. |  | 151239 | 0.1 |
| 1607 | Genuine Parts Co. |  | 278831 | 0.1 |
| 1205 | Industria de Diseno Textil <br> SA |  | 32006 | 0.0 |
| 4469 | LKQ Corp. |  | 238689 | 0.1 |
| 2147 <sup>(12)</sup> | Lululemon Athletica, Inc. |  | 687856 | 0.3 |
| 2154 | McDonald's Corp. |  | 567644 | 0.2 |
| 1800 <sup>(2)</sup> | McDonald's Holdings Co. <br> Japan Ltd. |  | 68412 | 0.0 |
| 1706 | Mercedes-Benz Group AG  |  | 111563 | 0.1 |
| 3401 | Ross Stores, Inc. |  | 394754 | 0.2 |
| 4300 | Sekisui House Ltd. |  | 76235 | 0.1 |
| 4219 | Service Corp. International  |  | 291702 | 0.1 |
| 2600 | Subaru Corp. |  | 39364 | 0.0 |
| 2389 <sup>(12)</sup> | Tesla, Inc. |  | 294277 | 0.1 |
| 2621 | Travel + Leisure Co. |  | 95404 | 0.0 |
| 3500 | USS Co., Ltd. |  | 55535 | 0.0 |
| 9738 | Wendy's Company |  | 220371 | 0.1 |
| 2033 | Yum! Brands, Inc. |  | 260387 | 0.1 |
|  |  |  | **7905879** | **3.3** |
|  | **Consumer Staples: 2.8%** | **Consumer Staples: 2.8%** | **Consumer Staples: 2.8%** | **Consumer Staples: 2.8%** |
| 9266 | Altria Group, Inc. |  | 423549 | 0.2 |
| 5427 | British American Tobacco <br> PLC |  | 214683 | 0.1 |
| 5976 | Coca-Cola Co. |  | 380133 | 0.2 |
| 6145 | Coles Group Ltd. |  | 69658 | 0.0 |
| 3374 | Conagra Brands, Inc. |  | 130574 | 0.0 |
| 5077 | Constellation Brands, Inc.  |  | 1176595 | 0.5 |
| 3116 | Estee Lauder Cos., Inc. |  | 773111 | 0.3 |
| 10117 | Flowers Foods, Inc. |  | 290762 | 0.1 |
| 4598 | General Mills, Inc. |  | 385542 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income 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)** |
|  | **Consumer Staples (continued)** | **Consumer Staples (continued)** | **Consumer Staples (continued)** | **Consumer Staples (continued)** |
| 4191 | Imperial Brands PLC | $| 104403 | 0.0 |
| 5300 <sup>(2)</sup> | Japan Tobacco, Inc. |  | 106849 | 0.1 |
| 4020 | Koninklijke Ahold Delhaize <br> NV |  | 115580 | 0.1 |
| 6815 | Mondelez International, <br> Inc. |  | 454220 | 0.2 |
| 1851 | PepsiCo, Inc. |  | 334402 | 0.1 |
| 5708 | Philip Morris International, <br> Inc. |  | 577707 | 0.2 |
| 2622 | Procter & Gamble Co. |  | 397390 | 0.2 |
| 945 | Reckitt Benckiser Group <br> PLC |  | 65504 | 0.0 |
| 2370 | Tyson Foods, Inc. |  | 147532 | 0.1 |
| 1092 | Unilever PLC |  | 54793 | 0.0 |
| 1316 | Unilever PLC - ULVRL |  | 66442 | 0.0 |
| 3544 | Walmart, Inc. |  | 502504 | 0.2 |
|  |  |  | **6771933** | **2.8** |
|  | **Energy: 2.2%** | **Energy: 2.2%** | **Energy: 2.2%** | **Energy: 2.2%** |
| 415 | Aker BP ASA |  | 12899 | 0.0 |
| 10497 | Baker Hughes Co. |  | 309976 | 0.1 |
| 43716 | BP PLC |  | 252240 | 0.1 |
| 3741 | Cheniere Energy, Inc. |  | 561000 | 0.2 |
| 1730 | Chevron Corp. |  | 310518 | 0.1 |
| 1195 | ConocoPhillips |  | 141010 | 0.0 |
| 4595 | Diamondback Energy, Inc.  |  | 628504 | 0.3 |
| 2995 | DT Midstream, Inc. |  | 165504 | 0.1 |
| 25700 | ENEOS Holdings, Inc. |  | 87519 | 0.0 |
| 8929 | ENI S.p.A. |  | 126965 | 0.1 |
| 2221 | EOG Resources, Inc. |  | 287664 | 0.1 |
| 2026 | Exxon Mobil Corp. |  | 223468 | 0.1 |
| 7070 | Galp Energia SGPS SA |  | 95379 | 0.0 |
| 3300 | Idemitsu Kosan Co., Ltd. |  | 77258 | 0.0 |
| 17046 | Kinder Morgan, Inc. |  | 308192 | 0.1 |
| 3626 | Marathon Petroleum Corp.  |  | 422030 | 0.2 |
| 3864 | Phillips 66 |  | 402165 | 0.2 |
| 6833 | Repsol SA |  | 108761 | 0.1 |
| 2503 | Shell PLC |  | 70562 | 0.0 |
| 2858 | Targa Resources Corp. |  | 210063 | 0.1 |
| 746 <sup>(2)</sup> | TotalEnergies SE |  | 46829 | 0.0 |
| 3035 | Valero Energy Corp. |  | 385020 | 0.2 |
| 2027 <sup>(2)</sup> | Washington H Soul <br> Pattinson & Co. Ltd. |  | 38029 | 0.0 |
| 6180 | Woodside Energy Group <br> Ltd. (WDS) |  | 149669 | 0.1 |
|  |  |  | **5421224** | **2.2** |
|  | **Financials: 5.3%** | **Financials: 5.3%** | **Financials: 5.3%** | **Financials: 5.3%** |
| 979 | Ageas SA/NV |  | 43440 | 0.0 |
| 976 | Allianz SE |  | 208432 | 0.1 |
| 2600 | Allstate Corp. |  | 352560 | 0.1 |
| 483 | American Financial Group, <br> Inc. |  | 66306 | 0.0 |
| 3708 | American International <br> Group, Inc. |  | 234494 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 202 | Ameriprise Financial, Inc. | $62897 | 0.0 |
| 7925 | ANZ Group Holdings Ltd. | 127663 | 0.1 |
| 805 | Aon PLC | 241613 | 0.1 |
| 18367 | Aviva PLC | 97431 | 0.1 |
| 3577 | Axis Capital Holdings Ltd.  | 193766 | 0.1 |
| 353 | Baloise Holding AG | 54435 | 0.0 |
| 10071 | Bank Leumi Le-Israel BM | 83879 | 0.0 |
| 10233 | Bank of America Corp. | 338917 | 0.1 |
| 4244 | Bank OZK | 170015 | 0.1 |
| 516 <sup>(2)</sup> | Banque Cantonale <br> Vaudoise | 49473 | 0.0 |
| 514 | BNP Paribas | 29267 | 0.0 |
| 26000 | BOC Hong Kong Holdings <br> Ltd. | 88265 | 0.1 |
| 2958 | Charles Schwab Corp. | 246283 | 0.1 |
| 8928 | Citigroup, Inc. | 403813 | 0.2 |
| 6809 | Citizens Financial Group, <br> Inc. | 268070 | 0.1 |
| 340 | CME Group, Inc. | 57174 | 0.0 |
| 3577 | Commerce Bancshares, <br> Inc. | 243486 | 0.1 |
| 1875 | Cullen/Frost Bankers, Inc.  | 250687 | 0.1 |
| 370 | Deutsche Boerse AG | 63710 | 0.0 |
| 905 | Erie Indemnity Co. | 225092 | 0.1 |
| 192 | Everest Re Group Ltd. | 63604 | 0.0 |
| 2081 | First American Financial <br> Corp. | 108920 | 0.0 |
| 4533 | First Hawaiian, Inc. | 118039 | 0.1 |
| 541 | Groupe Bruxelles Lambert <br> NV | 43235 | 0.0 |
| 3791 | Hancock Whitney Corp. | 183446 | 0.1 |
| 357 | Hannover Rueck SE | 70439 | 0.0 |
| 1193 | Hanover Insurance Group, <br> Inc. | 161210 | 0.1 |
| 4034 | Hartford Financial <br> Services Group, Inc. | 305898 | 0.1 |
| 45334 | HSBC Holdings PLC | 280961 | 0.1 |
| 10990 | Insurance Australia Group <br> Ltd. | 35329 | 0.0 |
| 2689 | International Bancshares <br> Corp. | 123049 | 0.1 |
| 10200 <sup>(2)</sup> | Japan Post Bank Co. Ltd. | 87444 | 0.1 |
| 12900 | Japan Post Holdings Co. <br> Ltd. | 108540 | 0.1 |
| 368 | JPMorgan Chase & Co. | 49349 | 0.0 |
| 6533 | Keycorp | 113805 | 0.0 |
| 4673 | Loews Corp. | 272576 | 0.1 |
| 1045 | LPL Financial Holdings, <br> Inc. | 225898 | 0.1 |
| 30715 | M&G PLC | 69455 | 0.0 |
| 1595 | Marsh & McLennan Cos., <br> Inc. | 263941 | 0.1 |
| 31650 | Medibank Pvt Ltd. | 63143 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income 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)** |
|  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 8520 | Mediobanca Banca di <br> Credito Finanziario SpA | $| 81869 | 0.0 |
| 5063 | Metlife, Inc. |  | 366409 | 0.2 |
| 14100 | Mitsubishi HC Capital, Inc.  |  | 69352 | 0.0 |
| 31600 | Mitsubishi UFJ Financial <br> Group, Inc. |  | 212144 | 0.1 |
| 1644 | Mizrahi Tefahot Bank Ltd.  |  | 53061 | 0.0 |
| 10300 | Mizuho Financial Group, <br> Inc. |  | 145109 | 0.1 |
| 2015 | Morgan Stanley |  | 171315 | 0.1 |
| 3200 | MS&AD Insurance Group <br> Holdings, Inc. |  | 102303 | 0.1 |
| 1114 | MSCI, Inc. - Class A |  | 518199 | 0.2 |
| 224 | Muenchener <br> Rueckversicherungs- <br> Gesellschaft AG |  | 72457 | 0.0 |
| 4382 | NatWest Group PLC |  | 13975 | 0.0 |
| 2025 | NN Group NV |  | 82806 | 0.0 |
| 4058 | Nordea Bank Abp |  | 43469 | 0.0 |
| 10785 | Old Republic International <br> Corp. |  | 260458 | 0.1 |
| 10376 | Phoenix Group Holdings <br> PLC |  | 76010 | 0.0 |
| 3046 | Popular, Inc. |  | 202011 | 0.1 |
| 7003 <sup>(1)</sup> | Poste Italiane SpA |  | 68324 | 0.0 |
| 3526 | Prosperity Bancshares, <br> Inc. |  | 256270 | 0.1 |
| 2212 | Sampo OYJ |  | 115531 | 0.1 |
| 1900 | Sompo Holdings, Inc. |  | 84062 | 0.0 |
| 4500 | Sumitomo Mitsui Financial <br> Group, Inc. |  | 181046 | 0.1 |
| 2900 | Sumitomo Mitsui Trust <br> Holdings, Inc. |  | 101197 | 0.1 |
| 8215 | Suncorp Group Ltd. |  | 66943 | 0.0 |
| 4752 | Tradeweb Markets, Inc. |  | 308547 | 0.1 |
| 1836 | Travelers Cos, Inc. |  | 344232 | 0.1 |
| 3232 <sup>(2)</sup> | Tryg A/S |  | 76810 | 0.0 |
| 1640 | UMB Financial Corp. |  | 136973 | 0.1 |
| 6046 | Unum Group |  | 248067 | 0.1 |
| 8593 | US Bancorp |  | 374741 | 0.2 |
| 3811 | Washington Federal, Inc. |  | 127859 | 0.1 |
| 7241 | Wells Fargo & Co. |  | 298981 | 0.1 |
| 6420 | Westpac Banking Corp. |  | 101638 | 0.1 |
| 1335 | Willis Towers Watson PLC  |  | 326514 | 0.1 |
| 1167 | Wintrust Financial Corp. |  | 98635 | 0.0 |
| 408 | Zurich Insurance Group <br> AG |  | 195056 | 0.1 |
|  |  |  | **12931822** | **5.3** |
|  | **Health Care: 6.3%** | **Health Care: 6.3%** | **Health Care: 6.3%** | **Health Care: 6.3%** |
| 2381 | Abbott Laboratories |  | 261410 | 0.1 |
| 1515 | AbbVie, Inc. |  | 244839 | 0.1 |
| 645 | AmerisourceBergen Corp.  |  | 106883 | 0.0 |
| 1114 | Amgen, Inc. |  | 292581 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 18156 <sup>(12)</sup> | Boston Scientific Corp. | $| 840078 | 0.3 |
| 8165 | Bristol-Myers Squibb Co. |  | 587472 | 0.2 |
| 3965 | Cardinal Health, Inc. |  | 304790 | 0.1 |
| 1162 | Cigna Corp. |  | 385017 | 0.2 |
| 5170 | CVS Health Corp. |  | 481792 | 0.2 |
| 1864 | Danaher Corp. |  | 494743 | 0.2 |
| 7992 <sup>(12)</sup> | DexCom, Inc. |  | 905014 | 0.4 |
| 558 | Elevance Health, Inc. |  | 286237 | 0.1 |
| 5629 | Eli Lilly & Co. |  | 2059313 | 0.9 |
| 5594 | Gilead Sciences, Inc. |  | 480245 | 0.2 |
| 10096 | GSK PLC |  | 174493 | 0.1 |
| 1950 | Humana, Inc. |  | 998770 | 0.4 |
| 2206 <sup>(12)</sup> | Intuitive Surgical, Inc. |  | 585362 | 0.2 |
| 7312 | Johnson & Johnson |  | 1291665 | 0.5 |
| 973 | McKesson Corp. |  | 364992 | 0.2 |
| 1698 | Medtronic PLC |  | 131969 | 0.1 |
| 5827 | Merck & Co., Inc. |  | 646506 | 0.3 |
| 4392 | Novartis AG |  | 397465 | 0.2 |
| 2800 | Ono Pharmaceutical Co., <br> Ltd. |  | 65446 | 0.0 |
| 1079 | Orion Oyj |  | 59154 | 0.0 |
| 1600 <sup>(2)</sup> | Otsuka Holdings Co. Ltd. |  | 52180 | 0.0 |
| 17698 | Pfizer, Inc. |  | 906845 | 0.4 |
| 89 | Roche Holding <br> AG-GENUSSCHEIN |  | 27967 | 0.0 |
| 2370 | Sanofi |  | 228530 | 0.1 |
| 5200 | Takeda Pharmaceutical <br> Co., Ltd. |  | 162483 | 0.1 |
| 1940 | UnitedHealth Group, Inc. |  | 1028549 | 0.4 |
| 1488 <sup>(12)</sup> | Vertex Pharmaceuticals, <br> Inc. |  | 429705 | 0.2 |
|  |  |  | **15282495** | **6.3** |
|  | **Industrials: 3.8%** | **Industrials: 3.8%** | **Industrials: 3.8%** | **Industrials: 3.8%** |
| 3208 | 3M Co. |  | 384703 | 0.2 |
| 2564 <sup>(2)</sup> | ACS Actividades de <br> Construccion y <br> Servicios SA |  | 73365 | 0.0 |
| 1891 | AECOM |  | 160603 | 0.1 |
| 391 <sup>(1)(12)</sup> | Aena SME SA |  | 49015 | 0.0 |
| 657 | Allegion Public Ltd. |  | 69156 | 0.0 |
| 43 | AP Moller - Maersk A/S - <br> Class B |  | 96260 | 0.1 |
| 27168 | Aurizon Holdings Ltd. |  | 68829 | 0.0 |
| 10041 | BAE Systems PLC |  | 103708 | 0.1 |
| 3703 | Booz Allen Hamilton <br> Holding Corp. |  | 387038 | 0.2 |
| 2500 <sup>(2)</sup> | Bouygues SA |  | 74979 | 0.1 |
| 8311 | Brambles Ltd. |  | 68155 | 0.0 |
| 918 | Bureau Veritas SA |  | 24193 | 0.0 |
| 724 | Caterpillar, Inc. |  | 173441 | 0.1 |
| 598 <sup>(12)</sup> | Copa Holdings S.A.- <br> Class A |  | 49736 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income 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)** |
|  | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 3026 | CSX Corp. | $93745 | 0.0 |
| 881 | Cummins, Inc. | 213457 | 0.1 |
| 1900 | Dai Nippon Printing Co., <br> Ltd. | 38170 | 0.0 |
| 221 | Dassault Aviation SA | 37480 | 0.0 |
| 1297 | DCC PLC | 63776 | 0.0 |
| 3352 | Eaton Corp. PLC | 526096 | 0.2 |
| 745 | Eiffage SA | 73281 | 0.0 |
| 271 | Elbit Systems Ltd. | 44073 | 0.0 |
| 8309 | Emerson Electric Co. | 798163 | 0.3 |
| 3319 | Ferrovial SA - FERE | 86900 | 0.1 |
| 2885 | Fortive Corp. | 185361 | 0.1 |
| 383 | GEA Group AG | 15576 | 0.0 |
| 674 | General Electric Co. | 56474 | 0.0 |
| 2200 | Hankyu Hanshin Holdings, <br> Inc. | 65181 | 0.0 |
| 4472 | Johnson Controls <br> International plc | 286208 | 0.1 |
| 2174 | Leidos Holdings, Inc. | 228683 | 0.1 |
| 491 | Lockheed Martin Corp. | 238867 | 0.1 |
| 3047 | MSC Industrial Direct Co. | 248940 | 0.1 |
| 16000 | MTR Corp. | 84622 | 0.1 |
| 10200 <sup>(2)</sup> | Obayashi Corp. | 77047 | 0.1 |
| 734 | Old Dominion Freight Line  | 208295 | 0.1 |
| 273 | Parker Hannifin Corp. | 79443 | 0.0 |
| 4868 | Quanta Services, Inc. | 693690 | 0.3 |
| 2365 | Relx PLC (GBP Exchange)  | 65388 | 0.0 |
| 181 | Rheinmetall AG | 36033 | 0.0 |
| 2330 | Robert Half International, <br> Inc. | 172024 | 0.1 |
| 1300 | Secom Co., Ltd. | 74175 | 0.0 |
| 30000 | SITC International <br> Holdings Co. Ltd. | 66493 | 0.0 |
| 1517 | Smiths Group PLC | 29115 | 0.0 |
| 1400 | Sumitomo Corp. | 23272 | 0.0 |
| 527 | Thales S.A. | 67334 | 0.0 |
| 2500 | Tobu Railway Co., Ltd. | 58312 | 0.0 |
| 779 | TransDigm Group, Inc. | 490497 | 0.2 |
| 9844 | Transurban Group - <br> Stapled Security | 86606 | 0.1 |
| 2433 | U-Haul Holding Co. - <br> Non-Voting | 133766 | 0.1 |
| 1439 | United Parcel Service, <br> Inc. - Class B | 250156 | 0.1 |
| 609 <sup>(12)</sup> | United Rentals, Inc. | 216451 | 0.1 |
| 1356 | Verisk Analytics, Inc. | 239226 | 0.1 |
| 1738 | Waste Connections, Inc. | 230389 | 0.1 |
| 421 | Westinghouse Air Brake <br> Technologies Corp. | 42020 | 0.0 |
| 7622 <sup>(12)</sup> | WillScot Mobile Mini <br> Holdings Corp. | 344286 | 0.1 |
| 683 | Wolters Kluwer NV | 71466 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 345 | WW Grainger, Inc. | $| 191906 | 0.1 |
| 3100 | Yamato Holdings Co., Ltd.  |  | 49123 | 0.0 |
|  |  |  | **9164747** | **3.8** |
|  | **Information Technology: 9.3%** | **Information Technology: 9.3%** | **Information Technology: 9.3%** | **Information Technology: 9.3%** |
| 560 | Accenture PLC |  | 149430 | 0.1 |
| 6803 <sup>(12)</sup> | Advanced Micro Devices, <br> Inc. |  | 440630 | 0.2 |
| 3344 | Amdocs Ltd. |  | 303970 | 0.1 |
| 27531 | Apple, Inc. |  | 3577103 | 1.5 |
| 1036 | Automatic Data <br> Processing, Inc. |  | 247459 | 0.1 |
| 3867 <sup>(12)</sup> | Cadence Design Systems, <br> Inc. |  | 621195 | 0.3 |
| 14404 | Cisco Systems, Inc. |  | 686207 | 0.3 |
| 5147 | Cognizant Technology <br> Solutions Corp. |  | 294357 | 0.1 |
| 2525 <sup>(12)</sup> | Crowdstrike Holdings, Inc.  |  | 265857 | 0.1 |
| 4153 <sup>(12)</sup> | Datadog, Inc. |  | 305246 | 0.1 |
| 2260 | Dolby Laboratories, Inc. |  | 159420 | 0.1 |
| 1225 | Edenred |  | 66671 | 0.1 |
| 2126 <sup>(12)</sup> | Enphase Energy, Inc. |  | 563305 | 0.2 |
| 1963 <sup>(12)</sup> | Gartner, Inc. |  | 659843 | 0.3 |
| 5170 | Genpact Ltd. |  | 239474 | 0.1 |
| 10848 | Hewlett Packard <br> Enterprise Co. |  | 173134 | 0.1 |
| 1669 | Intuit, Inc. |  | 649608 | 0.3 |
| 1256 | Jack Henry & Associates, <br> Inc. |  | 220503 | 0.1 |
| 8449 | Juniper Networks, Inc. |  | 270030 | 0.1 |
| 3009 <sup>(12)</sup> | Keysight Technologies, <br> Inc. |  | 514750 | 0.2 |
| 474 | Lam Research Corp. |  | 199222 | 0.1 |
| 9166 | Marvell Technology, Inc. |  | 339509 | 0.1 |
| 3743 | MAXIMUS, Inc. |  | 274474 | 0.1 |
| 21038 | Microsoft Corp. |  | 5045333 | 2.1 |
| 1938 | Motorola Solutions, Inc. |  | 499442 | 0.2 |
| 4776 | National Instruments Corp.  |  | 176234 | 0.1 |
| 3399 | NetApp, Inc. |  | 204144 | 0.1 |
| 6652 | Nvidia Corp. |  | 972123 | 0.4 |
| 4315 <sup>(12)</sup> | Palo Alto Networks, Inc. |  | 602115 | 0.2 |
| 5933 | Paychex, Inc. |  | 685618 | 0.3 |
| 1585 <sup>(12)</sup> | ServiceNow, Inc. |  | 615408 | 0.2 |
| 253 | Texas Instruments, Inc. |  | 41801 | 0.0 |
| 6997 | The Sage Group PLC |  | 63006 | 0.0 |
| 800 <sup>(2)</sup> | Trend Micro, Inc. |  | 37414 | 0.0 |
| 10959 | Visa, Inc. - Class A |  | 2276842 | 0.9 |
|  |  |  | **22440877** | **9.3** |
|  | **Materials: 1.2%** | **Materials: 1.2%** | **Materials: 1.2%** | **Materials: 1.2%** |
| 544 | Air Liquide SA |  | 77213 | 0.1 |
| 1258 | Air Products & Chemicals, <br> Inc. |  | 387791 | 0.2 |
| 8925 | Amcor PLC |  | 106297 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income 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)** |
|  | **Materials (continued)** | **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| 5700 | Asahi Kasei Corp. | $| 40576 | 0.0 |
| 6331 | Dow, Inc. |  | 319019 | 0.1 |
| 4464 | FMC Corp. |  | 557107 | 0.2 |
| 26802 | Glencore PLC |  | 178734 | 0.1 |
| 1860 | Holcim AG |  | 96280 | 0.1 |
| 1599 | ICL Group Ltd. |  | 11554 | 0.0 |
| 559 | Linde PLC |  | 182335 | 0.1 |
| 2700 | Mitsubishi Chemical <br> Holdings Corp. |  | 13978 | 0.0 |
| 4300 | Nippon Steel Corp. |  | 74610 | 0.1 |
| 400 | Nitto Denko Corp. |  | 23038 | 0.0 |
| 1224 <sup>(2)</sup> | Novozymes A/S |  | 62098 | 0.0 |
| 1950 <sup>(2)</sup> | OCI NV |  | 69717 | 0.0 |
| 10300 | Oji Holdings Corp. |  | 41602 | 0.0 |
| 2436 | Rio Tinto Ltd. |  | 192263 | 0.1 |
| 6200 | Sumitomo Chemical Co., <br> Ltd. |  | 22231 | 0.0 |
| 528 | Symrise AG |  | 57343 | 0.0 |
| 5800 | Tosoh Corp. |  | 68971 | 0.0 |
| 877 | UPM-Kymmene OYJ |  | 32818 | 0.0 |
| 4745 | WestRock Co. |  | 166834 | 0.1 |
| 863 | Yara International ASA |  | 37900 | 0.0 |
|  |  |  | **2820309** | **1.2** |
|  | **Real Estate: 1.5%** | **Real Estate: 1.5%** | **Real Estate: 1.5%** | **Real Estate: 1.5%** |
| 1680 | Crown Castle, Inc. |  | 227875 | 0.1 |
| 1905 | CubeSmart |  | 76676 | 0.0 |
| 1500 | Daiwa House Industry Co., <br> Ltd. |  | 34554 | 0.0 |
| 2389 | Digital Realty Trust, Inc. |  | 239545 | 0.1 |
| 2948 | Equity Residential |  | 173932 | 0.1 |
| 2437 | First Industrial Realty <br> Trust, Inc. |  | 117610 | 0.0 |
| 17961 | GPT Group |  | 51225 | 0.0 |
| 5534 | Highwoods Properties, Inc.  |  | 154841 | 0.1 |
| 4194 | Iron Mountain, Inc. |  | 209071 | 0.1 |
| 4885 | Kilroy Realty Corp. |  | 188903 | 0.1 |
| 669 | Lamar Advertising Co. |  | 63154 | 0.0 |
| 1861 | Life Storage, Inc. |  | 183308 | 0.1 |
| 12500 | Link REIT |  | 91467 | 0.1 |
| 1609 | Mid-America Apartment <br> Communities, Inc. |  | 252597 | 0.1 |
| 5884 | National Retail Properties, <br> Inc. |  | 269252 | 0.1 |
| 2300 | Nomura Real Estate <br> Holdings, Inc. |  | 49180 | 0.0 |
| 4909 | ProLogis, Inc. |  | 553392 | 0.2 |
| 1616 | SBA Communications <br> Corp. |  | 452981 | 0.2 |
| 7500 | Sun Hung Kai Properties <br> Ltd. |  | 102445 | 0.1 |
| 8200 | Swire Properties Ltd. |  | 20770 | 0.0 |
| 483 | Swiss Prime Site AG |  | 41863 | 0.0 |
|  |  |  | **3554641** | **1.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: 1.7%** | **Utilities: 1.7%** | **Utilities: 1.7%** |
| 2854 | American Electric Power <br> Co., Inc. | $270987 | 0.1 |
| 496 | Atmos Energy Corp. | 55587 | 0.0 |
| 3500 | CK Infrastructure Holdings <br> Ltd. | 18263 | 0.0 |
| 8500 | CLP Holdings Ltd. | 61927 | 0.0 |
| 2105 | Consolidated Edison, Inc.  | 200628 | 0.1 |
| 2161 | DTE Energy Co. | 253982 | 0.1 |
| 3860 | Duke Energy Corp. | 397541 | 0.2 |
| 4368 | Edison International | 277892 | 0.1 |
| 254 | Elia Group SA/NV | 36109 | 0.0 |
| 4143 | Enagas | 68892 | 0.0 |
| 917 | Eversource Energy | 76881 | 0.0 |
| 11221 | Iberdrola S.A. - IBEE | 130988 | 0.1 |
| 2619 | National Fuel Gas Co. | 165783 | 0.1 |
| 11689 | National Grid PLC | 140028 | 0.1 |
| 5703 | NextEra Energy, Inc. | 476771 | 0.2 |
| 2222 | NiSource, Inc. | 60927 | 0.0 |
| 1715 | ONE Gas, Inc. | 129860 | 0.1 |
| 15000 | Power Assets Holdings <br> Ltd. | 81982 | 0.1 |
| 10155 | PPL Corp. | 296729 | 0.1 |
| 4528 <sup>(2)</sup> | Red Electrica Corp. SA | 78733 | 0.0 |
| 1790 | Sempra Energy | 276627 | 0.1 |
| 13480 | Snam SpA | 65362 | 0.0 |
| 5702 | Southern Co. | 407180 | 0.2 |
| 11094 <sup>(2)</sup> | Terna - Rete Elettrica <br> Nazionale | 81931 | 0.0 |
| 6717 | United Utilities Group PLC  | 80257 | 0.0 |
|  |  | **4191847** | **1.7** |
|  | Total Common Stock <br> (Cost $95,555,439) | **96031251** | 39.7 |
| **EXCHANGE-TRADED FUNDS: 0.2%** | **EXCHANGE-TRADED FUNDS: 0.2%** | **EXCHANGE-TRADED FUNDS: 0.2%** | **EXCHANGE-TRADED FUNDS: 0.2%** |
| 391 | iShares MSCI EAFE Value <br> Index ETF | 17939 | 0.0 |
| 2338 | iShares Russell 1000 <br> Value ETF | 354558 | 0.2 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $382,126) | **372497** | 0.2 |
| **MUTUAL FUNDS: 1.9%** | **MUTUAL FUNDS: 1.9%** | **MUTUAL FUNDS: 1.9%** | **MUTUAL FUNDS: 1.9%** |
|  | **Affiliated Investment Companies: 1.9%** | **Affiliated Investment Companies: 1.9%** | **Affiliated Investment Companies: 1.9%** |
| 227313 | Voya Emerging Markets <br> Hard Currency Debt <br> Fund - Class P | 1673026 | 0.7 |
| 427984 | Voya High Yield Bond <br> Fund - Class P | 2811853 | 1.2 |
|  | Total Mutual Funds <br> (Cost $5,309,523) | **4484879** | 1.9 |
| **PREFERRED STOCK: 0.2%** | **PREFERRED STOCK: 0.2%** | **PREFERRED STOCK: 0.2%** | **PREFERRED STOCK: 0.2%** |
|  | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** |
| 952 | Henkel AG & Co. KGaA | **65986** | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |
|  | **Financials: 0.2%** | **Financials: 0.2%** | **Financials: 0.2%** |
| 50 <sup>(12)(13)</sup> | Fannie Mae | $**362500** | 0.2 |
|  | Total Preferred Stock <br> (Cost $4,164,759) | **428486** | 0.2 |
| **PURCHASED OPTIONS <sup>(14)</sup>: 0.0%** | **PURCHASED OPTIONS <sup>(14)</sup>: 0.0%** | **PURCHASED OPTIONS <sup>(14)</sup>: 0.0%** | **PURCHASED OPTIONS <sup>(14)</sup>: 0.0%** |
|  | Total Purchased Options <br> (Cost $185,604) | **72629** | 0.0 |
|  | Total Long-Term <br> Investments <br> (Cost $240,925,598) | **221413406** | 91.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** |
|  | **Repurchase Agreements: 0.8%** | **Repurchase Agreements: 0.8%** | **Repurchase Agreements: 0.8%** |
| 1000000 <sup>(15)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 (Repurchase <br> Amount $1,000,476, <br> collateralized by various U.S. <br> Government Securities, <br> 0.000%-4.435%, Market <br> Value plus accrued <br> interest $1,020,000, due <br> 01/03/23-09/09/49) | 1000000 | 0.4 |
| 1000000 <sup>(15)</sup> | RBC Dominion Securities <br> Inc., Repurchase Agreement <br> dated 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,000,471, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 2.000%-6.000%, <br> Market Value plus accrued <br> interest $1,020,000, due <br> 09/01/24-10/20/52) | 1000000 | 0.4 |
| 1861 <sup>(15)</sup> | TD Securities (USA) LLC, <br> Repurchase Agreement <br> dated 12/30/22, 4.27%, due <br> 01/03/23 (Repurchase <br> Amount $1,862, <br> collateralized by various U.S. <br> Government Securities, <br> 0.375%-1.875%, Market <br> Value plus accrued interest <br> $1,898, due <br> 10/31/23-07/31/26) | 1861 | 0.0 |
|  | Total Repurchase <br> Agreements |  |  |
|  | Total Short-Term <br> Investments <br> (Cost $2,001,861) | **2001861** | 0.8 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
| **Total Investments in <br> Securities <br> (Cost $242,927,459)** | $**223415267** | **92.4** |
| **Assets in Excess of <br> Other Liabilities** | **18502220** | **7.6** |
| **Net Assets** | $**241917487** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(3)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(4)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(5)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(6)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(7)</sup> <br>

Represents or includes a TBA transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(8)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(9)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(10)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(11)</sup> <br>

Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(12)</sup> <br>

Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(13)</sup> <br>

Preferred Stock may be called prior to convertible date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(14)</sup> <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(15)</sup> <br>

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

Currency Abbreviations:

MXN Mexican Peso

Reference Rate Abbreviations:

SOFR30A <br>

30-day Secured Overnight Financing Rate

TSFR1M <br>

1-month CME Term Secured Overnight Financing Rate

US0001M <br>

1-month LIBOR

US0003M <br>

3-month LIBOR

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services  | $4771500 | $773977 | $— | $5545477 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary  | 7266061 | 639818 |  | 7905879 |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | 5974021 | 797912 |  | 6771933 |
| &nbsp;&nbsp;&nbsp; Energy  | 4355114 | 1066110 |  | 5421224 |
| &nbsp;&nbsp;&nbsp; Financials  | 9511782 | 3420040 |  | 12931822 |
| &nbsp;&nbsp;&nbsp; Health Care  | 14114777 | 1167718 |  | 15282495 |
| &nbsp;&nbsp;&nbsp; Industrials  | 7392820 | 1771927 |  | 9164747 |
| &nbsp;&nbsp;&nbsp; Information Technology  | 22273786 | 167091 |  | 22440877 |
| &nbsp;&nbsp;&nbsp; Materials  | 1719383 | 1100926 |  | 2820309 |
| &nbsp;&nbsp;&nbsp; Real Estate  | 3163137 | 391504 |  | 3554641 |
| &nbsp;&nbsp;&nbsp; Utilities  | 3347375 | 844472 |  | 4191847 |
| Total Common Stock | 83889756 | 12141495 |  | 96031251 |
| Exchange-Traded Funds | 372497 |  |  | 372497 |
| Mutual Funds | 4484879 |  |  | 4484879 |
| Preferred Stock |  | 428486 |  | 428486 |
| Purchased Options |  | 72629 |  | 72629 |
| Corporate Bonds/Notes |  | 27164458 |  | 27164458 |
| Collateralized Mortgage Obligations |  | 30305647 |  | 30305647 |
| Asset-Backed Securities |  | 20971039 |  | 20971039 |
| U.S. Government Agency Obligations |  | 5967743 |  | 5967743 |
| Commercial Mortgage-Backed Securities |  | 21861770 | 17163 | 21878933 |
| Sovereign Bonds |  | 2296964 |  | 2296964 |
| U.S. Treasury Obligations |  | 11438880 |  | 11438880 |
| Short-Term Investments |  | 2001861 |  | 2001861 |
| Total Investments, at fair value | $88747132 | $134650972 | $17163 | $223415267 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps |  | 191951 |  | 191951 |
| Forward Foreign Currency Contracts |  | 176332 |  | 176332 |
| Forward Premium Swaptions |  | 12797 |  | 12797 |
| Futures | 190552 |  |  | 190552 |
| Volatility Swaps |  | 5060 |  | 5060 |
| Total Assets | $88937684 | $135037112 | $17163 | $223991959 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps | $— | $(779886) | $— | $(779886) |
| Forward Foreign Currency Contracts |  | (201983) |  | (201983) |
| Forward Premium Swaptions |  | (120933) |  | (120933) |
| Futures | (187299) |  |  | (187299) |
| Written Options |  | (2085652) |  | (2085652) |
| Total Liabilities | $(187299) | $(3188454) | $— | $(3375753) |

---

^ <br>

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

+ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

# <br>

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair <br> Value at <br> 12/31/2021**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair <br> Value at <br> 12/31/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net <br> Capital Gain <br> Distributions**  |
|  Voya Emerging Markets Hard Currency Debt Fund - Class P  | $2012032 | $97789 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(436796) | $1673026 | $97789 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Voya Floating Rate Fund - Class P  | 28239002 | 1004455 | (30491113) | 1247656 |  | 1028516 | (3165661) |  |
|  Voya High Yield Bond Fund - Class P  | 2391021 | 9451680 | (8512030) | (518818) | 2811853 | 413232 | (812041) | 38453 |
|  | $32642055 | $10553924 | $(39003143) | $292042 | $4484879 | $1539537 | $(3977702) | $38453 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency Purchased**  | **Currency Sold**  | **Counterparty**  | **Settlement <br> Date**  | **Unrealized <br> Appreciation <br> (Depreciation)**  |
| USD 387,641 | GBP 320,749 | Bank of America N.A.  | 02/03/23 | $3268 |
| USD 877,875 | CAD 1,193,322  | Bank of America N.A.  | 02/03/23 | (3596) |
| CAD 1,663,520 | USD 1,217,482  | Bank of America N.A.  | 02/03/23 | 11309 |
| MXN 7,122,743 | USD 366,246 | BNP Paribas  | 01/13/23 | (1462) |
| USD 1,387,448 | AUD 2,077,096  | BNP Paribas  | 02/03/23 | (28658) |
| JPY 83,924,779 | USD 641,374 | BNP Paribas  | 02/03/23 | 862 |
| USD 1,211,314 | CAD 1,647,753  | BNP Paribas  | 02/03/23 | (5830) |
| EUR 256,164 | USD 272,912 | Citibank N.A.  | 02/03/23 | 1915 |
| USD 413,584 | GBP 343,613 | Citibank N.A.  | 02/03/23 | 1812 |
| USD 691,777 | NZD 1,089,904  | Citibank N.A.  | 02/03/23 | (536) |
| USD 1,061,139 | EUR 999,972 | Citibank N.A.  | 02/03/23 | (11690) |
| USD 653,728 | JPY 86,894,096  | Citibank N.A.  | 02/03/23 | (11231) |
| CHF 856,688 | USD 929,233 | Goldman Sachs International  | 02/03/23 | 635 |
| NZD 2,170,380 | USD 1,371,561  | Goldman Sachs International  | 02/03/23 | 7077 |
| CAD 1,656,883 | USD 1,217,267  | Goldman Sachs International  | 02/03/23 | 6621 |
| EUR 856,261 | USD 909,715 | Morgan Stanley Capital Services LLC  | 02/03/23 | 8932 |
| NOK 33,602 | USD 3,387 | Morgan Stanley Capital Services LLC  | 02/03/23 | 47 |
| NZD 995,982 | USD 632,234 | Morgan Stanley Capital Services LLC  | 02/03/23 | 420 |
| USD 1,036,732 | CAD 1,418,459  | Morgan Stanley Capital Services LLC  | 02/03/23 | (11040) |
| EUR 1,892,154 | USD 2,023,914  | Morgan Stanley Capital Services LLC  | 02/03/23 | (23055) |
| USD 629,276 | NZD 1,000,809  | Morgan Stanley Capital Services LLC  | 02/03/23 | (6443) |
| USD 987,582 | EUR 920,586 | Morgan Stanley Capital Services LLC  | 02/03/23 | 14108 |
| USD 1,009,511 | CHF 931,816 | Morgan Stanley Capital Services LLC  | 02/03/23 | (1902) |
| AUD 2,061,391 | USD 1,391,649  | Morgan Stanley Capital Services LLC  | 02/03/23 | 13750 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency Purchased**  | **Currency Sold**  | **Counterparty**  | **Settlement <br> Date**  | **Unrealized <br> Appreciation <br> (Depreciation)**  |
| USD 414,981 | EUR 389,150 | Morgan Stanley Capital Services LLC  | 02/03/23 | $(2522) |
| USD 1,603,156 | EUR 1,505,332  | Morgan Stanley Capital Services LLC  | 02/03/23 | (11852) |
| USD 551,561 | MXN 10,756,556  | Standard Chartered Bank  | 01/13/23 | 675 |
| USD 3,269 | SEK 33,936 | Standard Chartered Bank  | 02/03/23 | 11 |
| USD 60,221 | JPY 8,207,136  | Standard Chartered Bank  | 02/03/23 | (2584) |
| MXN 7,122,215 | USD 366,245 | State Street Bank and Trust Co.  | 01/13/23 | (1489) |
| USD 781,456 | MXN 15,297,676  | State Street Bank and Trust Co.  | 01/13/23 | (1998) |
| USD 1,103,424 | CHF 1,020,456  | State Street Bank and Trust Co.  | 02/03/23 | (4201) |
| USD 642,778 | JPY 84,710,513  | State Street Bank and Trust Co.  | 02/03/23 | (5471) |
| USD 924,990 | CHF 858,459 | State Street Bank and Trust Co.  | 02/03/23 | (6800) |
| AUD 2,006,567 | USD 1,348,461  | State Street Bank and Trust Co.  | 02/03/23 | 19561 |
| JPY 9,121,866 | USD 69,402 | State Street Bank and Trust Co.  | 02/03/23 | 403 |
| GBP 629,959 | USD 759,367 | State Street Bank and Trust Co.  | 02/03/23 | 2897 |
| AUD 1,080,096 | USD 720,178 | State Street Bank and Trust Co.  | 02/03/23 | 16202 |
| NZD 1,104,325 | USD 689,116 | State Street Bank and Trust Co.  | 02/03/23 | 12357 |
| USD 823,714 | GBP 684,205 | State Street Bank and Trust Co.  | 02/03/23 | (4188) |
| USD 701,410 | AUD 1,040,457  | State Street Bank and Trust Co.  | 02/03/23 | (7944) |
| EUR 559,669 | USD 597,266 | State Street Bank and Trust Co.  | 02/03/23 | 3180 |
| CHF 1,025,402 | USD 1,108,015  | State Street Bank and Trust Co.  | 02/03/23 | 4979 |
| CAD 1,563,819 | USD 1,156,934  | State Street Bank and Trust Co.  | 02/03/23 | (1789) |
| USD 187,733 | CAD 255,777 | State Street Bank and Trust Co.  | 02/03/23 | (1202) |
| USD 764,744 | GBP 629,241 | State Street Bank and Trust Co.  | 02/03/23 | 3348 |
| USD 1,108,284 | CHF 1,020,063  | State Street Bank and Trust Co.  | 02/03/23 | 14962 |
| USD 1,384,456 | AUD 2,035,825  | State Street Bank and Trust Co.  | 02/03/23 | 12925 |
| GBP 679,472 | USD 818,255 | State Street Bank and Trust Co.  | 02/03/23 | 3920 |
| CAD 1,203,875 | USD 889,388 | State Street Bank and Trust Co.  | 02/03/23 | (8519) |
| AUD 1,995,606 | USD 1,361,067  | State Street Bank and Trust Co.  | 02/03/23 | (16631) |
| USD 695,106 | NZD 1,107,103  | State Street Bank and Trust Co.  | 02/03/23 | (8132) |
| USD 674,900 | AUD 1,006,373  | State Street Bank and Trust Co.  | 02/03/23 | (11218) |
| CHF 933,383 | USD 1,005,259  | State Street Bank and Trust Co.  | 02/03/23 | 7855 |
| EUR 279,677 | USD 297,753 | State Street Bank and Trust Co.  | 02/03/23 | 2301 |
|  |  |  |  | $(25651) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| U.S. Treasury 2-Year Note | 290 | 03/31/23 | $59472656 | $(27810) |
| U.S. Treasury 5-Year Note | 311 | 03/31/23 | 33566133 | (141225) |
| U.S. Treasury Ultra 10-Year Note | 22 | 03/22/23 | 2602187 | (18264) |
|  |  |  | $95640976 | $(187299) |
| <u>Short Contracts:</u> |  |  |  |  |
| U.S. Treasury 10-Year Note | (280) | 03/22/23 | (31443125) | 92370 |
| U.S. Treasury Long Bond | (56) | 03/22/23 | (7019250) | 59512 |
| U.S. Treasury Ultra Long Bond | (23) | 03/22/23 | (3089188) | 38670 |
|  |  |  | $(41551563) | $190552 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

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

#### Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection <sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Entity/Obligation** | **Buy/Sell <br> Protection**  | **(Pay)/<br>Receive<br>Financing<br>Rate (%)<sup>(2)</sup>** | **Termination <br> Date**  | **Notional <br> Amount<sup>(3)</sup>**  | **Fair <br> Value<sup>(4)</sup>**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
|  CDX North American High Yield Index, Series 39, <br> Version 1  | Buy | (5.000) | 12/20/27 | USD 4,390,000  | $(25567) | $(78303) |
|  |  |  |  |  | $(25567) | $(78303) |

---

#### Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection <sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Entity/Obligation** | **Buy/Sell <br> Protection**  | **(Pay)/<br>Receive<br>Financing<br>Rate (%)<sup>(2)</sup>** | **Termination <br> Date**  | **Notional <br> Amount<sup>(3)</sup>**  | **Fair <br> Value<sup>(4)</sup>**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| Prudential Financial Inc. 3.50%, due 05/15/2024 | Buy | (1.000) | 12/20/24 | USD 1,140,000  | $(13434) | $16854 |
|  |  |  |  |  | $(13434) | $16854 |

---

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

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

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

Payments made quarterly.

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

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br> Floating Rate** | **Floating <br> Rate <br> Index**  | **Floating <br> Rate <br> Index <br> Payment <br> Frequency**  | **Fixed <br> Rate**  | **Fixed <br> Rate <br> Payment <br> Frequency**  | **Maturity <br> Date**  | **Notional <br> Amount**  | **Fair <br> Value**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.393% | Annual  | 08/25/24 | USD 16,000,000 | $(313910) | $(313910) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.067 | Annual  | 05/10/33 | USD 1,289,236 | (46491) | (46491) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.076 | Annual  | 05/10/33 | USD 920,882 | (32563) | (32563) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.094 | Annual  | 05/10/33 | USD 1,105,000 | (37394) | (37394) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.114 | Annual  | 05/10/33 | USD 829,000 | (26707) | (26707) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.154 | Annual  | 05/10/33 | USD 1,105,000 | (31967) | (31967) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.289 | Annual  | 05/10/33 | USD 2,026,476 | (36093) | (36093) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.345 | Annual  | 05/10/33 | USD 1,188,000 | (15663) | (15663) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.473 | Annual  | 05/10/33 | USD 1,842,013 | (4927) | (4927) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.475 | Annual  | 05/10/33 | USD 1,841,995 | (4507) | (4507) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.483 | Annual  | 05/10/33 | USD 2,762,992 | (5167) | (5167) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.105 | Annual  | 05/11/33 | USD 1,842,000 | (60626) | (60626) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.129 | Annual  | 05/11/33 | USD 920,994 | (28437) | (28437) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.172 | Annual  | 05/11/33 | USD 920,994 | (25213) | (25213) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.212 | Annual  | 05/11/33 | USD 1,105,000 | (26614) | (26614) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br> Floating Rate** | **Floating <br> Rate <br> Index**  | **Floating <br> Rate <br> Index <br> Payment <br> Frequency**  | **Fixed <br> Rate**  | **Fixed <br> Rate <br> Payment <br> Frequency**  | **Maturity <br> Date**  | **Notional <br> Amount**  | **Fair <br> Value**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| Pay | 1-day Secured Overnight Financing Rate  | Annual  | 3.456 | Annual  | 05/17/33 | USD 1,400,000 | (5304) | (5304) |
| Receive | 1-day Secured Overnight Financing Rate  | Annual  | 3.209% | Annual  | 05/10/33 | USD 2,210,000 | $53921 | $53921 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual  | 3.226 | Annual  | 05/10/33 | USD 2,284,000 | 52479 | 52479 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual  | 3.269 | Annual  | 05/10/33 | USD 1,382,000 | 26887 | 26887 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual  | 3.297 | Annual  | 05/10/33 | USD 893,000 | 15272 | 15272 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual  | 3.372 | Annual  | 05/10/33 | USD 1,474,000 | 16148 | 16148 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual  | 3.443 | Annual  | 05/17/33 | USD 1,124,000 | 5404 | 5404 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual  | 3.465 | Annual  | 05/17/33 | USD 1,658,000 | 4986 | 4986 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual  | 3.515 | Annual  | 05/17/33 | USD 1,225,000 |  |  |
|  |  |  |  |  |  |  | $(526486) | $(526486) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br> Volatility<sup>(1)</sup>** | **Reference <br> Entity**  | **Volatility <br> Strike Rate**  | **Counterparty**  | **Maturity <br> Date**  | **Currency**  | **Notional <br> Amount**  | **Fair <br> Value**  | **Unrealized <br> Appreciation <br> (Depreciation)**  |
| Receive | USD vs. CNH Spot <br> Exchange Rate  | 6.350% | Morgan Stanley <br> Capital Services LLC  | 06/16/23  | USD | 3341000  | $5060 | $5060 |
|  |  |  |  |  |  |  | $5060 | $5060 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Expiration <br> Date**  | **Exercise <br> Price**  | **Notional <br> Amount**  | **Cost**  | **Fair <br> Value**  |
| AUD/USD & USD/JPY Dual Digital | Barclays Bank PLC  | 05/30/23  | 0.60 & 125  | USD 175,000  | $3325 | $1536 |
| AUD/USD & USD/JPY Dual Digital | Goldman Sachs International  | 05/30/23  | 0.6375 & 131.5  | USD 76,000  | 4419 | 5599 |
| USD/CNH & USD/JPY Dual Digital | BNP Paribas  | 05/30/23  | 7.2 & 131.5  | USD 66,000  | 4554 | 2763 |
|  |  |  |  |  | $12298 | $9898 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Expiration <br> Date**  | **Exercise <br> Price**  | **Notional <br> Amount**  | **Cost**  | **Fair <br> Value**  |
| Call EUR vs. Put USD | BNP Paribas  | 03/16/23  | 1.080 | USD 1,755,400  | $10207 | $24167 |
| Call JPY vs. Put USD | BNP Paribas  | 02/27/25  | 107.500 | USD 855,000  | 42408 | 17487 |
| Call USD vs. Put CNH | Bank of America N.A.  | 02/07/23  | 7.500 | USD 3,494,000  | 16247 | 782 |
| Call USD vs. Put CNH | Morgan Stanley Capital Services LLC  | 02/09/23  | 7.470 | USD 6,600,000  | 33416 | 1902 |
| Call USD vs. Put JPY | Bank of America N.A.  | 09/09/32  | 140.000 | USD 1,118,300  | 19906 | 9146 |
| Call USD vs. Put JPY | BNP Paribas  | 09/09/32  | 140.000 | USD 1,118,300  | 21337 | 9146 |
| Put USD vs. Call GBP | Morgan Stanley Capital Services LLC  | 01/19/23  | 1.095 | USD 1,526,875  | 29785 | 101 |
|  |  |  |  |  | $173306 | $62731 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Expiration <br> Date**  | **Exercise <br> Price**  | **Notional <br> Amount**  | **Premiums <br> Received**  | **Fair <br> Value**  |
| Call USD vs. Put GBP | Morgan Stanley Capital Services LLC  | 01/19/23 | 1.065 | USD 1,526,875 | $20111 | $(27) |
| Call USD vs. Put JPY | Bank of America N.A.  | 09/09/27 | 140.000 | USD 1,118,300 | 31670 | (12760) |
| Call USD vs. Put JPY | BNP Paribas  | 09/09/27 | 140.000 | USD 1,118,300 | 30641 | (12760) |
| Call USD vs. Put MXN | Bank of America N.A.  | 04/26/23 | 20.600 | USD 1,527,000 | 47474 | (22780) |
| Call USD vs. Put MXN | Morgan Stanley Capital Services LLC  | 04/26/23 | 20.600 | USD 1,527,000 | 48363 | (22780) |
| Put USD vs. Call MXN | Bank of America N.A.  | 04/26/23 | 20.000 | USD 1,527,000 | 32052 | (42922) |
| Put USD vs. Call MXN | Morgan Stanley Capital Services LLC  | 04/26/23 | 20.000 | USD 1,527,000 | 30952 | (36632) |
|  |  |  |  |  | $241263 | $(150661) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Pay/<br>Receive<br>Exercise <br>Rate**  | **Exercise <br> Rate**  | **Floating <br> Rate Index**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Premiums <br> Received**  | **Fair Value**  |
|  Call on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Bank of America N.A.  | Pay | 3.880% | 1-day <br> Secured Overnight <br> Financing Rate  | 05/09/23 | USD 7,368,000  | $216527 | $(318794) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Barclays Bank PLC  | Pay | 3.790% | 1-day <br> Secured Overnight <br> Financing Rate  | 05/10/23 | USD 7,368,000  | 212567 | (282726) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Deutsche Bank AG  | Pay | 3.820% | 1-day <br> Secured Overnight <br> Financing Rate  | 05/09/23 | USD 3,684,000  | 105731 | (146961) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Goldman Sachs International  | Pay | 2.940% | 1-day <br> Secured Overnight <br> Financing Rate  | 12/15/23 | USD 1,842,000  | 68891 | (41232) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | JPMorgan Chase Bank N.A.  | Pay | 2.995% | 1-day <br> Secured Overnight <br> Financing Rate  | 06/07/23 | USD 3,684,000  | 112915 | (44944) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Morgan Stanley Capital <br> Services LLC  | Pay | 3.815% | 1-day <br> Secured Overnight <br> Financing Rate  | 05/09/23 | USD 7,368,000  | 210356 | (291896) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(3)</sup>  | Bank of America N.A.  | Receive | 3.880% | 1-day <br> Secured Overnight <br> Financing Rate  | 05/09/23 | USD 7,368,000  | 216527 | (105505) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(3)</sup>  | Barclays Bank PLC  | Receive | 3.790% | 1-day <br> Secured Overnight <br> Financing Rate  | 05/10/23 | USD 7,368,000  | 212567 | (123364) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(3)</sup>  | Deutsche Bank AG  | Receive | 3.820% | 1-day <br> Secured Overnight <br> Financing Rate  | 05/09/23 | USD 3,684,000  | 105731 | (58392) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(3)</sup>  | Goldman Sachs International  | Receive | 2.940% | 1-day <br> Secured Overnight <br> Financing Rate  | 12/15/23 | USD 1,842,000  | 68891 | (111446) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(3)</sup>  | JPMorgan Chase Bank N.A.  | Receive | 2.995% | 1-day <br> Secured Overnight <br> Financing Rate  | 06/07/23 | USD 3,684,000  | 112914 | (194436) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(3)</sup>  | Morgan Stanley Capital <br> Services LLC  | Receive | 3.815% | 1-day <br> Secured Overnight <br> Financing Rate  | 05/09/23 | USD 7,368,000  | 210356 | (117771) |
|  Put on 2-Year Interest <br> Rate Swap<sup>(3)</sup>  | JPMorgan Chase Bank N.A.  | Receive | 4.250% | 1-day <br> Secured Overnight <br> Financing Rate  | 11/15/27 | USD 8,725,000  | 85723 | (97524) |
|  |  |  |  |  |  |  | $1939696 | $(1934991) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Exercise <br> Rate<sup>(4)</sup>**  | **Pay/<br>Receive<br>Exercise <br>Rate**  | **Floating <br> Rate Index**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Premium <br> receivable/<br>(payable) at <br>expiration<sup>(5)</sup>** | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
|  Call on 30-Year Interest <br> Rate Swap  | Barclays Bank PLC  | 0.000% | Receive | 1-day <br> Secured Overnight <br> Financing Rate  | 06/14/27 | USD 1,676,000  | $293300 | $(1583) |
|  Call on 35-Year Interest <br> Rate Swap  | Barclays Bank PLC  | 0.000% | Receive | 1-day <br> Secured Overnight <br> Financing Rate  | 06/03/27 | USD 1,676,000  | 293719 | (1755) |
|  Put on 30-Year Interest <br> Rate Swap  | Barclays Bank PLC  | 0.000% | Pay | 1-day <br> Secured Overnight <br> Financing Rate  | 05/25/27 | USD 4,989,400  | 898092 | (24067) |
|  |  |  |  |  |  |  | $1485111 | $(27405) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Exercise <br> Rate<sup>(4)</sup>**  | **Pay/<br>Receive<br>Exercise <br>Rate**  | **Floating <br> Rate Index**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Premium <br> receivable/<br>(payable) at <br>expiration<sup>(5)</sup>** | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
|  Call on 1-Year Interest Rate Swap  | Deutsche Bank AG  | 2.750%  | Pay | 1-day <br> Secured Overnight <br> Financing Rate  | 06/30/27 | USD 21,591,100  | $(180376) | $12797 |
|  Put on 1-Year Interest Rate Swap  | Deutsche Bank AG  | 2.750%  | Receive | 1-day <br> Secured Overnight <br> Financing Rate  | 06/30/27 | USD 21,591,100  | (180376) | (93528) |
|  |  |  |  |  |  |  | $(360752) | $(80731) |

---

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

Payments made at maturity date.

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

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

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

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

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

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

<sup>(5)</sup> <br>

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

Currency Abbreviations

---

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

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Investments in securities at value\*  | $72629 |
| Interest rate contracts | Unrealized appreciation on OTC forward premium swaptions  | 12797 |
| Foreign exchange contracts | Unrealized appreciation on OTC swap agreements  | 5060 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts  | 176332 |
| Interest rate contracts | Variation margin receivable on futures contracts\*\*  | 190552 |
| Credit contracts | Variation margin receivable on centrally cleared swaps\*\*  | 16854 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps\*\*  | 175097 |
| **Total Asset Derivatives**  |  | $649321 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts  | $201983 |
| Interest rate contracts | Unrealized depreciation on OTC forward premium swaptions  | 120933 |
| Interest rate contracts | Variation margin payable on futures contracts\*\*  | 187299 |
| Credit contracts | Variation margin payable on centrally cleared swaps\*\*  | 78303 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps\*\*  | 701583 |
| Foreign exchange contracts | Written options, at fair value  | 150661 |
| Interest rate contracts | Written options, at fair value  | 1934991 |
| **Total Liability Derivatives**  |  | $3375753 |

---

\* <br>

Includes purchased options.

\*\* <br>

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Investments\***  | **Forward <br> foreign <br> currency <br> contracts**  | &nbsp;&nbsp; **Futures**  | &nbsp;&nbsp;&nbsp; **Swaps**  | &nbsp;&nbsp; **Written <br> options**  | &nbsp;&nbsp;&nbsp;&nbsp; **Total**  |
| Credit contracts | $— | $— | $— | $240071 | $— | $240071 |
| Equity contracts |  |  | 439 |  |  | 439 |
| Foreign exchange contracts | (83505) | (488765) |  | 38298 | 425053 | (108919) |
| Interest rate contracts | 138671 |  | (4100670) | (1013345) | 973217 | (4002127) |
| **Total**  | $55166 | $(488765) | $(4100231) | $(734976) | $1398270 | $(3870536) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Investments\***  | **Forward <br> foreign <br> currency <br> contracts**  | **Futures**  | &nbsp;&nbsp; **Swaps**  | **Written <br> options**  | &nbsp;&nbsp;&nbsp; **Total**  |
| Credit contracts | $— | $— | $— | $(68430) | $— | $(68430) |
| Equity contracts |  |  |  |  |  |  |
| Foreign exchange contracts | (112975) | 5005 |  | 21570 | 90602 | 4202 |
| Interest rate contracts | (27405) |  | 43296 | (524691) | (145809) | (654609) |
| **Total**  | $(140380) | $5005 | $43296 | $(571551) | $(55207) | $(718837) |

---

\* <br>

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

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Barclays <br> Bank <br> PLC**  | **Bank of <br> America <br> N.A.**  | **BNP <br> Paribas**  | **Brown <br> Brothers <br> Harriman**  | **Citibank <br> N.A.**  | **Deutsche <br> Bank AG**  | **Goldman <br> Sachs & <br> Co.**  | **Goldman <br> Sachs <br> International**  | **JPMorgan <br> Chase <br> Bank N.A.**  | **Morgan <br> Stanley <br> Capital <br> Services <br> LLC**  | **Standard <br> Chartered <br> Bank**  | **State <br> Street <br> Bank and <br> Trust Co.**  | **Totals**  |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Purchased options | $1536 | $9928 | $53563 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $5599 | $— | $2003 | $— | $— | $72629 |
|  Forward foreign <br> currency contracts  |  | 14577 | 862 |  | 3727 |  |  | 14333 |  | 37257 | 686 | 104890 | 176332 |
|  Forward premium swaptions  |  |  |  |  |  | 12797 |  |  |  |  |  |  | 12797 |
| Volatility Swaps |  |  |  |  |  |  |  |  |  | 5060 |  |  | 5060 |
| **Total Assets**  | $1536 | $24505 | $54425 | $— | $3727 | $12797 | $— | $19932 | $— | $44320 | $686 | $104890 | $266818 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Forward foreign <br> currency contracts  | $— | $3596 | $35950 | $— | $23457 | $— | $— | $— | $— | $56814 | $2584 | $79582 | $201983 |
|  Forward premium swaptions  | 27405 |  |  |  |  | 93528 |  |  |  |  |  |  | 120933 |
| Written options | 406090 | 502761 | 12760 |  |  | 205353 |  | 152678 | 336904 | 469106 |  |  | 2085652 |
| **Total Liabilities**  | $433495 | $506357 | $48710 | $— | $23457 | $298881 | $— | $152678 | $336904 | $525920 | $2584 | $79582 | $2408568 |
|  **Net OTC derivative instruments by counterparty, at fair value**  | $(431959) | $(481852) | $5715 | $— | $(19730) | $(286084) | $— | $(132746) | $(336904) | $(481600) | $(1898) | $25308 | (2141750) |
|  **Total collateral pledged by the Portfolio/(Received from counterparty)<sup>(2)</sup>** | $431959 | $480000 | $— | $— | $— | $286084 | $— | $— | $— | $481600 | $— | $— | $1679643 |
| **Net Exposure<sup>(1)</sup>**  | $— | $(1852) | $5715 | $— | $(19730) | $— | $— | $(132746) | $(336904) | $— | $(1898) | $25308 | $(462107) |

---

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

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

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

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio as of December 31, 2022 (continued)

