# EDGAR Filing Document

**Accession Number:** 0000002663
**File Stem:** 0001104659-23-029930
**Filing Date:** 2023-3
**Character Count:** 810522
**Document Hash:** 910a4fafd79ba3d4623bfe8dd7f5d2e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-029930.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001104659-23-029930

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**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 GOVERNMENT MONEY MARKET PORTFOLIO
- **CENTRAL INDEX KEY:** 0000002663
- **IRS NUMBER:** 060920532
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02565
- **FILM NUMBER:** 23715089

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 480-477-3000

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258-2038

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYA GOVERNMENT MARKET PORTFOLIO
- **DATE OF NAME CHANGE:** 20160502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Voya MONEY MARKET PORTFOLIO
- **DATE OF NAME CHANGE:** 20140421

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING MONEY MARKET PORTFOLIO
- **DATE OF NAME CHANGE:** 20090508

## Series and Classes Contracts Data

### Voya Government Money Market Portfolio (Series ID: S000008702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023718 | Class I      | IVMXX           |
| C000028786 | Class S      | IMSXX           |

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: **811-02565**

**Voya Government Money Market Portfolio**

(Exact name of registrant as specified in charter)

---

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

---

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

(Name and address of agent for service)

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

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

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

**Item 1. Reports to Stockholders.**

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

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

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

## Annual Report

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

#### Voya Variable Product Funds
■ <br>

Voya Balanced Portfolio

■ <br>

Voya Global High Dividend Low Volatility Portfolio

■ <br>

Voya Government Money Market Portfolio

■ <br>

Voya Growth and Income Portfolio

■ <br>

Voya Intermediate Bond Portfolio

■ <br>

Voya Small Company Portfolio

---

| |
|:---|
| As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each portfolio's annual and semi-annual shareholder reports, like this annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report. |
| If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from your insurance carrier electronically by contacting them directly. |
| You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions provided to elect to continue receiving paper copies of your shareholder reports. You can inform us that you wish to continue receiving paper copies by calling 1-866-345-5954. Your election to receive reports in paper will apply to all the funds in which you invest.  |

---

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

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

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio Managers' Reports](#tPMRV)  | [2](#tPMRV) |
| [Shareholder Expense Examples](#tSEEU)  | [15](#tSEEU) |
| [Report of Independent Registered Public Accounting Firm](#tROIR)  | [17](#tROIR) |
| [Statements of Assets and Liabilities](#tSOAA)  | [18](#tSOAA) |
| [Statements of Operations](#tSOOF)  | [22](#tSOOF) |
| [Statements of Changes in Net Assets](#tSOCI)  | [24](#tSOCI) |
| [Financial Highlights](#tFIHI)  | [27](#tFIHI) |
| [Notes to Financial Statements](#tNTFS)  | [31](#tNTFS) |
| [Portfolios of Investments](#tPOI)  | [50](#tPOI) |
| [Tax Information](#tTAI)  | [143](#tTAI) |
| [Director/Trustee and Officer Information](#tDTO)  | [144](#tDTO) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#tASC)  | [148](#tASC) |

---

#### 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. Voya Government Money Market Portfolio does not file on Form N-PORT.

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

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

Benchmark Descriptions

---

| | |
|:---|:---|
| **Index**  | **Description**  |
| Bloomberg U.S. Aggregate Bond Index ("Bloomberg U.S. Aggregate Bond") | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. |
| iMoneyNet Government Institutional Index | The average return for a category of money market funds that includes all government institutional funds: Treasury Institutional, Treasury and Repo Institutional and Government and Agencies Institutional. |
| MSCI Europe, Australasia and Far East<sup>®</sup> <br> ("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 World Value Index<sup>SM</sup> ("MSCI World Value") | The index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries. |
| Russell 2000<sup>®</sup> Index | An index that measures the performance of securities of small U.S. companies. |
| Russell 3000<sup>®</sup> Index | An index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. |
| 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. |
| 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. |

---

\* <br>

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ("SPDJI"), and has been licensed for use by Voya Financial. Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Voya Financial Product(s) is/are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500<sup>®</sup> Index.

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Voya Balanced 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 | 40.6%  |
| Exchange-Traded Funds | 23.7%  |
| Mutual Funds | 8.0%  |
| Corporate Bonds/Notes | 7.5%  |
| U.S. Government Agency Obligations | 7.2%  |
| Collateralized Mortgage Obligations | 3.6%  |
| Asset-Backed Securities | 3.1%  |
| U.S. Treasury Obligations | 3.0%  |
| Commercial Mortgage-Backed Securities | 1.6%  |
| Sovereign Bonds | 0.1%  |
| Preferred Stock | 0.0%  |
| Purchased Options | 0.0%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;1.6%  |
| 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.*** |

---

Voya Balanced Portfolio (the "Portfolio") seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long-term capital appreciation. The Portfolio uses an asset allocation strategy ("Target Asset Allocation") to invest in a diversified portfolio of various asset classes and investment strategies. The Portfolio is managed by Paul Zemsky, CFA, Barbara Reinhard, CFA, and Matthew Toms, CFA, Portfolio Managers of Voya Investment Management Co. LLC ("Voya IM") — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class I shares provided a total return of -17.24% compared to the S&P Target Risk<sup>®</sup> Growth Index, Bloomberg U.S. Aggregate Bond Index ("Bloomberg U.S. Aggregate Bond"), MSCI EAFE<sup>®</sup> Index ("MSCI EAFE<sup>®</sup>") and Russell 3000<sup>®</sup> Index, which returned -15.27%, -13.01%, -14.45% and -19.21%, respectively, for the same period.

***Portfolio Specifics:*** The Portfolio began the year with a slight overweight to equities relative to fixed income. Within its sub-asset class allocations, the Portfolio was overweight US large cap and US small cap, funded by underweight positions in US mid cap equities and core US fixed income.

In January and February, the strategy lowered its allocation to high yield ("HY"), taking advantage of the relatively stable credit markets as equities experienced sharp volatility. Also in February, the strategy reduced its US large cap position and added to emerging market ("EM") and developed international equities. The non-US equity markets offer less tech exposure and less long duration equity exposure which has shown to be more sensitive to rising US real yields.

In March, the strategy lowered its international equity exposure in favor of short-term Eurodollar futures, believing that international equities remain vulnerable to the economic fallout from the first major war in the Europe post-World War II. Recession risk in the Eurozone is rising quickly as war wages, gasoline prices continue to rise and an inflation problem is forcing the European Central Bank's ("ECB") hand to tighten financial conditions. In addition, slowing Chinese growth is a headwind for EM. Any stimulus to occur will likely not be enough to revive a slowing economy and to meeting Beijing's growth target. We believe strong forward guidance by the US Federal Reserve to increase policy rates and a faster balance sheet roll-off than other central

---

| | |
|:---|:---|
| **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)**  |
| iShares Core S&P 500 ETF | 19.1%  |
| Voya Short Term Bond Fund - Class R6 | 3.8%  |
| Voya Small Company Fund - Class R6 | 2.0%  |
| iShares 20+ Year Treasury Bond ETF | 1.9%  |
| Apple, Inc. | 1.7%  |
| iShares Core U.S. Aggregate Bond ETF | 1.5%  |
| Microsoft Corp. | 1.5%  |
| Voya High Yield Bond Fund - Class P | 1.2%  |
| Schwab U.S. TIPS ETF | 1.0%  |
| Voya Small Cap Growth Fund - Class R6 | 1.0%  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

---

banks are dollar positives.

As part of its annual review in early April, the Portfolio increased its overweight to US large cap equities. Overweights to US assets helped within the fixed income segments of the Portfolio, as US aggregate bonds performed better than global bonds and significantly outperformed EM debt, which struggled due to those countries' generally weaker growth outlook and a substantial strengthening in the US dollar. In May, a new position in Japanese equities was initiated, funded by selling US large cap stocks. Japan is acting more defensive than the rest of the world given the Bank of Japan's ("BOJ") use of yield curve control, which, along with relatively cheap valuations, makes their equity markets more attractive in this highly uncertain macro environment. In addition, during times of market stress, the Japanese yen serves as a safe haven for investors. Furthermore, the yen has fallen dramatically since the beginning of 2021 and has not been this cheap relative to the dollar since 2002 from both purchasing power parity ("PPP") and real effective exchange rate perspective. We believe this should help the nation's export-oriented businesses and could support earnings.

In the third quarter, the Portfolio increased US large cap and small cap equities. The large cap increase was funded by a reduction to international developed equites, as the US continues to be the favorite region given the relatively insulated economic and geopolitical position, strong currency, and generally healthier companies. Within the United States, small caps have retraced all their stimulus driven gains and now trade at a discount to large caps. Given the severely oversold conditions, there is potential for an unwind and small caps would disproportionally benefit from the bounce. Within fixed income, the Portfolio lengthened duration across the Portfolio by increasing exposure to long-term US government bonds and reducing cash. We believe declining energy and core goods prices, reduced shelter costs, softening labor market, and decreased domestic demand will pull inflation down to the 4-5% range by the middle of next year. We believe the necessary drop in nominal gross domestic product ("GDP") or expectation thereof should weigh heavily on long dated yields. As a result, we have extended duration in fixed income Portfolio and maintain our preference for high-quality credit. Finally, toward the end of the quarter, the Portfolio closed the long Japan position,

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Portfolio Managers' Report Voya Balanced Portfolio

reallocating proceeds to US large cap. The BOJ has held firm in its policy of "unlimited" purchases of 10-year Japanese Government Bonds ("JGBs") to keep the yield at or below 0.25%. As Treasury yields climb and the yen weakens, the BOJ seems to have only two options: eliminate or raise the yield cap, or intervene in currency markets to support the weakening yen. The BOJ has chosen the latter for now, but we are skeptical of their ability to defend the yen while maintaining yield curve control.

Toward the end of the period, after strong returns from stocks in October and November, US large cap equities were decreased and US core bonds were increased, as recession risks accumulated, leading to concerns deteriorating earnings would drive a sell-off into year end. The underweight in international equity was maintained, as the ECB struggles to contain inflation in the face of a gas embargo with Russia that is likely to continue for a multi-year period and given local governments having spent their fiscal firepower on helping households meet their increased energy costs. Europe looks to have used a short-term patch to try and fix a long-term problem, which will likely pressure European equities in 2023. Within fixed income, the Portfolio continues to hold an underweight in HY. While spreads have widened, they do not provide sufficient compensation for the possible rise in defaults that will accompany the looming recession. The long duration posture remains as a hedge against equity beta in the event of a risk-off flight to safety and PM's expectations a weak growth environment will weigh down the back-end of the yield curve.

Overall, tactical asset allocation positioning relative to the strategic asset allocation was a headwind to performance. Underlying manager detracted from the Portfolio's performance for the year. Top performing underlying strategies were the mid-cap equity and international equity sleeves. Bottom performers include the US large cap equity sleeve and Voya Short Term Bond Fund.

***Current Strategy and Outlook:*** Inflation dominated the headlines in 2022, and 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 Fed or ECB. 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, 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 they are well of peaks and seem reasonable. On the other side of this year, however, 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.

We think the bond bear market is over. Following one of the worst years on record, bonds now look attractive. Positive real yields across the interest rate curve offer attractive carry for the first time in years. We expect the hand-off from inflation risk to growth risk should pressure yields lower to the benefit of duration sensitive assets. Additionally, the volatility in rates and the correlation between stocks and bonds should normalize, as fixed income reassumes its place of ballast within multi-asset Portfolios.

The United States continues to be our favorite region. It is further along in the inflation fight and still more geopolitically insulated as compared to the Eurozone, which still faces an increased probability and expected magnitude of a decline in output. China's move away from zero Covid and the seeming relaxation of tensions with the US from their boiling point are pluses for EM. While the US dollar is less likely to be a headwind to international assets, it should retain its defensive properties in risk-off scenarios, providing motivation for keeping close to home for now.

***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)

Voya Balanced Portfolio Portfolio Managers' Report

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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 I | -17.24% | 3.37% | 5.91% |
| Class S | -17.47% | 3.11% | 5.64% |
| S&P Target Risk<sup>®</sup> Growth Index | -15.27% | 3.48% | 6.02% |
| Bloomberg U.S. Aggregate Bond | -13.01% | 0.02% | 1.06% |
| MSCI EAFE<sup>®</sup> | -14.45% | 1.54% | 4.67% |
| Russell 3000<sup>®</sup> Index | -19.21% | 8.79% | 12.13% |

---

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

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

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

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

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

***The performance update illustrates performance for a variable investment option available through a variable annuity contract or a variable life insurance policy. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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Portfolio Managers' Report Voya Global High Dividend Low Volatility Portfolio

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| | |
|:---|:---|
| **Geographic Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  | **Geographic Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  |
| United States | 67.2%  |
| Japan | 7.4%  |
| United Kingdom | 4.8%  |
| Australia | 3.1%  |
| France | 3.0%  |
| Canada | 2.6%  |
| Switzerland | 2.4%  |
| Hong Kong | 1.9%  |
| Spain | 1.3%  |
| Netherlands | 1.3%  |
| Countries between 0.1% – 1.1%^ | 4.0%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;1.0%  |
| Net Assets | 100.0%  |
| &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Includes short-term investments and exchange-traded funds.  | &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Includes short-term investments and exchange-traded funds.  |
| &nbsp;&nbsp;&nbsp;&nbsp; ^ <br>Includes 10 countries, which each represents 0.1% – 1.1% of net assets.  | &nbsp;&nbsp;&nbsp;&nbsp; ^ <br>Includes 10 countries, which each represents 0.1% – 1.1% of net assets.  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

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Voya Global High Dividend Low Volatility Portfolio (the "Portfolio") seeks long-term capital growth and current income. The Portfolio is managed by Steve Wetter, Kai Yee Wong, Peg DiOrio, CFA, and Vincent Costa, 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 -5.11% compared to the MSCI World Value Index<sup>SM</sup> (the "Index" or "MSCI World Value") which returned -6.52% for the same period.

***Portfolio Specifics:*** For the reporting period, the Portfolio outperformed the Index. In terms of the Portfolio's performance the Portfolio's lower beta positioning and higher dividend yield both contributes, while the core model detracted.

On the regional level, stock selection was strongest in North America and Japan and weakest in Europe and the Asia Pacific ex-Japan region.

On the sector level, stock selection was strong in the information technology, consumer staples and health care. Selection was also strong in communication services, but this was partially offset by a negative allocation impact. At the individual stock level, the overweight to Coterra Energy Inc., not owning Home Depot, Inc. and Intel Corp. contributed positively.

By contrast, at the sector level, stock selection was weakest in the energy, industrials and financials sectors. At the individual

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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)**  |
| Johnson & Johnson | 2.2%  |
| AbbVie, Inc. | 1.7%  |
| Merck & Co., Inc. | 1.6%  |
| PepsiCo, Inc. | 1.3%  |
| Cisco Systems, Inc. | 1.3%  |
| Verizon Communications, Inc. | 1.2%  |
| Bristol-Myers Squibb Co. | 1.1%  |
| Philip Morris International, Inc. | 1.1%  |
| Pfizer, Inc. | 1.1%  |
| Amgen, Inc. | 1.1%  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

---

stock level, underweight positions in Exxon Mobil Corp. and Chevron Corp. as well as the overweight to Digital Reality Trust, Inc. detracted from relative returns.

***Current Strategy and Outlook:*** This is an actively-managed, quantitative, global equity strategy that seeks to generate higher dividend income and total returns, with lower volatility and better downside capture, than the Index. The investment process creates a universe of sustainable dividend-paying stocks and utilizes fundamentally driven sector-specific alpha models to what we believe to be the most attractive stocks within each region-sector. The Portfolio is then optimized to achieve its dividend, alpha and volatility objectives.

***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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Voya Global High Dividend Low Volatility Portfolio Portfolio Managers' Report

![[MISSING IMAGE: lc_highdiv-bw.jpg]](lc_highdiv-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**  | **Average Annual Total Returns for the Periods Ended December 31, 2022**  |
| | **1 Year**  | **5 Year**  | **10 Year**  | **Since Inception <br> of Classes S2 and T <br> March 5, 2015**  |
| Class ADV | -5.38% | 4.30% | 6.34% |  |
| Class I<sup>(1)</sup> | -4.90% | 4.80% | 6.80% |  |
| Class S | -5.11% | 4.54% | 6.60% |  |
| Class S2 | -5.33% | 4.38% |  | 5.32% |
| Class T | -5.54% | 4.17% |  | 5.12% |
| MSCI World Value | -6.52% | 4.12% | 7.24% | 5.39% |

---

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

*Portfolio holdings are subject to change daily.* 

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

Class I incepted on March 5, 2015. The Class I 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.

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Portfolio Managers' Report Voya Government Money Market Portfolio

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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)**  |
| U.S. Government Agency Debt | 50.9%  |
| U.S. Treasury Debt | 24.8%  |
| U.S. Treasury Repurchase Agreement | 20.3%  |
| Investment Companies | 1.4%  |
| Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.6%  |
| Net Assets | 100.0%  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

---

Voya Government Money Market Portfolio\* (the "Portfolio") seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high-quality money market instruments, while maintaining a stable share price of $1.00 per share. 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 I shares provided a total return of 1.39% compared to the iMoneyNet Government Institutional Index, which returned 1.38% for the same period.

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

***Portfolio Specifics:*** 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 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 the SOFR. These investments allowed the Portfolio to capture the immediate increase in yields following rate hikes by the Fed.

***Outlook and Current Strategy:*** 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 the potential for the Fed to pause for an extended period of time that we anticipate. Should the market begin to price in these additional increases, we may look to extend our maturity to take advantage of recent high yields.

\* <br>

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 net yield of not less than 0.00%.

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.***

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

Voya Growth and Income Portfolio Portfolio Managers' Report

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| | |
|:---|:---|
| **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 | 26.1%  |
| Health Care | 15.3%  |
| Financials | 12.5%  |
| Consumer Discretionary | 9.0%  |
| Communication Services | 7.7%  |
| Industrials | 7.7%  |
| Consumer Staples | 5.8%  |
| Energy | 5.5%  |
| Materials | 3.9%  |
| Utilities | 3.3%  |
| Real Estate | 3.0%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;0.2%  |
| 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 Growth and Income Portfolio (the "Portfolio") seeks to maximize total return through investments in a diversified portfolio of common stock and securities convertible into common stocks. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. 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 I shares provided a total return of -14.71% compared to the S&P 500<sup>®</sup> Index, which returned -18.11% for the same period.

***Portfolio Specifics:*** For the reporting period, the Portfolio outperformed its benchmark, due primarily to strong stock selection. Stock selection within the industrials and communication services sectors had the greatest positive impact on performance. At the individual stock level, not owning Tesla Inc. or Meta Platforms Inc. and an overweight position in ConocoPhillips contributed the most to performance.

By contrast, on the sector level, stock selection consumer discretionary had the largest negative impact on relative performance. Key detractors included overweight positions in Intuit Inc. and Amazon.com, Inc., as well as not owning Exxon Mobile Corp.

***Current Strategy and Outlook:*** From a portfolio positioning standpoint, we have continued to lean more into cyclical stocks in the Portfolio as they are trading at a historic discount to more stable companies and we believe that is unsustainable. With

---

| | |
|:---|:---|
| **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. | 7.2%  |
| Apple, Inc. | 7.1%  |
| Amazon.com, Inc. | 3.7%  |
| JPMorgan Chase & Co. | 3.5%  |
| AT&T, Inc. | 2.7%  |
| Philip Morris International, Inc. | 2.5%  |
| Broadcom, Inc. | 2.5%  |
| Thermo Fisher Scientific, Inc. | 2.3%  |
| Boston Scientific Corp. | 2.2%  |
| Howmet Aerospace, Inc. | 2.2%  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

---

investor sentiment at an all-time low 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.

***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 Growth and Income Portfolio

---

| | | | |
|:---|:---|:---|:---|
| **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 | -15.08% | 9.21% | 11.08% |
| Class I | -14.71% | 9.70% | 11.59% |
| Class S | -14.96% | 9.42% | 11.30% |
| Class S2 | -15.08% | 9.26% | 11.14% |
| 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 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) 992-0180 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 Intermediate Bond Portfolio Portfolio Managers' Report

---

| | |
|:---|:---|
| **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)**  |
| U.S. Government Agency Obligations | 28.0%  |
| Mutual Funds | 22.6%  |
| Corporate Bonds/Notes | 20.0%  |
| U.S. Treasury Obligations | 14.7%  |
| Collateralized Mortgage Obligations | 14.1%  |
| Asset-Backed Securities | 6.6%  |
| Commercial Mortgage-Backed Securities  | 3.7%  |
| Municipal Bonds | 0.1%  |
| Purchased Options | 0.0%  |
| Liabilities in Excess of Other Assets\* | (9.8)%  |
| Net Assets | 100.0%  |
| &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Includes short-term investments.  | &nbsp;&nbsp;&nbsp;&nbsp; \* <br>Includes short-term investments.  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

---

Voya Intermediate Bond Portfolio (the "Portfolio") seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. 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 I shares provided a total return of -14.44% 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 underperformed its benchmark. Sector allocation and security selection were challenges to performance, while duration and yield curve positioning did not meaningfully impact returns.

2022 marked one of the worst years in bond market performance, as measured by the index. Rates catapulted higher over the course of 2022. Persistently higher inflation, compounded by energy price spikes from the Russia and Ukraine conflict brought yields back to levels not witnessed since prior to Covid. The 10-year Treasury yield reached nearly 4.25% in October, before retracing to 3.90% by year-end. Later in the period, a peak in inflation data and worries of a recession in the United States led the market to believe the end of the US Federal Reserve hiking cycle was in sight. Higher interest rates and higher bond volatility was an unwelcome challenge in 2022. As a result, non-government sectors struggled and broadly trailed the US Treasury market for the year.

Sector allocations for the entire period detracted from performance, with overweights detracting from performance in the first half of the year. Higher volatility and elevated geopolitical risks on the heels of the Russia invasion of Ukraine dragged on performance. Meanwhile, the Portfolio was able to capture some of this performance in the second half as spread peaked with the end of the Fed tightening cycle in sight. For the year, allocations across corporate credit which spans

---

| | |
|:---|:---|
| **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)**  |
| Voya Investment Grade Credit Fund - Class P | 6.2%  |
| Voya Securitized Credit Fund - Class P | 5.1%  |
|  Voya Emerging Markets Hard Currency Debt Fund - Class P  | 4.8%  |
| Voya VACS Series EMCD Fund | 3.6%  |
| Voya High Yield Bond Fund - Class P | 2.9%  |
|  Uniform Mortgage-Backed Securities, 4.000%, 01/15/53  | 2.8%  |
|  Uniform Mortgage-Backed Securities, 2.500%, 01/15/53  | 2.8%  |
| United States Treasury Note, 3.875%, 12/31/29  | 2.1%  |
| United States Treasury Note, 3.875%, 12/31/27  | 2.1%  |
|  Uniform Mortgage-Backed Securities, 3.000%, 01/15/53  | 1.8%  |
| &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.*** |

---

investment grade and high yield, as well as most securitized sectors, detracted. Allocations to asset-backed securities (ABS) added to results, reflecting the low-beta characteristics of this sector.

Security selection was mixed and in aggregate detracted from results over the period. Detractions arose in emerging markets, which included investments in Russia and Ukraine, and ABS which captures our investments in higher yielding collateralized loan obligations. Contributions were largely sourced from agency residential mortgage-backed securities (RMBS), where off-benchmark agency RMBS selection, including collateralized mortgage obligations, outperformed Index holdings.

Duration and yield curve positioning was broadly in line with the Index for the period and did not meaningfully impact performance.

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

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

Portfolio Managers' Report Voya Intermediate Bond Portfolio

If a recession happens, it will be a painful experience for many people but we belive necessary medicine to ensure the healthy functioning of the economy. A side effect will be higher unemployment, driven by the decrease in demand for labor. But on the flip side, companies which have been struggling to recruit skilled talent, which we belive could cause many of them to hold onto workers in a downturn. 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.

We are cautious of additional imbalances lurking that could disrupt markets. Therefore, the Portfolio remains 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 imposes no sales charges. An investor cannot invest directly in an index.***

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

Voya Intermediate Bond Portfolio Portfolio Managers' Report

---

| | | | |
|:---|:---|:---|:---|
| **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 | -14.90% | -0.54% | 1.10% |
| Class I | -14.44% | -0.02% | 1.61% |
| Class S | -14.68% | -0.27% | 1.36% |
| Class S2 | -14.88% | -0.44% | 1.20% |
| 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 Voya Intermediate 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) 992-0180 to get performance through the most recent month end.***

*Portfolio holdings are subject to change daily.*

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

Portfolio Managers' Report Voya Small Company Portfolio

---

| | |
|:---|:---|
| **Sector Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  | **Sector Diversification <br> as of December 31, 2022 <br> (as a percentage of net assets)**  |
| Industrials | 18.9%  |
| Information Technology | 17.7%  |
| Financials | 17.1%  |
| Health Care | 15.7%  |
| Consumer Discretionary | 7.7%  |
| Materials | 7.3%  |
| Real Estate | 6.3%  |
| Energy | 4.6%  |
| Communication Services | 2.6%  |
| Utilities | 1.7%  |
| Exchange-Traded Funds | 0.3%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;0.1%  |
| 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.*** |

---

Voya Small Company Portfolio\* (the "Portfolio") seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations. The Portfolio is managed by Vincent Costa, CFA and Gareth Shepherd, PhD, CFA, Portfolio Managers\* of Voya Investment Management Co. LLC — the Sub-Adviser.

***Performance:*** For the year ended December 31, 2022, the Portfolio's Class I shares provided a total return of –16.68% compared to the Russell 2000<sup>®</sup> Index, which returned -20.44% for the same period.

***Portfolio Specifics:*** For the one-year reporting period the Portfolio outperformed its benchmark, largely driven by positive stock selection. For the period under the management of the predecessor team (January 1 – May 31, 2022), the Portfolio outperformed due to strong selection and favorable allocation effects. An underweight allocation to the pharmaceutical and biotechnology sector, coupled with positive stock selection within the sector, contributed the most to performance. Stock selection within the health care equipment and services and software and services sectors also added value. By contrast, stock selection effects within the industrial materials and hardware and equipment sectors detracted the most value.

For the remainder of the period under the new management team (June 1, 2022 – December 31, 2022), the Portfolio underperformed the benchmark due to unfavorable stock selection, most notably within the consumer discretionary and materials sectors. An overweight allocation to and stock selection within the information technology sector also weighed on performance. For the one-year period, individual contributors included not

---

| | |
|:---|:---|
| **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)**  |
| Hillenbrand, Inc. | 2.1%  |
| Sensient Technologies Corp. | 1.8%  |
| Shyft Group, Inc./The | 1.7%  |
| World Fuel Services Corp. | 1.6%  |
| Element Solutions, Inc. | 1.6%  |
| Dropbox, Inc. | 1.6%  |
| Old Republic International Corp. | 1.6%  |
| Pacific Premier Bancorp, Inc. | 1.5%  |
| ACI Worldwide, Inc. | 1.3%  |
| Watts Water Technologies, Inc. | 1.3%  |
|  ***Portfolio holdings are subject to change daily.*** |  ***Portfolio holdings are subject to change daily.*** |

---

owning APA Corp., Marathon Oil Corp. and Ovintiv Inc. Key detractors from performance for the period included overweight positions in Wolverine World Wide, Inc., Glatfelter Corp. and CarGurus, Inc.

***Current Strategy and Outlook:*** Investors can be forgiven for wanting to put 2022 in the rearview mirror. High inflation, rate hikes, market volatility, the war in Ukraine and resurging Covid infections top the list of things we would like to move past. Will 2023 bring more troubles, or do investors have reasons for optimism? The Eurozone appears to be headed for a recession, whereas the United States seems slightly less at risk. The markets are hunting for imbalances, such as whether China's return to growth will be stymied by its significant debt burden. There is at least one reason for optimism: We believe that the end of the global interest-rate hiking cycle may be in sight, letting markets focus more on economic fundamental factors.

\* <br>

On May 25, 2022, the Board of Directors of Voya Variable Portfolios, Inc. approved changes with respect to the Portfolio's principal investment strategies, expense limitation agreement, management fee schedule, sub-advisory fee schedule and portfolio management team. Effective May 31, 2022, Joseph Basset, CFA, and James Hasso are no longer portfolio managers and Vincent Costa and Gareth Shepherd have been added 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)

Voya Small Company Portfolio Portfolio Managers' Report

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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 | -17.04% | 2.17% | 8.15% |
| Class I | -16.68% | 2.66% | 8.69% |
| Class R6<sup>(1)</sup> | -16.62% | 2.68% | 8.70% |
| Class S | -16.86% | 2.41% | 8.42% |
| Russell 2000<sup>®</sup> Index | -20.44% | 4.13% | 9.01% |

---

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

*Portfolio holdings are subject to change daily.*

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

Class R6 incepted on November 24, 2015. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

------

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Actual Portfolio Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\***  | **Beginning <br> Account <br> Value <br> July 1, <br> 2022**  | **Ending <br> Account <br> Value <br> December 31, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> December 31, <br> 2022\***  |
| **<u>Voya Balanced Portfolio</u>** | **<u>Voya Balanced Portfolio</u>** | **<u>Voya Balanced Portfolio</u>** | **<u>Voya Balanced Portfolio</u>** | **<u>Voya Balanced Portfolio</u>** | **<u>Voya Balanced Portfolio</u>** | **<u>Voya Balanced Portfolio</u>** | **<u>Voya Balanced Portfolio</u>** | **<u>Voya Balanced Portfolio</u>** |
| Class I | $1000.00 | $1001.50 | 0.69% | $3.48 | $1000.00 | $1021.73 | 0.69% | $3.52 |
| Class S | 1000.00 | 1000.00 | 0.94 | 4.74 | 1000.00 | 1020.47 | 0.94 | 4.79 |
| **<u>Voya Global High Dividend Low Volatility Portfolio</u>** | **<u>Voya Global High Dividend Low Volatility Portfolio</u>** | **<u>Voya Global High Dividend Low Volatility Portfolio</u>** | **<u>Voya Global High Dividend Low Volatility Portfolio</u>** | **<u>Voya Global High Dividend Low Volatility Portfolio</u>** | **<u>Voya Global High Dividend Low Volatility Portfolio</u>** | **<u>Voya Global High Dividend Low Volatility Portfolio</u>** | **<u>Voya Global High Dividend Low Volatility Portfolio</u>** | **<u>Voya Global High Dividend Low Volatility Portfolio</u>** |
| Class ADV | $1000.00 | $1050.20 | 1.10% | $5.68 | $1000.00 | $1019.66 | 1.10% | $5.60 |
| Class I | 1000.00 | 1052.40 | 0.60 | 3.10 | 1000.00 | 1022.18 | 0.60 | 3.06 |
| Class S | 1000.00 | 1051.00 | 0.85 | 4.39 | 1000.00 | 1020.92 | 0.85 | 4.33 |
| Class S2 | 1000.00 | 1049.50 | 1.00 | 5.17 | 1000.00 | 1020.16 | 1.00 | 5.09 |
| Class T | 1000.00 | 1048.40 | 1.20 | 6.20 | 1000.00 | 1019.16 | 1.20 | 6.11 |
| **<u>Voya Government Money Market Portfolio</u>** | **<u>Voya Government Money Market Portfolio</u>** | **<u>Voya Government Money Market Portfolio</u>** | **<u>Voya Government Money Market Portfolio</u>** | **<u>Voya Government Money Market Portfolio</u>** | **<u>Voya Government Money Market Portfolio</u>** | **<u>Voya Government Money Market Portfolio</u>** | **<u>Voya Government Money Market Portfolio</u>** | **<u>Voya Government Money Market Portfolio</u>** |
| Class I | $1000.00 | $1013.10 | 0.35% | $1.78 | $1000.00 | $1023.44 | 0.35% | $1.79 |
| Class S | 1000.00 | 1012.50 | 0.35 | 1.78 | 1000.00 | 1023.44 | 0.35 | 1.79 |
| **<u>Voya Growth and Income Portfolio</u>** | **<u>Voya Growth and Income Portfolio</u>** | **<u>Voya Growth and Income Portfolio</u>** | **<u>Voya Growth and Income Portfolio</u>** | **<u>Voya Growth and Income Portfolio</u>** | **<u>Voya Growth and Income Portfolio</u>** | **<u>Voya Growth and Income Portfolio</u>** | **<u>Voya Growth and Income Portfolio</u>** | **<u>Voya Growth and Income Portfolio</u>** |
| Class ADV | $1000.00 | $1009.50 | 1.11% | $5.62 | $1000.00 | $1019.61 | 1.11% | $5.65 |
| Class I | 1000.00 | 1011.40 | 0.66 | 3.35 | 1000.00 | 1021.88 | 0.66 | 3.36 |
| Class S | 1000.00 | 1010.00 | 0.91 | 4.61 | 1000.00 | 1020.62 | 0.91 | 4.63 |
| Class S2 | 1000.00 | 1009.10 | 1.06 | 5.37 | 1000.00 | 1019.86 | 1.06 | 5.40 |

---

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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 Intermediate Bond Portfolio</u>** | **<u>Voya Intermediate Bond Portfolio</u>** | **<u>Voya Intermediate Bond Portfolio</u>** | **<u>Voya Intermediate Bond Portfolio</u>** | **<u>Voya Intermediate Bond Portfolio</u>** | **<u>Voya Intermediate Bond Portfolio</u>** | **<u>Voya Intermediate Bond Portfolio</u>** | **<u>Voya Intermediate Bond Portfolio</u>** | **<u>Voya Intermediate Bond Portfolio</u>** |
| Class ADV | $1000.00 | $970.90 | 1.03% | $5.12 | $1000.00 | $1020.01 | 1.03% | $5.24 |
| Class I | 1000.00 | 972.90 | 0.53 | 2.64 | 1000.00 | 1022.53 | 0.53 | 2.70 |
| Class S | 1000.00 | 972.30 | 0.78 | 3.88 | 1000.00 | 1021.27 | 0.78 | 3.97 |
| Class S2 | 1000.00 | 970.50 | 0.93 | 4.62 | 1000.00 | 1020.52 | 0.93 | 4.74 |
| **<u>Voya Small Company Portfolio</u>** | **<u>Voya Small Company Portfolio</u>** | **<u>Voya Small Company Portfolio</u>** | **<u>Voya Small Company Portfolio</u>** | **<u>Voya Small Company Portfolio</u>** | **<u>Voya Small Company Portfolio</u>** | **<u>Voya Small Company Portfolio</u>** | **<u>Voya Small Company Portfolio</u>** | **<u>Voya Small Company Portfolio</u>** |
| Class ADV | $1000.00 | $1019.40 | 1.38% | $7.02 | $1000.00 | $1018.25 | 1.38% | $7.02 |
| Class I | 1000.00 | 1021.50 | 0.88 | 4.48 | 1000.00 | 1020.77 | 0.88 | 4.48 |
| Class R6 | 1000.00 | 1022.20 | 0.83 | 4.23 | 1000.00 | 1021.02 | 0.83 | 4.23 |
| Class S | 1000.00 | 1020.90 | 1.13 | 5.76 | 1000.00 | 1019.51 | 1.13 | 5.75 |

---

\* <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 Portfolio, Voya Global High Dividend Low Volatility Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio and the Boards of Directors/Trustees of Voya Balanced Portfolio, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio and Voya Government Money Market Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Balanced Portfolio, Voya Global High Dividend Low Volatility Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio and Voya Small Company Portfolio (collectively referred to as the "Portfolios") (each a portfolio of Voya Balanced Portfolio, Inc., Voya Variable Portfolios, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, Voya Intermediate Bond Portfolio and Voya Variable Portfolios, Inc., respectively (collectively referred to as the "Registrants")), 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 and 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 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 Registrants' 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 Registrants 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 Registrants are not required to have, nor were we engaged to perform, an audit of the Registrants' 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 Registrants' 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_ernstyoung-bw.jpg]](sg_ernstyoung-bw.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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[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Balanced <br> Portfolio**  | **Voya Global <br> High Dividend <br> Low Volatility <br> Portfolio**  | **Voya Government <br> Money Market <br> Portfolio**  |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $263716568 | $529345158 | $— |
| Investments in affiliates at fair value\*\* | 23470758 |  |  |
| Short-term investments at fair value† | 11742800 | 7538938 |  |
| Short-term investments at amortized cost |  |  | 403398946 |
| Repurchase agreements |  |  | 105978000 |
| Cash | 1543092 | 129503 | 13359 |
| Cash collateral for futures contracts | 733680 |  |  |
| Cash pledged for centrally cleared swaps (Note 2) | 600000 |  |  |
| Foreign currencies at value‡ | 17378 | 89342 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 467733 |  | 11874177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold on a delayed-delivery or when-issued basis  | 544875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 62042 | 75233 | 1050769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 132245 | 1248347 | 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 448562 |  | 1158017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  | 116089 | 1201128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  | 931 |  |  |
| Prepaid expenses | 1607 | 2691 | 2278 |
| Reimbursement due from Investment Adviser | 25085 | 64640 |  |
| Other assets | 42779 | 46890 | 104447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 303666224 | 539741870 | 523583395 |
| **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased | 2201690 |  |  |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | 5710429 |  |  |
| Payable for fund shares redeemed | 58697 | 181844 | 61552 |
| Payable upon receipt of securities loaned | 3043301 | 6379938 |  |
| Unrealized depreciation on forward premium swaptions | 7069 |  |  |
| Variation margin payable on centrally cleared swaps | 5615 |  |  |
| Payable for investment management fees | 152220 | 254943 | 135504 |
| Payable for distribution and shareholder service fees | 427 | 90535 | 6 |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | 42779 | 46890 | 104447 |
| Payable for directors/ trustees fees | 813 | 1399 | 1254 |
| Other accrued expenses and liabilities | 51910 | 94753 | 103382 |
| Written options, at fair value^ | 433100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 11708050 | 7050302 | 406145 |
| **NET ASSETS**  | $291958174 | $532691568 | $523177250 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $294439121 | $487253212 | $523305860 |
| Total distributable earnings (loss) | (2480947) | 45438356 | (128610) |
| **NET ASSETS**  | $291958174 | $532691568 | $523177250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $2954084 | $6047526 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $270198165 | $500437930 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in affiliates <br>| $25008970 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $11744378 | $7538938 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ‡ <br>Cost of foreign currencies <br>| $18866 | $88454 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ^ <br>Premiums received on written options <br>| $436995 | $— | $— |

---

See Accompanying Notes to Financial Statements

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Balanced <br> Portfolio**  | **Voya Global <br> High Dividend <br> Low Volatility <br> Portfolio**  | **Voya Government <br> Money Market <br> Portfolio**  |
| **Class ADV** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $11235482 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 1020523 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $11.01 | n/a |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $289995135 | $125985134 | $523129896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 500000000 | 100000000 | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $1.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 22222500 | 11465647 | 523158459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $13.05 | $10.99 | $1.00 |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $1963039 | $392545258 | $47354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | 500000000 | 300000000 | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.001 | $0.001 | $1.000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 151312 | 35537852 | 47357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $12.97 | $11.05 | $1.00 |
| **Class S2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $222535 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 20431 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $10.89 | n/a |
| **Class T** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $2703159 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | 100000000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.001 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 245208 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $11.02 | n/a |

---

See Accompanying Notes to Financial Statements

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

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Growth and <br> Income Portfolio**  | **Voya Intermediate <br> Bond Portfolio**  | **Voya Small <br> Company Portfolio**  |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $1748520884 | $2109628009 | $301634968 |
| Investments in affiliates at fair value\*\* |  | 546686729 |  |
| Short-term investments at fair value† | 27274993 | 211846319 | 3850679 |
| Cash | 706026 | 6719336 | 72137 |
| Cash collateral for futures contracts |  | 1940387 |  |
| Cash pledged for centrally cleared swaps (Note 2) |  | 12101000 |  |
| Cash pledged as collateral for OTC derivatives (Note 2) |  | 13840000 |  |
| Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2) |  | 3145000 |  |
| Due from broker |  | 3469090 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  |  | 52780165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold on a delayed-delivery or when-issued basis  |  | 5245625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 27449 | 1425389 | 15596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 1796892 | 615806 | 321110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 379 | 12016569 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  | 232211 |  | 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  |  | 88570 |  |
| Prepaid expenses | 11060 | 13743 | 1917 |
| Reimbursement due from Investment Adviser | 44007 | 94740 | 26400 |
| Other assets | 221303 | 307305 | 39898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 1778835204 | 2981963782 | 305967805 |
| **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased |  | 136175976 |  |
|  Payable for investment securities purchased on a delayed-delivery or when-issued basis  |  | 306433313 |  |
| Payable for fund shares redeemed | 1183903 | 513338 | 260696 |
| Payable upon receipt of securities loaned | 24959993 | 98843830 | 3474679 |
| Unrealized depreciation on forward premium swaptions |  | 199829 |  |
| Variation margin payable on centrally cleared swaps |  | 144546 |  |
| Cash received as collateral for OTC derivatives (Note 2) |  | 100000 |  |
| Cash received as collateral for delayed-delivery or when-issued securities (Note 2) |  | 4037151 |  |
| Payable for investment management fees | 915645 | 1045246 | 194863 |
| Payable for distribution and shareholder service fees | 36099 | 410530 | 15908 |
| Payable to directors/ trustees under the deferred compensation plan (Note 6) | 221303 | 307305 | 39898 |
| Payable for directors/ trustees fees | 4882 | 6797 | 891 |
| Other accrued expenses and liabilities | 167051 | 251768 | 21792 |
| Written options, at fair value^ |  | 12592591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 27488876 | 561062220 | 4008727 |
| **NET ASSETS**  | $1751346328 | $2420901562 | $301959078 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $1600484433 | $2929534424 | $339804616 |
| Total distributable earnings (loss) | 150861895 | (508632862) | (37845538) |
| **NET ASSETS**  | $1751346328 | $2420901562 | $301959078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $24290576 | $96714230 | $3353202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $1590452732 | $2292501884 | $309910603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in affiliates <br>| $— | $649259091 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $27274993 | $211849688 | $3850679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ^ <br>Premiums received on written options <br>| $— | $12705706 | $— |

---

See Accompanying Notes to Financial Statements

------

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Growth and <br> Income Portfolio**  | **Voya Intermediate <br> Bond Portfolio**  | **Voya Small <br> Company Portfolio**  |
| **Class ADV** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $73783972 | $203733066 | $7492899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $1.000 | $1.000 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 4552858 | 19378274 | 648349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $16.21 | $10.51 | $11.56 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $1644920799 | $727981473 | $226998578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $1.000 | $1.000 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 97464820 | 68486684 | 17663988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $16.88 | $10.63 | $12.85 |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | n/a | $8465100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | n/a | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | n/a | 657649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | n/a | $12.87 |
| **Class S** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $32228725 | $1481568921 | $59002501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $1.000 | $1.000 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1985684 | 140353248 | 4824618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $16.23 | $10.56 | $12.23 |
| **Class S2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $412832 | $7618102 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $1.000 | $1.000 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 26230 | 724501 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $15.74 | $10.51 | n/a |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF OPERATIONS for the Year ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Balanced <br> Portfolio**  | **Voya Global <br> High Dividend <br> Low Volatility <br> Portfolio**  | **Voya Government <br> Money Market <br> Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $4099162 | $18539743 | $106162 |
| Dividends from affiliated underlying funds | 583052 |  |  |
| Interest, net of foreign taxes withheld\* | 2862050 |  | 8824533 |
| Securities lending income, net | 102231 | 78751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 7646495 | 18618494 | 8930695 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 1950708 | 3116297 | 1755408 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  |  | 59692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 5758 | 1038168 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  | 929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  |  | 19891 |  |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  |  | 6931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 277043 | 75406 | 617375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 1972 | 241224 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  | 135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  |  | 1543 |  |
| Shareholder reporting expense | 27740 | 56680 | 28185 |
| Professional fees | 14775 | 21865 | 33225 |
| Custody and accounting expense | 119945 | 100873 | 42775 |
| Directors/ trustees fees | 8128 | 13993 | 12536 |
| Licensing fee (Note **7**) | 22207 |  |  |
| Miscellaneous expense | 16018 | 27025 | 19563 |
| Interest expense | 447 | 1214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 2444741 | 4781866 | 2509262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (188000) | (328624) | (725189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 2256741 | 4453242 | 1784073 |
| Net investment income | 5389754 | 14165252 | 7146622 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 2081161 | 17499305 | (128610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | 547705 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  | 49730 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 18168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | (18263) | (106474) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (1763062) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  | 21504 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  | 173658 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1110601 | 17392831 | (128610) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (68542224) | (65205630) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (3284426) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 10898 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | (2762) | (73692) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (12055) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  | (93911) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  | (11201) |  |  |
| Net change in unrealized appreciation (depreciation) | (71935681) | (65279322) |  |
| Net realized and unrealized loss | (70825080) | (47886491) | (128610) |
| **Increase (decrease) in net assets resulting from operations**  | $(65435326) | $(33721239) | $7018012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $87190 | $758439 | $— |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF OPERATIONS for the Year ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Growth and <br> Income Portfolio**  | **Voya Intermediate <br> Bond Portfolio**  | **Voya Small <br> Company Portfolio**  |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $34012527 | $132048 | $4611710 |
| Dividends from affiliated underlying funds |  | 29780189 |  |
| Interest | 3047 | 66291799 | 1911 |
| Securities lending income, net | 90221 | 317440 | 31652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 34105795 | 96521476 | 4645273 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 11714651 | 13594385 | 2839965 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 413286 | 1162364 | 38244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 90631 | 4146856 | 164391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 1716 | 43062 |  |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | 46197 | 114750 | 9472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 1025001 | 403226 | 341062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | 20244 | 818768 | 81058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | 240 | 5315 |  |
| Shareholder reporting expense | 87450 | 92530 | 21900 |
| Registration fees | 7197 |  |  |
| Professional fees | 110755 | 129175 | 16146 |
| Custody and accounting expense | 199430 | 319495 | 52275 |
| Directors/ trustees fees | 48811 | 67972 | 8912 |
| Miscellaneous expense | 86541 | 97107 | 15496 |
| Interest expense | 46 | 537 | 8011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 13852196 | 20995542 | 3596947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (530270) | (1169688) | (253776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 13321926 | 19825854 | 3343171 |
| Net investment income | 20783869 | 76695622 | 1302102 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 201867652 | (138832171) | (28856002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  |  | (37341758) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated underlying funds  |  | 1138817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  |  | 1356243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | (23) | (42970) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  |  | (44548871) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  |  | 6290924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  |  | 4846092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 201867629 | (207133694) | (28856002) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (548775324) | (226799906) | (45707875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  |  | (93461783) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  |  | 673238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | 47 | (232) | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  |  | (2645344) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  |  | (2903684) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  |  | (438633) |  |
| Net change in unrealized appreciation (depreciation) | (548775277) | (325576344) | (45708234) |
| Net realized and unrealized loss | (346907648) | (532710038) | (74564236) |
| **Decrease in net assets resulting from operations**  | $(326123779) | $(456014416) | $(73262134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $25233 | $— | $8479 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Balanced Portfolio**  | **Voya Balanced Portfolio**  | **Voya Global High Dividend <br> Low Volatility Portfolio**  | **Voya Global High Dividend <br> Low Volatility Portfolio**  |
| | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $5389754 | $5441352 | $14165252 | $13585031 |
| Net realized gain | 1110601 | 41888430 | 17392831 | 69632081 |
| Net change in unrealized appreciation (depreciation) | (71935681) | 9293959 | (65279322) | 35471670 |
| Increase (decrease) in net assets resulting from operations | (65435326) | 56623741 | (33721239) | 118688782 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  |  |  | (667337) | (285119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (45747982) | (12106938) | (7870245) | (3556936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (318826) | (86191) | (24164362) | (10900387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  |  | (13783) | (7066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  |  |  | (144852) | (54811) |
| Total distributions | (46066808) | (12193129) | (32860579) | (14804319) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 2963207 | 4492780 | 8589904 | 6376131 |
| Reinvestment of distributions | 46066808 | 12193129 | 32860579 | 14804319 |
|  | 49030015 | 16685909 | 41450483 | 21180450 |
| Cost of shares redeemed | (34031403) | (46277136) | (78631312) | (100005477) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | 14998612 | (29591227) | (37180829) | (78825027) |
| Net increase (decrease) in net assets | (96503522) | 14839385 | (103762647) | 25059436 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 388461696 | 373622311 | 636454215 | 611394779 |
| End of year or period | $291958174 | $388461696 | $532691568 | $636454215 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Government Money Market Portfolio**  | **Voya Government Money Market Portfolio**  | **Voya Growth and Income Portfolio**  | **Voya Growth and Income Portfolio**  |
| | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $7146622 | $— | $20783869 | $22836362 |
| Net realized gain (loss) | (128610) | 417484 | 201867629 | 916377469 |
| Net change in unrealized appreciation (depreciation) |  |  | (548775277) | (126586298) |
| Increase (decrease) in net assets resulting from operations  | 7018012 | 417484 | (326123779) | 812627533 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  |  |  | (11552104) | (62613808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (7145983) | (435973) | (254695900) | (868148958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (632) | (47) | (5105764) | (29792606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  |  | (65074) | (203108) |
| Total distributions | (7146615) | (436020) | (271418842) | (960758480) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 129987093 | 68486663 | 11156359 | 15175175 |
| Reinvestment of distributions | 7143997 | 436020 | 271031994 | 959988028 |
|  | 137131090 | 68922683 | 282188353 | 975163203 |
| Cost of shares redeemed | (99682300) | (153042558) | (211343355) | (1780801713) |
|  Net increase (decrease) in net assets resulting from capital <br> share transactions  | 37448790 | (84119875) | 70844998 | (805638510) |
| Net increase (decrease) in net assets | 37320187 | (84138411) | (526697623) | (953769457) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 485857063 | 569995474 | 2278043951 | 3231813408 |
| End of year or period | $523177250 | $485857063 | $1751346328 | $2278043951 |

---

See Accompanying Notes to Financial Statements

------

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

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Intermediate Bond Portfolio**  | **Voya Intermediate Bond Portfolio**  | **Voya Small Company Portfolio**  | **Voya Small Company Portfolio**  |
| | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $76695622 | $77924697 | $1302102 | $(372047) |
| Net realized gain (loss) | (207133694) | (5450459) | (28856002) | 102106764 |
| Net change in unrealized appreciation (depreciation) | (325576344) | (110986338) | (45708234) | (38277181) |
| Increase (decrease) in net assets resulting from operations | (456014416) | (38512100) | (73262134) | 63457536 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | (5940318) | (5686785) | (2087689) | (34073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (25058778) | (25046665) | (72381833) | (1965800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  |  | (2351076) | (82239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | (46794345) | (44109528) | (17786935) | (342592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | (275856) | (363231) |  |  |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  |  | (1774823) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  |  | (6113408) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  |  | (12119576) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  |  | (106570) |  |  |
| Total distributions | (78069297) | (95320586) | (94607533) | (2424704) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 66605167 | 116408495 | 9445343 | 23480953 |
| Reinvestment of distributions | 78064594 | 95313861 | 94607533 | 2424704 |
|  | 144669761 | 211722356 | 104052876 | 25905657 |
| Cost of shares redeemed | (422234910) | (427308214) | (82795189) | (84200830) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | (277565149) | (215585858) | 21257687 | (58295173) |
| Net increase (decrease) in net assets | (811648862) | (349418544) | (146611980) | 2737659 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 3232550424 | 3581968968 | 448571058 | 445833399 |
| End of year or period | $2420901562 | $3232550424 | $301959078 | $448571058 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less <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)**  | **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 Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.43 | 0.24• | (3.36) | (3.12) | 0.28 | 1.98 |  | 2.26 |  | 13.05 |  | **(17.24)** | 0.75 | 0.69 | 0.69 | 1.66 | 289995 | 147 |
| 12-31-21 | 16.43 | 0.25• | 2.31 | 2.56 | 0.29 | 0.27 |  | 0.56 |  | 18.43 |  | 15.92 | 0.74 | 0.69 | 0.69 | 1.42 | 385538 | 101 |
| 12-31-20 | 15.71 | 0.29 | 1.22 | 1.51 | 0.36 | 0.43 |  | 0.79 |  | 16.43 |  | 10.85 | 0.76 | 0.69 | 0.69 | 1.83 | 370828 | 96 |
| 12-31-19 | 14.10 | 0.33• | 2.26 | 2.59 | 0.37 | 0.61 |  | 0.98 |  | 15.71 |  | 19.11 | 0.69 | 0.69 | 0.69 | 2.23 | 371202 | 113 |
| 12-31-18 | 16.69 | 0.34• | (1.37) | (1.03) | 0.36 | 1.20 |  | 1.56 |  | 14.10 |  | **(6.83)** | 0.67 | 0.67 | 0.67 | 2.20 | 347788 | 184 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 18.32 | 0.20• | (3.34) | (3.14) | 0.23 | 1.98 |  | 2.21 |  | 12.97 |  | **(17.47)** | 1.00 | 0.94 | 0.94 | 1.40 | 1963 | 147 |
| 12-31-21 | 16.34 | 0.20• | 2.31 | 2.51 | 0.26 | 0.27 |  | 0.53 |  | 18.32 |  | 15.62 | 0.99 | 0.94 | 0.94 | 1.16 | 2924 | 101 |
| 12-31-20 | 15.62 | 0.23• | 1.24 | 1.47 | 0.32 | 0.43 |  | 0.75 |  | 16.34 |  | 10.57 | 1.01 | 0.94 | 0.94 | 1.59 | 2794 | 96 |
| 12-31-19 | 14.02 | 0.29• | 2.25 | 2.54 | 0.33 | 0.61 |  | 0.94 |  | 15.62 |  | 18.80 | 0.94 | 0.94 | 0.94 | 1.98 | 2511 | 113 |
| 12-31-18 | 16.59 | 0.30• | (1.36) | (1.06) | 0.31 | 1.20 |  | 1.51 |  | 14.02 |  | **(7.03)** | 0.92 | 0.92 | 0.92 | 1.94 | 2693 | 184 |
| **Voya Global High Dividend Low Volatility Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.32 | 0.25• | (0.93) | (0.68) | 0.24 | 0.39 |  | 0.63 |  | 11.01 |  | **(5.38)** | 1.15 | 1.10 | 1.10 | 2.23 | 11235 | 68 |
| 12-31-21 | 10.46 | 0.21• | 1.89 | 2.10 | 0.24 |  |  | 0.24 |  | 12.32 |  | 20.23 | 1.16 | 1.10 | 1.10 | 1.85 | 13886 | 71 |
| 12-31-20 | 10.83 | 0.18 | (0.35) | (0.17) | 0.19 |  | 0.01 | 0.20 |  | 10.46 |  | **(1.27)** | 1.16 | 1.10 | 1.10 | 1.86 | 13684 | 72 |
| 12-31-19 | 9.63 | 0.25 | 1.71 | 1.96 | 0.24 | 0.52 |  | 0.76 |  | 10.83 |  | 21.06 | 1.10 | 1.10 | 1.10 | 2.43 | 15665 | 63 |
| 12-31-18 | 11.02 | 0.23• | (1.21) | (0.98) | 0.40 | 0.01 |  | 0.41 |  | 9.63 |  | **(9.26)<sup>(a)</sup>**  | 1.12 | 1.11 | 1.11 | 2.12 | 15225 | 147 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.30 | 0.30• | (0.92) | (0.62) | 0.30 | 0.39 |  | 0.69 |  | 10.99 |  | **(4.90)** | 0.65 | 0.60 | 0.60 | 2.73 | 125985 | 68 |
| 12-31-21 | 10.44 | 0.27• | 1.89 | 2.16 | 0.30 |  |  | 0.30 |  | 12.30 |  | 20.87 | 0.66 | 0.60 | 0.60 | 2.35 | 144785 | 71 |
| 12-31-20 | 10.82 | 0.23 | (0.36) | (0.13) | 0.24 |  | 0.01 | 0.25 |  | 10.44 |  | **(0.83)** | 0.66 | 0.60 | 0.60 | 2.36 | 129379 | 72 |
| 12-31-19 | 9.62 | 0.30 | 1.71 | 2.01 | 0.29 | 0.52 |  | 0.81 |  | 10.82 |  | 21.68 | 0.60 | 0.60 | 0.60 | 2.92 | 149439 | 63 |
| 12-31-18 | 11.13 | 0.29• | (1.22) | (0.93) | 0.57 | 0.01 |  | 0.58 |  | 9.62 |  | **(8.85)<sup>(a)</sup>**  | 0.62 | 0.61 | 0.61 | 2.63 | 132480 | 147 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.36 | 0.28• | (0.93) | (0.65) | 0.27 | 0.39 |  | 0.66 |  | 11.05 |  | **(5.11)** | 0.90 | 0.85 | 0.85 | 2.48 | 392545 | 68 |
| 12-31-21 | 10.49 | 0.24• | 1.90 | 2.14 | 0.27 |  |  | 0.27 |  | 12.36 |  | 20.56 | 0.91 | 0.85 | 0.85 | 2.10 | 474598 | 71 |
| 12-31-20 | 10.87 | 0.21 | (0.37) | (0.16) | 0.21 |  | 0.01 | 0.22 |  | 10.49 |  | **(1.09)** | 0.91 | 0.85 | 0.85 | 2.11 | 465405 | 72 |
| 12-31-19 | 9.66 | 0.27 | 1.73 | 2.00 | 0.27 | 0.52 |  | 0.79 |  | 10.87 |  | 21.41 | 0.85 | 0.85 | 0.85 | 2.62 | 542303 | 63 |
| 12-31-18 | 11.12 | 0.26• | (1.23) | (0.97) | 0.48 | 0.01 |  | 0.49 |  | 9.66 |  | **(9.11)<sup>(a)</sup>**  | 0.87 | 0.86 | 0.86 | 2.37 | 375359 | 147 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.20 | 0.26• | (0.93) | (0.67) | 0.25 | 0.39 |  | 0.64 |  | 10.89 |  | **(5.33)** | 1.05 | 1.00 | 1.00 | 2.34 | 223 | 68 |
| 12-31-21 | 10.35 | 0.22• | 1.88 | 2.10 | 0.25 |  |  | 0.25 |  | 12.20 |  | 20.46 | 1.06 | 1.00 | 1.00 | 1.92 | 265 | 71 |
| 12-31-20 | 10.73 | 0.19 | (0.36) | (0.17) | 0.20 |  | 0.01 | 0.21 |  | 10.35 |  | **(1.25)** | 1.06 | 1.00 | 1.00 | 1.95 | 354 | 72 |
| 12-31-19 | 9.54 | 0.26• | 1.70 | 1.96 | 0.25 | 0.52 |  | 0.77 |  | 10.73 |  | 21.26 | 1.00 | 1.00 | 1.00 | 2.59 | 332 | 63 |
| 12-31-18 | 10.95 | 0.23• | (1.20) | (0.97) | 0.43 | 0.01 |  | 0.44 |  | 9.54 |  | **(9.27)<sup>(a)</sup>**  | 1.02 | 1.01 | 1.01 | 2.17 | 273 | 147 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | |  | | **Ratios to average <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)**  | **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 Global High Dividend Low Volatility Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class T** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.34 | 0.24• | (0.94) | (0.70) | 0.23 | 0.39 |  | 0.62 |  | 11.02 |  | **(5.54)** | 1.40 | 1.20 | 1.20 | 2.14 | 2703 | 68 |
| 12-31-21 | 10.47 | 0.20• | 1.90 | 2.10 | 0.23 |  |  | 0.23 |  | 12.34 |  | 20.19 | 1.41 | 1.20 | 1.20 | 1.75 | 2920 | 71 |
| 12-31-20 | 10.85 | 0.18 | (0.37) | (0.19) | 0.18 |  | 0.01 | 0.19 |  | 10.47 |  | **(1.48)** | 1.41 | 1.20 | 1.20 | 1.74 | 2573 | 72 |
| 12-31-19 | 9.59 | 0.26• | 1.69 | 1.95 | 0.17 | 0.52 |  | 0.69 |  | 10.85 |  | 21.05 | 1.35 | 1.20 | 1.20 | 2.56 | 3232 | 63 |
| 12-31-18 | 10.96 | 0.22• | (1.21) | (0.99) | 0.37 | 0.01 |  | 0.38 |  | 9.59 |  | **(9.41)<sup>(a)</sup>**  | 1.37 | 1.21 | 1.21 | 2.03 | 31833 | 147 |
| **Voya Government Money Market Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 1.00 | 0.01• | 0.00\* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 |  | 1.39 | 0.50 | 0.35 | 0.35 | 1.43 | 523130 |  |
| 12-31-21 | 1.00 | —• | 0.00\* | 0.00<sup>\*</sup> |  | 0.00\* |  | 0.00\* |  | 1.00 |  | 0.09 | 0.50 | 0.05 | 0.05 | 0.00 | 485800 |  |
| 12-31-20 | 1.00 | 0.00\* | 0.00\* | 0.00\* | 0.00\* | 0.00\* |  | 0.00\* |  | 1.00 |  | 0.29 | 0.51 | 0.17 | 0.17 | 0.20 | 569945 |  |
| 12-31-19 | 1.00 | 0.02 | 0.00\* | 0.02 | 0.02 | 0.00\* |  | 0.02 |  | 1.00 |  | 1.96 | 0.39 | 0.34 | 0.34 | 1.86 | 469271 |  |
| 12-31-18 | 1.00 | 0.02 | 0.00\* | 0.02 | 0.02 | 0.00\* |  | 0.02 |  | 1.00 |  | 1.56 | 0.39 | 0.34 | 0.34 | 1.54 | 463191 |  |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 1.00 | 0.01• | 0.00\* | 0.01 | 0.01 |  |  | 0.01 |  | 1.00 |  | 1.31 | 0.75 | 0.35 | 0.35 | 1.28 | 47 |  |
| 12-31-21 | 1.00 | —• | 0.00\* | 0.00<sup>\*</sup> |  | 0.00\* |  | 0.00\* |  | 1.00 |  | 0.09 | 0.75 | 0.05 | 0.05 | 0.00 | 57 |  |
| 12-31-20 | 1.00 |  | 0.00\* | 0.00<sup>\*</sup> |  | 0.00\* |  | 0.00\* |  | 1.00 |  | 0.04 | 0.76 | 0.17 | 0.17 | 0.00 | 51 |  |
| 06-30-18<sup>(5)</sup> | 1.00 | 0.01 | 0.00\* | 0.01 | 0.01 | 0.00\* |  | 0.01 |  | 1.00 |  | 0.57 | 0.64 | 0.49 | 0.49 | 1.14 | 46 |  |
| **Voya Growth and Income Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.50 | 0.13• | (3.55) | (3.42) | 0.14 | 2.73 |  | 2.87 |  | 16.21 |  | **(15.08)** | 1.18 | 1.11 | 1.11 | 0.64 | 73784 | 56 |
| 12-31-21 | 29.29 | 0.13• | 8.14 | 8.27 | 0.19 | 14.87 |  | 15.06 |  | 22.50 |  | 28.41 | 1.16 | 1.06 | 1.06 | 0.39 | 97015 | 65 |
| 12-31-20 | 27.93 | 0.26 | 4.22 | 4.48 | 0.26 | 2.86 |  | 3.12 |  | 29.29 |  | 16.74 | 1.17 | 1.07 | 1.07 | 0.90 | 903118 | 92 |
| 12-31-19 | 24.42 | 0.35 | 6.42 | 6.77 | 0.35 | 2.91 |  | 3.26 |  | 27.93 |  | 28.29 | 1.13 | 1.03 | 1.03 | 1.17 | 896424 | 69 |
| 12-31-18 | 28.94 | 0.37• | (1.75) | (1.38) | 0.39 | 2.75 |  | 3.14 |  | 24.42 |  | **(4.88)** | 1.13 | 1.03 | 1.03 | 1.29 | 824943 | 84 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 23.30 | 0.22• | (3.68) | (3.46) | 0.23 | 2.73 |  | 2.96 |  | 16.88 |  | **(14.71)** | 0.68 | 0.66 | 0.66 | 1.09 | 1644921 | 56 |
| 12-31-21 | 29.90 | 0.29• | 8.33 | 8.62 | 0.35 | 14.87 |  | 15.22 |  | 23.30 |  | 29.00 | 0.66 | 0.61 | 0.61 | 0.85 | 2137930 | 65 |
| 12-31-20 | 28.44 | 0.39 | 4.32 | 4.71 | 0.39 | 2.86 |  | 3.25 |  | 29.90 |  | 17.26 | 0.67 | 0.62 | 0.62 | 1.35 | 1845796 | 92 |
| 12-31-19 | 24.81 | 0.48 | 6.54 | 7.02 | 0.48 | 2.91 |  | 3.39 |  | 28.44 |  | 28.88 | 0.63 | 0.58 | 0.58 | 1.62 | 1798927 | 69 |
| 12-31-18 | 29.37 | 0.51• | (1.79) | (1.28) | 0.53 | 2.75 |  | 3.28 |  | 24.81 |  | **(4.46)** | 0.63 | 0.58 | 0.58 | 1.74 | 1602432 | 84 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 22.54 | 0.17• | (3.57) | (3.40) | 0.18 | 2.73 |  | 2.91 |  | 16.23 |  | **(14.96)** | 0.93 | 0.91 | 0.91 | 0.84 | 32229 | 56 |
| 12-31-21 | 29.32 | 0.20• | 8.16 | 8.36 | 0.27 | 14.87 |  | 15.14 |  | 22.54 |  | 28.72 | 0.91 | 0.86 | 0.86 | 0.59 | 42612 | 65 |
| 12-31-20 | 27.96 | 0.32 | 4.22 | 4.54 | 0.32 | 2.86 |  | 3.18 |  | 29.32 |  | 16.93 | 0.92 | 0.87 | 0.87 | 1.10 | 482532 | 92 |
| 12-31-19 | 24.44 | 0.41 | 6.42 | 6.83 | 0.40 | 2.91 |  | 3.31 |  | 27.96 |  | 28.55 | 0.88 | 0.83 | 0.83 | 1.37 | 479676 | 69 |
| 12-31-18 | 28.97 | 0.43• | (1.76) | (1.33) | 0.45 | 2.75 |  | 3.20 |  | 24.44 |  | **(4.69)** | 0.88 | 0.83 | 0.83 | 1.49 | 451557 | 84 |

---

See Accompanying Notes to Financial Statements

------

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

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | |  | | **Ratios to average <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)**  | **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 Growth and Income Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.97 | 0.13• | (3.47) | (3.34) | 0.16 | 2.73 |  | 2.89 |  | 15.74 |  | **(15.08)** | 1.08 | 1.06 | 1.06 | 0.69 | 413 | 56 |
| 12-31-21 | 28.88 | 0.15• | 8.03 | 8.18 | 0.22 | 14.87 |  | 15.09 |  | 21.97 |  | 28.52 | 1.06 | 1.01 | 1.01 | 0.46 | 488 | 65 |
| 12-31-20 | 27.59 | 0.25• | 4.19 | 4.44 | 0.29 | 2.86 |  | 3.15 |  | 28.88 |  | 16.81 | 1.07 | 1.02 | 1.02 | 0.95 | 367 | 92 |
| 12-31-19 | 24.13 | 0.47 | 6.22 | 6.69 | 0.32 | 2.91 |  | 3.23 |  | 27.59 |  | 28.33 | 1.03 | 0.98 | 0.98 | 1.23 | 294 | 69 |
| 12-31-18 | 28.65 | 0.38• | (1.73) | (1.35) | 0.42 | 2.75 |  | 3.17 |  | 24.13 |  | **(4.82)** | 1.03 | 0.98 | 0.98 | 1.34 | 407 | 84 |
| **Voya Intermediate Bond Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.68 | 0.28• | (2.16) | (1.88) | 0.29 |  |  | 0.29 |  | 10.51 |  | **(14.90)** | 1.08 | 1.03 | 1.03 | 2.51 | 203733 | 246 |
| 12-31-21 | 13.19 | 0.26• | (0.44) | (0.18) | 0.25 | 0.00\* | 0.08 | 0.33 |  | 12.68 |  | **(1.42)** | 1.07 | 1.03 | 1.03 | 2.01 | 284547 | 139 |
| 12-31-20 | 12.94 | 0.32 | 0.61 | 0.93 | 0.38 | 0.30 |  | 0.68 |  | 13.19 |  | 7.32 | 1.08 | 1.03 | 1.03 | 2.40 | 312654 | 99 |
| 12-31-19 | 12.20 | 0.37 | 0.76 | 1.13 | 0.37 | 0.02 |  | 0.39 |  | 12.94 |  | 9.29 | 1.03 | 1.03 | 1.03 | 2.88 | 291207 | 149 |
| 12-31-18 | 12.73 | 0.36 | (0.50) | (0.14) | 0.39 |  |  | 0.39 |  | 12.20 |  | **(1.08)** | 1.03 | 1.03 | 1.03 | 2.95 | 265204 | 193 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.82 | 0.34• | (2.18) | (1.84) | 0.35 |  |  | 0.35 |  | 10.63 |  | **(14.44)** | 0.58 | 0.53 | 0.53 | 3.02 | 727981 | 246 |
| 12-31-21 | 13.33 | 0.33• | (0.45) | (0.12) | 0.31 | 0.00\* | 0.08 | 0.39 |  | 12.82 |  | **(0.88)** | 0.57 | 0.53 | 0.53 | 2.51 | 976144 | 139 |
| 12-31-20 | 13.08 | 0.39 | 0.61 | 1.00 | 0.45 | 0.30 |  | 0.75 |  | 13.33 |  | 7.81 | 0.58 | 0.53 | 0.53 | 2.89 | 1108593 | 99 |
| 12-31-19 | 12.33 | 0.44 | 0.77 | 1.21 | 0.44 | 0.02 |  | 0.46 |  | 13.08 |  | 9.85 | 0.53 | 0.53 | 0.53 | 3.38 | 1023645 | 149 |
| 12-31-18 | 12.86 | 0.43 | (0.50) | (0.07) | 0.46 |  |  | 0.46 |  | 12.33 |  | **(0.54)** | 0.53 | 0.53 | 0.53 | 3.45 | 986608 | 193 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.74 | 0.31• | (2.17) | (1.86) | 0.32 |  |  | 0.32 |  | 10.56 |  | **(14.68)** | 0.83 | 0.78 | 0.78 | 2.77 | 1481569 | 246 |
| 12-31-21 | 13.24 | 0.29• | (0.43) | (0.14) | 0.28 | 0.00\* | 0.08 | 0.36 |  | 12.74 |  | **(1.07)** | 0.82 | 0.78 | 0.78 | 2.26 | 1956289 | 139 |
| 12-31-20 | 12.99 | 0.35 | 0.62 | 0.97 | 0.42 | 0.30 |  | 0.72 |  | 13.24 |  | 7.57 | 0.83 | 0.78 | 0.78 | 2.65 | 2139406 | 99 |
| 12-31-19 | 12.25 | 0.40 | 0.76 | 1.16 | 0.40 | 0.02 |  | 0.42 |  | 12.99 |  | 9.54 | 0.78 | 0.78 | 0.78 | 3.13 | 2198827 | 149 |
| 12-31-18 | 12.78 | 0.40 | (0.51) | (0.11) | 0.42 |  |  | 0.42 |  | 12.25 |  | **(0.82)** | 0.78 | 0.78 | 0.78 | 3.20 | 2255122 | 193 |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 12.69 | 0.29• | (2.17) | (1.88) | 0.30 |  |  | 0.30 |  | 10.51 |  | **(14.88)** | 0.98 | 0.93 | 0.93 | 2.56 | 7618 | 246 |
| 12-31-21 | 13.19 | 0.27• | (0.43) | (0.16) | 0.26 | 0.00\* | 0.08 | 0.34 |  | 12.69 |  | **(1.24)** | 0.97 | 0.93 | 0.93 | 2.11 | 15571 | 139 |
| 12-31-20 | 12.94 | 0.33 | 0.62 | 0.95 | 0.40 | 0.30 |  | 0.70 |  | 13.19 |  | 7.42 | 0.98 | 0.93 | 0.93 | 2.50 | 21316 | 99 |
| 12-31-19 | 12.20 | 0.38 | 0.76 | 1.14 | 0.38 | 0.02 |  | 0.40 |  | 12.94 |  | 9.40 | 0.93 | 0.93 | 0.93 | 2.99 | 21401 | 149 |
| 12-31-18 | 12.73 | 0.38 | (0.51) | (0.13) | 0.40 |  |  | 0.40 |  | 12.20 |  | **(0.98)** | 0.93 | 0.93 | 0.93 | 3.05 | 22040 | 193 |
| **Voya Small Company Portfolio**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 19.74 | (0.01)<sup>•</sup> | (3.40) | (3.41) |  | 4.77 |  | 4.77 |  | 11.56 |  | **(17.04)** | 1.46 | 1.38 | 1.38 | (0.05) | 7493 | 209 |
| 12-31-21 | 17.36 | (0.10)<sup>•</sup> | 2.56 | 2.46 |  | 0.08 |  | 0.08 |  | 19.74 |  | 14.19 | 1.49 | 1.40 | 1.40 | (0.52) | 8826 | 129 |
| 12-31-20 | 15.91 | (0.04) | 1.77 | 1.73 | 0.01 | 0.27 |  | 0.28 |  | 17.36 |  | 11.73 | 1.52 | 1.40 | 1.40 | (0.31) | 6851 | 134 |
| 12-31-19 | 14.86 | (0.01) | 3.55 | 3.54 | 0.00\* | 2.49 |  | 2.49 |  | 15.91 |  | 25.56 | 1.39 | 1.39 | 1.39 | (0.06) | 7227 | 125 |
| 12-31-18 | 20.95 | (0.04) | (2.76) | (2.80) | 0.02 | 3.27 |  | 3.29 |  | 14.86 |  | **(16.22)** | 1.39 | 1.39 | 1.39 | (0.18) | 6342 | 96 |

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See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> Distributions**  | | | |  | | **Ratios to average <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)**  | **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 Small Company Portfolio (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.22 | 0.06• | (3.66) | (3.60) |  | 4.77 |  | 4.77 |  | 12.85 |  | **(16.68)** | 0.96 | 0.88 | 0.88 | 0.42 | 226999 | 209 |
| 12-31-21 | 18.59 | (0.01)<sup>•</sup> | 2.75 | 2.74 | 0.03 | 0.08 |  | 0.11 |  | 21.22 |  | 14.76 | 0.99 | 0.90 | 0.90 | (0.03) | 344506 | 129 |
| 12-31-20 | 17.04 | 0.05 | 1.86 | 1.91 | 0.09 | 0.27 |  | 0.36 |  | 18.59 |  | 12.28 | 1.02 | 0.90 | 0.90 | 0.19 | 347004 | 134 |
| 12-31-19 | 15.75 | 0.07• | 3.78 | 3.85 | 0.07 | 2.49 |  | 2.56 |  | 17.04 |  | 26.21 | 0.89 | 0.89 | 0.89 | 0.44 | 427877 | 125 |
| 12-31-18 | 22.01 | 0.06• | (2.94) | (2.88) | 0.11 | 3.27 |  | 3.38 |  | 15.75 |  | **(15.84)** | 0.89 | 0.89 | 0.89 | 0.31 | 435019 | 96 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 21.23 | 0.07• | (3.66) | (3.59) |  | 4.77 |  | 4.77 |  | 12.87 |  | **(16.62)** | 0.83 | 0.83 | 0.83 | 0.45 | 8465 | 209 |
| 12-31-21 | 18.60 | (0.00)<sup>\*•</sup> | 2.74 | 2.74 | 0.03 | 0.08 |  | 0.11 |  | 21.23 |  | 14.77 | 0.87 | 0.87 | 0.87 | (0.00)<sup>\*</sup> | 14790 | 129 |
| 12-31-20 | 17.04 | 0.03 | 1.89 | 1.92 | 0.09 | 0.27 |  | 0.36 |  | 18.60 |  | 12.34 | 0.89 | 0.89 | 0.89 | 0.25 | 11466 | 134 |
| 12-31-19 | 15.75 | 0.09• | 3.76 | 3.85 | 0.07 | 2.49 |  | 2.56 |  | 17.04 |  | 26.20 | 0.89 | 0.89 | 0.89 | 0.44 | 5665 | 125 |
| 12-31-18 | 22.01 | 0.06 | (2.94) | (2.88) | 0.11 | 3.27 |  | 3.38 |  | 15.75 |  | **(15.85)** | 0.89 | 0.89 | 0.89 | 0.33 | 6115 | 96 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12-31-22 | 20.51 | 0.03• | (3.54) | (3.51) |  | 4.77 |  | 4.77 |  | 12.23 |  | **(16.86)** | 1.21 | 1.13 | 1.13 | 0.18 | 59003 | 209 |
| 12-31-21 | 17.99 | (0.06)<sup>•</sup> | 2.66 | 2.60 |  | 0.08 |  | 0.08 |  | 20.51 |  | 14.47 | 1.24 | 1.15 | 1.15 | (0.28) | 80449 | 129 |
| 12-31-20 | 16.48 | (0.00)<sup>\*</sup> | 1.83 | 1.83 | 0.05 | 0.27 |  | 0.32 |  | 17.99 |  | 12.04 | 1.27 | 1.15 | 1.15 | (0.06) | 80512 | 134 |
| 12-31-19 | 15.30 | 0.03 | 3.66 | 3.69 | 0.02 | 2.49 |  | 2.51 |  | 16.48 |  | 25.86 | 1.14 | 1.14 | 1.14 | 0.20 | 86035 | 125 |
| 12-31-18 | 21.46 | 0.02 | (2.86) | (2.84) | 0.05 | 3.27 |  | 3.32 |  | 15.30 |  | **(16.05)** | 1.14 | 1.14 | 1.14 | 0.06 | 80225 | 96 |

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<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.

<sup>(5)</sup> <br>

Unaudited. There were no shares outstanding as of December 31, 2018 and December 31, 2019.

<sup>(a)</sup> <br>

Excluding amounts related to a transition cost reimbursement recorded in the year ended December 31, 2018, total return for Voya Global High Dividend Low Volatility Portfolio would have been (9.37)%, (8.96)%, (9.22)%, (9.38)% and (9.52)% for Classes ADV, I, S, S2 and T, 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
As further detailed below, the Voya Variable Product Funds are series of Voya Balanced Portfolio, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., Voya Intermediate Bond Portfolio, and Voya Government Money Market Portfolio (collectively, the "Registrants"), all of which are open-end investment management companies registered under the Investment Company Act of 1940, as amended ("1940 Act").

