TABLE OF CONTENTS

Annual Report

December 31, 2022

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

Voya Variable Product Funds

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Voya Balanced Portfolio

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Voya Global High Dividend Low Volatility Portfolio

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Voya Government Money Market Portfolio

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Voya Growth and Income Portfolio

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Voya Intermediate Bond Portfolio

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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.

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	Portfolio Managers’ Reports					2
	Shareholder Expense Examples					15
	Report of Independent Registered Public Accounting Firm					17
	Statements of Assets and Liabilities					18
	Statements of Operations					22
	Statements of Changes in Net Assets					24
	Financial Highlights					27
	Notes to Financial Statements					31
	Portfolios of Investments					50
	Tax Information					143
	Director/Trustee and Officer Information					144
	Advisory and Sub-Advisory Contract Approval Discussion					148

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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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® (“MSCI EAFE®”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI World Value IndexSM (“MSCI World Value”)				The index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries.
		Russell 2000® Index				An index that measures the performance of securities of small U.S. companies.
		Russell 3000® 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® 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® Growth Index				Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.

The S&P 500® 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® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® 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® Index.

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Voya Balanced Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2022 (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*			1.6%
	Net Assets			100.0%
	* Includes short-term investments.
	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® Growth Index, Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”), MSCI EAFE® Index (“MSCI EAFE®”) and Russell 3000® 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 as of December 31, 2022 (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.

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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Voya Balanced Portfolio

Portfolio Managers’ Report

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® Growth Index		-15.27%		3.48%		6.02%
Bloomberg U.S. Aggregate Bond		-13.01%		0.02%		1.06%
MSCI EAFE®		-14.45%		1.54%		4.67%
Russell 3000® 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

	Geographic Diversification as of December 31, 2022 (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*			1.0%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	^ Includes 10 countries, which each represents 0.1% – 1.1% of net assets.
	Portfolio holdings are subject to change daily.

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 IndexSM (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

	Top Ten Holdings as of December 31, 2022 (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.

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.

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Voya Global High Dividend Low Volatility Portfolio

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year		Since Inception of Classes S2 and T March 5, 2015
Class ADV		-5.38%		4.30%		6.34%		—
Class I(1)		-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 performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

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

Portfolio holdings are subject to change daily.

(1)

Class 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

	Investment Type Allocation as of December 31, 2022 (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			2.6%
	Net Assets			100.0%
	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.

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.

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Voya Growth and Income Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2022 (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*			0.2%
	Net Assets			100.0%
	* Includes short-term investments.
	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® 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 as of December 31, 2022 (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.

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.

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Portfolio Managers’ Report

Voya Growth and Income Portfolio

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

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

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

Portfolio holdings are subject to change daily.

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2022 (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%
	* Includes short-term investments.
	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 as of December 31, 2022* (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%
	* Excludes short-term investments.
	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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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.

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

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

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

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Small Company Portfolio

	Sector Diversification as of December 31, 2022 (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*			0.1%
	Net Assets			100.0%
	* Includes short-term investments.
	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® 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 as of December 31, 2022 (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.

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.

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.

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Voya Small Company Portfolio

Portfolio Managers’ Report

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(1)		-16.62%		2.68%		8.70%
Class S		-16.86%		2.41%		8.42%
Russell 2000® Index		-20.44%		4.13%		9.01%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of 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 performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Portfolio distributions or the redemption of Portfolio shares.

Portfolio holdings are subject to change daily.

(1)

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

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2022*			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2022*
Voya Balanced Portfolio
Class I		$	1,000.00		$	1,001.50		0.69%		$	3.48		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class S			1,000.00			1,000.00		0.94			4.74			1,000.00			1,020.47		0.94			4.79
Voya Global High Dividend Low Volatility Portfolio
Class ADV		$	1,000.00		$	1,050.20		1.10%		$	5.68		$	1,000.00		$	1,019.66		1.10%		$	5.60
Class I			1,000.00			1,052.40		0.60			3.10			1,000.00			1,022.18		0.60			3.06
Class S			1,000.00			1,051.00		0.85			4.39			1,000.00			1,020.92		0.85			4.33
Class S2			1,000.00			1,049.50		1.00			5.17			1,000.00			1,020.16		1.00			5.09
Class T			1,000.00			1,048.40		1.20			6.20			1,000.00			1,019.16		1.20			6.11
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,013.10		0.35%		$	1.78		$	1,000.00		$	1,023.44		0.35%		$	1.79
Class S			1,000.00			1,012.50		0.35			1.78			1,000.00			1,023.44		0.35			1.79
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	1,009.50		1.11%		$	5.62		$	1,000.00		$	1,019.61		1.11%		$	5.65
Class I			1,000.00			1,011.40		0.66			3.35			1,000.00			1,021.88		0.66			3.36
Class S			1,000.00			1,010.00		0.91			4.61			1,000.00			1,020.62		0.91			4.63
Class S2			1,000.00			1,009.10		1.06			5.37			1,000.00			1,019.86		1.06			5.40

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2022*			Beginning Account Value July 1, 2022			Ending Account Value December 31, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2022*
Voya Intermediate Bond Portfolio
Class ADV		$	1,000.00		$	970.90		1.03%		$	5.12		$	1,000.00		$	1,020.01		1.03%		$	5.24
Class I			1,000.00			972.90		0.53			2.64			1,000.00			1,022.53		0.53			2.70
Class S			1,000.00			972.30		0.78			3.88			1,000.00			1,021.27		0.78			3.97
Class S2			1,000.00			970.50		0.93			4.62			1,000.00			1,020.52		0.93			4.74
Voya Small Company Portfolio
Class ADV		$	1,000.00		$	1,019.40		1.38%		$	7.02		$	1,000.00		$	1,018.25		1.38%		$	7.02
Class I			1,000.00			1,021.50		0.88			4.48			1,000.00			1,020.77		0.88			4.48
Class R6			1,000.00			1,022.20		0.83			4.23			1,000.00			1,021.02		0.83			4.23
Class S			1,000.00			1,020.90		1.13			5.76			1,000.00			1,019.51		1.13			5.75

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Balanced 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.

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

Boston, Massachusetts
February 28, 2023

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	263,716,568		$	529,345,158		$	—
Investments in affiliates at fair value**			23,470,758			—			—
Short-term investments at fair value†			11,742,800			7,538,938			—
Short-term investments at amortized cost			—			—			403,398,946
Repurchase agreements			—			—			105,978,000
Cash			1,543,092			129,503			13,359
Cash collateral for futures contracts			733,680			—			—
Cash pledged for centrally cleared swaps (Note 2)			600,000			—			—
Foreign currencies at value‡			17,378			89,342			—
Receivables:
Investment securities sold			467,733			—			11,874,177
Investment securities sold on a delayed-delivery or when-issued basis			544,875			—			—
Fund shares sold			62,042			75,233			1,050,769
Dividends			132,245			1,248,347			3,402
Interest			448,562			—			1,158,017
Foreign tax reclaims			116,089			1,201,128			—
Variation margin on futures contracts			931			—			—
Prepaid expenses			1,607			2,691			2,278
Reimbursement due from Investment Adviser			25,085			64,640			—
Other assets			42,779			46,890			104,447
Total assets			303,666,224			539,741,870			523,583,395
LIABILITIES:
Payable for investment securities purchased			2,201,690			—			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			5,710,429			—			—
Payable for fund shares redeemed			58,697			181,844			61,552
Payable upon receipt of securities loaned			3,043,301			6,379,938			—
Unrealized depreciation on forward premium swaptions			7,069			—			—
Variation margin payable on centrally cleared swaps			5,615			—			—
Payable for investment management fees			152,220			254,943			135,504
Payable for distribution and shareholder service fees			427			90,535			6
Payable to directors/ trustees under the deferred compensation plan (Note 6)			42,779			46,890			104,447
Payable for directors/ trustees fees			813			1,399			1,254
Other accrued expenses and liabilities			51,910			94,753			103,382
Written options, at fair value^			433,100			—			—
Total liabilities			11,708,050			7,050,302			406,145
NET ASSETS		$	291,958,174		$	532,691,568		$	523,177,250
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	294,439,121		$	487,253,212		$	523,305,860
Total distributable earnings (loss)			(2,480,947)			45,438,356			(128,610)
NET ASSETS		$	291,958,174		$	532,691,568		$	523,177,250
+ Including securities loaned at value		$	2,954,084		$	6,047,526		$	—
* Cost of investments in securities		$	270,198,165		$	500,437,930		$	—
** Cost of investments in affiliates		$	25,008,970		$	—		$	—
† Cost of short-term investments		$	11,744,378		$	7,538,938		$	—
‡ Cost of foreign currencies		$	18,866		$	88,454		$	—
^ Premiums received on written options		$	436,995		$	—		$	—

See Accompanying Notes to Financial Statements

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

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	11,235,482			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,020,523			n/a
Net asset value and redemption price per share			n/a		$	11.01			n/a
Class I
Net assets		$	289,995,135		$	125,985,134		$	523,129,896
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			22,222,500			11,465,647			523,158,459
Net asset value and redemption price per share		$	13.05		$	10.99		$	1.00
Class S
Net assets		$	1,963,039		$	392,545,258		$	47,354
Shares authorized			500,000,000			300,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			151,312			35,537,852			47,357
Net asset value and redemption price per share		$	12.97		$	11.05		$	1.00
Class S2
Net assets			n/a		$	222,535			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			20,431			n/a
Net asset value and redemption price per share			n/a		$	10.89			n/a
Class T
Net assets			n/a		$	2,703,159			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			245,208			n/a
Net asset value and redemption price per share			n/a		$	11.02			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	1,748,520,884		$	2,109,628,009		$	301,634,968
Investments in affiliates at fair value**			—			546,686,729			—
Short-term investments at fair value†			27,274,993			211,846,319			3,850,679
Cash			706,026			6,719,336			72,137
Cash collateral for futures contracts			—			1,940,387			—
Cash pledged for centrally cleared swaps (Note 2)			—			12,101,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			13,840,000			—
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)			—			3,145,000			—
Due from broker			—			3,469,090			—
Receivables:
Investment securities sold			—			52,780,165			—
Investment securities sold on a delayed-delivery or when-issued basis			—			5,245,625			—
Fund shares sold			27,449			1,425,389			15,596
Dividends			1,796,892			615,806			321,110
Interest			379			12,016,569			104
Foreign tax reclaims			232,211			—			4,996
Variation margin on futures contracts			—			88,570			—
Prepaid expenses			11,060			13,743			1,917
Reimbursement due from Investment Adviser			44,007			94,740			26,400
Other assets			221,303			307,305			39,898
Total assets			1,778,835,204			2,981,963,782			305,967,805
LIABILITIES:
Payable for investment securities purchased			—			136,175,976			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			306,433,313			—
Payable for fund shares redeemed			1,183,903			513,338			260,696
Payable upon receipt of securities loaned			24,959,993			98,843,830			3,474,679
Unrealized depreciation on forward premium swaptions			—			199,829			—
Variation margin payable on centrally cleared swaps			—			144,546			—
Cash received as collateral for OTC derivatives (Note 2)			—			100,000			—
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			—			4,037,151			—
Payable for investment management fees			915,645			1,045,246			194,863
Payable for distribution and shareholder service fees			36,099			410,530			15,908
Payable to directors/ trustees under the deferred compensation plan (Note 6)			221,303			307,305			39,898
Payable for directors/ trustees fees			4,882			6,797			891
Other accrued expenses and liabilities			167,051			251,768			21,792
Written options, at fair value^			—			12,592,591			—
Total liabilities			27,488,876			561,062,220			4,008,727
NET ASSETS		$	1,751,346,328		$	2,420,901,562		$	301,959,078
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,600,484,433		$	2,929,534,424		$	339,804,616
Total distributable earnings (loss)			150,861,895			(508,632,862)			(37,845,538)
NET ASSETS		$	1,751,346,328		$	2,420,901,562		$	301,959,078
+ Including securities loaned at value		$	24,290,576		$	96,714,230		$	3,353,202
* Cost of investments in securities		$	1,590,452,732		$	2,292,501,884		$	309,910,603
** Cost of investments in affiliates		$	—		$	649,259,091		$	—
† Cost of short-term investments		$	27,274,993		$	211,849,688		$	3,850,679
^ Premiums received on written options		$	—		$	12,705,706		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	73,783,972		$	203,733,066		$	7,492,899
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			4,552,858			19,378,274			648,349
Net asset value and redemption price per share		$	16.21		$	10.51		$	11.56
Class I
Net assets		$	1,644,920,799		$	727,981,473		$	226,998,578
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			97,464,820			68,486,684			17,663,988
Net asset value and redemption price per share		$	16.88		$	10.63		$	12.85
Class R6
Net assets			n/a			n/a		$	8,465,100
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			657,649
Net asset value and redemption price per share			n/a			n/a		$	12.87
Class S
Net assets		$	32,228,725		$	1,481,568,921		$	59,002,501
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			1,985,684			140,353,248			4,824,618
Net asset value and redemption price per share		$	16.23		$	10.56		$	12.23
Class S2
Net assets		$	412,832		$	7,618,102			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			26,230			724,501			n/a
Net asset value and redemption price per share		$	15.74		$	10.51			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the Year ended December 31, 2022

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	4,099,162		$	18,539,743		$	106,162
Dividends from affiliated underlying funds			583,052			—			—
Interest, net of foreign taxes withheld*			2,862,050			—			8,824,533
Securities lending income, net			102,231			78,751			—
Total investment income			7,646,495			18,618,494			8,930,695
EXPENSES:
Investment management fees			1,950,708			3,116,297			1,755,408
Distribution and shareholder service fees:
Class ADV			—			59,692			—
Class S			5,758			1,038,168			130
Class S2			—			929			—
Class T			—			19,891			—
Transfer agent fees:
Class ADV			—			6,931			—
Class I			277,043			75,406			617,375
Class S			1,972			241,224			65
Class S2			—			135			—
Class T			—			1,543			—
Shareholder reporting expense			27,740			56,680			28,185
Professional fees			14,775			21,865			33,225
Custody and accounting expense			119,945			100,873			42,775
Directors/ trustees fees			8,128			13,993			12,536
Licensing fee (Note 7)			22,207			—			—
Miscellaneous expense			16,018			27,025			19,563
Interest expense			447			1,214			—
Total expenses			2,444,741			4,781,866			2,509,262
Waived and reimbursed fees			(188,000)			(328,624)			(725,189)
Net expenses			2,256,741			4,453,242			1,784,073
Net investment income			5,389,754			14,165,252			7,146,622
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			2,081,161			17,499,305			(128,610)
Sale of affiliated underlying funds			547,705			—			—
Capital gain distributions from affiliated underlying funds			49,730			—			—
Forward foreign currency contracts			18,168			—			—
Foreign currency related transactions			(18,263)			(106,474)			—
Futures			(1,763,062)			—			—
Swaps			21,504			—			—
Written options			173,658			—			—
Net realized gain (loss)			1,110,601			17,392,831			(128,610)
Net change in unrealized appreciation (depreciation) on:
Investments			(68,542,224)			(65,205,630)			—
Affiliated underlying funds			(3,284,426)			—			—
Forward foreign currency contracts			10,898			—			—
Foreign currency related transactions			(2,762)			(73,692)			—
Futures			(12,055)			—			—
Swaps			(93,911)			—			—
Written options			(11,201)			—			—
Net change in unrealized appreciation (depreciation)			(71,935,681)			(65,279,322)			—
Net realized and unrealized loss			(70,825,080)			(47,886,491)			(128,610)
Increase (decrease) in net assets resulting from operations		$	(65,435,326)		$	(33,721,239)		$	7,018,012
* Foreign taxes withheld		$	87,190		$	758,439		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the Year ended December 31, 2022

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	34,012,527		$	132,048		$	4,611,710
Dividends from affiliated underlying funds			—			29,780,189			—
Interest			3,047			66,291,799			1,911
Securities lending income, net			90,221			317,440			31,652
Total investment income			34,105,795			96,521,476			4,645,273
EXPENSES:
Investment management fees			11,714,651			13,594,385			2,839,965
Distribution and shareholder service fees:
Class ADV			413,286			1,162,364			38,244
Class S			90,631			4,146,856			164,391
Class S2			1,716			43,062			—
Transfer agent fees:
Class ADV			46,197			114,750			9,472
Class I			1,025,001			403,226			341,062
Class R6			—			—			15
Class S			20,244			818,768			81,058
Class S2			240			5,315			—
Shareholder reporting expense			87,450			92,530			21,900
Registration fees			7,197			—			—
Professional fees			110,755			129,175			16,146
Custody and accounting expense			199,430			319,495			52,275
Directors/ trustees fees			48,811			67,972			8,912
Miscellaneous expense			86,541			97,107			15,496
Interest expense			46			537			8,011
Total expenses			13,852,196			20,995,542			3,596,947
Waived and reimbursed fees			(530,270)			(1,169,688)			(253,776)
Net expenses			13,321,926			19,825,854			3,343,171
Net investment income			20,783,869			76,695,622			1,302,102
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			201,867,652			(138,832,171)			(28,856,002)
Sale of affiliated underlying funds			—			(37,341,758)			—
Capital gain distributions from affiliated underlying funds			—			1,138,817			—
Forward foreign currency contracts			—			1,356,243			—
Foreign currency related transactions			(23)			(42,970)			—
Futures			—			(44,548,871)			—
Swaps			—			6,290,924			—
Written options			—			4,846,092			—
Net realized gain (loss)			201,867,629			(207,133,694)			(28,856,002)
Net change in unrealized appreciation (depreciation) on:
Investments			(548,775,324)			(226,799,906)			(45,707,875)
Affiliated underlying funds			—			(93,461,783)			—
Forward foreign currency contracts			—			673,238			—
Foreign currency related transactions			47			(232)			(359)
Futures			—			(2,645,344)			—
Swaps			—			(2,903,684)			—
Written options			—			(438,633)			—
Net change in unrealized appreciation (depreciation)			(548,775,277)			(325,576,344)			(45,708,234)
Net realized and unrealized loss			(346,907,648)			(532,710,038)			(74,564,236)
Decrease in net assets resulting from operations		$	(326,123,779)		$	(456,014,416)		$	(73,262,134)
* Foreign taxes withheld		$	25,233		$	—		$	8,479

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Portfolio						Voya Global High Dividend Low Volatility Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	5,389,754		$	5,441,352		$	14,165,252		$	13,585,031
Net realized gain			1,110,601			41,888,430			17,392,831			69,632,081
Net change in unrealized appreciation (depreciation)			(71,935,681)			9,293,959			(65,279,322)			35,471,670
Increase (decrease) in net assets resulting from operations			(65,435,326)			56,623,741			(33,721,239)			118,688,782
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(667,337)			(285,119)
Class I			(45,747,982)			(12,106,938)			(7,870,245)			(3,556,936)
Class S			(318,826)			(86,191)			(24,164,362)			(10,900,387)
Class S2			—			—			(13,783)			(7,066)
Class T			—			—			(144,852)			(54,811)
Total distributions			(46,066,808)			(12,193,129)			(32,860,579)			(14,804,319)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			2,963,207			4,492,780			8,589,904			6,376,131
Reinvestment of distributions			46,066,808			12,193,129			32,860,579			14,804,319
			49,030,015			16,685,909			41,450,483			21,180,450
Cost of shares redeemed			(34,031,403)			(46,277,136)			(78,631,312)			(100,005,477)
Net increase (decrease) in net assets resulting from capital share transactions			14,998,612			(29,591,227)			(37,180,829)			(78,825,027)
Net increase (decrease) in net assets			(96,503,522)			14,839,385			(103,762,647)			25,059,436
NET ASSETS:
Beginning of year or period			388,461,696			373,622,311			636,454,215			611,394,779
End of year or period		$	291,958,174		$	388,461,696		$	532,691,568		$	636,454,215

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Money Market Portfolio						Voya Growth and Income Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	7,146,622		$	—		$	20,783,869		$	22,836,362
Net realized gain (loss)			(128,610)			417,484			201,867,629			916,377,469
Net change in unrealized appreciation (depreciation)			—			—			(548,775,277)			(126,586,298)
Increase (decrease) in net assets resulting from operations			7,018,012			417,484			(326,123,779)			812,627,533
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(11,552,104)			(62,613,808)
Class I			(7,145,983)			(435,973)			(254,695,900)			(868,148,958)
Class S			(632)			(47)			(5,105,764)			(29,792,606)
Class S2			—			—			(65,074)			(203,108)
Total distributions			(7,146,615)			(436,020)			(271,418,842)			(960,758,480)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			129,987,093			68,486,663			11,156,359			15,175,175
Reinvestment of distributions			7,143,997			436,020			271,031,994			959,988,028
			137,131,090			68,922,683			282,188,353			975,163,203
Cost of shares redeemed			(99,682,300)			(153,042,558)			(211,343,355)			(1,780,801,713)
Net increase (decrease) in net assets resulting from capital share transactions			37,448,790			(84,119,875)			70,844,998			(805,638,510)
Net increase (decrease) in net assets			37,320,187			(84,138,411)			(526,697,623)			(953,769,457)
NET ASSETS:
Beginning of year or period			485,857,063			569,995,474			2,278,043,951			3,231,813,408
End of year or period		$	523,177,250		$	485,857,063		$	1,751,346,328		$	2,278,043,951

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Intermediate Bond Portfolio						Voya Small Company Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	76,695,622		$	77,924,697		$	1,302,102		$	(372,047)
Net realized gain (loss)			(207,133,694)			(5,450,459)			(28,856,002)			102,106,764
Net change in unrealized appreciation (depreciation)			(325,576,344)			(110,986,338)			(45,708,234)			(38,277,181)
Increase (decrease) in net assets resulting from operations			(456,014,416)			(38,512,100)			(73,262,134)			63,457,536
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(5,940,318)			(5,686,785)			(2,087,689)			(34,073)
Class I			(25,058,778)			(25,046,665)			(72,381,833)			(1,965,800)
Class R6			—			—			(2,351,076)			(82,239)
Class S			(46,794,345)			(44,109,528)			(17,786,935)			(342,592)
Class S2			(275,856)			(363,231)			—			—
Return of capital:
Class ADV			—			(1,774,823)			—			—
Class I			—			(6,113,408)			—			—
Class S			—			(12,119,576)			—			—
Class S2			—			(106,570)			—			—
Total distributions			(78,069,297)			(95,320,586)			(94,607,533)			(2,424,704)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			66,605,167			116,408,495			9,445,343			23,480,953
Reinvestment of distributions			78,064,594			95,313,861			94,607,533			2,424,704
			144,669,761			211,722,356			104,052,876			25,905,657
Cost of shares redeemed			(422,234,910)			(427,308,214)			(82,795,189)			(84,200,830)
Net increase (decrease) in net assets resulting from capital share transactions			(277,565,149)			(215,585,858)			21,257,687			(58,295,173)
Net increase (decrease) in net assets			(811,648,862)			(349,418,544)			(146,611,980)			2,737,659
NET ASSETS:
Beginning of year or period			3,232,550,424			3,581,968,968			448,571,058			445,833,399
End of year or period		$	2,420,901,562		$	3,232,550,424		$	301,959,078		$	448,571,058

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Balanced 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		289,995		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		385,538		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		370,828		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		371,202		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		347,788		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		1,963		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		2,924		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		2,794		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		2,511		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		2,693		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		11,235		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		13,886		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		13,684		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		15,665		63
12-31-18		11.02		0.23•		(1.21)		(0.98)		0.40		0.01		—		0.41		—		9.63		(9.26)(a)		1.12		1.11		1.11		2.12		15,225		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		125,985		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		144,785		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		129,379		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		149,439		63
12-31-18		11.13		0.29•		(1.22)		(0.93)		0.57		0.01		—		0.58		—		9.62		(8.85)(a)		0.62		0.61		0.61		2.63		132,480		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		392,545		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		474,598		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		465,405		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		542,303		63
12-31-18		11.12		0.26•		(1.23)		(0.97)		0.48		0.01		—		0.49		—		9.66		(9.11)(a)		0.87		0.86		0.86		2.37		375,359		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)(a)		1.02		1.01		1.01		2.17		273		147

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya 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		2,703		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		2,920		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		2,573		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		3,232		63
12-31-18		10.96		0.22•		(1.21)		(0.99)		0.37		0.01		—		0.38		—		9.59		(9.41)(a)		1.37		1.21		1.21		2.03		31,833		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		523,130		—
12-31-21		1.00		—•		0.00*		0.00*		—		0.00*		—		0.00*		—		1.00		0.09		0.50		0.05		0.05		0.00		485,800		—
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		569,945		—
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		469,271		—
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		463,191		—
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*		—		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*		—		0.00*		—		0.00*		—		1.00		0.04		0.76		0.17		0.17		0.00		51		—
06-30-18(5)		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		73,784		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		97,015		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		903,118		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		896,424		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		824,943		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		1,644,921		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		2,137,930		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		1,845,796		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		1,798,927		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		1,602,432		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		32,229		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		42,612		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		482,532		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		479,676		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		451,557		84

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya 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		203,733		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		284,547		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		312,654		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		291,207		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		265,204		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		727,981		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		976,144		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		1,108,593		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		1,023,645		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		986,608		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		1,481,569		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		1,956,289		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		2,139,406		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		2,198,827		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		2,255,122		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		7,618		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		15,571		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		21,316		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		21,401		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		22,040		193
Voya Small Company Portfolio
Class ADV
12-31-22		19.74		(0.01)•		(3.40)		(3.41)		—		4.77		—		4.77		—		11.56		(17.04)		1.46		1.38		1.38		(0.05)		7,493		209
12-31-21		17.36		(0.10)•		2.56		2.46		—		0.08		—		0.08		—		19.74		14.19		1.49		1.40		1.40		(0.52)		8,826		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)		6,851		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)		7,227		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)		6,342		96

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya 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		226,999		209
12-31-21		18.59		(0.01)•		2.75		2.74		0.03		0.08		—		0.11		—		21.22		14.76		0.99		0.90		0.90		(0.03)		344,506		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		347,004		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		427,877		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		435,019		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		8,465		209
12-31-21		18.60		(0.00)*•		2.74		2.74		0.03		0.08		—		0.11		—		21.23		14.77		0.87		0.87		0.87		(0.00)*		14,790		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		11,466		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		5,665		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		6,115		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		59,003		209
12-31-21		17.99		(0.06)•		2.66		2.60		—		0.08		—		0.08		—		20.51		14.47		1.24		1.15		1.15		(0.28)		80,449		129
12-31-20		16.48		(0.00)*		1.83		1.83		0.05		0.27		—		0.32		—		17.99		12.04		1.27		1.15		1.15		(0.06)		80,512		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		86,035		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		80,225		96

(1)

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

(2)

Annualized for periods less than one year.

(3)

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

(4)

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

(5)

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

(a)

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.

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)

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

(2)

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

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

based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Portfolio’s 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		$	170,024		$	757,789
Intermediate Bond			15,150,487			49,681,466

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

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		$	22,681,375		$	12,280,838
Intermediate Bond			166,501,708			156,528,266

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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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 331∕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:

	Purchases			Sales
Balanced		$	263,320,138		$	303,429,274
Global High Dividend Low Volatility			379,054,555			438,981,206
Growth and Income			1,093,767,991			1,240,119,415
Intermediate Bond			669,763,163			1,260,770,653
Small Company			741,156,153			807,067,717

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

	Purchases			Sales
Balanced		$	278,919,801		$	268,258,851
Intermediate Bond			6,500,506,908			5,981,563,106

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:

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

(1)

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.

(2)

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.

(3)

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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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,
	2023			2024			2025			Total
Government Money Market		$	1,693,989		$	2,068,744		$	499,407		$	4,262,140

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 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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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		$	278,623
Global High Dividend Low Volatility			324,102
Government Money Market			616,544
Growth and Income			1,085,880
Intermediate Bond			1,337,546
Small Company			431,036

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 ADV		Class I		Class R6		Class S		Class S2		Class 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(1)		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(2)		1.36%		0.86%		0.86%		1.11%		N/A		N/A

(1)

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.

(2)

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 ADV						Class I						Class S						Class S2						Class 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.

TABLE OF CONTENTS

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,
	2023			2024			2025			Total
Balanced		$	236,487		$	197,485		$	188,000		$	621,972
Growth and Income			—			—			170,094			170,094
Intermediate Bond			1,522,285			1,337,760			1,169,688			4,029,733
Small Company			—			1,250			—			1,250

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,
	2023			2024			2025			Total
Small Company
Class ADV		$	7,102		$	7,165		$	5,488		$	19,755
Class I			387,425			316,996			201,196			905,617
Class S			84,569			74,415			47,092			206,076

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 Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced		5		$	926,600		3.47%
Global High Dividend Low Volatility		12			1,916,500		1.90
Growth and Income		1			1,258,000		1.33
Intermediate Bond		5			1,244,200		3.11
Small Company		14			8,174,357		2.52

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Balanced
Class I
12/31/2022		185,296		—		3,421,689		(2,301,808)		1,305,177		2,819,534		—		45,747,982		(33,400,115)		15,167,401
12/31/2021		251,590		—		723,234		(2,622,896)		(1,648,072)		4,434,846		—		12,106,938		(45,927,989)		(29,386,205)
Class S
12/31/2022		11,412		—		23,954		(43,657)		(8,291)		143,673		—		318,826		(631,288)		(168,789)
12/31/2021		3,312		—		5,170		(19,863)		(11,381)		57,934		—		86,191		(349,147)		(205,022)
Global High Dividend Low Volatility
Class ADV
12/31/2022		16,956		—		61,257		(184,355)		(106,142)		180,693		—		667,337		(2,066,643)		(1,218,613)
12/31/2021		16,754		—		24,622		(223,495)		(182,119)		195,744		—		285,119		(2,572,804)		(2,091,941)
Class I
12/31/2022		326,273		—		724,228		(1,352,821)		(302,320)		3,678,858		—		7,870,245		(15,192,450)		(3,643,347)
12/31/2021		280,377		—		306,993		(1,215,811)		(628,441)		3,176,484		—		3,556,936		(13,931,507)		(7,198,087)
Class S
12/31/2022		376,938		—		2,210,963		(5,437,256)		(2,849,355)		4,181,996		—		24,164,362		(60,741,884)		(32,395,526)
12/31/2021		238,061		—		937,385		(7,168,854)		(5,993,408)		2,770,779		—		10,900,387		(82,950,586)		(69,279,420)

TABLE OF CONTENTS

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

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Global High Dividend Low Volatility (continued)
Class S2
12/31/2022		1,764		—		1,278		(4,318)		(1,276)		19,793		—		13,783		(46,053)		(12,477)
12/31/2021		1,079		—		618		(14,200)		(12,503)		12,540		—		7,066		(166,995)		(147,389)
Class T
12/31/2022		48,107		—		13,286		(52,828)		8,565		528,564		—		144,852		(584,282)		89,134
12/31/2021		19,271		—		4,722		(33,150)		(9,157)		220,584		—		54,811		(383,585)		(108,190)
Government Money Market
Class I
12/31/2022		129,987,093		—		7,143,365		(99,672,054)		37,458,404		129,987,093		—		7,143,365		(99,672,054)		37,458,404
12/31/2021		68,479,424		—		435,973		(153,041,539)		(84,126,142)		68,479,424		—		435,973		(153,041,539)		(84,126,142)
Class S
12/31/2022		—		—		632		(10,246)		(9,614)		—		—		632		(10,246)		(9,614)
12/31/2021		7,239		—		47		(1,019)		6,267		7,239		—		47		(1,019)		6,267
Growth and Income
Class ADV
12/31/2022		89,714		—		701,147		(549,183)		241,678		1,744,478		—		11,552,104		(10,786,680)		2,509,902
12/31/2021		201,602		—		2,450,905		(29,175,892)		(26,523,385)		6,656,242		—		62,613,808		(1,008,319,631)		(939,049,581)
Class I
12/31/2022		356,954		—		14,845,877		(9,488,760)		5,714,071		7,346,879		—		254,309,052		(194,304,240)		67,351,691
12/31/2021		131,594		—		36,424,715		(6,543,445)		30,012,864		4,333,088		—		867,378,507		(223,795,000)		647,916,595
Class S
12/31/2022		101,772		—		309,290		(316,213)		94,849		2,046,477		—		5,105,764		(6,231,336)		920,905
12/31/2021		127,402		—		1,146,743		(15,839,739)		(14,565,594)		4,170,902		—		29,792,605		(548,686,094)		(514,722,587)
Class S2
12/31/2022		974		—		4,075		(1,018)		4,031		18,525		—		65,074		(21,099)		62,500
12/31/2021		453		—		9,051		(30)		9,474		14,943		—		203,108		(988)		217,063
Intermediate Bond
Class ADV
12/31/2022		388,133		—		537,652		(3,981,195)		(3,055,410)		4,351,777		—		5,940,318		(45,010,028)		(34,717,933)
12/31/2021		1,537,166		—		581,404		(3,393,970)		(1,275,400)		19,730,878		—		7,461,608		(43,581,477)		(16,388,991)
Class I
12/31/2022		1,874,834		—		2,239,599		(11,745,805)		(7,631,372)		21,338,764		—		25,054,075		(134,010,620)		(87,617,781)
12/31/2021		3,127,259		—		2,400,903		(12,557,702)		(7,029,540)		40,676,185		—		31,153,347		(162,906,269)		(91,076,737)
Class S
12/31/2022		3,420,335		—		4,217,193		(20,892,595)		(13,255,067)		39,204,519		—		46,794,345		(235,570,847)		(149,571,983)
12/31/2021		4,180,405		—		4,363,433		(16,513,541)		(7,969,703)		53,558,043		—		56,229,105		(212,930,197)		(103,143,049)
Class S2
12/31/2022		147,912		—		24,758		(675,555)		(502,885)		1,710,107		—		275,856		(7,643,415)		(5,657,452)
12/31/2021		189,378		—		36,584		(614,677)		(388,715)		2,443,389		—		469,801		(7,890,271)		(4,977,081)
Small Company
Class ADV
12/31/2022		93,588		—		182,331		(74,703)		201,216		1,345,402		—		2,087,689		(1,182,348)		2,250,743
12/31/2021		105,445		—		1,793		(54,825)		52,413		2,045,707		—		34,073		(1,072,678)		1,007,102
Class I
12/31/2022		314,217		—		5,703,848		(4,592,673)		1,425,392		4,937,868		—		72,381,833		(65,801,276)		11,518,425
12/31/2021		624,497		—		96,552		(3,153,101)		(2,432,052)		12,875,539		—		1,965,800		(64,937,072)		(50,095,733)
Class R6
12/31/2022		72,530		—		184,978		(296,548)		(39,040)		966,409		—		2,351,076		(5,246,690)		(1,929,205)
12/31/2021		292,892		—		4,037		(216,828)		80,101		6,151,114		—		82,239		(4,335,350)		1,898,003
Class S
12/31/2022		155,377		—		1,469,995		(723,542)		901,830		2,195,664		—		17,786,935		(10,564,875)		9,417,724
12/31/2021		119,177		—		17,382		(690,071)		(553,512)		2,408,593		—		342,592		(13,855,730)		(11,104,545)

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

TABLE OF CONTENTS

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 Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	5,319		$	(5,319)		$	—
Barclays Capital Inc.			126,328			(126,328)			—
BMO Capital Markets Corp			15,546			(15,546)			—
BNP Paribas			4,889			(4,889)			—
BofA Securities Inc			1,748,337			(1,748,337)			—
Citigroup Global Markets Inc.			25,807			(25,807)			—
Citigroup Global Markets Limited			146,328			(146,328)			—
Daiwa Capital Markets America Inc.			33,833			(33,833)			—
Deutsche Bank Securities Inc.			51,156			(51,156)			—
Goldman Sachs International			45,350			(45,350)			—
Goldman, Sachs & Co. LLC			51,610			(51,610)			—
HSBC Bank PLC			40,258			(40,258)			—
HSBC Securities (USA) Inc.			18,199			(18,199)			—
J.P. Morgan Securities LLC			30,846			(30,846)			—
Morgan Stanley & Co. LLC			10,862			(10,862)			—
National Bank of Canada Financial INC			41,063			(41,063)			—
National Financial Services LLC			10,934			(10,934)			—
NatWest Markets Securities Inc.			61,143			(61,143)			—
Nomura Securities International, Inc.			80,432			(80,432)			—
RBC Capital Markets, LLC			36,092			(36,092)			—
RBC Dominion Securities Inc			36,331			(36,331)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Scotia Capital (USA) INC		$	17,523		$	(17,523)		$	—
Societe Generale			156,374			(156,374)			—
TD Securities (USA) Inc.			46,344			(46,344)			—
Truist Securities INC			12,766			(12,766)			—
UBS AG			62,546			(62,546)			—
UBS Securities LLC.			20,672			(20,672)			—
US Bancorp Investments			17,196			(17,196)			—
Total		$	2,954,084		$	(2,954,084)		$	—

(1)

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 Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	1,199,213		$	(1,199,213)		$	—
Citigroup Global Markets Inc.			190,227			(190,227)			—
Citigroup Global Markets Limited			3,592,934			(3,592,934)			—
Nomura Securities International, Inc.			436,811			(436,811)			—
State Street Bank and Trust Company			278,085			(278,085)			—
TD Prime Services LLC			350,256			(350,256)			—
Total		$	6,047,526		$	(6,047,526)		$	—

(1)

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 Loaned at Value			Cash Collateral Received(1)			Net Amount
BofA Securities Inc		$	6,922,287		$	(6,922,287)		$	—
Citadel Clearing LLC			8,992,117			(8,992,117)			—
Citigroup Global Markets Inc.			186,543			(186,543)			—
Goldman, Sachs & Co. LLC			13,416			(13,416)			—
J.P. Morgan Securities LLC			8,122,197			(8,122,197)			—
Morgan Stanley & Co. LLC			54,016			(54,016)			—
Total		$	24,290,576		$	(24,290,576)		$	—

(1)

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 Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	1,343,452		$	(1,343,452)		$	—
BNP Paribas			928,666			(928,666)			—
BNP Paribas Prime Brokerage Intl Ltd			364,080			(364,080)			—
BofA Securities Inc			48,564,175			(48,564,175)			—

TABLE OF CONTENTS

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

NOTE 11 — SECURITIES LENDING (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	35,146,607		$	(35,146,607)		$	—
Daiwa Capital Markets America Inc.			536,455			(536,455)			—
Deutsche Bank Securities Inc.			346,796			(346,796)			—
Goldman, Sachs & Co. LLC			157,888			(157,888)			—
Industrial And Commercial Bank Of China			334,944			(334,944)			—
J.P. Morgan Securities LLC			1,720,997			(1,720,997)			—
Nomura Securities International, Inc.			797,803			(797,803)			—
TD Prime Services LLC			6,055,013			(6,055,013)			—
UBS Securities LLC.			417,354			(417,354)			—
Total		$	96,714,230		$	(96,714,230)		$	—

(1)

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 Loaned at Value			Cash Collateral Received(1)			Net Amount
Citadel Securities LLC		$	106,677		$	(106,677)		$	—
J.P. Morgan Securities LLC			906,923			(906,923)			—
National Bank of Canada Financial Inc			723,940			(723,940)			—
Nomura Securities International, Inc.			696,324			(696,324)			—
Scotia Capital (USA) INC			40,898			(40,898)			—
TD Prime Services LLC			878,440			(878,440)			—
Total		$	3,353,202		$	(3,353,202)		$	—

(1)

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 Capital			Distributable Earnings
Government Money Market		$	(66,385)		$	66,385
Intermediate Bond			(290,010)			290,010

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

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

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gain			Ordinary Income			Long-term Capital Gain			Return of Capital
Balanced		$	15,899,870		$	30,166,938		$	9,669,879		$	2,523,250		$	—
Global High Dividend Low Volatility			23,880,547			8,980,032			14,804,319			—			—
Government Money Market			7,146,615			—			436,020			—			—
Growth and Income			39,602,466			231,816,376			246,652,811			714,105,669			—
Intermediate Bond			78,069,297			—			75,114,307			91,902			20,114,377
Small Company			55,293,825			39,313,708			2,424,704			—			—

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:

TABLE OF CONTENTS

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

NOTE 12 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Total Distributable Earnings/(Loss)
Balanced		$	5,347,809		$	1,229,251		$	(9,058,007)			—		—		—		$	(2,480,947)
Global High Dividend Low Volatility			—			17,174,337			28,264,019			—		—		—			45,438,356
Government Money Market			—			—			—			(128,579)		Short-term		None			(128,610)
												(31)		Long-term		None
											$	(128,610)
Growth and Income			—			1,590,052			149,271,843			—		—		—			150,861,895
Intermediate Bond			1,168,842			—			(297,209,775)			(75,223,112)		Short-term		None			(508,632,862)
												(137,368,817)		Long-term		None
											$	(212,591,929)
Small Company			1,217,709			—			(29,973,256)			(9,089,991)		Short-term		None			(37,845,538)