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $243,257,397. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $10811093 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (33347566) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(22536473) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: 95.1%** | **CORPORATE BONDS/NOTES: 95.1%** | **CORPORATE BONDS/NOTES: 95.1%** | **CORPORATE BONDS/NOTES: 95.1%** |
|  | **Basic Materials: 5.9%** | **Basic Materials: 5.9%** | **Basic Materials: 5.9%** |
| 350000 <sup>(1)</sup> | ASP Unifrax Holdings, Inc., <br> 5.250%, 09/30/2028 | $282097 | 0.1 |
| 750000 <sup>(1)(2)</sup> | ASP Unifrax Holdings, Inc., <br> 7.500%, 09/30/2029 | 477000 | 0.1 |
| 1125000 <sup>(1)(2)</sup> | Cleveland-Cliffs, Inc., <br> 4.625%, 03/01/2029 | 1000063 | 0.2 |
| 575000 <sup>(1)(2)</sup> | Cleveland-Cliffs, Inc., <br> 4.875%, 03/01/2031 | 508551 | 0.1 |
| 1175000 <sup>(1)(2)</sup> | Coeur Mining, Inc., <br> 5.125%, 02/15/2029 | 918529 | 0.2 |
| 1225000 <sup>(1)</sup> | Consolidated Energy <br> Finance S.A., 5.625%, <br> 10/15/2028 | 1042446 | 0.3 |
| 1150000 <sup>(1)</sup> | Constellium SE, 5.625%, <br> 06/15/2028 | 1064693 | 0.3 |
| 1100000 <sup>(1)</sup> | First Quantum Minerals <br> Ltd., 6.875%, 10/15/2027 | 1034312 | 0.3 |
| 2175000 <sup>(1)</sup> | HudBay Minerals, Inc., <br> 4.500%, 04/01/2026 | 1978292 | 0.5 |
| 1225000 <sup>(1)</sup> | Illuminate Buyer LLC / <br> Illuminate Holdings IV, Inc., <br> 9.000%, 07/01/2028 | 1027593 | 0.2 |
| 1300000 <sup>(1)</sup> | INEOS Quattro Finance 2 <br> Plc, 3.375%, 01/15/2026 | 1195993 | 0.3 |
| 1600000 <sup>(1)(3)</sup> | Iris Holdings, Inc., 8.750% <br> (PIK Rate 9.500%, Cash <br> Rate 8.750%), <br> 02/15/2026 | 1376000 | 0.3 |
| 1475000 <sup>(1)</sup> | LSF11 A5 Holdco LLC, <br> 6.625%, 10/15/2029 | 1220432 | 0.3 |
| 1700000 <sup>(1)</sup> | Mativ, Inc., 6.875%, <br> 10/01/2026 | 1504279 | 0.4 |
| 1475000 <sup>(1)</sup> | Novelis Corp., 3.875%, <br> 08/15/2031 | 1206170 | 0.3 |
| 400000 <sup>(1)</sup> | Novelis Corp., 4.750%, <br> 01/30/2030 | 355528 | 0.1 |
| 1225000 <sup>(1)</sup> | Nufarm Australia Ltd. / <br> Nufarm Americas, Inc., <br> 5.000%, 01/27/2030 | 1063104 | 0.3 |
| 800000 <sup>(2)</sup> | Olin Corp., 5.000%, <br> 02/01/2030 | 731420 | 0.2 |
| 825000 | Olin Corp., 5.125%, <br> 09/15/2027 | 781044 | 0.2 |
| 1400000 <sup>(1)</sup> | Olympus Water US Holding <br> Corp., 6.250%, 10/01/2029 | 1064709 | 0.3 |
| 285000 <sup>(1)</sup> | Olympus Water US Holding <br> Corp., 7.125%, 10/01/2027 | 273257 | 0.1 |
| 1475000 <sup>(1)</sup> | Taseko Mines Ltd., <br> 7.000%, 02/15/2026 | 1298869 | 0.3 |
| 1250000 <sup>(1)</sup> | Trinseo Materials <br> Operating SCA / Trinseo <br> Materials Finance, Inc., <br> 5.125%, 04/01/2029 | 811275 | 0.2 |
| 1400000 <sup>(1)</sup> | Tronox, Inc., 4.625%, <br> 03/15/2029 | 1166375 | 0.3 |
|  |  | **23382031** | **5.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: 14.0%** | **Communications: 14.0%** | **Communications: 14.0%** |
| 1200000 <sup>(1)</sup> | Acuris Finance Us, Inc. / <br> Acuris Finance SARL, <br> 5.000%, 05/01/2028 | $963522 | 0.2 |
| 1800000 <sup>(1)(2)</sup> | Altice France Holding SA, <br> 6.000%, 02/15/2028 | 1066395 | 0.3 |
| 1700000 <sup>(1)</sup> | Altice France SA/France, <br> 5.500%, 10/15/2029 | 1299335 | 0.3 |
| 700000 <sup>(1)</sup> | Altice France SA/France, <br> 8.125%, 02/01/2027 | 639058 | 0.2 |
| 265000 | AMC Networks, Inc., <br> 4.250%, 02/15/2029 | 165510 | 0.0 |
| 1650000 <sup>(1)</sup> | Audacy Capital Corp., <br> 6.500%, 05/01/2027 | 313044 | 0.1 |
| 1600000 <sup>(1)</sup> | Beasley Mezzanine <br> Holdings LLC, 8.625%, <br> 02/01/2026 | 966000 | 0.2 |
| 1550000 <sup>(1)</sup> | CCO Holdings LLC / CCO <br> Holdings Capital Corp., <br> 4.250%, 01/15/2034 | 1147000 | 0.3 |
| 2075000 | CCO Holdings LLC / CCO <br> Holdings Capital Corp., <br> 4.500%, 05/01/2032 | 1655694 | 0.4 |
| 1150000 <sup>(1)</sup> | CCO Holdings LLC / CCO <br> Holdings Capital Corp., <br> 5.000%, 02/01/2028 | 1046724 | 0.3 |
| 1825000 <sup>(1)</sup> | CCO Holdings LLC / CCO <br> Holdings Capital Corp., <br> 5.125%, 05/01/2027 | 1705043 | 0.4 |
| 925000 <sup>(1)</sup> | Clear Channel Outdoor <br> Holdings, Inc., 7.500%, <br> 06/01/2029 | 680934 | 0.2 |
| 825000 <sup>(1)</sup> | Clear Channel Outdoor <br> Holdings, Inc., 7.750%, <br> 04/15/2028 | 603326 | 0.2 |
| 575000 <sup>(1)</sup> | CommScope Tech Finance <br> LLC, 6.000%, 06/15/2025 | 524434 | 0.1 |
| 325000 <sup>(1)</sup> | CommScope Technologies <br> LLC, 5.000%, 03/15/2027 | 221254 | 0.1 |
| 675000 <sup>(1)</sup> | CommScope, Inc., 4.750%, <br> 09/01/2029 | 545451 | 0.1 |
| 1200000 <sup>(1)</sup> | CommScope, Inc., 7.125%, <br> 07/01/2028 | 859793 | 0.2 |
| 1725000 <sup>(1)</sup> | Connect Finco SARL / <br> Connect US Finco LLC, <br> 6.750%, 10/01/2026 | 1602214 | 0.4 |
| 1875000 <sup>(1)</sup> | CSC Holdings LLC, <br> 4.625%, 12/01/2030 | 1040323 | 0.3 |
| 675000 <sup>(2)</sup> | CSC Holdings LLC, <br> 5.250%, 06/01/2024 | 629437 | 0.2 |
| 2825000 <sup>(1)</sup> | CSC Holdings LLC, <br> 5.750%, 01/15/2030 | 1599501 | 0.4 |
| 450000 <sup>(1)</sup> | CSC Holdings LLC, <br> 7.500%, 04/01/2028 | 306990 | 0.1 |
| 1200000 <sup>(1)</sup> | Directv Financing LLC / <br> Directv Financing <br> Co-Obligor, Inc., 5.875%, <br> 08/15/2027 | 1075872 | 0.3 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| 1700000 | DISH DBS Corp., 5.125%, <br> 06/01/2029 | $1099874 | 0.3 |
| 500000 <sup>(1)</sup> | DISH DBS Corp., 5.250%, <br> 12/01/2026 | 422105 | 0.1 |
| 775000 <sup>(1)</sup> | DISH DBS Corp., 5.750%, <br> 12/01/2028 | 620000 | 0.2 |
| 860000 | DISH DBS Corp., 7.375%, <br> 07/01/2028 | 609847 | 0.2 |
| 1150000 | Embarq Corp., 7.995%, <br> 06/01/2036 | 537286 | 0.1 |
| 1400000 <sup>(1)</sup> | GCI LLC, 4.750%, <br> 10/15/2028 | 1178402 | 0.3 |
| 1625000 <sup>(1)</sup> | Gray Escrow II, Inc., <br> 5.375%, 11/15/2031 | 1173957 | 0.3 |
| 500000 <sup>(1)</sup> | iHeartCommunications, <br> Inc., 5.250%, 08/15/2027 | 424332 | 0.1 |
| 1200000 <sup>(1)</sup> | ION Trading Technologies <br> Sarl, 5.750%, 05/15/2028 | 1005540 | 0.3 |
| 900000 <sup>(1)</sup> | LCPR Senior Secured <br> Financing DAC, 5.125%, <br> 07/15/2029 | 746890 | 0.2 |
| 1150000 <sup>(1)</sup> | LCPR Senior Secured <br> Financing DAC, 6.750%, <br> 10/15/2027 | 1077918 | 0.3 |
| 1340000 <sup>(1)</sup> | McGraw-Hill Education, <br> Inc., 8.000%, 08/01/2029 | 1109878 | 0.3 |
| 1475000 <sup>(1)</sup> | Millennium Escrow Corp., <br> 6.625%, 08/01/2026 | 945919 | 0.2 |
| 825000 | Netflix, Inc., 5.875%, <br> 11/15/2028 | 838225 | 0.2 |
| 1100000 | Northwestern Bell <br> Telephone, 7.750%, <br> 05/01/2030 | 1042361 | 0.3 |
| 950000 <sup>(4)</sup> | Paramount Global, <br> 6.250%, 02/28/2057 | 767404 | 0.2 |
| 1725000 <sup>(1)</sup> | Radiate Holdco LLC / <br> Radiate Finance, Inc., <br> 6.500%, 09/15/2028 | 725604 | 0.2 |
| 635000 <sup>(1)</sup> | Sinclair Television Group, <br> Inc., 4.125%, 12/01/2030 | 476905 | 0.1 |
| 860000 <sup>(1)(2)</sup> | Sinclair Television Group, <br> Inc., 5.500%, 03/01/2030 | 602744 | 0.1 |
| 2650000 <sup>(1)</sup> | Sirius XM Radio, Inc., <br> 5.000%, 08/01/2027 | 2455387 | 0.6 |
| 1375000 <sup>(1)(2)</sup> | Spanish Broadcasting <br> System, Inc., 9.750%, <br> 03/01/2026 | 792344 | 0.2 |
| 2325000 | Sprint Corp., 7.125%, <br> 06/15/2024 | 2375545 | 0.6 |
| 675000 | Sprint Corp., 7.625%, <br> 03/01/2026 | 711792 | 0.2 |
| 1375000 <sup>(1)</sup> | Stagwell Global LLC, <br> 5.625%, 08/15/2029 | 1136376 | 0.3 |
| 725000 | Telecom Italia Capital SA, <br> 6.000%, 09/30/2034 | 549068 | 0.1 |
| 825000 | Telecom Italia Capital SA, <br> 6.375%, 11/15/2033 | 676195 | 0.2 |
| 550000 <sup>(1)</sup> | Univision Communications, <br> Inc., 4.500%, 05/01/2029 | 460974 | 0.1 |
| 2250000 <sup>(1)</sup> | Univision Communications, <br> Inc., 6.625%, 06/01/2027 | 2175604 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| 1100000 <sup>(1)</sup> | Urban One, Inc., 7.375%, <br> 02/01/2028 | $| 931216 | 0.2 |
| 1250000 <sup>(1)</sup> | ViaSat, Inc., 5.625%, <br> 09/15/2025 |  | 1161710 | 0.3 |
| 250000 <sup>(1)</sup> | ViaSat, Inc., 5.625%, <br> 04/15/2027 |  | 227525 | 0.1 |
| 625000 <sup>(1)</sup> | ViaSat, Inc., 6.500%, <br> 07/15/2028 |  | 469905 | 0.1 |
| 1150000 <sup>(1)</sup> | Viavi Solutions, Inc., <br> 3.750%, 10/01/2029 |  | 968414 | 0.2 |
| 2100000 <sup>(1)</sup> | Virgin Media Vendor <br> Financing Notes IV DAC, <br> 5.000%, 07/15/2028 |  | 1838849 | 0.5 |
| 1200000 <sup>(1)</sup> | Vmed O2 UK Financing I <br> PLC, 4.750%, 07/15/2031 |  | 977166 | 0.2 |
| 2025000 <sup>(1)</sup> | Zayo Group Holdings, Inc., <br> 6.125%, 03/01/2028 |  | 1152688 | 0.3 |
|  |  |  | **55122803** | **14.0** |
|  | **Consumer, Cyclical: 23.3%** | **Consumer, Cyclical: 23.3%** | **Consumer, Cyclical: 23.3%** | **Consumer, Cyclical: 23.3%** |
| 1175000 <sup>(1)</sup> | 1011778 BC ULC / New <br> Red Finance, Inc., 4.000%, <br> 10/15/2030 |  | 953977 | 0.2 |
| 1600000 <sup>(1)</sup> | Academy Ltd., 6.000%, <br> 11/15/2027 |  | 1534089 | 0.4 |
| 1475000 <sup>(1)</sup> | Adams Homes, Inc., <br> 7.500%, 02/15/2025 |  | 1258651 | 0.3 |
| 1575000 <sup>(1)(2)</sup> | Adient Global Holdings <br> Ltd., 4.875%, 08/15/2026 |  | 1468593 | 0.4 |
| 1800000 <sup>(1)</sup> | Affinity Gaming, 6.875%, <br> 12/15/2027 |  | 1528360 | 0.4 |
| 400000 <sup>(1)</sup> | Allison Transmission, Inc., <br> 3.750%, 01/30/2031 |  | 329500 | 0.1 |
| 1425000 <sup>(1)</sup> | Allison Transmission, Inc., <br> 5.875%, 06/01/2029 |  | 1340747 | 0.3 |
| 847820 | American Airlines 2015-2 <br> Class A Pass Through <br> Trust, 4.000%, 03/22/2029 |  | 690625 | 0.2 |
| 2400000 <sup>(1)</sup> | American Airlines, Inc./<br>AAdvantage Loyalty IP <br>Ltd., 5.750%, 04/20/2029 |  | 2197826 | 0.6 |
| 1350000 <sup>(1)</sup> | Arko Corp., 5.125%, <br> 11/15/2029 |  | 1061775 | 0.3 |
| 810000 | Asbury Automotive Group, <br> Inc., 4.500%, 03/01/2028 |  | 714149 | 0.2 |
| 325000 <sup>(1)</sup> | Asbury Automotive Group, <br> Inc., 4.625%, 11/15/2029 |  | 274241 | 0.1 |
| 775000 | Asbury Automotive Group, <br> Inc., 4.750%, 03/01/2030 |  | 649215 | 0.2 |
| 1625000 | Bath & Body Works, Inc., <br> 6.750%, 07/01/2036 |  | 1431138 | 0.4 |
| 162000 <sup>(1)</sup> | Bath & Body Works, Inc., <br> 9.375%, 07/01/2025 |  | 173249 | 0.0 |
| 300000 <sup>(1)(3)</sup> | BCPE Ulysses <br> Intermediate, Inc., 7.750% <br> (PIK Rate 8.500%, Cash <br> Rate 7.750%), 04/01/2027 |  | 185748 | 0.0 |
| 1150000 <sup>(1)</sup> | Caesars Entertainment, <br> Inc., 6.250%, 07/01/2025 |  | 1119761 | 0.3 |
| 1375000 <sup>(1)</sup> | Carnival Corp., 6.000%, <br> 05/01/2029 |  | 918853 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
| 1500000 <sup>(1)</sup> | Carnival Corp., 9.875%, <br> 08/01/2027 | $1419982 | 0.4 |
| 1325000 <sup>(1)</sup> | CCM Merger, Inc., 6.375%, <br> 05/01/2026 | 1250283 | 0.3 |
| 1100000 <sup>(1)</sup> | Century Communities, Inc., <br> 3.875%, 08/15/2029 | 866305 | 0.2 |
| 950000 <sup>(1)</sup> | Cinemark USA, Inc., <br> 8.750%, 05/01/2025 | 961855 | 0.2 |
| 1025000 <sup>(1)</sup> | Crocs, Inc., 4.125%, <br> 08/15/2031 | 836631 | 0.2 |
| 1450000 <sup>(2)</sup> | Delta Air Lines 2020-1 <br> Class A Pass Through <br> Trust, 4.375%, 04/19/2028 | 1294856 | 0.3 |
| 375000 <sup>(2)</sup> | Delta Air Lines 2020-1 <br> Class A Pass Through <br> Trust, 7.375%, 01/15/2026 | 383764 | 0.1 |
| 1675000 <sup>(1)</sup> | Fertitta Entertainment <br> LLC / Fertitta <br> Entertainment Finance Co., <br> Inc., 6.750%, 01/15/2030 | 1354196 | 0.3 |
| 1150000 <sup>(1)</sup> | Foot Locker, Inc., 4.000%, <br> 10/01/2029 | 897574 | 0.2 |
| 2075000 <sup>(2)</sup> | Ford Motor Co., 6.100%, <br> 08/19/2032 | 1919961 | 0.5 |
| 1800000 | Ford Motor Credit Co. LLC, <br> 2.700%, 08/10/2026 | 1565370 | 0.4 |
| 2650000 | Ford Motor Credit Co. LLC, <br> 4.125%, 08/17/2027 | 2377832 | 0.6 |
| 1500000 | Ford Motor Credit Co. LLC, <br> 4.542%, 08/01/2026 | 1384687 | 0.3 |
| 1150000 | Ford Motor Credit Co. LLC, <br> 5.113%, 05/03/2029 | 1043970 | 0.3 |
| 850000 | Ford Motor Credit Co. LLC, <br> 5.584%, 03/18/2024 | 840692 | 0.2 |
| 1400000 <sup>(1)</sup> | Foundation Building <br> Materials, Inc., 6.000%, <br> 03/01/2029 | 1054513 | 0.3 |
| 1250000 <sup>(1)</sup> | Gap, Inc./The, 3.875%, <br> 10/01/2031 | 873856 | 0.2 |
| 800000 <sup>(1)</sup> | Golden Entertainment, Inc., <br> 7.625%, 04/15/2026 | 789757 | 0.2 |
| 1300000 <sup>(2)</sup> | Goodyear Tire & Rubber <br> Co/The, 5.250%, <br> 07/15/2031 | 1065012 | 0.3 |
| 800000 <sup>(1)</sup> | Hilton Domestic Operating <br> Co., Inc., 4.000%, <br> 05/01/2031 | 670952 | 0.2 |
| 1300000 <sup>(1)</sup> | Installed Building Products, <br> Inc., 5.750%, 02/01/2028 | 1170943 | 0.3 |
| 1575000 <sup>(1)</sup> | Interface, Inc., 5.500%, <br> 12/01/2028 | 1302582 | 0.3 |
| 2200000 <sup>(1)</sup> | International Game <br> Technology PLC, 5.250%, <br> 01/15/2029 | 2053787 | 0.5 |
| 1150000 <sup>(1)</sup> | LBM Acquisition LLC, <br> 6.250%, 01/15/2029 | 733299 | 0.2 |
| 1550000 <sup>(1)</sup> | LCM Investments Holdings <br> II LLC, 4.875%, 05/01/2029 | 1243237 | 0.3 |
| 1500000 <sup>(1)</sup> | Lions Gate Capital <br> Holdings LLC, 5.500%, <br> 04/15/2029 | 871645 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
| 400000 | M/I Homes, Inc., 3.950%, <br> 02/15/2030 | $323485 | 0.1 |
| 1125000 | M/I Homes, Inc., 4.950%, <br> 02/01/2028 | 1001295 | 0.3 |
| 575000 | Macy's Retail Holdings <br> LLC, 4.500%, 12/15/2034 | 401218 | 0.1 |
| 325000 <sup>(1)</sup> | Macy's Retail Holdings <br> LLC, 5.875%, 03/15/2030 | 282490 | 0.1 |
| 975000 <sup>(1)</sup> | Macy's Retail Holdings <br> LLC, 6.125%, 03/15/2032 | 820950 | 0.2 |
| 850000 | Mattel, Inc., 5.450%, <br> 11/01/2041 | 693278 | 0.2 |
| 1500000 <sup>(1)</sup> | Melco Resorts Finance <br> Ltd., 5.375%, 12/04/2029 | 1206135 | 0.3 |
| 1075000 | Murphy Oil USA, Inc., <br> 4.750%, 09/15/2029 | 985565 | 0.2 |
| 275000 | Murphy Oil USA, Inc., <br> 5.625%, 05/01/2027 | 267501 | 0.1 |
| 1475000 <sup>(1)</sup> | NCL Corp. Ltd., 7.750%, <br> 02/15/2029 | 1124747 | 0.3 |
| 875000 <sup>(1)</sup> | NCL Finance Ltd., 6.125%, <br> 03/15/2028 | 647037 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Penn Entertainment, Inc., <br> 4.125%, 07/01/2029 | 791304 | 0.2 |
| 900000 <sup>(1)</sup> | Penn National Gaming, <br> Inc., 5.625%, 01/15/2027 | 817488 | 0.2 |
| 2000000 <sup>(1)</sup> | PetSmart, Inc. / PetSmart <br> Finance Corp., 7.750%, <br> 02/15/2029 | 1882135 | 0.5 |
| 1550000 <sup>(1)</sup> | Real Hero Merger Sub 2, <br> Inc., 6.250%, 02/01/2029 | 1064540 | 0.3 |
| 3175000 <sup>(1)(2)</sup> | Royal Caribbean Cruises <br> Ltd., 5.375%, 07/15/2027 | 2574769 | 0.6 |
| 679000 <sup>(1)</sup> | Royal Caribbean Cruises <br> Ltd., 11.500%, 06/01/2025 | 729721 | 0.2 |
| 725000 <sup>(1)(2)</sup> | Royal Caribbean Cruises <br> Ltd., 11.625%, 08/15/2027 | 729321 | 0.2 |
| 425000 | Sands China Ltd., 5.625%, <br> 08/08/2025 | 406892 | 0.1 |
| 1000000 | Sands China Ltd., 5.900%, <br> 08/08/2028 | 937663 | 0.2 |
| 1475000 <sup>(1)</sup> | Scientific Games Holdings <br> L.P./Scientific Games US <br> FinCo, Inc., 6.625%, <br> 03/01/2030 | 1247850 | 0.3 |
| 1025000 <sup>(1)</sup> | Scientific Games <br> International, Inc., 7.000%, <br> 05/15/2028 | 979598 | 0.2 |
| 600000 <sup>(1)</sup> | Scientific Games <br> International, Inc., 8.625%, <br> 07/01/2025 | 613153 | 0.2 |
| 1300000 | Shea Homes L.P. / Shea <br> Homes Funding Corp., <br> 4.750%, 04/01/2029 | 1095179 | 0.3 |
| 1225000 <sup>(1)</sup> | Sizzling Platter LLC / <br> Sizzling Platter Finance <br> Corp., 8.500%, 11/28/2025 | 1128699 | 0.3 |
| 1525000 <sup>(1)(2)</sup> | Sonic Automotive, Inc., <br> 4.625%, 11/15/2029 | 1223062 | 0.3 |
| 450000 <sup>(1)</sup> | SRS Distribution, Inc., <br> 6.000%, 12/01/2029 | 358719 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
| 1175000 <sup>(1)</sup> | SRS Distribution, Inc., <br> 6.125%, 07/01/2029 | $| 951539 | 0.2 |
| 2190000 <sup>(1)(2)</sup> | Staples, Inc., 10.750%, <br> 04/15/2027 |  | 1580479 | 0.4 |
| 1775000 <sup>(1)</sup> | Station Casinos LLC, <br> 4.500%, 02/15/2028 |  | 1545904 | 0.4 |
| 1375000 <sup>(1)</sup> | STL Holding Co. LLC, <br> 7.500%, 02/15/2026 |  | 1218869 | 0.3 |
| 1300000 <sup>(1)</sup> | Taylor Morrison <br> Communities, Inc., 5.125%, <br> 08/01/2030 |  | 1128412 | 0.3 |
| 1325000 <sup>(1)</sup> | Tempur Sealy <br> International, Inc., 3.875%, <br> 10/15/2031 |  | 1042073 | 0.3 |
| 1175000 <sup>(1)</sup> | United Airlines 2015-1 <br> Class AA Pass Through <br> Trust, 4.625%, 04/15/2029 |  | 1025130 | 0.3 |
| 1225000 <sup>(2)</sup> | United Airlines Holdings, <br> Inc., 4.875%, 01/15/2025 |  | 1171982 | 0.3 |
| 450000 <sup>(1)</sup> | United Airlines, Inc., <br> 4.375%, 04/15/2026 |  | 417882 | 0.1 |
| 1725000 <sup>(1)(2)</sup> | Victoria's Secret & Co., <br> 4.625%, 07/15/2029 |  | 1356540 | 0.3 |
| 1710000 <sup>(1)</sup> | Viking Cruises Ltd., <br> 5.875%, 09/15/2027 |  | 1396633 | 0.4 |
| 550000 <sup>(1)</sup> | Viking Cruises Ltd., <br> 13.000%, 05/15/2025 |  | 581150 | 0.1 |
| 1375000 <sup>(1)</sup> | White Cap Buyer LLC, <br> 6.875%, 10/15/2028 |  | 1191635 | 0.3 |
| 500000 <sup>(1)(3)</sup> | White Cap Parent LLC, <br> 8.250% (PIK Rate 9.000%, <br> Cash Rate 8.250%), <br> 03/15/2026 |  | 432870 | 0.1 |
| 1150000 <sup>(1)</sup> | William Carter Co/The, <br> 5.625%, 03/15/2027 |  | 1105080 | 0.3 |
| 550000 <sup>(1)</sup> | Williams Scotsman <br> International, Inc., 4.625%, <br> 08/15/2028 |  | 497255 | 0.1 |
| 1450000 <sup>(1)</sup> | Wolverine World Wide, Inc., <br> 4.000%, 08/15/2029 |  | 1100594 | 0.3 |
| 1800000 <sup>(1)(2)</sup> | Wynn Las Vegas LLC / <br> Wynn Las Vegas Capital <br> Corp., 5.250%, 05/15/2027 |  | 1627292 | 0.4 |
|  |  |  | **91763151** | **23.3** |
|  | **Consumer, Non-cyclical: 13.6%** | **Consumer, Non-cyclical: 13.6%** | **Consumer, Non-cyclical: 13.6%** | **Consumer, Non-cyclical: 13.6%** |
| 147448 <sup>(1)</sup> | 1375209 BC Ltd., 9.000%, <br> 01/30/2028 |  | 144315 | 0.0 |
| 1375000 <sup>(1)</sup> | Acadia Healthcare Co., <br> Inc., 5.500%, 07/01/2028 |  | 1306387 | 0.3 |
| 1350000 <sup>(1)</sup> | ACCO Brands Corp., <br> 4.250%, 03/15/2029 |  | 1115505 | 0.3 |
| 1745000 <sup>(1)</sup> | ADT Security Corp./The, <br> 4.125%, 08/01/2029 |  | 1486402 | 0.4 |
| 1125000 <sup>(1)</sup> | Albertsons Cos, Inc. / <br> Safeway, Inc. / New <br> Albertsons L.P. / Albertsons <br> LLC, 3.500%, 03/15/2029 |  | 946339 | 0.2 |
| 475000 <sup>(1)</sup> | Albertsons Cos, Inc. / <br> Safeway, Inc. / New <br> Albertsons L.P. / Albertsons <br> LLC, 4.875%, 02/15/2030 |  | 424762 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 1200000 <sup>(1)</sup> | Albertsons Cos, Inc. / <br> Safeway, Inc. / New <br> Albertsons L.P. / Albertsons <br> LLC, 5.875%, 02/15/2028 | $1142880 | 0.3 |
| 400000 <sup>(1)</sup> | Allied Universal Holdco <br> LLC / Allied Universal <br> Finance Corp., 6.000%, <br> 06/01/2029 | 290824 | 0.1 |
| 300000 <sup>(1)</sup> | Allied Universal Holdco <br> LLC / Allied Universal <br> Finance Corp., 6.625%, <br> 07/15/2026 | 275118 | 0.1 |
| 1125000 <sup>(1)</sup> | Allied Universal Holdco <br> LLC / Allied Universal <br> Finance Corp., 9.750%, <br> 07/15/2027 | 981169 | 0.2 |
| 1600000 <sup>(1)</sup> | Alta Equipment Group, Inc., <br> 5.625%, 04/15/2026 | 1446688 | 0.4 |
| 1550000 <sup>(1)</sup> | AMN Healthcare, Inc., <br> 4.625%, 10/01/2027 | 1431874 | 0.4 |
| 775000 <sup>(1)</sup> | APi Escrow Corp., 4.750%, <br> 10/15/2029 | 675781 | 0.2 |
| 520000 <sup>(1)</sup> | APi Group DE, Inc., <br> 4.125%, 07/15/2029 | 431600 | 0.1 |
| 425000 <sup>(1)</sup> | Bausch Health Cos, Inc., <br> 4.875%, 06/01/2028 | 271112 | 0.1 |
| 262000 <sup>(1)</sup> | Bausch Health Cos, Inc., <br> 11.000%, 09/30/2028 | 205629 | 0.0 |
| 1150000 <sup>(1)</sup> | BellRing Brands, Inc., <br> 7.000%, 03/15/2030 | 1108054 | 0.3 |
| 1800000 <sup>(1)</sup> | Cheplapharm Arzneimittel <br> GmbH, 5.500%, <br> 01/15/2028 | 1508004 | 0.4 |
| 625000 <sup>(1)</sup> | CHS/Community Health <br> Systems, Inc., 4.750%, <br> 02/15/2031 | 454934 | 0.1 |
| 750000 <sup>(1)</sup> | CHS/Community Health <br> Systems, Inc., 5.250%, <br> 05/15/2030 | 566867 | 0.1 |
| 900000 <sup>(1)</sup> | CHS/Community Health <br> Systems, Inc., 5.625%, <br> 03/15/2027 | 773352 | 0.2 |
| 1635000 <sup>(1)</sup> | CoreLogic, Inc., 4.500%, <br> 05/01/2028 | 1256489 | 0.3 |
| 1450000 <sup>(1)</sup> | CPI CG, Inc., 8.625%, <br> 03/15/2026 | 1431712 | 0.4 |
| 475000 <sup>(1)</sup> | DaVita, Inc., 3.750%, <br> 02/15/2031 | 355564 | 0.1 |
| 1320000 <sup>(1)</sup> | DaVita, Inc., 4.625%, <br> 06/01/2030 | 1064635 | 0.3 |
| 1550000 | Encompass Health Corp., <br> 4.750%, 02/01/2030 | 1363608 | 0.3 |
| 1025000 <sup>(1)</sup> | Graham Holdings Co., <br> 5.750%, 06/01/2026 | 1008687 | 0.3 |
| 1450000 <sup>(1)</sup> | Jazz Securities DAC, <br> 4.375%, 01/15/2029 | 1294959 | 0.3 |
| 1148000 <sup>(1)</sup> | KeHE Distributors LLC / <br> KeHE Finance Corp., <br> 8.625%, 10/15/2026 | 1131526 | 0.3 |
| 1135000 <sup>(1)</sup> | Medline Borrower L.P., <br> 3.875%, 04/01/2029 | 916791 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 1500000 <sup>(1)(2)</sup> | Medline Borrower L.P., <br> 5.250%, 10/01/2029 | $1194082 | 0.3 |
| 1050000 <sup>(1)(2)</sup> | MPH Acquisition Holdings <br> LLC, 5.750%, 11/01/2028 | 700573 | 0.2 |
| 1475000 <sup>(1)</sup> | NESCO Holdings II, Inc., <br> 5.500%, 04/15/2029 | 1292542 | 0.3 |
| 850000 | New Albertsons L.P., <br> 7.450%, 08/01/2029 | 866061 | 0.2 |
| 1975000 <sup>(1)</sup> | Organon & Co. / Organon <br> Foreign Debt Co-Issuer BV, <br> 5.125%, 04/30/2031 | 1713580 | 0.4 |
| 1200000 <sup>(1)</sup> | PECF USS Intermediate <br> Holding III Corp., 8.000%, <br> 11/15/2029 | 781188 | 0.2 |
| 1019000 <sup>(1)</sup> | Picasso Finance Sub, Inc., <br> 6.125%, 06/15/2025 | 1010389 | 0.3 |
| 800000 <sup>(1)</sup> | Pilgrim's Pride Corp., <br> 4.250%, 04/15/2031 | 681600 | 0.2 |
| 775000 <sup>(1)</sup> | Post Holdings, Inc., <br> 4.625%, 04/15/2030 | 670239 | 0.2 |
| 1550000 <sup>(1)(2)</sup> | Post Holdings, Inc., <br> 5.625%, 01/15/2028 | 1461348 | 0.4 |
| 1675000 <sup>(1)</sup> | Primo Water Holdings, Inc., <br> 4.375%, 04/30/2029 | 1448492 | 0.4 |
| 1250000 <sup>(1)</sup> | Simmons Foods, Inc./<br>Simmons Prepared Foods, <br>Inc./Simmons Pet Food, <br>Inc./Simmons Feed, <br>4.625%, 03/01/2029 | 1019078 | 0.3 |
| 600000 <sup>(1)</sup> | Spectrum Brands, Inc., <br> 3.875%, 03/15/2031 | 467421 | 0.1 |
| 700000 <sup>(1)</sup> | Spectrum Brands, Inc., <br> 5.500%, 07/15/2030 | 618915 | 0.2 |
| 1090000 <sup>(1)</sup> | Teleflex, Inc., 4.250%, <br> 06/01/2028 | 996947 | 0.2 |
| 675000 <sup>(1)</sup> | Tenet Healthcare Corp., <br> 4.250%, 06/01/2029 | 585998 | 0.1 |
| 375000 <sup>(1)</sup> | Tenet Healthcare Corp., <br> 5.125%, 11/01/2027 | 349601 | 0.1 |
| 1900000 <sup>(1)(2)</sup> | Tenet Healthcare Corp., <br> 6.125%, 10/01/2028 | 1705117 | 0.4 |
| 1430000 <sup>(1)</sup> | Tenet Healthcare Corp., <br> 6.125%, 06/15/2030 | 1365014 | 0.3 |
| 1400000 | Teva Pharmaceutical <br> Finance Netherlands III BV, <br> 4.750%, 05/09/2027 | 1267210 | 0.3 |
| 1350000 <sup>(1)</sup> | Triton Water Holdings, Inc., <br> 6.250%, 04/01/2029 | 1084644 | 0.3 |
| 1450000 <sup>(1)</sup> | United Natural Foods, Inc., <br> 6.750%, 10/15/2028 | 1395523 | 0.3 |
| 385000 <sup>(2)</sup> | United Rentals North <br> America, Inc., 3.750%, <br> 01/15/2032 | 314595 | 0.1 |
| 825000 | United Rentals North <br> America, Inc., 4.875%, <br> 01/15/2028 | 783630 | 0.2 |
| 275000 | United Rentals North <br> America, Inc., 5.250%, <br> 01/15/2030 | 258873 | 0.1 |
| 1015000 <sup>(1)</sup> | United Rentals North <br> America, Inc., 6.000%, <br> 12/15/2029 | 1010610 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 750000 | Universal Health Services, <br> Inc., 2.650%, 10/15/2030 | $| 598642 | 0.1 |
| 1100000 <sup>(1)</sup> | Varex Imaging Corp., <br> 7.875%, 10/15/2027 |  | 1094874 | 0.3 |
|  |  |  | **53548353** | **13.6** |
|  | **Energy: 16.1%** | **Energy: 16.1%** | **Energy: 16.1%** | **Energy: 16.1%** |
| 1625000 <sup>(1)</sup> | Aethon United BR L.P. / <br> Aethon United Finance <br> Corp., 8.250%, 02/15/2026 |  | 1613789 | 0.4 |
| 850000 <sup>(1)</sup> | Antero Midstream Partners <br> L.P. / Antero Midstream <br> Finance Corp., 5.375%, <br> 06/15/2029 |  | 778251 | 0.2 |
| 1075000 <sup>(1)</sup> | Antero Midstream Partners <br> L.P. / Antero Midstream <br> Finance Corp., 5.750%, <br> 03/01/2027 |  | 1018108 | 0.3 |
| 1250000 <sup>(1)</sup> | Antero Resources Corp., <br> 5.375%, 03/01/2030 |  | 1160575 | 0.3 |
| 190000 <sup>(1)</sup> | Antero Resources Corp., <br> 7.625%, 02/01/2029 |  | 191302 | 0.1 |
| 950000 | Apache Corp., 5.100%, <br> 09/01/2040 |  | 789419 | 0.2 |
| 745000 | Apache Corp., 5.250%, <br> 02/01/2042 |  | 613432 | 0.2 |
| 1400000 <sup>(1)</sup> | Archrock Partners L.P. / <br> Archrock Partners Finance <br> Corp., 6.250%, 04/01/2028 |  | 1283292 | 0.3 |
| 500000 <sup>(1)</sup> | Archrock Partners L.P. / <br> Archrock Partners Finance <br> Corp., 6.875%, 04/01/2027 |  | 478122 | 0.1 |
| 1475000 <sup>(1)</sup> | Ascent Resources Utica <br> Holdings LLC / ARU <br> Finance Corp., 5.875%, <br> 06/30/2029 |  | 1317072 | 0.3 |
| 1400000 <sup>(1)</sup> | Atlantica Sustainable <br> Infrastructure PLC, <br> 4.125%, 06/15/2028 |  | 1244046 | 0.3 |
| 1150000 <sup>(1)(2)</sup> | Baytex Energy Corp., <br> 8.750%, 04/01/2027 |  | 1171994 | 0.3 |
| 1700000 <sup>(1)</sup> | Chesapeake Energy Corp., <br> 6.750%, 04/15/2029 |  | 1657415 | 0.4 |
| 1300000 <sup>(1)</sup> | Chord Energy Corp., <br> 6.375%, 06/01/2026 |  | 1267916 | 0.3 |
| 1175000 <sup>(1)</sup> | CNX Midstream Partners <br> LP, 4.750%, 04/15/2030 |  | 965809 | 0.2 |
| 1475000 <sup>(1)</sup> | Colgate Energy Partners III <br> LLC, 5.875%, 07/01/2029 |  | 1268737 | 0.3 |
| 1625000 <sup>(1)</sup> | Comstock Resources, Inc., <br> 5.875%, 01/15/2030 |  | 1399125 | 0.4 |
| 1825000 <sup>(1)</sup> | Crescent Energy Finance <br> LLC, 7.250%, 05/01/2026 |  | 1722097 | 0.4 |
| 1825000 <sup>(1)</sup> | Crestwood Midstream <br> Partners L.P. / Crestwood <br> Midstream Finance Corp., <br> 6.000%, 02/01/2029 |  | 1677094 | 0.4 |
| 475000 | DCP Midstream Operating <br> L.P., 5.375%, 07/15/2025 |  | 471357 | 0.1 |
| 915000 | Delek Logistics Partners <br> L.P. / Delek Logistics <br> Finance Corp., 6.750%, <br> 05/15/2025 |  | 885391 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| 950000 <sup>(1)</sup> | Delek Logistics Partners <br> L.P. / Delek Logistics <br> Finance Corp., 7.125%, <br> 06/01/2028 | $858154 | 0.2 |
| 625000 <sup>(1)</sup> | DT Midstream, Inc., <br> 4.125%, 06/15/2029 | 538147 | 0.1 |
| 1100000 <sup>(1)</sup> | DT Midstream, Inc., <br> 4.375%, 06/15/2031 | 924275 | 0.2 |
| 1375000 <sup>(1)</sup> | Earthstone Energy <br> Holdings LLC, 8.000%, <br> 04/15/2027 | 1317112 | 0.3 |
| 1450000 <sup>(1)</sup> | Encino Acquisition <br> Partners Holdings LLC, <br> 8.500%, 05/01/2028 | 1327163 | 0.3 |
| 625000 <sup>(1)</sup> | Enerflex Ltd., 9.000%, <br> 10/15/2027 | 624106 | 0.2 |
| 2250000 | EnLink Midstream LLC, <br> 5.375%, 06/01/2029 | 2085656 | 0.5 |
| 1350000 <sup>(1)</sup> | Enviva Partners L.P. / <br> Enviva Partners Finance <br> Corp., 6.500%, 01/15/2026 | 1273617 | 0.3 |
| 500000 | EQM Midstream Partners <br> L.P., 5.500%, 07/15/2028 | 447976 | 0.1 |
| 212000 <sup>(1)</sup> | EQM Midstream Partners <br> L.P., 6.000%, 07/01/2025 | 204944 | 0.1 |
| 925000 <sup>(1)</sup> | Hess Midstream <br> Operations L.P., 4.250%, <br> 02/15/2030 | 792051 | 0.2 |
| 850000 <sup>(1)</sup> | Hess Midstream <br> Operations L.P., 5.125%, <br> 06/15/2028 | 787497 | 0.2 |
| 400000 <sup>(1)</sup> | Hess Midstream <br> Operations L.P., 5.500%, <br> 10/15/2030 | 366482 | 0.1 |
| 700000 <sup>(1)</sup> | Hilcorp Energy I L.P. / <br> Hilcorp Finance Co., <br> 5.750%, 02/01/2029 | 624058 | 0.2 |
| 725000 <sup>(1)</sup> | Hilcorp Energy I L.P. / <br> Hilcorp Finance Co., <br> 6.000%, 04/15/2030 | 653406 | 0.2 |
| 900000 <sup>(1)</sup> | Hilcorp Energy I L.P. / <br> Hilcorp Finance Co., <br> 6.000%, 02/01/2031 | 779678 | 0.2 |
| 1575000 <sup>(1)</sup> | Howard Midstream Energy <br> Partners LLC, 6.750%, <br> 01/15/2027 | 1511679 | 0.4 |
| 1755000 <sup>(1)</sup> | Kinetik Holdings L.P., <br> 5.875%, 06/15/2030 | 1648178 | 0.4 |
| 1850000 <sup>(1)</sup> | Moss Creek Resources <br> Holdings, Inc., 7.500%, <br> 01/15/2026 | 1670846 | 0.4 |
| 775000 | Murphy Oil Corp., 5.875%, <br> 12/01/2027 | 747108 | 0.2 |
| 1325000 | Murphy Oil Corp., 6.375%, <br> 07/15/2028 | 1277273 | 0.3 |
| 1240000 <sup>(1)</sup> | Nabors Industries Ltd., <br> 7.500%, 01/15/2028 | 1136430 | 0.3 |
| 590000 | Nabors Industries, Inc., <br> 5.100%, 09/15/2023 | 581002 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| 500000 <sup>(1)</sup> | Nabors Industries, Inc., <br> 7.375%, 05/15/2027 | $| 484925 | 0.1 |
| 725000 | Occidental Petroleum <br> Corp., 4.625%, 06/15/2045 |  | 586907 | 0.2 |
| 1825000 | Occidental Petroleum <br> Corp., 5.500%, 12/01/2025 |  | 1821350 | 0.5 |
| 2500000 | Occidental Petroleum <br> Corp., 6.625%, 09/01/2030 |  | 2589088 | 0.7 |
| 1150000 | Occidental Petroleum <br> Corp., 8.500%, 07/15/2027 |  | 1240305 | 0.3 |
| 2525000 | Southwestern Energy Co., <br> 5.375%, 02/01/2029 |  | 2344475 | 0.6 |
| 1400000 <sup>(1)</sup> | SunCoke Energy, Inc., <br> 4.875%, 06/30/2029 |  | 1203563 | 0.3 |
| 480000 | Sunoco L.P. / Sunoco <br> Finance Corp., 4.500%, <br> 05/15/2029 |  | 420550 | 0.1 |
| 1225000 | Sunoco L.P. / Sunoco <br> Finance Corp., 4.500%, <br> 04/30/2030 |  | 1065015 | 0.3 |
| 650000 <sup>(1)</sup> | Tallgrass Energy Partners <br> L.P. / Tallgrass Energy <br> Finance Corp., 5.500%, <br> 01/15/2028 |  | 577473 | 0.2 |
| 825000 <sup>(1)</sup> | Tallgrass Energy Partners <br> L.P. / Tallgrass Energy <br> Finance Corp., 7.500%, <br> 10/01/2025 |  | 833724 | 0.2 |
| 1115625 <sup>(1)</sup> | Transocean Poseidon Ltd., <br> 6.875%, 02/01/2027 |  | 1087400 | 0.3 |
| 850000 <sup>(1)</sup> | Transocean, Inc., 7.500%, <br> 01/15/2026 |  | 716907 | 0.2 |
| 1825000 <sup>(1)(2)</sup> | Weatherford International <br> Ltd., 8.625%, 04/30/2030 |  | 1755820 | 0.4 |
| 1800000 | Western Midstream <br> Operating L.P., 5.450%, <br> 04/01/2044 |  | 1498491 | 0.4 |
|  |  |  | **63377174** | **16.1** |
|  | **Financial: 7.8%** | **Financial: 7.8%** | **Financial: 7.8%** | **Financial: 7.8%** |
| 1400000 | Ally Financial, Inc., <br> 5.750%, 11/20/2025 |  | 1357721 | 0.3 |
| 1150000 <sup>(1)</sup> | Aretec Escrow Issuer, Inc., <br> 7.500%, 04/01/2029 |  | 951577 | 0.2 |
| 1500000 <sup>(1)</sup> | BroadStreet Partners, Inc., <br> 5.875%, 04/15/2029 |  | 1278572 | 0.3 |
| 1250000 <sup>(1)</sup> | Burford Capital Global <br> Finance LLC, 6.875%, <br> 04/15/2030 |  | 1118115 | 0.3 |
| 1550000 <sup>(1)</sup> | Cushman & Wakefield US <br> Borrower LLC, 6.750%, <br> 05/15/2028 |  | 1481994 | 0.4 |
| 545000 <sup>(1)</sup> | Freedom Mortgage Corp., <br> 6.625%, 01/15/2027 |  | 424828 | 0.1 |
| 675000 <sup>(1)</sup> | Freedom Mortgage Corp., <br> 7.625%, 05/01/2026 |  | 564101 | 0.1 |
| 1075000 <sup>(1)</sup> | Freedom Mortgage Corp., <br> 8.250%, 04/15/2025 |  | 968636 | 0.3 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 1525000 <sup>(1)</sup> | Ladder Capital Finance <br> Holdings LLLP / Ladder <br> Capital Finance Corp., <br> 4.750%, 06/15/2029 | $1233466 | 0.3 |
| 1500000 <sup>(1)</sup> | LPL Holdings, Inc., <br> 4.000%, 03/15/2029 | 1307175 | 0.3 |
| 650000 <sup>(1)</sup> | Midcap Financial Issuer <br> Trust, 5.625%, 01/15/2030 | 527260 | 0.1 |
| 1100000 <sup>(1)</sup> | Midcap Financial Issuer <br> Trust, 6.500%, 05/01/2028 | 947611 | 0.2 |
| 1070000 <sup>(2)</sup> | MPT Operating Partnership <br> L.P. / MPT Finance Corp., <br> 4.625%, 08/01/2029 | 817892 | 0.2 |
| 1125000 <sup>(2)</sup> | MPT Operating Partnership <br> L.P. / MPT Finance Corp., <br> 5.000%, 10/15/2027 | 948105 | 0.2 |
| 1525000 <sup>(1)</sup> | Nationstar Mortgage <br> Holdings, Inc., 5.125%, <br> 12/15/2030 | 1179866 | 0.3 |
| 1675000 | Navient Corp., 4.875%, <br> 03/15/2028 | 1379928 | 0.4 |
| 900000 | Navient Corp., 5.000%, <br> 03/15/2027 | 789447 | 0.2 |
| 325000 | Navient Corp., 7.250%, <br> 09/25/2023 | 325749 | 0.1 |
| 575000 <sup>(2)</sup> | OneMain Finance Corp., <br> 4.000%, 09/15/2030 | 429781 | 0.1 |
| 2100000 | OneMain Finance Corp., <br> 5.375%, 11/15/2029 | 1721077 | 0.4 |
| 1675000 <sup>(1)</sup> | Park Intermediate Holdings <br> LLC / PK Domestic <br> Property LLC / PK Finance <br> Co-Issuer, 5.875%, <br> 10/01/2028 | 1521061 | 0.4 |
| 1325000 <sup>(1)</sup> | PRA Group, Inc., 5.000%, <br> 10/01/2029 | 1095073 | 0.3 |
| 325000 <sup>(1)</sup> | Realogy Group LLC / <br> Realogy Co-Issuer Corp., <br> 5.250%, 04/15/2030 | 237513 | 0.1 |
| 1550000 <sup>(1)</sup> | Realogy Group LLC / <br> Realogy Co-Issuer Corp., <br> 5.750%, 01/15/2029 | 1174419 | 0.3 |
| 1225000 <sup>(1)</sup> | RLJ Lodging Trust L.P., <br> 4.000%, 09/15/2029 | 994835 | 0.3 |
| 1900000 <sup>(1)</sup> | United Wholesale <br> Mortgage LLC, 5.750%, <br> 06/15/2027 | 1638391 | 0.4 |
| 625000 <sup>(1)</sup> | Uniti Group L.P. / Uniti <br> Fiber Holdings, Inc. / CSL <br> Capital LLC, 6.000%, <br> 01/15/2030 | 396299 | 0.1 |
| 1000000 <sup>(1)</sup> | Uniti Group L.P. / Uniti <br> Group Finance, Inc. / CSL <br> Capital LLC, 6.500%, <br> 02/15/2029 | 664370 | 0.2 |
| 1100000 <sup>(1)</sup> | VICI Properties L.P. / VICI <br> Note Co., Inc., 3.750%, <br> 02/15/2027 | 1000312 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 1350000 <sup>(1)(2)</sup> | VistaJet Malta Finance <br> PLC / XO Management <br> Holding, Inc., 6.375%, <br> 02/01/2030 | $| 1084219 | 0.3 |
| 1315000 <sup>(1)</sup> | XHR L.P., 4.875%, <br> 06/01/2029 |  | 1078861 | 0.3 |
|  |  |  | **30638254** | **7.8** |
|  | **Industrial: 10.3%** | **Industrial: 10.3%** | **Industrial: 10.3%** | **Industrial: 10.3%** |
| 1750000 <sup>(1)(3)</sup> | ARD Finance SA, 6.500% <br> (PIK Rate 7.250%, Cash <br> Rate 6.500%), 06/30/2027 |  | 1219947 | 0.3 |
| 700000 | Ball Corp., 3.125%, <br> 09/15/2031 |  | 563101 | 0.1 |
| 615000 | Ball Corp., 6.875%, <br> 03/15/2028 |  | 632509 | 0.2 |
| 750000 <sup>(1)(2)</sup> | Bombardier, Inc., 7.875%, <br> 04/15/2027 |  | 729027 | 0.2 |
| 1575000 <sup>(1)</sup> | Brundage-Bone Concrete <br> Pumping Holdings, Inc., <br> 6.000%, 02/01/2026 |  | 1437811 | 0.4 |
| 1150000 <sup>(1)</sup> | Builders FirstSource, Inc., <br> 5.000%, 03/01/2030 |  | 1020865 | 0.3 |
| 1750000 <sup>(1)</sup> | Cargo Aircraft <br> Management, Inc., 4.750%, <br> 02/01/2028 |  | 1591030 | 0.4 |
| 1830000 <sup>(1)</sup> | Cascades, Inc./Cascades <br> USA, Inc., 5.375%, <br> 01/15/2028 |  | 1606444 | 0.4 |
| 1395000 <sup>(1)</sup> | Chart Industries, Inc., <br> 7.500%, 01/01/2030 |  | 1404123 | 0.4 |
| 370000 <sup>(1)</sup> | Chart Industries, Inc., <br> 9.500%, 01/01/2031 |  | 379922 | 0.1 |
| 1625000 <sup>(1)</sup> | Fortress Transportation <br> and Infrastructure Investors <br> LLC, 5.500%, 05/01/2028 |  | 1388449 | 0.3 |
| 1525000 <sup>(1)</sup> | GFL Environmental, Inc., <br> 4.000%, 08/01/2028 |  | 1305880 | 0.3 |
| 775000 <sup>(1)</sup> | GFL Environmental, Inc., <br> 4.375%, 08/15/2029 |  | 657762 | 0.2 |
| 550000 <sup>(1)</sup> | Global Infrastructure <br> Solutions, Inc., 5.625%, <br> 06/01/2029 |  | 432145 | 0.1 |
| 675000 <sup>(1)</sup> | Global Infrastructure <br> Solutions, Inc., 7.500%, <br> 04/15/2032 |  | 535207 | 0.1 |
| 1175000 <sup>(1)</sup> | GrafTech Finance, Inc., <br> 4.625%, 12/15/2028 |  | 966664 | 0.2 |
| 1350000 <sup>(1)</sup> | Graham Packaging Co., <br> Inc., 7.125%, 08/15/2028 |  | 1128563 | 0.3 |
| 1275000 <sup>(1)</sup> | Granite US Holdings Corp., <br> 11.000%, 10/01/2027 |  | 1345393 | 0.3 |
| 200000 | Howmet Aerospace, Inc., <br> 5.125%, 10/01/2024 |  | 198208 | 0.0 |
| 1050000 | Howmet Aerospace, Inc., <br> 5.900%, 02/01/2027 |  | 1045810 | 0.3 |
| 1600000 <sup>(1)</sup> | Imola Merger Corp., <br> 4.750%, 05/15/2029 |  | 1391406 | 0.4 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
| 750000 <sup>(1)(3)</sup> | Intelligent Packaging <br> Holdco Issuer LP, 9.000% <br> (PIK Rate 9.750%, Cash <br> Rate 9.000%), 01/15/2026 | $| 527861 | 0.1 |
| 1475000 <sup>(1)</sup> | Intelligent Packaging Ltd. <br> Finco, Inc. / Intelligent <br> Packaging Ltd. Co-Issuer <br> LLC, 6.000%, 09/15/2028 |  | 1192494 | 0.3 |
| 1050000 <sup>(1)</sup> | Koppers, Inc., 6.000%, <br> 02/15/2025 |  | 999159 | 0.3 |
| 1625000 <sup>(1)</sup> | New Enterprise Stone & <br> Lime Co., Inc., 9.750%, <br> 07/15/2028 |  | 1506724 | 0.4 |
| 1350000 <sup>(1)</sup> | PGT Innovations, Inc., <br> 4.375%, 10/01/2029 |  | 1131999 | 0.3 |
| 1075000 <sup>(1)</sup> | Roller Bearing Co. of <br> America, Inc., 4.375%, <br> 10/15/2029 |  | 930896 | 0.2 |
| 400000 <sup>(1)</sup> | Rolls-Royce PLC, 3.625%, <br> 10/14/2025 |  | 370000 | 0.1 |
| 1300000 <sup>(1)</sup> | Rolls-Royce PLC, 5.750%, <br> 10/15/2027 |  | 1240369 | 0.3 |
| 1750000 <sup>(1)</sup> | Sealed Air Corp., 4.000%, <br> 12/01/2027 |  | 1590500 | 0.4 |
| 450000 <sup>(1)</sup> | Sensata Technologies BV, <br> 5.000%, 10/01/2025 |  | 440249 | 0.1 |
| 1550000 <sup>(1)</sup> | Sensata Technologies, <br> Inc., 3.750%, 02/15/2031 |  | 1277471 | 0.3 |
| 1500000 <sup>(1)</sup> | Standard Industries, <br> Inc./NJ, 3.375%, <br> 01/15/2031 |  | 1131882 | 0.3 |
| 825000 <sup>(1)</sup> | Standard Industries, <br> Inc./NJ, 4.375%, <br> 07/15/2030 |  | 674033 | 0.2 |
| 1300000 <sup>(1)</sup> | Stevens Holding Co., Inc., <br> 6.125%, 10/01/2026 |  | 1305486 | 0.3 |
| 1025000 <sup>(1)</sup> | Summit Materials LLC / <br> Summit Materials Finance <br> Corp., 5.250%, 01/15/2029 |  | 956120 | 0.2 |
| 725000 <sup>(1)</sup> | Summit Materials LLC / <br> Summit Materials Finance <br> Corp., 6.500%, 03/15/2027 |  | 711726 | 0.2 |
| 900000 | TransDigm, Inc., 4.625%, <br> 01/15/2029 |  | 792922 | 0.2 |
| 825000 | TransDigm, Inc., 5.500%, <br> 11/15/2027 |  | 776391 | 0.2 |
| 1125000 | TransDigm, Inc., 6.375%, <br> 06/15/2026 |  | 1096217 | 0.3 |
| 1250000 <sup>(1)</sup> | Weekley Homes LLC / <br> Weekley Finance Corp., <br> 4.875%, 09/15/2028 |  | 1052551 | 0.3 |
|  |  |  | **40685316** | **10.3** |
|  | **Technology: 2.8%** | **Technology: 2.8%** | **Technology: 2.8%** | **Technology: 2.8%** |
| 950000 | CDW LLC / CDW Finance <br> Corp., 3.276%, 12/01/2028 |  | 815133 | 0.2 |
| 150000 | CDW LLC / CDW Finance <br> Corp., 4.125%, 05/01/2025 |  | 145920 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
| 1500000 <sup>(1)</sup> | Condor Merger Sub, Inc., <br> 7.375%, 02/15/2030 | $| 1208724 | 0.3 |
| 1150000 <sup>(1)</sup> | Consensus Cloud <br> Solutions, Inc., 6.500%, <br> 10/15/2028 |  | 1059229 | 0.3 |
| 665000 <sup>(1)</sup> | Entegris Escrow Corp., <br> 6.950%, 06/15/2030 |  | 614128 | 0.1 |
| 475000 <sup>(1)(2)</sup> | Entegris, Inc., 3.625%, <br> 05/01/2029 |  | 387375 | 0.1 |
| 2100000 <sup>(1)</sup> | NCR Corp., 5.125%, <br> 04/15/2029 |  | 1760027 | 0.4 |
| 575000 <sup>(1)</sup> | Open Text Corp., 3.875%, <br> 12/01/2029 |  | 463239 | 0.1 |
| 700000 <sup>(1)</sup> | Open Text Corp., 6.900%, <br> 12/01/2027 |  | 700910 | 0.2 |
| 1150000 <sup>(1)</sup> | Open Text Holdings, Inc., <br> 4.125%, 02/15/2030 |  | 924531 | 0.2 |
| 1300000 <sup>(1)</sup> | Playtika Holding Corp., <br> 4.250%, 03/15/2029 |  | 1022125 | 0.3 |
| 1425000 <sup>(1)</sup> | Rackspace Technology <br> Global, Inc., 5.375%, <br> 12/01/2028 |  | 623404 | 0.2 |
| 540000 <sup>(1)</sup> | Veritas US, Inc. / Veritas <br> Bermuda Ltd., 7.500%, <br> 09/01/2025 |  | 373069 | 0.1 |
| 1375000 <sup>(1)</sup> | Virtusa Corp., 7.125%, <br> 12/15/2028 |  | 1049844 | 0.3 |
|  |  |  | **11147658** | **2.8** |
|  | **Utilities: 1.3%** | **Utilities: 1.3%** | **Utilities: 1.3%** | **Utilities: 1.3%** |
| 245000 <sup>(1)</sup> | Clearway Energy <br> Operating LLC, 3.750%, <br> 01/15/2032 |  | 197312 | 0.1 |
| 1150000 <sup>(1)(2)</sup> | Clearway Energy <br> Operating LLC, 4.750%, <br> 03/15/2028 |  | 1063170 | 0.3 |
| 1350000 <sup>(1)</sup> | Drax Finco PLC, 6.625%, <br> 11/01/2025 |  | 1292255 | 0.3 |
| 790000 | TransAlta Corp., 7.750%, <br> 11/15/2029 |  | 807875 | 0.2 |
| 550000 <sup>(1)</sup> | Vistra Operations Co. LLC, <br> 5.500%, 09/01/2026 |  | 530776 | 0.1 |
| 1125000 <sup>(1)</sup> | Vistra Operations Co. LLC, <br> 5.625%, 02/15/2027 |  | 1069720 | 0.3 |
|  |  |  | **4961108** | **1.3** |
|  | Total Corporate <br> Bonds/Notes <br> (Cost $430,556,311) |  | **374625848** | 95.1 |
| **BANK LOANS: 0.5%** | **BANK LOANS: 0.5%** | **BANK LOANS: 0.5%** | **BANK LOANS: 0.5%** | **BANK LOANS: 0.5%** |
|  | **Consumer, Cyclical: 0.2%** | **Consumer, Cyclical: 0.2%** | **Consumer, Cyclical: 0.2%** | **Consumer, Cyclical: 0.2%** |
| 1000000 | Hilton Worldwide Finance, <br> LLC 2019 Term Loan B2, <br> 5.766%, (US0001M + <br> 1.750%), 06/22/2026 |  | **970204** | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Electronics/Electrical: 0.3%** | **Electronics/Electrical: 0.3%** | **Electronics/Electrical: 0.3%** |
| 1300000 | AP Core Holdings II, LLC <br> High-Yield Term Loan B2, <br> 9.884%, (US0001M + <br> 5.500%), 09/01/2027 | $**1176175** | 0.3 |
|  | Total Bank Loans <br> (Cost $2,258,174) | **2146379** | 0.5 |
| **CONVERTIBLE BONDS/NOTES: 0.1%** | **CONVERTIBLE BONDS/NOTES: 0.1%** | **CONVERTIBLE BONDS/NOTES: 0.1%** | **CONVERTIBLE BONDS/NOTES: 0.1%** |
|  | **Communications: 0.1%** | **Communications: 0.1%** | **Communications: 0.1%** |
| 350000 | DISH Network Corp., <br> 3.375%, 08/15/2026 | **220150** | 0.1 |
|  | **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** |
| 499200 <sup>(1)(5)</sup> | Lehman Brothers Holdings, <br> Inc., 8.160%, 05/30/2009 | **1550** | 0.0 |
|  | Total Convertible <br> Bonds/Notes <br> (Cost $797,904) | **221700** | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 0.3%** | **COMMON STOCK: 0.3%** | **COMMON STOCK: 0.3%** | **COMMON STOCK: 0.3%** |
|  | **Consumer Discretionary: —%** | **Consumer Discretionary: —%** | **Consumer Discretionary: —%** |
| 1476 <sup>(1)(6)(7)</sup> | Perseus Holding Corp. | **—** | **—**  |
|  | **Consumer Staples: 0.3%** | **Consumer Staples: 0.3%** | **Consumer Staples: 0.3%** |
| 54000 <sup>(6)</sup> | Southeastern Grocers, Inc.  | **1147500** | 0.3 |
|  | **Energy: 0.0%** | **Energy: 0.0%** | **Energy: 0.0%** |
| 2 <sup>(7)</sup> | Amplify Energy Corp. | 18 | 0.0 |
| 424441 <sup>(6)(7)</sup> | Ascent Resources - Utica <br> LLC | 5093 | 0.0 |
|  |  | **5111** | **0.0** |
|  | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 26 <sup>(7)</sup> | Option Care Health, Inc. | **782** | 0.0 |
|  | **Information Technology: —%** | **Information Technology: —%** | **Information Technology: —%** |
| 1 <sup>(7)</sup> | Avaya Holdings Corp. | **—** | **—**  |
|  | Total Common Stock <br> (Cost $391,080) | **&nbsp;&nbsp;&nbsp;&nbsp;1153393** | 0.3 |
| **PREFERRED STOCK: —%** | **PREFERRED STOCK: —%** | **PREFERRED STOCK: —%** | **PREFERRED STOCK: —%** |
|  | **Consumer Discretionary: —%** | **Consumer Discretionary: —%** | **Consumer Discretionary: —%** |
| 775 <sup>(1)(6)(7)</sup> | Perseus Holding Corp. | **—** | **—**  |
|  | Total Preferred Stock <br> (Cost $—) | **—** | **—**  |
| **WARRANTS: —%** | **WARRANTS: —%** | **WARRANTS: —%** | **WARRANTS: —%** |
|  | **Health Care: —%** | **Health Care: —%** | **Health Care: —%** |
| 126 <sup>(6)(7)</sup> | Option Care Health, Inc. - <br> Class A |  | —  |
| 126 <sup>(6)(7)</sup> | Option Care Health, Inc. - <br> Class B |  | —  |
|  | Total Warrants <br> (Cost $—) | **—** | **—**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **OTHER <sup>(8)</sup>: —%** | **OTHER <sup>(8)</sup>: —%** | **OTHER <sup>(8)</sup>: —%** | **OTHER <sup>(8)</sup>: —%** |
|  | **Energy: —%** | **Energy: —%** | **Energy: —%** |
| 2000 <sup>(6)(9)</sup> | Green Field Energy <br> Services, Inc. (Escrow) | $**—** | **—**  |
|  | Total Other <br> (Cost $—) | **—** | **—**  |
|  | Total Long-Term <br> Investments <br> (Cost $434,003,469) | **378147320** | 96.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 9.1%** | **SHORT-TERM INVESTMENTS: 9.1%** | **SHORT-TERM INVESTMENTS: 9.1%** | **SHORT-TERM INVESTMENTS: 9.1%** |
|  | **Commercial Paper: 2.2%** | **Commercial Paper: 2.2%** | **Commercial Paper: 2.2%** |
| 1730000 | American Electric Power <br> Co., Inc., 5.100%, <br> 01/11/2023 | 1727347 | 0.4 |
| 1400000 | Consolidated Edison Inc., <br> 4.940%, 02/02/2023 | 1393773 | 0.4 |
| 1200000 | Dominion Resources, Inc., <br> 4.900%, 01/30/2023 | 1195190 | 0.3 |
| 1400000 | Dominion Resources, Inc., <br> 4.910%, 02/06/2023 | 1393065 | 0.3 |
| 275000 | Mondelez International, <br> Inc., 5.550%, 01/03/2023 | 274861 | 0.1 |
| 1900000 | Waste Management, Inc., <br> 5.120%, 01/10/2023 | 1897337 | 0.5 |
| 800000 | Waste Management, Inc., <br> 5.550%, 02/13/2023 | 795255 | 0.2 |
|  | Total Commercial Paper <br> (Cost $8,678,816) | **8676828** | 2.2 |
|  | **Repurchase Agreements: 6.9%** | **Repurchase Agreements: 6.9%** | **Repurchase Agreements: 6.9%** |
| 6350000 <sup>(10)</sup> | Cantor Fitzgerald <br> Securities, Repurchase <br> Agreement dated 12/30/22, <br> 4.30%, due 01/03/23 <br> (Repurchase Amount <br> $6,352,992, collateralized <br> by various U.S. <br> Government/U.S. <br> Government Agency <br> Obligations, <br> 0.000%-9.000%, Market <br> Value plus accrued <br> interest $6,477,000, due <br> 01/15/23-11/20/72) | 6350000 | 1.6 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield 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)** |
| 6033274 <sup>(10)</sup> | Citadel Securities LLC, <br> Repurchase Agreement <br> dated 12/30/22, 4.41%, <br> due 01/03/23 (Repurchase <br> Amount $6,036,190, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.125%-6.250%, Market <br> Value plus accrued <br> interest $6,156,955, due <br> 04/15/23-11/15/52) | $6033274 | 1.5 |
| 78069 <sup>(10)</sup> | Deutsche Bank <br> Securities Inc., <br> Repurchase <br> Agreement dated <br> 12/30/22, 4.26%, due <br> 01/03/23 (Repurchase <br> Amount $78,105, <br> collateralized by various <br> U.S. Government <br> Securities, 0.000%, <br> Market Value plus accrued <br> interest $79,630, due <br> 01/10/23-06/29/23) | 78069 | 0.0 |
| 2672324 <sup>(10)</sup> | Mirae Asset Securities <br> USA Inc., Repurchase <br> Agreement dated 12/30/22, <br> 4.30%, due 01/03/23 <br> (Repurchase Amount <br> $2,673,583, collateralized <br> by various U.S. <br> Government/U.S. <br> Government Agency <br> Obligations, <br> 0.550%-8.250%, Market <br> Value plus accrued interest <br> $2,727,073, due <br> 03/01/23-11/20/72) | 2672324 | 0.7 |
| 6350049 <sup>(10)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 (Repurchase <br> Amount $6,353,069, <br> collateralized by various <br> U.S. Government <br> Securities, 0.000%-4.435%, <br> Market Value plus accrued <br> interest $6,477,050, due <br> 01/03/23-09/09/49) | 6350049 | 1.6 |
| 5795599 <sup>(10)</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 $5,798,355, <br> collateralized by various <br> U.S. Government <br> Securities, 0.125%-3.875%, <br> Market Value plus accrued <br> interest $5,911,539, due <br> 01/15/24-02/15/51) | 5795599 | 1.5 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
| **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| Total Repurchase <br> Agreements <br> (Cost $27,279,315) | $**27279315** | 6.9 |
| Total Short-Term <br> Investments <br> (Cost $35,958,131) | **35956143** | 9.1 |
| **Total Investments in <br> Securities <br> (Cost $469,961,600)** | $**414103463** | **105.1** |
| **Liabilities in Excess of <br> Other Assets** | **(19994664)** | **(5.1)** |
| **Net Assets** | $**394108799** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

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

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

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

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

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

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

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

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

<sup>(5)</sup> <br>

Defaulted security.

<sup>(6)</sup> <br>

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

<sup>(7)</sup> <br>

Non-income producing security.

<sup>(8)</sup> <br>

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

<sup>(9)</sup> <br>

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

<sup>(10)</sup> <br>

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

Reference Rate Abbreviations: <br> US0001M 1-month LIBOR

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio as of December 31, 2022 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary  | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Consumer Staples  |  |  | 1147500 | 1147500 |
| &nbsp;&nbsp;&nbsp; Energy  | 18 |  | 5093 | 5111 |
| &nbsp;&nbsp;&nbsp; Health Care  | 782 |  |  | 782 |
| &nbsp;&nbsp;&nbsp; Information Technology  |  |  |  |  |
| Total Common Stock | 800 |  | 1152593 | 1153393 |
| Preferred Stock |  |  |  |  |
| Warrants |  |  |  |  |
| Corporate Bonds/Notes |  | 374625848 |  | 374625848 |
| Convertible Bonds/Notes |  | 221700 |  | 221700 |
| Other |  |  |  |  |
| Bank Loans |  | 2146379 |  | 2146379 |
| Short-Term Investments |  | 35956143 |  | 35956143 |
| Total Investments, at fair value | $800 | $412950070 | $1152593 | $414103463 |

---

^ <br>

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Security**  | **Acquisition Date**  | **Acquisition Cost**  | **Fair Value**  |
| Green Field Energy Services, Inc. (Escrow) | 8/25/2019 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | $— | $— |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $470,245,998. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $2085223 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (58227758) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(56142535) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Large Cap Growth Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** |
|  | **Communication Services: 5.9%** | **Communication Services: 5.9%** | **Communication Services: 5.9%** |
| 1823745 <sup>(1)</sup> | Alphabet, Inc. - <br> Class A | $160909021 | 4.4 |
| 437863 <sup>(1)</sup> | Live Nation <br> Entertainment, Inc. | 30536566 | 0.8 |
| 267576 <sup>(1)</sup> | Walt Disney Co. | 23247003 | 0.7 |
|  |  | **214692590** | **5.9** |
|  | **Consumer Discretionary: 11.7%** | **Consumer Discretionary: 11.7%** | **Consumer Discretionary: 11.7%** |
| 1698244 <sup>(1)</sup> | Amazon.com, Inc. | 142652496 | 3.9 |
| 39913 <sup>(1)</sup> | Chipotle Mexican Grill, <br> Inc. | 55378888 | 1.5 |
| 124725 | Domino's Pizza, Inc. | 43204740 | 1.2 |
| 319742 <sup>(1)</sup> | Etsy, Inc. | 38298697 | 1 |
| 340231 <sup>(1)</sup> | Expedia Group, Inc. | 29804236 | 0.8 |
| 188842 <sup>(1)</sup> | Lululemon Athletica, Inc.  | 60501200 | 1.7 |
| 297915 | Ross Stores, Inc. | 34578994 | 0.9 |
| 210563 <sup>(1)</sup> | Tesla, Inc. | 25937150 | 0.7 |
|  |  | **430356401** | **11.7** |
|  | **Consumer Staples: 5.9%** | **Consumer Staples: 5.9%** | **Consumer Staples: 5.9%** |
| 448931 | Constellation Brands, <br> Inc. | 104039759 | 2.8 |
| 272019 | Estee Lauder Cos., Inc. | 67490634 | 1.9 |
| 313287 | Walmart, Inc. | 44420964 | 1.2 |
|  |  | **215951357** | **5.9** |
|  | **Energy: 1.9%** | **Energy: 1.9%** | **Energy: 1.9%** |
| 179163 | Cheniere Energy, Inc. | 26867284 | 0.7 |
| 317626 | Diamondback Energy, <br> Inc. | 43444884 | 1.2 |
|  |  | **70312168** | **1.9** |
|  | **Financials: 2.5%** | **Financials: 2.5%** | **Financials: 2.5%** |
| 92345 | LPL Financial Holdings, <br> Inc. | 19962219 | 0.5 |
| 98863 | MSCI, Inc. - Class A | 45988102 | 1.3 |
| 415655 | Tradeweb Markets, Inc. | 26988479 | 0.7 |
|  |  | **92938800** | **2.5** |
|  | **Health Care: 15.2%** | **Health Care: 15.2%** | **Health Care: 15.2%** |
| 1598349 <sup>(1)</sup> | Boston Scientific Corp. | 73955608 | 2 |
| 167738 | Danaher Corp. | 44521020 | 1.2 |
| 706693 <sup>(1)</sup> | DexCom, Inc. | 80025915 | 2.2 |
| 401925 | Eli Lilly & Co. | 147040242 | 4 |
| 124704 | Humana, Inc. | 63872142 | 1.7 |
| 193835 <sup>(1)</sup> | Intuitive Surgical, Inc. | 51434117 | 1.4 |
| 114103 | UnitedHealth Group, Inc.  | 60495129 | 1.7 |
| 130195 <sup>(1)</sup> | Vertex Pharmaceuticals, <br> Inc. | 37597712 | 1 |
|  |  | **558941885** | **15.2** |
|  | **Industrials: 8.0%** | **Industrials: 8.0%** | **Industrials: 8.0%** |
| 323228 | Booz Allen Hamilton <br> Holding Corp. | 33783790 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 298788 | Eaton Corp. PLC | $| 46894777 | 1.3 |
| 412613 | Emerson Electric Co. |  | 39635605 | 1.1 |
| 64282 | Old Dominion Freight <br> Line |  | 18241946 | 0.5 |
| 431912 | Quanta Services, Inc. |  | 61547460 | 1.7 |
| 69115 | TransDigm Group, Inc. |  | 43518260 | 1.2 |
| 53358 <sup>(1)</sup> | United Rentals, Inc. |  | 18964500 | 0.5 |
| 671384 <sup>(1)</sup> | WillScot Mobile Mini <br> Holdings Corp. |  | 30326415 | 0.8 |
|  |  |  | **292912753** | **8.0** |
|  | **Information Technology: 43.8%** | **Information Technology: 43.8%** | **Information Technology: 43.8%** | **Information Technology: 43.8%** |
| 614950 <sup>(1)</sup> | Advanced Micro <br> Devices, Inc. |  | 39830311 | 1.1 |
| 2439273 | Apple, Inc. |  | 316934741 | 8.6 |
| 340567 <sup>(1)</sup> | Cadence Design <br> Systems, Inc. |  | 54708683 | 1.5 |
| 222588 <sup>(1)</sup> | Crowdstrike Holdings, <br> Inc. |  | 23436291 | 0.7 |
| 365524 <sup>(1)</sup> | Datadog, Inc. |  | 26866014 | 0.7 |
| 185415 <sup>(1)</sup> | Enphase Energy, Inc. |  | 49127558 | 1.3 |
| 175370 <sup>(1)</sup> | Gartner, Inc. |  | 58948872 | 1.6 |
| 149829 | Intuit, Inc. |  | 58316443 | 1.6 |
| 262466 <sup>(1)</sup> | Keysight Technologies, <br> Inc. |  | 44900059 | 1.2 |
| 41850 | Lam Research Corp. |  | 17589555 | 0.5 |
| 798664 | Marvell Technology, Inc. |  | 29582515 | 0.8 |
| 1825302 | Microsoft Corp. |  | 437743926 | 11.9 |
| 173244 | Motorola Solutions, Inc. |  | 44646711 | 1.2 |
| 590159 | Nvidia Corp. |  | 86245836 | 2.4 |
| 376801 <sup>(1)</sup> | Palo Alto Networks, Inc. |  | 52578812 | 1.4 |
| 344924 | Paychex, Inc. |  | 39859417 | 1.1 |
| 122716 <sup>(1)</sup> | ServiceNow, Inc. |  | 47646941 | 1.3 |
| 864927 | Visa, Inc. - Class A |  | 179697234 | 4.9 |
|  |  |  | **1608659919** | **43.8** |
|  | **Materials: 0.7%** | **Materials: 0.7%** | **Materials: 0.7%** | **Materials: 0.7%** |
| 210303 | FMC Corp. |  | **26245814** | 0.7 |
|  | **Real Estate: 2.0%** | **Real Estate: 2.0%** | **Real Estate: 2.0%** | **Real Estate: 2.0%** |
| 296649 | ProLogis, Inc. |  | 33441242 | 0.9 |
| 142989 | SBA Communications <br> Corp. |  | 40081246 | 1.1 |
|  |  |  | **73522488** | **2.0** |
|  | **Utilities: 1.2%** | **Utilities: 1.2%** | **Utilities: 1.2%** | **Utilities: 1.2%** |
| 499205 | NextEra Energy, Inc. |  | **41733538** | 1.2 |
|  | Total Common Stock <br> (Cost $4,081,102,289) |  | **3626267713** | 98.8 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Large Cap Growth Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** | **SHORT-TERM INVESTMENTS: 1.3%** |
|  | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** |
| 48273000 <sup>(2)</sup> | Goldman Sachs <br> Financial Square <br> Government Fund - <br> Institutional Shares, <br> 4.150% <br> (Cost $48,273,000) | $**48273000** | 1.3 |
|  | Total Short-Term <br> Investments |  |  |
|  | (Cost $48,273,000) | **48273000** | 1.3 |
|  | **Total Investments in <br> Securities <br> (Cost $4,129,375,289)** | $**3674540713** | **100.1** |
|  | **Liabilities in Excess <br> of Other Assets** | **(2930758)** | **(0.1)** |
|  | **Net Assets** | $**3671609955** | **100.0** |

---

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

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

Non-income producing security.

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

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

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\* | $3626267713 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $3626267713 |
| Short-Term Investments | 48273000 |  |  | 48273000 |
| Total Investments, at fair value | $3674540713 | $— | $— | $3674540713 |

---

^ <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 $4,138,141,304. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $206144806 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (669745397) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(463600591) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: 99.6%** | **COMMON STOCK: 99.6%** | **COMMON STOCK: 99.6%** | **COMMON STOCK: 99.6%** |
|  | **Communication Services: 9.5%** | **Communication Services: 9.5%** | **Communication Services: 9.5%** |
| 71942 | Activision Blizzard, Inc. | $5507160 | 1.1 |
| 1162059 | AT&T, Inc. | 21393506 | 4.3 |
| 251108 <sup>(1)</sup> | Paramount Global - <br> Class B | 4238703 | 0.8 |
| 293459 <sup>(2)</sup> | Pinterest, Inc. | 7125184 | 1.4 |
| 108645 <sup>(2)</sup> | Walt Disney Co. | 9439078 | 1.9 |
|  |  | **47703631** | **9.5** |
|  | **Consumer Discretionary: 4.7%** | **Consumer Discretionary: 4.7%** | **Consumer Discretionary: 4.7%** |
| 67538 <sup>(2)</sup> | Aptiv PLC | 6289814 | 1.2 |
| 105049 <sup>(2)</sup> | Caesars Entertainment, <br> Inc. | 4370038 | 0.9 |
| 57883 <sup>(2)</sup> | Expedia Group, Inc. | 5070551 | 1 |
| 75500 | Ralph Lauren Corp. | 7978085 | 1.6 |
|  |  | **23708488** | **4.7** |
|  | **Consumer Staples: 7.6%** | **Consumer Staples: 7.6%** | **Consumer Staples: 7.6%** |
| 119388 | Coca-Cola Co. | 7594271 | 1.5 |
| 277850 | Kraft Heinz Co. | 11311273 | 2.3 |
| 189066 | Philip Morris <br> International, Inc. | 19135370 | 3.8 |
|  |  | **38040914** | **7.6** |
|  | **Energy: 7.9%** | **Energy: 7.9%** | **Energy: 7.9%** |
| 258220 | BP PLC ADR | 9019624 | 1.8 |
| 29925 | Chevron Corp. | 5371238 | 1.1 |
| 88875 | ConocoPhillips | 10487250 | 2.1 |
| 49320 | Diamondback Energy, <br> Inc. | 6745990 | 1.3 |
| 62402 | Valero Energy Corp. | 7916318 | 1.6 |
|  |  | **39540420** | **7.9** |
|  | **Financials: 20.7%** | **Financials: 20.7%** | **Financials: 20.7%** |
| 120264 | Apollo Global <br> Management, Inc. | 7671641 | 1.5 |
| 68484 | Arthur J. Gallagher & Co.  | 12911973 | 2.6 |
| 254122 | Bank of New York Mellon <br> Corp. | 11567634 | 2.3 |
| 308550 | Equitable Holdings, Inc. | 8855385 | 1.8 |
| 20282 | Everest Re Group Ltd. | 6718818 | 1.4 |
| 30924 | Goldman Sachs Group, <br> Inc. | 10618683 | 2.1 |
| 184153 | JPMorgan Chase & Co. | 24694917 | 4.9 |
| 111487 | Nasdaq, Inc. | 6839728 | 1.4 |
| 315347 | Truist Financial Corp. | 13569381 | 2.7 |
|  |  | **103448160** | **20.7** |
|  | **Health Care: 16.4%** | **Health Care: 16.4%** | **Health Care: 16.4%** |
| 114158 | Alcon, Inc. | 7825531 | 1.6 |
| 225139 <sup>(2)</sup> | Boston Scientific Corp. | 10417182 | 2.1 |
| 205632 | Bristol-Myers Squibb Co.  | 14795222 | 2.9 |
| 15228 | Eli Lilly & Co. | 5571011 | 1.1 |
| 19294 | Humana, Inc. | 9882194 | 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)** |
| 21573 | McKesson Corp. | $| 8092464 | 1.6 |
| 43679 | Quest Diagnostics, Inc. |  | 6833143 | 1.4 |
| 22356 | Thermo Fisher Scientific, <br> Inc. |  | 12311226 | 2.5 |
| 21263 <sup>(2)</sup> | Vertex Pharmaceuticals, <br> Inc. |  | 6140329 | 1.2 |
|  |  |  | **81868302** | **16.4** |
|  | **Industrials: 9.3%** | **Industrials: 9.3%** | **Industrials: 9.3%** | **Industrials: 9.3%** |
| 66743 | Booz Allen Hamilton <br> Holding Corp. |  | 6975978 | 1.4 |
| 94095 | Emerson Electric Co. |  | 9038766 | 1.8 |
| 321037 | Howmet Aerospace, Inc.  |  | 12652068 | 2.5 |
| 200687 | nVent Electric PLC |  | 7720429 | 1.5 |
| 11371 <sup>(2)</sup> | Saia, Inc. |  | 2384271 | 0.5 |
| 21990 <sup>(2)</sup> | United Rentals, Inc. |  | 7815686 | 1.6 |
|  |  |  | **46587198** | **9.3** |
|  | **Information Technology: 8.9%** | **Information Technology: 8.9%** | **Information Technology: 8.9%** | **Information Technology: 8.9%** |
| 32221 | Analog Devices, Inc. |  | 5285211 | 1.1 |
| 15618 | Broadcom, Inc. |  | 8732492 | 1.7 |
| 3360 | Constellation Software, <br> Inc./Canada |  | 5245868 | 1 |
| 110290 | Dolby Laboratories, Inc. |  | 7779857 | 1.5 |
| 21836 | Motorola Solutions, Inc. |  | 5627356 | 1.1 |
| 81693 <sup>(2)</sup> | PayPal Holdings, Inc. |  | 5818175 | 1.2 |
| 14557 | Roper Technologies, Inc.  |  | 6289934 | 1.3 |
|  |  |  | **44778893** | **8.9** |
|  | **Materials: 4.9%** | **Materials: 4.9%** | **Materials: 4.9%** | **Materials: 4.9%** |
| 20771 | Air Products & <br> Chemicals, Inc. |  | 6402868 | 1.3 |
| 88365 | Alcoa Corp. |  | 4017957 | 0.8 |
| 45625 | CF Industries Holdings, <br> Inc. |  | 3887250 | 0.8 |
| 75250 | Eastman Chemical Co. |  | 6128360 | 1.2 |
| 20538 | Reliance Steel & <br> Aluminum Co. |  | 4157713 | 0.8 |
|  |  |  | **24594148** | **4.9** |
|  | **Real Estate: 4.2%** | **Real Estate: 4.2%** | **Real Estate: 4.2%** | **Real Estate: 4.2%** |
| 80755 | ProLogis, Inc. |  | 9103511 | 1.8 |
| 41865 | Ryman Hospitality <br> Properties |  | 3423720 | 0.7 |
| 128256 | Welltower, Inc. |  | 8407181 | 1.7 |
|  |  |  | **20934412** | **4.2** |
|  | **Utilities: 5.5%** | **Utilities: 5.5%** | **Utilities: 5.5%** | **Utilities: 5.5%** |
| 47304 | Ameren Corp. |  | 4206272 | 0.9 |
| 49705 | Entergy Corp. |  | 5591812 | 1.1 |
| 103450 | NextEra Energy, Inc. |  | 8648420 | 1.7 |
| 440822 <sup>(2)(3)</sup> | PRIME AET&D Holdings <br> NO 1 |  |  |  |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value 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)** |
|  | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| 144575 | Public Service <br> Enterprise Group, Inc. | $| 8858110 | 1.8 |
|  |  |  | **27304614** | **5.5** |
|  | Total Common Stock <br> (Cost $474,306,912) |  | **498509180** | 99.6 |
| **OTHER <sup>(4)</sup>: — %** | **OTHER <sup>(4)</sup>: — %** | **OTHER <sup>(4)</sup>: — %** | **OTHER <sup>(4)</sup>: — %** | **OTHER <sup>(4)</sup>: — %** |
|  | **Energy: —%** | **Energy: —%** | **Energy: —%** | **Energy: —%** |
| 1685000 <sup>(3)(5)</sup> | Samson Investment Co. <br> (Escrow) |  | **—** | **—** |
|  | Total Other <br> (Cost $30,842) |  | **—** | **—** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: — %** | **CORPORATE BONDS/NOTES: — %** | **CORPORATE BONDS/NOTES: — %** | **CORPORATE BONDS/NOTES: — %** |
|  | **Financial: —%** | **Financial: —%** | **Financial: —%** |
| 1216000 <sup>(3)(6)</sup> | Tropicana Entertainment <br> LLC / Tropicana Finance <br> Corp., 9.625%, <br> 12/15/2014 |  |  |
|  | Total Corporate Bonds/<br>Notes<br>(Cost $787,908) |  |  |
|  | Total Long-Term <br> Investments <br> (Cost $475,125,662) | **498509180** | 99.6 |
| **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** |
|  | **Repurchase Agreements: 0.8%** | **Repurchase Agreements: 0.8%** | **Repurchase Agreements: 0.8%** |
| 1000353 <sup>(7)</sup> | Bank of America Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.30%, <br> due 01/03/23 <br> (Repurchase Amount <br> $1,000,824, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, <br> 1.500%-6.500%, Market <br> Value plus accrued <br> interest $1,020,360, due <br> 05/01/37-05/01/58) | 1000353 | 0.2 |
| 296065 <sup>(7)</sup> | Citigroup, Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.25%, <br> due 01/03/23 <br> (Repurchase Amount <br> $296,203, collateralized <br> by various U.S. <br> Government Securities, <br> 0.000%-4.500%, Market <br> Value plus accrued <br> interest $301,986, due <br> 04/11/23-10/31/29) | 296065 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1000353 <sup>(7)</sup> | Daiwa Capital Markets, <br> Repurchase Agreement <br> dated 12/30/22, 4.30%, <br> due 01/03/23 <br> (Repurchase Amount <br> $1,000,824, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, <br> 1.500%-6.000%, Market <br> Value plus accrued <br> interest $1,020,360, due <br> 08/01/23-01/01/53) | $1000353 | 0.2 |
| 1000353 <sup>(7)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 <br> (Repurchase Amount <br> $1,000,829, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.000%-4.435%, Market <br> Value plus accrued <br> interest $1,020,360, due <br> 01/03/23-09/09/49) | 1000353 | 0.2 |
| 1000353 <sup>(7)</sup> | RBC Dominion Securities <br> Inc., Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,000,824, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, <br> 2.000%-6.000%, Market <br> Value plus accrued <br> interest $1,020,360, due <br> 09/01/24-10/20/52) | 1000353 | 0.2 |
|  | Total Repurchase <br> Agreements <br> (Cost $4,297,477) | **4297477** | 0.8 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 1844000 <sup>(8)</sup> | Goldman Sachs <br> Financial Square <br> Government Fund - <br> Institutional Shares, <br> 4.150% <br> (Cost $1,844,000) | $**1844000** | 0.4 |
|  | Total Short-Term <br> Investments <br> (Cost $6,141,477) | **6141477** | 1.2 |
|  | **Total Investments in <br> Securities <br> (Cost $481,267,139)** | $**504650657** | **100.8** |
|  | **Liabilities in Excess <br> of Other Assets** | **(3853472)** | **(0.8)** |
|  | **Net Assets** | $**500797185** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

ADR <br>

American Depositary Receipt

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

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

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

Non-income producing security.