Voya Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one diversified series, Voya Balanced Portfolio ("Balanced"). Voya Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Growth and Income Portfolio ("Growth and Income"). Voya Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996 and has eighteen active separate investment series. The two diversified series of Voya Variable Portfolios, Inc. included in this report are Voya Global High Dividend Low Volatility Portfolio ("Global High Dividend Low Volatility"), and Voya Small Company Portfolio ("Small Company"). Voya Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Intermediate Bond Portfolio ("Intermediate Bond"). Voya Government Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, Voya Government Money Market Portfolio ("Government Money Market"). Each of the Voya Variable Product Funds is a "Portfolio" and collectively, they are the "Portfolios." 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"), Class I, Class R6, Class S, Service 2 ("Class S2") and Class T; 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" or the "Sub-Adviser"), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Each Portfolio is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation.*** Each Portfolio is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Portfolio is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of 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.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Portfolio assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Portfolio's assets, the 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 Money Market 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 Money Market, 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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

"Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee'sjudgment 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.

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 book, 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. ***Risk Exposures and the Use of Derivative Instruments.*** Certain 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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 they believe 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. 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 and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $5,055 and $145,110, respectively, which represent the gross payments to be received by the Portfolios on OTC purchased options were they to be unwound as of December 31, 2022. At December 31, 2022, Intermediate Bond received $100,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not receive any cash collateral at December 31, 2022.

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 each Portfolio and their 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 and Intermediate Bond had a liability position of $440,169 and $12,792,420, respectively, on forward premium swaptions and OTC written options. If a contingent feature would have been triggered as of December 31, 2022, these Portfolios could have been required to pay these amounts in cash to their counterparties. At December 31, 2022, Intermediate Bond pledged $13,840,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not pledge any cash collateral at December 31, 2022.

E. ***Forward Foreign Currency Transactions and Futures Contracts.*** Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of 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 upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

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:

---

| | | |
|:---|:---|:---|
| | **Purchased**  | **Sold**  |
| Balanced | $170024 | $757789 |
| Intermediate Bond | 15150487 | 49681466 |

---

The above Portfolios entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. There were no open forward foreign currency contracts at December 31, 2022.

Each Portfolio, with the exception of Government Money Market, 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. A Portfolio may buy and sell futures

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 each 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, 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 within 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 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. During the year ended December 31, 2022, Balanced and Intermediate Bond have purchased and sold futures contracts on various bonds and notes as part of their duration management. 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 the Portfolios 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, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
| | **Purchased**  | **Sold**  |
| Balanced | $22681375 | $12280838 |
| Intermediate Bond | 166501708 | 156528266 |

---

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios' open futures contracts at December 31, 2022.

F. ***Options Contracts.*** Certain Portfolios may write call and put options on futures, swaps ("swaptions"), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Portfolios exposure to the underlying instrument. Writing call options tends to decrease the Portfolios exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolios' exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolios exposure to the underlying instrument. The Portfolios pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the year ended December 31, 2022, Balanced and Intermediate Bond had purchased foreign currency options to manage their foreign exchange exposure. Balanced and Intermediate Bond had average notional values of $4,435,250 and $125,809,125, respectively, on purchased

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

foreign currency options. Please refer to the tables within the Portfolio of Investments for open purchased foreign currency options at December 31, 2022.

During the year ended December 31, 2022, Balanced and Intermediate Bond had written foreign currency options to generate income. Balanced and Intermediate Bond had average notional values of $3,051,000 and $82,777,500, respectively, on written foreign currency options. There were no open written foreign currency options at December 31, 2022.

During the year ended December 31, 2022, Balanced and Intermediate Bond had purchased forward premium swaptions with an average notional value of $2,544,000 and $72,004,800, respectively, to gain exposure to manage duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at December 31, 2022.

During the year ended December 31, 2022, Balanced and Intermediate Bond had written interest swaptions to generate income. Balanced and Intermediate Bond had average notional values of $6,274,667 and $183,620,000, respectively, on written interest swaptions. Please refer to the tables within the Portfolio of Investments for open written interest swaptions at December 31, 2022.

During the year ended December 31, 2022, Balanced and Intermediate Bond had purchased options on equity indices with an average notional value of $6,492,860 and $235,457,674, respectively, to gain exposure to certain equity markets. There were no open purchased equity options at December 31, 2022.

During the year ended December 31, 2022, Balanced and Intermediate Bond had written options on equity indices with an average notional value of $3,487,622 and $127,470,607, respectively, to generate income. There were no open written equity options at December 31, 2022.

G. ***Distributions to Shareholders.*** The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios distribute capital gains, if any, annually. Balanced and Small Company declare and pay dividends, if any, annually. Growth and Income declares and pays dividends, if any, semi-annually. Government Money Market and Intermediate Bond declare dividends daily and pay dividends, if any, monthly. Global High Dividend Low Volatility declares and pays dividends, if any, quarterly. 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.

H. ***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.

I. ***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.

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 agreements, plus accrued interest, being invested by the 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. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements ("MRA") which

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 within the Portfolio of Investments for Government Money Market for open repurchase agreements subject to the MRA on a net basis at December 31, 2022.

K. ***Securities Lending.*** Each Portfolio (except Government Money Market) may temporarily 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. ***When-Issued and 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 is identified in the 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 hold liquid assets as collateral with the Portfolios' custodian sufficient to cover the purchase price.

To mitigate counterparty risk, certain Portfolios have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At December 31, 2022, Intermediate Bond pledged and received $3,145,000 and $4,037,151, respectively, in cash collateral for open when-issued or delayed-delivery transactions.

N. ***Mortgage Dollar Roll Transactions.*** Each Portfolio, except Small Company, may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different

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prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales. For fee based roll transactions, the fee is recorded as income.

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 within each Portfolio's 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 each Portfolio's 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 Statement of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement 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 Statement 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 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 Statement 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

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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 and Intermediate Bond bought credit protection on credit default swap indices ("CDX"). 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 and Intermediate Bond used CDX swaps to hedge the credit risk associated with various sectors within the credit market.

For the year ended December 31, 2022, Balanced and Intermediate Bond had an average notional amount of $1,895,932 and $86,748,287, respectively, on credit default swaps to buy protection. Please refer to the tables within the Portfolio of Investments for Intermediate Bond for open credit default swaps to buy protection at December 31, 2022. Balanced did not have any open credit default swaps to buy protection at December 31, 2022.

For the year ended December 31, 2022, Balanced had an average notional amount of $1,374,800 on credit default swaps to sell protection. The Portfolio did not have any 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 and Intermediate Bond has 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. During the year ended December 31, 2022, Balanced and Intermediate Bond had average notional amounts of $2,005,019 and $58,179,086, respectively, on Long interest rate swaps.

For the year ended December 31, 2022, Balanced and Intermediate Bond has entered into interest rate swaps in which they pay a fixed interest rate and receive a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. During the year

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

ended December 31, 2022, Balanced and Intermediate Bond had average notional amounts of $1,440,333 and $41,708,567, respectively, on Short interest rate swaps.

Balanced and Intermediate Bond 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 interest rate swaps at December 31, 2022.

At December 31, 2022, Balanced and Intermediate Bond had pledged $600,000 and $12,101,000, respectively, in cash collateral for open centrally cleared swaps.

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

#### NOTE 3 — INVESTMENT TRANSACTIONS
For the year ended December 31, 2022, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| Balanced | $263320138 | $303429274 |
| Global High Dividend Low Volatility  | 379054555 | 438981206 |
| Growth and Income | 1093767991 | 1240119415 |
| Intermediate Bond | 669763163 | 1260770653 |
| Small Company | 741156153 | 807067717 |

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

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| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| Balanced | $278919801 | $268258851 |
| Intermediate Bond | 6500506908 | 5981563106 |

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#### NOTE 4 — INVESTMENT MANAGEMENT FEES
The Portfolios have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolios. The Investment Adviser oversees all investment management and portfolio management services for the Portfolios and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolios, including custodial, transfer agency,

dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

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| | |
|:---|:---|
| **Portfolio**  | **Fee**  |
| Balanced | 0.60% |
| Global High Dividend Low Volatility  | 0.56% on the first $500 million; <br> 0.53% on the next $500 million; <br> 0.51% thereafter  |
| Government Money Market<sup>(1)</sup> | 0.35% |
| Growth and Income<sup>(2)</sup> | 0.600% on the first $5 billion; <br> 0.550% on the next $5 billion; <br> 0.525% thereafter  |
| Intermediate Bond | 0.50% on first $4 billion; <br> 0.48% on next $3 billion; <br> 0.46% thereafter  |
| Small Company<sup>(3)</sup> | 0.75% |

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

The Investment Adviser is contractually obligated to waive a portion of the management fee equal to 0.045% on the first $5 billion and 0.070% thereafter of the Portfolio's average daily net assets. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

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

Prior to May 1, 2022 the Investment Adviser contractually waived amounts equal to 0.045% on the first $5 billion and 0.070% thereafter of the Portfolio's average daily net assets. Termination of this obligation was approved by the Board.

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

Prior to June 1, 2022, the management fee was 0.85%.

The Investment Adviser has entered into sub-advisory agreements 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 each Portfolio's investment objectives, policies, and limitations.

#### NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class ADV, Class S, Class S2 and Class T shares of the respective Portfolios are subject to a shareholder service and distribution plan or a distribution plan (each a "Plan" and collectively, the "Plans"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Portfolios' shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

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

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

Under the Plans for Class ADV and Class S2 shares of the respective Portfolios, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of each Portfolio's average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the Portfolio's average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the Portfolio's average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.05% of the distribution fee for Class ADV shares of Growth and Income so that the actual fee paid by Class ADV shares of the Portfolio is an annual rate of 0.20%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Under the Plan for Class S shares of the respective Portfolios, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to its Class S shares. For Government Money Market, the Distributor has contractually agreed to waive 0.10% of average daily net assets attributable to distribution and/or shareholder service fees for Class S shares, so that the actual fee paid by Class S shares of Government Money Market is an annual rate of 0.15%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Under the Plan for Class T shares of Global High Dividend Low Volatility, the Distributor is paid an annual distribution fee at the rate of 0.50% of Global High Dividend Low Volatility's average daily net assets attributable to Class T shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.15% of the average daily net assets attributable to the distribution fee paid by Class T shares of Global High Dividend Low Volatility, so that the actual fee paid by Class T shares of Global High Dividend Low Volatility is an annual rate of 0.35%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class T shares of Global High Dividend Low Volatility are subject to a shareholder servicing plan ("Service Plan"). The Service Plan allows the Distributor to enter into shareholder servicing agreements with insurance companies, broker dealers or other financial intermediaries that provide administrative services related to Class T and their shareholders including Variable Contract owners or Qualified Plan participants with interests in Global High Dividend Low Volatility. Under the Service Plan, the Portfolio makes payments to the Distributor which shall not

exceed an annual rate of 0.25% of the Portfolio's average daily net assets attributable to its Class T shares.

The Distributor and the Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Government Money Market 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. Management 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 expense) 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 $29 of class specific distribution fees for Class S and the Investment Adviser waived $499,407 of management fees and/or certain expenses to assist the Portfolio in maintaining a net yield of not less than zero. 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 December 31, 2022, the amounts of waived 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**  |
|  Government Money Market  | $1693989 | $2068744 | $499407 | $4262140 |

---

#### 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**  |
|  Voya Institutional Trust Company  | Government Money Market  | 9.09% |
|  | Intermediate Bond | 11.02 |
|  | Small Company | 5.68 |
|  Voya Retirement Insurance <br> and Annuity Company  | Balanced | 87.38 |
|  | Global High Dividend Low Volatility | 21.59 |
|  | Government Money Market  | 87.41 |
|  | Growth and Income | 87.86 |
|  | Intermediate Bond | 24.83 |
|  | Small Company | 69.01 |

---

The Investment Adviser may direct the Portfolios' Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate a Portfolio's

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

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

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

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 directors/trustees, as described in the DC Plan, to defer the receipt of all or a portion of the directors'/trustees' fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director/trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director/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 directors'/trustees' deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of directors'/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**  |
| Balanced | $278623 |
| Global High Dividend Low Volatility | 324102 |
| Government Money Market | 616544 |
| Growth and Income | 1085880 |
| Intermediate Bond | 1337546 |
| Small Company | 431036 |

---

#### NOTE 7 — LICENSING FEE
Balanced pays an annual licensing fee to S&P Opco, LLC.

#### NOTE 8 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement")

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> R6**  | **Class <br> S**  | **Class <br> S2**  | **Class <br> T**  |
| Balanced | N/A | 0.69% | N/A | 0.94% | N/A | N/A |
|  Global High Dividend Low Volatility  | 1.34% | 0.84% | N/A | 1.09% | 1.24% | 1.44% |
| Growth and Income<sup>(1)</sup>  | 1.27% | 0.67% | N/A | 0.92% | 1.07% | N/A |
| Intermediate Bond | 1.03% | 0.53% | N/A | 0.78% | 0.93% | N/A |
| Small Company<sup>(2)</sup> | 1.36% | 0.86% | 0.86% | 1.11% | N/A | N/A |

---

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

Prior to May 1, 2022 the expense limits were 1.30%, 0.70%, 0.95% and 1.10% for Class ADV, Class I, Class S and Class S2, respectively.

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

Prior to June 1, 2022 the expense limits were 1.40%, 0.90%, 0.90% and 1.15% for Class ADV, Class I, Class R6 and Class S, respectively.

Pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio**  | **Class <br> ADV**  | **Class <br> I**  | **Class <br> S**  | **Class <br> S2**  | **Class <br> T**  |
|  Global High Dividend Low Volatility  | 1.10% | 0.60% | 0.85% | 1.00% | 1.20% |

---

Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for Government Money Market, 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, 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 Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

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

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

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

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 below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  | |
| | **2023**  | **2024**  | **2025**  |<br> **Total**  |
| Balanced | $236487 | $197485 | $188000 | $621972 |
| Growth and Income  |  |  | 170094 | 170094 |
| Intermediate Bond | 1522285 | 1337760 | 1169688 | 4029733 |
| Small Company |  | 1250 |  | 1250 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of December 31, 2022, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **December 31,**  | |
| | **2023**  | **2024**  | **2025**  |<br> **Total**  |
| Small Company |  |  |  |  |
| Class ADV | $7102 | $7165 | $5488 | $19755 |
| Class I | 387425 | 316996 | 201196 | 905617 |
| Class S | 84569 | 74415 | 47092 | 206076 |

---

The Expense Limitation Agreements are contractual through May 1, 2023, except Small Company which is through May 1, 2024, and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

#### NOTE 9 — 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 Portfolios utilized the line of credit during the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio**  | **Days <br> Utilized**  | **Approximate <br> Average <br> Daily <br> Balance For <br> Days Utilized**  | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized**  |
| Balanced | 5 | $926600 | 3.47% |
|  Global High Dividend Low Volatility  | 12 | 1916500 | 1.90 |
| Growth and Income | 1 | 1258000 | 1.33 |
| Intermediate Bond | 5 | 1244200 | 3.11 |
| Small Company  | 14 | 8174357 | 2.52 |

---

#### NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Balanced** | **Balanced** | **Balanced** | **Balanced** | **Balanced** | **Balanced** | **Balanced** | **Balanced** | **Balanced** | **Balanced** | **Balanced** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 185296 |  | 3421689 | (2301808) | 1305177 | 2819534 |  | 45747982 | (33400115) | 15167401 |
| 12/31/2021 | 251590 |  | 723234 | (2622896) | (1648072) | 4434846 |  | 12106938 | (45927989) | (29386205) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11412 |  | 23954 | (43657) | (8291) | 143673 |  | 318826 | (631288) | (168789) |
| 12/31/2021 | 3312 |  | 5170 | (19863) | (11381) | 57934 |  | 86191 | (349147) | (205022) |
| **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 16956 |  | 61257 | (184355) | (106142) | 180693 |  | 667337 | (2066643) | (1218613) |
| 12/31/2021 | 16754 |  | 24622 | (223495) | (182119) | 195744 |  | 285119 | (2572804) | (2091941) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 326273 |  | 724228 | (1352821) | (302320) | 3678858 |  | 7870245 | (15192450) | (3643347) |
| 12/31/2021 | 280377 |  | 306993 | (1215811) | (628441) | 3176484 |  | 3556936 | (13931507) | (7198087) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 376938 |  | 2210963 | (5437256) | (2849355) | 4181996 |  | 24164362 | (60741884) | (32395526) |
| 12/31/2021 | 238061 |  | 937385 | (7168854) | (5993408) | 2770779 |  | 10900387 | (82950586) | (69279420) |

---

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

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

NOTE 10 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1764 |  | 1278 | (4318) | (1276) | 19793 |  | 13783 | (46053) | (12477) |
| 12/31/2021 | 1079 |  | 618 | (14200) | (12503) | 12540 |  | 7066 | (166995) | (147389) |
| **Class T** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 48107 |  | 13286 | (52828) | 8565 | 528564 |  | 144852 | (584282) | 89134 |
| 12/31/2021 | 19271 |  | 4722 | (33150) | (9157) | 220584 |  | 54811 | (383585) | (108190) |
| **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 129987093 |  | 7143365 | (99672054) | 37458404 | 129987093 |  | 7143365 | (99672054) | 37458404 |
| 12/31/2021 | 68479424 |  | 435973 | (153041539) | (84126142) | 68479424 |  | 435973 | (153041539) | (84126142) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 |  |  | 632 | (10246) | (9614) |  |  | 632 | (10246) | (9614) |
| 12/31/2021 | 7239 |  | 47 | (1019) | 6267 | 7239 |  | 47 | (1019) | 6267 |
| **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** | **Growth and Income** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 89714 |  | 701147 | (549183) | 241678 | 1744478 |  | 11552104 | (10786680) | 2509902 |
| 12/31/2021 | 201602 |  | 2450905 | (29175892) | (26523385) | 6656242 |  | 62613808 | (1008319631) | (939049581) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 356954 |  | 14845877 | (9488760) | 5714071 | 7346879 |  | 254309052 | (194304240) | 67351691 |
| 12/31/2021 | 131594 |  | 36424715 | (6543445) | 30012864 | 4333088 |  | 867378507 | (223795000) | 647916595 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 101772 |  | 309290 | (316213) | 94849 | 2046477 |  | 5105764 | (6231336) | 920905 |
| 12/31/2021 | 127402 |  | 1146743 | (15839739) | (14565594) | 4170902 |  | 29792605 | (548686094) | (514722587) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 974 |  | 4075 | (1018) | 4031 | 18525 |  | 65074 | (21099) | 62500 |
| 12/31/2021 | 453 |  | 9051 | (30) | 9474 | 14943 |  | 203108 | (988) | 217063 |
| **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 388133 |  | 537652 | (3981195) | (3055410) | 4351777 |  | 5940318 | (45010028) | (34717933) |
| 12/31/2021 | 1537166 |  | 581404 | (3393970) | (1275400) | 19730878 |  | 7461608 | (43581477) | (16388991) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 1874834 |  | 2239599 | (11745805) | (7631372) | 21338764 |  | 25054075 | (134010620) | (87617781) |
| 12/31/2021 | 3127259 |  | 2400903 | (12557702) | (7029540) | 40676185 |  | 31153347 | (162906269) | (91076737) |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 3420335 |  | 4217193 | (20892595) | (13255067) | 39204519 |  | 46794345 | (235570847) | (149571983) |
| 12/31/2021 | 4180405 |  | 4363433 | (16513541) | (7969703) | 53558043 |  | 56229105 | (212930197) | (103143049) |
| **Class S2** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 147912 |  | 24758 | (675555) | (502885) | 1710107 |  | 275856 | (7643415) | (5657452) |
| 12/31/2021 | 189378 |  | 36584 | (614677) | (388715) | 2443389 |  | 469801 | (7890271) | (4977081) |
| **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** | **Small Company** |
| **Class ADV** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 93588 |  | 182331 | (74703) | 201216 | 1345402 |  | 2087689 | (1182348) | 2250743 |
| 12/31/2021 | 105445 |  | 1793 | (54825) | 52413 | 2045707 |  | 34073 | (1072678) | 1007102 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 314217 |  | 5703848 | (4592673) | 1425392 | 4937868 |  | 72381833 | (65801276) | 11518425 |
| 12/31/2021 | 624497 |  | 96552 | (3153101) | (2432052) | 12875539 |  | 1965800 | (64937072) | (50095733) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 72530 |  | 184978 | (296548) | (39040) | 966409 |  | 2351076 | (5246690) | (1929205) |
| 12/31/2021 | 292892 |  | 4037 | (216828) | 80101 | 6151114 |  | 82239 | (4335350) | 1898003 |
| **Class S** |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 155377 |  | 1469995 | (723542) | 901830 | 2195664 |  | 17786935 | (10564875) | 9417724 |
| 12/31/2021 | 119177 |  | 17382 | (690071) | (553512) | 2408593 |  | 342592 | (13855730) | (11104545) |

---

#### NOTE 11 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the "Agreement") with BNY, each Portfolio (except Government Money Market) 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

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

NOTE 11 — SECURITIES LENDING (continued)

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

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

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

#### Balanced

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Bank PLC | $5319 | $(5319) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Barclays Capital Inc. | 126328 | (126328) |  |
| BMO Capital Markets Corp | 15546 | (15546) |  |
| BNP Paribas | 4889 | (4889) |  |
| BofA Securities Inc | 1748337 | (1748337) |  |
| Citigroup Global Markets Inc. | 25807 | (25807) |  |
| Citigroup Global Markets Limited | 146328 | (146328) |  |
| Daiwa Capital Markets America Inc.  | 33833 | (33833) |  |
| Deutsche Bank Securities Inc. | 51156 | (51156) |  |
| Goldman Sachs International | 45350 | (45350) |  |
| Goldman, Sachs & Co. LLC | 51610 | (51610) |  |
| HSBC Bank PLC | 40258 | (40258) |  |
| HSBC Securities (USA) Inc. | 18199 | (18199) |  |
| J.P. Morgan Securities LLC | 30846 | (30846) |  |
| Morgan Stanley & Co. LLC | 10862 | (10862) |  |
|  National Bank of Canada Financial <br> INC  | 41063 | (41063) |  |
| National Financial Services LLC | 10934 | (10934) |  |
| NatWest Markets Securities Inc. | 61143 | (61143) |  |
|  Nomura Securities International, Inc.  | 80432 | (80432) |  |
| RBC Capital Markets, LLC | 36092 | (36092) |  |
| RBC Dominion Securities Inc | 36331 | (36331) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Scotia Capital (USA) INC | $17523 | $(17523) | $— |
| Societe Generale | 156374 | (156374) |  |
| TD Securities (USA) Inc. | 46344 | (46344) |  |
| Truist Securities INC | 12766 | (12766) |  |
| UBS AG | 62546 | (62546) |  |
| UBS Securities LLC. | 20672 | (20672) |  |
| US Bancorp Investments | 17196 | (17196) |  |
| Total | $2954084 | $(2954084) | $— |

---

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

Cash collateral with a fair value of $3,043,301 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.

#### Global High Dividend Low Volatiliy

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| BMO Capital Markets Corp | $1199213 | $(1199213) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Citigroup Global Markets Inc. | 190227 | (190227) |  |
| Citigroup Global Markets Limited  | 3592934 | (3592934) |  |
|  Nomura Securities International, Inc.  | 436811 | (436811) |  |
|  State Street Bank and Trust Company  | 278085 | (278085) |  |
| TD Prime Services LLC | 350256 | (350256) |  |
| Total | $6047526 | $(6047526) | $— |

---

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

Cash collateral with a fair value of $6,379,938 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.

#### Growth and Income

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| BofA Securities Inc | $6922287 | $(6922287) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Citadel Clearing LLC | 8992117 | (8992117) |  |
| Citigroup Global Markets Inc. | 186543 | (186543) |  |
| Goldman, Sachs & Co. LLC | 13416 | (13416) |  |
| J.P. Morgan Securities LLC | 8122197 | (8122197) |  |
| Morgan Stanley & Co. LLC | 54016 | (54016) |  |
| Total | $24290576 | $(24290576) | $— |

---

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

Cash collateral with a fair value of $24,959,993 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.

#### Intermediate Bond

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Bank PLC | $1343452 | $(1343452) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 928666 | (928666) |  |
|  BNP Paribas Prime Brokerage Intl <br> Ltd  | 364080 | (364080) |  |
| BofA Securities Inc | 48564175 | (48564175) |  |

---

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

NOTE 11 — SECURITIES LENDING (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Citigroup Global Markets Inc. | $35146607 | $(35146607) | $— |
|  Daiwa Capital Markets America Inc.  | 536455 | (536455) |  |
| Deutsche Bank Securities Inc. | 346796 | (346796) |  |
| Goldman, Sachs & Co. LLC | 157888 | (157888) |  |
|  Industrial And Commercial Bank Of China  | 334944 | (334944) |  |
| J.P. Morgan Securities LLC | 1720997 | (1720997) |  |
|  Nomura Securities International, Inc.  | 797803 | (797803) |  |
| TD Prime Services LLC | 6055013 | (6055013) |  |
| UBS Securities LLC. | 417354 | (417354) |  |
| Total | $96714230 | $(96714230) | $— |

---

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

Cash collateral with a fair value of $98,843,830 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.

#### Small Company

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Citadel Securities LLC | $106677 | $(106677) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| J.P. Morgan Securities LLC | 906923 | (906923) |  |
|  National Bank of Canada Financial Inc  | 723940 | (723940) |  |
|  Nomura Securities International, Inc.  | 696324 | (696324) |  |
| Scotia Capital (USA) INC | 40898 | (40898) |  |
| TD Prime Services LLC | 878440 | (878440) |  |
| Total | $3353202 | $(3353202) | $— |

---

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

Cash collateral with a fair value of $3,474,679 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 12 — 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, foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, straddle loss deferrals, swaps, capital loss carryforwards 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.

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

---

| | | |
|:---|:---|:---|
| | **Paid-in <br> Capital**  | **Distributable <br> Earnings**  |
| Government Money Market | $(66385) | $66385 |
| Intermediate Bond | (290010) | 290010 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2022**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2021**  | **Year Ended <br> December 31, 2021**  |
| | **Ordinary <br> Income**  | **Long-term <br> Capital Gain**  | **Ordinary <br> Income**  | **Long-term <br> Capital Gain**  | **Return <br> of Capital**  |
| Balanced | $15899870 | $30166938 | $9669879 | $2523250 | $— |
| Global High Dividend Low Volatility | 23880547 | 8980032 | 14804319 |  |  |
| Government Money Market | 7146615 |  | 436020 |  |  |
| Growth and Income | 39602466 | 231816376 | 246652811 | 714105669 |  |
| Intermediate Bond | 78069297 |  | 75114307 | 91902 | 20114377 |
| Small Company | 55293825 | 39313708 | 2424704 |  |  |

---

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:

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

NOTE 12 — FEDERAL INCOME TAXES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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**  | **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**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| Balanced | $5347809 | $1229251 | $(9058007) |  |  |  | $(2480947) |
| Global High Dividend Low Volatility |  | 17174337 | 28264019 |  |  |  | 45438356 |
| Government Money Market |  |  |  | (128579) | Short-term |  | (128610) |
|  |  |  |  | (31) | Long-term |  |  |
|  |  |  |  | $(128610) |  |  |  |
| Growth and Income |  | 1590052 | 149271843 |  |  |  | 150861895 |
| Intermediate Bond | 1168842 |  | (297209775) | (75223112) | Short-term |  | (508632862) |
|  |  |  |  | (137368817) | Long-term |  |  |
|  |  |  |  | $(212591929) |  |  |  |
| Small Company | 1217709 |  | (29973256) | (9089991) | Short-term |  | (37845538) |

---

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 rate 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 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

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

NOTE 14 — MARKET DISRUPTION (continued)