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

TABLE OF CONTENTS

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
Share
Amount

Payable
Date

Record
Date

Government Money Market

Class I

0.0034

February 1, 2023

Daily

Class S

0.0030

February 1, 2023

Daily

Per
Share
Amount

Payable
Date

Record
Date

Intermediate Bond

Class ADV

0.0239

February 1, 2023

Daily

Class I

0.0286

February 1, 2023

Daily

Class S

0.0262

February 1, 2023

Daily

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.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 40.6%
	Communication Services: 2.3%
1,367 (1)	Adevinta ASA		$	9,052		0.0
29,299 (1)	Alphabet, Inc. - Class A			2,585,051		0.9
18,503	AT&T, Inc.			340,640		0.1
2,058 (2)	Auto Trader Group PLC			12,816		0.0
22,294	Bezeq Israeli Telecommunication Corp., Ltd.			38,246		0.0
1,064 (1)	Charter Communications, Inc.			360,802		0.1
8,256	Comcast Corp. - Class A			288,712		0.1
2,291	Electronic Arts, Inc.			279,914		0.1
5,696 (1)	Frontier Communications Parent, Inc.			145,134		0.1
8,217 (1)	Iridium Communications, Inc.			422,354		0.1
4,900	KDDI Corp.			148,602		0.1
9,378	Koninklijke KPN NV			29,027		0.0
4,808 (1)	Live Nation Entertainment, Inc.			335,310		0.1
2,788 (1)	Meta Platforms, Inc.			335,508		0.1
1,713 (1)	NetFlix, Inc.			505,130		0.2
1,145	Nexstar Media Group, Inc.			200,409		0.1
1,029	Publicis Groupe			65,735		0.1
1,208 (2)	Scout24 SE			60,803		0.0
5,500	Singapore Telecommunications Ltd.			10,545		0.0
2,800	SoftBank Group Corp.			118,420		0.1
605 (1)	Spotify Technology SA			47,765		0.0
1,248	TEGNA, Inc.			26,445		0.0
262,171 (1)	Telecom Italia S.p.A. - TIT			60,759		0.0
23,527 (3)	Telia Co. AB			60,118		0.0
10,999	Telstra Group Ltd.			29,746		0.0
395 (1)	TripAdvisor, Inc.			7,102		0.0
6,461	Vivendi SE			61,721		0.0
3,198	WPP PLC			31,596		0.0
110 (1)	Ziff Davis, Inc.			8,701		0.0
2,586 (1)	ZoomInfo Technologies, Inc.			77,865		0.0
				6,704,028		2.3
	Consumer Discretionary: 4.1%
1,963 (1)	Airbnb, Inc.			167,836		0.1
18,826 (1)	Amazon.com, Inc.			1,581,384		0.5
4,437	Aristocrat Leisure Ltd.			91,428		0.0
2,028 (1)	Autonation, Inc.			217,604		0.1
190 (1)	Autozone, Inc.			468,574		0.2
1,571	BorgWarner, Inc.			63,233		0.0
2,647	Boyd Gaming Corp.			144,341		0.1
719	Brunswick Corp.			51,826		0.0
1,129	Burberry Group PLC			27,449		0.0
1,689 (1)	Carmax, Inc.			102,843		0.0
1,175	Cie Financiere Richemont SA			152,351		0.1
604 (1)	CROCS, Inc.			65,492		0.0
2,695	Dana, Inc.			40,775		0.0
160 (1)	Deckers Outdoor Corp.			63,866		0.0
1,715	Dick’s Sporting Goods, Inc.			206,297		0.1
3,028 (3)	Electrolux AB			40,911		0.0
1,555	Entain PLC			24,764		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
338 (2)	Evolution AB		$	32,923		0.0
80 (1)	Five Below, Inc.			14,150		0.0
18,046	Ford Motor Co.			209,875		0.1
538 (1)(3)	GameStop Corp.			9,931		0.0
12,623	General Motors Co.			424,638		0.2
4,247	Gentex Corp.			115,816		0.0
3,377	Genuine Parts Co.			585,943		0.2
1,961 (1)	Goodyear Tire & Rubber Co.			19,904		0.0
145	H&R Block, Inc.			5,294		0.0
1,192	Harley-Davidson, Inc.			49,587		0.0
1,405	Hilton Worldwide Holdings, Inc.			177,536		0.1
1,025	Home Depot, Inc.			323,757		0.1
7,000	Honda Motor Co., Ltd.			159,663		0.1
6,299	Industria de Diseno Textil SA			167,307		0.1
538 (1)(2)	Just Eat Takeaway.com NV			11,451		0.0
2,128 (2)	La Francaise des Jeux SAEM			85,627		0.0
465	Lear Corp.			57,669		0.0
1,040	Leggett & Platt, Inc.			33,519		0.0
67	Lithia Motors, Inc.			13,718		0.0
9,712	LKQ Corp.			518,718		0.2
338	Lowe’s Cos, Inc.			67,343		0.0
485 (1)	Lululemon Athletica, Inc.			155,384		0.1
191	LVMH Moet Hennessy Louis Vuitton SE			138,989		0.1
1,780	Macy’s, Inc.			36,757		0.0
1,237	Marriott Vacations Worldwide Corp.			166,488		0.1
2,920 (1)	Mattel, Inc.			52,093		0.0
2,900	Mazda Motor Corp.			21,739		0.0
2,288	McDonald’s Corp.			602,957		0.2
6,443	MGM Resorts International			216,034		0.1
1,444	Moncler SpA			76,729		0.0
6,607	Nike, Inc. - Class B			773,085		0.3
491 (3)	Nordstrom, Inc.			7,925		0.0
139 (1)	Ollie’s Bargain Outlet Holdings, Inc.			6,511		0.0
300	Open House Group Co. Ltd.			10,923		0.0
5,300	Panasonic Holdings Corp.			44,356		0.0
1,685	Pandora A/S			119,098		0.1
7,268 (1)	Penn Entertainment, Inc.			215,860		0.1
68	Penske Auto Group, Inc.			7,815		0.0
631	PVH Corp.			44,542		0.0
1,079	Ross Stores, Inc.			125,240		0.1
809 (1)	Scientific Games Corp.			47,407		0.0
5,000	Sekisui Chemical Co., Ltd.			69,692		0.0
3,400	Sekisui House Ltd.			60,279		0.0
1,012	Service Corp. International			69,970		0.0
100 (3)	Shimano, Inc.			15,802		0.0
200	Sony Group Corp.			15,244		0.0
2,504	Stellantis NV (STLAM)			35,583		0.0
5,000	Subaru Corp.			75,700		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
2,092 (1)	Taylor Morrison Home Corp.		$	63,492		0.0
36,743	Taylor Wimpey PLC			44,999		0.0
731	Tempur Sealy International, Inc.			25,095		0.0
7,818 (1)	Tesla, Inc.			963,021		0.3
312 (3)	Thor Industries, Inc.			23,553		0.0
183 (1)	TopBuild Corp.			28,638		0.0
5,200	Toyota Motor Corp.			70,941		0.0
5,286	Travel + Leisure Co.			192,410		0.1
24,061 (1)	Under Armour, Inc. - Class A			244,460		0.1
600	USS Co., Ltd.			9,520		0.0
272 (1)	Victoria’s Secret & Co.			9,732		0.0
17,462	Wendy’s Company			395,165		0.1
368	Williams-Sonoma, Inc.			42,291		0.0
89	Wingstop, Inc.			12,248		0.0
427	Wyndham Hotels & Resorts, Inc.			30,449		0.0
837 (1)	YETI Holdings, Inc.			34,576		0.0
400	ZOZO, Inc.			9,878		0.0
				12,008,013		4.1
	Consumer Staples: 2.9%
1,088	Archer-Daniels-Midland Co.			101,021		0.0
342	Beiersdorf AG			39,081		0.0
1,343 (1)	BellRing Brands, Inc.			34,434		0.0
547 (1)	BJ’s Wholesale Club Holdings, Inc.			36,189		0.0
102 (1)	Boston Beer Co., Inc.			33,611		0.0
5,594	British American Tobacco PLC			221,289		0.1
72	Carlsberg A/S			9,550		0.0
771	Carrefour S.A.			12,895		0.0
41	Casey’s General Stores, Inc.			9,198		0.0
325 (1)	Celsius Holdings, Inc.			33,813		0.0
20,806	Coca-Cola Co.			1,323,470		0.5
66	Coca-Cola Consolidated, Inc.			33,816		0.0
374	Coca-Cola European Partners PLC - USD			20,690		0.0
2,670	Coca-Cola HBC AG			63,116		0.0
2,401	Coles Group Ltd.			27,217		0.0
1,883	Colgate-Palmolive Co.			148,362		0.1
1,650	Costco Wholesale Corp.			753,225		0.3
1,023	Danone			53,918		0.0
849 (1)	Darling Ingredients, Inc.			53,139		0.0
4,386	Davide Campari-Milano NV			44,528		0.0
225	Diageo PLC			9,849		0.0
1,158	Estee Lauder Cos., Inc.			287,311		0.1
2,755	Flowers Foods, Inc.			79,179		0.0
20,347 (1)	Haleon PLC			80,506		0.0
1,557	Heineken Holding NV			120,247		0.1
1,063 (1)	HelloFresh SE			23,200		0.0
8,119	J Sainsbury Plc			21,295		0.0
7,400 (3)	Japan Tobacco, Inc.			149,186		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
900	Kobayashi Pharmaceutical Co., Ltd.		$	61,688		0.0
2,971	Kroger Co.			132,447		0.1
426	L’Oreal S.A.			152,549		0.1
7,435	Mondelez International, Inc.			495,543		0.2
2,735 (1)	Monster Beverage Corp.			277,685		0.1
3,020	Mowi ASA			51,462		0.0
2,492	Nestle SA			287,849		0.1
7,426	PepsiCo, Inc.			1,341,581		0.5
931 (1)	Performance Food Group Co.			54,361		0.0
484	Pernod Ricard SA			95,213		0.1
4,459	Philip Morris International, Inc.			451,295		0.2
260 (1)	Post Holdings, Inc.			23,468		0.0
2,679	Procter & Gamble Co.			406,029		0.1
233	Remy Cointreau SA			39,287		0.0
1,800	Suntory Beverage & Food Ltd.			61,294		0.0
9,084	Tesco PLC			24,480		0.0
6,567	Treasury Wine Estates Ltd.			60,669		0.0
6,564	Tyson Foods, Inc.			408,609		0.1
446	Unilever PLC			22,379		0.0
435	Unilever PLC - ULVRL			21,962		0.0
2,193 (1)	US Foods Holding Corp.			74,606		0.0
101,500 (2)	WH Group Ltd.			59,199		0.0
400	Yakult Honsha Co., Ltd.			26,039		0.0
				8,453,029		2.9
	Energy: 2.0%
2,710	Aker BP ASA			84,235		0.0
3,961	Ampol Ltd.			76,140		0.0
1,629 (1)	Antero Resources Corp.			50,483		0.0
15,959	Baker Hughes Co.			471,269		0.2
38,743	BP PLC			223,546		0.1
461	ChampionX Corp.			13,364		0.0
2,833	Cheniere Energy, Inc.			424,837		0.2
1,867	Chevron Corp.			335,108		0.1
2,462 (1)(3)	CNX Resources Corp.			41,460		0.0
3,183	Diamondback Energy, Inc.			435,371		0.2
5,025	EOG Resources, Inc.			650,838		0.2
4,296	EQT Corp.			145,334		0.1
851	Equinor ASA			30,585		0.0
16,079	Equitrans Midstream Corp.			107,729		0.0
7,048	Exxon Mobil Corp.			777,395		0.3
494	HF Sinclair Corp.			25,634		0.0
5,120	Marathon Petroleum Corp.			595,917		0.2
792	Matador Resources Co.			45,334		0.0
508	OMV AG			26,132		0.0
544	PBF Energy, Inc.			22,184		0.0
2,777	Phillips 66			289,030		0.1
234	Pioneer Natural Resources Co.			53,443		0.0
1,660	Range Resources Corp.			41,533		0.0
7,573	Repsol SA			120,539		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
890	Schlumberger Ltd.		$	47,579		0.0
6,732	Shell PLC			189,782		0.1
15,766 (1)	Southwestern Energy Co.			92,231		0.0
4,748	Targa Resources Corp.			348,978		0.1
1,597 (3)	TotalEnergies SE			100,248		0.0
				5,866,258		2.0
	Financials: 5.5%
8,477	3i Group PLC			136,712		0.1
6,157	Abrdn PLC			13,991		0.0
320	Affiliated Managers Group, Inc.			50,698		0.0
3,600	AIA Group Ltd.			39,756		0.0
609	American Financial Group, Inc.			83,604		0.0
4,861	American International Group, Inc.			307,410		0.1
1,722	Ameriprise Financial, Inc.			536,179		0.2
3,800 (3)	Annaly Capital Management, Inc.			80,104		0.0
2,487	Aon PLC			746,448		0.3
786	Ares Management Corp.			53,794		0.0
2,219	ASX Ltd.			102,199		0.0
6,553	AXA S.A.			182,537		0.1
10,711	Banco Bilbao Vizcaya Argentaria SA			64,515		0.0
17,619	Bank of America Corp.			583,541		0.2
1,168	Bank OZK			46,790		0.0
73,040	Barclays PLC			138,982		0.1
2,856 (1)	Berkshire Hathaway, Inc. - Class B			882,218		0.3
3,446	BNP Paribas			196,212		0.1
3,624	Capital One Financial Corp.			336,887		0.1
8,853	Charles Schwab Corp.			737,101		0.3
10,516	Citigroup, Inc.			475,639		0.2
6,297	Citizens Financial Group, Inc.			247,913		0.1
1,912	CNO Financial Group, Inc.			43,689		0.0
1,265	Commerce Bancshares, Inc.			86,109		0.0
5,212 (1)	Commerzbank AG			48,730		0.0
268	Commonwealth Bank of Australia			18,614		0.0
427	Cullen/Frost Bankers, Inc.			57,090		0.0
1,800	Dai-ichi Life Holdings, Inc.			40,650		0.0
10,525	Deutsche Bank AG			118,317		0.0
50	Deutsche Boerse AG			8,609		0.0
1,292	East West Bancorp, Inc.			85,143		0.0
1,255	Erste Group Bank AG			40,154		0.0
602	Essent Group Ltd.			23,406		0.0
1,542	Evercore, Inc.			168,201		0.1
18	Everest Re Group Ltd.			5,963		0.0
4,816	FinecoBank Banca Fineco SpA			79,975		0.0
1,079	First American Financial Corp.			56,475		0.0
1,024	FNB Corp.			13,363		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
1,506	Gjensidige Forsikring ASA		$	29,539		0.0
5,391	Hancock Whitney Corp.			260,870		0.1
7,626	Hartford Financial Services Group, Inc.			578,280		0.2
5,654	HSBC Holdings PLC			35,041		0.0
1,225	International Bancshares Corp.			56,056		0.0
3,555	Jefferies Financial Group, Inc.			121,865		0.1
3,710	JPMorgan Chase & Co.			497,511		0.2
111	Kemper Corp.			5,461		0.0
5,063	Lazard Ltd.			175,534		0.1
10,676	Loews Corp.			622,731		0.2
262	LPL Financial Holdings, Inc.			56,637		0.0
5,231	Marsh & McLennan Cos., Inc.			865,626		0.3
11,623	Medibank Pvt Ltd.			23,188		0.0
928	Metlife, Inc.			67,159		0.0
3,174	MGIC Investment Corp.			41,262		0.0
31,600	Mitsubishi UFJ Financial Group, Inc.			212,144		0.1
5,843	Morgan Stanley			496,772		0.2
43,960	NatWest Group PLC			140,199		0.1
1,429	Navient Corp.			23,507		0.0
2,715	NN Group NV			111,022		0.0
8,679	Nordea Bank Abp			92,969		0.0
1,950	Old Republic International Corp.			47,093		0.0
9,000	ORIX Corp.			144,060		0.1
13,200	Oversea-Chinese Banking Corp., Ltd.			120,068		0.0
589	Pinnacle Financial Partners, Inc.			43,233		0.0
2,539	Popular, Inc.			168,386		0.1
5,627 (2)	Poste Italiane SpA			54,899		0.0
56	Primerica, Inc.			7,942		0.0
843	Prosperity Bancshares, Inc.			61,269		0.0
600	Reinsurance Group of America, Inc.			85,254		0.0
2,470	Rithm Capital Corp.			20,180		0.0
6,200	Singapore Exchange Ltd.			41,459		0.0
4,452	Societe Generale			111,672		0.0
2,800	Sompo Holdings, Inc.			123,881		0.0
13,418	Standard Chartered PLC			100,079		0.0
16,402	Starwood Property Trust, Inc.			300,649		0.1
868	Stifel Financial Corp.			50,665		0.0
5,200	Sumitomo Mitsui Financial Group, Inc.			209,208		0.1
4,500	Sumitomo Mitsui Trust Holdings, Inc.			157,030		0.1
3,750	Swedbank AB			63,784		0.0
545	Synovus Financial Corp.			20,465		0.0
8,900	Tokio Marine Holdings, Inc.			190,125		0.1
1,644	UBS Group AG			30,556		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
4,293	UMB Financial Corp.		$	358,551		0.1
6,866	Unum Group			281,712		0.1
8,976	US Bancorp			391,443		0.2
1,709	Washington Federal, Inc.			57,337		0.0
125	Webster Financial Corp.			5,918		0.0
22,322	Wells Fargo & Co.			921,675		0.3
867	Willis Towers Watson PLC			212,051		0.1
1,797	Wintrust Financial Corp.			151,882		0.1
253	Zions Bancorp NA			12,437		0.0
398	Zurich Insurance Group AG			190,275		0.1
				16,186,329		5.5
	Health Care: 6.2%
6,137	Abbott Laboratories			673,781		0.2
1,616	AbbVie, Inc.			261,162		0.1
4,171	Agilent Technologies, Inc.			624,190		0.2
149 (1)	Amedisys, Inc.			12,447		0.0
77	AmerisourceBergen Corp.			12,760		0.0
600	Astellas Pharma, Inc.			9,123		0.0
1,089	AstraZeneca PLC			147,363		0.1
156 (1)	Biogen, Inc.			43,200		0.0
13,137	Bristol-Myers Squibb Co.			945,207		0.3
245	Bruker Corp.			16,746		0.0
4,513 (1)	Centene Corp.			370,111		0.1
1,616	Cigna Corp.			535,445		0.2
46	CSL Ltd.			8,970		0.0
6,390	CVS Health Corp.			595,484		0.2
1,100	Daiichi Sankyo Co., Ltd.			35,405		0.0
897	Danaher Corp.			238,082		0.1
1,268 (1)	DexCom, Inc.			143,588		0.1
1,858 (1)(3)	Doximity, Inc.			62,354		0.0
2,777 (1)	Edwards Lifesciences Corp.			207,192		0.1
1,009	Elevance Health, Inc.			517,587		0.2
953	Eli Lilly & Co.			348,646		0.1
883 (1)	Envista Holdings Corp.			29,731		0.0
6,180 (1)	Exelixis, Inc.			99,127		0.0
2,349	Getinge AB			48,837		0.0
5,921	Gilead Sciences, Inc.			508,318		0.2
923 (1)	Globus Medical, Inc.			68,551		0.0
7,234	GSK PLC			125,028		0.1
1,028 (1)	Halozyme Therapeutics, Inc.			58,493		0.0
401 (1)	HealthEquity, Inc.			24,718		0.0
4,545	Hikma Pharmaceuticals PLC			84,701		0.0
3,146 (1)	Hologic, Inc.			235,352		0.1
1,300	Hoya Corp.			124,512		0.1
321	Humana, Inc.			164,413		0.1
445 (1)	Inari Medical, Inc.			28,284		0.0
833	Ipsen SA			89,598		0.0
495 (1)	Jazz Pharmaceuticals PLC			78,858		0.0
10,670	Johnson & Johnson			1,884,855		0.7
52	Laboratory Corp. of America Holdings			12,245		0.0
606 (1)	Lantheus Holdings, Inc.			30,882		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
311 (1)	LivaNova PLC		$	17,273		0.0
52 (1)	Masimo Corp.			7,693		0.0
1,059	McKesson Corp.			397,252		0.1
285 (1)	Medpace Holdings, Inc.			60,537		0.0
4,908	Medtronic PLC			381,450		0.1
4,318	Merck & Co., Inc.			479,082		0.2
154 (1)	Mettler Toledo International, Inc.			222,599		0.1
146 (1)	Molina Healthcare, Inc.			48,212		0.0
2,500 (1)	Neurocrine Biosciences, Inc.			298,600		0.1
1,461	Novartis AG			132,217		0.1
2,202	Novo Nordisk A/S			299,066		0.1
3,400	Olympus Corp.			59,968		0.0
322 (1)	Omnicell, Inc.			16,235		0.0
5,000	Ono Pharmaceutical Co., Ltd.			116,868		0.0
866 (1)	Option Care Health, Inc.			26,058		0.0
1,400	Otsuka Holdings Co. Ltd.			45,658		0.0
1,618	Patterson Cos., Inc.			45,353		0.0
214	Perrigo Co. PLC			7,295		0.0
20,011	Pfizer, Inc.			1,025,364		0.4
1,233 (1)	Progyny, Inc.			38,408		0.0
2,465 (1)	QIAGEN NV			123,916		0.1
358 (1)	QuidelOrtho Corp.			30,670		0.0
698 (1)	Regeneron Pharmaceuticals, Inc.			503,600		0.2
44 (1)	Repligen Corp.			7,450		0.0
1,305	Roche Holding AG-GENUSSCHEIN			410,080		0.1
1,508	Sanofi			145,411		0.1
54	Sartorius Stedim Biotech			17,548		0.0
590 (1)	Seagen, Inc.			75,821		0.0
606 (1)	Shockwave Medical, Inc.			124,600		0.1
6,080	Sonic Healthcare Ltd.			123,734		0.1
425	Sonova Holding AG - Reg			100,937		0.0
526 (1)	Staar Surgical Co.			25,532		0.0
767 (1)	Swedish Orphan Biovitrum AB			15,875		0.0
335 (1)	Syneos Health, Inc.			12,288		0.0
3,700	Takeda Pharmaceutical Co., Ltd.			115,613		0.0
833 (1)	Tandem Diabetes Care, Inc.			37,443		0.0
1,114	Thermo Fisher Scientific, Inc.			613,469		0.2
813	UCB S.A.			64,059		0.0
230 (1)	United Therapeutics Corp.			63,961		0.0
2,625	UnitedHealth Group, Inc.			1,391,722		0.5
1,303 (1)	Veeva Systems, Inc.			210,278		0.1
1,864 (1)	Vertex Pharmaceuticals, Inc.			538,286		0.2
				17,982,827		6.2
	Industrials: 4.1%
537	3M Co.			64,397		0.0
3,826	ACS Actividades de Construccion y Servicios SA			109,475		0.1
1,629	Acuity Brands, Inc.			269,779		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
7,014	AECOM		$	595,699		0.2
340	AGCO Corp.			47,155		0.0
2,009	Alfa Laval AB			58,115		0.0
35	AP Moller - Maersk A/S - Class B			78,351		0.0
473 (1)	ASGN, Inc.			38,540		0.0
7,461	Atlas Copco AB - A Shares			88,401		0.0
32,006	Aurizon Holdings Ltd.			81,085		0.0
223 (1)	Avis Budget Group, Inc.			36,556		0.0
112 (1)	Axon Enterprise, Inc.			18,584		0.0
3,009	BAE Systems PLC			31,078		0.0
729	Brenntag SE			46,492		0.0
1,269 (1)	Builders FirstSource, Inc.			82,333		0.0
35 (1)	CACI International, Inc.			10,521		0.0
106	Carlisle Cos., Inc.			24,979		0.0
258	Caterpillar, Inc.			61,806		0.0
74 (1)	Chart Industries, Inc.			8,527		0.0
3,133	Cie de Saint-Gobain			153,268		0.1
4,500	CK Hutchison Holdings Ltd.			26,959		0.0
449 (1)	Clean Harbors, Inc.			51,240		0.0
5,013	CNH Industrial NV			80,418		0.0
2,937 (1)	Copa Holdings S.A.- Class A			244,270		0.1
10,184 (1)	Copart, Inc.			620,104		0.2
106 (1)	CoStar Group, Inc.			8,192		0.0
7,091	CSX Corp.			219,679		0.1
34	Curtiss-Wright Corp.			5,678		0.0
1,693	DCC PLC			83,249		0.0
3,965	Deutsche Post AG			148,396		0.1
832	Donaldson Co., Inc.			48,980		0.0
373 (1)	Driven Brands Holdings, Inc.			10,187		0.0
1,202	Dun & Bradstreet Holdings, Inc.			14,736		0.0
628	Eiffage SA			61,773		0.0
6,778	Emerson Electric Co.			651,095		0.2
2,383	Experian PLC			80,709		0.0
1,054	Flowserve Corp.			32,337		0.0
1,431 (1)	Fluor Corp.			49,598		0.0
10,102	Fortive Corp.			649,053		0.2
176 (1)	FTI Consulting, Inc.			27,949		0.0
1,264 (1)	Gates Industrial Corp. PLC			14,422		0.0
2,266	GEA Group AG			92,152		0.0
8,382	General Electric Co.			702,328		0.3
818	Graco, Inc.			55,019		0.0
653 (1)	Hayward Holdings, Inc.			6,138		0.0
354	Hubbell, Inc.			83,077		0.0
5,951	Ingersoll Rand, Inc.			310,940		0.1
369	Insperity, Inc.			41,918		0.0
2,200	Jardine Matheson Holdings Ltd.			111,980		0.1
3,909 (1)	JetBlue Airways Corp.			25,330		0.0
6,534	Johnson Controls International plc			418,176		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
214	KBR, Inc.		$	11,299		0.0
10,700	Keppel Corp., Ltd.			58,028		0.0
584	Knight-Swift Transportation Holdings, Inc.			30,607		0.0
882	Legrand S.A.			70,720		0.0
4,900	Lixil Corp.			73,873		0.0
70	Manpowergroup, Inc.			5,825		0.0
572 (1)	Mastec, Inc.			48,809		0.0
140 (1)	Middleby Corp.			18,746		0.0
5,300	Mitsubishi Electric Corp.			52,517		0.0
2,000	NGK Insulators Ltd.			25,355		0.0
1,000	Nihon M&A Center Holdings, Inc.			12,305		0.0
1,876	nVent Electric PLC			72,170		0.0
1,076	Owens Corning, Inc.			91,783		0.0
1,821	Parker Hannifin Corp.			529,911		0.2
4,325	Pentair PLC			194,538		0.1
2,500	Recruit Holdings Co. Ltd.			78,255		0.0
2,568	Regal Rexnord Corp.			308,109		0.1
1,441	Robert Half International, Inc.			106,389		0.1
28	Rockwell Automation, Inc.			7,212		0.0
347 (1)	RXO, Inc.			5,968		0.0
446	Ryder System, Inc.			37,272		0.0
541 (1)	Saia, Inc.			113,437		0.1
2,300	Secom Co., Ltd.			131,233		0.1
2,148	Sensata Technologies Holding PLC			86,736		0.0
1,818	Siemens AG			250,613		0.1
27,800 (3)	Singapore Airlines Ltd.			114,783		0.1
28,000	SITC International Holdings Co. Ltd.			62,060		0.0
1,747	SKF AB - B Shares			26,683		0.0
5,709	Smiths Group PLC			109,568		0.1
4,389 (1)	Southwest Airlines Co.			147,778		0.1
279 (1)	SunPower Corp.			5,030		0.0
240 (1)	Sunrun, Inc.			5,765		0.0
1,039	Terex Corp.			44,386		0.0
85	Tetra Tech, Inc.			12,341		0.0
1,670	Textron, Inc.			118,236		0.1
1,085	Timken Co.			76,677		0.0
122	Toro Co.			13,810		0.0
600	Toyota Industries Corp.			32,595		0.0
485	Trane Technologies PLC			81,524		0.0
290 (1)	Trex Co., Inc.			12,276		0.0
6,753	U-Haul Holding Co.			406,463		0.2
1,261 (1)	United Rentals, Inc.			448,185		0.2
1,985 (1)	Univar Solutions, Inc.			63,123		0.0
7,252	Volvo AB - B Shares			130,997		0.1
57	Watsco, Inc.			14,216		0.0
793	Watts Water Technologies, Inc.			115,960		0.1
3,976	Westinghouse Air Brake Technologies Corp.			396,844		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
221 (1)	WillScot Mobile Mini Holdings Corp.		$	9,983		0.0
524	Wolters Kluwer NV			54,829		0.0
581	Woodward, Inc.			56,130		0.0
399	WW Grainger, Inc.			221,944		0.1
516 (3)	ZIM Integrated Shipping Services Ltd.			8,870		0.0
				12,093,989		4.1
	Information Technology: 9.3%
2,714	Accenture PLC			724,204		0.3
1,742 (1)	ACI Worldwide, Inc.			40,066		0.0
2,086 (1)	Adobe, Inc.			702,002		0.3
34 (1)(2)	Adyen NV			47,200		0.0
7,849 (1)	Allegro MicroSystems, Inc.			235,627		0.1
6,486	Amdocs Ltd.			589,577		0.2
38,853	Apple, Inc.			5,048,170		1.7
5,474	Applied Materials, Inc.			533,058		0.2
625 (1)	Arrow Electronics, Inc.			65,356		0.0
269	ASM International NV			68,254		0.0
501	ASML Holding NV			273,170		0.1
78 (1)	Aspen Technology, Inc.			16,021		0.0
790 (1)	Autodesk, Inc.			147,627		0.1
2,407	Automatic Data Processing, Inc.			574,936		0.2
1,381	Avnet, Inc.			57,422		0.0
81	Broadcom, Inc.			45,290		0.0
720 (1)	Cadence Design Systems, Inc.			115,661		0.0
1,342 (1)	Calix, Inc.			91,833		0.0
712	Capgemini SE			119,029		0.1
1,014 (1)	Check Point Software Technologies			127,926		0.1
117 (1)	Ciena Corp.			5,965		0.0
224 (1)	Cirrus Logic, Inc.			16,684		0.0
21,736	Cisco Systems, Inc.			1,035,503		0.4
882	Cognex Corp.			41,551		0.0
7,188	Cognizant Technology Solutions Corp.			411,082		0.2
841 (1)	Coherent Corp.			29,519		0.0
124 (1)	Commvault Systems, Inc.			7,792		0.0
1,064	Computershare Ltd.			18,744		0.0
131	Concentrix Corp.			17,444		0.0
257 (1)	CyberArk Software Ltd.			33,320		0.0
503	Dassault Systemes SE			18,088		0.0
13,938 (1)	Dropbox, Inc.			311,932		0.1
1,121 (1)	Dynatrace, Inc.			42,934		0.0
823	Edenred			44,792		0.0
135 (1)	EPAM Systems, Inc.			44,245		0.0
68 (1)	Euronet Worldwide, Inc.			6,418		0.0
208 (1)	ExlService Holdings, Inc.			35,241		0.0
2,496 (1)	F5, Inc.			358,201		0.1
97 (1)	Fair Isaac Corp.			58,062		0.0
7,047	Genpact Ltd.			326,417		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
3,242	Halma PLC		$	77,208		0.1
400	Hirose Electric Co., Ltd.			50,169		0.0
361 (1)	HubSpot, Inc.			104,376		0.0
83	Jabil, Inc.			5,661		0.0
2,009	Jack Henry & Associates, Inc.			352,700		0.1
6,925	Juniper Networks, Inc.			221,323		0.1
3,287 (1)	Keysight Technologies, Inc.			562,307		0.2
1,193	KLA Corp.			449,797		0.2
577	Lam Research Corp.			242,513		0.1
1,216 (1)	Lattice Semiconductor Corp.			78,894		0.0
498 (1)	Lumentum Holdings, Inc.			25,981		0.0
448 (1)	MACOM Technology Solutions Holdings, Inc.			28,215		0.0
1,693	Mastercard, Inc. - Class A			588,707		0.2
733	MAXIMUS, Inc.			53,751		0.0
18,442	Microsoft Corp.			4,422,760		1.5
317	MKS Instruments, Inc.			26,859		0.0
695	Monolithic Power Systems, Inc.			245,759		0.1
1,324	National Instruments Corp.			48,856		0.0
300	NEC Corp.			10,521		0.0
1,440	NetApp, Inc.			86,486		0.0
6,506	Nokia OYJ - Finland			30,225		0.0
8,579	Nvidia Corp.			1,253,735		0.4
9,449 (1)	Palantir Technologies, Inc.			60,663		0.0
2,006 (1)	Palo Alto Networks, Inc.			279,917		0.1
1,048 (1)	Paycom Software, Inc.			325,205		0.1
300 (1)	Paylocity Holding Corp.			58,278		0.0
2,557 (1)	PayPal Holdings, Inc.			182,110		0.1
11,923 (1)	Pure Storage, Inc. - Class A			319,059		0.1
3,762	Qualcomm, Inc.			413,594		0.2
2,425 (1)	Qualys, Inc.			272,158		0.1
4,500 (1)	Renesas Electronics Corp.			39,772		0.0
1,400	Rohm Co., Ltd.			100,365		0.1
4,604 (1)	Salesforce, Inc.			610,444		0.2
105	SAP SE			10,840		0.0
1,244 (1)	ServiceNow, Inc.			483,008		0.2
2,600	Shimadzu Corp.			73,606		0.0
142 (1)	Silicon Laboratories, Inc.			19,265		0.0
251 (1)	SolarEdge Technologies, Inc.			71,101		0.0
141 (1)	Synaptics, Inc.			13,418		0.0
10,416	Telefonaktiebolaget LM Ericsson			61,032		0.0
2,425	Teradyne, Inc.			211,824		0.1
13,537	The Sage Group PLC			121,897		0.1
2,940	Universal Display Corp.			317,638		0.1
5,400	Venture Corp. Ltd.			68,829		0.0
5,127	Visa, Inc. - Class A			1,065,186		0.4
1,481	WiseTech Global Ltd.			50,935		0.0
431 (1)	Wix.com Ltd.			33,114		0.0
209 (1)	Wolfspeed, Inc.			14,429		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
1,586 (1)	Workday, Inc.		$	265,385		0.1
874 (1)	Xero Ltd.			41,676		0.0
900	Yokogawa Electric Corp.			14,284		0.0
				27,052,198		9.3
	Materials: 1.6%
127	Air Liquide SA			18,026		0.0
800	Air Products & Chemicals, Inc.			246,608		0.1
1,061	Alcoa Corp.			48,244		0.0
3,000	Anglo American PLC			117,480		0.1
127	Aptargroup, Inc.			13,967		0.0
832	ArcelorMittal SA			21,950		0.0
504	Arkema SA			45,332		0.0
549	Ashland, Inc.			59,034		0.0
1,335	Avient Corp.			45,070		0.0
1,952	BASF SE			96,113		0.0
182	Berry Global Group, Inc.			10,998		0.0
7,484	BHP Group Ltd. Australian			231,832		0.1
4,506	BlueScope Steel Ltd.			51,356		0.0
1,114 (1)	Cleveland-Cliffs, Inc.			17,946		0.0
3,810	CRH PLC			151,524		0.1
2,784	Dow, Inc.			140,286		0.1
401	Eagle Materials, Inc.			53,273		0.0
1,959	Ecolab, Inc.			285,152		0.1
2,292	FMC Corp.			286,042		0.1
2,343	Freeport-McMoRan, Inc.			89,034		0.0
10	Givaudan			30,629		0.0
1,814	HeidelbergCement AG			102,790		0.1
2,503	Holcim AG			129,564		0.1
6,398	IGO Ltd.			58,525		0.0
1,749 (1)	Ingevity Corp.			123,200		0.1
1,143	Linde PLC			372,824		0.1
864	Louisiana-Pacific Corp.			51,149		0.0
205 (1)	MP Materials Corp.			4,977		0.0
1,000	Nippon Sanso Holdings Corp.			14,485		0.0
1,600	Nissan Chemical Corp.			69,772		0.0
1,700	Nitto Denko Corp.			97,911		0.0
838	Nucor Corp.			110,457		0.1
812	Reliance Steel & Aluminum Co.			164,381		0.1
2,672	Rio Tinto Ltd.			210,889		0.1
257	Royal Gold, Inc.			28,969		0.0
873	RPM International, Inc.			85,074		0.0
479	Sealed Air Corp.			23,892		0.0
307	Sherwin-Williams Co.			72,860		0.0
403	Sika AG			96,882		0.0
1,903	Smurfit Kappa PLC			70,526		0.0
7,358	South32 Ltd. - AUD			20,173		0.0
441	Steel Dynamics, Inc.			43,086		0.0
22,100	Sumitomo Chemical Co., Ltd.			79,242		0.0
268	Symrise AG			29,106		0.0
2,112	United States Steel Corp.			52,906		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
247	Valvoline, Inc.		$	8,064		0.0
11,243	WestRock Co.			395,304		0.2
				4,576,904		1.6
	Real Estate: 1.3%
9,306	British Land Co. PLC			44,183		0.0
734	Brixmor Property Group, Inc.			16,640		0.0
4,575 (1)	CBRE Group, Inc.			352,092		0.1
5,500	CK Asset Holdings Ltd.			33,732		0.0
510	Cousins Properties, Inc.			12,898		0.0
1,038	Crown Castle, Inc.			140,794		0.1
2,247	CubeSmart			90,442		0.0
4,400	Daiwa House Industry Co., Ltd.			101,360		0.1
13,941	Dexus			73,191		0.0
2,039	Digital Realty Trust, Inc.			204,451		0.1
48	EastGroup Properties, Inc.			7,107		0.0
1,557	First Industrial Realty Trust, Inc.			75,141		0.0
117	Gecina S.A.			11,920		0.0
10,705	Highwoods Properties, Inc.			299,526		0.1
6,622	Host Hotels & Resorts, Inc.			106,283		0.0
1,175	Independence Realty Trust, Inc.			19,810		0.0
4,752	Iron Mountain, Inc.			236,887		0.1
441 (1)	Jones Lang LaSalle, Inc.			70,282		0.0
8,619	Kilroy Realty Corp.			333,297		0.1
1,529	Kite Realty Group Trust			32,185		0.0
1,716	Lamar Advertising Co.			161,990		0.1
432	Life Storage, Inc.			42,552		0.0
1,030	Mid-America Apartment Communities, Inc.			161,700		0.1
1,700	Mitsubishi Estate Co., Ltd.			22,021		0.0
1,100	Mitsui Fudosan Co., Ltd.			20,105		0.0
1,984	National Retail Properties, Inc.			90,788		0.0
863	National Storage Affiliates Trust			31,172		0.0
5,000	Nomura Real Estate Holdings, Inc.			106,914		0.1
4,243	Physicians Realty Trust			61,396		0.0
6,164	ProLogis, Inc.			694,868		0.3
110	Rexford Industrial Realty, Inc.			6,010		0.0
9,374	Segro PLC			86,356		0.0
140	Spirit Realty Capital, Inc.			5,590		0.0
				3,753,683		1.3
	Utilities: 1.3%
3,636	Atmos Energy Corp.			407,487		0.1
760	Black Hills Corp.			53,459		0.0
1,050	Consolidated Edison, Inc.			100,076		0.0
1,281	DTE Energy Co.			150,556		0.1
8,054	E.ON AG			80,073		0.0
3,899	Edison International			248,054		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
1,921	EDP - Energias de Portugal SA		$	9,576		0.0
23,145	Enel S.p.A.			124,477		0.1
3,577	Engie SA			51,173		0.0
158	Essential Utilities, Inc.			7,541		0.0
7,174	National Fuel Gas Co.			454,114		0.2
3,577	NextEra Energy, Inc.			299,037		0.1
12,153	NiSource, Inc.			333,235		0.1
751	OGE Energy Corp.			29,702		0.0
3,566	ONE Gas, Inc.			270,018		0.1
4,138	Origin Energy Ltd.			21,658		0.0
20,000	Power Assets Holdings Ltd.			109,309		0.0
2,356	PPL Corp.			68,842		0.0
2,534	Red Electrica Corp. SA			44,061		0.0
4,663	Sempra Energy			720,620		0.3
24,037	Snam SpA			116,551		0.1
578	Southwest Gas Holdings, Inc.			35,767		0.0
932	SSE PLC			19,168		0.0
5,300	Tokyo Gas Co., Ltd.			103,773		0.0
677	UGI Corp.			25,096		0.0
3,321	Vistra Corp.			77,047		0.0
				3,960,470		1.3
	Total Common Stock (Cost $114,509,607)			118,637,728		40.6
EXCHANGE-TRADED FUNDS: 23.7%
56,288	iShares 20+ Year Treasury Bond ETF			5,604,033		1.9
145,349	iShares Core S&P 500 ETF			55,844,539		19.1
466	iShares Core S&P Mid-Cap ETF			112,721		0.1
45,775	iShares Core U.S. Aggregate Bond ETF			4,439,717		1.5
1,209	iShares MSCI EAFE ETF			79,359		0.0
56,346	Schwab U.S. TIPS ETF			2,918,159		1.0
490	SPDR S&P 500 ETF Trust			187,391		0.1
	Total Exchange-Traded Funds (Cost $72,173,672)			69,185,919		23.7
MUTUAL FUNDS: 8.0%
	Affiliated Investment Companies: 8.0%
553,496	Voya High Yield Bond Fund - Class P			3,636,470		1.2
1,203,921	Voya Short Term Bond Fund - Class R6			11,088,112		3.8
87,717 (1)	Voya Small Cap Growth Fund - Class R6			2,888,514		1.0
457,988	Voya Small Company Fund - Class R6			5,857,662		2.0
	Total Mutual Funds (Cost $25,008,970)			23,470,758		8.0
PREFERRED STOCK: 0.0%
	Consumer Discretionary: 0.0%
874	Porsche AG			47,664		0.0