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

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

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

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

<sup>(5)</sup> <br>

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

<sup>(6)</sup> <br>

Defaulted security.

<sup>(7)</sup> <br>

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

<sup>(8)</sup> <br>

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

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services  | $47703631 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $47703631 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary  | 23708488 |  |  | 23708488 |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | 38040914 |  |  | 38040914 |
| &nbsp;&nbsp;&nbsp; Energy  | 39540420 |  |  | 39540420 |
| &nbsp;&nbsp;&nbsp; Financials  | 103448160 |  |  | 103448160 |
| &nbsp;&nbsp;&nbsp; Health Care  | 81868302 |  |  | 81868302 |
| &nbsp;&nbsp;&nbsp; Industrials  | 46587198 |  |  | 46587198 |
| &nbsp;&nbsp;&nbsp; Information Technology  | 44778893 |  |  | 44778893 |
| &nbsp;&nbsp;&nbsp; Materials  | 24594148 |  |  | 24594148 |
| &nbsp;&nbsp;&nbsp; Real Estate  | 20934412 |  |  | 20934412 |
| &nbsp;&nbsp;&nbsp; Utilities  | 27304614 |  |  | 27304614 |
| Total Common Stock | 498509180 |  |  | 498509180 |
| Corporate Bonds/Notes |  |  |  |  |
| Other |  |  |  |  |
| Short-Term Investments | 1844000 | 4297477 |  | 6141477 |
| Total Investments, at fair value | $500353180 | $4297477 | $— | $504650657 |

---

^ <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio as of December 31, 2022 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| **Security**  | **Acquisition Date**  | **Acquisition Cost**  | **Fair Value**  |
| Samson Investment Co. (Escrow) | 6/28/2017 | $30842 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | $30842 | $— |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $483,810,410. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $46953901 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (25981256) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $20972645 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: 34.0%** | **CORPORATE BONDS/NOTES: 34.0%** | **CORPORATE BONDS/NOTES: 34.0%** | **CORPORATE BONDS/NOTES: 34.0%** |
|  | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** |
| 288000 <sup>(1)</sup> | Albemarle Corp., 4.650%, <br> 06/01/2027 | $281312 | 0.1 |
| 475000 | Ecolab, Inc., 1.650%, <br> 02/01/2027 | 421155 | 0.1 |
| 407000 | Ecolab, Inc., 2.700%, <br> 11/01/2026 | 378257 | 0.1 |
| 500000 <sup>(2)</sup> | Georgia-Pacific LLC, <br> 1.750%, 09/30/2025 | 457192 | 0.1 |
| 280000 | Nucor Corp., 2.000%, <br> 06/01/2025 | 260829 | 0.1 |
|  |  | **1798745** | **0.5** |
|  | **Communications: 1.6%** | **Communications: 1.6%** | **Communications: 1.6%** |
| 560000 <sup>(1)</sup> | Alibaba Group Holding <br> Ltd., 2.800%, 06/06/2023 | 553681 | 0.1 |
| 721000 | Amazon.com, Inc., <br> 3.000%, 04/13/2025 | 696360 | 0.2 |
| 375000 | Amazon.com, Inc., <br> 4.550%, 12/01/2027 | 374437 | 0.1 |
| 370000 | AT&T, Inc., 1.700%, <br> 03/25/2026 | 333871 | 0.1 |
| 472000 | Bell Telephone Co. of <br> Canada or Bell Canada/<br>The, 0.750%, 03/17/2024 | 447594 | 0.1 |
| 213000 | British Telecommunications <br> PLC, 4.500%, 12/04/2023 | 211242 | 0.0 |
| 326000 <sup>(1)</sup> | Comcast Corp., 5.250%, <br> 11/07/2025 | 330633 | 0.1 |
| 399000 | Fox Corp., 4.030%, <br> 01/25/2024 | 394541 | 0.1 |
| 447000 | Meta Platforms, Inc., <br> 3.500%, 08/15/2027 | 417359 | 0.1 |
| 36000 | Motorola Solutions, Inc., <br> 4.000%, 09/01/2024 | 35361 | 0.0 |
| 653000 <sup>(2)</sup> | NTT Finance Corp., <br> 0.583%, 03/01/2024 | 619309 | 0.2 |
| 368000 <sup>(2)</sup> | NTT Finance Corp., <br> 4.142%, 07/26/2024 | 362389 | 0.1 |
| 460000 <sup>(2)</sup> | Sky Ltd., 3.750%, <br> 09/16/2024 | 449321 | 0.1 |
| 194000 | T-Mobile USA, Inc., <br> 2.250%, 02/15/2026 | 176833 | 0.0 |
| 271000 | Verizon Communications, <br> Inc., 0.850%, 11/20/2025 | 241972 | 0.1 |
| 272000 | Verizon Communications, <br> Inc., 3.500%, 11/01/2024 | 264399 | 0.1 |
| 259000 | Walt Disney Co/The, <br> 4.000%, 10/01/2023 | 257087 | 0.1 |
|  |  | **6166389** | **1.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: 2.5%** | **Consumer, Cyclical: 2.5%** | **Consumer, Cyclical: 2.5%** |
| 358000 <sup>(2)</sup> | 7-Eleven, Inc., 0.950%, <br> 02/10/2026 | $313925 | 0.1 |
| 509000 | American Honda Finance <br> Corp., 0.875%, 07/07/2023 | 498745 | 0.1 |
| 140000 | American Honda Finance <br> Corp., 1.300%, 09/09/2026 | 123719 | 0.0 |
| 390000 | American Honda Finance <br> Corp., 2.050%, 01/10/2023 | 389853 | 0.1 |
| 236000 <sup>(2)</sup> | BMW US Capital LLC, <br> 0.800%, 04/01/2024 | 223854 | 0.1 |
| 505000 <sup>(1)(2)</sup> | BMW US Capital LLC, <br> 3.250%, 04/01/2025 | 487801 | 0.1 |
| 431000 <sup>(2)</sup> | BMW US Capital LLC, <br> 3.900%, 04/09/2025 | 422062 | 0.1 |
| 710000 <sup>(2)</sup> | Daimler Trucks Finance <br> North America LLC, <br> 3.500%, 04/07/2025 | 681692 | 0.2 |
| 250000 | Delta Air Lines 2019-1 <br> Class A Pass Through <br> Trust, 3.404%, 10/25/2025 | 239023 | 0.1 |
| 150950 | Delta Air Lines 2020-1 <br> Class A Pass Through <br> Trust, 2.500%, 12/10/2029 | 128397 | 0.0 |
| 266000 | General Motors Financial <br> Co., Inc., 1.700%, <br> 08/18/2023 | 259964 | 0.1 |
| 418000 | General Motors Financial <br> Co., Inc., 2.350%, <br> 02/26/2027 | 365632 | 0.1 |
| 305000 | General Motors Financial <br> Co., Inc., 3.800%, <br> 04/07/2025 | 294676 | 0.1 |
| 408000 | General Motors Financial <br> Co., Inc., 5.250%, <br> 03/01/2026 | 402137 | 0.1 |
| 270000 <sup>(2)</sup> | Harley-Davidson Financial <br> Services, Inc., 3.050%, <br> 02/14/2027 | 240835 | 0.1 |
| 226000 | Home Depot, Inc./The, <br> 2.700%, 04/15/2025 | 216783 | 0.1 |
| 532000 | Honda Motor Co. Ltd., <br> 2.534%, 03/10/2027 | 486835 | 0.1 |
| 462000 <sup>(2)</sup> | Hyundai Capital America, <br> 1.300%, 01/08/2026 | 404538 | 0.1 |
| 187000 | Lowe's Cos, Inc., 3.350%, <br> 04/01/2027 | 175834 | 0.0 |
| 480599 <sup>(2)</sup> | Mileage Plus Holdings <br> LLC / Mileage Plus <br> Intellectual Property <br> Assets Ltd., 6.500%, <br> 06/20/2027 | 478869 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
| 423000 | Ross Stores, Inc., 4.600%, <br> 04/15/2025 | $| 420589 | 0.1 |
| 474000 | Toyota Motor Corp., <br> 0.681%, 03/25/2024 |  | 449838 | 0.1 |
| 10116 | United Airlines 2012-1 <br> Class A Pass Through <br> Trust, 4.150%, 10/11/2025 |  | 9804 | 0.0 |
| 227630 | United Airlines 2020-1 <br> Class A Pass Through <br> Trust, 5.875%, 04/15/2029 |  | 224746 | 0.1 |
| 195982 | US Airways 2012-1 <br> Class A Pass Through <br> Trust, 5.900%, 04/01/2026 |  | 189743 | 0.0 |
| 288000 <sup>(1)</sup> | Walmart, Inc., 3.950%, <br> 09/09/2027 |  | 284524 | 0.1 |
| 421000 <sup>(2)</sup> | Warnermedia Holdings, <br> Inc., 3.755%, 03/15/2027 |  | 379722 | 0.1 |
| 629000 | WW Grainger, Inc., <br> 1.850%, 02/15/2025 |  | 590987 | 0.2 |
|  |  |  | **9385127** | **2.5** |
|  | **Consumer, Non-cyclical: 3.4%** | **Consumer, Non-cyclical: 3.4%** | **Consumer, Non-cyclical: 3.4%** | **Consumer, Non-cyclical: 3.4%** |
| 317000 | AbbVie, Inc., 2.600%, <br> 11/21/2024 |  | 303489 | 0.1 |
| 500000 | Altria Group, Inc., 2.350%, <br> 05/06/2025 |  | 471395 | 0.1 |
| 144000 | AmerisourceBergen Corp., <br> 0.737%, 03/15/2023 |  | 142798 | 0.0 |
| 644000 | BAT International Finance <br> PLC, 1.668%, 03/25/2026 |  | 571349 | 0.2 |
| 386000 <sup>(1)</sup> | Boston Scientific Corp., <br> 1.900%, 06/01/2025 |  | 360642 | 0.1 |
| 506000 | Bristol-Myers Squibb Co., <br> 0.750%, 11/13/2025 |  | 455206 | 0.1 |
| 587000 | Bunge Ltd. Finance Corp., <br> 1.630%, 08/17/2025 |  | 535100 | 0.1 |
| 219000 <sup>(2)</sup> | Cargill, Inc., 1.375%, <br> 07/23/2023 |  | 214590 | 0.1 |
| 160000 <sup>(2)</sup> | Cargill, Inc., 3.500%, <br> 04/22/2025 |  | 154957 | 0.0 |
| 195000 <sup>(2)</sup> | Cargill, Inc., 3.625%, <br> 04/22/2027 |  | 186622 | 0.1 |
| 274000 | Cigna Corp., 1.250%, <br> 03/15/2026 |  | 244430 | 0.1 |
| 473000 | Conagra Brands, Inc., <br> 0.500%, 08/11/2023 |  | 459680 | 0.1 |
| 233000 <sup>(2)</sup> | CSL Finance PLC, <br> 3.850%, 04/27/2027 |  | 223259 | 0.1 |
| 587000 <sup>(2)</sup> | Element Fleet <br> Management Corp., <br> 3.850%, 06/15/2025 |  | 556315 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 385000 | Elevance Health, Inc., <br> 3.500%, 08/15/2024 | $375778 | 0.1 |
| 316000 <sup>(2)</sup> | GE HealthCare <br> Technologies, Inc., <br> 5.600%, 11/15/2025 | 318285 | 0.1 |
| 258000 | Global Payments, Inc., <br> 1.200%, 03/01/2026 | 225172 | 0.1 |
| 262000 | Humana, Inc., 0.650%, <br> 08/03/2023 | 255304 | 0.1 |
| 206000 | Illumina, Inc., 0.550%, <br> 03/23/2023 | 203907 | 0.1 |
| 400000 | Laboratory Corp. of <br> America Holdings, <br> 3.600%, 02/01/2025 | 387685 | 0.1 |
| 433000 <sup>(2)</sup> | Mylan, Inc., 3.125%, <br> 01/15/2023 | 432673 | 0.1 |
| 334000 <sup>(1)(2)</sup> | Nestle Holdings, Inc., <br> 1.150%, 01/14/2027 | 291211 | 0.1 |
| 510000 <sup>(2)</sup> | Nestle Holdings, Inc., <br> 4.125%, 10/01/2027 | 498881 | 0.1 |
| 448000 | PepsiCo, Inc., 3.600%, <br> 02/18/2028 | 429752 | 0.1 |
| 465000 | PerkinElmer, Inc., 0.850%, <br> 09/15/2024 | 431204 | 0.1 |
| 129000 | RELX Capital, Inc., <br> 3.500%, 03/16/2023 | 128489 | 0.0 |
| 675000 | Royalty Pharma PLC, <br> 0.750%, 09/02/2023 | 654106 | 0.2 |
| 461000 <sup>(2)</sup> | S&P Global, Inc., 2.450%, <br> 03/01/2027 | 421709 | 0.1 |
| 702000 | Stryker Corp., 0.600%, <br> 12/01/2023 | 674478 | 0.2 |
| 121000 <sup>(2)</sup> | Triton Container <br> International Ltd., 0.800%, <br> 08/01/2023 | 116800 | 0.0 |
| 470000 <sup>(2)</sup> | Triton Container <br> International Ltd., 1.150%, <br> 06/07/2024 | 434912 | 0.1 |
| 165000 | UnitedHealth Group, Inc., <br> 2.375%, 08/15/2024 | 158769 | 0.0 |
| 314000 | UnitedHealth Group, Inc., <br> 2.950%, 10/15/2027 | 291222 | 0.1 |
| 323000 | UnitedHealth Group, Inc., <br> 3.375%, 04/15/2027 | 306403 | 0.1 |
| 550000 | Viatris, Inc., 1.650%, <br> 06/22/2025 | 498621 | 0.1 |
| 316000 | Zoetis, Inc., 5.400%, <br> 11/14/2025 | 322658 | 0.1 |
|  |  | **12737851** | **3.4** |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: 1.6%** | **Energy: 1.6%** | **Energy: 1.6%** |
| 331000 | Baker Hughes Holdings <br> LLC / Baker Hughes <br> Co-Obligor, Inc., 2.061%, <br> 12/15/2026 | $297126 | 0.1 |
| 580000 | Canadian Natural <br> Resources Ltd., 2.050%, <br> 07/15/2025 | 540139 | 0.1 |
| 500000 | Chevron USA, Inc., <br> 0.426%, 08/11/2023 | 486275 | 0.1 |
| 614000 <sup>(1)</sup> | Enbridge, Inc., 0.550%, <br> 10/04/2023 | 593788 | 0.2 |
| 634000 | Energy Transfer L.P., <br> 4.250%, 03/15/2023 | 632501 | 0.2 |
| 469000 | Equinor ASA, 2.875%, <br> 04/06/2025 | 449807 | 0.1 |
| 395000 | Kinder Morgan, Inc., <br> 1.750%, 11/15/2026 | 349206 | 0.1 |
| 306000 | Ovintiv Exploration, Inc., <br> 5.375%, 01/01/2026 | 303289 | 0.1 |
| 326000 | Phillips 66, 3.850%, <br> 04/09/2025 | 318271 | 0.1 |
| 191000 | Pioneer Natural Resources <br> Co., 0.550%, 05/15/2023 | 187883 | 0.1 |
| 495000 | Pioneer Natural Resources <br> Co., 1.125%, 01/15/2026 | 441734 | 0.1 |
| 519000 | Shell International Finance <br> BV, 0.375%, 09/15/2023 | 502955 | 0.1 |
| 270000 | TransCanada PipeLines <br> Ltd., 1.000%, 10/12/2024 | 250071 | 0.1 |
| 467000 | Williams Cos, Inc./The, <br> 4.550%, 06/24/2024 | 462160 | 0.1 |
|  |  | **5815205** | **1.6** |
|  | **Financial: 17.8%** | **Financial: 17.8%** | **Financial: 17.8%** |
| 393000 | AerCap Ireland Capital <br> DAC / AerCap Global <br> Aviation Trust, 1.650%, <br> 10/29/2024 | 362768 | 0.1 |
| 410000 | Aflac, Inc., 1.125%, <br> 03/15/2026 | 363713 | 0.1 |
| 433000 | Ally Financial, Inc., <br> 3.875%, 05/21/2024 | 421715 | 0.1 |
| 536000 | American Express Co., <br> 2.500%, 07/30/2024 | 515805 | 0.1 |
| 466000 | American Express Co., <br> 5.850%, 11/05/2027 | 485958 | 0.1 |
| 258000 | American Tower Corp., <br> 3.500%, 01/31/2023 | 257698 | 0.1 |
| 326000 | American Tower Corp., <br> 3.650%, 03/15/2027 | 304963 | 0.1 |
| 234000 | Ameriprise Financial, Inc., <br> 3.000%, 04/02/2025 | 224339 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 485000 | Ameriprise Financial, Inc., <br> 4.000%, 10/15/2023 | $481797 | 0.1 |
| 330000 | Assurant, Inc., 4.200%, <br> 09/27/2023 | 326435 | 0.1 |
| 738000 <sup>(2)</sup> | Aviation Capital Group <br> LLC, 5.500%, 12/15/2024 | 725502 | 0.2 |
| 475000 <sup>(2)</sup> | Avolon Holdings Funding <br> Ltd., 4.375%, 05/01/2026 | 433339 | 0.1 |
| 400000 <sup>(3)</sup> | Banco Bilbao Vizcaya <br> Argentaria SA, 5.862%, <br> 09/14/2026 | 400288 | 0.1 |
| 1204000 <sup>(3)</sup> | Bank of America Corp., <br> 0.810%, 10/24/2024 | 1154836 | 0.3 |
| 1531000 <sup>(3)</sup> | Bank of America Corp., <br> 0.976%, 04/22/2025 | 1436150 | 0.4 |
| 425000 <sup>(3)</sup> | Bank of America Corp., <br> 1.530%, 12/06/2025 | 392281 | 0.1 |
| 186000 <sup>(3)</sup> | Bank of America Corp., <br> 1.658%, 03/11/2027 | 164763 | 0 |
| 496000 <sup>(3)</sup> | Bank of America Corp., <br> 2.015%, 02/13/2026 | 460790 | 0.1 |
| 907000 <sup>(3)</sup> | Bank of America Corp., <br> 3.384%, 04/02/2026 | 866988 | 0.2 |
| 50000 <sup>(3)</sup> | Bank of America Corp., <br> 3.419%, 12/20/2028 | 45361 | 0 |
| 153000 <sup>(3)</sup> | Bank of America Corp., <br> 3.550%, 03/05/2024 | 152435 | 0 |
| 81000 <sup>(3)</sup> | Bank of America Corp., <br> 3.705%, 04/24/2028 | 75079 | 0 |
| 301000 <sup>(3)</sup> | Bank of America Corp., <br> 4.376%, 04/27/2028 | 288318 | 0.1 |
| 733000 <sup>(3)</sup> | Bank of New York Mellon <br> Corp./The, 3.430%, <br> 06/13/2025 | 717053 | 0.2 |
| 179000 <sup>(3)</sup> | Bank of New York Mellon <br> Corp./The, 4.414%, <br> 07/24/2026 | 176447 | 0.1 |
| 432000 | Bank of Nova Scotia/The, <br> 0.550%, 09/15/2023 | 418593 | 0.1 |
| 473000 | Bank of Nova Scotia/The, <br> 0.700%, 04/15/2024 | 447233 | 0.1 |
| 468000 <sup>(1)</sup> | Bank of Nova Scotia/The, <br> 1.450%, 01/10/2025 | 435605 | 0.1 |
| 401000 | Bank of Nova Scotia/The, <br> 3.450%, 04/11/2025 | 386244 | 0.1 |
| 463000 <sup>(3)</sup> | Barclays PLC, 1.007%, <br> 12/10/2024 | 440899 | 0.1 |
| 277000 | Berkshire Hathaway, Inc., <br> 3.125%, 03/15/2026 | 265771 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 326000 <sup>(2)</sup> | Blackstone Holdings <br> Finance Co. LLC, 5.900%, <br> 11/03/2027 | $329003 | 0.1 |
| 420000 <sup>(2)</sup> | BPCE SA, 1.000%, <br> 01/20/2026 | 368639 | 0.1 |
| 250000 <sup>(2)</sup> | BPCE SA, 2.750%, <br> 01/11/2023 | 249858 | 0.1 |
| 1120000 <sup>(2)</sup> | BPCE SA, 5.700%, <br> 10/22/2023 | 1111917 | 0.3 |
| 350000 | Brookfield Finance, Inc., <br> 4.000%, 04/01/2024 | 344732 | 0.1 |
| 386000 | Canadian Imperial Bank of <br> Commerce, 0.950%, <br> 06/23/2023 | 378869 | 0.1 |
| 424000 | Canadian Imperial Bank of <br> Commerce, 1.000%, <br> 10/18/2024 | 395715 | 0.1 |
| 358000 | Canadian Imperial Bank of <br> Commerce, 3.300%, <br> 04/07/2025 | 343841 | 0.1 |
| 182000 | Canadian Imperial Bank of <br> Commerce, 3.945%, <br> 08/04/2025 | 177935 | 0.1 |
| 261000 <sup>(3)</sup> | Capital One Financial <br> Corp., 1.878%, 11/02/2027 | 227645 | 0.1 |
| 520000 | Capital One Financial <br> Corp., 3.200%, 01/30/2023 | 520000 | 0.1 |
| 444000 <sup>(3)</sup> | Capital One Financial <br> Corp., 4.166%, 05/09/2025 | 433929 | 0.1 |
| 261000 | Charles Schwab Corp./<br>The, 0.750%, 03/18/2024 | 248167 | 0.1 |
| 473000 <sup>(3)</sup> | Citigroup, Inc., 0.981%, <br> 05/01/2025 | 443174 | 0.1 |
| 388000 <sup>(3)</sup> | Citigroup, Inc., 1.678%, <br> 05/15/2024 | 382560 | 0.1 |
| 374000 <sup>(2)</sup> | Corebridge Financial, Inc., <br> 3.650%, 04/05/2027 | 349202 | 0.1 |
| 525000 <sup>(2)</sup> | Corebridge Global <br> Funding, 0.900%, <br> 09/22/2025 | 469254 | 0.1 |
| 298000 | Credit Suisse AG/New <br> York NY, 0.520%, <br> 08/09/2023 | 283540 | 0.1 |
| 233000 | Credit Suisse AG/New <br> York NY, 2.950%, <br> 04/09/2025 | 209887 | 0.1 |
| 1246000 | Credit Suisse AG/New <br> York NY, 3.625%, <br> 09/09/2024 | 1162586 | 0.3 |
| 467000 <sup>(2)(3)</sup> | Danske Bank A/S, 0.976%, <br> 09/10/2025 | 426656 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 279000 <sup>(2)(3)</sup> | Danske Bank A/S, 3.773%, <br> 03/28/2025 | $270470 | 0.1 |
| 257000 <sup>(2)(3)</sup> | Danske Bank A/S, 4.298%, <br> 04/01/2028 | 236691 | 0.1 |
| 467000 <sup>(3)</sup> | Deutsche Bank AG/New <br> York NY, 2.222%, <br> 09/18/2024 | 451168 | 0.1 |
| 259000 | Discover Financial <br> Services, 3.950%, <br> 11/06/2024 | 252281 | 0.1 |
| 465000 <sup>(2)(3)</sup> | DNB Bank ASA, 2.968%, <br> 03/28/2025 | 448739 | 0.1 |
| 611000 <sup>(2)(3)</sup> | DNB Bank ASA, 5.896%, <br> 10/09/2026 | 611652 | 0.2 |
| 475000 | Equinix, Inc., 1.250%, <br> 07/15/2025 | 429939 | 0.1 |
| 388000 | Federal Realty Investment <br> Trust, 3.950%, 01/15/2024 | 383109 | 0.1 |
| 305000 <sup>(2)</sup> | Federation des Caisses <br> Desjardins du Quebec, <br> 2.050%, 02/10/2025 | 284512 | 0.1 |
| 356000 <sup>(2)</sup> | Five Corners Funding <br> Trust, 4.419%, 11/15/2023 | 353057 | 0.1 |
| 490000 <sup>(2)</sup> | GA Global Funding Trust, <br> 3.850%, 04/11/2025 | 470076 | 0.1 |
| 236000 <sup>(3)</sup> | Goldman Sachs Group, <br> Inc./The, 0.925%, <br> 10/21/2024 | 226161 | 0.1 |
| 278000 <sup>(3)</sup> | Goldman Sachs Group, <br> Inc./The, 2.640%, <br> 02/24/2028 | 247923 | 0.1 |
| 257000 | Hanover Insurance Group, <br> Inc./The, 4.500%, <br> 04/15/2026 | 251771 | 0.1 |
| 933000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 0.732%, 08/17/2024 | 899279 | 0.2 |
| 293000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 1.162%, 11/22/2024 | 279170 | 0.1 |
| 531000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 1.645%, 04/18/2026 | 479725 | 0.1 |
| 335000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 2.633%, 11/07/2025 | 314840 | 0.1 |
| 519000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 2.999%, 03/10/2026 | 488217 | 0.1 |
| 441000 <sup>(3)</sup> | ING Groep NV, 4.017%, <br> 03/28/2028 | 413028 | 0.1 |
| 566000 | Jackson Financial, Inc., <br> 1.125%, 11/22/2023 | 545185 | 0.1 |
| 654000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 0.824%, 06/01/2025 | 609973 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 1340000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 0.969%, 06/23/2025 | $1249849 | 0.3 |
| 565000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 1.470%, 09/22/2027 | 489877 | 0.1 |
| 348000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 1.578%, 04/22/2027 | 306175 | 0.1 |
| 830000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 2.083%, 04/22/2026 | 771193 | 0.2 |
| 48000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 2.301%, 10/15/2025 | 45265 | 0.0 |
| 140000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 2.595%, 02/24/2026 | 131734 | 0.0 |
| 537000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 3.797%, 07/23/2024 | 531784 | 0.1 |
| 27000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 3.960%, 01/29/2027 | 25768 | 0.0 |
| 389000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 5.546%, 12/15/2025 | 389303 | 0.1 |
| 252000 | KeyBank NA/Cleveland <br> OH, 4.390%, 12/14/2027 | 242812 | 0.1 |
| 424000 <sup>(3)</sup> | Lloyds Banking Group <br> PLC, 0.695%, 05/11/2024 | 415885 | 0.1 |
| 176000 <sup>(3)</sup> | Lloyds Banking Group <br> PLC, 3.870%, 07/09/2025 | 170447 | 0.0 |
| 480000 <sup>(2)</sup> | LSEGA Financing PLC, <br> 0.650%, 04/06/2024 | 450835 | 0.1 |
| 460000 | Marsh & McLennan Cos, <br> Inc., 4.050%, 10/15/2023 | 455221 | 0.1 |
| 430000 <sup>(3)</sup> | Mitsubishi UFJ Financial <br> Group, Inc., 0.848%, <br> 09/15/2024 | 415120 | 0.1 |
| 415000 <sup>(3)</sup> | Mitsubishi UFJ Financial <br> Group, Inc., 0.953%, <br> 07/19/2025 | 385845 | 0.1 |
| 365000 <sup>(3)</sup> | Mitsubishi UFJ Financial <br> Group, Inc., 0.962%, <br> 10/11/2025 | 335840 | 0.1 |
| 323000 | Mitsubishi UFJ Financial <br> Group, Inc., 1.412%, <br> 07/17/2025 | 293611 | 0.1 |
| 276000 <sup>(3)</sup> | Mitsubishi UFJ Financial <br> Group, Inc., 4.788%, <br> 07/18/2025 | 273416 | 0.1 |
| 392000 <sup>(3)</sup> | Mizuho Financial Group, <br> Inc., 0.849%, 09/08/2024 | 378418 | 0.1 |
| 304000 <sup>(3)</sup> | Mizuho Financial Group, <br> Inc., 2.555%, 09/13/2025 | 287133 | 0.1 |
| 620000 | Mizuho Financial Group, <br> Inc., 5.387%, (US0003M + <br> 0.630%), 05/25/2024 | 616676 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 457000 <sup>(3)</sup> | Morgan Stanley, 0.731%, <br> 04/05/2024 | $450493 | 0.1 |
| 1056000 <sup>(3)</sup> | Morgan Stanley, 0.790%, <br> 05/30/2025 | 982315 | 0.3 |
| 1252000 <sup>(3)</sup> | Morgan Stanley, 0.791%, <br> 01/22/2025 | 1184958 | 0.3 |
| 990000 <sup>(3)</sup> | Morgan Stanley, 1.164%, <br> 10/21/2025 | 911967 | 0.2 |
| 121000 <sup>(3)</sup> | Morgan Stanley, 1.512%, <br> 07/20/2027 | 105150 | 0.0 |
| 371000 <sup>(3)</sup> | Morgan Stanley, 2.475%, <br> 01/21/2028 | 330171 | 0.1 |
| 157000 <sup>(3)</sup> | Morgan Stanley, 2.720%, <br> 07/22/2025 | 150188 | 0.0 |
| 845000 | Morgan Stanley, 3.750%, <br> 02/25/2023 | 843317 | 0.2 |
| 496000 | Morgan Stanley, 4.000%, <br> 07/23/2025 | 484824 | 0.1 |
| 324000 | National Australia Bank <br> Ltd./New York, 3.500%, <br> 06/09/2025 | 314400 | 0.1 |
| 684000 <sup>(3)</sup> | National Bank of Canada, <br> 0.550%, 11/15/2024 | 654890 | 0.2 |
| 349000 | National Bank of Canada, <br> 0.750%, 08/06/2024 | 324815 | 0.1 |
| 350000 <sup>(2)</sup> | National Securities <br> Clearing Corp., 1.200%, <br> 04/23/2023 | 346414 | 0.1 |
| 250000 <sup>(2)</sup> | National Securities <br> Clearing Corp., 1.500%, <br> 04/23/2025 | 231953 | 0.1 |
| 213000 <sup>(2)</sup> | Nationwide Building <br> Society, 1.500%, <br> 10/13/2026 | 183854 | 0.1 |
| 399000 <sup>(2)</sup> | Nationwide Building <br> Society, 2.000%, <br> 01/27/2023 | 398210 | 0.1 |
| 417000 <sup>(3)</sup> | NatWest Group PLC, <br> 2.359%, 05/22/2024 | 411092 | 0.1 |
| 327000 <sup>(3)</sup> | NatWest Group PLC, <br> 4.269%, 03/22/2025 | 319922 | 0.1 |
| 395000 <sup>(2)</sup> | Nordea Bank Abp, <br> 0.625%, 05/24/2024 | 369910 | 0.1 |
| 293000 <sup>(2)</sup> | Nordea Bank Abp, <br> 0.750%, 08/28/2025 | 261698 | 0.1 |
| 324000 <sup>(2)</sup> | Nordea Bank Abp, <br> 3.600%, 06/06/2025 | 312955 | 0.1 |
| 480000 <sup>(2)</sup> | Nordea Bank Abp, <br> 5.375%, 09/22/2027 | 483045 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 587000 | Old Republic International <br> Corp., 4.875%, 10/01/2024 | $583937 | 0.2 |
| 498000 <sup>(2)</sup> | Pacific Life Global Funding II, <br> 0.500%, 09/23/2023 | 480824 | 0.1 |
| 207000 <sup>(2)</sup> | Pacific Life Global Funding II, <br> 1.200%, 06/24/2025 | 187843 | 0.1 |
| 265000 <sup>(2)</sup> | Pacific Life Global Funding II, <br> 1.375%, 04/14/2026 | 233985 | 0.1 |
| 470000 | PNC Financial Services <br> Group, Inc./The, 3.500%, <br> 01/23/2024 | 463228 | 0.1 |
| 495000 <sup>(2)</sup> | Reliance Standard Life <br> Global Funding II, 2.150%, <br> 01/21/2023 | 494200 | 0.1 |
| 384000 <sup>(1)</sup> | Royal Bank of Canada, <br> 1.150%, 06/10/2025 | 351832 | 0.1 |
| 284000 | Royal Bank of Canada, <br> 1.150%, 07/14/2026 | 250434 | 0.1 |
| 280000 | Royal Bank of Canada, <br> 1.600%, 04/17/2023 | 277610 | 0.1 |
| 466000 | Royal Bank of Canada, <br> 1.600%, 01/21/2025 | 435544 | 0.1 |
| 345000 <sup>(1)</sup> | Royal Bank of Canada, <br> 1.950%, 01/17/2023 | 344678 | 0.1 |
| 553000 | Royal Bank of Canada, <br> 3.700%, 10/05/2023 | 547917 | 0.1 |
| 225000 | Royal Bank of Canada, <br> 4.408%, (US0003M + <br> 0.660%), 10/05/2023 | 225028 | 0.1 |
| 440000 | Sixth Street Specialty <br> Lending, Inc., 3.875%, <br> 11/01/2024 | 424282 | 0.1 |
| 954000 <sup>(2)</sup> | Skandinaviska Enskilda <br> Banken AB, 0.550%, <br> 09/01/2023 | 925018 | 0.3 |
| 619000 <sup>(2)</sup> | Skandinaviska Enskilda <br> Banken AB, 0.650%, <br> 09/09/2024 | 573237 | 0.2 |
| 464000 <sup>(2)</sup> | Skandinaviska Enskilda <br> Banken AB, 3.700%, <br> 06/09/2025 | 448767 | 0.1 |
| 477000 <sup>(2)(3)</sup> | Societe Generale SA, <br> 2.226%, 01/21/2026 | 439051 | 0.1 |
| 475000 <sup>(2)</sup> | Standard Chartered PLC, <br> 3.950%, 01/11/2023 | 474795 | 0.1 |
| 286000 | Sumitomo Mitsui Financial <br> Group, Inc., 1.474%, <br> 07/08/2025 | 260856 | 0.1 |
| 355000 | Sumitomo Mitsui Financial <br> Group, Inc., 2.696%, <br> 07/16/2024 | 340652 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 465000 <sup>(2)</sup> | Sumitomo Mitsui Trust <br> Bank Ltd., 0.800%, <br> 09/16/2024 | $| 429821 | 0.1 |
| 800000 <sup>(2)</sup> | Svenska Handelsbanken <br> AB, 0.625%, 06/30/2023 |  | 782692 | 0.2 |
| 468000 <sup>(2)</sup> | Svenska Handelsbanken <br> AB, 3.650%, 06/10/2025 |  | 453779 | 0.1 |
| 425000 <sup>(2)</sup> | Swedbank AB, 0.600%, <br> 09/25/2023 |  | 410998 | 0.1 |
| 371000 <sup>(2)</sup> | Swedbank AB, 3.356%, <br> 04/04/2025 |  | 356892 | 0.1 |
| 467000 | Toronto-Dominion Bank/<br>The, 0.700%, 09/10/2024 |  | 434907 | 0.1 |
| 621000 | Toronto-Dominion Bank/<br>The, 1.150%, 06/12/2025 |  | 567073 | 0.2 |
| 468000 <sup>(1)</sup> | Toronto-Dominion Bank/<br>The, 1.450%, 01/10/2025 |  | 436148 | 0.1 |
| 454000 | Toronto-Dominion Bank/<br>The, 3.766%, 06/06/2025 |  | 441005 | 0.1 |
| 369000 <sup>(2)</sup> | UBS AG/London, 0.700%, <br> 08/09/2024 |  | 344066 | 0.1 |
| 600000 <sup>(2)(3)</sup> | UBS Group AG, 1.008%, <br> 07/30/2024 |  | 583544 | 0.2 |
| 372000 <sup>(2)(3)</sup> | UBS Group AG, 4.488%, <br> 05/12/2026 |  | 363914 | 0.1 |
| 464000 <sup>(1)(2)(3)</sup> | UBS Group AG, 4.490%, <br> 08/05/2025 |  | 456318 | 0.1 |
| 280000 <sup>(2)</sup> | USAA Capital Corp., <br> 1.500%, 05/01/2023 |  | 277173 | 0.1 |
| 115000 <sup>(3)</sup> | Wells Fargo & Co., <br> 2.164%, 02/11/2026 |  | 107297 | 0 |
| 414000 <sup>(3)</sup> | Wells Fargo & Co., <br> 2.188%, 04/30/2026 |  | 385649 | 0.1 |
| 518000 <sup>(3)</sup> | Wells Fargo & Co., <br> 2.406%, 10/30/2025 |  | 490218 | 0.1 |
|  |  |  | **66237201** | **17.8** |
|  | **Industrial: 1.4%** | **Industrial: 1.4%** | **Industrial: 1.4%** | **Industrial: 1.4%** |
| 388000 | Boeing Co/The, 4.875%, <br> 05/01/2025 |  | 385378 | 0.1 |
| 423000 | Caterpillar Financial <br> Services Corp., 0.650%, <br> 07/07/2023 |  | 414542 | 0.1 |
| 223000 | General Dynamics Corp., <br> 3.250%, 04/01/2025 |  | 216269 | 0.1 |
| 392000 <sup>(2)</sup> | Graphic Packaging <br> International LLC, 0.821%, <br> 04/15/2024 |  | 367065 | 0.1 |
| 386000 | Honeywell International, <br> Inc., 1.350%, 06/01/2025 |  | 357180 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
| 651000 | Huntington Ingalls <br> Industries, Inc., 0.670%, <br> 08/16/2023 | $| 632260 | 0.2 |
| 335000 | John Deere Capital Corp., <br> 2.050%, 01/09/2025 |  | 318260 | 0.1 |
| 184000 | John Deere Capital Corp., <br> 2.125%, 03/07/2025 |  | 174255 | 0.0 |
| 138000 | John Deere Capital Corp., <br> 2.350%, 03/08/2027 |  | 125775 | 0.0 |
| 435000 | Raytheon Technologies <br> Corp., 3.700%, 12/15/2023 |  | 430069 | 0.1 |
| 400000 | Republic Services, Inc., <br> 2.500%, 08/15/2024 |  | 383563 | 0.1 |
| 305000 <sup>(1)</sup> | Rockwell Automation, Inc., <br> 0.350%, 08/15/2023 |  | 296925 | 0.1 |
| 350000 <sup>(2)</sup> | SMBC Aviation Capital <br> Finance DAC, 1.900%, <br> 10/15/2026 |  | 298365 | 0.1 |
| 713000 | Teledyne Technologies, <br> Inc., 0.950%, 04/01/2024 |  | 673906 | 0.2 |
|  |  |  | **5073812** | **1.4** |
|  | **Technology: 1.6%** | **Technology: 1.6%** | **Technology: 1.6%** | **Technology: 1.6%** |
| 233000 | Analog Devices, Inc., <br> 2.950%, 04/01/2025 |  | 224298 | 0.1 |
| 173000 | Apple, Inc., 1.125%, <br> 05/11/2025 |  | 159424 | 0.0 |
| 449000 | Apple, Inc., 2.750%, <br> 01/13/2025 |  | 432693 | 0.1 |
| 290000 | CGI, Inc., 1.450%, <br> 09/14/2026 |  | 256844 | 0.1 |
| 457000 | Fidelity National <br> Information Services, Inc., <br> 0.600%, 03/01/2024 |  | 432626 | 0.1 |
| 268000 | Fidelity National <br> Information Services, Inc., <br> 4.700%, 07/15/2027 |  | 261900 | 0.1 |
| 245000 | Fiserv, Inc., 2.750%, <br> 07/01/2024 |  | 236818 | 0.1 |
| 198000 | HP, Inc., 2.200%, <br> 06/17/2025 |  | 185165 | 0.0 |
| 430000 | Intel Corp., 3.750%, <br> 08/05/2027 |  | 413810 | 0.1 |
| 446000 | International Business <br> Machines Corp., 4.000%, <br> 07/27/2025 |  | 439203 | 0.1 |
| 255000 | International Business <br> Machines Corp., 6.500%, <br> 01/15/2028 |  | 273047 | 0.1 |
| 465000 | Kyndryl Holdings, Inc., <br> 2.050%, 10/15/2026 |  | 379946 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
| 473000 | Oracle Corp., 1.650%, <br> 03/25/2026 | $| 423983 | 0.1 |
| 288000 | Oracle Corp., 2.500%, <br> 04/01/2025 |  | 271791 | 0.1 |
| 470000 | Oracle Corp., 2.650%, <br> 07/15/2026 |  | 432584 | 0.1 |
| 500000 | Take-Two Interactive <br> Software, Inc., 3.550%, <br> 04/14/2025 |  | 481621 | 0.1 |
| 307000 | VMware, Inc., 1.000%, <br> 08/15/2024 |  | 285849 | 0.1 |
| 408000 | VMware, Inc., 1.400%, <br> 08/15/2026 |  | 356192 | 0.1 |
| 215000 | Workday, Inc., 3.500%, <br> 04/01/2027 |  | 201257 | 0 |
|  |  |  | **6149051** | **1.6** |
|  | **Utilities: 3.6%** | **Utilities: 3.6%** | **Utilities: 3.6%** | **Utilities: 3.6%** |
| 475000 <sup>(2)</sup> | AEP Texas, Inc., 3.850%, <br> 10/01/2025 |  | 456724 | 0.1 |
| 475000 <sup>(1)</sup> | Alabama Power Co., <br> 3.750%, 09/01/2027 |  | 455912 | 0.1 |
| 502000 | American Electric Power <br> Co., Inc., 0.750%, <br> 11/01/2023 |  | 483439 | 0.1 |
| 245000 | American Electric Power <br> Co., Inc., 2.031%, <br> 03/15/2024 |  | 236340 | 0.1 |
| 213000 <sup>(2)</sup> | Aquarion Co., 4.000%, <br> 08/15/2024 |  | 209333 | 0 |
| 425000 | Arizona Public Service <br> Co., 3.350%, 06/15/2024 |  | 411612 | 0.1 |
| 425000 | Avangrid, Inc., 3.200%, <br> 04/15/2025 |  | 406511 | 0.1 |
| 279000 | Black Hills Corp., 1.037%, <br> 08/23/2024 |  | 260366 | 0.1 |
| 500000 <sup>(2)</sup> | Dominion Energy, Inc., <br> 2.450%, 01/15/2023 |  | 499485 | 0.1 |
| 448000 <sup>(3)</sup> | DTE Energy Co., 4.220%, <br> 11/01/2024 |  | 440683 | 0.1 |
| 380000 | Duke Energy Corp., <br> 4.300%, 03/15/2028 |  | 366346 | 0.1 |
| 385000 | Duke Energy Ohio, Inc., <br> 3.800%, 09/01/2023 |  | 381765 | 0.1 |
| 290000 | Duke Energy Progress <br> LLC, 3.375%, 09/01/2023 |  | 286936 | 0.1 |
| 479000 <sup>(2)</sup> | Enel Finance International <br> NV, 6.800%, 10/14/2025 |  | 492367 | 0.1 |
| 329000 | Entergy Corp., 0.900%, <br> 09/15/2025 |  | 293297 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| 555000 | Entergy Louisiana LLC, <br> 0.950%, 10/01/2024 | $516981 | 0.1 |
| 250000 | Entergy Louisiana LLC, <br> 4.050%, 09/01/2023 | 248859 | 0.1 |
| 277000 | Eversource Energy, <br> 2.900%, 03/01/2027 | 255443 | 0.1 |
| 485000 | Interstate Power and Light <br> Co., 3.250%, 12/01/2024 | 468199 | 0.1 |
| 72000 | IPALCO Enterprises, Inc., <br> 3.700%, 09/01/2024 | 69815 | 0 |
| 428000 | National Rural Utilities <br> Cooperative Finance <br> Corp., 1.000%, 10/18/2024 | 396021 | 0.1 |
| 325000 <sup>(1)</sup> | National Rural Utilities <br> Cooperative Finance <br> Corp., 1.875%, 02/07/2025 | 305033 | 0.1 |
| 473000 | NextEra Energy Capital <br> Holdings, Inc., 1.875%, <br> 01/15/2027 | 419296 | 0.1 |
| 271000 | NextEra Energy Capital <br> Holdings, Inc., 4.625%, <br> 07/15/2027 | 266911 | 0.1 |
| 462000 | NiSource, Inc., 0.950%, <br> 08/15/2025 | 416929 | 0.1 |
| 328000 <sup>(2)</sup> | NRG Energy, Inc., 3.750%, <br> 06/15/2024 | 316090 | 0.1 |
| 284000 | OGE Energy Corp., <br> 0.703%, 05/26/2023 | 279011 | 0.1 |
| 797443 | PG&E Wildfire Recovery <br> Funding LLC, 3.594%, <br> 06/01/2032 | 756245 | 0.2 |
| 485000 | Public Service Electric and <br> Gas Co., 3.750%, <br> 03/15/2024 | 479027 | 0.1 |
| 335000 | Public Service Enterprise <br> Group, Inc., 0.800%, <br> 08/15/2025 | 300565 | 0.1 |
| 384000 | Southern Co. Gas Capital <br> Corp., 3.250%, 06/15/2026 | 358000 | 0.1 |
| 646000 | Southern Co/The, 0.600%, <br> 02/26/2024 | 613027 | 0.2 |
| 272000 <sup>(2)</sup> | Trans-Allegheny Interstate <br> Line Co., 3.850%, <br> 06/01/2025 | 262817 | 0.1 |
| 273000 <sup>(2)</sup> | Vistra Operations Co. LLC, <br> 5.125%, 05/13/2025 | 268441 | 0.1 |
| 43000 | WEC Energy Group, Inc., <br> 5.000%, 09/27/2025 | 43035 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| 61000 | WEC Energy Group, Inc., <br> 5.150%, 10/01/2027 | $| 61763 | 0.0 |
| 658000 | Xcel Energy, Inc., 0.500%, <br> 10/15/2023 |  | 634337 | 0.2 |
|  |  |  | **13416961** | **3.6** |
|  | Total Corporate Bonds/<br>Notes<br>(Cost $133,285,319) |  | **126780342** | 34.0 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 5.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 5.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 5.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 5.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 5.5%** |
| 455392 <sup>(2)(3)</sup> | Deephaven Residential <br> Mortgage Trust 2022-2 A1, <br> 4.300%, 03/25/2067 |  | 435092 | 0.1 |
| 896922 | Fannie Mae REMICS <br> 2006-43-FJ, 4.799%, <br> (US0001M + 0.410%), <br> 06/25/2036 |  | 884489 | 0.2 |
| 362117 | Fannie Mae REMICS <br> 2007-14 PF, 4.579%, <br> (US0001M + 0.190%), <br> 03/25/2037 |  | 352438 | 0.1 |
| 225960 | Fannie Mae REMICS <br> 2010-123 FL, 4.819%, <br> (US0001M + 0.430%), <br> 11/25/2040 |  | 222352 | 0.1 |
| 606299 | Fannie Mae REMICS <br> 2010-136 FG, 4.889%, <br> (US0001M + 0.500%), <br> 12/25/2030 |  | 605129 | 0.2 |
| 867062 | Fannie Mae REMICS <br> 2011-51 FM, 5.039%, <br> (US0001M + 0.650%), <br> 06/25/2041 |  | 854873 | 0.2 |
| 563730 | Fannie Mae REMICS <br> 2011-68 F, 4.659%, <br> (US0001M + 0.270%), <br> 07/25/2031 |  | 562073 | 0.2 |
| 87393 | Fannie Mae REMICS <br> 2011-96 FN, 4.889%, <br> (US0001M + 0.500%), <br> 10/25/2041 |  | 86169 | 0.0 |
| 16975 <sup>(2)(3)</sup> | Flagstar Mortgage Trust <br> 2017-2 A3, 3.500%, <br> 10/25/2047 |  | 15450 | 0.0 |
| 272540 <sup>(2)(3)</sup> | Flagstar Mortgage Trust <br> 2020-2 A2, 3.000%, <br> 08/25/2050 |  | 227473 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 467179 | Freddie Mac REMICS <br> 3626 FA, 4.968%, <br> (US0001M + 0.650%), <br> 05/15/2036 | $464569 | 0.1 |
| 297503 | Freddie Mac REMICS <br> 4508 CF, 4.718%, <br> (US0001M + 0.400%), <br> 09/15/2045 | 291430 | 0.1 |
| 1256357 | Ginnie Mae <br> Series 2012-H11 FA, <br> 4.542%, (US0001M + <br> 0.700%), 02/20/2062 | 1250859 | 0.3 |
| 1530704 | Ginnie Mae <br> Series 2012-H31 FD, <br> 4.182%, (US0001M + <br> 0.340%), 12/20/2062 | 1514671 | 0.4 |
| 701102 | Ginnie Mae <br> Series 2014-H05 FB, <br> 4.442%, (US0001M + <br> 0.600%), 12/20/2063 | 698358 | 0.2 |
| 1837554 | Ginnie Mae <br> Series 2015-H30 FE, <br> 4.442%, (US0001M + <br> 0.600%), 11/20/2065 | 1822773 | 0.5 |
| 2086713 | Ginnie Mae <br> Series 2016-H06 FD, <br> 4.418%, (US0001M + <br> 0.920%), 07/20/2065 | 2068103 | 0.6 |
| 637237 | Ginnie Mae <br> Series 2016-H07 FK, <br> 2.991%, (US0001M + <br> 1.000%), 03/20/2066 | 628656 | 0.2 |
| 402829 | Ginnie Mae <br> Series 2016-H08 FT, <br> 4.562%, (US0001M + <br> 0.720%), 02/20/2066 | 401246 | 0.1 |
| 1753639 | Ginnie Mae <br> Series 2016-H16 FE, <br> 3.155%, (US0012M + <br> 0.380%), 06/20/2066 | 1727815 | 0.5 |
| 459117 | Ginnie Mae <br> Series 2017-H09 FG, <br> 4.312%, (US0001M + <br> 0.470%), 03/20/2067 | 454857 | 0.1 |
| 450661 | Ginnie Mae <br> Series 2018-H04 FM, <br> 4.142%, (US0001M + <br> 0.300%), 03/20/2068 | 445204 | 0.1 |
| 1389534 | Ginnie Mae <br> Series 2019-H02 FA, <br> 4.292%, (US0001M + <br> 0.450%), 01/20/2069 | 1371736 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 843492 | Ginnie Mae <br> Series 2020-H09 NF, <br> 5.092%, (US0001M + <br> 1.250%), 04/20/2070 | $| 845104 | 0.2 |
| 17338 <sup>(2)(3)</sup> | GS Mortgage-Backed <br> Securities Corp. Trust <br> 2019-PJ3 A1, 3.500%, <br> 03/25/2050 |  | 16097 | 0 |
| 680761 <sup>(2)(3)</sup> | GS Mortgage-Backed <br> Securities Corp. Trust <br> 2021-PJ4 A4, 2.500%, <br> 09/25/2051 |  | 523450 | 0.1 |
| 206445 <sup>(2)(3)</sup> | JP Morgan Mortgage Trust <br> 2019-INV3 A3, 3.500%, <br> 05/25/2050 |  | 179657 | 0.1 |
| 321660 <sup>(2)(3)</sup> | Morgan Stanley <br> Residential Mortgage Loan <br> Trust 2021-2 A9, 2.500%, <br> 05/25/2051 |  | 247330 | 0.1 |
| 569463 <sup>(2)(3)</sup> | RATE Mortgage Trust <br> 2021-HB1 A31, 2.500%, <br> 12/25/2051 |  | 435035 | 0.1 |
| 718460 <sup>(2)(3)</sup> | Rate Mortgage Trust <br> 2021-J2 A31, 2.500%, <br> 08/25/2051 |  | 552437 | 0.1 |
| 181231 <sup>(2)(3)</sup> | Sequoia Mortgage Trust <br> 2014-4 B3, 3.903%, <br> 11/25/2044 |  | 165394 | 0 |
| 59776 <sup>(2)(3)</sup> | Sequoia Mortgage Trust <br> 2018-CH1 A19, 4.000%, <br> 03/25/2048 |  | 55369 | 0 |
| 89767 <sup>(3)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2004-AR4 A6 Trust, <br> 3.469%, 06/25/2034 |  | 84275 | 0 |
| 192280 <sup>(2)(3)</sup> | Wells Fargo Mortgage <br> Backed Securities 2020-1 <br> A17 Trust, 3.000%, <br> 12/25/2049 |  | 159969 | 0 |
|  | Total Collateralized <br> Mortgage Obligations <br> (Cost $21,575,895) |  | **20649932** | 5.5 |
| **U.S. TREASURY OBLIGATIONS: 30.8%** | **U.S. TREASURY OBLIGATIONS: 30.8%** | **U.S. TREASURY OBLIGATIONS: 30.8%** | **U.S. TREASURY OBLIGATIONS: 30.8%** | **U.S. TREASURY OBLIGATIONS: 30.8%** |
|  | **U.S. Treasury Notes: 30.8%** | **U.S. Treasury Notes: 30.8%** | **U.S. Treasury Notes: 30.8%** | **U.S. Treasury Notes: 30.8%** |
| 3652600 | 0.125%, 05/31/2023 |  | 3587467 | 1 |
| 1808200 | 0.500%, 11/30/2023 |  | 1739763 | 0.5 |
| 1815800 | 0.875%, 01/31/2024 |  | 1743097 | 0.5 |
| 189400 | 1.250%, 11/30/2026 |  | 169979 | 0 |
| 107900 | 1.500%, 01/31/2027 |  | 97434 | 0 |
| 128900 | 1.500%, 11/30/2028 |  | 111952 | 0 |
| 18713100 | 1.625%, 10/31/2023 |  | 18249660 | 4.9 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** | **U.S. TREASURY OBLIGATIONS: (continued)** |
|  | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** |
| 174300 | 3.875%, 11/30/2027 | $| 173374 | 0.0 |
| 651300 | 3.875%, 12/31/2027 |  | 647636 | 0.2 |
| 103700 | 3.875%, 11/30/2029 |  | 103028 | 0.0 |
| 252000 | 3.875%, 12/31/2029 |  | 250799 | 0.1 |
| 44101000 | 4.000%, 12/15/2025 |  | 43825369 | 11.8 |
| 44152000 | 4.250%, 12/31/2024 |  | 44001952 | 11.8 |
|  | Total U.S. Treasury <br> Obligations <br> (Cost $115,553,325) |  | **114701510** | 30.8 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.8%** |
| 2000000 <sup>(2)</sup> | BHMS 2018-ATLS D, <br> 6.568%, (US0001M + <br> 2.250%), 07/15/2035 |  | 1837852 | 0.5 |
| 3500000 <sup>(2)</sup> | BPR Trust 2021-WILL C, <br> 8.318%, (US0001M + <br> 4.000%), 06/15/2038 |  | 3284858 | 0.9 |
| 800000 <sup>(2)</sup> | BX Trust 2021-ARIA C, <br> 5.964%, (US0001M + <br> 1.646%), 10/15/2036 |  | 747551 | 0.2 |
| 425082 <sup>(2)</sup> | BX Trust 2022-PSB A, <br> 6.787%, (TSFR1M + <br> 2.451%), 08/15/2039 |  | 424777 | 0.1 |
| 1500000 <sup>(2)</sup> | BXMT 2021-FL4 D Ltd., <br> 6.568%, (US0001M + <br> 2.250%), 05/15/2038 |  | 1368070 | 0.4 |
| 1705000 <sup>(3)</sup> | COMM 2013-LC6 C <br> Mortgage Trust, 4.242%, <br> 01/10/2046 |  | 1696945 | 0.5 |
| 2520000 <sup>(2)</sup> | CSWF 2021-SOP2 D, <br> 6.635%, (US0001M + <br> 2.317%), 06/15/2034 |  | 2262554 | 0.6 |
| 488096 <sup>(2)</sup> | Extended Stay America <br> Trust 2021-ESH B, <br> 5.698%, (US0001M + <br> 1.380%), 07/15/2038 |  | 470064 | 0.1 |
| 1269050 <sup>(2)</sup> | Extended Stay America <br> Trust 2021-ESH C, <br> 6.018%, (US0001M + <br> 1.700%), 07/15/2038 |  | 1220883 | 0.3 |
| 15154 | Ginnie Mae 2015-183 AC, <br> 2.350%, 07/16/2056 |  | 15019 | 0.0 |
| 8653 | Ginnie Mae 2016-110 AB, <br> 2.000%, 05/16/2049 |  | 8594 | 0.0 |
| 51972 | Ginnie Mae 2017-51 AB, <br> 2.350%, 04/16/2057 |  | 50793 | 0.0 |
| 16400 | Ginnie Mae 2017-69 AB, <br> 2.350%, 05/16/2053 |  | 16075 | 0.0 |
| 16321 | Ginnie Mae 2017-70 A, <br> 2.500%, 10/16/2057 |  | 16117 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED <br>SECURITIES: (continued)** |
| 109078 | Ginnie Mae 2017-86 AB, <br> 2.300%, 11/16/2051 | $105246 | 0 |
| 63761 | Ginnie Mae 2017-89 A, <br> 2.500%, 08/16/2057 | 62677 | 0 |
| 530000 <sup>(2)</sup> | GS Mortgage Securities <br> Corp. Trust 2017-GPTX B, <br> 3.104%, 05/10/2034 | 479650 | 0.1 |
| 1820000 <sup>(2)(3)</sup> | JPMBB Commercial <br> Mortgage Securities Trust <br> 2013-C15 D, 5.180%, <br> 11/15/2045 | 1731429 | 0.5 |
| 1630000 <sup>(3)</sup> | JPMBB Commercial <br> Mortgage Securities Trust <br> 2013-C17 C, 4.883%, <br> 01/15/2047 | 1560201 | 0.4 |
| 900000 <sup>(2)(3)</sup> | JPMBB Commercial <br> Mortgage Securities Trust <br> 2014-C19 D, 4.647%, <br> 04/15/2047 | 823875 | 0.2 |
| 1250000 <sup>(3)</sup> | Morgan Stanley Bank of <br> America Merrill Lynch <br> Trust 2013-C10 A4, <br> 4.070%, 07/15/2046 | 1240265 | 0.3 |
| 276791 | Morgan Stanley Capital I <br> Trust 2017-H1 A2, <br> 3.089%, 06/15/2050 | 264796 | 0.1 |
| 500000 <sup>(2)</sup> | PFP 2021-8 Ltd. E, <br> 6.826%, (US0001M + <br> 2.500%), 08/09/2037 | 466927 | 0.1 |
| 796484 <sup>(2)</sup> | Ready Capital Mortgage <br> Financing 2020-FL4 A <br> LLC, 6.539%, (US0001M + <br> 2.150%), 02/25/2035 | 778202 | 0.2 |
| 4000000 <sup>(2)</sup> | VMC Finance 2021-FL4 C <br> LLC, 6.589%, (US0001M + <br> 2.250%), 06/16/2036 | 3691532 | 1 |
| 5720000 <sup>(3)</sup> | WFRBS Commercial <br> Mortgage Trust 2013-C14 <br> C, 3.957%, 06/15/2046 | 4361425 | 1.2 |
| 250000 <sup>(2)</sup> | WMRK Commercial <br> Mortgage Trust <br> 2022-WMRK A, 7.125%, <br> (TSFR1M + 2.789%), <br> 11/15/2027 | 249780 | 0.1 |
|  | Total Commercial <br> Mortgage-Backed <br> Securities <br> (Cost $32,521,459) | **29236157** | 7.8 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **ASSET-BACKED SECURITIES: 17.7%** | **ASSET-BACKED SECURITIES: 17.7%** | **ASSET-BACKED SECURITIES: 17.7%** | **ASSET-BACKED SECURITIES: 17.7%** |
|  | **Automobile Asset-Backed Securities: 3.6%** | **Automobile Asset-Backed Securities: 3.6%** | **Automobile Asset-Backed Securities: 3.6%** |
| 59983 | AmeriCredit Automobile <br> Receivables Trust 2019-3 <br> B, 2.130%, 07/18/2025 | $59897 | 0 |
| 900000 | AmeriCredit Automobile <br> Receivables Trust 2020-1 <br> C, 1.590%, 10/20/2025 | 871103 | 0.2 |
| 1350000 | AmeriCredit Automobile <br> Receivables Trust 2020-2 <br> B, 0.970%, 02/18/2026 | 1321847 | 0.3 |
| 550000 | AmeriCredit Automobile <br> Receivables Trust 2021-3 <br> B, 1.170%, 08/18/2027 | 506869 | 0.1 |
| 259269 | BMW Vehicle Owner Trust <br> 2020-A A3, 0.480%, <br> 10/25/2024 | 255895 | 0.1 |
| 260143 | Capital One Prime Auto <br> Receivables Trust 2019-1 <br> A4, 2.560%, 10/15/2024 | 260234 | 0.1 |
| 300000 | CarMax Auto Owner Trust <br> 2021-2 B, 1.030%, <br> 12/15/2026 | 270900 | 0.1 |
| 750000 | CarMax Auto Owner Trust <br> 2022-1 B, 1.950%, <br> 09/15/2027 | 681835 | 0.2 |
| 750000 | Carvana Auto Receivables <br> Trust 2022-P1 A3, 3.350%, <br> 02/10/2027 | 721386 | 0.2 |
| 50911 | Drive Auto Receivables <br> Trust 2021-1 B, 0.650%, <br> 07/15/2025 | 50838 | 0 |
| 382941 | Exeter Automobile <br> Receivables Trust 2021-4 <br> A3, 0.680%, 07/15/2025 | 381360 | 0.1 |
| 750000 | Ford Credit Auto Owner <br> Trust 2022-A B, 1.910%, <br> 07/15/2027 | 685995 | 0.2 |
| 450000 | GM Financial Automobile <br> Leasing Trust 2019-4 A4, <br> 1.760%, 01/16/2025 | 444753 | 0.1 |
| 500000 | GM Financial Automobile <br> Leasing Trust 2022-3 A4, <br> 4.110%, 08/20/2026 | 490206 | 0.1 |
| 600000 | GM Financial Consumer <br> Automobile Receivables <br> Trust 2022-4 B, 5.500%, <br> 08/16/2028 | 602261 | 0.2 |
| 283271 | Honda Auto Receivables <br> 2020-2 A3 Owner Trust, <br> 0.820%, 07/15/2024 | 279140 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Automobile Asset-Backed <br>Securities (continued)** | **Automobile Asset-Backed <br>Securities (continued)** | **Automobile Asset-Backed <br>Securities (continued)** | **Automobile Asset-Backed <br>Securities (continued)** |
| 850000 | Hyundai Auto Receivables <br> Trust 2021-C B, 1.490%, <br> 12/15/2027 | $| 762504 | 0.2 |
| 299958 <sup>(2)</sup> | JPMorgan Chase Bank <br> NA - CACLN 2021-3 B, <br> 0.760%, 02/26/2029 |  | 282821 | 0.1 |
| 55597 | Nissan Auto Receivables <br> 2018-C A4 Owner Trust, <br> 3.270%, 06/16/2025 |  | 55572 | 0.0 |
| 400000 <sup>(2)</sup> | Oscar US Funding XIII <br> LLC 2021-2A A3, 0.860%, <br> 09/10/2025 |  | 377583 | 0.1 |
| 355349 | Santander Drive Auto <br> Receivables Trust 2020-1 <br> C, 4.110%, 12/15/2025 |  | 353692 | 0.1 |
| 207742 | Santander Drive Auto <br> Receivables Trust 2021-2 <br> B, 0.590%, 09/15/2025 |  | 207168 | 0.1 |
| 870130 | Santander Drive Auto <br> Receivables Trust 2021-3 <br> B, 0.600%, 12/15/2025 |  | 863626 | 0.2 |
| 600000 | Santander Drive Auto <br> Receivables Trust 2022-4 <br> A3, 4.140%, 02/16/2027 |  | 587841 | 0.2 |
| 759983 | Toyota Auto Receivables <br> 2019-C A4 Owner Trust, <br> 1.880%, 11/15/2024 |  | 753870 | 0.2 |
| 1150000 <sup>(2)</sup> | Westlake Automobile <br> Receivables Trust 2022-3A <br> A3, 5.490%, 07/15/2026 |  | 1148672 | 0.3 |
|  |  |  | **13277868** | **3.6** |
|  | **Credit Card Asset-Backed Securities: 0.7%** | **Credit Card Asset-Backed Securities: 0.7%** | **Credit Card Asset-Backed Securities: 0.7%** | **Credit Card Asset-Backed Securities: 0.7%** |
| 1500000 | American Express Credit <br> Account Master Trust <br> 2022-3 A, 3.750%, <br> 08/15/2027 |  | 1467573 | 0.4 |
| 1350000 <sup>(2)</sup> | CARDS II Trust 2021-1A <br> A, 0.602%, 04/15/2027 |  | 1273624 | 0.3 |
|  |  |  | **2741197** | **0.7** |
|  | **Other Asset-Backed Securities: 12.6%** | **Other Asset-Backed Securities: 12.6%** | **Other Asset-Backed Securities: 12.6%** | **Other Asset-Backed Securities: 12.6%** |
| 800000 <sup>(2)</sup> | AGL CLO 13 Ltd. <br> 2021-13A A1, 5.403%, <br> (US0003M + 1.160%), <br> 10/20/2034 |  | 781241 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| 2000000 <sup>(2)</sup> | Aimco CLO 11 Ltd. <br> 2020-11A AR, 5.209%, <br> (US0003M + 1.130%), <br> 10/17/2034 | $1950818 | 0.5 |
| 840000 <sup>(2)</sup> | Apidos Clo XXV 2016-25A <br> A1R, 5.413%, (US0003M + <br> 1.170%), 10/20/2031 | 826740 | 0.2 |
| 100000 <sup>(2)</sup> | Arbor Realty Commercial <br> Real Estate Notes <br> 2021-FL3 C Ltd., 6.168%, <br> (US0001M + 1.850%), <br> 08/15/2034 | 92633 | 0 |
| 750000 <sup>(2)</sup> | Arbor Realty Commercial <br> Real Estate Notes <br> 2021-FL4 D Ltd., 7.218%, <br> (US0001M + 2.900%), <br> 11/15/2036 | 696254 | 0.2 |
| 2000000 <sup>(2)</sup> | Arbor Realty Commercial <br> Real Estate Notes <br> 2021-FL4 E Ltd., 7.718%, <br> (US0001M + 3.400%), <br> 11/15/2036 | 1825890 | 0.5 |
| 700000 <sup>(2)</sup> | ARES XLVI CLO Ltd. <br> 2017-46A A2, 5.309%, <br> (US0003M + 1.230%), <br> 01/15/2030 | 675203 | 0.2 |
| 250000 <sup>(2)</sup> | Babson CLO Ltd. 2017-1A <br> A2, 5.544%, (US0003M + <br> 1.350%), 07/18/2029 | 243904 | 0.1 |
| 1000000 <sup>(2)</sup> | Benefit Street Partners <br> CLO XIX Ltd. 2019-19A A, <br> 5.429%, (US0003M + <br> 1.350%), 01/15/2033 | 982271 | 0.3 |
| 500000 <sup>(2)</sup> | BlueMountain CLO XXXI <br> Ltd. 2021-31A A2, <br> 5.627%, (US0003M + <br> 1.400%), 04/19/2034 | 478351 | 0.1 |
| 250000 <sup>(2)</sup> | Carbone CLO Ltd. <br> 2017-1A A1, 5.383%, <br> (US0003M + 1.140%), <br> 01/20/2031 | 246607 | 0.1 |
| 492818 <sup>(2)</sup> | Carlyle Global Market <br> Strategies CLO 2014-2RA <br> A1 Ltd., 5.656%, <br> (US0003M + 1.050%), <br> 05/15/2031 | 485352 | 0.1 |
| 1200000 <sup>(2)</sup> | Carlyle Global Market <br> Strategies CLO 2016-1 <br> Ltd. 2016-1A A1R2, <br> 5.383%, (US0003M + <br> 1.140%), 04/20/2034 | 1170428 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| 800000 <sup>(2)</sup> | Carlyle US Clo 2017-2A <br> CR Ltd., 5.643%, <br> (US0003M + 1.400%), <br> 07/20/2031 | $780798 | 0.2 |
| 850000 <sup>(2)</sup> | Carlyle US CLO 2020-2A <br> A1R Ltd., 5.498%, <br> (US0003M + 1.140%), <br> 01/25/2035 | 826328 | 0.2 |
| 1550000 <sup>(2)</sup> | Carlyle US Clo 2021-4A <br> A2 Ltd., 5.643%, <br> (US0003M + 1.400%), <br> 04/20/2034 | 1500865 | 0.4 |
| 1000000 <sup>(2)</sup> | Cedar Funding IV CLO <br> Ltd.2014-4A ARR, <br> 5.485%, (US0003M + <br> 1.160%), 07/23/2034 | 972243 | 0.3 |
| 600000 <sup>(2)</sup> | CIFC Funding 2018-4A A1 <br> Ltd., 5.229%, (US0003M + <br> 1.150%), 10/17/2031 | 591086 | 0.2 |
| 900000 <sup>(2)</sup> | CIFC Funding 2020-2A AR <br> Ltd., 5.413%, (US0003M + <br> 1.170%), 10/20/2034 | 879796 | 0.2 |
| 600000 <sup>(2)</sup> | Clear Creek CLO Ltd. <br> 2015-1A AR, 5.443%, <br> (US0003M + 1.200%), <br> 10/20/2030 | 593465 | 0.2 |
| 550000 | CNH Equipment Trust <br> 2021-C A3, 0.810%, <br> 12/15/2026 | 512898 | 0.1 |
| 250000 <sup>(2)</sup> | Deer Creek Clo Ltd. <br> 2017-1A A, 5.423%, <br> (US0003M + 1.180%), <br> 10/20/2030 | 247170 | 0.1 |
| 477917 <sup>(2)</sup> | Dryden XXVIII Senior <br> Loan Fund 2013-28A <br> A1LR, 5.806%, <br> (US0003M + 1.200%), <br> 08/15/2030 | 474208 | 0.1 |
| 300000 <sup>(2)</sup> | Eaton Vance Clo 2015-1A <br> A2R Ltd., 5.493%, <br> (US0003M + 1.250%), <br> 01/20/2030 | 285278 | 0.1 |
| 588211 <sup>(2)</sup> | Elevation CLO 2014-2A <br> A1R Ltd., 5.355%, <br> (TSFR3M + 1.230%), <br> 10/15/2029 | 583116 | 0.2 |
| 450000 <sup>(2)</sup> | Elmwood CLO IX Ltd. <br> 2021-2A A, 5.373%, <br> (US0003M + 1.130%), <br> 07/20/2034 | 439640 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| 2000000 <sup>(2)</sup> | FS RIALTO 2021-FL2 E, <br> 7.776%, (US0001M + <br> 3.450%), 05/16/2038 | $1805820 | 0.5 |
| 1360000 <sup>(2)</sup> | HGI CRE CLO 2021-FL1 B <br> Ltd., 5.926%, (US0001M + <br> 1.600%), 06/16/2036 | 1289944 | 0.3 |
| 2100000 <sup>(2)</sup> | HGI CRE CLO 2021-FL1 D <br> Ltd., 6.676%, (US0001M + <br> 2.350%), 06/16/2036 | 1947356 | 0.5 |
| 338586 <sup>(2)</sup> | JGWPT XXXIII LLC <br> 2014-3A A, 3.500%, <br> 06/15/2077 | 287233 | 0.1 |
| 400000 | John Deere Owner Trust <br> 2022-A A4, 2.490%, <br> 01/16/2029 | 377214 | 0.1 |
| 950000 | John Deere Owner Trust <br> 2022-B A4, 3.800%, <br> 05/15/2029 | 922621 | 0.2 |
| 1150000 | John Deere Owner Trust <br> 2022-C A4, 5.200%, <br> 09/17/2029 | 1158041 | 0.3 |
| 1300000 <sup>(2)</sup> | Kayne CLO 6 Ltd. 2019-6A <br> A1, 5.623%, (US0003M + <br> 1.380%), 01/20/2033 | 1282893 | 0.3 |
| 1000000 <sup>(2)</sup> | Kayne CLO 7 Ltd. 2020-7A <br> A1, 5.279%, (US0003M + <br> 1.200%), 04/17/2033 | 981478 | 0.3 |
| 600000 <sup>(2)</sup> | LCM 26A A2 Ltd., 5.493%, <br> (US0003M + 1.250%), <br> 01/20/2031 | 571944 | 0.1 |
| 500000 <sup>(2)</sup> | Magnetite XXVI Ltd. <br> 2020-26A A2R, 5.758%, <br> (US0003M + 1.400%), <br> 07/25/2034 | 481986 | 0.1 |
| 1500000 <sup>(2)</sup> | Magnetite XXVII Ltd. 27A <br> AR, 5.383%, (US0003M + <br> 1.140%), 10/20/2034 | 1463042 | 0.4 |
| 720000 <sup>(2)</sup> | Marble Point CLO XIV Ltd. <br> 2018-2A A1R, 5.523%, <br> (US0003M + 1.280%), <br> 01/20/2032 | 704542 | 0.2 |
| 525294 <sup>(2)</sup> | Marlette Funding Trust <br> 2021-1A B, 1.000%, <br> 06/16/2031 | 518314 | 0.1 |
| 700000 <sup>(2)</sup> | Oaktree CLO Ltd. 2021-1A <br> A1, 5.239%, (US0003M + <br> 1.160%), 07/15/2034 | 683517 | 0.2 |
| 350000 <sup>(2)</sup> | OCP CLO 2021-22A A <br> Ltd., 5.423%, (US0003M + <br> 1.180%), 12/02/2034 | 340852 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| 1100000 <sup>(2)</sup> | Octagon Investment <br> Partners 32 Ltd. 2017-1A <br> A2R, 5.279%, <br> (US0003M + 1.200%), <br> 07/15/2029 | $1058584 | 0.3 |
| 400000 <sup>(2)</sup> | Octagon Investment <br> Partners 33 Ltd. 2017-1A <br> A1, 5.433%, (US0003M + <br> 1.190%), 01/20/2031 | 395640 | 0.1 |
| 1000000 <sup>(2)</sup> | Octagon Investment <br> Partners 48 Ltd. 2020-3A <br> AR, 5.393%, (US0003M + <br> 1.150%), 10/20/2034 | 974787 | 0.3 |
| 400000 <sup>(2)</sup> | Octagon Investment <br> Partners XV Ltd. 2013-1A <br> A2R, 5.577%, <br> (US0003M + 1.350%), <br> 07/19/2030 | 381763 | 0.1 |
| 2000000 <sup>(2)</sup> | OHA Credit Partners XVI <br> 2021-16A A, 5.344%, <br> (US0003M + 1.150%), <br> 10/18/2034 | 1956542 | 0.5 |
| 1600000 <sup>(2)</sup> | OHA Loan Funding <br> 2015-1A AR3 Ltd., <br> 5.377%, (US0003M + <br> 1.150%), 01/19/2037 | 1561213 | 0.4 |
| 962537 <sup>(2)</sup> | Palmer Square CLO <br> 2015-2A A1R2 Ltd., <br> 5.343%, (US0003M + <br> 1.100%), 07/20/2030 | 951647 | 0.3 |
| 600000 <sup>(2)</sup> | PFS Financing Corp. <br> 2021-B A, 0.770%, <br> 08/15/2026 | 553731 | 0.1 |
| 650000 <sup>(2)</sup> | PFS Financing Corp. <br> 2022-D A, 4.270%, <br> 08/15/2027 | 634756 | 0.2 |
| 800000 <sup>(2)</sup> | Sound Point CLO XXIII <br> 2019-2A AR, 5.249%, <br> (US0003M + 1.170%), <br> 07/15/2034 | 772423 | 0.2 |
| 850000 <sup>(2)</sup> | THL Credit Wind River <br> 2018-2 A A2Clo Ltd., <br> 5.529%, (US0003M + <br> 1.450%), 07/15/2030 | 820488 | 0.2 |
| 1850000 <sup>(2)</sup> | THL Credit Wind River <br> 2019-1A AR CLO Ltd., <br> 5.403%, (US0003M + <br> 1.160%), 07/20/2034 | 1797804 | 0.5 |
| 650000 <sup>(2)</sup> | Trafigura Securitisation <br> Finance PLC 2021-1A A2, <br> 1.080%, 01/15/2025 | 598660 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| 250000 <sup>(2)</sup> | Venture 34 CLO Ltd. <br> 2018-34A A, 5.309%, <br> (US0003M + 1.230%), <br> 10/15/2031 | $| 244070 | 0.1 |
| 500000 <sup>(2)</sup> | Wellman Park CLO Ltd. <br> 2021-1A A, 5.179%, <br> (US0003M + 1.100%), <br> 07/15/2034 |  | 489754 | 0.1 |
|  |  |  | **47151242** | **12.6** |
|  | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** |
| 356770 <sup>(2)</sup> | Navient Private Education <br> Refi Loan Trust 2019-FA <br> A2, 2.600%, 08/15/2068 |  | 330366 | 0.1 |
| 392670 <sup>(2)</sup> | Navient Private Education <br> Refi Loan Trust 2020-GA <br> A, 1.170%, 09/16/2069 |  | 348472 | 0.1 |
| 184756 <sup>(2)</sup> | Navient Private Education <br> Refi Loan Trust 2021-A A, <br> 0.840%, 05/15/2069 |  | 159902 | 0.0 |
| 276457 <sup>(2)</sup> | Navient Private Education <br> Refi Loan Trust 2021-F A, <br> 1.110%, 02/18/2070 |  | 233080 | 0.1 |
| 1214808 <sup>(2)</sup> | Navient Private Education <br> Refi Loan Trust 2022-BA <br> A, 4.160%, 10/15/2070 |  | 1136524 | 0.3 |
| 481238 <sup>(2)</sup> | Sofi Professional Loan <br> Program 2018-A A2B LLC, <br> 2.950%, 02/25/2042 |  | 463015 | 0.1 |
| 383462 <sup>(2)</sup> | SoFi Professional Loan <br> Program 2021-B AFX <br> Trust, 1.140%, 02/15/2047 |  | 315797 | 0.1 |
|  |  |  | **2987156** | **0.8** |
|  | Total Asset-Backed <br> Securities <br> (Cost $68,714,261) |  | **66157463** | 17.7 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%** |
|  | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** |
| 8274 | 6.500%,10/01/2032 |  | 8489 | 0.0 |
| 7153 | 7.000%,10/01/2032 |  | 7135 | 0.0 |
|  | Total U.S. Government <br> Agency Obligations |  |  |  |
|  | (Cost $15,742) |  | **15624** | 0.0 |
|  | Total Long-Term <br> Investments <br> (Cost $371,666,001) |  | **357541028** | 95.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 16.8%** | **SHORT-TERM INVESTMENTS: 16.8%** | **SHORT-TERM INVESTMENTS: 16.8%** | **SHORT-TERM INVESTMENTS: 16.8%** |
|  | **Repurchase Agreements: 1.3%** | **Repurchase Agreements: 1.3%** | **Repurchase Agreements: 1.3%** |
| 1149290 <sup>(4)</sup> | Bank of America Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.30%, <br> due 01/03/23 (Repurchase <br> Amount $1,149,832, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, <br> 1.500%-6.500%, Market <br> Value plus accrued <br> interest $1,172,276, due <br> 05/01/37-05/01/58) | $1149290 | 0.3 |
| 268767 <sup>(4)</sup> | Citigroup, Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.25%, <br> due 01/03/23 (Repurchase <br> Amount $268,892, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.000%-4.500%, Market <br> Value plus accrued <br> interest $274,142, due <br> 04/11/23-10/31/29) | 268767 | 0.1 |
| 1149290 <sup>(4)</sup> | Deutsche Bank Securities <br> Inc., Repurchase <br> Agreement dated <br> 12/30/22, 4.29%, due <br> 01/03/23 (Repurchase <br> Amount $1,149,830, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, <br> 1.500%-7.500%, Market <br> Value plus accrued <br> interest $1,172,276, due <br> 02/01/24-01/01/57) | 1149290 | 0.3 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond 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)** |
| 1149290 <sup>(4)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 (Repurchase <br> Amount $1,149,837, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.000%-4.435%, Market <br> Value plus accrued <br> interest $1,172,276, due <br> 01/03/23-09/09/49) | $&nbsp;&nbsp;&nbsp;&nbsp;1149290 | 0.3 |
| 1149290 <sup>(4)</sup> | RBC Dominion Securities <br> Inc., Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,149,832, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, <br> 2.000%-6.000%, Market <br> Value plus accrued <br> interest $1,172,276, due <br> 09/01/24-10/20/52) | 1149290 | 0.3 |
|  | Total Repurchase <br> Agreements <br> (Cost $4,865,927) | **4865927** | 1.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
|  | **Mutual Funds: 15.5%** | **Mutual Funds: 15.5%** | **Mutual Funds: 15.5%** |
| 56033000 <sup>(5)</sup> | Goldman Sachs Financial <br> Square Government <br> Fund - Institutional Shares, <br> 4.150% | 56033000 | 15.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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: 15.5%** | **Mutual Funds: 15.5%** | **Mutual Funds: 15.5%** |
| 1724000 <sup>(5)</sup> | Morgan Stanley <br> Institutional Liquidity <br> Funds - Government <br> Portfolio (Institutional <br> Share Class), 4.110% | $1724000 | 0.5 |
|  | Total Mutual Funds <br> (Cost $57,757,000) | **57757000** | 15.5 |
|  | Total Short-Term <br> Investments <br> (Cost $62,622,927) | **62622927** | 16.8 |
|  | **Total Investments in <br> Securities <br> (Cost $434,288,928)** | $**420163955** | **112.6** |
|  | **Liabilities in Excess of <br> Other Assets** | **(47100842)** | **(12.6)** |
|  | **Net Assets** | $**373063113** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

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

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

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

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

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

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

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

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

<sup>(5)</sup> <br>

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

Reference Rate Abbreviations:

TSFR1M <br>

1-month CME Term Secured Overnight Financing Rate

TSFR3M <br>

3-month CME Term Secured Overnight Financing Rate

US0001M <br>

1-month LIBOR

US0003M <br>

3-month LIBOR

US0012M <br>

12-month LIBOR

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond 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** |  |  |  |  |
| Corporate Bonds/Notes | $— | $126780342 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $126780342 |
| Collateralized Mortgage Obligations |  | 20649932 |  | 20649932 |
| Asset-Backed Securities |  | 66157463 |  | 66157463 |
| Commercial Mortgage-Backed Securities |  | 29236157 |  | 29236157 |
| U.S. Government Agency Obligations |  | 15624 |  | 15624 |
| U.S. Treasury Obligations |  | 114701510 |  | 114701510 |
| Short-Term Investments | 57757000 | 4865927 |  | 62622927 |
| Total Investments, at fair value | $57757000 | $362406955 | $— | $420163955 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 132319 |  |  | 132319 |
| Total Assets | $57889319 | $362406955 | $— | $420296274 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps | $— | $(18908) | $— | $(18908) |
| Total Liabilities | $— | $(18908) | $— | $(18908) |

---

^ <br>

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

+ <br>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| U.S. Treasury 2-Year Note | 529 | 03/31/23 | $108486328 | $111596 |
|  |  |  | $108486328 | $111596 |
| <u>Short Contracts:</u> |  |  |  |  |
| U.S. Treasury 5-Year Note | (165) | 03/31/23 | (17808398) | 20723 |
|  |  |  | $(17808398) | $20723 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

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

#### Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection <sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Entity/Obligation** | **Buy/Sell <br> Protection**  | **(Pay)/<br>Receive<br>Financing<br>Rate (%)<sup>(2)</sup>** | **Termination <br> Date**  | **Notional <br> Amount<sup>(3)</sup>**  | **Fair <br> Value<sup>(4)</sup>**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
|  CDX North American Investment Grade Index, Series 39, <br> Version 1  | Buy | (1.000) | 12/20/27 | USD 3,650,000  | $(29091) | $(18908) |
|  |  |  |  |  | $(29091) | $(18908) |

---

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

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

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

Payments made quarterly.