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 <br> Share <br> Amount**  | **Payable <br> Date**  | **Record <br> Date**  |
| **Government Money Market** | **Government Money Market** | **Government Money Market** | **Government Money Market** |
| &nbsp;&nbsp;&nbsp; Class I  | $0.0034 | February 1, 2023  | Daily  |
| &nbsp;&nbsp;&nbsp; Class S  | $0.0030 | February 1, 2023  | Daily  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Per <br> Share <br> Amount**  | **Payable <br> Date**  | **Record <br> Date**  |
| **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** |
| &nbsp;&nbsp;&nbsp; Class ADV  | $0.0239 | February 1, 2023  | Daily  |
| &nbsp;&nbsp;&nbsp; Class I  | $0.0286 | February 1, 2023  | Daily  |
| &nbsp;&nbsp;&nbsp; Class S  | $0.0262 | February 1, 2023  | Daily  |
| &nbsp;&nbsp;&nbsp; Class S2  | $0.0248 | 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 Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: 40.6%** | **COMMON STOCK: 40.6%** | **COMMON STOCK: 40.6%** | **COMMON STOCK: 40.6%** |
|  | **Communication Services: 2.3%** | **Communication Services: 2.3%** | **Communication Services: 2.3%** |
| 1367 <sup>(1)</sup> | Adevinta ASA | $9052 | 0.0 |
| 29299 <sup>(1)</sup> | Alphabet, Inc. - Class A | 2585051 | 0.9 |
| 18503 | AT&T, Inc. | 340640 | 0.1 |
| 2058 <sup>(2)</sup> | Auto Trader Group PLC | 12816 | 0.0 |
| 22294 | Bezeq Israeli <br> Telecommunication Corp., Ltd. | 38246 | 0.0 |
| 1064 <sup>(1)</sup> | Charter Communications, Inc.  | 360802 | 0.1 |
| 8256 | Comcast Corp. - Class A | 288712 | 0.1 |
| 2291 | Electronic Arts, Inc. | 279914 | 0.1 |
| 5696 <sup>(1)</sup> | Frontier Communications <br> Parent, Inc. | 145134 | 0.1 |
| 8217 <sup>(1)</sup> | Iridium Communications, Inc. | 422354 | 0.1 |
| 4900 | KDDI Corp. | 148602 | 0.1 |
| 9378 | Koninklijke KPN NV | 29027 | 0.0 |
| 4808 <sup>(1)</sup> | Live Nation Entertainment, Inc.  | 335310 | 0.1 |
| 2788 <sup>(1)</sup> | Meta Platforms, Inc. | 335508 | 0.1 |
| 1713 <sup>(1)</sup> | NetFlix, Inc. | 505130 | 0.2 |
| 1145 | Nexstar Media Group, Inc. | 200409 | 0.1 |
| 1029 | Publicis Groupe | 65735 | 0.1 |
| 1208 <sup>(2)</sup> | Scout24 SE | 60803 | 0.0 |
| 5500 | Singapore <br> Telecommunications Ltd.  | 10545 | 0.0 |
| 2800 | SoftBank Group Corp. | 118420 | 0.1 |
| 605 <sup>(1)</sup> | Spotify Technology SA | 47765 | 0.0 |
| 1248 | TEGNA, Inc. | 26445 | 0.0 |
| 262171 <sup>(1)</sup> | Telecom Italia S.p.A. - TIT | 60759 | 0.0 |
| 23527 <sup>(3)</sup> | Telia Co. AB | 60118 | 0.0 |
| 10999 | Telstra Group Ltd. | 29746 | 0.0 |
| 395 <sup>(1)</sup> | TripAdvisor, Inc. | 7102 | 0.0 |
| 6461 | Vivendi SE | 61721 | 0.0 |
| 3198 | WPP PLC | 31596 | 0.0 |
| 110 <sup>(1)</sup> | Ziff Davis, Inc. | 8701 | 0.0 |
| 2586 <sup>(1)</sup> | ZoomInfo Technologies, Inc. | 77865 | 0.0 |
|  |  | **6704028** | **2.3** |
|  | **Consumer Discretionary: 4.1%** | **Consumer Discretionary: 4.1%** | **Consumer Discretionary: 4.1%** |
| 1963 <sup>(1)</sup> | Airbnb, Inc. | 167836 | 0.1 |
| 18826 <sup>(1)</sup> | Amazon.com, Inc. | 1581384 | 0.5 |
| 4437 | Aristocrat Leisure Ltd. | 91428 | 0.0 |
| 2028 <sup>(1)</sup> | Autonation, Inc. | 217604 | 0.1 |
| 190 <sup>(1)</sup> | Autozone, Inc. | 468574 | 0.2 |
| 1571 | BorgWarner, Inc. | 63233 | 0.0 |
| 2647 | Boyd Gaming Corp. | 144341 | 0.1 |
| 719 | Brunswick Corp. | 51826 | 0.0 |
| 1129 | Burberry Group PLC | 27449 | 0.0 |
| 1689 <sup>(1)</sup> | Carmax, Inc. | 102843 | 0.0 |
| 1175 | Cie Financiere Richemont SA  | 152351 | 0.1 |
| 604 <sup>(1)</sup> | CROCS, Inc. | 65492 | 0.0 |
| 2695 | Dana, Inc. | 40775 | 0.0 |
| 160 <sup>(1)</sup> | Deckers Outdoor Corp. | 63866 | 0.0 |
| 1715 | Dick's Sporting Goods, Inc. | 206297 | 0.1 |
| 3028 <sup>(3)</sup> | Electrolux AB | 40911 | 0.0 |
| 1555 | Entain PLC | 24764 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 338 <sup>(2)</sup> | Evolution AB | $32923 | 0.0 |
| 80 <sup>(1)</sup> | Five Below, Inc. | 14150 | 0.0 |
| 18046 | Ford Motor Co. | 209875 | 0.1 |
| 538 <sup>(1)(3)</sup> | GameStop Corp. | 9931 | 0.0 |
| 12623 | General Motors Co. | 424638 | 0.2 |
| 4247 | Gentex Corp. | 115816 | 0.0 |
| 3377 | Genuine Parts Co. | 585943 | 0.2 |
| 1961 <sup>(1)</sup> | Goodyear Tire & Rubber Co. | 19904 | 0.0 |
| 145 | H&R Block, Inc. | 5294 | 0.0 |
| 1192 | Harley-Davidson, Inc. | 49587 | 0.0 |
| 1405 | Hilton Worldwide Holdings, <br> Inc. | 177536 | 0.1 |
| 1025 | Home Depot, Inc. | 323757 | 0.1 |
| 7000 | Honda Motor Co., Ltd. | 159663 | 0.1 |
| 6299 | Industria de Diseno Textil SA | 167307 | 0.1 |
| 538 <sup>(1)(2)</sup> | Just Eat Takeaway.com NV | 11451 | 0.0 |
| 2128 <sup>(2)</sup> | La Francaise des Jeux SAEM  | 85627 | 0.0 |
| 465 | Lear Corp. | 57669 | 0.0 |
| 1040 | Leggett & Platt, Inc. | 33519 | 0.0 |
| 67 | Lithia Motors, Inc. | 13718 | 0.0 |
| 9712 | LKQ Corp. | 518718 | 0.2 |
| 338 | Lowe's Cos, Inc. | 67343 | 0.0 |
| 485 <sup>(1)</sup> | Lululemon Athletica, Inc. | 155384 | 0.1 |
| 191 | LVMH Moet Hennessy Louis <br> Vuitton SE | 138989 | 0.1 |
| 1780 | Macy's, Inc. | 36757 | 0.0 |
| 1237 | Marriott Vacations Worldwide <br> Corp.  | 166488 | 0.1 |
| 2920 <sup>(1)</sup> | Mattel, Inc. | 52093 | 0.0 |
| 2900 | Mazda Motor Corp. | 21739 | 0.0 |
| 2288 | McDonald's Corp. | 602957 | 0.2 |
| 6443 | MGM Resorts International | 216034 | 0.1 |
| 1444 | Moncler SpA | 76729 | 0.0 |
| 6607 | Nike, Inc. - Class B | 773085 | 0.3 |
| 491 <sup>(3)</sup> | Nordstrom, Inc. | 7925 | 0.0 |
| 139 <sup>(1)</sup> | Ollie's Bargain Outlet <br> Holdings, Inc. | 6511 | 0.0 |
| 300 | Open House Group Co. Ltd. | 10923 | 0.0 |
| 5300 | Panasonic Holdings Corp. | 44356 | 0.0 |
| 1685 | Pandora A/S | 119098 | 0.1 |
| 7268 <sup>(1)</sup> | Penn Entertainment, Inc. | 215860 | 0.1 |
| 68 | Penske Auto Group, Inc. | 7815 | 0.0 |
| 631 | PVH Corp. | 44542 | 0.0 |
| 1079 | Ross Stores, Inc. | 125240 | 0.1 |
| 809 <sup>(1)</sup> | Scientific Games Corp. | 47407 | 0.0 |
| 5000 | Sekisui Chemical Co., Ltd. | 69692 | 0.0 |
| 3400 | Sekisui House Ltd. | 60279 | 0.0 |
| 1012 | Service Corp. International | 69970 | 0.0 |
| 100 <sup>(3)</sup> | Shimano, Inc. | 15802 | 0.0 |
| 200 | Sony Group Corp. | 15244 | 0.0 |
| 2504 | Stellantis NV (STLAM) | 35583 | 0.0 |
| 5000 | Subaru Corp. | 75700 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced 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 Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |
| 2092 <sup>(1)</sup> | Taylor Morrison Home Corp. | $| 63492 | 0.0 |
| 36743 | Taylor Wimpey PLC |  | 44999 | 0.0 |
| 731 | Tempur Sealy International, <br> Inc. |  | 25095 | 0.0 |
| 7818 <sup>(1)</sup> | Tesla, Inc. |  | 963021 | 0.3 |
| 312 <sup>(3)</sup> | Thor Industries, Inc. |  | 23553 | 0.0 |
| 183 <sup>(1)</sup> | TopBuild Corp. |  | 28638 | 0.0 |
| 5200 | Toyota Motor Corp. |  | 70941 | 0.0 |
| 5286 | Travel + Leisure Co. |  | 192410 | 0.1 |
| 24061 <sup>(1)</sup> | Under Armour, Inc. - Class A |  | 244460 | 0.1 |
| 600 | USS Co., Ltd. |  | 9520 | 0.0 |
| 272 <sup>(1)</sup> | Victoria's Secret & Co. |  | 9732 | 0.0 |
| 17462 | Wendy's Company |  | 395165 | 0.1 |
| 368 | Williams-Sonoma, Inc. |  | 42291 | 0.0 |
| 89 | Wingstop, Inc. |  | 12248 | 0.0 |
| 427 | Wyndham Hotels & Resorts, <br> Inc. |  | 30449 | 0.0 |
| 837 <sup>(1)</sup> | YETI Holdings, Inc. |  | 34576 | 0.0 |
| 400 | ZOZO, Inc. |  | 9878 | 0.0 |
|  |  |  | **12008013** | **4.1** |
|  | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** | **Consumer Staples: 2.9%** |
| 1088 | Archer-Daniels-Midland Co. |  | 101021 | 0.0 |
| 342 | Beiersdorf AG |  | 39081 | 0.0 |
| 1343 <sup>(1)</sup> | BellRing Brands, Inc. |  | 34434 | 0.0 |
| 547 <sup>(1)</sup> | BJ's Wholesale Club Holdings, <br> Inc.  |  | 36189 | 0.0 |
| 102 <sup>(1)</sup> | Boston Beer Co., Inc. |  | 33611 | 0.0 |
| 5594 | British American Tobacco PLC  |  | 221289 | 0.1 |
| 72 | Carlsberg A/S |  | 9550 | 0.0 |
| 771 | Carrefour S.A. |  | 12895 | 0.0 |
| 41 | Casey's General Stores, Inc. |  | 9198 | 0.0 |
| 325 <sup>(1)</sup> | Celsius Holdings, Inc. |  | 33813 | 0.0 |
| 20806 | Coca-Cola Co. |  | 1323470 | 0.5 |
| 66 | Coca-Cola Consolidated, Inc.  |  | 33816 | 0.0 |
| 374 | Coca-Cola European Partners <br> PLC - USD |  | 20690 | 0.0 |
| 2670 | Coca-Cola HBC AG |  | 63116 | 0.0 |
| 2401 | Coles Group Ltd. |  | 27217 | 0.0 |
| 1883 | Colgate-Palmolive Co. |  | 148362 | 0.1 |
| 1650 | Costco Wholesale Corp. |  | 753225 | 0.3 |
| 1023 | Danone |  | 53918 | 0.0 |
| 849 <sup>(1)</sup> | Darling Ingredients, Inc. |  | 53139 | 0.0 |
| 4386 | Davide Campari-Milano NV |  | 44528 | 0.0 |
| 225 | Diageo PLC |  | 9849 | 0.0 |
| 1158 | Estee Lauder Cos., Inc. |  | 287311 | 0.1 |
| 2755 | Flowers Foods, Inc. |  | 79179 | 0.0 |
| 20347 <sup>(1)</sup> | Haleon PLC |  | 80506 | 0.0 |
| 1557 | Heineken Holding NV |  | 120247 | 0.1 |
| 1063 <sup>(1)</sup> | HelloFresh SE |  | 23200 | 0.0 |
| 8119 | J Sainsbury Plc |  | 21295 | 0.0 |
| 7400 <sup>(3)</sup> | Japan Tobacco, Inc. |  | 149186 | 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)** |
|  | **Consumer Staples (continued)** | **Consumer Staples (continued)** | **Consumer Staples (continued)** | **Consumer Staples (continued)** |
| 900 | Kobayashi Pharmaceutical <br> Co., Ltd. | $| 61688 | 0.0 |
| 2971 | Kroger Co. |  | 132447 | 0.1 |
| 426 | L'Oreal S.A. |  | 152549 | 0.1 |
| 7435 | Mondelez International, Inc. |  | 495543 | 0.2 |
| 2735 <sup>(1)</sup> | Monster Beverage Corp. |  | 277685 | 0.1 |
| 3020 | Mowi ASA |  | 51462 | 0.0 |
| 2492 | Nestle SA |  | 287849 | 0.1 |
| 7426 | PepsiCo, Inc. |  | 1341581 | 0.5 |
| 931 <sup>(1)</sup> | Performance Food Group Co.  |  | 54361 | 0.0 |
| 484 | Pernod Ricard SA |  | 95213 | 0.1 |
| 4459 | Philip Morris International, Inc.  |  | 451295 | 0.2 |
| 260 <sup>(1)</sup> | Post Holdings, Inc. |  | 23468 | 0.0 |
| 2679 | Procter & Gamble Co. |  | 406029 | 0.1 |
| 233 | Remy Cointreau SA |  | 39287 | 0.0 |
| 1800 | Suntory Beverage & Food Ltd.  |  | 61294 | 0.0 |
| 9084 | Tesco PLC |  | 24480 | 0.0 |
| 6567 | Treasury Wine Estates Ltd. |  | 60669 | 0.0 |
| 6564 | Tyson Foods, Inc. |  | 408609 | 0.1 |
| 446 | Unilever PLC |  | 22379 | 0.0 |
| 435 | Unilever PLC - ULVRL |  | 21962 | 0.0 |
| 2193 <sup>(1)</sup> | US Foods Holding Corp. |  | 74606 | 0.0 |
| 101500 <sup>(2)</sup> | WH Group Ltd. |  | 59199 | 0.0 |
| 400 | Yakult Honsha Co., Ltd. |  | 26039 | 0.0 |
|  |  |  | **8453029** | **2.9** |
|  | **Energy: 2.0%** | **Energy: 2.0%** | **Energy: 2.0%** | **Energy: 2.0%** |
| 2710 | Aker BP ASA |  | 84235 | 0.0 |
| 3961 | Ampol Ltd. |  | 76140 | 0.0 |
| 1629 <sup>(1)</sup> | Antero Resources Corp. |  | 50483 | 0.0 |
| 15959 | Baker Hughes Co. |  | 471269 | 0.2 |
| 38743 | BP PLC |  | 223546 | 0.1 |
| 461 | ChampionX Corp. |  | 13364 | 0.0 |
| 2833 | Cheniere Energy, Inc. |  | 424837 | 0.2 |
| 1867 | Chevron Corp. |  | 335108 | 0.1 |
| 2462 <sup>(1)(3)</sup> | CNX Resources Corp. |  | 41460 | 0.0 |
| 3183 | Diamondback Energy, Inc. |  | 435371 | 0.2 |
| 5025 | EOG Resources, Inc. |  | 650838 | 0.2 |
| 4296 | EQT Corp. |  | 145334 | 0.1 |
| 851 | Equinor ASA |  | 30585 | 0.0 |
| 16079 | Equitrans Midstream Corp. |  | 107729 | 0.0 |
| 7048 | Exxon Mobil Corp. |  | 777395 | 0.3 |
| 494 | HF Sinclair Corp. |  | 25634 | 0.0 |
| 5120 | Marathon Petroleum Corp. |  | 595917 | 0.2 |
| 792 | Matador Resources Co. |  | 45334 | 0.0 |
| 508 | OMV AG |  | 26132 | 0.0 |
| 544 | PBF Energy, Inc. |  | 22184 | 0.0 |
| 2777 | Phillips 66 |  | 289030 | 0.1 |
| 234 | Pioneer Natural Resources <br> Co. |  | 53443 | 0.0 |
| 1660 | Range Resources Corp. |  | 41533 | 0.0 |
| 7573 | Repsol SA |  | 120539 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced 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)** |
|  | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| 890 | Schlumberger Ltd. | $| 47579 | 0.0 |
| 6732 | Shell PLC |  | 189782 | 0.1 |
| 15766 <sup>(1)</sup> | Southwestern Energy Co. |  | 92231 | 0.0 |
| 4748 | Targa Resources Corp. |  | 348978 | 0.1 |
| 1597 <sup>(3)</sup> | TotalEnergies SE |  | 100248 | 0.0 |
|  |  |  | **5866258** | **2.0** |
|  | **Financials: 5.5%** | **Financials: 5.5%** | **Financials: 5.5%** | **Financials: 5.5%** |
| 8477 | 3i Group PLC |  | 136712 | 0.1 |
| 6157 | Abrdn PLC |  | 13991 | 0.0 |
| 320 | Affiliated Managers Group, <br> Inc. |  | 50698 | 0.0 |
| 3600 | AIA Group Ltd. |  | 39756 | 0.0 |
| 609 | American Financial Group, Inc.  |  | 83604 | 0.0 |
| 4861 | American International Group, <br> Inc. |  | 307410 | 0.1 |
| 1722 | Ameriprise Financial, Inc. |  | 536179 | 0.2 |
| 3800 <sup>(3)</sup> | Annaly Capital Management, <br> Inc.  |  | 80104 | 0.0 |
| 2487 | Aon PLC |  | 746448 | 0.3 |
| 786 | Ares Management Corp. |  | 53794 | 0.0 |
| 2219 | ASX Ltd. |  | 102199 | 0.0 |
| 6553 | AXA S.A. |  | 182537 | 0.1 |
| 10711 | Banco Bilbao Vizcaya <br> Argentaria SA |  | 64515 | 0.0 |
| 17619 | Bank of America Corp. |  | 583541 | 0.2 |
| 1168 | Bank OZK |  | 46790 | 0.0 |
| 73040 | Barclays PLC |  | 138982 | 0.1 |
| 2856 <sup>(1)</sup> | Berkshire Hathaway, Inc. - <br> Class B |  | 882218 | 0.3 |
| 3446 | BNP Paribas |  | 196212 | 0.1 |
| 3624 | Capital One Financial Corp. |  | 336887 | 0.1 |
| 8853 | Charles Schwab Corp. |  | 737101 | 0.3 |
| 10516 | Citigroup, Inc. |  | 475639 | 0.2 |
| 6297 | Citizens Financial Group, Inc.  |  | 247913 | 0.1 |
| 1912 | CNO Financial Group, Inc. |  | 43689 | 0.0 |
| 1265 | Commerce Bancshares, Inc. |  | 86109 | 0.0 |
| 5212 <sup>(1)</sup> | Commerzbank AG |  | 48730 | 0.0 |
| 268 | Commonwealth Bank of <br> Australia |  | 18614 | 0.0 |
| 427 | Cullen/Frost Bankers, Inc. |  | 57090 | 0.0 |
| 1800 | Dai-ichi Life Holdings, Inc. |  | 40650 | 0.0 |
| 10525 | Deutsche Bank AG |  | 118317 | 0.0 |
| 50 | Deutsche Boerse AG |  | 8609 | 0.0 |
| 1292 | East West Bancorp, Inc. |  | 85143 | 0.0 |
| 1255 | Erste Group Bank AG |  | 40154 | 0.0 |
| 602 | Essent Group Ltd. |  | 23406 | 0.0 |
| 1542 | Evercore, Inc. |  | 168201 | 0.1 |
| 18 | Everest Re Group Ltd. |  | 5963 | 0.0 |
| 4816 | FinecoBank Banca Fineco <br> SpA |  | 79975 | 0.0 |
| 1079 | First American Financial Corp.  |  | 56475 | 0.0 |
| 1024 | FNB Corp. |  | 13363 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1506 | Gjensidige Forsikring ASA | $29539 | 0.0 |
| 5391 | Hancock Whitney Corp. | 260870 | 0.1 |
| 7626 | Hartford Financial Services <br> Group, Inc. | 578280 | 0.2 |
| 5654 | HSBC Holdings PLC | 35041 | 0.0 |
| 1225 | International Bancshares <br> Corp. | 56056 | 0.0 |
| 3555 | Jefferies Financial Group, Inc.  | 121865 | 0.1 |
| 3710 | JPMorgan Chase & Co. | 497511 | 0.2 |
| 111 | Kemper Corp. | 5461 | 0.0 |
| 5063 | Lazard Ltd. | 175534 | 0.1 |
| 10676 | Loews Corp. | 622731 | 0.2 |
| 262 | LPL Financial Holdings, Inc. | 56637 | 0.0 |
| 5231 | Marsh & McLennan Cos., Inc.  | 865626 | 0.3 |
| 11623 | Medibank Pvt Ltd. | 23188 | 0.0 |
| 928 | Metlife, Inc. | 67159 | 0.0 |
| 3174 | MGIC Investment Corp. | 41262 | 0.0 |
| 31600 | Mitsubishi UFJ Financial <br> Group, Inc.  | 212144 | 0.1 |
| 5843 | Morgan Stanley | 496772 | 0.2 |
| 43960 | NatWest Group PLC | 140199 | 0.1 |
| 1429 | Navient Corp. | 23507 | 0.0 |
| 2715 | NN Group NV | 111022 | 0.0 |
| 8679 | Nordea Bank Abp | 92969 | 0.0 |
| 1950 | Old Republic International <br> Corp. | 47093 | 0.0 |
| 9000 | ORIX Corp. | 144060 | 0.1 |
| 13200 | Oversea-Chinese Banking <br> Corp., Ltd. | 120068 | 0.0 |
| 589 | Pinnacle Financial Partners, <br> Inc. | 43233 | 0.0 |
| 2539 | Popular, Inc. | 168386 | 0.1 |
| 5627 <sup>(2)</sup> | Poste Italiane SpA | 54899 | 0.0 |
| 56 | Primerica, Inc. | 7942 | 0.0 |
| 843 | Prosperity Bancshares, Inc. | 61269 | 0.0 |
| 600 | Reinsurance Group of <br> America, Inc. | 85254 | 0.0 |
| 2470 | Rithm Capital Corp. | 20180 | 0.0 |
| 6200 | Singapore Exchange Ltd. | 41459 | 0.0 |
| 4452 | Societe Generale | 111672 | 0.0 |
| 2800 | Sompo Holdings, Inc. | 123881 | 0.0 |
| 13418 | Standard Chartered PLC | 100079 | 0.0 |
| 16402 | Starwood Property Trust, Inc. | 300649 | 0.1 |
| 868 | Stifel Financial Corp. | 50665 | 0.0 |
| 5200 | Sumitomo Mitsui Financial <br> Group, Inc. | 209208 | 0.1 |
| 4500 | Sumitomo Mitsui Trust <br> Holdings, Inc.  | 157030 | 0.1 |
| 3750 | Swedbank AB | 63784 | 0.0 |
| 545 | Synovus Financial Corp. | 20465 | 0.0 |
| 8900 | Tokio Marine Holdings, Inc. | 190125 | 0.1 |
| 1644 | UBS Group AG | 30556 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced 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)** |
| 4293 | UMB Financial Corp. | $| 358551 | 0.1 |
| 6866 | Unum Group |  | 281712 | 0.1 |
| 8976 | US Bancorp |  | 391443 | 0.2 |
| 1709 | Washington Federal, Inc. |  | 57337 | 0.0 |
| 125 | Webster Financial Corp. |  | 5918 | 0.0 |
| 22322 | Wells Fargo & Co. |  | 921675 | 0.3 |
| 867 | Willis Towers Watson PLC |  | 212051 | 0.1 |
| 1797 | Wintrust Financial Corp. |  | 151882 | 0.1 |
| 253 | Zions Bancorp NA |  | 12437 | 0.0 |
| 398 | Zurich Insurance Group AG |  | 190275 | 0.1 |
|  |  |  | **16186329** | **5.5** |
|  | **Health Care: 6.2%** | **Health Care: 6.2%** | **Health Care: 6.2%** | **Health Care: 6.2%** |
| 6137 | Abbott Laboratories |  | 673781 | 0.2 |
| 1616 | AbbVie, Inc. |  | 261162 | 0.1 |
| 4171 | Agilent Technologies, Inc. |  | 624190 | 0.2 |
| 149 <sup>(1)</sup> | Amedisys, Inc. |  | 12447 | 0.0 |
| 77 | AmerisourceBergen Corp. |  | 12760 | 0.0 |
| 600 | Astellas Pharma, Inc. |  | 9123 | 0.0 |
| 1089 | AstraZeneca PLC |  | 147363 | 0.1 |
| 156 <sup>(1)</sup> | Biogen, Inc. |  | 43200 | 0.0 |
| 13137 | Bristol-Myers Squibb Co. |  | 945207 | 0.3 |
| 245 | Bruker Corp. |  | 16746 | 0.0 |
| 4513 <sup>(1)</sup> | Centene Corp. |  | 370111 | 0.1 |
| 1616 | Cigna Corp. |  | 535445 | 0.2 |
| 46 | CSL Ltd. |  | 8970 | 0.0 |
| 6390 | CVS Health Corp. |  | 595484 | 0.2 |
| 1100 | Daiichi Sankyo Co., Ltd. |  | 35405 | 0.0 |
| 897 | Danaher Corp. |  | 238082 | 0.1 |
| 1268 <sup>(1)</sup> | DexCom, Inc. |  | 143588 | 0.1 |
| 1858 <sup>(1)(3)</sup> | Doximity, Inc. |  | 62354 | 0.0 |
| 2777 <sup>(1)</sup> | Edwards Lifesciences Corp. |  | 207192 | 0.1 |
| 1009 | Elevance Health, Inc. |  | 517587 | 0.2 |
| 953 | Eli Lilly & Co. |  | 348646 | 0.1 |
| 883 <sup>(1)</sup> | Envista Holdings Corp. |  | 29731 | 0.0 |
| 6180 <sup>(1)</sup> | Exelixis, Inc. |  | 99127 | 0.0 |
| 2349 | Getinge AB |  | 48837 | 0.0 |
| 5921 | Gilead Sciences, Inc. |  | 508318 | 0.2 |
| 923 <sup>(1)</sup> | Globus Medical, Inc. |  | 68551 | 0.0 |
| 7234 | GSK PLC |  | 125028 | 0.1 |
| 1028 <sup>(1)</sup> | Halozyme Therapeutics, Inc. |  | 58493 | 0.0 |
| 401 <sup>(1)</sup> | HealthEquity, Inc. |  | 24718 | 0.0 |
| 4545 | Hikma Pharmaceuticals PLC |  | 84701 | 0.0 |
| 3146 <sup>(1)</sup> | Hologic, Inc. |  | 235352 | 0.1 |
| 1300 | Hoya Corp. |  | 124512 | 0.1 |
| 321 | Humana, Inc. |  | 164413 | 0.1 |
| 445 <sup>(1)</sup> | Inari Medical, Inc. |  | 28284 | 0.0 |
| 833 | Ipsen SA |  | 89598 | 0.0 |
| 495 <sup>(1)</sup> | Jazz Pharmaceuticals PLC |  | 78858 | 0.0 |
| 10670 | Johnson & Johnson |  | 1884855 | 0.7 |
| 52 | Laboratory Corp. of America <br> Holdings |  | 12245 | 0.0 |
| 606 <sup>(1)</sup> | Lantheus Holdings, Inc. |  | 30882 | 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)** |
|  | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| 311 <sup>(1)</sup> | LivaNova PLC | $| 17273 | 0.0 |
| 52 <sup>(1)</sup> | Masimo Corp. |  | 7693 | 0.0 |
| 1059 | McKesson Corp. |  | 397252 | 0.1 |
| 285 <sup>(1)</sup> | Medpace Holdings, Inc. |  | 60537 | 0.0 |
| 4908 | Medtronic PLC |  | 381450 | 0.1 |
| 4318 | Merck & Co., Inc. |  | 479082 | 0.2 |
| 154 <sup>(1)</sup> | Mettler Toledo International, <br> Inc. |  | 222599 | 0.1 |
| 146 <sup>(1)</sup> | Molina Healthcare, Inc. |  | 48212 | 0.0 |
| 2500 <sup>(1)</sup> | Neurocrine Biosciences, Inc. |  | 298600 | 0.1 |
| 1461 | Novartis AG |  | 132217 | 0.1 |
| 2202 | Novo Nordisk A/S |  | 299066 | 0.1 |
| 3400 | Olympus Corp. |  | 59968 | 0.0 |
| 322 <sup>(1)</sup> | Omnicell, Inc. |  | 16235 | 0.0 |
| 5000 | Ono Pharmaceutical Co., Ltd.  |  | 116868 | 0.0 |
| 866 <sup>(1)</sup> | Option Care Health, Inc. |  | 26058 | 0.0 |
| 1400 | Otsuka Holdings Co. Ltd. |  | 45658 | 0.0 |
| 1618 | Patterson Cos., Inc. |  | 45353 | 0.0 |
| 214 | Perrigo Co. PLC |  | 7295 | 0.0 |
| 20011 | Pfizer, Inc. |  | 1025364 | 0.4 |
| 1233 <sup>(1)</sup> | Progyny, Inc. |  | 38408 | 0.0 |
| 2465 <sup>(1)</sup> | QIAGEN NV |  | 123916 | 0.1 |
| 358 <sup>(1)</sup> | QuidelOrtho Corp. |  | 30670 | 0.0 |
| 698 <sup>(1)</sup> | Regeneron Pharmaceuticals, <br> Inc. |  | 503600 | 0.2 |
| 44 <sup>(1)</sup> | Repligen Corp. |  | 7450 | 0.0 |
| 1305 | Roche Holding <br> AG-GENUSSCHEIN  |  | 410080 | 0.1 |
| 1508 | Sanofi |  | 145411 | 0.1 |
| 54 | Sartorius Stedim Biotech |  | 17548 | 0.0 |
| 590 <sup>(1)</sup> | Seagen, Inc. |  | 75821 | 0.0 |
| 606 <sup>(1)</sup> | Shockwave Medical, Inc. |  | 124600 | 0.1 |
| 6080 | Sonic Healthcare Ltd. |  | 123734 | 0.1 |
| 425 | Sonova Holding AG - Reg |  | 100937 | 0.0 |
| 526 <sup>(1)</sup> | Staar Surgical Co. |  | 25532 | 0.0 |
| 767 <sup>(1)</sup> | Swedish Orphan Biovitrum AB  |  | 15875 | 0.0 |
| 335 <sup>(1)</sup> | Syneos Health, Inc. |  | 12288 | 0.0 |
| 3700 | Takeda Pharmaceutical Co., <br> Ltd. |  | 115613 | 0.0 |
| 833 <sup>(1)</sup> | Tandem Diabetes Care, Inc. |  | 37443 | 0.0 |
| 1114 | Thermo Fisher Scientific, Inc. |  | 613469 | 0.2 |
| 813 | UCB S.A. |  | 64059 | 0.0 |
| 230 <sup>(1)</sup> | United Therapeutics Corp. |  | 63961 | 0.0 |
| 2625 | UnitedHealth Group, Inc. |  | 1391722 | 0.5 |
| 1303 <sup>(1)</sup> | Veeva Systems, Inc. |  | 210278 | 0.1 |
| 1864 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. |  | 538286 | 0.2 |
|  |  |  | **17982827** | **6.2** |
|  | **Industrials: 4.1%** | **Industrials: 4.1%** | **Industrials: 4.1%** | **Industrials: 4.1%** |
| 537 | 3M Co. |  | 64397 | 0.0 |
| 3826 | ACS Actividades de <br> Construccion y Servicios SA |  | 109475 | 0.1 |
| 1629 | Acuity Brands, Inc. |  | 269779 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced 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)** |
| 7014 | AECOM | $595699 | 0.2 |
| 340 | AGCO Corp. | 47155 | 0.0 |
| 2009 | Alfa Laval AB | 58115 | 0.0 |
| 35 | AP Moller - Maersk A/S - <br> Class B | 78351 | 0.0 |
| 473 <sup>(1)</sup> | ASGN, Inc. | 38540 | 0.0 |
| 7461 | Atlas Copco AB - A Shares | 88401 | 0.0 |
| 32006 | Aurizon Holdings Ltd. | 81085 | 0.0 |
| 223 <sup>(1)</sup> | Avis Budget Group, Inc. | 36556 | 0.0 |
| 112 <sup>(1)</sup> | Axon Enterprise, Inc. | 18584 | 0.0 |
| 3009 | BAE Systems PLC | 31078 | 0.0 |
| 729 | Brenntag SE | 46492 | 0.0 |
| 1269 <sup>(1)</sup> | Builders FirstSource, Inc. | 82333 | 0.0 |
| 35 <sup>(1)</sup> | CACI International, Inc. | 10521 | 0.0 |
| 106 | Carlisle Cos., Inc. | 24979 | 0.0 |
| 258 | Caterpillar, Inc. | 61806 | 0.0 |
| 74 <sup>(1)</sup> | Chart Industries, Inc. | 8527 | 0.0 |
| 3133 | Cie de Saint-Gobain | 153268 | 0.1 |
| 4500 | CK Hutchison Holdings Ltd. | 26959 | 0.0 |
| 449 <sup>(1)</sup> | Clean Harbors, Inc. | 51240 | 0.0 |
| 5013 | CNH Industrial NV | 80418 | 0.0 |
| 2937 <sup>(1)</sup> | Copa Holdings S.A.- Class A | 244270 | 0.1 |
| 10184 <sup>(1)</sup> | Copart, Inc. | 620104 | 0.2 |
| 106 <sup>(1)</sup> | CoStar Group, Inc. | 8192 | 0.0 |
| 7091 | CSX Corp. | 219679 | 0.1 |
| 34 | Curtiss-Wright Corp. | 5678 | 0.0 |
| 1693 | DCC PLC | 83249 | 0.0 |
| 3965 | Deutsche Post AG | 148396 | 0.1 |
| 832 | Donaldson Co., Inc. | 48980 | 0.0 |
| 373 <sup>(1)</sup> | Driven Brands Holdings, Inc. | 10187 | 0.0 |
| 1202 | Dun & Bradstreet Holdings, <br> Inc. | 14736 | 0.0 |
| 628 | Eiffage SA | 61773 | 0.0 |
| 6778 | Emerson Electric Co. | 651095 | 0.2 |
| 2383 | Experian PLC | 80709 | 0.0 |
| 1054 | Flowserve Corp. | 32337 | 0.0 |
| 1431 <sup>(1)</sup> | Fluor Corp. | 49598 | 0.0 |
| 10102 | Fortive Corp. | 649053 | 0.2 |
| 176 <sup>(1)</sup> | FTI Consulting, Inc. | 27949 | 0.0 |
| 1264 <sup>(1)</sup> | Gates Industrial Corp. PLC | 14422 | 0.0 |
| 2266 | GEA Group AG | 92152 | 0.0 |
| 8382 | General Electric Co. | 702328 | 0.3 |
| 818 | Graco, Inc. | 55019 | 0.0 |
| 653 <sup>(1)</sup> | Hayward Holdings, Inc. | 6138 | 0.0 |
| 354 | Hubbell, Inc. | 83077 | 0.0 |
| 5951 | Ingersoll Rand, Inc. | 310940 | 0.1 |
| 369 | Insperity, Inc. | 41918 | 0.0 |
| 2200 | Jardine Matheson Holdings <br> Ltd.  | 111980 | 0.1 |
| 3909 <sup>(1)</sup> | JetBlue Airways Corp. | 25330 | 0.0 |
| 6534 | Johnson Controls International <br> plc | 418176 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 214 | KBR, Inc. | $11299 | 0.0 |
| 10700 | Keppel Corp., Ltd. | 58028 | 0.0 |
| 584 | Knight-Swift Transportation <br> Holdings, Inc. | 30607 | 0.0 |
| 882 | Legrand S.A. | 70720 | 0.0 |
| 4900 | Lixil Corp. | 73873 | 0.0 |
| 70 | Manpowergroup, Inc. | 5825 | 0.0 |
| 572 <sup>(1)</sup> | Mastec, Inc. | 48809 | 0.0 |
| 140 <sup>(1)</sup> | Middleby Corp. | 18746 | 0.0 |
| 5300 | Mitsubishi Electric Corp. | 52517 | 0.0 |
| 2000 | NGK Insulators Ltd. | 25355 | 0.0 |
| 1000 | Nihon M&A Center Holdings, <br> Inc. | 12305 | 0.0 |
| 1876 | nVent Electric PLC | 72170 | 0.0 |
| 1076 | Owens Corning, Inc. | 91783 | 0.0 |
| 1821 | Parker Hannifin Corp. | 529911 | 0.2 |
| 4325 | Pentair PLC | 194538 | 0.1 |
| 2500 | Recruit Holdings Co. Ltd. | 78255 | 0.0 |
| 2568 | Regal Rexnord Corp. | 308109 | 0.1 |
| 1441 | Robert Half International, Inc.  | 106389 | 0.1 |
| 28 | Rockwell Automation, Inc. | 7212 | 0.0 |
| 347 <sup>(1)</sup> | RXO, Inc. | 5968 | 0.0 |
| 446 | Ryder System, Inc. | 37272 | 0.0 |
| 541 <sup>(1)</sup> | Saia, Inc. | 113437 | 0.1 |
| 2300 | Secom Co., Ltd. | 131233 | 0.1 |
| 2148 | Sensata Technologies Holding <br> PLC  | 86736 | 0.0 |
| 1818 | Siemens AG | 250613 | 0.1 |
| 27800 <sup>(3)</sup> | Singapore Airlines Ltd. | 114783 | 0.1 |
| 28000 | SITC International Holdings <br> Co. Ltd. | 62060 | 0.0 |
| 1747 | SKF AB - B Shares | 26683 | 0.0 |
| 5709 | Smiths Group PLC | 109568 | 0.1 |
| 4389 <sup>(1)</sup> | Southwest Airlines Co. | 147778 | 0.1 |
| 279 <sup>(1)</sup> | SunPower Corp. | 5030 | 0.0 |
| 240 <sup>(1)</sup> | Sunrun, Inc. | 5765 | 0.0 |
| 1039 | Terex Corp. | 44386 | 0.0 |
| 85 | Tetra Tech, Inc. | 12341 | 0.0 |
| 1670 | Textron, Inc. | 118236 | 0.1 |
| 1085 | Timken Co. | 76677 | 0.0 |
| 122 | Toro Co. | 13810 | 0.0 |
| 600 | Toyota Industries Corp. | 32595 | 0.0 |
| 485 | Trane Technologies PLC | 81524 | 0.0 |
| 290 <sup>(1)</sup> | Trex Co., Inc. | 12276 | 0.0 |
| 6753 | U-Haul Holding Co. | 406463 | 0.2 |
| 1261 <sup>(1)</sup> | United Rentals, Inc. | 448185 | 0.2 |
| 1985 <sup>(1)</sup> | Univar Solutions, Inc. | 63123 | 0.0 |
| 7252 | Volvo AB - B Shares | 130997 | 0.1 |
| 57 | Watsco, Inc. | 14216 | 0.0 |
| 793 | Watts Water Technologies, Inc.  | 115960 | 0.1 |
| 3976 | Westinghouse Air Brake <br> Technologies Corp. | 396844 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced 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)** |
| 221 <sup>(1)</sup> | WillScot Mobile Mini Holdings <br> Corp. | $| 9983 | 0.0 |
| 524 | Wolters Kluwer NV |  | 54829 | 0.0 |
| 581 | Woodward, Inc. |  | 56130 | 0.0 |
| 399 | WW Grainger, Inc. |  | 221944 | 0.1 |
| 516 <sup>(3)</sup> | ZIM Integrated Shipping <br> Services Ltd. |  | 8870 | 0.0 |
|  |  |  | **12093989** | **4.1** |
|  | **Information Technology: 9.3%** | **Information Technology: 9.3%** | **Information Technology: 9.3%** | **Information Technology: 9.3%** |
| 2714 | Accenture PLC |  | 724204 | 0.3 |
| 1742 <sup>(1)</sup> | ACI Worldwide, Inc. |  | 40066 | 0.0 |
| 2086 <sup>(1)</sup> | Adobe, Inc. |  | 702002 | 0.3 |
| 34 <sup>(1)(2)</sup> | Adyen NV |  | 47200 | 0.0 |
| 7849 <sup>(1)</sup> | Allegro MicroSystems, Inc. |  | 235627 | 0.1 |
| 6486 | Amdocs Ltd. |  | 589577 | 0.2 |
| 38853 | Apple, Inc. |  | 5048170 | 1.7 |
| 5474 | Applied Materials, Inc. |  | 533058 | 0.2 |
| 625 <sup>(1)</sup> | Arrow Electronics, Inc. |  | 65356 | 0.0 |
| 269 | ASM International NV |  | 68254 | 0.0 |
| 501 | ASML Holding NV |  | 273170 | 0.1 |
| 78 <sup>(1)</sup> | Aspen Technology, Inc. |  | 16021 | 0.0 |
| 790 <sup>(1)</sup> | Autodesk, Inc. |  | 147627 | 0.1 |
| 2407 | Automatic Data Processing, <br> Inc.  |  | 574936 | 0.2 |
| 1381 | Avnet, Inc. |  | 57422 | 0.0 |
| 81 | Broadcom, Inc. |  | 45290 | 0.0 |
| 720 <sup>(1)</sup> | Cadence Design Systems, Inc.  |  | 115661 | 0.0 |
| 1342 <sup>(1)</sup> | Calix, Inc. |  | 91833 | 0.0 |
| 712 | Capgemini SE |  | 119029 | 0.1 |
| 1014 <sup>(1)</sup> | Check Point Software <br> Technologies |  | 127926 | 0.1 |
| 117 <sup>(1)</sup> | Ciena Corp. |  | 5965 | 0.0 |
| 224 <sup>(1)</sup> | Cirrus Logic, Inc. |  | 16684 | 0.0 |
| 21736 | Cisco Systems, Inc. |  | 1035503 | 0.4 |
| 882 | Cognex Corp. |  | 41551 | 0.0 |
| 7188 | Cognizant Technology <br> Solutions Corp. |  | 411082 | 0.2 |
| 841 <sup>(1)</sup> | Coherent Corp. |  | 29519 | 0.0 |
| 124 <sup>(1)</sup> | Commvault Systems, Inc. |  | 7792 | 0.0 |
| 1064 | Computershare Ltd. |  | 18744 | 0.0 |
| 131 | Concentrix Corp. |  | 17444 | 0.0 |
| 257 <sup>(1)</sup> | CyberArk Software Ltd. |  | 33320 | 0.0 |
| 503 | Dassault Systemes SE |  | 18088 | 0.0 |
| 13938 <sup>(1)</sup> | Dropbox, Inc. |  | 311932 | 0.1 |
| 1121 <sup>(1)</sup> | Dynatrace, Inc. |  | 42934 | 0.0 |
| 823 | Edenred |  | 44792 | 0.0 |
| 135 <sup>(1)</sup> | EPAM Systems, Inc. |  | 44245 | 0.0 |
| 68 <sup>(1)</sup> | Euronet Worldwide, Inc. |  | 6418 | 0.0 |
| 208 <sup>(1)</sup> | ExlService Holdings, Inc. |  | 35241 | 0.0 |
| 2496 <sup>(1)</sup> | F5, Inc. |  | 358201 | 0.1 |
| 97 <sup>(1)</sup> | Fair Isaac Corp. |  | 58062 | 0.0 |
| 7047 | Genpact Ltd. |  | 326417 | 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)** |
| 3242 | Halma PLC | $77208 | 0.1 |
| 400 | Hirose Electric Co., Ltd. | 50169 | 0.0 |
| 361 <sup>(1)</sup> | HubSpot, Inc. | 104376 | 0.0 |
| 83 | Jabil, Inc. | 5661 | 0.0 |
| 2009 | Jack Henry & Associates, Inc.  | 352700 | 0.1 |
| 6925 | Juniper Networks, Inc. | 221323 | 0.1 |
| 3287 <sup>(1)</sup> | Keysight Technologies, Inc. | 562307 | 0.2 |
| 1193 | KLA Corp. | 449797 | 0.2 |
| 577 | Lam Research Corp. | 242513 | 0.1 |
| 1216 <sup>(1)</sup> | Lattice Semiconductor Corp. | 78894 | 0.0 |
| 498 <sup>(1)</sup> | Lumentum Holdings, Inc. | 25981 | 0.0 |
| 448 <sup>(1)</sup> | MACOM Technology Solutions <br> Holdings, Inc. | 28215 | 0.0 |
| 1693 | Mastercard, Inc. - Class A | 588707 | 0.2 |
| 733 | MAXIMUS, Inc. | 53751 | 0.0 |
| 18442 | Microsoft Corp. | 4422760 | 1.5 |
| 317 | MKS Instruments, Inc. | 26859 | 0.0 |
| 695 | Monolithic Power Systems, <br> Inc. | 245759 | 0.1 |
| 1324 | National Instruments Corp. | 48856 | 0.0 |
| 300 | NEC Corp. | 10521 | 0.0 |
| 1440 | NetApp, Inc. | 86486 | 0.0 |
| 6506 | Nokia OYJ - Finland | 30225 | 0.0 |
| 8579 | Nvidia Corp. | 1253735 | 0.4 |
| 9449 <sup>(1)</sup> | Palantir Technologies, Inc. | 60663 | 0.0 |
| 2006 <sup>(1)</sup> | Palo Alto Networks, Inc. | 279917 | 0.1 |
| 1048 <sup>(1)</sup> | Paycom Software, Inc. | 325205 | 0.1 |
| 300 <sup>(1)</sup> | Paylocity Holding Corp. | 58278 | 0.0 |
| 2557 <sup>(1)</sup> | PayPal Holdings, Inc. | 182110 | 0.1 |
| 11923 <sup>(1)</sup> | Pure Storage, Inc. - Class A | 319059 | 0.1 |
| 3762 | Qualcomm, Inc. | 413594 | 0.2 |
| 2425 <sup>(1)</sup> | Qualys, Inc. | 272158 | 0.1 |
| 4500 <sup>(1)</sup> | Renesas Electronics Corp. | 39772 | 0.0 |
| 1400 | Rohm Co., Ltd. | 100365 | 0.1 |
| 4604 <sup>(1)</sup> | Salesforce, Inc. | 610444 | 0.2 |
| 105 | SAP SE | 10840 | 0.0 |
| 1244 <sup>(1)</sup> | ServiceNow, Inc. | 483008 | 0.2 |
| 2600 | Shimadzu Corp. | 73606 | 0.0 |
| 142 <sup>(1)</sup> | Silicon Laboratories, Inc. | 19265 | 0.0 |
| 251 <sup>(1)</sup> | SolarEdge Technologies, Inc. | 71101 | 0.0 |
| 141 <sup>(1)</sup> | Synaptics, Inc. | 13418 | 0.0 |
| 10416 | Telefonaktiebolaget LM <br> Ericsson  | 61032 | 0.0 |
| 2425 | Teradyne, Inc. | 211824 | 0.1 |
| 13537 | The Sage Group PLC | 121897 | 0.1 |
| 2940 | Universal Display Corp. | 317638 | 0.1 |
| 5400 | Venture Corp. Ltd. | 68829 | 0.0 |
| 5127 | Visa, Inc. - Class A | 1065186 | 0.4 |
| 1481 | WiseTech Global Ltd. | 50935 | 0.0 |
| 431 <sup>(1)</sup> | Wix.com Ltd. | 33114 | 0.0 |
| 209 <sup>(1)</sup> | Wolfspeed, Inc. | 14429 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced 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)** |
| 1586 <sup>(1)</sup> | Workday, Inc. | $| 265385 | 0.1 |
| 874 <sup>(1)</sup> | Xero Ltd. |  | 41676 | 0.0 |
| 900 | Yokogawa Electric Corp. |  | 14284 | 0.0 |
|  |  |  | **27052198** | **9.3** |
|  | **Materials: 1.6%** | **Materials: 1.6%** | **Materials: 1.6%** | **Materials: 1.6%** |
| 127 | Air Liquide SA |  | 18026 | 0.0 |
| 800 | Air Products & Chemicals, Inc.  |  | 246608 | 0.1 |
| 1061 | Alcoa Corp. |  | 48244 | 0.0 |
| 3000 | Anglo American PLC |  | 117480 | 0.1 |
| 127 | Aptargroup, Inc. |  | 13967 | 0.0 |
| 832 | ArcelorMittal SA |  | 21950 | 0.0 |
| 504 | Arkema SA |  | 45332 | 0.0 |
| 549 | Ashland, Inc. |  | 59034 | 0.0 |
| 1335 | Avient Corp. |  | 45070 | 0.0 |
| 1952 | BASF SE |  | 96113 | 0.0 |
| 182 | Berry Global Group, Inc. |  | 10998 | 0.0 |
| 7484 | BHP Group Ltd. Australian |  | 231832 | 0.1 |
| 4506 | BlueScope Steel Ltd. |  | 51356 | 0.0 |
| 1114 <sup>(1)</sup> | Cleveland-Cliffs, Inc. |  | 17946 | 0.0 |
| 3810 | CRH PLC |  | 151524 | 0.1 |
| 2784 | Dow, Inc. |  | 140286 | 0.1 |
| 401 | Eagle Materials, Inc. |  | 53273 | 0.0 |
| 1959 | Ecolab, Inc. |  | 285152 | 0.1 |
| 2292 | FMC Corp. |  | 286042 | 0.1 |
| 2343 | Freeport-McMoRan, Inc. |  | 89034 | 0.0 |
| 10 | Givaudan |  | 30629 | 0.0 |
| 1814 | HeidelbergCement AG |  | 102790 | 0.1 |
| 2503 | Holcim AG |  | 129564 | 0.1 |
| 6398 | IGO Ltd. |  | 58525 | 0.0 |
| 1749 <sup>(1)</sup> | Ingevity Corp. |  | 123200 | 0.1 |
| 1143 | Linde PLC |  | 372824 | 0.1 |
| 864 | Louisiana-Pacific Corp. |  | 51149 | 0.0 |
| 205 <sup>(1)</sup> | MP Materials Corp. |  | 4977 | 0.0 |
| 1000 | Nippon Sanso Holdings Corp.  |  | 14485 | 0.0 |
| 1600 | Nissan Chemical Corp. |  | 69772 | 0.0 |
| 1700 | Nitto Denko Corp. |  | 97911 | 0.0 |
| 838 | Nucor Corp. |  | 110457 | 0.1 |
| 812 | Reliance Steel & Aluminum <br> Co. |  | 164381 | 0.1 |
| 2672 | Rio Tinto Ltd. |  | 210889 | 0.1 |
| 257 | Royal Gold, Inc. |  | 28969 | 0.0 |
| 873 | RPM International, Inc. |  | 85074 | 0.0 |
| 479 | Sealed Air Corp. |  | 23892 | 0.0 |
| 307 | Sherwin-Williams Co. |  | 72860 | 0.0 |
| 403 | Sika AG |  | 96882 | 0.0 |
| 1903 | Smurfit Kappa PLC |  | 70526 | 0.0 |
| 7358 | South32 Ltd. - AUD |  | 20173 | 0.0 |
| 441 | Steel Dynamics, Inc. |  | 43086 | 0.0 |
| 22100 | Sumitomo Chemical Co., Ltd. |  | 79242 | 0.0 |
| 268 | Symrise AG |  | 29106 | 0.0 |
| 2112 | United States Steel Corp. |  | 52906 | 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)** |
|  | **Materials (continued)** | **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| 247 | Valvoline, Inc. | $| 8064 | 0.0 |
| 11243 | WestRock Co. |  | 395304 | 0.2 |
|  |  |  | **4576904** | **1.6** |
|  | **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** |
| 9306 | British Land Co. PLC |  | 44183 | 0.0 |
| 734 | Brixmor Property Group, Inc. |  | 16640 | 0.0 |
| 4575 <sup>(1)</sup> | CBRE Group, Inc. |  | 352092 | 0.1 |
| 5500 | CK Asset Holdings Ltd. |  | 33732 | 0.0 |
| 510 | Cousins Properties, Inc. |  | 12898 | 0.0 |
| 1038 | Crown Castle, Inc. |  | 140794 | 0.1 |
| 2247 | CubeSmart |  | 90442 | 0.0 |
| 4400 | Daiwa House Industry Co., <br> Ltd. |  | 101360 | 0.1 |
| 13941 | Dexus |  | 73191 | 0.0 |
| 2039 | Digital Realty Trust, Inc. |  | 204451 | 0.1 |
| 48 | EastGroup Properties, Inc. |  | 7107 | 0.0 |
| 1557 | First Industrial Realty Trust, <br> Inc. |  | 75141 | 0.0 |
| 117 | Gecina S.A. |  | 11920 | 0.0 |
| 10705 | Highwoods Properties, Inc. |  | 299526 | 0.1 |
| 6622 | Host Hotels & Resorts, Inc. |  | 106283 | 0.0 |
| 1175 | Independence Realty Trust, <br> Inc.  |  | 19810 | 0.0 |
| 4752 | Iron Mountain, Inc. |  | 236887 | 0.1 |
| 441 <sup>(1)</sup> | Jones Lang LaSalle, Inc. |  | 70282 | 0.0 |
| 8619 | Kilroy Realty Corp. |  | 333297 | 0.1 |
| 1529 | Kite Realty Group Trust |  | 32185 | 0.0 |
| 1716 | Lamar Advertising Co. |  | 161990 | 0.1 |
| 432 | Life Storage, Inc. |  | 42552 | 0.0 |
| 1030 | Mid-America Apartment <br> Communities, Inc. |  | 161700 | 0.1 |
| 1700 | Mitsubishi Estate Co., Ltd. |  | 22021 | 0.0 |
| 1100 | Mitsui Fudosan Co., Ltd. |  | 20105 | 0.0 |
| 1984 | National Retail Properties, Inc.  |  | 90788 | 0.0 |
| 863 | National Storage Affiliates <br> Trust |  | 31172 | 0.0 |
| 5000 | Nomura Real Estate Holdings, <br> Inc. |  | 106914 | 0.1 |
| 4243 | Physicians Realty Trust |  | 61396 | 0.0 |
| 6164 | ProLogis, Inc. |  | 694868 | 0.3 |
| 110 | Rexford Industrial Realty, Inc. |  | 6010 | 0.0 |
| 9374 | Segro PLC |  | 86356 | 0.0 |
| 140 | Spirit Realty Capital, Inc. |  | 5590 | 0.0 |
|  |  |  | **3753683** | **1.3** |
|  | **Utilities: 1.3%** | **Utilities: 1.3%** | **Utilities: 1.3%** | **Utilities: 1.3%** |
| 3636 | Atmos Energy Corp. |  | 407487 | 0.1 |
| 760 | Black Hills Corp. |  | 53459 | 0.0 |
| 1050 | Consolidated Edison, Inc. |  | 100076 | 0.0 |
| 1281 | DTE Energy Co. |  | 150556 | 0.1 |
| 8054 | E.ON AG |  | 80073 | 0.0 |
| 3899 | Edison International |  | 248054 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced 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)** |
| 1921 | EDP - Energias de Portugal <br> SA | $| 9576 | 0 |
| 23145 | Enel S.p.A. |  | 124477 | 0.1 |
| 3577 | Engie SA |  | 51173 | 0 |
| 158 | Essential Utilities, Inc. |  | 7541 | 0 |
| 7174 | National Fuel Gas Co. |  | 454114 | 0.2 |
| 3577 | NextEra Energy, Inc. |  | 299037 | 0.1 |
| 12153 | NiSource, Inc. |  | 333235 | 0.1 |
| 751 | OGE Energy Corp. |  | 29702 | 0 |
| 3566 | ONE Gas, Inc. |  | 270018 | 0.1 |
| 4138 | Origin Energy Ltd. |  | 21658 | 0 |
| 20000 | Power Assets Holdings Ltd. |  | 109309 | 0 |
| 2356 | PPL Corp. |  | 68842 | 0 |
| 2534 | Red Electrica Corp. SA |  | 44061 | 0 |
| 4663 | Sempra Energy |  | 720620 | 0.3 |
| 24037 | Snam SpA |  | 116551 | 0.1 |
| 578 | Southwest Gas Holdings, Inc.  |  | 35767 | 0 |
| 932 | SSE PLC |  | 19168 | 0 |
| 5300 | Tokyo Gas Co., Ltd. |  | 103773 | 0 |
| 677 | UGI Corp. |  | 25096 | 0 |
| 3321 | Vistra Corp. |  | 77047 | 0 |
|  |  |  | **3960470** | **1.3** |
|  | Total Common Stock <br> (Cost $114,509,607)  |  | **118637728** | 40.6 |
| **EXCHANGE-TRADED FUNDS: 23.7%** | **EXCHANGE-TRADED FUNDS: 23.7%** | **EXCHANGE-TRADED FUNDS: 23.7%** | **EXCHANGE-TRADED FUNDS: 23.7%** | **EXCHANGE-TRADED FUNDS: 23.7%** |
| 56288 | iShares 20+ Year Treasury <br> Bond ETF  |  | 5604033 | 1.9 |
| 145349 | iShares Core S&P 500 ETF |  | 55844539 | 19.1 |
| 466 | iShares Core S&P Mid-Cap <br> ETF |  | 112721 | 0.1 |
| 45775 | iShares Core U.S. Aggregate <br> Bond ETF |  | 4439717 | 1.5 |
| 1209 | iShares MSCI EAFE ETF |  | 79359 | 0 |
| 56346 | Schwab U.S. TIPS ETF |  | 2918159 | 1 |
| 490 | SPDR S&P 500 ETF Trust |  | 187391 | 0.1 |
|  | Total Exchange-Traded Funds <br> (Cost $72,173,672)  |  | **69185919** | 23.7 |
| **MUTUAL FUNDS: 8.0%** | **MUTUAL FUNDS: 8.0%** | **MUTUAL FUNDS: 8.0%** | **MUTUAL FUNDS: 8.0%** | **MUTUAL FUNDS: 8.0%** |
|  | **Affiliated Investment Companies: 8.0%** | **Affiliated Investment Companies: 8.0%** | **Affiliated Investment Companies: 8.0%** | **Affiliated Investment Companies: 8.0%** |
| 553496 | Voya High Yield Bond Fund - <br> Class P |  | 3636470 | 1.2 |
| 1203921 | Voya Short Term Bond Fund - <br> Class R6 |  | 11088112 | 3.8 |
| 87717 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6  |  | 2888514 | 1 |
| 457988 | Voya Small Company Fund - <br> Class R6 |  | 5857662 | 2 |
|  | Total Mutual Funds <br> (Cost $25,008,970)  |  | **23470758** | 8.0 |
| **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** |
|  | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 874 | Porsche AG |  | 47664 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **PREFERRED STOCK (continued)** | **PREFERRED STOCK (continued)** | **PREFERRED STOCK (continued)** | **PREFERRED STOCK (continued)** |
|  | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |
| 637 | Volkswagen AG | $79020 | 0.0 |
|  | Total Preferred Stock <br> (Cost $209,324)  | **126684** | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **CORPORATE BONDS/NOTES: 7.5%** | **CORPORATE BONDS/NOTES: 7.5%** | **CORPORATE BONDS/NOTES: 7.5%** | **CORPORATE BONDS/NOTES: 7.5%** |
|  | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** | **Basic Materials: 0.1%** |
| 10000 <sup>(2)</sup> | Anglo American Capital PLC, <br> 3.625%, 09/11/2024 | 9682 | 0.0 |
| 12000 <sup>(2)</sup> | Anglo American Capital PLC, <br> 5.625%, 04/01/2030 | 11942 | 0.0 |
| 55000 | Dow Chemical Co., 4.375%, <br> 11/15/2042 | 45778 | 0.1 |
| 17000 <sup>(3)</sup> | Dow Chemical Co/The, <br> 6.300%, 03/15/2033 | 17939 | 0.0 |
| 18000 | Dow Chemical Co/The, <br> 6.900%, 05/15/2053 | 19652 | 0.0 |
| 31000 | Mosaic Co/The, 5.450%, <br> 11/15/2033 | 30248 | 0.0 |
| 7000 | Rio Tinto Finance USA Ltd., <br> 2.750%, 11/02/2051 | 4664 | 0.0 |
| 21000 | Steel Dynamics, Inc., 1.650%, <br> 10/15/2027 | 17632 | 0.0 |
| 15000 | Steel Dynamics, Inc., 2.400%, <br> 06/15/2025 | 14079 | 0.0 |
| 19000 | Teck Resources Ltd., 5.400%, <br> 02/01/2043 | 16957 | 0.0 |
|  |  | **188573** | **0.1** |
|  | **Communications: 0.7%** | **Communications: 0.7%** | **Communications: 0.7%** |
| 56000 | Amazon.com, Inc., 2.100%, <br> 05/12/2031 | 45875 | 0.0 |
| 131000 | Amazon.com, Inc., 2.875%, <br> 05/12/2041 | 98272 | 0.1 |
| 40000 <sup>(3)</sup> | Amazon.com, Inc., 3.600%, <br> 04/13/2032 | 36723 | 0.0 |
| 19000 | Amazon.com, Inc., 3.950%, <br> 04/13/2052 | 15831 | 0.0 |
| 31000 | Amazon.com, Inc., 4.100%, <br> 04/13/2062 | 25770 | 0.0 |
| 37000 | Amazon.com, Inc., 4.550%, <br> 12/01/2027 | 36945 | 0.0 |
| 49000 | Amazon.com, Inc., 4.700%, <br> 12/01/2032 | 48661 | 0.0 |
| 42000 | AT&T, Inc., 2.550%, <br> 12/01/2033 | 32401 | 0.0 |
| 120000 | AT&T, Inc., 3.500%, <br> 06/01/2041 | 89956 | 0.1 |
| 8000 | AT&T, Inc., 3.550%, <br> 09/15/2055 | 5374 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 73000 | AT&T, Inc., 3.650%, <br> 09/15/2059 | $49198 | 0.0 |
| 10000 | AT&T, Inc., 4.500%, <br> 05/15/2035 | 9126 | 0.0 |
| 21000 | Charter Communications <br> Operating LLC / Charter <br> Communications Operating <br> Capital, 2.250%, 01/15/2029 | 16941 | 0.0 |
| 25000 | Charter Communications <br> Operating LLC / Charter <br> Communications Operating <br> Capital, 3.850%, 04/01/2061 | 14547 | 0.0 |
| 14000 | Charter Communications <br> Operating LLC / Charter <br> Communications Operating <br> Capital, 3.900%, 06/01/2052 | 8841 | 0.0 |
| 6000 | Charter Communications <br> Operating LLC / Charter <br> Communications Operating <br> Capital, 4.800%, 03/01/2050 | 4379 | 0.0 |
| 35000 | Comcast Corp., 2.650%, <br> 02/01/2030 | 30359 | 0.0 |
| 32000 | Comcast Corp., 2.887%, <br> 11/01/2051 | 20696 | 0.0 |
| 87000 | Comcast Corp., 3.900%, <br> 03/01/2038 | 75318 | 0.0 |
| 78000 | Comcast Corp., 3.950%, <br> 10/15/2025 | 76469 | 0.1 |
| 40000 | Comcast Corp., 3.999%, <br> 11/01/2049 | 31761 | 0.0 |
| 20000 | Comcast Corp., 5.350%, <br> 11/15/2027 | 20461 | 0.0 |
| 33000 | Comcast Corp., 5.500%, <br> 11/15/2032 | 34516 | 0.0 |
| 13000 | Corning, Inc., 5.450%, <br> 11/15/2079 | 11293 | 0.0 |
| 56000 | Discovery Communications <br> LLC, 4.000%, 09/15/2055 | 33846 | 0.0 |
| 73000 | Fox Corp., 3.500%, <br> 04/08/2030 | 64847 | 0.0 |
| 9000 | Interpublic Group of Cos., <br> Inc., 4.200%, 04/15/2024 | 8837 | 0.0 |
| 26000 | Meta Platforms, Inc., 3.500%, <br> 08/15/2027 | 24276 | 0.0 |
| 70000 | Meta Platforms, Inc., 3.850%, <br> 08/15/2032 | 61796 | 0.0 |
| 45000 | Meta Platforms, Inc., 4.450%, <br> 08/15/2052 | 35993 | 0.0 |
| 71000 | Meta Platforms, Inc., 4.650%, <br> 08/15/2062 | 57343 | 0.0 |
| 200000 <sup>(2)</sup> | NBN Co. Ltd., 1.625%, <br> 01/08/2027 | 172907 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
| 22000 | Paramount Global, 4.375%, <br> 03/15/2043 | $| 15223 | 0.0 |
| 49000 <sup>(3)</sup> | Paramount Global, 4.950%, <br> 05/19/2050 |  | 35834 | 0.0 |
| 5000 | Paramount Global, 5.250%, <br> 04/01/2044 |  | 3860 | 0.0 |
| 19000 | Paramount Global, 5.850%, <br> 09/01/2043 |  | 15850 | 0.0 |
| 15000 <sup>(2)</sup> | Rogers Communications, <br> Inc., 3.800%, 03/15/2032 |  | 12985 | 0.0 |
| 12000 <sup>(2)</sup> | Rogers Communications, <br> Inc., 4.550%, 03/15/2052 |  | 9359 | 0.0 |
| 28000 | Time Warner Cable LLC, <br> 5.500%, 09/01/2041 |  | 23342 | 0.0 |
| 25000 | Time Warner Cable LLC, <br> 5.875%, 11/15/2040 |  | 21876 | 0.0 |
| 143000 | T-Mobile USA, Inc., 2.050%, <br> 02/15/2028 |  | 123056 | 0.1 |
| 20000 | T-Mobile USA, Inc., 2.625%, <br> 02/15/2029 |  | 16958 | 0.0 |
| 17000 | T-Mobile USA, Inc., 3.500%, <br> 04/15/2031 |  | 14717 | 0.0 |
| 284000 | T-Mobile USA, Inc., 3.875%, <br> 04/15/2030 |  | 257918 | 0.1 |
| 2000 | T-Mobile USA, Inc., 4.500%, <br> 04/15/2050 |  | 1654 | 0.0 |
| 97000 | Verizon Communications, <br> Inc., 2.355%, 03/15/2032 |  | 77149 | 0.1 |
| 10000 | Verizon Communications, <br> Inc., 2.987%, 10/30/2056 |  | 6145 | 0.0 |
| 18000 | Verizon Communications, <br> Inc., 3.400%, 03/22/2041 |  | 13605 | 0.0 |
| 38000 | Verizon Communications, <br> Inc., 3.700%, 03/22/2061 |  | 26693 | 0.0 |
| 5000 | Verizon Communications, <br> Inc., 4.400%, 11/01/2034 |  | 4609 | 0.0 |
| 4000 | Verizon Communications, <br> Inc., 4.750%, 11/01/2041 |  | 3665 | 0.0 |
| 80000 | Verizon Communications, <br> Inc., 4.812%, 03/15/2039 |  | 73613 | 0.0 |
| 31000 | Vodafone Group PLC, <br> 4.375%, 02/19/2043 |  | 24945 | 0.0 |
| 13000 | Vodafone Group PLC, <br> 5.125%, 06/19/2059 |  | 11184 | 0.0 |
|  |  |  | **2093798** | **0.7** |
|  | **Consumer, Cyclical: 0.3%** | **Consumer, Cyclical: 0.3%** | **Consumer, Cyclical: 0.3%** | **Consumer, Cyclical: 0.3%** |
| 1686 <sup>(2)</sup> | Alaska Airlines 2020-1 <br> Class A Pass Through Trust, <br> 4.800%, 02/15/2029 |  | 1608 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 3460 | American Airlines 2015-2 <br> Class AA Pass Through <br> Trust, 3.600%, 03/22/2029 | $3111 | 0.0 |
| 2143 | American Airlines 2016-1 <br> Class AA Pass Through <br> Trust, 3.575%, 07/15/2029 | 1917 | 0.0 |
| 1439 | American Airlines 2016-2 <br> Class AA Pass Through <br> Trust, 3.200%, 12/15/2029 | 1251 | 0.0 |
| 8321 | American Airlines 2017-2 <br> Class AA Pass Through <br> Trust, 3.350%, 04/15/2031 | 7203 | 0.0 |
| 10063 | Delta Air Lines 2020-1 <br> Class A Pass Through Trust, <br> 2.500%, 12/10/2029 | 8560 | 0.0 |
| 8000 <sup>(2)</sup> | Delta Air Lines, Inc. / <br> SkyMiles IP Ltd., 4.750%, <br> 10/20/2028 | 7532 | 0.0 |
| 17000 <sup>(3)</sup> | General Motors Co., 6.125%, <br> 10/01/2025 | 17319 | 0.0 |
| 95000 | General Motors Financial Co., <br> Inc., 2.350%, 02/26/2027 | 83098 | 0.1 |
| 25000 | General Motors Financial Co., <br> Inc., 3.950%, 04/13/2024 | 24520 | 0.0 |
| 25000 | General Motors Financial Co., <br> Inc., 4.350%, 01/17/2027 | 23791 | 0.0 |
| 56000 | General Motors Financial Co., <br> Inc., 5.000%, 04/09/2027 | 54331 | 0.0 |
| 21000 | Hasbro, Inc., 3.000%, <br> 11/19/2024 | 20191 | 0.0 |
| 19000 | Hasbro, Inc., 3.550%, <br> 11/19/2026 | 17843 | 0.0 |
| 37000 | Home Depot, Inc./The, <br> 4.500%, 09/15/2032 | 36244 | 0.0 |
| 49000 | Home Depot, Inc./The, <br> 4.950%, 09/15/2052 | 47332 | 0.0 |
| 32000 | Lowe's Cos, Inc., 4.250%, <br> 04/01/2052 | 25530 | 0.0 |
| 19000 | Lowe's Cos, Inc., 4.450%, <br> 04/01/2062 | 14869 | 0.0 |
| 24299 <sup>(2)</sup> | Mileage Plus Holdings LLC / <br> Mileage Plus Intellectual <br> Property Assets Ltd., 6.500%, <br> 06/20/2027 | 24212 | 0.0 |
| 20000 | Target Corp., 2.950%, <br> 01/15/2052 | 13814 | 0.0 |
| 39000 | Target Corp., 4.500%, <br> 09/15/2032 | 37974 | 0.0 |
| 16000 | Toyota Motor Credit Corp., <br> 1.900%, 01/13/2027 | 14300 | 0.0 |
| 21000 <sup>(3)</sup> | Toyota Motor Credit Corp., <br> 4.450%, 06/29/2029 | 20608 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
| 53000 | Toyota Motor Credit Corp., <br> 4.550%, 09/20/2027 | $| 52361 | 0.0 |
| 12778 | United Airlines 2012-1 <br> Class A Pass Through Trust, <br> 4.150%, 10/11/2025 |  | 12384 | 0.0 |
| 10007 | United Airlines 2014-1 <br> Class A Pass Through Trust, <br> 4.000%, 10/11/2027 |  | 9312 | 0.0 |
| 12507 | United Airlines 2016-2 <br> Class A Pass Through Trust, <br> 3.100%, 04/07/2030 |  | 10130 | 0.0 |
| 83869 | United Airlines 2016-2 <br> Class AA Pass Through <br> Trust, 2.875%, 04/07/2030 |  | 71499 | 0.0 |
| 14941 | United Airlines 2019-2 <br> Class A Pass Through Trust, <br> 2.900%, 11/01/2029 |  | 12023 | 0.0 |
| 110654 | United Airlines 2020-1 <br> Class A Pass Through Trust, <br> 5.875%, 04/15/2029 |  | 109252 | 0.1 |
| 51470 | US Airways 2012-1 Class A <br> Pass Through Trust, 5.900%, <br> 04/01/2026 |  | 49831 | 0.0 |
| 27000 | Walmart, Inc., 4.500%, <br> 09/09/2052 |  | 25854 | 0.0 |
| 96000 <sup>(2)</sup> | Warnermedia Holdings, Inc., <br> 3.755%, 03/15/2027 |  | 86587 | 0.1 |
| 17000 <sup>(2)</sup> | Warnermedia Holdings, Inc., <br> 5.050%, 03/15/2042 |  | 13067 | 0.0 |
| 14000 <sup>(2)</sup> | Warnermedia Holdings, Inc., <br> 5.141%, 03/15/2052 |  | 10232 | 0.0 |
|  |  |  | **969690** | **0.3** |
|  | **Consumer, Non-cyclical: 1.2%** | **Consumer, Non-cyclical: 1.2%** | **Consumer, Non-cyclical: 1.2%** | **Consumer, Non-cyclical: 1.2%** |
| 28000 | AbbVie, Inc., 2.600%, <br> 11/21/2024 |  | 26807 | 0.0 |
| 12000 | AbbVie, Inc., 4.050%, <br> 11/21/2039 |  | 10322 | 0.0 |
| 54000 | AbbVie, Inc., 4.300%, <br> 05/14/2036 |  | 48826 | 0.0 |
| 33000 | AbbVie, Inc., 4.400%, <br> 11/06/2042 |  | 28776 | 0.0 |
| 53000 | AbbVie, Inc., 4.500%, <br> 05/14/2035 |  | 49284 | 0.0 |
| 7000 | AbbVie, Inc., 4.550%, <br> 03/15/2035 |  | 6571 | 0.0 |
| 30000 | AbbVie, Inc., 4.625%, <br> 10/01/2042 |  | 26784 | 0.0 |
| 42000 | Aetna, Inc., 2.800%, <br> 06/15/2023 |  | 41565 | 0.0 |
| 70000 | Aetna, Inc., 4.500%, <br> 05/15/2042 |  | 60729 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 16000 | Aetna, Inc., 6.625%, <br> 06/15/2036 | $17071 | 0.0 |
| 17000 <sup>(2)(3)</sup> | Alcon Finance Corp., 5.375%, <br> 12/06/2032 | 17140 | 0.0 |
| 32000 | Altria Group, Inc., 2.450%, <br> 02/04/2032 | 24219 | 0.0 |
| 69000 | Altria Group, Inc., 3.700%, <br> 02/04/2051 | 43475 | 0.0 |
| 9000 | Altria Group, Inc., 4.800%, <br> 02/14/2029 | 8655 | 0.0 |
| 20000 | Altria Group, Inc., 5.800%, <br> 02/14/2039 | 18519 | 0.0 |
| 72000 | Anheuser-Busch Cos LLC / <br> Anheuser-Busch InBev <br> Worldwide, Inc., 4.700%, <br> 02/01/2036 | 68272 | 0.1 |
| 175000 | Anheuser-Busch Cos LLC / <br> Anheuser-Busch InBev <br> Worldwide, Inc., 4.900%, <br> 02/01/2046 | 159970 | 0.1 |
| 15000 | Anheuser-Busch InBev <br> Worldwide, Inc., 5.450%, <br> 01/23/2039 | 15034 | 0.0 |
| 78000 | BAT Capital Corp., 2.259%, <br> 03/25/2028 | 64863 | 0.1 |
| 11000 | BAT Capital Corp., 2.726%, <br> 03/25/2031 | 8608 | 0.0 |
| 17000 | BAT Capital Corp., 3.734%, <br> 09/25/2040 | 11599 | 0.0 |
| 25000 | BAT Capital Corp., 4.390%, <br> 08/15/2037 | 19519 | 0.0 |
| 61000 | BAT International Finance <br> PLC, 4.448%, 03/16/2028 | 56603 | 0.0 |
| 40000 | Baxter International, Inc., <br> 2.272%, 12/01/2028 | 34188 | 0.0 |
| 92000 | Bristol-Myers Squibb Co., <br> 3.700%, 03/15/2052 | 72045 | 0.1 |
| 30000 | Bristol-Myers Squibb Co., <br> 4.125%, 06/15/2039 | 26822 | 0.0 |
| 25000 <sup>(2)</sup> | Cargill, Inc., 2.125%, <br> 04/23/2030 | 20641 | 0.0 |
| 42000 <sup>(2)</sup> | Cargill, Inc., 2.125%, <br> 11/10/2031 | 33264 | 0.0 |
| 22000 <sup>(2)</sup> | Cargill, Inc., 3.125%, <br> 05/25/2051 | 15260 | 0.0 |
| 22000 <sup>(2)</sup> | Cargill, Inc., 4.375%, <br> 04/22/2052 | 19193 | 0.0 |
| 13000 <sup>(2)</sup> | Cargill, Inc., 5.125%, <br> 10/11/2032 | 13064 | 0.0 |
| 64000 | Centene Corp., 3.000%, <br> 10/15/2030 | 52608 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 44000 | Cigna Corp., 3.400%, <br> 03/15/2050 | $31388 | 0.0 |
| 150000 | Cigna Corp., 4.375%, <br> 10/15/2028 | 144969 | 0.1 |
| 64000 | Cigna Corp., 4.800%, <br> 08/15/2038 | 59660 | 0.0 |
| 42000 | Cigna Corp., 4.900%, <br> 12/15/2048 | 38064 | 0.0 |
| 52000 <sup>(2)</sup> | CSL Finance PLC, 4.250%, <br> 04/27/2032 | 49113 | 0.0 |
| 23000 <sup>(2)</sup> | CSL Finance PLC, 4.625%, <br> 04/27/2042 | 20608 | 0.0 |
| 40000 <sup>(2)</sup> | CSL Finance PLC, 4.750%, <br> 04/27/2052 | 36357 | 0.0 |
| 17000 <sup>(2)</sup> | CSL Finance PLC, 4.950%, <br> 04/27/2062 | 15137 | 0.0 |
| 30000 | CVS Health Corp., 2.700%, <br> 08/21/2040 | 20838 | 0.0 |
| 5000 | CVS Health Corp., 3.875%, <br> 07/20/2025 | 4884 | 0.0 |
| 7000 | CVS Health Corp., 4.125%, <br> 04/01/2040 | 5853 | 0.0 |
| 5000 | CVS Health Corp., 4.780%, <br> 03/25/2038 | 4575 | 0.0 |
| 45000 | CVS Health Corp., 5.050%, <br> 03/25/2048 | 40619 | 0.0 |
| 9000 | CVS Health Corp., 5.125%, <br> 07/20/2045 | 8247 | 0.0 |
| 101000 | Global Payments, Inc., <br> 2.650%, 02/15/2025 | 95105 | 0.1 |
| 54000 | Global Payments, Inc., <br> 3.200%, 08/15/2029 | 46014 | 0.0 |
| 18000 | Global Payments, Inc., <br> 5.950%, 08/15/2052 | 16364 | 0.0 |
| 16000 | HCA, Inc., 2.375%, <br> 07/15/2031 | 12494 | 0.0 |
| 27000 <sup>(2)</sup> | HCA, Inc., 3.125%, <br> 03/15/2027 | 24587 | 0.0 |
| 15000 | HCA, Inc., 3.500%, <br> 09/01/2030 | 12972 | 0.0 |
| 177000 | HCA, Inc., 4.125%, <br> 06/15/2029 | 161955 | 0.1 |
| 38000 <sup>(2)</sup> | HCA, Inc., 4.375%, <br> 03/15/2042 | 30423 | 0.0 |
| 200000 | HCA, Inc., 4.500%, <br> 02/15/2027 | 193053 | 0.1 |
| 22000 | HCA, Inc., 5.250%, <br> 04/15/2025 | 21891 | 0.0 |
| 18000 <sup>(2)</sup> | Health Care Service Corp. A <br> Mutual Legal Reserve Co., <br> 1.500%, 06/01/2025 | 16554 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 180000 | Humana, Inc., 1.350%, <br> 02/03/2027 | $155880 | 0.1 |
| 8000 | Humana, Inc., 3.125%, <br> 08/15/2029 | 7029 | 0.0 |
| 35000 | Humana, Inc., 4.500%, <br> 04/01/2025 | 34606 | 0.0 |
| 16000 | Humana, Inc., 5.750%, <br> 03/01/2028 | 16366 | 0.0 |
| 28000 | Johnson & Johnson, 3.625%, <br> 03/03/2037 | 24987 | 0.0 |
| 75000 <sup>(2)</sup> | Mars, Inc., 2.375%, <br> 07/16/2040 | 51101 | 0.0 |
| 30000 <sup>(2)</sup> | Mars, Inc., 3.875%, <br> 04/01/2039 | 25584 | 0.0 |
| 15000 | Merck & Co., Inc., 2.750%, <br> 12/10/2051 | 10095 | 0.0 |
| 25000 | Mylan, Inc., 5.200%, <br> 04/15/2048 | 18712 | 0.0 |
| 12000 | PayPal Holdings, Inc., <br> 2.300%, 06/01/2030 | 9885 | 0.0 |
| 54000 <sup>(3)</sup> | PayPal Holdings, Inc., <br> 4.400%, 06/01/2032 | 50986 | 0.0 |
| 109000 | PayPal Holdings, Inc., <br> 5.250%, 06/01/2062 | 99657 | 0.1 |
| 22000 | Reynolds American, Inc., <br> 5.700%, 08/15/2035 | 19931 | 0.0 |
| 22000 | Reynolds American, Inc., <br> 5.850%, 08/15/2045 | 18830 | 0.0 |
| 6000 | Reynolds American, Inc., <br> 6.150%, 09/15/2043 | 5376 | 0.0 |
| 11000 | Royalty Pharma PLC, <br> 1.200%, 09/02/2025 | 9855 | 0.0 |
| 14000 | Royalty Pharma PLC, <br> 1.750%, 09/02/2027 | 11871 | 0.0 |
| 17000 <sup>(3)</sup> | S&P Global, Inc., 1.250%, <br> 08/15/2030 | 13113 | 0.0 |
| 54000 <sup>(2)</sup> | S&P Global, Inc., 2.700%, <br> 03/01/2029 | 47642 | 0.0 |
| 65000 <sup>(2)</sup> | S&P Global, Inc., 2.900%, <br> 03/01/2032 | 55623 | 0.0 |
| 60000 <sup>(2)</sup> | S&P Global, Inc., 3.700%, <br> 03/01/2052 | 46610 | 0.0 |
| 18000 <sup>(3)</sup> | Thermo Fisher Scientific, Inc., <br> 4.800%, 11/21/2027 | 18090 | 0.0 |
| 120000 <sup>(2)</sup> | Triton Container International <br> Ltd., 2.050%, 04/15/2026 | 104345 | 0.1 |
| 16000 <sup>(2)</sup> | Triton Container International <br> Ltd., 3.150%, 06/15/2031 | 12471 | 0.0 |
| 15000 | UnitedHealth Group, Inc., <br> 2.750%, 05/15/2040 | 10941 | 0.0 |
| 4000 | UnitedHealth Group, Inc., <br> 3.050%, 05/15/2041 | 3022 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
| 19000 | UnitedHealth Group, Inc., <br> 3.500%, 08/15/2039 | $| 15606 | 0.0 |
| 19000 | UnitedHealth Group, Inc., <br> 3.750%, 10/15/2047 |  | 15202 | 0.0 |
| 16000 | UnitedHealth Group, Inc., <br> 4.750%, 05/15/2052 |  | 14862 | 0.0 |
| 54000 | UnitedHealth Group, Inc., <br> 5.300%, 02/15/2030 |  | 55778 | 0.0 |
| 40000 | UnitedHealth Group, Inc., <br> 5.350%, 02/15/2033 |  | 41399 | 0.0 |
| 30000 | UnitedHealth Group, Inc., <br> 5.875%, 02/15/2053 |  | 32590 | 0.0 |
| 29000 | UnitedHealth Group, Inc., <br> 6.050%, 02/15/2063 |  | 31678 | 0.0 |
| 23000 | Utah Acquisition Sub, Inc., <br> 5.250%, 06/15/2046 |  | 17477 | 0.0 |
| 70000 | Viatris, Inc., 2.700%, <br> 06/22/2030 |  | 54877 | 0.0 |
| 80000 | Viatris, Inc., 3.850%, <br> 06/22/2040 |  | 53893 | 0.0 |
| 11000 | Viatris, Inc., 4.000%, <br> 06/22/2050 |  | 6815 | 0.0 |
|  |  |  | **3454805** | **1.2** |
|  | **Energy: 0.7%** | **Energy: 0.7%** | **Energy: 0.7%** | **Energy: 0.7%** |
| 18000 | Baker Hughes Holdings LLC / <br> Baker Hughes Co-Obligor, <br> Inc., 2.061%, 12/15/2026 |  | 16158 | 0.0 |
| 17000 | BP Capital Markets America, <br> Inc., 1.749%, 08/10/2030 |  | 13592 | 0.0 |
| 15000 | BP Capital Markets America, <br> Inc., 2.939%, 06/04/2051 |  | 9945 | 0.0 |
| 26000 <sup>(4)</sup> | BP Capital Markets PLC, <br> 4.875%, 12/31/2199 |  | 22831 | 0.0 |
| 10000 | Canadian Natural Resources <br> Ltd., 6.750%, 02/01/2039 |  | 10386 | 0.0 |
| 21000 | Cenovus Energy, Inc., <br> 5.400%, 06/15/2047 |  | 18884 | 0.0 |
| 134000 | Coterra Energy, Inc., 3.900%, <br> 05/15/2027 |  | 125324 | 0.1 |
| 5000 | Diamondback Energy, Inc., <br> 3.500%, 12/01/2029 |  | 4398 | 0.0 |
| 46000 | Diamondback Energy, Inc., <br> 6.250%, 03/15/2033 |  | 46832 | 0.0 |
| 42000 | Diamondback Energy, Inc., <br> 6.250%, 03/15/2053 |  | 40812 | 0.0 |
| 200000 | Empresa Nacional del <br> Petroleo, 3.750%, 08/05/2026 |  | 187964 | 0.1 |
| 38000 <sup>(4)</sup> | Enbridge, Inc., 5.750%, <br> 07/15/2080 |  | 34455 | 0.0 |
| 34000 <sup>(4)</sup> | Enbridge, Inc., 7.375%, <br> 01/15/2083 |  | 33131 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 34000 <sup>(4)</sup> | Enbridge, Inc., 7.625%, <br> 01/15/2083 | $33715 | 0.0 |
| 9000 | Energy Transfer L.P., 4.250%, <br> 04/01/2024 | 8842 | 0.0 |
| 3000 | Energy Transfer L.P., 4.900%, <br> 03/15/2035 | 2682 | 0.0 |
| 43000 | Energy Transfer L.P., 5.300%, <br> 04/01/2044 | 36484 | 0.0 |
| 112000 | Energy Transfer L.P., 5.300%, <br> 04/15/2047 | 93732 | 0.1 |
| 99000 | Energy Transfer L.P., 5.750%, <br> 02/15/2033 | 97048 | 0.1 |
| 55000 | Energy Transfer L.P., 5.800%, <br> 06/15/2038 | 50560 | 0.0 |
| 25000 <sup>(3)</sup> | Enterprise Products <br> Operating LLC, 3.750%, <br> 02/15/2025 | 24328 | 0.0 |
| 26000 <sup>(4)</sup> | Enterprise Products <br> Operating LLC, 7.630%, <br> 08/16/2077 | 23567 | 0.0 |
| 69000 | Kinder Morgan, Inc., 3.600%, <br> 02/15/2051 | 47827 | 0.0 |
| 18000 | Kinder Morgan, Inc., 5.550%, <br> 06/01/2045 | 16497 | 0.0 |
| 17000 | Marathon Petroleum Corp., <br> 4.750%, 09/15/2044 | 14270 | 0.0 |
| 17000 | Marathon Petroleum Corp., <br> 5.000%, 09/15/2054 | 14274 | 0.0 |
| 23000 | Marathon Petroleum Corp., <br> 5.125%, 12/15/2026 | 22891 | 0.0 |
| 20000 | MPLX L.P., 1.750%, <br> 03/01/2026 | 17850 | 0.0 |
| 49000 | MPLX L.P., 2.650%, <br> 08/15/2030 | 39820 | 0.0 |
| 55000 | MPLX L.P., 4.000%, <br> 03/15/2028 | 51254 | 0.0 |
| 5000 | MPLX L.P., 4.700%, <br> 04/15/2048 | 3968 | 0.0 |
| 7000 | MPLX L.P., 5.200%, <br> 03/01/2047 | 5973 | 0.0 |
| 14000 | MPLX L.P., 5.200%, <br> 12/01/2047 | 11974 | 0.0 |
| 17000 | MPLX L.P., 5.500%, <br> 02/15/2049 | 15022 | 0.0 |
| 16000 <sup>(2)</sup> | Northern Natural Gas Co., <br> 3.400%, 10/16/2051 | 10861 | 0.0 |
| 9000 | ONEOK Partners L.P., <br> 6.125%, 02/01/2041 | 8528 | 0.0 |
| 24000 | ONEOK Partners L.P., <br> 6.200%, 09/15/2043 | 22894 | 0.0 |
| 8000 | ONEOK, Inc., 3.100%, <br> 03/15/2030 | 6722 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
| 10000 | ONEOK, Inc., 5.850%, <br> 01/15/2026 | $| 10131 | 0.0 |
| 200000 <sup>(2)</sup> | Petroleos del Peru SA, <br> 4.750%, 06/19/2032 |  | 154940 | 0.1 |
| 235000 | Petroleos Mexicanos, <br> 6.700%, 02/16/2032 |  | 184993 | 0.1 |
| 10000 | Phillips 66, 0.900%, <br> 02/15/2024 |  | 9562 | 0.0 |
| 16000 | Plains All American Pipeline <br> L.P. / PAA Finance Corp., <br> 3.550%, 12/15/2029 |  | 13908 | 0.0 |
| 17000 | Plains All American Pipeline <br> L.P. / PAA Finance Corp., <br> 3.800%, 09/15/2030 |  | 14814 | 0.0 |
| 50000 | Plains All American Pipeline <br> L.P. / PAA Finance Corp., <br> 4.650%, 10/15/2025 |  | 48979 | 0.0 |
| 73000 | Plains All American Pipeline <br> L.P. / PAA Finance Corp., <br> 4.900%, 02/15/2045 |  | 56837 | 0.0 |
| 17000 | Sabine Pass Liquefaction <br> LLC, 4.200%, 03/15/2028 |  | 16010 | 0.0 |
| 16000 | Sabine Pass Liquefaction <br> LLC, 5.000%, 03/15/2027 |  | 15713 | 0.0 |
| 92000 <sup>(2)</sup> | Santos Finance Ltd., 3.649%, <br> 04/29/2031 |  | 73213 | 0.1 |
| 63000 <sup>(3)</sup> | Shell International Finance <br> BV, 3.875%, 11/13/2028 |  | 60800 | 0.0 |
| 32000 | Shell International Finance <br> BV, 4.125%, 05/11/2035 |  | 29786 | 0.0 |
| 13000 | Targa Resources Corp., <br> 6.250%, 07/01/2052 |  | 12335 | 0.0 |
| 41000 | Targa Resources Partners <br> L.P. / Targa Resources <br> Partners Finance Corp., <br> 4.875%, 02/01/2031 |  | 37076 | 0.0 |
| 30000 | Williams Cos, Inc./The, <br> 4.000%, 09/15/2025 |  | 29191 | 0.0 |
| 19000 | Williams Cos, Inc./The, <br> 5.400%, 03/04/2044 |  | 17314 | 0.0 |
|  |  |  | **2031897** | **0.7** |
|  | **Financial: 2.5%** | **Financial: 2.5%** | **Financial: 2.5%** | **Financial: 2.5%** |
| 2000 | Alleghany Corp., 3.250%, <br> 08/15/2051 |  | 1417 | 0.0 |
| 18000 | Alleghany Corp., 3.625%, <br> 05/15/2030 |  | 16738 | 0.0 |
| 2000 | Alleghany Corp., 4.900%, <br> 09/15/2044 |  | 1843 | 0.0 |
| 43000 <sup>(4)</sup> | American Express Co., <br> 4.420%, 08/03/2033 |  | 40749 | 0.0 |
| 163000 | American Homes 4 Rent L.P., <br> 2.375%, 07/15/2031 |  | 126151 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 27000 | American Homes 4 Rent L.P., <br> 3.625%, 04/15/2032 | $22784 | 0.0 |
| 17000 | American Homes 4 Rent L.P., <br> 4.300%, 04/15/2052 | 12535 | 0.0 |
| 4000 | American International <br> Group, Inc., 3.900%, <br> 04/01/2026 | 3880 | 0.0 |
| 27000 <sup>(2)</sup> | Antares Holdings L.P., <br> 2.750%, 01/15/2027 | 21663 | 0.0 |
| 40000 | Assurant, Inc., 3.700%, <br> 02/22/2030 | 33962 | 0.0 |
| 22000 | Athene Holding Ltd., 6.650%, <br> 02/01/2033 | 21821 | 0.0 |
| 26000 | AvalonBay Communities, Inc., <br> 5.000%, 02/15/2033 | 25666 | 0.0 |
| 21000 <sup>(2)</sup> | Aviation Capital Group LLC, <br> 1.950%, 09/20/2026 | 17816 | 0.0 |
| 4000 <sup>(2)</sup> | Aviation Capital Group LLC, <br> 3.500%, 11/01/2027 | 3500 | 0.0 |
| 8000 <sup>(2)(3)</sup> | Aviation Capital Group LLC, <br> 3.875%, 05/01/2023 | 7936 | 0.0 |
| 32000 <sup>(2)</sup> | Aviation Capital Group LLC, <br> 5.500%, 12/15/2024 | 31458 | 0.0 |
| 25000 <sup>(2)</sup> | Avolon Holdings Funding Ltd., <br> 2.528%, 11/18/2027 | 20019 | 0.0 |
| 16000 <sup>(2)</sup> | Avolon Holdings Funding Ltd., <br> 2.750%, 02/21/2028 | 12868 | 0.0 |
| 34000 <sup>(2)</sup> | Avolon Holdings Funding Ltd., <br> 4.250%, 04/15/2026 | 30861 | 0.0 |
| 200000 | Banco Santander SA, <br> 2.746%, 05/28/2025 | 187356 | 0.1 |
| 79000 <sup>(4)</sup> | Bank of America Corp., <br> 0.976%, 04/22/2025 | 74106 | 0.0 |
| 36000 <sup>(4)</sup> | Bank of America Corp., <br> 1.197%, 10/24/2026 | 32041 | 0.0 |
| 63000 <sup>(4)</sup> | Bank of America Corp., <br> 1.530%, 12/06/2025 | 58150 | 0.0 |
| 248000 <sup>(4)</sup> | Bank of America Corp., <br> 1.734%, 07/22/2027 | 217582 | 0.1 |
| 20000 <sup>(4)</sup> | Bank of America Corp., <br> 1.843%, 02/04/2025 | 19184 | 0.0 |
| 40000 <sup>(4)</sup> | Bank of America Corp., <br> 2.087%, 06/14/2029 | 33730 | 0.0 |
| 42000 <sup>(4)</sup> | Bank of America Corp., <br> 2.572%, 10/20/2032 | 32999 | 0.0 |
| 22000 <sup>(4)</sup> | Bank of America Corp., <br> 2.676%, 06/19/2041 | 14879 | 0.0 |
| 333000 <sup>(4)</sup> | Bank of America Corp., <br> 2.687%, 04/22/2032 | 267327 | 0.1 |
| 80000 <sup>(4)</sup> | Bank of America Corp., <br> 3.593%, 07/21/2028 | 73773 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 37000 <sup>(4)</sup> | Bank of America Corp., <br> 3.846%, 03/08/2037 | $30733 | 0.0 |
| 18000 <sup>(4)</sup> | Bank of America Corp., <br> 3.970%, 03/05/2029 | 16641 | 0.0 |
| 7000 <sup>(4)</sup> | Bank of America Corp., <br> 4.083%, 03/20/2051 | 5512 | 0.0 |
| 69000 <sup>(4)</sup> | Bank of America Corp., <br> 4.271%, 07/23/2029 | 64473 | 0.0 |
| 56000 <sup>(4)</sup> | Bank of America Corp., <br> 4.571%, 04/27/2033 | 51382 | 0.0 |
| 114000 <sup>(4)</sup> | Bank of America Corp., <br> 5.015%, 07/22/2033 | 108567 | 0.1 |
| 27000 <sup>(4)</sup> | Bank of America Corp., <br> 6.204%, 11/10/2028 | 27925 | 0.0 |
| 36000 <sup>(4)</sup> | Bank of Montreal, 3.803%, <br> 12/15/2032 | 31757 | 0.0 |
| 56000 <sup>(4)</sup> | Bank of New York Mellon <br> Corp./The, 5.834%, <br> 10/25/2033 | 58230 | 0.0 |
| 128000 <sup>(4)</sup> | Bank of Nova Scotia/The, <br> 4.588%, 05/04/2037 | 109562 | 0.1 |
| 21000 <sup>(2)</sup> | Blackstone Holdings Finance <br> Co. LLC, 1.625%, 08/05/2028 | 17131 | 0.0 |
| 19000 <sup>(2)</sup> | Blackstone Holdings Finance <br> Co. LLC, 2.000%, 01/30/2032 | 14004 | 0.0 |
| 41000 <sup>(2)</sup> | Blackstone Holdings Finance <br> Co. LLC, 2.850%, 08/05/2051 | 23974 | 0.0 |
| 30000 <sup>(2)</sup> | Blackstone Holdings Finance <br> Co. LLC, 3.200%, 01/30/2052 | 19266 | 0.0 |
| 60000 <sup>(2)</sup> | Blackstone Holdings Finance <br> Co. LLC, 6.200%, 04/22/2033 | 60668 | 0.0 |
| 20000 | Blackstone Private Credit <br> Fund, 4.000%, 01/15/2029 | 16536 | 0.0 |
| 206000 <sup>(2)</sup> | BPCE SA, 5.700%, <br> 10/22/2023 | 204513 | 0.1 |
| 29000 <sup>(4)</sup> | Capital One Financial Corp., <br> 1.878%, 11/02/2027 | 25294 | 0.0 |
| 29000 <sup>(4)</sup> | Capital One Financial Corp., <br> 3.273%, 03/01/2030 | 24850 | 0.0 |
| 24000 | CBRE Services, Inc., 2.500%, <br> 04/01/2031 | 18974 | 0.0 |
| 77000 | Chubb INA Holdings, Inc., <br> 1.375%, 09/15/2030 | 59948 | 0.0 |
| 19000 | CI Financial Corp., 4.100%, <br> 06/15/2051 | 11259 | 0.0 |
| 221000 <sup>(4)</sup> | Citigroup, Inc., 1.462%, <br> 06/09/2027 | 191958 | 0.1 |
| 74000 <sup>(2)</sup> | Corebridge Financial, Inc., <br> 3.850%, 04/05/2029 | 67553 | 0.0 |
| 46000 <sup>(2)</sup> | Corebridge Financial, Inc., <br> 3.900%, 04/05/2032 | 40301 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 102000 <sup>(2)(4)</sup> | Corebridge Financial, Inc., <br> 6.875%, 12/15/2052 | $94726 | 0.1 |
| 250000 <sup>(2)(4)</sup> | Credit Suisse Group AG, <br> 2.193%, 06/05/2026 | 213725 | 0.1 |
| 30000 | CubeSmart L.P., 2.250%, <br> 12/15/2028 | 24781 | 0 |
| 50000 | Essex Portfolio L.P., 3.250%, <br> 05/01/2023 | 49627 | 0 |
| 11000 | Goldman Sachs Group, Inc., <br> 6.750%, 10/01/2037 | 11784 | 0 |
| 7000 | Hartford Financial Services <br> Group, Inc./The, 5.950%, <br> 10/15/2036 | 7002 | 0 |
| 74000 <sup>(2)</sup> | Hartford Financial Services <br> Group, Inc./The, 6.731%, <br> (US0003M + 2.125%), <br> 02/12/2067 | 62133 | 0 |
| 400000 <sup>(4)</sup> | HSBC Holdings PLC, 2.099%, <br> 06/04/2026  | 364348 | 0.1 |
| 400000 <sup>(4)</sup> | HSBC Holdings PLC, 2.633%, <br> 11/07/2025  | 375929 | 0.1 |
| 84000 <sup>(2)</sup> | Intact Financial Corp., <br> 5.459%, 09/22/2032 | 83135 | 0 |
| 24000 | Intercontinental Exchange, <br> Inc., 2.650%, 09/15/2040 | 16736 | 0 |
| 170000 | Intercontinental Exchange, <br> Inc., 4.600%, 03/15/2033 | 163070 | 0.1 |
| 70000 | Invitation Homes Operating <br> Partnership L.P., 2.300%, <br> 11/15/2028 | 58011 | 0 |
| 55000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 0.969%, 06/23/2025 | 51300 | 0 |
| 137000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 1.040%, 02/04/2027 | 119319 | 0.1 |
| 46000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 1.470%, 09/22/2027 | 39884 | 0 |
| 41000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 1.578%, 04/22/2027 | 36072 | 0 |
| 39000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 2.069%, 06/01/2029 | 32640 | 0 |
| 33000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 2.182%, 06/01/2028 | 28904 | 0 |
| 168000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 2.545%, 11/08/2032 | 133216 | 0.1 |
| 16000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 2.595%, 02/24/2026 | 15055 | 0 |
| 57000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 2.947%, 02/24/2028 | 51644 | 0 |
| 70000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 3.797%, 07/23/2024 | 69320 | 0 |
| 18000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 4.912%, 07/25/2033 | 17192 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 130000 <sup>(4)</sup> | JPMorgan Chase & Co., <br> 5.717%, 09/14/2033 | $127276 | 0.1 |
| 11000 | Kite Realty Group L.P., <br> 4.000%, 10/01/2026 | 10143 | 0.0 |
| 19000 <sup>(2)</sup> | Liberty Mutual Group, Inc., <br> 5.500%, 06/15/2052 | 17145 | 0.0 |
| 56000 | Main Street Capital Corp., <br> 3.000%, 07/14/2026 | 48326 | 0.0 |
| 30000 | Main Street Capital Corp., <br> 5.200%, 05/01/2024 | 29586 | 0.0 |
| 35000 <sup>(3)(4)</sup> | Morgan Stanley, 0.791%, <br> 01/22/2025 | 33126 | 0.0 |
| 54000 <sup>(4)</sup> | Morgan Stanley, 1.512%, <br> 07/20/2027 | 46926 | 0.0 |
| 103000 <sup>(4)</sup> | Morgan Stanley, 1.593%, <br> 05/04/2027 | 90475 | 0.1 |
| 234000 <sup>(4)</sup> | Morgan Stanley, 2.188%, <br> 04/28/2026 | 217649 | 0.1 |
| 56000 <sup>(4)</sup> | Morgan Stanley, 2.239%, <br> 07/21/2032 | 43097 | 0.0 |
| 18000 <sup>(4)</sup> | Morgan Stanley, 2.475%, <br> 01/21/2028 | 16019 | 0.0 |
| 29000 <sup>(4)</sup> | Morgan Stanley, 2.720%, <br> 07/22/2025 | 27742 | 0.0 |
| 32000 <sup>(4)</sup> | Morgan Stanley, 2.802%, <br> 01/25/2052 | 19839 | 0.0 |
| 18000 <sup>(4)</sup> | Morgan Stanley, 3.591%, <br> 07/22/2028 | 16539 | 0.0 |
| 45000 <sup>(4)</sup> | Morgan Stanley, 3.737%, <br> 04/24/2024 | 44762 | 0.0 |
| 112000 | Morgan Stanley, 3.875%, <br> 01/27/2026 | 108547 | 0.1 |
| 100000 | Morgan Stanley, 4.000%, <br> 07/23/2025 | 97747 | 0.1 |
| 40000 <sup>(4)</sup> | Morgan Stanley, 4.457%, <br> 04/22/2039 | 35272 | 0.0 |
| 107000 <sup>(4)</sup> | Morgan Stanley, 5.297%, <br> 04/20/2037 | 98128 | 0.1 |
| 29000 <sup>(4)</sup> | Morgan Stanley, 6.296%, <br> 10/18/2028 | 29988 | 0.0 |
| 214000 <sup>(4)</sup> | Morgan Stanley, 6.342%, <br> 10/18/2033 | 224915 | 0.1 |
| 97000 | Northern Trust Corp., <br> 6.125%, 11/02/2032 | 102591 | 0.1 |
| 43000 <sup>(2)</sup> | Northwestern Mutual Global <br> Funding, 1.700%, 06/01/2028 | 36414 | 0.0 |
| 36000 | Old Republic International <br> Corp., 3.850%, 06/11/2051 | 24842 | 0.0 |
| 150000 | ORIX Corp., 3.250%, <br> 12/04/2024 | 144570 | 0.1 |
| 101000 <sup>(4)</sup> | PartnerRe Finance B LLC, <br> 4.500%, 10/01/2050 | 87533 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
| 15000 | Piedmont Operating <br> Partnership L.P., 2.750%, <br> 04/01/2032 | $| 10536 | 0.0 |
| 30000 | Piedmont Operating <br> Partnership L.P., 4.450%, <br> 03/15/2024 |  | 29488 | 0.0 |
| 19000 | Prologis L.P., 2.250%, <br> 01/15/2032 |  | 15110 | 0.0 |
| 15000 | Public Storage, 1.950%, <br> 11/09/2028 |  | 12824 | 0.0 |
| 8000 | Realty Income Corp., 3.950%, <br> 08/15/2027 |  | 7640 | 0.0 |
| 27000 | Realty Income Corp., 4.875%, <br> 06/01/2026 |  | 26886 | 0.0 |
| 17000 | Sabra Health Care L.P., <br> 3.200%, 12/01/2031 |  | 12688 | 0.0 |
| 11000 | Simon Property Group L.P., <br> 1.750%, 02/01/2028 |  | 9380 | 0.0 |
| 13000 | Simon Property Group L.P., <br> 2.450%, 09/13/2029 |  | 10881 | 0.0 |
| 40000 | Sun Communities Operating <br> L.P., 4.200%, 04/15/2032 |  | 35339 | 0.0 |
| 11000 <sup>(4)</sup> | Truist Financial Corp., <br> 1.267%, 03/02/2027 |  | 9758 | 0.0 |
| 200000 <sup>(2)(4)</sup> | UBS Group AG, 2.095%, <br> 02/11/2032 |  | 151030 | 0.1 |
| 55000 <sup>(4)</sup> | US Bancorp, 5.850%, <br> 10/21/2033 |  | 57275 | 0.0 |
| 7000 | Ventas Realty L.P., 5.700%, <br> 09/30/2043 |  | 6409 | 0.0 |
| 29000 | Visa, Inc., 4.150%, <br> 12/14/2035 |  | 27504 | 0.0 |
| 8000 | Visa, Inc., 4.300%, <br> 12/14/2045 |  | 7346 | 0.0 |
| 18000 <sup>(4)</sup> | Wells Fargo & Co., 2.164%, <br> 02/11/2026 |  | 16794 | 0.0 |
| 36000 <sup>(4)</sup> | Wells Fargo & Co., 2.393%, <br> 06/02/2028 |  | 31827 | 0.0 |
| 81000 <sup>(4)</sup> | Wells Fargo & Co., 2.406%, <br> 10/30/2025 |  | 76656 | 0.0 |
| 14000 <sup>(4)</sup> | Wells Fargo & Co., 3.068%, <br> 04/30/2041 |  | 10038 | 0.0 |
| 24000 | XLIT Ltd., 5.500%, <br> 03/31/2045 |  | 22792 | 0.0 |
|  |  |  | **7252756** | **2.5** |
|  | **Industrial: 0.3%** | **Industrial: 0.3%** | **Industrial: 0.3%** | **Industrial: 0.3%** |
| 31000 | Avnet, Inc., 5.500%, <br> 06/01/2032 |  | 28713 | 0.0 |
| 27000 | Berry Global, Inc., 0.950%, <br> 02/15/2024 |  | 25592 | 0.0 |
| 40000 | Berry Global, Inc., 1.650%, <br> 01/15/2027 |  | 34265 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 22000 | Boeing Co/The, 3.250%, <br> 02/01/2028 | $20017 | 0.0 |
| 36000 | Boeing Co/The, 3.250%, <br> 02/01/2035 | 27486 | 0.0 |
| 5000 <sup>(3)</sup> | Boeing Co/The, 3.625%, <br> 02/01/2031 | 4393 | 0.0 |
| 5000 | Boeing Co/The, 3.850%, <br> 11/01/2048 | 3454 | 0.0 |
| 35000 | Boeing Co/The, 4.875%, <br> 05/01/2025 | 34764 | 0.0 |
| 34000 | Boeing Co/The, 5.150%, <br> 05/01/2030 | 33255 | 0.0 |
| 19000 | Boeing Co/The, 5.805%, <br> 05/01/2050 | 17713 | 0.0 |
| 45000 | Burlington Northern Santa Fe <br> LLC, 3.900%, 08/01/2046 | 36766 | 0.0 |
| 75000 | Burlington Northern Santa Fe <br> LLC, 4.450%, 01/15/2053 | 67057 | 0.1 |
| 38000 | CSX Corp., 4.500%, <br> 11/15/2052 | 33200 | 0.0 |
| 37000 | FedEx Corp., 3.900%, <br> 02/01/2035 | 31578 | 0.0 |
| 18000 | GE Capital Funding LLC, <br> 4.400%, 05/15/2030 | 16587 | 0.0 |
| 26000 | John Deere Capital Corp., <br> 3.350%, 04/18/2029 | 24082 | 0.0 |
| 25000 | John Deere Capital Corp., <br> 4.350%, 09/15/2032 | 24365 | 0.0 |
| 34000 | Lockheed Martin Corp., <br> 5.700%, 11/15/2054 | 35847 | 0.0 |
| 16000 | Lockheed Martin Corp., <br> 5.900%, 11/15/2063 | 17293 | 0.0 |
| 200000 <sup>(2)</sup> | Misc Capital Two Labuan <br> Ltd., 3.750%, 04/06/2027 | 181492 | 0.1 |
| 11000 | Norfolk Southern Corp., <br> 4.100%, 05/15/2121 | 7661 | 0.0 |
| 24000 <sup>(2)</sup> | Penske Truck Leasing Co. <br> Lp / PTL Finance Corp., <br> 1.200%, 11/15/2025 | 21141 | 0.0 |
| 40000 <sup>(2)</sup> | Penske Truck Leasing Co. <br> Lp / PTL Finance Corp., <br> 1.700%, 06/15/2026 | 35039 | 0.0 |
| 2000 | Raytheon Technologies <br> Corp., 3.650%, 08/16/2023 | 1983 | 0.0 |
| 34000 | Raytheon Technologies <br> Corp., 4.450%, 11/16/2038 | 31025 | 0.0 |
| 51000 | Raytheon Technologies <br> Corp., 4.500%, 06/01/2042 | 46104 | 0.0 |
| 30000 <sup>(2)</sup> | Sealed Air Corp., 1.573%, <br> 10/15/2026 | 25944 | 0.0 |
| 76000 | Union Pacific Corp., 3.500%, <br> 02/14/2053 | 57462 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
| 21000 | Union Pacific Corp., 5.150%, <br> 01/20/2063 | $| 20314 | 0.0 |
| 29000 | Waste Connections, Inc., <br> 4.200%, 01/15/2033 |  | 27024 | 0.0 |
|  |  |  | **971616** | **0.3** |
|  | **Technology: 0.6%** | **Technology: 0.6%** | **Technology: 0.6%** | **Technology: 0.6%** |
| 88000 <sup>(3)</sup> | Advanced Micro Devices, <br> Inc., 3.924%, 06/01/2032 |  | 82027 | 0.1 |
| 50000 | Advanced Micro Devices, <br> Inc., 4.393%, 06/01/2052 |  | 44205 | 0.0 |
| 115000 | Apple, Inc., 2.650%, <br> 02/08/2051 |  | 76393 | 0.1 |
| 19000 | Apple, Inc., 2.850%, <br> 08/05/2061 |  | 12316 | 0.0 |
| 21000 <sup>(3)</sup> | Apple, Inc., 3.350%, <br> 08/08/2032 |  | 19127 | 0.0 |
| 70000 | Apple, Inc., 3.750%, <br> 09/12/2047 |  | 58505 | 0.0 |
| 121000 | Apple, Inc., 3.950%, <br> 08/08/2052 |  | 103514 | 0.1 |
| 18000 | Apple, Inc., 4.100%, <br> 08/08/2062 |  | 15073 | 0.0 |
| 37000 <sup>(2)</sup> | Broadcom, Inc., 4.926%, <br> 05/15/2037 |  | 32410 | 0.0 |
| 25000 | Dell International LLC / EMC <br> Corp., 6.020%, 06/15/2026 |  | 25535 | 0.0 |
| 20000 | Fiserv, Inc., 2.750%, <br> 07/01/2024 |  | 19332 | 0.0 |
| 80000 <sup>(3)</sup> | HP, Inc., 2.650%, 06/17/2031  |  | 62516 | 0.0 |
| 12000 | HP, Inc., 4.000%, 04/15/2029  |  | 10978 | 0.0 |
| 27000 <sup>(3)</sup> | HP, Inc., 4.750%, 01/15/2028  |  | 26244 | 0.0 |
| 18000 | Intel Corp., 3.100%, <br> 02/15/2060 |  | 11176 | 0.0 |
| 13000 | Intel Corp., 3.250%, <br> 11/15/2049 |  | 8905 | 0.0 |
| 75000 | Intel Corp., 4.600%, <br> 03/25/2040 |  | 68561 | 0.0 |
| 22000 | Intel Corp., 5.050%, <br> 08/05/2062 |  | 19427 | 0.0 |
| 38000 | International Business <br> Machines Corp., 4.400%, <br> 07/27/2032 |  | 36371 | 0.0 |
| 37000 | International Business <br> Machines Corp., 4.900%, <br> 07/27/2052 |  | 33836 | 0.0 |
| 64000 | KLA Corp., 4.950%, <br> 07/15/2052 |  | 59812 | 0.0 |
| 32000 | KLA Corp., 5.250%, <br> 07/15/2062 |  | 30938 | 0.0 |
| 21000 | Kyndryl Holdings, Inc., <br> 2.050%, 10/15/2026 |  | 17159 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** | **Technology (continued)** | **Technology (continued)** |
| 54000 | Kyndryl Holdings, Inc., <br> 2.700%, 10/15/2028 | $40611 | 0.0 |
| 18000 | Kyndryl Holdings, Inc., <br> 3.150%, 10/15/2031 | 12032 | 0.0 |
| 37000 | Microchip Technology, Inc., <br> 2.670%, 09/01/2023 | 36320 | 0.0 |
| 79000 | Microsoft Corp., 2.921%, <br> 03/17/2052 | 56301 | 0.0 |
| 31000 | NXP BV / NXP Funding LLC, <br> 5.350%, 03/01/2026 | 30861 | 0.0 |
| 13000 | NXP BV / NXP Funding LLC / <br> NXP USA, Inc., 3.250%, <br> 11/30/2051 | 8150 | 0.0 |
| 14000 | NXP BV / NXP Funding LLC / <br> NXP USA, Inc., 3.400%, <br> 05/01/2030 | 12130 | 0.0 |
| 100000 | NXP BV / NXP Funding LLC / <br> NXP USA, Inc., 4.300%, <br> 06/18/2029 | 93445 | 0.1 |
| 70000 | Oracle Corp., 2.300%, <br> 03/25/2028 | 60754 | 0.0 |
| 5000 | Oracle Corp., 3.600%, <br> 04/01/2050 | 3387 | 0.0 |
| 74000 | Oracle Corp., 3.650%, <br> 03/25/2041 | 54905 | 0.0 |
| 27000 | Oracle Corp., 3.800%, <br> 11/15/2037 | 21474 | 0.0 |
| 6000 | Oracle Corp., 3.850%, <br> 07/15/2036 | 4927 | 0.0 |
| 15000 | Oracle Corp., 3.950%, <br> 03/25/2051 | 10752 | 0.0 |
| 110000 | Oracle Corp., 4.300%, <br> 07/08/2034 | 96971 | 0.1 |
| 34000 | Oracle Corp., 6.150%, <br> 11/09/2029 | 35371 | 0.0 |
| 22000 | Oracle Corp., 6.900%, <br> 11/09/2052 | 23665 | 0.0 |
| 8000 <sup>(3)</sup> | QUALCOMM, Inc., 5.400%, <br> 05/20/2033 | 8356 | 0.0 |
| 63000 | QUALCOMM, Inc., 6.000%, <br> 05/20/2053 | 67311 | 0.0 |
| 17000 | Roper Technologies, Inc., <br> 1.400%, 09/15/2027 | 14408 | 0.0 |
| 81000 | Salesforce, Inc., 2.700%, <br> 07/15/2041 | 58138 | 0.0 |
| 24000 | Texas Instruments, Inc., <br> 3.650%, 08/16/2032 | 22325 | 0.0 |
| 31000 | Texas Instruments, Inc., <br> 4.100%, 08/16/2052 | 27708 | 0.0 |
| 81000 | VMware, Inc., 1.400%, <br> 08/15/2026 | 70715 | 0.1 |
|  |  | **1745377** | **0.6** |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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: 1.1%** | **Utilities: 1.1%** | **Utilities: 1.1%** |
| 32000 <sup>(2)</sup> | AEP Texas, Inc., 3.850%, <br> 10/01/2025 | $30769 | 0.0 |
| 21000 | AES Corp./The, 1.375%, <br> 01/15/2026 | 18670 | 0.0 |
| 10000 <sup>(2)</sup> | AES Corp./The, 3.950%, <br> 07/15/2030 | 8866 | 0.0 |
| 20000 | Alabama Power Co., 3.450%, <br> 10/01/2049 | 14502 | 0.0 |
| 74000 <sup>(2)</sup> | Alliant Energy Finance LLC, <br> 3.750%, 06/15/2023 | 73501 | 0.1 |
| 26000 <sup>(4)</sup> | American Electric Power Co., <br> Inc., 3.875%, 02/15/2062 | 20287 | 0.0 |
| 25000 <sup>(2)</sup> | American Transmission <br> Systems, Inc., 2.650%, <br> 01/15/2032 | 20583 | 0.0 |
| 28000 <sup>(2)</sup> | American Transmission <br> Systems, Inc., 5.000%, <br> 09/01/2044 | 25572 | 0.0 |
| 14000 | Appalachian Power Co., <br> 3.700%, 05/01/2050 | 10262 | 0.0 |
| 55000 | Avangrid, Inc., 3.200%, <br> 04/15/2025 | 52607 | 0.0 |
| 28000 | Baltimore Gas and Electric <br> Co., 2.250%, 06/15/2031 | 22753 | 0.0 |
| 9000 | Black Hills Corp., 3.050%, <br> 10/15/2029 | 7655 | 0.0 |
| 40000 | Black Hills Corp., 4.250%, <br> 11/30/2023 | 39789 | 0.0 |
| 4000 | Black Hills Corp., 4.350%, <br> 05/01/2033 | 3531 | 0.0 |
| 25000 | CenterPoint Energy Houston <br> Electric LLC, 3.550%, <br> 08/01/2042 | 19839 | 0.0 |
| 39000 <sup>(2)</sup> | Cleveland Electric Illuminating <br> Co/The, 3.500%, 04/01/2028 | 35605 | 0.0 |
| 12000 <sup>(4)</sup> | CMS Energy Corp., 3.750%, <br> 12/01/2050 | 9067 | 0.0 |
| 68000 <sup>(4)</sup> | CMS Energy Corp., 4.750%, <br> 06/01/2050 | 58987 | 0.0 |
| 12000 | Consolidated Edison Co. of <br> New York, Inc., 5.300%, <br> 03/01/2035 | 11830 | 0.0 |
| 53000 <sup>(4)</sup> | Dominion Energy, Inc., <br> 4.350%, 12/31/2199 | 44782 | 0.0 |
| 25000 <sup>(4)</sup> | Dominion Energy, Inc., <br> 4.650%, 12/31/2199 | 22000 | 0.0 |
| 50000 | Dominion Energy, Inc., <br> 5.375%, 11/15/2032 | 49716 | 0.0 |
| 10000 | Duke Energy Carolinas LLC, <br> 2.550%, 04/15/2031 | 8373 | 0.0 |
| 6000 | Duke Energy Carolinas LLC, <br> 3.750%, 06/01/2045 | 4684 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 81000 | Duke Energy Carolinas LLC, <br> 4.000%, 09/30/2042 | $67373 | 0.1 |
| 4000 <sup>(4)</sup> | Duke Energy Corp., 4.875%, <br> 12/31/2199 | 3660 | 0.0 |
| 42000 | Duke Energy Florida LLC, <br> 2.400%, 12/15/2031 | 34409 | 0.0 |
| 8000 | Duke Energy Florida LLC, <br> 4.200%, 07/15/2048 | 6746 | 0.0 |
| 20000 | Duke Energy Florida LLC, <br> 5.950%, 11/15/2052 | 21413 | 0.0 |
| 195000 | Duke Energy Indiana LLC, <br> 2.750%, 04/01/2050 | 123268 | 0.1 |
| 11000 | Duke Energy Ohio, Inc., <br> 2.125%, 06/01/2030 | 9004 | 0.0 |
| 109000 | Duke Energy Progress LLC, <br> 3.700%, 10/15/2046 | 83049 | 0.1 |
| 40000 | Duke Energy Progress LLC, <br> 4.100%, 05/15/2042 | 33753 | 0.0 |
| 2000 | Duke Energy Progress LLC, <br> 4.200%, 08/15/2045 | 1683 | 0.0 |
| 11000 <sup>(2)</sup> | Duquesne Light Holdings, <br> Inc., 2.532%, 10/01/2030 | 8741 | 0.0 |
| 78000 | Entergy Arkansas LLC, <br> 2.650%, 06/15/2051 | 47370 | 0.0 |
| 9000 | Entergy Arkansas LLC, <br> 3.350%, 06/15/2052 | 6295 | 0.0 |
| 25000 | Entergy Arkansas LLC, <br> 4.200%, 04/01/2049 | 20587 | 0.0 |
| 24000 | Entergy Corp., 2.400%, <br> 06/15/2031 | 19122 | 0.0 |
| 7000 | Entergy Corp., 2.800%, <br> 06/15/2030 | 5929 | 0.0 |
| 100000 | Entergy Louisiana LLC, <br> 2.900%, 03/15/2051 | 64433 | 0.1 |
| 9000 | Entergy Louisiana LLC, <br> 4.200%, 04/01/2050 | 7357 | 0.0 |
| 33000 | Entergy Texas, Inc., 4.000%, <br> 03/30/2029 | 31204 | 0.0 |
| 16000 | Evergy Metro, Inc., 2.250%, <br> 06/01/2030 | 13203 | 0.0 |
| 25000 | Eversource Energy, 1.400%, <br> 08/15/2026 | 21970 | 0.0 |
| 57000 | Eversource Energy, 2.900%, <br> 03/01/2027 | 52564 | 0.0 |
| 25000 | Georgia Power Co., 2.200%, <br> 09/15/2024 | 23857 | 0.0 |
| 33000 | Georgia Power Co., 5.750%, <br> 04/15/2023 | 33110 | 0.0 |
| 80000 | Interstate Power and Light <br> Co., 3.250%, 12/01/2024 | 77229 | 0.1 |
| 6000 | IPALCO Enterprises, Inc., <br> 4.250%, 05/01/2030 | 5344 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 8000 <sup>(2)</sup> | Jersey Central Power & Light <br> Co., 2.750%, 03/01/2032 | $6481 | 0.0 |
| 50000 <sup>(2)</sup> | Jersey Central Power & Light <br> Co., 4.300%, 01/15/2026 | 48349 | 0.0 |
| 50000 <sup>(2)</sup> | Jersey Central Power & Light <br> Co., 4.700%, 04/01/2024 | 49324 | 0.0 |
| 12000 <sup>(2)</sup> | Metropolitan Edison Co., <br> 4.000%, 04/15/2025 | 11494 | 0.0 |
| 5000 | MidAmerican Energy Co., <br> 4.400%, 10/15/2044 | 4441 | 0.0 |
| 30000 | Mississippi Power Co., <br> 4.250%, 03/15/2042 | 24460 | 0.0 |
| 20000 <sup>(2)</sup> | Monongahela Power Co., <br> 3.550%, 05/15/2027 | 18828 | 0.0 |
| 13000 <sup>(2)</sup> | Narragansett Electric Co/The, <br> 3.395%, 04/09/2030 | 11646 | 0.0 |
| 41000 | National Rural Utilities <br> Cooperative Finance Corp., <br> 2.400%, 03/15/2030 | 34232 | 0.0 |
| 31000 | National Rural Utilities <br> Cooperative Finance Corp., <br> 2.750%, 04/15/2032 | 25585 | 0.0 |
| 38000 | National Rural Utilities <br> Cooperative Finance Corp., <br> 4.150%, 12/15/2032 | 35207 | 0.0 |
| 43000 <sup>(4)</sup> | National Rural Utilities <br> Cooperative Finance Corp., <br> 4.750%, 04/30/2043 | 39885 | 0.0 |
| 17000 <sup>(3)</sup> | National Rural Utilities <br> Cooperative Finance Corp., <br> 5.800%, 01/15/2033 | 17797 | 0.0 |
| 175000 | NextEra Energy Capital <br> Holdings, Inc., 1.875%, <br> 01/15/2027 | 155131 | 0.1 |
| 123000 | NextEra Energy Capital <br> Holdings, Inc., 1.900%, <br> 06/15/2028 | 105234 | 0.1 |
| 18000 | NextEra Energy Capital <br> Holdings, Inc., 2.440%, <br> 01/15/2032 | 14572 | 0.0 |
| 45000 <sup>(4)</sup> | NextEra Energy Capital <br> Holdings, Inc., 3.800%, <br> 03/15/2082 | 36725 | 0.0 |
| 38000 | NextEra Energy Capital <br> Holdings, Inc., 4.255%, <br> 09/01/2024 | 37509 | 0.0 |
| 100000 | NiSource, Inc., 0.950%, <br> 08/15/2025 | 90244 | 0.1 |
| 20000 | NiSource, Inc., 5.950%, <br> 06/15/2041 | 20322 | 0.0 |
| 16000 | NSTAR Electric Co., 1.950%, <br> 08/15/2031 | 12766 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 17000 | Oglethorpe Power Corp., <br> 3.750%, 08/01/2050 | $12270 | 0.0 |
| 39000 <sup>(2)</sup> | Oncor Electric Delivery Co. <br> LLC, 4.550%, 09/15/2032 | 38305 | 0.0 |
| 26000 | ONE Gas, Inc., 1.100%, <br> 03/11/2024 | 24943 | 0.0 |
| 13000 | Pacific Gas and Electric Co., <br> 4.250%, 03/15/2046 | 9092 | 0.0 |
| 28000 | Pacific Gas and Electric Co., <br> 4.300%, 03/15/2045 | 19956 | 0.0 |
| 17000 | Pacific Gas and Electric Co., <br> 4.450%, 04/15/2042 | 12715 | 0.0 |
| 61000 | PacifiCorp, 5.350%, <br> 12/01/2053 | 60750 | 0.0 |
| 5000 | PECO Energy Co., 3.700%, <br> 09/15/2047 | 3933 | 0.0 |
| 6000 | PECO Energy Co., 4.150%, <br> 10/01/2044 | 5128 | 0.0 |
| 200000 | Perusahaan Listrik Negara <br> PT, 4.125%, 05/15/2027 | 192459 | 0.1 |
| 75000 | PPL Electric Utilities Corp., <br> 4.125%, 06/15/2044 | 63011 | 0.1 |
| 11000 | Public Service Enterprise <br> Group, Inc., 1.600%, <br> 08/15/2030 | 8554 | 0.0 |
| 59000 | Public Service Enterprise <br> Group, Inc., 2.450%, <br> 11/15/2031 | 47303 | 0.0 |
| 42000 | Sempra Energy, 3.800%, <br> 02/01/2038 | 34599 | 0.0 |
| 65000 <sup>(4)</sup> | Sempra Energy, 4.125%, <br> 04/01/2052 | 50651 | 0.0 |
| 24000 <sup>(3)(4)</sup> | Sempra Energy, 4.875%, <br> 12/31/2199 | 22252 | 0.0 |
| 49000 | South Jersey Industries, Inc., <br> 5.020%, 04/15/2031 | 38193 | 0.0 |
| 6000 | Southern California Edison <br> Co., 4.050%, 03/15/2042 | 4799 | 0.0 |
| 39000 <sup>(4)</sup> | Southern Co/The, 3.750%, <br> 09/15/2051 | 31588 | 0.0 |
| 35000 <sup>(4)</sup> | Southern Co/The, 4.000%, <br> 01/15/2051 | 31938 | 0.0 |
| 38000 | Southern Co/The, 5.113%, <br> 08/01/2027 | 37923 | 0.0 |
| 9000 | Southwest Gas Corp., <br> 4.050%, 03/15/2032 | 7927 | 0.0 |
| 36000 | Southwestern Electric Power <br> Co., 1.650%, 03/15/2026 | 32239 | 0.0 |
| 14000 | Tampa Electric Co., 4.350%, <br> 05/15/2044 | 11675 | 0.0 |
| 23000 | Tucson Electric Power Co., <br> 1.500%, 08/01/2030 | 17652 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
| 17000 | Union Electric Co., 3.900%, <br> 09/15/2042 | $| 13996 | 0 |
| 45000 <sup>(2)</sup> | Vistra Operations Co. LLC, <br> 5.125%, 05/13/2025 |  | 44249 | 0 |
| 36000 | Washington Gas Light Co., <br> 3.650%, 09/15/2049 |  | 26304 | 0 |
| 31000 | WEC Energy Group, Inc., <br> 1.375%, 10/15/2027 |  | 26346 | 0 |
| 26000 | WEC Energy Group, Inc., <br> 2.200%, 12/15/2028 |  | 22060 | 0 |
| 10000 | WEC Energy Group, Inc., <br> 5.000%, 09/27/2025 |  | 10008 | 0 |
| 14000 | WEC Energy Group, Inc., <br> 5.150%, 10/01/2027 |  | 14175 | 0 |
| 23000 | Wisconsin Electric Power Co., <br> 1.700%, 06/15/2028 |  | 19629 | 0 |
| 26000 | Wisconsin Public Service <br> Corp., 3.671%, 12/01/2042 |  | 19800 | 0 |
|  |  |  | **3253557** | **1.1** |
|  | Total Corporate Bonds/Notes <br> (Cost $25,042,016) |  | **21962069** | 7.5 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 3.6%** |
| 50225 | Alternative Loan Trust <br> 2004-J7 MI, 4.179%, <br> (US0001M + 1.020%), <br> 10/25/2034 |  | 50014 | 0 |
| 37655 | Alternative Loan Trust <br> 2005-65CB 2A4, 5.500%, <br> 12/25/2035 |  | 26733 | 0 |
| 74822 | Alternative Loan Trust <br> 2005-J2 1A12, 4.789%, <br> (US0001M + 0.400%), <br> 04/25/2035 |  | 58630 | 0 |
| 15275 | Alternative Loan Trust <br> 2006-13T1 A9, 6.000%, <br> 05/25/2036 |  | 7782 | 0 |
| 76522 | Alternative Loan Trust <br> 2006-19CB A12, 4.789%, <br> (US0001M + 0.400%), <br> 08/25/2036 |  | 38978 | 0 |
| 23307 | Alternative Loan Trust <br> 2007-23CB A3, 4.889%, <br> (US0001M + 0.500%), <br> 09/25/2037 |  | 10568 | 0 |
| 100437 | Alternative Loan Trust <br> 2007-2CB 2A1, 4.989%, <br> (US0001M + 0.600%), <br> 03/25/2037 |  | 47409 | 0 |
| 600000 <sup>(2)</sup> | Arroyo Mortgage Trust <br> 2022-1 A3, 3.650%, <br> 12/25/2056 |  | 458319 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 22358 <sup>(4)</sup> | Bear Stearns ALT-A Trust <br> 2005-7 21A1, 3.899%, <br> 09/25/2035 | $18201 | 0.0 |
| 38668 | Bear Stearns Mortgage <br> Funding Trust 2006-AR5 2A1, <br> 4.579%, (US0001M + <br> 0.190%), 01/25/2037 | 32903 | 0.0 |
| 500000 <sup>(2)</sup> | Bellemeade Re 2022-1 M1C <br> Ltd., 7.628%, (SOFR30A + <br> 3.700%), 01/26/2032 | 419192 | 0.2 |
| 52452 <sup>(4)</sup> | Citigroup Mortgage Loan <br> Trust 2006-AR2 1A1, 3.412%, <br> 03/25/2036 | 40908 | 0.0 |
| 26597 <sup>(4)</sup> | Citigroup Mortgage Loan <br> Trust 2007-10 22AA, 3.871%, <br> 09/25/2037 | 22882 | 0.0 |
| 100000 <sup>(2)</sup> | Connecticut Avenue <br> Securities Trust 2020-R02 <br> 2B1, 7.389%, (US0001M + <br> 3.000%), 01/25/2040 | 90158 | 0.0 |
| 200000 <sup>(2)</sup> | Connecticut Avenue <br> Securities Trust 2021-R01 <br> 1M2, 5.478%, (SOFR30A + <br> 1.550%), 10/25/2041 | 195049 | 0.1 |
| 100000 <sup>(2)</sup> | Connecticut Avenue <br> Securities Trust 2022-R02 <br> 2B1, 8.428%, (SOFR30A + <br> 4.500%), 01/25/2042 | 94946 | 0.0 |
| 249348 | Fannie Mae 2011-113 CL, <br> 4.000%, 11/25/2041 | 234327 | 0.1 |
| 399883 | Fannie Mae 2011-99 CZ, <br> 4.500%, 10/25/2041 | 391304 | 0.1 |
| 39853 | Fannie Mae Connecticut <br> Avenue Securities 2015-C02 <br> 1M2, 8.389%, (US0001M + <br> 4.000%), 05/25/2025 | 40084 | 0.0 |
| 6697 <sup>(2)</sup> | Fannie Mae Connecticut <br> Avenue Securities 2019-R02 <br> 1M2, 6.689%, (US0001M + <br> 2.300%), 08/25/2031 | 6689 | 0.0 |
| 58062 <sup>(2)</sup> | Fannie Mae Connecticut <br> Avenue Securities Trust <br> 2020-R01 1M2, 6.439%, <br> (US0001M + 2.050%), <br> 01/25/2040 | 57698 | 0.0 |
| 154355 | Fannie Mae REMIC Trust <br> 2009-19 PW, 4.500%, <br> 10/25/2036 | 150853 | 0.1 |
| 140182 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2009-50 HZ, 5.536%, <br> 02/25/2049 | 140308 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 118392 | Fannie Mae REMIC Trust <br> 2011-30 ZA, 5.000%, <br> 04/25/2041 | $116357 | 0.1 |
| 87564 | Fannie Mae REMIC Trust <br> 2011-9 AZ, 5.000%, <br> 05/25/2040 | 84300 | 0.0 |
| 179482 | Fannie Mae REMICS <br> 2009-96 DB, 4.000%, <br> 11/25/2029 | 174938 | 0.1 |
| 53763 | Fannie Mae REMICS <br> 2011-10 ZC, 5.000%, <br> 02/25/2041 | 53509 | 0.0 |
| 36048 | Fannie Mae REMICS <br> 2011-84 Z, 5.250%, <br> 09/25/2041 | 35612 | 0.0 |
| 67704 | Fannie Mae REMICS <br> 2013-16 GD, 3.000%, <br> 03/25/2033 | 65766 | 0.0 |
| 385475 | Fannie Mae REMICS <br> 2018-11 BX, 4.000%, <br> 12/25/2047 | 362348 | 0.1 |
| 41116 | Fannie Mae REMICS 2018-8 <br> AB, 3.500%, 10/25/2047 | 37931 | 0.0 |
| 88696 <sup>(2)(4)</sup> | Flagstar Mortgage Trust <br> 2018-1 B3, 3.950%, <br> 03/25/2048 | 74712 | 0.0 |
| 270927 | Freddie Mac 4634 ZM, <br> 5.000%, 11/15/2056 | 265518 | 0.1 |
| 41646 | Freddie Mac REMIC Trust <br> 2114 ZM, 6.000%, <br> 01/15/2029 | 42125 | 0.0 |
| 38388 | Freddie Mac REMIC Trust <br> 2541 NE, 5.500%, <br> 12/15/2032 | 38991 | 0.0 |
| 9688 | Freddie Mac REMIC Trust <br> 2861 Z, 5.500%, 09/15/2034 | 9781 | 0.0 |
| 30059 | Freddie Mac REMIC Trust <br> 2931 ZY, 5.000%, 02/15/2035 | 30147 | 0.0 |
| 91243 | Freddie Mac REMIC Trust <br> 3117 ZA, 5.500%, 02/15/2036 | 91381 | 0.0 |
| 35768 | Freddie Mac REMIC Trust <br> 3351 ZC, 5.500%, <br> 07/15/2037 | 35725 | 0.0 |
| 32234 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3524 LA, 5.079%, 03/15/2033 | 30935 | 0.0 |
| 34104 | Freddie Mac REMIC Trust <br> 3724 CM, 5.500%, <br> 06/15/2037 | 34052 | 0.0 |
| 6025 | Freddie Mac REMIC Trust <br> 4000 PA, 4.500%, 01/15/2042 | 5897 | 0.0 |
| 211582 | Freddie Mac REMIC Trust <br> 4203 BN, 3.000%, <br> 04/15/2033 | 196665 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 575714 | Freddie Mac REMIC Trust <br> 4335 ZX, 4.250%, 05/15/2044 | $547123 | 0.2 |
| 575714 | Freddie Mac REMIC Trust <br> 435 XZ, 4.250%, 05/15/2044 | 544642 | 0.2 |
| 1082181 | Freddie Mac REMICS 4136 <br> ZG, 3.000%, 11/15/2042 | 963108 | 0.3 |
| 530137 | Freddie Mac REMICS 4372 <br> Z, 3.000%, 08/15/2044 | 466986 | 0.2 |
| 143152 | Freddie Mac REMICS 4495 <br> PA, 3.500%, 09/15/2043 | 138157 | 0.1 |
| 217737 <sup>(2)</sup> | Freddie Mac STACR REMIC <br> Trust 2020-DNA6 M2, <br> 5.928%, (SOFR30A + <br> 2.000%), 12/25/2050 | 216353 | 0.1 |
| 83161 <sup>(2)</sup> | Freddie Mac Stacr Remic <br> Trust 2020-HQA2 M2, <br> 7.489%, (US0001M + <br> 3.100%), 03/25/2050 | 84374 | 0.0 |
| 202773 <sup>(2)</sup> | Freddie Mac STACR REMIC <br> Trust 2021-DNA5 M2, <br> 5.578%, (SOFR30A + <br> 1.650%), 01/25/2034 | 200077 | 0.1 |
| 600000 <sup>(2)</sup> | Freddie Mac STACR REMIC <br> Trust 2021-HQA4 B1, <br> 7.678%, (SOFR30A + <br> 3.750%), 12/25/2041 | 516165 | 0.2 |
| 100000 <sup>(2)</sup> | Freddie Mac STACR REMIC <br> Trust 2022-DNA1 B1, <br> 7.328%, (SOFR30A + <br> 3.400%), 01/25/2042 | 89114 | 0.0 |
| 242593 | Ginnie Mae 2013-8 BE, <br> 1.750%, 11/20/2042 | 210174 | 0.1 |
| 1143360 | Ginnie Mae 2019-15 CZ, <br> 3.500%, 02/20/2049 | 1005619 | 0.4 |
| 29194 | Ginnie Mae Series 2009-29 <br> PB, 4.750%, 05/20/2039 | 29224 | 0.0 |
| 197777 | Ginnie Mae Series 2010-164 <br> JZ, 4.000%, 12/20/2040 | 189813 | 0.1 |
| 7319 | Ginnie Mae Series 2011-169 <br> BC, 7.000%, 05/16/2032 | 7488 | 0.0 |
| 22447 | HomeBanc Mortgage Trust <br> 2004-1 2A, 5.249%, <br> (US0001M + 0.860%), <br> 08/25/2029 | 21246 | 0.0 |
| 44846 <sup>(2)(4)</sup> | JP Morgan Mortgage Trust <br> 2019-LTV3 A5, 3.500%, <br> 03/25/2050 | 43506 | 0.0 |
| 149969 <sup>(2)(4)</sup> | JP Morgan Mortgage Trust <br> 2020-5 A15, 3.000%, <br> 12/25/2050 | 124515 | 0.1 |
| 44937 | Morgan Stanley Mortgage <br> Loan Trust 2007-13 6A1, <br> 6.000%, 10/25/2037 | 26440 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 300000 <sup>(2)</sup> | Mortgage Insurance-Linked <br> Notes 2021-3 M1B, 6.828%, <br> (SOFR30A + 2.900%), <br> 02/25/2034 | $281924 | 0.1 |
| 8548 | Prime Mortgage Trust 2007-1 <br> A4, 5.500%, 03/25/2037 | 7048 | 0.0 |
| 15053 <sup>(4)</sup> | WaMu Mortgage Pass <br> Through Certificates <br> Series 2006-AR12 2A3, <br> 3.191%, 10/25/2036 | 13434 | 0.0 |
| 36154 | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2005-AR11 A1C3, <br> 5.409%, (US0001M + <br> 0.510%), 08/25/2045 | 33999 | 0.0 |
| 19087 | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2005-AR13 A1C3, <br> 5.369%, (US0001M + <br> 0.490%), 10/25/2045 | 17569 | 0.0 |
| 20840 <sup>(4)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2006-AR8 1A4, <br> 3.682%, 08/25/2046 | 18350 | 0.0 |
| 99546 <sup>(4)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2007-HY2 1A1, <br> 3.372%, 12/25/2036 | 88208 | 0.0 |
| 53536 <sup>(4)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2007-HY7 2A2, <br> 3.368%, 07/25/2037 | 44794 | 0.0 |
| 125033 | Washington Mutual Mortgage <br> Pass-Through Certificates <br> WMALT Series 2006-AR6 2A, <br> 3.008%, (12MTA + 0.960%), <br> 08/25/2046 | 77229 | 0.0 |
| 10909 | Wells Fargo Alternative Loan <br> 2007-PA2 2A1, 4.819%, <br> (US0001M + 0.430%), <br> 06/25/2037 | 8839 | 0.0 |
| 9087 <sup>(4)</sup> | Wells Fargo Mortgage <br> Backed Securities 2006-AR4 <br> 2A4, 2.879%, 04/25/2036 | 8484 | 0.0 |
| 13978 <sup>(4)</sup> | Wells Fargo Mortgage <br> Backed Securities 2007-AR7 <br> A1, 4.332%, 12/28/2037 | 12166 | 0.0 |
|  | Total Collateralized Mortgage <br> Obligations <br> (Cost $11,784,305) | **10456793** | 3.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **U.S. TREASURY OBLIGATIONS: 3.0%** | **U.S. TREASURY OBLIGATIONS: 3.0%** | **U.S. TREASURY OBLIGATIONS: 3.0%** | **U.S. TREASURY OBLIGATIONS: 3.0%** |
|  | **U.S. Treasury Bonds: 1.1%** | **U.S. Treasury Bonds: 1.1%** | **U.S. Treasury Bonds: 1.1%** |
| 1000 | 1.250%, 05/15/2050 | $538 | 0.0 |
| 22000 | 1.375%, 11/15/2040 | 14314 | 0.0 |
| 2200 | 1.625%, 11/15/2050 | 1310 | 0.0 |
| 1631200 | 3.000%, 08/15/2052 | 1344466 | 0.5 |
| 117400 | 3.250%, 05/15/2042 | 102982 | 0.0 |
| 1674000 <sup>(3)</sup> | 4.000%, 11/15/2042 | 1639474 | 0.6 |
|  |  | **3103084** | **1.1** |
|  | **U.S. Treasury Notes: 1.9%** | **U.S. Treasury Notes: 1.9%** | **U.S. Treasury Notes: 1.9%** |
| 1000 | 0.125%, 10/15/2023 | 965 | 0.0 |
| 260500 | 0.500%, 11/30/2023 | 250640 | 0.1 |
| 20500 | 1.125%, 02/15/2031 | 16713 | 0.0 |
| 137800 | 1.250%, 11/30/2026 | 123670 | 0.0 |
| 219300 | 1.250%, 09/30/2028 | 188367 | 0.1 |
| 45400 | 2.750%, 08/15/2032 | 41349 | 0.0 |
| 156400 <sup>(3)</sup> | 3.875%, 11/30/2027 | 155569 | 0.0 |
| 585300 | 3.875%, 12/31/2027 | 582008 | 0.2 |
| 190000 | 3.875%, 11/30/2029 | 188768 | 0.1 |
| 462000 | 3.875%, 12/31/2029 | 459798 | 0.2 |
| 1921000 | 4.000%, 12/15/2025 | 1908994 | 0.7 |
| 1000800 | 4.125%, 11/15/2032 | 1021520 | 0.3 |
| 585000 | 4.250%, 12/31/2024 | 583012 | 0.2 |
|  |  | **5521373** | **1.9** |
|  | Total U.S. Treasury <br> Obligations <br> (Cost $8,778,628) | **8624457** | 3.0 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%** |
|  | **Federal Home Loan Mortgage<br>Corporation: 0.2%<sup>(5)</sup>** | **Federal Home Loan Mortgage<br>Corporation: 0.2%<sup>(5)</sup>** | **Federal Home Loan Mortgage<br>Corporation: 0.2%<sup>(5)</sup>** |
| 6518 | 2.500%, 05/01/2030 | 6112 | 0.0 |
| 4029 | 2.500%, 05/01/2030 | 3779 | 0.0 |
| 8542 | 2.500%, 06/01/2030 | 8010 | 0.0 |
| 16142 | 3.000%, 03/01/2045 | 14663 | 0.0 |
| 12061 | 3.000%, 03/01/2045 | 10888 | 0.0 |
| 18408 | 3.000%, 04/01/2045 | 16610 | 0.0 |
| 28225 | 3.500%, 03/01/2045 | 26301 | 0.0 |
| 77737 | 4.000%, 12/01/2041 | 74810 | 0.1 |
| 27776 | 4.000%, 12/01/2042 | 26690 | 0.0 |
| 3411 | 4.000%, 09/01/2045 | 3274 | 0.0 |
| 3790 | 4.000%, 09/01/2045 | 3638 | 0.0 |
| 4827 | 4.000%, 09/01/2045 | 4634 | 0.0 |
| 3916 | 4.000%, 09/01/2045 | 3759 | 0.0 |
| 40486 | 4.500%, 08/01/2041 | 39665 | 0.0 |
| 180052 | 4.500%, 09/01/2041 | 178860 | 0.1 |
| 2005 | 5.500%, 07/01/2037 | 2083 | 0.0 |
| 1614 | 6.500%, 12/01/2031 | 1666 | 0.0 |
|  |  | **425442** | **0.2** |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
|  | **Federal National Mortgage<br>Association: 0.1%<sup>(5)</sup>** | **Federal National Mortgage<br>Association: 0.1%<sup>(5)</sup>** | **Federal National Mortgage<br>Association: 0.1%<sup>(5)</sup>** |
| 348852 | 4.500%, 09/01/2047 | $**353645** | 0.1 |
|  | **Government National Mortgage<br>Association: 1.7%** | **Government National Mortgage<br>Association: 1.7%** | **Government National Mortgage<br>Association: 1.7%** |
| 1184455 | 2.500%, 05/20/2051 | 1031093 | 0.4 |
| 628934 | 3.000%, 11/20/2051 | 563042 | 0.2 |
| 1944473 | 3.500%, 05/20/2050 | 1805937 | 0.6 |
| 19768 | 4.000%, 11/20/2040 | 19119 | 0.0 |
| 40013 | 4.000%, 03/20/2046 | 38511 | 0.0 |
| 1559000 <sup>(6)</sup> | 4.000%, 01/15/2053 | 1475453 | 0.5 |
| 36971 | 4.500%, 08/20/2041 | 36933 | 0.0 |
| 67759 | 4.500%, 09/15/2047 | 66784 | 0.0 |
|  |  | **5036872** | **1.7** |
|  | **Uniform Mortgage-Backed Securities: 5.2%** | **Uniform Mortgage-Backed Securities: 5.2%** | **Uniform Mortgage-Backed Securities: 5.2%** |
| 269289 | 2.000%, 05/01/2051 | 220056 | 0.1 |
| 277144 | 2.000%, 10/01/2051 | 226327 | 0.1 |
| 945410 | 2.000%, 02/01/2052 | 775951 | 0.3 |
| 1016835 | 2.000%, 03/01/2052 | 829679 | 0.3 |
| 11144 | 2.500%, 05/01/2030 | 10461 | 0.0 |
| 21487 | 2.500%, 06/01/2030 | 20171 | 0.0 |
| 15674 | 2.500%, 06/01/2030 | 14713 | 0.0 |
| 8769 | 2.500%, 07/01/2030 | 8232 | 0.0 |
| 1304970 | 2.500%, 02/01/2051 | 1107416 | 0.4 |
| 547620 | 2.500%, 06/01/2051 | 464534 | 0.2 |
| 971414 | 2.500%, 11/01/2051 | 828474 | 0.3 |
| 317177 | 2.500%, 01/01/2052 | 270729 | 0.1 |
| 473369 | 2.500%, 02/01/2052 | 403574 | 0.1 |
| 573020 | 2.500%, 02/01/2052 | 488535 | 0.2 |
| 902204 | 2.500%, 02/01/2052 | 771436 | 0.3 |
| 816133 | 2.500%, 02/01/2052 | 697945 | 0.2 |
| 358213 | 2.500%, 03/01/2052 | 306064 | 0.1 |
| 30954 | 3.000%, 09/01/2043 | 28200 | 0.0 |
| 151183 | 3.000%, 04/01/2045 | 136523 | 0.1 |
| 102041 | 3.000%, 07/01/2046 | 91593 | 0.0 |
| 541002 | 3.000%, 04/01/2050 | 478235 | 0.2 |
| 1034026 | 3.000%, 02/01/2052 | 916555 | 0.3 |
| 956682 | 3.000%, 04/01/2052 | 845075 | 0.3 |
| 767895 | 3.000%, 05/01/2052 | 677826 | 0.2 |
| 34995 | 3.500%, 10/01/2042 | 32779 | 0.0 |
| 310843 | 3.500%, 08/01/2046 | 288949 | 0.1 |
| 1501000 <sup>(6)</sup> | 3.500%, 01/15/2053 | 1363831 | 0.5 |
| 8079 | 4.000%, 07/01/2042 | 7766 | 0.0 |
| 76974 | 4.000%, 07/01/2042 | 73992 | 0.0 |
| 123035 | 4.000%, 01/01/2045 | 120284 | 0.0 |
| 20006 | 4.000%, 06/01/2045 | 19181 | 0.0 |
| 1341000 <sup>(6)</sup> | 4.000%, 01/15/2053 | 1257821 | 0.4 |
| 15519 | 4.500%, 11/01/2040 | 15399 | 0.0 |
| 31287 | 4.500%, 10/01/2041 | 31045 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 1010000 <sup>(6)</sup> | 4.500%, 01/15/2053 | $| 972194 | 0.3 |
| 190392 | 5.000%, 05/01/2042 |  | 194606 | 0.1 |
| 54640 | 5.500%, 12/01/2036 |  | 56258 | 0.0 |
| 164 | 7.000%, 10/01/2029 |  | 168 | 0.0 |
| 901 | 7.000%, 01/01/2032 |  | 906 | 0.0 |
|  |  |  | **15053483** | **5.2** |
|  | Total U.S. Government <br> Agency Obligations <br> (Cost $22,198,570) |  | **20869442** | 7.2 |
| **ASSET-BACKED SECURITIES: 3.1%** | **ASSET-BACKED SECURITIES: 3.1%** | **ASSET-BACKED SECURITIES: 3.1%** | **ASSET-BACKED SECURITIES: 3.1%** | **ASSET-BACKED SECURITIES: 3.1%** |
|  | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** | **Automobile Asset-Backed Securities: 0.2%** |
| 98817 | Americredit Automobile <br> Receivables Trust 2018-2 D, <br> 4.010%, 07/18/2024 |  | 98652 | 0.1 |
| 100000 | Americredit Automobile <br> Receivables Trust 2019-1 D, <br> 3.620%, 03/18/2025 |  | 98403 | 0.0 |
| 150000 | Drive Auto Receivables Trust <br> 2021-2 C, 0.870%, <br> 10/15/2027 |  | 144386 | 0.1 |
| 100000 <sup>(2)</sup> | Ford Credit Auto Owner Trust <br> 2022-REV1 C, 4.670%, <br> 11/15/2034 |  | 96062 | 0.0 |
| 100000 <sup>(2)</sup> | GLS Auto Receivables Issuer <br> Trust 2021-4 C, 1.940%, <br> 10/15/2027 |  | 92688 | 0.0 |
| 100000 | GM Financial Automobile <br> Leasing Trust 2022-2 C, <br> 4.330%, 05/20/2026 |  | 97666 | 0.0 |
|  |  |  | **627857** | **0.2** |
|  | **Home Equity Asset-Backed Securities: 0.0%** | **Home Equity Asset-Backed Securities: 0.0%** | **Home Equity Asset-Backed Securities: 0.0%** | **Home Equity Asset-Backed Securities: 0.0%** |
| 63020 <sup>(4)</sup> | Renaissance Home Equity <br> Loan Trust 2005-3 AF4, <br> 5.140%, 11/25/2035 |  | **61908** | 0.0 |
|  | **Other Asset-Backed Securities: 2.7%** | **Other Asset-Backed Securities: 2.7%** | **Other Asset-Backed Securities: 2.7%** | **Other Asset-Backed Securities: 2.7%** |
| 250000 <sup>(2)</sup> | AMMC CLO 16 Ltd. 2015-16A <br> CR2, 5.961%, (US0003M + <br> 1.950%), 04/14/2029 |  | 243888 | 0.1 |
| 33512 <sup>(2)</sup> | Aqua Finance Trust <br> 2020-AA A, 1.900%, <br> 07/17/2046 |  | 31623 | 0.0 |
| 300000 <sup>(2)</sup> | Arbor Realty Commercial <br> Real Estate Notes 2021-FL4 <br> D Ltd., 7.218%, (US0001M + <br> 2.900%), 11/15/2036 |  | 278502 | 0.1 |
| 400000 <sup>(2)</sup> | ARES XLIV CLO Ltd. <br> 2017-44A A2R, 5.379%, <br> (US0003M + 1.300%), <br> 04/15/2034 |  | 380938 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 88333 <sup>(2)</sup> | Beacon Container Finance II <br> LLC 2021-1A A, 2.250%, <br> 10/22/2046 | $75015 | 0.0 |
| 250000 <sup>(2)</sup> | Benefit Street Partners CLO <br> IV Ltd. 2014-IVA BRRR, <br> 6.393%, (US0003M + <br> 2.150%), 01/20/2032 | 236873 | 0.1 |
| 500000 <sup>(2)</sup> | Benefit Street Partners Clo <br> XXII Ltd. 2020-22A AR, <br> 5.313%, (TSFR3M + <br> 1.350%), 04/20/2035 | 482768 | 0.2 |
| 500000 <sup>(2)</sup> | BlueMountain CLO 2014-2A <br> A2R2 Ltd., 5.643%, <br> (US0003M + 1.400%), <br> 10/20/2030 | 481055 | 0.2 |
| 250000 <sup>(2)</sup> | BlueMountain CLO Ltd. <br> 2021-28A C, 6.079%, <br> (US0003M + 2.000%), <br> 04/15/2034 | 232193 | 0.1 |
| 455000 <sup>(2)</sup> | BlueMountain CLO XXX Ltd. <br> 2020-30A CR, 6.014%, <br> (TSFR3M + 2.150%), <br> 04/15/2035 | 422930 | 0.2 |
| 99250 <sup>(2)</sup> | Bojangles Issuer LLC <br> 2020-3A A2, 3.832%, <br> 10/20/2050 | 89322 | 0.0 |
| 250000 <sup>(2)</sup> | Carlyle US Clo 2017-2A CR <br> Ltd., 5.643%, (US0003M + <br> 1.400%), 07/20/2031 | 244000 | 0.1 |
| 16450 | Chase Funding Trust <br> Series 2003-5 2A2, 4.989%, <br> (US0001M + 0.600%), <br> 07/25/2033 | 15545 | 0.0 |
| 76625 <sup>(2)</sup> | CLI Funding VI LLC 2020-1A <br> A, 2.080%, 09/18/2045 | 66468 | 0.0 |
| 91813 <sup>(2)</sup> | CLI Funding VIII LLC <br> 2022-1A A1, 2.720%, <br> 01/18/2047 | 78174 | 0.0 |
| 96000 <sup>(2)</sup> | Domino's Pizza Master Issuer <br> LLC 2018-1A A211, 4.328%, <br> 07/25/2048 | 89098 | 0.0 |
| 194500 <sup>(2)</sup> | Domino's Pizza Master Issuer <br> LLC 2019-1A A2, 3.668%, <br> 10/25/2049 | 168628 | 0.1 |
| 98500 <sup>(2)</sup> | Domino's Pizza Master Issuer <br> LLC 2021-1A A2II, 3.151%, <br> 04/25/2051 | 79040 | 0.0 |
| 96250 <sup>(2)</sup> | Driven Brands Funding LLC <br> 2019-1A A2, 4.641%, <br> 04/20/2049 | 88293 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 250000 <sup>(2)</sup> | Eaton Vance Clo 2015-1A <br> A2R Ltd., 5.493%, <br> (US0003M + 1.250%), <br> 01/20/2030 | $237731 | 0.1 |
| 98750 <sup>(2)</sup> | Five Guys Holdings, Inc. <br> 2017-1A A2, 4.600%, <br> 07/25/2047 | 92740 | 0.1 |
| 13189 <sup>(2)</sup> | HERO Funding Trust 2015-2A <br> A, 3.990%, 09/20/2040 | 12505 | 0.0 |
| 228952 <sup>(2)</sup> | J.G. Wentworth XXXIX LLC <br> 2017-2A A, 3.530%, <br> 09/15/2072 | 191330 | 0.1 |
| 243199 <sup>(2)</sup> | LCM XXIV Ltd. 24A AR, <br> 5.223%, (US0003M + <br> 0.980%), 03/20/2030 | 239554 | 0.1 |
| 68132 <sup>(2)</sup> | Loanpal Solar Loan <br> 2020-2GF A Ltd., 2.750%, <br> 07/20/2047 | 56620 | 0.0 |
| 68771 <sup>(2)</sup> | Loanpal Solar Loan 2021-1 <br> 1GS A Ltd., 2.290%, <br> 01/20/2048 | 52484 | 0.0 |
| 114508 <sup>(2)</sup> | Loanpal Solar Loan <br> 2021-2GS A Ltd., 2.220%, <br> 03/20/2048 | 84056 | 0.0 |
| 250000 <sup>(2)</sup> | Madison Park Funding XLVIII <br> Ltd. 2021-48A C, 6.227%, <br> (US0003M + 2.000%), <br> 04/19/2033 | 238743 | 0.1 |
| 80210 <sup>(2)</sup> | Marlette Funding Trust <br> 2019-2A C, 4.110%, <br> 07/16/2029 | 79618 | 0.0 |
| 200000 <sup>(2)(4)</sup> | Mill City Mortgage Loan Trust <br> 2017-2 M2, 3.250%, <br> 07/25/2059 | 182680 | 0.1 |
| 35813 <sup>(2)</sup> | Mosaic Solar Loan Trust <br> 2018-1A A, 4.010%, <br> 06/22/2043 | 33099 | 0.0 |
| 52304 <sup>(2)</sup> | Mosaic Solar Loan Trust <br> 2018-2-GS B, 4.740%, <br> 02/22/2044 | 48441 | 0.0 |
| 57692 <sup>(2)</sup> | Mosaic Solar Loan Trust <br> 2020-2A A, 1.440%, <br> 08/20/2046 | 48235 | 0.0 |
| 65330 <sup>(2)</sup> | Mosaic Solar Loan Trust <br> 2021-1A B, 2.050%, <br> 12/20/2046 | 49458 | 0.0 |
| 250000 <sup>(2)</sup> | Oak Hill Credit Partners <br> 2021-8A C, 6.094%, <br> (US0003M + 1.900%), <br> 01/18/2034 | 235930 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 250000 <sup>(2)</sup> | Octagon Investment Partners <br> 32 Ltd. 2017-1A A2R, <br> 5.279%, (US0003M + <br> 1.200%), 07/15/2029 | $240587 | 0.1 |
| 200000 <sup>(2)</sup> | OHA Loan Funding 2013-1A <br> A1R2 Ltd., 5.415%, <br> (US0003M + 1.090%), <br> 07/23/2031 | 197953 | 0.1 |
| 70541 <sup>(2)</sup> | Pagaya AI Debt Trust <br> 2022-1 A, 2.030%, <br> 10/15/2029 | 67754 | 0 |
| 250000 <sup>(2)</sup> | Palmer Square CLO 2021-1A <br> B Ltd., 5.943%, (US0003M + <br> 1.700%), 04/20/2034 | 233226 | 0.1 |
| 250000 <sup>(2)</sup> | Rockland Park CLO Ltd. <br> 2021-1A C, 6.143%, <br> (US0003M + 1.900%), <br> 04/20/2034 | 234222 | 0.1 |
| 189822 <sup>(2)</sup> | Sunnova Sol II Issuer LLC <br> 2020-2A A, 2.730%, <br> 11/01/2055 | 149467 | 0.1 |
| 91665 <sup>(2)</sup> | Sunnova Sol III Issuer LLC <br> 2021-1 A, 2.580%, <br> 04/28/2056 | 70034 | 0 |
| 90834 <sup>(2)</sup> | Sunnova Sol Issuer LLC <br> 2020-1A A, 3.350%, <br> 02/01/2055 | 75694 | 0 |
| 189000 <sup>(2)</sup> | Taco Bell Funding LLC <br> 2016-1A A23, 4.970%, <br> 05/25/2046 | 181985 | 0.1 |
| 96000 <sup>(2)</sup> | Taco Bell Funding LLC <br> 2018-1A A2II, 4.940%, <br> 11/25/2048 | 90105 | 0 |
| 99000 <sup>(2)</sup> | Taco Bell Funding LLC <br> 2021-1A A23, 2.542%, <br> 08/25/2051 | 75538 | 0 |
| 89333 <sup>(2)</sup> | Textainer Marine Containers <br> Ltd. 2021-3A A, 1.940%, <br> 08/20/2046 | 73147 | 0 |
| 85125 <sup>(2)</sup> | Triton Container Finance VIII <br> LLC 2021-1A A, 1.860%, <br> 03/20/2046 | 71142 | 0 |
| 57189 <sup>(2)</sup> | Upstart Securitization Trust <br> 2021-4 A, 0.840%, <br> 09/20/2031 | 55373 | 0 |
| 95000 <sup>(2)</sup> | Wendy's Funding LLC <br> 2018-1A A2II, 3.884%, <br> 03/15/2048 | 85917 | 0 |
| 98500 <sup>(2)</sup> | Wendy's Funding LLC <br> 2021-1A A2II, 2.775%, <br> 06/15/2051 | 77056 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal 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)** |
| 197500 <sup>(2)</sup> | Zaxby's Funding LLC <br> 2021-1A A2, 3.238%, <br> 07/30/2051 | $| 159747 | 0.1 |
|  |  |  | **7806524** | **2.7** |
|  | **Student Loan Asset-Backed Securities: 0.2%** | **Student Loan Asset-Backed Securities: 0.2%** | **Student Loan Asset-Backed Securities: 0.2%** | **Student Loan Asset-Backed Securities: 0.2%** |
| 26428 <sup>(2)</sup> | Commonbond Student Loan <br> Trust 2017-BGS A1, 2.680%, <br> 09/25/2042 |  | 24342 | 0.0 |
| 21084 <sup>(2)</sup> | Commonbond Student Loan <br> Trust 2018-AGS A1, 3.210%, <br> 02/25/2044 |  | 19549 | 0.0 |
| 44923 <sup>(2)</sup> | Commonbond Student Loan <br> Trust 2018-BGS B, 3.990%, <br> 09/25/2045 |  | 42144 | 0.0 |
| 35520 <sup>(2)</sup> | Commonbond Student Loan <br> Trust 2020-AGS A, 1.980%, <br> 08/25/2050 |  | 30283 | 0.0 |
| 27568 <sup>(2)</sup> | Navient Private Education <br> Refi Loan Trust 2019-A A2A, <br> 3.420%, 01/15/2043 |  | 26358 | 0.0 |
| 32616 <sup>(2)</sup> | Navient Private Education <br> Refi Loan Trust 2020-DA A, <br> 1.690%, 05/15/2069 |  | 29343 | 0.0 |
| 100000 <sup>(2)</sup> | SMB Private Education Loan <br> Trust 2017-A B, 3.500%, <br> 06/17/2041 |  | 91728 | 0.1 |
| 65013 <sup>(2)</sup> | SMB Private Education Loan <br> Trust 2020-PTA A2A, 1.600%, <br> 09/15/2054 |  | 57807 | 0.0 |
| 33073 <sup>(2)</sup> | Sofi Professional Loan <br> Program 2018-C A2FX Trust, <br> 3.590%, 01/25/2048 |  | 31954 | 0.0 |
| 31653 <sup>(2)</sup> | Sofi Professional Loan <br> Program 2018-D A2FX Trust, <br> 3.600%, 02/25/2048 |  | 30431 | 0.0 |
| 70533 <sup>(2)</sup> | SoFi Professional Loan <br> Program 2020-C AFX Trust, <br> 1.950%, 02/15/2046 |  | 63235 | 0.1 |
|  |  |  | **447174** | **0.2** |
|  | Total Asset-Backed Securities <br> (Cost $9,691,085) |  | **8943463** | 3.1 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6%** |
| 500000 <sup>(2)(4)</sup> | Arbor Multifamily Mortgage <br> Securities Trust 2021-MF2 E, <br> 2.000%, 06/15/2054 |  | 271762 | 0.1 |
| 500000 <sup>(2)</sup> | AREIT 2021-CRE5 D Trust, <br> 6.989%, (US0001M + <br> 2.650%), 11/17/2038 |  | 465607 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 100000 <sup>(2)(4)</sup> | BAMLL Commercial <br> Mortgage Securities Trust <br> 2015-200P F, 3.596%, <br> 04/14/2033 | $81644 | 0 |
| 3000000 <sup>(4)(7)</sup> | BANK 2017-BNK8 XB, <br> 0.184%, 11/15/2050 | 24221 | 0 |
| 958905 <sup>(4)(7)</sup> | BANK 2019-BNK16 XA, <br> 0.941%, 02/15/2052 | 40279 | 0 |
| 3620090 <sup>(4)(7)</sup> | BANK 2019-BNK21 XA, <br> 0.845%, 10/17/2052 | 150770 | 0.1 |
| 2180000 <sup>(2)(4)(7)</sup> | BBCCRE Trust 2015-GTP <br> XA, 0.597%, 08/10/2033 | 31068 | 0 |
| 982365 <sup>(4)(7)</sup> | Benchmark 2019-B9 XA <br> Mortgage Trust, 1.031%, <br> 03/15/2052 | 46357 | 0 |
| 343000 <sup>(2)</sup> | BX Commercial Mortgage <br> Trust 2021-IRON E, 6.668%, <br> (US0001M + 2.350%), <br> 02/15/2038 | 320712 | 0.1 |
| 655327 <sup>(4)(7)</sup> | CD 2017-CD4 Mortgage Trust <br> XA, 1.226%, 05/10/2050 | 26196 | 0 |
| 857065 <sup>(4)(7)</sup> | Citigroup Commercial <br> Mortgage Trust 2016-P4 XA, <br> 1.895%, 07/10/2049 | 41344 | 0 |
| 1116424 <sup>(4)(7)</sup> | Citigroup Commercial <br> Mortgage Trust 2017-C4 XA, <br> 1.040%, 10/12/2050 | 40949 | 0 |
| 953036 <sup>(4)(7)</sup> | Citigroup Commercial <br> Mortgage Trust 2017-P8 XA, <br> 0.875%, 09/15/2050 | 29858 | 0 |
| 1179618 <sup>(4)(7)</sup> | Citigroup Commercial <br> Mortgage Trust 2018-C5 XA, <br> 0.673%, 06/10/2051 | 35489 | 0 |
| 1102725 <sup>(4)(7)</sup> | Citigroup Commercial <br> Mortgage Trust 2019-GC41 <br> XA, 1.041%, 08/10/2056 | 50255 | 0 |
| 60000 | Citigroup Commercial <br> Mortgage Trust 2019-GC43 <br> A4, 3.038%, 11/10/2052 | 52362 | 0 |
| 181324 <sup>(4)(7)</sup> | COMM 2012-CR4 XA, <br> 1.258%, 10/15/2045 | 373 | 0 |
| 2380000 <sup>(2)(4)(7)</sup> | COMM 2012-CR4 XB, <br> 0.423%, 10/15/2045 | 7448 | 0 |
| 177000 <sup>(4)</sup> | Comm 2013-CCRE13 C <br> Mortgage Trust, 4.876%, <br> 11/10/2046 | 166803 | 0.1 |
| 1301559 <sup>(4)(7)</sup> | COMM 2016-CR28 XA, <br> 0.631%, 02/10/2049 | 21302 | 0 |
| 690582 <sup>(4)(7)</sup> | COMM 2017-COR2 XA, <br> 1.156%, 09/10/2050 | 27437 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 110000 <sup>(2)(4)</sup> | DBJPM 16-C3 Mortgage <br> Trust, 3.473%, 08/10/2049 | $79557 | 0 |
| 130000 <sup>(2)(4)</sup> | DBWF 2015-LCM D <br> Mortgage Trust, 3.421%, <br> 06/10/2034 | 100200 | 0.1 |
| 647269 | Freddie Mac Multifamily <br> 2021-ML08-X-US Certificates <br> Sustainability Bonds, 1.846%, <br> 07/25/2037 | 89345 | 0.1 |
| 1644507 <sup>(4)(7)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates K122 X1, <br> 0.882%, 11/25/2030 | 85642 | 0.1 |
| 782899 <sup>(4)(7)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates K-1517 X1, <br> 1.324%, 07/25/2035 | 81778 | 0 |
| 1285137 <sup>(4)(7)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates K-1518 X1, <br> 0.868%, 10/25/2035 | 94005 | 0.1 |
| 848000 <sup>(4)(7)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates KL06 XFX, <br> 1.364%, 12/25/2029 | 60108 | 0 |
| 300000 <sup>(2)</sup> | GAM Re-REMIC Trust <br> 2021-FRR1 1B, 1.500%, <br> 11/29/2050 | 197168 | 0.1 |
| 300000 <sup>(2)</sup> | GAM Re-REMIC Trust <br> 2021-FRR1 2B, 1.660%, <br> 11/29/2050 | 189053 | 0.1 |
| 100000 <sup>(2)</sup> | GS Mortgage Securities <br> Corp. II 2018-RIVR F, <br> 6.418%, (US0001M + <br> 2.100%), 07/15/2035 | 73515 | 0 |
| 964755 <sup>(4)(7)</sup> | GS Mortgage Securities Trust <br> 2014-GC22 XA, 0.937%, <br> 06/10/2047 | 7911 | 0 |
| 1344276 <sup>(4)(7)</sup> | GS Mortgage Securities Trust <br> 2016-GS4 XA, 0.567%, <br> 11/10/2049 | 22781 | 0 |
| 824875 <sup>(4)(7)</sup> | GS Mortgage Securities Trust <br> 2017-GS6 XA, 1.013%, <br> 05/10/2050 | 29073 | 0 |
| 1214788 <sup>(4)(7)</sup> | GS Mortgage Securities Trust <br> 2019-GC38 XA, 0.952%, <br> 02/10/2052 | 52063 | 0 |
| 2050215 <sup>(4)(7)</sup> | GS Mortgage Securities Trust <br> 2019-GC42 XA, 0.805%, <br> 09/01/2052 | 79489 | 0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
| 90000 | GS Mortgage Securities Trust <br> 2019-GSA1 A4, 3.048%, <br> 11/10/2052 | $78440 | 0.0 |
| 1298561 <sup>(4)(7)</sup> | GS Mortgage Securities Trust <br> 2020-GC47 XA, 1.129%, <br> 05/12/2053 | 79646 | 0.0 |
| 1111745 <sup>(4)(7)</sup> | JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust 2016-JP4 <br> XA, 0.587%, 12/15/2049 | 19184 | 0.0 |
| 100000 <sup>(2)(4)</sup> | JPMBB Commercial <br> Mortgage Securities Trust <br> 2013-C17 F, 3.867%, <br> 01/15/2047 | 81332 | 0.0 |
| 373980 <sup>(4)(7)</sup> | JPMBB Commercial <br> Mortgage Securities Trust <br> 2014-C19 XA, 0.620%, <br> 04/15/2047 | 2115 | 0.0 |
| 1453003 <sup>(4)(7)</sup> | Morgan Stanley Bank of <br> America Merrill Lynch Trust <br> 2014 C19 XA, 0.954%, <br> 12/15/2047 | 18519 | 0.0 |
| 62000 | Morgan Stanley Capital I <br> Trust 2019-H6 A4, 3.417%, <br> 06/15/2052 | 55694 | 0.0 |
| 3337279 <sup>(4)(7)</sup> | Morgan Stanley Capital I <br> Trust 2019-L3 XA, 0.637%, <br> 11/15/2052 | 112296 | 0.1 |
| 1006717 <sup>(4)(7)</sup> | Morgan Stanley Capital I <br> Trust 2021-L5 XA, 1.296%, <br> 05/15/2054 | 69943 | 0.0 |
| 1961313 <sup>(4)(7)</sup> | UBS Commercial Mortgage <br> Trust 2018-C9 XA, 0.928%, <br> 03/15/2051 | 75504 | 0.0 |
| 60000 | UBS Commercial Mortgage <br> Trust 2019-C17 A4, 2.921%, <br> 10/15/2052 | 51790 | 0.0 |
| 400000 <sup>(2)</sup> | Wells Fargo Commercial <br> Mortgage Trust 2018-C45 D, <br> 3.000%, 06/15/2051 | 266661 | 0.1 |
| 1018595 <sup>(4)(7)</sup> | Wells Fargo Commercial <br> Mortgage Trust 2019-C52 XA, <br> 1.604%, 08/15/2052 | 72672 | 0.0 |
| 500000 <sup>(2)(4)</sup> | WFRBS Commercial <br> Mortgage Trust 2014-C23 D, <br> 4.004%, 10/15/2057 | 437542 | 0.2 |
|  | Total Commercial <br> Mortgage-Backed Securities <br> (Cost $5,388,077) | **4595262** | 1.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **SOVEREIGN BONDS: 0.1%** | **SOVEREIGN BONDS: 0.1%** | **SOVEREIGN BONDS: 0.1%** | **SOVEREIGN BONDS: 0.1%** |
| 200000 | Colombia Government <br> International Bond, <br> 3.125%, 04/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149143 | 0.0 |
| 200000 | Mexico Government <br> International Bond, <br> 3.500%, 02/12/2034 | 160553 | 0.1 |
|  | Total Sovereign Bonds <br> (Cost $398,408) | **309696** | 0.1 |