Shares		Value			Percentage of Net Assets
PREFERRED STOCK (continued)
	Consumer Discretionary (continued)
637	Volkswagen AG		$	79,020		0.0
	Total Preferred Stock (Cost $209,324)			126,684		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 7.5%
	Basic Materials: 0.1%
10,000 (2)	Anglo American Capital PLC, 3.625%, 09/11/2024		9,682		0.0
12,000 (2)	Anglo American Capital PLC, 5.625%, 04/01/2030		11,942		0.0
55,000	Dow Chemical Co., 4.375%, 11/15/2042		45,778		0.1
17,000 (3)	Dow Chemical Co/The, 6.300%, 03/15/2033		17,939		0.0
18,000	Dow Chemical Co/The, 6.900%, 05/15/2053		19,652		0.0
31,000	Mosaic Co/The, 5.450%, 11/15/2033		30,248		0.0
7,000	Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051		4,664		0.0
21,000	Steel Dynamics, Inc., 1.650%, 10/15/2027		17,632		0.0
15,000	Steel Dynamics, Inc., 2.400%, 06/15/2025		14,079		0.0
19,000	Teck Resources Ltd., 5.400%, 02/01/2043		16,957		0.0
			188,573		0.1
	Communications: 0.7%
56,000	Amazon.com, Inc., 2.100%, 05/12/2031		45,875		0.0
131,000	Amazon.com, Inc., 2.875%, 05/12/2041		98,272		0.1
40,000 (3)	Amazon.com, Inc., 3.600%, 04/13/2032		36,723		0.0
19,000	Amazon.com, Inc., 3.950%, 04/13/2052		15,831		0.0
31,000	Amazon.com, Inc., 4.100%, 04/13/2062		25,770		0.0
37,000	Amazon.com, Inc., 4.550%, 12/01/2027		36,945		0.0
49,000	Amazon.com, Inc., 4.700%, 12/01/2032		48,661		0.0
42,000	AT&T, Inc., 2.550%, 12/01/2033		32,401		0.0
120,000	AT&T, Inc., 3.500%, 06/01/2041		89,956		0.1
8,000	AT&T, Inc., 3.550%, 09/15/2055		5,374		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
73,000	AT&T, Inc., 3.650%, 09/15/2059		$	49,198		0.0
10,000	AT&T, Inc., 4.500%, 05/15/2035			9,126		0.0
21,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			16,941		0.0
25,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			14,547		0.0
14,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052			8,841		0.0
6,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050			4,379		0.0
35,000	Comcast Corp., 2.650%, 02/01/2030			30,359		0.0
32,000	Comcast Corp., 2.887%, 11/01/2051			20,696		0.0
87,000	Comcast Corp., 3.900%, 03/01/2038			75,318		0.0
78,000	Comcast Corp., 3.950%, 10/15/2025			76,469		0.1
40,000	Comcast Corp., 3.999%, 11/01/2049			31,761		0.0
20,000	Comcast Corp., 5.350%, 11/15/2027			20,461		0.0
33,000	Comcast Corp., 5.500%, 11/15/2032			34,516		0.0
13,000	Corning, Inc., 5.450%, 11/15/2079			11,293		0.0
56,000	Discovery Communications LLC, 4.000%, 09/15/2055			33,846		0.0
73,000	Fox Corp., 3.500%, 04/08/2030			64,847		0.0
9,000	Interpublic Group of Cos., Inc., 4.200%, 04/15/2024			8,837		0.0
26,000	Meta Platforms, Inc., 3.500%, 08/15/2027			24,276		0.0
70,000	Meta Platforms, Inc., 3.850%, 08/15/2032			61,796		0.0
45,000	Meta Platforms, Inc., 4.450%, 08/15/2052			35,993		0.0
71,000	Meta Platforms, Inc., 4.650%, 08/15/2062			57,343		0.0
200,000 (2)	NBN Co. Ltd., 1.625%, 01/08/2027			172,907		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
22,000	Paramount Global, 4.375%, 03/15/2043		$	15,223		0.0
49,000 (3)	Paramount Global, 4.950%, 05/19/2050			35,834		0.0
5,000	Paramount Global, 5.250%, 04/01/2044			3,860		0.0
19,000	Paramount Global, 5.850%, 09/01/2043			15,850		0.0
15,000 (2)	Rogers Communications, Inc., 3.800%, 03/15/2032			12,985		0.0
12,000 (2)	Rogers Communications, Inc., 4.550%, 03/15/2052			9,359		0.0
28,000	Time Warner Cable LLC, 5.500%, 09/01/2041			23,342		0.0
25,000	Time Warner Cable LLC, 5.875%, 11/15/2040			21,876		0.0
143,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			123,056		0.1
20,000	T-Mobile USA, Inc., 2.625%, 02/15/2029			16,958		0.0
17,000	T-Mobile USA, Inc., 3.500%, 04/15/2031			14,717		0.0
284,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			257,918		0.1
2,000	T-Mobile USA, Inc., 4.500%, 04/15/2050			1,654		0.0
97,000	Verizon Communications, Inc., 2.355%, 03/15/2032			77,149		0.1
10,000	Verizon Communications, Inc., 2.987%, 10/30/2056			6,145		0.0
18,000	Verizon Communications, Inc., 3.400%, 03/22/2041			13,605		0.0
38,000	Verizon Communications, Inc., 3.700%, 03/22/2061			26,693		0.0
5,000	Verizon Communications, Inc., 4.400%, 11/01/2034			4,609		0.0
4,000	Verizon Communications, Inc., 4.750%, 11/01/2041			3,665		0.0
80,000	Verizon Communications, Inc., 4.812%, 03/15/2039			73,613		0.0
31,000	Vodafone Group PLC, 4.375%, 02/19/2043			24,945		0.0
13,000	Vodafone Group PLC, 5.125%, 06/19/2059			11,184		0.0
				2,093,798		0.7
	Consumer, Cyclical: 0.3%
1,686 (2)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029			1,608		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
3,460	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029		$	3,111		0.0
2,143	American Airlines 2016-1 Class AA Pass Through Trust, 3.575%, 07/15/2029			1,917		0.0
1,439	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			1,251		0.0
8,321	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			7,203		0.0
10,063	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			8,560		0.0
8,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			7,532		0.0
17,000 (3)	General Motors Co., 6.125%, 10/01/2025			17,319		0.0
95,000	General Motors Financial Co., Inc., 2.350%, 02/26/2027			83,098		0.1
25,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			24,520		0.0
25,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			23,791		0.0
56,000	General Motors Financial Co., Inc., 5.000%, 04/09/2027			54,331		0.0
21,000	Hasbro, Inc., 3.000%, 11/19/2024			20,191		0.0
19,000	Hasbro, Inc., 3.550%, 11/19/2026			17,843		0.0
37,000	Home Depot, Inc./The, 4.500%, 09/15/2032			36,244		0.0
49,000	Home Depot, Inc./The, 4.950%, 09/15/2052			47,332		0.0
32,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			25,530		0.0
19,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			14,869		0.0
24,299 (2)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			24,212		0.0
20,000	Target Corp., 2.950%, 01/15/2052			13,814		0.0
39,000	Target Corp., 4.500%, 09/15/2032			37,974		0.0
16,000	Toyota Motor Credit Corp., 1.900%, 01/13/2027			14,300		0.0
21,000 (3)	Toyota Motor Credit Corp., 4.450%, 06/29/2029			20,608		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
53,000	Toyota Motor Credit Corp., 4.550%, 09/20/2027		$	52,361		0.0
12,778	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			12,384		0.0
10,007	United Airlines 2014-1 Class A Pass Through Trust, 4.000%, 10/11/2027			9,312		0.0
12,507	United Airlines 2016-2 Class A Pass Through Trust, 3.100%, 04/07/2030			10,130		0.0
83,869	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			71,499		0.0
14,941	United Airlines 2019-2 Class A Pass Through Trust, 2.900%, 11/01/2029			12,023		0.0
110,654	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			109,252		0.1
51,470	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			49,831		0.0
27,000	Walmart, Inc., 4.500%, 09/09/2052			25,854		0.0
96,000 (2)	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			86,587		0.1
17,000 (2)	Warnermedia Holdings, Inc., 5.050%, 03/15/2042			13,067		0.0
14,000 (2)	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			10,232		0.0
				969,690		0.3
	Consumer, Non-cyclical: 1.2%
28,000	AbbVie, Inc., 2.600%, 11/21/2024			26,807		0.0
12,000	AbbVie, Inc., 4.050%, 11/21/2039			10,322		0.0
54,000	AbbVie, Inc., 4.300%, 05/14/2036			48,826		0.0
33,000	AbbVie, Inc., 4.400%, 11/06/2042			28,776		0.0
53,000	AbbVie, Inc., 4.500%, 05/14/2035			49,284		0.0
7,000	AbbVie, Inc., 4.550%, 03/15/2035			6,571		0.0
30,000	AbbVie, Inc., 4.625%, 10/01/2042			26,784		0.0
42,000	Aetna, Inc., 2.800%, 06/15/2023			41,565		0.0
70,000	Aetna, Inc., 4.500%, 05/15/2042			60,729		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
16,000	Aetna, Inc., 6.625%, 06/15/2036		$	17,071		0.0
17,000 (2)(3)	Alcon Finance Corp., 5.375%, 12/06/2032			17,140		0.0
32,000	Altria Group, Inc., 2.450%, 02/04/2032			24,219		0.0
69,000	Altria Group, Inc., 3.700%, 02/04/2051			43,475		0.0
9,000	Altria Group, Inc., 4.800%, 02/14/2029			8,655		0.0
20,000	Altria Group, Inc., 5.800%, 02/14/2039			18,519		0.0
72,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			68,272		0.1
175,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			159,970		0.1
15,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			15,034		0.0
78,000	BAT Capital Corp., 2.259%, 03/25/2028			64,863		0.1
11,000	BAT Capital Corp., 2.726%, 03/25/2031			8,608		0.0
17,000	BAT Capital Corp., 3.734%, 09/25/2040			11,599		0.0
25,000	BAT Capital Corp., 4.390%, 08/15/2037			19,519		0.0
61,000	BAT International Finance PLC, 4.448%, 03/16/2028			56,603		0.0
40,000	Baxter International, Inc., 2.272%, 12/01/2028			34,188		0.0
92,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			72,045		0.1
30,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			26,822		0.0
25,000 (2)	Cargill, Inc., 2.125%, 04/23/2030			20,641		0.0
42,000 (2)	Cargill, Inc., 2.125%, 11/10/2031			33,264		0.0
22,000 (2)	Cargill, Inc., 3.125%, 05/25/2051			15,260		0.0
22,000 (2)	Cargill, Inc., 4.375%, 04/22/2052			19,193		0.0
13,000 (2)	Cargill, Inc., 5.125%, 10/11/2032			13,064		0.0
64,000	Centene Corp., 3.000%, 10/15/2030			52,608		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
44,000	Cigna Corp., 3.400%, 03/15/2050		$	31,388		0.0
150,000	Cigna Corp., 4.375%, 10/15/2028			144,969		0.1
64,000	Cigna Corp., 4.800%, 08/15/2038			59,660		0.0
42,000	Cigna Corp., 4.900%, 12/15/2048			38,064		0.0
52,000 (2)	CSL Finance PLC, 4.250%, 04/27/2032			49,113		0.0
23,000 (2)	CSL Finance PLC, 4.625%, 04/27/2042			20,608		0.0
40,000 (2)	CSL Finance PLC, 4.750%, 04/27/2052			36,357		0.0
17,000 (2)	CSL Finance PLC, 4.950%, 04/27/2062			15,137		0.0
30,000	CVS Health Corp., 2.700%, 08/21/2040			20,838		0.0
5,000	CVS Health Corp., 3.875%, 07/20/2025			4,884		0.0
7,000	CVS Health Corp., 4.125%, 04/01/2040			5,853		0.0
5,000	CVS Health Corp., 4.780%, 03/25/2038			4,575		0.0
45,000	CVS Health Corp., 5.050%, 03/25/2048			40,619		0.0
9,000	CVS Health Corp., 5.125%, 07/20/2045			8,247		0.0
101,000	Global Payments, Inc., 2.650%, 02/15/2025			95,105		0.1
54,000	Global Payments, Inc., 3.200%, 08/15/2029			46,014		0.0
18,000	Global Payments, Inc., 5.950%, 08/15/2052			16,364		0.0
16,000	HCA, Inc., 2.375%, 07/15/2031			12,494		0.0
27,000 (2)	HCA, Inc., 3.125%, 03/15/2027			24,587		0.0
15,000	HCA, Inc., 3.500%, 09/01/2030			12,972		0.0
177,000	HCA, Inc., 4.125%, 06/15/2029			161,955		0.1
38,000 (2)	HCA, Inc., 4.375%, 03/15/2042			30,423		0.0
200,000	HCA, Inc., 4.500%, 02/15/2027			193,053		0.1
22,000	HCA, Inc., 5.250%, 04/15/2025			21,891		0.0
18,000 (2)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025			16,554		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
180,000	Humana, Inc., 1.350%, 02/03/2027		$	155,880		0.1
8,000	Humana, Inc., 3.125%, 08/15/2029			7,029		0.0
35,000	Humana, Inc., 4.500%, 04/01/2025			34,606		0.0
16,000	Humana, Inc., 5.750%, 03/01/2028			16,366		0.0
28,000	Johnson & Johnson, 3.625%, 03/03/2037			24,987		0.0
75,000 (2)	Mars, Inc., 2.375%, 07/16/2040			51,101		0.0
30,000 (2)	Mars, Inc., 3.875%, 04/01/2039			25,584		0.0
15,000	Merck & Co., Inc., 2.750%, 12/10/2051			10,095		0.0
25,000	Mylan, Inc., 5.200%, 04/15/2048			18,712		0.0
12,000	PayPal Holdings, Inc., 2.300%, 06/01/2030			9,885		0.0
54,000 (3)	PayPal Holdings, Inc., 4.400%, 06/01/2032			50,986		0.0
109,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			99,657		0.1
22,000	Reynolds American, Inc., 5.700%, 08/15/2035			19,931		0.0
22,000	Reynolds American, Inc., 5.850%, 08/15/2045			18,830		0.0
6,000	Reynolds American, Inc., 6.150%, 09/15/2043			5,376		0.0
11,000	Royalty Pharma PLC, 1.200%, 09/02/2025			9,855		0.0
14,000	Royalty Pharma PLC, 1.750%, 09/02/2027			11,871		0.0
17,000 (3)	S&P Global, Inc., 1.250%, 08/15/2030			13,113		0.0
54,000 (2)	S&P Global, Inc., 2.700%, 03/01/2029			47,642		0.0
65,000 (2)	S&P Global, Inc., 2.900%, 03/01/2032			55,623		0.0
60,000 (2)	S&P Global, Inc., 3.700%, 03/01/2052			46,610		0.0
18,000 (3)	Thermo Fisher Scientific, Inc., 4.800%, 11/21/2027			18,090		0.0
120,000 (2)	Triton Container International Ltd., 2.050%, 04/15/2026			104,345		0.1
16,000 (2)	Triton Container International Ltd., 3.150%, 06/15/2031			12,471		0.0
15,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			10,941		0.0
4,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			3,022		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
19,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039		$	15,606		0.0
19,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047			15,202		0.0
16,000	UnitedHealth Group, Inc., 4.750%, 05/15/2052			14,862		0.0
54,000	UnitedHealth Group, Inc., 5.300%, 02/15/2030			55,778		0.0
40,000	UnitedHealth Group, Inc., 5.350%, 02/15/2033			41,399		0.0
30,000	UnitedHealth Group, Inc., 5.875%, 02/15/2053			32,590		0.0
29,000	UnitedHealth Group, Inc., 6.050%, 02/15/2063			31,678		0.0
23,000	Utah Acquisition Sub, Inc., 5.250%, 06/15/2046			17,477		0.0
70,000	Viatris, Inc., 2.700%, 06/22/2030			54,877		0.0
80,000	Viatris, Inc., 3.850%, 06/22/2040			53,893		0.0
11,000	Viatris, Inc., 4.000%, 06/22/2050			6,815		0.0
				3,454,805		1.2
	Energy: 0.7%
18,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026			16,158		0.0
17,000	BP Capital Markets America, Inc., 1.749%, 08/10/2030			13,592		0.0
15,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			9,945		0.0
26,000 (4)	BP Capital Markets PLC, 4.875%, 12/31/2199			22,831		0.0
10,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			10,386		0.0
21,000	Cenovus Energy, Inc., 5.400%, 06/15/2047			18,884		0.0
134,000	Coterra Energy, Inc., 3.900%, 05/15/2027			125,324		0.1
5,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			4,398		0.0
46,000	Diamondback Energy, Inc., 6.250%, 03/15/2033			46,832		0.0
42,000	Diamondback Energy, Inc., 6.250%, 03/15/2053			40,812		0.0
200,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			187,964		0.1
38,000 (4)	Enbridge, Inc., 5.750%, 07/15/2080			34,455		0.0
34,000 (4)	Enbridge, Inc., 7.375%, 01/15/2083			33,131		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
34,000 (4)	Enbridge, Inc., 7.625%, 01/15/2083		$	33,715		0.0
9,000	Energy Transfer L.P., 4.250%, 04/01/2024			8,842		0.0
3,000	Energy Transfer L.P., 4.900%, 03/15/2035			2,682		0.0
43,000	Energy Transfer L.P., 5.300%, 04/01/2044			36,484		0.0
112,000	Energy Transfer L.P., 5.300%, 04/15/2047			93,732		0.1
99,000	Energy Transfer L.P., 5.750%, 02/15/2033			97,048		0.1
55,000	Energy Transfer L.P., 5.800%, 06/15/2038			50,560		0.0
25,000 (3)	Enterprise Products Operating LLC, 3.750%, 02/15/2025			24,328		0.0
26,000 (4)	Enterprise Products Operating LLC, 7.630%, 08/16/2077			23,567		0.0
69,000	Kinder Morgan, Inc., 3.600%, 02/15/2051			47,827		0.0
18,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			16,497		0.0
17,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			14,270		0.0
17,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			14,274		0.0
23,000	Marathon Petroleum Corp., 5.125%, 12/15/2026			22,891		0.0
20,000	MPLX L.P., 1.750%, 03/01/2026			17,850		0.0
49,000	MPLX L.P., 2.650%, 08/15/2030			39,820		0.0
55,000	MPLX L.P., 4.000%, 03/15/2028			51,254		0.0
5,000	MPLX L.P., 4.700%, 04/15/2048			3,968		0.0
7,000	MPLX L.P., 5.200%, 03/01/2047			5,973		0.0
14,000	MPLX L.P., 5.200%, 12/01/2047			11,974		0.0
17,000	MPLX L.P., 5.500%, 02/15/2049			15,022		0.0
16,000 (2)	Northern Natural Gas Co., 3.400%, 10/16/2051			10,861		0.0
9,000	ONEOK Partners L.P., 6.125%, 02/01/2041			8,528		0.0
24,000	ONEOK Partners L.P., 6.200%, 09/15/2043			22,894		0.0
8,000	ONEOK, Inc., 3.100%, 03/15/2030			6,722		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
10,000	ONEOK, Inc., 5.850%, 01/15/2026		$	10,131		0.0
200,000 (2)	Petroleos del Peru SA, 4.750%, 06/19/2032			154,940		0.1
235,000	Petroleos Mexicanos, 6.700%, 02/16/2032			184,993		0.1
10,000	Phillips 66, 0.900%, 02/15/2024			9,562		0.0
16,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			13,908		0.0
17,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.800%, 09/15/2030			14,814		0.0
50,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			48,979		0.0
73,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			56,837		0.0
17,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			16,010		0.0
16,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			15,713		0.0
92,000 (2)	Santos Finance Ltd., 3.649%, 04/29/2031			73,213		0.1
63,000 (3)	Shell International Finance BV, 3.875%, 11/13/2028			60,800		0.0
32,000	Shell International Finance BV, 4.125%, 05/11/2035			29,786		0.0
13,000	Targa Resources Corp., 6.250%, 07/01/2052			12,335		0.0
41,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031			37,076		0.0
30,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			29,191		0.0
19,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			17,314		0.0
				2,031,897		0.7
	Financial: 2.5%
2,000	Alleghany Corp., 3.250%, 08/15/2051			1,417		0.0
18,000	Alleghany Corp., 3.625%, 05/15/2030			16,738		0.0
2,000	Alleghany Corp., 4.900%, 09/15/2044			1,843		0.0
43,000 (4)	American Express Co., 4.420%, 08/03/2033			40,749		0.0
163,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031			126,151		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
27,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032		$	22,784		0.0
17,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			12,535		0.0
4,000	American International Group, Inc., 3.900%, 04/01/2026			3,880		0.0
27,000 (2)	Antares Holdings L.P., 2.750%, 01/15/2027			21,663		0.0
40,000	Assurant, Inc., 3.700%, 02/22/2030			33,962		0.0
22,000	Athene Holding Ltd., 6.650%, 02/01/2033			21,821		0.0
26,000	AvalonBay Communities, Inc., 5.000%, 02/15/2033			25,666		0.0
21,000 (2)	Aviation Capital Group LLC, 1.950%, 09/20/2026			17,816		0.0
4,000 (2)	Aviation Capital Group LLC, 3.500%, 11/01/2027			3,500		0.0
8,000 (2)(3)	Aviation Capital Group LLC, 3.875%, 05/01/2023			7,936		0.0
32,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024			31,458		0.0
25,000 (2)	Avolon Holdings Funding Ltd., 2.528%, 11/18/2027			20,019		0.0
16,000 (2)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028			12,868		0.0
34,000 (2)	Avolon Holdings Funding Ltd., 4.250%, 04/15/2026			30,861		0.0
200,000	Banco Santander SA, 2.746%, 05/28/2025			187,356		0.1
79,000 (4)	Bank of America Corp., 0.976%, 04/22/2025			74,106		0.0
36,000 (4)	Bank of America Corp., 1.197%, 10/24/2026			32,041		0.0
63,000 (4)	Bank of America Corp., 1.530%, 12/06/2025			58,150		0.0
248,000 (4)	Bank of America Corp., 1.734%, 07/22/2027			217,582		0.1
20,000 (4)	Bank of America Corp., 1.843%, 02/04/2025			19,184		0.0
40,000 (4)	Bank of America Corp., 2.087%, 06/14/2029			33,730		0.0
42,000 (4)	Bank of America Corp., 2.572%, 10/20/2032			32,999		0.0
22,000 (4)	Bank of America Corp., 2.676%, 06/19/2041			14,879		0.0
333,000 (4)	Bank of America Corp., 2.687%, 04/22/2032			267,327		0.1
80,000 (4)	Bank of America Corp., 3.593%, 07/21/2028			73,773		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
37,000 (4)	Bank of America Corp., 3.846%, 03/08/2037		$	30,733		0.0
18,000 (4)	Bank of America Corp., 3.970%, 03/05/2029			16,641		0.0
7,000 (4)	Bank of America Corp., 4.083%, 03/20/2051			5,512		0.0
69,000 (4)	Bank of America Corp., 4.271%, 07/23/2029			64,473		0.0
56,000 (4)	Bank of America Corp., 4.571%, 04/27/2033			51,382		0.0
114,000 (4)	Bank of America Corp., 5.015%, 07/22/2033			108,567		0.1
27,000 (4)	Bank of America Corp., 6.204%, 11/10/2028			27,925		0.0
36,000 (4)	Bank of Montreal, 3.803%, 12/15/2032			31,757		0.0
56,000 (4)	Bank of New York Mellon Corp./The, 5.834%, 10/25/2033			58,230		0.0
128,000 (4)	Bank of Nova Scotia/The, 4.588%, 05/04/2037			109,562		0.1
21,000 (2)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			17,131		0.0
19,000 (2)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			14,004		0.0
41,000 (2)	Blackstone Holdings Finance Co. LLC, 2.850%, 08/05/2051			23,974		0.0
30,000 (2)	Blackstone Holdings Finance Co. LLC, 3.200%, 01/30/2052			19,266		0.0
60,000 (2)	Blackstone Holdings Finance Co. LLC, 6.200%, 04/22/2033			60,668		0.0
20,000	Blackstone Private Credit Fund, 4.000%, 01/15/2029			16,536		0.0
206,000 (2)	BPCE SA, 5.700%, 10/22/2023			204,513		0.1
29,000 (4)	Capital One Financial Corp., 1.878%, 11/02/2027			25,294		0.0
29,000 (4)	Capital One Financial Corp., 3.273%, 03/01/2030			24,850		0.0
24,000	CBRE Services, Inc., 2.500%, 04/01/2031			18,974		0.0
77,000	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			59,948		0.0
19,000	CI Financial Corp., 4.100%, 06/15/2051			11,259		0.0
221,000 (4)	Citigroup, Inc., 1.462%, 06/09/2027			191,958		0.1
74,000 (2)	Corebridge Financial, Inc., 3.850%, 04/05/2029			67,553		0.0
46,000 (2)	Corebridge Financial, Inc., 3.900%, 04/05/2032			40,301		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
102,000 (2)(4)	Corebridge Financial, Inc., 6.875%, 12/15/2052		$	94,726		0.1
250,000 (2)(4)	Credit Suisse Group AG, 2.193%, 06/05/2026			213,725		0.1
30,000	CubeSmart L.P., 2.250%, 12/15/2028			24,781		0.0
50,000	Essex Portfolio L.P., 3.250%, 05/01/2023			49,627		0.0
11,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			11,784		0.0
7,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			7,002		0.0
74,000 (2)	Hartford Financial Services Group, Inc./The, 6.731%, (US0003M + 2.125%), 02/12/2067			62,133		0.0
400,000 (4)	HSBC Holdings PLC, 2.099%, 06/04/2026			364,348		0.1
400,000 (4)	HSBC Holdings PLC, 2.633%, 11/07/2025			375,929		0.1
84,000 (2)	Intact Financial Corp., 5.459%, 09/22/2032			83,135		0.0
24,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			16,736		0.0
170,000	Intercontinental Exchange, Inc., 4.600%, 03/15/2033			163,070		0.1
70,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028			58,011		0.0
55,000 (4)	JPMorgan Chase & Co., 0.969%, 06/23/2025			51,300		0.0
137,000 (4)	JPMorgan Chase & Co., 1.040%, 02/04/2027			119,319		0.1
46,000 (4)	JPMorgan Chase & Co., 1.470%, 09/22/2027			39,884		0.0
41,000 (4)	JPMorgan Chase & Co., 1.578%, 04/22/2027			36,072		0.0
39,000 (4)	JPMorgan Chase & Co., 2.069%, 06/01/2029			32,640		0.0
33,000 (4)	JPMorgan Chase & Co., 2.182%, 06/01/2028			28,904		0.0
168,000 (4)	JPMorgan Chase & Co., 2.545%, 11/08/2032			133,216		0.1
16,000 (4)	JPMorgan Chase & Co., 2.595%, 02/24/2026			15,055		0.0
57,000 (4)	JPMorgan Chase & Co., 2.947%, 02/24/2028			51,644		0.0
70,000 (4)	JPMorgan Chase & Co., 3.797%, 07/23/2024			69,320		0.0
18,000 (4)	JPMorgan Chase & Co., 4.912%, 07/25/2033			17,192		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
130,000 (4)	JPMorgan Chase & Co., 5.717%, 09/14/2033		$	127,276		0.1
11,000	Kite Realty Group L.P., 4.000%, 10/01/2026			10,143		0.0
19,000 (2)	Liberty Mutual Group, Inc., 5.500%, 06/15/2052			17,145		0.0
56,000	Main Street Capital Corp., 3.000%, 07/14/2026			48,326		0.0
30,000	Main Street Capital Corp., 5.200%, 05/01/2024			29,586		0.0
35,000 (3)(4)	Morgan Stanley, 0.791%, 01/22/2025			33,126		0.0
54,000 (4)	Morgan Stanley, 1.512%, 07/20/2027			46,926		0.0
103,000 (4)	Morgan Stanley, 1.593%, 05/04/2027			90,475		0.1
234,000 (4)	Morgan Stanley, 2.188%, 04/28/2026			217,649		0.1
56,000 (4)	Morgan Stanley, 2.239%, 07/21/2032			43,097		0.0
18,000 (4)	Morgan Stanley, 2.475%, 01/21/2028			16,019		0.0
29,000 (4)	Morgan Stanley, 2.720%, 07/22/2025			27,742		0.0
32,000 (4)	Morgan Stanley, 2.802%, 01/25/2052			19,839		0.0
18,000 (4)	Morgan Stanley, 3.591%, 07/22/2028			16,539		0.0
45,000 (4)	Morgan Stanley, 3.737%, 04/24/2024			44,762		0.0
112,000	Morgan Stanley, 3.875%, 01/27/2026			108,547		0.1
100,000	Morgan Stanley, 4.000%, 07/23/2025			97,747		0.1
40,000 (4)	Morgan Stanley, 4.457%, 04/22/2039			35,272		0.0
107,000 (4)	Morgan Stanley, 5.297%, 04/20/2037			98,128		0.1
29,000 (4)	Morgan Stanley, 6.296%, 10/18/2028			29,988		0.0
214,000 (4)	Morgan Stanley, 6.342%, 10/18/2033			224,915		0.1
97,000	Northern Trust Corp., 6.125%, 11/02/2032			102,591		0.1
43,000 (2)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			36,414		0.0
36,000	Old Republic International Corp., 3.850%, 06/11/2051			24,842		0.0
150,000	ORIX Corp., 3.250%, 12/04/2024			144,570		0.1
101,000 (4)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			87,533		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
15,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032		$	10,536		0.0
30,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			29,488		0.0
19,000	Prologis L.P., 2.250%, 01/15/2032			15,110		0.0
15,000	Public Storage, 1.950%, 11/09/2028			12,824		0.0
8,000	Realty Income Corp., 3.950%, 08/15/2027			7,640		0.0
27,000	Realty Income Corp., 4.875%, 06/01/2026			26,886		0.0
17,000	Sabra Health Care L.P., 3.200%, 12/01/2031			12,688		0.0
11,000	Simon Property Group L.P., 1.750%, 02/01/2028			9,380		0.0
13,000	Simon Property Group L.P., 2.450%, 09/13/2029			10,881		0.0
40,000	Sun Communities Operating L.P., 4.200%, 04/15/2032			35,339		0.0
11,000 (4)	Truist Financial Corp., 1.267%, 03/02/2027			9,758		0.0
200,000 (2)(4)	UBS Group AG, 2.095%, 02/11/2032			151,030		0.1
55,000 (4)	US Bancorp, 5.850%, 10/21/2033			57,275		0.0
7,000	Ventas Realty L.P., 5.700%, 09/30/2043			6,409		0.0
29,000	Visa, Inc., 4.150%, 12/14/2035			27,504		0.0
8,000	Visa, Inc., 4.300%, 12/14/2045			7,346		0.0
18,000 (4)	Wells Fargo & Co., 2.164%, 02/11/2026			16,794		0.0
36,000 (4)	Wells Fargo & Co., 2.393%, 06/02/2028			31,827		0.0
81,000 (4)	Wells Fargo & Co., 2.406%, 10/30/2025			76,656		0.0
14,000 (4)	Wells Fargo & Co., 3.068%, 04/30/2041			10,038		0.0
24,000	XLIT Ltd., 5.500%, 03/31/2045			22,792		0.0
				7,252,756		2.5
	Industrial: 0.3%
31,000	Avnet, Inc., 5.500%, 06/01/2032			28,713		0.0
27,000	Berry Global, Inc., 0.950%, 02/15/2024			25,592		0.0
40,000	Berry Global, Inc., 1.650%, 01/15/2027			34,265		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
22,000	Boeing Co/The, 3.250%, 02/01/2028		$	20,017		0.0
36,000	Boeing Co/The, 3.250%, 02/01/2035			27,486		0.0
5,000 (3)	Boeing Co/The, 3.625%, 02/01/2031			4,393		0.0
5,000	Boeing Co/The, 3.850%, 11/01/2048			3,454		0.0
35,000	Boeing Co/The, 4.875%, 05/01/2025			34,764		0.0
34,000	Boeing Co/The, 5.150%, 05/01/2030			33,255		0.0
19,000	Boeing Co/The, 5.805%, 05/01/2050			17,713		0.0
45,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			36,766		0.0
75,000	Burlington Northern Santa Fe LLC, 4.450%, 01/15/2053			67,057		0.1
38,000	CSX Corp., 4.500%, 11/15/2052			33,200		0.0
37,000	FedEx Corp., 3.900%, 02/01/2035			31,578		0.0
18,000	GE Capital Funding LLC, 4.400%, 05/15/2030			16,587		0.0
26,000	John Deere Capital Corp., 3.350%, 04/18/2029			24,082		0.0
25,000	John Deere Capital Corp., 4.350%, 09/15/2032			24,365		0.0
34,000	Lockheed Martin Corp., 5.700%, 11/15/2054			35,847		0.0
16,000	Lockheed Martin Corp., 5.900%, 11/15/2063			17,293		0.0
200,000 (2)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			181,492		0.1
11,000	Norfolk Southern Corp., 4.100%, 05/15/2121			7,661		0.0
24,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			21,141		0.0
40,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			35,039		0.0
2,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			1,983		0.0
34,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			31,025		0.0
51,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			46,104		0.0
30,000 (2)	Sealed Air Corp., 1.573%, 10/15/2026			25,944		0.0
76,000	Union Pacific Corp., 3.500%, 02/14/2053			57,462		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
21,000	Union Pacific Corp., 5.150%, 01/20/2063		$	20,314		0.0
29,000	Waste Connections, Inc., 4.200%, 01/15/2033			27,024		0.0
				971,616		0.3
	Technology: 0.6%
88,000 (3)	Advanced Micro Devices, Inc., 3.924%, 06/01/2032			82,027		0.1
50,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052			44,205		0.0
115,000	Apple, Inc., 2.650%, 02/08/2051			76,393		0.1
19,000	Apple, Inc., 2.850%, 08/05/2061			12,316		0.0
21,000 (3)	Apple, Inc., 3.350%, 08/08/2032			19,127		0.0
70,000	Apple, Inc., 3.750%, 09/12/2047			58,505		0.0
121,000	Apple, Inc., 3.950%, 08/08/2052			103,514		0.1
18,000	Apple, Inc., 4.100%, 08/08/2062			15,073		0.0
37,000 (2)	Broadcom, Inc., 4.926%, 05/15/2037			32,410		0.0
25,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			25,535		0.0
20,000	Fiserv, Inc., 2.750%, 07/01/2024			19,332		0.0
80,000 (3)	HP, Inc., 2.650%, 06/17/2031			62,516		0.0
12,000	HP, Inc., 4.000%, 04/15/2029			10,978		0.0
27,000 (3)	HP, Inc., 4.750%, 01/15/2028			26,244		0.0
18,000	Intel Corp., 3.100%, 02/15/2060			11,176		0.0
13,000	Intel Corp., 3.250%, 11/15/2049			8,905		0.0
75,000	Intel Corp., 4.600%, 03/25/2040			68,561		0.0
22,000	Intel Corp., 5.050%, 08/05/2062			19,427		0.0
38,000	International Business Machines Corp., 4.400%, 07/27/2032			36,371		0.0
37,000	International Business Machines Corp., 4.900%, 07/27/2052			33,836		0.0
64,000	KLA Corp., 4.950%, 07/15/2052			59,812		0.0
32,000	KLA Corp., 5.250%, 07/15/2062			30,938		0.0
21,000	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			17,159		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
54,000	Kyndryl Holdings, Inc., 2.700%, 10/15/2028		$	40,611		0.0
18,000	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			12,032		0.0
37,000	Microchip Technology, Inc., 2.670%, 09/01/2023			36,320		0.0
79,000	Microsoft Corp., 2.921%, 03/17/2052			56,301		0.0
31,000	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026			30,861		0.0
13,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			8,150		0.0
14,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			12,130		0.0
100,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029			93,445		0.1
70,000	Oracle Corp., 2.300%, 03/25/2028			60,754		0.0
5,000	Oracle Corp., 3.600%, 04/01/2050			3,387		0.0
74,000	Oracle Corp., 3.650%, 03/25/2041			54,905		0.0
27,000	Oracle Corp., 3.800%, 11/15/2037			21,474		0.0
6,000	Oracle Corp., 3.850%, 07/15/2036			4,927		0.0
15,000	Oracle Corp., 3.950%, 03/25/2051			10,752		0.0
110,000	Oracle Corp., 4.300%, 07/08/2034			96,971		0.1
34,000	Oracle Corp., 6.150%, 11/09/2029			35,371		0.0
22,000	Oracle Corp., 6.900%, 11/09/2052			23,665		0.0
8,000 (3)	QUALCOMM, Inc., 5.400%, 05/20/2033			8,356		0.0
63,000	QUALCOMM, Inc., 6.000%, 05/20/2053			67,311		0.0
17,000	Roper Technologies, Inc., 1.400%, 09/15/2027			14,408		0.0
81,000	Salesforce, Inc., 2.700%, 07/15/2041			58,138		0.0
24,000	Texas Instruments, Inc., 3.650%, 08/16/2032			22,325		0.0
31,000	Texas Instruments, Inc., 4.100%, 08/16/2052			27,708		0.0
81,000	VMware, Inc., 1.400%, 08/15/2026			70,715		0.1
				1,745,377		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: 1.1%
32,000 (2)	AEP Texas, Inc., 3.850%, 10/01/2025		$	30,769		0.0
21,000	AES Corp./The, 1.375%, 01/15/2026			18,670		0.0
10,000 (2)	AES Corp./The, 3.950%, 07/15/2030			8,866		0.0
20,000	Alabama Power Co., 3.450%, 10/01/2049			14,502		0.0
74,000 (2)	Alliant Energy Finance LLC, 3.750%, 06/15/2023			73,501		0.1
26,000 (4)	American Electric Power Co., Inc., 3.875%, 02/15/2062			20,287		0.0
25,000 (2)	American Transmission Systems, Inc., 2.650%, 01/15/2032			20,583		0.0
28,000 (2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			25,572		0.0
14,000	Appalachian Power Co., 3.700%, 05/01/2050			10,262		0.0
55,000	Avangrid, Inc., 3.200%, 04/15/2025			52,607		0.0
28,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			22,753		0.0
9,000	Black Hills Corp., 3.050%, 10/15/2029			7,655		0.0
40,000	Black Hills Corp., 4.250%, 11/30/2023			39,789		0.0
4,000	Black Hills Corp., 4.350%, 05/01/2033			3,531		0.0
25,000	CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042			19,839		0.0
39,000 (2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			35,605		0.0
12,000 (4)	CMS Energy Corp., 3.750%, 12/01/2050			9,067		0.0
68,000 (4)	CMS Energy Corp., 4.750%, 06/01/2050			58,987		0.0
12,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			11,830		0.0
53,000 (4)	Dominion Energy, Inc., 4.350%, 12/31/2199			44,782		0.0
25,000 (4)	Dominion Energy, Inc., 4.650%, 12/31/2199			22,000		0.0
50,000	Dominion Energy, Inc., 5.375%, 11/15/2032			49,716		0.0
10,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			8,373		0.0
6,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			4,684		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
81,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042		$	67,373		0.1
4,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			3,660		0.0
42,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			34,409		0.0
8,000	Duke Energy Florida LLC, 4.200%, 07/15/2048			6,746		0.0
20,000	Duke Energy Florida LLC, 5.950%, 11/15/2052			21,413		0.0
195,000	Duke Energy Indiana LLC, 2.750%, 04/01/2050			123,268		0.1
11,000	Duke Energy Ohio, Inc., 2.125%, 06/01/2030			9,004		0.0
109,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			83,049		0.1
40,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			33,753		0.0
2,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			1,683		0.0
11,000 (2)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			8,741		0.0
78,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			47,370		0.0
9,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			6,295		0.0
25,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			20,587		0.0
24,000	Entergy Corp., 2.400%, 06/15/2031			19,122		0.0
7,000	Entergy Corp., 2.800%, 06/15/2030			5,929		0.0
100,000	Entergy Louisiana LLC, 2.900%, 03/15/2051			64,433		0.1
9,000	Entergy Louisiana LLC, 4.200%, 04/01/2050			7,357		0.0
33,000	Entergy Texas, Inc., 4.000%, 03/30/2029			31,204		0.0
16,000	Evergy Metro, Inc., 2.250%, 06/01/2030			13,203		0.0
25,000	Eversource Energy, 1.400%, 08/15/2026			21,970		0.0
57,000	Eversource Energy, 2.900%, 03/01/2027			52,564		0.0
25,000	Georgia Power Co., 2.200%, 09/15/2024			23,857		0.0
33,000	Georgia Power Co., 5.750%, 04/15/2023			33,110		0.0
80,000	Interstate Power and Light Co., 3.250%, 12/01/2024			77,229		0.1
6,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030			5,344		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
8,000 (2)	Jersey Central Power & Light Co., 2.750%, 03/01/2032		$	6,481		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			48,349		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.700%, 04/01/2024			49,324		0.0
12,000 (2)	Metropolitan Edison Co., 4.000%, 04/15/2025			11,494		0.0
5,000	MidAmerican Energy Co., 4.400%, 10/15/2044			4,441		0.0
30,000	Mississippi Power Co., 4.250%, 03/15/2042			24,460		0.0
20,000 (2)	Monongahela Power Co., 3.550%, 05/15/2027			18,828		0.0
13,000 (2)	Narragansett Electric Co/The, 3.395%, 04/09/2030			11,646		0.0
41,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			34,232		0.0
31,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032			25,585		0.0
38,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032			35,207		0.0
43,000 (4)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			39,885		0.0
17,000 (3)	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033			17,797		0.0
175,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027			155,131		0.1
123,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028			105,234		0.1
18,000	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			14,572		0.0
45,000 (4)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			36,725		0.0
38,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024			37,509		0.0
100,000	NiSource, Inc., 0.950%, 08/15/2025			90,244		0.1
20,000	NiSource, Inc., 5.950%, 06/15/2041			20,322		0.0
16,000	NSTAR Electric Co., 1.950%, 08/15/2031			12,766		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
17,000	Oglethorpe Power Corp., 3.750%, 08/01/2050		$	12,270		0.0
39,000 (2)	Oncor Electric Delivery Co. LLC, 4.550%, 09/15/2032			38,305		0.0
26,000	ONE Gas, Inc., 1.100%, 03/11/2024			24,943		0.0
13,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			9,092		0.0
28,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			19,956		0.0
17,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			12,715		0.0
61,000	PacifiCorp, 5.350%, 12/01/2053			60,750		0.0
5,000	PECO Energy Co., 3.700%, 09/15/2047			3,933		0.0
6,000	PECO Energy Co., 4.150%, 10/01/2044			5,128		0.0
200,000	Perusahaan Listrik Negara PT, 4.125%, 05/15/2027			192,459		0.1
75,000	PPL Electric Utilities Corp., 4.125%, 06/15/2044			63,011		0.1
11,000	Public Service Enterprise Group, Inc., 1.600%, 08/15/2030			8,554		0.0
59,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			47,303		0.0
42,000	Sempra Energy, 3.800%, 02/01/2038			34,599		0.0
65,000 (4)	Sempra Energy, 4.125%, 04/01/2052			50,651		0.0
24,000 (3)(4)	Sempra Energy, 4.875%, 12/31/2199			22,252		0.0
49,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			38,193		0.0
6,000	Southern California Edison Co., 4.050%, 03/15/2042			4,799		0.0
39,000 (4)	Southern Co/The, 3.750%, 09/15/2051			31,588		0.0
35,000 (4)	Southern Co/The, 4.000%, 01/15/2051			31,938		0.0
38,000	Southern Co/The, 5.113%, 08/01/2027			37,923		0.0
9,000	Southwest Gas Corp., 4.050%, 03/15/2032			7,927		0.0
36,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			32,239		0.0
14,000	Tampa Electric Co., 4.350%, 05/15/2044			11,675		0.0
23,000	Tucson Electric Power Co., 1.500%, 08/01/2030			17,652		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
17,000	Union Electric Co., 3.900%, 09/15/2042		$	13,996		0.0
45,000 (2)	Vistra Operations Co. LLC, 5.125%, 05/13/2025			44,249		0.0
36,000	Washington Gas Light Co., 3.650%, 09/15/2049			26,304		0.0
31,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			26,346		0.0
26,000	WEC Energy Group, Inc., 2.200%, 12/15/2028			22,060		0.0
10,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			10,008		0.0
14,000	WEC Energy Group, Inc., 5.150%, 10/01/2027			14,175		0.0
23,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			19,629		0.0
26,000	Wisconsin Public Service Corp., 3.671%, 12/01/2042			19,800		0.0
				3,253,557		1.1
	Total Corporate Bonds/Notes (Cost $25,042,016)			21,962,069		7.5
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.6%
50,225	Alternative Loan Trust 2004-J7 MI, 4.179%, (US0001M + 1.020%), 10/25/2034			50,014		0.0
37,655	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			26,733		0.0
74,822	Alternative Loan Trust 2005-J2 1A12, 4.789%, (US0001M + 0.400%), 04/25/2035			58,630		0.0
15,275	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			7,782		0.0
76,522	Alternative Loan Trust 2006-19CB A12, 4.789%, (US0001M + 0.400%), 08/25/2036			38,978		0.0
23,307	Alternative Loan Trust 2007-23CB A3, 4.889%, (US0001M + 0.500%), 09/25/2037			10,568		0.0
100,437	Alternative Loan Trust 2007-2CB 2A1, 4.989%, (US0001M + 0.600%), 03/25/2037			47,409		0.0
600,000 (2)	Arroyo Mortgage Trust 2022-1 A3, 3.650%, 12/25/2056			458,319		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
22,358 (4)	Bear Stearns ALT-A Trust 2005-7 21A1, 3.899%, 09/25/2035		$	18,201		0.0
38,668	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 4.579%, (US0001M + 0.190%), 01/25/2037			32,903		0.0
500,000 (2)	Bellemeade Re 2022-1 M1C Ltd., 7.628%, (SOFR30A + 3.700%), 01/26/2032			419,192		0.2
52,452 (4)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 3.412%, 03/25/2036			40,908		0.0
26,597 (4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.871%, 09/25/2037			22,882		0.0
100,000 (2)	Connecticut Avenue Securities Trust 2020-R02 2B1, 7.389%, (US0001M + 3.000%), 01/25/2040			90,158		0.0
200,000 (2)	Connecticut Avenue Securities Trust 2021-R01 1M2, 5.478%, (SOFR30A + 1.550%), 10/25/2041			195,049		0.1
100,000 (2)	Connecticut Avenue Securities Trust 2022-R02 2B1, 8.428%, (SOFR30A + 4.500%), 01/25/2042			94,946		0.0
249,348	Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			234,327		0.1
399,883	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			391,304		0.1
39,853	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 8.389%, (US0001M + 4.000%), 05/25/2025			40,084		0.0
6,697 (2)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 6.689%, (US0001M + 2.300%), 08/25/2031			6,689		0.0
58,062 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 6.439%, (US0001M + 2.050%), 01/25/2040			57,698		0.0
154,355	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			150,853		0.1
140,182 (4)	Fannie Mae REMIC Trust 2009-50 HZ, 5.536%, 02/25/2049			140,308		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
118,392	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041		$	116,357		0.1
87,564	Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			84,300		0.0
179,482	Fannie Mae REMICS 2009-96 DB, 4.000%, 11/25/2029			174,938		0.1
53,763	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			53,509		0.0
36,048	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041			35,612		0.0
67,704	Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			65,766		0.0
385,475	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			362,348		0.1
41,116	Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047			37,931		0.0
88,696 (2)(4)	Flagstar Mortgage Trust 2018-1 B3, 3.950%, 03/25/2048			74,712		0.0
270,927	Freddie Mac 4634 ZM, 5.000%, 11/15/2056			265,518		0.1
41,646	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			42,125		0.0
38,388	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			38,991		0.0
9,688	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			9,781		0.0
30,059	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			30,147		0.0
91,243	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			91,381		0.0
35,768	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			35,725		0.0
32,234 (4)	Freddie Mac REMIC Trust 3524 LA, 5.079%, 03/15/2033			30,935		0.0
34,104	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			34,052		0.0
6,025	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			5,897		0.0
211,582	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			196,665		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
575,714	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044		$	547,123		0.2
575,714	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			544,642		0.2
1,082,181	Freddie Mac REMICS 4136 ZG, 3.000%, 11/15/2042			963,108		0.3
530,137	Freddie Mac REMICS 4372 Z, 3.000%, 08/15/2044			466,986		0.2
143,152	Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043			138,157		0.1
217,737 (2)	Freddie Mac STACR REMIC Trust 2020-DNA6 M2, 5.928%, (SOFR30A + 2.000%), 12/25/2050			216,353		0.1
83,161 (2)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 7.489%, (US0001M + 3.100%), 03/25/2050			84,374		0.0
202,773 (2)	Freddie Mac STACR REMIC Trust 2021-DNA5 M2, 5.578%, (SOFR30A + 1.650%), 01/25/2034			200,077		0.1
600,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 7.678%, (SOFR30A + 3.750%), 12/25/2041			516,165		0.2
100,000 (2)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.328%, (SOFR30A + 3.400%), 01/25/2042			89,114		0.0
242,593	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			210,174		0.1
1,143,360	Ginnie Mae 2019-15 CZ, 3.500%, 02/20/2049			1,005,619		0.4
29,194	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			29,224		0.0
197,777	Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			189,813		0.1
7,319	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			7,488		0.0
22,447	HomeBanc Mortgage Trust 2004-1 2A, 5.249%, (US0001M + 0.860%), 08/25/2029			21,246		0.0
44,846 (2)(4)	JP Morgan Mortgage Trust 2019-LTV3 A5, 3.500%, 03/25/2050			43,506		0.0
149,969 (2)(4)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050			124,515		0.1
44,937	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			26,440		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
300,000 (2)	Mortgage Insurance-Linked Notes 2021-3 M1B, 6.828%, (SOFR30A + 2.900%), 02/25/2034		$	281,924		0.1
8,548	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			7,048		0.0
15,053 (4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.191%, 10/25/2036			13,434		0.0
36,154	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 5.409%, (US0001M + 0.510%), 08/25/2045			33,999		0.0
19,087	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 5.369%, (US0001M + 0.490%), 10/25/2045			17,569		0.0
20,840 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.682%, 08/25/2046			18,350		0.0
99,546 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.372%, 12/25/2036			88,208		0.0
53,536 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.368%, 07/25/2037			44,794		0.0
125,033	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 3.008%, (12MTA + 0.960%), 08/25/2046			77,229		0.0
10,909	Wells Fargo Alternative Loan 2007-PA2 2A1, 4.819%, (US0001M + 0.430%), 06/25/2037			8,839		0.0
9,087 (4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 2.879%, 04/25/2036			8,484		0.0
13,978 (4)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.332%, 12/28/2037			12,166		0.0
	Total Collateralized Mortgage Obligations (Cost $11,784,305)			10,456,793		3.6

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 3.0%
	U.S. Treasury Bonds: 1.1%
1,000	1.250%, 05/15/2050		$	538		0.0
22,000	1.375%, 11/15/2040			14,314		0.0
2,200	1.625%, 11/15/2050			1,310		0.0
1,631,200	3.000%, 08/15/2052			1,344,466		0.5
117,400	3.250%, 05/15/2042			102,982		0.0
1,674,000 (3)	4.000%, 11/15/2042			1,639,474		0.6
				3,103,084		1.1
	U.S. Treasury Notes: 1.9%
1,000	0.125%, 10/15/2023			965		0.0
260,500	0.500%, 11/30/2023			250,640		0.1
20,500	1.125%, 02/15/2031			16,713		0.0
137,800	1.250%, 11/30/2026			123,670		0.0
219,300	1.250%, 09/30/2028			188,367		0.1
45,400	2.750%, 08/15/2032			41,349		0.0
156,400 (3)	3.875%, 11/30/2027			155,569		0.0
585,300	3.875%, 12/31/2027			582,008		0.2
190,000	3.875%, 11/30/2029			188,768		0.1
462,000	3.875%, 12/31/2029			459,798		0.2
1,921,000	4.000%, 12/15/2025			1,908,994		0.7
1,000,800	4.125%, 11/15/2032			1,021,520		0.3
585,000	4.250%, 12/31/2024			583,012		0.2
				5,521,373		1.9
	Total U.S. Treasury Obligations (Cost $8,778,628)			8,624,457		3.0
U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%
	Federal Home Loan Mortgage Corporation: 0.2%(5)
6,518	2.500%, 05/01/2030			6,112		0.0
4,029	2.500%, 05/01/2030			3,779		0.0
8,542	2.500%, 06/01/2030			8,010		0.0
16,142	3.000%, 03/01/2045			14,663		0.0
12,061	3.000%, 03/01/2045			10,888		0.0
18,408	3.000%, 04/01/2045			16,610		0.0
28,225	3.500%, 03/01/2045			26,301		0.0
77,737	4.000%, 12/01/2041			74,810		0.1
27,776	4.000%, 12/01/2042			26,690		0.0
3,411	4.000%, 09/01/2045			3,274		0.0
3,790	4.000%, 09/01/2045			3,638		0.0
4,827	4.000%, 09/01/2045			4,634		0.0
3,916	4.000%, 09/01/2045			3,759		0.0
40,486	4.500%, 08/01/2041			39,665		0.0
180,052	4.500%, 09/01/2041			178,860		0.1
2,005	5.500%, 07/01/2037			2,083		0.0
1,614	6.500%, 12/01/2031			1,666		0.0
				425,442		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association: 0.1%(5)
348,852	4.500%, 09/01/2047		$	353,645		0.1

	Government National Mortgage Association: 1.7%
1,184,455	2.500%, 05/20/2051			1,031,093		0.4
628,934	3.000%, 11/20/2051			563,042		0.2
1,944,473	3.500%, 05/20/2050			1,805,937		0.6
19,768	4.000%, 11/20/2040			19,119		0.0
40,013	4.000%, 03/20/2046			38,511		0.0
1,559,000 (6)	4.000%, 01/15/2053			1,475,453		0.5
36,971	4.500%, 08/20/2041			36,933		0.0
67,759	4.500%, 09/15/2047			66,784		0.0
				5,036,872		1.7
	Uniform Mortgage-Backed Securities: 5.2%
269,289	2.000%, 05/01/2051			220,056		0.1
277,144	2.000%, 10/01/2051			226,327		0.1
945,410	2.000%, 02/01/2052			775,951		0.3
1,016,835	2.000%, 03/01/2052			829,679		0.3
11,144	2.500%, 05/01/2030			10,461		0.0
21,487	2.500%, 06/01/2030			20,171		0.0
15,674	2.500%, 06/01/2030			14,713		0.0
8,769	2.500%, 07/01/2030			8,232		0.0
1,304,970	2.500%, 02/01/2051			1,107,416		0.4
547,620	2.500%, 06/01/2051			464,534		0.2
971,414	2.500%, 11/01/2051			828,474		0.3
317,177	2.500%, 01/01/2052			270,729		0.1
473,369	2.500%, 02/01/2052			403,574		0.1
573,020	2.500%, 02/01/2052			488,535		0.2
902,204	2.500%, 02/01/2052			771,436		0.3
816,133	2.500%, 02/01/2052			697,945		0.2
358,213	2.500%, 03/01/2052			306,064		0.1
30,954	3.000%, 09/01/2043			28,200		0.0
151,183	3.000%, 04/01/2045			136,523		0.1
102,041	3.000%, 07/01/2046			91,593		0.0
541,002	3.000%, 04/01/2050			478,235		0.2
1,034,026	3.000%, 02/01/2052			916,555		0.3
956,682	3.000%, 04/01/2052			845,075		0.3
767,895	3.000%, 05/01/2052			677,826		0.2
34,995	3.500%, 10/01/2042			32,779		0.0
310,843	3.500%, 08/01/2046			288,949		0.1
1,501,000 (6)	3.500%, 01/15/2053			1,363,831		0.5
8,079	4.000%, 07/01/2042			7,766		0.0
76,974	4.000%, 07/01/2042			73,992		0.0
123,035	4.000%, 01/01/2045			120,284		0.0
20,006	4.000%, 06/01/2045			19,181		0.0
1,341,000 (6)	4.000%, 01/15/2053			1,257,821		0.4
15,519	4.500%, 11/01/2040			15,399		0.0
31,287	4.500%, 10/01/2041			31,045		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,010,000 (6)	4.500%, 01/15/2053		$	972,194		0.3
190,392	5.000%, 05/01/2042			194,606		0.1
54,640	5.500%, 12/01/2036			56,258		0.0
164	7.000%, 10/01/2029			168		0.0
901	7.000%, 01/01/2032			906		0.0
				15,053,483		5.2
	Total U.S. Government Agency Obligations (Cost $22,198,570)			20,869,442		7.2
ASSET-BACKED SECURITIES: 3.1%
	Automobile Asset-Backed Securities: 0.2%
98,817	Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024			98,652		0.1
100,000	Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025			98,403		0.0
150,000	Drive Auto Receivables Trust 2021-2 C, 0.870%, 10/15/2027			144,386		0.1
100,000 (2)	Ford Credit Auto Owner Trust 2022-REV1 C, 4.670%, 11/15/2034			96,062		0.0
100,000 (2)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			92,688		0.0
100,000	GM Financial Automobile Leasing Trust 2022-2 C, 4.330%, 05/20/2026			97,666		0.0
				627,857		0.2
	Home Equity Asset-Backed Securities: 0.0%
63,020 (4)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			61,908		0.0