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

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

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

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

Currency Abbreviations

USD – United States Dollar

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts\*  | $132319 |
| **Total Asset Derivatives**  |  | $132319 |
| **<u>Liability Derivatives</u>** |  |  |
| Credit contracts | Variation margin payable on centrally cleared swaps\*  | 18908 |
| **Total Liability Derivatives**  |  | $18908 |

---

\* <br>

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | &nbsp;&nbsp; **Futures**  | **Swaps**  | &nbsp;&nbsp;&nbsp;&nbsp; **Total**  |
| Credit contracts | $— | $18760 | $18760 |
| Interest rate contracts | (5508237) |  | (5508237) |
| **Total**  | $(5508237) | $18760 | $(5489477) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio as of December 31, 2022 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Futures**  | **Swaps**  | &nbsp;&nbsp; **Total**  |
| Credit contracts | $— | $(18908) | $(18908) |
| Interest rate contracts | 336517 |  | 336517 |
| **Total**  | $336517 | $(18908) | $317609 |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $434,465,506. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $111456 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (14309779) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(14198323) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** |
|  | **Communication Services: 7.2%** | **Communication Services: 7.2%** | **Communication Services: 7.2%** |
| 151367 | Activision Blizzard, Inc. | $11587144 | 0.2 |
| 1269489 <sup>(1)</sup> | Alphabet, Inc. - Class A | 112007014 | 1.6 |
| 1125350 <sup>(1)</sup> | Alphabet, Inc. - Class C | 99852305 | 1.4 |
| 1514758 | AT&T, Inc. | 27886695 | 0.4 |
| 22829 <sup>(1)</sup> | Charter Communications, <br> Inc. | 7741314 | 0.1 |
| 916881 | Comcast Corp. - Class A | 32063329 | 0.5 |
| 53422 <sup>(1)</sup> | Dish Network Corp. - <br> Class A | 750045 | 0.0 |
| 55744 | Electronic Arts, Inc. | 6810802 | 0.1 |
| 64287 | Fox Corp. - Class A | 1952396 | 0.0 |
| 29612 | Fox Corp. - Class B | 842461 | 0.0 |
| 82576 | Interpublic Group of Cos., <br> Inc. | 2750607 | 0.1 |
| 30359 <sup>(1)</sup> | Live Nation Entertainment, <br> Inc. | 2117237 | 0.0 |
| 202297 | Lumen Technologies, Inc.  | 1055990 | 0.0 |
| 59363 <sup>(1)</sup> | Match Group, Inc. | 2462971 | 0.0 |
| 477928 <sup>(1)</sup> | Meta Platforms, Inc. | 57513855 | 0.8 |
| 94584 <sup>(1)</sup> | NetFlix, Inc. | 27890930 | 0.4 |
| 81264 | News Corp - Class A | 1479005 | 0.0 |
| 25058 | News Corp - Class B | 462070 | 0.0 |
| 43340 | Omnicom Group | 3535244 | 0.1 |
| 107338 <sup>(2)</sup> | Paramount Global - <br> Class B | 1811865 | 0.0 |
| 33528 <sup>(1)</sup> | Take-Two Interactive <br> Software, Inc. | 3491271 | 0.1 |
| 126926 <sup>(1)</sup> | T-Mobile US, Inc. | 17769640 | 0.3 |
| 892621 | Verizon Communications, <br> Inc. | 35169267 | 0.5 |
| 387469 <sup>(1)</sup> | Walt Disney Co. | 33663307 | 0.5 |
| 469675 <sup>(1)</sup> | Warner Bros Discovery, <br> Inc. | 4452519 | 0.1 |
|  |  | **497119283** | **7.2** |
|  | **Consumer Discretionary: 9.6%** | **Consumer Discretionary: 9.6%** | **Consumer Discretionary: 9.6%** |
| 12777 | Advance Auto Parts, Inc. | 1878602 | 0.0 |
| 1886368 <sup>(1)</sup> | Amazon.com, Inc. | 158454912 | 2.3 |
| 57587 <sup>(1)</sup> | Aptiv PLC | 5363077 | 0.1 |
| 4034 <sup>(1)</sup> | Autozone, Inc. | 9948570 | 0.2 |
| 48538 | Bath & Body Works, Inc. | 2045391 | 0.0 |
| 42586 | Best Buy Co., Inc. | 3415823 | 0.1 |
| 8244 <sup>(1)</sup> | Booking Holdings, Inc. | 16613968 | 0.2 |
| 49767 | BorgWarner, Inc. | 2003122 | 0.0 |
| 45603 <sup>(1)</sup> | Caesars Entertainment, <br> Inc. | 1897085 | 0.0 |
| 33584 <sup>(1)</sup> | Carmax, Inc. | 2044930 | 0.0 |
| 212843 <sup>(1)(2)</sup> | Carnival Corp. | 1715515 | 0.0 |
| 5892 <sup>(1)</sup> | Chipotle Mexican Grill, <br> Inc. | 8175091 | 0.1 |
| 66524 | D.R. Horton, Inc. | 5929949 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |
| 26012 | Darden Restaurants, Inc. | $3598240 | 0.1 |
| 47943 | Dollar General Corp. | 11805964 | 0.2 |
| 44739 <sup>(1)</sup> | Dollar Tree, Inc. | 6327884 | 0.1 |
| 7524 | Domino's Pizza, Inc. | 2606314 | 0 |
| 115336 | eBay, Inc. | 4782984 | 0.1 |
| 26713 <sup>(1)</sup> | Etsy, Inc. | 3199683 | 0.1 |
| 32001 <sup>(1)</sup> | Expedia Group, Inc. | 2803288 | 0 |
| 839449 | Ford Motor Co. | 9762792 | 0.1 |
| 32589 | Garmin Ltd. | 3007639 | 0.1 |
| 301952 | General Motors Co. | 10157665 | 0.2 |
| 29960 | Genuine Parts Co. | 5198360 | 0.1 |
| 27593 | Hasbro, Inc. | 1683449 | 0 |
| 57482 | Hilton Worldwide <br> Holdings, Inc. | 7263425 | 0.1 |
| 217581 | Home Depot, Inc. | 68725135 | 1 |
| 69838 <sup>(1)</sup> | Las Vegas Sands Corp. | 3357113 | 0.1 |
| 54148 | Lennar Corp. - Class A | 4900394 | 0.1 |
| 53946 | LKQ Corp. | 2881256 | 0 |
| 131923 | Lowe's Cos, Inc. | 26284338 | 0.4 |
| 57185 | Marriott International, <br> Inc. | 8514275 | 0.1 |
| 155668 | McDonald's Corp. | 41023188 | 0.6 |
| 67744 | MGM Resorts <br> International | 2271456 | 0 |
| 11208 <sup>(1)</sup> | Mohawk Industries, Inc. | 1145682 | 0 |
| 79994 | Newell Brands, Inc. | 1046321 | 0 |
| 267732 | Nike, Inc. - Class B | 31327321 | 0.5 |
| 89563 <sup>(1)(2)</sup> | Norwegian Cruise Line <br> Holdings Ltd. | 1096251 | 0 |
| 639 <sup>(1)</sup> | NVR, Inc. | 2947439 | 0 |
| 13300 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 11225599 | 0.2 |
| 8300 | Pool Corp. | 2509339 | 0 |
| 48420 | Pulte Group, Inc. | 2204563 | 0 |
| 8733 | Ralph Lauren Corp. | 922816 | 0 |
| 73764 | Ross Stores, Inc. | 8561787 | 0.1 |
| 46643 <sup>(1)</sup> | Royal Caribbean Cruises <br> Ltd. | 2305563 | 0 |
| 243972 | Starbucks Corp. | 24202022 | 0.4 |
| 51213 | Tapestry, Inc. | 1950191 | 0 |
| 97823 | Target Corp. | 14579540 | 0.2 |
| 570471 <sup>(1)</sup> | Tesla, Inc. | 70270618 | 1 |
| 246768 | TJX Cos., Inc. | 19642733 | 0.3 |
| 23478 | Tractor Supply Co. | 5281846 | 0.1 |
| 10886 <sup>(1)</sup> | Ulta Beauty, Inc. | 5106296 | 0.1 |
| 70197 | VF Corp. | 1938139 | 0 |
| 11579 | Whirlpool Corp. | 1637965 | 0 |
| 21916 <sup>(1)</sup> | Wynn Resorts Ltd. | 1807413 | 0 |
| 59869 | Yum! Brands, Inc. | 7668022 | 0.1 |
|  |  | **669018343** | **9.6** |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index 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)** |
|  | **Consumer Staples: 7.1%** | **Consumer Staples: 7.1%** | **Consumer Staples: 7.1%** |
| 380905 | Altria Group, Inc. | $17411168 | 0.2 |
| 116754 | Archer-Daniels-Midland <br> Co. | 10840609 | 0.2 |
| 38864 | Brown-Forman Corp. - <br> Class B | 2552587 | 0 |
| 42686 | Campbell Soup Co. | 2422430 | 0 |
| 51831 | Church & Dwight Co., Inc.  | 4178097 | 0.1 |
| 26224 | Clorox Co. | 3680014 | 0.1 |
| 827211 | Coca-Cola Co. | 52618892 | 0.8 |
| 177515 | Colgate-Palmolive Co. | 13986407 | 0.2 |
| 101860 | Conagra Brands, Inc. | 3941982 | 0.1 |
| 34501 | Constellation Brands, <br> Inc. | 7995607 | 0.1 |
| 94070 | Costco Wholesale Corp. | 42942955 | 0.6 |
| 49154 | Estee Lauder Cos., Inc. | 12195599 | 0.2 |
| 126149 | General Mills, Inc. | 10577594 | 0.1 |
| 31236 | Hershey Co. | 7233320 | 0.1 |
| 61527 | Hormel Foods Corp. | 2802555 | 0 |
| 22647 | JM Smucker Co. | 3588644 | 0 |
| 54401 | Kellogg Co. | 3875527 | 0.1 |
| 180604 | Keurig Dr Pepper, Inc. | 6440339 | 0.1 |
| 71730 | Kimberly-Clark Corp. | 9737347 | 0.1 |
| 169224 | Kraft Heinz Co. | 6889109 | 0.1 |
| 138444 | Kroger Co. | 6171833 | 0.1 |
| 30570 | Lamb Weston Holdings, <br> Inc. | 2731735 | 0 |
| 53262 | McCormick & Co., Inc. | 4414887 | 0.1 |
| 39957 | Molson Coors Beverage <br> Co. | 2058585 | 0 |
| 290246 | Mondelez International, <br> Inc. | 19344896 | 0.3 |
| 80950 <sup>(1)</sup> | Monster Beverage Corp. | 8218853 | 0.1 |
| 292815 | PepsiCo, Inc. | 52899958 | 0.8 |
| 329477 | Philip Morris International, <br> Inc. | 33346367 | 0.5 |
| 503651 | Procter & Gamble Co. | 76333346 | 1.1 |
| 107707 | Sysco Corp. | 8234200 | 0.1 |
| 61555 | Tyson Foods, Inc. | 3831799 | 0.1 |
| 152559 | Walgreens Boots Alliance, <br> Inc. | 5699604 | 0.1 |
| 299977 | Walmart, Inc. | 42533739 | 0.6 |
|  |  | **491730584** | **7.1** |
|  | **Energy: 5.2%** | **Energy: 5.2%** | **Energy: 5.2%** |
| 68334 | APA Corp. | 3189831 | 0 |
| 212850 | Baker Hughes Co. | 6285460 | 0.1 |
| 378094 | Chevron Corp. | 67864092 | 1 |
| 264837 | ConocoPhillips | 31250766 | 0.5 |
| 167579 | Coterra Energy, Inc. | 4117416 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| 138936 | Devon Energy Corp. | $| 8545953 | 0.1 |
| 37406 | Diamondback Energy, <br> Inc. |  | 5116393 | 0.1 |
| 124842 | EOG Resources, Inc. |  | 16169536 | 0.2 |
| 78011 | EQT Corp. |  | 2639112 | 0.0 |
| 875294 | Exxon Mobil Corp. |  | 96544928 | 1.4 |
| 192994 | Halliburton Co. |  | 7594314 | 0.1 |
| 58974 | Hess Corp. |  | 8363693 | 0.1 |
| 420403 | Kinder Morgan, Inc. |  | 7600886 | 0.1 |
| 134976 | Marathon Oil Corp. |  | 3653800 | 0.1 |
| 99608 | Marathon Petroleum <br> Corp. |  | 11593375 | 0.2 |
| 154543 | Occidental Petroleum <br> Corp. |  | 9734664 | 0.1 |
| 94995 | Oneok, Inc. |  | 6241171 | 0.1 |
| 100452 | Phillips 66 |  | 10455044 | 0.2 |
| 50499 | Pioneer Natural <br> Resources Co. |  | 11533467 | 0.2 |
| 301379 | Schlumberger Ltd. |  | 16111721 | 0.2 |
| 48113 | Targa Resources Corp. |  | 3536306 | 0.1 |
| 81938 | Valero Energy Corp. |  | 10394655 | 0.1 |
| 258871 | Williams Cos., Inc. |  | 8516856 | 0.1 |
|  |  |  | **357053439** | **5.2** |
|  | **Financials: 11.5%** | **Financials: 11.5%** | **Financials: 11.5%** | **Financials: 11.5%** |
| 120260 | Aflac, Inc. |  | 8651504 | 0.1 |
| 56367 | Allstate Corp. |  | 7643365 | 0.1 |
| 127052 | American Express Co. |  | 18771933 | 0.3 |
| 157911 | American International <br> Group, Inc. |  | 9986292 | 0.1 |
| 22618 | Ameriprise Financial, Inc.  |  | 7042567 | 0.1 |
| 43964 | Aon PLC |  | 13195355 | 0.2 |
| 78612 <sup>(1)</sup> | Arch Capital Group Ltd. |  | 4935261 | 0.1 |
| 44812 | Arthur J. Gallagher & Co.  |  | 8448854 | 0.1 |
| 11229 | Assurant, Inc. |  | 1404299 | 0.0 |
| 1483412 | Bank of America Corp. |  | 49130605 | 0.7 |
| 156329 | Bank of New York <br> Mellon Corp. |  | 7116096 | 0.1 |
| 382934 <sup>(1)</sup> | Berkshire Hathaway, <br> Inc. - Class B |  | 118288313 | 1.7 |
| 31922 | Blackrock, Inc. |  | 22620887 | 0.3 |
| 49962 | Brown & Brown, Inc. |  | 2846335 | 0.0 |
| 81126 | Capital One Financial <br> Corp. |  | 7541473 | 0.1 |
| 22546 | Cboe Global Markets, <br> Inc. |  | 2828847 | 0.0 |
| 324186 | Charles Schwab Corp. |  | 26991726 | 0.4 |
| 88214 | Chubb Ltd. |  | 19460008 | 0.3 |
| 33408 | Cincinnati Financial Corp.  |  | 3420645 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index 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)** |
|  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 411655 | Citigroup, Inc. | $18619156 | 0.3 |
| 104673 | Citizens Financial Group, <br> Inc. | 4120976 | 0.1 |
| 76455 | CME Group, Inc. | 12856673 | 0.2 |
| 27832 | Comerica, Inc. | 1860569 | 0.0 |
| 58071 | Discover Financial <br> Services | 5681086 | 0.1 |
| 8324 | Everest Re Group Ltd. | 2757491 | 0.0 |
| 8097 | Factset Research <br> Systems, Inc. | 3248597 | 0.1 |
| 145885 | Fifth Third Bancorp | 4786487 | 0.1 |
| 38879 | First Republic Bank | 4738961 | 0.1 |
| 60374 <sup>(2)</sup> | Franklin Resources, Inc. | 1592666 | 0.0 |
| 19226 | Globe Life, Inc. | 2317694 | 0.0 |
| 71973 | Goldman Sachs Group, <br> Inc. | 24714089 | 0.4 |
| 67608 | Hartford Financial <br> Services Group, Inc. | 5126715 | 0.1 |
| 306636 | Huntington Bancshares, <br> Inc. | 4323568 | 0.1 |
| 118714 | Intercontinental Exchange, <br> Inc. | 12178869 | 0.2 |
| 96662 | Invesco Ltd. | 1738949 | 0.0 |
| 623417 | JPMorgan Chase & Co. | 83600220 | 1.2 |
| 198292 | Keycorp | 3454247 | 0.1 |
| 32728 | Lincoln National Corp. | 1005404 | 0.0 |
| 41884 | Loews Corp. | 2443094 | 0.0 |
| 36687 | M&T Bank Corp. | 5321816 | 0.1 |
| 7999 | MarketAxess Holdings, <br> Inc. | 2230841 | 0.0 |
| 105421 | Marsh & McLennan Cos., <br> Inc. | 17445067 | 0.3 |
| 140077 | Metlife, Inc. | 10137373 | 0.1 |
| 33486 | Moody's Corp. | 9329869 | 0.1 |
| 280186 | Morgan Stanley | 23821414 | 0.3 |
| 16994 | MSCI, Inc. - Class A | 7905099 | 0.1 |
| 72047 | Nasdaq, Inc. | 4420083 | 0.1 |
| 44296 | Northern Trust Corp. | 3919753 | 0.1 |
| 85721 | PNC Financial Services <br> Group, Inc. | 13538775 | 0.2 |
| 48364 | Principal Financial Group, <br> Inc. | 4058707 | 0.1 |
| 124350 | Progressive Corp. | 16129439 | 0.2 |
| 78214 | Prudential Financial, Inc. | 7779164 | 0.1 |
| 41145 | Raymond James <br> Financial, Inc. | 4396343 | 0.1 |
| 198605 | Regions Financial Corp. | 4281924 | 0.1 |
| 70775 | S&P Global, Inc. | 23705379 | 0.3 |
| 13374 | Signature Bank | 1540952 | 0.0 |
| 77989 | State Street Corp. | 6049607 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 12562 <sup>(1)</sup> | SVB Financial Group | $| 2891019 | 0.0 |
| 95757 | Synchrony Financial |  | 3146575 | 0.0 |
| 47495 | T. Rowe Price Group, <br> Inc. |  | 5179805 | 0.1 |
| 49808 | Travelers Cos, Inc. |  | 9338502 | 0.1 |
| 281988 | Truist Financial Corp. |  | 12133944 | 0.2 |
| 287372 | US Bancorp |  | 12532293 | 0.2 |
| 809874 | Wells Fargo & Co. |  | 33439697 | 0.5 |
| 23005 | Willis Towers Watson <br> PLC |  | 5626563 | 0.1 |
| 43446 | WR Berkley Corp. |  | 3152876 | 0.0 |
| 31800 | Zions Bancorp NA |  | 1563288 | 0.0 |
|  |  |  | **796506043** | **11.5** |
|  | **Health Care: 15.6%** | **Health Care: 15.6%** | **Health Care: 15.6%** | **Health Care: 15.6%** |
| 370576 | Abbott Laboratories |  | 40685539 | 0.6 |
| 375869 | AbbVie, Inc. |  | 60744189 | 0.9 |
| 62920 | Agilent Technologies, <br> Inc. |  | 9415978 | 0.1 |
| 15440 <sup>(1)</sup> | Align Technology, Inc. |  | 3256296 | 0.0 |
| 34421 | AmerisourceBergen <br> Corp. |  | 5703904 | 0.1 |
| 113406 | Amgen, Inc. |  | 29784952 | 0.4 |
| 107145 | Baxter International, <br> Inc. |  | 5461181 | 0.1 |
| 60615 | Becton Dickinson & Co. |  | 15414395 | 0.2 |
| 30606 <sup>(1)</sup> | Biogen, Inc. |  | 8475414 | 0.1 |
| 4576 <sup>(1)</sup> | Bio-Rad Laboratories, <br> Inc. |  | 1924162 | 0.0 |
| 33362 | Bio-Techne Corp. |  | 2765043 | 0.0 |
| 304420 <sup>(1)</sup> | Boston Scientific Corp. |  | 14085513 | 0.2 |
| 451890 | Bristol-Myers Squibb Co. |  | 32513486 | 0.5 |
| 55713 | Cardinal Health, Inc. |  | 4282658 | 0.1 |
| 38249 <sup>(1)</sup> | Catalent, Inc. |  | 1721588 | 0.0 |
| 120352 <sup>(1)</sup> | Centene Corp. |  | 9870068 | 0.1 |
| 10814 <sup>(1)</sup> | Charles River <br> Laboratories International, <br> Inc. |  | 2356371 | 0.0 |
| 64981 | Cigna Corp. |  | 21530805 | 0.3 |
| 10488 | Cooper Cos., Inc. |  | 3468067 | 0.1 |
| 279268 | CVS Health Corp. |  | 26024985 | 0.4 |
| 139248 | Danaher Corp. |  | 36959204 | 0.5 |
| 11681 <sup>(1)</sup> | DaVita, Inc. |  | 872220 | 0.0 |
| 45677 | Dentsply Sirona, Inc. |  | 1454356 | 0.0 |
| 82094 <sup>(1)</sup> | DexCom, Inc. |  | 9296325 | 0.1 |
| 131404 <sup>(1)</sup> | Edwards Lifesciences <br> Corp. |  | 9804052 | 0.1 |
| 50760 | Elevance Health, Inc. |  | 26038357 | 0.4 |
| 167618 | Eli Lilly & Co. |  | 61321369 | 0.9 |
| 266574 | Gilead Sciences, Inc. |  | 22885378 | 0.3 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index 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)** |
|  | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| 45066 | HCA Healthcare, Inc. | $| 10814037 | 0.2 |
| 28809 <sup>(1)</sup> | Henry Schein, Inc. |  | 2300975 | 0.0 |
| 53061 <sup>(1)</sup> | Hologic, Inc. |  | 3969493 | 0.1 |
| 26907 | Humana, Inc. |  | 13781496 | 0.2 |
| 17602 <sup>(1)</sup> | Idexx Laboratories, Inc. |  | 7180912 | 0.1 |
| 33432 <sup>(1)</sup> | Illumina, Inc. |  | 6759950 | 0.1 |
| 39246 <sup>(1)</sup> | Incyte Corp., Ltd. |  | 3152239 | 0.0 |
| 75108 <sup>(1)</sup> | Intuitive Surgical, Inc. |  | 19929908 | 0.3 |
| 39477 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 8088443 | 0.1 |
| 555677 | Johnson & Johnson |  | 98160342 | 1.4 |
| 18831 | Laboratory Corp. of <br> America Holdings |  | 4434324 | 0.1 |
| 30136 | McKesson Corp. |  | 11304616 | 0.2 |
| 282495 | Medtronic PLC |  | 21955511 | 0.3 |
| 538868 | Merck & Co., Inc. |  | 59787405 | 0.9 |
| 4738 <sup>(1)</sup> | Mettler Toledo <br> International, Inc. |  | 6848542 | 0.1 |
| 70221 <sup>(1)</sup> | Moderna, Inc. |  | 12613096 | 0.2 |
| 12412 <sup>(1)</sup> | Molina Healthcare, Inc. |  | 4098691 | 0.1 |
| 54062 | Organon & Co. |  | 1509952 | 0.0 |
| 26827 | PerkinElmer, Inc. |  | 3761682 | 0.1 |
| 1193043 | Pfizer, Inc. |  | 61131523 | 0.9 |
| 24205 | Quest Diagnostics, Inc. |  | 3786630 | 0.1 |
| 22759 <sup>(1)</sup> | Regeneron <br> Pharmaceuticals, Inc. |  | 16420391 | 0.2 |
| 31133 | Resmed, Inc. |  | 6479711 | 0.1 |
| 21216 | STERIS Public Ltd. Co. |  | 3918383 | 0.1 |
| 71583 | Stryker Corp. |  | 17501328 | 0.3 |
| 9969 | Teleflex, Inc. |  | 2488561 | 0.0 |
| 83357 | Thermo Fisher Scientific, <br> Inc. |  | 45903866 | 0.7 |
| 198585 | UnitedHealth Group, Inc. |  | 105285795 | 1.5 |
| 13636 | Universal Health <br> Services, Inc. |  | 1921176 | 0.0 |
| 54557 <sup>(1)</sup> | Vertex Pharmaceuticals, <br> Inc. |  | 15754970 | 0.2 |
| 257742 | Viatris, Inc. |  | 2868668 | 0.0 |
| 12626 <sup>(1)</sup> | Waters Corp. |  | 4325415 | 0.1 |
| 15735 | West Pharmaceutical <br> Services, Inc. |  | 3703232 | 0.1 |
| 44602 | Zimmer Biomet Holdings, <br> Inc. |  | 5686755 | 0.1 |
| 99058 | Zoetis, Inc. |  | 14516950 | 0.2 |
|  |  |  | **1080260823** | **15.6** |
|  | **Industrials: 8.5%** | **Industrials: 8.5%** | **Industrials: 8.5%** | **Industrials: 8.5%** |
| 117479 | 3M Co. |  | 14088082 | 0.2 |
| 26958 <sup>(1)</sup> | Alaska Air Group, Inc. |  | 1157577 | 0.0 |
| 18670 | Allegion Public Ltd. |  | 1965204 | 0.0 |
| 138129 <sup>(1)</sup> | American Airlines Group, <br> Inc. |  | 1757001 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 48810 | Ametek, Inc. | $6819733 | 0.1 |
| 26965 | AO Smith Corp. | 1543477 | 0.0 |
| 119069 <sup>(1)</sup> | Boeing Co. | 22681454 | 0.3 |
| 177737 | Carrier Global Corp. | 7331651 | 0.1 |
| 110607 | Caterpillar, Inc. | 26497013 | 0.4 |
| 25018 | CH Robinson Worldwide, <br> Inc. | 2290648 | 0.0 |
| 18345 | Cintas Corp. | 8284969 | 0.1 |
| 91078 <sup>(1)</sup> | Copart, Inc. | 5545739 | 0.1 |
| 86437 <sup>(1)</sup> | CoStar Group, Inc. | 6679851 | 0.1 |
| 446842 | CSX Corp. | 13843165 | 0.2 |
| 29973 | Cummins, Inc. | 7262158 | 0.1 |
| 58375 | Deere & Co. | 25028865 | 0.4 |
| 136277 <sup>(1)</sup> | Delta Air Lines, Inc. | 4478062 | 0.1 |
| 29831 | Dover Corp. | 4039416 | 0.1 |
| 84526 | Eaton Corp. PLC | 13266356 | 0.2 |
| 125674 | Emerson Electric Co. | 12072244 | 0.2 |
| 26024 | Equifax, Inc. | 5058025 | 0.1 |
| 33822 | Expeditors International <br> Washington, Inc. | 3514782 | 0.1 |
| 121733 | Fastenal Co. | 5760406 | 0.1 |
| 50882 | FedEx Corp. | 8812762 | 0.1 |
| 75198 | Fortive Corp. | 4831471 | 0.1 |
| 13466 <sup>(1)</sup> | Generac Holdings, Inc. | 1355488 | 0.0 |
| 47849 | General Dynamics Corp. | 11871815 | 0.2 |
| 232233 | General Electric Co. | 19458803 | 0.3 |
| 142894 | Honeywell International, <br> Inc. | 30622184 | 0.4 |
| 78257 | Howmet Aerospace, Inc. | 3084108 | 0.0 |
| 8481 | Huntington Ingalls <br> Industries, Inc. | 1956397 | 0.0 |
| 16030 | IDEX Corp. | 3660130 | 0.1 |
| 59413 | Illinois Tool Works, Inc. | 13088684 | 0.2 |
| 86062 | Ingersoll Rand, Inc. | 4496740 | 0.1 |
| 27121 | Jacobs Solutions, Inc. | 3256418 | 0.0 |
| 17604 | JB Hunt Transport <br> Services, Inc. | 3069433 | 0.0 |
| 146375 | Johnson Controls <br> International plc | 9368000 | 0.1 |
| 40468 | L3Harris Technologies, <br> Inc. | 8425842 | 0.1 |
| 29052 | Leidos Holdings, Inc. | 3055980 | 0.0 |
| 49574 | Lockheed Martin Corp. | 24117255 | 0.4 |
| 47933 | Masco Corp. | 2237033 | 0.0 |
| 11430 | Nordson Corp. | 2717140 | 0.0 |
| 49206 | Norfolk Southern Corp. | 12125343 | 0.2 |
| 30749 | Northrop Grumman Corp.  | 16776962 | 0.2 |
| 19255 | Old Dominion Freight Line  | 5464184 | 0.1 |
| 88540 | Otis Worldwide Corp. | 6933567 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index 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)** |
|  | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 73914 | Paccar, Inc. | $| 7315269 | 0.1 |
| 27291 | Parker Hannifin Corp. |  | 7941681 | 0.1 |
| 34962 | Pentair PLC |  | 1572591 | 0.0 |
| 30372 | Quanta Services, Inc. |  | 4328010 | 0.1 |
| 312444 | Raytheon Technologies <br> Corp. |  | 31531848 | 0.5 |
| 43655 | Republic Services, Inc. |  | 5631058 | 0.1 |
| 23060 | Robert Half International, <br> Inc. |  | 1702520 | 0.0 |
| 24409 | Rockwell Automation, Inc.  |  | 6287026 | 0.1 |
| 49194 | Rollins, Inc. |  | 1797549 | 0.0 |
| 11297 | Snap-On, Inc. |  | 2581252 | 0.0 |
| 126195 <sup>(1)</sup> | Southwest Airlines Co. |  | 4248986 | 0.1 |
| 31443 | Stanley Black & Decker, <br> Inc. |  | 2361998 | 0.0 |
| 44372 | Textron, Inc. |  | 3141538 | 0.0 |
| 48949 | Trane Technologies PLC |  | 8227837 | 0.1 |
| 10979 | TransDigm Group, Inc. |  | 6912927 | 0.1 |
| 130669 | Union Pacific Corp. |  | 27057630 | 0.4 |
| 69485 <sup>(1)</sup> | United Airlines Holdings, <br> Inc. |  | 2619585 | 0.0 |
| 155115 | United Parcel Service, <br> Inc. - Class B |  | 26965192 | 0.4 |
| 14731 <sup>(1)</sup> | United Rentals, Inc. |  | 5235692 | 0.1 |
| 33238 | Verisk Analytics, Inc. |  | 5863848 | 0.1 |
| 79390 | Waste Management, Inc. |  | 12454703 | 0.2 |
| 38654 | Westinghouse Air Brake <br> Technologies Corp. |  | 3858056 | 0.1 |
| 9558 | WW Grainger, Inc. |  | 5316638 | 0.1 |
| 38304 | Xylem, Inc. |  | 4235273 | 0.1 |
|  |  |  | **590940324** | **8.5** |
|  | **Information Technology: 25.3%** | **Information Technology: 25.3%** | **Information Technology: 25.3%** | **Information Technology: 25.3%** |
| 133916 | Accenture PLC |  | 35734145 | 0.5 |
| 98809 <sup>(1)</sup> | Adobe, Inc. |  | 33252193 | 0.5 |
| 342687 <sup>(1)</sup> | Advanced Micro Devices, <br> Inc. |  | 22195837 | 0.3 |
| 33420 <sup>(1)</sup> | Akamai Technologies, <br> Inc. |  | 2817306 | 0.0 |
| 126480 | Amphenol Corp. |  | 9630187 | 0.1 |
| 109317 | Analog Devices, Inc. |  | 17931268 | 0.3 |
| 18515 <sup>(1)</sup> | ANSYS, Inc. |  | 4473039 | 0.1 |
| 3178215 | Apple, Inc. |  | 412945475 | 6.0 |
| 182848 | Applied Materials, Inc. |  | 17805738 | 0.3 |
| 52606 <sup>(1)</sup> | Arista Networks, Inc. |  | 6383738 | 0.1 |
| 45878 <sup>(1)</sup> | Autodesk, Inc. |  | 8573222 | 0.1 |
| 88167 | Automatic Data <br> Processing, Inc. |  | 21059570 | 0.3 |
| 86080 | Broadcom, Inc. |  | 48129910 | 0.7 |
| 25006 | Broadridge Financial <br> Solutions, Inc. ADR |  | 3354055 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| 58303 <sup>(1)</sup> | Cadence Design <br> Systems, Inc. | $9365794 | 0.1 |
| 28776 | CDW Corp. | 5138818 | 0.1 |
| 32645 <sup>(1)</sup> | Ceridian HCM Holding, <br> Inc. | 2094177 | 0.0 |
| 872674 | Cisco Systems, Inc. | 41574189 | 0.6 |
| 109228 | Cognizant Technology <br> Solutions Corp. | 6246749 | 0.1 |
| 161790 | Corning, Inc. | 5167573 | 0.1 |
| 48898 <sup>(1)</sup> | DXC Technology Co. | 1295797 | 0.0 |
| 28889 <sup>(1)</sup> | Enphase Energy, Inc. | 7654429 | 0.1 |
| 12224 <sup>(1)</sup> | EPAM Systems, Inc. | 4006294 | 0.1 |
| 12723 <sup>(1)</sup> | F5, Inc. | 1825878 | 0.0 |
| 126116 | Fidelity National <br> Information Services, <br> Inc. | 8556971 | 0.1 |
| 21072 <sup>(1)</sup> | First Solar, Inc. | 3156375 | 0.1 |
| 134968 <sup>(1)</sup> | Fiserv, Inc. | 13641216 | 0.2 |
| 15675 <sup>(1)</sup> | FleetCor Technologies, <br> Inc. | 2879184 | 0.0 |
| 137815 <sup>(1)</sup> | Fortinet, Inc. | 6737775 | 0.1 |
| 16796 <sup>(1)</sup> | Gartner, Inc. | 5645807 | 0.1 |
| 123210 | Gen Digital, Inc. | 2640390 | 0.0 |
| 57470 | Global Payments, Inc. | 5707920 | 0.1 |
| 273473 | Hewlett Packard <br> Enterprise Co. | 4364629 | 0.1 |
| 188144 | HP, Inc. | 5055429 | 0.1 |
| 877144 | Intel Corp. | 23182916 | 0.3 |
| 192161 | International Business <br> Machines Corp. | 27073563 | 0.4 |
| 59908 | Intuit, Inc. | 23317392 | 0.3 |
| 15504 | Jack Henry & Associates, <br> Inc. | 2721882 | 0.0 |
| 68980 | Juniper Networks, Inc. | 2204601 | 0.0 |
| 38001 <sup>(1)</sup> | Keysight Technologies, <br> Inc. | 6500831 | 0.1 |
| 30120 | KLA Corp. | 11356144 | 0.2 |
| 28986 | Lam Research Corp. | 12182816 | 0.2 |
| 180420 | Mastercard, Inc. - <br> Class A | 62737447 | 0.9 |
| 116898 | Microchip Technology, Inc.  | 8212084 | 0.1 |
| 231065 | Micron Technology, Inc. | 11548629 | 0.2 |
| 1584359 | Microsoft Corp. | 379960975 | 5.5 |
| 9478 | Monolithic Power <br> Systems, Inc. | 3351516 | 0.1 |
| 35537 | Motorola Solutions, Inc. | 9158240 | 0.1 |
| 46199 | NetApp, Inc. | 2774712 | 0.0 |
| 529220 | Nvidia Corp. | 77340211 | 1.1 |
| 55076 | NXP Semiconductor NV - <br> NXPI - US | 8703660 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index 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)** |
| 91907 <sup>(1)</sup> | ON Semiconductor Corp.  | $| 5732240 | 0.1 |
| 326631 | Oracle Corp. |  | 26698818 | 0.4 |
| 68173 | Paychex, Inc. |  | 7878072 | 0.1 |
| 10331 <sup>(1)</sup> | Paycom Software, Inc. |  | 3205813 | 0.1 |
| 242299 <sup>(1)</sup> | PayPal Holdings, Inc. |  | 17256535 | 0.3 |
| 22469 <sup>(1)</sup> | PTC, Inc. |  | 2697179 | 0 |
| 21549 <sup>(1)</sup> | Qorvo, Inc. |  | 1953201 | 0 |
| 238255 | Qualcomm, Inc. |  | 26193755 | 0.4 |
| 22540 | Roper Technologies, Inc. |  | 9739309 | 0.1 |
| 212538 <sup>(1)</sup> | Salesforce, Inc. |  | 28180413 | 0.4 |
| 40808 | Seagate Technology <br> Holdings PLC |  | 2146909 | 0 |
| 42933 <sup>(1)</sup> | ServiceNow, Inc. |  | 16669596 | 0.2 |
| 34101 | Skyworks Solutions, Inc. |  | 3107624 | 0 |
| 11880 <sup>(1)</sup> | SolarEdge Technologies, <br> Inc. |  | 3365248 | 0.1 |
| 32499 <sup>(1)</sup> | Synopsys, Inc. |  | 10376606 | 0.2 |
| 67604 | TE Connectivity Ltd. |  | 7760939 | 0.1 |
| 9962 <sup>(1)</sup> | Teledyne Technologies, <br> Inc. |  | 3983903 | 0.1 |
| 33104 | Teradyne, Inc. |  | 2891634 | 0 |
| 192894 | Texas Instruments, Inc. |  | 31869947 | 0.5 |
| 52417 <sup>(1)</sup> | Trimble, Inc. |  | 2650204 | 0 |
| 8850 <sup>(1)</sup> | Tyler Technologies, Inc. |  | 2853328 | 0 |
| 19603 <sup>(1)</sup> | VeriSign, Inc. |  | 4027240 | 0.1 |
| 347503 | Visa, Inc. - Class A |  | 72197223 | 1 |
| 67513 <sup>(1)</sup> | Western Digital Corp. |  | 2130035 | 0 |
| 10973 <sup>(1)</sup> | Zebra Technologies Corp.  |  | 2813587 | 0 |
|  |  |  | **1757748054** | **25.3** |
|  | **Materials: 2.7%** | **Materials: 2.7%** | **Materials: 2.7%** | **Materials: 2.7%** |
| 47141 | Air Products & <br> Chemicals, Inc. |  | 14531685 | 0.2 |
| 24899 | Albemarle Corp. |  | 5399597 | 0.1 |
| 316473 | Amcor PLC |  | 3769193 | 0.1 |
| 17209 | Avery Dennison Corp. |  | 3114829 | 0 |
| 66720 | Ball Corp. |  | 3412061 | 0.1 |
| 21201 | Celanese Corp. - Series A  |  | 2167590 | 0 |
| 41698 | CF Industries Holdings, <br> Inc. |  | 3552670 | 0.1 |
| 151857 | Corteva, Inc. |  | 8926154 | 0.1 |
| 149576 | Dow, Inc. |  | 7537135 | 0.1 |
| 105587 | DuPont de Nemours, Inc.  |  | 7246436 | 0.1 |
| 25502 | Eastman Chemical Co. |  | 2076883 | 0 |
| 52667 | Ecolab, Inc. |  | 7666208 | 0.1 |
| 26773 | FMC Corp. |  | 3341270 | 0 |
| 303786 | Freeport-McMoRan, Inc. |  | 11543868 | 0.2 |
| 54189 | International Flavors & <br> Fragrances, Inc. |  | 5681175 | 0.1 |
| 75593 | International Paper Co. |  | 2617786 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Materials (continued)** | **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| 105075 | Linde PLC | $| 34273363 | 0.5 |
| 53982 | LyondellBasell Industries <br> NV - Class A |  | 4482125 | 0.1 |
| 13197 | Martin Marietta Materials, <br> Inc. |  | 4460190 | 0.1 |
| 72365 | Mosaic Co. |  | 3174653 | 0.0 |
| 168700 | Newmont Corp. |  | 7962640 | 0.1 |
| 54525 | Nucor Corp. |  | 7186940 | 0.1 |
| 19667 | Packaging Corp. of <br> America |  | 2515606 | 0.0 |
| 49952 | PPG Industries, Inc. |  | 6280964 | 0.1 |
| 30745 | Sealed Air Corp. |  | 1533561 | 0.0 |
| 50121 | Sherwin-Williams Co. |  | 11895217 | 0.2 |
| 35431 | Steel Dynamics, Inc. |  | 3461609 | 0.1 |
| 28248 | Vulcan Materials Co. |  | 4946507 | 0.1 |
| 54048 | WestRock Co. |  | 1900328 | 0.0 |
|  |  |  | **186658243** | **2.7** |
|  | **Real Estate: 2.7%** | **Real Estate: 2.7%** | **Real Estate: 2.7%** | **Real Estate: 2.7%** |
| 31736 | Alexandria Real Estate <br> Equities, Inc. |  | 4622983 | 0.1 |
| 98959 | American Tower Corp. |  | 20965454 | 0.3 |
| 29733 | AvalonBay Communities, <br> Inc. |  | 4802474 | 0.1 |
| 30318 | Boston Properties, Inc. |  | 2048890 | 0.0 |
| 22641 | Camden Property Trust |  | 2533075 | 0.0 |
| 67151 <sup>(1)</sup> | CBRE Group, Inc. |  | 5167941 | 0.1 |
| 92039 | Crown Castle, Inc. |  | 12484170 | 0.2 |
| 61109 | Digital Realty Trust, Inc. |  | 6127399 | 0.1 |
| 19668 | Equinix, Inc. |  | 12883130 | 0.2 |
| 72290 | Equity Residential |  | 4265110 | 0.1 |
| 13763 | Essex Property Trust, Inc.  |  | 2916655 | 0.0 |
| 28464 | Extra Space Storage, Inc.  |  | 4189332 | 0.1 |
| 15534 | Federal Realty Investment <br> Trust |  | 1569555 | 0.0 |
| 114248 | Healthpeak Properties, <br> Inc. |  | 2864197 | 0.0 |
| 151971 | Host Hotels & Resorts, <br> Inc. |  | 2439135 | 0.0 |
| 123450 | Invitation Homes, Inc. |  | 3659058 | 0.1 |
| 61788 | Iron Mountain, Inc. |  | 3080132 | 0.1 |
| 131446 | Kimco Realty Corp. |  | 2784026 | 0.0 |
| 24543 | Mid-America Apartment <br> Communities, Inc. |  | 3853006 | 0.1 |
| 196189 | ProLogis, Inc. |  | 22116386 | 0.3 |
| 33597 | Public Storage, Inc. |  | 9413543 | 0.1 |
| 133294 | Realty Income Corp. |  | 8454838 | 0.1 |
| 32733 | Regency Centers Corp. |  | 2045813 | 0.0 |
| 22947 | SBA Communications <br> Corp. |  | 6432274 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index 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)** |
|  | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| 69488 | Simon Property Group, <br> Inc. | $| 8163450 | 0.1 |
| 65039 | UDR, Inc. |  | 2518960 | 0.0 |
| 84955 | Ventas, Inc. |  | 3827223 | 0.1 |
| 204695 | VICI Properties, Inc. |  | 6632118 | 0.1 |
| 34238 | Vornado Realty Trust |  | 712493 | 0.0 |
| 100429 | Welltower, Inc. |  | 6583121 | 0.1 |
| 156410 | Weyerhaeuser Co. |  | 4848710 | 0.1 |
|  |  |  | **185004651** | **2.7** |
|  | **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** |
| 141965 | AES Corp. |  | 4082913 | 0.1 |
| 53352 | Alliant Energy Corp. |  | 2945564 | 0.0 |
| 54946 | Ameren Corp. |  | 4885798 | 0.1 |
| 109216 | American Electric Power <br> Co., Inc. |  | 10370059 | 0.1 |
| 38645 | American Water Works <br> Co., Inc. |  | 5890271 | 0.1 |
| 29732 | Atmos Energy Corp. |  | 3332065 | 0.0 |
| 133800 | Centerpoint Energy, Inc. |  | 4012662 | 0.1 |
| 61690 | CMS Energy Corp. |  | 3906828 | 0.1 |
| 75422 | Consolidated Edison, Inc.  |  | 7188471 | 0.1 |
| 69504 | Constellation Energy <br> Corp. |  | 5991940 | 0.1 |
| 177103 | Dominion Energy, Inc. |  | 10859956 | 0.2 |
| 41178 | DTE Energy Co. |  | 4839650 | 0.1 |
| 163668 | Duke Energy Corp. |  | 16856167 | 0.2 |
| 81163 | Edison International |  | 5163590 | 0.1 |
| 43248 | Entergy Corp. |  | 4865400 | 0.1 |
| 48785 | Evergy, Inc. |  | 3070040 | 0.0 |
| 74028 | Eversource Energy |  | 6206508 | 0.1 |
| 211208 | Exelon Corp. |  | 9130522 | 0.1 |
| 115443 | FirstEnergy Corp. |  | 4841679 | 0.1 |
| 422348 | NextEra Energy, Inc. |  | 35308293 | 0.5 |
| 86319 | NiSource, Inc. |  | 2366867 | 0.0 |
| 48862 | NRG Energy, Inc. |  | 1554789 | 0.0 |
| 342194 <sup>(1)</sup> | PG&E Corp. |  | 5564075 | 0.1 |
| 24047 | Pinnacle West Capital <br> Corp. |  | 1828534 | 0.0 |
| 156496 | PPL Corp. |  | 4572813 | 0.1 |
| 106046 | Public Service Enterprise <br> Group, Inc. |  | 6497438 | 0.1 |
| 66808 | Sempra Energy |  | 10324508 | 0.1 |
| 231384 | Southern Co. |  | 16523132 | 0.2 |
| 67042 | WEC Energy Group, Inc. |  | 6285858 | 0.1 |
| 116311 | Xcel Energy, Inc. |  | 8154564 | 0.1 |
|  |  |  | **217420954** | **3.1** |
|  | Total Common Stock <br> (Cost $4,540,158,039) |  | **6829460741** | 98.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value** | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** |
|  | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** |
| 1182769 <sup>(3)</sup> | Bank of America Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.30%, <br> due 01/03/23 <br> (Repurchase Amount <br> $1,183,326, collateralized <br> by various U.S. <br> Government Agency <br> Obligations, 1.500%- <br> 6.500%, Market Value <br> plus accrued interest <br> $1,206,424, due <br> 05/01/37-05/01/58) | $1182769 | 0.0 |
| 350050 <sup>(3)</sup> | Citigroup, Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.25%, <br> due 01/03/23 <br> (Repurchase Amount <br> $350,213, collateralized <br> by various U.S. <br> Government Securities, <br> 0.000%-4.500%, Market <br> Value plus accrued <br> interest $357,051, due <br> 04/11/23-10/31/29) | 350050 | 0.0 |
| 1182769 <sup>(3)</sup> | Daiwa Capital <br> Markets, Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,183,326, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, 1.500%- <br> 6.000%, Market Value <br> plus accrued interest <br> $1,206,424, due <br> 08/01/23-01/01/53) | 1182769 | 0.0 |
| 1182769 <sup>(3)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 <br> (Repurchase Amount <br> $1,183,332, collateralized <br> by various U.S. <br> Government Securities, <br> 0.000%-4.435%, Market <br> Value plus accrued <br> interest $1,206,424, due <br> 01/03/23-09/09/49) | 1182769 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index 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)** |
| 1182769 <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 $1,183,326, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, 2.000%- <br> 6.000%, Market Value <br> plus accrued interest <br> $1,206,424, due <br> 09/01/ 24-10/20/52) | $1182769 | 0.1 |
|  | Total Repurchase <br> Agreements <br> (Cost $5,081,126) | **5081126** | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets** |
|  | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** | **Mutual Funds: 1.3%** |
| 94687000 <sup>(4)</sup>  | Goldman Sachs <br> Financial Square <br> Government Fund - <br> Institutional Shares, <br> 4.150% <br> (Cost $94,687,000) | **94687000** | 1.3 |

---

---

| | | |
|:---|:---|:---|
| **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
| Total Short-Term <br> Investments <br> (Cost $99,768,126) | $**99768126** | 1.4 |
| **Total Investments in <br> Securities <br> (Cost $4,639,926,165)** | $**6929228867** | **99.9** |
| **Assets in Excess of <br> Other Liabilities** | **8038692** | **0.1** |
| **Net Assets** | $**6937267559** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

ADR <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.

#### 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\* | $6829460741 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $6829460741 |
| Short-Term Investments | 94687000 | 5081126 |  | 99768126 |
| Total Investments, at fair value | $6924147741 | $5081126 | $— | $6929228867 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | (4326446) |  |  | (4326446) |
| Total Liabilities | $(4326446) | $— | $— | $(4326446) |

---

^ <br>

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

+ <br>

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

\* <br>

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio as of December 31, 2022 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| S&P 500<sup>®</sup>E-Mini | 556 | 03/17/23 | $107335800 | $(4326446) |
|  |  |  | $107335800 | $(4326446) |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| | **Location on Statement**  |  |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $4326446 |
|  |  | $4326446 |

---

\* <br>

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

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(18753055) |
| **Total**  | $(18753055) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(7093072) |
| **Total**  | $(7093072) |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $4,658,242,728. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $2557007269 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (290347576) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $2266659693 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

VY<sup>®</sup> CBRE Real Estate Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: 98.9%** | **COMMON STOCK: 98.9%** | **COMMON STOCK: 98.9%** | **COMMON STOCK: 98.9%** |
|  | **Diversified REITs: 1.6%** | **Diversified REITs: 1.6%** | **Diversified REITs: 1.6%** |
| 196749 | Broadstone Net Lease, <br> Inc. | $**3189301** | 1.6 |
|  | **Health Care REITs: 3.8%** | **Health Care REITs: 3.8%** | **Health Care REITs: 3.8%** |
| 166136 | Ventas, Inc. | **7484427** | 3.8 |
|  | **Hotel & Resort REITs: 4.9%** | **Hotel & Resort REITs: 4.9%** | **Hotel & Resort REITs: 4.9%** |
| 236183 | DiamondRock Hospitality <br> Co. | 1934339 | 1 |
| 245908 | Park Hotels & Resorts, <br> Inc. | 2899255 | 1.5 |
| 280030 | Sunstone Hotel Investors, <br> Inc. | 2705090 | 1.4 |
| 153665 | Xenia Hotels & Resorts, <br> Inc. | 2025305 | 1 |
|  |  | **9563989** | **4.9** |
|  | **Hotels, Resorts & Cruise Lines: 0.5%** | **Hotels, Resorts & Cruise Lines: 0.5%** | **Hotels, Resorts & Cruise Lines: 0.5%** |
| 7787 | Hilton Worldwide <br> Holdings, Inc. | **983965** | 0.5 |
|  | **Industrial REITs: 17.8%** | **Industrial REITs: 17.8%** | **Industrial REITs: 17.8%** |
| 96564 | Americold Realty Trust, <br> Inc. | 2733727 | 1.4 |
| 198895 | ProLogis, Inc. | 22421433 | 11.3 |
| 89888 | Rexford Industrial Realty, <br> Inc. | 4911480 | 2.5 |
| 158492 | STAG Industrial, Inc. | 5120877 | 2.6 |
|  |  | **35187517** | **17.8** |
|  | **Office REITs: 6.9%** | **Office REITs: 6.9%** | **Office REITs: 6.9%** |
| 61724 | Alexandria Real Estate <br> Equities, Inc. | 8991335 | 4.6 |
| 130964 | Hudson Pacific <br> Properties, Inc. | 1274280 | 0.6 |
| 221435 | Piedmont Office Realty <br> Trust, Inc. | 2030559 | 1 |
| 85858 <sup>(1)</sup> | Veris Residential, Inc. | 1367718 | 0.7 |
|  |  | **13663892** | **6.9** |
|  | **Real Estate Operating Companies: 1.2%** | **Real Estate Operating Companies: 1.2%** | **Real Estate Operating Companies: 1.2%** |
| 306649 <sup>(2)</sup> | Tricon Residential, Inc. | **2364264** | 1.2 |
|  | **Residential REITs: 18.3%** | **Residential REITs: 18.3%** | **Residential REITs: 18.3%** |
| 100795 | Apartment Income REIT <br> Corp. | 3458276 | 1.7 |
| 22669 | AvalonBay Communities, <br> Inc. | 3661497 | 1.9 |
| 49163 | Camden Property Trust | 5500356 | 2.8 |
| 26790 | Essex Property Trust, Inc.  | 5677337 | 2.9 |
| 127181 | Independence Realty <br> Trust, Inc. | 2144272 | 1.1 |
| 245352 | Invitation Homes, Inc. | 7272233 | 3.7 |
| 31102 | NexPoint Residential <br> Trust, Inc. | 1353559 | 0.7 |
| 48967 | Sun Communities, Inc. | 7002281 | 3.5 |
|  |  | **36069811** | **18.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Retail REITs: 15.7%** | **Retail REITs: 15.7%** | **Retail REITs: 15.7%** |
| 189576 | Kite Realty Group Trust | $3990575 | 2.0 |
| 159790 | NETSTREIT Corp. | 2928951 | 1.5 |
| 58539 | Regency Centers Corp. | 3658687 | 1.9 |
| 158345 | Retail Opportunity <br> Investments Corp. | 2379925 | 1.2 |
| 88282 | Simon Property Group, <br> Inc. | 10371369 | 5.3 |
| 132633 | Spirit Realty Capital, Inc.  | 5296036 | 2.7 |
| 159946 | Urban Edge Properties | 2253639 | 1.1 |
|  |  | **30879182** | **15.7** |
|  | **Specialized REITs: 28.2%** | **Specialized REITs: 28.2%** | **Specialized REITs: 28.2%** |
| 236383 | CubeSmart | 9514416 | 4.8 |
| 69432 | Digital Realty Trust, Inc. | 6961947 | 3.5 |
| 23316 | Equinix, Inc. | 15272679 | 7.8 |
| 40057 | Extra Space Storage, Inc.  | 5895589 | 3.0 |
| 115028 | Four Corners Property <br> Trust, Inc. | 2982676 | 1.5 |
| 78829 | Iron Mountain, Inc. | 3929626 | 2.0 |
| 96955 | Life Storage, Inc. | 9550068 | 4.8 |
| 46016 | VICI Properties, Inc. | 1490918 | 0.8 |
|  |  | **55597919** | **28.2** |
|  | Total Common Stock <br> (Cost $216,933,999) | **194984267** | 98.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value** | **Percentage<br>of Net<br>Assets** |
| **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** |
|  | **Repurchase Agreements: 1.1%** | **Repurchase Agreements: 1.1%** | **Repurchase Agreements: 1.1%** |
| 201100 <sup>(3)</sup> | Citigroup, Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.25%, <br> due 01/03/23 <br> (Repurchase Amount <br> $201,194, collateralized <br> by various U.S. <br> Government Securities, <br> 0.000%-4.500%, Market <br> Value plus accrued <br> interest $205,122, due <br> 04/11/23-10/31/29) | 201100 | 0.1 |
| 1000000 <sup>(3)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 <br> (Repurchase Amount <br> $1,000,476, collateralized <br> by various U.S. <br> Government Securities, <br> 0.000%-4.435%, Market <br> Value plus accrued <br> interest $1,020,000, due <br> 01/03/23-09/09/49) | 1000000 | 0.5 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

VY<sup>®</sup> CBRE Real Estate 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)** |
| 1000000 <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 $1,000,471, <br> collateralized by various <br> U.S. Government Agency <br> Obligations, <br> 2.000%-6.000%, Market <br> Value plus accrued <br> interest $1,020,000, due <br> 09/01/24-10/20/52) | $&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 0.5 |
|  | Total Repurchase <br> Agreements <br> (Cost $2,201,100) | **2201100** | **&nbsp;&nbsp;&nbsp;&nbsp;1.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **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: 0.5%** | **Mutual Funds: 0.5%** | **Mutual Funds: 0.5%** |
| 1032380 <sup>(4)</sup> | BlackRock Liquidity <br> Funds, FedFund, <br> Institutional Class, <br> 4.030% <br> (Cost $1,032,380) | $**1032380** | 0.5 |
|  | Total Short-Term <br> Investments |  |  |
|  | (Cost $3,233,480) | **3233480** | 1.6 |
|  | **Total Investments in <br> Securities <br> (Cost $220,167,479)** | $**198217747** | **100.5** |
|  | **Liabilities in Excess of <br> Other Assets** | **(923225)** | **(0.5)** |
|  | **Net Assets** | $**197294522** | **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\* | $194984267 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $194984267 |
| Short-Term Investments | 1032380 | 2201100 |  | 3233480 |
| Total Investments, at fair value | $196016647 | $2201100 | $— | $198217747 |