---

---

| | | |
|:---|:---|:---|
| | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **PURCHASED OPTIONS<sup>(8)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(8)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(8)</sup>: 0.0%** |
| Total Purchased Options <br> (Cost $24,473) | **5055** | 0.0 |
| Total Long-Term <br> Investments <br> (Cost $295,207,135) | **287187326** | 98.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** | **SHORT-TERM INVESTMENTS: 4.0%** |
|  | **Commercial Paper: 2.8%** | **Commercial Paper: 2.8%** | **Commercial Paper: 2.8%** |
| 2000000 | American Electric Power Co., <br> Inc., 4.960%, 02/01/2023 | 1991339 | 0.7 |
| 1000000 | Concord Minutemen Capital <br> Co., 5.880%, 01/03/2023 | 999517 | 0.3 |
| 900000 | Enbridge (US) Inc., 6.020%, <br> 01/04/2023 | 899407 | 0.3 |
| 750000 | HP, Inc., 5.770%, 01/04/2023  | 749526 | 0.3 |
| 2000000 | Medtronic, Inc., 5.390%, <br> 01/05/2023 | 1998524 | 0.7 |
| 1600000 | Waste Management, Inc., <br> 5.550%, 02/13/2023 | 1590510 | 0.5 |
|  | Total Commercial Paper <br> (Cost $8,230,518) | **8228823** | 2.8 |
|  | **U.S. Treasury Bills: 0.2%** | **U.S. Treasury Bills: 0.2%** | **U.S. Treasury Bills: 0.2%** |
| 150000 <sup>(9)</sup> | United States Treasury Bill, <br> 4.150%, 02/28/2023 | 149001 | 0.1 |
| 325000 <sup>(9)</sup> | United States Treasury Bill, <br> 4.240%, 03/30/2023 | 321675 | 0.1 |
|  | Total U.S. Treasury Bills <br> (Cost $470,559) | **470676** | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** |
| 43301 <sup>(10)</sup> | Citibank N.A., Repurchase <br> Agreement dated 12/30/22, <br> 4.25%, due 01/03/23 <br> (Repurchase Amount <br> $43,321, collateralized by <br> various U.S. Government <br> Securities, 0.000%-6.250%, <br> Market Value plus accrued <br> interest $44,167, due <br> 06/01/23-02/15/52) | $43301 | 0 |
| 1000000 <sup>(10)</sup> | MUFG Securities America <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%-5.500%, <br> Market Value plus accrued <br> interest $1,020,000, due <br> 08/01/24-01/01/53) | 1000000 | 0.3 |
| 1000000 <sup>(10)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, due <br> 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 interest <br> $1,020,000, due <br> 01/03/23-09/09/49) | 1000000 | 0.4 |
| 1000000 <sup>(10)</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 | 0.3 |
|  | Total Repurchase <br> Agreements <br> (Cost $3,043,301) | **3043301** | 1.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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)** |
|  | Total Short-Term Investments <br> (Cost $11,744,378) | $**11742800** | 4.0 |
|  | **Total Investments in <br> Securities <br> (Cost $306,951,513)** | $**298930126** | **102.4** |
|  | **Liabilities in Excess of <br> Other Assets** | **(6971952)** | **(2.4)** |
|  | **Net Assets** | $**291958174** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

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

Non-income producing security.

<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>

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

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

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

<sup>(5)</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.

<sup>(6)</sup> <br>

Represents or includes a TBA transaction.

<sup>(7)</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.

<sup>(8)</sup> <br>

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

<sup>(9)</sup> <br>

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

<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:

12MTA <br>

12-month Treasury Average

SOFR30A <br>

30-day Secured Overnight Financing Rate

TSFR3M <br>

3-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 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  | $5966842 | $737186 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $6704028 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary  | 10394667 | 1613346 |  | 12008013 |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | 6613082 | 1839947 |  | 8453029 |
| &nbsp;&nbsp;&nbsp; Energy  | 5015051 | 851207 |  | 5866258 |
| &nbsp;&nbsp;&nbsp; Financials  | 12775178 | 3411151 |  | 16186329 |
| &nbsp;&nbsp;&nbsp; Health Care  | 15538340 | 2444487 |  | 17982827 |
| &nbsp;&nbsp;&nbsp; Industrials  | 9589654 | 2504335 |  | 12093989 |
| &nbsp;&nbsp;&nbsp; Information Technology  | 25711562 | 1340636 |  | 27052198 |
| &nbsp;&nbsp;&nbsp; Materials  | 2832797 | 1744107 |  | 4576904 |
| &nbsp;&nbsp;&nbsp; Real Estate  | 3253901 | 499782 |  | 3753683 |
| &nbsp;&nbsp;&nbsp; Utilities  | 3280651 | 679819 |  | 3960470 |
| Total Common Stock | 100971725 | 17666003 |  | 118637728 |
| Exchange-Traded Funds | 69185919 |  |  | 69185919 |
| Mutual Funds | 23470758 |  |  | 23470758 |
| Preferred Stock |  | 126684 |  | 126684 |
| Purchased Options |  | 5055 |  | 5055 |
| Corporate Bonds/Notes |  | 21962069 |  | 21962069 |
| Collateralized Mortgage Obligations |  | 10456793 |  | 10456793 |
| Asset-Backed Securities |  | 8943463 |  | 8943463 |
| U.S. Government Agency Obligations |  | 20869442 |  | 20869442 |
| Commercial Mortgage-Backed Securities |  | 4595262 |  | 4595262 |
| Sovereign Bonds |  | 309696 |  | 309696 |
| U.S. Treasury Obligations |  | 8624457 |  | 8624457 |
| Short-Term Investments |  | 11742800 |  | 11742800 |
| Total Investments, at fair value | $193628402 | $105301724 | $— | $298930126 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps |  | 41276 |  | 41276 |
| Futures | 410768 |  |  | 410768 |
| Total Assets | $194039170 | $105343000 | $— | $299382170 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps | $— | $(135187) | $— | $(135187) |
| Forward Premium Swaptions |  | (7069) |  | (7069) |
| Futures | (376084) |  |  | (376084) |
| Written Options |  | (433100) |  | (433100) |
| Total Liabilities | $(376084) | $(575356) | $— | $(951440) |

---

^ <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>

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

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

#### 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 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/(Losses)**  | **Net <br> Capital <br> Gain <br> Distributions**  |
|  Voya Emerging Markets Local Currency <br> Debt Fund - Class P  | $804693 | $15052 | $(1016825) | $197080 | $— | $17906 | $(303931) | $— |
| Voya Floating Rate Fund - Class P | 1691934 | 73040 | (1745042) | (19932) |  | 83419 | (134537) |  |
| Voya High Yield Bond Fund - Class P | 32911489 | 2391760 | (29171534) | (2495245) | 3636470 | 357812 | 1025942 | 49730 |
| Voya Short Term Bond Fund - Class R6  | 4762230 | 7494909 | (860974) | (308053) | 11088112 | 96337 | (31104) |  |
|  Voya Small Cap Growth Fund - Class R6  |  | 3147697 | (58311) | (200872) | 2888514 |  | (3079) |  |
| Voya Small Company Fund - Class R6 |  | 6490652 | (175586) | (457404) | 5857662 | 27578 | (5586) |  |
|  | $40170346 | $19613110 | $(33028272) | $(3284426) | $23470758 | $583052 | $547705 | $49730 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; E-mini Russell 2000<sup>®</sup> Index  | 65 | 03/17/23 | $5755425 | $(206030) |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Note  | 14 | 03/22/23 | 1572156 | (25938) |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 2-Year Note  | 31 | 03/31/23 | 6357422 | 1865 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Note  | 42 | 03/31/23 | 4533047 | (18980) |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Ultra Long Bond  | 45 | 03/22/23 | 6044062 | (125136) |
|  |  |  | $24262112 | $(374219) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; MSCI EAFE Index  | (33) | 03/17/23 | (3216510) | 116592 |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> E-Mini  | (31) | 03/17/23 | (5984550) | 253414 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Ultra 10-Year Note  | (22) | 03/22/23 | (2602188) | 38897 |
|  |  |  | $(11803248) | $408903 |

---

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

#### Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection <sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference 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, Version 1 | Buy | (5.000) | 12/20/27 | USD 2,460,000  | $(14327) | $(43878) |
|  |  |  |  |  | $(14327) | $(43878) |

---

<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.

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

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

<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 Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating Rate**  | **Floating Rate Index**  | **Floating <br> Rate Index <br> Payment <br> Frequency**  | **Fixed <br> Rate**  | **Fixed 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 | 3.067% | Annual | 05/10/33 | USD 303,882  | $(10958) | $(10958) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.076 | Annual | 05/10/33 | USD 217,059  | (7675) | (7675) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.094 | Annual | 05/10/33 | USD 260,000  | (8798) | (8798) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.114 | Annual | 05/10/33 | USD 195,000  | (6282) | (6282) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.154 | Annual | 05/10/33 | USD 260,000  | (7522) | (7522) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.289 | Annual | 05/10/33 | USD 477,319  | (8501) | (8501) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.345 | Annual | 05/10/33 | USD 280,000  | (3692) | (3692) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.473 | Annual | 05/10/33 | USD 434,289  | (1162) | (1162) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.475 | Annual | 05/10/33 | USD 434,284  | (1063) | (1063) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.483 | Annual | 05/10/33 | USD 651,427  | (1218) | (1218) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.105 | Annual | 05/11/33 | USD 434,000  | (14284) | (14284) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.129 | Annual | 05/11/33 | USD 216,998  | (6700) | (6700) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.172 | Annual | 05/11/33 | USD 216,999  | (5941) | (5941) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.212 | Annual | 05/11/33 | USD 260,000  | (6262) | (6262) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.456 | Annual | 05/17/33 | USD 330,000  | (1250) | (1250) |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.209 | Annual | 05/10/33 | USD 521,000  | 12712 | 12712 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.226 | Annual | 05/10/33 | USD 538,000  | 12362 | 12362 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.269 | Annual | 05/10/33 | USD 326,000  | 6342 | 6342 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.297 | Annual | 05/10/33 | USD 211,000  | 3608 | 3608 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.372 | Annual | 05/10/33 | USD 347,000  | 3802 | 3802 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.443 | Annual | 05/17/33 | USD 265,000  | 1274 | 1274 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.465 | Annual | 05/17/33 | USD 391,000  | 1176 | 1176 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.515 | Annual | 05/17/33 | USD 289,000  |  |  |
|  |  |  |  |  |  |  | $(50032) | $(50032) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Expiration <br> Date**  | **Exercise <br> Price**  | **Notional Amount**  | **Cost**  | **Fair Value**  |
| Call JPY vs. Put USD | BNP Paribas  | 02/27/25  | 107.500 | USD 210,000  | $10416 | $4295 |
| Call USD vs. Put CNH | Bank of America N.A.  | 02/07/23  | 7.500 | USD 989,000  | 4599 | 222 |
| Call USD vs. Put CNH | Morgan Stanley Capital Services LLC  | 02/09/23  | 7.470 | USD 1,868,000  | 9458 | 538 |
|  |  |  |  |  | $24473 | $5055 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Pay/<br>Receive<br>Exercise <br>Rate**  | **Exercise <br> Rate**  | **Floating Rate <br> Index**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Premiums <br> Received**  | **Fair Value**  |
|  Call on 10-Year Interest <br> Rate Swap<sup>(1)</sup>  | Bank of America N.A.  | Pay  | 3.880% | 1-day Secured Overnight <br> Financing Rate  | 05/09/23 | USD 1,737,000  | $51046 | $(75155) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(1)</sup>  | Barclays Bank PLC  | Pay  | 3.790% | 1-day Secured Overnight <br> Financing Rate  | 05/10/23 | USD 1,737,000  | 50113 | (66653) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(1)</sup>  | Deutsche Bank AG  | Pay  | 3.820% | 1-day Secured Overnight <br> Financing Rate  | 05/09/23 | USD 868,000  | 24912 | (34626) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(1)</sup>  | Goldman Sachs International  | Pay  | 2.940% | 1-day Secured Overnight <br> Financing Rate  | 12/15/23 | USD 434,000  | 16232 | (9715) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(1)</sup>  | JPMorgan Chase Bank N.A.  | Pay  | 2.995% | 1-day Secured Overnight <br> Financing Rate  | 06/07/23 | USD 868,000  | 26604 | (10589) |
|  Call on 10-Year Interest <br> Rate Swap<sup>(1)</sup>  | Morgan Stanley Capital <br> Services LLC  | Pay  | 3.815% | 1-day Secured Overnight <br> Financing Rate  | 05/09/23 | USD 1,737,000  | 49591 | (68814) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Bank of America N.A.  | Receive  | 3.880% | 1-day Secured Overnight <br> Financing Rate  | 05/09/23 | USD 1,737,000  | 51046 | (24873) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Barclays Bank PLC  | Receive  | 3.790% | 1-day Secured Overnight <br> Financing Rate  | 05/10/23 | USD 1,737,000  | 50112 | (29083) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Deutsche Bank AG  | Receive  | 3.820% | 1-day Secured Overnight <br> Financing Rate  | 05/09/23 | USD 868,000  | 24912 | (13758) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Goldman Sachs <br> International  | Receive  | 2.940% | 1-day Secured Overnight <br> Financing Rate  | 12/15/23 | USD 434,000  | 16232 | (26258) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | JPMorgan Chase Bank N.A.  | Receive  | 2.995% | 1-day Secured Overnight <br> Financing Rate  | 06/07/23 | USD 868,000  | 26604 | (45812) |
|  Put on 10-Year Interest <br> Rate Swap<sup>(2)</sup>  | Morgan Stanley Capital <br> Services LLC  | Receive  | 3.815% | 1-day Secured Overnight <br> Financing Rate  | 05/09/23 | USD 1,737,000  | 49591 | (27764) |
|  |  |  |  |  |  |  | $436995 | $(433100) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Exercise <br> Rate<sup>(3)</sup>**  | **Pay/<br>Receive<br>Exercise <br>Rate**  | **Floating <br> Rate <br> Index**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Premium <br> receivable/<br>(payable) <br>at expiration<sup>(4)</sup>** | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
|  Call on 30-Year Interest <br> Rate Swap  | Barclays Bank PLC  | 0.000% | Receive  | 1-day Secured Overnight <br> Financing Rate  | 06/14/27 | USD 439,500  | $(76913) | $(415) |
|  Call on 30-Year Interest <br> Rate Swap  | Barclays Bank PLC  | 0.000% | Receive  | 1-day Secured Overnight <br> Financing Rate  | 05/28/27 | USD 740,000  | (130980) | (1732) |
|  Call on 35-Year Interest <br> Rate Swap  | Barclays Bank PLC  | 0.000% | Receive  | 1-day Secured Overnight <br> Financing Rate  | 06/03/27 | USD 439,500  | (77022) | (460) |
|  Put on 30-Year Interest <br> Rate Swap  | Barclays Bank PLC  | 0.000% | Pay  | 1-day Secured Overnight <br> Financing Rate  | 05/25/27 | USD 925,000  | (166500) | (4462) |
|  |  |  |  |  |  |  | $(451415) | $(7069) |

---

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

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

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

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

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

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

<sup>(3)</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>(4)</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

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>** |  | |
| Foreign exchange contracts | Investments in securities at value\*  | $5055 |
| Equity contracts | Variation margin receivable on futures contracts\*\*  | 370006 |
| Interest rate contracts | Variation margin receivable on futures contracts\*\*  | 40762 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps\*\*  | 41276 |
| **Total Asset Derivatives**  |  | $457099 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*\*  | $206030 |
| Interest rate contracts | Variation margin payable on futures contracts\*\*  | 170054 |
| Credit contracts | Variation margin payable on centrally cleared swaps\*\*  | 43878 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps\*\*  | 91309 |
| Interest rate contracts | Unrealized depreciation on OTC forward premium swaptions  | 7069 |
| Interest rate contracts | Written Options, at fair value  | 433100 |
| **Total Liability Derivatives**  |  | $951440 |

---

\* <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 foreign <br> currency contracts**  | **Futures**  | **Swaps**  | **Written <br> options**  | **Total**  |
| Credit contracts | $— | $— | $— | $133474 | $— | $133474 |
| Equity contracts |  |  | 607798 |  |  | 607798 |
| Foreign exchange contracts | (26445) | 18168 |  |  | 68214 | 59937 |
| Interest rate contracts | 6057 |  | (2370860) | (111970) | 105444 | (2371329) |
| **Total**  | $(20388) | $18168 | $(1763062) | $21504 | $173658 | $(1570120) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Investments\***  | **Forward foreign <br> currency contracts**  | **Futures**  | **Swaps**  | **Written <br> options**  | **Total**  |
| Credit contracts | $— | $— | $— | $(43878) | $— | $(43878) |
| Equity contracts |  |  | 163976 |  |  | 163976 |
| Foreign exchange contracts | (19418) | 10898 |  |  |  | (8520) |
| Interest rate contracts | 10281 |  | (176031) | (50033) | (11201) | (226984) |
| **Total**  | $(9137) | $10898 | $(12055) | $(93911) | $(11201) | $(115406) |

---

\* <br>

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

------

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

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio as of December 31, 2022 (continued)

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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Bank of America <br> N.A.**  | **Barclays Bank <br> PLC**  | **BNP <br> Paribas**  | **Deutsche <br> Bank AG**  | **Goldman <br> Sachs & Co.**  | **JPMorgan <br> Chase <br> Bank N.A.**  | **Morgan Stanley <br> Capital <br> Services LLC**  | **Totals**  |
| **Assets:** |  |  |  |  |  |  |  |  |
| Purchased options | $222 | $— | $4295 | $— | $— | $— | $538 | $5055 |
| **Total Assets**  | $222 | $— | $4295 | $— | $— | $— | $538 | $5055 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Forward premium swaptions | $— | $7069 | $— | $— | $— | $— | $— | $7069 |
| Written options | 100028 | 95735 |  | 48384 | 35973 | 56401 | 96579 | 433100 |
| **Total Liabilities**  | $100028 | $102804 | $— | $48384 | $35973 | $56401 | $96579 | $440169 |
|  **Net OTC derivative instruments by counterparty, at fair value**  | $(99806) | $(102804) | $4295 | $(48384) | $(35973) | $(56401) | $(96041) | (435114) |
|  **Total collateral pledged by the Portfolio/(Received from counterparty)** | $— | $— | $— | $— | $— | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>**  | $(99806) | $(102804) | $4295 | $(48384) | $(35973) | $(56401) | $(96041) | $(435114) |

---

<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.

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 $307,533,633.

Net unrealized depreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $12553636 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (21611643) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(9058007) |

---

See Accompanying Notes to Financial Statements

------

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

Voya Global High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** |
|  | **Australia: 3.1%** | **Australia: 3.1%** | **Australia: 3.1%** |
| 66774 | Ampol Ltd. | $1283562 | 0.2 |
| 167766 | ANZ Group Holdings Ltd. | 2702532 | 0.5 |
| 18318 | ASX Ltd. | 843659 | 0.2 |
| 504117 | Aurizon Holdings Ltd. | 1277152 | 0.2 |
| 175234 | Brambles Ltd. | 1437027 | 0.3 |
| 79252 | Computershare Ltd. | 1396108 | 0.3 |
| 166141 <sup>(1)</sup> | Lottery Corp. Ltd./The | 506412 | 0.1 |
| 681646 | Medibank Pvt Ltd. | 1359912 | 0.3 |
| 8060 | Rio Tinto Ltd. | 636141 | 0.1 |
| 150505 | Santos Ltd. | 740214 | 0.1 |
| 33883 | Sonic Healthcare Ltd. | 689555 | 0.1 |
| 72487 | Suncorp Group Ltd. | 590684 | 0.1 |
| 300810 | Telstra Group Ltd. | 813525 | 0.2 |
| 268484 | Transurban Group - Stapled <br> Security | 2362088 | 0.4 |
|  |  | **16638571** | **3.1** |
|  | **Belgium: 0.1%** | **Belgium: 0.1%** | **Belgium: 0.1%** |
| 7265 | UCB S.A. | **572433** | **0.1** |
|  | **Canada: 2.6%** | **Canada: 2.6%** | **Canada: 2.6%** |
| 55780 <sup>(2)</sup> | BCE, Inc. | 2450777 | 0.5 |
| 64762 | Canadian Imperial Bank of <br> Commerce - XTSE | 2619656 | 0.5 |
| 27207 | Canadian Utilities Ltd. | 736438 | 0.1 |
| 15778 | iA Financial Corp., Inc. | 923724 | 0.2 |
| 26224 | Royal Bank of Canada | 2465521 | 0.5 |
| 17260 | Sun Life Financial, Inc. | 801175 | 0.1 |
| 54556 | Suncor Energy, Inc. | 1730561 | 0.3 |
| 22425 <sup>(2)</sup> | TC Energy Corp. | 894019 | 0.2 |
| 57070 | TELUS Corp. | 1101358 | 0.2 |
|  |  | **13723229** | **2.6** |
|  | **China: 0.2%** | **China: 0.2%** | **China: 0.2%** |
| 260000 | BOC Hong Kong Holdings <br> Ltd.  | **882647** | **0.2** |
|  | **Denmark: 0.4%** | **Denmark: 0.4%** | **Denmark: 0.4%** |
| 995 | AP Moller - Maersk A/S - <br> Class B | **2227412** | **0.4** |
|  | **Finland: 0.3%** | **Finland: 0.3%** | **Finland: 0.3%** |
| 163173 | Nokia OYJ - Finland | 758050 | 0.2 |
| 11366 | Orion Oyj | 623117 | 0.1 |
|  |  | **1381167** | **0.3** |
|  | **France: 3.0%** | **France: 3.0%** | **France: 3.0%** |
| 15735 | Air Liquide SA | 2233346 | 0.4 |
| 98502 | AXA S.A. | 2743816 | 0.5 |
| 23635 | BNP Paribas | 1345753 | 0.3 |
| 30651 | Bouygues SA | 919274 | 0.2 |
| 3926 | Dassault Aviation SA | 665820 | 0.1 |
| 27512 | Edenred | 1497346 | 0.3 |
| 7406 | Eiffage SA | 728482 | 0.1 |
| 5336 | Ipsen SA | 573942 | 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)** |
|  | **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| 19845 <sup>(3)</sup> | La Francaise des Jeux SAEM  | $| 798531 | 0.2 |
| 278010 | Orange SA |  | 2758439 | 0.5 |
| 14222 | Thales S.A. |  | 1817122 | 0.3 |
|  |  |  | **16081871** | **3.0** |
|  | **Germany: 0. 7%** | **Germany: 0. 7%** | **Germany: 0. 7%** | **Germany: 0. 7%** |
| 30761 | GEA Group AG |  | 1250970 | 0.2 |
| 15749 <sup>(3)</sup> | Scout24 SE |  | 792702 | 0.2 |
| 17040 | Symrise AG |  | 1850623 | 0.3 |
|  |  |  | **3894295** | **0.7** |
|  | **Hong Kong: 1.9%** | **Hong Kong: 1.9%** | **Hong Kong: 1.9%** | **Hong Kong: 1.9%** |
| 258500 | CK Asset Holdings Ltd. |  | 1585426 | 0.3 |
| 205000 | CK Hutchison Holdings Ltd. |  | 1228125 | 0.2 |
| 534000 | HKT Trust & HKT Ltd. - <br> Stapled Security |  | 653682 | 0.1 |
| 29700 | Jardine Matheson Holdings <br> Ltd. |  | 1511730 | 0.3 |
| 174700 | Link REIT |  | 1278339 | 0.2 |
| 295000 | MTR Corp. |  | 1560211 | 0.3 |
| 238500 | Power Assets Holdings Ltd. |  | 1303515 | 0.3 |
| 537000 | SITC International Holdings <br> Co. Ltd.  |  | 1190228 | 0.2 |
|  |  |  | **10311256** | **1.9** |
|  | **Ireland: 0.6%** | **Ireland: 0.6%** | **Ireland: 0.6%** | **Ireland: 0.6%** |
| 17503 | CRH PLC |  | 696095 | 0.2 |
| 24699 | DCC PLC |  | 1214504 | 0.2 |
| 14187 | Medtronic PLC |  | 1102613 | 0.2 |
|  |  |  | **3013212** | **0.6** |
|  | **Israel: 0.4%** | **Israel: 0.4%** | **Israel: 0.4%** | **Israel: 0.4%** |
| 260581 | Bank Leumi Le-Israel BM |  | **2170329** | **0.4** |
|  | **Italy: 1.1%** | **Italy: 1.1%** | **Italy: 1.1%** | **Italy: 1.1%** |
| 242950 | ENI S.p.A. |  | 3454607 | 0.6 |
| 152044 <sup>(3)</sup> | Poste Italiane SpA |  | 1483408 | 0.3 |
| 166181 | Snam SpA |  | 805782 | 0.2 |
|  |  |  | **5743797** | **1.1** |
|  | **Japan: 7.4%** | **Japan: 7.4%** | **Japan: 7.4%** | **Japan: 7.4%** |
| 5500 | Hirose Electric Co., Ltd. |  | 689818 | 0.1 |
| 30800 | Honda Motor Co., Ltd. |  | 702517 | 0.1 |
| 435300 | Japan Post Holdings Co. Ltd.  |  | 3662596 | 0.7 |
| 181700 <sup>(2)</sup> | Japan Tobacco, Inc. |  | 3663115 | 0.7 |
| 39800 <sup>(2)</sup> | McDonald's Holdings Co. <br> Japan Ltd. |  | 1512654 | 0.3 |
| 97800 | Mitsubishi UFJ Financial <br> Group, Inc. |  | 656572 | 0.1 |
| 179200 | Mizuho Financial Group, Inc.  |  | 2524622 | 0.5 |
| 35900 | Nintendo Co., Ltd. |  | 1509472 | 0.3 |
| 45500 | Nomura Real Estate <br> Holdings, Inc. |  | 972917 | 0.2 |
| 28600 | Ono Pharmaceutical Co., Ltd.  |  | 668485 | 0.1 |
| 59700 | ORIX Corp. |  | 955597 | 0.2 |
| 6900 | Rohm Co., Ltd. |  | 494657 | 0.1 |
| 42900 | Secom Co., Ltd. |  | 2447782 | 0.5 |

---

See Accompanying Notes to Financial Statements

------

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

Voya Global High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility 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)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 58100 | Sekisui Chemical Co., Ltd. | $| 809815 | 0.1 |
| 143600 | Sekisui House Ltd. |  | 2545893 | 0.5 |
| 31900 | Sompo Holdings, Inc. |  | 1411355 | 0.3 |
| 175400 | Sumitomo Chemical Co., Ltd.  |  | 628919 | 0.1 |
| 109000 | Sumitomo Mitsui Financial <br> Group, Inc. |  | 4385336 | 0.8 |
| 69500 | Sumitomo Mitsui Trust <br> Holdings, Inc. |  | 2425240 | 0.4 |
| 116900 | Takeda Pharmaceutical Co., <br> Ltd.  |  | 3652739 | 0.7 |
| 129300 | Tokio Marine Holdings, Inc. |  | 2762158 | 0.5 |
| 28300 | Tokyo Gas Co., Ltd. |  | 554108 | 0.1 |
|  |  |  | **39636367** | **7.4** |
|  | **Netherlands: 1.3%** | **Netherlands: 1.3%** | **Netherlands: 1.3%** | **Netherlands: 1.3%** |
| 170256 | Koninklijke KPN NV |  | 526984 | 0.1 |
| 73738 | NN Group NV |  | 3015298 | 0.6 |
| 31005 | Wolters Kluwer NV |  | 3244206 | 0.6 |
|  |  |  | **6786488** | **1.3** |
|  | **New Zealand: 0.1%** | **New Zealand: 0.1%** | **New Zealand: 0.1%** | **New Zealand: 0.1%** |
| 197069 | Spark New Zealand Ltd. |  | **674720** | 0.1 |
|  | **Singapore: 0.1%** | **Singapore: 0.1%** | **Singapore: 0.1%** | **Singapore: 0.1%** |
| 131400 | Singapore Airlines Ltd. |  | **542534** | 0.1 |
|  | **Spain: 1.3%** | **Spain: 1.3%** | **Spain: 1.3%** | **Spain: 1.3%** |
| 45509 | ACS Actividades de <br> Construccion y Servicios SA |  | 1302171 | 0.2 |
| 20945 | Industria de Diseno Textil SA  |  | 556319 | 0.1 |
| 81697 | Red Electrica Corp. SA |  | 1420556 | 0.3 |
| 224939 | Repsol SA |  | 3580346 | 0.7 |
|  |  |  | **6859392** | **1.3** |
|  | **Switzerland: 2.4%** | **Switzerland: 2.4%** | **Switzerland: 2.4%** | **Switzerland: 2.4%** |
| 32470 | Holcim AG |  | 1680754 | 0.3 |
| 23517 | Novartis AG |  | 2128229 | 0.4 |
| 5314 | Roche Holding <br> AG-GENUSSCHEIN |  | 1669858 | 0.3 |
| 4937 | Swisscom AG |  | 2704544 | 0.5 |
| 10019 | Zurich Insurance Group AG |  | 4789857 | 0.9 |
|  |  |  | **12973242** | **2.4** |
|  | **United Kingdom: 4.8%** | **United Kingdom: 4.8%** | **United Kingdom: 4.8%** | **United Kingdom: 4.8%** |
| 108229 | 3i Group PLC |  | 1745455 | 0.3 |
| 290958 | Amcor PLC |  | 3465310 | 0.7 |
| 329855 | BAE Systems PLC |  | 3406892 | 0.7 |
| 402598 | BP PLC |  | 2322978 | 0.4 |
| 96790 | British American Tobacco <br> PLC |  | 3828852 | 0.7 |
| 171368 | GSK PLC |  | 2961808 | 0.6 |
| 133809 | Imperial Brands PLC |  | 3333351 | 0.6 |
| 391750 | NatWest Group PLC |  | 1249387 | 0.2 |
| 49909 | Smiths Group PLC |  | 957862 | 0.2 |
| 241377 | The Sage Group PLC |  | 2173539 | 0.4 |
|  |  |  | **25445434** | **4.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States: 67.2%** | **United States: 67.2%** | **United States: 67.2%** |
| 34538 | 3M Co. | $4141797 | 0.8 |
| 54518 | AbbVie, Inc. | 8810654 | 1.7 |
| 20793 | AECOM | 1765950 | 0.3 |
| 13699 | Air Products & Chemicals, <br> Inc. | 4222854 | 0.8 |
| 12516 | Allison Transmission <br> Holdings, Inc. | 520666 | 0.1 |
| 6612 | Allstate Corp. | 896587 | 0.2 |
| 99130 | Altria Group, Inc. | 4531232 | 0.8 |
| 38773 | Amdocs Ltd. | 3524466 | 0.7 |
| 30941 | American Electric Power Co., <br> Inc.  | 2937848 | 0.5 |
| 21477 | Amgen, Inc. | 5640719 | 1.1 |
| 141075 | Antero Midstream Corp. | 1522199 | 0.3 |
| 2076 | Aon PLC | 623091 | 0.1 |
| 9185 | Aptargroup, Inc. | 1010166 | 0.2 |
| 16687 | Assurant, Inc. | 2086876 | 0.4 |
| 306151 | AT&T, Inc. | 5636240 | 1.1 |
| 24550 | Avnet, Inc. | 1020789 | 0.2 |
| 36517 | Axis Capital Holdings Ltd. | 1978126 | 0.4 |
| 47713 | Bank OZK | 1911383 | 0.4 |
| 7527 | Booz Allen Hamilton Holding <br> Corp. | 786722 | 0.1 |
| 83914 | Bristol-Myers Squibb Co. | 6037612 | 1.1 |
| 42480 | Cardinal Health, Inc. | 3265438 | 0.6 |
| 10174 | Cheniere Energy, Inc. | 1525693 | 0.3 |
| 12730 | Chevron Corp. | 2284908 | 0.4 |
| 9006 | Cigna Corp. | 2984048 | 0.6 |
| 145602 | Cisco Systems, Inc. | 6936479 | 1.3 |
| 25095 | Citizens Financial Group, Inc.  | 987990 | 0.2 |
| 18270 | Coca-Cola Co. | 1162155 | 0.2 |
| 51231 | Colgate-Palmolive Co. | 4036491 | 0.8 |
| 34066 | Commerce Bancshares, Inc.  | 2318873 | 0.4 |
| 30924 | Consolidated Edison, Inc. | 2947366 | 0.6 |
| 21403 | Cullen/Frost Bankers, Inc. | 2861581 | 0.5 |
| 26365 | CVS Health Corp. | 2456954 | 0.5 |
| 23155 | Digital Realty Trust, Inc. | 2321752 | 0.4 |
| 72066 | Dow, Inc. | 3631406 | 0.7 |
| 56610 | DT Midstream, Inc. | 3128269 | 0.6 |
| 26209 | DTE Energy Co. | 3080344 | 0.6 |
| 44058 | Duke Energy Corp. | 4537533 | 0.9 |
| 25492 | Edison International | 1621801 | 0.3 |
| 22942 | Electronic Arts, Inc. | 2803054 | 0.5 |
| 3945 | Elevance Health, Inc. | 2023667 | 0.4 |
| 44382 | Emerson Electric Co. | 4263335 | 0.8 |
| 8075 | Erie Indemnity Co. | 2008414 | 0.4 |
| 8560 | Everest Re Group Ltd. | 2835671 | 0.5 |
| 47734 | Evergy, Inc. | 3003901 | 0.6 |
| 14598 | Eversource Energy | 1223896 | 0.2 |
| 40445 | First Hawaiian, Inc. | 1053188 | 0.2 |
| 119172 | Flowers Foods, Inc. | 3425003 | 0.6 |
| 6723 | FMC Corp. | 839030 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

Voya Global High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility 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)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 170754 | FNB Corp. | $2228340 | 0.4 |
| 13969 | Fortive Corp. | 897508 | 0.2 |
| 47174 | Gaming and Leisure <br> Properties, Inc. | 2457294 | 0.5 |
| 5116 | General Dynamics Corp. | 1269331 | 0.2 |
| 48466 | General Mills, Inc. | 4063874 | 0.8 |
| 40184 | Genpact Ltd. | 1861323 | 0.3 |
| 80272 | Gentex Corp. | 2189017 | 0.4 |
| 20576 | Genuine Parts Co. | 3570142 | 0.7 |
| 58632 | Gilead Sciences, Inc. | 5033557 | 0.9 |
| 70607 | H&R Block, Inc. | 2577862 | 0.5 |
| 10871 | Hancock Whitney Corp. | 526048 | 0.1 |
| 14764 | Hanover Insurance Group, <br> Inc. | 1995059 | 0.4 |
| 46705 | Hartford Financial Services <br> Group, Inc.  | 3541640 | 0.7 |
| 20658 | International Bancshares <br> Corp. | 945310 | 0.2 |
| 9849 | International Business <br> Machines Corp. | 1387626 | 0.3 |
| 52719 | Iron Mountain, Inc. | 2628042 | 0.5 |
| 13122 | Jack Henry & Associates, <br> Inc. | 2303698 | 0.4 |
| 66862 | Johnson & Johnson | 11811172 | 2.2 |
| 8138 | Johnson Controls <br> International plc | 520832 | 0.1 |
| 105944 | Juniper Networks, Inc. | 3385970 | 0.6 |
| 27206 | Kellogg Co. | 1938155 | 0.4 |
| 60660 | Keurig Dr Pepper, Inc. | 2163136 | 0.4 |
| 43788 | Kilroy Realty Corp. | 1693282 | 0.3 |
| 23605 | Kimberly-Clark Corp. | 3204379 | 0.6 |
| 194431 | Kinder Morgan, Inc. | 3515312 | 0.7 |
| 7659 | Lamar Advertising Co. | 723010 | 0.1 |
| 29893 | Leidos Holdings, Inc. | 3144445 | 0.6 |
| 14858 | Life Storage, Inc. | 1463513 | 0.3 |
| 15279 | LKQ Corp. | 816051 | 0.2 |
| 3958 | Lockheed Martin Corp. | 1925527 | 0.4 |
| 31570 | Loews Corp. | 1841478 | 0.3 |
| 39054 | Marathon Petroleum Corp. | 4545495 | 0.9 |
| 20526 | Marsh & McLennan Cos., Inc.  | 3396642 | 0.6 |
| 31315 | MAXIMUS, Inc. | 2296329 | 0.4 |
| 20024 | McDonald's Corp. | 5276925 | 1 |
| 7778 | McKesson Corp. | 2917683 | 0.5 |
| 44018 | MDU Resources Group, Inc.  | 1335506 | 0.2 |
| 78400 | Merck & Co., Inc. | 8698480 | 1.6 |
| 51947 | Metlife, Inc. | 3759404 | 0.7 |
| 55224 | MGIC Investment Corp. | 717912 | 0.1 |
| 4644 | Mid-America Apartment <br> Communities, Inc. | 729062 | 0.1 |
| 27619 | Mondelez International, Inc. | 1840806 | 0.3 |
| 16394 | Morgan Stanley | 1393818 | 0.3 |
| 16252 | MSC Industrial Direct Co. | 1327788 | 0.2 |
| 36260 | National Fuel Gas Co. | 2295258 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 68463 | National Retail Properties, <br> Inc. | $3132867 | 0.6 |
| 29649 | NetApp, Inc. | 1780719 | 0.3 |
| 86085 | NiSource, Inc. | 2360451 | 0.4 |
| 130522 | Old Republic International <br> Corp. | 3152106 | 0.6 |
| 16950 | ONE Gas, Inc. | 1283454 | 0.2 |
| 31609 | Oneok, Inc. | 2076711 | 0.4 |
| 21139 | Packaging Corp. of America  | 2703889 | 0.5 |
| 78948 | Patterson Cos., Inc. | 2212912 | 0.4 |
| 38983 | PepsiCo, Inc. | 7042669 | 1.3 |
| 113303 | Pfizer, Inc. | 5805646 | 1.1 |
| 59505 | Philip Morris International, <br> Inc.  | 6022501 | 1.1 |
| 43584 | Phillips 66 | 4536223 | 0.8 |
| 25242 | Popular, Inc. | 1674049 | 0.3 |
| 113670 | PPL Corp. | 3321437 | 0.6 |
| 42978 | Premier, Inc. | 1503370 | 0.3 |
| 8785 | Procter & Gamble Co. | 1331455 | 0.2 |
| 41123 | Prosperity Bancshares, Inc. | 2988820 | 0.6 |
| 38083 | Reynolds Consumer <br> Products, Inc. | 1141728 | 0.2 |
| 10328 | Ryder System, Inc. | 863111 | 0.2 |
| 16223 | Sempra Energy | 2507102 | 0.5 |
| 41768 | Service Corp. International | 2887840 | 0.5 |
| 16653 | Silgan Holdings, Inc. | 863292 | 0.2 |
| 11978 | Snap-On, Inc. | 2736853 | 0.5 |
| 38954 | Sonoco Products Co. | 2364897 | 0.4 |
| 35574 | Spirit Realty Capital, Inc. | 1420470 | 0.3 |
| 20807 | Targa Resources Corp. | 1529315 | 0.3 |
| 21745 | Texas Instruments, Inc. | 3592709 | 0.7 |
| 21689 | Travelers Cos, Inc. | 4066471 | 0.8 |
| 8955 | U-Haul Holding Co. - <br> Non-Voting | 492346 | 0.1 |
| 13159 | UMB Financial Corp. | 1099040 | 0.2 |
| 13233 | United Parcel Service, Inc. - <br> Class B | 2300425 | 0.4 |
| 3050 | UnitedHealth Group, Inc. | 1617049 | 0.3 |
| 73175 | Unum Group | 3002370 | 0.6 |
| 84473 | US Bancorp | 3683868 | 0.7 |
| 11842 | Valero Energy Corp. | 1502276 | 0.3 |
| 162693 | Verizon Communications, Inc.  | 6410104 | 1.2 |
| 31371 | Washington Federal, Inc. | 1052497 | 0.2 |
| 24196 | Wells Fargo & Co. | 999053 | 0.2 |
| 36606 | Wendy's Company | 828394 | 0.2 |
| 26190 | WestRock Co. | 920840 | 0.2 |
| 114618 | Williams Cos., Inc. | 3770932 | 0.7 |
|  |  | **357909519** | **67.2** |
|  | Total Common Stock <br> (Cost $498,578,706)  | **527467915** | **99.0** |

---

See Accompanying Notes to Financial Statements

------

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

Voya Global High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 0.4%** | **EXCHANGE-TRADED FUNDS: 0.4%** | **EXCHANGE-TRADED FUNDS: 0.4%** | **EXCHANGE-TRADED FUNDS: 0.4%** |
| 13505 | iShares MSCI EAFE Value <br> Index ETF | $619609 | 0.1 |
| 8293 | iShares Russell 1000 Value <br> ETF | 1257634 | 0.3 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $1,859,224)  | **1877243** | 0.4 |
|  | Total Long-Term Investments <br> (Cost $500,437,930)  | **529345158** | 99.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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: 1.2%** | **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** |
| 1485182 <sup>(4)</sup> | Bank of America Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,485,882, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 1.500%-6.500%, <br> Market Value plus accrued <br> interest $1,514,886, due <br> 05/01/37-05/01/58) | 1485182 | 0.3 |
| 439210 <sup>(4)</sup> | Citigroup, Inc., Repurchase <br> Agreement dated 12/30/22, <br> 4.25%, due 01/03/23 <br> (Repurchase Amount <br> $439,415, collateralized by <br> various U.S. Government <br> Securities, 0.000%-4.500%, <br> Market Value plus accrued <br> interest $447,994, due <br> 04/11/23-10/31/29) | 439210 | 0.1 |
| 1485182 <sup>(4)</sup> | Daiwa Capital Markets, <br> Repurchase Agreement <br> dated 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,485,882, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 1.500%-6.000%, <br> Market Value plus accrued <br> interest $1,514,886, due <br> 08/01/23-01/01/53) | 1485182 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1485182 <sup>(4)</sup> | RBC Dominion Securities <br> Inc., Repurchase Agreement <br> dated 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $1,485,882, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 2.000%-6.000%, <br> Market Value plus accrued <br> interest $1,514,886, due <br> 09/01/24-10/20/52) | $1485182 | 0.3 |
| 1485182 <sup>(4)</sup> | Truist Securities Inc., <br> Repurchase Agreement <br> dated 12/30/22, 4.32%, due <br> 01/03/23 (Repurchase <br> Amount $1,485,885, <br> collateralized by various U.S. <br> Government/U.S. <br> Government Agency <br> Obligations, 1.500%-6.500%, <br> Market Value plus accrued <br> interest $1,514,896, due <br> 05/31/24-12/01/52) | 1485182 | 0.3 |
|  | Total Repurchase <br> Agreements <br> (Cost $6,379,938)  | **&nbsp;&nbsp;&nbsp;&nbsp;6379938** | 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
|  | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** |
| 1159000 <sup>(5)</sup> | Goldman Sachs Financial <br> Square Government Fund - <br> Institutional Shares, 4.150% <br> (Cost $1,159,000) | **1159000** | 0.2 |
|  | Total Short-Term Investments <br> (Cost $7,538,938)  | **7538938** | 1.4 |
|  | **Total Investments in <br> Securities <br> (Cost $507,976,868)** | $**536884096** | **100.8** |
|  | **Liabilities in Excess of <br> Other Assets**  | **(4192528)** | **(0.8)** |
|  | **Net Assets** | $**532691568** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

See Accompanying Notes to Financial Statements

------

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

Voya Global High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio as of December 31, 2022 (continued)

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

<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>

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>(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.