	Other Asset-Backed Securities: 2.7%
250,000 (2)	AMMC CLO 16 Ltd. 2015-16A CR2, 5.961%, (US0003M + 1.950%), 04/14/2029			243,888		0.1
33,512 (2)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046			31,623		0.0
300,000 (2)	Arbor Realty Commercial Real Estate Notes 2021-FL4 D Ltd., 7.218%, (US0001M + 2.900%), 11/15/2036			278,502		0.1
400,000 (2)	ARES XLIV CLO Ltd. 2017-44A A2R, 5.379%, (US0003M + 1.300%), 04/15/2034			380,938		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
88,333 (2)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046		$	75,015		0.0
250,000 (2)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 6.393%, (US0003M + 2.150%), 01/20/2032			236,873		0.1
500,000 (2)	Benefit Street Partners Clo XXII Ltd. 2020-22A AR, 5.313%, (TSFR3M + 1.350%), 04/20/2035			482,768		0.2
500,000 (2)	BlueMountain CLO 2014-2A A2R2 Ltd., 5.643%, (US0003M + 1.400%), 10/20/2030			481,055		0.2
250,000 (2)	BlueMountain CLO Ltd. 2021-28A C, 6.079%, (US0003M + 2.000%), 04/15/2034			232,193		0.1
455,000 (2)	BlueMountain CLO XXX Ltd. 2020-30A CR, 6.014%, (TSFR3M + 2.150%), 04/15/2035			422,930		0.2
99,250 (2)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			89,322		0.0
250,000 (2)	Carlyle US Clo 2017-2A CR Ltd., 5.643%, (US0003M + 1.400%), 07/20/2031			244,000		0.1
16,450	Chase Funding Trust Series 2003-5 2A2, 4.989%, (US0001M + 0.600%), 07/25/2033			15,545		0.0
76,625 (2)	CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045			66,468		0.0
91,813 (2)	CLI Funding VIII LLC 2022-1A A1, 2.720%, 01/18/2047			78,174		0.0
96,000 (2)	Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048			89,098		0.0
194,500 (2)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			168,628		0.1
98,500 (2)	Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051			79,040		0.0
96,250 (2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			88,293		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
250,000 (2)	Eaton Vance Clo 2015-1A A2R Ltd., 5.493%, (US0003M + 1.250%), 01/20/2030		$	237,731		0.1
98,750 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			92,740		0.1
13,189 (2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			12,505		0.0
228,952 (2)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			191,330		0.1
243,199 (2)	LCM XXIV Ltd. 24A AR, 5.223%, (US0003M + 0.980%), 03/20/2030			239,554		0.1
68,132 (2)	Loanpal Solar Loan 2020-2GF A Ltd., 2.750%, 07/20/2047			56,620		0.0
68,771 (2)	Loanpal Solar Loan 2021-1 1GS A Ltd., 2.290%, 01/20/2048			52,484		0.0
114,508 (2)	Loanpal Solar Loan 2021-2GS A Ltd., 2.220%, 03/20/2048			84,056		0.0
250,000 (2)	Madison Park Funding XLVIII Ltd. 2021-48A C, 6.227%, (US0003M + 2.000%), 04/19/2033			238,743		0.1
80,210 (2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			79,618		0.0
200,000 (2)(4)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			182,680		0.1
35,813 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			33,099		0.0
52,304 (2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			48,441		0.0
57,692 (2)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046			48,235		0.0
65,330 (2)	Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046			49,458		0.0
250,000 (2)	Oak Hill Credit Partners 2021-8A C, 6.094%, (US0003M + 1.900%), 01/18/2034			235,930		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
250,000 (2)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 5.279%, (US0003M + 1.200%), 07/15/2029		$	240,587		0.1
200,000 (2)	OHA Loan Funding 2013-1A A1R2 Ltd., 5.415%, (US0003M + 1.090%), 07/23/2031			197,953		0.1
70,541 (2)	Pagaya AI Debt Trust 2022-1 A, 2.030%, 10/15/2029			67,754		0.0
250,000 (2)	Palmer Square CLO 2021-1A B Ltd., 5.943%, (US0003M + 1.700%), 04/20/2034			233,226		0.1
250,000 (2)	Rockland Park CLO Ltd. 2021-1A C, 6.143%, (US0003M + 1.900%), 04/20/2034			234,222		0.1
189,822 (2)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055			149,467		0.1
91,665 (2)	Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056			70,034		0.0
90,834 (2)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055			75,694		0.0
189,000 (2)	Taco Bell Funding LLC 2016-1A A23, 4.970%, 05/25/2046			181,985		0.1
96,000 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			90,105		0.0
99,000 (2)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051			75,538		0.0
89,333 (2)	Textainer Marine Containers Ltd. 2021-3A A, 1.940%, 08/20/2046			73,147		0.0
85,125 (2)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			71,142		0.0
57,189 (2)	Upstart Securitization Trust 2021-4 A, 0.840%, 09/20/2031			55,373		0.0
95,000 (2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			85,917		0.0
98,500 (2)	Wendy’s Funding LLC 2021-1A A2II, 2.775%, 06/15/2051			77,056		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
197,500 (2)	Zaxby’s Funding LLC 2021-1A A2, 3.238%, 07/30/2051		$	159,747		0.1
				7,806,524		2.7
	Student Loan Asset-Backed Securities: 0.2%
26,428 (2)	Commonbond Student Loan Trust 2017-BGS A1, 2.680%, 09/25/2042			24,342		0.0
21,084 (2)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			19,549		0.0
44,923 (2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			42,144		0.0
35,520 (2)	Commonbond Student Loan Trust 2020-AGS A, 1.980%, 08/25/2050			30,283		0.0
27,568 (2)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			26,358		0.0
32,616 (2)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069			29,343		0.0
100,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			91,728		0.1
65,013 (2)	SMB Private Education Loan Trust 2020-PTA A2A, 1.600%, 09/15/2054			57,807		0.0
33,073 (2)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			31,954		0.0
31,653 (2)	Sofi Professional Loan Program 2018-D A2FX Trust, 3.600%, 02/25/2048			30,431		0.0
70,533 (2)	SoFi Professional Loan Program 2020-C AFX Trust, 1.950%, 02/15/2046			63,235		0.1
				447,174		0.2
	Total Asset-Backed Securities (Cost $9,691,085)			8,943,463		3.1
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6%
500,000 (2)(4)	Arbor Multifamily Mortgage Securities Trust 2021-MF2 E, 2.000%, 06/15/2054			271,762		0.1
500,000 (2)	AREIT 2021-CRE5 D Trust, 6.989%, (US0001M + 2.650%), 11/17/2038			465,607		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
100,000 (2)(4)	BAMLL Commercial Mortgage Securities Trust 2015-200P F, 3.596%, 04/14/2033		$	81,644		0.0
3,000,000 (4)(7)	BANK 2017-BNK8 XB, 0.184%, 11/15/2050			24,221		0.0
958,905 (4)(7)	BANK 2019-BNK16 XA, 0.941%, 02/15/2052			40,279		0.0
3,620,090 (4)(7)	BANK 2019-BNK21 XA, 0.845%, 10/17/2052			150,770		0.1
2,180,000 (2)(4)(7)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			31,068		0.0
982,365 (4)(7)	Benchmark 2019-B9 XA Mortgage Trust, 1.031%, 03/15/2052			46,357		0.0
343,000 (2)	BX Commercial Mortgage Trust 2021-IRON E, 6.668%, (US0001M + 2.350%), 02/15/2038			320,712		0.1
655,327 (4)(7)	CD 2017-CD4 Mortgage Trust XA, 1.226%, 05/10/2050			26,196		0.0
857,065 (4)(7)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.895%, 07/10/2049			41,344		0.0
1,116,424 (4)(7)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.040%, 10/12/2050			40,949		0.0
953,036 (4)(7)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.875%, 09/15/2050			29,858		0.0
1,179,618 (4)(7)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.673%, 06/10/2051			35,489		0.0
1,102,725 (4)(7)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.041%, 08/10/2056			50,255		0.0
60,000	Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052			52,362		0.0
181,324 (4)(7)	COMM 2012-CR4 XA, 1.258%, 10/15/2045			373		0.0
2,380,000 (2)(4)(7)	COMM 2012-CR4 XB, 0.423%, 10/15/2045			7,448		0.0
177,000 (4)	Comm 2013-CCRE13 C Mortgage Trust, 4.876%, 11/10/2046			166,803		0.1
1,301,559 (4)(7)	COMM 2016-CR28 XA, 0.631%, 02/10/2049			21,302		0.0
690,582 (4)(7)	COMM 2017-COR2 XA, 1.156%, 09/10/2050			27,437		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
110,000 (2)(4)	DBJPM 16-C3 Mortgage Trust, 3.473%, 08/10/2049		$	79,557		0.0
130,000 (2)(4)	DBWF 2015-LCM D Mortgage Trust, 3.421%, 06/10/2034			100,200		0.1
647,269	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			89,345		0.1
1,644,507 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.882%, 11/25/2030			85,642		0.1
782,899 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.324%, 07/25/2035			81,778		0.0
1,285,137 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.868%, 10/25/2035			94,005		0.1
848,000 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029			60,108		0.0
300,000 (2)	GAM Re-REMIC Trust 2021-FRR1 1B, 1.500%, 11/29/2050			197,168		0.1
300,000 (2)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.660%, 11/29/2050			189,053		0.1
100,000 (2)	GS Mortgage Securities Corp. II 2018-RIVR F, 6.418%, (US0001M + 2.100%), 07/15/2035			73,515		0.0
964,755 (4)(7)	GS Mortgage Securities Trust 2014-GC22 XA, 0.937%, 06/10/2047			7,911		0.0
1,344,276 (4)(7)	GS Mortgage Securities Trust 2016-GS4 XA, 0.567%, 11/10/2049			22,781		0.0
824,875 (4)(7)	GS Mortgage Securities Trust 2017-GS6 XA, 1.013%, 05/10/2050			29,073		0.0
1,214,788 (4)(7)	GS Mortgage Securities Trust 2019-GC38 XA, 0.952%, 02/10/2052			52,063		0.0
2,050,215 (4)(7)	GS Mortgage Securities Trust 2019-GC42 XA, 0.805%, 09/01/2052			79,489		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
90,000	GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052		$	78,440		0.0
1,298,561 (4)(7)	GS Mortgage Securities Trust 2020-GC47 XA, 1.129%, 05/12/2053			79,646		0.0
1,111,745 (4)(7)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.587%, 12/15/2049			19,184		0.0
100,000 (2)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			81,332		0.0
373,980 (4)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.620%, 04/15/2047			2,115		0.0
1,453,003 (4)(7)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 0.954%, 12/15/2047			18,519		0.0
62,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			55,694		0.0
3,337,279 (4)(7)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.637%, 11/15/2052			112,296		0.1
1,006,717 (4)(7)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.296%, 05/15/2054			69,943		0.0
1,961,313 (4)(7)	UBS Commercial Mortgage Trust 2018-C9 XA, 0.928%, 03/15/2051			75,504		0.0
60,000	UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 10/15/2052			51,790		0.0
400,000 (2)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051			266,661		0.1
1,018,595 (4)(7)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.604%, 08/15/2052			72,672		0.0
500,000 (2)(4)	WFRBS Commercial Mortgage Trust 2014-C23 D, 4.004%, 10/15/2057			437,542		0.2
	Total Commercial Mortgage-Backed Securities (Cost $5,388,077)			4,595,262		1.6

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: 0.1%
200,000	Colombia Government International Bond, 3.125%, 04/15/2031		$	149,143		0.0
200,000	Mexico Government International Bond, 3.500%, 02/12/2034			160,553		0.1
	Total Sovereign Bonds (Cost $398,408)			309,696		0.1

		Value		Percentage of Net Assets
PURCHASED OPTIONS(8): 0.0%
	Total Purchased Options (Cost $24,473)		5,055		0.0
	Total Long-Term Investments (Cost $295,207,135)		287,187,326		98.4

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.0%
	Commercial Paper: 2.8%
2,000,000	American Electric Power Co., Inc., 4.960%, 02/01/2023		1,991,339		0.7
1,000,000	Concord Minutemen Capital Co., 5.880%, 01/03/2023		999,517		0.3
900,000	Enbridge (US) Inc., 6.020%, 01/04/2023		899,407		0.3
750,000	HP, Inc., 5.770%, 01/04/2023		749,526		0.3
2,000,000	Medtronic, Inc., 5.390%, 01/05/2023		1,998,524		0.7
1,600,000	Waste Management, Inc., 5.550%, 02/13/2023		1,590,510		0.5
	Total Commercial Paper (Cost $8,230,518)		8,228,823		2.8

	U.S. Treasury Bills: 0.2%
150,000 (9)	United States Treasury Bill, 4.150%, 02/28/2023		149,001		0.1
325,000 (9)	United States Treasury Bill, 4.240%, 03/30/2023		321,675		0.1
	Total U.S. Treasury Bills (Cost $470,559)		470,676		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 1.0%
43,301 (10)	Citibank N.A., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $43,321, collateralized by various U.S. Government Securities, 0.000%-6.250%, Market Value plus accrued interest $44,167, due 06/01/23-02/15/52)		$	43,301		0.0
1,000,000 (10)	MUFG Securities America Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,471, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $1,020,000, due 08/01/24-01/01/53)			1,000,000		0.3
1,000,000 (10)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $1,000,476, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $1,020,000, due 01/03/23-09/09/49)			1,000,000		0.4
1,000,000 (10)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,471, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,020,000, due 09/01/24-10/20/52)			1,000,000		0.3
	Total Repurchase Agreements (Cost $3,043,301)			3,043,301		1.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
	Total Short-Term Investments (Cost $11,744,378)		$	11,742,800		4.0
	Total Investments in Securities (Cost $306,951,513)		$	298,930,126		102.4
	Liabilities in Excess of Other Assets			(6,971,952)		(2.4)
	Net Assets		$	291,958,174		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

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

(5)

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

(6)

Represents or includes a TBA transaction.

(7)

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.

(8)

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

(9)

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

(10)

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

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

SOFR30A

30-day Secured Overnight Financing Rate

TSFR3M

3-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	5,966,842		$	737,186		$	—		$	6,704,028
Consumer Discretionary			10,394,667			1,613,346			—			12,008,013
Consumer Staples			6,613,082			1,839,947			—			8,453,029
Energy			5,015,051			851,207			—			5,866,258
Financials			12,775,178			3,411,151			—			16,186,329
Health Care			15,538,340			2,444,487			—			17,982,827
Industrials			9,589,654			2,504,335			—			12,093,989
Information Technology			25,711,562			1,340,636			—			27,052,198
Materials			2,832,797			1,744,107			—			4,576,904
Real Estate			3,253,901			499,782			—			3,753,683
Utilities			3,280,651			679,819			—			3,960,470
Total Common Stock			100,971,725			17,666,003			—			118,637,728
Exchange-Traded Funds			69,185,919			—			—			69,185,919
Mutual Funds			23,470,758			—			—			23,470,758
Preferred Stock			—			126,684			—			126,684
Purchased Options			—			5,055			—			5,055
Corporate Bonds/Notes			—			21,962,069			—			21,962,069
Collateralized Mortgage Obligations			—			10,456,793			—			10,456,793
Asset-Backed Securities			—			8,943,463			—			8,943,463
U.S. Government Agency Obligations			—			20,869,442			—			20,869,442
Commercial Mortgage-Backed Securities			—			4,595,262			—			4,595,262
Sovereign Bonds			—			309,696			—			309,696
U.S. Treasury Obligations			—			8,624,457			—			8,624,457
Short-Term Investments			—			11,742,800			—			11,742,800
Total Investments, at fair value		$	193,628,402		$	105,301,724		$	—		$	298,930,126
Other Financial Instruments+
Centrally Cleared Swaps			—			41,276			—			41,276
Futures			410,768			—			—			410,768
Total Assets		$	194,039,170		$	105,343,000		$	—		$	299,382,170
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(135,187)		$	—		$	(135,187)
Forward Premium Swaptions			—			(7,069)			—			(7,069)
Futures			(376,084)			—			—			(376,084)
Written Options			—			(433,100)			—			(433,100)
Total Liabilities		$	(376,084)		$	(575,356)		$	—		$	(951,440)

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

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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 Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/(Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	804,693		$	15,052		$	(1,016,825)		$	197,080		$	—		$	17,906		$	(303,931)		$	—
Voya Floating Rate Fund - Class P			1,691,934			73,040			(1,745,042)			(19,932)			—			83,419			(134,537)			—
Voya High Yield Bond Fund - Class P			32,911,489			2,391,760			(29,171,534)			(2,495,245)			3,636,470			357,812			1,025,942			49,730
Voya Short Term Bond Fund - Class R6			4,762,230			7,494,909			(860,974)			(308,053)			11,088,112			96,337			(31,104)			—
Voya Small Cap Growth Fund - Class R6			—			3,147,697			(58,311)			(200,872)			2,888,514			—			(3,079)			—
Voya Small Company Fund - Class R6			—			6,490,652			(175,586)			(457,404)			5,857,662			27,578			(5,586)			—
		$	40,170,346		$	19,613,110		$	(33,028,272)		$	(3,284,426)		$	23,470,758		$	583,052		$	547,705		$	49,730

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 of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		65		03/17/23		$	5,755,425		$	(206,030)
U.S. Treasury 10-Year Note		14		03/22/23			1,572,156			(25,938)
U.S. Treasury 2-Year Note		31		03/31/23			6,357,422			1,865
U.S. Treasury 5-Year Note		42		03/31/23			4,533,047			(18,980)
U.S. Treasury Ultra Long Bond		45		03/22/23			6,044,062			(125,136)
						$	24,262,112		$	(374,219)
Short Contracts:
MSCI EAFE Index		(33)		03/17/23			(3,216,510)			116,592
S&P 500® E-Mini		(31)		03/17/23			(5,984,550)			253,414
U.S. Treasury Ultra 10-Year Note		(22)		03/22/23			(2,602,188)			38,897
						$	(11,803,248)		$	408,903

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(1)

Reference Entity/Obligation	Buy/Sell Protection		(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 39, Version 1		Buy		(5.000)		12/20/27	USD 2,460,000		$	(14,327)		$	(43,878)
									$	(14,327)		$	(43,878)

(1)

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

(2)

Payments made quarterly.

(3)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

(4)

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

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

Pay/Receive Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight Financing Rate

Annual

3.067%

Annual

05/10/33

USD 303,882

(10,958)

Pay

1-day Secured Overnight Financing Rate

Annual

3.076

Annual

05/10/33

USD 217,059

(7,675)

Pay

1-day Secured Overnight Financing Rate

Annual

3.094

Annual

05/10/33

USD 260,000

(8,798)

Pay

1-day Secured Overnight Financing Rate

Annual

3.114

Annual

05/10/33

USD 195,000

(6,282)

Pay

1-day Secured Overnight Financing Rate

Annual

3.154

Annual

05/10/33

USD 260,000

(7,522)

Pay

1-day Secured Overnight Financing Rate

Annual

3.289

Annual

05/10/33

USD 477,319

(8,501)

Pay

1-day Secured Overnight Financing Rate

Annual

3.345

Annual

05/10/33

USD 280,000

(3,692)

Pay

1-day Secured Overnight Financing Rate

Annual

3.473

Annual

05/10/33

USD 434,289

(1,162)

Pay

1-day Secured Overnight Financing Rate

Annual

3.475

Annual

05/10/33

USD 434,284

(1,063)

Pay

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/10/33

USD 651,427

(1,218)

Pay

1-day Secured Overnight Financing Rate

Annual

3.105

Annual

05/11/33

USD 434,000

(14,284)

Pay

1-day Secured Overnight Financing Rate

Annual

3.129

Annual

05/11/33

USD 216,998

(6,700)

Pay

1-day Secured Overnight Financing Rate

Annual

3.172

Annual

05/11/33

USD 216,999

(5,941)

Pay

1-day Secured Overnight Financing Rate

Annual

3.212

Annual

05/11/33

USD 260,000

(6,262)

Pay

1-day Secured Overnight Financing Rate

Annual

3.456

Annual

05/17/33

USD 330,000

(1,250)

Receive

1-day Secured Overnight Financing Rate

Annual

3.209

Annual

05/10/33

USD 521,000

12,712

Receive

1-day Secured Overnight Financing Rate

Annual

3.226

Annual

05/10/33

USD 538,000

12,362

Receive

1-day Secured Overnight Financing Rate

Annual

3.269

Annual

05/10/33

USD 326,000

6,342

Receive

1-day Secured Overnight Financing Rate

Annual

3.297

Annual

05/10/33

USD 211,000

3,608

Receive

1-day Secured Overnight Financing Rate

Annual

3.372

Annual

05/10/33

USD 347,000

3,802

Receive

1-day Secured Overnight Financing Rate

Annual

3.443

Annual

05/17/33

USD 265,000

1,274

Receive

1-day Secured Overnight Financing Rate

Annual

3.465

Annual

05/17/33

USD 391,000

1,176

Receive

1-day Secured Overnight Financing Rate

Annual

3.515

Annual

05/17/33

USD 289,000

—

(50,032)

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

Description	Counterparty	Expiration Date	Exercise Price		Notional Amount	Cost			Fair Value
Call JPY vs. Put USD	BNP Paribas	02/27/25		107.500	USD 210,000		$	10,416		$	4,295
Call USD vs. Put CNH	Bank of America N.A.	02/07/23		7.500	USD 989,000			4,599			222
Call USD vs. Put CNH	Morgan Stanley Capital Services LLC	02/09/23		7.470	USD 1,868,000			9,458			538
							$	24,473		$	5,055

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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/
Receive
Exercise
Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest
Rate Swap(1)

Bank of America N.A.

Pay

3.880%

1-day Secured Overnight
Financing Rate

05/09/23

USD 1,737,000

51,046

(75,155)

Call on 10-Year Interest
Rate Swap(1)

Barclays Bank PLC

Pay

3.790%

1-day Secured Overnight
Financing Rate

05/10/23

USD 1,737,000

50,113

(66,653)

Call on 10-Year Interest
Rate Swap(1)

Deutsche Bank AG

Pay

3.820%

1-day Secured Overnight
Financing Rate

05/09/23

USD 868,000

24,912

(34,626)

Call on 10-Year Interest
Rate Swap(1)

Goldman Sachs International

Pay

2.940%

1-day Secured Overnight
Financing Rate

12/15/23

USD 434,000

16,232

(9,715)

Call on 10-Year Interest
Rate Swap(1)

JPMorgan Chase Bank N.A.

Pay

2.995%

1-day Secured Overnight
Financing Rate

06/07/23

USD 868,000

26,604

(10,589)

Call on 10-Year Interest
Rate Swap(1)

Morgan Stanley Capital
Services LLC

Pay

3.815%

1-day Secured Overnight
Financing Rate

05/09/23

USD 1,737,000

49,591

(68,814)

Put on 10-Year Interest
Rate Swap(2)

Bank of America N.A.

Receive

3.880%

1-day Secured Overnight
Financing Rate

05/09/23

USD 1,737,000

51,046

(24,873)

Put on 10-Year Interest
Rate Swap(2)

Barclays Bank PLC

Receive

3.790%

1-day Secured Overnight
Financing Rate

05/10/23

USD 1,737,000

50,112

(29,083)

Put on 10-Year Interest
Rate Swap(2)

Deutsche Bank AG

Receive

3.820%

1-day Secured Overnight
Financing Rate

05/09/23

USD 868,000

24,912

(13,758)

Put on 10-Year Interest
Rate Swap(2)

Goldman Sachs
International

Receive

2.940%

1-day Secured Overnight
Financing Rate

12/15/23

USD 434,000

16,232

(26,258)

Put on 10-Year Interest
Rate Swap(2)

JPMorgan Chase Bank N.A.

Receive

2.995%

1-day Secured Overnight
Financing Rate

06/07/23

USD 868,000

26,604

(45,812)

Put on 10-Year Interest
Rate Swap(2)

Morgan Stanley Capital
Services LLC

Receive

3.815%

1-day Secured Overnight
Financing Rate

05/09/23

USD 1,737,000

49,591

(27,764)

436,995

(433,100)

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

Description

Counterparty

Exercise
Rate(3)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year Interest
Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

06/14/27

USD 439,500

(76,913)

(415)

Call on 30-Year Interest
Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

05/28/27

USD 740,000

(130,980)

(1,732)

Call on 35-Year Interest
Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured Overnight
Financing Rate

06/03/27

USD 439,500

(77,022)

(460)

Put on 30-Year Interest
Rate Swap

Barclays Bank PLC

0.000%

Pay

1-day Secured Overnight
Financing Rate

05/25/27

USD 925,000

(166,500)

(4,462)

(451,415)

(7,069)

(1)

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

(2)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2022 (continued)

(3)

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.

(4)

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 of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	5,055
Equity contracts	Variation margin receivable on futures contracts**			370,006
Interest rate contracts	Variation margin receivable on futures contracts**			40,762
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			41,276
Total Asset Derivatives			$	457,099
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts**		$	206,030
Interest rate contracts	Variation margin payable on futures contracts**			170,054
Credit contracts	Variation margin payable on centrally cleared swaps**			43,878
Interest rate contracts	Variation margin payable on centrally cleared swaps**			91,309
Interest rate contracts	Unrealized depreciation on OTC forward premium swaptions			7,069
Interest rate contracts	Written Options, at fair value			433,100
Total Liability Derivatives			$	951,440

Includes purchased options.

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

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

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	133,474		$	—		$	133,474
Equity contracts			—			—			607,798			—			—			607,798
Foreign exchange contracts			(26,445)			18,168			—			—			68,214			59,937
Interest rate contracts			6,057			—			(2,370,860)			(111,970)			105,444			(2,371,329)
Total		$	(20,388)		$	18,168		$	(1,763,062)		$	21,504		$	173,658		$	(1,570,120)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(43,878)		$	—		$	(43,878)
Equity contracts			—			—			163,976			—			—			163,976
Foreign exchange contracts			(19,418)			10,898			—			—			—			(8,520)
Interest rate contracts			10,281			—			(176,031)			(50,033)			(11,201)			(226,984)
Total		$	(9,137)		$	10,898		$	(12,055)		$	(93,911)		$	(11,201)		$	(115,406)

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

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 N.A.			Barclays Bank PLC			BNP Paribas			Deutsche Bank AG			Goldman Sachs & Co.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Totals
Assets:
Purchased options		$	222		$	—		$	4,295		$	—		$	—		$	—		$	538		$	5,055
Total Assets		$	222		$	—		$	4,295		$	—		$	—		$	—		$	538		$	5,055
Liabilities:
Forward premium swaptions		$	—		$	7,069		$	—		$	—		$	—		$	—		$	—		$	7,069
Written options			100,028			95,735			—			48,384			35,973			56,401			96,579			433,100
Total Liabilities		$	100,028		$	102,804		$	—		$	48,384		$	35,973		$	56,401		$	96,579		$	440,169
Net OTC derivative instruments by counterparty, at fair value		$	(99,806)		$	(102,804)		$	4,295		$	(48,384)		$	(35,973)		$	(56,401)		$	(96,041)			(435,114)
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(99,806)		$	(102,804)		$	4,295		$	(48,384)		$	(35,973)		$	(56,401)		$	(96,041)		$	(435,114)

(1)

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

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:

Gross Unrealized Appreciation	$	12,553,636
Gross Unrealized Depreciation		(21,611,643)
Net Unrealized Depreciation	$	(9,058,007)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.0%
	Australia: 3.1%
66,774	Ampol Ltd.		$	1,283,562		0.2
167,766	ANZ Group Holdings Ltd.			2,702,532		0.5
18,318	ASX Ltd.			843,659		0.2
504,117	Aurizon Holdings Ltd.			1,277,152		0.2
175,234	Brambles Ltd.			1,437,027		0.3
79,252	Computershare Ltd.			1,396,108		0.3
166,141 (1)	Lottery Corp. Ltd./The			506,412		0.1
681,646	Medibank Pvt Ltd.			1,359,912		0.3
8,060	Rio Tinto Ltd.			636,141		0.1
150,505	Santos Ltd.			740,214		0.1
33,883	Sonic Healthcare Ltd.			689,555		0.1
72,487	Suncorp Group Ltd.			590,684		0.1
300,810	Telstra Group Ltd.			813,525		0.2
268,484	Transurban Group - Stapled Security			2,362,088		0.4
				16,638,571		3.1
	Belgium: 0.1%
7,265	UCB S.A.			572,433		0.1

	Canada: 2.6%
55,780 (2)	BCE, Inc.			2,450,777		0.5
64,762	Canadian Imperial Bank of Commerce - XTSE			2,619,656		0.5
27,207	Canadian Utilities Ltd.			736,438		0.1
15,778	iA Financial Corp., Inc.			923,724		0.2
26,224	Royal Bank of Canada			2,465,521		0.5
17,260	Sun Life Financial, Inc.			801,175		0.1
54,556	Suncor Energy, Inc.			1,730,561		0.3
22,425 (2)	TC Energy Corp.			894,019		0.2
57,070	TELUS Corp.			1,101,358		0.2
				13,723,229		2.6
	China: 0.2%
260,000	BOC Hong Kong Holdings Ltd.			882,647		0.2

	Denmark: 0.4%
995	AP Moller - Maersk A/S - Class B			2,227,412		0.4

	Finland: 0.3%
163,173	Nokia OYJ - Finland			758,050		0.2
11,366	Orion Oyj			623,117		0.1
				1,381,167		0.3
	France: 3.0%
15,735	Air Liquide SA			2,233,346		0.4
98,502	AXA S.A.			2,743,816		0.5
23,635	BNP Paribas			1,345,753		0.3
30,651	Bouygues SA			919,274		0.2
3,926	Dassault Aviation SA			665,820		0.1
27,512	Edenred			1,497,346		0.3
7,406	Eiffage SA			728,482		0.1
5,336	Ipsen SA			573,942		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
19,845 (3)	La Francaise des Jeux SAEM		$	798,531		0.2
278,010	Orange SA			2,758,439		0.5
14,222	Thales S.A.			1,817,122		0.3
				16,081,871		3.0
	Germany: 0. 7%
30,761	GEA Group AG			1,250,970		0.2
15,749 (3)	Scout24 SE			792,702		0.2
17,040	Symrise AG			1,850,623		0.3
				3,894,295		0.7
	Hong Kong: 1.9%
258,500	CK Asset Holdings Ltd.			1,585,426		0.3
205,000	CK Hutchison Holdings Ltd.			1,228,125		0.2
534,000	HKT Trust & HKT Ltd. - Stapled Security			653,682		0.1
29,700	Jardine Matheson Holdings Ltd.			1,511,730		0.3
174,700	Link REIT			1,278,339		0.2
295,000	MTR Corp.			1,560,211		0.3
238,500	Power Assets Holdings Ltd.			1,303,515		0.3
537,000	SITC International Holdings Co. Ltd.			1,190,228		0.2
				10,311,256		1.9
	Ireland: 0.6%
17,503	CRH PLC			696,095		0.2
24,699	DCC PLC			1,214,504		0.2
14,187	Medtronic PLC			1,102,613		0.2
				3,013,212		0.6
	Israel: 0.4%
260,581	Bank Leumi Le-Israel BM			2,170,329		0.4

	Italy: 1.1%
242,950	ENI S.p.A.			3,454,607		0.6
152,044 (3)	Poste Italiane SpA			1,483,408		0.3
166,181	Snam SpA			805,782		0.2
				5,743,797		1.1
	Japan: 7.4%
5,500	Hirose Electric Co., Ltd.			689,818		0.1
30,800	Honda Motor Co., Ltd.			702,517		0.1
435,300	Japan Post Holdings Co. Ltd.			3,662,596		0.7
181,700 (2)	Japan Tobacco, Inc.			3,663,115		0.7
39,800 (2)	McDonald’s Holdings Co. Japan Ltd.			1,512,654		0.3
97,800	Mitsubishi UFJ Financial Group, Inc.			656,572		0.1
179,200	Mizuho Financial Group, Inc.			2,524,622		0.5
35,900	Nintendo Co., Ltd.			1,509,472		0.3
45,500	Nomura Real Estate Holdings, Inc.			972,917		0.2
28,600	Ono Pharmaceutical Co., Ltd.			668,485		0.1
59,700	ORIX Corp.			955,597		0.2
6,900	Rohm Co., Ltd.			494,657		0.1
42,900	Secom Co., Ltd.			2,447,782		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
58,100	Sekisui Chemical Co., Ltd.		$	809,815		0.1
143,600	Sekisui House Ltd.			2,545,893		0.5
31,900	Sompo Holdings, Inc.			1,411,355		0.3
175,400	Sumitomo Chemical Co., Ltd.			628,919		0.1
109,000	Sumitomo Mitsui Financial Group, Inc.			4,385,336		0.8
69,500	Sumitomo Mitsui Trust Holdings, Inc.			2,425,240		0.4
116,900	Takeda Pharmaceutical Co., Ltd.			3,652,739		0.7
129,300	Tokio Marine Holdings, Inc.			2,762,158		0.5
28,300	Tokyo Gas Co., Ltd.			554,108		0.1
				39,636,367		7.4
	Netherlands: 1.3%
170,256	Koninklijke KPN NV			526,984		0.1
73,738	NN Group NV			3,015,298		0.6
31,005	Wolters Kluwer NV			3,244,206		0.6
				6,786,488		1.3
	New Zealand: 0.1%
197,069	Spark New Zealand Ltd.			674,720		0.1

	Singapore: 0.1%
131,400	Singapore Airlines Ltd.			542,534		0.1

	Spain: 1.3%
45,509	ACS Actividades de Construccion y Servicios SA			1,302,171		0.2
20,945	Industria de Diseno Textil SA			556,319		0.1
81,697	Red Electrica Corp. SA			1,420,556		0.3
224,939	Repsol SA			3,580,346		0.7
				6,859,392		1.3
	Switzerland: 2.4%
32,470	Holcim AG			1,680,754		0.3
23,517	Novartis AG			2,128,229		0.4
5,314	Roche Holding AG-GENUSSCHEIN			1,669,858		0.3
4,937	Swisscom AG			2,704,544		0.5
10,019	Zurich Insurance Group AG			4,789,857		0.9
				12,973,242		2.4
	United Kingdom: 4.8%
108,229	3i Group PLC			1,745,455		0.3
290,958	Amcor PLC			3,465,310		0.7
329,855	BAE Systems PLC			3,406,892		0.7
402,598	BP PLC			2,322,978		0.4
96,790	British American Tobacco PLC			3,828,852		0.7
171,368	GSK PLC			2,961,808		0.6
133,809	Imperial Brands PLC			3,333,351		0.6
391,750	NatWest Group PLC			1,249,387		0.2
49,909	Smiths Group PLC			957,862		0.2
241,377	The Sage Group PLC			2,173,539		0.4
				25,445,434		4.8

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States: 67.2%
34,538	3M Co.		$	4,141,797		0.8
54,518	AbbVie, Inc.			8,810,654		1.7
20,793	AECOM			1,765,950		0.3
13,699	Air Products & Chemicals, Inc.			4,222,854		0.8
12,516	Allison Transmission Holdings, Inc.			520,666		0.1
6,612	Allstate Corp.			896,587		0.2
99,130	Altria Group, Inc.			4,531,232		0.8
38,773	Amdocs Ltd.			3,524,466		0.7
30,941	American Electric Power Co., Inc.			2,937,848		0.5
21,477	Amgen, Inc.			5,640,719		1.1
141,075	Antero Midstream Corp.			1,522,199		0.3
2,076	Aon PLC			623,091		0.1
9,185	Aptargroup, Inc.			1,010,166		0.2
16,687	Assurant, Inc.			2,086,876		0.4
306,151	AT&T, Inc.			5,636,240		1.1
24,550	Avnet, Inc.			1,020,789		0.2
36,517	Axis Capital Holdings Ltd.			1,978,126		0.4
47,713	Bank OZK			1,911,383		0.4
7,527	Booz Allen Hamilton Holding Corp.			786,722		0.1
83,914	Bristol-Myers Squibb Co.			6,037,612		1.1
42,480	Cardinal Health, Inc.			3,265,438		0.6
10,174	Cheniere Energy, Inc.			1,525,693		0.3
12,730	Chevron Corp.			2,284,908		0.4
9,006	Cigna Corp.			2,984,048		0.6
145,602	Cisco Systems, Inc.			6,936,479		1.3
25,095	Citizens Financial Group, Inc.			987,990		0.2
18,270	Coca-Cola Co.			1,162,155		0.2
51,231	Colgate-Palmolive Co.			4,036,491		0.8
34,066	Commerce Bancshares, Inc.			2,318,873		0.4
30,924	Consolidated Edison, Inc.			2,947,366		0.6
21,403	Cullen/Frost Bankers, Inc.			2,861,581		0.5
26,365	CVS Health Corp.			2,456,954		0.5
23,155	Digital Realty Trust, Inc.			2,321,752		0.4
72,066	Dow, Inc.			3,631,406		0.7
56,610	DT Midstream, Inc.			3,128,269		0.6
26,209	DTE Energy Co.			3,080,344		0.6
44,058	Duke Energy Corp.			4,537,533		0.9
25,492	Edison International			1,621,801		0.3
22,942	Electronic Arts, Inc.			2,803,054		0.5
3,945	Elevance Health, Inc.			2,023,667		0.4
44,382	Emerson Electric Co.			4,263,335		0.8
8,075	Erie Indemnity Co.			2,008,414		0.4
8,560	Everest Re Group Ltd.			2,835,671		0.5
47,734	Evergy, Inc.			3,003,901		0.6
14,598	Eversource Energy			1,223,896		0.2
40,445	First Hawaiian, Inc.			1,053,188		0.2
119,172	Flowers Foods, Inc.			3,425,003		0.6
6,723	FMC Corp.			839,030		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
170,754	FNB Corp.		$	2,228,340		0.4
13,969	Fortive Corp.			897,508		0.2
47,174	Gaming and Leisure Properties, Inc.			2,457,294		0.5
5,116	General Dynamics Corp.			1,269,331		0.2
48,466	General Mills, Inc.			4,063,874		0.8
40,184	Genpact Ltd.			1,861,323		0.3
80,272	Gentex Corp.			2,189,017		0.4
20,576	Genuine Parts Co.			3,570,142		0.7
58,632	Gilead Sciences, Inc.			5,033,557		0.9
70,607	H&R Block, Inc.			2,577,862		0.5
10,871	Hancock Whitney Corp.			526,048		0.1
14,764	Hanover Insurance Group, Inc.			1,995,059		0.4
46,705	Hartford Financial Services Group, Inc.			3,541,640		0.7
20,658	International Bancshares Corp.			945,310		0.2
9,849	International Business Machines Corp.			1,387,626		0.3
52,719	Iron Mountain, Inc.			2,628,042		0.5
13,122	Jack Henry & Associates, Inc.			2,303,698		0.4
66,862	Johnson & Johnson			11,811,172		2.2
8,138	Johnson Controls International plc			520,832		0.1
105,944	Juniper Networks, Inc.			3,385,970		0.6
27,206	Kellogg Co.			1,938,155		0.4
60,660	Keurig Dr Pepper, Inc.			2,163,136		0.4
43,788	Kilroy Realty Corp.			1,693,282		0.3
23,605	Kimberly-Clark Corp.			3,204,379		0.6
194,431	Kinder Morgan, Inc.			3,515,312		0.7
7,659	Lamar Advertising Co.			723,010		0.1
29,893	Leidos Holdings, Inc.			3,144,445		0.6
14,858	Life Storage, Inc.			1,463,513		0.3
15,279	LKQ Corp.			816,051		0.2
3,958	Lockheed Martin Corp.			1,925,527		0.4
31,570	Loews Corp.			1,841,478		0.3
39,054	Marathon Petroleum Corp.			4,545,495		0.9
20,526	Marsh & McLennan Cos., Inc.			3,396,642		0.6
31,315	MAXIMUS, Inc.			2,296,329		0.4
20,024	McDonald’s Corp.			5,276,925		1.0
7,778	McKesson Corp.			2,917,683		0.5
44,018	MDU Resources Group, Inc.			1,335,506		0.2
78,400	Merck & Co., Inc.			8,698,480		1.6
51,947	Metlife, Inc.			3,759,404		0.7
55,224	MGIC Investment Corp.			717,912		0.1
4,644	Mid-America Apartment Communities, Inc.			729,062		0.1
27,619	Mondelez International, Inc.			1,840,806		0.3
16,394	Morgan Stanley			1,393,818		0.3
16,252	MSC Industrial Direct Co.			1,327,788		0.2
36,260	National Fuel Gas Co.			2,295,258		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
68,463	National Retail Properties, Inc.		$	3,132,867		0.6
29,649	NetApp, Inc.			1,780,719		0.3
86,085	NiSource, Inc.			2,360,451		0.4
130,522	Old Republic International Corp.			3,152,106		0.6
16,950	ONE Gas, Inc.			1,283,454		0.2
31,609	Oneok, Inc.			2,076,711		0.4
21,139	Packaging Corp. of America			2,703,889		0.5
78,948	Patterson Cos., Inc.			2,212,912		0.4
38,983	PepsiCo, Inc.			7,042,669		1.3
113,303	Pfizer, Inc.			5,805,646		1.1
59,505	Philip Morris International, Inc.			6,022,501		1.1
43,584	Phillips 66			4,536,223		0.8
25,242	Popular, Inc.			1,674,049		0.3
113,670	PPL Corp.			3,321,437		0.6
42,978	Premier, Inc.			1,503,370		0.3
8,785	Procter & Gamble Co.			1,331,455		0.2
41,123	Prosperity Bancshares, Inc.			2,988,820		0.6
38,083	Reynolds Consumer Products, Inc.			1,141,728		0.2
10,328	Ryder System, Inc.			863,111		0.2
16,223	Sempra Energy			2,507,102		0.5
41,768	Service Corp. International			2,887,840		0.5
16,653	Silgan Holdings, Inc.			863,292		0.2
11,978	Snap-On, Inc.			2,736,853		0.5
38,954	Sonoco Products Co.			2,364,897		0.4
35,574	Spirit Realty Capital, Inc.			1,420,470		0.3
20,807	Targa Resources Corp.			1,529,315		0.3
21,745	Texas Instruments, Inc.			3,592,709		0.7
21,689	Travelers Cos, Inc.			4,066,471		0.8
8,955	U-Haul Holding Co. - Non-Voting			492,346		0.1
13,159	UMB Financial Corp.			1,099,040		0.2
13,233	United Parcel Service, Inc. - Class B			2,300,425		0.4
3,050	UnitedHealth Group, Inc.			1,617,049		0.3
73,175	Unum Group			3,002,370		0.6
84,473	US Bancorp			3,683,868		0.7
11,842	Valero Energy Corp.			1,502,276		0.3
162,693	Verizon Communications, Inc.			6,410,104		1.2
31,371	Washington Federal, Inc.			1,052,497		0.2
24,196	Wells Fargo & Co.			999,053		0.2
36,606	Wendy’s Company			828,394		0.2
26,190	WestRock Co.			920,840		0.2
114,618	Williams Cos., Inc.			3,770,932		0.7
				357,909,519		67.2
	Total Common Stock (Cost $498,578,706)			527,467,915		99.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 0.4%
13,505	iShares MSCI EAFE Value Index ETF		$	619,609		0.1
8,293	iShares Russell 1000 Value ETF			1,257,634		0.3
	Total Exchange-Traded Funds (Cost $1,859,224)			1,877,243		0.4
	Total Long-Term Investments (Cost $500,437,930)			529,345,158		99.4

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.4%
	Repurchase Agreements: 1.2%
1,485,182 (4)	Bank of America Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,485,882, collateralized by various U.S. Government Agency Obligations, 1.500%-6.500%, Market Value plus accrued interest $1,514,886, due 05/01/37-05/01/58)		1,485,182		0.3
439,210 (4)	Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $439,415, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $447,994, due 04/11/23-10/31/29)		439,210		0.1
1,485,182 (4)	Daiwa Capital Markets, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,485,882, collateralized by various U.S. Government Agency Obligations, 1.500%-6.000%, Market Value plus accrued interest $1,514,886, due 08/01/23-01/01/53)		1,485,182		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,485,182 (4)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,485,882, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,514,886, due 09/01/24-10/20/52)		$	1,485,182		0.3
1,485,182 (4)	Truist Securities Inc., Repurchase Agreement dated 12/30/22, 4.32%, due 01/03/23 (Repurchase Amount $1,485,885, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-6.500%, Market Value plus accrued interest $1,514,896, due 05/31/24-12/01/52)			1,485,182		0.3
	Total Repurchase Agreements (Cost $6,379,938)			6,379,938		1.2

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.2%
1,159,000 (5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $1,159,000)			1,159,000		0.2
	Total Short-Term Investments (Cost $7,538,938)			7,538,938		1.4
	Total Investments in Securities (Cost $507,976,868)		$	536,884,096		100.8
	Liabilities in Excess of Other Assets			(4,192,528)		(0.8)
	Net Assets		$	532,691,568		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2022 (continued)

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

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

(5)

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

Sector Diversification	Percentage of Net Assets
Financials		21.1%
Health Care		16.0
Industrials		11.2
Consumer Staples		9.9
Energy		8.3

Sector Diversification	Percentage 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.