---

^ <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 $222,552,681. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $7244594 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (31579525) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(24334931) |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** |
|  |  | **Communication Services: 1.0%** | **Communication Services: 1.0%** | **Communication Services: 1.0%** |
| 25700 | <sup>(1)</sup> | Bandwidth, Inc. | $589815 | 0.1 |
| 7500 | <sup>(1)</sup> | Bumble, Inc. | 157875 | 0 |
| 26900 | <sup>(1)</sup> | EchoStar Corp. | 448692 | 0.1 |
| 13200 | <sup>(1)</sup> | Gogo, Inc. | 194832 | 0 |
| 18100 |  | Gray Television, Inc. | 202539 | 0.1 |
| 11000 | <sup>(1)</sup> | IDT Corp. | 309870 | 0.1 |
| 11000 | <sup>(1)</sup> | Imax Corp. | 161260 | 0 |
| 68833 | <sup>(1)</sup> | Liberty Latin America Ltd. | 523131 | 0.1 |
| 25600 | <sup>(1)</sup> | Liberty Latin America Ltd. - <br> Class A | 192768 | 0 |
| 49900 | <sup>(1)</sup> | Lions Gate Entertainment <br> Corp. - Class A | 284929 | 0.1 |
| 39000 | <sup>(1)</sup> | Ooma, Inc. | 531180 | 0.1 |
| 7400 |  | Shutterstock, Inc. | 390128 | 0.1 |
| 14700 | <sup>(1)</sup> | Thryv Holdings, Inc. | 279300 | 0.1 |
| 18600 | <sup>(1)</sup> | Yelp, Inc. | 508524 | 0.1 |
|  |  |  | **4774843** | **1.0** |
|  |  | **Consumer Discretionary: 10.2%** | **Consumer Discretionary: 10.2%** | **Consumer Discretionary: 10.2%** |
| 37300 | <sup>(1)</sup> | 2U, Inc. | 233871 | 0.1 |
| 3850 |  | Aaron's Co., Inc./The | 46008 | 0 |
| 14000 |  | Academy Sports & <br> Outdoors, Inc. | 735560 | 0.2 |
| 44805 |  | Acushnet Holdings Corp. | 1902420 | 0.4 |
| 43900 | <sup>(1)</sup> | American Axle & <br> Manufacturing Holdings, <br> Inc. | 343298 | 0.1 |
| 28000 |  | Bloomin Brands, Inc. | 563360 | 0.1 |
| 8000 |  | Bluegreen Vacations <br> Holding Corp. | 199680 | 0 |
| 3900 |  | Boyd Gaming Corp. | 212667 | 0 |
| 39304 | <sup>(1)</sup> | Bright Horizons Family <br> Solutions, Inc. | 2480082 | 0.5 |
| 1900 | <sup>(1)</sup> | Brinker International, Inc. | 60629 | 0 |
| 42328 |  | Brunswick Corp. | 3051002 | 0.7 |
| 22522 |  | Carter's, Inc. | 1680366 | 0.4 |
| 73700 | <sup>(1)</sup> | Chegg, Inc. | 1862399 | 0.4 |
| 13200 | <sup>(1)</sup> | CROCS, Inc. | 1431276 | 0.3 |
| 5900 | <sup>(1)</sup> | Deckers Outdoor Corp. | 2355044 | 0.5 |
| 3300 | <sup>(2)</sup> | Dillards, Inc. | 1066560 | 0.2 |
| 14100 |  | Dine Brands Global, Inc. | 910860 | 0.2 |
| 31900 | <sup>(1)</sup> | Everi Holdings, Inc. | 457765 | 0.1 |
| 2200 | <sup>(1)</sup> | Genesco, Inc. | 101244 | 0 |
| 3300 | <sup>(1)</sup> | G-III Apparel Group Ltd. | 45243 | 0 |
| 33649 | <sup>(1)</sup> | Goodyear Tire & Rubber <br> Co. | 341537 | 0.1 |
| 7300 | <sup>(1)</sup> | Helen of Troy Ltd. | 809643 | 0.2 |
| 9000 |  | Hibbett, Inc. | 613980 | 0.1 |
| 13800 | <sup>(1)</sup> | Hilton Grand Vacations, <br> Inc. | 531852 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares**  | **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)** | **COMMON STOCK: (continued)** |
|  |  | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |
| 22335 |  | LCI Industries | $| 2064871 | 0.5 |
| 98094 | <sup>(1)</sup> | Leslie's, Inc. |  | 1197728 | 0.3 |
| 19447 |  | Lifetime Brands, Inc. |  | 147603 | 0.0 |
| 5300 |  | Marriott Vacations <br> Worldwide Corp. |  | 713327 | 0.2 |
| 3200 | <sup>(1)</sup> | Meritage Homes Corp. |  | 295040 | 0.1 |
| 20540 | <sup>(1)</sup> | Monarch Casino & Resort, <br> Inc. |  | 1579321 | 0.3 |
| 41228 | <sup>(1)</sup> | National Vision Holdings, <br> Inc. |  | 1597997 | 0.4 |
| 3496 | <sup>(1)</sup> | ODP Corp./The |  | 159208 | 0.0 |
| 2500 | <sup>(1)</sup> | Overstock.com, Inc. |  | 48400 | 0.0 |
| 5650 |  | Patrick Industries, Inc. |  | 342390 | 0.1 |
| 38052 | <sup>(1)</sup> | Planet Fitness, Inc. |  | 2998498 | 0.7 |
| 9500 | <sup>(1)(2)</sup> | PLBY Group, Inc. |  | 26125 | 0.0 |
| 2200 |  | RCI Hospitality Holdings, <br> Inc. |  | 205018 | 0.0 |
| 30500 |  | Rent-A-Center, Inc. |  | 687775 | 0.2 |
| 29600 | <sup>(1)</sup> | SeaWorld Entertainment, <br> Inc. |  | 1583896 | 0.3 |
| 14600 |  | Signet Jewelers Ltd. |  | 992800 | 0.2 |
| 129800 | <sup>(1)</sup> | Sonos, Inc. |  | 2193620 | 0.5 |
| 46694 | <sup>(1)</sup> | Taylor Morrison Home <br> Corp. |  | 1417163 | 0.3 |
| 17778 | <sup>(2)</sup> | Thor Industries, Inc. |  | 1342061 | 0.3 |
| 35600 | <sup>(1)</sup> | Tri Pointe Homes, Inc. |  | 661804 | 0.1 |
| 6800 | <sup>(1)</sup> | Tupperware Brands Corp. |  | 28152 | 0.0 |
| 131497 |  | Wendy's Company |  | 2975777 | 0.7 |
| 7600 | <sup>(1)</sup> | WW International, Inc. |  | 29336 | 0.0 |
| 34285 | <sup>(1)(2)</sup> | Xometry, Inc. |  | 1105006 | 0.2 |
| 10200 | <sup>(1)</sup> | Zumiez, Inc. |  | 221748 | 0.1 |
|  |  |  |  | **46651010** | **10.2** |
|  |  | **Consumer Staples: 5.5%** | **Consumer Staples: 5.5%** | **Consumer Staples: 5.5%** | **Consumer Staples: 5.5%** |
| 10800 |  | Andersons, Inc. |  | 377892 | 0.1 |
| 59271 | <sup>(1)</sup> | BJ's Wholesale Club <br> Holdings, Inc. |  | 3921369 | 0.9 |
| 9567 |  | Casey's General Stores, <br> Inc. |  | 2146356 | 0.5 |
| 30400 | <sup>(1)</sup> | Central Garden & Pet Co. - <br> Class A - CENTA |  | 1088320 | 0.2 |
| 600 |  | Coca-Cola Consolidated, <br> Inc. |  | 307416 | 0.1 |
| 13600 | <sup>(1)</sup> | Darling Ingredients, Inc. |  | 851224 | 0.2 |
| 22300 |  | Edgewell Personal Care <br> Co. |  | 859442 | 0.2 |
| 19500 | <sup>(1)</sup> | elf Beauty, Inc. |  | 1078350 | 0.2 |
| 20536 | <sup>(1)</sup> | Freshpet, Inc. |  | 1083685 | 0.2 |
| 70300 | <sup>(1)(2)</sup> | Herbalife Nutrition Ltd. |  | 1046064 | 0.2 |
| 8900 |  | Medifast, Inc. |  | 1026615 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares**  | **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)** | **COMMON STOCK: (continued)** |
|  |  | **Consumer Staples (continued)** | **Consumer Staples (continued)** | **Consumer Staples (continued)** | **Consumer Staples (continued)** |
| 10100 |  | Nu Skin Enterprises, Inc. | $| 425816 | 0.1 |
| 58762 | <sup>(1)</sup> | Performance Food Group <br> Co. |  | 3431113 | 0.7 |
| 244483 |  | Primo Water Corp. |  | 3799266 | 0.8 |
| 33300 |  | SpartanNash Co. |  | 1006992 | 0.2 |
| 20900 | <sup>(1)</sup> | Sprouts Farmers Market, <br> Inc. |  | 676533 | 0.2 |
| 132836 |  | Utz Brands, Inc. |  | 2106779 | 0.5 |
|  |  |  |  | **25233232** | **5.5** |
|  |  | **Energy: 2.9%** | **Energy: 2.9%** | **Energy: 2.9%** | **Energy: 2.9%** |
| 4550 | <sup>(2)</sup> | Arch Resources, Inc. |  | 649694 | 0.1 |
| 6475 |  | Berry Corp. |  | 51800 | 0.0 |
| 32000 |  | ChampionX Corp. |  | 927680 | 0.2 |
| 2700 |  | Chord Energy Corp. |  | 369387 | 0.1 |
| 10900 | <sup>(1)</sup> | CNX Resources Corp. |  | 183556 | 0.0 |
| 3200 |  | CONSOL Energy, Inc. |  | 208000 | 0.1 |
| 9800 |  | CVR Energy, Inc. |  | 307132 | 0.1 |
| 5520 |  | Delek US Holdings, Inc. |  | 149040 | 0.0 |
| 18100 | <sup>(1)</sup> | Green Plains, Inc. |  | 552050 | 0.1 |
| 43900 |  | Liberty Energy, Inc. |  | 702839 | 0.2 |
| 25800 |  | Magnolia Oil & Gas Corp. |  | 605010 | 0.1 |
| 21000 |  | Matador Resources Co. |  | 1202040 | 0.3 |
| 9900 |  | Murphy Oil Corp. |  | 425799 | 0.1 |
| 70800 | <sup>(1)</sup> | NexTier Oilfield Solutions, <br> Inc. |  | 654192 | 0.1 |
| 31055 |  | Ovintiv, Inc. |  | 1574799 | 0.3 |
| 35500 |  | Patterson-UTI Energy, Inc.  |  | 597820 | 0.1 |
| 11100 |  | PBF Energy, Inc. |  | 452658 | 0.1 |
| 16100 |  | PDC Energy, Inc. |  | 1022028 | 0.2 |
| 9500 | <sup>(1)</sup> | Peabody Energy Corp. |  | 250990 | 0.1 |
| 4500 | <sup>(1)</sup> | REX American Resources <br> Corp. |  | 143370 | 0.0 |
| 30600 |  | Select Energy Services, <br> Inc. |  | 282744 | 0.1 |
| 22700 |  | SM Energy Co. |  | 790641 | 0.2 |
| 23800 |  | Solaris Oilfield <br> Infrastructure, Inc. |  | 236334 | 0.1 |
| 95350 | <sup>(1)</sup> | Southwestern Energy Co. |  | 557798 | 0.1 |
| 9500 | <sup>(1)</sup> | Weatherford International <br> PLC |  | 483740 | 0.1 |
|  |  |  |  | **13381141** | **2.9** |
|  |  | **Financials: 17.0%** | **Financials: 17.0%** | **Financials: 17.0%** | **Financials: 17.0%** |
| 8600 |  | American Equity <br> Investment Life Holding Co. |  | 392332 | 0.1 |
| 6582 |  | Ameris Bancorp. |  | 310276 | 0.1 |
| 13500 |  | Arbor Realty Trust, Inc. |  | 178065 | 0.0 |
| 42100 |  | Ares Commercial Real <br> Estate Corp. |  | 433209 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 68924 | <sup>(1)</sup> | AssetMark Financial <br> Holdings, Inc. | $1585252 | 0.4 |
| 3800 |  | Atlantic Union Bankshares <br> Corp. | 133532 | 0.0 |
| 7800 | <sup>(1)</sup> | Axos Financial, Inc. | 298116 | 0.1 |
| 5000 |  | Banc of California, Inc. | 79650 | 0.0 |
| 5600 | <sup>(1)</sup> | Bancorp, Inc. | 158928 | 0.0 |
| 22400 |  | Bank of NT Butterfield & <br> Son Ltd. | 667744 | 0.2 |
| 65122 |  | BankUnited, Inc. | 2212194 | 0.5 |
| 38500 |  | Blackstone Mortgage <br> Trust, Inc. | 815045 | 0.2 |
| 29900 | <sup>(1)</sup> | Blucora, Inc. | 763347 | 0.2 |
| 7500 |  | Bread Financial Holdings, <br> Inc. | 282450 | 0.1 |
| 9500 | <sup>(1)</sup> | BRP Group, Inc. | 238830 | 0.1 |
| 8671 |  | Business First Bancshares, <br> Inc. | 191976 | 0.0 |
| 16000 |  | Byline Bancorp, Inc. | 367520 | 0.1 |
| 3900 |  | Cadence Bank | 96174 | 0.0 |
| 2000 |  | Capital Bancorp, Inc. | 47080 | 0.0 |
| 8700 |  | Capital City Bank Group, <br> Inc. | 282750 | 0.1 |
| 14700 |  | Capstar Financial <br> Holdings, Inc. | 259602 | 0.1 |
| 1300 |  | Cathay General Bancorp. | 53027 | 0.0 |
| 2400 |  | Central Pacific Financial <br> Corp. | 48672 | 0.0 |
| 3800 | <sup>(1)</sup> | Coastal Financial Corp./<br>WA | 180576 | 0.0 |
| 10700 |  | Columbia Banking System, <br> Inc. | 322391 | 0.1 |
| 25575 |  | Commerce Bancshares, <br> Inc. | 1740890 | 0.4 |
| 37700 |  | ConnectOne Bancorp, Inc.  | 912717 | 0.2 |
| 2900 |  | Cowen, Inc. | 111998 | 0.0 |
| 16874 |  | Cullen/Frost Bankers, Inc. | 2256054 | 0.5 |
| 11600 | <sup>(1)</sup> | Customers Bancorp, Inc. | 328744 | 0.1 |
| 33800 |  | CVB Financial Corp. | 870350 | 0.2 |
| 2700 |  | Dime Community <br> Bancshares, Inc. | 85941 | 0.0 |
| 27300 | <sup>(1)</sup> | Donnelley Financial <br> Solutions, Inc. | 1055145 | 0.2 |
| 48500 |  | Dynex Capital, Inc. | 616920 | 0.1 |
| 24600 |  | Eastern Bankshares, Inc. | 424350 | 0.1 |
| 5700 |  | Ellington Financial, Inc. | 70509 | 0.0 |
| 2300 |  | Employers Holdings, Inc. | 99199 | 0.0 |
| 15000 | <sup>(1)</sup> | Encore Capital Group, Inc.  | 719100 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 11600 | <sup>(1)</sup> | Enova International, Inc. | $445092 | 0.1 |
| 2792 |  | Enterprise Financial <br> Services Corp. | 136696 | 0.0 |
| 23300 |  | Essent Group Ltd. | 905904 | 0.2 |
| 23718 |  | Evercore, Inc. | 2587159 | 0.6 |
| 2700 |  | FB Financial Corp. | 97578 | 0.0 |
| 8600 |  | Financial Institutions, Inc. | 209496 | 0.1 |
| 65100 |  | First BanCorp. Puerto Rico  | 828072 | 0.2 |
| 600 |  | First BanCorp. Southern <br> Pines NC | 25704 | 0.0 |
| 2100 |  | First Bancshares, Inc./The  | 67221 | 0.0 |
| 2300 |  | First Bank/Hamilton NJ | 31648 | 0.0 |
| 117 |  | First Citizens BancShares, <br> Inc. | 88728 | 0.0 |
| 15200 |  | First Commonwealth <br> Financial Corp. | 212344 | 0.1 |
| 89689 |  | First Financial Bancorp. | 2173164 | 0.5 |
| 3900 |  | First Financial Corp. | 179712 | 0.0 |
| 9000 |  | First Foundation, Inc. | 128970 | 0.0 |
| 79894 |  | First Hawaiian, Inc. | 2080440 | 0.5 |
| 4540 |  | First Horizon Corp. | 111230 | 0.0 |
| 52380 |  | First Interstate <br> Bancsystem, Inc. | 2024487 | 0.4 |
| 5000 |  | First Merchants Corp. | 205550 | 0.0 |
| 900 | <sup>(1)</sup> | First Western Financial, <br> Inc. | 25335 | 0.0 |
| 8100 |  | FNB Corp. | 105705 | 0.0 |
| 86575 | <sup>(1)</sup> | Focus Financial Partners, <br> Inc. | 3226650 | 0.7 |
| 3900 |  | Glacier Bancorp., Inc. | 192738 | 0.0 |
| 4700 | <sup>(1)</sup> | Green Dot Corp. | 74354 | 0.0 |
| 13000 |  | Hancock Whitney Corp. | 629070 | 0.1 |
| 1600 |  | Hannon Armstrong <br> Sustainable Infrastructure <br> Capital, Inc. | 46368 | 0.0 |
| 6500 |  | HBT Financial, Inc. | 127205 | 0.0 |
| 23300 |  | Heritage Commerce Corp.  | 302900 | 0.1 |
| 5300 |  | Home Bancshares, <br> Inc./Conway AR | 120787 | 0.0 |
| 4700 |  | HomeTrust Bancshares, <br> Inc. | 113599 | 0.0 |
| 3800 |  | Houlihan Lokey, Inc. | 331208 | 0.1 |
| 4400 |  | Jackson Financial, Inc. | 153076 | 0.0 |
| 3900 |  | James River Group <br> Holdings Ltd. | 81549 | 0.0 |
| 15500 |  | Kearny Financial Corp./MD  | 157325 | 0.0 |
| 8929 |  | Kinsale Capital Group, Inc.  | 2335112 | 0.5 |
| 31600 | <sup>(2)</sup> | KKR Real Estate Finance <br> Trust, Inc. | 441136 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 41200 |  | Ladder Capital Corp. | $413648 | 0.1 |
| 9200 | <sup>(1)</sup> | LendingClub Corp. | 80960 | 0.0 |
| 2337 |  | Luther Burbank Corp. | 25964 | 0.0 |
| 1400 |  | Mercantile Bank Corp. | 46872 | 0.0 |
| 5300 |  | Merchants Bancorp/IN | 128896 | 0.0 |
| 1100 | <sup>(1)</sup> | Metropolitan Bank Holding <br> Corp. | 64537 | 0.0 |
| 1800 |  | Mid Penn Bancorp, Inc. | 53946 | 0.0 |
| 58477 |  | Moelis & Co. | 2243763 | 0.5 |
| 11826 |  | Morningstar, Inc. | 2561393 | 0.6 |
| 3950 | <sup>(1)</sup> | Mr Cooper Group, Inc. | 158514 | 0.0 |
| 700 |  | MVB Financial Corp. | 15414 | 0.0 |
| 5000 |  | National Bank Holdings <br> Corp. | 210350 | 0.1 |
| 20100 | <sup>(1)</sup> | NMI Holdings, Inc. | 420090 | 0.1 |
| 85500 |  | OceanFirst Financial Corp.  | 1816875 | 0.4 |
| 33600 |  | OFG Bancorp | 926016 | 0.2 |
| 47300 |  | Old National Bancorp. | 850454 | 0.2 |
| 28900 |  | Old Second Bancorp, Inc. | 463556 | 0.1 |
| 4850 |  | Origin Bancorp, Inc. | 177995 | 0.0 |
| 8700 |  | Peapack-Gladstone <br> Financial Corp. | 323814 | 0.1 |
| 2700 |  | PennyMac Financial <br> Services, Inc. | 152982 | 0.0 |
| 2700 |  | Peoples Bancorp., Inc. | 76275 | 0.0 |
| 5800 |  | Pinnacle Financial <br> Partners, Inc. | 425720 | 0.1 |
| 900 |  | Piper Sandler Cos | 117171 | 0.0 |
| 12650 |  | PJT Partners, Inc. | 932179 | 0.2 |
| 23900 |  | Popular, Inc. | 1585048 | 0.4 |
| 8400 |  | QCR Holdings, Inc. | 416976 | 0.1 |
| 39500 |  | Radian Group, Inc. | 753265 | 0.2 |
| 9300 |  | Redwood Trust, Inc. | 62868 | 0.0 |
| 1200 |  | Republic Bancorp., Inc. | 49104 | 0.0 |
| 27319 |  | RLI Corp. | 3586165 | 0.8 |
| 31229 |  | ServisFirst Bancshares, <br> Inc. | 2151990 | 0.5 |
| 1800 |  | Sierra Bancorp. | 38232 | 0.0 |
| 17324 |  | Signature Bank | 1996071 | 0.4 |
| 10100 |  | SmartFinancial, Inc. | 277750 | 0.1 |
| 1000 |  | South Plains Financial, Inc.  | 27530 | 0.0 |
| 16050 |  | SouthState Corp. | 1225578 | 0.3 |
| 95710 |  | StepStone Group, Inc. | 2409978 | 0.5 |
| 11600 |  | Stewart Information <br> Services Corp. | 495668 | 0.1 |
| 3850 |  | Stifel Financial Corp. | 224725 | 0.1 |
| 4000 | <sup>(1)</sup> | StoneX Group, Inc. | 381200 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares**  | **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)** | **COMMON STOCK: (continued)** |
|  |  | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 5300 |  | TPG RE Finance Trust, <br> Inc. | $| 35987 | 0.0 |
| 7100 |  | Trico Bancshares |  | 362029 | 0.1 |
| 35000 |  | Veritex Holdings, Inc. |  | 982800 | 0.2 |
| 5700 |  | Victory Capital Holdings, <br> Inc. |  | 152931 | 0.0 |
| 775 |  | Virtus Investment Partners, <br> Inc. |  | 148366 | 0.0 |
| 1700 |  | Walker & Dunlop, Inc. |  | 133416 | 0.0 |
| 6000 |  | Washington Federal, Inc. |  | 201300 | 0.0 |
| 1300 |  | Waterstone Financial, Inc.  |  | 22412 | 0.0 |
| 51264 |  | Western Alliance Bancorp.  |  | 3053284 | 0.7 |
| 44928 |  | Wintrust Financial Corp. |  | 3797315 | 0.8 |
| 4600 |  | Zions Bancorp NA |  | 226136 | 0.1 |
|  |  |  |  | **78179475** | **17.0** |
|  |  | **Health Care: 14.2%** | **Health Care: 14.2%** | **Health Care: 14.2%** | **Health Care: 14.2%** |
| 39806 | <sup>(1)</sup> | 2seventy bio, Inc. |  | 372982 | 0.1 |
| 38000 | <sup>(1)</sup> | Aclaris Therapeutics, Inc. |  | 598500 | 0.1 |
| 71300 | <sup>(1)</sup> | AdaptHealth Corp. |  | 1370386 | 0.3 |
| 4600 | <sup>(1)</sup> | Adaptive Biotechnologies <br> Corp. |  | 35144 | 0.0 |
| 136254 | <sup>(1)(2)</sup> | Agiliti, Inc. |  | 2222303 | 0.5 |
| 13100 | <sup>(1)</sup> | Alector, Inc. |  | 120913 | 0.0 |
| 12500 | <sup>(1)(2)</sup> | Allogene Therapeutics, Inc.  |  | 78625 | 0.0 |
| 36900 | <sup>(1)</sup> | Allscripts Healthcare <br> Solutions, Inc. |  | 650916 | 0.1 |
| 76900 | <sup>(1)</sup> | Alphatec Holdings, Inc. |  | 949715 | 0.2 |
| 121200 | <sup>(1)</sup> | Amicus Therapeutics, Inc.  |  | 1479852 | 0.3 |
| 34100 | <sup>(1)</sup> | AnaptysBio, Inc. |  | 1056759 | 0.2 |
| 9600 | <sup>(1)</sup> | Apellis Pharmaceuticals, <br> Inc. |  | 496416 | 0.1 |
| 13800 | <sup>(1)</sup> | Arrowhead <br> Pharmaceuticals, Inc. |  | 559728 | 0.1 |
| 14900 | <sup>(1)</sup> | Arvinas, Inc. |  | 509729 | 0.1 |
| 2600 | <sup>(1)</sup> | Atara Biotherapeutics, Inc.  |  | 8528 | 0.0 |
| 32600 | <sup>(1)</sup> | Axonics, Inc. |  | 2038478 | 0.4 |
| 23600 | <sup>(1)(2)</sup> | Axsome Therapeutics, Inc.  |  | 1820268 | 0.4 |
| 31757 |  | Azenta, Inc. |  | 1848893 | 0.4 |
| 8900 | <sup>(1)(2)</sup> | Beam Therapeutics, Inc. |  | 348079 | 0.1 |
| 1250 | <sup>(1)</sup> | Biohaven Ltd. |  | 17350 | 0.0 |
| 1220 | <sup>(1)</sup> | Bluebird Bio, Inc. |  | 8442 | 0.0 |
| 5700 | <sup>(1)</sup> | Blueprint Medicines Corp. |  | 249717 | 0.1 |
| 6700 | <sup>(1)</sup> | Bridgebio Pharma, Inc. |  | 51054 | 0.0 |
| 7100 | <sup>(1)</sup> | Cara Therapeutics, Inc. |  | 76254 | 0.0 |
| 18800 | <sup>(1)</sup> | CareDx, Inc. |  | 214508 | 0.0 |
| 55300 | <sup>(1)</sup> | Catalyst Pharmaceuticals, <br> Inc. |  | 1028580 | 0.2 |
| 93392 | <sup>(1)</sup> | Certara, Inc. |  | 1500809 | 0.3 |
| 5425 |  | Chemed Corp. |  | 2769083 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Shares**  | **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)** |
| 16860 | <sup>(1)</sup> | Chinook Therapeutics, Inc.  | $441732 | 0.1 |
| 17000 | <sup>(1)</sup> | Coherus Biosciences, Inc.  | 134640 | 0.0 |
| 37351 | <sup>(1)</sup> | CTI BioPharma Corp. | 224480 | 0.0 |
| 6200 | <sup>(1)(2)</sup> | Cutera, Inc. | 274164 | 0.1 |
| 22526 | <sup>(1)(2)</sup> | Decibel Therapeutics, Inc.  | 46178 | 0.0 |
| 105553 | <sup>(1)</sup> | Definitive Healthcare Corp.  | 1160027 | 0.3 |
| 12800 | <sup>(1)</sup> | Enanta Pharmaceuticals, <br> Inc. | 595456 | 0.1 |
| 58906 |  | Encompass Health Corp. | 3523168 | 0.8 |
| 59000 | <sup>(1)</sup> | Envista Holdings Corp. | 1986530 | 0.4 |
| 33100 | <sup>(1)</sup> | Fate Therapeutics, Inc. | 333979 | 0.1 |
| 8700 | <sup>(1)(2)</sup> | Fulgent Genetics, Inc. | 259086 | 0.1 |
| 99400 | <sup>(1)</sup> | Health Catalyst, Inc. | 1056622 | 0.2 |
| 58790 | <sup>(1)</sup> | HealthEquity, Inc. | 3623816 | 0.8 |
| 3400 | <sup>(1)</sup> | Heska Corp. | 211344 | 0.0 |
| 17729 | <sup>(1)</sup> | ICU Medical, Inc. | 2791963 | 0.6 |
| 7800 | <sup>(1)</sup> | Inari Medical, Inc. | 495768 | 0.1 |
| 1900 | <sup>(1)</sup> | Inogen, Inc. | 37449 | 0.0 |
| 11450 | <sup>(1)</sup> | Inspire Medical Systems, <br> Inc. | 2884026 | 0.6 |
| 11100 | <sup>(1)</sup> | Intellia Therapeutics, Inc. | 387279 | 0.1 |
| 52000 | <sup>(1)</sup> | Invivyd, Inc. | 78000 | 0.0 |
| 5900 | <sup>(1)</sup> | iRhythm Technologies, Inc.  | 552653 | 0.1 |
| 14000 | <sup>(1)</sup> | Joint Corp./The | 195720 | 0.0 |
| 10300 | <sup>(1)</sup> | Jounce Therapeutics, Inc. | 11433 | 0.0 |
| 17800 | <sup>(1)</sup> | Kronos Bio, Inc. | 28836 | 0.0 |
| 46200 | <sup>(1)</sup> | Kura Oncology, Inc. | 573342 | 0.1 |
| 17300 | <sup>(1)</sup> | Kymera Therapeutics, Inc.  | 431808 | 0.1 |
| 8700 | <sup>(1)</sup> | MeiraGTx Holdings plc | 56724 | 0.0 |
| 5600 | <sup>(1)</sup> | ModivCare, Inc. | 502488 | 0.1 |
| 6100 | <sup>(1)</sup> | Natera, Inc. | 245037 | 0.1 |
| 4000 |  | National Healthcare Corp.  | 238000 | 0.1 |
| 82157 | <sup>(1)</sup> | Neogen Corp. | 1251251 | 0.3 |
| 42500 | <sup>(1)</sup> | NeoGenomics, Inc. | 392700 | 0.1 |
| 17400 | <sup>(1)</sup> | NGM Biopharmaceuticals, <br> Inc. | 87348 | 0.0 |
| 6100 | <sup>(1)</sup> | Omnicell, Inc. | 307562 | 0.1 |
| 13500 | <sup>(1)</sup> | OptimizeRx Corp. | 226800 | 0.1 |
| 35900 | <sup>(1)</sup> | Option Care Health, Inc. | 1080231 | 0.2 |
| 21400 | <sup>(1)</sup> | Orthofix Medical, Inc. | 439342 | 0.1 |
| 4200 | <sup>(1)</sup> | Outset Medical, Inc. | 108444 | 0.0 |
| 4600 |  | Phibro Animal Health Corp.  | 61686 | 0.0 |
| 35200 | <sup>(1)</sup> | PMV Pharmaceuticals, Inc.  | 306240 | 0.1 |
| 75274 | <sup>(1)</sup> | Progyny, Inc. | 2344785 | 0.5 |
| 3300 | <sup>(1)</sup> | Prothena Corp. PLC | 198825 | 0.0 |
| 9900 | <sup>(1)</sup> | PTC Therapeutics, Inc. | 377883 | 0.1 |
| 8000 | <sup>(1)</sup> | Quanterix Corp. | 110800 | 0.0 |
| 24319 | <sup>(1)</sup> | QuidelOrtho Corp. | 2083409 | 0.5 |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares**  | **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)** | **COMMON STOCK: (continued)** |
|  |  | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| 42200 | <sup>(1)</sup> | Relay Therapeutics, Inc. | $| 630468 | 0.1 |
| 59800 | <sup>(1)</sup> | Revance Therapeutics, Inc.  |  | 1103908 | 0.2 |
| 30300 | <sup>(1)</sup> | REVOLUTION Medicines, <br> Inc. |  | 721746 | 0.2 |
| 5700 | <sup>(1)</sup> | Sage Therapeutics, Inc. |  | 217398 | 0.0 |
| 5400 | <sup>(1)</sup> | Sarepta Therapeutics, Inc.  |  | 699732 | 0.2 |
| 13600 | <sup>(1)</sup> | Schrodinger, Inc./United <br> States |  | 254184 | 0.1 |
| 3950 | <sup>(1)</sup> | Shockwave Medical, Inc. |  | 812160 | 0.2 |
| 16600 | <sup>(1)</sup> | SI-BONE, Inc. |  | 225760 | 0.1 |
| 9000 | <sup>(1)</sup> | SpringWorks Therapeutics, <br> Inc. |  | 234090 | 0.1 |
| 2900 | <sup>(1)</sup> | Sutro Biopharma, Inc. |  | 23432 | 0.0 |
| 34700 | <sup>(1)</sup> | Syndax Pharmaceuticals, <br> Inc. |  | 883115 | 0.2 |
| 47711 | <sup>(1)</sup> | Syneos Health, Inc. |  | 1750039 | 0.4 |
| 38500 | <sup>(1)</sup> | Travere Therapeutics, Inc.  |  | 809655 | 0.2 |
| 12300 | <sup>(1)</sup> | Twist Bioscience Corp. |  | 292863 | 0.1 |
| 8600 | <sup>(1)</sup> | Vericel Corp. |  | 226524 | 0.1 |
| 47100 | <sup>(1)</sup> | Xencor, Inc. |  | 1226484 | 0.3 |
| 1300 | <sup>(1)</sup> | Y-mAbs Therapeutics, Inc.  |  | 6344 | 0.0 |
|  |  |  |  | **65358967** | **14.2** |
|  |  | **Industrials: 21.2%** | **Industrials: 21.2%** | **Industrials: 21.2%** | **Industrials: 21.2%** |
| 42900 |  | ABM Industries, Inc. |  | 1905618 | 0.4 |
| 32450 |  | ACCO Brands Corp. |  | 181395 | 0.0 |
| 45545 | <sup>(1)</sup> | Alaska Air Group, Inc. |  | 1955702 | 0.4 |
| 1300 |  | Albany International Corp.  |  | 128167 | 0.0 |
| 8189 |  | Altra Industrial Motion <br> Corp. |  | 489293 | 0.1 |
| 5100 |  | Apogee Enterprises, Inc. |  | 226746 | 0.1 |
| 19197 |  | Applied Industrial <br> Technologies, Inc. |  | 2419398 | 0.5 |
| 19500 |  | ArcBest Corp. |  | 1365780 | 0.3 |
| 26300 |  | Argan, Inc. |  | 969944 | 0.2 |
| 14200 | <sup>(1)</sup> | Atkore, Inc. |  | 1610564 | 0.4 |
| 6600 | <sup>(1)</sup> | Atlas Air Worldwide <br> Holdings, Inc. |  | 665280 | 0.1 |
| 52600 | <sup>(1)</sup> | AZEK Co., Inc./The |  | 1068832 | 0.2 |
| 9300 |  | AZZ, Inc. |  | 373860 | 0.1 |
| 17200 |  | Barrett Business Services, <br> Inc. |  | 1604416 | 0.4 |
| 5800 | <sup>(1)</sup> | Beacon Roofing Supply, <br> Inc. |  | 306182 | 0.1 |
| 17450 | <sup>(1)</sup> | Bloom Energy Corp. |  | 333644 | 0.1 |
| 7000 | <sup>(1)</sup> | BlueLinx Holdings, Inc. |  | 497770 | 0.1 |
| 5600 |  | Boise Cascade Co. |  | 384552 | 0.1 |
| 49661 |  | Brady Corp. |  | 2339033 | 0.5 |
| 8100 |  | Brink's Co. |  | 435051 | 0.1 |
| 7918 | <sup>(1)</sup> | Builders FirstSource, Inc. |  | 513720 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 32899 | <sup>(1)</sup> | Casella Waste Systems, <br> Inc. | $2609220 | 0.6 |
| 12000 |  | Comfort Systems USA, <br> Inc. | 1380960 | 0.3 |
| 40503 |  | Douglas Dynamics, Inc. | 1464588 | 0.3 |
| 94540 | <sup>(1)</sup> | Driven Brands Holdings, <br> Inc. | 2581887 | 0.6 |
| 13000 |  | Encore Wire Corp. | 1788280 | 0.4 |
| 149124 | <sup>(1)</sup> | First Advantage Corp. | 1938612 | 0.4 |
| 2500 |  | Forward Air Corp. | 262225 | 0.1 |
| 125115 | <sup>(1)</sup> | Gates Industrial Corp. PLC  | 1427562 | 0.3 |
| 7254 | <sup>(1)</sup> | Generac Holdings, Inc. | 730188 | 0.2 |
| 29800 | <sup>(1)</sup> | GMS, Inc. | 1484040 | 0.3 |
| 17000 | <sup>(1)</sup> | Great Lakes Dredge & <br> Dock Corp. | 101150 | 0.0 |
| 16800 |  | Greenbrier Cos., Inc. | 563304 | 0.1 |
| 145436 | <sup>(1)</sup> | Hayward Holdings, Inc. | 1367098 | 0.3 |
| 11000 |  | Heidrick & Struggles <br> International, Inc. | 307670 | 0.1 |
| 5500 |  | Herc Holdings, Inc. | 723635 | 0.2 |
| 5081 | <sup>(1)</sup> | Heritage-Crystal Clean, <br> Inc. | 165031 | 0.0 |
| 241697 | <sup>(1)</sup> | Hillman Solutions Corp. | 1742635 | 0.4 |
| 7300 |  | HNI Corp. | 207539 | 0.0 |
| 15600 | <sup>(1)</sup> | HUB Group, Inc. | 1240044 | 0.3 |
| 73198 | <sup>(1)</sup> | IAA, Inc. | 2927920 | 0.6 |
| 22500 |  | KBR, Inc. | 1188000 | 0.3 |
| 46200 |  | Kelly Services, Inc. | 780780 | 0.2 |
| 8700 |  | Kforce, Inc. | 477021 | 0.1 |
| 38898 |  | Knight-Swift Transportation <br> Holdings, Inc. | 2038644 | 0.4 |
| 22000 |  | Korn Ferry | 1113640 | 0.2 |
| 15156 |  | Landstar System, Inc. | 2468912 | 0.5 |
| 21723 |  | Lincoln Electric Holdings, <br> Inc. | 3138756 | 0.7 |
| 6200 |  | Luxfer Holdings PLC | 85064 | 0.0 |
| 64496 | <sup>(1)</sup> | Lyft, Inc. | 710746 | 0.2 |
| 11000 | <sup>(1)</sup> | Mastec, Inc. | 938630 | 0.2 |
| 7500 |  | Matson, Inc. | 468825 | 0.1 |
| 63892 |  | MillerKnoll, Inc. | 1342371 | 0.3 |
| 1900 |  | Moog, Inc. | 166744 | 0.0 |
| 47000 | <sup>(1)</sup> | MRC Global, Inc. | 544260 | 0.1 |
| 27024 |  | MSA Safety, Inc. | 3896591 | 0.9 |
| 8500 |  | Mueller Industries, Inc. | 501500 | 0.1 |
| 105200 | <sup>(1)</sup> | NOW, Inc. | 1336040 | 0.3 |
| 7700 |  | Powell Industries, Inc. | 270886 | 0.1 |
| 17500 |  | Primoris Services Corp. | 383950 | 0.1 |
| 36900 | <sup>(1)</sup> | Radiant Logistics, Inc. | 187821 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares**  | **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)** | **COMMON STOCK: (continued)** |
|  |  | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 13293 | <sup>(1)</sup> | RBC Bearings, Inc. | $| 2782890 | 0.6 |
| 13600 | <sup>(1)</sup> | Resideo Technologies, <br> Inc. |  | 223720 | 0.1 |
| 35331 |  | Ritchie Bros Auctioneers, <br> Inc. |  | 2043192 | 0.4 |
| 20000 |  | Rush Enterprises, Inc. - <br> Class A |  | 1045600 | 0.2 |
| 25742 |  | Simpson Manufacturing <br> Co., Inc. |  | 2282286 | 0.5 |
| 52845 | <sup>(1)</sup> | Stericycle, Inc. |  | 2636437 | 0.6 |
| 9700 | <sup>(1)</sup> | Sterling Infrastructure, Inc.  |  | 318160 | 0.1 |
| 19700 |  | Terex Corp. |  | 841584 | 0.2 |
| 9200 | <sup>(1)</sup> | Titan Machinery, Inc. |  | 365516 | 0.1 |
| 26020 |  | Toro Co. |  | 2945464 | 0.6 |
| 15100 | <sup>(1)</sup> | TriNet Group, Inc. |  | 1023780 | 0.2 |
| 17600 |  | UFP Industries, Inc. |  | 1394800 | 0.3 |
| 11466 |  | Unifirst Corp. |  | 2212823 | 0.5 |
| 18000 | <sup>(1)</sup> | V2X, Inc. |  | 743220 | 0.2 |
| 5467 |  | Veritiv Corp. |  | 665389 | 0.1 |
| 2768 |  | Wabash National Corp. |  | 62557 | 0.0 |
| 8700 |  | Watts Water Technologies, <br> Inc. |  | 1272201 | 0.3 |
| 10700 | <sup>(1)</sup> | Wesco International, Inc. |  | 1339640 | 0.3 |
| 95723 | <sup>(1)</sup> | WillScot Mobile Mini <br> Holdings Corp. |  | 4323808 | 0.9 |
| 19231 |  | Woodward, Inc. |  | 1857907 | 0.4 |
|  |  |  |  | **97208690** | **21.2** |
|  |  | **Information Technology: 12.8%** | **Information Technology: 12.8%** | **Information Technology: 12.8%** | **Information Technology: 12.8%** |
| 32100 |  | Adeia, Inc. |  | 304308 | 0.1 |
| 70694 | <sup>(1)</sup> | Allegro MicroSystems, Inc.  |  | 2122234 | 0.5 |
| 18200 | <sup>(1)</sup> | Alpha & Omega Co. |  | 519974 | 0.1 |
| 2400 | <sup>(1)</sup> | Ambarella, Inc. |  | 197352 | 0.0 |
| 30800 |  | Amkor Technology, Inc. |  | 738584 | 0.2 |
| 15900 | <sup>(1)</sup> | Asana, Inc. |  | 218943 | 0.1 |
| 9401 | <sup>(1)</sup> | Aviat Networks, Inc. |  | 293217 | 0.1 |
| 13900 | <sup>(1)</sup> | Avid Technology, Inc. |  | 369601 | 0.1 |
| 19494 |  | Badger Meter, Inc. |  | 2125431 | 0.5 |
| 8300 |  | Belden, Inc. |  | 596770 | 0.1 |
| 22160 |  | Benchmark Electronics, <br> Inc. |  | 591450 | 0.1 |
| 2800 | <sup>(1)</sup> | Blackline, Inc. |  | 188356 | 0.0 |
| 18000 | <sup>(1)</sup> | Box, Inc. |  | 560340 | 0.1 |
| 29446 | <sup>(1)</sup> | Calix, Inc. |  | 2014990 | 0.4 |
| 3600 | <sup>(1)</sup> | Cerence, Inc. |  | 66708 | 0.0 |
| 106221 | <sup>(1)(2)</sup> | Clearwater Analytics <br> Holdings, Inc. |  | 1991644 | 0.4 |
| 215953 | <sup>(1)</sup> | CommScope Holding Co., <br> Inc. |  | 1587254 | 0.3 |
| 21000 | <sup>(1)</sup> | Commvault Systems, Inc. |  | 1319640 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Shares**  | **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)** |
| 2666 | <sup>(1)</sup> | Consensus Cloud <br> Solutions, Inc. | $143324 | 0 |
| 8600 | <sup>(1)</sup> | Digital Turbine, Inc. | 131064 | 0 |
| 19053 | <sup>(1)(2)</sup> | DigitalOcean Holdings, <br> Inc. | 485280 | 0.1 |
| 3800 | <sup>(1)</sup> | Diodes, Inc. | 289332 | 0.1 |
| 122100 | <sup>(1)</sup> | eGain Corp. | 1102563 | 0.2 |
| 43584 | <sup>(1)</sup> | Envestnet, Inc. | 2689133 | 0.6 |
| 29200 | <sup>(1)(2)</sup> | EverCommerce, Inc. | 217248 | 0.1 |
| 6500 |  | EVERTEC, Inc. | 210470 | 0.1 |
| 2800 | <sup>(1)</sup> | Fabrinet | 359016 | 0.1 |
| 32601 | <sup>(1)</sup> | Guidewire Software, Inc. | 2039519 | 0.4 |
| 141100 |  | Information Services <br> Group, Inc. | 649060 | 0.1 |
| 64670 | <sup>(1)</sup> | International Money <br> Express, Inc. | 1576008 | 0.3 |
| 20900 | <sup>(1)</sup> | LiveRamp Holdings, Inc. | 489896 | 0.1 |
| 37495 | <sup>(1)</sup> | MACOM Technology <br> Solutions Holdings, Inc. | 2361435 | 0.5 |
| 13300 | <sup>(1)(2)</sup> | Marathon Digital Holdings, <br> Inc. | 45486 | 0 |
| 7400 | <sup>(1)</sup> | MaxLinear, Inc. | 251230 | 0.1 |
| 375 | <sup>(1)</sup> | MicroStrategy, Inc. | 53089 | 0 |
| 59695 | <sup>(1)</sup> | nCino, Inc. | 1578336 | 0.3 |
| 84435 | <sup>(1)</sup> | nLight, Inc. | 856171 | 0.2 |
| 19029 | <sup>(1)</sup> | Novanta, Inc. | 2585470 | 0.6 |
| 14185 | <sup>(1)</sup> | OSI Systems, Inc. | 1127991 | 0.2 |
| 12000 | <sup>(1)</sup> | PagerDuty, Inc. | 318720 | 0.1 |
| 81136 | <sup>(1)</sup> | Paycor HCM, Inc. | 1985398 | 0.4 |
| 6900 | <sup>(1)</sup> | PDF Solutions, Inc. | 196788 | 0 |
| 5900 | <sup>(1)</sup> | Perficient, Inc. | 411997 | 0.1 |
| 52868 |  | Power Integrations, Inc. | 3791693 | 0.8 |
| 60787 | <sup>(1)</sup> | Q2 Holdings, Inc. | 1633347 | 0.4 |
| 6800 | <sup>(1)</sup> | Qualys, Inc. | 763164 | 0.2 |
| 5600 | <sup>(1)</sup> | Rambus, Inc. | 200592 | 0 |
| 40000 | <sup>(1)</sup> | Repay Holdings Corp. | 322000 | 0.1 |
| 29700 | <sup>(1)(2)</sup> | Riot Blockchain, Inc. | 100683 | 0 |
| 7900 | <sup>(1)</sup> | Scansource, Inc. | 230838 | 0.1 |
| 7400 | <sup>(1)</sup> | Semtech Corp. | 212306 | 0.1 |
| 20100 | <sup>(1)</sup> | Silicon Laboratories, Inc. | 2726967 | 0.6 |
| 29500 | <sup>(1)</sup> | SMART Global Holdings, <br> Inc. | 438960 | 0.1 |
| 4500 | <sup>(1)</sup> | Sprout Social, Inc. | 254070 | 0.1 |
| 800 | <sup>(1)</sup> | SPS Commerce, Inc. | 102744 | 0 |
| 700 | <sup>(1)</sup> | Synaptics, Inc. | 66612 | 0 |
| 4100 | <sup>(1)</sup> | Tenable Holdings, Inc. | 156415 | 0 |
| 14400 |  | TTEC Holdings, Inc. | 635472 | 0.1 |
| 79600 | <sup>(1)</sup> | TTM Technologies, Inc. | 1200368 | 0.3 |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares**  | **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)** | **COMMON STOCK: (continued)** |
|  |  | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| 10600 | <sup>(1)</sup> | Ultra Clean Holdings, Inc. | $| 351390 | 0.1 |
| 24500 | <sup>(1)</sup> | Unisys Corp. |  | 125195 | 0.0 |
| 28600 | <sup>(1)</sup> | Upland Software, Inc. |  | 203918 | 0.0 |
| 49100 | <sup>(1)</sup> | Verint Systems, Inc. |  | 1781348 | 0.4 |
| 19345 | <sup>(1)</sup> | WEX, Inc. |  | 3165809 | 0.7 |
| 19551 | <sup>(1)</sup> | Workiva, Inc. |  | 1641697 | 0.4 |
| 12860 | <sup>(1)</sup> | Xperi, Inc. |  | 110725 | 0.0 |
| 125300 | <sup>(1)</sup> | Zuora, Inc. |  | 796908 | 0.2 |
|  |  |  |  | **58974041** | **12.8** |
|  |  | **Materials: 4.3%** | **Materials: 4.3%** | **Materials: 4.3%** | **Materials: 4.3%** |
| 8600 |  | AdvanSix, Inc. |  | 326972 | 0.1 |
| 1800 |  | Alpha Metallurgical <br> Resources, Inc. |  | 263502 | 0.1 |
| 33426 |  | Aptargroup, Inc. |  | 3676191 | 0.8 |
| 17650 | <sup>(1)</sup> | Arconic Corp. |  | 373474 | 0.1 |
| 4100 | <sup>(1)</sup> | ATI, Inc. |  | 122426 | 0.0 |
| 13100 |  | Avient Corp. |  | 442256 | 0.1 |
| 40712 | <sup>(1)</sup> | Axalta Coating Systems <br> Ltd. |  | 1036935 | 0.2 |
| 11600 |  | Cabot Corp. |  | 775344 | 0.2 |
| 25300 |  | Commercial Metals Co. |  | 1221990 | 0.3 |
| 29300 | <sup>(1)</sup> | Constellium SE |  | 346619 | 0.1 |
| 136600 | <sup>(1)</sup> | Diversey Holdings Ltd. |  | 581916 | 0.1 |
| 7700 | <sup>(1)</sup> | Ecovyst, Inc. |  | 68222 | 0.0 |
| 3300 |  | Greif, Inc. - Class A |  | 221298 | 0.0 |
| 8600 |  | HB Fuller Co. |  | 615932 | 0.1 |
| 8000 | <sup>(1)</sup> | Ingevity Corp. |  | 563520 | 0.1 |
| 8000 | <sup>(1)</sup> | Livent Corp. |  | 158960 | 0.0 |
| 3900 |  | Louisiana-Pacific Corp. |  | 230880 | 0.1 |
| 3000 |  | Minerals Technologies, Inc.  |  | 182160 | 0.0 |
| 16200 | <sup>(1)</sup> | O-I Glass, Inc. |  | 268434 | 0.1 |
| 1900 |  | Olympic Steel, Inc. |  | 63802 | 0.0 |
| 57000 |  | Orion Engineered Carbons <br> SA |  | 1015170 | 0.2 |
| 153931 | <sup>(1)(2)</sup> | Perimeter Solutions SA |  | 1406929 | 0.3 |
| 15832 |  | Quaker Chemical Corp. |  | 2642361 | 0.6 |
| 5100 |  | Schnitzer Steel Industries, <br> Inc. |  | 156315 | 0.0 |
| 12610 | <sup>(1)</sup> | Summit Materials, Inc. |  | 357998 | 0.1 |
| 27400 |  | Tronox Holdings PLC |  | 375654 | 0.1 |
| 69306 |  | Valvoline, Inc. |  | 2262841 | 0.5 |
|  |  |  |  | **19758101** | **4.3** |
|  |  | **Real Estate: 5.7%** | **Real Estate: 5.7%** | **Real Estate: 5.7%** | **Real Estate: 5.7%** |
| 9400 |  | Acadia Realty Trust |  | 134890 | 0.0 |
| 22200 |  | Agree Realty Corp. |  | 1574646 | 0.3 |
| 11600 | <sup>(1)</sup> | Anywhere Real Estate, Inc.  |  | 74124 | 0.0 |
| 34400 |  | Apple Hospitality REIT, Inc.  |  | 542832 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  |  | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| 6800 |  | Armada Hoffler <br> Properties, Inc. | $78200 | 0.0 |
| 4400 |  | City Office REIT, Inc. | 36872 | 0.0 |
| 2100 |  | Community Healthcare <br> Trust, Inc. | 75180 | 0.0 |
| 11300 |  | Corporate Office <br> Properties Trust SBI MD | 293122 | 0.1 |
| 2400 |  | CTO Realty Growth, Inc. | 43872 | 0.0 |
| 58277 |  | CubeSmart | 2345649 | 0.5 |
| 196746 | <sup>(1)</sup> | Cushman & Wakefield PLC  | 2451455 | 0.5 |
| 20900 |  | DiamondRock Hospitality <br> Co. | 171171 | 0.0 |
| 19043 |  | EastGroup Properties, Inc.  | 2819507 | 0.6 |
| 18300 |  | Equity Commonwealth | 456951 | 0.1 |
| 9300 |  | Essential Properties Realty <br> Trust, Inc. | 218271 | 0.1 |
| 4875 |  | First Industrial Realty Trust, <br> Inc. | 235267 | 0.1 |
| 7600 |  | Getty Realty Corp. | 257260 | 0.1 |
| 4000 |  | Gladstone Commercial <br> Corp. | 74000 | 0.0 |
| 5300 |  | Global Medical REIT, Inc. | 50244 | 0.0 |
| 22100 |  | Healthcare Realty Trust, <br> Inc. | 425867 | 0.1 |
| 27200 |  | Independence Realty <br> Trust, Inc. | 458592 | 0.1 |
| 7200 | <sup>(2)</sup> | Innovative Industrial <br> Properties, Inc. | 729720 | 0.2 |
| 11700 |  | Kennedy-Wilson Holdings, <br> Inc. | 184041 | 0.0 |
| 31328 |  | Kite Realty Group Trust | 659454 | 0.2 |
| 9300 |  | Macerich Co. | 104718 | 0.0 |
| 51126 |  | National Retail Properties, <br> Inc. | 2339526 | 0.5 |
| 7500 |  | National Storage Affiliates <br> Trust | 270900 | 0.1 |
| 12000 |  | NETSTREIT Corp. | 219960 | 0.1 |
| 122422 |  | Outfront Media, Inc. | 2029757 | 0.4 |
| 9300 |  | Phillips Edison & Co., Inc. | 296112 | 0.1 |
| 22200 |  | Physicians Realty Trust | 321234 | 0.1 |
| 17800 |  | Piedmont Office Realty <br> Trust, Inc. | 163226 | 0.0 |
| 3400 |  | Plymouth Industrial REIT, <br> Inc. | 65212 | 0.0 |
| 15000 |  | PotlatchDeltic Corp. | 659850 | 0.2 |
| 4100 |  | Retail Opportunity <br> Investments Corp. | 61623 | 0.0 |
| 35800 |  | RLJ Lodging Trust | 379122 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares**  | **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)** | **COMMON STOCK: (continued)** |
|  |  | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| 1900 |  | RMR Group, Inc. | $| 53675 | 0.0 |
| 35118 |  | Ryman Hospitality <br> Properties |  | 2871950 | 0.6 |
| 21800 |  | Sabra Healthcare REIT, <br> Inc. |  | 270974 | 0.1 |
| 37200 |  | SITE Centers Corp. |  | 508152 | 0.1 |
| 17200 |  | STAG Industrial, Inc. |  | 555732 | 0.1 |
| 900 |  | Terreno Realty Corp. |  | 51183 | 0.0 |
| 25900 |  | UMH Properties, Inc. |  | 416990 | 0.1 |
| 23800 |  | Uniti Group, Inc. |  | 131614 | 0.0 |
| 3300 |  | Xenia Hotels & Resorts, <br> Inc. |  | 43494 | 0.0 |
|  |  |  |  | **26206191** | **5.7** |
|  |  | **Utilities: 2.6%** | **Utilities: 2.6%** | **Utilities: 2.6%** | **Utilities: 2.6%** |
| 4700 |  | Chesapeake Utilities Corp.  |  | 555446 | 0.1 |
| 14500 |  | Clearway Energy, Inc.- <br> Class A |  | 433840 | 0.1 |
| 39600 |  | Clearway Energy, Inc.- <br> Class C |  | 1262052 | 0.3 |
| 5200 |  | Idacorp, Inc. |  | 560820 | 0.1 |
| 3900 |  | New Jersey Resources <br> Corp. |  | 193518 | 0.1 |
| 8100 |  | Northwest Natural Holding <br> Co. |  | 385479 | 0.1 |
| 44359 |  | NorthWestern Corp. |  | 2632263 | 0.6 |
| 6300 |  | ONE Gas, Inc. |  | 477036 | 0.1 |
| 78432 |  | Portland General Electric <br> Co. |  | 3843168 | 0.8 |
| 7400 |  | Southwest Gas Holdings, <br> Inc. |  | 457912 | 0.1 |
| 4800 |  | Spire, Inc. |  | 330528 | 0.1 |
| 6707 |  | Unitil Corp. |  | 344471 | 0.1 |
| 37400 | <sup>(2)</sup> | Via Renewables, Inc. |  | 191114 | 0.0 |
| 4544 |  | Vistra Corp. |  | 105421 | 0.0 |
|  |  |  |  | **11773068** | **2.6** |
|  |  | Total Common Stock <br> (Cost $450,917,303) |  | **447498759** | 97.4 |
| **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** | **RIGHTS: 0.0%** |
|  |  | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 9800 | <sup>(1)(2)</sup> | PLBY Group, Inc. |  | **98** | 0.0 |
|  |  | **Health Care: —%** | **Health Care: —%** | **Health Care: —%** | **Health Care: —%** |
| 28260 | <sup>(1)(3)(4)</sup> | Aduro Biotech, Inc. - CVR  |  | **—** | **—** |
|  |  | Total Rights <br> (Cost $—) |  | **98** | 0.0 |
|  |  | Total Long-Term <br> Investments <br> (Cost $450,917,303) |  | **447498857** | 97.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **SHORT-TERM INVESTMENTS: 4.9%** | **SHORT-TERM INVESTMENTS: 4.9%** | **SHORT-TERM INVESTMENTS: 4.9%** | **SHORT-TERM INVESTMENTS: 4.9%** |
|  | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** | **Repurchase Agreements: 2.2%** |
| 2355000 <sup>(5)</sup> | Cantor Fitzgerald <br> Securities, Repurchase <br> Agreement dated 12/30/22, <br> 4.30%, due 01/03/23 <br> (Repurchase Amount <br> $2,356,110, collateralized <br> by various U.S. <br> Government/U.S. <br> Government Agency <br> Obligations, <br> 0.000%-9.000%, Market <br> Value plus accrued interest <br> $2,402,100, due <br> 01/15/23-11/20/72) | $2355000 | 0.5 |
| 902629 <sup>(5)</sup> | Citigroup, Inc., Repurchase <br> Agreement dated 12/30/22, <br> 4.25%, due 01/03/23 <br> (Repurchase Amount <br> $903,049, collateralized by <br> various U.S. Government <br> Securities, <br> 0.000%-4.500%, Market <br> Value plus accrued <br> interest $920,682, due <br> 04/11/23-10/31/29) | 902629 | 0.2 |
| 2354989 <sup>(5)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 (Repurchase <br> Amount $2,356,109, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.000%-4.435%, Market <br> Value plus accrued <br> interest $2,402,089, due <br> 01/03/23-09/09/49) | 2354989 | 0.5 |
| 2354989 <sup>(5)</sup> | RBC Dominion Securities <br> Inc., Repurchase <br> Agreement dated 12/30/22, <br> 4.30%, due 01/03/23 <br> (Repurchase Amount <br> $2,356,099, collateralized <br> by various U.S. <br> Government Agency <br> Obligations, <br> 2.000%-6.000%, Market <br> Value plus accrued <br> interest $2,402,089, due <br> 09/01/24-10/20/52) | 2354989 | 0.5 |

---

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity 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)** |
| 2149312 <sup>(5)</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 $2,150,334, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.125%-3.875%, Market <br> Value plus accrued <br> interest $2,192,309, due <br> 01/15/24-02/15/51) | $2149312 | 0.5 |
|  | Total Repurchase <br> Agreements <br> (Cost $10,116,919) | **10116919** | **&nbsp;&nbsp;&nbsp;&nbsp;2.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
|  | **Mutual Funds: 2.7%** | **Mutual Funds: 2.7%** | **Mutual Funds: 2.7%** |
| 12537976 <sup>(6)</sup> | BlackRock Liquidity Funds, <br> FedFund, Institutional <br> Class, 4.030% <br> (Cost $12,537,976) | **12537976** | 2.7 |

---

---

| | | |
|:---|:---|:---|
| **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
| **Mutual Funds (continued)** | **Mutual Funds (continued)** | **Mutual Funds (continued)** |
| Total Short-Term <br> Investments <br> (Cost $22,654,895) | $**22654895** | 4.9 |
| **Total Investments in <br> Securities <br> (Cost $473,572,198)** | $**470153752** | **102.3** |
| **Liabilities in Excess of <br> Other Assets** | **(10746734)** | **(2.3)** |
| **Net Assets** | $**459407018** | **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>

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

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

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

<sup>(5)</sup> <br>

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

<sup>(6)</sup> <br>

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

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\* | $447498759 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $447498759 |
| Rights |  | 98 |  | 98 |
| Short-Term Investments | 12537976 | 10116919 |  | 22654895 |
| Total Investments, at fair value | $460036735 | $10117017 | $— | $470153752 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(33526) | $— | $— | $(33526) |
| Total Liabilities | $(33526) | $— | $— | $(33526) |

---

^ <br>

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

+ <br>

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

\* <br>

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

See Accompanying Notes to Financial Statements

------

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

VY<sup>®</sup> JPMorgan Small Cap PORTFOLIO OF INVESTMENTS

Core Equity Portfolio as of December 31, 2022 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| **Security**  | **Acquisition Date**  | **Acquisition Cost**  | **Fair Value**  |
| Aduro Biotech, Inc. - CVR | 10/6/2020 | $— | $— |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 66 | 03/17/23 | $5843970 | $(33526) |
|  |  |  | $5843970 | $(33526) |

---

#### A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $33526 |
|  |  | $33526 |

---

\* <br>

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

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

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on Derivatives <br> Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(2130021) |
| **Total**  | $(2130021) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(224822) |
| **Total**  | $(224822) |

---

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

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $478,379,337. | Cost for federal income tax purposes was $478,379,337. |
| Net unrealized depreciation consisted of: | Net unrealized depreciation consisted of: |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $54238126 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (62497237) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(8259111) |

---

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

---

---

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

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NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Income Portfolio  | 28.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Portfolio  | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Growth Portfolio  | 8.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Portfolio  | 16.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Stock Index Portfolio  | 98.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio  | 16.85% |

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TAX INFORMATION (Unaudited) (continued)

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Income Portfolio  | $21095060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Growth Portfolio  | $1203836202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Portfolio  | $166472621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Stock Index Portfolio  | $667170788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Real Estate Portfolio  | $35955580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio  | $69304903 |

---

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.

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TRUSTEE AND OFFICER INFORMATION (Unaudited)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) <br> Held with the <br> 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 – <br> Present <br> November 2007 – <br> 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 – <br> 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 – <br> 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 – <br> 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 – <br> 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 – <br> Present | Consultant (May 2001 - Present). | 132  | Centerra Gold Inc. (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 – <br> Present | Retired. | 132  | None. |

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<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).

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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.

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held <br> With the Trust**  | **Term of Office and <br> Length of Time <br> Served<sup>(1)</sup>**  | **Principal Occupation(s) – 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). |

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held <br> With the Trust**  | **Term of Office and <br> Length of Time <br> Served<sup>(1)</sup>**  | **Principal Occupation(s) – 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 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 <br> 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). |

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<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.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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**Investment Adviser** <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-r.jpg)

VPAR-VIT2AISS2 (1222-022323)

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![](voya_banner.jpg)

Annual Report

**December 31, 2022**

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| **Voya Investors Trust** | **Voya Investors Trust** | **Voya Investors Trust** | **Voya Variable Insurance Trust** | **Voya Variable Insurance Trust** | **Voya Variable Insurance Trust** |
| ■ | VY<sup>®</sup> | BlackRock Inflation Protected Bond Portfolio<br>Classes ADV, I and S | ■ | VY<sup>®</sup> | BrandywineGLOBAL — Bond Portfolio |

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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.<br>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.<br> 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.<br>

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.<br>

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| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](voya_blk.jpg) |

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**TABLE OF CONTENTS**

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|:---|:---|
| &nbsp;&nbsp;[Portfolio Managers' Reports](#d414740a001) | 2 |
| &nbsp;&nbsp;[Shareholder Expense Examples](#d414740a002) | 7 |
| &nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#d414740a003) | 8 |
| &nbsp;&nbsp;[Statements of Assets and Liabilities](#d414740a004) | 9 |
| &nbsp;&nbsp;[Statements of Operations](#d414740a005) | 11 |
| &nbsp;&nbsp;[Statements of Changes in Net Assets](#d414740a006) | 12 |
| &nbsp;&nbsp;[Financial Highlights](#d414740a007) | 13 |
| &nbsp;&nbsp;[Notes to Financial Statements](#d414740a008) | 14 |
| &nbsp;&nbsp;[Portfolios of Investments](#d414740a009) | 28 |
| &nbsp;&nbsp;[Tax Information](#d414740a010) | 50 |
| &nbsp;&nbsp;[Trustee and officer Information](#d414740a011) | 51 |
| &nbsp;&nbsp;[Advisory and Sub-Advisory Contract Approval Discussion](#d414740a012) | 54 |

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**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**<br> 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.

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BENCHMARK DESCRIPTIONS

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| Index<BORDER_TOP> | Description<BORDER_TOP> |
| Bloomberg U.S. Aggregate Bond Index<br> ("Bloomberg U.S. Aggregate Bond") | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. |
| Bloomberg U.S. Treasury Inflation Protected Securities Index ("TIPS Index") | A market index comprised of all U.S. Treasury Inflation Linked Securities. |

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<u>VY<sup>®</sup> BLACKROCK INFLATION PROTECTED<br>BOND PORTFOLIO</u> <u> PORTFOLIO MANAGERS' REPORT</u>

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|:---|:---|:---|
| **Investment Type Allocation<br> as of December 31, 2022**<br> *(as a percentage of net assets)* | **Investment Type Allocation<br> as of December 31, 2022**<br> *(as a percentage of net assets)* | **Investment Type Allocation<br> as of December 31, 2022**<br> *(as a percentage of net assets)* |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;U.S. Treasury Obligations | 52.7% |
| &nbsp;&nbsp;Corporate Bonds/Notes | &nbsp;&nbsp;Corporate Bonds/Notes | 24.8% |
| &nbsp;&nbsp;U.S. Government Agency Obligations | &nbsp;&nbsp;U.S. Government Agency Obligations | 10.8% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 5.6% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | &nbsp;&nbsp;Collateralized Mortgage Obligations | 1.8% |
| &nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;Asset-Backed Securities | 1.6% |
| &nbsp;&nbsp;Sovereign Bonds | &nbsp;&nbsp;Sovereign Bonds | 0.7% |
| &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;Purchased Options | 0.4% |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;Municipal Bonds | 0.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;Assets in Excess of Other Liabilities\* | 1.5% |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;Net Assets | 100.0% |
| &nbsp;&nbsp;&nbsp;\* | Includes short-term investments. |  |
| ***Portfolio holdings are subject to change daily.*** | ***Portfolio holdings are subject to change daily.*** | ***Portfolio holdings are subject to change daily.*** |

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

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

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

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

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| | | |
|:---|:---|:---|
|  | **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)* |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/32 | 4.0% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.625%, 07/15/32 | 3.5% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 07/15/30 | 3.1% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/31 | 3.1% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.625%, 01/15/24 | 3.0% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.750%, 07/15/28 | 2.7% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.875%, 01/15/29 | 2.2% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 3.875%, 04/15/29 | 1.9% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 07/15/31 | 1.9% |
|  | &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.375%, 01/15/27 | 1.7% |
| \* | &nbsp;&nbsp;&nbsp;&nbsp;Excludes short-term investments. |  |
| ***Portfolio holdings are subject to change daily.*** | ***Portfolio holdings are subject to change daily.*** | ***Portfolio holdings are subject to change daily.*** |

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

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

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<u> PORTFOLIO MANAGERS' REPORT</u> <u>VY<sup>®</sup> BLACKROCK INFLATION PROTECTED<br>BOND PORTFOLIO</u>

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

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

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

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

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

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

***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.

------

<u>VY<sup>®</sup> BLACKROCK INFLATION PROTECTED<br>BOND PORTFOLIO</u> <u> PORTFOLIO MANAGERS' REPORT</u>

![](d414740bripb_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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.1 | 5 Year.1 | 10 Year.1 |
| &nbsp;&nbsp;Class ADV | 13.34% | 1.02% | 0.02% |
| &nbsp;&nbsp;Class I | 12.74% | 1.65% | 0.63% |
| &nbsp;&nbsp;Class S | 13.03% | 1.39% | 0.37% |
| &nbsp;&nbsp;TIPS Index | 11.85% | 2.11% | 1.12% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

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

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

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

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

*Portfolio holdings are subject to change daily.*

4<br>

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<u>PORTFOLIO MANAGERS' REPORT</u> <u>VY<sup>®</sup> BRANDYWINEGLOBAL —<br>BOND PORTFOLIO</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Type Allocation<br> as of December 31, 2022**<br> *(as a percentage of net assets)* | &nbsp;&nbsp;**Investment Type Allocation<br> as of December 31, 2022**<br> *(as a percentage of net assets)* |
| &nbsp;&nbsp;U.S. Treasury Obligations | 44.8% |
| &nbsp;&nbsp;U.S. Government Agency Obligations | 29.8% |
| &nbsp;&nbsp;Corporate Bonds/Notes | 20.7% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 1.5% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 0.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities\* | 3.1% |
| &nbsp;&nbsp;Net Assets | 100.0% |
| &nbsp;&nbsp;\* Includes short-term investments. | &nbsp;&nbsp;\* Includes short-term investments. |
| ***Portfolio holdings are subject to change daily.*** | ***Portfolio holdings are subject to change daily.*** |

---

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

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

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

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

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

---

| | |
|:---|:---|
| **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)* |
| &nbsp;&nbsp;United States Treasury Bond, 2.875%, 05/15/52 | 18.2% |
| &nbsp;&nbsp;United States Treasury Bond, 2.250%, 02/15/52 | 10.8% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Securities, 4.000%, 06/01/52 | 9.4% |
| &nbsp;&nbsp;United States Treasury Note, 4.125%, 11/15/32 | 6.2% |
| &nbsp;&nbsp;United States Treasury Bond, 3.000%, 08/15/52 | 5.9% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Securities, 5.000%, 11/01/52 | 5.4% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Securities, 5.500%, 11/01/52 | 4.6% |
| &nbsp;&nbsp;Freddie Mac, 0.375%, 05/05/23 | 3.6% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Securities, 4.500%, 09/01/52 | 2.3% |
| &nbsp;&nbsp;Macquarie Group Ltd., 6.207%, 11/22/24 | 2.2% |
| &nbsp;&nbsp;\* Excludes short-term investments. | &nbsp;&nbsp;\* Excludes short-term investments. |
| ***Portfolio holdings are subject to change daily.*** | ***Portfolio holdings are subject to change daily.*** |

---

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

***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.

5<br>

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<u>VY® BRANDYWINEGLOBAL —<br>BOND PORTFOLIO</u> <u> PORTFOLIO MANAGERS' REPORT</u>

![](d414740gsb_line.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | Average Annual Total Returns for the Periods Ended December 31, 2022 |
|  | **1 Year** | **1 Year**.1 | **5 Year**.1 | **Since Inception<br>February 20, 2015**.1 |
| VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio |  | 11.89% | 2.54% | 2.36% |
| Bloomberg U.S. Aggregate Bond |  | 13.01% | 0.02% | 0.8% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of VY<sup>®</sup> BrandywineGLOBAL - Bond Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Portfolio's performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract and/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 and/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.*

*Prior to August 9, 2019, the Portfolio was managed by a different sub-adviser.*

*The Portfolio's performance information for these periods reflects returns achieved by different sub-advisers.*

6<br>

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SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

**Actual Expenses**

The left section of the table shown below, "Actual Portfolio Return," provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual Portfolio Return** | **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>VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio</u>** | **<u>VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio</u>** | **<u>VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio</u>** | **<u>VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio</u>** | **<u>VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio</u>** |  |  |  |  |
| Class ADV | $1000.00 | $970.40 | 1.18% | $5.86 | $1000.00 | $1019.26 | 1.18% | $6.01 |
| Class I | 1000.00 | 973.80 | 0.58 | 2.89 | 1000.00 | 1022.28 | 0.58 | 2.96 |
| Class S | 1000.00 | 971.70 | 0.83 | 4.12 | 1000.00 | 1021.02 | 0.83 | 4.23 |
| **<u>VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio</u>** | **<u>VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio</u>** | **<u>VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio</u>** | **<u>VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio</u>** | **<u>VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio</u>** |  |  |  |  |
|  | $1000.00 | $943.30 | 0.56% | $2.74 | $1000.00 | $1022.38 | 0.56% | $2.85 |

---

\* Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.

7<br>

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio and VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio and the Boards of Trustees of Voya Investors Trust and Voya Variable Insurance Trust

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio and VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio (collectively referred to as the "Portfolios") (each a portfolio of Voya Investors Trust and Voya Variable Insurance Trust, respectively (collectively referred to as the "Trusts")), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the years in the two-year period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 21, 2020, expressed an unqualified opinion on those financial highlights.

*Basis for Opinion*

These financial statements are the responsibility of the Trusts' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trusts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trusts are not required to have, nor were we engaged to perform, an audit of the Trusts' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion.

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.

![](ernstyoung.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts<br> February 28, 2023

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STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022

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| | | |
|:---|:---|:---|
| | VY<sup>®</sup><br> BlackRock<br> Inflation<br> Protected<br> Bond<br> Portfolio | VY<sup>®</sup><br>BrandywineGLOBAL —<br> Bond<br> Portfolio |
| **ASSETS:** |  |  |
| Investments in securities at fair value\* | $250382288 | $258218168 |
| Short-term investments at fair value† | 5637951 | 6092762 |
| Cash pledged for centrally cleared swaps (Note 2) | 3341000 |  |
| Due from broker | 162081 |  |
| Foreign currencies at value‡ | 370267 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 2893575 | 297818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when-issued basis | 10214794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 104827 | 100743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 8172 | 20490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1244833 | 1864216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | 41742 |  |
| Unrealized appreciation on forward foreign currency contracts | 3788 |  |
| Unrealized appreciation on OTC swap agreements | 330515 |  |
| Prepaid expenses | 1388 | 1457 |
| Other assets | 16141 | 5584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 274753362 | 266601238 |
| **LIABILITIES:** |  |  |
| Payable for investment securities purchased | 2787432 |  |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | 12131328 |  |
| Payable for fund shares redeemed | 64246 | 99213 |
| Sales commitments^^^ | 2502114 |  |
| Unrealized depreciation on forward foreign currency contracts | 14395 |  |
| Variation margin payable on futures contracts | 14713 |  |
| Cash received as collateral for OTC derivatives (Note 2) | 680000 |  |
| Payable for investment management fees | 107404 | 117275 |
| Payable for distribution and shareholder service fees | 51202 |  |
| Payable to trustees under the deferred compensation plan (Note 6) | 16141 | 5584 |
| Payable for trustee fees | 715 | 744 |
| Other accrued expenses and liabilities | 79661 | 63947 |
| Written options, at fair value^ | 2087860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 20537211 | 286763 |
| **NET ASSETS** | $254216151 | $266314475 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $343138934 | $299484487 |
| Total distributable loss | (88922783) | (33170012) |
| **NET ASSETS** | $254216151 | $266314475 |
| \* Cost of investments in securities | $280424130 | $279729671 |
| † Cost of short-term investments | $5637951 | $6092762 |
| ‡ Cost of foreign currencies | $365429 | $— |
| ^ Premiums received on written options | $2137532 | $— |
| ^^^ Proceeds receivable from sales commitments | $2530082 | $— |

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See Accompanying Notes to Financial Statements<br>

9<br>

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STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022 (CONTINUED)

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| | | |
|:---|:---|:---|
| | VY<sup>®</sup><br> BlackRock<br> Inflation<br> Protected<br> Bond<br> Portfolio | VY<sup>®</sup><br> BrandywineGLOBAL —<br>Bond<br> Portfolio |
| **Class ADV** |  |  |
| Net assets | $43211677 | n/a |
| Shares authorized | unlimited | n/a |
| Par value | $0.001 | n/a |
| Shares outstanding | 4930797 | n/a |
| Net asset value and redemption price per share | $8.76 | n/a |
| **Class I** |  |  |
| Net assets | $77275476 | n/a |
| Shares authorized | unlimited | n/a |
| Par value | $0.001 | n/a |
| Shares outstanding | 8468137 | n/a |
| Net asset value and redemption price per share | $9.13 | n/a |
| **Class S** |  |  |
| Net assets | $133728998 | n/a |
| Shares authorized | unlimited | n/a |
| Par value | $0.001 | n/a |
| Shares outstanding | 14772246 | n/a |
| Net asset value and redemption price per share | $9.05 | n/a |
| **Portfolio<sup>(1)</sup>** |  |  |
| Net assets | n/a | $266314475 |
| Shares authorized | n/a | unlimited |
| Par value | n/a | $0.001 |
| Shares outstanding | n/a | 28656402 |
| Net asset value and redemption price per share | n/a | $9.29 |

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<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Portfolio does not have a share class designation.

See Accompanying Notes to Financial Statements<br>

10<br>

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STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022

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| | | |
|:---|:---|:---|
| | VY<sup>®</sup><br> BlackRock<br> Inflation<br> Protected<br> Bond<br> Portfolio | VY<sup>®</sup><br> BrandywineGLOBAL —<br> Bond<br> Portfolio |
| **INVESTMENT INCOME:** |  |  |
| Dividends | $62677 | $100873 |
| Interest | 13876720<sup>(1)</sup> | 6343556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 13939397 | 6444429 |
| **EXPENSES:** |  |  |
| Investment management fees | 1529840 | 1487948 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 293347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 385997 |  |
| Transfer agent fees: |  | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 12880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 21782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 40678 |  |
| Shareholder reporting expense | 13623 | 3285 |
| Registration fees |  | 4449 |
| Professional fees | 48527 | 37450 |
| Custody and accounting expense | 100825 | 73000 |
| Trustee fees | 7149 | 7440 |
| Miscellaneous expense | 15789 | 16021 |
| Interest expense | 1009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2471446 | 1631221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recouped/(Waived and reimbursed fees) | (142988) | 46992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2328458 | 1678213 |
| Net investment income | 11610939 | 4766216 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (15219603) | (11132254) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 471006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (205337) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | 7143904 | (5348388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swaps | 8942675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options | (1017889) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 114756 | (16480642) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (47501046) | (26471962) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (82137) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (5289) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | 649987 | 75297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swaps | (5726062) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options | 5203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales commitments | 27968 |  |
| Net change in unrealized appreciation (depreciation) | (52631376) | (26396665) |
| Net realized and unrealized loss | (52516620) | (42877307) |
| **Decrease in net assets resulting from operations** | $(40905681) | $(38111091) |

---

<sup>(1)</sup> Includes net inflationary and deflationary adjustments. See Note 2 of the Notes to Financial Statements.

See Accompanying Notes to Financial Statements<br>

11<br>

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STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | VY<sup>®</sup>BlackRock Inflation<br> Protected Bond Portfolio | VY<sup>®</sup>BlackRock Inflation<br> Protected Bond Portfolio | VY<sup>®</sup>BrandywineGLOBAL —<br> Bond Portfolio | VY<sup>®</sup>BrandywineGLOBAL —<br> Bond Portfolio |
|  | Year Ended<br> December 31, <br> 2022.1 | Year Ended<br> December 31,<br> 2021.1 | Year Ended<br> December 31,<br> 2022.1 | Year Ended<br> December 31,<br> 2021.1 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $11610939 | $7734657 | $4766216 | $2832682 |
| Net realized gain (loss) | 114756 | 9554588 | (16480642) | 14721215 |
| Net change in unrealized appreciation (depreciation) | (52631376) | (2516642) | (26396665) | (13802164) |
| Increase (decrease) in net assets resulting from operations | (40905681) | 14772603 | (38111091) | 3751733 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  | (17111781) | (27082394) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (1666644) | (1140854) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (3241222) | (2600461) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (5726059) | (4058689) |  |  |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (251719) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (413119) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (766743) |  |  |  |
| Total distributions | (12065506) | (7800004) | (17111781) | (27082394) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 37100330 | 83578121 | 84693352 | 86294017 |
| Reinvestment of distributions | 12065506 | 7796663 | 17111781 | 27082394 |
|  | 49165836 | 91374784 | 101805133 | 113376411 |
| Cost of shares redeemed | (66619636) | (73208287) | (123596753) | (65382155) |
| Net increase (decrease) in net assets resulting from capital share transactions | (17453800) | 18166497 | (21791620) | 47994256 |
| Net increase (decrease) in net assets | (70424987) | 25139096 | (77014492) | 24663595 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 324641138 | 299502042 | 343328967 | 318665372 |
| End of year or period | $254216151 | $324641138 | $266314475 | $343328967 |

---

See Accompanying Notes to Financial Statements<br>

12<br>

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FINANCIAL HIGHLIGHTS<br>

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** | **Income (loss)<br>from<br>investment<br>operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Ratios to average<br>net assets** | **Supplemental<br>data** | **Supplemental<br>data** |
|  |<br>Net<br>asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) | Net<br>investment<br>income<br>(loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) |<br>Total<br>from<br>investment<br>operations | From<br>net<br>investment<br>income | From<br>net<br>realized<br>gains | From<br>return of<br>capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net<br> asset<br> value,<br>end of<br> year or<br> period |<br>**Total Return<sup>(1)</sup>** | Expenses<br>before<br>reductions/<br>additions<sup>(2)(3)(4)</sup> | Expenses<br>net of<br>fee waivers<br>and/or<br>recoupments<br>if any<sup>(2)(3)(4)</sup> | Expense<br> net<br> of all<br>reductions/<br> additions<sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br>(loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br>period | Portfolio<br> turnover<br> rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** | **VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.51 | 0.35 | <sup>•</sup> | (1.73) | (1.38) | 0.32 |  | 0.05 | 0.37 |  | 8.76 | **(13.34)** | 1.23 | 1.18 | 1.18 | 3.70 | 43212 | 231 |
| 12-31-21 | 10.28 | 0.22 | <sup>•</sup> | 0.24 | 0.46 | 0.23 |  |  | 0.23 |  | 10.51 | **4.54** | 1.22 | 1.18 | 1.18 | 2.14 | 56857 | 156 |
| 12-31-20 | 9.42 | 0.05 |  | 0.95 | 1.00 | 0.08 |  | 0.06 | 0.14 |  | 10.28 | **10.65** | 1.26 | 1.22 | 1.22 | 0.52 | 47352 | 87 |
| 12-31-19 | 8.93 | 0.11 |  | 0.56 | 0.67 | 0.18 |  |  | 0.18 |  | 9.42 | **7.53** | 1.20 | 1.16 | 1.16 | 1.23 | 44885 | 72 |
| 12-31-18 | 9.30 | 0.14 |  | (0.36) | (0.22) | 0.15 |  |  | 0.15 |  | 8.93 | **(2.39)** | 1.18 | 1.14 | 1.14 | 1.47 | 44035 | 63 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.94 | 0.42 | <sup>•</sup> | (1.79) | (1.37) | 0.39 |  | 0.05 | 0.44 |  | 9.13 | **(12.74)** | 0.63 | 0.58 | 0.58 | 4.27 | 77275 | 231 |
| 12-31-21 | 10.68 | 0.30 | <sup>•</sup> | 0.25 | 0.55 | 0.29 |  |  | 0.29 |  | 10.94 | **5.25** | 0.62 | 0.58 | 0.58 | 2.75 | 94962 | 156 |
| 12-31-20 | 9.78 | 0.12 |  | 0.97 | 1.09 | 0.13 |  | 0.06 | 0.19 |  | 10.68 | **11.15** | 0.66 | 0.62 | 0.62 | 1.11 | 92767 | 87 |
| 12-31-19 | 9.26 | 0.18 |  | 0.57 | 0.75 | 0.23 |  |  | 0.23 |  | 9.78 | **8.21** | 0.60 | 0.56 | 0.56 | 1.98 | 88759 | 72 |
| 12-31-18 | 9.66 | 0.20 | <sup>•</sup> | (0.37) | (0.17) | 0.23 |  |  | 0.23 |  | 9.26 | **(1.75)** | 0.58 | 0.54 | 0.54 | 2.14 | 40731 | 63 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.85 | 0.40 | <sup>•</sup> | (1.79) | (1.39) | 0.36 |  | 0.05 | 0.41 |  | 9.05 | **(13.03)** | 0.88 | 0.83 | 0.83 | 4.06 | 133729 | 231 |
| 12-31-21 | 10.60 | 0.26 | <sup>•</sup> | 0.26 | 0.52 | 0.27 |  |  | 0.27 |  | 10.85 | **4.94** | 0.87 | 0.83 | 0.83 | 2.48 | 172822 | 156 |
| 12-31-20 | 9.70 | 0.09 |  | 0.97 | 1.06 | 0.10 |  | 0.06 | 0.16 |  | 10.60 | **10.95** | 0.91 | 0.87 | 0.87 | 0.86 | 159383 | 87 |
| 12-31-19 | 9.18 | 0.15 |  | 0.58 | 0.73 | 0.21 |  |  | 0.21 |  | 9.70 | **8.01** | 0.85 | 0.81 | 0.81 | 1.57 | 144313 | 72 |
| 12-31-18 | 9.57 | 0.17 |  | (0.36) | (0.19) | 0.20 |  |  | 0.20 |  | 9.18 | **(2.04)** | 0.83 | 0.79 | 0.79 | 1.83 | 153793 | 63 |
| **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** | **VY® BrandywineGLOBAL- Bond Portfolio** |
| 12-31-22 | 11.22 | 0.16 | <sup>•</sup> | (1.45) | (1.29) | 0.11 | 0.53 |  | 0.64 |  | 9.29 | **(11.89)** | 0.55 | 0.56 | 0.56 | 1.60 | 266314 | 184 |
| 12-31-21 | 12.03 | 0.10 | <sup>•</sup> | 0.04 | 0.14 | 0.19 | 0.76 |  | 0.95 |  | 11.22 | **1.15** | 0.54 | 0.58 | 0.58 | 0.84 | 343329 | 57 |
| 12-31-20 | 10.51 | 0.22 | <sup>•</sup> | 1.59 | 1.81 | 0.21 | 0.08 |  | 0.29 |  | 12.03 | **17.47** | 0.56 | 0.58 | 0.58 | 1.92 | 318665 | 134 |
| 12-31-19 | 9.73 | 0.25 | <sup>•</sup> | 0.73 | 0.98 | 0.20 |  |  | 0.20 |  | 10.51 | **10.12** | 0.61 | 0.58 | 0.58 | 2.48 | 182892 | 449 |
| 12-31-18 | 10.12 | 0.26 | <sup>•</sup> | (0.43) | (0.17) | 0.22 |  |  | 0.22 |  | 9.73 | **(1.65)** | 0.71 | 0.58 | 0.58 | 2.61 | 194159 | 457 |

---

<sup>(1)</sup> 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> Annualized for periods less than one year.