---

| | |
|:---|:---|
| **Sector Diversification**  | **Percentage <br> of Net Assets**  |
| Financials | 21.1% |
| Health Care | 16.0 |
| Industrials | 11.2 |
| Consumer Staples | 9.9 |
| Energy | 8.3 |

---

---

| | |
|:---|:---|
| **Sector Diversification**  | **Percentage <br> of Net Assets**  |
| Utilities | 6.7 |
| Information Technology | 6.6 |
| Communication Services | 5.4 |
| Materials | 5.2 |
| Consumer Discretionary | 4.8 |
| Real Estate | 3.8 |
| Exchange-Traded Funds | 0.4 |
| Short-Term Investments | 1.4 |
| Liabilities in Excess of Other Assets | (0.8) |
| **Net Assets** | **100.0%** |
| **Portfolio holdings are subject to change daily.**  | **Portfolio holdings are subject to change daily.**  |

---

#### 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; Australia  | $2702532 | $13936039 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $16638571 |
| &nbsp;&nbsp;&nbsp; Belgium  |  | 572433 |  | 572433 |
| &nbsp;&nbsp;&nbsp; Canada  | 13723229 |  |  | 13723229 |
| &nbsp;&nbsp;&nbsp; China  |  | 882647 |  | 882647 |
| &nbsp;&nbsp;&nbsp; Denmark  |  | 2227412 |  | 2227412 |
| &nbsp;&nbsp;&nbsp; Finland  |  | 1381167 |  | 1381167 |
| &nbsp;&nbsp;&nbsp; France  |  | 16081871 |  | 16081871 |
| &nbsp;&nbsp;&nbsp; Germany  |  | 3894295 |  | 3894295 |
| &nbsp;&nbsp;&nbsp; Hong Kong  | 1511730 | 8799526 |  | 10311256 |
| &nbsp;&nbsp;&nbsp; Ireland  | 1102613 | 1910599 |  | 3013212 |
| &nbsp;&nbsp;&nbsp; Israel  |  | 2170329 |  | 2170329 |
| &nbsp;&nbsp;&nbsp; Italy  |  | 5743797 |  | 5743797 |
| &nbsp;&nbsp;&nbsp; Japan  |  | 39636367 |  | 39636367 |
| &nbsp;&nbsp;&nbsp; Netherlands  |  | 6786488 |  | 6786488 |
| &nbsp;&nbsp;&nbsp; New Zealand  |  | 674720 |  | 674720 |
| &nbsp;&nbsp;&nbsp; Singapore  |  | 542534 |  | 542534 |
| &nbsp;&nbsp;&nbsp; Spain  |  | 6859392 |  | 6859392 |
| &nbsp;&nbsp;&nbsp; Switzerland  |  | 12973242 |  | 12973242 |
| &nbsp;&nbsp;&nbsp; United Kingdom  | 3465310 | 21980124 |  | 25445434 |
| &nbsp;&nbsp;&nbsp; United States  | 357909519 |  |  | 357909519 |
| Total Common Stock | 380414933 | 147052982 |  | 527467915 |
| Exchange-Traded Funds | 1877243 |  |  | 1877243 |
| Short-Term Investments | 1159000 | 6379938 |  | 7538938 |
| Total Investments, at fair value | $383451176 | $153432920 | $— | $536884096 |

---

^ <br>

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

# <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.

See Accompanying Notes to Financial Statements

------

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

Voya Global High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility 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 $508,652,543.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $50444534 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (22180515) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $28264019 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **U.S. GOVERNMENT AGENCY DEBT: 50.9%** | **U.S. GOVERNMENT AGENCY DEBT: 50.9%** | **U.S. GOVERNMENT AGENCY DEBT: 50.9%** | **U.S. GOVERNMENT AGENCY DEBT: 50.9%** |
| 9000000 | Federal Farm Credit Banks <br> Funding Corp., 4.710%, <br> (FEDL01 + 0.380%), <br> 05/11/2023 | $9010898 | 1.7 |
| 44000000 | Federal Home Loan Bank <br> Discount Notes, 4.230%, <br> 03/10/2023 | 43634273 | 8.3 |
| 71000000 | Federal Home Loan Bank <br> Discount Notes, 4.290%, <br> 02/08/2023 | 70684969 | 13.5 |
| 15000000 | Federal Home Loan Bank <br> Discount Notes, 4.492%, <br> 03/03/2023 | 14888675 | 2.9 |
| 15000000 | Federal Home Loan Bank <br> Discount Notes, 4.499%, <br> 03/23/2023 | 14852513 | 2.8 |
| 6000000 | Federal Home Loan Bank <br> Discount Notes, 4.521%, <br> 03/08/2023 | 5951490 | 1.1 |
| 64000000 | Federal Home Loan Bank <br> Discount Notes, 4.540%, <br> 03/15/2023 | 63425389 | 12.1 |
| 1600000 | Federal Home Loan Banks, <br> 4.320%, (SOFRRATE + <br> 0.020%), 01/03/2023 | 1599998 | 0.3 |
| 6000000 | Federal Home Loan Banks, <br> 4.320%, (SOFRRATE + <br> 0.020%), 01/11/2023 | 5999965 | 1.2 |
| 29000000 | Federal Home Loan Banks, <br> 4.320%, (SOFRRATE + <br> 0.020%), 03/24/2023 | 29000000 | 5.6 |
| 7250000 | Federal Home Loan Banks, <br> 4.330%, (SOFRRATE + <br> 0.030%), 04/14/2023 | 7250000 | 1.4 |
|  | Total U.S. Government <br> Agency Debt <br> (Cost $266,298,170)  | **266298170** | 50.9 |
| **U.S. TREASURY DEBT: 24.8%** | **U.S. TREASURY DEBT: 24.8%** | **U.S. TREASURY DEBT: 24.8%** | **U.S. TREASURY DEBT: 24.8%** |
| 129500000 | United States Treasury <br> Floating Rate Note, 4.432%, <br> (USBMMY3M + 0.034%), <br> 04/30/2023 | **129600776** | 24.8 |
|  | Total U.S. Treasury Debt <br> (Cost $129,600,776)  | **129600776** | 24.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **U.S. TREASURY REPURCHASE AGREEMENT: 20.3%** | **U.S. TREASURY REPURCHASE AGREEMENT: 20.3%** | **U.S. TREASURY REPURCHASE AGREEMENT: 20.3%** | **U.S. TREASURY REPURCHASE AGREEMENT: 20.3%** |
| 105978000  | Deutsche Bank Repurchase <br> Agreement dated 12/30/22, <br> 4.250%, due 01/03/23, <br> $106,028,045 to be <br> received upon repurchase <br> (Collateralized by <br> $127,476,038, U.S. <br> Treasury Interest, 0.000%, <br> Market Value plus accrued <br> interest $109,157,340 due <br> 8/15/24-2/15/35), 4.250%, <br> 01/03/2023 | $**105978000** | 20.3 |
|  | Total U.S. Treasury <br> Repurchase Agreement <br> (Cost $105,978,000)  | **105978000** | 20.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **INVESTMENT COMPANIES: 1.4%** | **INVESTMENT COMPANIES: 1.4%** | **INVESTMENT COMPANIES: 1.4%** | **INVESTMENT COMPANIES: 1.4%** |
| 7500000 <sup>(1)</sup> | Goldman Sachs Financial <br> Square Government Fund - <br> Institutional Shares, <br> 4.143%, 10/03/22 | **7500000** | 1.4 |
|  | Total Investment Companies <br> (Cost $7,500,000)  | **7500000** | 1.4 |
|  | **Total Investments in <br> Securities <br> (Cost $509,376,946)**  | $**509376946** | **97.4** |
|  | **Assets in Excess of Other <br> Liabilities**  | **13800304** | **2.6** |
|  | **Net Assets** | $**523177250** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

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

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

Reference Rate Abbreviations:

FEDL01 <br>

Federal Funds Effective Rate

SOFRRATE <br>

1-day Secured Overnight Financing Rate

USBMMY3M <br>

U.S. Treasury 3-month Bill Money Market Yield

At December 31, 2022, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Government Money Market 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** |  |  |  |  |
| U.S. Government Agency Debt | $&nbsp;&nbsp;&nbsp;&nbsp;— | $266298170 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $266298170 |
| Investment Companies | 7500000 |  |  | 7500000 |
| U.S. Treasury Debt |  | 129600776 |  | 129600776 |
| U.S. Treasury Repurchase Agreement |  | 105978000 |  | 105978000 |
| Total Investments, at fair value | $7500000 | $501876946 | $— | $509376946 |

---

^ <br>

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 <br> Repurchase <br> Agreement, <br> at fair value**  | **Fair Value of <br> Non-Cash Collateral <br> Received Including <br> Accrued Interest<sup>(1)</sup>**  | **Net Amount**  |
| Deutsche Bank | $105978000 | $(105978000) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Totals | $105978000 | $(105978000) | $— |

---

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

Collateral with a fair value of $109,157,340 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.

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 99.8%** | **COMMON STOCK: 99.8%** | **COMMON STOCK: 99.8%** | **COMMON STOCK: 99.8%** |
|  | **Communication Services: 7.7%** | **Communication Services: 7.7%** | **Communication Services: 7.7%** |
| 220032 | Activision Blizzard, Inc. | $16843450 | 1 |
| 2595193 | AT&T, Inc. | 47777503 | 2.7 |
| 910231 <sup>(1)</sup> | Paramount Global - Class B  | 15364699 | 0.9 |
| 974762 <sup>(2)</sup> | Pinterest, Inc. | 23667221 | 1.3 |
| 355788 <sup>(2)</sup> | Walt Disney Co. | 30910862 | 1.8 |
|  |  | **134563735** | **7.7** |
|  | **Consumer Discretionary: 9.0%** | **Consumer Discretionary: 9.0%** | **Consumer Discretionary: 9.0%** |
| 774964 <sup>(2)</sup> | Amazon.com, Inc. | 65096976 | 3.7 |
| 250723 <sup>(2)</sup> | Aptiv PLC | 23349833 | 1.3 |
| 503012 <sup>(2)</sup> | Caesars Entertainment, Inc.  | 20925300 | 1.2 |
| 221172 <sup>(2)</sup> | Expedia Group, Inc. | 19374667 | 1.1 |
| 281424 <sup>(1)</sup> | Ralph Lauren Corp. | 29738074 | 1.7 |
|  |  | **158484850** | **9.0** |
|  | **Consumer Staples: 5.8%** | **Consumer Staples: 5.8%** | **Consumer Staples: 5.8%** |
| 510604 | Coca-Cola Co. | 32479520 | 1.8 |
| 640538 | Kraft Heinz Co. | 26076302 | 1.5 |
| 431847 | Philip Morris International, <br> Inc. | 43707235 | 2.5 |
|  |  | **102263057** | **5.8** |
|  | **Energy: 5.5%** | **Energy: 5.5%** | **Energy: 5.5%** |
| 781909 | BP PLC ADR | 27312081 | 1.6 |
| 261026 | ConocoPhillips | 30801068 | 1.7 |
| 124308 | Diamondback Energy, Inc. | 17002848 | 1 |
| 165140 | Valero Energy Corp. | 20949661 | 1.2 |
|  |  | **96065658** | **5.5** |
|  | **Financials: 12.5%** | **Financials: 12.5%** | **Financials: 12.5%** |
| 326029 | Apollo Global Management, <br> Inc. | 20797390 | 1.2 |
| 103449 | Arthur J. Gallagher & Co. | 19504274 | 1.1 |
| 564682 | Bank of New York Mellon <br> Corp.  | 25704325 | 1.5 |
| 61180 | Everest Re Group Ltd. | 20267098 | 1.1 |
| 68479 | Goldman Sachs Group, Inc.  | 23514319 | 1.3 |
| 452729 | JPMorgan Chase & Co. | 60710959 | 3.5 |
| 308329 | Nasdaq, Inc. | 18915984 | 1.1 |
| 686224 | Truist Financial Corp. | 29528219 | 1.7 |
|  |  | **218942568** | **12.5** |
|  | **Health Care: 15.3%** | **Health Care: 15.3%** | **Health Care: 15.3%** |
| 356259 <sup>(1)</sup> | Alcon, Inc. | 24421554 | 1.4 |
| 849628 <sup>(2)</sup> | Boston Scientific Corp. | 39312288 | 2.2 |
| 445062 | Bristol-Myers Squibb Co. | 32022211 | 1.8 |
| 81214 | Eli Lilly & Co. | 29711330 | 1.7 |
| 68039 | Humana, Inc. | 34848895 | 2 |
| 79407 | McKesson Corp. | 29787154 | 1.7 |
| 124025 | Quest Diagnostics, Inc. | 19402471 | 1.1 |
| 72931 | Thermo Fisher Scientific, <br> Inc. | 40162372 | 2.3 |
| 66322 <sup>(2)</sup> | Vertex Pharmaceuticals, <br> Inc. | 19152467 | 1.1 |
|  |  | **268820742** | **15.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: 7.7%** | **Industrials: 7.7%** | **Industrials: 7.7%** |
| 350483 | Emerson Electric Co. | $33667397 | 1.9 |
| 948015 | Howmet Aerospace, Inc. | 37361271 | 2.2 |
| 813439 | nVent Electric PLC | 31292998 | 1.8 |
| 89537 <sup>(2)</sup> | United Rentals, Inc. | 31823241 | 1.8 |
|  |  | **134144907** | **7.7** |
|  | **Information Technology: 26.1%** | **Information Technology: 26.1%** | **Information Technology: 26.1%** |
| 157522 | Analog Devices, Inc. | 25838334 | 1.5 |
| 953852 | Apple, Inc. | 123933990 | 7.1 |
| 77735 | Broadcom, Inc. | 43463971 | 2.5 |
| 380192 | Dolby Laboratories, Inc. | 26818744 | 1.5 |
| 524686 | Microsoft Corp. | 125830196 | 7.2 |
| 118843 | Motorola Solutions, Inc. | 30627030 | 1.7 |
| 152335 <sup>(2)</sup> | Palo Alto Networks, Inc. | 21256826 | 1.2 |
| 52652 <sup>(2)</sup> | Paycom Software, Inc. | 16338442 | 0.9 |
| 56546 | Roper Technologies, Inc. | 24432961 | 1.4 |
| 48838 <sup>(2)</sup> | ServiceNow, Inc. | 18962330 | 1.1 |
|  |  | **457502824** | **26.1** |
|  | **Materials: 3.9%** | **Materials: 3.9%** | **Materials: 3.9%** |
| 75830 | Air Products & Chemicals, <br> Inc. | 23375356 | 1.3 |
| 289131 | Alcoa Corp. | 13146786 | 0.8 |
| 139854 | CF Industries Holdings, Inc.  | 11915561 | 0.7 |
| 242463 | Eastman Chemical Co. | 19746187 | 1.1 |
|  |  | **68183890** | **3.9** |
|  | **Real Estate: 3.0%** | **Real Estate: 3.0%** | **Real Estate: 3.0%** |
| 206145 | ProLogis, Inc. | 23238726 | 1.3 |
| 137693 | Ryman Hospitality <br> Properties | 11260534 | 0.7 |
| 268362 | Welltower, Inc. | 17591129 | 1 |
|  |  | **52090389** | **3.0** |
|  | **Utilities: 3.3%** | **Utilities: 3.3%** | **Utilities: 3.3%** |
| 137100 | Entergy Corp. | 15423750 | 0.9 |
| 274872 | NextEra Energy, Inc. | 22979299 | 1.3 |
| 311004 | Public Service Enterprise <br> Group, Inc.  | 19055215 | 1.1 |
|  |  | **57458264** | **3.3** |
|  | Total Common Stock <br> (Cost $1,590,452,732)  | **1748520884** | 99.8 |
| **OTHER<sup>(3)</sup>: —%** | **OTHER<sup>(3)</sup>: —%** | **OTHER<sup>(3)</sup>: —%** | **OTHER<sup>(3)</sup>: —%** |
|  | **Utilities: —%** | **Utilities: —%** | **Utilities: —%** |
| 10000000 <sup>(4)(5)</sup> | Southern Energy <br> (Escrow) | **—** | **—** |
|  | Total Other <br> (Cost $—)  | **—** | **—** |
|  | Total Long-Term <br> Investments <br> (Cost $1,590,452,732)  | **1748520884** | 99.8 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **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: 1.4%** | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** |
| 5810100 <sup>(6)</sup> | Cantor Fitzgerald Securities, <br> Repurchase Agreement <br> dated 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $5,812,838, <br> collateralized by various <br> U.S. Government/U.S. <br> Government Agency <br> Obligations, <br> 0.000%-9.000%, Market <br> Value plus accrued <br> interest $5,926,302, due <br> 01/15/23-11/20/72) | $5810100 | 0.3 |
| 5520291 <sup>(6)</sup> | Citadel Securities LLC, <br> Repurchase Agreement <br> dated 12/30/22, 4.41%, due <br> 01/03/23 (Repurchase <br> Amount $5,522,959, <br> collateralized by various <br> U.S. Government Securities, <br> 0.125%-6.250%, Market <br> Value plus accrued interest <br> $5,633,456, due <br> 04/15/23-11/15/52) | 5520291 | 0.3 |
| 71560 <sup>(6)</sup> | Deutsche Bank Securities <br> Inc., Repurchase <br> Agreement dated 12/30/22, <br> 4.26%, due 01/03/23 <br> (Repurchase Amount <br> $71,593, collateralized by <br> various U.S. Government <br> Securities, 0.000%, Market <br> Value plus accrued interest <br> $72,991, due <br> 01/10/23-06/29/23) | 71560 | 0.0 |
| 2445106 <sup>(6)</sup> | Mirae Asset Securities USA <br> Inc., Repurchase <br> Agreement dated 12/30/22, <br> 4.30%, due 01/03/23 <br> (Repurchase Amount <br> $2,446,258, 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> $2,495,200, due <br> 03/01/23-11/20/72) | 2445106 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 5810114 <sup>(6)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 (Repurchase <br> Amount $5,812,877, <br> collateralized by various <br> U.S. Government <br> Securities, 0.000%- <br> 4.435%, Market Value <br> plus accrued interest <br> $5,926,317, due <br> 01/03/23-09/09/49) | $5810114 | 0.3 |
| 5302822 <sup>(6)</sup> | State of Wisconsin <br> Investment Board, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, due <br> 01/03/23 (Repurchase <br> Amount $5,305,344, <br> collateralized by various <br> U.S. Government Securities, <br> 0.125%-3.875%, Market <br> Value plus accrued interest <br> $5,408,904, due <br> 01/15/24-02/15/51) | 5302822 | 0.3 |
|  | Total Repurchase <br> Agreements <br> (Cost $24,959,993)  | **&nbsp;&nbsp;&nbsp;&nbsp;24959993** | **&nbsp;&nbsp;&nbsp;&nbsp;1.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage <br>of Net <br>Assets**  |
|  | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** |
| 2315000 <sup>(7)</sup> | Goldman Sachs Financial <br> Square Government <br> Fund - Institutional <br> Shares, 4.150% |  |  |
|  | (Cost $2,315,000) | **2315000** | 0.2 |
|  | Total Short-Term <br> Investments <br> (Cost $27,274,993)  | **27274993** | 1.6 |
|  | **Total Investments in <br> Securities <br> (Cost $1,617,727,725)**  | $**1775795877** | **101.4** |
|  | **Liabilities in Excess of <br> Other Assets**  | **(24449549)** | **(1.4)** |
|  | **Net Assets** | $**1751346328** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

ADR <br>

American Depositary Receipt

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio as of December 31, 2022 (continued)

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

<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>

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>(4)</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>(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>

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

<sup>(7)</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\* | $1748520884 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1748520884 |
| Other |  |  |  |  |
| Short-Term Investments | 2315000 | 24959993 |  | 27274993 |
| Total Investments, at fair value | $1750835884 | $24959993 | $— | $1775795877 |