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock
Australia		$	2,702,532		$	13,936,039		$	—		$	16,638,571
Belgium			—			572,433			—			572,433
Canada			13,723,229			—			—			13,723,229
China			—			882,647			—			882,647
Denmark			—			2,227,412			—			2,227,412
Finland			—			1,381,167			—			1,381,167
France			—			16,081,871			—			16,081,871
Germany			—			3,894,295			—			3,894,295
Hong Kong			1,511,730			8,799,526			—			10,311,256
Ireland			1,102,613			1,910,599			—			3,013,212
Israel			—			2,170,329			—			2,170,329
Italy			—			5,743,797			—			5,743,797
Japan			—			39,636,367			—			39,636,367
Netherlands			—			6,786,488			—			6,786,488
New Zealand			—			674,720			—			674,720
Singapore			—			542,534			—			542,534
Spain			—			6,859,392			—			6,859,392
Switzerland			—			12,973,242			—			12,973,242
United Kingdom			3,465,310			21,980,124			—			25,445,434
United States			357,909,519			—			—			357,909,519
Total Common Stock			380,414,933			147,052,982			—			527,467,915
Exchange-Traded Funds			1,877,243			—			—			1,877,243
Short-Term Investments			1,159,000			6,379,938			—			7,538,938
Total Investments, at fair value		$	383,451,176		$	153,432,920		$	—		$	536,884,096

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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:

Gross Unrealized Appreciation	$	50,444,534
Gross Unrealized Depreciation		(22,180,515)
Net Unrealized Appreciation	$	28,264,019

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2022

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: 50.9%
9,000,000	Federal Farm Credit Banks Funding Corp., 4.710%, (FEDL01 + 0.380%), 05/11/2023		$	9,010,898		1.7
44,000,000	Federal Home Loan Bank Discount Notes, 4.230%, 03/10/2023			43,634,273		8.3
71,000,000	Federal Home Loan Bank Discount Notes, 4.290%, 02/08/2023			70,684,969		13.5
15,000,000	Federal Home Loan Bank Discount Notes, 4.492%, 03/03/2023			14,888,675		2.9
15,000,000	Federal Home Loan Bank Discount Notes, 4.499%, 03/23/2023			14,852,513		2.8
6,000,000	Federal Home Loan Bank Discount Notes, 4.521%, 03/08/2023			5,951,490		1.1
64,000,000	Federal Home Loan Bank Discount Notes, 4.540%, 03/15/2023			63,425,389		12.1
1,600,000	Federal Home Loan Banks, 4.320%, (SOFRRATE + 0.020%), 01/03/2023			1,599,998		0.3
6,000,000	Federal Home Loan Banks, 4.320%, (SOFRRATE + 0.020%), 01/11/2023			5,999,965		1.2
29,000,000	Federal Home Loan Banks, 4.320%, (SOFRRATE + 0.020%), 03/24/2023			29,000,000		5.6
7,250,000	Federal Home Loan Banks, 4.330%, (SOFRRATE + 0.030%), 04/14/2023			7,250,000		1.4
	Total U.S. Government Agency Debt (Cost $266,298,170)			266,298,170		50.9
U.S. TREASURY DEBT: 24.8%
129,500,000	United States Treasury Floating Rate Note, 4.432%, (USBMMY3M + 0.034%), 04/30/2023			129,600,776		24.8
	Total U.S. Treasury Debt (Cost $129,600,776)			129,600,776		24.8

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

Shares		Value			Percentage of Net Assets
INVESTMENT COMPANIES: 1.4%
7,500,000 (1)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.143%, 10/03/22			7,500,000		1.4
	Total Investment Companies (Cost $7,500,000)			7,500,000		1.4
	Total Investments in Securities (Cost $509,376,946)		$	509,376,946		97.4
	Assets in Excess of Other Liabilities			13,800,304		2.6
	Net Assets		$	523,177,250		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

Reference Rate Abbreviations:

FEDL01

Federal Funds Effective Rate

SOFRRATE

1-day Secured Overnight Financing Rate

USBMMY3M

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

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2022 (continued)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
U.S. Government Agency Debt		$	—		$	266,298,170		$	—		$	266,298,170
Investment Companies			7,500,000			—			—			7,500,000
U.S. Treasury Debt			—			129,600,776			—			129,600,776
U.S. Treasury Repurchase Agreement			—			105,978,000			—			105,978,000
Total Investments, at fair value		$	7,500,000		$	501,876,946		$	—		$	509,376,946

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

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

Counterparty	Government Repurchase Agreement, at fair value			Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank		$	105,978,000		$	(105,978,000)		$	—
Totals		$	105,978,000		$	(105,978,000)		$	—

(1)

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

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.8%
	Communication Services: 7.7%
220,032	Activision Blizzard, Inc.		$	16,843,450		1.0
2,595,193	AT&T, Inc.			47,777,503		2.7
910,231 (1)	Paramount Global - Class B			15,364,699		0.9
974,762 (2)	Pinterest, Inc.			23,667,221		1.3
355,788 (2)	Walt Disney Co.			30,910,862		1.8
				134,563,735		7.7
	Consumer Discretionary: 9.0%
774,964 (2)	Amazon.com, Inc.			65,096,976		3.7
250,723 (2)	Aptiv PLC			23,349,833		1.3
503,012 (2)	Caesars Entertainment, Inc.			20,925,300		1.2
221,172 (2)	Expedia Group, Inc.			19,374,667		1.1
281,424 (1)	Ralph Lauren Corp.			29,738,074		1.7
				158,484,850		9.0
	Consumer Staples: 5.8%
510,604	Coca-Cola Co.			32,479,520		1.8
640,538	Kraft Heinz Co.			26,076,302		1.5
431,847	Philip Morris International, Inc.			43,707,235		2.5
				102,263,057		5.8
	Energy: 5.5%
781,909	BP PLC ADR			27,312,081		1.6
261,026	ConocoPhillips			30,801,068		1.7
124,308	Diamondback Energy, Inc.			17,002,848		1.0
165,140	Valero Energy Corp.			20,949,661		1.2
				96,065,658		5.5
	Financials: 12.5%
326,029	Apollo Global Management, Inc.			20,797,390		1.2
103,449	Arthur J. Gallagher & Co.			19,504,274		1.1
564,682	Bank of New York Mellon Corp.			25,704,325		1.5
61,180	Everest Re Group Ltd.			20,267,098		1.1
68,479	Goldman Sachs Group, Inc.			23,514,319		1.3
452,729	JPMorgan Chase & Co.			60,710,959		3.5
308,329	Nasdaq, Inc.			18,915,984		1.1
686,224	Truist Financial Corp.			29,528,219		1.7
				218,942,568		12.5
	Health Care: 15.3%
356,259 (1)	Alcon, Inc.			24,421,554		1.4
849,628 (2)	Boston Scientific Corp.			39,312,288		2.2
445,062	Bristol-Myers Squibb Co.			32,022,211		1.8
81,214	Eli Lilly & Co.			29,711,330		1.7
68,039	Humana, Inc.			34,848,895		2.0
79,407	McKesson Corp.			29,787,154		1.7
124,025	Quest Diagnostics, Inc.			19,402,471		1.1
72,931	Thermo Fisher Scientific, Inc.			40,162,372		2.3
66,322 (2)	Vertex Pharmaceuticals, Inc.			19,152,467		1.1
				268,820,742		15.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 7.7%
350,483	Emerson Electric Co.		$	33,667,397		1.9
948,015	Howmet Aerospace, Inc.			37,361,271		2.2
813,439	nVent Electric PLC			31,292,998		1.8
89,537 (2)	United Rentals, Inc.			31,823,241		1.8
				134,144,907		7.7
	Information Technology: 26.1%
157,522	Analog Devices, Inc.			25,838,334		1.5
953,852	Apple, Inc.			123,933,990		7.1
77,735	Broadcom, Inc.			43,463,971		2.5
380,192	Dolby Laboratories, Inc.			26,818,744		1.5
524,686	Microsoft Corp.			125,830,196		7.2
118,843	Motorola Solutions, Inc.			30,627,030		1.7
152,335 (2)	Palo Alto Networks, Inc.			21,256,826		1.2
52,652 (2)	Paycom Software, Inc.			16,338,442		0.9
56,546	Roper Technologies, Inc.			24,432,961		1.4
48,838 (2)	ServiceNow, Inc.			18,962,330		1.1
				457,502,824		26.1
	Materials: 3.9%
75,830	Air Products & Chemicals, Inc.			23,375,356		1.3
289,131	Alcoa Corp.			13,146,786		0.8
139,854	CF Industries Holdings, Inc.			11,915,561		0.7
242,463	Eastman Chemical Co.			19,746,187		1.1
				68,183,890		3.9
	Real Estate: 3.0%
206,145	ProLogis, Inc.			23,238,726		1.3
137,693	Ryman Hospitality Properties			11,260,534		0.7
268,362	Welltower, Inc.			17,591,129		1.0
				52,090,389		3.0
	Utilities: 3.3%
137,100	Entergy Corp.			15,423,750		0.9
274,872	NextEra Energy, Inc.			22,979,299		1.3
311,004	Public Service Enterprise Group, Inc.			19,055,215		1.1
				57,458,264		3.3
	Total Common Stock (Cost $1,590,452,732)			1,748,520,884		99.8
OTHER(3): —%
	Utilities: —%
10,000,000 (4)(5)	Southern Energy (Escrow)			—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $1,590,452,732)			1,748,520,884		99.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.6%
	Repurchase Agreements: 1.4%
5,810,100 (6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $5,812,838, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $5,926,302, due 01/15/23-11/20/72)		$	5,810,100		0.3
5,520,291 (6)	Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $5,522,959, collateralized by various U.S. Government Securities, 0.125%-6.250%, Market Value plus accrued interest $5,633,456, due 04/15/23-11/15/52)			5,520,291		0.3
71,560 (6)	Deutsche Bank Securities Inc., Repurchase Agreement dated 12/30/22, 4.26%, due 01/03/23 (Repurchase Amount $71,593, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $72,991, due 01/10/23-06/29/23)			71,560		0.0
2,445,106 (6)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $2,446,258, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $2,495,200, due 03/01/23-11/20/72)			2,445,106		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
5,810,114 (6)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $5,812,877, collateralized by various U.S. Government Securities, 0.000%- 4.435%, Market Value plus accrued interest $5,926,317, due 01/03/23-09/09/49)		$	5,810,114		0.3
5,302,822 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $5,305,344, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $5,408,904, due 01/15/24-02/15/51)			5,302,822		0.3
	Total Repurchase Agreements (Cost $24,959,993)			24,959,993		1.4

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.2%
2,315,000 (7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150%
	(Cost $2,315,000)			2,315,000		0.2
	Total Short-Term Investments (Cost $27,274,993)			27,274,993		1.6
	Total Investments in Securities (Cost $1,617,727,725)		$	1,775,795,877		101.4
	Liabilities in Excess of Other Assets			(24,449,549)		(1.4)
	Net Assets		$	1,751,346,328		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2022 (continued)

(1)

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

(2)

Non-income producing security.

(3)

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.

(4)

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

(5)

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

(6)

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

(7)

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	1,748,520,884		$	—		$	—		$	1,748,520,884
Other			—			—			—			—
Short-Term Investments			2,315,000			24,959,993			—			27,274,993
Total Investments, at fair value		$	1,750,835,884		$	24,959,993		$	—		$	1,775,795,877

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

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

At December 31, 2022, Voya Growth and Income Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Southern Energy (Escrow)

11/30/2005

—

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:

Gross Unrealized Appreciation	$	343,408,673
Gross Unrealized Depreciation		(194,136,830)
Net Unrealized Appreciation	$	149,271,843

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 20.0%
	Basic Materials: 0.2%
445,000 (1)	Anglo American Capital PLC, 2.250%, 03/17/2028		$	374,970		0.0
1,250,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024			1,210,275		0.1
276,000 (1)	Anglo American Capital PLC, 5.625%, 04/01/2030			274,669		0.0
500,000	Dow Chemical Co/The, 4.625%, 10/01/2044			416,648		0.0
342,000 (2)	Dow Chemical Co/The, 6.300%, 03/15/2033			360,891		0.0
409,000	Dow Chemical Co/The, 6.900%, 05/15/2053			446,549		0.0
1,366,000	Mosaic Co/The, 5.450%, 11/15/2033			1,332,856		0.1
143,000	Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051			95,281		0.0
1,147,000	Steel Dynamics, Inc., 1.650%, 10/15/2027			963,035		0.0
362,000	Teck Resources Ltd., 5.400%, 02/01/2043			323,078		0.0
				5,798,252		0.2
	Communications: 1.7%
981,000	Amazon.com, Inc., 2.100%, 05/12/2031			803,628		0.0
2,340,000	Amazon.com, Inc., 2.875%, 05/12/2041			1,755,394		0.1
642,000 (2)	Amazon.com, Inc., 3.600%, 04/13/2032			589,407		0.0
411,000	Amazon.com, Inc., 3.950%, 04/13/2052			342,457		0.0
652,000	Amazon.com, Inc., 4.100%, 04/13/2062			541,997		0.0
701,000	Amazon.com, Inc., 4.550%, 12/01/2027			699,948		0.0
935,000	Amazon.com, Inc., 4.700%, 12/01/2032			928,521		0.1
1,803,000	AT&T, Inc., 2.550%, 12/01/2033			1,390,907		0.1
1,240,000	AT&T, Inc., 3.550%, 09/15/2055			832,958		0.0
1,532,000	AT&T, Inc., 3.650%, 09/15/2059			1,032,490		0.1
764,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			616,329		0.0
446,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			259,519		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
451,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052		$	284,821		0.0
1,018,000	Comcast Corp., 2.650%, 02/01/2030			883,007		0.1
1,417,000	Comcast Corp., 2.887%, 11/01/2051			916,457		0.1
529,000	Comcast Corp., 3.900%, 03/01/2038			457,968		0.0
900,000	Comcast Corp., 3.999%, 11/01/2049			714,629		0.0
3,290,000	Comcast Corp., 4.000%, 03/01/2048			2,654,060		0.1
596,000	Comcast Corp., 5.350%, 11/15/2027			609,748		0.0
474,000	Comcast Corp., 5.500%, 11/15/2032			495,779		0.0
588,000	Corning, Inc., 5.450%, 11/15/2079			510,784		0.0
485,000	Meta Platforms, Inc., 3.500%, 08/15/2027			452,839		0.0
1,554,000	Meta Platforms, Inc., 3.850%, 08/15/2032			1,371,881		0.1
1,113,000	Meta Platforms, Inc., 4.450%, 08/15/2052			890,224		0.1
1,698,000	Meta Platforms, Inc., 4.650%, 08/15/2062			1,371,382		0.1
738,000 (1)	NBN Co. Ltd., 1.450%, 05/05/2026			651,995		0.0
550,000 (1)(2)	NBN Co. Ltd., 1.625%, 01/08/2027			475,495		0.0
1,004,000 (2)	Paramount Global, 4.950%, 05/19/2050			734,226		0.0
120,000	Paramount Global, 5.250%, 04/01/2044			92,650		0.0
575,000	Paramount Global, 5.850%, 09/01/2043			479,670		0.0
257,000 (1)	Rogers Communications, Inc., 3.800%, 03/15/2032			222,476		0.0
588,000 (1)	Rogers Communications, Inc., 4.550%, 03/15/2052			458,592		0.0
1,000,000	Time Warner Cable LLC, 5.500%, 09/01/2041			833,626		0.1
3,754,000	Time Warner Cable LLC, 5.875%, 11/15/2040			3,284,855		0.2
527,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			453,501		0.0
178,000	T-Mobile USA, Inc., 2.250%, 02/15/2026			162,249		0.0
614,000	T-Mobile USA, Inc., 2.625%, 02/15/2029			520,599		0.0
526,000	T-Mobile USA, Inc., 3.500%, 04/15/2031			455,371		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
640,000	T-Mobile USA, Inc., 3.750%, 04/15/2027		$	603,789		0.0
198,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			179,816		0.0
851,000	T-Mobile USA, Inc., 4.375%, 04/15/2040			729,742		0.0
537,000	T-Mobile USA, Inc., 4.500%, 04/15/2050			444,145		0.0
1,543,000	Verizon Communications, Inc., 2.355%, 03/15/2032			1,227,221		0.1
417,000	Verizon Communications, Inc., 2.987%, 10/30/2056			256,258		0.0
779,000	Verizon Communications, Inc., 3.400%, 03/22/2041			588,813		0.0
1,119,000	Verizon Communications, Inc., 3.700%, 03/22/2061			786,028		0.0
2,000,000	Verizon Communications, Inc., 3.850%, 11/01/2042			1,593,953		0.1
980,000	Verizon Communications, Inc., 4.400%, 11/01/2034			903,270		0.1
116,000	Verizon Communications, Inc., 4.500%, 08/10/2033			108,914		0.0
770,000	Verizon Communications, Inc., 4.750%, 11/01/2041			705,549		0.0
2,750,000	Verizon Communications, Inc., 4.812%, 03/15/2039			2,530,460		0.1
286,000	Vodafone Group PLC, 4.375%, 02/19/2043			230,141		0.0
477,000	Vodafone Group PLC, 5.125%, 06/19/2059			410,368		0.0
				41,530,906		1.7
	Consumer, Cyclical: 1.2%
48,064 (1)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029			45,831		0.0
38,065	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			34,218		0.0
9,287	American Airlines 2016-1 Class AA Pass Through Trust, 3.575%, 07/15/2029			8,309		0.0
2,331,900	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			2,027,449		0.1
93,800	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			81,201		0.0
551,935	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			469,473		0.0
218,000 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			205,249		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
935,000	General Motors Co., 6.125%, 10/01/2025		$	952,525		0.0
1,027,000	General Motors Financial Co., Inc., 2.350%, 02/26/2027			898,336		0.0
985,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			966,084		0.1
1,893,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			1,801,438		0.1
1,527,000	General Motors Financial Co., Inc., 5.000%, 04/09/2027			1,481,493		0.1
2,878,000 (1)	Harley-Davidson Financial Services, Inc., 3.050%, 02/14/2027			2,567,121		0.1
858,000	Hasbro, Inc., 3.000%, 11/19/2024			824,956		0.0
794,000	Hasbro, Inc., 3.550%, 11/19/2026			745,662		0.0
803,000	Home Depot, Inc./The, 4.500%, 09/15/2032			786,594		0.0
1,150,000 (2)	Home Depot, Inc./The, 4.950%, 09/15/2052			1,110,845		0.1
496,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			395,708		0.0
260,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			203,475		0.0
452,690 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			451,061		0.0
547,000	Target Corp., 2.950%, 01/15/2052			377,825		0.0
1,185,000	Target Corp., 4.500%, 09/15/2032			1,153,820		0.1
313,000	Toyota Motor Credit Corp., 1.900%, 01/13/2027			279,750		0.0
375,000 (2)	Toyota Motor Credit Corp., 4.450%, 06/29/2029			368,003		0.0
1,150,000	Toyota Motor Credit Corp., 4.550%, 09/20/2027			1,136,140		0.1
363,112	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			351,903		0.0
512,705	United Airlines 2014-1 Class A Pass Through Trust, 4.000%, 10/11/2027			477,100		0.0
439,207	United Airlines 2016-2 Class A Pass Through Trust, 3.100%, 04/07/2030			355,741		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
3,577,662	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030		$	3,050,018		0.1
573,032	United Airlines 2019-2 Class A Pass Through Trust, 2.900%, 11/01/2029			461,106		0.0
1,576,024	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			1,556,055		0.1
1,668,820	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			1,615,689		0.1
575,000	Walmart, Inc., 4.500%, 09/09/2052			550,586		0.0
1,505,000 (1)	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			1,357,439		0.1
288,000 (1)	Warnermedia Holdings, Inc., 5.050%, 03/15/2042			221,364		0.0
438,000 (1)	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			320,102		0.0
				29,689,669		1.2
	Consumer, Non-cyclical: 3.3%
109,000	Abbott Laboratories, 4.900%, 11/30/2046			106,885		0.0
1,663,000	AbbVie, Inc., 2.600%, 11/21/2024			1,592,122		0.1
732,000	AbbVie, Inc., 4.050%, 11/21/2039			629,613		0.0
1,257,000	AbbVie, Inc., 4.300%, 05/14/2036			1,136,551		0.1
1,964,000	AbbVie, Inc., 4.400%, 11/06/2042			1,712,582		0.1
579,000	AbbVie, Inc., 4.500%, 05/14/2035			538,405		0.0
292,000	AbbVie, Inc., 4.550%, 03/15/2035			274,088		0.0
1,700,000	AbbVie, Inc., 4.625%, 10/01/2042			1,517,763		0.1
2,403,000	Aetna, Inc., 4.500%, 05/15/2042			2,084,732		0.1
327,000 (1)	Alcon Finance Corp., 5.375%, 12/06/2032			329,688		0.0
474,000 (1)	Alcon Finance Corp., 5.750%, 12/06/2052			477,667		0.0
473,000	Altria Group, Inc., 2.450%, 02/04/2032			357,992		0.0
918,000	Altria Group, Inc., 3.700%, 02/04/2051			578,404		0.0
301,000	Altria Group, Inc., 4.800%, 02/14/2029			289,446		0.0
730,000	Altria Group, Inc., 5.800%, 02/14/2039			675,956		0.0
543,000	Altria Group, Inc., 5.950%, 02/14/2049			485,363		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,375,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036		$	1,303,802		0.1
3,000,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			2,742,347		0.1
1,260,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			1,262,820		0.1
2,362,000	BAT Capital Corp., 2.259%, 03/25/2028			1,964,194		0.1
483,000	BAT Capital Corp., 2.726%, 03/25/2031			377,960		0.0
140,000	BAT Capital Corp., 3.557%, 08/15/2027			128,121		0.0
866,000	BAT Capital Corp., 3.734%, 09/25/2040			590,881		0.0
419,000	BAT Capital Corp., 4.390%, 08/15/2037			327,139		0.0
1,250,000	BAT International Finance PLC, 4.448%, 03/16/2028			1,159,898		0.1
1,150,000	Baxter International, Inc., 2.272%, 12/01/2028			982,911		0.1
1,158,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			906,831		0.0
1,757,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			1,570,850		0.1
374,000 (1)	Cargill, Inc., 2.125%, 04/23/2030			308,788		0.0
831,000 (1)	Cargill, Inc., 2.125%, 11/10/2031			658,154		0.0
310,000 (1)	Cargill, Inc., 3.125%, 05/25/2051			215,026		0.0
388,000 (1)	Cargill, Inc., 4.375%, 04/22/2052			338,499		0.0
374,000 (1)	Cargill, Inc., 5.125%, 10/11/2032			375,850		0.0
1,137,000	Centene Corp., 3.000%, 10/15/2030			934,619		0.1
2,195,000	Cigna Corp., 3.250%, 04/15/2025			2,115,659		0.1
271,000	Cigna Corp., 3.400%, 03/15/2050			193,323		0.0
3,900,000	Cigna Corp., 4.800%, 08/15/2038			3,635,506		0.2
346,000	Cigna Corp., 4.900%, 12/15/2048			313,574		0.0
1,168,000 (1)	CSL Finance PLC, 4.250%, 04/27/2032			1,103,155		0.1
404,000 (1)	CSL Finance PLC, 4.625%, 04/27/2042			361,980		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
668,000 (1)	CSL Finance PLC, 4.750%, 04/27/2052		$	607,164		0.0
278,000 (1)	CSL Finance PLC, 4.950%, 04/27/2062			247,537		0.0
798,000	CVS Health Corp., 2.700%, 08/21/2040			554,297		0.0
1,075,000	CVS Health Corp., 3.875%, 07/20/2025			1,050,060		0.1
1,886,000	CVS Health Corp., 4.125%, 04/01/2040			1,576,884		0.1
3,000,000	CVS Health Corp., 4.780%, 03/25/2038			2,744,769		0.1
375,000	CVS Health Corp., 5.050%, 03/25/2048			338,488		0.0
159,000	CVS Health Corp., 5.125%, 07/20/2045			145,691		0.0
49,540	CVS Pass-Through Trust, 6.943%, 01/10/2030			50,462		0.0
1,237,000 (1)	Fresenius Medical Care US Finance III, Inc., 1.875%, 12/01/2026			1,050,565		0.1
1,000,000	Global Payments, Inc., 1.200%, 03/01/2026			872,758		0.0
670,000	Global Payments, Inc., 2.650%, 02/15/2025			630,895		0.0
1,676,000	Global Payments, Inc., 3.200%, 08/15/2029			1,428,128		0.1
385,000	Global Payments, Inc., 5.950%, 08/15/2052			350,012		0.0
614,000	GSK Consumer Healthcare Capital US LLC, 3.375%, 03/24/2029			553,397		0.0
218,000	HCA, Inc., 2.375%, 07/15/2031			170,225		0.0
440,000 (1)	HCA, Inc., 3.125%, 03/15/2027			400,681		0.0
211,000	HCA, Inc., 3.500%, 09/01/2030			182,478		0.0
1,166,000	HCA, Inc., 4.125%, 06/15/2029			1,066,891		0.1
670,000 (1)	HCA, Inc., 4.375%, 03/15/2042			536,403		0.0
1,604,000	HCA, Inc., 4.500%, 02/15/2027			1,548,285		0.1
772,000	HCA, Inc., 5.250%, 04/15/2025			768,183		0.0
1,115,000	Humana, Inc., 1.350%, 02/03/2027			965,588		0.1
178,000	Humana, Inc., 3.125%, 08/15/2029			156,405		0.0
305,000	Humana, Inc., 5.750%, 03/01/2028			311,983		0.0
407,000	Johnson & Johnson, 3.625%, 03/03/2037			363,207		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
296,000	Kraft Heinz Foods Co., 5.000%, 06/04/2042		$	269,076		0.0
294,000	Kraft Heinz Foods Co., 5.200%, 07/15/2045			272,699		0.0
1,870,000 (1)	Mars, Inc., 3.875%, 04/01/2039			1,594,709		0.1
405,000	Merck & Co., Inc., 2.750%, 12/10/2051			272,577		0.0
884,000	Mylan, Inc., 5.200%, 04/15/2048			661,647		0.0
910,000 (1)	Nestle Holdings, Inc., 3.900%, 09/24/2038			813,194		0.0
1,116,000 (1)	Nestle Holdings, Inc., 4.125%, 10/01/2027			1,091,670		0.1
801,000 (1)	Nestle Holdings, Inc., 4.700%, 01/15/2053			758,249		0.0
233,000	PayPal Holdings, Inc., 2.300%, 06/01/2030			191,939		0.0
1,033,000 (2)	PayPal Holdings, Inc., 4.400%, 06/01/2032			975,347		0.1
2,526,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			2,309,487		0.1
385,000	Reynolds American, Inc., 5.700%, 08/15/2035			348,784		0.0
560,000	Reynolds American, Inc., 5.850%, 08/15/2045			479,320		0.0
624,000	Reynolds American, Inc., 6.150%, 09/15/2043			559,144		0.0
480,000 (1)	Roche Holdings, Inc., 2.607%, 12/13/2051			313,147		0.0
537,000	Royalty Pharma PLC, 1.200%, 09/02/2025			481,097		0.0
796,000	Royalty Pharma PLC, 1.750%, 09/02/2027			674,957		0.0
329,000	S&P Global, Inc., 1.250%, 08/15/2030			253,777		0.0
1,000,000 (1)	S&P Global, Inc., 2.700%, 03/01/2029			882,261		0.0
1,252,000 (1)	S&P Global, Inc., 2.900%, 03/01/2032			1,071,387		0.1
1,217,000 (1)	S&P Global, Inc., 3.700%, 03/01/2052			945,410		0.1
342,000	Thermo Fisher Scientific, Inc., 4.800%, 11/21/2027			343,718		0.0
830,000 (1)(2)	Triton Container International Ltd., 2.050%, 04/15/2026			721,721		0.0
482,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031			375,676		0.0
485,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			353,755		0.0
245,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			185,109		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,111,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039		$	912,543		0.0
493,000	UnitedHealth Group, Inc., 3.750%, 10/15/2047			394,445		0.0
265,000	UnitedHealth Group, Inc., 4.750%, 05/15/2052			246,149		0.0
1,024,000	UnitedHealth Group, Inc., 5.300%, 02/15/2030			1,057,723		0.1
838,000	UnitedHealth Group, Inc., 5.350%, 02/15/2033			867,317		0.0
699,000	UnitedHealth Group, Inc., 5.875%, 02/15/2053			759,353		0.0
586,000	UnitedHealth Group, Inc., 6.050%, 02/15/2063			640,107		0.0
265,000	Utah Acquisition Sub, Inc., 5.250%, 06/15/2046			201,364		0.0
553,000	Viatris, Inc., 2.700%, 06/22/2030			433,529		0.0
1,663,000	Viatris, Inc., 3.850%, 06/22/2040			1,120,301		0.1
124,000	Viatris, Inc., 4.000%, 06/22/2050			76,829		0.0
				79,240,097		3.3
	Energy: 1.8%
277,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026			248,652		0.0
366,000	BP Capital Markets America, Inc., 1.749%, 08/10/2030			292,617		0.0
321,000	BP Capital Markets America, Inc., 2.772%, 11/10/2050			206,371		0.0
752,000 (3)	BP Capital Markets PLC, 4.875%, 12/31/2199			660,350		0.0
205,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			212,917		0.0
3,558,000	Coterra Energy, Inc., 3.900%, 05/15/2027			3,327,638		0.2
181,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			159,191		0.0
885,000	Diamondback Energy, Inc., 6.250%, 03/15/2033			901,007		0.0
796,000	Diamondback Energy, Inc., 6.250%, 03/15/2053			773,490		0.0
979,000 (3)	Enbridge, Inc., 5.750%, 07/15/2080			887,677		0.0
631,000 (3)	Enbridge, Inc., 7.375%, 01/15/2083			614,880		0.0
631,000 (3)	Enbridge, Inc., 7.625%, 01/15/2083			625,706		0.0
582,000	Energy Transfer L.P., 4.250%, 04/01/2024			571,810		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
154,000	Energy Transfer L.P., 4.900%, 03/15/2035		$	137,689		0.0
1,625,000	Energy Transfer L.P., 5.300%, 04/01/2044			1,378,759		0.1
1,086,000	Energy Transfer L.P., 5.300%, 04/15/2047			908,869		0.1
845,000	Energy Transfer L.P., 5.350%, 05/15/2045			720,220		0.0
2,009,000	Energy Transfer L.P., 5.750%, 02/15/2033			1,969,393		0.1
399,000	Energy Transfer L.P., 5.800%, 06/15/2038			366,791		0.0
1,067,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023			1,059,550		0.1
1,385,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025			1,347,762		0.1
453,000	Enterprise Products Operating LLC, 3.950%, 01/31/2060			329,187		0.0
218,000	Enterprise Products Operating LLC, 4.200%, 01/31/2050			172,454		0.0
1,200,000 (3)	Enterprise Products Operating LLC, 7.630%, 08/16/2077			1,087,713		0.1
826,000	Equinor ASA, 3.125%, 04/06/2030			743,583		0.0
1,000,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024			983,633		0.1
920,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044			831,142		0.0
786,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			720,362		0.0
639,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			536,376		0.0
543,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			455,933		0.0
752,000	Marathon Petroleum Corp., 5.125%, 12/15/2026			748,433		0.0
1,100,000	MPLX L.P., 4.000%, 03/15/2028			1,025,087		0.1
202,000	MPLX L.P., 4.700%, 04/15/2048			160,292		0.0
504,000	MPLX L.P., 5.200%, 12/01/2047			431,046		0.0
309,000	MPLX L.P., 5.500%, 02/15/2049			273,051		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
611,000 (1)	Northern Natural Gas Co., 3.400%, 10/16/2051		$	414,742		0.0
350,000	ONEOK Partners L.P., 6.125%, 02/01/2041			331,632		0.0
908,000	ONEOK Partners L.P., 6.200%, 09/15/2043			866,140		0.0
112,000	ONEOK, Inc., 3.100%, 03/15/2030			94,102		0.0
766,000	ONEOK, Inc., 5.850%, 01/15/2026			776,048		0.0
510,000	Phillips 66, 0.900%, 02/15/2024			487,637		0.0
399,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			346,823		0.0
761,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.800%, 09/15/2030			663,160		0.0
1,779,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			1,742,662		0.1
500,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			389,297		0.0
982,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			924,819		0.1
906,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			889,740		0.0
584,000 (1)	Santos Finance Ltd., 3.649%, 04/29/2031			464,746		0.0
587,000	Shell International Finance BV, 4.000%, 05/10/2046			481,464		0.0
1,262,000	Shell International Finance BV, 4.125%, 05/11/2035			1,174,689		0.1
201,000	Targa Resources Corp., 6.250%, 07/01/2052			190,725		0.0
1,136,000	Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031			1,027,285		0.1
2,000,000	TotalEnergies Capital Canada Ltd., 2.750%, 07/15/2023			1,975,209		0.1
500,000	TotalEnergies Capital International SA, 2.986%, 06/29/2041			374,519		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
3,804,000	Williams Cos, Inc./The, 4.000%, 09/15/2025		$	3,701,399		0.2
1,017,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			926,746		0.1
				44,113,215		1.8
	Financial: 6.2%
600,000 (1)(3)	ABN AMRO Bank NV, 3.324%, 03/13/2037			435,114		0.0
69,000	Alleghany Corp., 3.250%, 08/15/2051			48,880		0.0
681,000	Alleghany Corp., 3.625%, 05/15/2030			633,258		0.0
25,000	Alleghany Corp., 4.900%, 09/15/2044			23,037		0.0
1,327,000 (3)	American Express Co., 4.420%, 08/03/2033			1,257,520		0.1
462,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031			357,558		0.0
398,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032			335,847		0.0
298,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			219,725		0.0
230,000	American International Group, Inc., 3.900%, 04/01/2026			223,071		0.0
419,000	American Tower Corp., 3.650%, 03/15/2027			391,962		0.0
842,000 (1)	Antares Holdings L.P., 2.750%, 01/15/2027			675,556		0.0
599,000 (1)(3)	ASB Bank Ltd., 5.284%, 06/17/2032			566,430		0.0
937,000	Assurant, Inc., 3.700%, 02/22/2030			795,567		0.0
445,000	Athene Holding Ltd., 6.650%, 02/01/2033			441,382		0.0
486,000	AvalonBay Communities, Inc., 5.000%, 02/15/2033			479,752		0.0
789,000 (1)	Aviation Capital Group LLC, 1.950%, 09/20/2026			669,380		0.0
503,000 (1)	Aviation Capital Group LLC, 3.500%, 11/01/2027			440,131		0.0
452,000 (1)	Aviation Capital Group LLC, 3.875%, 05/01/2023			448,383		0.0
863,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024			848,385		0.0
1,094,000 (1)	Avolon Holdings Funding Ltd., 2.528%, 11/18/2027			876,040		0.0
710,000 (1)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028			571,038		0.0
1,345,000 (1)	Avolon Holdings Funding Ltd., 4.250%, 04/15/2026			1,220,827		0.1

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,000,000 (3)	Banco Bilbao Vizcaya Argentaria SA, 6.138%, 09/14/2028		$	1,002,923		0.1
1,000,000	Banco Santander SA, 2.746%, 05/28/2025			936,779		0.1
600,000 (3)	Banco Santander SA, 3.225%, 11/22/2032			454,454		0.0
3,495,000 (3)	Bank of America Corp., 1.197%, 10/24/2026			3,110,653		0.1
3,375,000 (3)	Bank of America Corp., 1.530%, 12/06/2025			3,115,169		0.1
4,767,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			4,182,308		0.2
1,668,000 (3)	Bank of America Corp., 1.843%, 02/04/2025			1,599,930		0.1
225,000 (3)	Bank of America Corp., 2.015%, 02/13/2026			209,028		0.0
1,506,000 (3)	Bank of America Corp., 2.087%, 06/14/2029			1,269,944		0.1
806,000 (3)	Bank of America Corp., 2.572%, 10/20/2032			633,260		0.0
405,000 (3)	Bank of America Corp., 2.676%, 06/19/2041			273,902		0.0
1,136,000 (3)	Bank of America Corp., 2.687%, 04/22/2032			911,964		0.0
814,000 (3)	Bank of America Corp., 3.194%, 07/23/2030			701,789		0.0
1,385,000 (3)	Bank of America Corp., 3.593%, 07/21/2028			1,277,204		0.1
727,000 (3)	Bank of America Corp., 3.846%, 03/08/2037			603,868		0.0
435,000 (3)	Bank of America Corp., 3.970%, 03/05/2029			402,153		0.0
158,000 (3)	Bank of America Corp., 4.083%, 03/20/2051			124,411		0.0
814,000 (3)	Bank of America Corp., 4.271%, 07/23/2029			760,592		0.0
856,000 (3)	Bank of America Corp., 4.571%, 04/27/2033			785,405		0.0
2,193,000 (3)	Bank of America Corp., 5.015%, 07/22/2033			2,088,492		0.1
512,000 (3)	Bank of America Corp., 6.204%, 11/10/2028			529,545		0.0
960,000 (3)	Bank of New York Mellon Corp./The, 5.834%, 10/25/2033			998,233		0.1
2,335,000 (3)	Bank of Nova Scotia/The, 4.588%, 05/04/2037			1,998,658		0.1
798,000 (1)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			650,986		0.0
363,000 (1)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			267,552		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,492,000 (1)	Blackstone Holdings Finance Co. LLC, 2.850%, 08/05/2051		$	872,411		0.0
630,000 (1)	Blackstone Holdings Finance Co. LLC, 3.200%, 01/30/2052			404,594		0.0
1,168,000 (1)	Blackstone Holdings Finance Co. LLC, 6.200%, 04/22/2033			1,181,002		0.1
433,000	Blackstone Private Credit Fund, 4.000%, 01/15/2029			358,004		0.0
955,000 (1)	BPCE SA, 5.700%, 10/22/2023			948,108		0.1
725,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027			632,348		0.0
476,000 (3)	Capital One Financial Corp., 3.273%, 03/01/2030			407,886		0.0
771,000	CBRE Services, Inc., 2.500%, 04/01/2031			609,542		0.0
1,338,000	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			1,041,701		0.1
561,000	CI Financial Corp., 4.100%, 06/15/2051			332,435		0.0
806,000 (3)	Citigroup, Inc., 1.462%, 06/09/2027			700,083		0.0
745,000 (1)	Commonwealth Bank of Australia, 3.743%, 09/12/2039			547,029		0.0
1,661,000 (1)	Corebridge Financial, Inc., 3.850%, 04/05/2029			1,516,286		0.1
878,000 (1)	Corebridge Financial, Inc., 3.900%, 04/05/2032			769,230		0.0
2,333,000 (1)(3)	Corebridge Financial, Inc., 6.875%, 12/15/2052			2,166,635		0.1
718,000 (1)(3)	Credit Agricole SA, 4.750%, 12/31/2199			577,213		0.0
6,000,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023			5,824,236		0.3
1,128,000	Credit Suisse AG/New York NY, 1.250%, 08/07/2026			913,988		0.1
1,030,000	Credit Suisse AG/New York NY, 5.000%, 07/09/2027			940,333		0.1
445,000	Crown Castle, Inc., 2.900%, 03/15/2027			405,406		0.0
760,000	CubeSmart L.P., 2.250%, 12/15/2028			627,776		0.0
1,870,000 (1)(3)	Danske Bank A/S, 1.621%, 09/11/2026			1,648,733		0.1

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
813,000 (1)(3)	Depository Trust & Clearing Corp./The, 3.375%, 12/31/2199		$	644,303		0.0
251,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			268,883		0.0
340,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			340,081		0.0
2,813,000 (1)	Hartford Financial Services Group, Inc./The, 6.731%, (US0003M + 2.125%), 02/12/2067			2,361,879		0.1
1,355,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027			1,169,862		0.1
1,875,000 (3)	HSBC Holdings PLC, 2.206%, 08/17/2029			1,516,698		0.1
1,331,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			1,250,903		0.1
1,037,000 (3)	HSBC Holdings PLC, 2.999%, 03/10/2026			975,492		0.1
1,982,000 (3)	HSBC Holdings PLC, 4.041%, 03/13/2028			1,829,359		0.1
1,250,000	HSBC Holdings PLC, 4.300%, 03/08/2026			1,210,528		0.1
1,710,000 (3)	HSBC Holdings PLC, 4.600%, 12/31/2199			1,334,627		0.1
658,000 (3)	HSBC Holdings PLC, 5.210%, 08/11/2028			635,874		0.0
742,000 (3)	HSBC Holdings PLC, 7.390%, 11/03/2028			781,124		0.0
1,809,000 (1)	Intact Financial Corp., 5.459%, 09/22/2032			1,790,371		0.1
1,059,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			738,480		0.0
3,319,000	Intercontinental Exchange, Inc., 4.600%, 03/15/2033			3,183,710		0.1
200,000 (1)	Intesa Sanpaolo SpA, 7.000%, 11/21/2025			204,194		0.0
507,000 (1)(3)	Intesa Sanpaolo SpA, 8.248%, 11/21/2033			515,789		0.0
1,839,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028			1,524,032		0.1
2,030,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025			1,893,428		0.1
1,184,000 (3)	JPMorgan Chase & Co., 1.040%, 02/04/2027			1,031,196		0.1
1,023,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027			886,981		0.0
754,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027			663,380		0.0
1,465,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029			1,226,096		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
381,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028		$	333,711		0.0
1,537,000 (3)	JPMorgan Chase & Co., 2.545%, 11/08/2032			1,218,769		0.1
304,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026			286,052		0.0
2,438,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028			2,208,918		0.1
255,000 (3)	JPMorgan Chase & Co., 3.109%, 04/22/2051			168,181		0.0
853,000 (3)	JPMorgan Chase & Co., 3.964%, 11/15/2048			669,343		0.0
372,000 (3)	JPMorgan Chase & Co., 4.912%, 07/25/2033			355,300		0.0
2,593,000 (3)	JPMorgan Chase & Co., 5.717%, 09/14/2033			2,538,663		0.1
435,000	Kite Realty Group L.P., 4.000%, 10/01/2026			401,100		0.0
339,000 (1)	Liberty Mutual Group, Inc., 5.500%, 06/15/2052			305,900		0.0
2,640,000	Main Street Capital Corp., 3.000%, 07/14/2026			2,278,241		0.1
684,000	Main Street Capital Corp., 5.200%, 05/01/2024			674,561		0.0
620,000 (3)	Morgan Stanley, 0.791%, 01/22/2025			586,800		0.0
1,590,000 (3)	Morgan Stanley, 1.512%, 07/20/2027			1,381,723		0.1
1,340,000 (3)	Morgan Stanley, 1.593%, 05/04/2027			1,177,049		0.1
1,074,000 (3)	Morgan Stanley, 2.188%, 04/28/2026			998,952		0.1
1,117,000 (3)	Morgan Stanley, 2.239%, 07/21/2032			859,631		0.0
444,000 (3)	Morgan Stanley, 2.475%, 01/21/2028			395,138		0.0
499,000 (3)	Morgan Stanley, 2.720%, 07/22/2025			477,350		0.0
983,000 (3)	Morgan Stanley, 2.802%, 01/25/2052			609,414		0.0
1,562,000 (3)	Morgan Stanley, 3.591%, 07/22/2028			1,435,204		0.1
585,000 (3)	Morgan Stanley, 3.737%, 04/24/2024			581,912		0.0
538,000	Morgan Stanley, 3.875%, 01/27/2026			521,414		0.0
4,000,000	Morgan Stanley, 4.000%, 07/23/2025			3,909,868		0.2
1,821,000 (3)	Morgan Stanley, 5.297%, 04/20/2037			1,670,012		0.1
645,000 (3)	Morgan Stanley, 6.296%, 10/18/2028			666,980		0.0
4,375,000 (3)	Morgan Stanley, 6.342%, 10/18/2033			4,598,140		0.2

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,983,000	Northern Trust Corp., 6.125%, 11/02/2032		$	2,097,306		0.1
1,611,000 (1)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			1,364,249		0.1
1,044,000	Old Republic International Corp., 3.850%, 06/11/2051			720,432		0.0
5,000,000	ORIX Corp., 3.250%, 12/04/2024			4,818,994		0.2
2,781,000 (3)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			2,410,179		0.1
295,000	Piedmont Operating Partnership L.P., 2.750%, 04/01/2032			207,204		0.0
1,130,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			1,110,722		0.1
388,000	Prologis L.P., 2.250%, 01/15/2032			308,556		0.0
365,000	Public Storage, 1.950%, 11/09/2028			312,054		0.0
167,000	Realty Income Corp., 3.950%, 08/15/2027			159,486		0.0
575,000	Realty Income Corp., 4.875%, 06/01/2026			572,566		0.0
448,000	Sabra Health Care L.P., 3.200%, 12/01/2031			334,366		0.0
640,000 (3)	Santander UK Group Holdings PLC, 2.469%, 01/11/2028			547,381		0.0
584,000	Sun Communities Operating L.P., 4.200%, 04/15/2032			515,949		0.0
467,000 (3)	Truist Financial Corp., 1.267%, 03/02/2027			414,281		0.0
2,470,000	UBS AG, 5.125%, 05/15/2024			2,443,183		0.1
750,000 (1)(3)	UBS Group AG, 1.364%, 01/30/2027			657,618		0.0
383,000 (1)(3)	UBS Group AG, 2.095%, 02/11/2032			289,222		0.0
452,000 (1)(3)	UBS Group AG, 2.746%, 02/11/2033			350,455		0.0
812,000 (1)(3)	UBS Group AG, 3.179%, 02/11/2043			560,696		0.0
633,000 (1)(3)	UBS Group AG, 4.751%, 05/12/2028			606,744		0.0
936,000 (3)	US Bancorp, 5.850%, 10/21/2033			974,725		0.1
163,000	Ventas Realty L.P., 5.700%, 09/30/2043			149,235		0.0
822,000	Visa, Inc., 4.150%, 12/14/2035			779,601		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
207,000	Visa, Inc., 4.300%, 12/14/2045		$	190,074		0.0
370,000 (3)	Wells Fargo & Co., 2.164%, 02/11/2026			345,216		0.0
1,678,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			1,588,003		0.1
471,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041			337,701		0.0
418,000 (3)	Wells Fargo & Co., 5.013%, 04/04/2051			370,358		0.0
1,750,000	XLIT Ltd., 5.500%, 03/31/2045			1,661,935		0.1
				150,757,111		6.2
	Industrial: 1.2%
410,000	Avnet, Inc., 5.500%, 06/01/2032			379,756		0.0
1,201,000	Berry Global, Inc., 0.950%, 02/15/2024			1,138,352		0.1
1,472,000	Berry Global, Inc., 1.650%, 01/15/2027			1,260,956		0.1
1,213,000	Boeing Co/The, 3.250%, 02/01/2028			1,103,672		0.1
446,000	Boeing Co/The, 3.250%, 02/01/2035			340,521		0.0
340,000 (2)	Boeing Co/The, 3.625%, 02/01/2031			298,744		0.0
120,000	Boeing Co/The, 3.850%, 11/01/2048			82,900		0.0
768,000	Boeing Co/The, 4.875%, 05/01/2025			762,811		0.0
980,000	Boeing Co/The, 5.150%, 05/01/2030			958,530		0.1
288,000	Boeing Co/The, 5.805%, 05/01/2050			268,494		0.0
1,161,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			948,551		0.0
1,435,000	Burlington Northern Santa Fe LLC, 4.450%, 01/15/2053			1,283,020		0.1
763,000	CSX Corp., 4.500%, 11/15/2052			666,624		0.0
1,684,000	CSX Corp., 4.650%, 03/01/2068			1,429,432		0.1
361,000	FedEx Corp., 3.900%, 02/01/2035			308,095		0.0
678,000	FedEx Corp., 4.400%, 01/15/2047			543,768		0.0
484,000	John Deere Capital Corp., 3.350%, 04/18/2029			448,292		0.0
740,000	John Deere Capital Corp., 4.350%, 09/15/2032			721,213		0.0