<sup>(3)</sup> 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> Ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

<sup>•</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements<br>

13<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022

**NOTE 1 — ORGANIZATION**

Voya Investors 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 August 3, 1988. Voya Investors Trust currently consists of twenty-one active separate investment series. The one series included in this report is: VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio ("BlackRock Inflation Protected Bond"), a diversified series of Voya Investors Trust.

Voya Variable Insurance Trust is registered under the 1940 Act as an open-end management investment company and was organized as a Delaware statutory trust on July 15, 1999. Voya Variable Insurance Trust consists of one active investment series which is included in this report: VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio ("Bond Portfolio"), a diversified series of Voya Variable Insurance Trust.

Voya Investors Trust and Voya Variable Insurance Trust are collectively referred to as the "Trusts." BlackRock Inflation Protected Bond and Bond Portfolio are each, a "Portfolio" and together, the "Portfolios." The investment objective of the Portfolios is described in each Portfolio's Prospectus.

The classes of shares included in this report for BlackRock Inflation Protected Bond are: Adviser ("Class ADV"), Institutional ("Class I"), and Service ("Class S"). 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. Bond Portfolio does not have a share class designation.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment 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 each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV 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

14<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

<br>market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market

participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-advisers' or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 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.

15<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

C. ***Foreign Currency Translation.*** The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and
liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases and sales of investment securities, income and expenses
 — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of their 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 Statement 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 the 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.*** Net investment income dividends and net capital gain distributions, if any, for Bond Portfolio are declared and paid annually. For BlackRock Inflation Protected Bond, dividends from net

investment income, if any, are declared and paid monthly and distributions of net capital gains, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Portfolios may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Risk Exposures and the Use of Derivative Instruments.*** The Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Portfolio may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Portfolio to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk As of the date of this report, the United States experiences a rising market interest rate environment, which may increase a Portfolio's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity

for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

***Risks of Investing in Derivatives.*** A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Portfolio. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Portfolio and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Portfolio may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Portfolio to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio's International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

At December 31, 2022, the maximum amount of loss that BlackRock Inflation Protected Bond would incur if the counterparties to its derivative transactions failed to perform would be $1,175,782 which represents the gross payments to be received by the Portfolio on OTC purchased options, forward foreign currency contracts, and OTC interest rate swaps were they to be unwound as of December 31, 2022. At December 31, 2022, BlackRock Inflation Protected Bond had received $680,000 in cash collateral from certain counterparties.

Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between a Portfolio and its

derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and/or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

At December 31, 2022, BlackRock Inflation Protected Bond had a liability position of $2,095,305 on forward foreign currency contracts and OTC written options with credit related contingent features. If a contingent feature would have been triggered as of December 31, 2022, the Portfolio could have been required to pay this amount in cash to its counterparties. At December 31, 2022, BlackRock Inflation Protected Bond had not pledged any cash collateral for its open OTC derivative transactions.

H. ***Forward Foreign Currency Contracts.*** A Portfolio may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented within the Portfolio of Investments.

For the year ended December 31, 2022, BlackRock Inflation Protected Bond had entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolio uses forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return.

During the year ended December 31, 2022, BlackRock Inflation Protected Bond had average contract amounts of $2,384,936 and $5,710,883 on forward foreign currency

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

contracts purchased and sold, respectively. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at December 31, 2022.

I. ***Futures Contracts.*** Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when a Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and included within Cash collateral for futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within the Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio's securities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the year ended December 31, 2022, BlackRock Inflation Protected Bond and Bond Portfolio had purchased and sold futures contracts on various bonds and notes as part of their duration strategy. During the year ended

December 31, 2022, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
| | Purchased | Sold |
| BlackRock Inflation Protected Bond | $86581513 | $55352378 |
| Bond Portfolio | 17840563 |  |

---

Please refer to the tables within Portfolio of Investments for open futures contracts for BlackRock Inflation Protected Bond at December 31, 2022. There were no open futures contracts for Bond Portfolio at December 31, 2022.

At December 31, 2022, BlackRock Inflation Protected Bond had pledged U.S. Treasuries with an original par value of $1,023,000 as collateral for open futures contracts.

J. ***Options Contracts.*** The Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that a Portfolio gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that a Portfolio may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that a Portfolio pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the year ended December 31, 2022, BlackRock Inflation Protected Bond had purchased and written exchange-traded futures contracts to manage its duration strategy and to generate income. BlackRock Inflation Protected Bond had average notional values of $37,964,035 and $38,290,959, respectively, on purchased and written exchange-traded futures contracts. Please refer to the tables within the Portfolio of Investments for

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

open purchased and written options on exchange-traded futures contracts at December 31, 2022.

During the year ended December 31, 2022, BlackRock Inflation Protected Bond had purchased and written interest rate swap options ("swaptions") to manage its duration strategy and to generate income. BlackRock Inflation Protected Bond had average notional values of $44,464,172 and $87,489,051, respectively, on purchased and written interest rate swaptions. Please refer to the tables within the Portfolio of Investments for open purchased and written interest rate swaptions at December 31, 2022.

During the year ended December 31, 2022, BlackRock Inflation Protected Bond had purchased and written foreign currency options to manage its foreign exchange exposure. BlackRock Inflation Protected Bond had an average notional value of $2,493,589 and $1,225,511, respectively on purchased and written foreign currency options. There were no open purchased or written foreign currency options at December 31, 2022.

K. ***Swap Agreements.*** The Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Portfolios may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statements of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the

Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and a Portfolio's counterparty on the swap agreement becomes the CCP. A Portfolio is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on the Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio's Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/

selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

During the year ended December 31, 2022, BlackRock Inflation Protected Bond sold credit protection on credit default swap indices ("CDX") with an average notional amount of $1,485,000 to gain additional exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. There were no open credit default swaps to sell protection at December 31, 2022.

***Interest Rate Swap Contracts.*** An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

For the year ended December 31, 2022, BlackRock Inflation Protected Bond had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate ("Long interest rate swap") in order to increase exposure to interest rate risk. Average notional amount on long interest rate swaps for BlackRock Inflation Protected Bond was $37,589,520.

For the year ended December 31, 2022, BlackRock Inflation Protected Bond had entered into interest rate swaps in which they pay a fixed interest rate and receives a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. Average notional

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

amount on short interest rate swaps for BlackRock Inflation Protected Bond was $63,878,954.

The Portfolios enter into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for BlackRock Inflation Protected Bond for open interest rate swaps at December 31, 2022.

At December 31, 2022, BlackRock Inflation Protected Bond pledged $3,341,000 in cash collateral for open centrally cleared swaps.

***Inflation-linked Swap Contracts.*** In an inflation-linked swap, one party pays a fixed interest rate on a notional amount while the other party pays a floating rate linked to an inflation index on that same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional amount.

For the year ended December 31, 2022, BlackRock Inflation Protected Bond had entered into inflation-linked swaps in which they pay a floating rate linked to an inflation index and receive a fixed interest rate ("Long inflation-linked swap"). Average notional amount on long inflation-linked swaps for BlackRock Inflation Protected Bond was $10,942,953.

For the year ended December 31, 2022, BlackRock Inflation Protected Bond had entered into inflation-linked swaps in which it pays a fixed interest rate and receives a floating rate linked to an inflation index ("Short inflation-linked swap"). Average notional amount on short inflation linked-bonds was $190,309,200.

BlackRock Inflation Protected Bond used inflation-linked swaps as part of their inflation strategy. Please refer to the tables within the Portfolio of Investments for BlackRock Inflation Protected Bond for open inflation-linked swaps at December 31, 2022.

L. ***Inflation-Indexed Bonds.*** Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case

of US Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

M. ***Securities Lending.*** Each Portfolio may temporarily loan up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios' other risks.

N. ***Sales Commitments.*** Sales commitments involve commitments to sell fixed income securities where the unit price and the estimated principal amount are established upon entering into the contract, with the actual principal amount being within a specified range of the estimate. A Portfolio will enter into sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of sale commitments are not received until the contractual settlement date. During the time a sale commitment is outstanding, except for delayed delivery transactions, the Portfolio will maintain, in a segregated account, cash or marketable securities in an amount sufficient to meet the purchase price. Unsettled sale commitments are valued at current market value of the underlying securities. If the sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or loss from the sale of the securities, based upon the unit price established at the date the commitment was entered into. Please refer to the table following the Portfolio of Investments for open sales commitments held by BlackRock Inflation Protected Bond at December 31, 2022.

O. ***Indemnifications.*** In the normal course of business, the Portfolios may enter into contracts that provide certain indemnifications. The Trusts' maximum exposure under these arrangements is dependent on future claims that

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended December 31, 2022, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

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| | | |
|:---|:---|:---|
| | Purchases | Sales |
| BlackRock Inflation Protected Bond | $61453637 | $76501545 |
| Bond Portfolio | 68515374 | 108886874 |

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U.S. government securities not included above were as follows:

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| | | |
|:---|:---|:---|
| | Purchases | Sales |
| BlackRock Inflation Protected Bond | $603613018 | $608223993 |
| Bond Portfolio | 458633749 | 459874676 |

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**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Portfolios have entered into investment management agreements ("Management Agreements") 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. Each 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:

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| | |
|:---|:---|
| Portfolio | Fee |
| BlackRock Inflation Protected Bond<sup>(1)</sup> | 0.55% on the first $200 million;<br> 0.50% on the next $800 million; and<br> 0.40% thereafter |
| Bond Portfolio | 0.50% on the first $750 million; and<br> 0.48% thereafter |

---

<sup>(1)</sup> The Investment Adviser has contractually agreed to waive 0.05% of the management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser has entered into sub-advisory agreements with each sub-adviser. These sub-advisers provide investment advice for the Portfolios and are paid by the Investment Adviser based on the average daily net assets of each Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each Portfolio's assets in accordance

with that Portfolio's investment objectives, policies, and limitations.

---

| | |
|:---|:---|
| Portfolio | Sub-Adviser |
| BlackRock Inflation Protected Bond | BlackRock Financial Management, Inc. |
| Bond Portfolio | Brandywine Global Investment Management, LLC |

---

**NOTE 5 — DISTRIBUTION AND SERVICE FEE**

Voya Investors Trust has entered into a shareholder service plan (the "Plan") for the Class S shares of BlackRock Inflation Protected Bond. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S shares. Under the Plan, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S shares.

Class ADV shares of BlackRock Inflation Protected Bond have a shareholder service and distribution plan. The Portfolio pays the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio's average daily net assets attributable to Class ADV shares.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| Subsidiary/Affiliated<br> Investment Company | Portfolio | Percentage |
| Voya Institutional Trust Company | BlackRock Inflation Protected Bond | 18.27 |
| Voya Solution 2025 Portfolio | Bond Portfolio | 15.4 |
| Voya Solution 2035 Portfolio | Bond Portfolio | 8.0 |
| Voya Solution Income Portfolio | Bond Portfolio | 10.73 |
| Voya Solution Moderately Aggressive Portfolio | Bond Portfolio | 6.69 |

---

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,

23<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

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 a Portfolio's 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 |
| BlackRock Inflation Protected Bond | $74098 |
| Bond Portfolio |  |

---

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into written expense limitation agreements ("Expense Limitation Agreements") with the below Portfolios, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:

---

| | |
|:---|:---|
| Portfolio | Maximum Operating Expense Limit<br> (as a percentage of net assets) |
| BlackRock Inflation Protected Bond | Class ADV: 1.23%<br>Class I: 0.63%<br>Class S: 0.88% |
| Bond Portfolio | 0.58% |

---

With the exception of the non-recoupable management fee waiver for BlackRock Inflation Protected Bond, the Investment Adviser may, at a later date, recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of

Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

The Expense Limitation Agreements are contractual through May 1, 2023 and shall renew automatically for one-year terms. Termination or modification of these obligations 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 following Portfolio utilized the line of credit during the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| Portfolio | Approximate<br>Average<br>Daily<br>Balance For<br>Days Utilized | Approximate<br> Weighted<br>Average<br> Interest Rate<br> For Days<br> Utilized | Approximate<br> Weighted<br>Average<br> Interest Rate<br> For Days<br> Utilized |
| BlackRock Inflation Protected Bond<sub>7</sub> | $1929429 | 2.69 | % |

---

24<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**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 period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) |
| **BlackRock Inflation Protected Bond** | **BlackRock Inflation Protected Bond** | **BlackRock Inflation Protected Bond** | **BlackRock Inflation Protected Bond** | **BlackRock Inflation Protected Bond** |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 742141 |  | 201639 | (1424707) | (480927) | 7118548 |  | 1918363 | (13507332) | (4470421) |
| 12/31/2021 | 1290830 |  | 109761 | (597143) | 803448 | 13417739 |  | 1140854 | (6152184) | 8406409 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1613713 |  | 370479 | (2199454) | (215262) | 15791074 |  | 3654341 | (21908961) | (2463546) |
| 12/31/2021 | 3024968 |  | 240645 | (3264739) | 874 | 32490424 |  | 2597120 | (35144233) | (56689) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1396821 |  | 661960 | (3220032) | (1161251) | 14190708 |  | 6492802 | (31203343) | (10519833) |
| 12/31/2021 | 3522483 |  | 378853 | (3005965) | 895371 | 37669958 |  | 4058689 | (31911870) | 9816777 |
| **Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 8077848 |  | 1724978 | (11748216) | (1945390) | 84693352 |  | 17111781 | (123596753) | (21791620) |
| 12/31/2021 | 7344730 |  | 2407324 | (5631258) | 4120796 | 86294017 |  | 27082394 | (65382155) | 47994256 |

---

**NOTE 10 — SECURITIES LENDING**

Under an agreement with BNY, the Portfolios can lend its 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 a Portfolio 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 a Portfolio on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). 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, a Portfolio has 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 a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

At December 31, 2022, the Portfolios did not have any outstanding securities on loan.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, paydowns, capital loss carryforwards, straddle loss deferrals and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

25<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

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, 2021** | **Year Ended<br> December 31, 2021** |
|  |<br>**Ordinary<br>Income** | **Long-term<br>Capital Gain** |<br>**Return of<br> Capital** | **Ordinary<br> Income** | Long-term<br>Capital Gain |
| BlackRock Inflation Protected Bond | $10633925 | $— | $1431581 | $7800004 | $— |
| Bond Portfolio | 11934135 | 5177646 |  | 24050464 | 3031930 |

---

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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | Capital Loss Carryforwards | Capital Loss Carryforwards | |
|  | Undistributed<br>Ordinary<br>Income.1 | Unrealized<br>Appreciation/<br>(Depreciation).1 | Amount.1 | Character.1 | Total<br>Distributable<br>Earnings/(Loss).1 |
| BlackRock Inflation Protected Bond | $— | $(30457847) | $(7353815) | &nbsp;&nbsp;&nbsp;&nbsp;Short-term | $(88922783) |
|  |  |  | (51111121) | Long-term |  |
|  |  |  | $(58464936) |  |  |
| Bond Portfolio | 5046583 | (21766110) | (13101491) | &nbsp;&nbsp;&nbsp;&nbsp;Short-term | (33170012) |
|  |  |  | (3348994) | Long-term |  |
|  |  |  | $(16450485) |  |  |

---

The Portfolios' major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state (BlackRock Inflation Protected Bond).

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

26<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 13 — MARKET DISRUPTION (continued)**

<br> exchange rates in other countries, including the U.S.. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and in the future may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio's investments, including beyond a Portfolio's direct exposure to Russian issuers or

nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolio's service providers.

**NOTE 14 — SUBSEQUENT EVENTS**

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

27<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: 24.8%** | **CORPORATE BONDS/NOTES: 24.8%** | **CORPORATE BONDS/NOTES: 24.8%** | **CORPORATE BONDS/NOTES: 24.8%** | **CORPORATE BONDS/NOTES: 24.8%** |
|  |  | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** |
| 45000 |  | Air Products and Chemicals, Inc., 2.800%, 05/15/2050 | $31375 | 0.0 |
| 484000 | (1) | Anglo American Capital PLC, 4.500%, 03/15/2028 | 458622 | 0.2 |
| 246000 |  | DuPont de Nemours, Inc., 4.493%, 11/15/2025 | 242173 | 0.1 |
| 4000 |  | Ecolab, Inc., 2.700%, 12/15/2051 | 2506 | 0.0 |
| 37000 |  | Ecolab, Inc., 2.750%, 08/18/2055 | 22243 | 0.0 |
| 49000 | (1) | Georgia-Pacific LLC, 0.625%, 05/15/2024 | 46051 | 0.0 |
| 371000 | (1) | Glencore Funding LLC, 2.500%, 09/01/2030 | 301986 | 0.1 |
| 11000 | (1) | Glencore Funding LLC, 2.625%, 09/23/2031 | 8790 | 0.0 |
| 12000 |  | LYB International Finance III LLC, 4.200%, 05/01/2050 | 8925 | 0.0 |
| 170000 |  | Nucor Corp., 4.300%, 05/23/2027 | 166112 | 0.1 |
|  |  |  | **1288783** | **0.5** |
|  |  | **Communications: 2.7%** | **Communications: 2.7%** | **Communications: 2.7%** |
| 145000 |  | Amazon.com, Inc., 4.700%, 12/01/2032 | 143995 | 0.1 |
| 33000 |  | AT&T, Inc., 2.250%, 02/01/2032 | 25952 | 0.0 |
| 450000 |  | AT&T, Inc., 2.550%, 12/01/2033 | 347148 | 0.1 |
| 32000 |  | AT&T, Inc., 3.500%, 06/01/2041 | 23988 | 0.0 |
| 67000 |  | AT&T, Inc., 3.650%, 09/15/2059 | 45155 | 0.0 |
| 85000 |  | AT&T, Inc., 3.850%, 06/01/2060 | 59372 | 0.0 |
| 348000 |  | AT&T, Inc., 4.300%, 02/15/2030 | 328499 | 0.1 |
| 28000 |  | AT&T, Inc., 4.500%, 05/15/2035 | 25551 | 0.0 |
| 20000 |  | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061 | 11638 | 0.0 |
| 258000 |  | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.950%, 06/30/2062 | 153120 | 0.1 |
| 728000 |  | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.750%, 04/01/2048 | 598998 | 0.2 |
| 357000 |  | Comcast Corp., 3.400%, 04/01/2030 | 326383 | 0.1 |
| 395000 |  | Comcast Corp., 4.150%, 10/15/2028 | 379586 | 0.2 |
| 74000 |  | Comcast Corp., 5.500%, 11/15/2032 | 77400 | 0.0 |
| 55000 | (1) | Cox Communications, Inc., 3.600%, 06/15/2051 | 37946 | 0.0 |
| 74000 |  | eBay, Inc., 1.400%, 05/10/2026 | 65709 | 0.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 155000 |  | FactSet Research Systems, Inc., 3.450%, 03/01/2032 | $| &nbsp;&nbsp;&nbsp;&nbsp;130365 | 0.1 |
| 250000 |  | Meta Platforms, Inc., 4.450%, 08/15/2052 |  | 199961 | 0.1 |
| 483000 |  | Motorola Solutions, Inc., 2.750%, 05/24/2031 |  | 387344 | 0.2 |
| 33000 |  | Motorola Solutions, Inc., 5.500%, 09/01/2044 |  | 29869 | 0.0 |
| 118000 |  | Motorola Solutions, Inc., 5.600%, 06/01/2032 |  | 115212 | 0.1 |
| 102000 |  | Paramount Global, 4.375%, 03/15/2043 |  | 70581 | 0.0 |
| 243000 | (1) | Rogers Communications, Inc., 3.800%, 03/15/2032 |  | 210356 | 0.1 |
| 23000 | (1) | Rogers Communications, Inc., 4.550%, 03/15/2052 |  | 17938 | 0.0 |
| 10000 |  | T-Mobile USA, Inc., 2.050%, 02/15/2028 |  | 8605 | 0.0 |
| 142000 |  | T-Mobile USA, Inc., 2.250%, 02/15/2026 |  | 129435 | 0.1 |
| 1124000 |  | T-Mobile USA, Inc., 3.750%, 04/15/2027 |  | 1060405 | 0.4 |
| 121000 |  | Verizon Communications, Inc., 1.750%, 01/20/2031 |  | 94162 | 0.0 |
| 728000 |  | Verizon Communications, Inc., 2.100%, 03/22/2028 |  | 633090 | 0.3 |
| 1059000 |  | Verizon Communications, Inc., 2.355%, 03/15/2032 |  | 842273 | 0.3 |
| 386000 |  | Verizon Communications, Inc., 2.550%, 03/21/2031 |  | 318383 | 0.1 |
| 97000 |  | Verizon Communications, Inc., 4.862%, 08/21/2046 |  | 87434 | 0.0 |
|  |  |  |  | **6985853** | **2.7** |
|  |  | **Consumer, Cyclical: 1.3%** | **Consumer, Cyclical: 1.3%** | **Consumer, Cyclical: 1.3%** | **Consumer, Cyclical: 1.3%** |
| 70000 |  | American Honda Finance Corp., 2.900%, 02/16/2024 |  | 68337 | 0.0 |
| 58000 |  | General Motors Co., 5.400%, 10/15/2029 |  | 55478 | 0.0 |
| 264000 |  | General Motors Financial Co., Inc., 1.250%, 01/08/2026 |  | 232752 | 0.1 |
| 79000 |  | General Motors Financial Co., Inc., 2.750%, 06/20/2025 |  | 74024 | 0.0 |
| 55000 |  | General Motors Financial Co., Inc., 4.300%, 04/06/2029 |  | 49374 | 0.0 |
| 2500000 | (1) | Hyundai Capital America, 2.650%, 02/10/2025 |  | 2353115 | 0.9 |
| 400000 |  | Lowe's Cos, Inc., 1.700%, 09/15/2028 |  | 336707 | 0.2 |
| 234000 | (1) | Nissan Motor Co. Ltd., 4.810%, 09/17/2030 |  | 199102 | 0.1 |
|  |  |  |  | **3368889** | **1.3** |
|  |  | **Consumer, Non-cyclical: 3.4%** | **Consumer, Non-cyclical: 3.4%** | **Consumer, Non-cyclical: 3.4%** | **Consumer, Non-cyclical: 3.4%** |
| 338000 |  | AbbVie, Inc., 2.600%, 11/21/2024 |  | 323594 | 0.1 |
| 460000 |  | AbbVie, Inc., 4.500%, 05/14/2035 |  | 427749 | 0.2 |
| 531000 |  | Altria Group, Inc., 3.400%, 02/04/2041 |  | 353961 | 0.1 |

---

See Accompanying Notes to Financial Statements<br>

28<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 300000 |  | Amgen, Inc., 4.050%, 08/18/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;281025 | 0.1 |
| 27000 |  | Amgen, Inc., 4.200%, 02/22/2052 | 21546 | 0.0 |
| 885000 |  | Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028 | 843959 | 0.3 |
| 201000 |  | BAT Capital Corp., 4.540%, 08/15/2047 | 142778 | 0.1 |
| 387000 |  | BAT International Finance PLC, 1.668%, 03/25/2026 | 343342 | 0.1 |
| 200000 |  | BHSH System Obligated Group, 3.487%, 07/15/2049 | 148916 | 0.1 |
| 31000 |  | Boston Scientific Corp., 2.650%, 06/01/2030 | 26552 | 0.0 |
| 51000 | (1) | Cargill, Inc., 0.400%, 02/02/2024 | 48482 | 0.0 |
| 299000 |  | Cigna Corp., 4.125%, 11/15/2025 | 292458 | 0.1 |
| 300000 |  | CommonSpirit Health, 3.817%, 10/01/2049 | 224685 | 0.1 |
| 230000 |  | CVS Health Corp., 1.300%, 08/21/2027 | 195083 | 0.1 |
| 183000 |  | CVS Health Corp., 3.875%, 07/20/2025 | 178754 | 0.1 |
| 177000 |  | CVS Health Corp., 4.250%, 04/01/2050 | 141739 | 0.1 |
| 300000 |  | Franciscan Missionaries of Our Lady Health System, Inc., 3.914%, 07/01/2049 | 230606 | 0.1 |
| 215000 | (1) | GE HealthCare Technologies, Inc., 5.600%, 11/15/2025 | 216555 | 0.1 |
| 185000 |  | Gilead Sciences, Inc., 2.600%, 10/01/2040 | 129784 | 0.1 |
| 32000 |  | Global Payments, Inc., 2.150%, 01/15/2027 | 27959 | 0.0 |
| 434000 |  | Global Payments, Inc., 2.900%, 05/15/2030 | 356558 | 0.1 |
| 427000 |  | Global Payments, Inc., 3.200%, 08/15/2029 | 363849 | 0.1 |
| 156000 | (1) | HCA, Inc., 3.625%, 03/15/2032 | 132416 | 0.1 |
| 986000 |  | HCA, Inc., 5.250%, 06/15/2026 | 975364 | 0.4 |
| 307000 |  | HCA, Inc., 5.375%, 02/01/2025 | 306877 | 0.1 |
| 92000 |  | Humana, Inc., 1.350%, 02/03/2027 | 79672 | 0.0 |
| 80000 |  | Moody's Corp., 3.100%, 11/29/2061 | 50738 | 0.0 |
| 85000 |  | Moody's Corp., 4.250%, 08/08/2032 | 79687 | 0.0 |
| 175000 |  | Mount Nittany Medical Center Obligated Group, 3.799%, 11/15/2052 | 133133 | 0.1 |
| 104000 |  | Philip Morris International, Inc., 1.500%, 05/01/2025 | 96362 | 0.0 |
| 250000 |  | Presbyterian Healthcare Services, 4.875%, 08/01/2052 | 235544 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 250000 |  | Queen's Health Systems/The, 4.810%, 07/01/2052 | $| &nbsp;&nbsp;&nbsp;&nbsp;228404 | 0.1 |
| 144000 |  | RELX Capital, Inc., 3.000%, 05/22/2030 |  | 123039 | 0.1 |
| 100000 |  | S&P Global, Inc., 1.250%, 08/15/2030 |  | 77136 | 0.0 |
| 20000 | (1) | S&P Global, Inc., 2.450%, 03/01/2027 |  | 18295 | 0.0 |
| 4000 | (1) | S&P Global, Inc., 3.900%, 03/01/2062 |  | 3111 | 0.0 |
| 286000 |  | Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026 |  | 268615 | 0.1 |
| 206000 |  | Takeda Pharmaceutical Co. Ltd., 2.050%, 03/31/2030 |  | 168607 | 0.1 |
| 103000 |  | Thermo Fisher Scientific, Inc., 2.000%, 10/15/2031 |  | 83689 | 0.0 |
| 40000 |  | Thermo Fisher Scientific, Inc., 4.950%, 11/21/2032 |  | 40693 | 0.0 |
| 212000 |  | UnitedHealth Group, Inc., 2.900%, 05/15/2050 |  | 144421 | 0.1 |
|  |  |  |  | **8565737** | **3.4** |
|  |  | **Energy: 2.2%** | **Energy: 2.2%** | **Energy: 2.2%** | **Energy: 2.2%** |
| 254000 | (1) | Cameron LNG LLC, 3.302%, 01/15/2035 |  | 205386 | 0.1 |
| 9000 | (1) | Cameron LNG LLC, 3.402%, 01/15/2038 |  | 7340 | 0.0 |
| 226000 |  | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 |  | 204792 | 0.1 |
| 356000 |  | Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027 |  | 352284 | 0.1 |
| 165000 |  | Cheniere Energy Partners L.P., 3.250%, 01/31/2032 |  | 131349 | 0.1 |
| 10000 |  | Devon Energy Corp., 4.500%, 01/15/2030 |  | 9333 | 0.0 |
| 94000 |  | Devon Energy Corp., 4.750%, 05/15/2042 |  | 79966 | 0.0 |
| 44000 |  | Devon Energy Corp., 5.250%, 10/15/2027 |  | 43615 | 0.0 |
| 107000 |  | Devon Energy Corp., 5.600%, 07/15/2041 |  | 100290 | 0.1 |
| 2000 |  | Devon Energy Corp., 5.875%, 06/15/2028 |  | 2025 | 0.0 |
| 60000 |  | Devon Energy Corp., 8.250%, 08/01/2023 |  | 60829 | 0.0 |
| 215000 |  | Diamondback Energy, Inc., 3.125%, 03/24/2031 |  | 178554 | 0.1 |
| 309000 |  | Diamondback Energy, Inc., 3.250%, 12/01/2026 |  | 287832 | 0.1 |
| 1009000 |  | Diamondback Energy, Inc., 3.500%, 12/01/2029 |  | 887427 | 0.4 |
| 49000 |  | Diamondback Energy, Inc., 4.400%, 03/24/2051 |  | 37550 | 0.0 |
| 44000 |  | Energy Transfer L.P., 3.600%, 02/01/2023 |  | 43917 | 0.0 |
| 17000 |  | Energy Transfer L.P., 3.900%, 05/15/2024 |  | 16567 | 0.0 |
| 105000 |  | Energy Transfer L.P., 4.000%, 10/01/2027 |  | 98168 | 0.0 |
| 420000 |  | Energy Transfer L.P., 4.950%, 06/15/2028 |  | 406931 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>

29<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 126000 |  | Energy Transfer L.P., 5.000%, 05/15/2050 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101227 | 0.1 |
| 772000 |  | Energy Transfer L.P., 5.500%, 06/01/2027 |  | 767756 | 0.3 |
| 30000 |  | Energy Transfer L.P., 6.250%, 04/15/2049 |  | 28041 | 0.0 |
| 115000 |  | Enterprise Products Operating LLC, 3.300%, 02/15/2053 |  | 77015 | 0.0 |
| 82000 |  | Kinder Morgan, Inc., 3.600%, 02/15/2051 |  | 56838 | 0.0 |
| 96000 | (1) | NGPL PipeCo LLC, 3.250%, 07/15/2031 |  | 78338 | 0.0 |
| 438000 | (1) | Texas Eastern Transmission L.P., 3.500%, 01/15/2028 |  | 398990 | 0.2 |
| 782000 |  | Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/2026 |  | 835483 | 0.3 |
| 20000 |  | Williams Cos, Inc./The, 5.300%, 08/15/2052 |  | 17988 | 0.0 |
|  |  |  |  | **5515831** | **2.2** |
|  |  | **Financial: 9.5%** | **Financial: 9.5%** | **Financial: 9.5%** | **Financial: 9.5%** |
| 127000 |  | Alexandria Real Estate Equities, Inc., 2.950%, 03/15/2034 |  | 103329 | 0.0 |
| 30000 |  | American International Group, Inc., 4.375%, 06/30/2050 |  | 25533 | 0.0 |
| 10000 |  | American Tower Corp., 2.100%, 06/15/2030 |  | 7938 | 0.0 |
| 189000 |  | American Tower Corp., 3.550%, 07/15/2027 |  | 175314 | 0.1 |
| 307000 |  | American Tower Corp., 3.800%, 08/15/2029 |  | 279167 | 0.1 |
| 484000 |  | Aon Corp., 2.800%, 05/15/2030 |  | 413885 | 0.2 |
| 400000 | (2) | Banco Santander SA, 0.701%, 06/30/2024 |  | 389025 | 0.2 |
| 444000 | (2) | Bank of America Corp., 0.523%, 06/14/2024 |  | 433517 | 0.2 |
| 1741000 | (2) | Bank of America Corp., 1.319%, 06/19/2026 |  | 1569308 | 0.6 |
| 398000 | (2) | Bank of America Corp., 1.734%, 07/22/2027 |  | 349184 | 0.1 |
| 25000 | (2) | Bank of America Corp., 1.898%, 07/23/2031 |  | 19242 | 0.0 |
| 376000 | (2) | Bank of America Corp., 2.015%, 02/13/2026 |  | 349309 | 0.1 |
| 838000 | (2) | Bank of America Corp., 2.299%, 07/21/2032 |  | 647364 | 0.3 |
| 1089000 | (2) | Bank of America Corp., 2.551%, 02/04/2028 |  | 968766 | 0.4 |
| 193000 | (2) | Bank of America Corp., 2.572%, 10/20/2032 |  | 151637 | 0.1 |
| 88000 | (2) | Bank of America Corp., 2.687%, 04/22/2032 |  | 70645 | 0.0 |
| 467000 | (2) | Bank of America Corp., 2.972%, 02/04/2033 |  | 377429 | 0.2 |
| 57000 | (2) | Bank of America Corp., 3.384%, 04/02/2026 |  | 54485 | 0.0 |
| 199000 | (2) | Bank of America Corp., 3.559%, 04/23/2027 |  | 186675 | 0.1 |
| 55000 | (2) | Bank of America Corp., 3.705%, 04/24/2028 |  | 50979 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 24000 | (2) | Bank of America Corp., 3.974%, 02/07/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21846 | 0.0 |
| 303000 | (2) | Bank of America Corp., 4.376%, 04/27/2028 | 290234 | 0.1 |
| 387000 | (2) | Bank of America Corp., 4.571%, 04/27/2033 | 355084 | 0.1 |
| 45000 | (2) | Bank of America Corp., 5.015%, 07/22/2033 | 42855 | 0.0 |
| 200000 | (2) | Barclays PLC, 5.746%, 08/09/2033 | 189502 | 0.1 |
| 115000 |  | Blackstone Private Credit Fund, 3.250%, 03/15/2027 | 96979 | 0.0 |
| 147000 |  | Blackstone Private Credit Fund, 4.000%, 01/15/2029 | 121540 | 0.1 |
| 184000 | (2) | Capital One Financial Corp., 3.273%, 03/01/2030 | 157670 | 0.1 |
| 28000 | (2) | Capital One Financial Corp., 5.247%, 07/26/2030 | 26726 | 0.0 |
| 31000 | (2) | Citigroup, Inc., 0.776%, 10/30/2024 | 29713 | 0.0 |
| 594000 | (2) | Citigroup, Inc., 2.561%, 05/01/2032 | 470358 | 0.2 |
| 302000 | (2) | Citigroup, Inc., 2.666%, 01/29/2031 | 248341 | 0.1 |
| 31000 | (2) | Citigroup, Inc., 2.976%, 11/05/2030 | 26131 | 0.0 |
| 80000 | (2) | Citigroup, Inc., 3.057%, 01/25/2033 | 64767 | 0.0 |
| 365000 | (2) | Citigroup, Inc., 3.070%, 02/24/2028 | 329580 | 0.1 |
| 45000 | (2) | Citigroup, Inc., 4.910%, 05/24/2033 | 42269 | 0.0 |
| 72000 | (1) | Corebridge Global Funding, 0.450%, 12/08/2023 | 69002 | 0.0 |
| 53000 |  | Crown Castle, Inc., 1.350%, 07/15/2025 | 48263 | 0.0 |
| 178000 |  | Crown Castle, Inc., 2.250%, 01/15/2031 | 143222 | 0.1 |
| 55000 |  | Crown Castle, Inc., 2.900%, 03/15/2027 | 50106 | 0.0 |
| 27000 |  | Crown Castle, Inc., 3.150%, 07/15/2023 | 26704 | 0.0 |
| 118000 |  | Crown Castle, Inc., 3.700%, 06/15/2026 | 112348 | 0.1 |
| 545000 |  | Crown Castle, Inc., 3.800%, 02/15/2028 | 507469 | 0.2 |
| 27000 |  | Equinix, Inc., 2.150%, 07/15/2030 | 21540 | 0.0 |
| 435000 |  | Equinix, Inc., 3.200%, 11/18/2029 | 379584 | 0.2 |
| 220000 |  | Equinix, Inc., 3.900%, 04/15/2032 | 196076 | 0.1 |
| 477000 |  | GLP Capital L.P. / GLP Financing II, Inc., 3.250%, 01/15/2032 | 381996 | 0.2 |
| 30000 |  | GLP Capital L.P. / GLP Financing II, Inc., 4.000%, 01/15/2031 | 25787 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 386000 | (2) | Goldman Sachs Group, Inc./The, 1.431%, 03/09/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338915 | 0.1 |
| 141000 | (2) | Goldman Sachs Group, Inc./The, 1.757%, 01/24/2025 | 135016 | 0.1 |
| 959000 | (2) | Goldman Sachs Group, Inc./The, 1.992%, 01/27/2032 | 732775 | 0.3 |
| 32000 | (2) | Goldman Sachs Group, Inc./The, 2.615%, 04/22/2032 | 25596 | 0.0 |
| 785000 | (2) | Goldman Sachs Group, Inc./The, 2.640%, 02/24/2028 | 700071 | 0.3 |
| 439000 | (2) | Goldman Sachs Group, Inc./The, 3.102%, 02/24/2033 | 357601 | 0.1 |
| 67000 | (2) | Goldman Sachs Group, Inc./The, 4.482%, 08/23/2028 | 64324 | 0.0 |
| 200000 | (2) | HSBC Holdings PLC, 2.251%, 11/22/2027 | 173471 | 0.1 |
| 200000 | (2) | HSBC Holdings PLC, 2.999%, 03/10/2026 | 188137 | 0.1 |
| 235000 | (2) | HSBC Holdings PLC, 5.402%, 08/11/2033 | 218279 | 0.1 |
| 123000 |  | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 100646 | 0.0 |
| 151000 |  | Intercontinental Exchange, Inc., 4.350%, 06/15/2029 | 146316 | 0.1 |
| 41000 |  | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | 33978 | 0.0 |
| 31000 |  | Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032 | 27206 | 0.0 |
| 69000 | (2) | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 60707 | 0.0 |
| 1811000 | (2) | JPMorgan Chase & Co., 2.005%, 03/13/2026 | 1677648 | 0.7 |
| 13000 | (2) | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 10880 | 0.0 |
| 209000 | (2) | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 183059 | 0.1 |
| 26000 | (2) | JPMorgan Chase & Co., 2.522%, 04/22/2031 | 21333 | 0.0 |
| 341000 | (2) | JPMorgan Chase & Co., 2.545%, 11/08/2032 | 270397 | 0.1 |
| 107000 | (2) | JPMorgan Chase & Co., 2.580%, 04/22/2032 | 85970 | 0.0 |
| 93000 | (2) | JPMorgan Chase & Co., 2.595%, 02/24/2026 | 87509 | 0.0 |
| 680000 | (2) | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 616105 | 0.2 |
| 31000 | (2) | JPMorgan Chase & Co., 3.220%, 03/01/2025 | 30144 | 0.0 |
| 449000 | (2) | JPMorgan Chase & Co., 3.559%, 04/23/2024 | 446098 | 0.2 |
| 244000 | (2) | JPMorgan Chase & Co., 4.565%, 06/14/2030 | 230096 | 0.1 |
| 102000 | (2) | JPMorgan Chase & Co., 5.546%, 12/15/2025 | 102080 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 20000 |  | Kimco Realty Corp., 4.600%, 02/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18350 | 0.0 |
| 200000 |  | Lloyds Banking Group PLC, 4.375%, 03/22/2028 | 190182 | 0.1 |
| 105000 |  | Marsh & McLennan Cos, Inc., 2.250%, 11/15/2030 | 86212 | 0.0 |
| 30000 |  | Mitsubishi UFJ Financial Group, Inc., 3.407%, 03/07/2024 | 29386 | 0.0 |
| 263000 | (2) | Mitsubishi UFJ Financial Group, Inc., 4.788%, 07/18/2025 | 260538 | 0.1 |
| 690000 | (2) | Morgan Stanley, 0.790%, 05/30/2025 | 641854 | 0.3 |
| 1469000 | (2) | Morgan Stanley, 1.512%, 07/20/2027 | 1276573 | 0.5 |
| 24000 | (2) | Morgan Stanley, 1.593%, 05/04/2027 | 21081 | 0.0 |
| 165000 | (2) | Morgan Stanley, 1.794%, 02/13/2032 | 124385 | 0.1 |
| 112000 | (2) | Morgan Stanley, 1.928%, 04/28/2032 | 84769 | 0.0 |
| 148000 | (2) | Morgan Stanley, 2.239%, 07/21/2032 | 113899 | 0.1 |
| 196000 | (2) | Morgan Stanley, 2.511%, 10/20/2032 | 153907 | 0.1 |
| 400000 | (2) | Morgan Stanley, 2.943%, 01/21/2033 | 324626 | 0.1 |
| 16000 | (2) | Morgan Stanley, 3.591%, 07/22/2028 | 14701 | 0.0 |
| 72000 | (2) | Morgan Stanley, 3.772%, 01/24/2029 | 66058 | 0.0 |
| 1029000 | (2) | Morgan Stanley, 4.431%, 01/23/2030 | 959775 | 0.4 |
| 40000 | (2) | Morgan Stanley, 4.889%, 07/20/2033 | 37698 | 0.0 |
| 142000 |  | National Retail Properties, Inc., 3.000%, 04/15/2052 | 85104 | 0.0 |
| 204000 |  | Nomura Holdings, Inc., 2.608%, 07/14/2031 | 158258 | 0.1 |
| 85000 | (1) | Principal Life Global Funding II, 0.750%, 04/12/2024 | 80328 | 0.0 |
| 101000 |  | Prologis L.P., 2.250%, 01/15/2032 | 80320 | 0.0 |
| 208000 |  | Prologis L.P., 4.000%, 09/15/2028 | 197760 | 0.1 |
| 5000 | (2) | State Street Corp., 4.164%, 08/04/2033 | 4634 | 0.0 |
| 45000 |  | VICI Properties L.P., 4.375%, 05/15/2025 | 43768 | 0.0 |
| 125000 |  | VICI Properties L.P., 4.750%, 02/15/2028 | 118817 | 0.1 |
| 160000 |  | VICI Properties L.P., 4.950%, 02/15/2030 | 152523 | 0.1 |
| 59000 | (1) | VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027 | 53653 | 0.0 |
| 112000 | (1) | VICI Properties L.P. / VICI Note Co., Inc., 4.250%, 12/01/2026 | 104734 | 0.0 |
| 24000 | (1) | VICI Properties L.P. / VICI Note Co., Inc., 4.500%, 09/01/2026 | 22619 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>

31<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 32000 | (1) | VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 06/15/2025 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30722 | 0.0 |
| 31000 | (2) | Wells Fargo & Co., 2.393%, 06/02/2028 |  | 27407 | 0.0 |
| 104000 |  | Wells Fargo & Co., 3.000%, 10/23/2026 |  | 96260 | 0.0 |
| 137000 | (2) | Wells Fargo & Co., 3.526%, 03/24/2028 |  | 127110 | 0.1 |
| 90000 | (2) | Wells Fargo & Co., 3.584%, 05/22/2028 |  | 83703 | 0.0 |
| 52000 |  | Wells Fargo & Co., 4.150%, 01/24/2029 |  | 48984 | 0.0 |
| 114000 | (2) | Wells Fargo & Co., 4.897%, 07/25/2033 |  | 108586 | 0.0 |
|  |  |  |  | **24192064** | **9.5** |
|  |  | **Industrial: 1.7%** | **Industrial: 1.7%** | **Industrial: 1.7%** | **Industrial: 1.7%** |
| 150000 |  | Agilent Technologies, Inc., 2.300%, 03/12/2031 |  | 121317 | 0.1 |
| 236000 |  | Amcor Flexibles North America, Inc., 2.690%, 05/25/2031 |  | 192336 | 0.1 |
| 20000 |  | Burlington Northern Santa Fe LLC, 2.875%, 06/15/2052 |  | 13430 | 0.0 |
| 209000 |  | Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051 |  | 153163 | 0.1 |
| 80000 |  | CSX Corp., 2.500%, 05/15/2051 |  | 48953 | 0.0 |
| 179000 |  | CSX Corp., 3.250%, 06/01/2027 |  | 167514 | 0.1 |
| 122000 |  | General Dynamics Corp., 3.750%, 05/15/2028 |  | 116197 | 0.0 |
| 379000 |  | Huntington Ingalls Industries, Inc., 2.043%, 08/16/2028 |  | 313063 | 0.1 |
| 10000 |  | Huntington Ingalls Industries, Inc., 3.483%, 12/01/2027 |  | 9093 | 0.0 |
| 218000 |  | L3Harris Technologies, Inc., 3.850%, 12/15/2026 |  | 208215 | 0.1 |
| 241000 |  | Lockheed Martin Corp., 2.800%, 06/15/2050 |  | 163429 | 0.1 |
| 10000 |  | Lockheed Martin Corp., 3.900%, 06/15/2032 |  | 9453 | 0.0 |
| 108000 |  | Norfolk Southern Corp., 3.050%, 05/15/2050 |  | 72826 | 0.0 |
| 117000 |  | Norfolk Southern Corp., 3.800%, 08/01/2028 |  | 111483 | 0.0 |
| 234000 |  | Northrop Grumman Corp., 2.930%, 01/15/2025 |  | 224588 | 0.1 |
| 131000 |  | Northrop Grumman Corp., 5.250%, 05/01/2050 |  | 129769 | 0.1 |
| 59000 |  | nVent Finance Sarl, 2.750%, 11/15/2031 |  | 45544 | 0.0 |
| 32000 | (1) | Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026 |  | 28031 | 0.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 369000 | (1) | Penske Truck Leasing Co. Lp / PTL Finance Corp., 2.700%, 11/01/2024 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348081 | 0.1 |
| 34000 |  | Raytheon Technologies Corp., 2.820%, 09/01/2051 |  | 22181 | 0.0 |
| 403000 |  | Raytheon Technologies Corp., 3.125%, 07/01/2050 |  | 284037 | 0.1 |
| 833000 |  | Raytheon Technologies Corp., 4.125%, 11/16/2028 |  | 798980 | 0.3 |
| 26000 |  | Raytheon Technologies Corp., 4.625%, 11/16/2048 |  | 23569 | 0.0 |
| 55000 |  | Republic Services, Inc., 2.375%, 03/15/2033 |  | 44023 | 0.0 |
| 289000 |  | Ryder System, Inc., 3.350%, 09/01/2025 |  | 274651 | 0.1 |
| 143000 |  | Textron, Inc., 3.900%, 09/17/2029 |  | 129857 | 0.1 |
| 143000 |  | Union Pacific Corp., 3.200%, 05/20/2041 |  | 112806 | 0.0 |
| 202000 |  | Union Pacific Corp., 3.250%, 02/05/2050 |  | 146531 | 0.1 |
|  |  |  |  | **4313120** | **1.7** |
|  |  | **Technology: 2.0%** | **Technology: 2.0%** | **Technology: 2.0%** | **Technology: 2.0%** |
| 104000 |  | Apple, Inc., 2.550%, 08/20/2060 |  | 63453 | 0.0 |
| 173000 |  | Apple, Inc., 4.100%, 08/08/2062 |  | 144865 | 0.1 |
| 154000 |  | Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.500%, 01/15/2028 |  | 140364 | 0.1 |
| 348000 | (1) | Broadcom, Inc., 3.419%, 04/15/2033 |  | 279961 | 0.1 |
| 157000 | (1) | Broadcom, Inc., 3.469%, 04/15/2034 |  | 125710 | 0.1 |
| 5000 |  | Broadcom, Inc., 4.150%, 11/15/2030 |  | 4493 | 0.0 |
| 25000 | (1) | Broadcom, Inc., 4.150%, 04/15/2032 |  | 22015 | 0.0 |
| 15000 |  | Dell International LLC / EMC Corp., 8.350%, 07/15/2046 |  | 17167 | 0.0 |
| 33000 |  | DXC Technology Co., 2.375%, 09/15/2028 |  | 27839 | 0.0 |
| 265000 |  | Electronic Arts, Inc., 1.850%, 02/15/2031 |  | 208922 | 0.1 |
| 142000 |  | Intel Corp., 3.200%, 08/12/2061 |  | 89586 | 0.0 |
| 304000 |  | International Business Machines Corp., 4.150%, 07/27/2027 |  | 296723 | 0.1 |
| 76000 |  | KLA Corp., 3.300%, 03/01/2050 |  | 55403 | 0.0 |
| 298000 |  | KLA Corp., 4.100%, 03/15/2029 |  | 288174 | 0.1 |
| 85000 |  | KLA Corp., 5.250%, 07/15/2062 |  | 82178 | 0.0 |
| 73000 |  | Lam Research Corp., 2.875%, 06/15/2050 |  | 49119 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>

32<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 81000 |  | NVIDIA Corp., 3.500%, 04/01/2050 | $| 61540 | 0.0 |
| 84000 |  | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.500%, 05/11/2031 |  | 67115 | 0.0 |
| 133000 |  | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.150%, 05/01/2027 |  | 120839 | 0.1 |
| 617000 |  | NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029 |  | 576557 | 0.2 |
| 871000 |  | Oracle Corp., 1.650%, 03/25/2026 |  | 780738 | 0.3 |
| 74000 |  | Oracle Corp., 3.600%, 04/01/2050 |  | 50131 | 0.0 |
| 1208000 |  | Oracle Corp., 3.650%, 03/25/2041 |  | 896288 | 0.4 |
| 14000 |  | Oracle Corp., 3.800%, 11/15/2037 |  | 11135 | 0.0 |
| 2000 |  | QUALCOMM, Inc., 5.400%, 05/20/2033 |  | 2089 | 0.0 |
| 74000 |  | Salesforce, Inc., 3.050%, 07/15/2061 |  | 47349 | 0.0 |
| 219000 |  | ServiceNow, Inc., 1.400%, 09/01/2030 |  | 168032 | 0.1 |
| 200000 |  | TSMC Arizona Corp., 4.250%, 04/22/2032 |  | 193990 | 0.1 |
| 212000 |  | VMware, Inc., 1.800%, 08/15/2028 |  | 173490 | 0.1 |
| 114000 |  | VMware, Inc., 2.200%, 08/15/2031 |  | 86783 | 0.0 |
|  |  |  |  | **5132048** | **2.0** |
|  |  | **Utilities: 1.5%** | **Utilities: 1.5%** | **Utilities: 1.5%** | **Utilities: 1.5%** |
| 41000 |  | AEP Texas, Inc., 3.450%, 05/15/2051 |  | 29123 | 0.0 |
| 329000 |  | AEP Transmission Co. LLC, 2.750%, 08/15/2051 |  | 210203 | 0.1 |
| 173000 |  | Alabama Power Co., 3.125%, 07/15/2051 |  | 118268 | 0.1 |
| 32000 |  | Ameren Illinois Co., 2.900%, 06/15/2051 |  | 21448 | 0.0 |
| 94000 | (1) | American Transmission Systems, Inc., 2.650%, 01/15/2032 |  | 77393 | 0.0 |
| 67000 |  | Atmos Energy Corp., 2.850%, 02/15/2052 |  | 43665 | 0.0 |
| 155000 |  | Baltimore Gas and Electric Co., 4.550%, 06/01/2052 |  | 137767 | 0.1 |
| 35000 |  | CenterPoint Energy Houston Electric LLC, 3.350%, 04/01/2051 |  | 25943 | 0.0 |
| 87000 |  | CenterPoint Energy Houston Electric LLC, 3.600%, 03/01/2052 |  | 67287 | 0.0 |
| 79000 |  | CenterPoint Energy Resources Corp., 1.750%, 10/01/2030 |  | 62471 | 0.0 |
| 77000 |  | Commonwealth Edison Co., 2.750%, 09/01/2051 |  | 49628 | 0.0 |
| 73000 |  | Consolidated Edison Co. of New York, Inc., 6.150%, 11/15/2052 |  | 78609 | 0.0 |
| 199000 |  | Consumers Energy Co., 2.650%, 08/15/2052 |  | 126173 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 83000 |  | Consumers Energy Co., 4.200%, 09/01/2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71480 | 0.0 |
| 90000 |  | DTE Electric Co., 3.650%, 03/01/2052 | 70057 | 0.0 |
| 42000 |  | DTE Electric Co., 3.950%, 03/01/2049 | 34637 | 0.0 |
| 71000 |  | Duke Energy Carolinas LLC, 3.450%, 04/15/2051 | 52213 | 0.0 |
| 34000 |  | Duke Energy Carolinas LLC, 3.550%, 03/15/2052 | 25564 | 0.0 |
| 195000 |  | Duke Energy Corp., 4.300%, 03/15/2028 | 187993 | 0.1 |
| 40000 |  | Duke Energy Corp., 5.000%, 12/08/2025 | 39958 | 0.0 |
| 137000 |  | Duke Energy Florida LLC, 1.750%, 06/15/2030 | 109216 | 0.1 |
| 262000 |  | Duke Energy Florida LLC, 3.800%, 07/15/2028 | 249262 | 0.1 |
| 20000 |  | Duke Energy Florida LLC, 5.950%, 11/15/2052 | 21413 | 0.0 |
| 262000 |  | Duke Energy Progress LLC, 2.900%, 08/15/2051 | 172805 | 0.1 |
| 55000 |  | Edison International, 6.950%, 11/15/2029 | 57564 | 0.0 |
| 185000 |  | Entergy Louisiana LLC, 2.350%, 06/15/2032 | 147526 | 0.1 |
| 73000 | (1) | Exelon Corp., 2.750%, 03/15/2027 | 67056 | 0.0 |
| 78000 | (1) | Exelon Corp., 4.100%, 03/15/2052 | 62742 | 0.0 |
| 32000 |  | Exelon Corp., 4.700%, 04/15/2050 | 28042 | 0.0 |
| 214000 |  | Florida Power & Light Co., 2.875%, 12/04/2051 | 144548 | 0.1 |
| 30000 |  | Florida Power & Light Co., 3.950%, 03/01/2048 | 24912 | 0.0 |
| 241000 |  | MidAmerican Energy Co., 2.700%, 08/01/2052 | 155437 | 0.1 |
| 53000 |  | Northern States Power Co/MN, 2.600%, 06/01/2051 | 33839 | 0.0 |
| 213000 | (1) | NRG Energy, Inc., 4.450%, 06/15/2029 | 188794 | 0.1 |
| 150000 |  | Ohio Power Co., 2.900%, 10/01/2051 | 98280 | 0.1 |
| 47000 |  | Oncor Electric Delivery Co. LLC, 3.100%, 09/15/2049 | 33491 | 0.0 |
| 27000 | (1) | Oncor Electric Delivery Co. LLC, 4.150%, 06/01/2032 | 25565 | 0.0 |
| 238000 |  | PECO Energy Co., 2.850%, 09/15/2051 | 157832 | 0.1 |
| 85000 |  | Public Service Electric and Gas Co., 4.900%, 12/15/2032 | 85430 | 0.0 |
| 200000 |  | Southern California Edison Co., 1.200%, 02/01/2026 | 177577 | 0.1 |
| 74000 |  | Southwestern Public Service Co., 3.150%, 05/01/2050 | 51412 | 0.0 |
| 27000 |  | Tampa Electric Co., 4.300%, 06/15/2048 | 21971 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>

33<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 149000 |  | Virginia Electric and Power Co., 2.450%, 12/15/2050 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88959 | 0.0 |
|  |  |  |  | **3733553** | **1.5** |
|  |  | Total Corporate Bonds/Notes<br> (Cost $72,625,621) |  | **63095878** | **24.8** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 1.8%** |
| 298706 | (1),<br>(2),(3) | CSMC 2022-NQM4 A1A Trust, 4.819% (Step Rate @ 5.819% on 06/01/2026), 06/25/2067 |  | 293425 | 0.1 |
| 546228 | (1),(2) | CSMC 2022-NQM5 A1 Trust, 5.169%, 05/25/2067 |  | 548554 | 0.2 |
| 264769 | (1),<br>(2),(3) | Homeward Opportunities Fund Trust 2022-1 A1, 5.082% (Step Rate @ 6.082% on 06/01/2026), 07/25/2067 |  | 264407 | 0.1 |
| 902107 | (1),(2) | J.P. Morgan Mortgage Trust 2022-INV3 A3B, 3.000%, 09/25/2052 |  | 757347 | 0.3 |
| 1055276 | (1),(2) | Mello Mortgage Capital Acceptance 2022-INV2 A3, 3.000%, 04/25/2052 |  | 882639 | 0.3 |
| 320026 | (1),<br>(2),(3) | MFA 2022-INV2 A1 Trust, 4.950% (Step Rate @ 5.950% on 07/01/2026), 07/25/2057 |  | 310541 | 0.1 |
| 363037 | (1),(3) | OBX 2022-NQM9 A1A Trust, 6.450% (Step Rate @ 7.450% on 11/01/2026), 09/25/2062 |  | 361626 | 0.1 |
| 99087 | (1),(2) | PRKCM 2022-AFC2 A1 Trust, 5.335%, 08/25/2057 |  | 97339 | 0.0 |
| 137433 | (1),<br>(2),(3) | SG Residential Mortgage Trust 2022-2 A1, 5.353% (Step Rate @ 6.353% on 07/01/2026), 08/25/2062 |  | 139903 | 0.1 |
| 197584 | (1),(3) | Spruce Hill Mortgage Loan Trust 2022-SH1 A1A, 4.100% (Step Rate @ 5.100% on 10/01/2026), 07/25/2057 |  | 180874 | 0.1 |
| 399053 | (1),<br>(2),(3) | Verus Securitization Trust 2022-7 A1, 5.152% (Step Rate @ 6.152% on 07/01/2026), 07/25/2067 |  | 402334 | 0.2 |
| 118837 | (1),(3) | Verus Securitization Trust 2022-INV2 A1, 6.790% (Step Rate @ 7.790% on 10/01/2026), 10/25/2067 |  | 120523 | 0.1 |
| 325660 | (1),<br>(2),(3) | Visio 2022-1 A1 Trust, 5.759% (Step Rate @ 6.759% on 07/01/2026), 08/25/2057 |  | 331007 | 0.1 |
|  |  | Total Collateralized Mortgage Obligations<br> (Cost $4,892,441) |  | **4690519** | **1.8** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** | **MUNICIPAL BONDS: 0.1%** |
|  |  | **California: 0.1%** | **California: 0.1%** | **California: 0.1%** |
| 300000 |  | University of California, 2.650%, 05/15/2050 | $**184332** | **0.1** |
|  |  | Total Municipal Bonds<br> (Cost $219,335) | **184332** | **0.1** |
| **U.S. TREASURY OBLIGATIONS: 52.7%** | **U.S. TREASURY OBLIGATIONS: 52.7%** | **U.S. TREASURY OBLIGATIONS: 52.7%** | **U.S. TREASURY OBLIGATIONS: 52.7%** | **U.S. TREASURY OBLIGATIONS: 52.7%** |
|  |  | **Treasury Inflation Indexed Protected Securities: 52.0%** | **Treasury Inflation Indexed Protected Securities: 52.0%** | **Treasury Inflation Indexed Protected Securities: 52.0%** |
| 357695 |  | 0.125%,07/15/2024 | 346206 | 0.1 |
| 813085 |  | 0.125%,10/15/2024 | 783138 | 0.3 |
| 321591 |  | 0.125%,10/15/2025 | 305704 | 0.1 |
| 2568339 |  | 0.125%,10/15/2026 | 2408234 | 0.9 |
| 2797022 |  | 0.125%,04/15/2027 | 2607651 | 1 |
| 4059842 |  | 0.125%,01/15/2030 | 3649173 | 1.4 |
| 8886013 |  | 0.125%,07/15/2030 | 7961907 | 3.1 |
| 8757797 |  | 0.125%,01/15/2031 | 7783622 | 3.1 |
| 5448310 |  | 0.125%,07/15/2031 | 4817981 | 1.9 |
| 11567753 | (4) | 0.125%,01/15/2032 | 10140912 | 4 |
| 2060370 |  | 0.125%,02/15/2051 | 1328956 | 0.5 |
| 1959088 |  | 0.125%,02/15/2052 | 1270733 | 0.5 |
| 4060199 |  | 0.250%,07/15/2029 | 3719293 | 1.5 |
| 3535408 |  | 0.250%,02/15/2050 | 2387513 | 0.9 |
| 691169 |  | 0.375%,07/15/2025 | 663949 | 0.3 |
| 672367 |  | 0.375%,01/15/2027 | 634273 | 0.2 |
| 2028420 |  | 0.375%,07/15/2027 | 1912488 | 0.8 |
| 7885495 |  | 0.625%,01/15/2024 | 7718752 | 3 |
| 9779954 |  | 0.625%,07/15/2032 | 8965856 | 3.5 |
| 3454400 |  | 0.625%,02/15/2043 | 2790072 | 1.1 |
| 7188617 |  | 0.750%,07/15/2028 | 6851139 | 2.7 |
| 4167234 |  | 0.750%,02/15/2042 | 3491625 | 1.4 |
| 4872329 | (4) | 0.750%,02/15/2045 | 3944880 | 1.5 |
| 5785369 |  | 0.875%,01/15/2029 | 5514674 | 2.2 |
| 3197485 |  | 0.875%,02/15/2047 | 2624414 | 1 |
| 2653810 |  | 1.000%,02/15/2046 | 2256444 | 0.9 |
| 2296150 |  | 1.000%,02/15/2048 | 1934922 | 0.8 |
| 2125819 |  | 1.000%,02/15/2049 | 1779042 | 0.7 |
| 3196750 | (4) | 1.375%,02/15/2044 | 2971816 | 1.2 |
| 3802756 |  | 1.625%,10/15/2027 | 3800038 | 1.5 |
| 3192135 | (4) | 1.750%,01/15/2028 | 3191456 | 1.3 |
| 1683916 |  | 2.125%,02/15/2040 | 1783938 | 0.7 |
| 2565183 |  | 2.125%,02/15/2041 | 2719709 | 1.1 |
| 4192405 |  | 2.375%,01/15/2027 | 4277827 | 1.7 |
| 2456831 |  | 2.500%,01/15/2029 | 2562902 | 1 |
| 1527835 |  | 3.375%,04/15/2032 | 1750124 | 0.7 |
| 3497141 |  | 3.625%,04/15/2028 | 3813069 | 1.5 |
| 4328966 |  | 3.875%,04/15/2029 | 4866636 | 1.9 |
|  |  |  | **132331068** | **52.0** |
|  |  | **U.S. Treasury Bonds: 0.7%** | **U.S. Treasury Bonds: 0.7%** | **U.S. Treasury Bonds: 0.7%** |
| 1975000 |  | 3.125%,02/15/2043 | **1686774** | **0.7** |
|  |  | Total U.S. Treasury Obligations<br> (Cost $150,000,314) | **134017842** | **52.7** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.8%** |
|  |  | **Federal National Mortgage Association: 0.3%<sup>(5)</sup>** | **Federal National Mortgage Association: 0.3%<sup>(5)</sup>** | **Federal National Mortgage Association: 0.3%<sup>(5)</sup>** |
| 617000 | (6) | 5.000%,01/15/2053 | 608074 | 0.2 |
| 200000 | (6) | 5.000%,02/15/2053 | 197076 | 0.1 |
|  |  |  | **805150** | **0.3** |
|  |  | **Government National Mortgage Association: 2.2%** | **Government National Mortgage Association: 2.2%** | **Government National Mortgage Association: 2.2%** |
| 529507 |  | 2.000%,11/20/2050 | 447451 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>

34<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
| | | **Government National Mortgage Association: (continued)** | **Government National Mortgage Association: (continued)** | **Government National Mortgage Association: (continued)** | **Government National Mortgage Association: (continued)** |
| 205838 |  | 2.000%,01/20/2051 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173808 | 0.1 |
| 151311 |  | 2.000%,02/20/2051 |  | 127011 | 0.0 |
| 578600 | (6) | 2.000%,01/15/2053 |  | 485043 | 0.2 |
| 503724 |  | 2.500%,04/20/2051 |  | 439266 | 0.2 |
| 225740 |  | 2.500%,05/20/2052 |  | 195818 | 0.1 |
| 669735 |  | 2.500%,06/20/2052 |  | 581485 | 0.2 |
| 378406 |  | 2.500%,07/20/2052 |  | 328539 | 0.1 |
| 371423 |  | 3.000%,06/20/2051 |  | 332755 | 0.1 |
| 464866 |  | 3.000%,08/20/2051 |  | 416646 | 0.2 |
| 123511 |  | 3.000%,12/20/2051 |  | 110488 | 0.0 |
| 140600 | (6) | 3.000%,01/15/2053 |  | 125226 | 0.0 |
| 567489 |  | 3.500%,05/20/2047 |  | 531326 | 0.2 |
| 291000 | (6) | 3.500%,01/15/2053 |  | 267408 | 0.1 |
| 237220 |  | 4.000%,09/20/2048 |  | 226615 | 0.1 |
| 288000 | (6) | 4.000%,01/15/2053 |  | 272566 | 0.1 |
| 178904 |  | 4.500%,08/20/2048 |  | 175932 | 0.1 |
| 174000 | (6) | 4.500%,01/15/2053 |  | 168819 | 0.1 |
| 273000 | (6) | 5.000%,01/15/2053 |  | 270554 | 0.1 |
|  |  |  |  | **5676756** | **2.2** |
|  |  | **Uniform Mortgage-Backed Securities: 8.3%** | **Uniform Mortgage-Backed Securities: 8.3%** | **Uniform Mortgage-Backed Securities: 8.3%** | **Uniform Mortgage-Backed Securities: 8.3%** |
| 372000 | (6) | 1.500%,01/15/2038 |  | 322133 | 0.1 |
| 559240 |  | 1.500%,11/01/2041 |  | 458197 | 0.2 |
| 331021 |  | 1.500%,12/01/2041 |  | 271211 | 0.1 |
| 55748 |  | 1.500%,10/01/2050 |  | 43140 | 0.0 |
| 64997 |  | 1.500%,10/01/2050 |  | 50298 | 0.0 |
| 50631 |  | 1.500%,11/01/2050 |  | 39181 | 0.0 |
| 66284 |  | 1.500%,03/01/2051 |  | 51263 | 0.0 |
| 84082 |  | 1.500%,03/01/2051 |  | 65019 | 0.0 |
| 10800 |  | 1.500%,05/01/2051 |  | 8351 | 0.0 |
| 8140 |  | 1.500%,06/01/2051 |  | 6290 | 0.0 |
| 44267 |  | 1.500%,10/01/2051 |  | 34175 | 0.0 |
| 10232 |  | 1.500%,11/01/2051 |  | 7898 | 0.0 |
| 69869 |  | 2.000%,02/01/2036 |  | 62407 | 0.0 |
| 88707 |  | 2.000%,03/01/2037 |  | 79226 | 0.0 |
| 882100 | (6) | 2.000%,01/15/2038 |  | 784665 | 0.3 |
| 549266 |  | 2.000%,02/01/2042 |  | 463645 | 0.2 |
| 141428 |  | 2.000%,09/01/2050 |  | 115890 | 0.1 |
| 255034 |  | 2.000%,10/01/2050 |  | 209381 | 0.1 |
| 312685 |  | 2.000%,02/01/2051 |  | 255786 | 0.1 |
| 282548 |  | 2.000%,03/01/2051 |  | 231131 | 0.1 |
| 96650 |  | 2.000%,04/01/2051 |  | 79529 | 0.0 |
| 232803 |  | 2.000%,04/01/2051 |  | 192430 | 0.1 |
| 145154 |  | 2.000%,04/01/2051 |  | 119712 | 0.1 |
| 439229 |  | 2.000%,08/01/2051 |  | 358708 | 0.1 |
| 545562 |  | 2.000%,08/01/2051 |  | 445456 | 0.2 |
| 40201 |  | 2.000%,10/01/2051 |  | 32818 | 0.0 |
| 53631 |  | 2.000%,11/01/2051 |  | 44255 | 0.0 |
| 287001 |  | 2.000%,11/01/2051 |  | 236245 | 0.1 |
| 253450 |  | 2.000%,11/01/2051 |  | 208941 | 0.1 |
| 140865 |  | 2.000%,11/01/2051 |  | 116390 | 0.1 |
| 161897 |  | 2.000%,11/01/2051 |  | 132327 | 0.1 |
| 295284 |  | 2.000%,12/01/2051 |  | 241004 | 0.1 |
| 300118 |  | 2.000%,12/01/2051 |  | 245041 | 0.1 |
| 468088 |  | 2.000%,01/01/2052 |  | 385852 | 0.2 |
| 1631492 |  | 2.000%,02/01/2052 |  | 1331596 | 0.5 |
| 262223 |  | 2.000%,03/01/2052 |  | 215573 | 0.1 |
| 182686 |  | 2.000%,03/01/2052 |  | 150431 | 0.1 |
| 480836 |  | 2.000%,03/01/2052 |  | 394648 | 0.2 |
| 634889 |  | 2.500%,10/01/2036 |  | 583214 | 0.2 |
| 140088 |  | 2.500%,07/01/2050 |  | 120619 | 0.1 |
| 72155 |  | 2.500%,07/01/2050 |  | 62347 | 0.0 |
| 138206 |  | 2.500%,07/01/2050 |  | 118999 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
| | | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** |
| 140922 |  | 2.500%,07/01/2050 | $121231 | 0.1 |
| 22036 |  | 2.500%,07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18914 | 0.0 |
| 115905 |  | 2.500%,08/01/2050 | 99794 | 0.0 |
| 141633 |  | 2.500%,08/01/2050 | 121945 | 0.1 |
| 35954 |  | 2.500%,08/01/2050 | 30957 | 0.0 |
| 81292 |  | 2.500%,11/01/2050 | 70512 | 0.0 |
| 22143 |  | 2.500%,01/01/2051 | 19043 | 0.0 |
| 72020 |  | 2.500%,02/01/2051 | 61756 | 0.0 |
| 122110 |  | 2.500%,02/01/2051 | 105906 | 0.1 |
| 10552 |  | 2.500%,03/01/2051 | 9040 | 0.0 |
| 6902 |  | 2.500%,04/01/2051 | 5907 | 0.0 |
| 12424 |  | 2.500%,04/01/2051 | 10633 | 0.0 |
| 3367 |  | 2.500%,05/01/2051 | 2887 | 0.0 |
| 6388 |  | 2.500%,05/01/2051 | 5468 | 0.0 |
| 113511 |  | 2.500%,05/01/2051 | 97495 | 0.0 |
| 99268 |  | 2.500%,05/01/2051 | 86041 | 0.0 |
| 10120 |  | 2.500%,07/01/2051 | 8669 | 0.0 |
| 3719 |  | 2.500%,10/01/2051 | 3177 | 0.0 |
| 38219 |  | 2.500%,10/01/2051 | 32677 | 0.0 |
| 1133463 |  | 2.500%,11/01/2051 | 975926 | 0.4 |
| 95780 |  | 2.500%,11/01/2051 | 82223 | 0.0 |
| 29131 |  | 2.500%,12/01/2051 | 24907 | 0.0 |
| 292463 |  | 2.500%,01/01/2052 | 249660 | 0.1 |
| 2291793 |  | 2.500%,01/01/2052 | 1959652 | 0.8 |
| 369763 |  | 3.000%,01/01/2036 | 347401 | 0.1 |
| 269065 |  | 3.000%,09/01/2050 | 243281 | 0.1 |
| 59406 |  | 3.000%,07/01/2051 | 52966 | 0.0 |
| 1028722 |  | 3.000%,09/01/2051 | 910671 | 0.4 |
| 74895 |  | 3.000%,10/01/2051 | 66295 | 0.0 |
| 136965 |  | 3.000%,11/01/2051 | 121143 | 0.1 |
| 61328 |  | 3.000%,12/01/2051 | 54391 | 0.0 |
| 28903 |  | 3.000%,01/01/2052 | 25407 | 0.0 |
| 7835 |  | 3.000%,01/01/2052 | 6892 | 0.0 |
| 43806 |  | 3.000%,02/01/2052 | 39141 | 0.0 |
| 1008288 |  | 3.000%,03/01/2052 | 896485 | 0.4 |
| 39786 |  | 3.000%,04/01/2052 | 35344 | 0.0 |
| 63099 |  | 3.000%,05/01/2052 | 55738 | 0.0 |
| 251029 |  | 3.000%,08/01/2052 | 222211 | 0.1 |
| 146618 |  | 3.500%,05/01/2036 | 140489 | 0.1 |
| 47000 | (6) | 3.500%,01/15/2038 | 44967 | 0.0 |
| 566803 |  | 3.500%,01/01/2051 | 522090 | 0.2 |
| 1183789 |  | 3.500%,09/01/2051 | 1092395 | 0.4 |
| 33889 |  | 3.500%,05/01/2052 | 31240 | 0.0 |
| 59212 |  | 3.500%,06/01/2052 | 54028 | 0.0 |
| 56222 |  | 3.500%,06/01/2052 | 51658 | 0.0 |
| 22794 |  | 3.500%,06/01/2052 | 20793 | 0.0 |
| 34587 |  | 3.500%,07/01/2052 | 31802 | 0.0 |
| 24619 |  | 3.500%,08/01/2052 | 22681 | 0.0 |
| 5671 |  | 3.500%,09/01/2052 | 5208 | 0.0 |
| 15879 |  | 3.500%,09/01/2052 | 14553 | 0.0 |
| 20873 |  | 3.500%,09/01/2052 | 19066 | 0.0 |
| 25839 |  | 3.500%,09/01/2052 | 23570 | 0.0 |
| 714894 |  | 4.000%,04/01/2050 | 679668 | 0.3 |
| 42901 |  | 4.000%,04/01/2052 | 40682 | 0.0 |
| 676500 | (6) | 4.000%,01/15/2053 | 634538 | 0.3 |
| 515052 |  | 4.500%,03/01/2048 | 507142 | 0.2 |
| 20636 |  | 4.500%,07/01/2052 | 19884 | 0.0 |
| 19412 |  | 4.500%,07/01/2052 | 18705 | 0.0 |
| 121982 |  | 4.500%,07/01/2052 | 117680 | 0.1 |
| 37586 |  | 4.500%,08/01/2052 | 36211 | 0.0 |
| 83200 | (6) | 4.500%,01/15/2053 | 80086 | 0.0 |

---

See Accompanying Notes to Financial Statements<br>

35<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
| | | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** |
| 100000 | (6) | 4.500%,02/15/2053 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96269 | 0 |
|  |  |  |  | **20962613** | **8.3** |
|  |  | Total U.S. Government Agency Obligations<br> (Cost $29,754,762) |  | **27444519** | **10.8** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.6%** |
| 366000 |  | BANK 2019-BNK23 A3, 2.920%, 12/15/2052 |  | 318207 | 0.1 |
| 280000 | (2) | BANK 2022-BNK42 A5, 4.493%, 06/15/2055 |  | 268160 | 0.1 |
| 300000 |  | Barclays Commercial Mortgage Trust 2019-C3 B, 4.096%, 05/15/2052 |  | 256958 | 0.1 |
| 280000 |  | Barclays Commercial Mortgage Trust 2019-C4 B, 3.322%, 08/15/2052 |  | 222390 | 0.1 |
| 240000 | (2) | BBCMS Mortgage Trust 2022-C16 A5, 4.600%, 06/15/2055 |  | 231428 | 0.1 |
| 1000000 |  | BENCHMARK 2018-B3 A5 Mortgage Trust, 4.025%, 04/10/2051 |  | 951139 | 0.4 |
| 926715 | (1) | BX Commercial Mortgage Trust 2021-XL2 A, 5.007%, (US0001M + 0.689%), 10/15/2038 |  | 892072 | 0.4 |
| 800000 | (1) | BX Trust 2021-ARIA A, 5.217%, (US0001M + 0.899%), 10/15/2036 |  | 762366 | 0.3 |
| 410000 |  | CD 2017-CD3 A4 Mortgage Trust, 3.631%, 02/10/2050 |  | 381786 | 0.1 |
| 500000 |  | CD 2017-CD6 Mortgage Trust A5, 3.456%, 11/13/2050 |  | 462184 | 0.2 |
| 800000 | (1) | Credit Suisse Mortgage Capital Certificates 2019-ICE4 A, 5.298%, (US0001M + 0.980%), 05/15/2036 |  | 791639 | 0.3 |
| 730000 | (1) | Credit Suisse Mortgage Capital Certificates 2021-BHAR A, 5.468%, (US0001M + 1.150%), 11/15/2038 |  | 697426 | 0.3 |
| 205000 |  | CSAIL 2015-C3 A4 Commercial Mortgage Trust, 3.718%, 08/15/2048 |  | 195295 | 0.1 |
| 550000 | (1) | ELP Commercial Mortgage Trust 2021-ELP A, 5.019%, (US0001M + 0.701%), 11/15/2038 |  | 528770 | 0.2 |
| 380715 | (1) | Extended Stay America Trust 2021-ESH A, 5.398%, (US0001M + 1.080%), 07/15/2038 |  | 370312 | 0.1 |
| 980000 | (2) | Fannie Mae Multifamily REMIC Trust 2022-M10 A2, 1.938%, 01/25/2032 |  | 786777 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURTIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURTIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURTIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURTIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURTIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURTIES: (continued)** |
| 1760000 |  | Freddie Mac Multifamily WI Certificates Series WI-K146 A2, 2.920%, 07/25/2032 | $| &nbsp;&nbsp;&nbsp;&nbsp;1548935 | 0.6 |
| 1000000 |  | GS Mortgage Securities Trust 2016-GS2 A4, 3.050%, 05/10/2049 |  | 928747 | 0.4 |
| 600000 | (1) | JP Morgan Chase Commercial Mortgage Securities Corp. 2021-HYAH A, 5.078%, (US0001M + 0.760%), 06/15/2038 |  | 582031 | 0.2 |
| 380000 | (1) | Med Trust 2021-MDLN A, 5.268%, (US0001M + 0.950%), 11/15/2038 |  | 366346 | 0.1 |
| 100000 | (1) | MF1 2021-W10 A, 5.406%, (TSFR1M + 1.070%), 12/15/2034 |  | 95310 | 0 |
| 1100000 |  | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 A4, 4.051%, 04/15/2047 |  | 1078077 | 0.4 |
| 215000 | (1) | MTN Commercial Mortgage Trust 2022-LPFL A, 5.733%, (TSFR1M + 1.397%), 03/15/2039 |  | 209658 | 0.1 |
| 250000 | (1) | Taubman Centers Commercial Mortgage Trust 2022-DPM A, 6.522%, (TSFR1M + 2.186%), 05/15/2037 |  | 243370 | 0.1 |
| 422500 |  | Wells Fargo Commercial Mortgage Trust 2015-C26 B, 3.783%, 02/15/2048 |  | 390871 | 0.2 |
| 700000 |  | Wells Fargo Commercial Mortgage Trust 2017-C39 A5, 3.418%, 09/15/2050 |  | 645038 | 0.3 |
|  |  | Total Commercial Mortgage-Backed Securities<br> (Cost $15,314,286) |  | **14205292** | **5.6** |
| **ASSET-BACKED SECURITIES: 1.6%** | **ASSET-BACKED SECURITIES: 1.6%** | **ASSET-BACKED SECURITIES: 1.6%** | **ASSET-BACKED SECURITIES: 1.6%** | **ASSET-BACKED SECURITIES: 1.6%** | **ASSET-BACKED SECURITIES: 1.6%** |
|  |  | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** |
| 430000 | (1) | Credit Acceptance Auto Loan Trust 2021-4 A, 1.260%, 10/15/2030 |  | **403354** | **0.2** |
|  |  | **Other Asset-Backed Securities: 0.6%** | **Other Asset-Backed Securities: 0.6%** | **Other Asset-Backed Securities: 0.6%** | **Other Asset-Backed Securities: 0.6%** |
| 401000 | (1) | AMSR 2022-SFR3 D Trust, 4.000%, 10/17/2039 |  | 347848 | 0.1 |
| 114278 | (1) | GoodLeap Sustainable Home Solutions Trust 2022-1GS A, 2.700%, 01/20/2049 |  | 87467 | 0 |
| 400000 | (1) | New Residential Mortgage Loan Trust 2022-SFR2 D, 4.000%, 09/04/2039 |  | 343853 | 0.1 |
| 395000 | (1) | Progress Residential 2022-SFR6 D Trust, 6.035%, 07/20/2039 |  | 368535 | 0.2 |

---

See Accompanying Notes to Financial Statements<br>

36<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  |  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 525000 | (1) | Progress Residential 2022-SFR7 Trust D, 5.500%, 10/27/2039 | $| 486901 | 0.2 |
|  |  |  |  | **1634604** | **0.6** |
|  |  | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** | **Student Loan Asset-Backed Securities: 0.8%** |
| 145314 | (1) | College Avenue Student Loans LLC 2021-B A2, 1.760%, 06/25/2052 |  | 120882 | 0.0 |
| 159413 | (1) | Navient Student Loan Trust 2019-BA A2A, 3.390%, 12/15/2059 |  | 150721 | 0.1 |
| 669587 | (1) | Nelnet Student Loan Trust 2021-BA AFL, 5.133%, (US0001M + 0.780%), 04/20/2062 |  | 651670 | 0.2 |
| 594900 |  | SLM Private Credit Student Loan Trust 2005-A A4, 5.079%, (US0003M + 0.310%), 12/15/2038 |  | 567217 | 0.2 |
| 457569 | (1) | SMB Private Education Loan Trust 2021-D A1A, 1.340%, 03/17/2053 |  | 401215 | 0.2 |
| 264585 | (1) | Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048 |  | 255635 | 0.1 |
|  |  |  |  | **2147340** | **0.8** |
|  |  | Total Asset-Backed Securities<br> (Cost $4,451,174) |  | **4185298** | **1.6** |
| **SOVEREIGN BONDS: 0.7%** | **SOVEREIGN BONDS: 0.7%** | **SOVEREIGN BONDS: 0.7%** | **SOVEREIGN BONDS: 0.7%** | **SOVEREIGN BONDS: 0.7%** | **SOVEREIGN BONDS: 0.7%** |
| 200000 |  | Chile Government International Bond, 3.860%, 06/21/2047 |  | 156794 | 0.1 |
| EUR 302,500 |  | European Union, 0.700%, 07/06/2051 |  | 176690 | 0.1 |
| 200000 | (1) | Indonesia Government International Bond, 6.750%, 01/15/2044 |  | 224797 | 0.1 |
| 200000 | (1) | Kazakhstan Government International Bond, 4.875%, 10/14/2044 |  | 179472 | 0.1 |
| 300000 |  | Mexico Government International Bond, 4.600%, 02/10/2048 |  | 232641 | 0.1 |
| 200000 |  | Panama Government International Bond, 4.500%, 04/01/2056 |  | 146559 | 0.0 |
| 103000 |  | Peruvian Government International Bond, 2.783%, 01/23/2031 |  | 85462 | 0.0 |
| 53000 |  | Peruvian Government International Bond, 3.300%, 03/11/2041 |  | 38732 | 0.0 |
| 200000 |  | Philippine Government International Bond, 3.700%, 02/02/2042 |  | 164264 | 0.1 |
| 200000 | (1) | Qatar Government International Bond, 5.103%, 04/23/2048 |  | 201478 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
| 45049 |  | Uruguay Government International Bond, 5.100%, 06/18/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44334 | 0.0 |
|  |  | Total Sovereign Bonds<br> (Cost $2,153,679) | **1651223** | **0.7** |
|  |  |  | **Value** | **Percentage<br> of Net<br> Assets** |
| **PURCHASED OPTIONS<sup>(7)</sup>: 0.4%** | **PURCHASED OPTIONS<sup>(7)</sup>: 0.4%** | **PURCHASED OPTIONS<sup>(7)</sup>: 0.4%** | **PURCHASED OPTIONS<sup>(7)</sup>: 0.4%** | **PURCHASED OPTIONS<sup>(7)</sup>: 0.4%** |
|  |  | Total Purchased Options<br> (Cost $1,012,518) | **907385** | **0.4** |
|  |  | Total Long-Term Investments<br> (Cost $280,424,130) | **250382288** | **98.5** |
| **Shares** |  |  | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.2%** | **SHORT-TERM INVESTMENTS: 2.2%** | **SHORT-TERM INVESTMENTS: 2.2%** | **SHORT-TERM INVESTMENTS: 2.2%** | **SHORT-TERM INVESTMENTS: 2.2%** |
| | | **Mutual Funds: 2.2%** | **Mutual Funds: 2.2%** | **Mutual Funds: 2.2%** |
| 5637951 | (8) | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030% (Cost $5,637,951) | **5637951** | **2.2** |
|  |  | Total Short-Term Investments<br> (Cost $5,637,951) | **5637951** | **2.2** |
|  |  | **Total Investments in Securities<br> (Cost $286,062,081)** | $**256020239** | **100.7** |
|  |  | **Liabilities in Excess of Other Assets** | **(1804088)** | **(0.7)** |
|  |  | **Net Assets** | $**254216151** | **100.0** |

---

† Unless otherwise indicated, principal
 amount is shown in USD.