---

^ <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, Voya Growth and Income Portfolio held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security**  | **Acquisition Date**  | **Acquisition Cost**  | **Fair Value**  |
| Southern Energy (Escrow) | 11/30/2005 | $&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 $1,626,524,081.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $343408673 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (194136830) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $149271843 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **CORPORATE BONDS/NOTES: 20.0%** | **CORPORATE BONDS/NOTES: 20.0%** | **CORPORATE BONDS/NOTES: 20.0%** | **CORPORATE BONDS/NOTES: 20.0%** |
|  | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** |
| 445000 <sup>(1)</sup> | Anglo American Capital <br> PLC, 2.250%, <br> 03/17/2028 | $374970 | 0.0 |
| 1250000 <sup>(1)</sup> | Anglo American Capital <br> PLC, 3.625%, <br> 09/11/2024 | 1210275 | 0.1 |
| 276000 <sup>(1)</sup> | Anglo American Capital <br> PLC, 5.625%, <br> 04/01/2030 | 274669 | 0.0 |
| 500000 | Dow Chemical Co/The, <br> 4.625%, 10/01/2044 | 416648 | 0.0 |
| 342000 <sup>(2)</sup> | Dow Chemical Co/The, <br> 6.300%, 03/15/2033 | 360891 | 0.0 |
| 409000 | Dow Chemical Co/The, <br> 6.900%, 05/15/2053 | 446549 | 0.0 |
| 1366000 | Mosaic Co/The, 5.450%, <br> 11/15/2033 | 1332856 | 0.1 |
| 143000 | Rio Tinto Finance USA <br> Ltd., 2.750%, 11/02/2051 | 95281 | 0.0 |
| 1147000 | Steel Dynamics, Inc., <br> 1.650%, 10/15/2027 | 963035 | 0.0 |
| 362000 | Teck Resources Ltd., <br> 5.400%, 02/01/2043 | 323078 | 0.0 |
|  |  | **5798252** | **0.2** |
|  | **Communications: 1.7%** | **Communications: 1.7%** | **Communications: 1.7%** |
| 981000 | Amazon.com, Inc., <br> 2.100%, 05/12/2031 | 803628 | 0.0 |
| 2340000 | Amazon.com, Inc., <br> 2.875%, 05/12/2041 | 1755394 | 0.1 |
| 642000 <sup>(2)</sup> | Amazon.com, Inc., <br> 3.600%, 04/13/2032 | 589407 | 0.0 |
| 411000 | Amazon.com, Inc., <br> 3.950%, 04/13/2052 | 342457 | 0.0 |
| 652000 | Amazon.com, Inc., <br> 4.100%, 04/13/2062 | 541997 | 0.0 |
| 701000 | Amazon.com, Inc., <br> 4.550%, 12/01/2027 | 699948 | 0.0 |
| 935000 | Amazon.com, Inc., <br> 4.700%, 12/01/2032 | 928521 | 0.1 |
| 1803000 | AT&T, Inc., 2.550%, <br> 12/01/2033 | 1390907 | 0.1 |
| 1240000 | AT&T, Inc., 3.550%, <br> 09/15/2055 | 832958 | 0.0 |
| 1532000 | AT&T, Inc., 3.650%, <br> 09/15/2059 | 1032490 | 0.1 |
| 764000 | Charter Communications <br> Operating LLC / Charter <br> Communications <br> Operating Capital, <br> 2.250%, 01/15/2029 | 616329 | 0.0 |
| 446000 | Charter Communications <br> Operating LLC / Charter <br> Communications <br> Operating Capital, <br> 3.850%, 04/01/2061 | 259519 | 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)** |
|  | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| 451000 | Charter Communications <br> Operating LLC / Charter <br> Communications <br> Operating Capital, <br> 3.900%, 06/01/2052 | $284821 | 0.0 |
| 1018000 | Comcast Corp., 2.650%, <br> 02/01/2030 | 883007 | 0.1 |
| 1417000 | Comcast Corp., 2.887%, <br> 11/01/2051 | 916457 | 0.1 |
| 529000 | Comcast Corp., 3.900%, <br> 03/01/2038 | 457968 | 0.0 |
| 900000 | Comcast Corp., 3.999%, <br> 11/01/2049 | 714629 | 0.0 |
| 3290000 | Comcast Corp., 4.000%, <br> 03/01/2048 | 2654060 | 0.1 |
| 596000 | Comcast Corp., 5.350%, <br> 11/15/2027 | 609748 | 0.0 |
| 474000 | Comcast Corp., 5.500%, <br> 11/15/2032 | 495779 | 0.0 |
| 588000 | Corning, Inc., 5.450%, <br> 11/15/2079 | 510784 | 0.0 |
| 485000 | Meta Platforms, Inc., <br> 3.500%, 08/15/2027 | 452839 | 0.0 |
| 1554000 | Meta Platforms, Inc., <br> 3.850%, 08/15/2032 | 1371881 | 0.1 |
| 1113000 | Meta Platforms, Inc., <br> 4.450%, 08/15/2052 | 890224 | 0.1 |
| 1698000 | Meta Platforms, Inc., <br> 4.650%, 08/15/2062 | 1371382 | 0.1 |
| 738000 <sup>(1)</sup> | NBN Co. Ltd., 1.450%, <br> 05/05/2026 | 651995 | 0.0 |
| 550000 <sup>(1)(2)</sup> | NBN Co. Ltd., 1.625%, <br> 01/08/2027 | 475495 | 0.0 |
| 1004000 <sup>(2)</sup> | Paramount Global, <br> 4.950%, 05/19/2050 | 734226 | 0.0 |
| 120000 | Paramount Global, <br> 5.250%, 04/01/2044 | 92650 | 0.0 |
| 575000 | Paramount Global, <br> 5.850%, 09/01/2043 | 479670 | 0.0 |
| 257000 <sup>(1)</sup> | Rogers Communications, <br> Inc., 3.800%, 03/15/2032 | 222476 | 0.0 |
| 588000 <sup>(1)</sup> | Rogers Communications, <br> Inc., 4.550%, 03/15/2052 | 458592 | 0.0 |
| 1000000 | Time Warner Cable LLC, <br> 5.500%, 09/01/2041 | 833626 | 0.1 |
| 3754000 | Time Warner Cable LLC, <br> 5.875%, 11/15/2040 | 3284855 | 0.2 |
| 527000 | T-Mobile USA, Inc., <br> 2.050%, 02/15/2028 | 453501 | 0.0 |
| 178000 | T-Mobile USA, Inc., <br> 2.250%, 02/15/2026 | 162249 | 0.0 |
| 614000 | T-Mobile USA, Inc., <br> 2.625%, 02/15/2029 | 520599 | 0.0 |
| 526000 | T-Mobile USA, Inc., <br> 3.500%, 04/15/2031 | 455371 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
|  | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| 640000 | T-Mobile USA, Inc., <br> 3.750%, 04/15/2027 | $| 603789 | 0.0 |
| 198000 | T-Mobile USA, Inc., <br> 3.875%, 04/15/2030 |  | 179816 | 0.0 |
| 851000 | T-Mobile USA, Inc., <br> 4.375%, 04/15/2040 |  | 729742 | 0.0 |
| 537000 | T-Mobile USA, Inc., <br> 4.500%, 04/15/2050 |  | 444145 | 0.0 |
| 1543000 | Verizon Communications, <br> Inc., 2.355%, 03/15/2032 |  | 1227221 | 0.1 |
| 417000 | Verizon Communications, <br> Inc., 2.987%, 10/30/2056 |  | 256258 | 0.0 |
| 779000 | Verizon Communications, <br> Inc., 3.400%, 03/22/2041 |  | 588813 | 0.0 |
| 1119000 | Verizon Communications, <br> Inc., 3.700%, 03/22/2061 |  | 786028 | 0.0 |
| 2000000 | Verizon Communications, <br> Inc., 3.850%, 11/01/2042 |  | 1593953 | 0.1 |
| 980000 | Verizon Communications, <br> Inc., 4.400%, 11/01/2034 |  | 903270 | 0.1 |
| 116000 | Verizon Communications, <br> Inc., 4.500%, 08/10/2033 |  | 108914 | 0.0 |
| 770000 | Verizon Communications, <br> Inc., 4.750%, 11/01/2041 |  | 705549 | 0.0 |
| 2750000 | Verizon Communications, <br> Inc., 4.812%, 03/15/2039 |  | 2530460 | 0.1 |
| 286000 | Vodafone Group PLC, <br> 4.375%, 02/19/2043 |  | 230141 | 0.0 |
| 477000 | Vodafone Group PLC, <br> 5.125%, 06/19/2059 |  | 410368 | 0.0 |
|  |  |  | **41530906** | **1.7** |
|  | **Consumer, Cyclical: 1.2%** | **Consumer, Cyclical: 1.2%** | **Consumer, Cyclical: 1.2%** | **Consumer, Cyclical: 1.2%** |
| 48064 <sup>(1)</sup> | Alaska Airlines 2020-1 <br> Class A Pass Through <br> Trust, 4.800%, 02/15/2029 |  | 45831 | 0.0 |
| 38065 | American Airlines 2015-2 <br> Class AA Pass Through <br> Trust, 3.600%, 03/22/2029 |  | 34218 | 0.0 |
| 9287 | American Airlines 2016-1 <br> Class AA Pass Through <br> Trust, 3.575%, 07/15/2029 |  | 8309 | 0.0 |
| 2331900 | American Airlines 2016-2 <br> Class AA Pass Through <br> Trust, 3.200%, 12/15/2029 |  | 2027449 | 0.1 |
| 93800 | American Airlines 2017-2 <br> Class AA Pass Through <br> Trust, 3.350%, 04/15/2031 |  | 81201 | 0.0 |
| 551935 | Delta Air Lines 2020-1 <br> Class A Pass Through <br> Trust, 2.500%, 12/10/2029 |  | 469473 | 0.0 |
| 218000 <sup>(1)</sup> | Delta Air Lines, Inc. / <br> SkyMiles IP Ltd., 4.750%, <br> 10/20/2028 |  | 205249 | 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)** |
|  | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
| 935000 | General Motors Co., <br> 6.125%, 10/01/2025 | $952525 | 0.0 |
| 1027000 | General Motors Financial <br> Co., Inc., 2.350%, <br> 02/26/2027 | 898336 | 0.0 |
| 985000 | General Motors Financial <br> Co., Inc., 3.950%, <br> 04/13/2024 | 966084 | 0.1 |
| 1893000 | General Motors Financial <br> Co., Inc., 4.350%, <br> 01/17/2027 | 1801438 | 0.1 |
| 1527000 | General Motors Financial <br> Co., Inc., 5.000%, <br> 04/09/2027 | 1481493 | 0.1 |
| 2878000 <sup>(1)</sup> | Harley-Davidson Financial <br> Services, Inc., 3.050%, <br> 02/14/2027 | 2567121 | 0.1 |
| 858000 | Hasbro, Inc., 3.000%, <br> 11/19/2024 | 824956 | 0.0 |
| 794000 | Hasbro, Inc., 3.550%, <br> 11/19/2026 | 745662 | 0.0 |
| 803000 | Home Depot, Inc./The, <br> 4.500%, 09/15/2032 | 786594 | 0.0 |
| 1150000 <sup>(2)</sup> | Home Depot, Inc./The, <br> 4.950%, 09/15/2052 | 1110845 | 0.1 |
| 496000 | Lowe's Cos, Inc., 4.250%, <br> 04/01/2052 | 395708 | 0.0 |
| 260000 | Lowe's Cos, Inc., 4.450%, <br> 04/01/2062 | 203475 | 0.0 |
| 452690 <sup>(1)</sup> | Mileage Plus Holdings <br> LLC / Mileage Plus <br> Intellectual Property <br> Assets Ltd., 6.500%, <br> 06/20/2027 | 451061 | 0.0 |
| 547000 | Target Corp., 2.950%, <br> 01/15/2052 | 377825 | 0.0 |
| 1185000 | Target Corp., 4.500%, <br> 09/15/2032 | 1153820 | 0.1 |
| 313000 | Toyota Motor Credit Corp., <br> 1.900%, 01/13/2027 | 279750 | 0.0 |
| 375000 <sup>(2)</sup> | Toyota Motor Credit Corp., <br> 4.450%, 06/29/2029 | 368003 | 0.0 |
| 1150000 | Toyota Motor Credit Corp., <br> 4.550%, 09/20/2027 | 1136140 | 0.1 |
| 363112 | United Airlines 2012-1 <br> Class A Pass Through <br> Trust, 4.150%, 10/11/2025 | 351903 | 0.0 |
| 512705 | United Airlines 2014-1 <br> Class A Pass Through <br> Trust, 4.000%, 10/11/2027 | 477100 | 0.0 |
| 439207 | United Airlines 2016-2 <br> Class A Pass Through <br> Trust, 3.100%, 04/07/2030 | 355741 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 3577662 | United Airlines 2016-2 <br> Class AA Pass Through <br> Trust, 2.875%, 04/07/2030 | $| 3050018 | 0.1 |
| 573032 | United Airlines 2019-2 <br> Class A Pass Through <br> Trust, 2.900%, 11/01/2029 |  | 461106 | 0.0 |
| 1576024 | United Airlines 2020-1 <br> Class A Pass Through <br> Trust, 5.875%, 04/15/2029 |  | 1556055 | 0.1 |
| 1668820 | US Airways 2012-1 <br> Class A Pass Through <br> Trust, 5.900%, 04/01/2026 |  | 1615689 | 0.1 |
| 575000 | Walmart, Inc., 4.500%, <br> 09/09/2052 |  | 550586 | 0.0 |
| 1505000 <sup>(1)</sup> | Warnermedia Holdings, <br> Inc., 3.755%, 03/15/2027 |  | 1357439 | 0.1 |
| 288000 <sup>(1)</sup> | Warnermedia Holdings, <br> Inc., 5.050%, 03/15/2042 |  | 221364 | 0.0 |
| 438000 <sup>(1)</sup> | Warnermedia Holdings, <br> Inc., 5.141%, 03/15/2052 |  | 320102 | 0.0 |
|  |  |  | **29689669** | **1.2** |
|  | **Consumer, Non-cyclical: 3.3%** | **Consumer, Non-cyclical: 3.3%** | **Consumer, Non-cyclical: 3.3%** | **Consumer, Non-cyclical: 3.3%** |
| 109000 | Abbott Laboratories, <br> 4.900%, 11/30/2046 |  | 106885 | 0.0 |
| 1663000 | AbbVie, Inc., 2.600%, <br> 11/21/2024 |  | 1592122 | 0.1 |
| 732000 | AbbVie, Inc., 4.050%, <br> 11/21/2039 |  | 629613 | 0.0 |
| 1257000 | AbbVie, Inc., 4.300%, <br> 05/14/2036 |  | 1136551 | 0.1 |
| 1964000 | AbbVie, Inc., 4.400%, <br> 11/06/2042 |  | 1712582 | 0.1 |
| 579000 | AbbVie, Inc., 4.500%, <br> 05/14/2035 |  | 538405 | 0.0 |
| 292000 | AbbVie, Inc., 4.550%, <br> 03/15/2035 |  | 274088 | 0.0 |
| 1700000 | AbbVie, Inc., 4.625%, <br> 10/01/2042 |  | 1517763 | 0.1 |
| 2403000 | Aetna, Inc., 4.500%, <br> 05/15/2042 |  | 2084732 | 0.1 |
| 327000 <sup>(1)</sup> | Alcon Finance Corp., <br> 5.375%, 12/06/2032 |  | 329688 | 0.0 |
| 474000 <sup>(1)</sup> | Alcon Finance Corp., <br> 5.750%, 12/06/2052 |  | 477667 | 0.0 |
| 473000 | Altria Group, Inc., 2.450%, <br> 02/04/2032 |  | 357992 | 0.0 |
| 918000 | Altria Group, Inc., 3.700%, <br> 02/04/2051 |  | 578404 | 0.0 |
| 301000 | Altria Group, Inc., 4.800%, <br> 02/14/2029 |  | 289446 | 0.0 |
| 730000 | Altria Group, Inc., 5.800%, <br> 02/14/2039 |  | 675956 | 0.0 |
| 543000 | Altria Group, Inc., 5.950%, <br> 02/14/2049 |  | 485363 | 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)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 1375000 | Anheuser-Busch Cos <br> LLC / Anheuser-Busch <br> InBev Worldwide, Inc., <br> 4.700%, 02/01/2036 | $1303802 | 0.1 |
| 3000000 | Anheuser-Busch Cos <br> LLC / Anheuser-Busch <br> InBev Worldwide, Inc., <br> 4.900%, 02/01/2046 | 2742347 | 0.1 |
| 1260000 | Anheuser-Busch InBev <br> Worldwide, Inc., 5.450%, <br> 01/23/2039 | 1262820 | 0.1 |
| 2362000 | BAT Capital Corp., <br> 2.259%, 03/25/2028 | 1964194 | 0.1 |
| 483000 | BAT Capital Corp., <br> 2.726%, 03/25/2031 | 377960 | 0.0 |
| 140000 | BAT Capital Corp., <br> 3.557%, 08/15/2027 | 128121 | 0.0 |
| 866000 | BAT Capital Corp., <br> 3.734%, 09/25/2040 | 590881 | 0.0 |
| 419000 | BAT Capital Corp., <br> 4.390%, 08/15/2037 | 327139 | 0.0 |
| 1250000 | BAT International Finance <br> PLC, 4.448%, 03/16/2028 | 1159898 | 0.1 |
| 1150000 | Baxter International, Inc., <br> 2.272%, 12/01/2028 | 982911 | 0.1 |
| 1158000 | Bristol-Myers Squibb Co., <br> 3.700%, 03/15/2052 | 906831 | 0.0 |
| 1757000 | Bristol-Myers Squibb Co., <br> 4.125%, 06/15/2039 | 1570850 | 0.1 |
| 374000 <sup>(1)</sup> | Cargill, Inc., 2.125%, <br> 04/23/2030 | 308788 | 0.0 |
| 831000 <sup>(1)</sup> | Cargill, Inc., 2.125%, <br> 11/10/2031 | 658154 | 0.0 |
| 310000 <sup>(1)</sup> | Cargill, Inc., 3.125%, <br> 05/25/2051 | 215026 | 0.0 |
| 388000 <sup>(1)</sup> | Cargill, Inc., 4.375%, <br> 04/22/2052 | 338499 | 0.0 |
| 374000 <sup>(1)</sup> | Cargill, Inc., 5.125%, <br> 10/11/2032 | 375850 | 0.0 |
| 1137000 | Centene Corp., 3.000%, <br> 10/15/2030 | 934619 | 0.1 |
| 2195000 | Cigna Corp., 3.250%, <br> 04/15/2025 | 2115659 | 0.1 |
| 271000 | Cigna Corp., 3.400%, <br> 03/15/2050 | 193323 | 0.0 |
| 3900000 | Cigna Corp., 4.800%, <br> 08/15/2038 | 3635506 | 0.2 |
| 346000 | Cigna Corp., 4.900%, <br> 12/15/2048 | 313574 | 0.0 |
| 1168000 <sup>(1)</sup> | CSL Finance PLC, <br> 4.250%, 04/27/2032 | 1103155 | 0.1 |
| 404000 <sup>(1)</sup> | CSL Finance PLC, <br> 4.625%, 04/27/2042 | 361980 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 668000 <sup>(1)</sup> | CSL Finance PLC, <br> 4.750%, 04/27/2052 | $607164 | 0.0 |
| 278000 <sup>(1)</sup> | CSL Finance PLC, <br> 4.950%, 04/27/2062 | 247537 | 0.0 |
| 798000 | CVS Health Corp., <br> 2.700%, 08/21/2040 | 554297 | 0.0 |
| 1075000 | CVS Health Corp., <br> 3.875%, 07/20/2025 | 1050060 | 0.1 |
| 1886000 | CVS Health Corp., <br> 4.125%, 04/01/2040 | 1576884 | 0.1 |
| 3000000 | CVS Health Corp., <br> 4.780%, 03/25/2038 | 2744769 | 0.1 |
| 375000 | CVS Health Corp., <br> 5.050%, 03/25/2048 | 338488 | 0.0 |
| 159000 | CVS Health Corp., <br> 5.125%, 07/20/2045 | 145691 | 0.0 |
| 49540 | CVS Pass-Through Trust, <br> 6.943%, 01/10/2030 | 50462 | 0.0 |
| 1237000 <sup>(1)</sup> | Fresenius Medical Care <br> US Finance III, Inc., <br> 1.875%, 12/01/2026 | 1050565 | 0.1 |
| 1000000 | Global Payments, Inc., <br> 1.200%, 03/01/2026 | 872758 | 0.0 |
| 670000 | Global Payments, Inc., <br> 2.650%, 02/15/2025 | 630895 | 0.0 |
| 1676000 | Global Payments, Inc., <br> 3.200%, 08/15/2029 | 1428128 | 0.1 |
| 385000 | Global Payments, Inc., <br> 5.950%, 08/15/2052 | 350012 | 0.0 |
| 614000 | GSK Consumer <br> Healthcare Capital US <br> LLC, 3.375%, 03/24/2029 | 553397 | 0.0 |
| 218000 | HCA, Inc., 2.375%, <br> 07/15/2031 | 170225 | 0.0 |
| 440000 <sup>(1)</sup> | HCA, Inc., 3.125%, <br> 03/15/2027 | 400681 | 0.0 |
| 211000 | HCA, Inc., 3.500%, <br> 09/01/2030 | 182478 | 0.0 |
| 1166000 | HCA, Inc., 4.125%, <br> 06/15/2029 | 1066891 | 0.1 |
| 670000 <sup>(1)</sup> | HCA, Inc., 4.375%, <br> 03/15/2042 | 536403 | 0.0 |
| 1604000 | HCA, Inc., 4.500%, <br> 02/15/2027 | 1548285 | 0.1 |
| 772000 | HCA, Inc., 5.250%, <br> 04/15/2025 | 768183 | 0.0 |
| 1115000 | Humana, Inc., 1.350%, <br> 02/03/2027 | 965588 | 0.1 |
| 178000 | Humana, Inc., 3.125%, <br> 08/15/2029 | 156405 | 0.0 |
| 305000 | Humana, Inc., 5.750%, <br> 03/01/2028 | 311983 | 0.0 |
| 407000 | Johnson & Johnson, <br> 3.625%, 03/03/2037 | 363207 | 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)** |
|  | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 296000 | Kraft Heinz Foods Co., <br> 5.000%, 06/04/2042 | $269076 | 0.0 |
| 294000 | Kraft Heinz Foods Co., <br> 5.200%, 07/15/2045 | 272699 | 0.0 |
| 1870000 <sup>(1)</sup> | Mars, Inc., 3.875%, <br> 04/01/2039 | 1594709 | 0.1 |
| 405000 | Merck & Co., Inc., <br> 2.750%, 12/10/2051 | 272577 | 0.0 |
| 884000 | Mylan, Inc., 5.200%, <br> 04/15/2048 | 661647 | 0.0 |
| 910000 <sup>(1)</sup> | Nestle Holdings, Inc., <br> 3.900%, 09/24/2038 | 813194 | 0.0 |
| 1116000 <sup>(1)</sup> | Nestle Holdings, Inc., <br> 4.125%, 10/01/2027 | 1091670 | 0.1 |
| 801000 <sup>(1)</sup> | Nestle Holdings, Inc., <br> 4.700%, 01/15/2053 | 758249 | 0.0 |
| 233000 | PayPal Holdings, Inc., <br> 2.300%, 06/01/2030 | 191939 | 0.0 |
| 1033000 <sup>(2)</sup> | PayPal Holdings, Inc., <br> 4.400%, 06/01/2032 | 975347 | 0.1 |
| 2526000 | PayPal Holdings, Inc., <br> 5.250%, 06/01/2062 | 2309487 | 0.1 |
| 385000 | Reynolds American, Inc., <br> 5.700%, 08/15/2035 | 348784 | 0.0 |
| 560000 | Reynolds American, Inc., <br> 5.850%, 08/15/2045 | 479320 | 0.0 |
| 624000 | Reynolds American, Inc., <br> 6.150%, 09/15/2043 | 559144 | 0.0 |
| 480000 <sup>(1)</sup> | Roche Holdings, Inc., <br> 2.607%, 12/13/2051 | 313147 | 0.0 |
| 537000 | Royalty Pharma PLC, <br> 1.200%, 09/02/2025 | 481097 | 0.0 |
| 796000 | Royalty Pharma PLC, <br> 1.750%, 09/02/2027 | 674957 | 0.0 |
| 329000 | S&P Global, Inc., 1.250%, <br> 08/15/2030 | 253777 | 0.0 |
| 1000000 <sup>(1)</sup> | S&P Global, Inc., 2.700%, <br> 03/01/2029 | 882261 | 0.0 |
| 1252000 <sup>(1)</sup> | S&P Global, Inc., 2.900%, <br> 03/01/2032 | 1071387 | 0.1 |
| 1217000 <sup>(1)</sup> | S&P Global, Inc., 3.700%, <br> 03/01/2052 | 945410 | 0.1 |
| 342000 | Thermo Fisher Scientific, <br> Inc., 4.800%, 11/21/2027 | 343718 | 0.0 |
| 830000 <sup>(1)(2)</sup> | Triton Container <br> International Ltd., 2.050%, <br> 04/15/2026 | 721721 | 0.0 |
| 482000 <sup>(1)</sup> | Triton Container <br> International Ltd., 3.150%, <br> 06/15/2031 | 375676 | 0.0 |
| 485000 | UnitedHealth Group, Inc., <br> 2.750%, 05/15/2040 | 353755 | 0.0 |
| 245000 | UnitedHealth Group, Inc., <br> 3.050%, 05/15/2041 | 185109 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
| 1111000 | UnitedHealth Group, Inc., <br> 3.500%, 08/15/2039 | $| 912543 | 0.0 |
| 493000 | UnitedHealth Group, Inc., <br> 3.750%, 10/15/2047 |  | 394445 | 0.0 |
| 265000 | UnitedHealth Group, Inc., <br> 4.750%, 05/15/2052 |  | 246149 | 0.0 |
| 1024000 | UnitedHealth Group, Inc., <br> 5.300%, 02/15/2030 |  | 1057723 | 0.1 |
| 838000 | UnitedHealth Group, Inc., <br> 5.350%, 02/15/2033 |  | 867317 | 0.0 |
| 699000 | UnitedHealth Group, Inc., <br> 5.875%, 02/15/2053 |  | 759353 | 0.0 |
| 586000 | UnitedHealth Group, Inc., <br> 6.050%, 02/15/2063 |  | 640107 | 0.0 |
| 265000 | Utah Acquisition Sub, Inc., <br> 5.250%, 06/15/2046 |  | 201364 | 0.0 |
| 553000 | Viatris, Inc., 2.700%, <br> 06/22/2030 |  | 433529 | 0.0 |
| 1663000 | Viatris, Inc., 3.850%, <br> 06/22/2040 |  | 1120301 | 0.1 |
| 124000 | Viatris, Inc., 4.000%, <br> 06/22/2050 |  | 76829 | 0.0 |
|  |  |  | **79240097** | **3.3** |
|  | **Energy: 1.8%** | **Energy: 1.8%** | **Energy: 1.8%** | **Energy: 1.8%** |
| 277000 | Baker Hughes Holdings <br> LLC / Baker Hughes <br> Co-Obligor, Inc., 2.061%, <br> 12/15/2026 |  | 248652 | 0.0 |
| 366000 | BP Capital Markets <br> America, Inc., 1.749%, <br> 08/10/2030 |  | 292617 | 0.0 |
| 321000 | BP Capital Markets <br> America, Inc., 2.772%, <br> 11/10/2050 |  | 206371 | 0.0 |
| 752000 <sup>(3)</sup> | BP Capital Markets PLC, <br> 4.875%, 12/31/2199 |  | 660350 | 0.0 |
| 205000 | Canadian Natural <br> Resources Ltd., 6.750%, <br> 02/01/2039 |  | 212917 | 0.0 |
| 3558000 | Coterra Energy, Inc., <br> 3.900%, 05/15/2027 |  | 3327638 | 0.2 |
| 181000 | Diamondback Energy, <br> Inc., 3.500%, 12/01/2029 |  | 159191 | 0.0 |
| 885000 | Diamondback Energy, <br> Inc., 6.250%, 03/15/2033 |  | 901007 | 0.0 |
| 796000 | Diamondback Energy, <br> Inc., 6.250%, 03/15/2053 |  | 773490 | 0.0 |
| 979000 <sup>(3)</sup> | Enbridge, Inc., 5.750%, <br> 07/15/2080 |  | 887677 | 0.0 |
| 631000 <sup>(3)</sup> | Enbridge, Inc., 7.375%, <br> 01/15/2083 |  | 614880 | 0.0 |
| 631000 <sup>(3)</sup> | Enbridge, Inc., 7.625%, <br> 01/15/2083 |  | 625706 | 0.0 |
| 582000 | Energy Transfer L.P., <br> 4.250%, 04/01/2024 |  | 571810 | 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)** |
| 154000 | Energy Transfer L.P., <br> 4.900%, 03/15/2035 | $137689 | 0.0 |
| 1625000 | Energy Transfer L.P., <br> 5.300%, 04/01/2044 | 1378759 | 0.1 |
| 1086000 | Energy Transfer L.P., <br> 5.300%, 04/15/2047 | 908869 | 0.1 |
| 845000 | Energy Transfer L.P., <br> 5.350%, 05/15/2045 | 720220 | 0.0 |
| 2009000 | Energy Transfer L.P., <br> 5.750%, 02/15/2033 | 1969393 | 0.1 |
| 399000 | Energy Transfer L.P., <br> 5.800%, 06/15/2038 | 366791 | 0.0 |
| 1067000 | Energy Transfer L.P. / <br> Regency Energy Finance <br> Corp., 4.500%, <br> 11/01/2023 | 1059550 | 0.1 |
| 1385000 | Enterprise Products <br> Operating LLC, 3.750%, <br> 02/15/2025 | 1347762 | 0.1 |
| 453000 | Enterprise Products <br> Operating LLC, 3.950%, <br> 01/31/2060 | 329187 | 0.0 |
| 218000 | Enterprise Products <br> Operating LLC, 4.200%, <br> 01/31/2050 | 172454 | 0.0 |
| 1200000 <sup>(3)</sup> | Enterprise Products <br> Operating LLC, 7.630%, <br> 08/16/2077 | 1087713 | 0.1 |
| 826000 | Equinor ASA, 3.125%, <br> 04/06/2030 | 743583 | 0.0 |
| 1000000 | Kinder Morgan Energy <br> Partners L.P., 4.250%, <br> 09/01/2024 | 983633 | 0.1 |
| 920000 | Kinder Morgan Energy <br> Partners L.P., 5.400%, <br> 09/01/2044 | 831142 | 0.0 |
| 786000 | Kinder Morgan, Inc., <br> 5.550%, 06/01/2045 | 720362 | 0.0 |
| 639000 | Marathon Petroleum <br> Corp., 4.750%, <br> 09/15/2044 | 536376 | 0.0 |
| 543000 | Marathon Petroleum <br> Corp., 5.000%, <br> 09/15/2054 | 455933 | 0.0 |
| 752000 | Marathon Petroleum <br> Corp., 5.125%, <br> 12/15/2026 | 748433 | 0.0 |
| 1100000 | MPLX L.P., 4.000%, <br> 03/15/2028 | 1025087 | 0.1 |
| 202000 | MPLX L.P., 4.700%, <br> 04/15/2048 | 160292 | 0.0 |
| 504000 | MPLX L.P., 5.200%, <br> 12/01/2047 | 431046 | 0.0 |
| 309000 | MPLX L.P., 5.500%, <br> 02/15/2049 | 273051 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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 (continued)** | **Energy (continued)** | **Energy (continued)** |
| 611000 <sup>(1)</sup> | Northern Natural Gas Co., <br> 3.400%, 10/16/2051 | $414742 | 0.0 |
| 350000 | ONEOK Partners L.P., <br> 6.125%, 02/01/2041 | 331632 | 0.0 |
| 908000 | ONEOK Partners L.P., <br> 6.200%, 09/15/2043 | 866140 | 0.0 |
| 112000 | ONEOK, Inc., 3.100%, <br> 03/15/2030 | 94102 | 0.0 |
| 766000 | ONEOK, Inc., 5.850%, <br> 01/15/2026 | 776048 | 0.0 |
| 510000 | Phillips 66, 0.900%, <br> 02/15/2024 | 487637 | 0.0 |
| 399000 | Plains All American <br> Pipeline L.P. / PAA <br> Finance Corp., 3.550%, <br> 12/15/2029 | 346823 | 0.0 |
| 761000 | Plains All American <br> Pipeline L.P. / PAA <br> Finance Corp., 3.800%, <br> 09/15/2030 | 663160 | 0.0 |
| 1779000 | Plains All American <br> Pipeline L.P. / PAA <br> Finance Corp., 4.650%, <br> 10/15/2025 | 1742662 | 0.1 |
| 500000 | Plains All American <br> Pipeline L.P. / PAA <br> Finance Corp., 4.900%, <br> 02/15/2045 | 389297 | 0.0 |
| 982000 | Sabine Pass Liquefaction <br> LLC, 4.200%, 03/15/2028 | 924819 | 0.1 |
| 906000 | Sabine Pass Liquefaction <br> LLC, 5.000%, 03/15/2027 | 889740 | 0.0 |
| 584000 <sup>(1)</sup> | Santos Finance Ltd., <br> 3.649%, 04/29/2031 | 464746 | 0.0 |
| 587000 | Shell International <br> Finance BV, 4.000%, <br> 05/10/2046 | 481464 | 0.0 |
| 1262000 | Shell International <br> Finance BV, 4.125%, <br> 05/11/2035 | 1174689 | 0.1 |
| 201000 | Targa Resources Corp., <br> 6.250%, 07/01/2052 | 190725 | 0.0 |
| 1136000 | Targa Resources Partners <br> L.P. / Targa Resources <br> Partners Finance Corp., <br> 4.875%, 02/01/2031 | 1027285 | 0.1 |
| 2000000 | TotalEnergies Capital <br> Canada Ltd., 2.750%, <br> 07/15/2023 | 1975209 | 0.1 |
| 500000 | TotalEnergies Capital <br> International SA, 2.986%, <br> 06/29/2041 | 374519 | 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)** |
|  | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| 3804000 | Williams Cos, Inc./The, <br> 4.000%, 09/15/2025 | $| 3701399 | 0.2 |
| 1017000 | Williams Cos, Inc./The, <br> 5.400%, 03/04/2044 |  | 926746 | 0.1 |
|  |  |  | **44113215** | **1.8** |
|  | **Financial: 6.2%** | **Financial: 6.2%** | **Financial: 6.2%** | **Financial: 6.2%** |
| 600000 <sup>(1)(3)</sup> | ABN AMRO Bank NV, <br> 3.324%, 03/13/2037 |  | 435114 | 0.0 |
| 69000 | Alleghany Corp., 3.250%, <br> 08/15/2051 |  | 48880 | 0.0 |
| 681000 | Alleghany Corp., 3.625%, <br> 05/15/2030 |  | 633258 | 0.0 |
| 25000 | Alleghany Corp., 4.900%, <br> 09/15/2044 |  | 23037 | 0.0 |
| 1327000 <sup>(3)</sup> | American Express Co., <br> 4.420%, 08/03/2033 |  | 1257520 | 0.1 |
| 462000 | American Homes 4 Rent <br> L.P., 2.375%, 07/15/2031 |  | 357558 | 0.0 |
| 398000 | American Homes 4 Rent <br> L.P., 3.625%, 04/15/2032 |  | 335847 | 0.0 |
| 298000 | American Homes 4 Rent <br> L.P., 4.300%, 04/15/2052 |  | 219725 | 0.0 |
| 230000 | American International <br> Group, Inc., 3.900%, <br> 04/01/2026 |  | 223071 | 0.0 |
| 419000 | American Tower Corp., <br> 3.650%, 03/15/2027 |  | 391962 | 0.0 |
| 842000 <sup>(1)</sup> | Antares Holdings L.P., <br> 2.750%, 01/15/2027 |  | 675556 | 0.0 |
| 599000 <sup>(1)(3)</sup> | ASB Bank Ltd., 5.284%, <br> 06/17/2032 |  | 566430 | 0.0 |
| 937000 | Assurant, Inc., 3.700%, <br> 02/22/2030 |  | 795567 | 0.0 |
| 445000 | Athene Holding Ltd., <br> 6.650%, 02/01/2033 |  | 441382 | 0.0 |
| 486000 | AvalonBay Communities, <br> Inc., 5.000%, 02/15/2033 |  | 479752 | 0.0 |
| 789000 <sup>(1)</sup> | Aviation Capital Group <br> LLC, 1.950%, 09/20/2026 |  | 669380 | 0.0 |
| 503000 <sup>(1)</sup> | Aviation Capital Group <br> LLC, 3.500%, 11/01/2027 |  | 440131 | 0.0 |
| 452000 <sup>(1)</sup> | Aviation Capital Group <br> LLC, 3.875%, 05/01/2023 |  | 448383 | 0.0 |
| 863000 <sup>(1)</sup> | Aviation Capital Group <br> LLC, 5.500%, 12/15/2024 |  | 848385 | 0.0 |
| 1094000 <sup>(1)</sup> | Avolon Holdings Funding <br> Ltd., 2.528%, 11/18/2027 |  | 876040 | 0.0 |
| 710000 <sup>(1)</sup> | Avolon Holdings Funding <br> Ltd., 2.750%, 02/21/2028 |  | 571038 | 0.0 |
| 1345000 <sup>(1)</sup> | Avolon Holdings Funding <br> Ltd., 4.250%, 04/15/2026 |  | 1220827 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 1000000 <sup>(3)</sup> | Banco Bilbao Vizcaya <br> Argentaria SA, 6.138%, <br> 09/14/2028 | $1002923 | 0.1 |
| 1000000 | Banco Santander SA, <br> 2.746%, 05/28/2025 | 936779 | 0.1 |
| 600000 <sup>(3)</sup> | Banco Santander SA, <br> 3.225%, 11/22/2032 | 454454 | 0.0 |
| 3495000 <sup>(3)</sup> | Bank of America Corp., <br> 1.197%, 10/24/2026 | 3110653 | 0.1 |
| 3375000 <sup>(3)</sup> | Bank of America Corp., <br> 1.530%, 12/06/2025 | 3115169 | 0.1 |
| 4767000 <sup>(3)</sup> | Bank of America Corp., <br> 1.734%, 07/22/2027 | 4182308 | 0.2 |
| 1668000 <sup>(3)</sup> | Bank of America Corp., <br> 1.843%, 02/04/2025 | 1599930 | 0.1 |
| 225000 <sup>(3)</sup> | Bank of America Corp., <br> 2.015%, 02/13/2026 | 209028 | 0.0 |
| 1506000 <sup>(3)</sup> | Bank of America Corp., <br> 2.087%, 06/14/2029 | 1269944 | 0.1 |
| 806000 <sup>(3)</sup> | Bank of America Corp., <br> 2.572%, 10/20/2032 | 633260 | 0.0 |
| 405000 <sup>(3)</sup> | Bank of America Corp., <br> 2.676%, 06/19/2041 | 273902 | 0.0 |
| 1136000 <sup>(3)</sup> | Bank of America Corp., <br> 2.687%, 04/22/2032 | 911964 | 0.0 |
| 814000 <sup>(3)</sup> | Bank of America Corp., <br> 3.194%, 07/23/2030 | 701789 | 0.0 |
| 1385000 <sup>(3)</sup> | Bank of America Corp., <br> 3.593%, 07/21/2028 | 1277204 | 0.1 |
| 727000 <sup>(3)</sup> | Bank of America Corp., <br> 3.846%, 03/08/2037 | 603868 | 0.0 |
| 435000 <sup>(3)</sup> | Bank of America Corp., <br> 3.970%, 03/05/2029 | 402153 | 0.0 |
| 158000 <sup>(3)</sup> | Bank of America Corp., <br> 4.083%, 03/20/2051 | 124411 | 0.0 |
| 814000 <sup>(3)</sup> | Bank of America Corp., <br> 4.271%, 07/23/2029 | 760592 | 0.0 |
| 856000 <sup>(3)</sup> | Bank of America Corp., <br> 4.571%, 04/27/2033 | 785405 | 0.0 |
| 2193000 <sup>(3)</sup> | Bank of America Corp., <br> 5.015%, 07/22/2033 | 2088492 | 0.1 |
| 512000 <sup>(3)</sup> | Bank of America Corp., <br> 6.204%, 11/10/2028 | 529545 | 0.0 |
| 960000 <sup>(3)</sup> | Bank of New York Mellon <br> Corp./The, 5.834%, <br> 10/25/2033 | 998233 | 0.1 |
| 2335000 <sup>(3)</sup> | Bank of Nova Scotia/The, <br> 4.588%, 05/04/2037 | 1998658 | 0.1 |
| 798000 <sup>(1)</sup> | Blackstone Holdings <br> Finance Co. LLC, 1.625%, <br> 08/05/2028 | 650986 | 0.0 |
| 363000 <sup>(1)</sup> | Blackstone Holdings <br> Finance Co. LLC, 2.000%, <br> 01/30/2032 | 267552 | 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)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 1492000 <sup>(1)</sup> | Blackstone Holdings <br> Finance Co. LLC, 2.850%, <br> 08/05/2051 | $872411 | 0.0 |
| 630000 <sup>(1)</sup> | Blackstone Holdings <br> Finance Co. LLC, 3.200%, <br> 01/30/2052 | 404594 | 0.0 |
| 1168000 <sup>(1)</sup> | Blackstone Holdings <br> Finance Co. LLC, 6.200%, <br> 04/22/2033 | 1181002 | 0.1 |
| 433000 | Blackstone Private Credit <br> Fund, 4.000%, <br> 01/15/2029 | 358004 | 0.0 |
| 955000 <sup>(1)</sup> | BPCE SA, 5.700%, <br> 10/22/2023 | 948108 | 0.1 |
| 725000 <sup>(3)</sup> | Capital One Financial <br> Corp., 1.878%, <br> 11/02/2027 | 632348 | 0.0 |
| 476000 <sup>(3)</sup> | Capital One Financial <br> Corp., 3.273%, <br> 03/01/2030 | 407886 | 0.0 |
| 771000 | CBRE Services, Inc., <br> 2.500%, 04/01/2031 | 609542 | 0.0 |
| 1338000 | Chubb INA Holdings, Inc., <br> 1.375%, 09/15/2030 | 1041701 | 0.1 |
| 561000 | CI Financial Corp., <br> 4.100%, 06/15/2051 | 332435 | 0.0 |
| 806000 <sup>(3)</sup> | Citigroup, Inc., 1.462%, <br> 06/09/2027 | 700083 | 0.0 |
| 745000 <sup>(1)</sup> | Commonwealth Bank of <br> Australia, 3.743%, <br> 09/12/2039 | 547029 | 0.0 |
| 1661000 <sup>(1)</sup> | Corebridge Financial, Inc., <br> 3.850%, 04/05/2029 | 1516286 | 0.1 |
| 878000 <sup>(1)</sup> | Corebridge Financial, Inc., <br> 3.900%, 04/05/2032 | 769230 | 0.0 |
| 2333000 <sup>(1)(3)</sup> | Corebridge Financial, Inc., <br> 6.875%, 12/15/2052 | 2166635 | 0.1 |
| 718000 <sup>(1)(3)</sup> | Credit Agricole SA, <br> 4.750%, 12/31/2199 | 577213 | 0.0 |
| 6000000 <sup>(1)</sup> | Credit Suisse AG, <br> 6.500%, 08/08/2023 | 5824236 | 0.3 |
| 1128000 | Credit Suisse AG/New <br> York NY, 1.250%, <br> 08/07/2026 | 913988 | 0.1 |
| 1030000 | Credit Suisse AG/New <br> York NY, 5.000%, <br> 07/09/2027 | 940333 | 0.1 |
| 445000 | Crown Castle, Inc., <br> 2.900%, 03/15/2027 | 405406 | 0.0 |
| 760000 | CubeSmart L.P., 2.250%, <br> 12/15/2028 | 627776 | 0.0 |
| 1870000 <sup>(1)(3)</sup> | Danske Bank A/S, <br> 1.621%, 09/11/2026 | 1648733 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 813000 <sup>(1)(3)</sup> | Depository Trust & <br> Clearing Corp./The, <br> 3.375%, 12/31/2199 | $644303 | 0 |
| 251000 | Goldman Sachs Group, <br> Inc., 6.750%, 10/01/2037 | 268883 | 0 |
| 340000 | Hartford Financial <br> Services Group, Inc./The, <br> 5.950%, 10/15/2036 | 340081 | 0 |
| 2813000 <sup>(1)</sup> | Hartford Financial <br> Services Group, Inc./The, <br> 6.731%, (US0003M + <br> 2.125%), 02/12/2067 | 2361879 | 0.1 |
| 1355000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 1.589%, 05/24/2027 | 1169862 | 0.1 |
| 1875000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 2.206%, 08/17/2029 | 1516698 | 0.1 |
| 1331000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 2.633%, 11/07/2025 | 1250903 | 0.1 |
| 1037000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 2.999%, 03/10/2026 | 975492 | 0.1 |
| 1982000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 4.041%, 03/13/2028 | 1829359 | 0.1 |
| 1250000 | HSBC Holdings PLC, <br> 4.300%, 03/08/2026 | 1210528 | 0.1 |
| 1710000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 4.600%, 12/31/2199 | 1334627 | 0.1 |
| 658000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 5.210%, 08/11/2028 | 635874 | 0 |
| 742000 <sup>(3)</sup> | HSBC Holdings PLC, <br> 7.390%, 11/03/2028 | 781124 | 0 |
| 1809000 <sup>(1)</sup> | Intact Financial Corp., <br> 5.459%, 09/22/2032 | 1790371 | 0.1 |
| 1059000 | Intercontinental <br> Exchange, Inc., 2.650%, <br> 09/15/2040 | 738480 | 0 |
| 3319000 | Intercontinental <br> Exchange, Inc., 4.600%, <br> 03/15/2033 | 3183710 | 0.1 |
| 200000 <sup>(1)</sup> | Intesa Sanpaolo SpA, <br> 7.000%, 11/21/2025 | 204194 | 0 |
| 507000 <sup>(1)(3)</sup> | Intesa Sanpaolo SpA, <br> 8.248%, 11/21/2033 | 515789 | 0 |
| 1839000 | Invitation Homes <br> Operating Partnership <br> L.P., 2.300%, 11/15/2028 | 1524032 | 0.1 |
| 2030000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 0.969%, 06/23/2025 | 1893428 | 0.1 |
| 1184000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 1.040%, 02/04/2027 | 1031196 | 0.1 |
| 1023000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 1.470%, 09/22/2027 | 886981 | 0 |
| 754000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 1.578%, 04/22/2027 | 663380 | 0 |
| 1465000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 2.069%, 06/01/2029 | 1226096 | 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)** |
| 381000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 2.182%, 06/01/2028 | $333711 | 0.0 |
| 1537000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 2.545%, 11/08/2032 | 1218769 | 0.1 |
| 304000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 2.595%, 02/24/2026 | 286052 | 0.0 |
| 2438000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 2.947%, 02/24/2028 | 2208918 | 0.1 |
| 255000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 3.109%, 04/22/2051 | 168181 | 0.0 |
| 853000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 3.964%, 11/15/2048 | 669343 | 0.0 |
| 372000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 4.912%, 07/25/2033 | 355300 | 0.0 |
| 2593000 <sup>(3)</sup> | JPMorgan Chase & Co., <br> 5.717%, 09/14/2033 | 2538663 | 0.1 |
| 435000 | Kite Realty Group L.P., <br> 4.000%, 10/01/2026 | 401100 | 0.0 |
| 339000 <sup>(1)</sup> | Liberty Mutual Group, <br> Inc., 5.500%, 06/15/2052 | 305900 | 0.0 |
| 2640000 | Main Street Capital Corp., <br> 3.000%, 07/14/2026 | 2278241 | 0.1 |
| 684000 | Main Street Capital Corp., <br> 5.200%, 05/01/2024 | 674561 | 0.0 |
| 620000 <sup>(3)</sup> | Morgan Stanley, 0.791%, <br> 01/22/2025 | 586800 | 0.0 |
| 1590000 <sup>(3)</sup> | Morgan Stanley, 1.512%, <br> 07/20/2027 | 1381723 | 0.1 |
| 1340000 <sup>(3)</sup> | Morgan Stanley, 1.593%, <br> 05/04/2027 | 1177049 | 0.1 |
| 1074000 <sup>(3)</sup> | Morgan Stanley, 2.188%, <br> 04/28/2026 | 998952 | 0.1 |
| 1117000 <sup>(3)</sup> | Morgan Stanley, 2.239%, <br> 07/21/2032 | 859631 | 0.0 |
| 444000 <sup>(3)</sup> | Morgan Stanley, 2.475%, <br> 01/21/2028 | 395138 | 0.0 |
| 499000 <sup>(3)</sup> | Morgan Stanley, 2.720%, <br> 07/22/2025 | 477350 | 0.0 |
| 983000 <sup>(3)</sup> | Morgan Stanley, 2.802%, <br> 01/25/2052 | 609414 | 0.0 |
| 1562000 <sup>(3)</sup> | Morgan Stanley, 3.591%, <br> 07/22/2028 | 1435204 | 0.1 |
| 585000 <sup>(3)</sup> | Morgan Stanley, 3.737%, <br> 04/24/2024 | 581912 | 0.0 |
| 538000 | Morgan Stanley, 3.875%, <br> 01/27/2026 | 521414 | 0.0 |
| 4000000 | Morgan Stanley, 4.000%, <br> 07/23/2025 | 3909868 | 0.2 |
| 1821000 <sup>(3)</sup> | Morgan Stanley, 5.297%, <br> 04/20/2037 | 1670012 | 0.1 |
| 645000 <sup>(3)</sup> | Morgan Stanley, 6.296%, <br> 10/18/2028 | 666980 | 0.0 |
| 4375000 <sup>(3)</sup> | Morgan Stanley, 6.342%, <br> 10/18/2033 | 4598140 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 1983000 | Northern Trust Corp., <br> 6.125%, 11/02/2032 | $2097306 | 0.1 |
| 1611000 <sup>(1)</sup> | Northwestern Mutual <br> Global Funding, 1.700%, <br> 06/01/2028 | 1364249 | 0.1 |
| 1044000 | Old Republic International <br> Corp., 3.850%, <br> 06/11/2051 | 720432 | 0.0 |
| 5000000 | ORIX Corp., 3.250%, <br> 12/04/2024 | 4818994 | 0.2 |
| 2781000 <sup>(3)</sup> | PartnerRe Finance B LLC, <br> 4.500%, 10/01/2050 | 2410179 | 0.1 |
| 295000 | Piedmont Operating <br> Partnership L.P., 2.750%, <br> 04/01/2032 | 207204 | 0.0 |
| 1130000 | Piedmont Operating <br> Partnership L.P., 4.450%, <br> 03/15/2024 | 1110722 | 0.1 |
| 388000 | Prologis L.P., 2.250%, <br> 01/15/2032 | 308556 | 0.0 |
| 365000 | Public Storage, 1.950%, <br> 11/09/2028 | 312054 | 0.0 |
| 167000 | Realty Income Corp., <br> 3.950%, 08/15/2027 | 159486 | 0.0 |
| 575000 | Realty Income Corp., <br> 4.875%, 06/01/2026 | 572566 | 0.0 |
| 448000 | Sabra Health Care L.P., <br> 3.200%, 12/01/2031 | 334366 | 0.0 |
| 640000 <sup>(3)</sup> | Santander UK Group <br> Holdings PLC, 2.469%, <br> 01/11/2028 | 547381 | 0.0 |
| 584000 | Sun Communities <br> Operating L.P., 4.200%, <br> 04/15/2032 | 515949 | 0.0 |
| 467000 <sup>(3)</sup> | Truist Financial Corp., <br> 1.267%, 03/02/2027 | 414281 | 0.0 |
| 2470000 | UBS AG, 5.125%, <br> 05/15/2024 | 2443183 | 0.1 |
| 750000 <sup>(1)(3)</sup> | UBS Group AG, 1.364%, <br> 01/30/2027 | 657618 | 0.0 |
| 383000 <sup>(1)(3)</sup> | UBS Group AG, 2.095%, <br> 02/11/2032 | 289222 | 0.0 |
| 452000 <sup>(1)(3)</sup> | UBS Group AG, 2.746%, <br> 02/11/2033 | 350455 | 0.0 |
| 812000 <sup>(1)(3)</sup> | UBS Group AG, 3.179%, <br> 02/11/2043 | 560696 | 0.0 |
| 633000 <sup>(1)(3)</sup> | UBS Group AG, 4.751%, <br> 05/12/2028 | 606744 | 0.0 |
| 936000 <sup>(3)</sup> | US Bancorp, 5.850%, <br> 10/21/2033 | 974725 | 0.1 |
| 163000 | Ventas Realty L.P., <br> 5.700%, 09/30/2043 | 149235 | 0.0 |
| 822000 | Visa, Inc., 4.150%, <br> 12/14/2035 | 779601 | 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)** |
|  | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| 207000 | Visa, Inc., 4.300%, <br> 12/14/2045 | $| 190074 | 0.0 |
| 370000 <sup>(3)</sup> | Wells Fargo & Co., <br> 2.164%, 02/11/2026 |  | 345216 | 0.0 |
| 1678000 <sup>(3)</sup> | Wells Fargo & Co., <br> 2.406%, 10/30/2025 |  | 1588003 | 0.1 |
| 471000 <sup>(3)</sup> | Wells Fargo & Co., <br> 3.068%, 04/30/2041 |  | 337701 | 0.0 |
| 418000 <sup>(3)</sup> | Wells Fargo & Co., <br> 5.013%, 04/04/2051 |  | 370358 | 0.0 |
| 1750000 | XLIT Ltd., 5.500%, <br> 03/31/2045 |  | 1661935 | 0.1 |
|  |  |  | **150757111** | **6.2** |
|  | **Industrial: 1.2%** | **Industrial: 1.2%** | **Industrial: 1.2%** | **Industrial: 1.2%** |
| 410000 | Avnet, Inc., 5.500%, <br> 06/01/2032 |  | 379756 | 0.0 |
| 1201000 | Berry Global, Inc., <br> 0.950%, 02/15/2024 |  | 1138352 | 0.1 |
| 1472000 | Berry Global, Inc., <br> 1.650%, 01/15/2027 |  | 1260956 | 0.1 |
| 1213000 | Boeing Co/The, 3.250%, <br> 02/01/2028 |  | 1103672 | 0.1 |
| 446000 | Boeing Co/The, 3.250%, <br> 02/01/2035 |  | 340521 | 0.0 |
| 340000 <sup>(2)</sup> | Boeing Co/The, 3.625%, <br> 02/01/2031 |  | 298744 | 0.0 |
| 120000 | Boeing Co/The, 3.850%, <br> 11/01/2048 |  | 82900 | 0.0 |
| 768000 | Boeing Co/The, 4.875%, <br> 05/01/2025 |  | 762811 | 0.0 |
| 980000 | Boeing Co/The, 5.150%, <br> 05/01/2030 |  | 958530 | 0.1 |
| 288000 | Boeing Co/The, 5.805%, <br> 05/01/2050 |  | 268494 | 0.0 |
| 1161000 | Burlington Northern Santa <br> Fe LLC, 3.900%, <br> 08/01/2046 |  | 948551 | 0.0 |
| 1435000 | Burlington Northern Santa <br> Fe LLC, 4.450%, <br> 01/15/2053 |  | 1283020 | 0.1 |
| 763000 | CSX Corp., 4.500%, <br> 11/15/2052 |  | 666624 | 0.0 |
| 1684000 | CSX Corp., 4.650%, <br> 03/01/2068 |  | 1429432 | 0.1 |
| 361000 | FedEx Corp., 3.900%, <br> 02/01/2035 |  | 308095 | 0.0 |
| 678000 | FedEx Corp., 4.400%, <br> 01/15/2047 |  | 543768 | 0.0 |
| 484000 | John Deere Capital Corp., <br> 3.350%, 04/18/2029 |  | 448292 | 0.0 |
| 740000 | John Deere Capital Corp., <br> 4.350%, 09/15/2032 |  | 721213 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 772000 <sup>(1)(2)</sup> | Komatsu Finance <br> America, Inc., 5.499%, <br> 10/06/2027 | $| 786862 | 0.0 |
| 619000 | Lockheed Martin Corp., <br> 5.700%, 11/15/2054 |  | 652620 | 0.0 |
| 290000 | Lockheed Martin Corp., <br> 5.900%, 11/15/2063 |  | 313439 | 0.0 |
| 387000 | Norfolk Southern Corp., <br> 4.100%, 05/15/2121 |  | 269540 | 0.0 |
| 1295000 <sup>(1)</sup> | Penske Truck Leasing Co. <br> Lp / PTL Finance Corp., <br> 1.200%, 11/15/2025 |  | 1140757 | 0.1 |
| 1661000 <sup>(1)</sup> | Penske Truck Leasing Co. <br> Lp / PTL Finance Corp., <br> 1.700%, 06/15/2026 |  | 1455002 | 0.1 |
| 118000 | Raytheon Technologies <br> Corp., 3.650%, <br> 08/16/2023 |  | 117023 | 0.0 |
| 1423000 | Raytheon Technologies <br> Corp., 4.450%, <br> 11/16/2038 |  | 1298501 | 0.1 |
| 2066000 | Raytheon Technologies <br> Corp., 4.500%, <br> 06/01/2042 |  | 1867667 | 0.1 |
| 1070000 <sup>(1)</sup> | Sealed Air Corp., 1.573%, <br> 10/15/2026 |  | 925326 | 0.0 |
| 1322000 <sup>(1)</sup> | SMBC Aviation Capital <br> Finance DAC, 1.900%, <br> 10/15/2026 |  | 1126968 | 0.1 |
| 2250000 <sup>(1)</sup> | TTX Co., 3.600%, <br> 01/15/2025 |  | 2170911 | 0.1 |
| 582000 <sup>(1)</sup> | TTX Co., 5.650%, <br> 12/01/2052 |  | 588380 | 0.0 |
| 1190000 | Union Pacific Corp., <br> 3.500%, 02/14/2053 |  | 899729 | 0.0 |
| 608000 | Union Pacific Corp., <br> 5.150%, 01/20/2063 |  | 588133 | 0.0 |
| 575000 | Waste Connections, Inc., <br> 4.200%, 01/15/2033 |  | 535816 | 0.0 |
|  |  |  | **27680405** | **1.2** |
|  | **Technology: 1.5%** | **Technology: 1.5%** | **Technology: 1.5%** | **Technology: 1.5%** |
| 1716000 | Advanced Micro Devices, <br> Inc., 3.924%, 06/01/2032 |  | 1599525 | 0.1 |
| 1658000 | Advanced Micro Devices, <br> Inc., 4.393%, 06/01/2052 |  | 1465848 | 0.1 |
| 838000 | Apple, Inc., 2.650%, <br> 02/08/2051 |  | 556670 | 0.0 |
| 643000 | Apple, Inc., 2.850%, <br> 08/05/2061 |  | 416812 | 0.0 |
| 390000 <sup>(2)</sup> | Apple, Inc., 3.350%, <br> 08/08/2032 |  | 355222 | 0.0 |
| 2489000 | Apple, Inc., 3.750%, <br> 09/12/2047 |  | 2080266 | 0.1 |
| 2000000 | Apple, Inc., 3.850%, <br> 05/04/2043 |  | 1734460 | 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)** |
|  | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
| 2549000 | Apple, Inc., 3.950%, <br> 08/08/2052 | $2180634 | 0.1 |
| 390000 | Apple, Inc., 4.100%, <br> 08/08/2062 | 326575 | 0.0 |
| 800000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, <br> 05/15/2037 | 700765 | 0.0 |
| 1000000 | Dell International LLC / <br> EMC Corp., 6.020%, <br> 06/15/2026 | 1021385 | 0.1 |
| 1840000 | HP, Inc., 2.650%, <br> 06/17/2031 | 1437871 | 0.1 |
| 238000 | HP, Inc., 4.000%, <br> 04/15/2029 | 217738 | 0.0 |
| 550000 <sup>(2)</sup> | HP, Inc., 4.750%, <br> 01/15/2028 | 534611 | 0.0 |
| 638000 | Intel Corp., 3.100%, <br> 02/15/2060 | 396125 | 0.0 |
| 1219000 | Intel Corp., 3.250%, <br> 11/15/2049 | 835031 | 0.0 |
| 384000 | Intel Corp., 5.050%, <br> 08/05/2062 | 339093 | 0.0 |
| 1264000 | International Business <br> Machines Corp., 3.500%, <br> 05/15/2029 | 1164635 | 0.1 |
| 758000 <sup>(2)</sup> | International Business <br> Machines Corp., 4.400%, <br> 07/27/2032 | 725500 | 0.0 |
| 792000 | International Business <br> Machines Corp., 4.900%, <br> 07/27/2052 | 724278 | 0.0 |
| 1206000 | KLA Corp., 4.950%, <br> 07/15/2052 | 1127078 | 0.1 |
| 644000 | KLA Corp., 5.250%, <br> 07/15/2062 | 622618 | 0.0 |
| 564000 | Kyndryl Holdings, Inc., <br> 2.050%, 10/15/2026 | 460837 | 0.0 |
| 1563000 | Kyndryl Holdings, Inc., <br> 2.700%, 10/15/2028 | 1175462 | 0.1 |
| 283000 | Kyndryl Holdings, Inc., <br> 3.150%, 10/15/2031 | 189175 | 0.0 |
| 900000 | Microchip Technology, <br> Inc., 2.670%, 09/01/2023 | 883456 | 0.1 |
| 3061000 | Microsoft Corp., 2.921%, <br> 03/17/2052 | 2181490 | 0.1 |
| 298000 | NXP BV / NXP Funding <br> LLC / NXP USA, Inc., <br> 3.250%, 11/30/2051 | 186817 | 0.0 |
| 143000 | NXP BV / NXP Funding <br> LLC / NXP USA, Inc., <br> 3.400%, 05/01/2030 | 123898 | 0.0 |
| 2015000 | Oracle Corp., 2.300%, <br> 03/25/2028 | 1748837 | 0.1 |
| 178000 | Oracle Corp., 3.600%, <br> 04/01/2050 | 120586 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
|  | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
| 998000 | Oracle Corp., 3.650%, <br> 03/25/2041 | $| 740477 | 0.0 |
| 1228000 | Oracle Corp., 3.800%, <br> 11/15/2037 |  | 976666 | 0.1 |
| 148000 | Oracle Corp., 3.850%, <br> 07/15/2036 |  | 121529 | 0.0 |
| 315000 | Oracle Corp., 3.950%, <br> 03/25/2051 |  | 225799 | 0.0 |
| 1011000 | Oracle Corp., 4.000%, <br> 11/15/2047 |  | 743243 | 0.0 |
| 632000 | Oracle Corp., 6.150%, <br> 11/09/2029 |  | 657490 | 0.0 |
| 429000 | Oracle Corp., 6.900%, <br> 11/09/2052 |  | 461460 | 0.0 |
| 152000 <sup>(2)</sup> | QUALCOMM, Inc., <br> 5.400%, 05/20/2033 |  | 158766 | 0.0 |
| 1230000 | QUALCOMM, Inc., <br> 6.000%, 05/20/2053 |  | 1314168 | 0.1 |
| 525000 <sup>(1)</sup> | Renesas Electronics <br> Corp., 2.170%, <br> 11/25/2026 |  | 450647 | 0.0 |
| 1173000 | Salesforce, Inc., 2.700%, <br> 07/15/2041 |  | 841932 | 0.0 |
| 389000 | Texas Instruments, Inc., <br> 3.650%, 08/16/2032 |  | 361847 | 0.0 |
| 577000 | Texas Instruments, Inc., <br> 4.100%, 08/16/2052 |  | 515723 | 0.0 |
| 809000 | VMware, Inc., 1.400%, <br> 08/15/2026 |  | 706272 | 0.0 |
|  |  |  | **35909317** | **1.5** |
|  | **Utilities: 2.9%** | **Utilities: 2.9%** | **Utilities: 2.9%** | **Utilities: 2.9%** |
| 1198000 <sup>(1)</sup> | AEP Texas, Inc., 3.850%, <br> 10/01/2025 |  | 1151906 | 0.1 |
| 1068000 | AES Corp./The, 1.375%, <br> 01/15/2026 |  | 949519 | 0.1 |
| 880000 <sup>(1)</sup> | AES Corp./The, 3.950%, <br> 07/15/2030 |  | 780208 | 0.0 |
| 663000 <sup>(3)</sup> | American Electric Power <br> Co., Inc., 3.875%, <br> 02/15/2062 |  | 517326 | 0.0 |
| 503000 <sup>(1)</sup> | American Transmission <br> Systems, Inc., 2.650%, <br> 01/15/2032 |  | 414134 | 0.0 |
| 1377000 <sup>(1)</sup> | American Transmission <br> Systems, Inc., 5.000%, <br> 09/01/2044 |  | 1257590 | 0.1 |
| 181000 | Appalachian Power Co., <br> 3.700%, 05/01/2050 |  | 132674 | 0.0 |
| 323000 | Avangrid, Inc., 3.200%, <br> 04/15/2025 |  | 308948 | 0.0 |
| 912000 | Baltimore Gas and <br> Electric Co., 2.250%, <br> 06/15/2031 |  | 741092 | 0.0 |
| 583000 | Black Hills Corp., 3.050%, <br> 10/15/2029 |  | 495838 | 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)** |
|  | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| 1800000 | Black Hills Corp., 4.250%, <br> 11/30/2023 | $1790520 | 0.1 |
| 272000 | Black Hills Corp., 4.350%, <br> 05/01/2033 | 240128 | 0.0 |
| 750000 | CenterPoint Energy <br> Houston Electric LLC, <br> 3.550%, 08/01/2042 | 595181 | 0.0 |
| 537000 <sup>(3)</sup> | CMS Energy Corp., <br> 3.750%, 12/01/2050 | 405739 | 0.0 |
| 600000 <sup>(3)</sup> | CMS Energy Corp., <br> 4.750%, 06/01/2050 | 520476 | 0.0 |
| 400000 | Consolidated Edison Co. <br> of New York, Inc., <br> 5.300%, 03/01/2035 | 394325 | 0.0 |
| 1586000 <sup>(3)</sup> | Dominion Energy, Inc., <br> 4.350%, 12/31/2199 | 1340064 | 0.1 |
| 1531000 <sup>(3)</sup> | Dominion Energy, Inc., <br> 4.650%, 12/31/2199 | 1347280 | 0.1 |
| 961000 | Dominion Energy, Inc., <br> 5.375%, 11/15/2032 | 955544 | 0.1 |
| 405000 | Duke Energy Carolinas <br> LLC, 2.550%, 04/15/2031 | 339095 | 0.0 |
| 1186000 | Duke Energy Carolinas <br> LLC, 3.700%, 12/01/2047 | 907981 | 0.0 |
| 116000 | Duke Energy Carolinas <br> LLC, 3.750%, 06/01/2045 | 90559 | 0.0 |
| 824000 | Duke Energy Carolinas <br> LLC, 4.000%, 09/30/2042 | 685374 | 0.0 |
| 14000 | Duke Energy Carolinas <br> LLC, 4.250%, 12/15/2041 | 12146 | 0.0 |
| 360000 <sup>(3)</sup> | Duke Energy Corp., <br> 4.875%, 12/31/2199 | 329400 | 0.0 |
| 794000 | Duke Energy Florida LLC, <br> 2.400%, 12/15/2031 | 650498 | 0.0 |
| 130000 | Duke Energy Florida LLC, <br> 4.200%, 07/15/2048 | 109621 | 0.0 |
| 372000 | Duke Energy Florida LLC, <br> 5.950%, 11/15/2052 | 398288 | 0.0 |
| 479000 | Duke Energy Progress <br> LLC, 3.700%, 10/15/2046 | 364958 | 0.0 |
| 180000 | Duke Energy Progress <br> LLC, 4.100%, 05/15/2042 | 151887 | 0.0 |
| 21000 | Duke Energy Progress <br> LLC, 4.100%, 03/15/2043 | 17684 | 0.0 |
| 1029000 | Duke Energy Progress <br> LLC, 4.200%, 08/15/2045 | 866003 | 0.0 |
| 485000 <sup>(1)</sup> | Duquesne Light Holdings, <br> Inc., 2.532%, 10/01/2030 | 385412 | 0.0 |
| 262000 <sup>(1)</sup> | Enel Finance America <br> LLC, 7.100%, 10/14/2027 | 271372 | 0.0 |
| 841000 <sup>(1)</sup> | Enel Finance International <br> NV, 7.500%, 10/14/2032 | 891280 | 0.0 |
| 877000 <sup>(1)</sup> | Enel Finance International <br> NV, 7.750%, 10/14/2052 | 941603 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 699000 | Entergy Arkansas LLC, <br> 2.650%, 06/15/2051 | $424507 | 0.0 |
| 129000 | Entergy Arkansas LLC, <br> 3.350%, 06/15/2052 | 90232 | 0.0 |
| 383000 | Entergy Arkansas LLC, <br> 4.200%, 04/01/2049 | 315395 | 0.0 |
| 1626000 | Entergy Corp., 0.900%, <br> 09/15/2025 | 1449547 | 0.1 |
| 745000 | Entergy Corp., 2.400%, <br> 06/15/2031 | 593566 | 0.0 |
| 417000 | Entergy Corp., 2.800%, <br> 06/15/2030 | 353175 | 0.0 |
| 1749000 | Evergy Kansas Central, <br> Inc., 3.250%, 09/01/2049 | 1217544 | 0.1 |
| 925000 | Eversource Energy, <br> 1.400%, 08/15/2026 | 812888 | 0.0 |
| 1070000 | Eversource Energy, <br> 2.900%, 03/01/2027 | 986728 | 0.1 |
| 1505000 | Georgia Power Co., <br> 2.200%, 09/15/2024 | 1436190 | 0.1 |
| 1310000 | Georgia Power Co., <br> 5.750%, 04/15/2023 | 1314380 | 0.1 |
| 3640000 | Interstate Power and Light <br> Co., 3.250%, 12/01/2024 | 3513905 | 0.2 |
| 289000 <sup>(1)</sup> | Jersey Central Power & <br> Light Co., 2.750%, <br> 03/01/2032 | 234140 | 0.0 |
| 2802000 <sup>(1)</sup> | Jersey Central Power & <br> Light Co., 4.300%, <br> 01/15/2026 | 2709489 | 0.1 |
| 411000 <sup>(1)</sup> | Metropolitan Edison Co., <br> 4.000%, 04/15/2025 | 393677 | 0.0 |
| 2745000 | Mississippi Power Co., <br> 4.250%, 03/15/2042 | 2238098 | 0.1 |
| 266000 | Mississippi Power Co., <br> 4.750%, 10/15/2041 | 217216 | 0.0 |
| 830000 <sup>(1)</sup> | Monongahela Power Co., <br> 3.550%, 05/15/2027 | 781379 | 0.0 |
| 188000 <sup>(1)</sup> | Narragansett Electric <br> Co/The, 3.395%, <br> 04/09/2030 | 168414 | 0.0 |
| 1490000 | National Rural Utilities <br> Cooperative Finance <br> Corp., 2.400%, <br> 03/15/2030 | 1244036 | 0.1 |
| 616000 | National Rural Utilities <br> Cooperative Finance <br> Corp., 2.750%, <br> 04/15/2032 | 508400 | 0.0 |
| 825000 | National Rural Utilities <br> Cooperative Finance <br> Corp., 4.150%, <br> 12/15/2032 | 764354 | 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)** |
|  | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| 1507000 <sup>(3)</sup> | National Rural Utilities <br> Cooperative Finance <br> Corp., 4.750%, <br> 04/30/2043 | $1397818 | 0.1 |
| 333000 <sup>(2)</sup> | National Rural Utilities <br> Cooperative Finance <br> Corp., 5.800%, <br> 01/15/2033 | 348613 | 0.0 |
| 1750000 | NextEra Energy Capital <br> Holdings, Inc., 1.875%, <br> 01/15/2027 | 1551306 | 0.1 |
| 863000 | NextEra Energy Capital <br> Holdings, Inc., 1.900%, <br> 06/15/2028 | 738346 | 0.0 |
| 335000 | NextEra Energy Capital <br> Holdings, Inc., 2.440%, <br> 01/15/2032 | 271199 | 0.0 |
| 1215000 <sup>(3)</sup> | NextEra Energy Capital <br> Holdings, Inc., 3.800%, <br> 03/15/2082 | 991585 | 0.1 |
| 780000 | NextEra Energy Capital <br> Holdings, Inc., 4.255%, <br> 09/01/2024 | 769921 | 0.0 |
| 764000 | NiSource, Inc., 5.950%, <br> 06/15/2041 | 776293 | 0.0 |
| 526000 | NSTAR Electric Co., <br> 1.950%, 08/15/2031 | 419680 | 0.0 |
| 648000 | Oglethorpe Power Corp., <br> 3.750%, 08/01/2050 | 467720 | 0.0 |
| 1185000 <sup>(1)</sup> | Oncor Electric Delivery <br> Co. LLC, 4.550%, <br> 09/15/2032 | 1163892 | 0.1 |
| 951000 | ONE Gas, Inc., 1.100%, <br> 03/11/2024 | 912320 | 0.0 |
| 436000 | Pacific Gas and Electric <br> Co., 4.250%, 03/15/2046 | 304936 | 0.0 |
| 629000 | Pacific Gas and Electric <br> Co., 4.300%, 03/15/2045 | 448290 | 0.0 |
| 583000 | Pacific Gas and Electric <br> Co., 4.450%, 04/15/2042 | 436043 | 0.0 |
| 1172000 | PacifiCorp, 5.350%, <br> 12/01/2053 | 1167205 | 0.1 |
| 292000 | PECO Energy Co., <br> 4.150%, 10/01/2044 | 249582 | 0.0 |
| 1176000 | Public Service Enterprise <br> Group, Inc., 2.450%, <br> 11/15/2031 | 942848 | 0.0 |
| 1331000 <sup>(3)</sup> | Sempra Energy, 4.125%, <br> 04/01/2052 | 1037174 | 0.1 |
| 1315000 <sup>(3)</sup> | Sempra Energy, 4.875%, <br> 12/31/2199 | 1219242 | 0.1 |
| 1541000 | South Jersey Industries, <br> Inc., 5.020%, 04/15/2031 | 1201129 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
|  | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| 1481000 <sup>(3)</sup> | Southern Co/The, <br> 3.750%, 09/15/2051 | $| 1199538 | 0.1 |
| 1280000 <sup>(3)</sup> | Southern Co/The, <br> 4.000%, 01/15/2051 |  | 1168000 | 0.1 |
| 780000 | Southern Co/The, <br> 5.113%, 08/01/2027 |  | 778414 | 0.0 |
| 160000 | Southwest Gas Corp., <br> 4.050%, 03/15/2032 |  | 140928 | 0.0 |
| 1499000 | Southwestern Electric <br> Power Co., 1.650%, <br> 03/15/2026 |  | 1342379 | 0.1 |
| 580000 | Tampa Electric Co., <br> 4.350%, 05/15/2044 |  | 483662 | 0.0 |
| 998000 | Union Electric Co., <br> 3.900%, 09/15/2042 |  | 821659 | 0.0 |
| 850000 <sup>(1)</sup> | Vistra Operations Co. <br> LLC, 5.125%, 05/13/2025 |  | 835805 | 0.0 |
| 711000 | Washington Gas Light <br> Co., 3.650%, 09/15/2049 |  | 519511 | 0.0 |
| 1683000 | WEC Energy Group, Inc., <br> 1.375%, 10/15/2027 |  | 1430326 | 0.1 |
| 396000 | WEC Energy Group, Inc., <br> 2.200%, 12/15/2028 |  | 335996 | 0.0 |
| 197000 | WEC Energy Group, Inc., <br> 5.000%, 09/27/2025 |  | 197161 | 0.0 |
| 276000 | WEC Energy Group, Inc., <br> 5.150%, 10/01/2027 |  | 279455 | 0.0 |
| 861000 | Wisconsin Electric Power <br> Co., 1.700%, 06/15/2028 |  | 734791 | 0.0 |
|  |  |  | **70601680** | **2.9** |
|  | Total Corporate <br> Bonds/Notes <br> (Cost $549,571,917) |  | **485320652** | 20.0 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.1%** |
| 1013664 | Alternative Loan Trust <br> 2005-65CB 2A4, 5.500%, <br> 12/25/2035 |  | 719639 | 0.0 |
| 1223439 | Alternative Loan Trust <br> 2005-6CB 1A3, 5.250%, <br> 04/25/2035 |  | 1029117 | 0.1 |
| 210906 <sup>(4)</sup> | Alternative Loan Trust <br> 2005-J3 2A2, 0.611%, <br> (-1.000\*US0001M + <br> 5.000%), 05/25/2035 |  | 7214 | 0.0 |
| 1116061 | Alternative Loan Trust <br> 2006-13T1 A9, 6.000%, <br> 05/25/2036 |  | 568624 | 0.0 |
| 1536937 | Alternative Loan Trust <br> 2007-23CB A3, 4.889%, <br> (US0001M + 0.500%), <br> 09/25/2037 |  | 696915 | 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)** |
| 70439 | Banc of America Funding <br> 2007 8 Trust 4A1, <br> 6.000%, 08/25/2037 | $54579 | 0.0 |
| 1382225 <sup>(1)</sup> | Bayview MSR Opportunity <br> Master Fund Trust 2022-2 <br> AF, 4.371%, (SOFR30A + <br> 0.850%), 12/25/2051 | 1266842 | 0.1 |
| 476480 <sup>(3)</sup> | Bear Stearns ALT-A Trust <br> 2005-10 22A1, 3.787%, <br> 01/25/2036 | 443980 | 0.0 |
| 222139 <sup>(3)</sup> | Bear Stearns ALT-A Trust <br> 2005-4 23A1, 3.115%, <br> 05/25/2035 | 206585 | 0.0 |
| 760575 <sup>(3)</sup> | Bear Stearns ALT-A Trust <br> 2006-6 31A1, 3.602%, <br> 11/25/2036 | 433520 | 0.0 |
| 891547 <sup>(3)</sup> | Bear Stearns ALT-A Trust <br> 2006-6 32A1, 3.586%, <br> 11/25/2036 | 477501 | 0.0 |
| 2054 <sup>(3)</sup> | Bear Stearns ARM Trust <br> 2005-12 13A1, 3.953%, <br> 02/25/2036 | 1538 | 0.0 |
| 1701391 | Bear Stearns Mortgage <br> Funding Trust 2006-AR5 <br> 2A1, 4.579%, <br> (US0001M + 0.190%), <br> 01/25/2037 | 1447726 | 0.1 |
| 85816 <sup>(3)</sup> | Bear Stearns Structured <br> Products, Inc. Trust <br> 2007-R6 1A1, 3.524%, <br> 01/26/2036 | 69017 | 0.0 |
| 3300000 <sup>(1)</sup> | Bellemeade RE 2021-3 A <br> M1C Ltd., 5.478%, <br> (SOFR30A + 1.550%), <br> 09/25/2031 | 2959845 | 0.1 |
| 115559 <sup>(3)</sup> | Chase Mortgage Finance <br> Trust Series 2005-A1 1A1, <br> 3.824%, 12/25/2035 | 104786 | 0.0 |
| 1287508 <sup>(3)</sup> | CHL Mortgage <br> Pass-Through Trust <br> 2004-22 A3, 3.793%, <br> 11/25/2034 | 1163476 | 0.1 |
| 10975 <sup>(3)</sup> | CHL Mortgage <br> Pass-Through Trust <br> 2004-HYB9 1A1, 3.671%, <br> 02/20/2035 | 10891 | 0.0 |
| 12274 | CHL Mortgage <br> Pass-Through Trust <br> 2005-2 2A3, 5.069%, <br> (US0001M + 0.680%), <br> 03/25/2035 | 10718 | 0.0 |
| 1420910 <sup>(1)(3)</sup> | CIM Trust 2020-J1 B3, <br> 3.444%, 07/25/2050 | 1096049 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 498186 | Citicorp Mortgage <br> Securities Trust <br> Series 2007-1 1A1, <br> 6.000%, 01/25/2037 | $416448 | 0.0 |
| 686329 <sup>(3)</sup> | Citigroup Mortgage Loan <br> Trust 2007-10 22AA, <br> 3.871%, 09/25/2037 | 590476 | 0.0 |
| 662380 <sup>(1)(3)</sup> | Citigroup Mortgage Loan <br> Trust 2015-A B2, 4.500%, <br> 06/25/2058 | 625362 | 0.0 |
| 21453 <sup>(3)</sup> | Citigroup Mortgage Loan <br> Trust, Inc. 2005-3 2A2A, <br> 3.885%, 08/25/2035 | 20621 | 0.0 |
| 1032177 | Citigroup Mortgage Loan <br> Trust, Inc. 2005-8 3A1, <br> 5.500%, 09/25/2035 | 994741 | 0.1 |
| 183195 | CitiMortgage Alternative <br> Loan Trust <br> Series 2007-A2 1A5, <br> 6.000%, 02/25/2037 | 158948 | 0.0 |
| 2700000 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2020-R02 <br> 2B1, 7.389%, <br> (US0001M + 3.000%), <br> 01/25/2040 | 2434263 | 0.1 |
| 575179 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2020-R02 <br> 2M2, 6.389%, <br> (US0001M + 2.000%), <br> 01/25/2040 | 566829 | 0.0 |
| 1500000 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2021-R01 <br> 1B1, 7.028%, <br> (SOFR30A + 3.100%), <br> 10/25/2041 | 1413836 | 0.1 |
| 1500000 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2021-R03 <br> 1B1, 6.678%, <br> (SOFR30A + 2.750%), <br> 12/25/2041 | 1388019 | 0.1 |
| 8600000 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2022-R01 <br> 1B1, 7.078%, <br> (SOFR30A + 3.150%), <br> 12/25/2041 | 8096503 | 0.3 |
| 1000000 <sup>(1)</sup> | Connecticut Avenue <br> Securities Trust 2022-R08 <br> 1B1, 9.528%, <br> (SOFR30A + 5.600%), <br> 07/25/2042 | 1011525 | 0.1 |
| 717582 | Countrywide Alternative <br> Loan Trust 2005-53T2 <br> 2A6, 4.889%, <br> (US0001M + 0.500%), <br> 11/25/2035 | 369434 | 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)** |
| 100711 <sup>(3)</sup> | DSLA Mortgage Loan <br> Trust 2004-AR3 2A1, <br> 3.728%, 07/19/2044 | $90115 | 0.0 |
| 1500000 <sup>(1)</sup> | Eagle RE 2021-2 M1C <br> Ltd., 7.378%, <br> (SOFR30A + 3.450%), <br> 04/25/2034 | 1476344 | 0.1 |
| 800000 <sup>(1)</sup> | Fannie Mae Connecticut <br> Avenue Securities Trust <br> 2020-SBT1 1M2, 8.039%, <br> (US0001M + 3.650%), <br> 02/25/2040 | 791720 | 0.0 |
| 1000000 | Fannie Mae 2011-128 KB, <br> 4.500%, 12/25/2041 | 948681 | 0.0 |
| 12408268 | Fannie Mae 2011-99 CZ, <br> 4.500%, 10/25/2041 | 12142085 | 0.5 |
| 718270 | Fannie Mae 2012-110 CA, <br> 3.000%, 10/25/2042 | 652604 | 0.0 |
| 14814450 <sup>(4)</sup> | Fannie Mae 2016-82 SD, <br> 1.661%, <br> (-1.000\*US0001M + <br> 6.050%), 11/25/2046 | 1227259 | 0.1 |
| 424434 | Fannie Mae 2016-88 EA, <br> 3.500%, 01/25/2045 | 416419 | 0.0 |
| 865346 | Fannie Mae Connecticut <br> Avenue Securities <br> 2015-C02 1M2, 8.389%, <br> (US0001M + 4.000%), <br> 05/25/2025 | 870352 | 0.0 |
| 184968 <sup>(1)</sup> | Fannie Mae Connecticut <br> Avenue Securities Trust <br> 2019-R01 2M2, 6.839%, <br> (US0001M + 2.450%), <br> 07/25/2031 | 184546 | 0.0 |
| 522555 <sup>(1)</sup> | Fannie Mae Connecticut <br> Avenue Securities Trust <br> 2020-R01 1M2, 6.439%, <br> (US0001M + 2.050%), <br> 01/25/2040 | 519279 | 0.0 |
| 2659380 <sup>(4)</sup> | Fannie Mae Interest Strip <br> 421 C11, 6.500%, <br> 05/25/2039 | 489854 | 0.0 |
| 230739 <sup>(4)</sup> | Fannie Mae Interest Strip <br> Series 418 10, 4.000%, <br> 08/25/2043 | 36267 | 0.0 |
| 217056 <sup>(4)</sup> | Fannie Mae Interest Strip <br> Series 418 15, 3.500%, <br> 08/25/2043 | 32326 | 0.0 |
| 1286 | Fannie Mae REMIC Trust <br> 1994-77 FB, 5.889%, <br> (US0001M + 1.500%), <br> 04/25/2024 | 1291 | 0.0 |
| 146943 | Fannie Mae REMIC Trust <br> 1999-33 Z, 6.000%, <br> 07/25/2029 | 147521 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 10604 | Fannie Mae REMIC Trust <br> 2002-21 FC, 5.289%, <br> (US0001M + 0.900%), <br> 04/25/2032 | $10639 | 0.0 |
| 508113 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2003-74 IO, 6.000%, <br> 08/25/2033 | 96533 | 0.0 |
| 20889 | Fannie Mae REMIC Trust <br> 2004-11 A, 4.509%, <br> (US0001M + 0.120%), <br> 03/25/2034 | 20831 | 0.0 |
| 237702 | Fannie Mae REMIC Trust <br> 2005-120 ZU, 5.500%, <br> 01/25/2036 | 240494 | 0.0 |
| 126639 | Fannie Mae REMIC Trust <br> 2005-74 DK, 6.445%, <br> (-4.000\*US0001M + <br> 24.000%), 07/25/2035 | 127080 | 0.0 |
| 2396230 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2005-92 SC, 2.291%, <br> (-1.000\*US0001M + <br> 6.680%), 10/25/2035 | 204491 | 0.0 |
| 127237 | Fannie Mae REMIC Trust <br> 2006-103 EZ, 6.250%, <br> 10/25/2036 | 130280 | 0.0 |
| 495535 | Fannie Mae REMIC Trust <br> 2006-104 ES, 11.507%, <br> (-5.000\*US0001M + <br> 33.450%), 11/25/2036 | 659871 | 0.0 |
| 2670544 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2006-12 SD, 2.361%, <br> (-1.000\*US0001M + <br> 6.750%), 10/25/2035 | 178700 | 0.0 |
| 1375624 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2006-123 UI, 2.351%, <br> (-1.000\*US0001M + <br> 6.740%), 01/25/2037 | 134242 | 0.0 |
| 216224 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2006-72 HS, 2.311%, <br> (-1.000\*US0001M + <br> 6.700%), 08/25/2026 | 5975 | 0.0 |
| 363391 | Fannie Mae REMIC Trust <br> 2007-73 A1, 3.821%, <br> (US0001M + 0.060%), <br> 07/25/2037 | 356283 | 0.0 |
| 228665 | Fannie Mae REMIC Trust <br> 2008-20 SP, 4.528%, <br> (-2.500\*US0001M + <br> 15.500%), 03/25/2038 | 243736 | 0.0 |
| 1192647 | Fannie Mae REMIC Trust <br> 2009-19 PW, 4.500%, <br> 10/25/2036 | 1165587 | 0.1 |
| 3982046 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2010-102 SB, 2.211%, <br> (-1.000\*US0001M + <br> 6.600%), 09/25/2040 | 430698 | 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)** |
| 1291823 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2010-116 SE, 2.211%, <br> (-1.000\*US0001M + <br> 6.600%), 10/25/2040 | $117360 | 0.0 |
| 3591627 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2010-123 SL, 1.681%, <br> (-1.000\*US0001M + <br> 6.070%), 11/25/2040 | 256087 | 0.0 |
| 1943274 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2010-55 AS, 2.031%, <br> (-1.000\*US0001M + <br> 6.420%), 06/25/2040 | 175335 | 0.0 |
| 3620693 | Fannie Mae REMIC Trust <br> 2010-59 PC, 5.000%, <br> 06/25/2040 | 3580501 | 0.2 |
| 435857 | Fannie Mae REMIC Trust <br> 2010-60 HJ, 5.500%, <br> 05/25/2040 | 437230 | 0.0 |
| 1465506 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2011-3 AI, 5.000%, <br> 01/25/2041 | 145167 | 0.0 |
| 325581 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2012-10 US, 2.061%, <br> (-1.000\*US0001M + <br> 6.450%), 02/25/2042 | 35593 | 0.0 |
| 114565 | Fannie Mae REMIC Trust <br> 2012-103 DA, 3.500%, <br> 10/25/2041 | 111753 | 0.0 |
| 4428872 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2012-113 SG, 1.711%, <br> (-1.000\*US0001M + <br> 6.100%), 10/25/2042 | 459124 | 0.0 |
| 3126386 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2012-122 SB, 1.761%, <br> (-1.000\*US0001M + <br> 6.150%), 11/25/2042 | 334330 | 0.0 |
| 1417073 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2012-128 DI, 3.000%, <br> 10/25/2032 | 90542 | 0.0 |
| 765285 | Fannie Mae REMIC Trust <br> 2012-131 BS, 0.456%, <br> (-1.200\*US0001M + <br> 5.400%), 12/25/2042 | 485650 | 0.0 |
| 5014974 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2012-137 SN, 1.711%, <br> (-1.000\*US0001M + <br> 6.100%), 12/25/2042 | 471441 | 0.0 |
| 326788 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2012-15 SP, 2.231%, <br> (-1.000\*US0001M + <br> 6.620%), 06/25/2040 | 2315 | 0.0 |
| 786415 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2012-58 PI, 5.000%, <br> 04/25/2042 | 110482 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 4581040 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2013-60 DS, 1.811%, <br> (-1.000\*US0001M + <br> 6.200%), 06/25/2033 | $326895 | 0.0 |
| 4908209 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2013-9 DS, 1.761%, <br> (-1.000\*US0001M + <br> 6.150%), 02/25/2043 | 556033 | 0.0 |
| 11054015 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2013-9 SA, 1.761%, <br> (-1.000\*US0001M + <br> 6.150%), 03/25/2042 | 601450 | 0.0 |
| 11745309 <sup>(4)</sup> | Fannie Mae REMIC Trust <br> 2015-9 IO, 5.500%, <br> 03/25/2045 | 2444608 | 0.1 |
| 2106131 <sup>(4)</sup> | Fannie Mae REMICS <br> 2005-66 SY, 2.311%, <br> (-1.000\*US0001M + <br> 6.700%), 07/25/2035 | 192089 | 0.0 |
| 3315546 <sup>(4)</sup> | Fannie Mae REMICS <br> 2006-120 QD, 0.311%, <br> (-1.000\*US0001M + <br> 4.700%), 10/25/2036 | 91944 | 0.0 |
| 1565265 <sup>(4)</sup> | Fannie Mae REMICS <br> 2006-59 XS, 2.811%, <br> (-1.000\*US0001M + <br> 7.200%), 07/25/2036 | 145563 | 0.0 |
| 1707836 <sup>(4)</sup> | Fannie Mae REMICS <br> 2007-53 SX, 1.711%, <br> (-1.000\*US0001M + <br> 6.100%), 06/25/2037 | 135454 | 0.0 |
| 2629268 <sup>(4)</sup> | Fannie Mae REMICS <br> 2010-112 PI, 6.000%, <br> 10/25/2040 | 564048 | 0.0 |
| 9963536 <sup>(4)</sup> | Fannie Mae REMICS <br> 2010-139 SA, 1.641%, <br> (-1.000\*US0001M + <br> 6.030%), 12/25/2040 | 863877 | 0.0 |
| 545313 | Fannie Mae REMICS <br> 2011-10 ZC, 5.000%, <br> 02/25/2041 | 542737 | 0.0 |
| 51762 | Fannie Mae REMICS <br> 2011-127 UY, 3.500%, <br> 12/25/2041 | 46817 | 0.0 |
| 1415679 <sup>(4)</sup> | Fannie Mae REMICS <br> 2011-149 ES, 1.611%, <br> (-1.000\*US0001M + <br> 6.000%), 07/25/2041 | 45327 | 0.0 |
| 1352208 | Fannie Mae REMICS <br> 2011-84 Z, 5.250%, <br> 09/25/2041 | 1335830 | 0.1 |
| 8007969 <sup>(4)</sup> | Fannie Mae REMICS <br> 2012-19 S, 1.561%, <br> (-1.000\*US0001M + <br> 5.950%), 03/25/2042 | 761431 | 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)** |
| 15841813 <sup>(4)</sup> | Fannie Mae REMICS <br> 2016-2 IO, 5.500%, <br> 02/25/2046 | $2655961 | 0.1 |
| 6145598 <sup>(4)</sup> | Fannie Mae REMICS <br> 2016-62 SC, 1.611%, <br> (-1.000\*US0001M + <br> 6.000%), 09/25/2046 | 711274 | 0.0 |
| 24456952 <sup>(4)</sup> | Fannie Mae REMICS <br> 2016-88 CS, 1.661%, <br> (-1.000\*US0001M + <br> 6.050%), 12/25/2046 | 2060709 | 0.1 |
| 6590596 <sup>(4)</sup> | Fannie Mae REMICS <br> 2016-93 SL, 2.261%, <br> (-1.000\*US0001M + <br> 6.650%), 12/25/2046 | 511083 | 0.0 |
| 986810 | Fannie Mae REMICS <br> 2016-97 PA, 3.000%, <br> 12/25/2044 | 932866 | 0.0 |
| 7921408 <sup>(4)</sup> | Fannie Mae REMICS <br> 2017-23 IO, 6.000%, <br> 04/25/2047 | 1687217 | 0.1 |
| 1122357 | Fannie Mae REMICS <br> 2017-54 D, 3.000%, <br> 07/25/2047 | 1005112 | 0.1 |
| 3854745 | Fannie Mae REMICS <br> 2018-11 BX, 4.000%, <br> 12/25/2047 | 3623478 | 0.2 |
| 214096 | Fannie Mae REMICS <br> 2018-27 EA, 3.000%, <br> 05/25/2048 | 192622 | 0.0 |
| 3638402 <sup>(4)</sup> | Fannie Mae REMICS <br> 2018-43 SE, 1.861%, <br> (-1.000\*US0001M + <br> 6.250%), 09/25/2038 | 309161 | 0.0 |
| 546498 | Fannie Mae REMICS <br> 2018-64 ET, 3.000%, <br> 09/25/2048 | 495365 | 0.0 |
| 6476443 <sup>(4)</sup> | Fannie Mae REMICS <br> 2019-18 SA, 1.661%, <br> (-1.000\*US0001M + <br> 6.050%), 05/25/2049 | 533035 | 0.0 |
| 5397115 <sup>(4)</sup> | Fannie Mae REMICS <br> 2019-25 PS, 1.661%, <br> (-1.000\*US0001M + <br> 6.050%), 06/25/2049 | 560892 | 0.0 |
| 15225757 <sup>(4)</sup> | Fannie Mae REMICS <br> 2019-33 PS, 1.661%, <br> (-1.000\*US0001M + <br> 6.050%), 07/25/2049 | 1649558 | 0.1 |
| 12078776 <sup>(4)</sup> | Fannie Mae REMICS <br> 2020-71 TI, 3.000%, <br> 10/25/2050 | 1945398 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 10226361 <sup>(4)</sup> | Fannie Mae REMICS <br> 2020-94 SC, 1.561%, <br> (-1.000\*US0001M + <br> 5.950%), 07/25/2050 | $1147489 | 0.1 |
| 13349168 <sup>(4)</sup> | Fannie Mae REMICS <br> 2021-13 BI, 3.000%, <br> 02/25/2050 | 2148259 | 0.1 |
| 18890834 <sup>(4)</sup> | Fannie Mae REMICS <br> 2021-8 TI, 4.000%, <br> 03/25/2051 | 3773990 | 0.2 |
| 7162098 | Fannie Mae REMICS <br> 2022-5 CZ, 2.500%, <br> 02/25/2052 | 4452359 | 0.2 |
| 127609 <sup>(3)</sup> | First Horizon Alternative <br> Mortgage Securities Trust <br> 2005-AA1 1A1, 3.605%, <br> 03/25/2035 | 80584 | 0.0 |
| 71366 <sup>(3)</sup> | First Horizon Asset <br> Securities, Inc. 2005-AR6 <br> 4A1, 3.748%, 02/25/2036 | 60072 | 0.0 |
| 19169 <sup>(3)</sup> | First Horizon Mortgage <br> Pass-Through Trust <br> 2005-AR3 2A1, 3.875%, <br> 08/25/2035 | 13237 | 0.0 |
| 1330430 <sup>(1)(3)</sup> | Flagstar Mortgage Trust <br> 2018-1 B1, 3.950%, <br> 03/25/2048 | 1131933 | 0.1 |
| 1862602 <sup>(1)(3)</sup> | Flagstar Mortgage Trust <br> 2018-1 B3, 3.950%, <br> 03/25/2048 | 1568953 | 0.1 |
| 1618928 <sup>(1)(3)</sup> | Flagstar Mortgage Trust <br> 2018-2 B2, 4.001%, <br> 04/25/2048 | 1364490 | 0.1 |
| 2753520 <sup>(4)</sup> | Freddie Mac 2815 GS, <br> 1.682%, <br> (-1.000\*US0001M + <br> 6.000%), 03/15/2034 | 186384 | 0.0 |
| 101223 | Freddie Mac REMIC Trust <br> 2110 PG, 6.000%, <br> 01/15/2029 | 102783 | 0.0 |
| 98239 | Freddie Mac REMIC Trust <br> 2114 ZM, 6.000%, <br> 01/15/2029 | 99368 | 0.0 |
| 49737 | Freddie Mac REMIC Trust <br> 2411 FJ, 4.668%, <br> (US0001M + 0.350%), <br> 12/15/2029 | 49239 | 0.0 |
| 65260 | Freddie Mac REMIC Trust <br> 2460 ZM, 6.000%, <br> 06/15/2032 | 66092 | 0.0 |
| 155530 | Freddie Mac REMIC Trust <br> 2541 NE, 5.500%, <br> 12/15/2032 | 157973 | 0.0 |
| 63999 | Freddie Mac REMIC Trust <br> 2576 KZ, 5.500%, <br> 02/15/2033 | 65071 | 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)** |
| 139741 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 2594 IY, 6.000%, <br> 04/15/2033 | $24211 | 0.0 |
| 196333 | Freddie Mac REMIC Trust <br> 2861 Z, 5.500%, <br> 09/15/2034 | 198214 | 0.0 |
| 596549 | Freddie Mac REMIC Trust <br> 2867 MZ, 5.000%, <br> 10/15/2034 | 594025 | 0.0 |
| 409419 | Freddie Mac REMIC Trust <br> 2930 ZL, 5.000%, <br> 02/15/2035 | 407666 | 0.0 |
| 514514 | Freddie Mac REMIC Trust <br> 2931 ZY, 5.000%, <br> 02/15/2035 | 516020 | 0.0 |
| 3245529 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3045 DI, 2.412%, <br> (-1.000\*US0001M + <br> 6.730%), 10/15/2035 | 277209 | 0.0 |
| 224402 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3064 SP, 2.282%, <br> (-1.000\*US0001M + <br> 6.600%), 03/15/2035 | 974 | 0.0 |
| 223226 | Freddie Mac REMIC Trust <br> 3065 DC, 6.906%, <br> (-3.000\*US0001M + <br> 19.860%), 03/15/2035 | 225572 | 0.0 |
| 308956 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3102 IS, 8.735%, <br> (-3.667\*US0001M + <br> 24.567%), 01/15/2036 | 69006 | 0.0 |
| 1673673 | Freddie Mac REMIC Trust <br> 3117 ZA, 5.500%, <br> 02/15/2036 | 1676212 | 0.1 |
| 1040267 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3170 SA, 2.282%, <br> (-1.000\*US0001M + <br> 6.600%), 09/15/2033 | 84322 | 0.0 |
| 469772 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3171 PS, 2.167%, <br> (-1.000\*US0001M + <br> 6.485%), 06/15/2036 | 30604 | 0.0 |
| 775629 | Freddie Mac REMIC Trust <br> 3351 ZC, 5.500%, <br> 07/15/2037 | 774712 | 0.0 |
| 193406 <sup>(3)</sup> | Freddie Mac REMIC Trust <br> 3524 LA, 5.079%, <br> 03/15/2033 | 185613 | 0.0 |
| 39247 | Freddie Mac REMIC Trust <br> 3556 NT, 7.418%, <br> (US0001M + 3.100%), <br> 03/15/2038 | 39761 | 0.0 |
| 3696335 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3589 SB, 1.882%, <br> (-1.000\*US0001M + <br> 6.200%), 10/15/2039 | 329112 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 453826 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3632 IP, 5.000%, <br> 02/15/2040 | $53725 | 0.0 |
| 3721758 | Freddie Mac REMIC Trust <br> 3639 ZN, 5.500%, <br> 12/15/2034 | 3782843 | 0.2 |
| 1258832 | Freddie Mac REMIC Trust <br> 3662 ZB, 5.500%, <br> 08/15/2036 | 1301781 | 0.1 |
| 638916 | Freddie Mac REMIC Trust <br> 3724 CM, 5.500%, <br> 06/15/2037 | 637937 | 0.0 |
| 687419 | Freddie Mac REMIC Trust <br> 3829 VZ, 4.000%, <br> 03/15/2041 | 645880 | 0.0 |
| 2616880 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3856 KS, 2.232%, <br> (-1.000\*US0001M + <br> 6.550%), 05/15/2041 | 253718 | 0.0 |
| 981718 | Freddie Mac REMIC Trust <br> 3898 KD, 4.500%, <br> 07/15/2041 | 968212 | 0.0 |
| 458358 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3925 SD, 1.732%, <br> (-1.000\*US0001M + <br> 6.050%), 07/15/2040 | 13501 | 0.0 |
| 1621317 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3925 SL, 1.732%, <br> (-1.000\*US0001M + <br> 6.050%), 01/15/2041 | 34097 | 0.0 |
| 7045903 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 3951 SN, 2.232%, <br> (-1.000\*US0001M + <br> 6.550%), 11/15/2041 | 793700 | 0.0 |
| 415689 | Freddie Mac REMIC Trust <br> 4000 PA, 4.500%, <br> 01/15/2042 | 406916 | 0.0 |
| 1022836 | Freddie Mac REMIC Trust <br> 4020 BY, 6.500%, <br> 03/15/2042 | 1089837 | 0.1 |
| 758587 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4094 YS, 2.382%, <br> (-1.000\*US0001M + <br> 6.700%), 04/15/2040 | 7437 | 0.0 |
| 3820441 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4102 MS, 2.282%, <br> (-1.000\*US0001M + <br> 6.600%), 09/15/2042 | 464659 | 0.0 |
| 466871 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4194 GI, 4.000%, <br> 04/15/2043 | 77104 | 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)** |
| 3656550 | Freddie Mac REMIC Trust <br> 4203 BN, 3.000%, <br> 04/15/2033 | $3398748 | 0.1 |
| 21577426 | Freddie Mac REMIC Trust <br> 4246 ZX, 4.500%, <br> 04/15/2041 | 21082984 | 0.9 |
| 4670174 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4313 SD, 1.832%, <br> (-1.000\*US0001M + <br> 6.150%), 03/15/2044 | 368313 | 0.0 |
| 7164627 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4313 SE, 1.832%, <br> (-1.000\*US0001M + <br> 6.150%), 03/15/2044 | 630802 | 0.0 |
| 246824 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4323 IP, 4.500%, <br> 08/15/2042 | 7058 | 0.0 |
| 731609 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4332 PI, 5.000%, <br> 12/15/2043 | 103844 | 0.0 |
| 8303311 | Freddie Mac REMIC Trust <br> 4335 ZX, 4.250%, <br> 05/15/2044 | 7890954 | 0.3 |
| 2040549 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4346 ST, 1.882%, <br> (-1.000\*US0001M + <br> 6.200%), 07/15/2039 | 68381 | 0.0 |
| 12830292 | Freddie Mac REMIC Trust <br> 435 XZ, 4.250%, <br> 05/15/2044 | 12137834 | 0.5 |
| 2145889 <sup>(4)</sup> | Freddie Mac REMIC Trust <br> 4386 LS, 1.782%, <br> (-1.000\*US0001M + <br> 6.100%), 09/15/2044 | 202623 | 0.0 |
| 4914075 <sup>(4)</sup> | Freddie Mac REMICS <br> 3284 CI, 1.802%, <br> (-1.000\*US0001M + <br> 6.120%), 03/15/2037 | 409089 | 0.0 |
| 2093397 <sup>(4)</sup> | Freddie Mac REMICS <br> 3311 IC, 2.092%, <br> (-1.000\*US0001M + <br> 6.410%), 05/15/2037 | 199825 | 0.0 |
| 4682139 <sup>(4)</sup> | Freddie Mac REMICS <br> 3510 IC, 1.762%, <br> (-1.000\*US0001M + <br> 6.080%), 08/15/2037 | 399126 | 0.0 |
| 2230133 <sup>(4)</sup> | Freddie Mac REMICS <br> 3575 ST, 2.282%, <br> (-1.000\*US0001M + <br> 6.600%), 04/15/2039 | 241154 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 7261407 <sup>(4)</sup> | Freddie Mac REMICS <br> 3702 SB, 0.182%, <br> (-1.000\*US0001M + <br> 4.500%), 08/15/2040 | $263673 | 0.0 |
| 8592657 <sup>(4)</sup> | Freddie Mac REMICS <br> 4139 CS, 1.832%, <br> (-1.000\*US0001M + <br> 6.150%), 12/15/2042 | 978111 | 0.1 |
| 4748601 <sup>(4)</sup> | Freddie Mac REMICS <br> 4150 IO, 3.500%, <br> 01/15/2043 | 713965 | 0.0 |
| 2261957 <sup>(4)</sup> | Freddie Mac REMICS <br> 4465 MI, 5.000%, <br> 03/15/2041 | 389991 | 0.0 |
| 7049171 <sup>(4)</sup> | Freddie Mac REMICS <br> 4675 KS, 1.682%, <br> (-1.000\*US0001M + <br> 6.000%), 04/15/2047 | 749559 | 0.0 |
| 1738080 | Freddie Mac REMICS <br> 4753 VZ, 3.000%, <br> 12/15/2047 | 1318874 | 0.1 |
| 1622208 | Freddie Mac REMICS <br> 4755 Z, 3.000%, <br> 02/15/2048 | 1371174 | 0.1 |
| 15827757 | Freddie Mac REMICS <br> 4771 HZ, 3.500%, <br> 03/15/2048 | 13793529 | 0.6 |
| 817069 | Freddie Mac REMICS <br> 4787 PY, 4.000%, <br> 05/15/2048 | 769190 | 0.0 |
| 17283678 <sup>(4)</sup> | Freddie Mac REMICS <br> 4901 BS, 1.711%, <br> (-1.000\*US0001M + <br> 6.100%), 07/25/2049 | 1454218 | 0.1 |
| 5727546 <sup>(4)</sup> | Freddie Mac REMICS <br> 4988 IJ, 4.500%, <br> 12/15/2047 | 1070851 | 0.1 |
| 4648559 <sup>(4)</sup> | Freddie Mac REMICS <br> 5015 EI, 4.500%, <br> 09/25/2050 | 952611 | 0.0 |
| 35998872 <sup>(4)</sup> | Freddie Mac REMICS <br> 5072 IU, 2.500%, <br> 02/25/2051 | 4992727 | 0.2 |
| 30176546 <sup>(4)</sup> | Freddie Mac REMICS <br> 5077 LI, 3.000%, <br> 02/25/2051 | 4648606 | 0.2 |
| 18359273 <sup>(4)</sup> | Freddie Mac REMICS <br> 5118 LI, 3.000%, <br> 06/25/2041 | 2171284 | 0.1 |
| 14371451 <sup>(4)</sup> | Freddie Mac REMICS <br> 5124 IQ, 3.500%, <br> 07/25/2051 | 2650111 | 0.1 |
| 24155851 <sup>(4)</sup> | Freddie Mac REMICS <br> 5171 DI, 3.000%, <br> 12/25/2051 | 4349957 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 25908273 <sup>(4)</sup> | Freddie Mac REMICS <br> 5211 IH, 3.500%, <br> 04/25/2052 | $4096943 | 0.2 |
| 9248541 | Freddie Mac Series 4348 <br> ZX, 4.250%, 06/15/2044 | 8806406 | 0.4 |
| 2000000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2021-DNA6 <br> B1, 7.328%, (SOFR30A + <br> 3.400%), 10/25/2041 | 1870165 | 0.1 |
| 2550000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2021-HQA3 <br> M2, 6.028%, (SOFR30A + <br> 2.100%), 09/25/2041 | 2252200 | 0.1 |
| 5000000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2021-HQA4 <br> B1, 7.678%, (SOFR30A + <br> 3.750%), 12/25/2041 | 4301373 | 0.2 |
| 2400000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2021-HQA4 <br> M2, 6.278%, (SOFR30A + <br> 2.350%), 12/25/2041 | 2125486 | 0.1 |
| 4000000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2022-DNA1 <br> B1, 7.328%, (SOFR30A + <br> 3.400%), 01/25/2042 | 3564580 | 0.2 |
| 2500000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2022-DNA1 <br> M2, 6.428%, (SOFR30A + <br> 2.500%), 01/25/2042 | 2264317 | 0.1 |
| 1800000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2022-HQA1 <br> M2, 9.178%, (SOFR30A + <br> 5.250%), 03/25/2042 | 1752733 | 0.1 |
| 1400000 <sup>(1)</sup> | Freddie Mac STACR <br> REMIC Trust 2022-HQA3 <br> M2, 9.278%, (SOFR30A + <br> 5.350%), 08/25/2042 | 1330057 | 0.1 |
| 4807842 <sup>(4)</sup> | Freddie Mac Strips 228 <br> IO, 6.000%, 02/01/2035 | 881977 | 0.0 |
| 326175 <sup>(3)(4)</sup> | Freddie Mac Strips 347 <br> 118, 4.500%, 02/15/2044 | 57295 | 0.0 |
| 8713628 <sup>(3)(4)</sup> | Freddie Mac Strips 347 <br> C29, 3.000%, 01/15/2044 | 1245328 | 0.1 |
| 7568905 <sup>(3)(4)</sup> | Freddie Mac Strips 347 <br> C30, 3.500%, 02/15/2044 | 1239938 | 0.1 |
| 2853648 <sup>(3)(4)</sup> | Freddie Mac Strips 347 <br> C31, 4.000%, 02/15/2044 | 473289 | 0.0 |
| 7606380 <sup>(4)</sup> | Freddie Mac Strips 351 <br> C1, 2.500%, 02/15/2031 | 420527 | 0.0 |