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
772,000 (1)(2)	Komatsu Finance America, Inc., 5.499%, 10/06/2027		$	786,862		0.0
619,000	Lockheed Martin Corp., 5.700%, 11/15/2054			652,620		0.0
290,000	Lockheed Martin Corp., 5.900%, 11/15/2063			313,439		0.0
387,000	Norfolk Southern Corp., 4.100%, 05/15/2121			269,540		0.0
1,295,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			1,140,757		0.1
1,661,000 (1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			1,455,002		0.1
118,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			117,023		0.0
1,423,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			1,298,501		0.1
2,066,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			1,867,667		0.1
1,070,000 (1)	Sealed Air Corp., 1.573%, 10/15/2026			925,326		0.0
1,322,000 (1)	SMBC Aviation Capital Finance DAC, 1.900%, 10/15/2026			1,126,968		0.1
2,250,000 (1)	TTX Co., 3.600%, 01/15/2025			2,170,911		0.1
582,000 (1)	TTX Co., 5.650%, 12/01/2052			588,380		0.0
1,190,000	Union Pacific Corp., 3.500%, 02/14/2053			899,729		0.0
608,000	Union Pacific Corp., 5.150%, 01/20/2063			588,133		0.0
575,000	Waste Connections, Inc., 4.200%, 01/15/2033			535,816		0.0
				27,680,405		1.2
	Technology: 1.5%
1,716,000	Advanced Micro Devices, Inc., 3.924%, 06/01/2032			1,599,525		0.1
1,658,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052			1,465,848		0.1
838,000	Apple, Inc., 2.650%, 02/08/2051			556,670		0.0
643,000	Apple, Inc., 2.850%, 08/05/2061			416,812		0.0
390,000 (2)	Apple, Inc., 3.350%, 08/08/2032			355,222		0.0
2,489,000	Apple, Inc., 3.750%, 09/12/2047			2,080,266		0.1
2,000,000	Apple, Inc., 3.850%, 05/04/2043			1,734,460		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
2,549,000	Apple, Inc., 3.950%, 08/08/2052		$	2,180,634		0.1
390,000	Apple, Inc., 4.100%, 08/08/2062			326,575		0.0
800,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037			700,765		0.0
1,000,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			1,021,385		0.1
1,840,000	HP, Inc., 2.650%, 06/17/2031			1,437,871		0.1
238,000	HP, Inc., 4.000%, 04/15/2029			217,738		0.0
550,000 (2)	HP, Inc., 4.750%, 01/15/2028			534,611		0.0
638,000	Intel Corp., 3.100%, 02/15/2060			396,125		0.0
1,219,000	Intel Corp., 3.250%, 11/15/2049			835,031		0.0
384,000	Intel Corp., 5.050%, 08/05/2062			339,093		0.0
1,264,000	International Business Machines Corp., 3.500%, 05/15/2029			1,164,635		0.1
758,000 (2)	International Business Machines Corp., 4.400%, 07/27/2032			725,500		0.0
792,000	International Business Machines Corp., 4.900%, 07/27/2052			724,278		0.0
1,206,000	KLA Corp., 4.950%, 07/15/2052			1,127,078		0.1
644,000	KLA Corp., 5.250%, 07/15/2062			622,618		0.0
564,000	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			460,837		0.0
1,563,000	Kyndryl Holdings, Inc., 2.700%, 10/15/2028			1,175,462		0.1
283,000	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			189,175		0.0
900,000	Microchip Technology, Inc., 2.670%, 09/01/2023			883,456		0.1
3,061,000	Microsoft Corp., 2.921%, 03/17/2052			2,181,490		0.1
298,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			186,817		0.0
143,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			123,898		0.0
2,015,000	Oracle Corp., 2.300%, 03/25/2028			1,748,837		0.1
178,000	Oracle Corp., 3.600%, 04/01/2050			120,586		0.0

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
998,000	Oracle Corp., 3.650%, 03/25/2041		$	740,477		0.0
1,228,000	Oracle Corp., 3.800%, 11/15/2037			976,666		0.1
148,000	Oracle Corp., 3.850%, 07/15/2036			121,529		0.0
315,000	Oracle Corp., 3.950%, 03/25/2051			225,799		0.0
1,011,000	Oracle Corp., 4.000%, 11/15/2047			743,243		0.0
632,000	Oracle Corp., 6.150%, 11/09/2029			657,490		0.0
429,000	Oracle Corp., 6.900%, 11/09/2052			461,460		0.0
152,000 (2)	QUALCOMM, Inc., 5.400%, 05/20/2033			158,766		0.0
1,230,000	QUALCOMM, Inc., 6.000%, 05/20/2053			1,314,168		0.1
525,000 (1)	Renesas Electronics Corp., 2.170%, 11/25/2026			450,647		0.0
1,173,000	Salesforce, Inc., 2.700%, 07/15/2041			841,932		0.0
389,000	Texas Instruments, Inc., 3.650%, 08/16/2032			361,847		0.0
577,000	Texas Instruments, Inc., 4.100%, 08/16/2052			515,723		0.0
809,000	VMware, Inc., 1.400%, 08/15/2026			706,272		0.0
				35,909,317		1.5
	Utilities: 2.9%
1,198,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025			1,151,906		0.1
1,068,000	AES Corp./The, 1.375%, 01/15/2026			949,519		0.1
880,000 (1)	AES Corp./The, 3.950%, 07/15/2030			780,208		0.0
663,000 (3)	American Electric Power Co., Inc., 3.875%, 02/15/2062			517,326		0.0
503,000 (1)	American Transmission Systems, Inc., 2.650%, 01/15/2032			414,134		0.0
1,377,000 (1)	American Transmission Systems, Inc., 5.000%, 09/01/2044			1,257,590		0.1
181,000	Appalachian Power Co., 3.700%, 05/01/2050			132,674		0.0
323,000	Avangrid, Inc., 3.200%, 04/15/2025			308,948		0.0
912,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			741,092		0.0
583,000	Black Hills Corp., 3.050%, 10/15/2029			495,838		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,800,000	Black Hills Corp., 4.250%, 11/30/2023		$	1,790,520		0.1
272,000	Black Hills Corp., 4.350%, 05/01/2033			240,128		0.0
750,000	CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042			595,181		0.0
537,000 (3)	CMS Energy Corp., 3.750%, 12/01/2050			405,739		0.0
600,000 (3)	CMS Energy Corp., 4.750%, 06/01/2050			520,476		0.0
400,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			394,325		0.0
1,586,000 (3)	Dominion Energy, Inc., 4.350%, 12/31/2199			1,340,064		0.1
1,531,000 (3)	Dominion Energy, Inc., 4.650%, 12/31/2199			1,347,280		0.1
961,000	Dominion Energy, Inc., 5.375%, 11/15/2032			955,544		0.1
405,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			339,095		0.0
1,186,000	Duke Energy Carolinas LLC, 3.700%, 12/01/2047			907,981		0.0
116,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			90,559		0.0
824,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			685,374		0.0
14,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041			12,146		0.0
360,000 (3)	Duke Energy Corp., 4.875%, 12/31/2199			329,400		0.0
794,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			650,498		0.0
130,000	Duke Energy Florida LLC, 4.200%, 07/15/2048			109,621		0.0
372,000	Duke Energy Florida LLC, 5.950%, 11/15/2052			398,288		0.0
479,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			364,958		0.0
180,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			151,887		0.0
21,000	Duke Energy Progress LLC, 4.100%, 03/15/2043			17,684		0.0
1,029,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			866,003		0.0
485,000 (1)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			385,412		0.0
262,000 (1)	Enel Finance America LLC, 7.100%, 10/14/2027			271,372		0.0
841,000 (1)	Enel Finance International NV, 7.500%, 10/14/2032			891,280		0.0
877,000 (1)	Enel Finance International NV, 7.750%, 10/14/2052			941,603		0.0

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
699,000	Entergy Arkansas LLC, 2.650%, 06/15/2051		$	424,507		0.0
129,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			90,232		0.0
383,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			315,395		0.0
1,626,000	Entergy Corp., 0.900%, 09/15/2025			1,449,547		0.1
745,000	Entergy Corp., 2.400%, 06/15/2031			593,566		0.0
417,000	Entergy Corp., 2.800%, 06/15/2030			353,175		0.0
1,749,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049			1,217,544		0.1
925,000	Eversource Energy, 1.400%, 08/15/2026			812,888		0.0
1,070,000	Eversource Energy, 2.900%, 03/01/2027			986,728		0.1
1,505,000	Georgia Power Co., 2.200%, 09/15/2024			1,436,190		0.1
1,310,000	Georgia Power Co., 5.750%, 04/15/2023			1,314,380		0.1
3,640,000	Interstate Power and Light Co., 3.250%, 12/01/2024			3,513,905		0.2
289,000 (1)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			234,140		0.0
2,802,000 (1)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			2,709,489		0.1
411,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025			393,677		0.0
2,745,000	Mississippi Power Co., 4.250%, 03/15/2042			2,238,098		0.1
266,000	Mississippi Power Co., 4.750%, 10/15/2041			217,216		0.0
830,000 (1)	Monongahela Power Co., 3.550%, 05/15/2027			781,379		0.0
188,000 (1)	Narragansett Electric Co/The, 3.395%, 04/09/2030			168,414		0.0
1,490,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			1,244,036		0.1
616,000	National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032			508,400		0.0
825,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032			764,354		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,507,000 (3)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043		$	1,397,818		0.1
333,000 (2)	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033			348,613		0.0
1,750,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027			1,551,306		0.1
863,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028			738,346		0.0
335,000	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			271,199		0.0
1,215,000 (3)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			991,585		0.1
780,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024			769,921		0.0
764,000	NiSource, Inc., 5.950%, 06/15/2041			776,293		0.0
526,000	NSTAR Electric Co., 1.950%, 08/15/2031			419,680		0.0
648,000	Oglethorpe Power Corp., 3.750%, 08/01/2050			467,720		0.0
1,185,000 (1)	Oncor Electric Delivery Co. LLC, 4.550%, 09/15/2032			1,163,892		0.1
951,000	ONE Gas, Inc., 1.100%, 03/11/2024			912,320		0.0
436,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			304,936		0.0
629,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			448,290		0.0
583,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			436,043		0.0
1,172,000	PacifiCorp, 5.350%, 12/01/2053			1,167,205		0.1
292,000	PECO Energy Co., 4.150%, 10/01/2044			249,582		0.0
1,176,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			942,848		0.0
1,331,000 (3)	Sempra Energy, 4.125%, 04/01/2052			1,037,174		0.1
1,315,000 (3)	Sempra Energy, 4.875%, 12/31/2199			1,219,242		0.1
1,541,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			1,201,129		0.1

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,481,000 (3)	Southern Co/The, 3.750%, 09/15/2051		$	1,199,538		0.1
1,280,000 (3)	Southern Co/The, 4.000%, 01/15/2051			1,168,000		0.1
780,000	Southern Co/The, 5.113%, 08/01/2027			778,414		0.0
160,000	Southwest Gas Corp., 4.050%, 03/15/2032			140,928		0.0
1,499,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			1,342,379		0.1
580,000	Tampa Electric Co., 4.350%, 05/15/2044			483,662		0.0
998,000	Union Electric Co., 3.900%, 09/15/2042			821,659		0.0
850,000 (1)	Vistra Operations Co. LLC, 5.125%, 05/13/2025			835,805		0.0
711,000	Washington Gas Light Co., 3.650%, 09/15/2049			519,511		0.0
1,683,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			1,430,326		0.1
396,000	WEC Energy Group, Inc., 2.200%, 12/15/2028			335,996		0.0
197,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			197,161		0.0
276,000	WEC Energy Group, Inc., 5.150%, 10/01/2027			279,455		0.0
861,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			734,791		0.0
				70,601,680		2.9
	Total Corporate Bonds/Notes (Cost $549,571,917)			485,320,652		20.0
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.1%
1,013,664	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			719,639		0.0
1,223,439	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			1,029,117		0.1
210,906 (4)	Alternative Loan Trust 2005-J3 2A2, 0.611%, (-1.000*US0001M + 5.000%), 05/25/2035			7,214		0.0
1,116,061	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			568,624		0.0
1,536,937	Alternative Loan Trust 2007-23CB A3, 4.889%, (US0001M + 0.500%), 09/25/2037			696,915		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
70,439	Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037		$	54,579		0.0
1,382,225 (1)	Bayview MSR Opportunity Master Fund Trust 2022-2 AF, 4.371%, (SOFR30A + 0.850%), 12/25/2051			1,266,842		0.1
476,480 (3)	Bear Stearns ALT-A Trust 2005-10 22A1, 3.787%, 01/25/2036			443,980		0.0
222,139 (3)	Bear Stearns ALT-A Trust 2005-4 23A1, 3.115%, 05/25/2035			206,585		0.0
760,575 (3)	Bear Stearns ALT-A Trust 2006-6 31A1, 3.602%, 11/25/2036			433,520		0.0
891,547 (3)	Bear Stearns ALT-A Trust 2006-6 32A1, 3.586%, 11/25/2036			477,501		0.0
2,054 (3)	Bear Stearns ARM Trust 2005-12 13A1, 3.953%, 02/25/2036			1,538		0.0
1,701,391	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 4.579%, (US0001M + 0.190%), 01/25/2037			1,447,726		0.1
85,816 (3)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 3.524%, 01/26/2036			69,017		0.0
3,300,000 (1)	Bellemeade RE 2021-3 A M1C Ltd., 5.478%, (SOFR30A + 1.550%), 09/25/2031			2,959,845		0.1
115,559 (3)	Chase Mortgage Finance Trust Series 2005-A1 1A1, 3.824%, 12/25/2035			104,786		0.0
1,287,508 (3)	CHL Mortgage Pass-Through Trust 2004-22 A3, 3.793%, 11/25/2034			1,163,476		0.1
10,975 (3)	CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 3.671%, 02/20/2035			10,891		0.0
12,274	CHL Mortgage Pass-Through Trust 2005-2 2A3, 5.069%, (US0001M + 0.680%), 03/25/2035			10,718		0.0
1,420,910 (1)(3)	CIM Trust 2020-J1 B3, 3.444%, 07/25/2050			1,096,049		0.1

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
498,186	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037		$	416,448		0.0
686,329 (3)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.871%, 09/25/2037			590,476		0.0
662,380 (1)(3)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058			625,362		0.0
21,453 (3)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 3.885%, 08/25/2035			20,621		0.0
1,032,177	Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			994,741		0.1
183,195	CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037			158,948		0.0
2,700,000 (1)	Connecticut Avenue Securities Trust 2020-R02 2B1, 7.389%, (US0001M + 3.000%), 01/25/2040			2,434,263		0.1
575,179 (1)	Connecticut Avenue Securities Trust 2020-R02 2M2, 6.389%, (US0001M + 2.000%), 01/25/2040			566,829		0.0
1,500,000 (1)	Connecticut Avenue Securities Trust 2021-R01 1B1, 7.028%, (SOFR30A + 3.100%), 10/25/2041			1,413,836		0.1
1,500,000 (1)	Connecticut Avenue Securities Trust 2021-R03 1B1, 6.678%, (SOFR30A + 2.750%), 12/25/2041			1,388,019		0.1
8,600,000 (1)	Connecticut Avenue Securities Trust 2022-R01 1B1, 7.078%, (SOFR30A + 3.150%), 12/25/2041			8,096,503		0.3
1,000,000 (1)	Connecticut Avenue Securities Trust 2022-R08 1B1, 9.528%, (SOFR30A + 5.600%), 07/25/2042			1,011,525		0.1
717,582	Countrywide Alternative Loan Trust 2005-53T2 2A6, 4.889%, (US0001M + 0.500%), 11/25/2035			369,434		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
100,711 (3)	DSLA Mortgage Loan Trust 2004-AR3 2A1, 3.728%, 07/19/2044		$	90,115		0.0
1,500,000 (1)	Eagle RE 2021-2 M1C Ltd., 7.378%, (SOFR30A + 3.450%), 04/25/2034			1,476,344		0.1
800,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.039%, (US0001M + 3.650%), 02/25/2040			791,720		0.0
1,000,000	Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			948,681		0.0
12,408,268	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			12,142,085		0.5
718,270	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			652,604		0.0
14,814,450 (4)	Fannie Mae 2016-82 SD, 1.661%, (-1.000*US0001M + 6.050%), 11/25/2046			1,227,259		0.1
424,434	Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			416,419		0.0
865,346	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 8.389%, (US0001M + 4.000%), 05/25/2025			870,352		0.0
184,968 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 6.839%, (US0001M + 2.450%), 07/25/2031			184,546		0.0
522,555 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 6.439%, (US0001M + 2.050%), 01/25/2040			519,279		0.0
2,659,380 (4)	Fannie Mae Interest Strip 421 C11, 6.500%, 05/25/2039			489,854		0.0
230,739 (4)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043			36,267		0.0
217,056 (4)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			32,326		0.0
1,286	Fannie Mae REMIC Trust 1994-77 FB, 5.889%, (US0001M + 1.500%), 04/25/2024			1,291		0.0
146,943	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			147,521		0.0

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
10,604	Fannie Mae REMIC Trust 2002-21 FC, 5.289%, (US0001M + 0.900%), 04/25/2032		$	10,639		0.0
508,113 (4)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033			96,533		0.0
20,889	Fannie Mae REMIC Trust 2004-11 A, 4.509%, (US0001M + 0.120%), 03/25/2034			20,831		0.0
237,702	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			240,494		0.0
126,639	Fannie Mae REMIC Trust 2005-74 DK, 6.445%, (-4.000*US0001M + 24.000%), 07/25/2035			127,080		0.0
2,396,230 (4)	Fannie Mae REMIC Trust 2005-92 SC, 2.291%, (-1.000*US0001M + 6.680%), 10/25/2035			204,491		0.0
127,237	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			130,280		0.0
495,535	Fannie Mae REMIC Trust 2006-104 ES, 11.507%, (-5.000*US0001M + 33.450%), 11/25/2036			659,871		0.0
2,670,544 (4)	Fannie Mae REMIC Trust 2006-12 SD, 2.361%, (-1.000*US0001M + 6.750%), 10/25/2035			178,700		0.0
1,375,624 (4)	Fannie Mae REMIC Trust 2006-123 UI, 2.351%, (-1.000*US0001M + 6.740%), 01/25/2037			134,242		0.0
216,224 (4)	Fannie Mae REMIC Trust 2006-72 HS, 2.311%, (-1.000*US0001M + 6.700%), 08/25/2026			5,975		0.0
363,391	Fannie Mae REMIC Trust 2007-73 A1, 3.821%, (US0001M + 0.060%), 07/25/2037			356,283		0.0
228,665	Fannie Mae REMIC Trust 2008-20 SP, 4.528%, (-2.500*US0001M + 15.500%), 03/25/2038			243,736		0.0
1,192,647	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			1,165,587		0.1
3,982,046 (4)	Fannie Mae REMIC Trust 2010-102 SB, 2.211%, (-1.000*US0001M + 6.600%), 09/25/2040			430,698		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,291,823 (4)	Fannie Mae REMIC Trust 2010-116 SE, 2.211%, (-1.000*US0001M + 6.600%), 10/25/2040		$	117,360		0.0
3,591,627 (4)	Fannie Mae REMIC Trust 2010-123 SL, 1.681%, (-1.000*US0001M + 6.070%), 11/25/2040			256,087		0.0
1,943,274 (4)	Fannie Mae REMIC Trust 2010-55 AS, 2.031%, (-1.000*US0001M + 6.420%), 06/25/2040			175,335		0.0
3,620,693	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			3,580,501		0.2
435,857	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			437,230		0.0
1,465,506 (4)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			145,167		0.0
325,581 (4)	Fannie Mae REMIC Trust 2012-10 US, 2.061%, (-1.000*US0001M + 6.450%), 02/25/2042			35,593		0.0
114,565	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			111,753		0.0
4,428,872 (4)	Fannie Mae REMIC Trust 2012-113 SG, 1.711%, (-1.000*US0001M + 6.100%), 10/25/2042			459,124		0.0
3,126,386 (4)	Fannie Mae REMIC Trust 2012-122 SB, 1.761%, (-1.000*US0001M + 6.150%), 11/25/2042			334,330		0.0
1,417,073 (4)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			90,542		0.0
765,285	Fannie Mae REMIC Trust 2012-131 BS, 0.456%, (-1.200*US0001M + 5.400%), 12/25/2042			485,650		0.0
5,014,974 (4)	Fannie Mae REMIC Trust 2012-137 SN, 1.711%, (-1.000*US0001M + 6.100%), 12/25/2042			471,441		0.0
326,788 (4)	Fannie Mae REMIC Trust 2012-15 SP, 2.231%, (-1.000*US0001M + 6.620%), 06/25/2040			2,315		0.0
786,415 (4)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042			110,482		0.0

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,581,040 (4)	Fannie Mae REMIC Trust 2013-60 DS, 1.811%, (-1.000*US0001M + 6.200%), 06/25/2033		$	326,895		0.0
4,908,209 (4)	Fannie Mae REMIC Trust 2013-9 DS, 1.761%, (-1.000*US0001M + 6.150%), 02/25/2043			556,033		0.0
11,054,015 (4)	Fannie Mae REMIC Trust 2013-9 SA, 1.761%, (-1.000*US0001M + 6.150%), 03/25/2042			601,450		0.0
11,745,309 (4)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			2,444,608		0.1
2,106,131 (4)	Fannie Mae REMICS 2005-66 SY, 2.311%, (-1.000*US0001M + 6.700%), 07/25/2035			192,089		0.0
3,315,546 (4)	Fannie Mae REMICS 2006-120 QD, 0.311%, (-1.000*US0001M + 4.700%), 10/25/2036			91,944		0.0
1,565,265 (4)	Fannie Mae REMICS 2006-59 XS, 2.811%, (-1.000*US0001M + 7.200%), 07/25/2036			145,563		0.0
1,707,836 (4)	Fannie Mae REMICS 2007-53 SX, 1.711%, (-1.000*US0001M + 6.100%), 06/25/2037			135,454		0.0
2,629,268 (4)	Fannie Mae REMICS 2010-112 PI, 6.000%, 10/25/2040			564,048		0.0
9,963,536 (4)	Fannie Mae REMICS 2010-139 SA, 1.641%, (-1.000*US0001M + 6.030%), 12/25/2040			863,877		0.0
545,313	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			542,737		0.0
51,762	Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			46,817		0.0
1,415,679 (4)	Fannie Mae REMICS 2011-149 ES, 1.611%, (-1.000*US0001M + 6.000%), 07/25/2041			45,327		0.0
1,352,208	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041			1,335,830		0.1
8,007,969 (4)	Fannie Mae REMICS 2012-19 S, 1.561%, (-1.000*US0001M + 5.950%), 03/25/2042			761,431		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
15,841,813 (4)	Fannie Mae REMICS 2016-2 IO, 5.500%, 02/25/2046		$	2,655,961		0.1
6,145,598 (4)	Fannie Mae REMICS 2016-62 SC, 1.611%, (-1.000*US0001M + 6.000%), 09/25/2046			711,274		0.0
24,456,952 (4)	Fannie Mae REMICS 2016-88 CS, 1.661%, (-1.000*US0001M + 6.050%), 12/25/2046			2,060,709		0.1
6,590,596 (4)	Fannie Mae REMICS 2016-93 SL, 2.261%, (-1.000*US0001M + 6.650%), 12/25/2046			511,083		0.0
986,810	Fannie Mae REMICS 2016-97 PA, 3.000%, 12/25/2044			932,866		0.0
7,921,408 (4)	Fannie Mae REMICS 2017-23 IO, 6.000%, 04/25/2047			1,687,217		0.1
1,122,357	Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			1,005,112		0.1
3,854,745	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			3,623,478		0.2
214,096	Fannie Mae REMICS 2018-27 EA, 3.000%, 05/25/2048			192,622		0.0
3,638,402 (4)	Fannie Mae REMICS 2018-43 SE, 1.861%, (-1.000*US0001M + 6.250%), 09/25/2038			309,161		0.0
546,498	Fannie Mae REMICS 2018-64 ET, 3.000%, 09/25/2048			495,365		0.0
6,476,443 (4)	Fannie Mae REMICS 2019-18 SA, 1.661%, (-1.000*US0001M + 6.050%), 05/25/2049			533,035		0.0
5,397,115 (4)	Fannie Mae REMICS 2019-25 PS, 1.661%, (-1.000*US0001M + 6.050%), 06/25/2049			560,892		0.0
15,225,757 (4)	Fannie Mae REMICS 2019-33 PS, 1.661%, (-1.000*US0001M + 6.050%), 07/25/2049			1,649,558		0.1
12,078,776 (4)	Fannie Mae REMICS 2020-71 TI, 3.000%, 10/25/2050			1,945,398		0.1

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
10,226,361 (4)	Fannie Mae REMICS 2020-94 SC, 1.561%, (-1.000*US0001M + 5.950%), 07/25/2050		$	1,147,489		0.1
13,349,168 (4)	Fannie Mae REMICS 2021-13 BI, 3.000%, 02/25/2050			2,148,259		0.1
18,890,834 (4)	Fannie Mae REMICS 2021-8 TI, 4.000%, 03/25/2051			3,773,990		0.2
7,162,098	Fannie Mae REMICS 2022-5 CZ, 2.500%, 02/25/2052			4,452,359		0.2
127,609 (3)	First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 3.605%, 03/25/2035			80,584		0.0
71,366 (3)	First Horizon Asset Securities, Inc. 2005-AR6 4A1, 3.748%, 02/25/2036			60,072		0.0
19,169 (3)	First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 3.875%, 08/25/2035			13,237		0.0
1,330,430 (1)(3)	Flagstar Mortgage Trust 2018-1 B1, 3.950%, 03/25/2048			1,131,933		0.1
1,862,602 (1)(3)	Flagstar Mortgage Trust 2018-1 B3, 3.950%, 03/25/2048			1,568,953		0.1
1,618,928 (1)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.001%, 04/25/2048			1,364,490		0.1
2,753,520 (4)	Freddie Mac 2815 GS, 1.682%, (-1.000*US0001M + 6.000%), 03/15/2034			186,384		0.0
101,223	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			102,783		0.0
98,239	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			99,368		0.0
49,737	Freddie Mac REMIC Trust 2411 FJ, 4.668%, (US0001M + 0.350%), 12/15/2029			49,239		0.0
65,260	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			66,092		0.0
155,530	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			157,973		0.0
63,999	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			65,071		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
139,741 (4)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033		$	24,211		0.0
196,333	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			198,214		0.0
596,549	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			594,025		0.0
409,419	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			407,666		0.0
514,514	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			516,020		0.0
3,245,529 (4)	Freddie Mac REMIC Trust 3045 DI, 2.412%, (-1.000*US0001M + 6.730%), 10/15/2035			277,209		0.0
224,402 (4)	Freddie Mac REMIC Trust 3064 SP, 2.282%, (-1.000*US0001M + 6.600%), 03/15/2035			974		0.0
223,226	Freddie Mac REMIC Trust 3065 DC, 6.906%, (-3.000*US0001M + 19.860%), 03/15/2035			225,572		0.0
308,956 (4)	Freddie Mac REMIC Trust 3102 IS, 8.735%, (-3.667*US0001M + 24.567%), 01/15/2036			69,006		0.0
1,673,673	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			1,676,212		0.1
1,040,267 (4)	Freddie Mac REMIC Trust 3170 SA, 2.282%, (-1.000*US0001M + 6.600%), 09/15/2033			84,322		0.0
469,772 (4)	Freddie Mac REMIC Trust 3171 PS, 2.167%, (-1.000*US0001M + 6.485%), 06/15/2036			30,604		0.0
775,629	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			774,712		0.0
193,406 (3)	Freddie Mac REMIC Trust 3524 LA, 5.079%, 03/15/2033			185,613		0.0
39,247	Freddie Mac REMIC Trust 3556 NT, 7.418%, (US0001M + 3.100%), 03/15/2038			39,761		0.0
3,696,335 (4)	Freddie Mac REMIC Trust 3589 SB, 1.882%, (-1.000*US0001M + 6.200%), 10/15/2039			329,112		0.0

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
453,826 (4)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040		$	53,725		0.0
3,721,758	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			3,782,843		0.2
1,258,832	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			1,301,781		0.1
638,916	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			637,937		0.0
687,419	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			645,880		0.0
2,616,880 (4)	Freddie Mac REMIC Trust 3856 KS, 2.232%, (-1.000*US0001M + 6.550%), 05/15/2041			253,718		0.0
981,718	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			968,212		0.0
458,358 (4)	Freddie Mac REMIC Trust 3925 SD, 1.732%, (-1.000*US0001M + 6.050%), 07/15/2040			13,501		0.0
1,621,317 (4)	Freddie Mac REMIC Trust 3925 SL, 1.732%, (-1.000*US0001M + 6.050%), 01/15/2041			34,097		0.0
7,045,903 (4)	Freddie Mac REMIC Trust 3951 SN, 2.232%, (-1.000*US0001M + 6.550%), 11/15/2041			793,700		0.0
415,689	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			406,916		0.0
1,022,836	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042			1,089,837		0.1
758,587 (4)	Freddie Mac REMIC Trust 4094 YS, 2.382%, (-1.000*US0001M + 6.700%), 04/15/2040			7,437		0.0
3,820,441 (4)	Freddie Mac REMIC Trust 4102 MS, 2.282%, (-1.000*US0001M + 6.600%), 09/15/2042			464,659		0.0
466,871 (4)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			77,104		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,656,550	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033		$	3,398,748		0.1
21,577,426	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			21,082,984		0.9
4,670,174 (4)	Freddie Mac REMIC Trust 4313 SD, 1.832%, (-1.000*US0001M + 6.150%), 03/15/2044			368,313		0.0
7,164,627 (4)	Freddie Mac REMIC Trust 4313 SE, 1.832%, (-1.000*US0001M + 6.150%), 03/15/2044			630,802		0.0
246,824 (4)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			7,058		0.0
731,609 (4)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			103,844		0.0
8,303,311	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			7,890,954		0.3
2,040,549 (4)	Freddie Mac REMIC Trust 4346 ST, 1.882%, (-1.000*US0001M + 6.200%), 07/15/2039			68,381		0.0
12,830,292	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			12,137,834		0.5
2,145,889 (4)	Freddie Mac REMIC Trust 4386 LS, 1.782%, (-1.000*US0001M + 6.100%), 09/15/2044			202,623		0.0
4,914,075 (4)	Freddie Mac REMICS 3284 CI, 1.802%, (-1.000*US0001M + 6.120%), 03/15/2037			409,089		0.0
2,093,397 (4)	Freddie Mac REMICS 3311 IC, 2.092%, (-1.000*US0001M + 6.410%), 05/15/2037			199,825		0.0
4,682,139 (4)	Freddie Mac REMICS 3510 IC, 1.762%, (-1.000*US0001M + 6.080%), 08/15/2037			399,126		0.0
2,230,133 (4)	Freddie Mac REMICS 3575 ST, 2.282%, (-1.000*US0001M + 6.600%), 04/15/2039			241,154		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
7,261,407 (4)	Freddie Mac REMICS 3702 SB, 0.182%, (-1.000*US0001M + 4.500%), 08/15/2040		$	263,673		0.0
8,592,657 (4)	Freddie Mac REMICS 4139 CS, 1.832%, (-1.000*US0001M + 6.150%), 12/15/2042			978,111		0.1
4,748,601 (4)	Freddie Mac REMICS 4150 IO, 3.500%, 01/15/2043			713,965		0.0
2,261,957 (4)	Freddie Mac REMICS 4465 MI, 5.000%, 03/15/2041			389,991		0.0
7,049,171 (4)	Freddie Mac REMICS 4675 KS, 1.682%, (-1.000*US0001M + 6.000%), 04/15/2047			749,559		0.0
1,738,080	Freddie Mac REMICS 4753 VZ, 3.000%, 12/15/2047			1,318,874		0.1
1,622,208	Freddie Mac REMICS 4755 Z, 3.000%, 02/15/2048			1,371,174		0.1
15,827,757	Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048			13,793,529		0.6
817,069	Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048			769,190		0.0
17,283,678 (4)	Freddie Mac REMICS 4901 BS, 1.711%, (-1.000*US0001M + 6.100%), 07/25/2049			1,454,218		0.1
5,727,546 (4)	Freddie Mac REMICS 4988 IJ, 4.500%, 12/15/2047			1,070,851		0.1
4,648,559 (4)	Freddie Mac REMICS 5015 EI, 4.500%, 09/25/2050			952,611		0.0
35,998,872 (4)	Freddie Mac REMICS 5072 IU, 2.500%, 02/25/2051			4,992,727		0.2
30,176,546 (4)	Freddie Mac REMICS 5077 LI, 3.000%, 02/25/2051			4,648,606		0.2
18,359,273 (4)	Freddie Mac REMICS 5118 LI, 3.000%, 06/25/2041			2,171,284		0.1
14,371,451 (4)	Freddie Mac REMICS 5124 IQ, 3.500%, 07/25/2051			2,650,111		0.1
24,155,851 (4)	Freddie Mac REMICS 5171 DI, 3.000%, 12/25/2051			4,349,957		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
25,908,273 (4)	Freddie Mac REMICS 5211 IH, 3.500%, 04/25/2052		$	4,096,943		0.2
9,248,541	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			8,806,406		0.4
2,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 7.328%, (SOFR30A + 3.400%), 10/25/2041			1,870,165		0.1
2,550,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 6.028%, (SOFR30A + 2.100%), 09/25/2041			2,252,200		0.1
5,000,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 7.678%, (SOFR30A + 3.750%), 12/25/2041			4,301,373		0.2
2,400,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 6.278%, (SOFR30A + 2.350%), 12/25/2041			2,125,486		0.1
4,000,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.328%, (SOFR30A + 3.400%), 01/25/2042			3,564,580		0.2
2,500,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 6.428%, (SOFR30A + 2.500%), 01/25/2042			2,264,317		0.1
1,800,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 9.178%, (SOFR30A + 5.250%), 03/25/2042			1,752,733		0.1
1,400,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 9.278%, (SOFR30A + 5.350%), 08/25/2042			1,330,057		0.1
4,807,842 (4)	Freddie Mac Strips 228 IO, 6.000%, 02/01/2035			881,977		0.0
326,175 (3)(4)	Freddie Mac Strips 347 118, 4.500%, 02/15/2044			57,295		0.0
8,713,628 (3)(4)	Freddie Mac Strips 347 C29, 3.000%, 01/15/2044			1,245,328		0.1
7,568,905 (3)(4)	Freddie Mac Strips 347 C30, 3.500%, 02/15/2044			1,239,938		0.1
2,853,648 (3)(4)	Freddie Mac Strips 347 C31, 4.000%, 02/15/2044			473,289		0.0
7,606,380 (4)	Freddie Mac Strips 351 C1, 2.500%, 02/15/2031			420,527		0.0
5,361,835 (4)	Freddie Mac Strips 351 C11, 3.500%, 02/15/2031			443,332		0.0
6,956,563 (4)	Freddie Mac Strips 351 C12, 4.000%, 02/15/2031			658,008		0.0
4,917,680 (4)	Freddie Mac Strips 351 C13, 3.000%, 02/15/2031			350,021		0.0

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
8,037,707 (4)	Freddie Mac Strips 351 C2, 3.000%, 02/15/2031		$	549,487		0.0
6,724,948 (4)	Freddie Mac Strips 351 C7, 3.000%, 02/15/2031			456,033		0.0
7,249,569 (4)	Freddie Mac Strips 351 C8, 3.500%, 02/15/2031			604,505		0.0
5,246,066 (4)	Freddie Mac Strips Series 311 S1, 1.632%, (-1.000*US0001M + 5.950%), 08/15/2043			557,512		0.0
2,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 6.228%, (SOFR30A + 2.300%), 08/25/2033			1,978,697		0.1
1,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, 7.578%, (SOFR30A + 3.650%), 11/25/2041			931,943		0.0
2,000,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M2, 9.928%, (SOFR30A + 6.000%), 07/25/2042			1,983,451		0.1
364,095	Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			380,064		0.0
1,619,990	Freddie Mac Structured Pass Through Certificates T-62 1A1, 3.248%, (12MTA + 1.200%), 10/25/2044			1,595,951		0.1
5,195	Freddie Mac-Ginnie Mae Series 27 FC, 4.875%, (PRIME + (1.375)%), 03/25/2024			5,138		0.0
6,099,609 (4)	Ginnie Mae 2007-35 KY, 2.124%, (-1.000*US0001M + 6.450%), 06/16/2037			598,484		0.0
464,915	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			417,714		0.0
430,261	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			389,696		0.0
176,664	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			155,749		0.0
130,172	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			112,776		0.0
28,364,623 (4)	Ginnie Mae 2019-143 SC, 1.697%, (-1.000*US0001M + 6.050%), 04/20/2046			2,956,694		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
28,265,874 (4)	Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051		$	4,661,701		0.2
12,370,004 (4)	Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051			1,706,788		0.1
422,788 (4)	Ginnie Mae Series 2005-7 AH, 2.444%, (-1.000*US0001M + 6.770%), 02/16/2035			33,667		0.0
209,256	Ginnie Mae Series 2007-8 SP, 7.935%, (-3.242*US0001M + 22.049%), 03/20/2037			248,350		0.0
1,231,947 (4)	Ginnie Mae Series 2008-35 SN, 2.047%, (-1.000*US0001M + 6.400%), 04/20/2038			97,321		0.0
648,077 (4)	Ginnie Mae Series 2008-40 PS, 2.174%, (-1.000*US0001M + 6.500%), 05/16/2038			50,775		0.0
5,164,573 (4)	Ginnie Mae Series 2009-106 SU, 1.847%, (-1.000*US0001M + 6.200%), 05/20/2037			466,976		0.0
1,751,563 (4)	Ginnie Mae Series 2009-25 KS, 1.847%, (-1.000*US0001M + 6.200%), 04/20/2039			168,295		0.0
821,544	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			822,399		0.0
903,810	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			898,805		0.0
8,859,218	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			8,783,780		0.4
987,324 (4)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			87,743		0.0
1,073,947 (4)	Ginnie Mae Series 2010-116 NS, 2.324%, (-1.000*US0001M + 6.650%), 09/16/2040			80,885		0.0
3,342,942 (4)	Ginnie Mae Series 2010-116 SK, 2.267%, (-1.000*US0001M + 6.620%), 08/20/2040			303,140		0.0

See Accompanying Notes to Financial Statements

114

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
3,397,179 (4)	Ginnie Mae Series 2010-149 HS, 1.774%, (-1.000*US0001M + 6.100%), 05/16/2040		$	73,480		0.0
1,276,437 (4)	Ginnie Mae Series 2010-4 SP, 2.174%, (-1.000*US0001M + 6.500%), 01/16/2039			38,085		0.0
1,602,909	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			1,580,600		0.1
519,294 (4)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			32,491		0.0
1,105,730 (4)	Ginnie Mae Series 2010-68 MS, 1.497%, (-1.000*US0001M + 5.850%), 06/20/2040			93,857		0.0
2,726,359 (4)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			573,344		0.0
778,297 (4)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			25,616		0.0
32,493 (4)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			242		0.0
18,710	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			19,141		0.0
2,681,611 (4)	Ginnie Mae Series 2011-80 KS, 2.317%, (-1.000*US0001M + 6.670%), 06/20/2041			299,169		0.0
61,338 (4)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040			4,435		0.0
5,576,020 (4)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			926,588		0.0
5,071,392 (4)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043			1,112,328		0.1
4,529,654	Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043			4,175,579		0.2
4,512,790 (4)	Ginnie Mae Series 2014-3 SU, 1.697%, (-1.000*US0001M + 6.050%), 07/20/2039			400,756		0.0
5,689,651 (4)	Ginnie Mae Series 2014-55 MS, 1.874%, (-1.000*US0001M + 6.200%), 04/16/2044			544,198		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,280,798 (4)	Ginnie Mae Series 2014-56 SP, 1.874%, (-1.000*US0001M + 6.200%), 12/16/2039		$	296,181		0.0
5,326,085 (4)	Ginnie Mae Series 2014-58 CS, 1.274%, (-1.000*US0001M + 5.600%), 04/16/2044			290,029		0.0
6,949,249 (4)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			1,351,940		0.1
2,521,769 (4)	Ginnie Mae Series 2014-99 S, 1.247%, (-1.000*US0001M + 5.600%), 06/20/2044			216,886		0.0
1,260,458	Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048			1,160,996		0.1
1,442,804	Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			1,360,072		0.1
592,096 (4)	Ginnie Mae Series 2019-145 LS, 7.222%, (-1.000*US0001M + 2.830%), 11/20/2049			8,100		0.0
210,415 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049			199,097		0.0
1,335	GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032			1,269		0.0
33,362	HarborView Mortgage Loan Trust 2005-2 2A1A, 4.779%, (US0001M + 0.440%), 05/19/2035			29,710		0.0
110,263	HomeBanc Mortgage Trust 2004-1 2A, 5.249%, (US0001M + 0.860%), 08/25/2029			104,364		0.0
1,653,783	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.809%, (US0001M + 0.420%), 02/25/2046			1,168,632		0.1
3,885 (3)	JP Morgan Mortgage Trust 2005-A1 6T1, 2.675%, 02/25/2035			3,563		0.0
41,082 (3)	JP Morgan Mortgage Trust 2007-A1 5A5, 3.453%, 07/25/2035			39,812		0.0

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
981,416 (1)(3)	JP Morgan Mortgage Trust 2017-6 B3, 3.782%, 12/25/2048		$	821,666		0.0
1,508,941 (1)(3)	JP Morgan Mortgage Trust 2018-1 B1, 3.614%, 06/25/2048			1,263,196		0.1
1,508,941 (1)(3)	JP Morgan Mortgage Trust 2018-1 B2, 3.614%, 06/25/2048			1,258,903		0.1
1,866,015 (1)(3)	JP Morgan Mortgage Trust 2018-1 B3, 3.614%, 06/25/2048			1,531,024		0.1
1,875,363 (1)(3)	JP Morgan Mortgage Trust 2019-8 B3A, 3.418%, 03/25/2050			1,528,113		0.1
17,277 (1)(3)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			17,035		0.0
1,366,710 (1)(3)	JP Morgan Mortgage Trust 2020-8 B2, 3.510%, 03/25/2051			1,060,899		0.1
1,814,100 (1)(3)	JP Morgan Mortgage Trust 2020-8 B3, 3.510%, 03/25/2051			1,340,735		0.1
1,199,013,213 (1)(4)	L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048			3,199,267		0.1
6,531,808 (4)	Lehman Mortgage Trust 2006-9 2A5, 2.231%, (-1.000*US0001M + 6.620%), 01/25/2037			626,022		0.0
37,410 (3)	Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 3.011%, 05/25/2033			35,682		0.0
14,064	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 4.386%, (US0001M + 0.250%), 11/25/2035			13,172		0.0
2,000,000	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 6.189%, (US0001M + 1.800%), 09/25/2035			1,906,637		0.1
1,332,383	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			783,938		0.0
6,500,000 (1)	Mortgage Insurance-Linked Notes 2021-3 M1B, 6.828%, (SOFR30A + 2.900%), 02/25/2034			6,108,362		0.3

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,312,239 (1)(3)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057		$	1,208,824		0.1
12,070 (1)(3)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030			11,546		0.0
2,900,000 (1)	Oaktown Re VII Ltd. 2021-2 M1C, 7.278%, (SOFR30A + 3.350%), 04/25/2034			2,523,136		0.1
363,294	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			299,516		0.0
1,214	RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032			1,163		0.0
1,574,592	Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057			1,536,011		0.1
670,783	Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057			594,137		0.0
883,079	Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057			778,958		0.0
693,786	Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058			611,669		0.0
719,712	Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058			637,115		0.0
924,534	Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058			819,075		0.0
186,422	Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058			165,177		0.0
28,704	Sequoia Mortgage Trust 2003-4 2A1, 5.053%, (US0001M + 0.350%), 07/20/2033			26,153		0.0

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
12,376 (3)	Sequoia Mortgage Trust 2005-4 2A1, 4.272%, 04/20/2035		$	12,173		0.0
614,550 (1)(3)	Sequoia Mortgage Trust 2015-2 B3, 3.766%, 05/25/2045			503,512		0.0
774,636 (1)(3)	Sequoia Mortgage Trust 2015-3 B3, 3.723%, 07/25/2045			551,526		0.0
132,835 (1)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			123,042		0.0
1,976,333 (1)(3)	Sequoia Mortgage Trust 2020-3 B3, 3.327%, 04/25/2050			1,494,315		0.1
698,000 (1)(3)	Starwood Mortgage Residential Trust 2020-1, 2.878%, 02/25/2050			582,099		0.0
28,321 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-17 3A1, 3.678%, 08/25/2035			24,155		0.0
547,215 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 4.138%, 04/25/2035			498,942		0.0
102,253	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 4.839%, (US0001M + 0.250%), 07/19/2035			94,966		0.0
56,543	Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 4.839%, (US0001M + 0.250%), 07/19/2035			50,479		0.0
136,969 (3)	Thornburg Mortgage Securities Trust 2006-5 A1, 3.433%, 10/25/2046			127,663		0.0
1,409,926 (1)(3)	Verus Securitization Trust 2021-4 A1, 0.938%, 07/25/2066			1,091,743		0.1
3,689	WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 2.835%, (COF 11 + 1.250%), 02/27/2034			3,428		0.0
12,249	WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 3.448%, (12MTA + 1.400%), 08/25/2042			11,288		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
18,349	WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 5.029%, (US0001M + 0.640%), 01/25/2045		$	17,015		0.0
392,888 (3)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.191%, 10/25/2036			350,624		0.0
225,787	WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 3.096%, (12MTA + 1.048%), 07/25/2046			183,757		0.0
32,620,794 (3)(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.004%, 08/25/2045			38,742		0.0
854,114	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 5.369%, (US0001M + 0.490%), 10/25/2045			786,208		0.0
433,949 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.801%, 10/25/2036			388,170		0.0
734,769 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.406%, 12/25/2036			632,030		0.0
1,474,695 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.682%, 08/25/2046			1,298,516		0.1
1,323,940 (3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.368%, 07/25/2037			1,107,747		0.1
1,601,141	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			1,305,740		0.1
138,966	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			128,695		0.0