(1) Securities with purchases pursuant to
 Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified
 institutional buyers.

(2) Variable rate security. Rate shown is
 the rate in effect as of December 31, 2022.

(3) Step-up bond that pays an initial coupon
 rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next
 coupon rate as of December 31, 2022.

(4) All or a portion of this security has
 been pledged as collateral in connection with open futures contracts. Please refer to Note 2 for additional details.

(5) The Federal Housing Finance Agency ("FHFA")
 placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA
 as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

(6) Represents or includes a TBA transaction.

(7) The tables within the Portfolio of Investments
 detail open purchased options which are non-income producing securities.

(8) Rate shown is the 7-day yield as of December
 31, 2022.

Currency Abbreviations:

EUR EU Euro

See Accompanying Notes to Financial Statements<br>

37<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

Reference Rate Abbreviations:

TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> US0001M 1-month LIBOR <br> US0003M 3-month LIBOR

**Fair Value Measurementsˆ**

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** |  |  |  |  |
| Purchased Options | $65906 | $841479 | $— | $907385 |
| Corporate Bonds/Notes |  | 63095878 |  | 63095878 |
| Collateralized Mortgage Obligations |  | 4690519 |  | 4690519 |
| Municipal Bonds |  | 184332 |  | 184332 |
| U.S. Government Agency Obligations |  | 27444519 |  | 27444519 |
| Commercial Mortgage-Backed Securities |  | 14205292 |  | 14205292 |
| Sovereign Bonds |  | 1651223 |  | 1651223 |
| Asset-Backed Securities |  | 4185298 |  | 4185298 |
| U.S. Treasury Obligations |  | 134017842 |  | 134017842 |
| Short-Term Investments | 5637951 |  |  | 5637951 |
| Total Investments, at fair value | $5703857 | $250316382 | $— | $256020239 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps |  | 2573411 |  | 2573411 |
| Forward Foreign Currency Contracts |  | 3788 |  | 3788 |
| Futures | 890940 |  |  | 890940 |
| OTC Swaps |  | 330515 |  | 330515 |
| Total Assets | $6594797 | $253224096 | $— | $259818893 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps | $— | $(1036668) | $— | $(1036668) |
| Forward Foreign Currency Contracts |  | (14395) |  | (14395) |
| Futures | (483176) |  |  | (483176) |
| Sales Commitments |  | (2502114) |  | (2502114) |
| Written Options | (6950) | (2080910) |  | (2087860) |
| Total Liabilities | $(490126) | $(5634087) | $— | $(6124213) |

---

---

| | |
|:---|:---|
| ˆ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At December 31, 2022, the following forward foreign currency contracts were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| MXN | 4927500 | USD | 250000 | Citibank N.A. | 02/08/23 | $1085 |
| USD | 69469 | JPY | 9133277 | Citigroup Global Markets | 02/02/23 | (414) |
| USD | 66277 | GBP | 54000 | Deutsche Bank AG | 02/02/23 | 938 |
| USD | 38718 | GBP | 32163 | JPMorgan Chase Bank N.A. | 02/02/23 | (199) |
| USD | 50000 | JPY | 6558597 | JPMorgan Chase Bank N.A. | 02/02/23 | (183) |
| USD | 53318 | EUR | 50000 | JPMorgan Chase Bank N.A. | 02/02/23 | (322) |
| USD | 125000 | MXN | 2481130 | JPMorgan Chase Bank N.A. | 02/08/23 | (1428) |
| USD | 125000 | MXN | 2482320 | JPMorgan Chase Bank N.A. | 02/08/23 | (1489) |
| USD | 108245 | GBP | 88000 | Morgan Stanley & Co. International PLC | 02/02/23 | 1765 |
| USD | 89869 | JPY | 12438103 | Toronto Dominion Securities | 02/02/23 | (5302) |
| USD | 82276 | EUR | 79514 | Toronto Dominion Securities | 02/02/23 | (3025) |
| USD | 83790 | EUR | 80000 | UBS AG | 02/02/23 | (2033) |
|  |  |  |  |  |  | $(10607) |

---

See Accompanying Notes to Financial Statements<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

At December 31, 2022, the following futures contracts were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-month SOFRRATE | 106 | 03/19/23 | $25185600 | $(30701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro-Bund | 1 | 03/08/23 | 142294 | (8757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 416 | 03/31/23 | 85312500 | (304555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 106 | 03/31/23 | 11440547 | (134139) |
|  |  |  | $122080941 | $(478152) |
| Short Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada 10-Year Bond | (2) | 03/22/23 | (181019) | 4236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro-Buxl<sup>®</sup> 30-year German Government Bond | (2) | 03/08/23 | (289534) | 55765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan 10-Year Bond (TSE) | (7) | 03/13/23 | (7758458) | 122633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (59) | 03/22/23 | (6625516) | 56633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (84) | 03/22/23 | (10528875) | (5024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (127) | 03/22/23 | (15021719) | 226813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (44) | 03/22/23 | (5909750) | 424860 |
|  |  |  | $(46314871) | $885916 |

---

At December 31, 2022, the following centrally cleared interest rate swaps were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Floating Rate<br> Index Payment<br> Frequency** | **Fixed<br> Rate** | **Fixed Rate<br> Payment<br> Frequency** | **Maturity<br> Date** | **Notional Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 2.781% | Annual | 07/05/32 | USD 966,811 | $(61173) | $(61173) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 2.829 | Annual | 07/05/32 | USD 966,811 | (57281) | (57281) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 2.707 | Annual | 07/06/32 | USD 645,200 | (44900) | (44900) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 2.619 | Annual | 07/07/32 | USD 439,459 | (33898) | (33898) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 2.597 | Annual | 07/26/32 | USD 385,913 | (30823) | (30823) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 2.920 | Annual | 09/02/32 | USD 215,681 | (11558) | (11558) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.479 | Annual | 10/04/32 | USD 535,000 | (3884) | (3884) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.413 | Annual | 10/05/32 | USD 303,000 | (3895) | (3895) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.826 | Annual | 10/27/32 | USD 727,572 | 15708 | 15708 |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.556 | Annual | 11/14/32 | USD 847,000 | (848) | (848) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.581 | Annual | 11/16/32 | USD 1,679,000 | 1865 | 1865 |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.470 | Annual | 11/18/32 | USD 906,000 | (7387) | (7387) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.413 | Annual | 11/21/32 | USD 1,205,000 | (15488) | (15488) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.236 | Annual | 12/05/32 | USD 1,490,000 | (40978) | (40978) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.210 | Annual | 12/06/32 | USD 892,000 | (26451) | (26451) |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.185 | Annual | 12/12/32 | USD 1,490,000 | (47242) | (47242) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.754 | Annual | 08/23/32 | USD 803,000 | 54056 | 54056 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.925 | Annual | 09/01/32 | USD 817,283 | 43430 | 43430 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.934 | Annual | 09/02/32 | USD 809,000 | 42432 | 42432 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.989 | Annual | 09/02/32 | USD 809,000 | 38678 | 38678 |

---

See Accompanying Notes to Financial Statements<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Floating Rate<br> Index Payment<br> Frequency** | **Fixed<br> Rate** | **Fixed Rate<br> Payment<br> Frequency** | **Maturity<br> Date** | **Notional Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.078% | Annual | 09/09/32 | USD 478,000 | $19363 | $19363 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.469 | Annual | 09/30/32 | USD 760,384 | 6119 | 6119 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.559 | Annual | 10/03/32 | USD 1,140,600 | 601 | 601 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.620 | Annual | 10/12/32 | USD 763,951 | (3242) | (3242) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.650 | Annual | 10/14/32 | USD 303,000 | (2016) | (2016) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.617 | Annual | 10/17/32 | USD 632,000 | (2648) | (2648) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.848 | Annual | 10/21/32 | USD 1,060,000 | (24925) | (24925) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.855 | Annual | 10/24/32 | USD 603,000 | (14502) | (14502) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.935 | Annual | 10/25/32 | USD 875,000 | (26909) | (26909) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.809 | Annual | 11/15/32 | USD 565,000 | (11375) | (11375) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.820 | Annual | 11/15/32 | USD 1,516,000 | (31931) | (31931) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.286 | Annual | 12/13/32 | USD 857,000 | 19933 | 19933 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.361 | Annual | 12/22/32 | USD 1,442,000 | 24151 | 24151 |
|  |  |  |  |  |  |  | $(237018) | $(237018) |

---

At December 31, 2022, the following centrally cleared inflation-linked swaps were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Floating Rate** | **Floating Rate<br> Index** | **Floating Rate<br> Index Payment<br> Frequency** | **Fixed<br> Rate** | **Fixed Rate<br> Payment<br> Frequency** | **Maturity<br> Date** | **Notional Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.765% | At Termination Date | 12/15/27 | EUR 1,227,500 | $1898 | $2193 |
| Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.670 | At Termination Date | 09/15/32 | EUR 270,000 | (1313) | (1371) |
| Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.415 | At Termination Date | 10/15/32 | EUR 585,000 | (15354) | (15354) |
| Pay | France CPI ex-Tobacco (FRCPXTOB) | At Termination Date | 3.080 | At Termination Date | 12/15/32 | EUR 1,227,500 | 322 | (218) |
| Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.433 | At Termination Date | 07/15/52 | EUR 75,000 | (7098) | (7098) |
| Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.441 | At Termination Date | 08/15/52 | EUR 75,000 | (6397) | (6397) |
| Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.523 | At Termination Date | 09/15/52 | EUR 80,000 | (4130) | (4130) |
| Pay | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.647 | At Termination Date | 11/15/52 | EUR 80,000 | (272) | (272) |
| Pay | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.170 | At Termination Date | 10/21/23 | USD 330,000 | 991 | 990 |
| Pay | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.596 | At Termination Date | 11/18/32 | USD 290,000 | 741 | 741 |
| Receive | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 3.080 | At Termination Date | 09/15/27 | EUR 270,000 | (132) | (110) |

---

See Accompanying Notes to Financial Statements

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Floating Rate** | **Floating Rate<br> Index** | **Floating Rate<br> Index Payment <br> Frequency** | **Fixed<br> Rate** | **Fixed Rate<br> Payment<br> Frequency** | **Maturity<br> Date** | **Notional Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Receive | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.555% | At Termination Date | 10/15/27 | EUR 585,000 | $12939 | $12939 |
| Receive | France CPI ex-Tobacco (FRCPXTOB) | At Termination Date | 3.320 | At Termination Date | 12/15/27 | EUR 1,227,500 | (1535) | (1100) |
| Receive | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.570 | At Termination Date | 12/15/32 | EUR 1,227,500 | (2463) | (2653) |
| Receive | Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) | At Termination Date | 2.604 | At Termination Date | 08/15/52 | EUR 35,000 | 1116 | 1116 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.339 | At Termination Date | 02/17/24 | USD 5,300,000 | 500387 | 500387 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 1.991 | At Termination Date | 03/04/24 | USD 3,000,000 | 315005 | 315005 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 4.223 | At Termination Date | 04/08/24 | USD 8,900,000 | 18700 | 18700 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.023 | At Termination Date | 05/02/24 | USD 3,500,000 | 366026 | 366026 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 1.706 | At Termination Date | 08/12/24 | USD 1,300,000 | 152688 | 152688 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.995 | At Termination Date | 10/21/24 | USD 330,000 | (2077) | (2077) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.483 | At Termination Date | 12/23/24 | USD 3,800,000 | 3956 | 3956 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 0.945 | At Termination Date | 03/12/25 | USD 1,650,000 | 253459 | 253459 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.794 | At Termination Date | 04/08/25 | USD 5,300,000 | (13252) | (13252) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.563 | At Termination Date | 06/24/25 | USD 4,900,000 | (47828) | (47828) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.100 | At Termination Date | 08/08/25 | USD 2,200,000 | (16773) | (16773) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 1.783 | At Termination Date | 11/04/25 | USD 1,300,000 | 161927 | 161880 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.098 | At Termination Date | 11/29/25 | USD 1,600,000 | 162638 | 162638 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.526 | At Termination Date | 04/08/26 | USD 16,000,000 | (70502) | (70502) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.270 | At Termination Date | 06/24/26 | USD 6,500,000 | (55151) | (55151) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.136 | At Termination Date | 11/10/26 | USD 1,700,000 | 48026 | 48026 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.045 | At Termination Date | 12/02/26 | USD 2,165,000 | 68180 | 68180 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.925 | At Termination Date | 02/02/27 | USD 3,400,000 | 79687 | 79687 |

---

See Accompanying Notes to Financial Statements

41<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Floating Rate** | **Floating Rate<br> Index** | **Floating Rate<br> Index Payment <br> Frequency** | **Fixed<br> Rate** | **Fixed Rate<br> Payment<br> Frequency** | **Maturity<br> Date** | **Notional Amount** | **Fair<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.000% | At Termination Date | 02/25/27 | USD 5,540,000 | $95403 | $95403 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.213 | At Termination Date | 03/02/27 | USD 1,350,000 | 9070 | 9070 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.290 | At Termination Date | 03/07/27 | USD 2,200,000 | 4988 | 4988 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.646 | At Termination Date | 05/04/27 | USD 2,500,000 | (61282) | (61282) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.262 | At Termination Date | 05/12/27 | USD 1,955,000 | (15638) | (15638) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.904 | At Termination Date | 07/05/27 | USD 2,025,000 | 1025 | 1025 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.030 | At Termination Date | 08/02/27 | USD 2,400,000 | (30688) | (35918) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.765 | At Termination Date | 09/23/27 | USD 485,000 | (4924) | (4924) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.607 | At Termination Date | 12/12/27 | USD 8,245,000 | (17202) | (17202) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.613 | At Termination Date | 12/12/27 | USD 2,395,000 | (5660) | (5660) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.890 | At Termination Date | 08/02/29 | USD 2,100,000 | (26377) | (31769) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.087 | At Termination Date | 04/08/30 | USD 2,950,000 | (23877) | (23877) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.468 | At Termination Date | 04/19/31 | USD 535,000 | 47398 | 47398 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.843 | At Termination Date | 06/24/31 | USD 2,650,000 | (15749) | (15749) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.631 | At Termination Date | 06/29/52 | USD 1,365,000 | (37050) | (37050) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.426 | At Termination Date | 08/17/52 | USD 50,000 | 580 | 580 |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.485 | At Termination Date | 09/20/52 | USD 100,000 | (679) | (679) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.618 | At Termination Date | 10/27/52 | USD 1,030,000 | (38884) | (38884) |
| Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 2.493 | At Termination Date | 12/12/52 | USD 50,000 | (396) | (396) |
|  |  |  |  |  |  |  | $1784467 | $1773761 |

---

See Accompanying Notes to Financial Statements<br>

42<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

At December 31, 2022, the following OTC inflation-linked swaps were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/<br> Receive<br> Floating<br> Rate** | **Floating<br> Rate Index** | **Floating Rate<br> Index Payment<br> Frequency** | **Fixed<br> Rate** | **Fixed Rate<br> Payment<br> Frequency** | **Maturity<br> Date** | **Notional Amount** | **Fair<br> Value** | **Upfront<br> Payments<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Citibank N.A. | Receive | U.S. CPI Urban Consumers NSA (CPURNSA) | At Termination Date | 3.562% | At Termination Date | 01/15/25 | USD 14,500,000 | $330515 | $— | $330515 |
|  |  |  |  |  |  |  |  | $330515 | $— | $330515 |

---

At December 31, 2022, the following purchased exchange-traded options were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | **Exercise<br> Price** | **Number of<br> Contracts** | **Notional Amount** | **Cost** | **Fair<br> Value** |
| 3-month SOFRRATE<br> Call | 01/13/23 | 95.13 USD | 555 | USD 132,259,969 | $127245 | $65906 |
|  |  |  |  |  | $127245 | $65906 |

---

At December 31, 2022, the following exchange-traded written options were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | **Exercise<br> Price** | **Number of<br> Contracts** | **Notional Amount** | **Premiums<br>Received** | **Fair<br> Value** |
| 3-month SOFRRATE<br> Call | 01/13/23 | 95.38 USD | 556 | USD 132,498,275 | $40516 | $(6950) |
|  |  |  |  |  | $40516 | $(6950) |

---

At December 31, 2022, the following OTC purchased interest rate swaptions were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/<br> Receive<br> Exercise<br> Rate** | **Exercise<br> Rate** | **Floating Rate<br> Index** | **Expiration<br> Date** | **Notional Amount** | **Cost** | **Fair<br> Value** |
| Call on 10-Year Interest Rate Swap<sup>(1)</sup> | Barclays Bank PLC | Receive | 3.533% | 1-day Secured Overnight Financing Rate | 10/12/23 | USD 1,908,430 | $80536 | $79724 |
| Call on 10-Year Interest Rate Swap<sup>(1)</sup> | JPMorgan Chase Bank N.A. | Receive | 2.873% | 1-day Secured Overnight Financing Rate | 08/30/23 | USD 4,140,000 | 153594 | 65624 |
| Call on 10-Year Interest Rate Swap<sup>(1)</sup> | Morgan Stanley & Co. International PLC | Receive | 3.062% | 1-day Secured Overnight Financing Rate | 12/05/23 | USD 3,434,856 | 135573 | 93621 |
| Call on 1-Year Interest Rate Swap<sup>(1)</sup> | Goldman Sachs International | Receive | 4.000% | 1-day Secured Overnight Financing Rate | 06/30/23 | USD 66,231,000 | 142397 | 79026 |
| Put on 10-Year Interest Rate Swap<sup>(2)</sup> | Barclays Bank PLC | Pay | 3.533% | 1-day Secured Overnight Financing Rate | 10/12/23 | USD 1,908,430 | 80536 | 66177 |
| Put on 10-Year Interest Rate Swap<sup>(2)</sup> | JPMorgan Chase Bank N.A. | Pay | 2.873% | 1-day Secured Overnight Financing Rate | 08/30/23 | USD 4,140,000 | 153594 | 264801 |
| Put on 10-Year Interest Rate Swap<sup>(2)</sup> | Morgan Stanley & Co. International PLC | Pay | 3.062% | 1-day Secured Overnight Financing Rate | 12/05/23 | USD 3,434,856 | 139043 | 192506 |
|  |  |  |  |  |  |  | $885273 | $841479 |

---

At December 31, 2022, the following OTC written interest rate swaptions were outstanding for VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/<br> Receive<br> Exercise<br> Rate** | **Exercise<br> Rate** | **Floating Rate<br> Index** | **Expiration<br> Date** | **Notional Amount** | **Premiums<br> Received** | **Fair<br> Value** |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Barclays Bank PLC | Pay | 3.175% | 1-day Secured Overnight Financing Rate | 06/13/23 | USD 6,483,000 | $256727 | $(108128) |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Deutsche Bank AG | Pay | 2.435% | 1-day Secured Overnight Financing Rate | 08/10/23 | USD 1,404,000 | 49245 | (10227) |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Deutsche Bank AG | Pay | 2.540% | 1-day Secured Overnight Financing Rate | 08/07/23 | USD 2,765,318 | 98238 | (23373) |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Deutsche Bank AG | Pay | 2.750% | 1-day Secured Overnight Financing Rate | 07/19/23 | USD 531,500 | 19286 | (4816) |

---

See Accompanying Notes to Financial Statements<br>

43<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/<br> Receive<br> Exercise<br> Rate** | **Exercise<br> Rate** | **Floating Rate<br> Index** | **Expiration<br> Date** | **Notional Amount** | **Premiums<br> Received** | **Fair<br> Value** |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Deutsche Bank AG | Pay | 3.023% | 1-day Secured Overnight Financing Rate | 12/14/23 | USD 3,777,000 | $150513 | $(100671) |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Deutsche Bank AG | Pay | 3.185% | 1-day Secured Overnight Financing Rate | 06/15/23 | USD 2,190,203 | 83885 | (37614) |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Deutsche Bank AG | Pay | 3.262% | 1-day Secured Overnight Financing Rate | 10/03/23 | USD 1,030,552 | 41724 | (30829) |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Deutsche Bank AG | Pay | 3.688% | 1-day Secured Overnight Financing Rate | 11/10/23 | USD 3,024,800 | 115472 | (149781) |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | JPMorgan Chase Bank N.A. | Pay | 2.678% | 1-day Secured Overnight Financing Rate | 08/21/23 | USD 1,560,000 | 56316 | (17711) |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | JPMorgan Chase Bank N.A. | Pay | 3.323% | 1-day Secured Overnight Financing Rate | 11/16/23 | USD 3,953,000 | 148238 | (140065) |
| Call on 1-Year Interest Rate Swap<sup>(2)</sup> | Goldman Sachs International | Pay | 3.400% | 1-day Secured Overnight Financing Rate | 06/30/23 | USD 66,231,000 | 57952 | (32282) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | Barclays Bank PLC | Receive | 3.175% | 1-day Secured Overnight Financing Rate | 06/13/23 | USD 6,483,000 | 256727 | (283912) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | Deutsche Bank AG | Receive | 2.435% | 1-day Secured Overnight Financing Rate | 08/10/23 | USD 1,404,000 | 49245 | (128781) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | Deutsche Bank AG | Receive | 2.540% | 1-day Secured Overnight Financing Rate | 08/07/23 | USD 2,765,318 | 98238 | (233962) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | Deutsche Bank AG | Receive | 2.750% | 1-day Secured Overnight Financing Rate | 07/19/23 | USD 531,500 | 19062 | (38573) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | Deutsche Bank AG | Receive | 3.023% | 1-day Secured Overnight Financing Rate | 12/14/23 | USD 3,777,000 | 150513 | (219701) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | Deutsche Bank AG | Receive | 3.185% | 1-day Secured Overnight Financing Rate | 06/15/23 | USD 2,190,203 | 83885 | (94834) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | Deutsche Bank AG | Receive | 3.262% | 1-day Secured Overnight Financing Rate | 10/03/23 | USD 1,030,552 | 41724 | (46480) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | Deutsche Bank AG | Receive | 3.688% | 1-day Secured Overnight Financing Rate | 11/10/23 | USD 3,024,800 | 115472 | (87454) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | JPMorgan Chase Bank N.A. | Receive | 2.678% | 1-day Secured Overnight Financing Rate | 08/21/23 | USD 1,560,000 | 56316 | (118019) |
| Put on 10-Year Interest Rate Swap<sup>(1)</sup> | JPMorgan Chase Bank N.A. | Receive | 3.323% | 1-day Secured Overnight Financing Rate | 11/16/23 | USD 3,953,000 | 148238 | (173697) |
|  |  |  |  |  |  |  | $2097016 | $(2080910) |

---

The following sales commitments were held by the VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio at December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Contractual<br> Settlement Date** | **Fair Value** |
| $(281600) | Ginnie Mae, 2.500%, due 01/15/53 | 01/23/23 | $(244098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16200) | Uniform Mortgage-Backed Securities, 1.500%, due 01/15/53 | 01/12/23 | (12477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28000) | Uniform Mortgage-Backed Securities, 2.000%, due 01/15/53 | 01/12/23 | (22790) |
| (1134290) | Uniform Mortgage-Backed Securities, 2.000%, due 02/15/53 | 02/13/23 | (924206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68000) | Uniform Mortgage-Backed Securities, 2.500%, due 01/15/38 | 01/17/23 | (62233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31000) | Uniform Mortgage-Backed Securities, 2.500%, due 01/15/53 | 01/12/23 | (26257) |
| &nbsp;&nbsp;&nbsp;&nbsp;(618600) | Uniform Mortgage-Backed Securities, 2.500%, due 02/15/53 | 02/13/23 | (524500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19000) | Uniform Mortgage-Backed Securities, 3.000%, due 01/15/38 | 01/17/23 | (17797) |
| &nbsp;&nbsp;&nbsp;&nbsp;(491500) | Uniform Mortgage-Backed Securities, 3.000%, due 01/15/53 | 01/12/23 | (431457) |
| &nbsp;&nbsp;&nbsp;&nbsp;(160000) | Uniform Mortgage-Backed Securities, 3.500%, due 01/15/53 | 01/12/23 | (145379) |
| &nbsp;&nbsp;&nbsp;&nbsp;(100000) | Uniform Mortgage-Backed Securities, 3.500%, due 02/15/53 | 02/13/23 | (90920) |
|  | Total Sales Commitments<br> Proceeds receivable $(2530082) |  | $(2502114) |

---

See Accompanying Notes to Financial Statements<br>

44<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

<sup>(1)</sup> Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly. <br> <sup>(2)</sup> Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly.

Currency Abbreviations

EUR — EU Euro

GBP — British Pound

JPY — Japanese Yen

MXN — Mexican Peso

USD — United States Dollar

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as<br> hedging instruments** | **Location on Statement<br>of Assets and Liabilities** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Investments in securities at value\* | $907385 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 3788 |
| Interest rate contracts | Variation margin receivable on futures contracts\*\* | 890940 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps\*\* | 2573411 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 330515 |
| **Total Asset Derivatives** |  | $4706039 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $14395 |
| Interest rate contracts | Variation margin payable on futures contracts\*\* | 483176 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps\*\* | 1036668 |
| Interest rate contracts | Written options, at fair value | 2087860 |
| **Total Liability Derivatives** |  | $3622099 |

---

\* Includes purchased options.

\*\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2022 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as<br> hedging instruments** | **Investments\*** | **Forward foreign<br> currency contracts** | **Futures** | **Swaps** | **Written<br> options** | **Total** |
| Equity contracts | $— | $— | $23981 | $— | $— | $23981 |
| Foreign exchange contracts | (57720) | 471006 |  |  | 14698 | 427984 |
| Credit contracts |  |  |  | 13053 |  | 13053 |
| Interest rate contracts | 802744 |  | 7119923 | 8929622 | (1032587) | 15819702 |
| **Total** | $745024 | $471006 | $7143904 | $8942675 | $(1017889) | $16284720 |
|  | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for<br> as hedging instruments** | **Investments\*** | **Forward foreign<br> currency contracts** | **Futures** | **Swaps** | **Written<br> options** | **Total** |
| Foreign exchange contracts | $— | $(82137) | $— | $— | $— | $(82137) |
| Interest rate contracts | (44697) |  | 649987 | (5726062) | 5203 | (5115569) |
| **Total** | $(44697) | $(82137) | $649987 | $(5726062) | $5203 | $(5197706) |

---

\* Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

See Accompanying Notes to Financial Statements<br>

45<br>

------

<u>VY<sup>®</sup> BlackRock Inflation<br> Protected Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2022:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays<br> Bank<br>PLC** | **Citibank<br> N.A.** | **Citigroup<br> Global Markets** | **Deutsche<br> Bank AG** | **Goldman<br> Sachs<br>International** | **JPMorgan<br> Chase<br> Bank N.A.** | **Morgan Stanley<br> & Co.<br> International PLC** | **Toronto<br> Dominion<br> Securities** | **UBS<br> AG** | **Totals** |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| Purchased options | $145901 | $— | $— | $— | $79026 | $330425 | $286127 | $— | $— | $841479 |
| Forward foreign currency contracts |  | 1085 |  | 938 |  |  | 1765 |  |  | 3788 |
| OTC Interest rate swaps |  | 330515 |  |  |  |  |  |  |  | 330515 |
| **Total Assets** | $145901 | $331600 |  | $938 | $79026 | $330425 | $287892 | $— | $— | $1175782 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $— | $— | $414 | $— | $— | $3621 | $— | $8327 | $2033 | 14395 |
| Written options | 392040 |  |  | 1207096 | 32282 | 449492 |  |  |  | 2080910 |
| **Total Liabilities** | $392040 | $— | $414 | $1207096 | $32282 | $453113 | $— | $8327 | $2033 | $2095305 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(246139) | $331600 | $(414) | $(1206158) | $46744 | $(122688) | $287892 | $(8327) | $(2033) | $(919523) |
| **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $(331600) |  | $— | $(46744) | $— | $(270000) | $— | $— | $(648344) |
| **Net Exposure<sup>(1)(2)</sup>** | $(246139) | $— | $(414) | $(1206158) | $— | $(122688) | $17892 | $(8327) | $(2033) | $(1567867) |

---

<sup>(1)</sup> Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

<sup>(2)</sup> At December 31, 2022, the Portfolio had received $340,000 and $70,000 in cash collateral from Citibank N.A. and Goldman Sachs International, respectively. Excess cash collateral is not shown for financial reporting purposes.

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 $287,064,551. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;Gross Unrealized Appreciation | $1998920 |
| &nbsp;&nbsp;Gross Unrealized Depreciation | (32456767) |
| &nbsp;&nbsp;Net Unrealized Depreciation | $(30457847) |

---

See Accompanying Notes to Financial Statements<br>

46<br>

------

<u>VY<sup>®</sup> BrandywineGLOBAL — <br> Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  |  | Value | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: 20.7%** | **CORPORATE BONDS/NOTES: 20.7%** | **CORPORATE BONDS/NOTES: 20.7%** | **CORPORATE BONDS/NOTES: 20.7%** | **CORPORATE BONDS/NOTES: 20.7%** |  |
|  |  | **Basic Materials: 0.5%**  | **Basic Materials: 0.5%**  | **Basic Materials: 0.5%**  | **Basic Materials: 0.5%**  |
| 1260000 |  | Southern Copper Corp., 5.250%, 11/08/2042 | $**1205225** |  | **0.5** |
|  |  | **Communications: 2.8%**  | **Communications: 2.8%**  | **Communications: 2.8%**  | **Communications: 2.8%**  |
| &nbsp;&nbsp;1760000 |  | AT&T, Inc., 2.550%, 12/01/2033 | 1357735 |  | 0.5 |
| &nbsp;&nbsp;5168000 |  | Meta Platforms, Inc., 4.450%, 08/15/2052 | 4133582 |  | 1.6 |
| 1981000 |  | T-Mobile USA, Inc., 5.650%, 01/15/2053 | 1928753 |  | 0.7 |
|  |  |  | **7420070** |  | **2.8** |
|  |  | **Consumer, Cyclical: 3.6%**  | **Consumer, Cyclical: 3.6%**  | **Consumer, Cyclical: 3.6%**  | **Consumer, Cyclical: 3.6%**  |
| &nbsp;&nbsp;830000 |  | Aptiv PLC / Aptiv Corp., 3.250%, 03/01/2032 | 681070 |  | 0.2 |
| &nbsp;&nbsp;1540000 |  | General Motors Co., 5.200%, 04/01/2045 | 1257966 |  | 0.5 |
| &nbsp;&nbsp;2950000 |  | General Motors Co., 5.600%, 10/15/2032 | 2748940 |  | 1 |
| &nbsp;&nbsp;3765000 |  | Lowe's Cos, Inc., 5.625%, 04/15/2053 | 3625589 |  | 1.4 |
| 1600000 |  | Starbucks Corp., 2.550%, 11/15/2030 | 1349139 |  | 0.5 |
|  |  |  | **9662704** |  | **3.6** |
|  |  | **Energy: 1.4%**  | **Energy: 1.4%**  | **Energy: 1.4%**  | **Energy: 1.4%**  |
| &nbsp;&nbsp;530000 |  | Devon Energy Corp., 7.875%, 09/30/2031 | 599681 |  | 0.2 |
| &nbsp;&nbsp;2600000 |  | Diamondback Energy, Inc., 6.250%, 03/15/2033 | 2647028 |  | 1 |
| &nbsp;&nbsp;330000 |  | Hess Corp., 7.300%, 08/15/2031 | 359247 |  | 0.1 |
| 180000 |  | Hess Corp., 7.875%, 10/01/2029 | 199947 |  | 0.1 |
|  |  |  | **3805903** |  | **1.4** |
|  |  | **Financial: 11.9%**  | **Financial: 11.9%**  | **Financial: 11.9%**  | **Financial: 11.9%**  |
| &nbsp;&nbsp;6450000 | (1) | Bank of America Corp., 4.083%, 03/20/2051 | 5078817 |  | 1.9 |
| &nbsp;&nbsp;2280000 | (2) | Blue Owl Finance LLC, 3.125%, 06/10/2031 | 1698370 |  | 0.6 |
| &nbsp;&nbsp;2210000 | (1) | Citigroup, Inc., 3.785%, 03/17/2033 | 1896129 |  | 0.7 |
| &nbsp;&nbsp;2660000 |  | Equinix, Inc., 2.500%, 05/15/2031 | 2143804 |  | 0.8 |
| &nbsp;&nbsp;4490000 |  | Goldman Sachs Group, Inc./The, 5.700%,<br> 11/01/2024 | 4546700 |  | 1.7 |
| &nbsp;&nbsp;2465000 |  | Golub Capital BDC, Inc., 2.500%, 08/24/2026 | 2095720 |  | 0.8 |
| &nbsp;&nbsp;5290000 | (2) | Jackson National Life Global Funding, 5.473%, (SOFRRATE + 1.150%), 06/28/2024 | 5292186 |  | 2 |
| &nbsp;&nbsp;550000 | (1) | JPMorgan Chase & Co., 3.328%, 04/22/2052 | 374157 |  | 0.2 |
| &nbsp;&nbsp;2830000 | (1) | JPMorgan Chase & Co., 4.912%, 07/25/2033 | 2702952 |  | 1 |
| 5740000 | (2) | Macquarie Group Ltd., 6.207%, 11/22/2024 | 5781548 |  | 2.2 |
|  |  |  | **31610383** |  | **11.9** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  |  | Value | **Percentage<br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  |  | **Technology: 0.5%**  | **Technology: 0.5%**  | **Technology: 0.5%**  |
| 2120000 | (2) | Dell International LLC / EMC Corp., 3.375%, 12/15/2041 | $**1427244** | **0.5** |
|  |  | Total Corporate Bonds/Notes<br> (Cost $56,196,856) | **55131529** | **20.7** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%** |
| 306395  | (1),(2) | Residential Mortgage Loan Trust 2019-3 A1, 2.633%, 09/25/2059 | **297183** | **0.1** |
|  |  | Total Collateralized Mortgage Obligations<br> (Cost $299,043) | **297183** | **0.1** |
| **U.S. TREASURY OBLIGATIONS: 44.8%** | **U.S. TREASURY OBLIGATIONS: 44.8%** | **U.S. TREASURY OBLIGATIONS: 44.8%** | **U.S. TREASURY OBLIGATIONS: 44.8%** | **U.S. TREASURY OBLIGATIONS: 44.8%** |
|  |  | **U.S. Treasury Bonds: 43.4%**  | **U.S. Treasury Bonds: 43.4%**  | **U.S. Treasury Bonds: 43.4%**  |
| &nbsp;&nbsp;2950000 |  | 1.875%,11/15/2051 | 1869447 | 0.7 |
| &nbsp;&nbsp;6460000 |  | 2.000%,08/15/2051 | 4232057 | 1.6 |
| &nbsp;&nbsp;41475000 |  | 2.250%,02/15/2052 | 28857527 | 10.8 |
| &nbsp;&nbsp;60330000 |  | 2.875%,05/15/2052 | 48358266 | 18.2 |
| &nbsp;&nbsp;19040000 |  | 3.000%,08/15/2052 | 15693125 | 5.9 |
| 16170000 |  | 4.125%,11/15/2032 | 16504770 | 6.2 |
|  |  |  | **115515192** | **43.4** |
|  |  | **U.S. Treasury Floating Rate Notes: 1.4%**  | **U.S. Treasury Floating Rate Notes: 1.4%**  | **U.S. Treasury Floating Rate Notes: 1.4%**  |
| 3860000 |  | 4.435%, (USBMMY3M + 0.037%),07/31/2024 | **3855776** | **1.4** |
|  |  | Total U.S. Treasury Obligations<br> (Cost $136,772,172) | **119370968** | **44.8** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.8%** |
|  |  | **Federal Home Loan Bank: 1.3%**  | **Federal Home Loan Bank: 1.3%**  | **Federal Home Loan Bank: 1.3%**  |
| 3690000 |  | 0.125%,03/17/2023 | **3657787** | **1.3** |
|  |  | **Federal Home Loan Mortgage Corporation: 3.6%<sup>(3)</sup>**  | **Federal Home Loan Mortgage Corporation: 3.6%<sup>(3)</sup>**  | **Federal Home Loan Mortgage Corporation: 3.6%<sup>(3)</sup>**  |
| 9700000 |  | 0.375%,05/05/2023 | **9566146** | **3.6** |
|  |  | **Uniform Mortgage-Backed Securities: 24.9%**  | **Uniform Mortgage-Backed Securities: 24.9%**  | **Uniform Mortgage-Backed Securities: 24.9%**  |
| &nbsp;&nbsp;26684848 |  | 4.000%,06/01/2052 | 25056472 | 9.4 |
| &nbsp;&nbsp;6393893 |  | 4.500%,09/01/2052 | 6160634 | 2.3 |
| &nbsp;&nbsp;4453843 |  | 4.500%,09/01/2052 | 4291360 | 1.6 |
| &nbsp;&nbsp;3150406 |  | 4.500%,10/01/2052 | 3035393 | 1.1 |
| &nbsp;&nbsp;14473950 |  | 5.000%,11/01/2052 | 14287355 | 5.4 |
| &nbsp;&nbsp;1274164 |  | 5.000%,12/01/2052 | 1257738 | 0.5 |
| 12112723 |  | 5.500%,11/01/2052 | 12160085 | 4.6 |
|  |  |  | **66249037** | **24.9** |
|  |  | Total U.S. Government Agency Obligations<br> (Cost $81,023,841) | **79472970** | **29.8** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.5%** |
| &nbsp;&nbsp;3089000 | (1) | Benchmark 2020-B18 C Mortgage Trust, 3.646%, 07/15/2053 | 2263181 | 0.9 |

---

See Accompanying Notes to Financial Statements

47<br>

------

<u>VY<sup>®</sup> BrandywineGLOBAL — <br> Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount† |  |  | Value | **Percentage<br> of Net<br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 2000000 | (1) | JPMDB Commercial Mortgage Securities Trust 2018-C8 C, 4.811%, 06/15/2051 | $1682337 | 0.6 |
|  |  | Total Commercial Mortgage-Backed Securities<br> (Cost $5,437,759) | **3945518** | **1.5** |
|  |  | Total Long-Term Investments<br> (Cost $279,729,671) | **258218168** | **96.9** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.3%** | **SHORT-TERM INVESTMENTS: 2.3%** | **SHORT-TERM INVESTMENTS: 2.3%** | **SHORT-TERM INVESTMENTS: 2.3%** | **SHORT-TERM INVESTMENTS: 2.3%** |
|  |  | **Mutual Funds: 2.3%**  | **Mutual Funds: 2.3%**  | **Mutual Funds: 2.3%**  |
| 6092762 | (4) | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.030%<br> (Cost $6,092,762) | **6092762** | **2.3** |
|  |  | Total Short-Term Investments<br> (Cost $6,092,762) | **6092762** | **2.3** |
|  |  | **Total Investments in Securities<br> (Cost $285,822,433)** | $**264310930** | **99.2** |
|  |  | **Assets in Excess of Other Liabilities** | **2003545** | **0.8** |
|  |  | **Net Assets** | $**266314475** | **100.0** |

---

† Unless otherwise indicated, principal amount is shown in USD.

(1) Variable rate security. Rate shown is the rate in effect as of December 31, 2022.

(2) Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities
 Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3) The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage
 Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA
 oversees the continuing affairs of these companies.

(4) Rate shown is the 7-day yield as of December 31, 2022.

Reference Rate Abbreviations:

SOFRRATE 1-day Secured Overnight Financing Rate <br> USBMMY3M U.S. Treasury 3-month Bill Money Market Yield

**Fair Value Measurementsˆ**

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) | Fair Value<br> at<br> December 31, 2022 |
| **Asset Table** |  |  |  |
| **Investments, at fair value** |  |  |  |
| Corporate Bonds/Notes | $— | $55131529 | $55131529 |
| Collateralized Mortgage Obligations |  | 297183 | 297183 |
| Commercial Mortgage-Backed Securities |  | 3945518 | 3945518 |
| U.S. Government Agency Obligations |  | 79472970 | 79472970 |
| U.S. Treasury Obligations |  | 119370968 | 119370968 |
| Short-Term Investments | 6092762 |  | 6092762 |
| Total Investments, at fair value | $6092762 | $258218168 | $264310930 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

48<br>

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<u>VY<sup>®</sup> BrandywineGLOBAL — <br> Bond Portfolio</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (continued)</u>

The effect of derivative instruments on the Portfolio's Statement of Operations for the year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  | Amount of Realized Gain <br> or (Loss) on Derivatives <br> Recognized in Income |
| Derivatives not accounted for as<br> hedging instruments | Futures.2 |
| Interest rate contracts | $(5348388) |
| **Total** | $(5348388) |

---

---

| | |
|:---|:---|
|  | Change in Unrealized <br> Appreciation or<br> (Depreciation)<br> on Derivatives<br> Recognized in Income |
| Derivatives not accounted for<br> as hedging instruments | Futures.2 |
| Interest rate contracts | 75297 |
| **Total** | $75297 |

---

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 $286,077,040. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;Gross Unrealized Appreciation | $1304060 |
| &nbsp;&nbsp;Gross Unrealized Depreciation | (23070170) |
| &nbsp;&nbsp;Net Unrealized Depreciation | $(21766110) |

---

See Accompanying Notes to Financial Statements

49<br>

------

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| Portfolio Name | Type | Per Share Amount |
| VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio |  |  |
| &nbsp;&nbsp;Class ADV | NII | $0.3212 |
| &nbsp;&nbsp;Class I | NII | $0.3914 |
| &nbsp;&nbsp;Class S | NII | $0.3612 |
| &nbsp;&nbsp;All Classes | ROC<br>| $0.0494 |
| VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio | NII | $0.1055 |
|  | STCG<br>| $0.3382 |
|  | LTCG<br>| $0.1925 |

---

NII — Net investment income

STCG — Short-term capital gain

LTCG — Long-term capital gain

ROC — Return of capital

VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio designates $5,177,646 of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C).

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.

50<br>

------

TRUSTEE AND OFFICER INFORMATION (Unaudited)

The business and affairs of each Trust are managed under the direction of the Board. A Trustee, who is not an interested person of a Trust, as defined in the 1940 Act, is an independent trustee ("Independent Trustee"). The Trustees and Officers of each 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 for Voya Variable Insurance Trust ("VVIT") and (800) 366-0066 for Voya Investors Trust ("VIT").

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address and Age | Position(s)<br> Held with<br> the Trust | Term of Office<br> and Length of<br> Time 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<br> Positions<br> Held by<br> 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<br> 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.<br> 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<br> 2001–Present). | 132 | Centerra Gold Inc. (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> 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).

<sup>(2)</sup> 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.

51<br>

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| Name, Address and Age | Position(s) Held<br> With the Trust | Term of Office<br> and Length of<br> 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). |

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52<br>

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TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address and Age | Position(s) Held<br> With the Trust | Term of Office<br> and Length of<br> 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<br> 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 | VIT: November 1999–Present<br> VVIT: October 2000–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). |

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<sup>(1)</sup> The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

53<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 17, 2022, the Boards of Trustees ("Board") of Voya Investors Trust ("VIT") and Voya Variable Insurance Trust ("VVIT," and together with VIT, the "Trusts"), including a majority of the Board members who have no direct or indirect interest in the investment management, sub-advisory and sub-sub-advisory contracts, and who are not "interested persons" of VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio ("BlackRock Portfolio"), a series of VIT, and VY<sup>®</sup> BrandywineGLOBAL — Bond Portfolio, a series of VVIT (together, 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 Trusts, on behalf of the Portfolios; the sub-advisory contracts (the "Sub-Advisory Contracts") with BlackRock Financial Management, Inc. and Brandywine Global Investment Management, LLC, the respective sub-advisers to each Portfolio (the "Sub-Advisers"); and the sub-sub-advisory contract (the "Sub-Sub-Advisory Contract," and together with the Management Contracts and Sub-Advisory Contracts, the "Contracts") with BlackRock International Limited, the sub-sub-adviser to BlackRock Portfolio (the "Sub-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, Sub-Advisers, or Sub-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, sub-advisory contracts and sub-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, sub-advisory, and sub-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, sub-advisory, and sub-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 and sub-sub-advisers, as well as the Manager's role in monitoring the sub-advisers and sub-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, the Sub-Advisers, or the Sub-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, Sub-Advisers, and the Sub-Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the

54<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 responsibilities to one or more sub-advisers and their sub-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 and their sub-sub-advisers, if any, to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' and Sub-Sub-Adviser's investment programs, 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 sub-sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, sub-sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's and the Sub-Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser and the Sub-Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with each Sub-Adviser and the Sub-Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trusts' Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager, Sub-Advisers, and Sub-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-Advisers and the Sub-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, Sub-Advisers, and Sub-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, each Sub-Adviser, and the Sub-Sub-Adviser under the Contracts were appropriate.

**Portfolio Performance**

In assessing the investment management, sub-advisory, and sub-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 Trusts' 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, Sub-Advisers, and Sub-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 any breakpoints in the management fee schedules that will result in a lower management fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, 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, Sub-Advisers, or Sub-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 or sub-sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager or relevant Sub-Adviser, respectively.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

**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, Sub-Advisers, and Sub-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, Sub-Advisers, or Sub-Sub-Adviser, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers and the Sub-Sub-Adviser with respect to sub-advisory and sub-sub-advisory fee schedules, that the Manager is responsible for paying the fees of the Sub-Advisers and that the applicable Sub-Adviser is responsible for paying the fees of the Sub-Sub-Adviser.

**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 each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager, and the contractual sub-sub-advisory fee schedule payable to the Sub-Sub-Adviser by the relevant Sub-Adviser. In this regard, the Board considered that the Sub-Sub-Adviser is compensated by its relevant Sub-Adviser and not the Manager. In addition, the Board considered any 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 each Sub-Adviser and the Sub-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 related to its services to the Portfolio. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Portfolio, the

Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager attributable to servicing each Portfolio both with and without taking into account the profitability of the distributor of the Portfolios and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Advisers and the Sub-Sub-Adviser, which are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser with respect to the negotiation of sub-advisory and sub-sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers or sub-sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager, as well as other industry participants with whom the profits of the Manager 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 is entitled to earn a reasonable level of profits for the services that it provides to the Portfolios. The Board also considered information regarding the potential fall-out benefits to the Manager, Sub-Advisers, and Sub-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 profitability with respect to its services to the Portfolios and the Manager's, Sub-Advisers' and Sub-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

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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.

**VY**<sup><sup>®</sup></sup> **BlackRock Inflation Protected Bond Portfolio**

In considering whether to approve the renewal of the Contracts for BlackRock Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the three-year, five-year and ten-year periods, the fourth quintile for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Portfolio and its shareholders from breakpoint discounts applicable to the Portfolio's management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's

representations regarding the competitiveness of the Portfolio's management fee rate and net expense ratio.

**VY**<sup><sup>®</sup></sup> **BrandywineGLOBAL — Bond Portfolio**

In considering whether to approve the renewal of the Contracts for VY<sup><sup>®</sup></sup> BrandywineGLOBAL — Bond 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, one-year, three-year and five-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the 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 fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the 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. In analyzing this fee data, the Board took into account management's representations regarding the competitiveness of the Portfolio's management fee rate and net expense ratio.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Portfolio and that approval of the continuation of the Contracts is in the best interests of each Portfolio and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Portfolio's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2023.

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**Investment Adviser**<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.**

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| RETIREMENT \| INVESTMENTS \| INSURANCE<br>voyainvestments.com | ![](voya_blk.jpg) |
|  | VPAR-VIT3AIS (1222-022323) |

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![](voya_banner.jpg)<br>

Annual Report

**December 31, 2022**

Classes ADV, I and S

**Voya Investors Trust**

◼ Voya Global Perspectives<sup>®</sup> Portfolio

<br>As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the 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.<br>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.<br>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.<br>

<br>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 fund's investment objectives, risks, charges, expenses and other information. This information should be read carefully .<br>

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| **INVESTMENT MANAGEMENT**<br> **voyainvestments.com** | ![](voya_blk.jpg) |

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**TABLE OF CONTENTS**

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| [Portfolio Managers' Report](#d414735a001) | 2 |
| [Shareholder Expense Example](#d414735a002) | 4 |
| [Report of Independent Registered Public Accounting Firm](#d414735a003) | 5 |
| [Statement of Assets and Liabilities](#d414735a004) | 6 |
| [Statement of Operations](#d414735a005) | 7 |
| [Statements of Changes in Net Assets](#d414735a006) | 8 |
| [Financial Highlights](#d414735a007) | 9 |
| [Notes to Financial Statements](#d414735a008) | 10 |
| [Portfolio of Investments](#d414735a009) | 16 |
| [Tax Information](#d414735a010) | 18 |
| [Trustee and Officer Information](#d414735a011) | 19 |
| [Advisory and Sub-Advisory Contract Approval Discussion](#d414735a012) | 22 |

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**PROXY VOTING INFORMATION**<br> A description of the policies and procedures that the Portfolio uses 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 Portfolio's 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 Portfolio voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Portfolio's website at www.voyainvestments.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**<br> The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolio's Forms NPORT-P are available on the SEC's website at www.sec.gov. The Portfolio's complete schedule of portfolio holdings, as filed on Form NPORT-P is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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BENCHMARK DESCRIPTIONS

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| Index<BORDER_TOP> | Description<BORDER_TOP> |
| S&P Target Risk<sup>®</sup> Growth Index | Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile. |

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<u>Voya Global Perspectives<sup>®</sup> Portfolio</u> <u>Portfolio Managers' Report </u>

Voya Global Perspectives<sup>®</sup> Portfolio (the "Portfolio") seeks total return. Under normal conditions, the sub-adviser invests the assets of the Portfolio in a combination of underlying funds ("Underlying Funds") that in turn, invest directly in securities such as stocks and bonds. The Portfolio is managed by Douglas Coté, CFA Portfolio Manager of Voya Investment Management Co. LLC — the Sub-Adviser.

Under normal market conditions, approximately 60% of the Portfolio's net assets are allocated to Underlying Funds that invest predominantly in equity securities, and approximately 40% of the Portfolio's net assets are allocated to Underlying Funds that invest predominantly in debt instruments. These approximate weights are referred to as target allocations ("Target Allocations"). Depending upon the rules-based investment strategy, the equity target allocation may drop to approximately 30% and the debt target allocation may rise to approximately 70% — such weightings are called "defensive allocations." No adjustments to the Target Allocations or defensive allocations will be made between quarterly allocation dates.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class S shares provided a total return of –17.66%, compared to the S&P Target Risk<sup>®</sup> Growth Index which returned –15.27%.

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| <br>**Target Allocations<br> as of December 31, 2022**<br> *(as a percentage of net assets)* | <br>**Target Allocations<br> as of December 31, 2022**<br> *(as a percentage of net assets)* |
| U.S. Large Cap Equities | 10% |
| U.S. Mid Cap Equities | 10% |
| U.S. Small Cap Equities | 10% |
| Global Real Estate | 10% |
| International Equities | 10% |
| Emerging Market Equities | 10% |
| U.S. Investment Grade Bonds | 10% |
| U.S. Government Bonds | 10% |
| Global Bonds | 10% |
| U.S. High Yield Bonds | 10% |
| ***Portfolio holdings are subject to change daily.*** | ***Portfolio holdings are subject to change daily.*** |

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***Portfolio Specifics:*** It was the worst year for US stocks since 2008 as the Federal Open Market Committee slammed the brakes on runaway inflation. But it was the 2022 bond market shock that shook the world with the worst bond bear market since the Volker Era, worse than the Great Bond Massacre of 1994. The pain inflicted was widespread as US Treasuries, high-grade corporates, global bonds and high-yield bonds all experienced double-digit losses. In other words, there was no place to hide in 2022. The S&P 500's –18.1% nearly matched the MSCI Emerging Market's –19.7% return. The S&P Midcap and S&P Small cap stocks fell –13.1% and –16.1% respectively. The worst performing equity was Global REITs at –24.4%. US Treasury of more than 20-year bonds returned –31.1%; US Corporate Investment Grade returned –15.8%; Global Bonds returned –16.2%, and the best-performing category was surprisingly High-Yield bonds, returning –11.2%. The CBOE Volatility Index closed at 21.7% and the S&P GCSI Commodity Index was up 26%, led by the S&P GCSI energy sector, up more than 42.3% for the year.

Performance of the Portfolio was negative for the period and underperformed its benchmark.

Underperformance was due to overall fund selection primarily in equities. During the period, the Portfolio was positioned at its "Base" allocation, consistent with the investment model's positive tactical signal based on positive S&P 500 earnings growth; the weights across the underlying funds were almost equal weighted.

Within the equity sleeve, the Portfolio underperformed primarily due to its positioning in non-benchmark VY<sup>®</sup> CBRE Global Real Estate Portfolio and in the Voya Midcap Opportunities Portfolio as its growth tilt significantly underperformed midcap value and core. Within the fixed income sleeve, the Portfolio also underperformed due again to its underlying fund selection primarily in the Voya Investment Grade Credit Fund and Voya Global Bond Fund.

***Current Strategy and Outlook:*** In our view, the Fed — as both solution and problem — is walking a tight rope, and it is very important for it not to waiver. Markets are expecting a steady Fed hand and, in our opinion, it must deliver on taper and rate increases, or the consequences could be devastating. This may seem counterintuitive that the market would want a "tightening" posture from the Fed. We believe the reason is the fear of inflation, not in goods but in the market, which is creating identifiable imbalances, raising risks of a far more severe correction if not reined in. Therefore, we believe the primary risk is unabated inflation, and the primary strength is the ongoing economic boom.

Our outlook is predicated on the tug of war between a hawkish US Federal Reserve and a resilient private economy. The "Fed put" has expired — for the first time in 20 years, the markets are on their own, without the safety net that the Fed will step in and backstop investors' overzealous risk-taking. The good news is that headline inflation continues to drop but the bad news is that we believe it is not likely to deter the Fed from its aggressive rate hikes and reduction of its balance sheet.

The Portfolio ended 2022 positioned at their base allocation, fully invested consistent with the Portfolio's investment model positive tactical signal based on positive earnings growth for the S&P 500. Should quarterly corporate earnings growth have a decline compared to its same quarter a year ago positioning would move to "defensive" allocations.

***The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.***

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Portfolio holdings are subject to change daily. The outlook for this Portfolio may differ from that presented for other Voya mutual funds. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. The Portfolio's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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<u>Portfolio Managers' Report</u> <u>Voya Global Perspectives<sup>®</sup> Portfolio</u>

![](d414735_1gpline.jpg)

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| | | | |
|:---|:---|:---|:---|
| **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** | **Since Inception<br> of Classes ADV, I and S<br> May 1, 2013** |
| Class ADV | –17.69% | 1.92% | 3.63% |
| Class I | –17.51% | 2.22% | 3.97% |
| Class S | –17.66% | 1.97% | 3.70% |
| S&P Target Risk<sup>®</sup> Growth Index | –15.27% | 3.48% | 5.54% |

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Based on a $10,000 initial investment, the graph and table above illustrate the total return of the Voya Global Perspectives<sup>®</sup> Portfolio against the index indicated. An index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Portfolio's performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 366-0066 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

As a shareholder of the 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 the 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 Portfolio's 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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 the 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.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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\*\*** |
| Class ADV | $1000.00 | $1003.30 | 0.50% | $2.52 | $1000.00 | $1022.68 | 0.50% | $2.55 |
| Class I | 1000.00 | 1004.60 | 0.20 | 1.01 | 1000.00 | 1024.20 | 0.20 | 1.02 |
| Class S | 1000.00 | 1003.70 | 0.45 | 2.27 | 1000.00 | 1022.94 | 0.45 | 2.29 |

---

\* The annualized expense ratios do not include expenses of underlying funds.

\*\* Expenses are equal to the Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.

4<br>

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Global Perspectives<sup>®</sup> Portfolio and the Board of Trustees<br> of Voya Investors Trust

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Voya Global Perspectives<sup>®</sup> Portfolio (the "Portfolio") (one of the portfolios constituting Voya Investors Trust (the "Trust")), including the portfolio of investments, as of December 31, 2022, and the related statement 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 the Portfolio (one of the portfolios constituting Voya Investors Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its 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 26, 2020, expressed an unqualified opinion on those financial highlights.

*Basis for Opinion*

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's 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 audit 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.

![](ernstyoung.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts<br> February 28, 2023

5<br>

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STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2022

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| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in affiliated underlying funds at fair value\* | $69552668 |
| Cash | 13156 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold | 122099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 5597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 17 |
| Prepaid expenses | 409 |
| Reimbursement due from Investment Adviser | 12389 |
| Other assets | 9258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 69715593 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 127703 |
| Payable for investment management fees | 11950 |
| Payable for distribution and shareholder service fees | 16180 |
| Payable to trustees under the deferred compensation plan (Note 6) | 9258 |
| Payable for trustee fees | 198 |
| Other accrued expenses and liabilities | 21252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 186541 |
| **NET ASSETS** | $69529052 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $77267495 |
| Total distributable loss | (7738443) |
| **NET ASSETS** | $69529052 |
| \* Cost of investments in affiliated underlying funds | $84684716 |
| **Class ADV** |  |
| Net assets | $62242821 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 7089186 |
| Net asset value and redemption price per share | $8.78 |
| **Class I** |  |
| Net assets | $7218599 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 815282 |
| Net asset value and redemption price per share | $8.85 |
| **Class S** |  |
| Net assets | $67632 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 7712 |
| Net asset value and redemption price per share | $8.77 |

---

See Accompanying Notes to Financial Statements<br>

6<br>

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STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022<br>

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| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated underlying funds | $1623636 |
| Dividends from unaffiliated underlying funds | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1623757 |
| **EXPENSES:** |  |
| Investment management fees | 158225 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 428084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 183 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 10379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 11 |
| Shareholder reporting expense | 6020 |
| Professional fees | 21170 |
| Custody and accounting expense | 13833 |
| Trustee fees | 1979 |
| Miscellaneous expense | 10502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 651511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (276797) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 374714 |
| Net investment income | 1249043 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | (2570089) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 9398668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 6828579 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | (24855083) |
| Net change in unrealized appreciation (depreciation) | (24855083) |
| Net realized and unrealized loss | (18026504) |
| **Decrease in net assets resulting from operations** | $(16777461) |

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See Accompanying Notes to Financial Statements<br>

7<br>

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STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1249043 | $1328943 |
| Net realized gain | 6828579 | 7579905 |
| Net change in unrealized appreciation (depreciation) | (24855083) | (3097654) |
| Increase (decrease) in net assets resulting from operations | (16777461) | 5811194 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;Class ADV | (7856985) | (5520893) |
| &nbsp;&nbsp;Class I | (881201) | (543110) |
| &nbsp;&nbsp;Class S | (8207) | (4814) |
| Total distributions | (8746393) | (6068817) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 1454443 | 3191330 |
| Reinvestment of distributions | 8746393 | 6068817 |
|  | 10200836 | 9260147 |
| Cost of shares redeemed | (13072931) | (17888931) |
| Net decrease in net assets resulting from capital share transactions | (2872095) | (8628784) |
| Net decrease in net assets | (28395949) | (8886407) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 97925001 | 106811408 |
| End of year or period | $69529052 | $97925001 |

---

See Accompanying Notes to Financial Statements<br>

8<br>

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FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from <br> investment<br> operations** | **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<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net <br> asset <br> value, <br> beginning<br> of year <br> or period | Net <br> investment <br> income <br> (loss) | Net <br> investment <br> income <br> (loss) | Net<br> realized <br> and <br> unrealized<br> gain (loss) | <br>Total <br> from <br> investment <br> operations | From <br> net <br> investment <br> income | From <br> net <br> realized <br> gains | From <br> return of <br> capital | <br>Total <br> distributions | <br>Payment<br> by <br> affiliate | <br>Net <br> asset value,<br> end of <br> year or <br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before <br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or <br> recoupments<br> if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Net<br> investment <br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of <br> year or <br> period | Portfolio<br> turnover<br> rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.08 | 0.15 | <sup>•</sup> | (2.29) | (2.14) | 0.31 | 0.85 |  | 1.16 |  | 8.78 | **(17.69)** | 0.88 | 0.50 | 0.50 | 1.55 | 62243 | 22 |
| 12-31-21 | 12.13 | 0.15 | <sup>•</sup> | 0.54 | 0.69 | 0.41 | 0.33 |  | 0.74 |  | 12.08 | **5.74** | 0.87 | 0.52 | 0.52 | 1.27 | 88974 | 40 |
| 12-31-20 | 11.17 | 0.34 | <sup>•</sup> | 1.34 | 1.68 | 0.35 | 0.37 |  | 0.72 |  | 12.13 | **15.80** | 0.88 | 0.51 | 0.51 | 3.01 | 97298 | 107 |
| 12-31-19 | 10.21 | 0.23 | <sup>•</sup> | 1.57 | 1.80 | 0.37 | 0.47 |  | 0.84 |  | 11.17 | **17.97** | 0.87 | 0.48 | 0.48 | 2.07 | 95446 | 13 |
| 12-31-18 | 11.46 | 0.23 | <sup>•</sup> | (1.06) | (0.83) | 0.29 | 0.13 |  | 0.42 |  | 10.21 | **(7.50)** | 0.87 | 0.48 | 0.48 | 2.10 | 94684 | 16 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.19 | 0.18 | <sup>•</sup> | (2.32) | (2.14) | 0.35 | 0.85 |  | 1.20 |  | 8.85 | **(17.51)** | 0.28 | 0.20 | 0.20 | 1.85 | 7219 | 22 |
| 12-31-21 | 12.23 | 0.19 | <sup>•</sup> | 0.55 | 0.74 | 0.45 | 0.33 |  | 0.78 |  | 12.19 | **6.09** | 0.27 | 0.22 | 0.22 | 1.54 | 8866 | 40 |
| 12-31-20 | 11.26 | 0.38 | <sup>•</sup> | 1.35 | 1.73 | 0.39 | 0.37 |  | 0.76 |  | 12.23 | **16.13** | 0.28 | 0.21 | 0.21 | 3.31 | 9437 | 107 |
| 12-31-19 | 10.29 | 0.26 | <sup>•</sup> | 1.59 | 1.85 | 0.41 | 0.47 |  | 0.88 |  | 11.26 | **18.33** | 0.27 | 0.18 | 0.18 | 2.33 | 8090 | 13 |
| 12-31-18 | 11.55 | 0.28 | <sup>•</sup> | (1.08) | (0.80) | 0.33 | 0.13 |  | 0.46 |  | 10.29 | **(7.21)** | 0.27 | 0.18 | 0.18 | 2.48 | 8051 | 16 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.08 | 0.16 | <sup>•</sup> | (2.30) | (2.14) | 0.32 | 0.85 |  | 1.17 |  | 8.77 | **(17.66)** | 0.53 | 0.45 | 0.45 | 1.59 | 68 | 22 |
| 12-31-21 | 12.13 | 0.16 | <sup>•</sup> | 0.54 | 0.70 | 0.42 | 0.33 |  | 0.75 |  | 12.08 | **5.84** | 0.52 | 0.47 | 0.47 | 1.29 | 85 | 40 |
| 12-31-20 | 11.18 | 0.34 | <sup>•</sup> | 1.34 | 1.68 | 0.36 | 0.37 |  | 0.73 |  | 12.13 | **15.79** | 0.53 | 0.46 | 0.46 | 3.04 | 77 | 107 |
| 12-31-19 | 10.22 | 0.23 |  | 1.58 | 1.81 | 0.38 | 0.47 |  | 0.85 |  | 11.18 | **18.08** | 0.52 | 0.43 | 0.43 | 2.10 | 65 | 13 |
| 12-31-18 | 11.48 | 0.23 |  | (1.06) | (0.83) | 0.30 | 0.13 |  | 0.43 |  | 10.22 | **(7.47)** | 0.52 | 0.43 | 0.43 | 2.13 | 55 | 16 |

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<sup>(1)</sup> 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> Annualized for periods less than one year.

<sup>(3)</sup> 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> | Ratios do not include expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements<br>

9<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022<br>

**NOTE 1 — ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-one active separate investment series. The series included in this report is Voya Global Perspectives<sup>®</sup> Portfolio ("Global Perspectives" or the "Portfolio"), a diversified series of the Trust. The investment objective of the Portfolio is described in the Portfolio's Prospectus.

The classes of shares included in this report are: Adviser ("Class ADV"), Institutional ("Class I") and Service ("Class S"). 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 Portfolio. Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolio. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolio.

The Portfolio seeks to achieve its investment objective by investing in affiliated investment companies that, in turn, invest directly in a wide range of portfolio securities (*i.e*.,

stocks and bonds). The investment companies in which the Portfolio invests are collectively referred to as the "Underlying Funds."

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The following significant accounting policies are consistently followed by the Portfolio in the preparation of its financial statements. The 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.*** The 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 the 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 the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Portfolio is closed for business, Portfolio shares will not be priced and the Portfolio does not transact purchase and redemption orders. To the extent the Portfolio's assets are traded in other markets on days when the Portfolio does not price its shares, the value of the Portfolio's assets will likely change and you will not be able to purchase or redeem shares of the 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 the 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

10<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

designee, to make fair value determinations in good faith. In determining the fair value of the Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the 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 the 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 the Portfolio.

The Portfolio's 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 the Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Portfolio 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. The Portfolio classifies each of its investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing the Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Portfolio has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statement of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statement of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

11<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

<br> C. ***Foreign Currency Translation.*** The books and records of the Portfolio are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolio does 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 Statement 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 the Portfolio's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders.*** The Portfolio records distributions to its shareholders on the ex-dividend date. The Portfolio declares and pays dividends and capital gain distributions, if any, annually. The Portfolio may make

distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of the Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions 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, no federal income tax provision is required. Management has considered the sustainability of the Portfolio's 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 any capital loss carryforwards have been fully utilized.

The Portfolio 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. ***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 Portfolio and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS**

For the year ended December 31, 2022, the cost of purchases and the proceeds from the sales of the Underlying Funds were as follows:

---

| | |
|:---|:---|
| Purchases | Sales |
| $17296885 | $27705578 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Portfolio has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolio. The Investment Adviser oversees all investment management

12<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

<br> and portfolio management services for the Portfolio and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolio, 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: 0.20% of average daily net assets invested in affiliated Underlying Funds and 0.40% of the average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Portfolio and is paid by the Investment Adviser based on the average daily net assets of the Portfolio. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Portfolio's assets in accordance with the Portfolio's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

The Trust has entered into a shareholder service plan (the "Agreement") for the Class S shares of the Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S. Under the Agreement, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class S shares.

Class ADV shares have a shareholder service and distribution plan. Class ADV shares pay a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio's average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.30% of the distribution fee for Class ADV shares of the Portfolio, so the actual fee paid by Class ADV shares is an annual rate of 0.05%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2022, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Portfolio:

---

| | |
|:---|:---|
| Subsidiary | Percentage |
| Voya Retirement Insurance and Annuity Company | 7.49% |

---

The Portfolio has 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 Portfolio. 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 Portfolio purchases 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 Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolio's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolio 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 the Portfolio were $11,147.

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses to the levels listed below:

---

| | | |
|:---|:---|:---|
| Class ADV<sup>(1)(2)</sup> | Class I<sup>(1)(2)</sup> | Class S<sup>(1)(2)</sup> |
| 1.55% | 0.95% | 1.20% |

---

<sup>(1)</sup> The operating expense limits shown take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by the Portfolio will vary based on the Portfolio's allocation of assets to, and the net expenses of, a particular Underlying Fund.