| 5361835 <sup>(4)</sup> | Freddie Mac Strips 351 <br> C11, 3.500%, 02/15/2031 | 443332 | 0.0 |
| 6956563 <sup>(4)</sup> | Freddie Mac Strips 351 <br> C12, 4.000%, 02/15/2031 | 658008 | 0.0 |
| 4917680 <sup>(4)</sup> | Freddie Mac Strips 351 <br> C13, 3.000%, 02/15/2031 | 350021 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 8037707 <sup>(4)</sup> | Freddie Mac Strips 351 <br> C2, 3.000%, 02/15/2031 | $549487 | 0.0 |
| 6724948 <sup>(4)</sup> | Freddie Mac Strips 351 <br> C7, 3.000%, 02/15/2031 | 456033 | 0.0 |
| 7249569 <sup>(4)</sup> | Freddie Mac Strips 351 <br> C8, 3.500%, 02/15/2031 | 604505 | 0.0 |
| 5246066 <sup>(4)</sup> | Freddie Mac Strips <br> Series 311 S1, 1.632%, <br> (-1.000\*US0001M + <br> 5.950%), 08/15/2043 | 557512 | 0.0 |
| 2000000 <sup>(1)</sup> | Freddie Mac Structured <br> Agency Credit Risk Debt <br> Notes 2021-DNA2 M2, <br> 6.228%, (SOFR30A + <br> 2.300%), 08/25/2033 | 1978697 | 0.1 |
| 1000000 <sup>(1)</sup> | Freddie Mac Structured <br> Agency Credit Risk Debt <br> Notes 2021-DNA7 B1, <br> 7.578%, (SOFR30A + <br> 3.650%), 11/25/2041 | 931943 | 0.0 |
| 2000000 <sup>(1)</sup> | Freddie Mac Structured <br> Agency Credit Risk Debt <br> Notes 2022-HQA2 M2, <br> 9.928%, (SOFR30A + <br> 6.000%), 07/25/2042 | 1983451 | 0.1 |
| 364095 | Freddie Mac Structured <br> Pass Through Certificates <br> T-54 2A, 6.500%, <br> 02/25/2043 | 380064 | 0.0 |
| 1619990 | Freddie Mac Structured <br> Pass Through Certificates <br> T-62 1A1, 3.248%, <br> (12MTA + 1.200%), <br> 10/25/2044 | 1595951 | 0.1 |
| 5195 | Freddie Mac-Ginnie Mae <br> Series 27 FC, 4.875%, <br> (PRIME + (1.375)%), <br> 03/25/2024 | 5138 | 0.0 |
| 6099609 <sup>(4)</sup> | Ginnie Mae 2007-35 KY, <br> 2.124%, <br> (-1.000\*US0001M + <br> 6.450%), 06/16/2037 | 598484 | 0.0 |
| 464915 | Ginnie Mae 2013-26 GU, <br> 1.500%, 04/20/2042 | 417714 | 0.0 |
| 430261 | Ginnie Mae 2013-26 JC, <br> 2.000%, 01/20/2043 | 389696 | 0.0 |
| 176664 | Ginnie Mae 2013-69 KA, <br> 1.250%, 08/20/2042 | 155749 | 0.0 |
| 130172 | Ginnie Mae 2013-8 BE, <br> 1.750%, 11/20/2042 | 112776 | 0.0 |
| 28364623 <sup>(4)</sup> | Ginnie Mae 2019-143 SC, <br> 1.697%, <br> (-1.000\*US0001M + <br> 6.050%), 04/20/2046 | 2956694 | 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)** |
| 28265874 <sup>(4)</sup> | Ginnie Mae 2021-228 IG, <br> 3.000%, 12/20/2051 | $4661701 | 0.2 |
| 12370004 <sup>(4)</sup> | Ginnie Mae 2021-87 ID, <br> 2.500%, 05/20/2051 | 1706788 | 0.1 |
| 422788 <sup>(4)</sup> | Ginnie Mae Series 2005-7 <br> AH, 2.444%, <br> (-1.000\*US0001M + <br> 6.770%), 02/16/2035 | 33667 | 0.0 |
| 209256 | Ginnie Mae Series 2007-8 <br> SP, 7.935%, <br> (-3.242\*US0001M + <br> 22.049%), 03/20/2037 | 248350 | 0.0 |
| 1231947 <sup>(4)</sup> | Ginnie Mae <br> Series 2008-35 SN, <br> 2.047%, <br> (-1.000\*US0001M + <br> 6.400%), 04/20/2038 | 97321 | 0.0 |
| 648077 <sup>(4)</sup> | Ginnie Mae <br> Series 2008-40 PS, <br> 2.174%, <br> (-1.000\*US0001M + <br> 6.500%), 05/16/2038 | 50775 | 0.0 |
| 5164573 <sup>(4)</sup> | Ginnie Mae <br> Series 2009-106 SU, <br> 1.847%, <br> (-1.000\*US0001M + <br> 6.200%), 05/20/2037 | 466976 | 0.0 |
| 1751563 <sup>(4)</sup> | Ginnie Mae <br> Series 2009-25 KS, <br> 1.847%, <br> (-1.000\*US0001M + <br> 6.200%), 04/20/2039 | 168295 | 0.0 |
| 821544 | Ginnie Mae <br> Series 2009-29 PB, <br> 4.750%, 05/20/2039 | 822399 | 0.0 |
| 903810 | Ginnie Mae <br> Series 2009-31 ZL, <br> 4.500%, 05/20/2039 | 898805 | 0.0 |
| 8859218 | Ginnie Mae <br> Series 2009-33 ZB, <br> 6.000%, 05/20/2039 | 8783780 | 0.4 |
| 987324 <sup>(4)</sup> | Ginnie Mae <br> Series 2010-106 IP, <br> 5.000%, 03/20/2040 | 87743 | 0.0 |
| 1073947 <sup>(4)</sup> | Ginnie Mae <br> Series 2010-116 NS, <br> 2.324%, <br> (-1.000\*US0001M + <br> 6.650%), 09/16/2040 | 80885 | 0.0 |
| 3342942 <sup>(4)</sup> | Ginnie Mae <br> Series 2010-116 SK, <br> 2.267%, <br> (-1.000\*US0001M + <br> 6.620%), 08/20/2040 | 303140 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 3397179 <sup>(4)</sup> | Ginnie Mae <br> Series 2010-149 HS, <br> 1.774%, <br> (-1.000\*US0001M + <br> 6.100%), 05/16/2040 | $73480 | 0.0 |
| 1276437 <sup>(4)</sup> | Ginnie Mae Series 2010-4 <br> SP, 2.174%, <br> (-1.000\*US0001M + <br> 6.500%), 01/16/2039 | 38085 | 0.0 |
| 1602909 | Ginnie Mae <br> Series 2010-59 ZA, <br> 4.500%, 05/20/2040 | 1580600 | 0.1 |
| 519294 <sup>(4)</sup> | Ginnie Mae Series 2010-6 <br> IA, 5.000%, 11/20/2039 | 32491 | 0.0 |
| 1105730 <sup>(4)</sup> | Ginnie Mae <br> Series 2010-68 MS, <br> 1.497%, <br> (-1.000\*US0001M + <br> 5.850%), 06/20/2040 | 93857 | 0.0 |
| 2726359 <sup>(4)</sup> | Ginnie Mae Series 2010-9 <br> JI, 5.000%, 01/20/2040 | 573344 | 0.0 |
| 778297 <sup>(4)</sup> | Ginnie Mae <br> Series 2011-116 BI, <br> 4.000%, 08/16/2026 | 25616 | 0.0 |
| 32493 <sup>(4)</sup> | Ginnie Mae <br> Series 2011-140 CI, <br> 5.000%, 10/20/2040 | 242 | 0.0 |
| 18710 | Ginnie Mae <br> Series 2011-169 BC, <br> 7.000%, 05/16/2032 | 19141 | 0.0 |
| 2681611 <sup>(4)</sup> | Ginnie Mae <br> Series 2011-80 KS, <br> 2.317%, <br> (-1.000\*US0001M + <br> 6.670%), 06/20/2041 | 299169 | 0.0 |
| 61338 <sup>(4)</sup> | Ginnie Mae <br> Series 2012-40 NI, <br> 4.500%, 05/20/2040 | 4435 | 0.0 |
| 5576020 <sup>(4)</sup> | Ginnie Mae <br> Series 2013-167 PI, <br> 5.500%, 11/20/2043 | 926588 | 0.0 |
| 5071392 <sup>(4)</sup> | Ginnie Mae <br> Series 2013-184 JI, <br> 5.500%, 12/16/2043 | 1112328 | 0.1 |
| 4529654 | Ginnie Mae Series 2014-3 <br> EP, 2.750%, 02/16/2043 | 4175579 | 0.2 |
| 4512790 <sup>(4)</sup> | Ginnie Mae Series 2014-3 <br> SU, 1.697%, <br> (-1.000\*US0001M + <br> 6.050%), 07/20/2039 | 400756 | 0.0 |
| 5689651 <sup>(4)</sup> | Ginnie Mae <br> Series 2014-55 MS, <br> 1.874%, <br> (-1.000\*US0001M + <br> 6.200%), 04/16/2044 | 544198 | 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)** |
| 4280798 <sup>(4)</sup> | Ginnie Mae <br> Series 2014-56 SP, <br> 1.874%, <br> (-1.000\*US0001M + <br> 6.200%), 12/16/2039 | $296181 | 0.0 |
| 5326085 <sup>(4)</sup> | Ginnie Mae <br> Series 2014-58 CS, <br> 1.274%, <br> (-1.000\*US0001M + <br> 5.600%), 04/16/2044 | 290029 | 0.0 |
| 6949249 <sup>(4)</sup> | Ginnie Mae <br> Series 2014-79 BI, <br> 6.000%, 05/16/2044 | 1351940 | 0.1 |
| 2521769 <sup>(4)</sup> | Ginnie Mae <br> Series 2014-99 S, <br> 1.247%, <br> (-1.000\*US0001M + <br> 5.600%), 06/20/2044 | 216886 | 0.0 |
| 1260458 | Ginnie Mae <br> Series 2018-112 AL, <br> 3.500%, 08/20/2048 | 1160996 | 0.1 |
| 1442804 | Ginnie Mae <br> Series 2018-126 A, <br> 3.500%, 09/20/2048 | 1360072 | 0.1 |
| 592096 <sup>(4)</sup> | Ginnie Mae <br> Series 2019-145 LS, <br> 7.222%, <br> (-1.000\*US0001M + <br> 2.830%), 11/20/2049 | 8100 | 0.0 |
| 210415 <sup>(1)(3)</sup> | GS Mortgage-Backed <br> Securities Corp. Trust <br> 2019-PJ2 A1, 4.000%, <br> 11/25/2049 | 199097 | 0.0 |
| 1335 | GSR Mortgage Loan Trust <br> 2003-2F 3A1, 6.000%, <br> 03/25/2032 | 1269 | 0.0 |
| 33362 | HarborView Mortgage <br> Loan Trust 2005-2 2A1A, <br> 4.779%, (US0001M + <br> 0.440%), 05/19/2035 | 29710 | 0.0 |
| 110263 | HomeBanc Mortgage <br> Trust 2004-1 2A, 5.249%, <br> (US0001M + 0.860%), <br> 08/25/2029 | 104364 | 0.0 |
| 1653783 | IndyMac INDX Mortgage <br> Loan Trust 2006-AR2 <br> 2A1, 4.809%, <br> (US0001M + 0.420%), <br> 02/25/2046 | 1168632 | 0.1 |
| 3885 <sup>(3)</sup> | JP Morgan Mortgage <br> Trust 2005-A1 6T1, <br> 2.675%, 02/25/2035 | 3563 | 0.0 |
| 41082 <sup>(3)</sup> | JP Morgan Mortgage <br> Trust 2007-A1 5A5, <br> 3.453%, 07/25/2035 | 39812 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 981416 <sup>(1)(3)</sup> | JP Morgan Mortgage <br> Trust 2017-6 B3, 3.782%, <br> 12/25/2048 | $821666 | 0.0 |
| 1508941 <sup>(1)(3)</sup> | JP Morgan Mortgage <br> Trust 2018-1 B1, 3.614%, <br> 06/25/2048 | 1263196 | 0.1 |
| 1508941 <sup>(1)(3)</sup> | JP Morgan Mortgage <br> Trust 2018-1 B2, 3.614%, <br> 06/25/2048 | 1258903 | 0.1 |
| 1866015 <sup>(1)(3)</sup> | JP Morgan Mortgage <br> Trust 2018-1 B3, 3.614%, <br> 06/25/2048 | 1531024 | 0.1 |
| 1875363 <sup>(1)(3)</sup> | JP Morgan Mortgage <br> Trust 2019-8 B3A, <br> 3.418%, 03/25/2050 | 1528113 | 0.1 |
| 17277 <sup>(1)(3)</sup> | JP Morgan Mortgage <br> Trust 2019-LTV2 A18, <br> 4.000%, 12/25/2049 | 17035 | 0.0 |
| 1366710 <sup>(1)(3)</sup> | JP Morgan Mortgage <br> Trust 2020-8 B2, 3.510%, <br> 03/25/2051 | 1060899 | 0.1 |
| 1814100 <sup>(1)(3)</sup> | JP Morgan Mortgage <br> Trust 2020-8 B3, 3.510%, <br> 03/25/2051 | 1340735 | 0.1 |
| 1199013213 <sup>(1)(4)</sup> | L Street Securities <br> 2017-PM1 XIO, 0.000%, <br> 10/25/2048 | 3199267 | 0.1 |
| 6531808 <sup>(4)</sup> | Lehman Mortgage Trust <br> 2006-9 2A5, 2.231%, <br> (-1.000\*US0001M + <br> 6.620%), 01/25/2037 | 626022 | 0.0 |
| 37410 <sup>(3)</sup> | Merrill Lynch Mortgage <br> Investors Trust MLMI <br> Series 2003-A3 1A, <br> 3.011%, 05/25/2033 | 35682 | 0.0 |
| 14064 | Merrill Lynch Mortgage <br> Investors Trust <br> Series MLCC 2005-3 5A, <br> 4.386%, (US0001M + <br> 0.250%), 11/25/2035 | 13172 | 0.0 |
| 2000000 | Morgan Stanley Mortgage <br> Loan Trust 2005-5AR <br> 1B1, 6.189%, <br> (US0001M + 1.800%), <br> 09/25/2035 | 1906637 | 0.1 |
| 1332383 | Morgan Stanley Mortgage <br> Loan Trust 2007-13 6A1, <br> 6.000%, 10/25/2037 | 783938 | 0.0 |
| 6500000 <sup>(1)</sup> | Mortgage <br> Insurance-Linked Notes <br> 2021-3 M1B, 6.828%, <br> (SOFR30A + 2.900%), <br> 02/25/2034 | 6108362 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1312239 <sup>(1)(3)</sup> | New Residential <br> Mortgage Loan Trust <br> 2017-3A B2, 4.750%, <br> 04/25/2057 | $1208824 | 0.1 |
| 12070 <sup>(1)(3)</sup> | Nomura Asset <br> Acceptance Corp. <br> Alternative Loan Trust <br> Series 2001-R1A A, <br> 7.000%, 02/19/2030 | 11546 | 0.0 |
| 2900000 <sup>(1)</sup> | Oaktown Re VII Ltd. <br> 2021-2 M1C, 7.278%, <br> (SOFR30A + 3.350%), <br> 04/25/2034 | 2523136 | 0.1 |
| 363294 | Prime Mortgage Trust <br> 2007-1 A4, 5.500%, <br> 03/25/2037 | 299516 | 0.0 |
| 1214 | RFMSI Series Trust <br> 2003-S9 A1, 6.500%, <br> 03/25/2032 | 1163 | 0.0 |
| 1574592 | Seasoned Credit Risk <br> Transfer Trust 2017-4 <br> M45T, 4.500%, <br> 06/25/2057 | 1536011 | 0.1 |
| 670783 | Seasoned Credit Risk <br> Transfer Trust <br> Series 2018-2 HT, <br> 3.000%, 11/25/2057 | 594137 | 0.0 |
| 883079 | Seasoned Credit Risk <br> Transfer Trust <br> Series 2018-3 HT, <br> 3.000%, 08/25/2057 | 778958 | 0.0 |
| 693786 | Seasoned Credit Risk <br> Transfer Trust <br> Series 2018-4 HT, <br> 3.000%, 03/25/2058 | 611669 | 0.0 |
| 719712 | Seasoned Credit Risk <br> Transfer Trust <br> Series 2019-1 HT, <br> 3.000%, 07/25/2058 | 637115 | 0.0 |
| 924534 | Seasoned Credit Risk <br> Transfer Trust <br> Series 2019-2 HT, <br> 3.000%, 08/25/2058 | 819075 | 0.0 |
| 186422 | Seasoned Credit Risk <br> Transfer Trust <br> Series 2019-3 HT, <br> 3.000%, 10/25/2058 | 165177 | 0.0 |
| 28704 | Sequoia Mortgage Trust <br> 2003-4 2A1, 5.053%, <br> (US0001M + 0.350%), <br> 07/20/2033 | 26153 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 12376 <sup>(3)</sup> | Sequoia Mortgage Trust <br> 2005-4 2A1, 4.272%, <br> 04/20/2035 | $12173 | 0.0 |
| 614550 <sup>(1)(3)</sup> | Sequoia Mortgage Trust <br> 2015-2 B3, 3.766%, <br> 05/25/2045 | 503512 | 0.0 |
| 774636 <sup>(1)(3)</sup> | Sequoia Mortgage Trust <br> 2015-3 B3, 3.723%, <br> 07/25/2045 | 551526 | 0.0 |
| 132835 <sup>(1)(3)</sup> | Sequoia Mortgage Trust <br> 2018-CH1 A19, 4.000%, <br> 03/25/2048 | 123042 | 0.0 |
| 1976333 <sup>(1)(3)</sup> | Sequoia Mortgage Trust <br> 2020-3 B3, 3.327%, <br> 04/25/2050 | 1494315 | 0.1 |
| 698000 <sup>(1)(3)</sup> | Starwood Mortgage <br> Residential Trust 2020-1, <br> 2.878%, 02/25/2050 | 582099 | 0.0 |
| 28321 <sup>(3)</sup> | Structured Adjustable <br> Rate Mortgage Loan Trust <br> 2005-17 3A1, 3.678%, <br> 08/25/2035 | 24155 | 0.0 |
| 547215 <sup>(3)</sup> | Structured Adjustable <br> Rate Mortgage Loan Trust <br> 2005-7 4A, 4.138%, <br> 04/25/2035 | 498942 | 0.0 |
| 102253 | Structured Asset <br> Mortgage Investments II <br> Trust 2005-AR5 A2, <br> 4.839%, (US0001M + <br> 0.250%), 07/19/2035 | 94966 | 0.0 |
| 56543 | Structured Asset <br> Mortgage Investments II <br> Trust 2005-AR5 A3, <br> 4.839%, (US0001M + <br> 0.250%), 07/19/2035 | 50479 | 0.0 |
| 136969 <sup>(3)</sup> | Thornburg Mortgage <br> Securities Trust 2006-5 <br> A1, 3.433%, 10/25/2046 | 127663 | 0.0 |
| 1409926 <sup>(1)(3)</sup> | Verus Securitization Trust <br> 2021-4 A1, 0.938%, <br> 07/25/2066 | 1091743 | 0.1 |
| 3689 | WaMu Mortgage Pass <br> Through Certificates <br> Series 2002-AR2 A, <br> 2.835%, (COF 11 + <br> 1.250%), 02/27/2034 | 3428 | 0.0 |
| 12249 | WaMu Mortgage Pass <br> Through Certificates <br> Series 2002-AR9 1A, <br> 3.448%, (12MTA + <br> 1.400%), 08/25/2042 | 11288 | 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)** |
| 18349 | WaMu Mortgage Pass <br> Through Certificates <br> Series 2005-AR1 A1A, <br> 5.029%, (US0001M + <br> 0.640%), 01/25/2045 | $17015 | 0 |
| 392888 <sup>(3)</sup> | WaMu Mortgage Pass <br> Through Certificates <br> Series 2006-AR12 2A3, <br> 3.191%, 10/25/2036 | 350624 | 0 |
| 225787 | WaMu Mortgage Pass <br> Through Certificates <br> Series 2006-AR7 3A, <br> 3.096%, (12MTA + <br> 1.048%), 07/25/2046 | 183757 | 0 |
| 32620794 <sup>(3)(4)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2005-AR11 X, <br> 0.004%, 08/25/2045 | 38742 | 0 |
| 854114 | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2005-AR13 A1C3, <br> 5.369%, (US0001M + <br> 0.490%), 10/25/2045 | 786208 | 0 |
| 433949 <sup>(3)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2006-AR12 1A1, <br> 3.801%, 10/25/2036 | 388170 | 0 |
| 734769 <sup>(3)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2006-AR16 2A1, <br> 3.406%, 12/25/2036 | 632030 | 0 |
| 1474695 <sup>(3)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2006-AR8 1A4, <br> 3.682%, 08/25/2046 | 1298516 | 0.1 |
| 1323940 <sup>(3)</sup> | WaMu Mortgage <br> Pass-Through Certificates <br> Series 2007-HY7 2A2, <br> 3.368%, 07/25/2037 | 1107747 | 0.1 |
| 1601141 | Washington Mutual <br> Mortgage Pass-Through <br> Certificates WMALT <br> Series 2005-11 A1, <br> 5.750%, 01/25/2036 | 1305740 | 0.1 |
| 138966 | Washington Mutual <br> Mortgage Pass-Through <br> Certificates WMALT <br> Series 2005-8 1A2, <br> 5.500%, 10/25/2035 | 128695 | 0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond 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)** |
| 1219343 | Washington Mutual <br> Mortgage Pass-Through <br> Certificates WMALT <br> Series 2006-AR10 Trust, <br> 4.589%, (US0001M + <br> 0.200%), 12/25/2036 | $| 607980 | 0.0 |
| 787396 | Wells Fargo Alternative <br> Loan 2007-PA2 2A1, <br> 4.819%, (US0001M + <br> 0.430%), 06/25/2037 |  | 638013 | 0.0 |
| 52304 <sup>(3)</sup> | Wells Fargo Mortgage <br> Backed Securities <br> 2005-AR7 1A1, 3.115%, <br> 05/25/2035 |  | 52450 | 0.0 |
| 160815 <sup>(3)</sup> | Wells Fargo Mortgage <br> Backed Securities <br> 2006-AR4 2A4, <br> 2.879%, 04/25/2036 |  | 150148 | 0.0 |
| 572226 <sup>(1)(3)</sup> | WinWater Mortgage <br> Loan Trust 2015-5 B4, <br> 3.756%, 08/20/2045 |  | 490976 | 0.0 |
|  | Total Collateralized <br> Mortgage Obligations <br> (Cost $402,214,810) |  | **341842763** | 14.1 |
| **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%** | **California: 0.1%** |
| 500000 | California State University, <br> 6.434%, 11/01/2030 |  | 536191 | 0.1 |
| 200000 | Los Angeles County <br> Public Works Financing <br> Authority, 7.488%, <br> 08/01/2033 |  | 227052 | 0.0 |
| 300000 | Los Angeles County <br> Public Works Financing <br> Authority, 7.618%, <br> 08/01/2040 |  | 368963 | 0.0 |
| 200000 | Regents of the University <br> of California Medical <br> Center Pooled Revenue, <br> 6.398%, 05/15/2031 |  | 213163 | 0.0 |
| 300000 | Regents of the University <br> of California Medical <br> Center Pooled Revenue, <br> 6.548%, 05/15/2048 |  | 341786 | 0.0 |
|  | Total Municipal Bonds <br> (Cost $1,500,000) |  | **1687155** | 0.1 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 28.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 28.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 28.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 28.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 28.0%** |
|  | **Federal Home Loan Mortgage Corporation: 2.4%<sup>(5)</sup>** | **Federal Home Loan Mortgage Corporation: 2.4%<sup>(5)</sup>** | **Federal Home Loan Mortgage Corporation: 2.4%<sup>(5)</sup>** | **Federal Home Loan Mortgage Corporation: 2.4%<sup>(5)</sup>** |
| 597433 | 2.500%, 05/01/2030 |  | 560218 | 0.0 |
| 320812 | 2.500%, 05/01/2030 |  | 300839 | 0.0 |
| 727344 | 2.500%, 06/01/2030 |  | 681997 | 0.0 |
| 1443 | 2.597%, (H15T1Y + <br> 2.250%), 03/01/2036 |  | 1460 | 0.0 |
| 2534581 | 3.000%, 03/01/2045 |  | 2302373 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Federal Home Loan Mortgage <br>Corporation (continued)** | **Federal Home Loan Mortgage <br>Corporation (continued)** | **Federal Home Loan Mortgage <br>Corporation (continued)** |
| 1891569 | 3.000%, 03/01/2045 | $1707602 | 0.1 |
| 2183271 | 3.000%, 04/01/2045 | 1972747 | 0.1 |
| 2022206 | 3.000%, 04/01/2045 | 1824702 | 0.1 |
| 3837852 | 3.000%, 10/01/2046 | 3442815 | 0.2 |
| 4938340 | 3.000%, 10/01/2046 | 4450712 | 0.2 |
| 5412921 | 3.000%, 03/01/2048 | 4855915 | 0.2 |
| 2326 | 3.250%, (H15T1Y + <br> 2.250%), 04/01/2032 | 2298 | 0.0 |
| 789744 | 3.500%, 08/01/2042 | 739923 | 0.0 |
| 2024652 | 3.500%, 03/01/2045 | 1886625 | 0.1 |
| 352736 | 3.500%, 04/01/2045 | 328763 | 0.0 |
| 820550 | 3.500%, 05/01/2045 | 763841 | 0.0 |
| 475928 | 3.500%, 06/01/2045 | 443137 | 0.0 |
| 487866 | 3.500%, 07/01/2045 | 455620 | 0.0 |
| 554621 | 3.500%, 07/01/2045 | 516695 | 0.0 |
| 881767 | 3.500%, 08/01/2045 | 822567 | 0.0 |
| 594841 | 3.500%, 08/01/2045 | 553545 | 0.0 |
| 270411 | 3.500%, 08/01/2045 | 251638 | 0.0 |
| 418910 | 3.500%, 08/01/2045 | 391567 | 0.0 |
| 511341 | 3.500%, 08/01/2045 | 478602 | 0.0 |
| 675130 | 3.500%, 09/01/2045 | 628401 | 0.0 |
| 259356 | 3.500%, 09/01/2045 | 241781 | 0.0 |
| 925653 | 3.500%, 09/01/2045 | 863699 | 0.1 |
| 1049605 | 3.500%, 11/01/2045 | 977718 | 0.1 |
| 3658722 | 3.500%, 12/01/2046 | 3402164 | 0.2 |
| 9844962 | 3.500%, 03/01/2048 | 9207779 | 0.4 |
| 257896 | 3.508%, (US0012M + <br> 1.721%), 06/01/2035 | 261495 | 0.0 |
| 35766 | 3.586%, (US0012M + <br> 1.345%), 09/01/2035 | 35840 | 0.0 |
| 566936 | 4.000%, 10/01/2041 | 545588 | 0.0 |
| 912766 | 4.000%, 12/01/2041 | 878399 | 0.1 |
| 150826 | 4.000%, 07/01/2045 | 144875 | 0.0 |
| 86029 | 4.000%, 09/01/2045 | 82574 | 0.0 |
| 1540861 | 4.000%, 09/01/2045 | 1478992 | 0.1 |
| 885336 | 4.000%, 09/01/2045 | 849784 | 0.1 |
| 1274465 | 4.000%, 09/01/2045 | 1223296 | 0.1 |
| 701134 | 4.000%, 05/01/2047 | 673707 | 0.0 |
| 201136 | 4.000%, 11/01/2047 | 190945 | 0.0 |
| 227619 | 4.000%, 03/01/2048 | 217778 | 0.0 |
| 857767 | 4.000%, 06/01/2048 | 829635 | 0.1 |
| 51 | 4.337%, (H15T1Y + <br> 2.210%), 06/01/2024 | 51 | 0.0 |
| 4164 | 4.339%, (H15T1Y + <br> 2.250%), 11/01/2031 | 4075 | 0.0 |
| 7933 | 4.375%, (H15T1Y + <br> 2.250%), 11/01/2035 | 8007 | 0.0 |
| 4031 | 4.500%, 06/01/2039 | 4002 | 0.0 |
| 11022 | 4.500%, 09/01/2040 | 10949 | 0.0 |
| 38364 | 4.500%, 03/01/2041 | 38110 | 0.0 |
| 311648 | 4.500%, 08/01/2041 | 309586 | 0.0 |
| 159617 | 4.500%, 08/01/2041 | 156381 | 0.0 |
| 119178 | 4.500%, 09/01/2041 | 118389 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Federal Home Loan Mortgage <br>Corporation (continued)** | **Federal Home Loan Mortgage <br>Corporation (continued)** | **Federal Home Loan Mortgage <br>Corporation (continued)** |
| 293148 | 4.500%, 09/01/2041 | $291208 | 0.0 |
| 707060 | 4.500%, 09/01/2041 | 702383 | 0.0 |
| 148843 | 4.500%, 09/01/2041 | 147858 | 0.0 |
| 48188 | 4.513%, (H15T1Y + <br> 2.462%), 01/01/2029 | 47365 | 0.0 |
| 14257 | 5.000%, 05/01/2028 | 14359 | 0.0 |
| 63255 | 5.000%, 05/01/2035 | 64680 | 0.0 |
| 153485 | 5.000%, 01/01/2041 | 155744 | 0.0 |
| 88170 | 5.000%, 04/01/2041 | 89829 | 0.0 |
| 415 | 5.500%, 03/01/2023 | 417 | 0.0 |
| 308 | 5.500%, 05/01/2023 | 310 | 0.0 |
| 6703 | 5.500%, 03/01/2034 | 6927 | 0.0 |
| 1250 | 5.500%, 05/01/2036 | 1259 | 0.0 |
| 45891 | 5.500%, 06/01/2036 | 47510 | 0.0 |
| 5244 | 5.500%, 12/01/2036 | 5448 | 0.0 |
| 24821 | 5.500%, 03/01/2037 | 25090 | 0.0 |
| 6402 | 5.500%, 04/01/2037 | 6653 | 0.0 |
| 39554 | 5.500%, 05/01/2037 | 41097 | 0.0 |
| 69067 | 5.500%, 07/01/2037 | 71765 | 0.0 |
| 15277 | 5.500%, 09/01/2037 | 15360 | 0.0 |
| 7616 | 5.500%, 10/01/2037 | 7913 | 0.0 |
| 23999 | 5.500%, 11/01/2037 | 24817 | 0.0 |
| 73021 | 5.500%, 12/01/2037 | 75869 | 0.0 |
| 20770 | 5.500%, 12/01/2037 | 21511 | 0.0 |
| 5025 | 5.500%, 01/01/2038 | 5221 | 0.0 |
| 5508 | 5.500%, 01/01/2038 | 5704 | 0.0 |
| 50048 | 5.500%, 02/01/2038 | 51999 | 0.0 |
| 68285 | 5.500%, 02/01/2038 | 70954 | 0.0 |
| 46596 | 5.500%, 03/01/2038 | 48413 | 0.0 |
| 58986 | 5.500%, 04/01/2038 | 61287 | 0.0 |
| 47040 | 5.500%, 05/01/2038 | 48427 | 0.0 |
| 5315 | 5.500%, 05/01/2038 | 5523 | 0.0 |
| 128377 | 5.500%, 06/01/2038 | 133395 | 0.0 |
| 38849 | 5.500%, 06/01/2038 | 39967 | 0.0 |
| 120496 | 5.500%, 07/01/2038 | 125195 | 0.0 |
| 5985 | 5.500%, 08/01/2038 | 6157 | 0.0 |
| 24546 | 5.500%, 08/01/2038 | 25504 | 0.0 |
| 27185 | 5.500%, 09/01/2038 | 28246 | 0.0 |
| 23888 | 5.500%, 10/01/2038 | 24820 | 0.0 |
| 26897 | 5.500%, 10/01/2038 | 27946 | 0.0 |
| 94250 | 5.500%, 11/01/2038 | 97935 | 0.0 |
| 2534 | 5.500%, 11/01/2038 | 2633 | 0.0 |
| 5827 | 5.500%, 12/01/2038 | 6046 | 0.0 |
| 9776 | 5.500%, 12/01/2038 | 10137 | 0.0 |
| 21863 | 5.500%, 01/01/2039 | 22716 | 0.0 |
| 45943 | 5.500%, 03/01/2039 | 47739 | 0.0 |
| 17670 | 5.500%, 07/01/2039 | 18177 | 0.0 |
| 11778 | 5.500%, 12/01/2039 | 12238 | 0.0 |
| 78532 | 5.500%, 03/01/2040 | 81596 | 0.0 |
| 36073 | 5.500%, 08/01/2040 | 36259 | 0.0 |
| 25967 | 5.500%, 08/01/2040 | 26944 | 0.0 |
| 50970 | 5.500%, 08/01/2040 | 52958 | 0.0 |
| 218105 | 6.000%, 09/01/2027 | 221838 | 0.0 |
| 4242 | 6.000%, 02/01/2029 | 4315 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Federal Home Loan Mortgage <br>Corporation (continued)** | **Federal Home Loan Mortgage <br>Corporation (continued)** | **Federal Home Loan Mortgage <br>Corporation (continued)** | **Federal Home Loan Mortgage <br>Corporation (continued)** |
| 5129 | 6.000%, 05/01/2035 | $| 5312 | 0.0 |
| 216268 | 6.000%, 03/01/2037 |  | 226266 | 0.0 |
| 1820 | 6.000%, 05/01/2037 |  | 1904 | 0.0 |
| 24384 | 6.000%, 07/01/2037 |  | 25491 | 0.0 |
| 5987 | 6.000%, 08/01/2037 |  | 6181 | 0.0 |
| 29449 | 6.000%, 08/01/2037 |  | 30810 | 0.0 |
| 161375 | 6.000%, 09/01/2037 |  | 168314 | 0.0 |
| 463 | 6.000%, 10/01/2037 |  | 483 | 0.0 |
| 6399 | 6.000%, 11/01/2037 |  | 6684 | 0.0 |
| 1859 | 6.000%, 12/01/2037 |  | 1894 | 0.0 |
| 5361 | 6.000%, 12/01/2037 |  | 5569 | 0.0 |
| 158028 | 6.000%, 01/01/2038 |  | 164053 | 0.0 |
| 965 | 6.000%, 04/01/2038 |  | 1001 | 0.0 |
| 6084 | 6.000%, 06/01/2038 |  | 6231 | 0.0 |
| 338 | 6.000%, 07/01/2038 |  | 346 | 0.0 |
| 15197 | 6.000%, 08/01/2038 |  | 15497 | 0.0 |
| 46128 | 6.000%, 11/01/2038 |  | 47689 | 0.0 |
| 11883 | 6.000%, 05/01/2039 |  | 12215 | 0.0 |
| 7027 | 6.000%, 08/01/2039 |  | 7216 | 0.0 |
| 1647 | 6.000%, 09/01/2039 |  | 1676 | 0.0 |
| 509454 | 6.500%, 09/01/2034 |  | 528505 | 0.0 |
|  |  |  | **57599199** | **2.4** |
|  | **Federal National Mortgage Association: 0.0%<sup>(5)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(5)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(5)</sup>** | **Federal National Mortgage Association: 0.0%<sup>(5)</sup>** |
| 18967 | 2.175%, (US0012M + <br> 1.675%), 02/01/2035 |  | 18575 | 0.0 |
| 47737 | 2.301%, (US0012M + <br> 1.610%), 02/01/2034 |  | 46883 | 0.0 |
| 51143 | 2.357%, (US0012M + <br> 1.480%), 04/01/2035 |  | 50057 | 0.0 |
| 7039 | 2.585%, (H15T1Y + <br> 2.210%), 04/01/2032 |  | 6869 | 0.0 |
| 23076 | 2.691%, (US0006M + <br> 1.373%), 09/01/2035 |  | 22534 | 0.0 |
| 24469 | 2.889%, (12MTA + <br> 1.200%), 08/01/2042 |  | 23380 | 0.0 |
| 42251 | 2.889%, (12MTA + <br> 1.200%), 08/01/2042 |  | 40219 | 0.0 |
| 13422 | 2.889%, (12MTA + <br> 1.200%), 10/01/2044 |  | 12748 | 0.0 |
| 20936 | 2.889%, (12MTA + <br> 1.200%), 10/01/2044 |  | 19945 | 0.0 |
| 322029 | 3.619%, (H15T1Y + <br> 1.711%), 08/01/2035 |  | 319270 | 0.0 |
| 1770 | 3.635%, (COF 11 + <br> 1.251%), 05/01/2036 |  | 1738 | 0.0 |
| 34022 | 3.637%, (US0012M + <br> 1.486%), 07/01/2035 |  | 33529 | 0.0 |
| 11449 | 3.713%, (US0012M + <br> 1.444%), 08/01/2035 |  | 11298 | 0.0 |
| 131101 | 3.908%, (US0012M + <br> 1.661%), 10/01/2035 |  | 129451 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Federal National Mortgage <br>Association (continued)** | **Federal National Mortgage <br>Association (continued)** | **Federal National Mortgage <br>Association (continued)** | **Federal National Mortgage <br>Association (continued)** |
| 14178 | 3.975%, (COF 11 + <br> 1.926%), 12/01/2036 | $| 14153 | 0.0 |
| 131659 | 4.060%, (US0012M + <br> 1.810%), 09/01/2034 |  | 133002 | 0.0 |
| 1234 | 4.107%, (H15T1Y + <br> 2.215%), 09/01/2031 |  | 1212 | 0.0 |
| 59585 | 4.300%, (H15T1Y + <br> 2.175%), 10/01/2035 |  | 58505 | 0.0 |
| 29508 | 4.655%, (US0001M + <br> 1.422%), 02/01/2033 |  | 29724 | 0.0 |
|  |  |  | **973092** | **0.0** |
|  | **Government National Mortgage Association: 5.4%** | **Government National Mortgage Association: 5.4%** | **Government National Mortgage Association: 5.4%** | **Government National Mortgage Association: 5.4%** |
| 1263419 | 2.500%, 05/20/2051 |  | 1099833 | 0.1 |
| 4350679 | 2.500%, 08/20/2051 |  | 3783549 | 0.2 |
| 3545778 | 2.500%, 09/20/2051 |  | 3081652 | 0.1 |
| 1821376 | 2.500%, 11/20/2051 |  | 1580393 | 0.1 |
| 3693495 | 2.500%, 12/20/2051 |  | 3207827 | 0.1 |
| 5925999 | 2.500%, 03/20/2052 |  | 5142188 | 0.2 |
| 16549334 | 2.500%, 04/20/2052 |  | 14355240 | 0.6 |
| 25214455 | 2.500%, 05/20/2052 |  | 21872194 | 0.9 |
| 5750000 <sup>(6)</sup> | 2.500%, 01/15/2053 |  | 4984254 | 0.2 |
| 988325 | 3.000%, 11/20/2051 |  | 884780 | 0.1 |
| 3390000 <sup>(6)</sup> | 3.000%, 01/15/2053 |  | 3019305 | 0.1 |
| 2010269 | 3.500%, 07/20/2046 |  | 1829265 | 0.1 |
| 297870 | 3.500%, 07/20/2047 |  | 278137 | 0.0 |
| 4896116 | 3.500%, 12/20/2047 |  | 4565503 | 0.2 |
| 2742284 | 3.500%, 01/20/2048 |  | 2556914 | 0.1 |
| 6027866 | 3.500%, 05/20/2050 |  | 5598403 | 0.2 |
| 33322000 <sup>(6)</sup> | 3.500%, 01/15/2053 |  | 30620509 | 1.3 |
| 381485 | 4.000%, 11/20/2040 |  | 368960 | 0.0 |
| 714000 | 4.000%, 03/20/2046 |  | 687201 | 0.0 |
| 18942000 <sup>(6)</sup> | 4.000%, 01/15/2053 |  | 17926897 | 0.8 |
| 603237 | 4.500%, 08/20/2041 |  | 602622 | 0.0 |
| 277592 | 4.500%, 01/20/2047 |  | 277819 | 0.0 |
| 1749 | 5.000%, 11/15/2035 |  | 1761 | 0.0 |
| 12710 | 5.000%, 11/15/2035 |  | 12822 | 0.0 |
| 4469 | 5.000%, 11/15/2035 |  | 4508 | 0.0 |
| 4760 | 5.000%, 11/15/2035 |  | 4860 | 0.0 |
| 13841 | 5.000%, 06/15/2037 |  | 13913 | 0.0 |
| 77604 | 5.000%, 03/15/2038 |  | 79066 | 0.0 |
| 30281 | 5.000%, 03/15/2038 |  | 30671 | 0.0 |
| 4698 | 5.000%, 06/15/2038 |  | 4739 | 0.0 |
| 1448 | 5.000%, 09/15/2038 |  | 1463 | 0.0 |
| 31202 | 5.000%, 11/15/2038 |  | 31859 | 0.0 |
| 8650 | 5.000%, 11/15/2038 |  | 8772 | 0.0 |
| 7447 | 5.000%, 12/15/2038 |  | 7522 | 0.0 |
| 47131 | 5.000%, 12/15/2038 |  | 48287 | 0.0 |
| 643543 | 5.000%, 12/15/2038 |  | 659364 | 0.0 |
| 461134 | 5.000%, 01/15/2039 |  | 469713 | 0.0 |
| 43041 | 5.000%, 01/15/2039 |  | 44098 | 0.0 |
| 87811 | 5.000%, 01/15/2039 |  | 89970 | 0.0 |
| 41484 | 5.000%, 02/15/2039 |  | 42358 | 0.0 |
| 65451 | 5.000%, 02/15/2039 |  | 66951 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Government National Mortgage <br>Association (continued)** | **Government National Mortgage <br>Association (continued)** | **Government National Mortgage <br>Association (continued)** | **Government National Mortgage <br>Association (continued)** |
| 18091 | 5.000%, 02/15/2039 | $| 18468 | 0.0 |
| 1653 | 5.000%, 03/15/2039 |  | 1694 | 0.0 |
| 85443 | 5.000%, 03/15/2039 |  | 87225 | 0.0 |
| 51829 | 5.000%, 03/15/2039 |  | 52920 | 0.0 |
| 50238 | 5.000%, 03/15/2039 |  | 51297 | 0.0 |
| 52197 | 5.000%, 04/15/2039 |  | 53473 | 0.0 |
| 389 | 5.000%, 05/15/2039 |  | 392 | 0.0 |
| 68757 | 5.000%, 05/15/2039 |  | 70205 | 0.0 |
| 32144 | 5.000%, 05/15/2039 |  | 32822 | 0.0 |
| 44821 | 5.000%, 07/15/2039 |  | 45913 | 0.0 |
| 31557 | 5.000%, 09/15/2039 |  | 32148 | 0.0 |
| 8401 | 5.000%, 11/15/2039 |  | 8509 | 0.0 |
| 1247 | 5.000%, 04/15/2040 |  | 1273 | 0.0 |
| 7928 | 5.000%, 06/15/2040 |  | 8120 | 0.0 |
| 17041 | 5.000%, 09/15/2040 |  | 17459 | 0.0 |
| 8445 | 5.000%, 09/15/2040 |  | 8454 | 0.0 |
| 33397 | 5.000%, 10/15/2040 |  | 34208 | 0.0 |
| 46121 | 5.000%, 05/15/2042 |  | 46418 | 0.0 |
| 207457 | 5.000%, 02/20/2043 |  | 211143 | 0.0 |
|  |  |  | **130728283** | **5.4** |
|  | **Uniform Mortgage-Backed Securities: 20.2%** | **Uniform Mortgage-Backed Securities: 20.2%** | **Uniform Mortgage-Backed Securities: 20.2%** | **Uniform Mortgage-Backed Securities: 20.2%** |
| 3973083 | 2.000%, 10/01/2050 |  | 3261869 | 0.1 |
| 6948600 | 2.000%, 12/01/2050 |  | 5689797 | 0.2 |
| 1021659 | 2.000%, 11/01/2051 |  | 843043 | 0.0 |
| 2830074 | 2.000%, 11/01/2051 |  | 2329559 | 0.1 |
| 6565563 | 2.000%, 12/01/2051 |  | 5378133 | 0.2 |
| 4982353 | 2.000%, 12/01/2051 |  | 4068003 | 0.2 |
| 3716486 | 2.000%, 02/01/2052 |  | 3059150 | 0.1 |
| 1898348 | 2.000%, 02/01/2052 |  | 1560140 | 0.1 |
| 8038749 | 2.000%, 03/01/2052 |  | 6559156 | 0.3 |
| 43092000 <sup>(6)</sup> | 2.000%, 01/15/2053 |  | 35073829 | 1.5 |
| 1003161 | 2.500%, 05/01/2030 |  | 941638 | 0.1 |
| 1524831 | 2.500%, 06/01/2030 |  | 1431353 | 0.1 |
| 2025581 | 2.500%, 06/01/2030 |  | 1901525 | 0.1 |
| 914168 | 2.500%, 07/01/2030 |  | 858185 | 0.1 |
| 6017118 | 2.500%, 07/01/2050 |  | 5136695 | 0.2 |
| 18849724 | 2.500%, 11/01/2050 |  | 16257607 | 0.7 |
| 8006726 | 2.500%, 02/01/2051 |  | 6803006 | 0.3 |
| 4780898 | 2.500%, 04/01/2051 |  | 4066534 | 0.2 |
| 9714139 | 2.500%, 11/01/2051 |  | 8284743 | 0.4 |
| 4685854 | 2.500%, 12/01/2051 |  | 4012389 | 0.2 |
| 3724384 | 2.500%, 12/01/2051 |  | 3184287 | 0.1 |
| 5063563 | 2.500%, 01/01/2052 |  | 4329719 | 0.2 |
| 2825853 | 2.500%, 02/01/2052 |  | 2426037 | 0.1 |
| 4678262 | 2.500%, 02/01/2052 |  | 3988509 | 0.2 |
| 4694831 | 2.500%, 02/01/2052 |  | 4020398 | 0.2 |
| 4859039 | 2.500%, 02/01/2052 |  | 4126777 | 0.2 |
| 4165643 | 2.500%, 02/01/2052 |  | 3551452 | 0.2 |
| 78964000 <sup>(6)</sup> | 2.500%, 01/15/2053 |  | 66881170 | 2.8 |
| 2130370 | 3.000%, 08/01/2030 |  | 2040172 | 0.1 |
| 1080171 | 3.000%, 09/01/2030 |  | 1034421 | 0.1 |
| 801269 | 3.000%, 08/01/2043 |  | 729906 | 0.0 |
| 1373942 | 3.000%, 09/01/2043 |  | 1251678 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 5046845 | 3.000%, 04/01/2045 | $4557455 | 0.2 |
| 3084971 | 3.000%, 08/01/2046 | 2768306 | 0.1 |
| 292639 | 3.000%, 09/01/2046 | 262328 | 0.0 |
| 4119057 | 3.000%, 01/01/2047 | 3682317 | 0.2 |
| 2671654 | 3.000%, 02/01/2052 | 2363456 | 0.1 |
| 4568517 | 3.000%, 02/01/2052 | 4051402 | 0.2 |
| 5740092 | 3.000%, 04/01/2052 | 5070447 | 0.2 |
| 3870895 | 3.000%, 05/01/2052 | 3417509 | 0.2 |
| 9598692 | 3.000%, 05/01/2052 | 8472824 | 0.4 |
| 47896000 <sup>(6)</sup> | 3.000%, 01/15/2053 | 42044929 | 1.8 |
| 452035 | 3.500%, 12/01/2041 | 423554 | 0.0 |
| 77806 | 3.500%, 08/01/2042 | 72907 | 0.0 |
| 382952 | 3.500%, 08/01/2042 | 358839 | 0.0 |
| 529174 | 3.500%, 10/01/2042 | 495663 | 0.0 |
| 311280 | 3.500%, 10/01/2042 | 291535 | 0.0 |
| 226870 | 3.500%, 03/01/2043 | 212551 | 0.0 |
| 1950453 | 3.500%, 01/01/2046 | 1813886 | 0.1 |
| 3129966 | 3.500%, 02/01/2046 | 2910153 | 0.1 |
| 13743148 | 3.500%, 08/01/2046 | 12775177 | 0.5 |
| 2247173 | 3.500%, 08/01/2046 | 2088915 | 0.1 |
| 2137027 | 3.500%, 09/01/2047 | 1978077 | 0.1 |
| 6228773 | 3.500%, 07/01/2048 | 5796124 | 0.3 |
| 2474738 | 3.500%, 02/01/2052 | 2270727 | 0.1 |
| 2178 | 4.000%, 05/01/2029 | 2132 | 0.0 |
| 17652 | 4.000%, 11/01/2030 | 17103 | 0.0 |
| 9771 | 4.000%, 02/01/2031 | 9467 | 0.0 |
| 5378 | 4.000%, 10/01/2031 | 5211 | 0.0 |
| 3826303 | 4.000%, 12/01/2039 | 3678277 | 0.2 |
| 1818102 | 4.000%, 07/01/2042 | 1747675 | 0.1 |
| 474601 | 4.000%, 07/01/2042 | 456228 | 0.0 |
| 195723 | 4.000%, 07/01/2042 | 188059 | 0.0 |
| 305160 | 4.000%, 08/01/2042 | 294360 | 0.0 |
| 1298726 | 4.000%, 08/01/2043 | 1248630 | 0.1 |
| 2163774 | 4.000%, 09/01/2043 | 2086953 | 0.1 |
| 72366 | 4.000%, 10/01/2043 | 69384 | 0.0 |
| 146471 | 4.000%, 10/01/2043 | 140145 | 0.0 |
| 4056010 | 4.000%, 01/01/2045 | 3965333 | 0.2 |
| 398500 | 4.000%, 06/01/2045 | 382074 | 0.0 |
| 1734174 | 4.000%, 07/01/2045 | 1669670 | 0.1 |
| 707776 | 4.000%, 07/01/2045 | 683272 | 0.0 |
| 3039149 | 4.000%, 02/01/2046 | 2913875 | 0.1 |
| 597444 | 4.000%, 06/01/2047 | 573440 | 0.0 |
| 89884 | 4.000%, 03/01/2048 | 85788 | 0.0 |
| 403800 | 4.000%, 03/01/2048 | 385777 | 0.0 |
| 2851393 | 4.000%, 09/01/2048 | 2734919 | 0.1 |
| 4856632 | 4.000%, 05/01/2052 | 4581031 | 0.2 |
| 4891523 | 4.000%, 08/01/2052 | 4593022 | 0.2 |
| 72558000 <sup>(6)</sup> | 4.000%, 01/15/2053 | 68057404 | 2.8 |
| 12999 | 4.500%, 10/01/2025 | 12912 | 0.0 |
| 204446 | 4.500%, 07/01/2026 | 204150 | 0.0 |
| 260940 | 4.500%, 04/01/2029 | 259176 | 0.0 |
| 3974 | 4.500%, 06/01/2029 | 3947 | 0.0 |
| 48561 | 4.500%, 06/01/2029 | 48233 | 0.0 |
| 51361 | 4.500%, 07/01/2029 | 51014 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 1175 | 4.500%, 10/01/2029 | $1167 | 0.0 |
| 7010 | 4.500%, 06/01/2030 | 6942 | 0.0 |
| 237388 | 4.500%, 10/01/2030 | 235780 | 0.0 |
| 57974 | 4.500%, 02/01/2031 | 57012 | 0.0 |
| 36751 | 4.500%, 05/01/2031 | 36502 | 0.0 |
| 28380 | 4.500%, 10/01/2033 | 28031 | 0.0 |
| 13106 | 4.500%, 01/01/2034 | 12936 | 0.0 |
| 3157 | 4.500%, 07/01/2034 | 3116 | 0.0 |
| 18608 | 4.500%, 09/01/2035 | 18413 | 0.0 |
| 3324 | 4.500%, 09/01/2035 | 3261 | 0.0 |
| 25316 | 4.500%, 11/01/2035 | 24991 | 0.0 |
| 122708 | 4.500%, 02/01/2036 | 119074 | 0.0 |
| 52352 | 4.500%, 01/01/2037 | 51867 | 0.0 |
| 27524 | 4.500%, 09/01/2037 | 27185 | 0.0 |
| 1550 | 4.500%, 02/01/2038 | 1526 | 0.0 |
| 15587 | 4.500%, 01/01/2039 | 15433 | 0.0 |
| 22812 | 4.500%, 02/01/2039 | 22610 | 0.0 |
| 1946 | 4.500%, 02/01/2039 | 1900 | 0.0 |
| 55791 | 4.500%, 04/01/2039 | 54819 | 0.0 |
| 33001 | 4.500%, 04/01/2039 | 32695 | 0.0 |
| 11301 | 4.500%, 04/01/2039 | 11196 | 0.0 |
| 63572 | 4.500%, 05/01/2039 | 63072 | 0.0 |
| 51054 | 4.500%, 05/01/2039 | 50660 | 0.0 |
| 10005 | 4.500%, 05/01/2039 | 9919 | 0.0 |
| 322 | 4.500%, 05/01/2039 | 318 | 0.0 |
| 50606 | 4.500%, 05/01/2039 | 50163 | 0.0 |
| 651059 | 4.500%, 05/01/2039 | 645608 | 0.0 |
| 3171 | 4.500%, 05/01/2039 | 3142 | 0.0 |
| 80363 | 4.500%, 06/01/2039 | 79710 | 0.0 |
| 4442 | 4.500%, 06/01/2039 | 4408 | 0.0 |
| 18462 | 4.500%, 07/01/2039 | 18166 | 0.0 |
| 11286 | 4.500%, 07/01/2039 | 11192 | 0.0 |
| 40066 | 4.500%, 07/01/2039 | 39715 | 0.0 |
| 51871 | 4.500%, 08/01/2039 | 51114 | 0.0 |
| 147295 | 4.500%, 08/01/2039 | 146156 | 0.0 |
| 79905 | 4.500%, 08/01/2039 | 79267 | 0.0 |
| 38752 | 4.500%, 08/01/2039 | 38452 | 0.0 |
| 146227 | 4.500%, 09/01/2039 | 144227 | 0.0 |
| 120990 | 4.500%, 10/01/2039 | 120055 | 0.0 |
| 58799 | 4.500%, 11/01/2039 | 58344 | 0.0 |
| 7665 | 4.500%, 11/01/2039 | 7606 | 0.0 |
| 6656 | 4.500%, 12/01/2039 | 6556 | 0.0 |
| 3746 | 4.500%, 12/01/2039 | 3715 | 0.0 |
| 265530 | 4.500%, 01/01/2040 | 263477 | 0.0 |
| 3388 | 4.500%, 01/01/2040 | 3347 | 0.0 |
| 120747 | 4.500%, 02/01/2040 | 119814 | 0.0 |
| 61119 | 4.500%, 02/01/2040 | 60647 | 0.0 |
| 38432 | 4.500%, 04/01/2040 | 38024 | 0.0 |
| 415888 | 4.500%, 04/01/2040 | 411477 | 0.0 |
| 183578 | 4.500%, 05/01/2040 | 181716 | 0.0 |
| 34287 | 4.500%, 05/01/2040 | 33979 | 0.0 |
| 205569 | 4.500%, 06/01/2040 | 203980 | 0.0 |
| 83265 | 4.500%, 06/01/2040 | 82621 | 0.0 |
| 44890 | 4.500%, 06/01/2040 | 44414 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 2757 | 4.500%, 06/01/2040 | $2736 | 0.0 |
| 24980 | 4.500%, 06/01/2040 | 24787 | 0.0 |
| 16706 | 4.500%, 07/01/2040 | 16577 | 0.0 |
| 89878 | 4.500%, 07/01/2040 | 89183 | 0.0 |
| 54414 | 4.500%, 07/01/2040 | 53993 | 0.0 |
| 17490 | 4.500%, 08/01/2040 | 17355 | 0.0 |
| 55706 | 4.500%, 08/01/2040 | 55276 | 0.0 |
| 50670 | 4.500%, 08/01/2040 | 50279 | 0.0 |
| 58401 | 4.500%, 08/01/2040 | 57274 | 0.0 |
| 32408 | 4.500%, 08/01/2040 | 32157 | 0.0 |
| 3387 | 4.500%, 08/01/2040 | 3311 | 0.0 |
| 1555 | 4.500%, 08/01/2040 | 1542 | 0.0 |
| 12561 | 4.500%, 09/01/2040 | 12292 | 0.0 |
| 146859 | 4.500%, 09/01/2040 | 145723 | 0.0 |
| 19265 | 4.500%, 09/01/2040 | 19116 | 0.0 |
| 12985 | 4.500%, 09/01/2040 | 12885 | 0.0 |
| 75263 | 4.500%, 09/01/2040 | 74141 | 0.0 |
| 20255 | 4.500%, 09/01/2040 | 20098 | 0.0 |
| 11943 | 4.500%, 09/01/2040 | 11851 | 0.0 |
| 22187 | 4.500%, 10/01/2040 | 22015 | 0.0 |
| 126873 | 4.500%, 10/01/2040 | 125892 | 0.0 |
| 21024 | 4.500%, 10/01/2040 | 20861 | 0.0 |
| 57965 | 4.500%, 10/01/2040 | 57517 | 0.0 |
| 111561 | 4.500%, 10/01/2040 | 110670 | 0.0 |
| 38279 | 4.500%, 11/01/2040 | 37983 | 0.0 |
| 37530 | 4.500%, 11/01/2040 | 37239 | 0.0 |
| 280473 | 4.500%, 11/01/2040 | 273873 | 0.0 |
| 298957 | 4.500%, 11/01/2040 | 296645 | 0.0 |
| 744342 | 4.500%, 11/01/2040 | 738587 | 0.0 |
| 17704 | 4.500%, 12/01/2040 | 17567 | 0.0 |
| 2059 | 4.500%, 12/01/2040 | 2043 | 0.0 |
| 18159 | 4.500%, 12/01/2040 | 17967 | 0.0 |
| 29457 | 4.500%, 12/01/2040 | 29229 | 0.0 |
| 71145 | 4.500%, 12/01/2040 | 70594 | 0.0 |
| 70038 | 4.500%, 12/01/2040 | 69496 | 0.0 |
| 25660 | 4.500%, 12/01/2040 | 25461 | 0.0 |
| 151516 | 4.500%, 12/01/2040 | 150345 | 0.0 |
| 12199 | 4.500%, 12/01/2040 | 11955 | 0.0 |
| 98033 | 4.500%, 01/01/2041 | 97275 | 0.0 |
| 164040 | 4.500%, 01/01/2041 | 162771 | 0.0 |
| 351093 | 4.500%, 01/01/2041 | 348378 | 0.0 |
| 14522 | 4.500%, 01/01/2041 | 14410 | 0.0 |
| 29806 | 4.500%, 01/01/2041 | 29576 | 0.0 |
| 55323 | 4.500%, 02/01/2041 | 54895 | 0.0 |
| 56896 | 4.500%, 02/01/2041 | 55753 | 0.0 |
| 58103 | 4.500%, 02/01/2041 | 57654 | 0.0 |
| 42117 | 4.500%, 02/01/2041 | 41791 | 0.0 |
| 17104 | 4.500%, 02/01/2041 | 16923 | 0.0 |
| 35952 | 4.500%, 03/01/2041 | 35355 | 0.0 |
| 17624 | 4.500%, 03/01/2041 | 17488 | 0.0 |
| 35843 | 4.500%, 03/01/2041 | 35565 | 0.0 |
| 3229 | 4.500%, 03/01/2041 | 3204 | 0.0 |
| 56137 | 4.500%, 03/01/2041 | 55703 | 0.0 |
| 19881 | 4.500%, 03/01/2041 | 19727 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 155446 | 4.500%, 03/01/2041 | $152123 | 0.0 |
| 73097 | 4.500%, 03/01/2041 | 71576 | 0.0 |
| 11260 | 4.500%, 03/01/2041 | 10949 | 0.0 |
| 305643 | 4.500%, 04/01/2041 | 305220 | 0.0 |
| 3949 | 4.500%, 04/01/2041 | 3919 | 0.0 |
| 28786 | 4.500%, 04/01/2041 | 28564 | 0.0 |
| 16232 | 4.500%, 04/01/2041 | 15800 | 0.0 |
| 72388 | 4.500%, 04/01/2041 | 70544 | 0.0 |
| 163348 | 4.500%, 04/01/2041 | 162085 | 0.0 |
| 295564 | 4.500%, 05/01/2041 | 293278 | 0.0 |
| 2613 | 4.500%, 05/01/2041 | 2585 | 0.0 |
| 19689 | 4.500%, 05/01/2041 | 19480 | 0.0 |
| 180435 | 4.500%, 05/01/2041 | 178556 | 0.0 |
| 258038 | 4.500%, 05/01/2041 | 256043 | 0.0 |
| 13896 | 4.500%, 05/01/2041 | 13788 | 0.0 |
| 11208 | 4.500%, 05/01/2041 | 10945 | 0.0 |
| 147893 | 4.500%, 05/01/2041 | 146749 | 0.0 |
| 6136 | 4.500%, 05/01/2041 | 6088 | 0.0 |
| 178227 | 4.500%, 06/01/2041 | 176848 | 0.0 |
| 47651 | 4.500%, 06/01/2041 | 47213 | 0.0 |
| 11164 | 4.500%, 06/01/2041 | 11078 | 0.0 |
| 3103 | 4.500%, 07/01/2041 | 3079 | 0.0 |
| 9787 | 4.500%, 07/01/2041 | 9711 | 0.0 |
| 141388 | 4.500%, 07/01/2041 | 140294 | 0.0 |
| 1868 | 4.500%, 07/01/2041 | 1838 | 0.0 |
| 41611 | 4.500%, 07/01/2041 | 41289 | 0.0 |
| 77890 | 4.500%, 07/01/2041 | 77288 | 0.0 |
| 17460 | 4.500%, 07/01/2041 | 17328 | 0.0 |
| 13667 | 4.500%, 08/01/2041 | 13561 | 0.0 |
| 96520 | 4.500%, 08/01/2041 | 95774 | 0.0 |
| 81215 | 4.500%, 08/01/2041 | 80586 | 0.0 |
| 127661 | 4.500%, 08/01/2041 | 125207 | 0.0 |
| 21050 | 4.500%, 08/01/2041 | 20527 | 0.0 |
| 120377 | 4.500%, 08/01/2041 | 117432 | 0.0 |
| 155844 | 4.500%, 08/01/2041 | 153519 | 0.0 |
| 52720 | 4.500%, 08/01/2041 | 52052 | 0.0 |
| 3791 | 4.500%, 09/01/2041 | 3751 | 0.0 |
| 422188 | 4.500%, 09/01/2041 | 417706 | 0.0 |
| 51096 | 4.500%, 09/01/2041 | 50223 | 0.0 |
| 9382 | 4.500%, 09/01/2041 | 9309 | 0.0 |
| 196015 | 4.500%, 10/01/2041 | 193935 | 0.0 |
| 24973 | 4.500%, 10/01/2041 | 24780 | 0.0 |
| 200774 | 4.500%, 10/01/2041 | 198645 | 0.0 |
| 846650 | 4.500%, 10/01/2041 | 840096 | 0.0 |
| 43335 | 4.500%, 10/01/2041 | 42408 | 0.0 |
| 475269 | 4.500%, 10/01/2041 | 471593 | 0.0 |
| 16649 | 4.500%, 10/01/2041 | 16472 | 0.0 |
| 85668 | 4.500%, 10/01/2041 | 84205 | 0.0 |
| 3048 | 4.500%, 11/01/2041 | 3024 | 0.0 |
| 232588 | 4.500%, 11/01/2041 | 230789 | 0.0 |
| 542477 | 4.500%, 12/01/2041 | 538278 | 0.0 |
| 180970 | 4.500%, 12/01/2041 | 179571 | 0.0 |
| 21127 | 4.500%, 01/01/2042 | 20963 | 0.0 |
| 12599 | 4.500%, 01/01/2042 | 12302 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 9519 | 4.500%, 01/01/2042 | $9445 | 0.0 |
| 4179 | 4.500%, 03/01/2042 | 4072 | 0.0 |
| 33187 | 4.500%, 03/01/2042 | 32598 | 0.0 |
| 26994 | 4.500%, 04/01/2042 | 26153 | 0.0 |
| 11403 | 4.500%, 06/01/2042 | 11229 | 0.0 |
| 5297 | 4.500%, 08/01/2042 | 5256 | 0.0 |
| 4074 | 4.500%, 09/01/2042 | 3938 | 0.0 |
| 6437 | 4.500%, 01/01/2043 | 6240 | 0.0 |
| 4783 | 4.500%, 12/01/2043 | 4703 | 0.0 |
| 42682 | 4.500%, 04/01/2047 | 41766 | 0.0 |
| 20450 | 4.500%, 05/01/2047 | 20003 | 0.0 |
| 61922 | 4.500%, 06/01/2047 | 60861 | 0.0 |
| 94645 | 4.500%, 06/01/2047 | 93004 | 0.0 |
| 66461 | 4.500%, 07/01/2047 | 65034 | 0.0 |
| 282973 | 4.500%, 07/01/2047 | 278007 | 0.0 |
| 16176 | 4.500%, 08/01/2047 | 15812 | 0.0 |
| 5905241 | 4.500%, 10/01/2052 | 5689658 | 0.2 |
| 26835000 <sup>(6)</sup> | 4.500%, 01/15/2053 | 25830533 | 1.1 |
| 20 | 5.000%, 04/01/2023 | 20 | 0.0 |
| 116 | 5.000%, 12/01/2023 | 115 | 0.0 |
| 18258 | 5.000%, 04/01/2026 | 18170 | 0.0 |
| 24470 | 5.000%, 05/01/2026 | 24343 | 0.0 |
| 22529 | 5.000%, 08/01/2027 | 22447 | 0.0 |
| 8961 | 5.000%, 04/01/2028 | 9016 | 0.0 |
| 5902150 | 5.000%, 05/01/2042 | 6032784 | 0.3 |
| 3244 | 5.500%, 06/01/2023 | 3255 | 0.0 |
| 790 | 5.500%, 07/01/2023 | 787 | 0.0 |
| 712 | 5.500%, 09/01/2023 | 709 | 0.0 |
| 135 | 5.500%, 01/01/2025 | 135 | 0.0 |
| 28 | 5.500%, 08/01/2025 | 28 | 0.0 |
| 2759 | 5.500%, 07/01/2026 | 2769 | 0.0 |
| 2660 | 5.500%, 12/01/2027 | 2670 | 0.0 |
| 10561 | 5.500%, 04/01/2028 | 10599 | 0.0 |
| 3437 | 5.500%, 08/01/2028 | 3450 | 0.0 |
| 5370 | 5.500%, 01/01/2029 | 5399 | 0.0 |
| 44235 | 5.500%, 10/01/2029 | 44472 | 0.0 |
| 37870 | 5.500%, 04/01/2033 | 38306 | 0.0 |
| 11671 | 5.500%, 10/01/2033 | 11726 | 0.0 |
| 5650 | 5.500%, 11/01/2033 | 5715 | 0.0 |
| 2513 | 5.500%, 11/01/2033 | 2524 | 0.0 |
| 3725 | 5.500%, 11/01/2033 | 3837 | 0.0 |
| 716 | 5.500%, 11/01/2033 | 730 | 0.0 |
| 29410 | 5.500%, 12/01/2033 | 30380 | 0.0 |
| 940 | 5.500%, 12/01/2033 | 970 | 0.0 |
| 63100 | 5.500%, 12/01/2033 | 63924 | 0.0 |
| 10074 | 5.500%, 12/01/2033 | 10211 | 0.0 |
| 186201 | 5.500%, 12/01/2033 | 190543 | 0.0 |
| 280 | 5.500%, 01/01/2034 | 281 | 0.0 |
| 15915 | 5.500%, 01/01/2034 | 15989 | 0.0 |
| 7150 | 5.500%, 01/01/2034 | 7176 | 0.0 |
| 8466 | 5.500%, 01/01/2034 | 8676 | 0.0 |
| 66772 | 5.500%, 01/01/2034 | 68887 | 0.0 |
| 2837 | 5.500%, 06/01/2034 | 2886 | 0.0 |
| 30325 | 5.500%, 11/01/2034 | 31318 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 4742 | 5.500%, 11/01/2034 | $4759 | 0.0 |
| 604 | 5.500%, 12/01/2034 | 625 | 0.0 |
| 9104 | 5.500%, 01/01/2035 | 9403 | 0.0 |
| 17343 | 5.500%, 01/01/2035 | 17917 | 0.0 |
| 22048 | 5.500%, 01/01/2035 | 22181 | 0.0 |
| 858262 | 5.500%, 02/01/2035 | 887258 | 0.1 |
| 8971 | 5.500%, 02/01/2035 | 9082 | 0.0 |
| 6273 | 5.500%, 07/01/2035 | 6428 | 0.0 |
| 480586 | 5.500%, 08/01/2035 | 497211 | 0.0 |
| 2471 | 5.500%, 10/01/2035 | 2554 | 0.0 |
| 320 | 5.500%, 11/01/2035 | 323 | 0.0 |
| 30042 | 5.500%, 11/01/2035 | 30815 | 0.0 |
| 76696 | 5.500%, 12/01/2035 | 79430 | 0.0 |
| 7239 | 5.500%, 12/01/2035 | 7461 | 0.0 |
| 478 | 5.500%, 12/01/2035 | 494 | 0.0 |
| 504 | 5.500%, 12/01/2035 | 522 | 0.0 |
| 49790 | 5.500%, 01/01/2036 | 51616 | 0.0 |
| 5305 | 5.500%, 01/01/2036 | 5497 | 0.0 |
| 409 | 5.500%, 02/01/2036 | 411 | 0.0 |
| 7428 | 5.500%, 04/01/2036 | 7698 | 0.0 |
| 601050 | 5.500%, 07/01/2036 | 621481 | 0.0 |
| 413 | 5.500%, 08/01/2036 | 429 | 0.0 |
| 51134 | 5.500%, 09/01/2036 | 52819 | 0.0 |
| 29850 | 5.500%, 09/01/2036 | 30830 | 0.0 |
| 82810 | 5.500%, 12/01/2036 | 85661 | 0.0 |
| 1018 | 5.500%, 12/01/2036 | 1056 | 0.0 |
| 78749 | 5.500%, 12/01/2036 | 81735 | 0.0 |
| 739 | 5.500%, 12/01/2036 | 766 | 0.0 |
| 7510 | 5.500%, 01/01/2037 | 7717 | 0.0 |
| 45181 | 5.500%, 01/01/2037 | 46895 | 0.0 |
| 63241 | 5.500%, 02/01/2037 | 65639 | 0.0 |
| 176008 | 5.500%, 03/01/2037 | 181049 | 0.0 |
| 6849 | 5.500%, 04/01/2037 | 7109 | 0.0 |
| 1297 | 5.500%, 05/01/2037 | 1335 | 0.0 |
| 511 | 5.500%, 05/01/2037 | 531 | 0.0 |
| 17525 | 5.500%, 05/01/2037 | 18188 | 0.0 |
| 8429 | 5.500%, 05/01/2037 | 8748 | 0.0 |
| 46535 | 5.500%, 06/01/2037 | 48297 | 0.0 |
| 15631 | 5.500%, 06/01/2037 | 16073 | 0.0 |
| 15294 | 5.500%, 07/01/2037 | 15485 | 0.0 |
| 24802 | 5.500%, 08/01/2037 | 25742 | 0.0 |
| 25242 | 5.500%, 08/01/2037 | 26162 | 0.0 |
| 9556 | 5.500%, 08/01/2037 | 9889 | 0.0 |
| 65281 | 5.500%, 09/01/2037 | 67756 | 0.0 |
| 472 | 5.500%, 11/01/2037 | 490 | 0.0 |
| 239599 | 5.500%, 01/01/2038 | 248646 | 0.0 |
| 732 | 5.500%, 02/01/2038 | 760 | 0.0 |
| 445 | 5.500%, 02/01/2038 | 462 | 0.0 |
| 219828 | 5.500%, 03/01/2038 | 228169 | 0.0 |
| 4541 | 5.500%, 03/01/2038 | 4608 | 0.0 |
| 8982 | 5.500%, 04/01/2038 | 9036 | 0.0 |
| 32570 | 5.500%, 04/01/2038 | 33582 | 0.0 |
| 436 | 5.500%, 04/01/2038 | 452 | 0.0 |
| 1886 | 5.500%, 05/01/2038 | 1958 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 58403 | 5.500%, 05/01/2038 | $58983 | 0.0 |
| 5347 | 5.500%, 05/01/2038 | 5558 | 0.0 |
| 53250 | 5.500%, 06/01/2038 | 55270 | 0.0 |
| 1092788 | 5.500%, 06/01/2038 | 1137910 | 0.1 |
| 11878 | 5.500%, 06/01/2038 | 12248 | 0.0 |
| 30206 | 5.500%, 07/01/2038 | 31352 | 0.0 |
| 29371 | 5.500%, 07/01/2038 | 30182 | 0.0 |
| 25596 | 5.500%, 07/01/2038 | 26567 | 0.0 |
| 268 | 5.500%, 07/01/2038 | 278 | 0.0 |
| 14630 | 5.500%, 08/01/2038 | 15135 | 0.0 |
| 53396 | 5.500%, 08/01/2038 | 55422 | 0.0 |
| 7028 | 5.500%, 08/01/2038 | 7278 | 0.0 |
| 121897 | 5.500%, 11/01/2038 | 126521 | 0.0 |
| 31850 | 5.500%, 11/01/2038 | 33104 | 0.0 |
| 114 | 5.500%, 12/01/2038 | 116 | 0.0 |
| 19898 | 5.500%, 12/01/2038 | 20684 | 0.0 |
| 215902 | 5.500%, 01/01/2039 | 224091 | 0.0 |
| 33080 | 5.500%, 01/01/2039 | 34334 | 0.0 |
| 64258 | 5.500%, 01/01/2039 | 66695 | 0.0 |
| 12560 | 5.500%, 03/01/2039 | 13037 | 0.0 |
| 195522 | 5.500%, 06/01/2039 | 202936 | 0.0 |
| 118470 | 5.500%, 06/01/2039 | 122963 | 0.0 |
| 11058 | 5.500%, 07/01/2041 | 11478 | 0.0 |
| 222984 | 5.500%, 09/01/2041 | 230175 | 0.0 |
| 48230 | 6.000%, 11/01/2028 | 49010 | 0.0 |
| 233 | 6.000%, 04/01/2031 | 239 | 0.0 |
| 228 | 6.000%, 01/01/2032 | 232 | 0.0 |
| 492 | 6.000%, 11/01/2032 | 500 | 0.0 |
| 519 | 6.000%, 11/01/2032 | 537 | 0.0 |
| 33134 | 6.000%, 01/01/2033 | 34302 | 0.0 |
| 2138 | 6.000%, 09/01/2033 | 2181 | 0.0 |
| 338 | 6.000%, 01/01/2034 | 345 | 0.0 |
| 25214 | 6.000%, 06/01/2035 | 25693 | 0.0 |
| 3457 | 6.000%, 07/01/2035 | 3560 | 0.0 |
| 5548 | 6.000%, 07/01/2035 | 5653 | 0.0 |
| 7467 | 6.000%, 07/01/2035 | 7732 | 0.0 |
| 4501 | 6.000%, 07/01/2035 | 4574 | 0.0 |
| 360 | 6.000%, 10/01/2035 | 366 | 0.0 |
| 1028 | 6.000%, 10/01/2035 | 1044 | 0.0 |
| 36300 | 6.000%, 11/01/2035 | 37587 | 0.0 |
| 29959 | 6.000%, 12/01/2035 | 31017 | 0.0 |
| 2171 | 6.000%, 12/01/2035 | 2206 | 0.0 |
| 190072 | 6.000%, 12/01/2035 | 193317 | 0.0 |
| 4313 | 6.000%, 01/01/2036 | 4423 | 0.0 |
| 30232 | 6.000%, 02/01/2036 | 31545 | 0.0 |
| 22592 | 6.000%, 02/01/2036 | 23463 | 0.0 |
| 15825 | 6.000%, 03/01/2036 | 16290 | 0.0 |
| 21851 | 6.000%, 03/01/2036 | 23130 | 0.0 |
| 30378 | 6.000%, 04/01/2036 | 31747 | 0.0 |
| 11757 | 6.000%, 04/01/2036 | 12274 | 0.0 |
| 9025 | 6.000%, 05/01/2036 | 9224 | 0.0 |
| 1966 | 6.000%, 06/01/2036 | 2024 | 0.0 |
| 333 | 6.000%, 06/01/2036 | 344 | 0.0 |
| 11784 | 6.000%, 07/01/2036 | 11980 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 2520 | 6.000%, 07/01/2036 | $2562 | 0.0 |
| 1193 | 6.000%, 07/01/2036 | 1217 | 0.0 |
| 47022 | 6.000%, 07/01/2036 | 48758 | 0.0 |
| 118916 | 6.000%, 08/01/2036 | 121219 | 0.0 |
| 12318 | 6.000%, 08/01/2036 | 12621 | 0.0 |
| 316424 | 6.000%, 08/01/2036 | 326320 | 0.0 |
| 12267 | 6.000%, 08/01/2036 | 12820 | 0.0 |
| 1547 | 6.000%, 08/01/2036 | 1577 | 0.0 |
| 2289 | 6.000%, 08/01/2036 | 2393 | 0.0 |
| 77 | 6.000%, 09/01/2036 | 78 | 0.0 |
| 8593 | 6.000%, 09/01/2036 | 8779 | 0.0 |
| 55310 | 6.000%, 09/01/2036 | 56204 | 0.0 |
| 8984 | 6.000%, 09/01/2036 | 9375 | 0.0 |
| 17968 | 6.000%, 09/01/2036 | 18600 | 0.0 |
| 12188 | 6.000%, 09/01/2036 | 12461 | 0.0 |
| 33608 | 6.000%, 09/01/2036 | 34931 | 0.0 |
| 7845 | 6.000%, 10/01/2036 | 7972 | 0.0 |
| 27100 | 6.000%, 10/01/2036 | 28321 | 0.0 |
| 26052 | 6.000%, 10/01/2036 | 26984 | 0.0 |
| 19277 | 6.000%, 10/01/2036 | 20118 | 0.0 |
| 2237 | 6.000%, 10/01/2036 | 2273 | 0.0 |
| 10393 | 6.000%, 10/01/2036 | 10844 | 0.0 |
| 8949 | 6.000%, 11/01/2036 | 9180 | 0.0 |
| 14896 | 6.000%, 11/01/2036 | 15142 | 0.0 |
| 22601 | 6.000%, 11/01/2036 | 23620 | 0.0 |
| 1364 | 6.000%, 12/01/2036 | 1399 | 0.0 |
| 3669 | 6.000%, 12/01/2036 | 3735 | 0.0 |
| 19775 | 6.000%, 12/01/2036 | 20107 | 0.0 |
| 26393 | 6.000%, 12/01/2036 | 27583 | 0.0 |
| 2456 | 6.000%, 12/01/2036 | 2567 | 0.0 |
| 10476 | 6.000%, 01/01/2037 | 10650 | 0.0 |
| 7283 | 6.000%, 01/01/2037 | 7611 | 0.0 |
| 439 | 6.000%, 01/01/2037 | 459 | 0.0 |
| 515 | 6.000%, 01/01/2037 | 528 | 0.0 |
| 51813 | 6.000%, 02/01/2037 | 53694 | 0.0 |
| 7557 | 6.000%, 02/01/2037 | 7711 | 0.0 |
| 673 | 6.000%, 02/01/2037 | 686 | 0.0 |
| 10060 | 6.000%, 02/01/2037 | 10514 | 0.0 |
| 82262 | 6.000%, 03/01/2037 | 85090 | 0.0 |
| 4509 | 6.000%, 03/01/2037 | 4581 | 0.0 |
| 419 | 6.000%, 03/01/2037 | 438 | 0.0 |
| 11286 | 6.000%, 03/01/2037 | 11795 | 0.0 |
| 4675 | 6.000%, 03/01/2037 | 4886 | 0.0 |
| 17533 | 6.000%, 03/01/2037 | 18008 | 0.0 |
| 68325 | 6.000%, 04/01/2037 | 71295 | 0.0 |
| 38885 | 6.000%, 04/01/2037 | 40757 | 0.0 |
| 5274 | 6.000%, 04/01/2037 | 5466 | 0.0 |
| 9988 | 6.000%, 04/01/2037 | 10438 | 0.0 |
| 728 | 6.000%, 04/01/2037 | 742 | 0.0 |
| 13716 | 6.000%, 04/01/2037 | 14205 | 0.0 |
| 17381 | 6.000%, 04/01/2037 | 18164 | 0.0 |
| 1409 | 6.000%, 04/01/2037 | 1472 | 0.0 |
| 19216 | 6.000%, 04/01/2037 | 19577 | 0.0 |
| 2191 | 6.000%, 04/01/2037 | 2246 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 20613 | 6.000%, 04/01/2037 | $20946 | 0.0 |
| 27579 | 6.000%, 04/01/2037 | 28040 | 0.0 |
| 637 | 6.000%, 04/01/2037 | 647 | 0.0 |
| 588 | 6.000%, 05/01/2037 | 601 | 0.0 |
| 16042 | 6.000%, 05/01/2037 | 16323 | 0.0 |
| 7456 | 6.000%, 05/01/2037 | 7576 | 0.0 |
| 12885 | 6.000%, 05/01/2037 | 13093 | 0.0 |
| 11020 | 6.000%, 05/01/2037 | 11517 | 0.0 |
| 20378 | 6.000%, 05/01/2037 | 21118 | 0.0 |
| 59722 | 6.000%, 05/01/2037 | 62268 | 0.0 |
| 10592 | 6.000%, 05/01/2037 | 10763 | 0.0 |
| 5516 | 6.000%, 05/01/2037 | 5624 | 0.0 |
| 5112 | 6.000%, 05/01/2037 | 5297 | 0.0 |
| 3642 | 6.000%, 06/01/2037 | 3704 | 0.0 |
| 3535 | 6.000%, 06/01/2037 | 3661 | 0.0 |
| 4346 | 6.000%, 06/01/2037 | 4542 | 0.0 |
| 23620 | 6.000%, 06/01/2037 | 24002 | 0.0 |
| 41797 | 6.000%, 06/01/2037 | 43681 | 0.0 |
| 4956 | 6.000%, 06/01/2037 | 5036 | 0.0 |
| 1254 | 6.000%, 06/01/2037 | 1278 | 0.0 |
| 6278 | 6.000%, 07/01/2037 | 6379 | 0.0 |
| 8931 | 6.000%, 07/01/2037 | 9092 | 0.0 |
| 4862 | 6.000%, 07/01/2037 | 5081 | 0.0 |
| 12958 | 6.000%, 07/01/2037 | 13184 | 0.0 |
| 4940 | 6.000%, 07/01/2037 | 5180 | 0.0 |
| 30927 | 6.000%, 07/01/2037 | 31442 | 0.0 |
| 2325 | 6.000%, 07/01/2037 | 2402 | 0.0 |
| 37782 | 6.000%, 07/01/2037 | 39394 | 0.0 |
| 11556 | 6.000%, 07/01/2037 | 11756 | 0.0 |
| 13993 | 6.000%, 08/01/2037 | 14430 | 0.0 |
| 7500 | 6.000%, 08/01/2037 | 7644 | 0.0 |
| 16764 | 6.000%, 08/01/2037 | 17035 | 0.0 |
| 5863 | 6.000%, 08/01/2037 | 5961 | 0.0 |
| 8592 | 6.000%, 08/01/2037 | 8731 | 0.0 |
| 4255 | 6.000%, 08/01/2037 | 4405 | 0.0 |
| 35670 | 6.000%, 08/01/2037 | 36247 | 0.0 |
| 32243 | 6.000%, 08/01/2037 | 33697 | 0.0 |
| 1544 | 6.000%, 09/01/2037 | 1614 | 0.0 |
| 169412 | 6.000%, 09/01/2037 | 177050 | 0.0 |
| 5751 | 6.000%, 09/01/2037 | 5844 | 0.0 |
| 531 | 6.000%, 09/01/2037 | 542 | 0.0 |
| 61047 | 6.000%, 09/01/2037 | 63021 | 0.0 |
| 10870 | 6.000%, 09/01/2037 | 11351 | 0.0 |
| 600 | 6.000%, 10/01/2037 | 612 | 0.0 |
| 22271 | 6.000%, 10/01/2037 | 23239 | 0.0 |
| 671 | 6.000%, 11/01/2037 | 698 | 0.0 |
| 24760 | 6.000%, 11/01/2037 | 25804 | 0.0 |
| 33938 | 6.000%, 11/01/2037 | 35245 | 0.0 |
| 17880 | 6.000%, 12/01/2037 | 18438 | 0.0 |
| 45181 | 6.000%, 12/01/2037 | 47218 | 0.0 |
| 38167 | 6.000%, 12/01/2037 | 39029 | 0.0 |
| 1028 | 6.000%, 12/01/2037 | 1068 | 0.0 |
| 55776 | 6.000%, 02/01/2038 | 57148 | 0.0 |
| 84741 | 6.000%, 02/01/2038 | 88128 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** | **Uniform Mortgage-Backed <br>Securities (continued)** |
| 16296 | 6.000%, 02/01/2038 | $16948 | 0.0 |
| 17238 | 6.000%, 03/01/2038 | 17847 | 0.0 |
| 833 | 6.000%, 03/01/2038 | 863 | 0.0 |
| 3801 | 6.000%, 03/01/2038 | 3862 | 0.0 |
| 47543 | 6.000%, 05/01/2038 | 49131 | 0.0 |
| 2297 | 6.000%, 05/01/2038 | 2398 | 0.0 |
| 7686 | 6.000%, 06/01/2038 | 8027 | 0.0 |
| 78135 | 6.000%, 07/01/2038 | 80746 | 0.0 |
| 30954 | 6.000%, 07/01/2038 | 32098 | 0.0 |
| 806 | 6.000%, 08/01/2038 | 832 | 0.0 |
| 17532 | 6.000%, 09/01/2038 | 18271 | 0.0 |
| 4626 | 6.000%, 09/01/2038 | 4835 | 0.0 |
| 3244 | 6.000%, 09/01/2038 | 3305 | 0.0 |
| 14261 | 6.000%, 09/01/2038 | 14545 | 0.0 |
| 9879 | 6.000%, 10/01/2038 | 10324 | 0.0 |
| 8516 | 6.000%, 10/01/2038 | 8858 | 0.0 |
| 349 | 6.000%, 10/01/2038 | 355 | 0.0 |
| 19685 | 6.000%, 10/01/2038 | 20445 | 0.0 |
| 1433 | 6.000%,10/01/2038 | 1480 | 0.0 |
| 11557 | 6.000%, 10/01/2038 | 11744 | 0.0 |
| 435 | 6.000%, 11/01/2038 | 449 | 0.0 |
| 1104 | 6.000%, 11/01/2038 | 1123 | 0.0 |
| 113783 | 6.000%, 11/01/2038 | 116829 | 0.0 |
| 846 | 6.000%, 12/01/2038 | 861 | 0.0 |
| 12089 | 6.000%, 12/01/2038 | 12379 | 0.0 |
| 47476 | 6.000%, 12/01/2038 | 49617 | 0.0 |
| 11925 | 6.000%, 10/01/2039 | 12424 | 0.0 |
| 951 | 6.000%, 10/01/2039 | 993 | 0.0 |
| 276201 | 6.000%, 02/01/2040 | 285966 | 0.0 |
| 11837 | 6.000%, 04/01/2040 | 12313 | 0.0 |
| 73523 | 6.000%, 09/01/2040 | 74756 | 0.0 |
| 125008 | 6.000%, 10/01/2040 | 130442 | 0.0 |
| 180421 | 6.000%, 05/01/2041 | 188593 | 0.0 |
| 1784 | 6.500%, 04/01/2027 | 1830 | 0.0 |
| 564 | 6.500%, 02/01/2028 | 579 | 0.0 |
| 5 | 6.500%, 06/01/2029 | 5 | 0.0 |
| 4822 | 6.500%, 01/01/2032 | 4949 | 0.0 |
| 5234 | 6.500%, 04/01/2032 | 5425 | 0.0 |
| 11532 | 6.500%, 10/01/2032 | 11830 | 0.0 |
| 7838 | 6.500%, 10/01/2032 | 8040 | 0.0 |
| 4044 | 6.500%, 03/01/2038 | 4288 | 0.0 |
| 205 | 7.000%, 08/01/2025 | 205 | 0.0 |
| 1159 | 7.000%, 03/01/2026 | 1156 | 0.0 |
| 3864 | 7.000%, 03/01/2026 | 3879 | 0.0 |
| 454 | 7.000%, 12/01/2027 | 453 | 0.0 |
| 145585 | 7.000%, 03/01/2038 | 153167 | 0.0 |
| 459861 | 7.000%, 04/01/2038 | 492480 | 0.0 |
| 6207 | 7.500%, 09/01/2031 | 6432 | 0.0 |
|  |  | **488234719** | **20.2** |
|  | Total U.S. Government <br> Agency Obligations <br> (Cost $707,617,176) | **677535293** | 28.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **U.S. TREASURY OBLIGATIONS: 14.7%** | **U.S. TREASURY OBLIGATIONS: 14.7%** | **U.S. TREASURY OBLIGATIONS: 14.7%** | **U.S. TREASURY OBLIGATIONS: 14.7%** |
|  | **U.S. Treasury Bonds: 3.1%** | **U.S. Treasury Bonds: 3.1%** | **U.S. Treasury Bonds: 3.1%** |
| 17000 | 1.250%, 05/15/2050 | $9155 | 0 |
| 920000 | 1.375%, 11/15/2040 | 598611 | 0 |
| 77000 | 1.625%, 11/15/2050 | 45844 | 0 |
| 100 | 2.000%, 11/15/2041 | 71 | 0 |
| 3046300 | 2.875%, 05/15/2052 | 2441800 | 0.1 |
| 33312100 | 3.000%, 08/15/2052 | 27456457 | 1.1 |
| 4011100 | 3.250%, 05/15/2042 | 3518487 | 0.2 |
| 41336000 <sup>(2)</sup> | 4.000%, 11/15/2042 | 40483445 | 1.7 |
|  |  | **74553870** | **3.1** |
|  | **U.S. Treasury Notes: 11.6%** | **U.S. Treasury Notes: 11.6%** | **U.S. Treasury Notes: 11.6%** |
| 25000 | 0.125%, 10/15/2023 | 24119 | 0 |
| 16997000 | 0.250%, 06/15/2024 | 15954606 | 0.7 |
| 4476400 | 0.500%, 11/30/2023 | 4306977 | 0.2 |
| 4427600 | 0.875%, 01/31/2024 | 4250323 | 0.2 |
| 170000 | 0.875%, 06/30/2026 | 152050 | 0 |
| 773500 | 1.125%, 02/15/2031 | 630614 | 0 |
| 1757900 | 1.250%, 11/30/2026 | 1577647 | 0.1 |
| 8250800 | 1.250%, 09/30/2028 | 7086986 | 0.3 |
| 139400 | 1.500%, 01/31/2027 | 125879 | 0 |
| 1600500 | 1.500%, 11/30/2028 | 1390059 | 0.1 |
| 54300 | 2.750%, 04/30/2027 | 51468 | 0 |
| 1315300 | 2.750%, 08/15/2032 | 1197951 | 0 |
| 13545500 <sup>(2)</sup> | 3.875%, 11/30/2027 | 13473540 | 0.6 |
| 50713400 | 3.875%, 12/31/2027 | 50428137 | 2.1 |
| 21578800 | 3.875%, 11/30/2029 | 21438875 | 0.9 |
| 52454000 | 3.875%, 12/31/2029 | 52204024 | 2.1 |
| 42192000 <sup>(2)</sup> | 4.000%, 12/15/2025 | 41928300 | 1.7 |
| 30827100 | 4.125%, 11/15/2032 | 31465317 | 1.3 |
| 32676000 | 4.250%, 12/31/2024 | 32564953 | 1.3 |
|  |  | **280251825** | **11.6** |
|  | Total U.S. Treasury <br> Obligations |  |  |
|  | (Cost $360,372,576) | **354805695** | 14.7 |
| **ASSET-BACKED SECURITIES: 6.6%** | **ASSET-BACKED SECURITIES: 6.6%** | **ASSET-BACKED SECURITIES: 6.6%** | **ASSET-BACKED SECURITIES: 6.6%** |
|  | **Automobile Asset-Backed<br>Securities: 0.0%** | **Automobile Asset-Backed<br>Securities: 0.0%** | **Automobile Asset-Backed<br>Securities: 0.0%** |
| 350000 <sup>(1)</sup> | GLS Auto Receivables <br> Issuer Trust 2021-4 C, <br> 1.940%, 10/15/2027 | **324407** | 0.0 |
|  | **Home Equity Asset-Backed<br>Securities: 0.1%** | **Home Equity Asset-Backed<br>Securities: 0.1%** | **Home Equity Asset-Backed<br>Securities: 0.1%** |
| 1150721 <sup>(1)(3)</sup> | ACE Securities Corp. <br> Mortgage Loan Trust <br> Series 2007-D1 A2, <br> 6.336%, 02/25/2038 | 901952 | 0.1 |
| 56112 | Home Equity Asset Trust <br> 2005-2 M5, 5.484%, <br> (US0001M + 1.095%), <br> 07/25/2035 | 55974 | 0 |
| 603134 | Morgan Stanley ABS <br> Capital I, Inc. Trust <br> 2005-NC2 M4, 5.304%, <br> (US0001M + 0.915%), <br> 03/25/2035 | 591728 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Home Equity Asset-Backed<br>Securities (continued)** | **Home Equity Asset-Backed<br>Securities (continued)** | **Home Equity Asset-Backed<br>Securities (continued)** | **Home Equity Asset-Backed<br>Securities (continued)** |
| 29440 | New Century Home <br> Equity Loan Trust 2005-2 <br> M3, 5.124%, (US0001M + <br> 0.735%), 06/25/2035 | $| 29433 | 0.0 |
| 43635 | Renaissance Home <br> Equity Loan Trust 2003-2 <br> A, 3.894%, (US0001M + <br> 0.880%), 08/25/2033 |  | 40334 | 0.0 |
| 819264 <sup>(3)</sup> | Renaissance Home <br> Equity Loan Trust 2005-3 <br> AF4, 5.140%, 11/25/2035 |  | 804806 | 0.0 |
| 51628 | Securitized Asset Backed <br> Receivables LLC Trust <br> 2006-WM4 A2A, 4.549%, <br> (US0001M + 0.160%), <br> 11/25/2036 |  | 15500 | 0.0 |
|  |  |  | **2439727** | **0.1** |
|  | **Other Asset-Backed Securities: 5.7%** | **Other Asset-Backed Securities: 5.7%** | **Other Asset-Backed Securities: 5.7%** | **Other Asset-Backed Securities: 5.7%** |
| 2000000 <sup>(1)</sup> | AGL CLO 12 Ltd. <br> 2021-12A C, 6.093%, <br> (US0003M + 1.850%), <br> 07/20/2034 |  | 1854548 | 0.1 |
| 2408195 <sup>(1)(3)(4)(7)</sup> | American Homes 4 Rent <br> 2015-SFR1 XS, 3.232%, <br> 04/17/2052 |  |  |  |
| 650000 <sup>(1)</sup> | AMMC CLO 16 Ltd. <br> 2015-16A CR2, 5.961%, <br> (US0003M + 1.950%), <br> 04/14/2029 |  | 634109 | 0.0 |
| 3470000 <sup>(1)</sup> | Babson CLO Ltd. 2017-1A <br> A2, 5.544%, (US0003M + <br> 1.350%), 07/18/2029 |  | 3385384 | 0.1 |
| 4393000 <sup>(1)</sup> | Babson CLO Ltd. 2018-3A <br> A2, 5.543%, (US0003M + <br> 1.300%), 07/20/2029 |  | 4359855 | 0.2 |
| 839167 <sup>(1)</sup> | Beacon Container <br> Finance II LLC 2021-1A A, <br> 2.250%, 10/22/2046 |  | 712638 | 0.0 |
| 564324 <sup>(3)</sup> | Bear Stearns Asset <br> Backed Securities Trust <br> 2006-SD4 1A1, 4.081%, <br> 10/25/2036 |  | 549164 | 0.0 |
| 2250000 <sup>(1)</sup> | Benefit Street Partners <br> CLO IV Ltd. 2014-IVA <br> BRRR, 6.393%, <br> (US0003M + 2.150%), <br> 01/20/2032 |  | 2131859 | 0.1 |
| 2000000 <sup>(1)</sup> | Benefit Street Partners <br> CLO XVIII Ltd. 2019-18A <br> A1R, 5.249%, <br> (US0003M + 1.170%), <br> 10/15/2034 |  | 1949048 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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 <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** |
| 1950000 <sup>(1)</sup> | Benefit Street Partners <br> CLO XVIII Ltd. 2019-18A <br> A2R, 5.529%, <br> (US0003M + 1.450%), <br> 10/15/2034 | $1849236 | 0.1 |
| 1450000 <sup>(1)</sup> | BlueMountain CLO Ltd. <br> 2021-28A C, 6.079%, <br> (US0003M + 2.000%), <br> 04/15/2034 | 1346718 | 0.1 |
| 5000000 <sup>(1)</sup> | BlueMountain CLO XXXI <br> Ltd. 2021-31A C, 6.227%, <br> (US0003M + 2.000%), <br> 04/19/2034 | 4652410 | 0.2 |
| 2332375 <sup>(1)</sup> | Bojangles Issuer LLC <br> 2020-3A A2, 3.832%, <br> 10/20/2050 | 2099065 | 0.1 |
| 3490000 <sup>(1)</sup> | Broad River Bsl Funding <br> Clo Ltd. 2020-1A AR, <br> 5.413%, (US0003M + <br> 1.170%), 07/20/2034 | 3384895 | 0.1 |
| 3000000 <sup>(1)</sup> | Broad River Bsl Funding <br> Clo Ltd. 2020-1A CR, <br> 6.243%, (US0003M + <br> 2.000%), 07/20/2034 | 2794344 | 0.1 |
| 1750000 <sup>(1)</sup> | California Street CLO IX <br> L.P. 2012-9A CR3, <br> 6.579%, (US0003M + <br> 2.500%), 07/16/2032 | 1658123 | 0.1 |
| 5500000 <sup>(1)</sup> | Carlyle Global Market <br> Strategies CLO 2016-1 <br> Ltd. 2016-1A BR2, <br> 6.293%, (US0003M + <br> 2.050%), 04/20/2034 | 5047966 | 0.2 |
| 2400000 <sup>(1)</sup> | Carlyle Global Market <br> Strategies CLO Ltd. <br> 2014-1A A2R2, 5.209%, <br> (US0003M + 1.130%), <br> 04/17/2031 | 2284486 | 0.1 |
| 3250000 <sup>(1)</sup> | Cedar Funding IV CLO <br> Ltd. 2014-4A CRR, <br> 6.325%, (US0003M + <br> 2.000%), 07/23/2034 | 3021593 | 0.1 |
| 3000000 <sup>(1)</sup> | Cedar Funding VIII Clo <br> Ltd. 2017-8A A2R, <br> 5.529%, (US0003M + <br> 1.450%), 10/17/2034 | 2849340 | 0.1 |
| 37273 | Chase Funding Trust <br> Series 2002-4 2A1, <br> 5.129%, (US0001M + <br> 0.740%), 10/25/2032 | 35803 | 0.0 |
| 106708 | Chase Funding Trust <br> Series 2003-5 2A2, <br> 4.989%, (US0001M + <br> 0.600%), 07/25/2033 | 100837 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** |
| 1055853 <sup>(1)</sup> | CLI Funding VIII LLC <br> 2022-1A A1, 2.720%, <br> 01/18/2047 | $899003 | 0.0 |
| 919125 <sup>(1)</sup> | DB Master Finance LLC <br> 2019-1A A23, 4.352%, <br> 05/20/2049 | 841045 | 0.0 |
| 483750 <sup>(1)</sup> | DB Master Finance LLC <br> 2019-1A A2II, 4.021%, <br> 05/20/2049 | 450401 | 0.0 |
| 291750 <sup>(1)</sup> | Domino's Pizza Master <br> Issuer LLC 2019-1A A2, <br> 3.668%, 10/25/2049 | 252942 | 0.0 |
| 1347500 <sup>(1)</sup> | Driven Brands Funding <br> LLC 2019-1A A2, 4.641%, <br> 04/20/2049 | 1236109 | 0.0 |
| 3643875 <sup>(1)</sup> | Five Guys Holdings, Inc. <br> 2017-1A A2, 4.600%, <br> 07/25/2047 | 3422119 | 0.1 |
| 101176 | GSAMP Trust 2007-FM1 <br> A2A, 4.459%, <br> (US0001M + 0.070%), <br> 12/25/2036 | 50621 | 0.0 |
| 935122 <sup>(1)</sup> | HERO Funding Trust <br> 2015-2A A, 3.990%, <br> 09/20/2040 | 886606 | 0.0 |
| 10000000 <sup>(1)</sup> | LCM 26A A2 Ltd., <br> 5.493%, (US0003M + <br> 1.250%), 01/20/2031 | 9532400 | 0.4 |
| 2450000 <sup>(1)</sup> | LCM 30A CR Ltd., <br> 6.243%, (US0003M + <br> 2.000%), 04/20/2031 | 2244746 | 0.1 |
| 58753 | Long Beach Mortgage <br> Loan Trust 2004-4 1A1, <br> 4.949%, (US0001M + <br> 0.560%), 10/25/2034 | 53818 | 0.0 |
| 2090000 <sup>(1)</sup> | Madison Park Funding <br> XLVIII Ltd. 2021-48A C, <br> 6.227%, (US0003M + <br> 2.000%), 04/19/2033 | 1995894 | 0.1 |
| 1650000 <sup>(1)</sup> | Madison Park Funding <br> XXI Ltd. 2016-21A ABRR, <br> 5.479%, (US0003M + <br> 1.400%), 10/15/2032 | 1582451 | 0.1 |
| 561469 <sup>(1)</sup> | Marlette Funding Trust <br> 2019-2A C, 4.110%, <br> 07/16/2029 | 557328 | 0.0 |
| 1342998 <sup>(1)</sup> | Mosaic Solar Loan Trust <br> 2018-1A A, 4.010%, <br> 06/22/2043 | 1241192 | 0.0 |
| 784560 <sup>(1)</sup> | Mosaic Solar Loan Trust <br> 2018-2-GS B, 4.740%, <br> 02/22/2044 | 726618 | 0.0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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 <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** |
| 1567032 <sup>(1)</sup> | Mosaic Solar Loans <br> 2017-2A A LLC, 3.820%, <br> 06/22/2043 | $1454268 | 0.1 |
| 1500000 <sup>(1)</sup> | Oak Hill Credit Partners <br> 2021-8A C, 6.094%, <br> (US0003M + 1.900%), <br> 01/18/2034 | 1415581 | 0.1 |
| 5050000 <sup>(1)</sup> | OCP CLO 2021-21A C <br> Ltd., 6.143%, <br> (US0003M + 1.900%), <br> 07/20/2034 | 4676871 | 0.2 |
| 4000000 <sup>(1)</sup> | Octagon Investment <br> Partners XV Ltd. 2013-1A <br> A2R, 5.577%, <br> (US0003M + 1.350%), <br> 07/19/2030 | 3817632 | 0.2 |
| 1800000 <sup>(1)</sup> | OHA Credit Funding 9 <br> Ltd. 2021-9A C, 6.127%, <br> (US0003M + 1.900%), <br> 07/19/2035 | 1717646 | 0.1 |
| 4000000 <sup>(1)</sup> | Palmer Square CLO <br> 2013-2A BR3 Ltd., <br> 6.077%, (US0003M + <br> 1.850%), 10/17/2031 | 3787720 | 0.2 |
| 2000000 <sup>(1)</sup> | Palmer Square CLO <br> 2021-3A A2 Ltd., 5.479%, <br> (US0003M + 1.400%), <br> 01/15/2035 | 1941968 | 0.1 |
| 7000000 <sup>(1)</sup> | Palmer Square CLO Ltd. <br> 2021-2A C, 5.879%, <br> (US0003M + 1.800%), <br> 07/15/2034 | 6589177 | 0.3 |
| 266149 <sup>(3)</sup> | Popular ABS Mortgage <br> Pass-Through Trust <br> 2005-D A5, 3.527%, <br> 01/25/2036 | 259593 | 0.0 |
| 2450000 <sup>(1)</sup> | Rockland Park CLO Ltd. <br> 2021-1A C, 6.143%, <br> (US0003M + 1.900%), <br> 04/20/2034 | 2295373 | 0.1 |
| 94682 | Small Business <br> Administration <br> Participation Certificates <br> 2007-20L 1, 5.290%, <br> 12/01/2027 | 94188 | 0.0 |
| 1513833 <sup>(1)</sup> | Sonic Capital LLC <br> 2020-1A A2I, 3.845%, <br> 01/20/2050 | 1349288 | 0.1 |
| 2600000 <sup>(1)</sup> | Sound Point CLO XXIX <br> Ltd. 2021-1A C1, 6.658%, <br> (US0003M + 2.300%), <br> 04/25/2034 | 2378688 | 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)** |
|  | **Other Asset-Backed <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** | **Other Asset-Backed <br>Securities (continued)** |
| 2800000 <sup>(1)</sup> | Sound Point CLO XXVI <br> Ltd. 2021-1A C1R, <br> 6.443%, (US0003M + <br> 2.200%), 07/20/2034 | $| 2557251 | 0.1 |
| 1813580 <sup>(1)</sup> | Sunrun Athena Issuer <br> 2018-1 A LLC, 5.310%, <br> 04/30/2049 |  | 1666428 | 0.1 |
| 8200000 <sup>(1)</sup> | Symphony CLO XXV Ltd. <br> 2021-25A C, 6.277%, <br> (US0003M + 2.050%), <br> 04/19/2034 |  | 7710936 | 0.3 |
| 1728000 <sup>(1)</sup> | Taco Bell Funding LLC <br> 2018-1A A2II, 4.940%, <br> 11/25/2048 |  | 1621884 | 0.1 |
| 6000000 <sup>(1)</sup> | TCW CLO 2020-1A CRR <br> Ltd., 6.293%, <br> (US0003M + 2.050%), <br> 04/20/2034 |  | 5643366 | 0.2 |
| 7000000 <sup>(1)</sup> | THL Credit Wind River <br> 2017-3A CR Clo Ltd., <br> 6.579%, (US0003M + <br> 2.500%), 04/15/2035 |  | 6593580 | 0.3 |
| 7000000 <sup>(1)</sup> | Trinitas Clo VII Ltd. <br> 2017-7A A1R, 5.558%, <br> (US0003M + 1.200%), <br> 01/25/2035 |  | 6799548 | 0.3 |
| 1191750 <sup>(1)</sup> | Triton Container Finance <br> VIII LLC 2021-1A A, <br> 1.860%, 03/20/2046 |  | 995984 | 0.0 |
|  |  |  | **138041684** | **5.7** |
|  | **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%** |
| 453457 <sup>(1)</sup> | Commonbond Student <br> Loan Trust 2017-BGS B, <br> 3.260%, 09/25/2042 |  | 412882 | 0.0 |
| 316257 <sup>(1)</sup> | Commonbond Student <br> Loan Trust 2018-AGS A1, <br> 3.210%, 02/25/2044 |  | 293227 | 0.0 |
| 539074 <sup>(1)</sup> | Commonbond Student <br> Loan Trust 2018-BGS B, <br> 3.990%, 09/25/2045 |  | 505732 | 0.0 |
| 2000000 <sup>(1)</sup> | Navient Private Education <br> Refi Loan Trust 2018-A B, <br> 3.680%, 02/18/2042 |  | 1891232 | 0.1 |
| 1550000 <sup>(1)</sup> | SMB Private Education <br> Loan Trust 2014-A C, <br> 4.500%, 09/15/2045 |  | 1314705 | 0.1 |
| 1500000 <sup>(1)</sup> | SMB Private Education <br> Loan Trust 2017-A B, <br> 3.500%, 06/17/2041 |  | 1375914 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
|  | **Student Loan Asset-Backed <br>Securities (continued)** | **Student Loan Asset-Backed <br>Securities (continued)** | **Student Loan Asset-Backed <br>Securities (continued)** | **Student Loan Asset-Backed <br>Securities (continued)** |
| 2500000 <sup>(1)(3)</sup> | SoFi Professional Loan <br> Program 2017-C B, <br> 3.560%, 07/25/2040 | $| 2330215 | 0.1 |
| 2100000 <sup>(1)</sup> | SoFi Professional Loan <br> Program 2017-F BFX <br> LLC, 3.620%, 01/25/2041 |  | 1818125 | 0.1 |
| 2200000 <sup>(1)</sup> | Sofi Professional Loan <br> Program 2018-A B LLC, <br> 3.610%, 02/25/2042 |  | 1978880 | 0.1 |
| 5000000 <sup>(1)</sup> | Sofi Professional Loan <br> Program 2018-B BFX <br> Trust, 3.830%, 08/25/2047 |  | 4493497 | 0.2 |
| 661461 <sup>(1)</sup> | Sofi Professional Loan <br> Program 2018-C A2FX <br> Trust, 3.590%, 01/25/2048 |  | 639086 | 0 |
| 1000000 <sup>(1)</sup> | Sofi Professional Loan <br> Program 2018-D BFX <br> Trust, 4.140%, 02/25/2048 |  | 888229 | 0 |
|  |  |  | **17941724** | **0.8** |
|  | Total Asset-Backed <br> Securities <br> (Cost $169,427,259) |  | **158747542** | 6.6 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** |
| 12277628 <sup>(3)(4)</sup> | BANK 2019-BNK16 XA, <br> 0.941%, 02/15/2052 |  | 515725 | 0 |
| 50524631 <sup>(3)(4)</sup> | Bank 2019-BNK19 XA, <br> 0.949%, 08/15/2061 |  | 2389661 | 0.1 |
| 22800000 <sup>(1)(3)(4)</sup> | BBCCRE Trust 2015-GTP <br> XA, 0.597%, 08/10/2033 |  | 324933 | 0 |
| 26908668 <sup>(3)(4)</sup> | Benchmark 2019-B12 XA <br> Mortgage Trust, 1.033%, <br> 08/15/2052 |  | 1121508 | 0.1 |
| 19386973 <sup>(3)(4)</sup> | Benchmark 2019-B9 XA <br> Mortgage Trust, 1.031%, <br> 03/15/2052 |  | 914866 | 0 |
| 3537000 <sup>(1)(8)</sup> | BMD2 Re-Remic Trust <br> 2019-FRR1 3AB, 0.000%, <br> 05/25/2052 |  | 2165104 | 0.1 |
| 1348000 <sup>(1)(3)</sup> | BMD2 Re-Remic Trust <br> 2019-FRR1 6B10, <br> 2.516%, 05/25/2052 |  | 907207 | 0 |
| 16859436 <sup>(3)(4)</sup> | CD 2016-CD1 Mortgage <br> Trust XA, 1.367%, <br> 08/10/2049 |  | 588750 | 0 |
| 34309298 <sup>(3)(4)</sup> | Citigroup Commercial <br> Mortgage Trust 2017-P8 <br> XA, 0.875%, 09/15/2050 |  | 1074902 | 0 |
| 47042042 <sup>(3)(4)</sup> | Citigroup Commercial <br> Mortgage Trust 2018-C5 <br> XA, 0.673%, 06/10/2051 |  | 1415255 | 0.1 |
| 4124547 <sup>(3)(4)</sup> | COMM 2012-CR3 XA, <br> 1.530%, 10/15/2045 |  | 10514 | 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)** |
| 65166000 <sup>(1)(3)(4)</sup> | COMM 2012-CR4 XB, <br> 0.423%, 10/15/2045 | $203930 | 0 |
| 307998 <sup>(3)(4)</sup> | COMM 2012-CR5 XA, <br> 1.092%, 12/10/2045 | 584 | 0 |
| 67097657 <sup>(3)(4)</sup> | COMM 2016-CR28 XA, <br> 0.631%, 02/10/2049 | 1098134 | 0.1 |
| 3906000 <sup>(1)(3)</sup> | COMM 2020-CBM F <br> Mortgage Trust, 3.633%, <br> 02/10/2037 | 3308836 | 0.1 |
| 750000 <sup>(1)</sup> | CSAIL 2020-C19 E <br> Commercial Mortgage <br> Trust, 2.500%, 03/15/2053 | 434951 | 0 |
| 2736000 <sup>(1)</sup> | CSWF 2021-SOP2 D, <br> 6.635%, (US0001M + <br> 2.317%), 06/15/2034 | 2456487 | 0.1 |
| 253692 <sup>(1)(7)</sup> | DBUBS 2011-LC2A F <br> Mortgage Trust, 4.000%, <br> (US0001M + 3.650%), <br> 07/10/2044 | 252541 | 0 |
| 10394493 | Freddie Mac Multifamily <br> 2021-ML08-X-US <br> Certificates Sustainability <br> Bonds, 1.846%, <br> 07/25/2037 | 1434800 | 0.1 |
| 22000000 <sup>(3)(4)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates K028 X3, <br> 1.640%, 06/25/2041 | 71247 | 0 |
| 10700000 <sup>(3)(4)</sup> | Freddie Mac Multifamily <br> Structured Pass Through <br> Certificates K035 X3, <br> 1.788%, 12/25/2041 | 113760 | 0 |
| 5200000 <sup>(1)(8)</sup> | FREMF 2019-KG01 C <br> Mortgage Trust, 0.000%, <br> 05/25/2029 | 2643498 | 0.1 |
| 66217546 <sup>(1)(4)</sup> | FREMF 2019-KG01 X2A <br> Mortgage Trust, 0.100%, <br> 04/25/2029 | 233192 | 0 |
| 7380000 <sup>(1)(4)</sup> | FREMF 2019-KG01 X2B <br> Mortgage Trust, 0.100%, <br> 05/25/2029 | 32710 | 0 |
| 1000000 <sup>(1)(3)</sup> | FRR Re-REMIC Trust <br> 2018-C1 B725, 2.844%, <br> 02/27/2050 | 925421 | 0 |
| 3000000 <sup>(1)(3)(9)</sup> | FRR Re-REMIC Trust <br> 2018-C1 C725, 0.430%, <br> 02/27/2050 | 2670352 | 0.1 |
| 2845000 <sup>(1)(3)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 BK78, <br> 2.430%, 09/27/2051 | 1967697 | 0.1 |
| 2164000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 C730, <br> 0.000%, 09/27/2051 | 1770960 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond 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)** |
| 2631000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 CK44, <br> 0.000%, 09/27/2051 | $2133906 | 0.1 |
| 2140000 <sup>(1)(3)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 CK49, <br> 1.040%, 09/27/2051 | 1710553 | 0.1 |
| 1817000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 CK78, <br> 0.000%, 09/27/2051 | 991940 | 0 |
| 2163000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 D730, <br> 0.000%, 09/27/2051 | 1728716 | 0.1 |
| 2140000 <sup>(1)(8)</sup> | GAM RE-REMIC TR <br> 2021-FFR2 DK49, <br> 0.000%, 09/27/2051 | 1624934 | 0.1 |
| 6158000 <sup>(1)</sup> | GAM Re-REMIC Trust <br> 2021-FRR1 1B, 1.500%, <br> 11/29/2050 | 4047201 | 0.2 |
| 8097000 <sup>(1)</sup> | GAM Re-REMIC Trust <br> 2021-FRR1 2B, 1.660%, <br> 11/29/2050 | 5102530 | 0.2 |
| 4451000 <sup>(1)(3)(4)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 BK47, <br> 2.030%, 11/27/2050 | 3148519 | 0.1 |
| 3030000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 BK61, <br> 1.290%, 01/29/2052 | 2084960 | 0.1 |
| 3298000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 BK89, <br> 2.000%, 01/27/2052 | 1844214 | 0.1 |
| 1723000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 C728, <br> 0.600%, 08/27/2050 | 1457905 | 0.1 |
| 1756000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 CK47, <br> 0.920%, 05/27/2048 | 1391854 | 0.1 |
| 2125000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 CK61, <br> 1.570%, 11/27/2049 | 1391853 | 0.1 |
| 1483000 <sup>(1)(3)(4)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 CK71, <br> 1.410%, 01/29/2052 | 957201 | 0 |
| 1728000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 CK89, <br> 2.260%, 01/27/2052 | 897532 | 0 |
| 1724000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 D728, <br> 0.690%, 01/29/2052 | 1411316 | 0.1 |
| 2328000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 DK27, <br> 0.030%, 12/27/2045 | 2311446 | 0.1 |
| 1388000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 DK41, <br> 0.770%, 10/27/2047 | 1147604 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 1755000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 DK47, <br> 1.000%, 05/27/2048 | $1360708 | 0.1 |
| 580000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 EK27, <br> 0.040%, 12/27/2045 | 575313 | 0 |
| 924000 <sup>(1)(9)</sup> | GAM Resecuritization <br> Trust 2022-FRR3 EK41, <br> 0.700%, 01/29/2052 | 754016 | 0 |
| 27754461 <sup>(3)(4)</sup> | GS Mortgage Securities <br> Trust 2013-GC16 XA, <br> 0.994%, 11/10/2046 | 122838 | 0 |
| 38205627 <sup>(3)(4)</sup> | GS Mortgage Securities <br> Trust 2014-GC22 XA, <br> 0.937%, 06/10/2047 | 313277 | 0 |
| 105040797 <sup>(3)(4)</sup> | GS Mortgage Securities <br> Trust 2019-GC42 XA, <br> 0.805%, 09/01/2052 | 4072526 | 0.2 |
| 37798538 <sup>(3)(4)</sup> | JP Morgan Chase <br> Commercial Mortgage <br> Securities Trust 2016-JP4 <br> XA, 0.587%, 12/15/2049 | 652246 | 0 |
| 1893903 <sup>(3)(4)</sup> | JPMBB Commercial <br> Mortgage Securities Trust <br> 2015-C28 XA, 0.946%, <br> 10/15/2048 | 28502 | 0 |
| 292068 <sup>(1)(3)(4)</sup> | LB-UBS Commercial <br> Mortgage Trust 2006-C7 <br> XCL, 0.637%, 11/15/2038 |  |  |
| 688079 <sup>(1)</sup> | Life 2021-BMR F <br> Mortgage Trust, 6.668%, <br> (US0001M + 2.350%), <br> 03/15/2038 | 651140 | 0 |
| 1350000 <sup>(1)</sup> | RFM Reremic Trust <br> 2022-FRR1 AB55, <br> 1.120%, 03/28/2049 | 1005606 | 0 |
| 1140000 <sup>(1)(3)</sup> | RFM Reremic Trust <br> 2022-FRR1 AB60, <br> 2.470%, 11/08/2049 | 891698 | 0 |
| 1720000 <sup>(1)(3)</sup> | RFM Reremic Trust <br> 2022-FRR1 AB64, <br> 2.314%, 03/01/2050 | 1310273 | 0.1 |
| 420000 <sup>(1)(8)</sup> | RFM Reremic Trust <br> 2022-FRR1 CK55, <br> 0.000%, 03/28/2049 | 296933 | 0 |
| 530000 <sup>(1)(8)</sup> | RFM Reremic Trust <br> 2022-FRR1 CK60, <br> 0.000%, 11/08/2049 | 347028 | 0 |
| 500000 <sup>(1)(8)</sup> | RFM Reremic Trust <br> 2022-FRR1 CK64, <br> 0.000%, 03/01/2050 | 320099 | 0 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond 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)** |
| 22959831 <sup>(3)(4)</sup> | Wells Fargo Commercial <br> Mortgage Trust <br> 2014-LC18 XA, 1.011%, <br> 12/15/2047 | $395912 | 0 |
| 24847278 <sup>(3)(4)</sup> | Wells Fargo Commercial <br> Mortgage Trust 2021-C59 <br> E, 1.537%, 04/15/2054 | 2086401 | 0.1 |
| 664309 <sup>(1)(3)</sup> | WFRBS Commercial <br> Mortgage Trust 2011-C5 <br> E, 5.521%, 11/15/2044 | 632561 | 0 |
| 9020000 <sup>(1)(3)</sup> | WFRBS Commercial <br> Mortgage Trust 2013-C11 <br> F, 4.248%, 03/15/2045 | 7289905 | 0.3 |
| 4017360 <sup>(1)(3)(4)</sup> | WFRBS Commercial <br> Mortgage Trust 2013-C12 <br> XA, 0.910%, 03/15/2048 | 5108 | 0 |
|  | Total Commercial <br> Mortgage-Backed <br> Securities <br> (Cost $101,086,343) | **89543799** | 3.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value** | **Percentage<br>of Net <br>Assets**  |
| **MUTUAL FUNDS: 22.6%** | **MUTUAL FUNDS: 22.6%** | **MUTUAL FUNDS: 22.6%** | **MUTUAL FUNDS: 22.6%** |
|  | **Affiliated Investment Companies: 22.6%** | **Affiliated Investment Companies: 22.6%** | **Affiliated Investment Companies: 22.6%** |
| 15889053 | Voya Emerging Markets <br> Hard Currency Debt <br> Fund - Class P | 116943433 | 4.8 |
| 10816439 | Voya High Yield Bond <br> Fund - Class P | 71064002 | 2.9 |
| 16701399 | Voya Investment Grade <br> Credit Fund - Class P | 149477522 | 6.2 |
| 13944031 | Voya Securitized Credit <br> Fund - Class P | 122428596 | 5.1 |
| 10569205 | Voya VACS Series EMCD <br> Fund | 86773176 | 3.6 |
|  | Total Mutual Funds <br> (Cost $649,259,091) | **546686729** | 22.6 |