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,219,343	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 4.589%, (US0001M + 0.200%), 12/25/2036		$	607,980		0.0
787,396	Wells Fargo Alternative Loan 2007-PA2 2A1, 4.819%, (US0001M + 0.430%), 06/25/2037			638,013		0.0
52,304 (3)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 3.115%, 05/25/2035			52,450		0.0
160,815 (3)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 2.879%, 04/25/2036			150,148		0.0
572,226 (1)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.756%, 08/20/2045			490,976		0.0
	Total Collateralized Mortgage Obligations (Cost $402,214,810)			341,842,763		14.1
MUNICIPAL BONDS: 0.1%
	California: 0.1%
500,000	California State University, 6.434%, 11/01/2030			536,191		0.1
200,000	Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033			227,052		0.0
300,000	Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040			368,963		0.0
200,000	Regents of the University of California Medical Center Pooled Revenue, 6.398%, 05/15/2031			213,163		0.0
300,000	Regents of the University of California Medical Center Pooled Revenue, 6.548%, 05/15/2048			341,786		0.0
	Total Municipal Bonds (Cost $1,500,000)			1,687,155		0.1
U.S. GOVERNMENT AGENCY OBLIGATIONS: 28.0%
	Federal Home Loan Mortgage Corporation: 2.4%(5)
597,433	2.500%, 05/01/2030			560,218		0.0
320,812	2.500%, 05/01/2030			300,839		0.0
727,344	2.500%, 06/01/2030			681,997		0.0
1,443	2.597%, (H15T1Y + 2.250%), 03/01/2036			1,460		0.0
2,534,581	3.000%, 03/01/2045			2,302,373		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
1,891,569	3.000%, 03/01/2045		$	1,707,602		0.1
2,183,271	3.000%, 04/01/2045			1,972,747		0.1
2,022,206	3.000%, 04/01/2045			1,824,702		0.1
3,837,852	3.000%, 10/01/2046			3,442,815		0.2
4,938,340	3.000%, 10/01/2046			4,450,712		0.2
5,412,921	3.000%, 03/01/2048			4,855,915		0.2
2,326	3.250%, (H15T1Y + 2.250%), 04/01/2032			2,298		0.0
789,744	3.500%, 08/01/2042			739,923		0.0
2,024,652	3.500%, 03/01/2045			1,886,625		0.1
352,736	3.500%, 04/01/2045			328,763		0.0
820,550	3.500%, 05/01/2045			763,841		0.0
475,928	3.500%, 06/01/2045			443,137		0.0
487,866	3.500%, 07/01/2045			455,620		0.0
554,621	3.500%, 07/01/2045			516,695		0.0
881,767	3.500%, 08/01/2045			822,567		0.0
594,841	3.500%, 08/01/2045			553,545		0.0
270,411	3.500%, 08/01/2045			251,638		0.0
418,910	3.500%, 08/01/2045			391,567		0.0
511,341	3.500%, 08/01/2045			478,602		0.0
675,130	3.500%, 09/01/2045			628,401		0.0
259,356	3.500%, 09/01/2045			241,781		0.0
925,653	3.500%, 09/01/2045			863,699		0.1
1,049,605	3.500%, 11/01/2045			977,718		0.1
3,658,722	3.500%, 12/01/2046			3,402,164		0.2
9,844,962	3.500%, 03/01/2048			9,207,779		0.4
257,896	3.508%, (US0012M + 1.721%), 06/01/2035			261,495		0.0
35,766	3.586%, (US0012M + 1.345%), 09/01/2035			35,840		0.0
566,936	4.000%, 10/01/2041			545,588		0.0
912,766	4.000%, 12/01/2041			878,399		0.1
150,826	4.000%, 07/01/2045			144,875		0.0
86,029	4.000%, 09/01/2045			82,574		0.0
1,540,861	4.000%, 09/01/2045			1,478,992		0.1
885,336	4.000%, 09/01/2045			849,784		0.1
1,274,465	4.000%, 09/01/2045			1,223,296		0.1
701,134	4.000%, 05/01/2047			673,707		0.0
201,136	4.000%, 11/01/2047			190,945		0.0
227,619	4.000%, 03/01/2048			217,778		0.0
857,767	4.000%, 06/01/2048			829,635		0.1
51	4.337%, (H15T1Y + 2.210%), 06/01/2024			51		0.0
4,164	4.339%, (H15T1Y + 2.250%), 11/01/2031			4,075		0.0
7,933	4.375%, (H15T1Y + 2.250%), 11/01/2035			8,007		0.0
4,031	4.500%, 06/01/2039			4,002		0.0
11,022	4.500%, 09/01/2040			10,949		0.0
38,364	4.500%, 03/01/2041			38,110		0.0
311,648	4.500%, 08/01/2041			309,586		0.0
159,617	4.500%, 08/01/2041			156,381		0.0
119,178	4.500%, 09/01/2041			118,389		0.0

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
293,148	4.500%, 09/01/2041		$	291,208		0.0
707,060	4.500%, 09/01/2041			702,383		0.0
148,843	4.500%, 09/01/2041			147,858		0.0
48,188	4.513%, (H15T1Y + 2.462%), 01/01/2029			47,365		0.0
14,257	5.000%, 05/01/2028			14,359		0.0
63,255	5.000%, 05/01/2035			64,680		0.0
153,485	5.000%, 01/01/2041			155,744		0.0
88,170	5.000%, 04/01/2041			89,829		0.0
415	5.500%, 03/01/2023			417		0.0
308	5.500%, 05/01/2023			310		0.0
6,703	5.500%, 03/01/2034			6,927		0.0
1,250	5.500%, 05/01/2036			1,259		0.0
45,891	5.500%, 06/01/2036			47,510		0.0
5,244	5.500%, 12/01/2036			5,448		0.0
24,821	5.500%, 03/01/2037			25,090		0.0
6,402	5.500%, 04/01/2037			6,653		0.0
39,554	5.500%, 05/01/2037			41,097		0.0
69,067	5.500%, 07/01/2037			71,765		0.0
15,277	5.500%, 09/01/2037			15,360		0.0
7,616	5.500%, 10/01/2037			7,913		0.0
23,999	5.500%, 11/01/2037			24,817		0.0
73,021	5.500%, 12/01/2037			75,869		0.0
20,770	5.500%, 12/01/2037			21,511		0.0
5,025	5.500%, 01/01/2038			5,221		0.0
5,508	5.500%, 01/01/2038			5,704		0.0
50,048	5.500%, 02/01/2038			51,999		0.0
68,285	5.500%, 02/01/2038			70,954		0.0
46,596	5.500%, 03/01/2038			48,413		0.0
58,986	5.500%, 04/01/2038			61,287		0.0
47,040	5.500%, 05/01/2038			48,427		0.0
5,315	5.500%, 05/01/2038			5,523		0.0
128,377	5.500%, 06/01/2038			133,395		0.0
38,849	5.500%, 06/01/2038			39,967		0.0
120,496	5.500%, 07/01/2038			125,195		0.0
5,985	5.500%, 08/01/2038			6,157		0.0
24,546	5.500%, 08/01/2038			25,504		0.0
27,185	5.500%, 09/01/2038			28,246		0.0
23,888	5.500%, 10/01/2038			24,820		0.0
26,897	5.500%, 10/01/2038			27,946		0.0
94,250	5.500%, 11/01/2038			97,935		0.0
2,534	5.500%, 11/01/2038			2,633		0.0
5,827	5.500%, 12/01/2038			6,046		0.0
9,776	5.500%, 12/01/2038			10,137		0.0
21,863	5.500%, 01/01/2039			22,716		0.0
45,943	5.500%, 03/01/2039			47,739		0.0
17,670	5.500%, 07/01/2039			18,177		0.0
11,778	5.500%, 12/01/2039			12,238		0.0
78,532	5.500%, 03/01/2040			81,596		0.0
36,073	5.500%, 08/01/2040			36,259		0.0
25,967	5.500%, 08/01/2040			26,944		0.0
50,970	5.500%, 08/01/2040			52,958		0.0
218,105	6.000%, 09/01/2027			221,838		0.0
4,242	6.000%, 02/01/2029			4,315		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
5,129	6.000%, 05/01/2035		$	5,312		0.0
216,268	6.000%, 03/01/2037			226,266		0.0
1,820	6.000%, 05/01/2037			1,904		0.0
24,384	6.000%, 07/01/2037			25,491		0.0
5,987	6.000%, 08/01/2037			6,181		0.0
29,449	6.000%, 08/01/2037			30,810		0.0
161,375	6.000%, 09/01/2037			168,314		0.0
463	6.000%, 10/01/2037			483		0.0
6,399	6.000%, 11/01/2037			6,684		0.0
1,859	6.000%, 12/01/2037			1,894		0.0
5,361	6.000%, 12/01/2037			5,569		0.0
158,028	6.000%, 01/01/2038			164,053		0.0
965	6.000%, 04/01/2038			1,001		0.0
6,084	6.000%, 06/01/2038			6,231		0.0
338	6.000%, 07/01/2038			346		0.0
15,197	6.000%, 08/01/2038			15,497		0.0
46,128	6.000%, 11/01/2038			47,689		0.0
11,883	6.000%, 05/01/2039			12,215		0.0
7,027	6.000%, 08/01/2039			7,216		0.0
1,647	6.000%, 09/01/2039			1,676		0.0
509,454	6.500%, 09/01/2034			528,505		0.0
				57,599,199		2.4
	Federal National Mortgage Association: 0.0%(5)
18,967	2.175%, (US0012M + 1.675%), 02/01/2035			18,575		0.0
47,737	2.301%, (US0012M + 1.610%), 02/01/2034			46,883		0.0
51,143	2.357%, (US0012M + 1.480%), 04/01/2035			50,057		0.0
7,039	2.585%, (H15T1Y + 2.210%), 04/01/2032			6,869		0.0
23,076	2.691%, (US0006M + 1.373%), 09/01/2035			22,534		0.0
24,469	2.889%, (12MTA + 1.200%), 08/01/2042			23,380		0.0
42,251	2.889%, (12MTA + 1.200%), 08/01/2042			40,219		0.0
13,422	2.889%, (12MTA + 1.200%), 10/01/2044			12,748		0.0
20,936	2.889%, (12MTA + 1.200%), 10/01/2044			19,945		0.0
322,029	3.619%, (H15T1Y + 1.711%), 08/01/2035			319,270		0.0
1,770	3.635%, (COF 11 + 1.251%), 05/01/2036			1,738		0.0
34,022	3.637%, (US0012M + 1.486%), 07/01/2035			33,529		0.0
11,449	3.713%, (US0012M + 1.444%), 08/01/2035			11,298		0.0
131,101	3.908%, (US0012M + 1.661%), 10/01/2035			129,451		0.0

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association (continued)
14,178	3.975%, (COF 11 + 1.926%), 12/01/2036		$	14,153		0.0
131,659	4.060%, (US0012M + 1.810%), 09/01/2034			133,002		0.0
1,234	4.107%, (H15T1Y + 2.215%), 09/01/2031			1,212		0.0
59,585	4.300%, (H15T1Y + 2.175%), 10/01/2035			58,505		0.0
29,508	4.655%, (US0001M + 1.422%), 02/01/2033			29,724		0.0
				973,092		0.0
	Government National Mortgage Association: 5.4%
1,263,419	2.500%, 05/20/2051			1,099,833		0.1
4,350,679	2.500%, 08/20/2051			3,783,549		0.2
3,545,778	2.500%, 09/20/2051			3,081,652		0.1
1,821,376	2.500%, 11/20/2051			1,580,393		0.1
3,693,495	2.500%, 12/20/2051			3,207,827		0.1
5,925,999	2.500%, 03/20/2052			5,142,188		0.2
16,549,334	2.500%, 04/20/2052			14,355,240		0.6
25,214,455	2.500%, 05/20/2052			21,872,194		0.9
5,750,000 (6)	2.500%, 01/15/2053			4,984,254		0.2
988,325	3.000%, 11/20/2051			884,780		0.1
3,390,000 (6)	3.000%, 01/15/2053			3,019,305		0.1
2,010,269	3.500%, 07/20/2046			1,829,265		0.1
297,870	3.500%, 07/20/2047			278,137		0.0
4,896,116	3.500%, 12/20/2047			4,565,503		0.2
2,742,284	3.500%, 01/20/2048			2,556,914		0.1
6,027,866	3.500%, 05/20/2050			5,598,403		0.2
33,322,000 (6)	3.500%, 01/15/2053			30,620,509		1.3
381,485	4.000%, 11/20/2040			368,960		0.0
714,000	4.000%, 03/20/2046			687,201		0.0
18,942,000 (6)	4.000%, 01/15/2053			17,926,897		0.8
603,237	4.500%, 08/20/2041			602,622		0.0
277,592	4.500%, 01/20/2047			277,819		0.0
1,749	5.000%, 11/15/2035			1,761		0.0
12,710	5.000%, 11/15/2035			12,822		0.0
4,469	5.000%, 11/15/2035			4,508		0.0
4,760	5.000%, 11/15/2035			4,860		0.0
13,841	5.000%, 06/15/2037			13,913		0.0
77,604	5.000%, 03/15/2038			79,066		0.0
30,281	5.000%, 03/15/2038			30,671		0.0
4,698	5.000%, 06/15/2038			4,739		0.0
1,448	5.000%, 09/15/2038			1,463		0.0
31,202	5.000%, 11/15/2038			31,859		0.0
8,650	5.000%, 11/15/2038			8,772		0.0
7,447	5.000%, 12/15/2038			7,522		0.0
47,131	5.000%, 12/15/2038			48,287		0.0
643,543	5.000%, 12/15/2038			659,364		0.0
461,134	5.000%, 01/15/2039			469,713		0.0
43,041	5.000%, 01/15/2039			44,098		0.0
87,811	5.000%, 01/15/2039			89,970		0.0
41,484	5.000%, 02/15/2039			42,358		0.0
65,451	5.000%, 02/15/2039			66,951		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
18,091	5.000%, 02/15/2039		$	18,468		0.0
1,653	5.000%, 03/15/2039			1,694		0.0
85,443	5.000%, 03/15/2039			87,225		0.0
51,829	5.000%, 03/15/2039			52,920		0.0
50,238	5.000%, 03/15/2039			51,297		0.0
52,197	5.000%, 04/15/2039			53,473		0.0
389	5.000%, 05/15/2039			392		0.0
68,757	5.000%, 05/15/2039			70,205		0.0
32,144	5.000%, 05/15/2039			32,822		0.0
44,821	5.000%, 07/15/2039			45,913		0.0
31,557	5.000%, 09/15/2039			32,148		0.0
8,401	5.000%, 11/15/2039			8,509		0.0
1,247	5.000%, 04/15/2040			1,273		0.0
7,928	5.000%, 06/15/2040			8,120		0.0
17,041	5.000%, 09/15/2040			17,459		0.0
8,445	5.000%, 09/15/2040			8,454		0.0
33,397	5.000%, 10/15/2040			34,208		0.0
46,121	5.000%, 05/15/2042			46,418		0.0
207,457	5.000%, 02/20/2043			211,143		0.0
				130,728,283		5.4
	Uniform Mortgage-Backed Securities: 20.2%
3,973,083	2.000%, 10/01/2050			3,261,869		0.1
6,948,600	2.000%, 12/01/2050			5,689,797		0.2
1,021,659	2.000%, 11/01/2051			843,043		0.0
2,830,074	2.000%, 11/01/2051			2,329,559		0.1
6,565,563	2.000%, 12/01/2051			5,378,133		0.2
4,982,353	2.000%, 12/01/2051			4,068,003		0.2
3,716,486	2.000%, 02/01/2052			3,059,150		0.1
1,898,348	2.000%, 02/01/2052			1,560,140		0.1
8,038,749	2.000%, 03/01/2052			6,559,156		0.3
43,092,000 (6)	2.000%, 01/15/2053			35,073,829		1.5
1,003,161	2.500%, 05/01/2030			941,638		0.1
1,524,831	2.500%, 06/01/2030			1,431,353		0.1
2,025,581	2.500%, 06/01/2030			1,901,525		0.1
914,168	2.500%, 07/01/2030			858,185		0.1
6,017,118	2.500%, 07/01/2050			5,136,695		0.2
18,849,724	2.500%, 11/01/2050			16,257,607		0.7
8,006,726	2.500%, 02/01/2051			6,803,006		0.3
4,780,898	2.500%, 04/01/2051			4,066,534		0.2
9,714,139	2.500%, 11/01/2051			8,284,743		0.4
4,685,854	2.500%, 12/01/2051			4,012,389		0.2
3,724,384	2.500%, 12/01/2051			3,184,287		0.1
5,063,563	2.500%, 01/01/2052			4,329,719		0.2
2,825,853	2.500%, 02/01/2052			2,426,037		0.1
4,678,262	2.500%, 02/01/2052			3,988,509		0.2
4,694,831	2.500%, 02/01/2052			4,020,398		0.2
4,859,039	2.500%, 02/01/2052			4,126,777		0.2
4,165,643	2.500%, 02/01/2052			3,551,452		0.2
78,964,000 (6)	2.500%, 01/15/2053			66,881,170		2.8
2,130,370	3.000%, 08/01/2030			2,040,172		0.1
1,080,171	3.000%, 09/01/2030			1,034,421		0.1
801,269	3.000%, 08/01/2043			729,906		0.0
1,373,942	3.000%, 09/01/2043			1,251,678		0.1

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
5,046,845	3.000%, 04/01/2045		$	4,557,455		0.2
3,084,971	3.000%, 08/01/2046			2,768,306		0.1
292,639	3.000%, 09/01/2046			262,328		0.0
4,119,057	3.000%, 01/01/2047			3,682,317		0.2
2,671,654	3.000%, 02/01/2052			2,363,456		0.1
4,568,517	3.000%, 02/01/2052			4,051,402		0.2
5,740,092	3.000%, 04/01/2052			5,070,447		0.2
3,870,895	3.000%, 05/01/2052			3,417,509		0.2
9,598,692	3.000%, 05/01/2052			8,472,824		0.4
47,896,000 (6)	3.000%, 01/15/2053			42,044,929		1.8
452,035	3.500%, 12/01/2041			423,554		0.0
77,806	3.500%, 08/01/2042			72,907		0.0
382,952	3.500%, 08/01/2042			358,839		0.0
529,174	3.500%, 10/01/2042			495,663		0.0
311,280	3.500%, 10/01/2042			291,535		0.0
226,870	3.500%, 03/01/2043			212,551		0.0
1,950,453	3.500%, 01/01/2046			1,813,886		0.1
3,129,966	3.500%, 02/01/2046			2,910,153		0.1
13,743,148	3.500%, 08/01/2046			12,775,177		0.5
2,247,173	3.500%, 08/01/2046			2,088,915		0.1
2,137,027	3.500%, 09/01/2047			1,978,077		0.1
6,228,773	3.500%, 07/01/2048			5,796,124		0.3
2,474,738	3.500%, 02/01/2052			2,270,727		0.1
2,178	4.000%, 05/01/2029			2,132		0.0
17,652	4.000%, 11/01/2030			17,103		0.0
9,771	4.000%, 02/01/2031			9,467		0.0
5,378	4.000%, 10/01/2031			5,211		0.0
3,826,303	4.000%, 12/01/2039			3,678,277		0.2
1,818,102	4.000%, 07/01/2042			1,747,675		0.1
474,601	4.000%, 07/01/2042			456,228		0.0
195,723	4.000%, 07/01/2042			188,059		0.0
305,160	4.000%, 08/01/2042			294,360		0.0
1,298,726	4.000%, 08/01/2043			1,248,630		0.1
2,163,774	4.000%, 09/01/2043			2,086,953		0.1
72,366	4.000%, 10/01/2043			69,384		0.0
146,471	4.000%, 10/01/2043			140,145		0.0
4,056,010	4.000%, 01/01/2045			3,965,333		0.2
398,500	4.000%, 06/01/2045			382,074		0.0
1,734,174	4.000%, 07/01/2045			1,669,670		0.1
707,776	4.000%, 07/01/2045			683,272		0.0
3,039,149	4.000%, 02/01/2046			2,913,875		0.1
597,444	4.000%, 06/01/2047			573,440		0.0
89,884	4.000%, 03/01/2048			85,788		0.0
403,800	4.000%, 03/01/2048			385,777		0.0
2,851,393	4.000%, 09/01/2048			2,734,919		0.1
4,856,632	4.000%, 05/01/2052			4,581,031		0.2
4,891,523	4.000%, 08/01/2052			4,593,022		0.2
72,558,000 (6)	4.000%, 01/15/2053			68,057,404		2.8
12,999	4.500%, 10/01/2025			12,912		0.0
204,446	4.500%, 07/01/2026			204,150		0.0
260,940	4.500%, 04/01/2029			259,176		0.0
3,974	4.500%, 06/01/2029			3,947		0.0
48,561	4.500%, 06/01/2029			48,233		0.0
51,361	4.500%, 07/01/2029			51,014		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,175	4.500%, 10/01/2029		$	1,167		0.0
7,010	4.500%, 06/01/2030			6,942		0.0
237,388	4.500%, 10/01/2030			235,780		0.0
57,974	4.500%, 02/01/2031			57,012		0.0
36,751	4.500%, 05/01/2031			36,502		0.0
28,380	4.500%, 10/01/2033			28,031		0.0
13,106	4.500%, 01/01/2034			12,936		0.0
3,157	4.500%, 07/01/2034			3,116		0.0
18,608	4.500%, 09/01/2035			18,413		0.0
3,324	4.500%, 09/01/2035			3,261		0.0
25,316	4.500%, 11/01/2035			24,991		0.0
122,708	4.500%, 02/01/2036			119,074		0.0
52,352	4.500%, 01/01/2037			51,867		0.0
27,524	4.500%, 09/01/2037			27,185		0.0
1,550	4.500%, 02/01/2038			1,526		0.0
15,587	4.500%, 01/01/2039			15,433		0.0
22,812	4.500%, 02/01/2039			22,610		0.0
1,946	4.500%, 02/01/2039			1,900		0.0
55,791	4.500%, 04/01/2039			54,819		0.0
33,001	4.500%, 04/01/2039			32,695		0.0
11,301	4.500%, 04/01/2039			11,196		0.0
63,572	4.500%, 05/01/2039			63,072		0.0
51,054	4.500%, 05/01/2039			50,660		0.0
10,005	4.500%, 05/01/2039			9,919		0.0
322	4.500%, 05/01/2039			318		0.0
50,606	4.500%, 05/01/2039			50,163		0.0
651,059	4.500%, 05/01/2039			645,608		0.0
3,171	4.500%, 05/01/2039			3,142		0.0
80,363	4.500%, 06/01/2039			79,710		0.0
4,442	4.500%, 06/01/2039			4,408		0.0
18,462	4.500%, 07/01/2039			18,166		0.0
11,286	4.500%, 07/01/2039			11,192		0.0
40,066	4.500%, 07/01/2039			39,715		0.0
51,871	4.500%, 08/01/2039			51,114		0.0
147,295	4.500%, 08/01/2039			146,156		0.0
79,905	4.500%, 08/01/2039			79,267		0.0
38,752	4.500%, 08/01/2039			38,452		0.0
146,227	4.500%, 09/01/2039			144,227		0.0
120,990	4.500%, 10/01/2039			120,055		0.0
58,799	4.500%, 11/01/2039			58,344		0.0
7,665	4.500%, 11/01/2039			7,606		0.0
6,656	4.500%, 12/01/2039			6,556		0.0
3,746	4.500%, 12/01/2039			3,715		0.0
265,530	4.500%, 01/01/2040			263,477		0.0
3,388	4.500%, 01/01/2040			3,347		0.0
120,747	4.500%, 02/01/2040			119,814		0.0
61,119	4.500%, 02/01/2040			60,647		0.0
38,432	4.500%, 04/01/2040			38,024		0.0
415,888	4.500%, 04/01/2040			411,477		0.0
183,578	4.500%, 05/01/2040			181,716		0.0
34,287	4.500%, 05/01/2040			33,979		0.0
205,569	4.500%, 06/01/2040			203,980		0.0
83,265	4.500%, 06/01/2040			82,621		0.0
44,890	4.500%, 06/01/2040			44,414		0.0

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
2,757	4.500%, 06/01/2040		$	2,736		0.0
24,980	4.500%, 06/01/2040			24,787		0.0
16,706	4.500%, 07/01/2040			16,577		0.0
89,878	4.500%, 07/01/2040			89,183		0.0
54,414	4.500%, 07/01/2040			53,993		0.0
17,490	4.500%, 08/01/2040			17,355		0.0
55,706	4.500%, 08/01/2040			55,276		0.0
50,670	4.500%, 08/01/2040			50,279		0.0
58,401	4.500%, 08/01/2040			57,274		0.0
32,408	4.500%, 08/01/2040			32,157		0.0
3,387	4.500%, 08/01/2040			3,311		0.0
1,555	4.500%, 08/01/2040			1,542		0.0
12,561	4.500%, 09/01/2040			12,292		0.0
146,859	4.500%, 09/01/2040			145,723		0.0
19,265	4.500%, 09/01/2040			19,116		0.0
12,985	4.500%, 09/01/2040			12,885		0.0
75,263	4.500%, 09/01/2040			74,141		0.0
20,255	4.500%, 09/01/2040			20,098		0.0
11,943	4.500%, 09/01/2040			11,851		0.0
22,187	4.500%, 10/01/2040			22,015		0.0
126,873	4.500%, 10/01/2040			125,892		0.0
21,024	4.500%, 10/01/2040			20,861		0.0
57,965	4.500%, 10/01/2040			57,517		0.0
111,561	4.500%, 10/01/2040			110,670		0.0
38,279	4.500%, 11/01/2040			37,983		0.0
37,530	4.500%, 11/01/2040			37,239		0.0
280,473	4.500%, 11/01/2040			273,873		0.0
298,957	4.500%, 11/01/2040			296,645		0.0
744,342	4.500%, 11/01/2040			738,587		0.0
17,704	4.500%, 12/01/2040			17,567		0.0
2,059	4.500%, 12/01/2040			2,043		0.0
18,159	4.500%, 12/01/2040			17,967		0.0
29,457	4.500%, 12/01/2040			29,229		0.0
71,145	4.500%, 12/01/2040			70,594		0.0
70,038	4.500%, 12/01/2040			69,496		0.0
25,660	4.500%, 12/01/2040			25,461		0.0
151,516	4.500%, 12/01/2040			150,345		0.0
12,199	4.500%, 12/01/2040			11,955		0.0
98,033	4.500%, 01/01/2041			97,275		0.0
164,040	4.500%, 01/01/2041			162,771		0.0
351,093	4.500%, 01/01/2041			348,378		0.0
14,522	4.500%, 01/01/2041			14,410		0.0
29,806	4.500%, 01/01/2041			29,576		0.0
55,323	4.500%, 02/01/2041			54,895		0.0
56,896	4.500%, 02/01/2041			55,753		0.0
58,103	4.500%, 02/01/2041			57,654		0.0
42,117	4.500%, 02/01/2041			41,791		0.0
17,104	4.500%, 02/01/2041			16,923		0.0
35,952	4.500%, 03/01/2041			35,355		0.0
17,624	4.500%, 03/01/2041			17,488		0.0
35,843	4.500%, 03/01/2041			35,565		0.0
3,229	4.500%, 03/01/2041			3,204		0.0
56,137	4.500%, 03/01/2041			55,703		0.0
19,881	4.500%, 03/01/2041			19,727		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
155,446	4.500%, 03/01/2041		$	152,123		0.0
73,097	4.500%, 03/01/2041			71,576		0.0
11,260	4.500%, 03/01/2041			10,949		0.0
305,643	4.500%, 04/01/2041			305,220		0.0
3,949	4.500%, 04/01/2041			3,919		0.0
28,786	4.500%, 04/01/2041			28,564		0.0
16,232	4.500%, 04/01/2041			15,800		0.0
72,388	4.500%, 04/01/2041			70,544		0.0
163,348	4.500%, 04/01/2041			162,085		0.0
295,564	4.500%, 05/01/2041			293,278		0.0
2,613	4.500%, 05/01/2041			2,585		0.0
19,689	4.500%, 05/01/2041			19,480		0.0
180,435	4.500%, 05/01/2041			178,556		0.0
258,038	4.500%, 05/01/2041			256,043		0.0
13,896	4.500%, 05/01/2041			13,788		0.0
11,208	4.500%, 05/01/2041			10,945		0.0
147,893	4.500%, 05/01/2041			146,749		0.0
6,136	4.500%, 05/01/2041			6,088		0.0
178,227	4.500%, 06/01/2041			176,848		0.0
47,651	4.500%, 06/01/2041			47,213		0.0
11,164	4.500%, 06/01/2041			11,078		0.0
3,103	4.500%, 07/01/2041			3,079		0.0
9,787	4.500%, 07/01/2041			9,711		0.0
141,388	4.500%, 07/01/2041			140,294		0.0
1,868	4.500%, 07/01/2041			1,838		0.0
41,611	4.500%, 07/01/2041			41,289		0.0
77,890	4.500%, 07/01/2041			77,288		0.0
17,460	4.500%, 07/01/2041			17,328		0.0
13,667	4.500%, 08/01/2041			13,561		0.0
96,520	4.500%, 08/01/2041			95,774		0.0
81,215	4.500%, 08/01/2041			80,586		0.0
127,661	4.500%, 08/01/2041			125,207		0.0
21,050	4.500%, 08/01/2041			20,527		0.0
120,377	4.500%, 08/01/2041			117,432		0.0
155,844	4.500%, 08/01/2041			153,519		0.0
52,720	4.500%, 08/01/2041			52,052		0.0
3,791	4.500%, 09/01/2041			3,751		0.0
422,188	4.500%, 09/01/2041			417,706		0.0
51,096	4.500%, 09/01/2041			50,223		0.0
9,382	4.500%, 09/01/2041			9,309		0.0
196,015	4.500%, 10/01/2041			193,935		0.0
24,973	4.500%, 10/01/2041			24,780		0.0
200,774	4.500%, 10/01/2041			198,645		0.0
846,650	4.500%, 10/01/2041			840,096		0.0
43,335	4.500%, 10/01/2041			42,408		0.0
475,269	4.500%, 10/01/2041			471,593		0.0
16,649	4.500%, 10/01/2041			16,472		0.0
85,668	4.500%, 10/01/2041			84,205		0.0
3,048	4.500%, 11/01/2041			3,024		0.0
232,588	4.500%, 11/01/2041			230,789		0.0
542,477	4.500%, 12/01/2041			538,278		0.0
180,970	4.500%, 12/01/2041			179,571		0.0
21,127	4.500%, 01/01/2042			20,963		0.0
12,599	4.500%, 01/01/2042			12,302		0.0

See Accompanying Notes to Financial Statements

122

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
9,519	4.500%, 01/01/2042		$	9,445		0.0
4,179	4.500%, 03/01/2042			4,072		0.0
33,187	4.500%, 03/01/2042			32,598		0.0
26,994	4.500%, 04/01/2042			26,153		0.0
11,403	4.500%, 06/01/2042			11,229		0.0
5,297	4.500%, 08/01/2042			5,256		0.0
4,074	4.500%, 09/01/2042			3,938		0.0
6,437	4.500%, 01/01/2043			6,240		0.0
4,783	4.500%, 12/01/2043			4,703		0.0
42,682	4.500%, 04/01/2047			41,766		0.0
20,450	4.500%, 05/01/2047			20,003		0.0
61,922	4.500%, 06/01/2047			60,861		0.0
94,645	4.500%, 06/01/2047			93,004		0.0
66,461	4.500%, 07/01/2047			65,034		0.0
282,973	4.500%, 07/01/2047			278,007		0.0
16,176	4.500%, 08/01/2047			15,812		0.0
5,905,241	4.500%, 10/01/2052			5,689,658		0.2
26,835,000 (6)	4.500%, 01/15/2053			25,830,533		1.1
20	5.000%, 04/01/2023			20		0.0
116	5.000%, 12/01/2023			115		0.0
18,258	5.000%, 04/01/2026			18,170		0.0
24,470	5.000%, 05/01/2026			24,343		0.0
22,529	5.000%, 08/01/2027			22,447		0.0
8,961	5.000%, 04/01/2028			9,016		0.0
5,902,150	5.000%, 05/01/2042			6,032,784		0.3
3,244	5.500%, 06/01/2023			3,255		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
2,759	5.500%, 07/01/2026			2,769		0.0
2,660	5.500%, 12/01/2027			2,670		0.0
10,561	5.500%, 04/01/2028			10,599		0.0
3,437	5.500%, 08/01/2028			3,450		0.0
5,370	5.500%, 01/01/2029			5,399		0.0
44,235	5.500%, 10/01/2029			44,472		0.0
37,870	5.500%, 04/01/2033			38,306		0.0
11,671	5.500%, 10/01/2033			11,726		0.0
5,650	5.500%, 11/01/2033			5,715		0.0
2,513	5.500%, 11/01/2033			2,524		0.0
3,725	5.500%, 11/01/2033			3,837		0.0
716	5.500%, 11/01/2033			730		0.0
29,410	5.500%, 12/01/2033			30,380		0.0
940	5.500%, 12/01/2033			970		0.0
63,100	5.500%, 12/01/2033			63,924		0.0
10,074	5.500%, 12/01/2033			10,211		0.0
186,201	5.500%, 12/01/2033			190,543		0.0
280	5.500%, 01/01/2034			281		0.0
15,915	5.500%, 01/01/2034			15,989		0.0
7,150	5.500%, 01/01/2034			7,176		0.0
8,466	5.500%, 01/01/2034			8,676		0.0
66,772	5.500%, 01/01/2034			68,887		0.0
2,837	5.500%, 06/01/2034			2,886		0.0
30,325	5.500%, 11/01/2034			31,318		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
4,742	5.500%, 11/01/2034		$	4,759		0.0
604	5.500%, 12/01/2034			625		0.0
9,104	5.500%, 01/01/2035			9,403		0.0
17,343	5.500%, 01/01/2035			17,917		0.0
22,048	5.500%, 01/01/2035			22,181		0.0
858,262	5.500%, 02/01/2035			887,258		0.1
8,971	5.500%, 02/01/2035			9,082		0.0
6,273	5.500%, 07/01/2035			6,428		0.0
480,586	5.500%, 08/01/2035			497,211		0.0
2,471	5.500%, 10/01/2035			2,554		0.0
320	5.500%, 11/01/2035			323		0.0
30,042	5.500%, 11/01/2035			30,815		0.0
76,696	5.500%, 12/01/2035			79,430		0.0
7,239	5.500%, 12/01/2035			7,461		0.0
478	5.500%, 12/01/2035			494		0.0
504	5.500%, 12/01/2035			522		0.0
49,790	5.500%, 01/01/2036			51,616		0.0
5,305	5.500%, 01/01/2036			5,497		0.0
409	5.500%, 02/01/2036			411		0.0
7,428	5.500%, 04/01/2036			7,698		0.0
601,050	5.500%, 07/01/2036			621,481		0.0
413	5.500%, 08/01/2036			429		0.0
51,134	5.500%, 09/01/2036			52,819		0.0
29,850	5.500%, 09/01/2036			30,830		0.0
82,810	5.500%, 12/01/2036			85,661		0.0
1,018	5.500%, 12/01/2036			1,056		0.0
78,749	5.500%, 12/01/2036			81,735		0.0
739	5.500%, 12/01/2036			766		0.0
7,510	5.500%, 01/01/2037			7,717		0.0
45,181	5.500%, 01/01/2037			46,895		0.0
63,241	5.500%, 02/01/2037			65,639		0.0
176,008	5.500%, 03/01/2037			181,049		0.0
6,849	5.500%, 04/01/2037			7,109		0.0
1,297	5.500%, 05/01/2037			1,335		0.0
511	5.500%, 05/01/2037			531		0.0
17,525	5.500%, 05/01/2037			18,188		0.0
8,429	5.500%, 05/01/2037			8,748		0.0
46,535	5.500%, 06/01/2037			48,297		0.0
15,631	5.500%, 06/01/2037			16,073		0.0
15,294	5.500%, 07/01/2037			15,485		0.0
24,802	5.500%, 08/01/2037			25,742		0.0
25,242	5.500%, 08/01/2037			26,162		0.0
9,556	5.500%, 08/01/2037			9,889		0.0
65,281	5.500%, 09/01/2037			67,756		0.0
472	5.500%, 11/01/2037			490		0.0
239,599	5.500%, 01/01/2038			248,646		0.0
732	5.500%, 02/01/2038			760		0.0
445	5.500%, 02/01/2038			462		0.0
219,828	5.500%, 03/01/2038			228,169		0.0
4,541	5.500%, 03/01/2038			4,608		0.0
8,982	5.500%, 04/01/2038			9,036		0.0
32,570	5.500%, 04/01/2038			33,582		0.0
436	5.500%, 04/01/2038			452		0.0
1,886	5.500%, 05/01/2038			1,958		0.0

See Accompanying Notes to Financial Statements

123

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
58,403	5.500%, 05/01/2038		$	58,983		0.0
5,347	5.500%, 05/01/2038			5,558		0.0
53,250	5.500%, 06/01/2038			55,270		0.0
1,092,788	5.500%, 06/01/2038			1,137,910		0.1
11,878	5.500%, 06/01/2038			12,248		0.0
30,206	5.500%, 07/01/2038			31,352		0.0
29,371	5.500%, 07/01/2038			30,182		0.0
25,596	5.500%, 07/01/2038			26,567		0.0
268	5.500%, 07/01/2038			278		0.0
14,630	5.500%, 08/01/2038			15,135		0.0
53,396	5.500%, 08/01/2038			55,422		0.0
7,028	5.500%, 08/01/2038			7,278		0.0
121,897	5.500%, 11/01/2038			126,521		0.0
31,850	5.500%, 11/01/2038			33,104		0.0
114	5.500%, 12/01/2038			116		0.0
19,898	5.500%, 12/01/2038			20,684		0.0
215,902	5.500%, 01/01/2039			224,091		0.0
33,080	5.500%, 01/01/2039			34,334		0.0
64,258	5.500%, 01/01/2039			66,695		0.0
12,560	5.500%, 03/01/2039			13,037		0.0
195,522	5.500%, 06/01/2039			202,936		0.0
118,470	5.500%, 06/01/2039			122,963		0.0
11,058	5.500%, 07/01/2041			11,478		0.0
222,984	5.500%, 09/01/2041			230,175		0.0
48,230	6.000%, 11/01/2028			49,010		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
33,134	6.000%, 01/01/2033			34,302		0.0
2,138	6.000%, 09/01/2033			2,181		0.0
338	6.000%, 01/01/2034			345		0.0
25,214	6.000%, 06/01/2035			25,693		0.0
3,457	6.000%, 07/01/2035			3,560		0.0
5,548	6.000%, 07/01/2035			5,653		0.0
7,467	6.000%, 07/01/2035			7,732		0.0
4,501	6.000%, 07/01/2035			4,574		0.0
360	6.000%, 10/01/2035			366		0.0
1,028	6.000%, 10/01/2035			1,044		0.0
36,300	6.000%, 11/01/2035			37,587		0.0
29,959	6.000%, 12/01/2035			31,017		0.0
2,171	6.000%, 12/01/2035			2,206		0.0
190,072	6.000%, 12/01/2035			193,317		0.0
4,313	6.000%, 01/01/2036			4,423		0.0
30,232	6.000%, 02/01/2036			31,545		0.0
22,592	6.000%, 02/01/2036			23,463		0.0
15,825	6.000%, 03/01/2036			16,290		0.0
21,851	6.000%, 03/01/2036			23,130		0.0
30,378	6.000%, 04/01/2036			31,747		0.0
11,757	6.000%, 04/01/2036			12,274		0.0
9,025	6.000%, 05/01/2036			9,224		0.0
1,966	6.000%, 06/01/2036			2,024		0.0
333	6.000%, 06/01/2036			344		0.0
11,784	6.000%, 07/01/2036			11,980		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
2,520	6.000%, 07/01/2036		$	2,562		0.0
1,193	6.000%, 07/01/2036			1,217		0.0
47,022	6.000%, 07/01/2036			48,758		0.0
118,916	6.000%, 08/01/2036			121,219		0.0
12,318	6.000%, 08/01/2036			12,621		0.0
316,424	6.000%, 08/01/2036			326,320		0.0
12,267	6.000%, 08/01/2036			12,820		0.0
1,547	6.000%, 08/01/2036			1,577		0.0
2,289	6.000%, 08/01/2036			2,393		0.0
77	6.000%, 09/01/2036			78		0.0
8,593	6.000%, 09/01/2036			8,779		0.0
55,310	6.000%, 09/01/2036			56,204		0.0
8,984	6.000%, 09/01/2036			9,375		0.0
17,968	6.000%, 09/01/2036			18,600		0.0
12,188	6.000%, 09/01/2036			12,461		0.0
33,608	6.000%, 09/01/2036			34,931		0.0
7,845	6.000%, 10/01/2036			7,972		0.0
27,100	6.000%, 10/01/2036			28,321		0.0
26,052	6.000%, 10/01/2036			26,984		0.0
19,277	6.000%, 10/01/2036			20,118		0.0
2,237	6.000%, 10/01/2036			2,273		0.0
10,393	6.000%, 10/01/2036			10,844		0.0
8,949	6.000%, 11/01/2036			9,180		0.0
14,896	6.000%, 11/01/2036			15,142		0.0
22,601	6.000%, 11/01/2036			23,620		0.0
1,364	6.000%, 12/01/2036			1,399		0.0
3,669	6.000%, 12/01/2036			3,735		0.0
19,775	6.000%, 12/01/2036			20,107		0.0
26,393	6.000%, 12/01/2036			27,583		0.0
2,456	6.000%, 12/01/2036			2,567		0.0
10,476	6.000%, 01/01/2037			10,650		0.0
7,283	6.000%, 01/01/2037			7,611		0.0
439	6.000%, 01/01/2037			459		0.0
515	6.000%, 01/01/2037			528		0.0
51,813	6.000%, 02/01/2037			53,694		0.0
7,557	6.000%, 02/01/2037			7,711		0.0
673	6.000%, 02/01/2037			686		0.0
10,060	6.000%, 02/01/2037			10,514		0.0
82,262	6.000%, 03/01/2037			85,090		0.0
4,509	6.000%, 03/01/2037			4,581		0.0
419	6.000%, 03/01/2037			438		0.0
11,286	6.000%, 03/01/2037			11,795		0.0
4,675	6.000%, 03/01/2037			4,886		0.0
17,533	6.000%, 03/01/2037			18,008		0.0
68,325	6.000%, 04/01/2037			71,295		0.0
38,885	6.000%, 04/01/2037			40,757		0.0
5,274	6.000%, 04/01/2037			5,466		0.0
9,988	6.000%, 04/01/2037			10,438		0.0
728	6.000%, 04/01/2037			742		0.0
13,716	6.000%, 04/01/2037			14,205		0.0
17,381	6.000%, 04/01/2037			18,164		0.0
1,409	6.000%, 04/01/2037			1,472		0.0
19,216	6.000%, 04/01/2037			19,577		0.0
2,191	6.000%, 04/01/2037			2,246		0.0

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
20,613	6.000%, 04/01/2037		$	20,946		0.0
27,579	6.000%, 04/01/2037			28,040		0.0
637	6.000%, 04/01/2037			647		0.0
588	6.000%, 05/01/2037			601		0.0
16,042	6.000%, 05/01/2037			16,323		0.0
7,456	6.000%, 05/01/2037			7,576		0.0
12,885	6.000%, 05/01/2037			13,093		0.0
11,020	6.000%, 05/01/2037			11,517		0.0
20,378	6.000%, 05/01/2037			21,118		0.0
59,722	6.000%, 05/01/2037			62,268		0.0
10,592	6.000%, 05/01/2037			10,763		0.0
5,516	6.000%, 05/01/2037			5,624		0.0
5,112	6.000%, 05/01/2037			5,297		0.0
3,642	6.000%, 06/01/2037			3,704		0.0
3,535	6.000%, 06/01/2037			3,661		0.0
4,346	6.000%, 06/01/2037			4,542		0.0
23,620	6.000%, 06/01/2037			24,002		0.0
41,797	6.000%, 06/01/2037			43,681		0.0
4,956	6.000%, 06/01/2037			5,036		0.0
1,254	6.000%, 06/01/2037			1,278		0.0
6,278	6.000%, 07/01/2037			6,379		0.0
8,931	6.000%, 07/01/2037			9,092		0.0
4,862	6.000%, 07/01/2037			5,081		0.0
12,958	6.000%, 07/01/2037			13,184		0.0
4,940	6.000%, 07/01/2037			5,180		0.0
30,927	6.000%, 07/01/2037			31,442		0.0
2,325	6.000%, 07/01/2037			2,402		0.0
37,782	6.000%, 07/01/2037			39,394		0.0
11,556	6.000%, 07/01/2037			11,756		0.0
13,993	6.000%, 08/01/2037			14,430		0.0
7,500	6.000%, 08/01/2037			7,644		0.0
16,764	6.000%, 08/01/2037			17,035		0.0
5,863	6.000%, 08/01/2037			5,961		0.0
8,592	6.000%, 08/01/2037			8,731		0.0
4,255	6.000%, 08/01/2037			4,405		0.0
35,670	6.000%, 08/01/2037			36,247		0.0
32,243	6.000%, 08/01/2037			33,697		0.0
1,544	6.000%, 09/01/2037			1,614		0.0
169,412	6.000%, 09/01/2037			177,050		0.0
5,751	6.000%, 09/01/2037			5,844		0.0
531	6.000%, 09/01/2037			542		0.0
61,047	6.000%, 09/01/2037			63,021		0.0
10,870	6.000%, 09/01/2037			11,351		0.0
600	6.000%, 10/01/2037			612		0.0
22,271	6.000%, 10/01/2037			23,239		0.0
671	6.000%, 11/01/2037			698		0.0
24,760	6.000%, 11/01/2037			25,804		0.0
33,938	6.000%, 11/01/2037			35,245		0.0
17,880	6.000%, 12/01/2037			18,438		0.0
45,181	6.000%, 12/01/2037			47,218		0.0
38,167	6.000%, 12/01/2037			39,029		0.0
1,028	6.000%, 12/01/2037			1,068		0.0
55,776	6.000%, 02/01/2038			57,148		0.0
84,741	6.000%, 02/01/2038			88,128		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
16,296	6.000%, 02/01/2038		$	16,948		0.0
17,238	6.000%, 03/01/2038			17,847		0.0
833	6.000%, 03/01/2038			863		0.0
3,801	6.000%, 03/01/2038			3,862		0.0
47,543	6.000%, 05/01/2038			49,131		0.0
2,297	6.000%, 05/01/2038			2,398		0.0
7,686	6.000%, 06/01/2038			8,027		0.0
78,135	6.000%, 07/01/2038			80,746		0.0
30,954	6.000%, 07/01/2038			32,098		0.0
806	6.000%, 08/01/2038			832		0.0
17,532	6.000%, 09/01/2038			18,271		0.0
4,626	6.000%, 09/01/2038			4,835		0.0
3,244	6.000%, 09/01/2038			3,305		0.0
14,261	6.000%, 09/01/2038			14,545		0.0
9,879	6.000%, 10/01/2038			10,324		0.0
8,516	6.000%, 10/01/2038			8,858		0.0
349	6.000%, 10/01/2038			355		0.0
19,685	6.000%, 10/01/2038			20,445		0.0
1,433	6.000%,10/01/2038			1,480		0.0
11,557	6.000%, 10/01/2038			11,744		0.0
435	6.000%, 11/01/2038			449		0.0
1,104	6.000%, 11/01/2038			1,123		0.0
113,783	6.000%, 11/01/2038			116,829		0.0
846	6.000%, 12/01/2038			861		0.0
12,089	6.000%, 12/01/2038			12,379		0.0
47,476	6.000%, 12/01/2038			49,617		0.0
11,925	6.000%, 10/01/2039			12,424		0.0
951	6.000%, 10/01/2039			993		0.0
276,201	6.000%, 02/01/2040			285,966		0.0
11,837	6.000%, 04/01/2040			12,313		0.0
73,523	6.000%, 09/01/2040			74,756		0.0
125,008	6.000%, 10/01/2040			130,442		0.0
180,421	6.000%, 05/01/2041			188,593		0.0
1,784	6.500%, 04/01/2027			1,830		0.0
564	6.500%, 02/01/2028			579		0.0
5	6.500%, 06/01/2029			5		0.0
4,822	6.500%, 01/01/2032			4,949		0.0
5,234	6.500%, 04/01/2032			5,425		0.0
11,532	6.500%, 10/01/2032			11,830		0.0
7,838	6.500%, 10/01/2032			8,040		0.0
4,044	6.500%, 03/01/2038			4,288		0.0
205	7.000%, 08/01/2025			205		0.0
1,159	7.000%, 03/01/2026			1,156		0.0
3,864	7.000%, 03/01/2026			3,879		0.0
454	7.000%, 12/01/2027			453		0.0
145,585	7.000%, 03/01/2038			153,167		0.0
459,861	7.000%, 04/01/2038			492,480		0.0
6,207	7.500%, 09/01/2031			6,432		0.0
				488,234,719		20.2
	Total U.S. Government Agency Obligations (Cost $707,617,176)			677,535,293		28.0