<sup>(2)</sup> Pursuant to a side letter through May 1, 2023, the total expense limits including the operating expenses incurred at the Underlying Fund level are 1.09%, 0.83% and 1.08% for Class ADV, Class I, and Class S, respectively. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser may at a later date recoup from the Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser

13<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)**

are reflected on the accompanying Statement of Assets and Liabilities.

As of December 31, 2022, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31,** | **December 31,** | **December 31,** | |
| 2023 | **2024** | **2025** | <br>**Total** |
| $69268 | $46165 | $62754 | $178187 |

---

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 Portfolio, 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 Portfolio 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)** |
| <br>**Year or <br> period ended** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 46328 |  | 898969 | (1221786) | (276489) | 460747 |  | 7856985 | (12012035) | (3694303) |
| 12/31/2021 | 83402 |  | 463941 | (1203757) | (656414) | 1015615 |  | 5520893 | (14623690) | (8087182) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 99103 |  | 100136 | (111502) | 87737 | 993696 |  | 881201 | (1058537) | 816360 |
| 12/31/2021 | 176055 |  | 45297 | (265439) | (44087) | 2171968 |  | 543110 | (3264837) | (549759) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 |  |  | 941 | (261) | 680 |  |  | 8207 | (2359) | 5848 |
| 12/31/2021 | 314 |  | 404 | (33) | 685 | 3747 |  | 4814 | (404) | 8157 |

---

**NOTE 10 — 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 short-term capital gains and wash sale deferrals.

Dividends paid by the Portfolio 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,<br> 2022** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br>December 31,<br> 2021** | **Year Ended<br>December 31,<br> 2021** |
| **Ordinary<br>Income** | **Long-term<br> Capital Gains** | **Ordinary<br> Income** | **Long-term<br> Capital Gains** |
| $4015019 | $4731374 | $5067038 | $1001779 |

---

The tax-basis components of distributable earnings as of December 31, 2022 were:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br>Distributable<br>Earnings/(Loss)** |
| $4193330 | $4234936 | $(16166709) | $(7738443) |

---

14<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

At December 31, 2022, the Portfolio did not have any capital loss carryforwards for U.S. federal income tax purposes.

The Portfolio's 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 Portfolio's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolio's 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 11 — 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 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 the 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 the 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 the Portfolio.

**NOTE 12 — MARKET DISRUPTION**

The 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 the Portfolio's investments, including beyond the Portfolio's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the Portfolio's investments. Any of these occurrences could disrupt the operations of the Portfolio and of the Portfolio's service providers.

**NOTE 13 — SUBSEQUENT EVENTS**

The Portfolio has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financials 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.

15<br>

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<u>VOYA GLOBAL PERSPECTIVES<sup>®</sup> PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **MUTUAL FUNDS: 100.0%** | **MUTUAL FUNDS: 100.0%** | **MUTUAL FUNDS: 100.0%** |  |
|  | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** | **Affiliated Investment Companies: 100.0%** |
| 724984 | Voya Emerging Markets Index Portfolio — Class I | $7112094 | 10.2 |
| 934511 | Voya Global Bond Fund — Class R6 | 6793893 | 9.8 |
| 893523 | Voya GNMA Income Fund — Class R6 | 6576328 | 9.5 |
| 824342 | Voya High Yield Portfolio — Class I | 6792581 | 9.8 |
| 331067 | Voya Index Plus LargeCap Portfolio — Class I | 6939156 | 10.0 |
| 775182 | Voya International Index Portfolio — Class I | 7682051 | 11.0 |
| 1656175 | Voya MidCap Opportunities Portfolio — Class R6 | 6806880 | 9.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 564034 | Voya Small Company Portfolio — Class R6 | $7259118 | 10.4 |
| 723289 | Voya U.S. Bond Index Portfolio — Class I | 6603630 | 9.5 |
| 742501 | VY<sup>®</sup> CBRE Global Real Estate Portfolio — Class I | 6986937 | 10.0 |
|  | **Total Mutual Funds<br>(Cost $84,684,716)** | **69552668** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(23616)** | **—** |
|  | **Net Assets** | $**69529052** | **100.0** |

---

**Fair Value Measurementsˆ**

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** |  |  |  |  |
| Mutual Funds | $69552668 | $— | $— | $69552668 |
| Total Investments, at fair value | $69552668 | $— | $— | $69552668 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2021** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change in<br> Unrealized<br> Appreciation/<br>(Depreciation)** | **Ending<br> Fair Value<br> at 12/31/2022** | **Investment<br> Income** | **Realized<br> Gains/<br>(Losses)** | **Net<br> Capital Gain<br> Distributions** |
| Voya Emerging Markets Index Portfolio — Class I | $9358578 | $1539225 | $(1177560) | $(2608149) | $7112094 | $166704 | $210828 | $279334 |
| Voya Global Bond Fund — Class R6 | 9459451 | 510558 | (1691032) | (1485084) | 6793893 | 48093 | (219773) |  |
| Voya GNMA Income Fund — Class R6 | 9477959 | 546145 | (2607023) | (840753) | 6576328 | 170463 | (246724) | 4 |
| Voya High Yield Portfolio — Class I | 9629864 | 709059 | (2053738) | (1492604) | 6792581 | 455402 | (130910) |  |
| Voya Index Plus LargeCap Portfolio — Class I | 10530837 | 2325349 | (1704293) | (4212737) | 6939156 | 65808 | 457793 | 1903692 |
| Voya International Index Portfolio — Class I | 9811608 | 811338 | (1007445) | (1933450) | 7682051 | 277598 | 277021 |  |
| Voya MidCap Opportunities Portfolio — Class R6 | 9508263 | 6401367 | (5465363) | (3637387) | 6806880 |  | (3571786) | 4761705 |
| Voya Small Company Portfolio — Class R6 | 9923972 | 2451411 | (1045083) | (4071182) | 7259118 |  | 482907 | 2044157 |
| Voya U.S. Bond Index Portfolio — Class I | 9511058 | 519054 | (2411837) | (1014645) | 6603630 | 174727 | (364953) |  |

---

See Accompanying Notes to Financial Statements<br>

16<br>

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<u>VOYA GLOBAL PERSPECTIVES<sup>®</sup> PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br>as of December 31, 2022 (CONTINUED)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Beginning<br> Fair Value<br> at 12/31/2021** | **Purchases<br> at Cost** | **Sales<br> at Cost** | **Change in<br> Unrealized<br> Appreciation/<br>(Depreciation)** | **Ending<br> Fair Value<br> at 12/31/2022** | **Investment<br> Income** | **Realized<br> Gains/<br>(Losses)** | **Net<br> Capital Gain<br> Distributions** |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio — Class I | $10776275 | $1483380 | $(1713626) | $(3559092) | $6986937 | $264841 | $535508 | $409776 |
|  | $97987865 | $17296886 | $(20877000) | $(24855083) | $69552668 | $1623636 | $(2570089) | $9398668 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

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 $85,719,378. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $— |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (16166709) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(16166709) |

---

See Accompanying Notes to Financial Statements<br>

17<br>

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TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| Portfolio Name | Type | Per Share Amount |
| Voya Global Perspectives<sup>®</sup> Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | NII | $0.3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | NII | $0.3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.6283 |

---

NII — Net investment income

STCG — Short-term capital gain

LTCG — Long-term capital gain

Of the ordinary distributions made during the year ended December 31, 2022, 5.76% qualifies for the dividends received deduction (DRD) available to corporate shareholders.

The Portfolio designates $4,731,374 of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C).

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolio designates the following amount as foreign taxes paid for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| Creditable<br> Foreign<br> Taxes Paid | Per Share<br> Amount | Portion of Ordinary Income<br> Distribution Derived from<br> Foreign Sourced Income\* |
| $47855 | $0.0060 | 6.91% |

---

\* The Portfolio listed above did not derive any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

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 Portfolio. 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.

18<br>

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TRUSTEE AND OFFICER INFORMATION (UNAUDITED)

The business and affairs of the Trust are managed under the direction of the Board. A Trustee, who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee ("Independent Trustee"). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about Trustees of the Trust and is available, without charge, upon request at (800) 992-0180.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age** | **Position(s)<br> Held with<br> the Trust** | **Term of Office<br> and Length of<br> Time Served<sup>(1)</sup>** | **Principal 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:** | **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<br> 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.<br> 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. (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. |

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<sup>(1)</sup> 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).

<sup>(2)</sup> 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.

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TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age** | **Position(s)<br> Held With<br> the Trust** | **Term of Office and Length<br> 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). |

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TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age** | **Position(s)<br> Held With<br> the Trust** | **Term of Office and Length<br> 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 Secretary | June 2022–Present September 2020–Present | Vice President and Senior Counsel, Voya Investment Management–Mutual Fund Legal Department (September 2020–Present). Formerly, Vice President and Counsel, Voya Investment Management–Mutual Fund Legal Department (January 2013–September 2020). |
| Fred Bedoya<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). |

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<sup>(1)</sup> The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 17, 2022, the Board of Trustees ("Board") of Voya Investors Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Global Perspectives<sup>®</sup> Portfolio, a series of the Trust (the "Portfolio"), 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 contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Portfolio, and the sub-advisory contract (the "Sub-Advisory Contract," and together with the Management Contract, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to the 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 the Portfolio ("Selected Peer Group") based on the 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 Portfolio, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Portfolio as set forth in the Management Contract, including oversight of the

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

Portfolio's operations and risk management and the oversight of its 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 Portfolio 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 the Portfolio are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Portfolio and the level of resources committed to the Portfolio (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 Portfolio.

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 the 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 the 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 schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and Sub-Adviser as the Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolio does not have management fee breakpoints, it has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with the 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.

**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 the Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the 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 the 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 Portfolio, including whether the Manager intends to propose any changes thereto. 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

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

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 the Portfolio both with and without taking into account the profitability of the distributor of the Portfolio and any revenue sharing payments made 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 Portfolio's operations may not be fully reflected in the expenses allocated to the 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 Portfolio. 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 Portfolio, including their ability to engage in soft-dollar transactions on behalf of the Portfolio. 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 Portfolio and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**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 the Portfolio's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. 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 the Portfolio's more recent performance, asset levels and asset flows. The 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.

In considering whether to approve the renewal of the Contracts for the 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 five-year period, the second quintile for the three-year period, and the fifth quintile for the year-to-date and one-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Portfolio's performance during certain periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

underlying funds in which the Portfolio invests; and (2) management's representations regarding the competitiveness of the Portfolio's management fee rate and all-in net expense ratio.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Portfolio and that approval of the continuation of the Contracts is in the best interests of the 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 the 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 the Portfolio for the year ending November 30, 2023.

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**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<br>

**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.**

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| RETIREMENT \| INVESTMENTS \| INSURANCE<br>voyainvestments.com<br>| ![](voya_blk.jpg)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VPAR-VITFOFAIS (1222-022223) |

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![](voya_banner.jpg)

Annual Report

**December 31, 2022**

Classes ADV and I

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|:---|:---|:---|:---|
| **Voya Investors Trust** | **Voya Investors Trust** | ■ | Voya Retirement Moderate Portfolio |
| ■  | Voya Retirement Conservative Portfolio | ■ | Voya Retirement Moderate Growth Portfolio |
| ■  | Voya Retirement Growth Portfolio |  |  |

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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.<br> 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.<br> 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.<br>

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 fund's investment objectives, risks, charges, expenses and other information. This information should be read carefully. <br>

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| **INVESTMENT MANAGEMENT<br>voyainvestments.com** | ![](voya_blk.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Portfolio Managers' Reports](#d414737a001) | 2 |
| [Shareholder Expense Examples](#d414737a002) | 8 |
| [Report of Independent Registered Public Accounting Firm](#d414737a003) | 9 |
| [Statements of Assets and Liabilities](#d414737a004) | 10 |
| [Statements of Operations](#d414737a005) | 11 |
| [Statements of Changes in Net Assets](#d414737a006) | 12 |
| [Financial Highlights](#d414737a007) | 14 |
| [Notes to Financial Statements](#d414737a008) | 16 |
| [Portfolios of Investments](#d414737a009) | 23 |
| [Tax Information](#d414737a010) | 31 |
| [Trustee and Officer Information](#d414737a011) | 32 |
| [Advisory and Sub-Advisory Contract Approval Discussion](#d414737a012) | 35 |

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**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.

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Benchmark Descriptions

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| | |
|:---|:---|
| &nbsp;&nbsp;Index<BORDER_TOP> | &nbsp;&nbsp;Description<BORDER_TOP> |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index<br> ("Bloomberg U.S. Aggregate Bond") | &nbsp;&nbsp;An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. |
| &nbsp;&nbsp;MSCI Europe, Australasia and Far East<sup><sup>®</sup></sup>("MSCI EAFE<sup><sup>®</sup></sup>") Index | &nbsp;&nbsp;An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
| &nbsp;&nbsp;Russell 3000<sup><sup>®</sup></sup> Index | &nbsp;&nbsp;An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| &nbsp;&nbsp;S&P Target Risk<sup><sup>®</sup></sup> Aggressive Index | &nbsp;&nbsp;Seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation. It may include small allocations in fixed-income securities to enhance portfolio efficiency. |
| &nbsp;&nbsp;S&P Target Risk<sup><sup>®</sup></sup> Conservative Index | &nbsp;&nbsp;Seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power. |
| &nbsp;&nbsp;S&P Target Risk<sup><sup>®</sup></sup> Growth Index | &nbsp;&nbsp;Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile. |
| &nbsp;&nbsp;S&P Target Risk<sup><sup>®</sup></sup> Moderate Index | &nbsp;&nbsp;Seeks to measure the performance of an asset allocation strategy targeted to a moderate risk profile. |

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1<br>

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<u>Voya Retirement Portfolios</u> <u>Portfolio Managers' Report</u>

Voya Retirement Portfolios consist of Voya Retirement Conservative Portfolio, Voya Retirement Growth Portfolio, Voya Retirement Moderate Portfolio and Voya Retirement Moderate Growth Portfolio (each a "Portfolio" or collectively, the "Portfolios" or the "Retirement Portfolios"). Each Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds which are actively managed funds or passively managed funds (index funds).<sup>(1)</sup> The Portfolios are managed by Paul Zemsky, CFA, and Barbara Reinhard, CFA, Portfolio Managers\* of Voya Investment Management Co. LLC ("Voya IM") — the Sub-Adviser ("Sub-Adviser).

***Performance:*** Each Portfolio's performance against its respective benchmarks is set out in the table below.

**Portfolio Specifics:** Over the reporting period, the Portfolios met their performance objectives by minimizing performance deviation relative to their strategic asset allocation benchmarks. Due to the strategic nature of the Portfolios, no tactical asset allocation moves were made during the period. As part of the annual review, the portfolio management team made changes to the strategic asset allocations at the end of June. Strategic changes included increasing equities in the Voya Retirement Growth Portfolio and decreasing equities in the Voya Retirement Moderate Growth, Voya Retirement Moderate and Voya Retirement Conservative Portfolios. We added US large cap value equities in all Portfolios by reducing US mid cap blend in the Voya Retirement Growth, Voya Retirement Moderate Growth and Voya Retirement Moderate Portfolios and removing it in the Voya Retirement Conservative Portfolio. Also, we reduced emerging markets equities in all Portfolios. In addition, we added Treasury Inflation-Protected Securities to the Voya Retirement Moderate and Voya Retirement Conservative Portfolios. Finally, we increased short duration in Voya Retirement Moderate and Voya Retirement Conservative Portfolios while reducing it in the Voya Retirement Growth Portfolio.

The underlying index funds performed as expected, minimizing performance deviation relative to their respective strategic allocation benchmarks before the deduction of fees.

**Current Strategy and Outlook:** Inflation dominated the headlines in 2022, and we believe its progression and policy makers' responses will continue to be the principal global macro drivers in the year ahead. Although it remains unacceptably high, data suggests it has peaked with meaningfully lower core goods and energy prices. Income sensitive components of the price Index baskets, such as shelter and services, are proving sticker given the still strong labor market and high personal income. However, we are beginning to see the effects of declining demand with wage gains cooling, which we expect will continue and contribute to a steady fall in inflation to the low single digits by the end of the year. However, we do not expect a shift in policy from the US Federal Reserve or European Central Bank. With more tightening in store and explicit declarations that there will be no rate cuts in 2023, a contraction in developed market growth seems likely and should cause top line revenues to fall. Additionally, we believe the prolonged period of rising costs is likely to erode profit margins ahead, including those of US large cap companies, which have thus far been relatively successful in maintaining pricing power. In general, US stocks are not cheap, but we believe they are well off peaks and seem reasonable. On the other side of this year, however, we believe will see moderate inflation, more normal interest rates and slow but positive growth, which should be good for equities. Until investors begin to price in that outcome, volatility will likely be high.

\* Effective May 31, 2022, Halvard Kvaale is no longer a portfolio manager for the Portfolios. <br> <sup>(1)</sup> The investment objective of each Portfolio is described in the Portfolios' prospectuses, each dated May 1, 2022.

***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.

2<br>

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<u>Portfolio Managers' Report</u> <u>Voya Retirement Portfolios</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| Annual Target Allocations as of December 31, 2022<br> (as a percentage of net assets)<sup>(1)</sup> | Annual Target Allocations as of December 31, 2022<br> (as a percentage of net assets)<sup>(1)</sup> | Annual Target Allocations as of December 31, 2022<br> (as a percentage of net assets)<sup>(1)</sup> | Annual Target Allocations as of December 31, 2022<br> (as a percentage of net assets)<sup>(1)</sup> | Annual Target Allocations as of December 31, 2022<br> (as a percentage of net assets)<sup>(1)</sup> |
| Sub Asset Class | Growth | Moderate<br> Growth | Moderate | Conservative |
| US Large Blend | 53.0% | 47.0% | 29.0% | 20.0% |
| US Large Value | 3.0% | 2.0% | 2.0% | 2.0% |
| US Mid Cap Blend | 8.0% | 5.0% | 2.0% |  |
| US Small Cap | 2.0% |  |  |  |
| International | 11.0% | 7.0% | 6.0% | 3.0% |
| Emerging Markets | 4.0% | 2.0% | 2.0% |  |
| Core Fixed Income | 15.0% | 32.0% | 48.0% | 60.0% |
| TIPS |  |  | 2.0% | 3.0% |
| Short Duration | 4.0% | 5.0% | 9.0% | 12.0% |
| Total Equity | 81.0% | 63.0% | 41.0% | 25.0% |
| Total Fixed Income | 19.0% | 37.0% | 59.0% | 75.0% |

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<sup>(1)</sup> As these are target allocations, the actual allocations of each Portfolio's assets may deviate from the percentages shown. Although the Retirement Portfolios expect to be fully invested at all times, they may maintain liquidity reserves to meet redemption requests.

***Portfolio holdings are subject to change.***

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| | |
|:---|:---|
| Total Returns for the Year Ended December 31, 2022 | Total Returns for the Year Ended December 31, 2022 |
|  | 1 Year |
| Voya Retirement Conservative Portfolio, Class I | –13.68% |
| S&P Target Risk<sup>®</sup> Conservative Index | –13.99% |
| Voya Retirement Growth Portfolio, Class I | –16.32% |
| S&P Target Risk Aggressive<sup>®</sup> Index | –16.13% |
| Russell 3000<sup>®</sup> Index | –19.21% |
| MSCI EAFE<sup>®</sup> | –14.45% |
| Bloomberg U.S. Aggregate Bond | –13.01% |
| Voya Retirement Moderate Portfolio, Class I | –14.87% |
| S&P Target Risk<sup>®</sup> Moderate Index | –14.41% |
| Russell 3000<sup>®</sup> Index | –19.21% |
| MSCI EAFE<sup>®</sup> | –14.45% |
| Bloomberg U.S. Aggregate Bond | –13.01% |
| Voya Retirement Moderate Growth Portfolio, Class I | –16.01% |
| S&P Target Risk<sup>®</sup> Growth Index | –15.27% |
| Russell 3000<sup>®</sup> Index | –19.21% |
| MSCI EAFE<sup>®</sup> | –14.45% |
| Bloomberg U.S. Aggregate Bond | –13.01% |

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3<br>

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<u>Voya Retirement Conservative Portfolio</u> <u>Portfolio Managers' Report</u>

![](d414737rc_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 | –13.99% | 1.88% | 3.10% |
| Class I | –13.68% | 2.15% | 3.31% |
| S&P Target Risk<sup>®</sup> Conservative Index | –13.99% | 1.89% | 3.36% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of the Voya Retirement Conservative Portfolio against the index indicated. The index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Portfolio's performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 366-0066 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

4<br>

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<u>Portfolio Managers' Report</u> <u>Voya Retirement Growth Portfolio</u>

![](d414737rg_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 | –16.71% | 4.22% | 6.54% |
| Class I | –16.32% | 4.67% | 7.00% |
| S&P Target Risk Aggressive<sup>®</sup> Index | –16.13% | 4.45% | 7.57% |
| Russell 3000<sup>®</sup> Index | –19.21% | 8.79% | 12.13% |
| MSCI EAFE<sup>®</sup> | –14.45% | 1.54% | 4.67% |
| Bloomberg U.S. Aggregate Bond | –13.01% | 0.02% | 1.06% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of the Voya Retirement Growth Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Portfolio's performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 366-0066 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

5<br>

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<u>Voya Retirement Moderate Portfolio</u> <u>Portfolio Managers' Report</u>

![](d414737rm_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 | –15.17% | 3.02% | 4.58% |
| Class I | –14.87% | 3.37% | 4.93% |
| S&P Target Risk<sup>®</sup> Moderate Index | –14.41% | 2.43% | 4.29% |
| Russell 3000<sup>®</sup> Index | –19.21% | 8.79% | 12.13% |
| MSCI EAFE<sup>®</sup> | –14.45% | 1.54% | 4.67% |
| Bloomberg U.S. Aggregate Bond | –13.01% | 0.02% | 1.06% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of the Voya Retirement Moderate Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Portfolio's performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 366-0066 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

6<br>

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<u>Portfolio Managers' Report</u> <u>Voya Retirement Moderate <br> Growth Portfolio</u>

![](d414737rmg_line.jpg)

---

| | | | |
|:---|:---|:---|:---|
| 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 | –16.30% | 3.94% | 5.98% |
| Class I | –16.01% | 4.34% | 6.38% |
| S&P Target Risk<sup>®</sup> Growth Index | –15.27% | 3.48% | 6.02% |
| Russell 3000<sup>®</sup> Index | –19.21% | 8.79% | 12.13% |
| MSCI EAFE<sup>®</sup> | –14.45% | 1.54% | 4.67% |
| Bloomberg U.S. Aggregate Bond | –13.01% | 0.02% | 1.06% |

---

Based on a $10,000 initial investment, the graph and table above illustrate the total return of the Voya Retirement Moderate Growth Portfolio against the indices indicated. An index is unmanaged, has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

The Portfolio's performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or variable life insurance policy. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other

service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 366-0066 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

7<br>

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

**Actual Expenses**

The left section of the table shown below, "Actual Portfolio Return," provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Retirement Conservative Portfolio**</u> | <u>**Voya Retirement Conservative Portfolio**</u> | <u>**Voya Retirement Conservative Portfolio**</u> | <u>**Voya Retirement Conservative Portfolio**</u> | <u>**Voya Retirement Conservative Portfolio**</u> | <u>**Voya Retirement Conservative Portfolio**</u> |  |  |  |
| Class ADV | $1000.00 | $984.90 | 0.53% | $2.65 | $1000.00 | $1022.53 | 0.53% | $2.70 |
| Class I | 1000.00 | 987.10 | 0.28 | 1.40 | $1000.00 | 1023.79 | 0.28 | 1.43 |
| <u>**Voya Retirement Growth Portfolio**</u> | <u>**Voya Retirement Growth Portfolio**</u> | <u>**Voya Retirement Growth Portfolio**</u> | <u>**Voya Retirement Growth Portfolio**</u> | <u>**Voya Retirement Growth Portfolio**</u> | <u>**Voya Retirement Growth Portfolio**</u> | <u>**Voya Retirement Growth Portfolio**</u> |  |  |
| Class ADV | $1000.00 | $1016.10 | 0.68% | $3.46 | $1000.00 | $1021.78 | 0.68% | $3.47 |
| Class I | 1000.00 | 1017.90 | 0.26 | 1.32 | 1000.00 | 1023.89 | 0.26 | 1.33 |
| <u>**Voya Retirement Moderate Portfolio**</u> | <u>**Voya Retirement Moderate Portfolio**</u> | <u>**Voya Retirement Moderate Portfolio**</u> | <u>**Voya Retirement Moderate Portfolio**</u> | <u>**Voya Retirement Moderate Portfolio**</u> | <u>**Voya Retirement Moderate Portfolio**</u> |  |  |  |
| Class ADV | $1000.00 | $993.00 | 0.61% | $3.06 | $1000.00 | $1022.13 | 0.61% | $3.11 |
| Class I | 1000.00 | 994.90 | 0.27 | 1.36 | 1000.00 | 1023.84 | 0.27 | 1.38 |
| <u>**Voya Retirement Moderate Growth Portfolio**</u> | <u>**Voya Retirement Moderate Growth Portfolio**</u> | <u>**Voya Retirement Moderate Growth Portfolio**</u> | <u>**Voya Retirement Moderate Growth Portfolio**</u> | <u>**Voya Retirement Moderate Growth Portfolio**</u> | <u>**Voya Retirement Moderate Growth Portfolio**</u> | <u>**Voya Retirement Moderate Growth Portfolio**</u> |  |  |
| Class ADV | $1000.00 | $1004.80 | 0.65% | $3.28 | $1000.00 | $1021.93 | 0.65% | $3.31 |
| Class I | 1000.00 | 1006.60 | 0.26 | 1.32 | 1000.00 | 1023.89 | 0.26 | 1.33 |

---

\* The annualized expense ratios do not include expenses of the underlying funds.

\*\* Expenses are equal to each Portfolios' respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.

8<br>

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Retirement Conservative Portfolio, Voya Retirement Growth Portfolio, Voya Retirement Moderate Portfolio and Voya Retirement Moderate Growth Portfolio and the Board of Trustees of Voya Investors Trust

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of Voya Retirement Conservative Portfolio, Voya Retirement Growth Portfolio, Voya Retirement Moderate Portfolio and Voya Retirement Moderate Growth Portfolio (collectively referred to as the "Portfolios") (four of the portfolios constituting Voya Investors Trust (the "Trust")), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (four of the portfolios constituting Voya Investors Trust) at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the years in the two-year period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 26, 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.<br>![](ernstyoung.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts<br> February 28, 2023

9<br>

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Voya<br>Retirement<br>Conservative<br>Portfolio | Voya<br>Retirement<br>Growth<br>Portfolio | Voya<br>Retirement<br>Moderate<br>Portfolio | Voya<br>Retirement<br>Moderate<br>Growth<br>Portfolio |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $301357977 | $1779640154 | $702540329 | $1241125067 |
| Investments in unaffiliated underlying funds at fair value\*\* | 15903130 | 55869646 | 29424601 | 25607278 |
| Cash | 340183 | 1370517 | 686958 | 847017 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold | 144262 | 510852 | 180416 | 112166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 30693 | 22234 | 10261 | 10827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 357 | 1523 | 755 | 1032 |
| Prepaid expenses | 1795 | 10472 | 4120 | 7231 |
| Other assets | 14902 | 124867 | 49963 | 85918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 317793299 | 1837550265 | 732897403 | 1267796536 |
| **LIABILITIES:** |  |  |  |  |
| Payable for fund shares redeemed | 175045 | 533256 | 190849 | 123231 |
| Payable for investment management fees | 67307 | 387851 | 154648 | 266141 |
| Payable for distribution and shareholder service fees | 69054 | 662117 | 210102 | 420421 |
| Payable to trustees under the deferred compensation plan<br> (Note 6) | 14902 | 124867 | 49963 | 85918 |
| Payable for trustee fees | 892 | 5182 | 2056 | 3588 |
| Other accrued expenses and liabilities | 20749 | 89251 | 38717 | 62020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 347949 | 1802524 | 646335 | 961319 |
| **NET ASSETS** | $317445350 | $1835747741 | $732251068 | $1266835217 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $314447270 | $1824371466 | $784354700 | $1290604228 |
| Total distributable earnings (loss) | 2998080 | 11376275 | (52103632) | (23769011) |
| **NET ASSETS** | $317445350 | $1835747741 | $732251068 | $1266835217 |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Cost of investments in affiliated underlying funds | $303427994 | $1930393572 | $784591299 | $1361065713 |
| \*\* Cost of investments in unaffiliated underlying funds | $16290852 | $52709493 | $29735293 | $24154166 |
| **Class ADV** |  |  |  |  |
| Net assets | $316601216 | $1791695083 | $710975164 | $1243438553 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 42395632 | 168860231 | 76542474 | 126037758 |
| Net asset value and redemption price per share | $7.47 | $10.61 | $9.29 | $9.87 |
| **Class I** |  |  |  |  |
| Net assets | $844134 | $44052658 | $21275904 | $23396664 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 110844 | 4128368 | 2257043 | 2402775 |
| Net asset value and redemption price per share | $7.62 | $10.67 | $9.43 | $9.74 |

---

See Accompanying Notes to Financial Statements<br>

10<br>

------

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Voya<br>Retirement<br>Conservative<br>Portfolio | Voya<br>Retirement<br>Growth<br>Portfolio | **Voya<br>Retirement<br>Moderate<br>Portfolio** | Voya<br>Retirement<br>Moderate<br>Growth<br>Portfolio |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $7120924 | $35687294 | $15067834 | $25185324 |
| Dividends from unaffiliated underlying funds | 502172 | 797503 | 836835 | 367002 |
| Interest | 6178 | 16370 | 11270 | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 7629274 | 36501167 | 15915939 | 25562733 |
| **EXPENSES:** |  |  |  |  |
| Investment management fees | 865309 | 5004767 | 1988993 | 3458990 |
| Distribution and shareholder service fees: |  |  |  |  |
| Class ADV | 1779945 | 10129955 | 3997159 | 7054534 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 45700 | 33526 | 44717 | 45337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 115 | 772 | 1265 | 785 |
| Shareholder reporting expense | 4380 | 6935 | 7495 | 4015 |
| Professional fees | 17840 | 95675 | 39785 | 65700 |
| Custody and accounting expense | 30000 | 134400 | 59372 | 97574 |
| Trustee fees | 8923 | 51816 | 20552 | 35884 |
| Miscellaneous expense | 23435 | 111417 | 44710 | 77274 |
| Interest expense | 35 |  | 58 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2775682 | 15569263 | 6204106 | 10840211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (882852) | (1521497) | (1268688) | (1560447) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1892830 | 14047766 | 4935418 | 9279764 |
| Net investment income | 5736444 | 22453401 | 10980521 | 16282969 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | (3920352) | 25357407 | 3141229 | 18435598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 43413 | 314704 | 90751 | 160931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 8132444 | 128805812 | 26701448 | 74230258 |
| Net realized gain | 4255505 | 154477923 | 29933428 | 92826787 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | (66632184) | (589026236) | (185522706) | (385996197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | (387722) | 3160153 | (310692) | 1453112 |
| Net change in unrealized appreciation (depreciation) | (67019906) | (585866083) | (185833398) | (384543085) |
| Net realized and unrealized loss | (62764401) | (431388160) | (155899970) | (291716298) |
| **Decrease in net assets resulting from operations** | $(57027957) | $(408934759) | $(144919449) | $(275433329) |

---

See Accompanying Notes to Financial Statements<br>

11<br>

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Retirement<br>Conservative Portfolio** | **Voya Retirement<br>Conservative Portfolio** | Voya Retirement<br>Growth Portfolio | Voya Retirement<br>Growth Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $5736444 | $5285067 | $22453401 | $17240269 |
| Net realized gain | 4255505 | 35756093 | 154477923 | 285499936 |
| Net change in unrealized appreciation (depreciation) | (67019906) | (21433998) | (585866083) | 66316515 |
| Increase (decrease) in net assets resulting from operations | (57027957) | 19607162 | (408934759) | 369056720 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (41560326) | (18141610) | (288170964) | (145167348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (67352) | (80971) | (6875231) | (3262838) |
| Total distributions | (41627678) | (18222581) | (295046195) | (148430186) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 16835967 | 24500673 | 7324511 | 11020574 |
| Reinvestment of distributions | 41627572 | 18222536 | 295046195 | 148430186 |
|  | 58463539 | 42723209 | 302370706 | 159450760 |
| Cost of shares redeemed | (63982725) | (68708472) | (299662797) | (394429184) |
| Net increase (decrease) in net assets resulting from capital share transactions | (5519186) | (25985263) | 2707909 | (234978424) |
| Net decrease in net assets | (104174821) | (24600682) | (701273045) | (14351890) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 421620171 | 446220853 | 2537020786 | 2551372676 |
| End of year or period | $317445350 | $421620171 | $1835747741 | $2537020786 |

---

See Accompanying Notes to Financial Statements<br>

12<br>

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Retirement<br>Moderate Portfolio** | **Voya Retirement<br>Moderate Portfolio** | **Voya Retirement<br>Moderate Growth Portfolio** | **Voya Retirement<br>Moderate Growth Portfolio** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $10980521 | $9548507 | $16282969 | $13677897 |
| Net realized gain | 29933428 | 94828194 | 92826787 | 179273129 |
| Net change in unrealized appreciation (depreciation) | (185833398) | (11497144) | (384543085) | 36658232 |
| Increase (decrease) in net assets resulting from operations | (144919449) | 92879557 | (275433329) | 229609258 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (101345162) | (57925502) | (185803529) | (103884225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (2943813) | (1574654) | (3388389) | (1729803) |
| Total distributions | (104288975) | (59500156) | (189191918) | (105614028) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 9680117 | 22289625 | 11645560 | 14089421 |
| Reinvestment of distributions | 104288975 | 59500156 | 189191918 | 105614028 |
|  | 113969092 | 81789781 | 200837478 | 119703449 |
| Cost of shares redeemed | (120728649) | (138009479) | (217709875) | (256597436) |
| Net decrease in net assets resulting from capital share transactions | (6759557) | (56219698) | (16872397) | (136893987) |
| Net decrease in net assets | (255967981) | (22840297) | (481497644) | (12898757) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 988219049 | 1011059346 | 1748332861 | 1761231618 |
| End of year or period | $732251068 | $988219049 | $1266835217 | $1748332861 |

---

See Accompanying Notes to Financial Statements<br>

13<br>

------

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> data** | **Supplemental<br> data** |
|  |<br>Net asset<br> value,<br> beginning<br> of year <br> or period | Net<br> investment<br> income<br> (loss) | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain <br> (loss) |<br>Total<br> from<br> investment<br> operations | From<br> net <br> investment <br> income | From<br> net<br> realized<br> gains | From<br> return<br> of <br> capital |<br>Total <br> distributions |<br>Payment<br> by <br> affiliate |<br>Net <br> asset <br> value,<br> end of <br> year or <br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before <br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses<br> net of <br> fee <br> waivers<br> and/or <br> recoupments<br> if any<sup>(2)(3)(4)</sup> | Expenses<br> net of <br> all<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover <br> rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** | **Voya Retirement Conservative Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 9.87 | 0.13 | <sup>•</sup> | (1.49) | (1.36) | 0.19 | 0.85 |  | 1.04 |  | 7.47 | **(13.99)** | 0.78 | 0.53 | 0.53 | 1.61 | 316601 | 22 |
| 12-31-21 | 9.84 | 0.12 | <sup>•</sup> | 0.33 | 0.45 | 0.21 | 0.21 |  | 0.43 |  | 9.87 | **4.69** | 0.79 | 0.54 | 0.54 | 1.22 | 420230 | 26 |
| 12-31-20 | 9.31 | 0.18 |  | 0.75 | 0.93 | 0.17 | 0.23 |  | 0.40 |  | 9.84 | **10.33** | 0.77 | 0.52 | 0.52 | 1.90 | 444944 | 27 |
| 12-31-19 | 8.57 | 0.17 |  | 0.98 | 1.15 | 0.17 | 0.24 |  | 0.41 |  | 9.31 | **13.61** | 0.78 | 0.53 | 0.53 | 1.82 | 424756 | 24 |
| 12-31-18 | 9.24 | 0.17 |  | (0.41) | (0.24) | 0.17 | 0.26 |  | 0.43 |  | 8.57 | **(2.74)** | 0.77 | 0.52 | 0.52 | 1.74 | 400267 | 33 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 10.04 | 0.16 | <sup>•</sup> | (1.51) | (1.35) | 0.22 | 0.85 |  | 1.07 |  | 7.62 | **(13.68)** | 0.28 | 0.28 | 0.28 | 1.84 | 844 | 22 |
| 12-31-21 | 10.01 | 0.15 | <sup>•</sup> | 0.33 | 0.48 | 0.24 | 0.21 |  | 0.45 |  | 10.04 | **4.87** | 0.29 | 0.29 | 0.29 | 1.46 | 1390 | 26 |
| 12-31-20 | 9.45 | 0.24 | <sup>•</sup> | 0.75 | 0.99 | 0.20 | 0.23 |  | 0.43 |  | 10.01 | **10.77** | 0.27 | 0.27 | 0.27 | 2.47 | 1276 | 27 |
| 12-31-19 | 8.70 | 0.21 | <sup>•</sup> | 0.98 | 1.19 | 0.20 | 0.24 |  | 0.44 |  | 9.45 | **13.81** | 0.28 | 0.28 | 0.28 | 2.31 | 123 | 24 |
| 12-31-18 | 9.38 | 0.19 | <sup>•</sup> | (0.41) | (0.22) | 0.20 | 0.26 |  | 0.46 |  | 8.70 | **(2.54)** | 0.27 | 0.27 | 0.27 | 2.11 | 34 | 33 |
| **Voya Retirement Growth Portfolio** | **Voya Retirement Growth Portfolio** | **Voya Retirement Growth Portfolio** | **Voya Retirement Growth Portfolio** | **Voya Retirement Growth Portfolio** | **Voya Retirement Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.03 | 0.13 | <sup>•</sup> | (2.68) | (2.55) | 0.14 | 1.73 |  | 1.87 |  | 10.61 | **(16.71)** | 0.76 | 0.68 | 0.68 | 1.08 | 1791695 | 19 |
| 12-31-21 | 13.80 | 0.10 | <sup>•</sup> | 2.00 | 2.10 | 0.25 | 0.62 |  | 0.87 |  | 15.03 | **15.52** | 0.77 | 0.69 | 0.69 | 0.66 | 2483104 | 21 |
| 12-31-20 | 13.00 | 0.20 | <sup>•</sup> | 1.44 | 1.64 | 0.30 | 0.54 |  | 0.84 |  | 13.80 | **13.64** | 0.76 | 0.68 | 0.68 | 1.62 | 2499847 | 27 |
| 12-31-19 | 11.74 | 0.26 | <sup>•</sup> | 2.20 | 2.46 | 0.24 | 0.96 |  | 1.20 |  | 13.00 | **21.55** | 0.76 | 0.68 | 0.68 | 2.04 | 2553927 | 40 |
| 12-31-18 | 13.99 | 0.20 | <sup>•</sup> | (1.13) | (0.93) | 0.23 | 1.09 |  | 1.32 |  | 11.74 | **(7.47)** | 0.76 | 0.68 | 0.68 | 1.49 | 2449356 | 20 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 15.12 | 0.19 | <sup>•</sup> | (2.70) | (2.51) | 0.21 | 1.73 |  | 1.94 |  | 10.67 | **(16.32)** | 0.26 | 0.26 | 0.26 | 1.55 | 44053 | 19 |
| 12-31-21 | 13.88 | 0.16 | <sup>•</sup> | 2.01 | 2.17 | 0.31 | 0.62 |  | 0.93 |  | 15.12 | **15.96** | 0.27 | 0.27 | 0.27 | 1.12 | 53917 | 21 |
| 12-31-20 | 13.08 | 0.27 |  | 1.43 | 1.70 | 0.36 | 0.54 |  | 0.90 |  | 13.88 | **14.11** | 0.26 | 0.26 | 0.26 | 2.07 | 51526 | 27 |
| 12-31-19 | 11.81 | 0.31 | <sup>•</sup> | 2.22 | 2.53 | 0.30 | 0.96 |  | 1.26 |  | 13.08 | **22.09** | 0.26 | 0.26 | 0.26 | 2.48 | 47961 | 40 |
| 12-31-18 | 14.07 | 0.26 |  | (1.13) | (0.87) | 0.30 | 1.09 |  | 1.39 |  | 11.81 | **(7.05)** | 0.26 | 0.26 | 0.26 | 1.94 | 44463 | 20 |
| **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** | **Voya Retirement Moderate Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.63 | 0.14 | <sup>•</sup> | (2.04) | (1.90) | 0.19 | 1.25 |  | 1.44 |  | 9.29 | **(15.17)** | 0.77 | 0.61 | 0.61 | 1.33 | 710975 | 19 |
| 12-31-21 | 12.24 | 0.12 | <sup>•</sup> | 1.03 | 1.15 | 0.24 | 0.52 |  | 0.77 |  | 12.63 | **9.64** | 0.78 | 0.62 | 0.62 | 0.94 | 962098 | 26 |
| 12-31-20 | 11.55 | 0.20 | <sup>•</sup> | 1.14 | 1.34 | 0.25 | 0.40 |  | 0.65 |  | 12.24 | **12.17** | 0.77 | 0.61 | 0.61 | 1.73 | 988153 | 28 |
| 12-31-19 | 10.51 | 0.22 | <sup>•</sup> | 1.54 | 1.76 | 0.22 | 0.50 |  | 0.72 |  | 11.55 | **17.14** | 0.77 | 0.61 | 0.61 | 1.96 | 1008727 | 31 |
| 12-31-18 | 11.79 | 0.19 | <sup>•</sup> | (0.75) | (0.56) | 0.21 | 0.51 |  | 0.72 |  | 10.51 | **(5.07)** | 0.77 | 0.61 | 0.61 | 1.68 | 972232 | 27 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.81 | 0.18 | <sup>•</sup> | (2.07) | (1.89) | 0.24 | 1.25 |  | 1.49 |  | 9.43 | **(14.87)** | 0.27 | 0.27 | 0.27 | 1.70 | 21276 | 19 |
| 12-31-21 | 12.40 | 0.17 | <sup>•</sup> | 1.05 | 1.22 | 0.29 | 0.52 |  | 0.81 |  | 12.81 | **10.05** | 0.28 | 0.28 | 0.28 | 1.31 | 26121 | 26 |
| 12-31-20 | 11.70 | 0.24 |  | 1.15 | 1.39 | 0.29 | 0.40 |  | 0.69 |  | 12.40 | **12.51** | 0.27 | 0.27 | 0.27 | 2.06 | 22906 | 28 |
| 12-31-19 | 10.64 | 0.25 |  | 1.58 | 1.83 | 0.27 | 0.50 |  | 0.77 |  | 11.70 | **17.56** | 0.27 | 0.27 | 0.27 | 2.35 | 21441 | 31 |
| 12-31-18 | 11.93 | 0.24 |  | (0.76) | (0.52) | 0.26 | 0.51 |  | 0.77 |  | 10.64 | **(4.73)** | 0.27 | 0.27 | 0.27 | 2.03 | 17307 | 27 |

---

See Accompanying Notes to Financial Statements<br>

14<br>

------

FINANCIAL HIGHLIGHTS (CONTINUED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> data** | **Supplemental<br> data** |
|  |<br>Net asset<br> value,<br> beginning<br> of year <br> or period | Net<br> investment<br> income<br> (loss) | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain <br> (loss) |<br>Total<br> from<br> investment<br> operations | From<br> net <br> investment <br> income | From<br> net<br> realized<br> gains | From<br> return<br> of <br> capital |<br>Total<br> distributions |<br>Payment<br> by <br> affiliate |<br>Net <br> asset <br> value,<br> end of <br> year or <br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before <br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses<br> net of <br> fee <br> waivers<br> and/or <br> recoupments<br> if any<sup>(2)(3)(4)</sup> | Expenses<br> net of <br> all<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover <br> rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Retirement Moderate Growth Portfolio** | **Voya Retirement Moderate Growth Portfolio** | **Voya Retirement Moderate Growth Portfolio** | **Voya Retirement Moderate Growth Portfolio** | **Voya Retirement Moderate Growth Portfolio** | **Voya Retirement Moderate Growth Portfolio** | **Voya Retirement Moderate Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.71 | 0.13 | <sup>•</sup> | (2.37) | (2.24) | 0.16 | 1.44 |  | 1.60 |  | 9.87 | **(16.30)** | 0.76 | 0.65 | 0.65 | 1.13 | 1243439 | 18 |
| 12-31-21 | 12.79 | 0.10 | <sup>•</sup> | 1.64 | 1.74 | 0.24 | 0.58 |  | 0.82 |  | 13.71 | **13.92** | 0.77 | 0.66 | 0.66 | 0.77 | 1720105 | 20 |
| 12-31-20 | 12.10 | 0.20 | <sup>•</sup> | 1.29 | 1.49 | 0.27 | 0.53 |  | 0.80 |  | 12.79 | **13.15** | 0.76 | 0.65 | 0.65 | 1.66 | 1736505 | 28 |
| 12-31-19 | 10.97 | 0.23 | <sup>•</sup> | 1.91 | 2.14 | 0.23 | 0.78 |  | 1.01 |  | 12.10 | **20.02** | 0.76 | 0.65 | 0.65 | 1.98 | 1769060 | 39 |
| 12-31-18 | 12.80 | 0.19 | <sup>•</sup> | (0.91) | (0.72) | 0.22 | 0.89 |  | 1.11 |  | 10.97 | **(6.30)** | 0.76 | 0.65 | 0.65 | 1.56 | 1716501 | 22 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 13.58 | 0.18 | <sup>•</sup> | (2.36) | (2.18) | 0.22 | 1.44 |  | 1.66 |  | 9.74 | **(16.01)** | 0.26 | 0.26 | 0.26 | 1.59 | 23397 | 18 |
| 12-31-21 | 12.67 | 0.16 | <sup>•</sup> | 1.62 | 1.78 | 0.29 | 0.58 |  | 0.87 |  | 13.58 | **14.41** | 0.27 | 0.27 | 0.27 | 1.20 | 28228 | 20 |
| 12-31-20 | 12.00 | 0.25 |  | 1.27 | 1.52 | 0.32 | 0.53 |  | 0.85 |  | 12.67 | **13.59** | 0.26 | 0.26 | 0.26 | 2.10 | 24726 | 28 |
| 12-31-19 | 10.90 | 0.29 |  | 1.87 | 2.16 | 0.28 | 0.78 |  | 1.06 |  | 12.00 | **20.40** | 0.26 | 0.26 | 0.26 | 2.41 | 22520 | 39 |
| 12-31-18 | 12.73 | 0.24 | <sup>•</sup> | (0.90) | (0.66) | 0.28 | 0.89 |  | 1.17 |  | 10.90 | **(5.90)** | 0.26 | 0.26 | 0.26 | 1.97 | 19816 | 22 |

---

<sup>(1)</sup> 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> Annualized for periods less than one year.

<sup>(3)</sup> 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> | Ratios do not include expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements<br>

15<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022<br>

**NOTE 1 — ORGANIZATION**

Voya Investors Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust currently consists of twenty-one active separate investment series. The four series (each, a "Portfolio" and collectively, the "Portfolios") included in this report are: Voya Retirement Conservative Portfolio ("Conservative"), Voya Retirement Growth Portfolio ("Growth"), Voya Retirement Moderate Portfolio ("Moderate") and Voya Retirement Moderate Growth Portfolio ("Moderate Growth"), each a diversified series of the Trust.

The classes of shares included in this report are: Adviser ("Class ADV") and Institutional ("Class I"). 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.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies ("Underlying Funds") and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of the Portfolios is described in the respective Portfolio's Prospectus.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of each Portfolio is calculated by taking the value of the Portfolio's assets attributable to that class, subtracting the Portfolio's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Portfolio is closed for business, Portfolio shares will not be priced and a Portfolio does not transact purchase and redemption orders. To the extent a Portfolio's assets are traded in other markets on days when a Portfolio does not price its shares, the value of a Portfolio's assets will likely change and you will not be able to purchase or redeem shares of a Portfolio.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV 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,

16<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)<br>

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Portfolio's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Portfolio's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Portfolio.

The Portfolios' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the portfolio can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the portfolio's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants

would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Portfolio's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-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. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Portfolio's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 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. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

17<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

C. ***Distributions to Shareholders***. The Portfolios record distributions to their shareholders on the ex-dividend date. Each Portfolio declares and pays dividends and capital gain distributions, 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.

D. ***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.

E. ***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.

F. ***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 — INVESTMENTS IN UNDERLYING FUNDS**

For the year ended December 31, 2022, the cost of purchases and the proceeds from the sales of the Underlying Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Conservative | $79368325 | $121183479 |
| Growth | 406126833 | 677799564 |
| Moderate | 156016065 | 256921054 |
| Moderate Growth | 259657764 | 450570645 |

---

**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: 0.24% of each Portfolio's average daily net assets invested in affiliated Underlying Funds and 0.34% of each Portfolio's average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

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**

The Trust has entered into a shareholder service and distribution plan (the "Agreement") for the Class ADV shares of each Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services and the distribution of shares to direct or indirect beneficial owners of Class ADV shares. Under the Agreement, each Portfolio makes payments to the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.25% of each Portfolio's average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.2480%, 0.0751%, 0.1587% and 0.1106% of the distribution fee for the Class ADV shares of Conservative, Growth, Moderate and Moderate Growth, respectively. The actual distribution fee to be paid by Conservative, Growth, Moderate and Moderate Growth is at an annual rate of 0.002%, 0.1749%, 0.0913% and 0.1394%, respectively. Any fees waived are not subject to recoupment. Termination or modification of this obligation requires approval by the Board.

18<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)<br>

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At December 31, 2022, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the following Portfolios:

---

| | | |
|:---|:---|:---|
| Subsidiary | Portfolio | Percentage |
| Voya Institutional Trust Company | Conservative | 25.47% |
|  | Moderate | 10.89 |
|  | Moderate Growth | 6.15 |

---

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 |
| Conservative | $45372 |
| Growth | 32228 |
| Moderate | 45164 |
| Moderate Growth | 44506 |

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**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

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 expenses, excluding interest, taxes, investment-related costs, leverage expenses and extraordinary expenses to the levels listed below:

---

| | | |
|:---|:---|:---|
| Portfolio<sup>(1)</sup> | Class ADV | Class I |
| Conservative | 0.92% | 0.67% |
| Growth | 1.07% | 0.82% |

---

---

| | | |
|:---|:---|:---|
| Portfolio<sup>(1)</sup> | Class ADV | Class I |
| Moderate | 1.00% | 0.75% |
| Moderate Growth | 1.04% | 0.79% |

---

<sup>(1)</sup> The operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio's allocation of assets to, and the net expenses of, a particular Underlying Fund.

The Investment Adviser may at a later date recoup from a Portfolio for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months but only if, after such recoupment, a Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of December 31, 2022, the Portfolios did not have any amount of waived and/or reimbursed fees that would be subject to possible recoupment.

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.

19<br>

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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)<br>

**NOTE 8 — LINE OF CREDIT (continued)**

The following Portfolios utilized the line of credit during the year ended December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| Portfolio | Days<br> Utilized | Approximate<br> Average<br> Daily<br> Balance For<br> Days<br> Utilized | Approximate<br> Weighted<br> Average<br> Interest Rate<br> For Days<br> Utilized |
| Conservative | 1 | $938000 | 1.33 |
| Moderate | 1 | 1564000 | 1.33 |
| Moderate Growth | 1 | 3184000 | 1.33 |

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**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<br> increase<br> (decrease)<br> in shares<br> outstanding | Shares<br> sold | Proceeds<br> from<br> shares<br> issued in<br> merger | Reinvestment<br> of<br> distributions | Shares<br> redeemed | Net<br> increase<br> (decrease) |
| Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) |
| **Conservative** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1900629 |  | 5461278 | (7549773) | (187866) | 16342278 |  | 41560326 | (63096110) | (5193506) |
| 12/31/2021 | 2390724 |  | 1862588 | (6882246) | (2628934) | 23614196 |  | 18141610 | (67863314) | (26107508) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 63322 |  | 8677 | (99540) | (27541) | 493689 |  | 67246 | (886615) | (325680) |
| 12/31/2021 | 87363 |  | 8174 | (84668) | 10869 | 886477 |  | 80926 | (845158) | 122245 |
| **Growth** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 484601 |  | 27576169 | (24459315) | 3601455 | 5888559 |  | 288170963 | (297112984) | (3053462) |
| 12/31/2021 | 646812 |  | 10116192 | (26649135) | (15886131) | 9434803 |  | 145167348 | (387480726) | (232878575) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 120411 |  | 655408 | (212716) | 563103 | 1435952 |  | 6875232 | (2549813) | 5761371 |
| 12/31/2021 | 107768 |  | 226272 | (480763) | (146723) | 1585771 |  | 3262838 | (6948458) | (2099849) |
| **Moderate** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 824192 |  | 10804388 | (11241105) | 387475 | 8915484 |  | 101345162 | (118941785) | (8681139) |
| 12/31/2021 | 1590620 |  | 4720905 | (10918360) | (4606835) | 19787504 |  | 57925502 | (136357563) | (58644557) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 75348 |  | 309875 | (167183) | 218040 | 764633 |  | 2943813 | (1786864) | 1921582 |
| 12/31/2021 | 194342 |  | 126682 | (129888) | 191136 | 2502121 |  | 1574654 | (1651916) | 2424859 |
| **Moderate Growth** |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 909721 |  | 18882472 | (19203423) | 588770 | 10395622 |  | 185803529 | (216077022) | (19877871) |
| 12/31/2021 | 943234 |  | 7918005 | (19174038) | (10312799) | 12618352 |  | 103884225 | (255066226) | (138563649) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 113290 |  | 349319 | (138853) | 323756 | 1249938 |  | 3388389 | (1632853) | 3005474 |
| 12/31/2021 | 110468 |  | 133369 | (116047) | 127790 | 1471069 |  | 1729803 | (1531210) | 1669662 |

---

**NOTE 10 — 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 short-term capital gains and wash sale deferrals.

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.

20<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended December 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2021 |
|  | Ordinary<br>Income | Long-term<br>Capital Gains | Ordinary<br>Income | Long-term<br>Capital Gains |
| Conservative | $9796934 | $31830744 | $10978229 | $7244352 |
| Growth | 23181990 | 271864205 | 43273510 | 105156676 |
| Moderate | 13915916 | 90373059 | 18955420 | 40544736 |
| Moderate Growth | 19283793 | 169908125 | 31051381 | 74562647 |

---

The tax-basis components of distributable earnings as of December 31, 2022 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-term<br>Capital Gains | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br> Distributable<br> Earnings/(Loss) |
| Conservative | $5970008 | $5636436 | $(8608364) | $2998080 |
| Growth | 26795735 | 150944456 | (166363916) | 11376275 |
| Moderate | 11731725 | 32323000 | (96158357) | (52103632) |
| Moderate Growth | 18138006 | 94687230 | (136594247) | (23769011) |

---

At December 31, 2022, the Portfolios did not have any capital loss carryforwards for U.S. federal income tax purposes.

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 11 — 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 12 — 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

21<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 (CONTINUED)

**NOTE 12 — MARKET DISRUPTION (continued)**

systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of a Portfolio's investments, including beyond a Portfolio's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups

of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the Portfolio's investments. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolio's service providers.

**NOTE 13 — SUBSEQUENT EVENTS**

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

22<br>

------

<u>VOYA RETIREMENT<br> CONSERVATIVE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF DECEMBER 31, 2022 </u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 5.0%** | **EXCHANGE-TRADED FUNDS: 5.0%** | **EXCHANGE-TRADED FUNDS: 5.0%** | **EXCHANGE-TRADED FUNDS: 5.0%** |
| 184550 | Schwab U.S. TIPS ETF | $9557845 | 3.0 |
| 45204 | Vanguard Value ETF | 6345285 | 2.0 |
|  | **Total Exchange-Traded Funds<br> (Cost $16,290,852)** | **15903130** | **5.0** |
| **MUTUAL FUNDS: 94.9%** | **MUTUAL FUNDS: 94.9%** | **MUTUAL FUNDS: 94.9%** | **MUTUAL FUNDS: 94.9%** |
|  | **Affiliated Investment Companies: 94.9%** | **Affiliated Investment Companies: 94.9%** | **Affiliated Investment Companies: 94.9%** |
| 973546 | Voya International Index Portfolio — Class I | 9647846 | 3.0 |
| 4191675 | Voya Short Term Bond Fund — Class R6 | 38605323 | 12.2 |
| 20944131 | Voya U.S. Bond Index Portfolio — Class I | 191219918 | 60.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 3921729 | Voya U.S. Stock Index Portfolio — Class I | $61884890 | 19.5 |
|  | **Total Mutual Funds<br> (Cost $303,427,994)** | **301357977** | **94.9** |
|  | **Total Investments in Securities<br> (Cost $319,718,846)** | $**317261107** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **184243** | **0.1** |
|  | **Net Assets** | $**317445350** | **100.0** |

---

**Fair Value Measurementsˆ**

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) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $15903130 |
| Mutual Funds | 301357977 |
| Total Investments, at fair value | $317261107 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 12/31/2021 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 12/31/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Emerging Markets Index Portfolio — Class I | $8059890 | $1296251 | $(7738346) | $(1617795) | $— | $145752 | $(145538) | $244225 |
| Voya International Index Portfolio — Class I | 12452094 | 1868988 | (2515883) | (2157353) | 9647846 | 361088 | (1136) |  |
| Voya RussellTM Mid Cap Index Portfolio — Class I | 12610807 | 1657357 | (10284495) | (3983669) |  | 104592 | 486095 | 812231 |
| Voya Short Term Bond Fund — Class R6 | 33488829 | 16759778 | (9902643) | (1740641) | 38605323 | 680800 | (561720) |  |
| Voya U.S. Bond Index Portfolio — Class I | 272470443 | 19995676 | (69405473) | (31840728) | 191219918 | 4946206 | (7075537) |  |
| Voya U.S. Stock Index Portfolio — Class I | 82758598 | 20440586 | (16022296) | (25291998) | 61884890 | 882486 | 3377484 | 7075988 |
|  | $421840661 | $62018636 | $(115869136) | $(66632184) | $301357977 | $7120924 | $(3920352) | $8132444 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

See Accompanying Notes to Financial Statements<br>

23<br>

------

<u>VOYA RETIREMENT<br> CONSERVATIVE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF DECEMBER 31, 2022 (CONTINUED) </u>

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 $325,869,471.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $25948353 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (34556717) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(8608364) |

---

See Accompanying Notes to Financial Statements<br>

24<br>

------

<u>VOYA RETIREMENT<br> GROWTH PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF DECEMBER 31, 2022 </u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 3.0%** | **EXCHANGE-TRADED FUNDS: 3.0%** |  |  |
| 398017 | Vanguard Value ETF | **55869646** | **3.0** |
|  | **Total Exchange-Traded Funds<br> (Cost $52,709,493)** | **55869646** | **3.0** |
| **MUTUAL FUNDS: 97.0%** | **MUTUAL FUNDS: 97.0%** | **MUTUAL FUNDS: 97.0%** | **MUTUAL FUNDS: 97.0%** |
|  | **Affiliated Investment Companies: 97.0%** | **Affiliated Investment Companies: 97.0%** | **Affiliated Investment Companies: 97.0%** |
| 7829264 | Voya Emerging Markets Index Portfolio — Class I | 76805083 | 4.2 |
| 20875853 | Voya International Index Portfolio — Class I | 206879707 | 11.3 |
| 13453818 | Voya RussellTM Mid Cap Index Portfolio — Class I | 145570308 | 7.9 |
| 2854043 | Voya RussellTM Small Cap Index Portfolio — Class I | 35989483 | 2.0 |
| 8169536 | Voya Short Term Bond Fund — Class R6 | 75241427 | 4.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 30642333 | Voya U.S. Bond Index Portfolio — Class I | $279764497 | 15.2 |
| 60797823 | Voya U.S. Stock Index Portfolio — Class I | 959389649 | 52.3 |
|  | **Total Mutual Funds<br> (Cost $1,930,393,572)** | **1779640154** | **97.0** |
|  | **Total Investments in Securities<br> (Cost $1,983,103,065)** | $**1835509800** | **100.0** |
|  | **Assets in Excess of<br> Other Liabilities** | **237941** | **0.0** |
|  | **Net Assets** | $**1835747741** | **100.0** |

---

**Fair Value Measurementsˆ**

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) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $55869646 |
| Mutual Funds | 1779640154 |
| Total Investments, at fair value | $1835509800 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 12/31/2021 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 12/31/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Emerging Markets Index Portfolio — Class I | $144066359 | $30635308 | $(65579898) | $(32316686) | $76805083 | $2643161 | $(2649142) | $4428928 |
| Voya International Index Portfolio — Class I | 272052604 | 32100139 | (48563062) | (48709974) | 206879707 | 8003892 | 1098539 |  |
| Voya RussellTM Mid Cap Index Portfolio — Class I | 225424090 | 21809959 | (49983283) | (51680458) | 145570308 | 1897231 | (4382911) | 14733281 |
| Voya RussellTM Small Cap Index Portfolio — Class I | 48844840 | 9566141 | (6309940) | (16111558) | 35989483 | 350448 | 2222394 | 3463316 |
| Voya Short Term Bond Fund — Class R6 | 124698711 | 9241690 | (54285329) | (4413645) | 75241427 | 1948190 | (3085395) |  |
| Voya U.S. Bond Index Portfolio — Class I | 399581489 | 36876362 | (108210676) | (48482678) | 279764497 | 7183705 | (8411436) |  |
| Voya U.S. Stock Index Portfolio — Class I | 1323902598 | 207143932 | (184345644) | (387311237) | 959389649 | 13660667 | 40565358 | 106180287 |
|  | $2538570691 | $347373531 | $(517277832) | $(589026236) | $1779640154 | $35687294 | $25357407 | $128805812 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

See Accompanying Notes to Financial Statements<br>

25<br>

------

<u>VOYA RETIREMENT<br> GROWTH PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF DECEMBER 31, 2022 (CONTINUED) </u>

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 $2,001,873,716.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $10173840 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (176537756) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(166363916) |

---

See Accompanying Notes to Financial Statements<br>

26<br>

------

<u>VOYA RETIREMENT<br> MODERATE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF DECEMBER 31, 2022 </u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 4.0%** | **EXCHANGE-TRADED FUNDS: 4.0%** | **EXCHANGE-TRADED FUNDS: 4.0%** | **EXCHANGE-TRADED FUNDS: 4.0%** |
| 284672 | Schwab U.S. TIPS ETF | $14743163 | 2.0 |
| 104591 | Vanguard Value ETF | 14681438 | 2.0 |
|  | **Total Exchange-Traded Funds<br> (Cost $29,735,293)** | **29424601** | **4.0** |
| **MUTUAL FUNDS: 96.0%** | **MUTUAL FUNDS: 96.0%** | **MUTUAL FUNDS: 96.0%** | **MUTUAL FUNDS: 96.0%** |
|  | **Affiliated Investment Companies: 96.0%** | **Affiliated Investment Companies: 96.0%** | **Affiliated Investment Companies: 96.0%** |
| 1548176 | Voya Emerging Markets<br> Index Portfolio — Class I | 15187604 | 2.1 |
| 4502720 | Voya International Index Portfolio — Class I | 44621955 | 6.1 |
| 1330142 | Voya RussellTM Mid Cap Index Portfolio — Class I | 14392136 | 2.0 |
| 7268353 | Voya Short Term Bond<br> Fund — Class R6 | 66941531 | 9.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 38751392 | Voya U.S. Bond Index Portfolio — Class I | $353800206 | 48.3 |
| 13155697 | Voya U.S. Stock Index Portfolio — Class I | 207596897 | 28.4 |
|  | **Total Mutual Funds<br> (Cost $784,591,299)** | **702540329** | **96.0** |
|  | **Total Investments in Securities<br> (Cost $814,326,592)** | $**731964930** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **286138** | **0.0** |
|  | **Net Assets** | $**732251068** | **100.0** |

---

**Fair Value Measurementsˆ**

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) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $29424601 |
| Mutual Funds | 702540329 |
| Total Investments, at fair value | $731964930 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 12/31/2021 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 12/31/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Emerging Markets Index Portfolio — Class I | $28178572 | $6148057 | $(12730180) | $(6408845) | $15187604 | $511765 | $(435930) | $857522 |
| Voya International Index Portfolio — Class I | 48373296 | 13867462 | (9417597) | (8201206) | 44621955 | 1408797 | 155053 |  |
| Voya RussellTM Mid Cap Index Portfolio — Class I | 39191704 | 4146965 | (18345470) | (10601063) | 14392136 | 326486 | 386045 | 2535380 |
| Voya Short Term Bond Fund — Class R6 | 78045580 | 10981853 | (18189205) | (3896697) | 66941531 | 1273258 | (990973) |  |
| Voya U.S. Bond Index Portfolio — Class I | 439600632 | 47710627 | (75728707) | (57782346) | 353800206 | 8592281 | (6876519) |  |
| Voya U.S. Stock Index Portfolio — Class I | 355380105 | 41511667 | (90662326) | (98632549) | 207596897 | 2955247 | 10903553 | 23308546 |
|  | $988769889 | $124366631 | $(225073485) | $(185522706) | $702540329 | $15067834 | $3141229 | $26701448 |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

See Accompanying Notes to Financial Statements<br>

27<br>

------

<u>VOYA RETIREMENT<br> MODERATE PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF DECEMBER 31, 2022 (CONTINUED) </u>

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 $828,123,287.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $2809961 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (98968318) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(96158357) |

---

See Accompanying Notes to Financial Statements<br>

28<br>

------

<u>VOYA RETIREMENT MODERATE<br> GROWTH PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF DECEMBER 31, 2022 </u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 2.0%** | **EXCHANGE-TRADED FUNDS: 2.0%** | **EXCHANGE-TRADED FUNDS: 2.0%** | **EXCHANGE-TRADED FUNDS: 2.0%** |
| 182427 | Vanguard Value ETF | $**25607278** | **2.0** |
|  | **Total Exchange-Traded Funds<br> (Cost $24,154,166)** | **25607278** | **2.0** |
| **MUTUAL FUNDS: 98.0%** | **MUTUAL FUNDS: 98.0%** | **MUTUAL FUNDS: 98.0%** | **MUTUAL FUNDS: 98.0%** |
|  | **Affiliated Investment Companies: 98.0%** | **Affiliated Investment Companies: 98.0%** | **Affiliated Investment Companies: 98.0%** |
| 2695011 | Voya Emerging Markets<br> Index Portfolio — Class I | 26438054 | 2.1 |
| 9144926 | Voya International Index Portfolio — Class I | 90626214 | 7.2 |
| 5788619 | Voya RussellTM Mid Cap Index Portfolio — Class I | 62632856 | 4.9 |
| 7029543 | Voya Short Term Bond<br> Fund — Class R6 | 64742094 | 5.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 44999237 | Voya U.S. Bond Index Portfolio — Class I | $410843031 | 32.4 |
| 37125654 | Voya U.S. Stock Index Portfolio — Class I | 585842818 | 46.3 |
|  | **Total Mutual Funds<br> (Cost $1,361,065,713)** | **1241125067** | **98.0** |
|  | **Total Investments in Securities<br> (Cost $1,385,219,879)** | $**1266732345** | **100.0** |
|  | **Assets in Excess of<br> Other Liabilities** | **102872** | **0.0** |
|  | **Net Assets** | $**1266835217** | **100.0** |

---

**Fair Value Measurementsˆ**

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) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $25607278 |
| Mutual Funds | 1241125067 |
| Total Investments, at fair value | $1266732345 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the year ended December 31, 2022, where the following issuers were considered an affiliate:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 12/31/2021 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 12/31/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Emerging Markets Index Portfolio — Class I | $66124966 | $13196263 | $(38009219) | $(14873956) | $26438054 | $1212128 | $(820671) | $2031064 |
| Voya International Index Portfolio — Class I | 119182258 | 14267185 | (21481391) | (21341838) | 90626214 | 3503611 | 460620 |  |
| Voya RussellTM Mid Cap Index Portfolio — Class I | 103452952 | 10582470 | (26648173) | (24754393) | 62632856 | 870017 | (1147869) | 6756267 |
| Voya Short Term Bond Fund — Class R6 | 85839511 | 7119081 | (24149997) | (4066501) | 64742094 | 1516277 | (1365810) |  |
| Voya U.S. Bond Index Portfolio — Class I | 481358254 | 87642427 | (93620150) | (64537500) | 410843031 | 9743087 | (7333792) |  |
| Voya U.S. Stock Index Portfolio — Class I | 893403583 | 99700020 | (150838776) | (256422009) | 585842818 | 8340204 | 28643120 | 65442927 |
|  | $1749361524 | $232507446 | $(354747706) | $(385996197) | $1241125067 | $25185324 | $18435598 | $74230258 |

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The financial statements for the above mutual fund[s] can be found at www.sec.gov.

See Accompanying Notes to Financial Statements<br>

29<br>

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<u>VOYA RETIREMENT MODERATE<br> GROWTH PORTFOLIO</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF DECEMBER 31, 2022 (CONTINUED) </u>

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 $1,403,326,592.

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| | |
|:---|:---|
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $4070693 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (140664940) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(136594247) |

---

See Accompanying Notes to Financial Statements<br>

30<br>

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TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended December 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
| Portfolio Name | Type | Per Share Amount |
| Voya Retirement Conservative Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1931 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.2188 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0513 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.7942 |
| Voya Retirement Growth Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1447 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.2143 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0015 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.7329 |

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| | | |
|:---|:---|:---|
| Portfolio Name | Type | Per Share Amount |
| Voya Retirement Moderate Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1892 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.2365 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0016 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.2475 |
| Voya Retirement Moderate Growth Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;Class ADV | NII | $0.1605 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.2187 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0017 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.438 |

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NII — Net investment income

STCG — Short-term capital gain

LTCG — Long-term capital gain

Of the ordinary distributions made during the year ended December 31, 2022, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

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| | |
|:---|:---|
| Voya Retirement Conservative Portfolio | 10.24% |
| Voya Retirement Growth Portfolio | 67.99% |
| Voya Retirement Moderate Portfolio | 30.04% |
| Voya Retirement Moderate Growth Portfolio | 53.55% |

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The Portfolios designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

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| | |
|:---|:---|
| Voya Retirement Conservative Portfolio | $31830744 |
| Voya Retirement Growth Portfolio | $271864205 |
| Voya Retirement Moderate Portfolio | $90373059 |
| Voya Retirement Moderate Growth Portfolio | $169908125 |

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The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds.

A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Portfolios designate the following amounts as foreign taxes paid for the year ended December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
|  | Creditable<br>Foreign Taxes<br> Paid | Per Share<br> Amount | Portion of Ordinary Income<br> Distribution Derived from<br> Foreign Sourced Income\* |
| Voya Retirement Conservative Portfolio | $43976 | $0.0010 | 2.83% |
| Voya Retirement Growth Portfolio | $823734 | $0.0048 | 16.87% |
| Voya Retirement Moderate Portfolio | $156949 | $0.0020 | 6.45% |
| Voya Retirement Moderate Growth Portfolio | $374747 | $0.0029 | 10.20% |

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\* None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

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.

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TRUSTEE AND OFFICER INFORMATION (UNAUDITED)

The business and affairs of the Trust are managed under the direction of the Board. A Trustee, who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee ("Independent Trustee"). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about Trustees of the Trust and is available, without charge, upon request at (800) 992-0180.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address and Age | Position(s)<br> Held with<br> the Trust | Term of Office<br> and Length of<br> Time Served<sup>(1)</sup> | Principal Occupation(s) —<br> During the Past 5 Years | Number of<br> funds in<br> Fund 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. (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. |

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<sup>(1)</sup> 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).

<sup>(2)</sup> 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.

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TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

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| | | | |
|:---|:---|:---|:---|
| Name, Address and Age | Position(s)<br>Held With<br>the Trust | Term of Office<br>and Length of<br>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). |

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33<br>

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TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)

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| | | | |
|:---|:---|:---|:---|
| Name, Address and Age | Position(s)<br>Held With<br>the Trust | Term of Office<br>and Length of<br>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 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<br> 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). |

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<sup>(1)</sup> The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

34<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 17, 2022, the Board of Trustees ("Board") of Voya Investors Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Retirement Conservative Portfolio, Voya Retirement Growth Portfolio, Voya Retirement Moderate Growth Portfolio, and Voya Retirement Moderate 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 responsibilities to one or more sub-advisers. In addition,

35<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 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 the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager 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.

**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.

**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

36<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

compared to the compensation paid to the Manager. In addition, the Board considered any 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.

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 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 Retirement Conservative Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Retirement Conservative 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 three-year and five-year periods, the second quintile for the one-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations of the limited size of the Portfolio's Selected Peer Group; and (3) management's representations regarding its belief that the Portfolio's pricing is competitive.

**Voya Retirement Growth Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Retirement Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year and five-year periods, and the third quintile for the year-to-date and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year 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 fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations of the limited size of the Portfolio's Selected Peer Group; and (3) management's representations regarding of its belief that the Portfolio's pricing is competitive.

**Voya Retirement Moderate Growth Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Retirement Moderate Growth Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year, three-year and five-year periods, and the third quintile for the year-to-date and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations of the limited size of the Portfolio's Selected Peer Group; and (3) management's representations regarding its belief that the Portfolio's pricing is competitive.

**Voya Retirement Moderate Portfolio**

In considering whether to approve the renewal of the Contracts for Voya Retirement Moderate Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Portfolio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Portfolio, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Portfolio indirectly bears the fees payable by the underlying funds in which the Portfolio invests; (2) management's representations of the limited size of the Portfolio's Selected Peer Group; and (3) management's representations regarding its belief that the Portfolio's pricing is competitive.

**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.

39<br>

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**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.**

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| RETIREMENT \| INVESTMENTS \| INSURANCE<br>voyainvestments.com<br>| ![](voya_blk.jpg)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VPAR-RETADVI (1222-022223) |

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(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 $443,901
 for the year ended December 31, 2022 and $464,483 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 $116,568 for
 the year ended December 31, 2022 and $123,360 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.

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| | |
|:---|:---|
| (d) | <u>All Other Fees</u><sup>)</sup>: 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) | Audit Committee Pre-Approval Policies and Procedures |

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***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

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|:---|:---|:---|
| &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 |

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<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

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| | | | |
|:---|:---|:---|:---|
| &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 |

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Appendix C<br> Pre-Approved Tax Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| &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 |

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<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

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| | | | |
|:---|:---|:---|:---|
| &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 |

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Appendix D<br> Pre-Approved Other Services for the Pre-Approval Period January 1, 2022 through December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| &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

● Bookkeeping or other services related to the accounting records or financial statements of the Funds

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser, or investment banking services

● Legal services

● Expert services unrelated to the audit

● 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) | Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee |

---

100% of the services were approved by the audit committee.

(f) Percentage of hours expended attributable to work performed by other than
full time employees of EY if greater than 50%

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 and paid 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 Investors Trust** | $116568 | $123.360 |
| 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 Form.

(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)](tm232302d17_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.](tm232302d17_ex99-codeeth.htm) |
| [(a)(2)](tm232302d17_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.](tm232302d17_ex99-cert.htm) |
| (a)(2)(1) | Not applicable. |
| (a)(2)(2) | Not applicable. |
| [(b)](tm232302d17_ex99-906cert.htm) | [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm232302d17_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 Investors 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 | 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;**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;**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;**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;**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:   <br>*(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:   <br>*(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 N-CSR of Voya Investors 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 | /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 Investors 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 | /s/ Todd Modic |
|  | Todd Modic |
|  | 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 Investors Trust

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 Investors Trust and will be retained by Voya Investors 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 Investors Trust <br> <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 Investors Trust and will be retained by Voya Investors 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 |

---