---

---

| | | |
|:---|:---|:---|
| | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **PURCHASED OPTIONS<sup>(10)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(10)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(10)</sup>: 0.0%** |
| Total Purchased <br> Options <br> (Cost $711,803) | **145110** | 0.0 |
| Total Long-Term <br> Investments <br> (Cost $2,941,760,975) | **2656314738** | 109.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** |
|  | **Commercial Paper: 0.7%** | **Commercial Paper: 0.7%** | **Commercial Paper: 0.7%** |
| 11300000 | BASF SE, 5.830%, <br> 01/03/2023  | $11294587 | 0.5 |
| 1500000 | Duke Energy DUKESG, <br> 6.120%, 01/03/2023 | 1499246 | 0 |
| 5500000 | Waste Management, Inc., <br> 4.930%, 02/06/2023  | 5472656 | 0.2 |
|  | Total Commercial Paper  |  |  |
|  | (Cost $18,269,858) | **18266489** | 0.7 |
|  | **Repurchase Agreements: 3.5%** | **Repurchase Agreements: 3.5%** | **Repurchase Agreements: 3.5%** |
| 3349401 <sup>(11)</sup> | Amherst Pierpoint <br> Securities LLC, <br> Repurchase Agreement <br> dated 12/30/22, 4.32%, <br> due 01/03/23 <br> (Repurchase Amount <br> $3,350,987, collateralized <br> by various U.S. <br> Government/U.S. <br> Government Agency <br> Obligations, <br> 2.000%-6.000%, Market <br> Value plus accrued <br> interest $3,416,389, due <br> 07/01/32-01/01/53) | 3349401 | 0.1 |
| 3819059 <sup>(11)</sup> | Bethesda Securities LLC, <br> Repurchase Agreement <br> dated 12/30/22, 4.38%, <br> due 01/03/23 <br> (Repurchase Amount <br> $3,820,892, collateralized <br> by various U.S. <br> Government Agency <br> Obligations, <br> 2.000%-5.500%, Market <br> Value plus accrued <br> interest $3,933,631, due <br> 04/01/23-12/01/52) | 3819059 | 0.2 |
| 23056100 <sup>(11)</sup> | Cantor Fitzgerald <br> Securities, Repurchase <br> Agreement dated <br> 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $23,066,965, <br> collateralized by various <br> U.S. Government/U.S. <br> Government Agency <br> Obligations, <br> 0.000%-9.000%, Market <br> Value plus accrued <br> interest $23,517,222, due <br> 01/15/23-11/20/72) | 23056100 | 1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate 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)** |
| 13297802 <sup>(11)</sup> | Citadel Securities LLC, <br> Repurchase Agreement <br> dated 12/30/22, 4.41%, <br> due 01/03/23 <br> (Repurchase Amount <br> $13,304,229, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.125%-6.250%, Market <br> Value plus accrued <br> interest $13,570,404, due <br> 04/15/23-11/15/52) | $13297802 | 0.6 |
| 2699202 <sup>(11)</sup> | Industrial & Comm. Bank <br> of China, Repurchase <br> Agreement dated 12/30/<br>22, 4.26%, due 01/03/23 <br>(Repurchase Amount <br>$2,700,462, collateralized <br>by various U.S. <br>Government Securities, <br>0.000%-7.625%, Market <br>Value plus accrued <br>interest $2,753,187, due <br>12/31/22-11/15/52) | 2699202 | 0.1 |
| 7581948 <sup>(11)</sup> | Mirae Asset Securities <br> USA Inc., Repurchase <br> Agreement dated 12/30/<br>22, 4.30%, due 01/03/23 <br>(Repurchase Amount <br>$7,585,521, 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 <br>interest $7,737,284, due <br>03/01/23-11/20/72) | 7581948 | 0.3 |
| 12621936 <sup>(11)</sup> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 <br> (Repurchase Amount <br> $12,627,939, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.000%-4.435%, Market <br> Value plus accrued <br> interest $12,874,376, due <br> 01/03/23-09/09/49) | 12621936 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 17838382 <sup>(11)</sup> | State of Wisconsin <br> Investment Board, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, <br> due 01/03/23 <br> (Repurchase Amount <br> $17,846,866, <br> collateralized by various <br> U.S. Government <br> Securities, <br> 0.125%-3.875%, Market <br> Value plus accrued <br> interest $18,195,236, due <br> 01/15/24-02/15/51) | $| 17838382 | 0.7 |
|  | Total Repurchase <br> Agreements <br> (Cost $84,263,830)  |  | **84263830** | 3.5 |
|  | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** | **Time Deposits: 0.6%** |
| 2420000 <sup>(11)</sup> | Canadian Imperial Bank <br> of Commerce, 4.300%, <br> 01/03/2023 |  | 2420000 | 0.1 |
| 2410000 <sup>(11)</sup> | Credit Agricole, 4.300%, <br> 01/03/2023 |  | 2410000 | 0.1 |
| 2440000 <sup>(11)</sup> | Landesbank <br> Baden-Wuerttemberg, <br> 4.320%, 01/03/2023 |  | 2440000 | 0.1 |
| 2430000 <sup>(11)</sup> | Mizuho Bank Ltd., <br> 4.320%, 01/03/2023  |  | 2430000 | 0.1 |
| 2440000 <sup>(11)</sup> | The Royal Bank of <br> Canada, 4.320%, 01/03/<br>2023 |  | 2440000 | 0.1 |
| 2440000 <sup>(11)</sup> | Toronto-Dominion Bank, <br> 4.310%, 01/03/2023  |  | 2440000 | 0.1 |
|  | Total Time Deposits <br> (Cost $14,580,000)  |  | **14580000** | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value** | **Percentage<br>of Net <br>Assets**  |
|  | **Mutual Funds: 3.9%** | **Mutual Funds: 3.9%** | **Mutual Funds: 3.9%** |
| 94736000 <sup>(12)</sup> | Goldman Sachs Financial <br> Square Government <br> Fund - Institutional <br> Shares, 4.150% |  |  |
|  | (Cost $94,736,000) | **94736000** | 3.9 |
|  | Total Short-Term <br> Investments <br> (Cost $211,849,688) | **211846319** | 8.7 |
|  | **Total Investments in <br> Securities <br> (Cost $3,153,610,663)** | $**2868161057** | **118.5** |
|  | **Liabilities in Excess <br> of Other Assets** | **(447259495)** | **(18.5)** |
|  | **Net Assets** | $**2420901562** | **100.0** |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

† <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>

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

<sup>(4)</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.

<sup>(5)</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.

<sup>(6)</sup> <br>

Represents or includes a TBA transaction.

<sup>(7)</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>(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.

<sup>(9)</sup> <br>

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

<sup>(10)</sup> <br>

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

<sup>(11)</sup> <br>

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

<sup>(12)</sup> <br>

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

---

| | |
|:---|:---|
| Reference Rate Abbreviations: | Reference Rate Abbreviations: |
| 12MTA | 12-month Treasury Average |
| COF 11 | 11th District Costs of Funds |
| H15T1Y | U.S. Treasury 1-Year Constant Maturity |
| PRIME | Federal Reserve Bank Prime Loan Rate |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| US0001M | 1-month LIBOR |
| US0003M | 3-month LIBOR |
| US0006M | 6-month LIBOR |
| US0012M | 12-month LIBOR |

---

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 | $546686729 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $546686729 |
| Purchased Options |  | 145110 |  | 145110 |
| Corporate Bonds/Notes |  | 485320652 |  | 485320652 |
| Collateralized Mortgage Obligations |  | 341842763 |  | 341842763 |
| Municipal Bonds |  | 1687155 |  | 1687155 |
| Asset-Backed Securities |  | 158747542 |  | 158747542 |
| U.S. Government Agency Obligations |  | 677535293 |  | 677535293 |
| Commercial Mortgage-Backed Securities |  | 89291258 | 252541 | 89543799 |
| U.S. Treasury Obligations |  | 354805695 |  | 354805695 |
| Short-Term Investments | 94736000 | 117110319 |  | 211846319 |
| Total Investments, at fair value | $641422729 | $2226485787 | $252541 | $2868161057 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps |  | 2599775 |  | 2599775 |
| Futures | 1116162 |  |  | 1116162 |
| Total Assets | $642538891 | $2229085562 | $252541 | $2871876994 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Swaps | $— | $(5714705) | $— | $(5714705) |
| Forward Premium Swaptions |  | (199829) |  | (199829) |
| Futures | (1151289) |  |  | (1151289) |
| Written Options |  | (12592591) |  | (12592591) |
| Total Liabilities | $(1151289) | $(18507125) | $— | $(19658414) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

^ <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.

#### 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 Hard Currency <br> Debt Fund - Class P  | $140639743 | $6835398 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(30531708) | $116943433 | $6835399 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Voya Emerging Markets Local Currency Debt Fund - Class P  | 54094440 |  | (71094801) | 17000361 |  |  | (22979539) |  |
| Voya Floating Rate Fund Class P | 845247 | 36489 | (846411) | (35325) |  | 41674 | (41844) |  |
| Voya High Yield Bond Fund - Class P | 138305077 | 33056244 | (84869179) | (15428140) | 71064002 | 7084580 | (9868553) | 971818 |
|  Voya Investment Grade Credit Fund - Class P  | 179068657 | 5460172 | (158939) | (34892368) | 149477522 | 5460173 | (158939) |  |
| Voya Securitized Credit Fund - Class P  | 193421253 |  | (58292872) | (12699785) | 122428596 | 6272574 | (4292883) |  |
| Voya VACS Series EMCD Fund | 99395231 | 4252763 |  | (16874818) | 86773176 | 4085789 |  | 166999 |
|  | $805769648 | $49641066 | $(215262202) | $(93461783) | $546686729 | $29780189 | $(37341758) | $1138817 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number <br> of Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Ultra Long Bond  | 498 | 03/22/23 | $66887625 | $(1151289) |
|  |  |  | $66887625 | $(1151289) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Note  | (394) | 03/22/23 | (44244969) | 288473 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 2-Year Note  | (121) | 03/31/23 | (24814453) | 57093 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Note  | (452) | 03/31/23 | (48784219) | 124056 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long Bond  | (153) | 03/22/23 | (19177594) | 333003 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Ultra 10-Year Note  | (462) | 03/22/23 | (54645937) | 313537 |
|  |  |  | $(191667172) | $1116162 |

---

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

#### Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection <sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/Obligation**  | **Buy/Sell <br> Protection**  | **(Pay)/<br>Receive<br>Financing<br>Rate (%)<sup>(2)</sup>** | **Termination <br> Date**  | **Notional Amount<sup>(3)</sup>**  | **Fair <br> Value<sup>(4)</sup>**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
|  CDX North American High Yield Index, Series 33, Version 13  | Buy  | (5.000) | 12/20/24 | USD 27,986,640  | $(796654) | $1399784 |
|  CDX North American High Yield Index, Series 39, Version 1  | Buy  | (5.000) | 12/20/27 | USD 112,750,000  | (656660) | (3057743) |
|  |  |  |  |  | $(1453314) | $(1657959) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

<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 Intermediate Bond Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating Rate**  | **Floating Rate Index**  | **Floating <br> Rate Index <br> Payment <br> Frequency**  | **Fixed <br> Rate**  | **Fixed 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 | 3.067% | Annual | 05/10/33 | USD 8,836,470  | $(318647) | $(318647) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.076 | Annual | 05/10/33 | USD 6,311,765  | (223191) | (223191) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.094 | Annual | 05/10/33 | USD 7,574,000  | (256307) | (256307) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.114 | Annual | 05/10/33 | USD 5,681,000  | (183019) | (183019) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.154 | Annual | 05/10/33 | USD 7,574,000  | (219112) | (219112) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.289 | Annual | 05/10/33 | USD 13,886,108  | (247323) | (247323) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.345 | Annual | 05/10/33 | USD 8,142,000  | (107349) | (107349) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.473 | Annual | 05/10/33 | USD 12,623,805  | (33768) | (33768) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.475 | Annual | 05/10/33 | USD 12,623,678  | (30890) | (30890) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.483 | Annual | 05/10/33 | USD 18,935,517  | (35412) | (35412) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.105 | Annual | 05/11/33 | USD 12,624,000  | (415497) | (415497) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.129 | Annual | 05/11/33 | USD 6,311,958  | (194893) | (194893) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.172 | Annual | 05/11/33 | USD 6,311,958  | (172795) | (172795) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.212 | Annual | 05/11/33 | USD 7,574,000  | (182417) | (182417) |
| Pay | 1-day Secured Overnight Financing Rate  | Annual | 3.456 | Annual | 05/17/33 | USD 9,593,000  | (36342) | (36342) |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.209 | Annual | 05/10/33 | USD 15,149,000  | 369616 | 369616 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.226 | Annual | 05/10/33 | USD 15,653,000  | 359656 | 359656 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.269 | Annual | 05/10/33 | USD 9,468,000  | 184199 | 184199 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.297 | Annual | 05/10/33 | USD 6,122,000  | 104695 | 104695 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.372 | Annual | 05/10/33 | USD 10,099,000  | 110639 | 110639 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.443 | Annual | 05/17/33 | USD 7,700,000  | 37022 | 37022 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.465 | Annual | 05/17/33 | USD 11,361,000  | 34164 | 34164 |
| Receive | 1-day Secured Overnight Financing Rate  | Annual | 3.515 | Annual | 05/17/33 | USD 8,395,000  |  |  |
|  |  |  |  |  |  |  | $(1456971) | $(1456971) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Expiration <br> Date**  | **Exercise <br> Price**  | **Notional <br> Amount**  | **Cost**  | **Fair Value**  |
| Call JPY vs. Put USD | BNP Paribas  | 02/27/25 | 107.500 | USD6,000,500 | $297625 | $122725 |
| Call USD vs. Put CNH | Bank of America N.A.  | 02/07/23 | 7.500 | USD29,140,000 | 135501 | 6523 |
| Call USD vs. Put CNH | Morgan Stanley Capital Services LLC  | 02/09/23 | 7.470 | USD55,042,000 | 278677 | 15862 |
|  |  |  |  |  | $711803 | $145110 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Pay/<br>Receive<br>Exercise <br>Rate**  | **Exercise <br> Rate**  | **Floating <br> Rate <br> Index**  | **Expiration <br> Date**  | **Notional Amount**  | **Premiums <br> Received**  | **Fair Value**  |
|  Call on 10-Year Interest Rate Swap<sup>(1)</sup>  | Bank of America N.A.  | Pay  | 3.880% | 1-day Secured <br> Overnight Financing <br> Rate  | 05/09/23 | USD 50,495,000  | $1483922 | $(2184785) |
|  Call on 10-Year Interest Rate Swap<sup>(1)</sup>  | Barclays Bank PLC  | Pay  | 3.790% | 1-day Secured <br> Overnight Financing <br> Rate  | 05/10/23 | USD 50,494,000  | 1456752 | (1937566) |
|  Call on 10-Year Interest Rate Swap<sup>(1)</sup>  | Deutsche Bank AG  | Pay  | 3.820% | 1-day Secured <br> Overnight Financing <br> Rate  | 05/09/23 | USD 25,247,000  | 724589 | (1007149) |
|  Call on 10-Year Interest Rate Swap<sup>(1)</sup>  | Goldman Sachs International  | Pay  | 2.940% | 1-day Secured <br> Overnight Financing <br> Rate  | 12/15/23 | USD 12,624,000  | 472138 | (282580) |
|  Call on 10-Year Interest Rate Swap<sup>(1)</sup>  | JPMorgan Chase Bank N.A.  | Pay  | 2.995% | 1-day Secured <br> Overnight Financing <br> Rate  | 06/07/23 | USD 25,247,000  | 773820 | (308008) |
|  Call on 10-Year Interest Rate Swap<sup>(1)</sup>  | Morgan Stanley <br> Capital Services LLC  | Pay  | 3.815% | 1-day Secured <br> Overnight Financing <br> Rate  | 05/09/23 | USD 50,495,000  | 1441632 | (2000450) |
|  Put on 10-Year Interest Rate Swap <sup>(2)</sup>  | Bank of America N.A.  | Receive  | 3.880% | 1-day Secured <br> Overnight Financing <br> Rate  | 05/09/23 | USD 50,495,000  | 1483922 | (723054) |
|  Put on 10-Year Interest Rate Swap <sup>(2)</sup>  | Barclays Bank PLC  | Receive  | 3.790% | 1-day Secured <br> Overnight Financing <br> Rate  | 05/10/23 | USD 50,494,000  | 1456752 | (845429) |
|  Put on 10-Year Interest Rate Swap <sup>(2)</sup>  | Deutsche Bank AG  | Receive  | 3.820% | 1-day Secured <br> Overnight Financing <br> Rate  | 05/09/23 | USD 25,247,000  | 724589 | (400171) |
|  Put on 10-Year Interest Rate Swap <sup>(2)</sup>  | Goldman Sachs International  | Receive  | 2.940% | 1-day Secured <br> Overnight Financing <br> Rate  | 12/15/23 | USD 12,624,000  | 472138 | (763785) |
|  Put on 10-Year Interest Rate Swap <sup>(2)</sup>  | JPMorgan Chase Bank N.A.  | Receive  | 2.995% | 1-day Secured <br> Overnight Financing <br> Rate  | 06/07/23 | USD 25,247,000  | 773820 | (1332497) |
|  Put on 10-Year Interest Rate Swap <sup>(2)</sup>  | Morgan Stanley <br> Capital Services LLC  | Receive  | 3.815% | 1-day Secured <br> Overnight Financing <br> Rate  | 05/09/23 | USD 50,495,000  | 1441632 | (807117) |
|  |  |  |  |  |  |  | $12705706 | $(12592591) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Exercise <br> Rate<sup>(3)</sup>**  | **Pay/<br>Receive<br>Exercise <br>Rate**  | **Floating <br> Rate <br> Index**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Premium <br> receivable/<br>(payable) at <br>expiration<sup>(4)</sup>** | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
|  Call on 30-Year Interest Rate Swap  | Barclays Bank PLC  | 0.000%  | Receive | 1-day Secured <br> Overnight Financing <br> Rate  | 06/14/27 | USD 12,484,500  | $(2184788) | $(11788) |
|  Call on 30-Year Interest Rate Swap  | Barclays Bank PLC  | 0.000%  | Receive | 1-day Secured <br> Overnight Financing <br> Rate  | 05/28/27 | USD 20,904,800  | (3700150) | (48922) |
|  Call on 30-Year Interest Rate Swap  | Nomura International <br> PLC  | 0.000%  | Receive | 1-day Secured <br> Overnight Financing <br> Rate  | 05/25/27 | USD 6,658,000  | (1198440) | (32115) |
|  Call on 35-Year Interest Rate Swap  | Barclays Bank PLC  | 0.000%  | Receive | 1-day Secured <br> Overnight Financing <br> Rate  | 06/03/27 | USD 12,484,500  | (2187909) | (13076) |
|  Put on 30-Year Interest Rate Swap  | Barclays Bank PLC  | 0.000%  | Pay | 1-day Secured <br> Overnight Financing <br> Rate  | 05/25/27 | USD 19,473,000  | (3505140) | (93928) |
|  |  |  |  |  |  |  | $(12776427) | $(199829) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

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

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

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

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

<sup>(3)</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>(4)</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 <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 hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Investments in securities at value\*  | $145110 |
| Interest rate contracts | Variation margin receivable on futures contracts\*\*  | 1116162 |
| Credit contracts | Variation margin receivable on centrally cleared swaps\*\*  | 1399784 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps\*\*  | 1199991 |
| **Total Asset Derivatives**  |  | $3861047 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts\*\*  | $1151289 |
| Credit contracts | Variation margin payable on centrally cleared swaps\*\*  | 3057743 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps\*\*  | 2656962 |
| Interest rate contracts | Unrealized depreciation on OTC forward premium swaptions  | 199829 |
| Interest rate contracts | Written options, at fair value  | 12592591 |
| **Total Liability Derivatives**  |  | $19658414 |

---

\* <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 foreign <br> currency contracts**  | **Futures**  | **Swaps**  | **Written <br> options**  | **Total**  |
| Credit contracts | $— | $— | $— | $9722624 | $— | $9722624 |
| Equity contracts |  |  | 10236 |  |  | 10236 |
| Foreign exchange contracts | (738519) | 1356243 |  |  | 1903409 | 2521133 |
| Interest rate contracts | 218866 |  | (44559107) | (3431700) | 2942683 | (44829258) |
| **Total**  | $(519653) | $1356243 | $(44548871) | $6290924 | $4846092 | $(32575265) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Investments\***  | **Forward foreign <br> currency contracts**  | **Futures**  | **Swaps**  | **Written <br> options**  | **Total**  |
| Credit contracts | $— | $— | $— | $(1446713) | $— | $(1446713) |
| Foreign exchange contracts | (566693) | 673238 |  |  |  | 106545 |
| Interest rate contracts | 429361 |  | (2645344) | (1456971) | (438633) | (4111587) |
| **Total**  | $(137332) | $673238 | $(2645344) | $(2903684) | $(438633) | $(5451755) |

---

\* <br>

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

------

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

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio as of December 31, 2022 (continued)

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:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Bank of <br> America <br> N.A.**  | **Barclays <br> Bank PLC**  | **BNP <br> Paribas**  | **Deutsche <br> Bank AG**  | **Goldman <br> Sachs <br> International**  | **JPMorgan <br> Chase <br> Bank N.A.**  | **Morgan <br> Stanley <br> Capital <br> Services LLC**  | **Nomura <br> International <br> PLC**  | **Totals**  |
| **Assets:** |  |  |  |  |  |  |  |  |  |
| Purchased options | $6523 | $— | $122725 | $— | $— | $— | $15862 | $— | $145110 |
| **Total Assets**  | $6523 | $— | $122725 | $— | $— | $— | $15862 | $— | $145110 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |
| Forward premium swaptions | $— | $167714 | $— | $— | $— | $— | $— | $32115 | $199829 |
| Written options | 2907839 | 2782994 |  | 1407320 | 1046365 | 1640506 | 2807567 |  | 12592591 |
| **Total Liabilities**  | $2907839 | $2950708 | $— | $1407320 | $1046365 | $1640506 | $2807567 | $32115 | $12792420 |
|  **Net OTC derivative instruments by counterparty, at fair value**  | $(2901316) | $(2950708) | $122725 | $(1407320) | $(1046365) | $(1640506) | $(2791705) | $(32115) | (12647310) |
|  **Total collateral pledged by the Portfolio/<br>(Received from counterparty)** | $2901316 | $2950708 | $(100000) | $1407320 | $970000 | $1550000 | $2791705 | $— | $12471049 |
| **Net Exposure<sup>(1)(2)</sup>**  | $— | $— | $22725 | $— | $(76365) | $(90506) | $— | $(32115) | $(176261) |

---

<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 $3,400,000, $3,270,000, $1,750,000, and $2,900,000 in cash collateral to Bank of America N.A., Barclays Bank PLC, Deutsche Bank AG, and Morgan Stanley Capital Services LLC, 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 $3,149,633,001.

Net unrealized depreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $8435931 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (305645706) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(297209775) |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **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: 2.6%** | **Communication Services: 2.6%** | **Communication Services: 2.6%** |
| 85173 <sup>(1)</sup> | Cargurus, Inc. | $1193274 | 0.4 |
| 619145 <sup>(1)</sup> | Globalstar, Inc. | 823463 | 0.3 |
| 45368 <sup>(1)</sup> | Imax Corp. | 665095 | 0.2 |
| 175262 <sup>(1)</sup> | Playtika Holding Corp. | 1491479 | 0.5 |
| 188647 <sup>(1)</sup> | Vimeo, Inc. | 647059 | 0.2 |
| 36864 <sup>(1)</sup> | Yelp, Inc. | 1007862 | 0.4 |
| 23770 <sup>(1)</sup> | Ziff Davis, Inc. | 1880207 | 0.6 |
|  |  | **7708439** | **2.6** |
|  | **Consumer Discretionary: 7.7%** | **Consumer Discretionary: 7.7%** | **Consumer Discretionary: 7.7%** |
| 31382 | Acushnet Holdings Corp. | 1332480 | 0.4 |
| 92288 | Arko Corp. | 799214 | 0.3 |
| 67725 | Gentex Corp. | 1846861 | 0.6 |
| 87672 | International Game <br> Technology PLC | 1988401 | 0.7 |
| 105163 <sup>(1)</sup> | Leslie's, Inc. | 1284040 | 0.4 |
| 155595 <sup>(1)</sup> | Lindblad Expeditions <br> Holdings, Inc. | 1198081 | 0.4 |
| 176104 <sup>(1)</sup> | Sonos, Inc. | 2976158 | 1 |
| 89733 | Steven Madden Ltd. | 2867867 | 0.9 |
| 82420 <sup>(1)</sup> | Taylor Morrison Home Corp.  | 2501447 | 0.8 |
| 154975 <sup>(1)</sup> | Tri Pointe Homes, Inc. | 2880985 | 1 |
| 139862 <sup>(1)</sup> | Udemy, Inc. | 1475544 | 0.5 |
| 187322 | Wolverine World Wide, Inc. | 2047429 | 0.7 |
|  |  | **23198507** | **7.7** |
|  | **Energy: 4.6%** | **Energy: 4.6%** | **Energy: 4.6%** |
| 203178 | Archrock, Inc. | 1824539 | 0.6 |
| 308634 <sup>(1)</sup> | Clean Energy Fuels Corp. | 1604897 | 0.5 |
| 389131 <sup>(1)</sup> | Kosmos Energy Ltd. | 2474873 | 0.8 |
| 35540 | Murphy Oil Corp. | 1528575 | 0.5 |
| 132306 <sup>(1)</sup> | US Silica Holdings, Inc. | 1653825 | 0.6 |
| 178764 | World Fuel Services Corp. | 4885620 | 1.6 |
|  |  | **13972329** | **4.6** |
|  | **Financials: 17.1%** | **Financials: 17.1%** | **Financials: 17.1%** |
| 331239 | AGNC Investment Corp. | 3428324 | 1.1 |
| 127712 | Argo Group International <br> Holdings Ltd. | 3301355 | 1.1 |
| 121917 | Associated Banc-Corp. | 2815064 | 0.9 |
| 26396 | Atlantic Union Bankshares <br> Corp. | 927555 | 0.3 |
| 73020 | BankUnited, Inc. | 2480489 | 0.8 |
| 43428 | Berkshire Hills Bancorp, Inc.  | 1298497 | 0.4 |
| 45749 | Brown & Brown, Inc. | 2606321 | 0.9 |
| 58928 | Capstar Financial Holdings, <br> Inc. | 1040669 | 0.3 |
| 28028 | Cathay General Bancorp. | 1143262 | 0.4 |
| 97655 | ConnectOne Bancorp, Inc. | 2364228 | 0.8 |
| 66872 | Eastern Bankshares, Inc. | 1153542 | 0.4 |
| 112021 | Ellington Financial, Inc. | 1385700 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 40200 | Essent Group Ltd. | $| 1562976 | 0.5 |
| 85707 | First BanCorp. Puerto Rico |  | 1090193 | 0.4 |
| 24839 <sup>(2)</sup> | HCI Group, Inc. |  | 983376 | 0.3 |
| 64159 <sup>(2)</sup> | KKR Real Estate Finance <br> Trust, Inc. |  | 895660 | 0.3 |
| 81787 | Ladder Capital Corp. |  | 821141 | 0.3 |
| 55322 | Mercury General Corp. |  | 1892012 | 0.6 |
| 61191 <sup>(1)</sup> | NMI Holdings, Inc. |  | 1278892 | 0.4 |
| 199302 | Old Republic International <br> Corp. |  | 4813143 | 1.6 |
| 30620 | Origin Bancorp, Inc. |  | 1123754 | 0.4 |
| 141295 | Pacific Premier Bancorp, Inc.  |  | 4459270 | 1.5 |
| 39171 | ProAssurance Corp. |  | 684317 | 0.2 |
| 37830 | Provident Financial Services, <br> Inc. |  | 808049 | 0.3 |
| 97565 | Radian Group, Inc. |  | 1860565 | 0.6 |
| 306252 | Redwood Trust, Inc. |  | 2070264 | 0.7 |
| 22117 | SEI Investments Co. |  | 1289421 | 0.4 |
| 72197 | Simmons First National Corp.  |  | 1558011 | 0.5 |
| 25837 <sup>(1)</sup> | Third Coast Bancshares, Inc.  |  | 476176 | 0.2 |
|  |  |  | **51612226** | **17.1** |
|  | **Health Care: 15.7%** | **Health Care: 15.7%** | **Health Care: 15.7%** | **Health Care: 15.7%** |
| 119944 <sup>(1)</sup> | Alignment Healthcare, Inc. |  | 1410541 | 0.5 |
| 145649 <sup>(1)</sup> | Allscripts Healthcare <br> Solutions, Inc. |  | 2569248 | 0.9 |
| 202331 <sup>(1)</sup> | Amicus Therapeutics, Inc. |  | 2470462 | 0.8 |
| 62832 <sup>(1)</sup> | Arrowhead Pharmaceuticals, <br> Inc. |  | 2548466 | 0.8 |
| 40912 <sup>(1)</sup> | Avanos Medical, Inc. |  | 1107079 | 0.4 |
| 241228 <sup>(1)</sup> | BioCryst Pharmaceuticals, <br> Inc. |  | 2769297 | 0.9 |
| 32126 | Bruker Corp. |  | 2195812 | 0.7 |
| 49522 <sup>(1)</sup> | Castle Biosciences, Inc. |  | 1165748 | 0.4 |
| 618553 <sup>(1)</sup> | Cerus Corp. |  | 2257719 | 0.8 |
| 467442 <sup>(1)</sup> | Geron Corp. |  | 1131210 | 0.4 |
| 25910 <sup>(1)</sup> | Globus Medical, Inc. |  | 1924336 | 0.6 |
| 26856 <sup>(1)</sup> | Guardant Health, Inc. |  | 730483 | 0.2 |
| 35191 <sup>(1)</sup> | HealthEquity, Inc. |  | 2169173 | 0.7 |
| 177075 <sup>(1)</sup> | Immunogen, Inc. |  | 878292 | 0.3 |
| 154311 <sup>(1)</sup> | Kodiak Sciences, Inc. |  | 1104867 | 0.4 |
| 32290 <sup>(1)</sup> | Lantheus Holdings, Inc. |  | 1645498 | 0.5 |
| 352121 <sup>(1)</sup> | MannKind Corp. |  | 1855678 | 0.6 |
| 54484 <sup>(1)</sup> | Maravai LifeSciences <br> Holdings, Inc. |  | 779666 | 0.3 |
| 35038 <sup>(1)</sup> | Merit Medical Systems, Inc. |  | 2474384 | 0.8 |
| 78885 <sup>(1)</sup> | NextGen Healthcare, Inc. |  | 1481460 | 0.5 |
| 770108 <sup>(1)</sup> | Opko Health, Inc. |  | 962635 | 0.3 |
| 81699 <sup>(1)</sup> | Option Care Health, Inc. |  | 2458323 | 0.8 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 31100 <sup>(1)</sup> | PROCEPT BioRobotics <br> Corp. | $| 1291894 | 0.4 |
| 64994 <sup>(1)</sup> | PTC Therapeutics, Inc. |  | 2480821 | 0.8 |
| 1519712 <sup>(1)</sup> | Rigel Pharmaceuticals, Inc. |  | 2279568 | 0.8 |
| 111493 | Select Medical Holdings <br> Corp. |  | 2768371 | 0.9 |
| 9902 <sup>(1)</sup> | TransMedics Group, Inc. |  | 611151 | 0.2 |
|  |  |  | **47522182** | **15.7** |
|  | **Industrials: 18.9%** | **Industrials: 18.9%** | **Industrials: 18.9%** | **Industrials: 18.9%** |
| 61929 | ABM Industries, Inc. |  | 2750886 | 0.9 |
| 10328 <sup>(1)</sup> | Aerojet Rocketdyne <br> Holdings, Inc. |  | 577645 | 0.2 |
| 7361 | Alamo Group, Inc. |  | 1042318 | 0.4 |
| 92001 | Allison Transmission <br> Holdings, Inc. |  | 3827242 | 1.3 |
| 76132 | Barnes Group, Inc. |  | 3109992 | 1 |
| 51384 | Brady Corp. |  | 2420186 | 0.8 |
| 63914 <sup>(1)</sup> | CoreCivic, Inc. |  | 738846 | 0.2 |
| 8229 | CSW Industrials, Inc. |  | 953988 | 0.3 |
| 140196 <sup>(1)</sup> | First Advantage Corp. |  | 1822548 | 0.6 |
| 14874 | Franklin Electric Co., Inc. |  | 1186201 | 0.4 |
| 149877 | Hillenbrand, Inc. |  | 6395252 | 2.1 |
| 105533 | Kennametal, Inc. |  | 2539124 | 0.8 |
| 94865 <sup>(1)</sup> | Legalzoom.com, Inc. |  | 734255 | 0.2 |
| 59102 | Marten Transport Ltd. |  | 1169037 | 0.4 |
| 199301 | Mueller Water Products, Inc.  |  | 2144479 | 0.7 |
| 120729 <sup>(1)</sup> | NOW, Inc. |  | 1533258 | 0.5 |
| 101251 <sup>(1)</sup> | Resideo Technologies, Inc. |  | 1665579 | 0.6 |
| 208157 | Shyft Group, Inc./The |  | 5174783 | 1.7 |
| 23644 | Simpson Manufacturing Co., <br> Inc. |  | 2096277 | 0.7 |
| 36489 <sup>(1)</sup> | SunPower Corp. |  | 657897 | 0.2 |
| 59747 | Terex Corp. |  | 2552392 | 0.9 |
| 24814 | Toro Co. |  | 2808945 | 0.9 |
| 133399 <sup>(1)</sup> | Upwork, Inc. |  | 1392686 | 0.5 |
| 26774 | Watts Water Technologies, <br> Inc. |  | 3915162 | 1.3 |
| 36254 | Werner Enterprises, Inc. |  | 1459586 | 0.5 |
| 24502 | Woodward, Inc. |  | 2367138 | 0.8 |
|  |  |  | **57035702** | **18.9** |
|  | **Information Technology: 17.7%** | **Information Technology: 17.7%** | **Information Technology: 17.7%** | **Information Technology: 17.7%** |
| 182827 <sup>(1)</sup> | 8x8, Inc. |  | 789813 | 0.3 |
| 172914 <sup>(1)</sup> | ACI Worldwide, Inc. |  | 3977022 | 1.3 |
| 44514 <sup>(1)</sup> | Altair Engineering, Inc. |  | 2024052 | 0.7 |
| 6720 <sup>(1)</sup> | Appfolio, Inc. |  | 708154 | 0.2 |
| 77142 <sup>(1)</sup> | Avid Technology, Inc. |  | 2051206 | 0.7 |
| 116315 <sup>(1)</sup> | Box, Inc. |  | 3620886 | 1.2 |
| 35571 <sup>(1)</sup> | Commvault Systems, Inc. |  | 2235282 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 15455 | CSG Systems International, <br> Inc. | $| 884026 | 0.3 |
| 59862 <sup>(1)</sup> | Domo, Inc. |  | 852435 | 0.3 |
| 215869 <sup>(1)</sup> | Dropbox, Inc. |  | 4831148 | 1.6 |
| 155852 <sup>(1)</sup> | Duck Creek Technologies, <br> Inc. |  | 1878017 | 0.6 |
| 49491 | EVERTEC, Inc. |  | 1602519 | 0.5 |
| 94361 <sup>(1)</sup> | Formfactor, Inc. |  | 2097645 | 0.7 |
| 174580 <sup>(1)(2)</sup> | Infinera Corp. |  | 1176669 | 0.4 |
| 93249 <sup>(1)</sup> | Knowles Corp. |  | 1531149 | 0.5 |
| 44787 <sup>(1)</sup> | LiveRamp Holdings, Inc. |  | 1049807 | 0.3 |
| 129631 <sup>(1)</sup> | Momentive Global, Inc. |  | 907417 | 0.3 |
| 52066 | National Instruments Corp. |  | 1921235 | 0.6 |
| 41703 <sup>(1)</sup> | Nutanix, Inc. |  | 1086363 | 0.4 |
| 38172 <sup>(1)</sup> | PowerSchool Holdings, Inc. |  | 881010 | 0.3 |
| 22330 <sup>(1)</sup> | Procore Technologies, Inc. |  | 1053529 | 0.3 |
| 33699 <sup>(1)</sup> | PROS Holdings, Inc. |  | 817538 | 0.3 |
| 82910 <sup>(1)</sup> | Repay Holdings Corp. |  | 667425 | 0.2 |
| 207742 <sup>(1)(2)</sup> | Sabre Corp. |  | 1283845 | 0.4 |
| 53608 | Sapiens International Corp. NV  |  | 990676 | 0.3 |
| 28674 <sup>(1)</sup> | Semtech Corp. |  | 822657 | 0.3 |
| 36137 <sup>(1)</sup> | Smartsheet, Inc. |  | 1422352 | 0.5 |
| 220718 <sup>(1)</sup> | Sumo Logic, Inc. |  | 1787816 | 0.6 |
| 29042 <sup>(1)</sup> | Tenable Holdings, Inc. |  | 1107952 | 0.4 |
| 99603 <sup>(1)</sup> | Varonis Systems, Inc. |  | 2384496 | 0.8 |
| 260020 <sup>(1)</sup> | Viavi Solutions, Inc. |  | 2732810 | 0.9 |
| 141667 <sup>(1)</sup> | Yext, Inc. |  | 925085 | 0.3 |
| 227526 <sup>(1)</sup> | Zuora, Inc. |  | 1447065 | 0.5 |
|  |  |  | **53549101** | **17.7** |
|  | **Materials: 7.3%** | **Materials: 7.3%** | **Materials: 7.3%** | **Materials: 7.3%** |
| 46381 | Avient Corp. |  | 1565823 | 0.5 |
| 11742 | Balchem Corp. |  | 1433816 | 0.5 |
| 266591 | Element Solutions, Inc. |  | 4849290 | 1.6 |
| 339744 | Glatfelter Corp. |  | 944488 | 0.3 |
| 21590 <sup>(1)</sup> | Ingevity Corp. |  | 1520800 | 0.5 |
| 12443 | Innospec, Inc. |  | 1279887 | 0.4 |
| 40031 | Minerals Technologies, Inc. |  | 2430682 | 0.8 |
| 74077 | Sensient Technologies Corp.  |  | 5401695 | 1.8 |
| 68579 <sup>(1)</sup> | TimkenSteel Corp. |  | 1246080 | 0.4 |
| 28299 | Worthington Industries, Inc. |  | 1406743 | 0.5 |
|  |  |  | **22079304** | **7.3** |
|  | **Real Estate: 6.3%** | **Real Estate: 6.3%** | **Real Estate: 6.3%** | **Real Estate: 6.3%** |
| 27472 | American Assets Trust, Inc. |  | 728008 | 0.2 |
| 104755 | Americold Realty Trust, Inc. |  | 2965614 | 1 |
| 146382 | Apartment Investment and <br> Management Co. |  | 1042240 | 0.3 |
| 81444 | Broadstone Net Lease, Inc. |  | 1320207 | 0.4 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio as of December 31, 2022 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 58019 | CareTrust REIT, Inc. | $| 1077993 | 0.4 |
| 68644 <sup>(1)</sup> | Cushman & Wakefield PLC |  | 855304 | 0.3 |
| 49186 <sup>(2)</sup> | Easterly Government <br> Properties, Inc. |  | 701884 | 0.2 |
| 74710 | Essential Properties Realty <br> Trust, Inc. |  | 1753444 | 0.6 |
| 41398 | Gladstone Land Corp. |  | 759653 | 0.2 |
| 38609 | Plymouth Industrial REIT, Inc.  |  | 740520 | 0.2 |
| 61639 | Sabra Healthcare REIT, Inc.  |  | 766173 | 0.3 |
| 201682 | Service Properties Trust |  | 1470262 | 0.5 |
| 91186 | STAG Industrial, Inc. |  | 2946220 | 1 |
| 35270 | Terreno Realty Corp. |  | 2005805 | 0.7 |
|  |  |  | **19133327** | **6.3** |
|  | **Utilities: 1.7%** | **Utilities: 1.7%** | **Utilities: 1.7%** | **Utilities: 1.7%** |
| 18817 | ALLETE, Inc. |  | 1213885 | 0.4 |
| 63957 | Avista Corp. |  | 2835853 | 1 |
| 15864 | NorthWestern Corp. |  | 941370 | 0.3 |
|  |  |  | **4991108** | **1.7** |
|  | Total Common Stock <br> (Cost $309,055,467) |  | **300802225** | 99.6 |
| **EXCHANGE-TRADED FUNDS: 0.3%** | **EXCHANGE-TRADED FUNDS: 0.3%** | **EXCHANGE-TRADED FUNDS: 0.3%** | **EXCHANGE-TRADED FUNDS: 0.3%** | **EXCHANGE-TRADED FUNDS: 0.3%** |
| 4776 | iShares Russell 2000 ETF |  | **832743** | 0.3 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $855,136) |  | **832743** | 0.3 |
|  | Total Long-Term <br> Investments <br> (Cost $309,910,603) |  | **301634968** | 99.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **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%** |
|  | **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** |
| 1000000 <sup>(3)</sup> | MUFG Securities America <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%-5.500%, <br> Market Value plus accrued <br> interest $1,020,000, due <br> 08/01/24-01/01/53) | 1000000 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> | National Bank Financial, <br> Repurchase Agreement <br> dated 12/30/22, 4.34%, due <br> 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 interest <br> $1,020,000, due 01/03/<br>23-09/09/49) | $1000000 | 0.3 |
| 474679 <sup>(3)</sup> | Nomura Securities, <br> Repurchase Agreement <br> dated 12/30/22, 4.30%, due <br> 01/03/23 (Repurchase <br> Amount $474,903, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 1.973%-9.000%, <br> Market Value plus accrued <br> interest $484,173, due <br> 02/01/23-07/01/60) | 474679 | 0.2 |
| 1000000 <sup>(3)</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 |
|  | Total Repurchase <br> Agreements <br> (Cost $3,474,679) | **3474679** | 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
|  | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** |
| 376000 <sup>(4)</sup> | Goldman Sachs Financial <br> Square Government Fund - <br> Institutional Shares, 4.150% <br> (Cost $376,000) | **376000** | 0.1 |

---

See Accompanying Notes to Financial Statements

------

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

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio as of December 31, 2022 (continued)

---

| | | |
|:---|:---|:---|
| **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 $3,850,679) | $**3850679** | 1.3 |
| **Total Investments in <br> Securities <br> (Cost $313,761,282)** | $**305485647** | **101.2** |
| **Liabilities in Excess of <br> Other Assets** | **(3526569)** | **(1.2)** |
| **Net Assets** | $**301959078** | **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\* | $300802225 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $300802225 |
| Exchange-Traded Funds | 832743 |  |  | 832743 |
| Short-Term Investments | 376000 | 3474679 |  | 3850679 |
| Total Investments, at fair value | $302010968 | $3474679 | $— | $305485647 |

---

^ <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 $335,458,534.

Net unrealized depreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $13459549 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (43432805) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(29973256) |

---

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 Portfolio | Voya Balanced Portfolio | Voya Balanced Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.2262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.4775 |
| Voya Global High Dividend Low Volatility Portfolio | Voya Global High Dividend Low Volatility Portfolio | Voya Global High Dividend Low Volatility Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T  | NII  | $0.2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.1815 |
| Voya Government Money Market Portfolio | Voya Government Money Market Portfolio | Voya Government Money Market Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.0138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.0130 |

---

---

| | | |
|:---|:---|:---|
| **Portfolio Name**  | **Type**  | **Per Share <br> Amount**  |
| Voya Growth and Income Portfolio | Voya Growth and Income Portfolio | Voya Growth and Income Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $2.5276 |
| Voya Intermediate Bond Portfolio | Voya Intermediate Bond Portfolio | Voya Intermediate Bond Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class ADV  | NII  | $0.2910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.3513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S  | NII  | $0.3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S2  | NII  | $0.3025 |
| Voya Small Company Portfolio  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $2.7882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $1.9824 |

---

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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Portfolio  | 8.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Portfolio  | 71.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Growth and Income Portfolio  | 59.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Portfolio  | 6.36% |

---

For the year ended December 31, 2022**,** 59.81% of ordinary income dividends paid by Voya Growth and Income Portfolio are designated as qualified dividend income (QDI) subject to reduced income tax rates for individuals.

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):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Portfolio  | $30166938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Portfolio  | $8980032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Growth and Income Portfolio  | $231816376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Portfolio  | $39313708 |

---

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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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)

The business and affairs of each Company/Trust are managed under the direction of the Board. A Director/Trustee, who is not an interested person of the Company/Trust, as defined in the 1940 Act, is an independent director/trustee ("Independent Director/Trustee"). The Directors/Trustees and Officers of the Company/Trust are listed below. The Statement of Additional Information includes additional information about Directors/Trustees of the Company/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> Company/<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 <br> in Fund <br> Complex <br> Overseen by <br> Director/<br>Trustee<sup>(2)</sup>**  | **Other Board Positions <br> Held by Director/Trustee**  |
| **Independent Directors/Trustees:** | **Independent Directors/Trustees:** | **Independent Directors/Trustees:** | **Independent Directors/Trustees:** | **Independent Directors/Trustees:** | **Independent Directors/Trustees:** |
| Colleen D. Baldwin <br> 7337 East Doubletree Ranch Rd. <br> Suite 100 <br> Scottsdale, Arizona 85258 <br> Age: 62 | Chairperson <br> Director/Trustee | January 2020 – <br> Present <br> May 2013 – 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 | Director/Trustee | May 2013 – 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 | Director/Trustee | May 2013 – 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 | Director/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 | Director/Trustee | January 2003 – <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 | Director/Trustee | May 2013 – 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 | Director/Trustee | October 2015 – <br> Present | Retired. | 132  | None. |

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

Directors/Trustees serve until their successors are duly elected and qualified. The tenure of each Director/Trustee who is not an "interested person" as defined in the 1940 Act, of each Portfolio ("Independent Director/Trustee") is subject to the Board's retirement policy which states that each duly elected or appointed Independent Director/Trustee shall retire from and cease to be a member of the Board of Directors/Trustees at the close of business on December 31 of the calendar year in which the Independent Director/Trustee attains the age of 75. A majority vote of the Board's other Independent Directors /Trustees may extend the retirement date of an Independent Director/Trustee if the retirement would trigger a requirement to

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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

hold a meeting of shareholders of the Company/Trust under applicable law, whether for the purposes of appointing a successor to the Independent Director/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 Directors/Trustees).

<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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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held <br> With the Company/<br>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  | December 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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DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age**  | **Position(s) Held <br> With the Company/<br>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  | June 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 | March 2002 – 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 Directors/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 Directors/Trustees ("Board") of Voya Balanced Portfolio, Inc., Voya Government Money Market Portfolio, Voya Variable Funds, Voya Intermediate Bond Portfolio, Voya Variable Funds, and Voya Variable Portfolios, Inc. (collectively, the "Registrants"), 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 Portfolio, Voya Global High Dividend Low Volatility Portfolio, Voya Government Money Market Portfolio, Voya Growth and Income Portfolio, Voya Intermediate Bond Portfolio, and Voya Small Company Portfolio, each a series of the Registrants (the "Portfolios"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Directors/Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Registrants, 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 Directors/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 Directors/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 Directors/Trustees request, and management provides, certain information that the Independent Directors/Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors/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 Directors/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.

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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-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 Registrants' 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 Registrants' Chief Investment Risk Officer.

#### Economies of Scale
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. In this regard, the Board noted 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 Sub-Adviser could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

#### Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying

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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 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 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 Balanced Portfolio
In considering whether to approve the renewal of the Contracts for Voya Balanced 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 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, with the exception of the year-to-date period, during which it underperformed.

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

#### Voya Global High Dividend Low Volatility Portfolio
In considering whether to approve the renewal of the Contracts for Voya Global High Dividend Low Volatility 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 period, the third quintile for the year-to-date, five-year and ten-year periods, and the fourth quintile for the three-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it outperformed. 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 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.

#### Voya Government Money Market Portfolio
In considering whether to approve the renewal of the Contracts for Voya Government Money Market 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, three-year, five-year and ten-year periods, and its performance was equal to the performance of its Morningstar category average 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 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 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 first quintile of net expense ratios of the funds in its Selected Peer Group.

#### Voya Growth and Income Portfolio
In considering whether to approve the renewal of the Contracts for Voya 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 first quintile of its Morningstar category for the year-to-date, one-year and three-year periods, the second quintile for the five-year period, 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 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 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

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

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

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

#### Voya Intermediate Bond Portfolio
In considering whether to approve the renewal of the Contracts for Voya Intermediate 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 five-year and ten-year periods, 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, with the exception of the year-to-date and one-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the competitiveness of the Portfolio's performance during certain periods; and (2) the negative impact of the increase in interest rates in the first quarter of 2022 on the Portfolio's performance.

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 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.

#### Voya Small Company Portfolio
In considering whether to approve the renewal of the Contracts for Voya Small Company 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, the fourth quintile for the one-year and ten-year periods, and the fifth quintile for the three-year and five-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed. In analyzing this performance data, the Board took into account: (1) the competitiveness of the Portfolio's performance during certain periods; and (2) recent changes with the Portfolio, including a change to the Portfolio's investment strategy and portfolio management team, effective June 1, 2022, and the Portfolio's improved performance during more recent 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 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 third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that lower fee rates and expense limits were implemented for the Fund, effective June 1, 2022.

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

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

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

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

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

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

**Legal Counsel** <br> Ropes & Gray LLP <br> Prudential Tower <br> 800 Boylston Street <br> Boston, Massachusetts 02199

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

RETIREMENT \| INVESTMENTS \| INSURANCE

voyainvestments.com

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

VPAR-CAPAPALL (1222-022323)

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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 $11,185 for the year
ended December 31, 2022 and $8,129 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 $5,300 for the year ended December 31, 2022 and $5,300 for the year ended December
31, 2021. Such services included review of excise distribution calculations (if applicable), preparation of the Registrants' federal,
state, and excise tax returns, tax services related to mergers and routine consulting.

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

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

***Appendix A***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**VII.** **Procedures** 

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

**VIII.** **Delegation** 

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

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

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

Last Approved: November 18, 2021

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

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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 |

---

<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 |

---

<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 |

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Appendix E

Prohibited Non-Audit Services

Dated: January 1, 2022 to December 31, 2022

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

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

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

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

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

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

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

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

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

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

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

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

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA CREDIT INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

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

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

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

---

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

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

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (*i.e*., fees for audit-related, tax, and
other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant's fiscal
years ended December 31, 2022 and December 31, 2021; and (ii) the aggregate non-audit fees billed 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.

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| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2022** | **2021** |
| Voya Government Money Market Portfolio | $5300 | $5300 |
| Voya Investments, LLC <sup>(1)</sup> | $12831317 | $13583983 |

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<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)](tm232302d10_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.](tm232302d10_ex99-codeeth.htm)

---

| | |
|:---|:---|
| [(a)(2)](tm232302d10_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.](tm232302d10_ex99-cert.htm) |

---

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

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

[(b)](tm232302d10_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm232302d10_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 Government Money Market Portfolio

---

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

---

## Ex-99.Code

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**A. Adoption**

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

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

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

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

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

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

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

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

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

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

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

**C. Covered Officer Duties**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**D. Definitions**

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

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

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

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

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

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

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

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

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

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

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

**E. Activities Requiring Prior Approval**

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

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

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

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

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

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

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

**F. Prohibited Activities**

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

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

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

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

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

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

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

**G. Reporting and Accountability**

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**I. Confidentiality**

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

**J. Internal Use**

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

**K. Amendments**

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

Date: _________________________

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

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA STRATEGIC ALLOCATION PORTFOLIOS, INC.

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS, INC.

VOYA VARIABLE PRODUCTS TRUST

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

**INITIAL ACKNOWLEDGEMENT**

Covered Officer Name and Title:  

*(please print)*

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

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

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

<br>Signature Date

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

**ANNUAL ACKNOWLEDGEMENT**

Covered Office Name and Title:  

*(please print)*

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

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

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

<br>Signature Date

## Ex-99.Cert

**EX-99.CERT**

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

I, Andy Simonoff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Government Money Market Portfolio ;

&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 Government Money Market Portfolio ;

&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 Government Money Market Portfolio <br>Date of Form N-CSR: December 31, 2022

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

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

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

A signed original of this written statement required by Section 906 has been provided to Voya Government Money Market Portfolio and will be retained by Voya Government Money Market Portfolio 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 Government Money Market Portfolio <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 Government Money Market Portfolio and will be retained by Voya Government Money Market Portfolio 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 |

---