See Accompanying Notes to Financial Statements

125

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 14.7%
	U.S. Treasury Bonds: 3.1%
17,000	1.250%, 05/15/2050		$	9,155		0.0
920,000	1.375%, 11/15/2040			598,611		0.0
77,000	1.625%, 11/15/2050			45,844		0.0
100	2.000%, 11/15/2041			71		0.0
3,046,300	2.875%, 05/15/2052			2,441,800		0.1
33,312,100	3.000%, 08/15/2052			27,456,457		1.1
4,011,100	3.250%, 05/15/2042			3,518,487		0.2
41,336,000 (2)	4.000%, 11/15/2042			40,483,445		1.7
				74,553,870		3.1
	U.S. Treasury Notes: 11.6%
25,000	0.125%, 10/15/2023			24,119		0.0
16,997,000	0.250%, 06/15/2024			15,954,606		0.7
4,476,400	0.500%, 11/30/2023			4,306,977		0.2
4,427,600	0.875%, 01/31/2024			4,250,323		0.2
170,000	0.875%, 06/30/2026			152,050		0.0
773,500	1.125%, 02/15/2031			630,614		0.0
1,757,900	1.250%, 11/30/2026			1,577,647		0.1
8,250,800	1.250%, 09/30/2028			7,086,986		0.3
139,400	1.500%, 01/31/2027			125,879		0.0
1,600,500	1.500%, 11/30/2028			1,390,059		0.1
54,300	2.750%, 04/30/2027			51,468		0.0
1,315,300	2.750%, 08/15/2032			1,197,951		0.0
13,545,500 (2)	3.875%, 11/30/2027			13,473,540		0.6
50,713,400	3.875%, 12/31/2027			50,428,137		2.1
21,578,800	3.875%, 11/30/2029			21,438,875		0.9
52,454,000	3.875%, 12/31/2029			52,204,024		2.1
42,192,000 (2)	4.000%, 12/15/2025			41,928,300		1.7
30,827,100	4.125%, 11/15/2032			31,465,317		1.3
32,676,000	4.250%, 12/31/2024			32,564,953		1.3
				280,251,825		11.6
	Total U.S. Treasury Obligations
	(Cost $360,372,576)			354,805,695		14.7
ASSET-BACKED SECURITIES: 6.6%
	Automobile Asset-Backed Securities: 0.0%
350,000 (1)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			324,407		0.0

	Home Equity Asset-Backed Securities: 0.1%
1,150,721 (1)(3)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			901,952		0.1
56,112	Home Equity Asset Trust 2005-2 M5, 5.484%, (US0001M + 1.095%), 07/25/2035			55,974		0.0
603,134	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 5.304%, (US0001M + 0.915%), 03/25/2035			591,728		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities (continued)
29,440	New Century Home Equity Loan Trust 2005-2 M3, 5.124%, (US0001M + 0.735%), 06/25/2035		$	29,433		0.0
43,635	Renaissance Home Equity Loan Trust 2003-2 A, 3.894%, (US0001M + 0.880%), 08/25/2033			40,334		0.0
819,264 (3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			804,806		0.0
51,628	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 4.549%, (US0001M + 0.160%), 11/25/2036			15,500		0.0
				2,439,727		0.1
	Other Asset-Backed Securities: 5.7%
2,000,000 (1)	AGL CLO 12 Ltd. 2021-12A C, 6.093%, (US0003M + 1.850%), 07/20/2034			1,854,548		0.1
2,408,195 (1)(3)(4)(7)	American Homes 4 Rent 2015-SFR1 XS, 3.232%, 04/17/2052			—		—
650,000 (1)	AMMC CLO 16 Ltd. 2015-16A CR2, 5.961%, (US0003M + 1.950%), 04/14/2029			634,109		0.0
3,470,000 (1)	Babson CLO Ltd. 2017-1A A2, 5.544%, (US0003M + 1.350%), 07/18/2029			3,385,384		0.1
4,393,000 (1)	Babson CLO Ltd. 2018-3A A2, 5.543%, (US0003M + 1.300%), 07/20/2029			4,359,855		0.2
839,167 (1)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046			712,638		0.0
564,324 (3)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 4.081%, 10/25/2036			549,164		0.0
2,250,000 (1)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 6.393%, (US0003M + 2.150%), 01/20/2032			2,131,859		0.1
2,000,000 (1)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A1R, 5.249%, (US0003M + 1.170%), 10/15/2034			1,949,048		0.1

See Accompanying Notes to Financial Statements

126

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,950,000 (1)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A2R, 5.529%, (US0003M + 1.450%), 10/15/2034		$	1,849,236		0.1
1,450,000 (1)	BlueMountain CLO Ltd. 2021-28A C, 6.079%, (US0003M + 2.000%), 04/15/2034			1,346,718		0.1
5,000,000 (1)	BlueMountain CLO XXXI Ltd. 2021-31A C, 6.227%, (US0003M + 2.000%), 04/19/2034			4,652,410		0.2
2,332,375 (1)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			2,099,065		0.1
3,490,000 (1)	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 5.413%, (US0003M + 1.170%), 07/20/2034			3,384,895		0.1
3,000,000 (1)	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 6.243%, (US0003M + 2.000%), 07/20/2034			2,794,344		0.1
1,750,000 (1)	California Street CLO IX L.P. 2012-9A CR3, 6.579%, (US0003M + 2.500%), 07/16/2032			1,658,123		0.1
5,500,000 (1)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A BR2, 6.293%, (US0003M + 2.050%), 04/20/2034			5,047,966		0.2
2,400,000 (1)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 5.209%, (US0003M + 1.130%), 04/17/2031			2,284,486		0.1
3,250,000 (1)	Cedar Funding IV CLO Ltd. 2014-4A CRR, 6.325%, (US0003M + 2.000%), 07/23/2034			3,021,593		0.1
3,000,000 (1)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 5.529%, (US0003M + 1.450%), 10/17/2034			2,849,340		0.1
37,273	Chase Funding Trust Series 2002-4 2A1, 5.129%, (US0001M + 0.740%), 10/25/2032			35,803		0.0
106,708	Chase Funding Trust Series 2003-5 2A2, 4.989%, (US0001M + 0.600%), 07/25/2033			100,837		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,055,853 (1)	CLI Funding VIII LLC 2022-1A A1, 2.720%, 01/18/2047		$	899,003		0.0
919,125 (1)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049			841,045		0.0
483,750 (1)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			450,401		0.0
291,750 (1)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			252,942		0.0
1,347,500 (1)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,236,109		0.0
3,643,875 (1)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,422,119		0.1
101,176	GSAMP Trust 2007-FM1 A2A, 4.459%, (US0001M + 0.070%), 12/25/2036			50,621		0.0
935,122 (1)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			886,606		0.0
10,000,000 (1)	LCM 26A A2 Ltd., 5.493%, (US0003M + 1.250%), 01/20/2031			9,532,400		0.4
2,450,000 (1)	LCM 30A CR Ltd., 6.243%, (US0003M + 2.000%), 04/20/2031			2,244,746		0.1
58,753	Long Beach Mortgage Loan Trust 2004-4 1A1, 4.949%, (US0001M + 0.560%), 10/25/2034			53,818		0.0
2,090,000 (1)	Madison Park Funding XLVIII Ltd. 2021-48A C, 6.227%, (US0003M + 2.000%), 04/19/2033			1,995,894		0.1
1,650,000 (1)	Madison Park Funding XXI Ltd. 2016-21A ABRR, 5.479%, (US0003M + 1.400%), 10/15/2032			1,582,451		0.1
561,469 (1)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			557,328		0.0
1,342,998 (1)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			1,241,192		0.0
784,560 (1)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			726,618		0.0

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
1,567,032 (1)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043		$	1,454,268		0.1
1,500,000 (1)	Oak Hill Credit Partners 2021-8A C, 6.094%, (US0003M + 1.900%), 01/18/2034			1,415,581		0.1
5,050,000 (1)	OCP CLO 2021-21A C Ltd., 6.143%, (US0003M + 1.900%), 07/20/2034			4,676,871		0.2
4,000,000 (1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 5.577%, (US0003M + 1.350%), 07/19/2030			3,817,632		0.2
1,800,000 (1)	OHA Credit Funding 9 Ltd. 2021-9A C, 6.127%, (US0003M + 1.900%), 07/19/2035			1,717,646		0.1
4,000,000 (1)	Palmer Square CLO 2013-2A BR3 Ltd., 6.077%, (US0003M + 1.850%), 10/17/2031			3,787,720		0.2
2,000,000 (1)	Palmer Square CLO 2021-3A A2 Ltd., 5.479%, (US0003M + 1.400%), 01/15/2035			1,941,968		0.1
7,000,000 (1)	Palmer Square CLO Ltd. 2021-2A C, 5.879%, (US0003M + 1.800%), 07/15/2034			6,589,177		0.3
266,149 (3)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.527%, 01/25/2036			259,593		0.0
2,450,000 (1)	Rockland Park CLO Ltd. 2021-1A C, 6.143%, (US0003M + 1.900%), 04/20/2034			2,295,373		0.1
94,682	Small Business Administration Participation Certificates 2007-20L 1, 5.290%, 12/01/2027			94,188		0.0
1,513,833 (1)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050			1,349,288		0.1
2,600,000 (1)	Sound Point CLO XXIX Ltd. 2021-1A C1, 6.658%, (US0003M + 2.300%), 04/25/2034			2,378,688		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,800,000 (1)	Sound Point CLO XXVI Ltd. 2021-1A C1R, 6.443%, (US0003M + 2.200%), 07/20/2034		$	2,557,251		0.1
1,813,580 (1)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			1,666,428		0.1
8,200,000 (1)	Symphony CLO XXV Ltd. 2021-25A C, 6.277%, (US0003M + 2.050%), 04/19/2034			7,710,936		0.3
1,728,000 (1)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,621,884		0.1
6,000,000 (1)	TCW CLO 2020-1A CRR Ltd., 6.293%, (US0003M + 2.050%), 04/20/2034			5,643,366		0.2
7,000,000 (1)	THL Credit Wind River 2017-3A CR Clo Ltd., 6.579%, (US0003M + 2.500%), 04/15/2035			6,593,580		0.3
7,000,000 (1)	Trinitas Clo VII Ltd. 2017-7A A1R, 5.558%, (US0003M + 1.200%), 01/25/2035			6,799,548		0.3
1,191,750 (1)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			995,984		0.0
				138,041,684		5.7
	Student Loan Asset-Backed Securities: 0.8%
453,457 (1)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			412,882		0.0
316,257 (1)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			293,227		0.0
539,074 (1)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			505,732		0.0
2,000,000 (1)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			1,891,232		0.1
1,550,000 (1)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,314,705		0.1
1,500,000 (1)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,375,914		0.1

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
2,500,000 (1)(3)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040		$	2,330,215		0.1
2,100,000 (1)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			1,818,125		0.1
2,200,000 (1)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			1,978,880		0.1
5,000,000 (1)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			4,493,497		0.2
661,461 (1)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			639,086		0.0
1,000,000 (1)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			888,229		0.0
				17,941,724		0.8
	Total Asset-Backed Securities (Cost $169,427,259)			158,747,542		6.6
COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%
12,277,628 (3)(4)	BANK 2019-BNK16 XA, 0.941%, 02/15/2052			515,725		0.0
50,524,631 (3)(4)	Bank 2019-BNK19 XA, 0.949%, 08/15/2061			2,389,661		0.1
22,800,000 (1)(3)(4)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			324,933		0.0
26,908,668 (3)(4)	Benchmark 2019-B12 XA Mortgage Trust, 1.033%, 08/15/2052			1,121,508		0.1
19,386,973 (3)(4)	Benchmark 2019-B9 XA Mortgage Trust, 1.031%, 03/15/2052			914,866		0.0
3,537,000 (1)(8)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052			2,165,104		0.1
1,348,000 (1)(3)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.516%, 05/25/2052			907,207		0.0
16,859,436 (3)(4)	CD 2016-CD1 Mortgage Trust XA, 1.367%, 08/10/2049			588,750		0.0
34,309,298 (3)(4)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.875%, 09/15/2050			1,074,902		0.0
47,042,042 (3)(4)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.673%, 06/10/2051			1,415,255		0.1
4,124,547 (3)(4)	COMM 2012-CR3 XA, 1.530%, 10/15/2045			10,514		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
65,166,000 (1)(3)(4)	COMM 2012-CR4 XB, 0.423%, 10/15/2045		$	203,930		0.0
307,998 (3)(4)	COMM 2012-CR5 XA, 1.092%, 12/10/2045			584		0.0
67,097,657 (3)(4)	COMM 2016-CR28 XA, 0.631%, 02/10/2049			1,098,134		0.1
3,906,000 (1)(3)	COMM 2020-CBM F Mortgage Trust, 3.633%, 02/10/2037			3,308,836		0.1
750,000 (1)	CSAIL 2020-C19 E Commercial Mortgage Trust, 2.500%, 03/15/2053			434,951		0.0
2,736,000 (1)	CSWF 2021-SOP2 D, 6.635%, (US0001M + 2.317%), 06/15/2034			2,456,487		0.1
253,692 (1)(7)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044			252,541		0.0
10,394,493	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			1,434,800		0.1
22,000,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.640%, 06/25/2041			71,247		0.0
10,700,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.788%, 12/25/2041			113,760		0.0
5,200,000 (1)(8)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			2,643,498		0.1
66,217,546 (1)(4)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029			233,192		0.0
7,380,000 (1)(4)	FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029			32,710		0.0
1,000,000 (1)(3)	FRR Re-REMIC Trust 2018-C1 B725, 2.844%, 02/27/2050			925,421		0.0
3,000,000 (1)(3)(9)	FRR Re-REMIC Trust 2018-C1 C725, 0.430%, 02/27/2050			2,670,352		0.1
2,845,000 (1)(3)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.430%, 09/27/2051			1,967,697		0.1
2,164,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			1,770,960		0.1

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
2,631,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051		$	2,133,906		0.1
2,140,000 (1)(3)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.040%, 09/27/2051			1,710,553		0.1
1,817,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			991,940		0.0
2,163,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051			1,728,716		0.1
2,140,000 (1)(8)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			1,624,934		0.1
6,158,000 (1)	GAM Re-REMIC Trust 2021-FRR1 1B, 1.500%, 11/29/2050			4,047,201		0.2
8,097,000 (1)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.660%, 11/29/2050			5,102,530		0.2
4,451,000 (1)(3)(4)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.030%, 11/27/2050			3,148,519		0.1
3,030,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 BK61, 1.290%, 01/29/2052			2,084,960		0.1
3,298,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 BK89, 2.000%, 01/27/2052			1,844,214		0.1
1,723,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 C728, 0.600%, 08/27/2050			1,457,905		0.1
1,756,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.920%, 05/27/2048			1,391,854		0.1
2,125,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.570%, 11/27/2049			1,391,853		0.1
1,483,000 (1)(3)(4)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.410%, 01/29/2052			957,201		0.0
1,728,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 CK89, 2.260%, 01/27/2052			897,532		0.0
1,724,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 D728, 0.690%, 01/29/2052			1,411,316		0.1
2,328,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK27, 0.030%, 12/27/2045			2,311,446		0.1
1,388,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.770%, 10/27/2047			1,147,604		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,755,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 DK47, 1.000%, 05/27/2048		$	1,360,708		0.1
580,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 EK27, 0.040%, 12/27/2045			575,313		0.0
924,000 (1)(9)	GAM Resecuritization Trust 2022-FRR3 EK41, 0.700%, 01/29/2052			754,016		0.0
27,754,461 (3)(4)	GS Mortgage Securities Trust 2013-GC16 XA, 0.994%, 11/10/2046			122,838		0.0
38,205,627 (3)(4)	GS Mortgage Securities Trust 2014-GC22 XA, 0.937%, 06/10/2047			313,277		0.0
105,040,797 (3)(4)	GS Mortgage Securities Trust 2019-GC42 XA, 0.805%, 09/01/2052			4,072,526		0.2
37,798,538 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.587%, 12/15/2049			652,246		0.0
1,893,903 (3)(4)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 0.946%, 10/15/2048			28,502		0.0
292,068 (1)(3)(4)	LB-UBS Commercial Mortgage Trust 2006-C7 XCL, 0.637%, 11/15/2038			—		—
688,079 (1)	Life 2021-BMR F Mortgage Trust, 6.668%, (US0001M + 2.350%), 03/15/2038			651,140		0.0
1,350,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 1.120%, 03/28/2049			1,005,606		0.0
1,140,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB60, 2.470%, 11/08/2049			891,698		0.0
1,720,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB64, 2.314%, 03/01/2050			1,310,273		0.1
420,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049			296,933		0.0
530,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049			347,028		0.0
500,000 (1)(8)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050			320,099		0.0

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
22,959,831 (3)(4)	Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.011%, 12/15/2047		$	395,912		0.0
24,847,278 (3)(4)	Wells Fargo Commercial Mortgage Trust 2021-C59 E, 1.537%, 04/15/2054			2,086,401		0.1
664,309 (1)(3)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.521%, 11/15/2044			632,561		0.0
9,020,000 (1)(3)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.248%, 03/15/2045			7,289,905		0.3
4,017,360 (1)(3)(4)	WFRBS Commercial Mortgage Trust 2013-C12 XA, 0.910%, 03/15/2048			5,108		0.0
	Total Commercial Mortgage-Backed Securities (Cost $101,086,343)			89,543,799		3.7

Shares		Value		Percentage of Net Assets
MUTUAL FUNDS: 22.6%
	Affiliated Investment Companies: 22.6%
15,889,053	Voya Emerging Markets Hard Currency Debt Fund - Class P		116,943,433		4.8
10,816,439	Voya High Yield Bond Fund - Class P		71,064,002		2.9
16,701,399	Voya Investment Grade Credit Fund - Class P		149,477,522		6.2
13,944,031	Voya Securitized Credit Fund - Class P		122,428,596		5.1
10,569,205	Voya VACS Series EMCD Fund		86,773,176		3.6
	Total Mutual Funds (Cost $649,259,091)		546,686,729		22.6

		Value		Percentage of Net Assets
PURCHASED OPTIONS(10): 0.0%
	Total Purchased Options (Cost $711,803)		145,110		0.0
	Total Long-Term Investments (Cost $2,941,760,975)		2,656,314,738		109.8

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 8.7%
	Commercial Paper: 0.7%
11,300,000	BASF SE, 5.830%, 01/03/2023		$	11,294,587		0.5
1,500,000	Duke Energy DUKESG, 6.120%, 01/03/2023			1,499,246		0.0
5,500,000	Waste Management, Inc., 4.930%, 02/06/2023			5,472,656		0.2

	Total Commercial Paper
	(Cost $18,269,858)			18,266,489		0.7

	Repurchase Agreements: 3.5%
3,349,401 (11)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 12/30/22, 4.32%, due 01/03/23 (Repurchase Amount $3,350,987, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $3,416,389, due 07/01/32-01/01/53)			3,349,401		0.1
3,819,059 (11)	Bethesda Securities LLC, Repurchase Agreement dated 12/30/22, 4.38%, due 01/03/23 (Repurchase Amount $3,820,892, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $3,933,631, due 04/01/23-12/01/52)			3,819,059		0.2
23,056,100 (11)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $23,066,965, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $23,517,222, due 01/15/23-11/20/72)			23,056,100		1.0

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
13,297,802 (11)	Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $13,304,229, collateralized by various U.S. Government Securities, 0.125%-6.250%, Market Value plus accrued interest $13,570,404, due 04/15/23-11/15/52)		$	13,297,802		0.6
2,699,202 (11)	Industrial & Comm. Bank of China, Repurchase Agreement dated 12/30/ 22, 4.26%, due 01/03/23 (Repurchase Amount $2,700,462, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $2,753,187, due 12/31/22-11/15/52)			2,699,202		0.1
7,581,948 (11)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/30/ 22, 4.30%, due 01/03/23 (Repurchase Amount $7,585,521, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $7,737,284, due 03/01/23-11/20/72)			7,581,948		0.3
12,621,936 (11)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $12,627,939, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $12,874,376, due 01/03/23-09/09/49)			12,621,936		0.5

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
17,838,382 (11)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $17,846,866, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $18,195,236, due 01/15/24-02/15/51)		$	17,838,382		0.7
	Total Repurchase Agreements (Cost $84,263,830)			84,263,830		3.5

	Time Deposits: 0.6%
2,420,000 (11)	Canadian Imperial Bank of Commerce, 4.300%, 01/03/2023			2,420,000		0.1
2,410,000 (11)	Credit Agricole, 4.300%, 01/03/2023			2,410,000		0.1
2,440,000 (11)	Landesbank Baden-Wuerttemberg, 4.320%, 01/03/2023			2,440,000		0.1
2,430,000 (11)	Mizuho Bank Ltd., 4.320%, 01/03/2023			2,430,000		0.1
2,440,000 (11)	The Royal Bank of Canada, 4.320%, 01/03/ 2023			2,440,000		0.1
2,440,000 (11)	Toronto-Dominion Bank, 4.310%, 01/03/2023			2,440,000		0.1
	Total Time Deposits (Cost $14,580,000)			14,580,000		0.6

Shares		Value			Percentage of Net Assets
	Mutual Funds: 3.9%
94,736,000 (12)	Goldman Sachs Financial Square Government Fund ‑ Institutional Shares, 4.150%
	(Cost $94,736,000)			94,736,000		3.9
	Total Short-Term Investments (Cost $211,849,688)			211,846,319		8.7
	Total Investments in Securities (Cost $3,153,610,663)		$	2,868,161,057		118.5
	Liabilities in Excess of Other Assets			(447,259,495)		(18.5)
	Net Assets		$	2,420,901,562		100.0

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

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

(4)

(5)

(6)

Represents or includes a TBA transaction.

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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

(12)

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

	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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Mutual Funds		$	546,686,729		$	—		$	—		$	546,686,729
Purchased Options			—			145,110			—			145,110
Corporate Bonds/Notes			—			485,320,652			—			485,320,652
Collateralized Mortgage Obligations			—			341,842,763			—			341,842,763
Municipal Bonds			—			1,687,155			—			1,687,155
Asset-Backed Securities			—			158,747,542			—			158,747,542
U.S. Government Agency Obligations			—			677,535,293			—			677,535,293
Commercial Mortgage-Backed Securities			—			89,291,258			252,541			89,543,799
U.S. Treasury Obligations			—			354,805,695			—			354,805,695
Short-Term Investments			94,736,000			117,110,319			—			211,846,319
Total Investments, at fair value		$	641,422,729		$	2,226,485,787		$	252,541		$	2,868,161,057
Other Financial Instruments+
Centrally Cleared Swaps			—			2,599,775			—			2,599,775
Futures			1,116,162			—			—			1,116,162
Total Assets		$	642,538,891		$	2,229,085,562		$	252,541		$	2,871,876,994
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(5,714,705)		$	—		$	(5,714,705)
Forward Premium Swaptions			—			(199,829)			—			(199,829)
Futures			(1,151,289)			—			—			(1,151,289)
Written Options			—			(12,592,591)			—			(12,592,591)
Total Liabilities		$	(1,151,289)		$	(18,507,125)		$	—		$	(19,658,414)

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

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

Transactions with Affiliates

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

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

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Hard Currency Debt Fund - Class P		$	140,639,743		$	6,835,398		$	—		$	(30,531,708)		$	116,943,433		$	6,835,399		$	—		$	—
Voya Emerging Markets Local Currency Debt Fund - Class P			54,094,440			—			(71,094,801)			17,000,361			—			—			(22,979,539)			—
Voya Floating Rate Fund Class P			845,247			36,489			(846,411)			(35,325)			—			41,674			(41,844)			—
Voya High Yield Bond Fund - Class P			138,305,077			33,056,244			(84,869,179)			(15,428,140)			71,064,002			7,084,580			(9,868,553)			971,818
Voya Investment Grade Credit Fund - Class P			179,068,657			5,460,172			(158,939)			(34,892,368)			149,477,522			5,460,173			(158,939)			—
Voya Securitized Credit Fund - Class P			193,421,253			—			(58,292,872)			(12,699,785)			122,428,596			6,272,574			(4,292,883)			—
Voya VACS Series EMCD Fund			99,395,231			4,252,763			—			(16,874,818)			86,773,176			4,085,789			—			166,999
		$	805,769,648		$	49,641,066		$	(215,262,202)		$	(93,461,783)		$	546,686,729		$	29,780,189		$	(37,341,758)		$	1,138,817

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 of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury Ultra Long Bond		498		03/22/23		$	66,887,625		$	(1,151,289)
						$	66,887,625		$	(1,151,289)
Short Contracts:
U.S. Treasury 10-Year Note		(394)		03/22/23			(44,244,969)			288,473
U.S. Treasury 2-Year Note		(121)		03/31/23			(24,814,453)			57,093
U.S. Treasury 5-Year Note		(452)		03/31/23			(48,784,219)			124,056
U.S. Treasury Long Bond		(153)		03/22/23			(19,177,594)			333,003
U.S. Treasury Ultra 10-Year Note		(462)		03/22/23			(54,645,937)			313,537
						$	(191,667,172)		$	1,116,162

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(1)

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(2)		Termination Date		Notional Amount(3)	Fair Value(4)			Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index, Series 33, Version 13	Buy		(5.000)		12/20/24	USD 27,986,640		$	(796,654)		$	1,399,784
CDX North American High Yield Index, Series 39, Version 1	Buy		(5.000)		12/20/27	USD 112,750,000			(656,660)			(3,057,743)
								$	(1,453,314)		$	(1,657,959)

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

(1)

(2)

Payments made quarterly.

(3)

(4)

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
Rate Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight Financing Rate

Annual

3.067%

Annual

05/10/33

USD 8,836,470

(318,647)

Pay

1-day Secured Overnight Financing Rate

Annual

3.076

Annual

05/10/33

USD 6,311,765

(223,191)

Pay

1-day Secured Overnight Financing Rate

Annual

3.094

Annual

05/10/33

USD 7,574,000

(256,307)

Pay

1-day Secured Overnight Financing Rate

Annual

3.114

Annual

05/10/33

USD 5,681,000

(183,019)

Pay

1-day Secured Overnight Financing Rate

Annual

3.154

Annual

05/10/33

USD 7,574,000

(219,112)

Pay

1-day Secured Overnight Financing Rate

Annual

3.289

Annual

05/10/33

USD 13,886,108

(247,323)

Pay

1-day Secured Overnight Financing Rate

Annual

3.345

Annual

05/10/33

USD 8,142,000

(107,349)

Pay

1-day Secured Overnight Financing Rate

Annual

3.473

Annual

05/10/33

USD 12,623,805

(33,768)

Pay

1-day Secured Overnight Financing Rate

Annual

3.475

Annual

05/10/33

USD 12,623,678

(30,890)

Pay

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/10/33

USD 18,935,517

(35,412)

Pay

1-day Secured Overnight Financing Rate

Annual

3.105

Annual

05/11/33

USD 12,624,000

(415,497)

Pay

1-day Secured Overnight Financing Rate

Annual

3.129

Annual

05/11/33

USD 6,311,958

(194,893)

Pay

1-day Secured Overnight Financing Rate

Annual

3.172

Annual

05/11/33

USD 6,311,958

(172,795)

Pay

1-day Secured Overnight Financing Rate

Annual

3.212

Annual

05/11/33

USD 7,574,000

(182,417)

Pay

1-day Secured Overnight Financing Rate

Annual

3.456

Annual

05/17/33

USD 9,593,000

(36,342)

Receive

1-day Secured Overnight Financing Rate

Annual

3.209

Annual

05/10/33

USD 15,149,000

369,616

Receive

1-day Secured Overnight Financing Rate

Annual

3.226

Annual

05/10/33

USD 15,653,000

359,656

Receive

1-day Secured Overnight Financing Rate

Annual

3.269

Annual

05/10/33

USD 9,468,000

184,199

Receive

1-day Secured Overnight Financing Rate

Annual

3.297

Annual

05/10/33

USD 6,122,000

104,695

Receive

1-day Secured Overnight Financing Rate

Annual

3.372

Annual

05/10/33

USD 10,099,000

110,639

Receive

1-day Secured Overnight Financing Rate

Annual

3.443

Annual

05/17/33

USD 7,700,000

37,022

Receive

1-day Secured Overnight Financing Rate

Annual

3.465

Annual

05/17/33

USD 11,361,000

34,164

Receive

1-day Secured Overnight Financing Rate

Annual

3.515

Annual

05/17/33

USD 8,395,000

—

(1,456,971)

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

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount		Cost			Fair Value
Call JPY vs. Put USD	BNP Paribas		02/27/25		107.500		USD6,000,500		$	297,625		$	122,725
Call USD vs. Put CNH	Bank of America N.A.		02/07/23		7.500		USD29,140,000			135,501			6,523
Call USD vs. Put CNH	Morgan Stanley Capital Services LLC		02/09/23		7.470		USD55,042,000			278,677			15,862
									$	711,803		$	145,110

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

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/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional Amount

Premiums
Received

Fair Value

Call on 10-Year Interest Rate Swap(1)

Bank of America N.A.

Pay

3.880%

1-day Secured
Overnight Financing
Rate

05/09/23

USD 50,495,000

1,483,922

(2,184,785)

Call on 10-Year Interest Rate Swap(1)

Barclays Bank PLC

Pay

3.790%

1-day Secured
Overnight Financing
Rate

05/10/23

USD 50,494,000

1,456,752

(1,937,566)

Call on 10-Year Interest Rate Swap(1)

Deutsche Bank AG

Pay

3.820%

1-day Secured
Overnight Financing
Rate

05/09/23

USD 25,247,000

724,589

(1,007,149)

Call on 10-Year Interest Rate Swap(1)

Goldman Sachs International

Pay

2.940%

1-day Secured
Overnight Financing
Rate

12/15/23

USD 12,624,000

472,138

(282,580)

Call on 10-Year Interest Rate Swap(1)

JPMorgan Chase Bank N.A.

Pay

2.995%

1-day Secured
Overnight Financing
Rate

06/07/23

USD 25,247,000

773,820

(308,008)

Call on 10-Year Interest Rate Swap(1)

Morgan Stanley
Capital Services LLC

Pay

3.815%

1-day Secured
Overnight Financing
Rate

05/09/23

USD 50,495,000

1,441,632

(2,000,450)

Put on 10-Year Interest Rate Swap (2)

Bank of America N.A.

Receive

3.880%

1-day Secured
Overnight Financing
Rate

05/09/23

USD 50,495,000

1,483,922

(723,054)

Put on 10-Year Interest Rate Swap (2)

Barclays Bank PLC

Receive

3.790%

1-day Secured
Overnight Financing
Rate

05/10/23

USD 50,494,000

1,456,752

(845,429)

Put on 10-Year Interest Rate Swap (2)

Deutsche Bank AG

Receive

3.820%

1-day Secured
Overnight Financing
Rate

05/09/23

USD 25,247,000

724,589

(400,171)

Put on 10-Year Interest Rate Swap (2)

Goldman Sachs International

Receive

2.940%

1-day Secured
Overnight Financing
Rate

12/15/23

USD 12,624,000

472,138

(763,785)

Put on 10-Year Interest Rate Swap (2)

JPMorgan Chase Bank N.A.

Receive

2.995%

1-day Secured
Overnight Financing
Rate

06/07/23

USD 25,247,000

773,820

(1,332,497)

Put on 10-Year Interest Rate Swap (2)

Morgan Stanley
Capital Services LLC

Receive

3.815%

1-day Secured
Overnight Financing
Rate

05/09/23

USD 50,495,000

1,441,632

(807,117)

12,705,706

(12,592,591)

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

Description

Counterparty

Exercise
Rate(3)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable) at
expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year Interest Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

06/14/27

USD 12,484,500

(2,184,788)

(11,788)

Call on 30-Year Interest Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

05/28/27

USD 20,904,800

(3,700,150)

(48,922)

Call on 30-Year Interest Rate Swap

Nomura International
PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

05/25/27

USD 6,658,000

(1,198,440)

(32,115)

Call on 35-Year Interest Rate Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

06/03/27

USD 12,484,500

(2,187,909)

(13,076)

Put on 30-Year Interest Rate Swap

Barclays Bank PLC

0.000%

Pay

1-day Secured
Overnight Financing
Rate

05/25/27

USD 19,473,000

(3,505,140)

(93,928)

(12,776,427)

(199,829)

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2022 (continued)

(1)

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

(2)

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

(3)

(4)

Currency Abbreviations
USD – United States Dollar

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	145,110
Interest rate contracts	Variation margin receivable on futures contracts**			1,116,162
Credit contracts	Variation margin receivable on centrally cleared swaps**			1,399,784
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			1,199,991
Total Asset Derivatives			$	3,861,047
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts**		$	1,151,289
Credit contracts	Variation margin payable on centrally cleared swaps**			3,057,743
Interest rate contracts	Variation margin payable on centrally cleared swaps**			2,656,962
Interest rate contracts	Unrealized depreciation on OTC forward premium swaptions			199,829
Interest rate contracts	Written options, at fair value			12,592,591
Total Liability Derivatives			$	19,658,414

Includes purchased options.

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

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	9,722,624		$	—		$	9,722,624
Equity contracts			—			—			10,236			—			—			10,236
Foreign exchange contracts			(738,519)			1,356,243			—			—			1,903,409			2,521,133
Interest rate contracts			218,866			—			(44,559,107)			(3,431,700)			2,942,683			(44,829,258)
Total		$	(519,653)		$	1,356,243		$	(44,548,871)		$	6,290,924		$	4,846,092		$	(32,575,265)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(1,446,713)		$	—		$	(1,446,713)
Foreign exchange contracts			(566,693)			673,238			—			—			—			106,545
Interest rate contracts			429,361			—			(2,645,344)			(1,456,971)			(438,633)			(4,111,587)
Total		$	(137,332)		$	673,238		$	(2,645,344)		$	(2,903,684)		$	(438,633)		$	(5,451,755)

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

137

TABLE OF CONTENTS

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 America N.A.			Barclays Bank PLC			BNP Paribas			Deutsche Bank AG			Goldman Sachs International			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Nomura International PLC			Totals
Assets:
Purchased options		$	6,523		$	—		$	122,725		$	—		$	—		$	—		$	15,862		$	—		$	145,110
Total Assets		$	6,523		$	—		$	122,725		$	—		$	—		$	—		$	15,862		$	—		$	145,110
Liabilities:
Forward premium swaptions		$	—		$	167,714		$	—		$	—		$	—		$	—		$	—		$	32,115		$	199,829
Written options			2,907,839			2,782,994			—			1,407,320			1,046,365			1,640,506			2,807,567			—			12,592,591
Total Liabilities		$	2,907,839		$	2,950,708		$	—		$	1,407,320		$	1,046,365		$	1,640,506		$	2,807,567		$	32,115		$	12,792,420
Net OTC derivative instruments by counterparty, at fair value		$	(2,901,316)		$	(2,950,708)		$	122,725		$	(1,407,320)		$	(1,046,365)		$	(1,640,506)		$	(2,791,705)		$	(32,115)			(12,647,310)
Total collateral pledged by the Portfolio/ (Received from counterparty)		$	2,901,316		$	2,950,708		$	(100,000)		$	1,407,320		$	970,000		$	1,550,000		$	2,791,705		$	—		$	12,471,049
Net Exposure(1)(2)		$	—		$	—		$	22,725		$	—		$	(76,365)		$	(90,506)		$	—		$	(32,115)		$	(176,261)

(1)

(2)

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:

Gross Unrealized Appreciation	$	8,435,931
Gross Unrealized Depreciation		(305,645,706)
Net Unrealized Depreciation	$	(297,209,775)

See Accompanying Notes to Financial Statements

138

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.6%
	Communication Services: 2.6%
85,173 (1)	Cargurus, Inc.		$	1,193,274		0.4
619,145 (1)	Globalstar, Inc.			823,463		0.3
45,368 (1)	Imax Corp.			665,095		0.2
175,262 (1)	Playtika Holding Corp.			1,491,479		0.5
188,647 (1)	Vimeo, Inc.			647,059		0.2
36,864 (1)	Yelp, Inc.			1,007,862		0.4
23,770 (1)	Ziff Davis, Inc.			1,880,207		0.6
				7,708,439		2.6
	Consumer Discretionary: 7.7%
31,382	Acushnet Holdings Corp.			1,332,480		0.4
92,288	Arko Corp.			799,214		0.3
67,725	Gentex Corp.			1,846,861		0.6
87,672	International Game Technology PLC			1,988,401		0.7
105,163 (1)	Leslie’s, Inc.			1,284,040		0.4
155,595 (1)	Lindblad Expeditions Holdings, Inc.			1,198,081		0.4
176,104 (1)	Sonos, Inc.			2,976,158		1.0
89,733	Steven Madden Ltd.			2,867,867		0.9
82,420 (1)	Taylor Morrison Home Corp.			2,501,447		0.8
154,975 (1)	Tri Pointe Homes, Inc.			2,880,985		1.0
139,862 (1)	Udemy, Inc.			1,475,544		0.5
187,322	Wolverine World Wide, Inc.			2,047,429		0.7
				23,198,507		7.7
	Energy: 4.6%
203,178	Archrock, Inc.			1,824,539		0.6
308,634 (1)	Clean Energy Fuels Corp.			1,604,897		0.5
389,131 (1)	Kosmos Energy Ltd.			2,474,873		0.8
35,540	Murphy Oil Corp.			1,528,575		0.5
132,306 (1)	US Silica Holdings, Inc.			1,653,825		0.6
178,764	World Fuel Services Corp.			4,885,620		1.6
				13,972,329		4.6
	Financials: 17.1%
331,239	AGNC Investment Corp.			3,428,324		1.1
127,712	Argo Group International Holdings Ltd.			3,301,355		1.1
121,917	Associated Banc-Corp.			2,815,064		0.9
26,396	Atlantic Union Bankshares Corp.			927,555		0.3
73,020	BankUnited, Inc.			2,480,489		0.8
43,428	Berkshire Hills Bancorp, Inc.			1,298,497		0.4
45,749	Brown & Brown, Inc.			2,606,321		0.9
58,928	Capstar Financial Holdings, Inc.			1,040,669		0.3
28,028	Cathay General Bancorp.			1,143,262		0.4
97,655	ConnectOne Bancorp, Inc.			2,364,228		0.8
66,872	Eastern Bankshares, Inc.			1,153,542		0.4
112,021	Ellington Financial, Inc.			1,385,700		0.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
40,200	Essent Group Ltd.		$	1,562,976		0.5
85,707	First BanCorp. Puerto Rico			1,090,193		0.4
24,839 (2)	HCI Group, Inc.			983,376		0.3
64,159 (2)	KKR Real Estate Finance Trust, Inc.			895,660		0.3
81,787	Ladder Capital Corp.			821,141		0.3
55,322	Mercury General Corp.			1,892,012		0.6
61,191 (1)	NMI Holdings, Inc.			1,278,892		0.4
199,302	Old Republic International Corp.			4,813,143		1.6
30,620	Origin Bancorp, Inc.			1,123,754		0.4
141,295	Pacific Premier Bancorp, Inc.			4,459,270		1.5
39,171	ProAssurance Corp.			684,317		0.2
37,830	Provident Financial Services, Inc.			808,049		0.3
97,565	Radian Group, Inc.			1,860,565		0.6
306,252	Redwood Trust, Inc.			2,070,264		0.7
22,117	SEI Investments Co.			1,289,421		0.4
72,197	Simmons First National Corp.			1,558,011		0.5
25,837 (1)	Third Coast Bancshares, Inc.			476,176		0.2
				51,612,226		17.1
	Health Care: 15.7%
119,944 (1)	Alignment Healthcare, Inc.			1,410,541		0.5
145,649 (1)	Allscripts Healthcare Solutions, Inc.			2,569,248		0.9
202,331 (1)	Amicus Therapeutics, Inc.			2,470,462		0.8
62,832 (1)	Arrowhead Pharmaceuticals, Inc.			2,548,466		0.8
40,912 (1)	Avanos Medical, Inc.			1,107,079		0.4
241,228 (1)	BioCryst Pharmaceuticals, Inc.			2,769,297		0.9
32,126	Bruker Corp.			2,195,812		0.7
49,522 (1)	Castle Biosciences, Inc.			1,165,748		0.4
618,553 (1)	Cerus Corp.			2,257,719		0.8
467,442 (1)	Geron Corp.			1,131,210		0.4
25,910 (1)	Globus Medical, Inc.			1,924,336		0.6
26,856 (1)	Guardant Health, Inc.			730,483		0.2
35,191 (1)	HealthEquity, Inc.			2,169,173		0.7
177,075 (1)	Immunogen, Inc.			878,292		0.3
154,311 (1)	Kodiak Sciences, Inc.			1,104,867		0.4
32,290 (1)	Lantheus Holdings, Inc.			1,645,498		0.5
352,121 (1)	MannKind Corp.			1,855,678		0.6
54,484 (1)	Maravai LifeSciences Holdings, Inc.			779,666		0.3
35,038 (1)	Merit Medical Systems, Inc.			2,474,384		0.8
78,885 (1)	NextGen Healthcare, Inc.			1,481,460		0.5
770,108 (1)	Opko Health, Inc.			962,635		0.3
81,699 (1)	Option Care Health, Inc.			2,458,323		0.8

See Accompanying Notes to Financial Statements

139

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
31,100 (1)	PROCEPT BioRobotics Corp.		$	1,291,894		0.4
64,994 (1)	PTC Therapeutics, Inc.			2,480,821		0.8
1,519,712 (1)	Rigel Pharmaceuticals, Inc.			2,279,568		0.8
111,493	Select Medical Holdings Corp.			2,768,371		0.9
9,902 (1)	TransMedics Group, Inc.			611,151		0.2
				47,522,182		15.7
	Industrials: 18.9%
61,929	ABM Industries, Inc.			2,750,886		0.9
10,328 (1)	Aerojet Rocketdyne Holdings, Inc.			577,645		0.2
7,361	Alamo Group, Inc.			1,042,318		0.4
92,001	Allison Transmission Holdings, Inc.			3,827,242		1.3
76,132	Barnes Group, Inc.			3,109,992		1.0
51,384	Brady Corp.			2,420,186		0.8
63,914 (1)	CoreCivic, Inc.			738,846		0.2
8,229	CSW Industrials, Inc.			953,988		0.3
140,196 (1)	First Advantage Corp.			1,822,548		0.6
14,874	Franklin Electric Co., Inc.			1,186,201		0.4
149,877	Hillenbrand, Inc.			6,395,252		2.1
105,533	Kennametal, Inc.			2,539,124		0.8
94,865 (1)	Legalzoom.com, Inc.			734,255		0.2
59,102	Marten Transport Ltd.			1,169,037		0.4
199,301	Mueller Water Products, Inc.			2,144,479		0.7
120,729 (1)	NOW, Inc.			1,533,258		0.5
101,251 (1)	Resideo Technologies, Inc.			1,665,579		0.6
208,157	Shyft Group, Inc./The			5,174,783		1.7
23,644	Simpson Manufacturing Co., Inc.			2,096,277		0.7
36,489 (1)	SunPower Corp.			657,897		0.2
59,747	Terex Corp.			2,552,392		0.9
24,814	Toro Co.			2,808,945		0.9
133,399 (1)	Upwork, Inc.			1,392,686		0.5
26,774	Watts Water Technologies, Inc.			3,915,162		1.3
36,254	Werner Enterprises, Inc.			1,459,586		0.5
24,502	Woodward, Inc.			2,367,138		0.8
				57,035,702		18.9
	Information Technology: 17.7%
182,827 (1)	8x8, Inc.			789,813		0.3
172,914 (1)	ACI Worldwide, Inc.			3,977,022		1.3
44,514 (1)	Altair Engineering, Inc.			2,024,052		0.7
6,720 (1)	Appfolio, Inc.			708,154		0.2
77,142 (1)	Avid Technology, Inc.			2,051,206		0.7
116,315 (1)	Box, Inc.			3,620,886		1.2
35,571 (1)	Commvault Systems, Inc.			2,235,282		0.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
15,455	CSG Systems International, Inc.		$	884,026		0.3
59,862 (1)	Domo, Inc.			852,435		0.3
215,869 (1)	Dropbox, Inc.			4,831,148		1.6
155,852 (1)	Duck Creek Technologies, Inc.			1,878,017		0.6
49,491	EVERTEC, Inc.			1,602,519		0.5
94,361 (1)	Formfactor, Inc.			2,097,645		0.7
174,580 (1)(2)	Infinera Corp.			1,176,669		0.4
93,249 (1)	Knowles Corp.			1,531,149		0.5
44,787 (1)	LiveRamp Holdings, Inc.			1,049,807		0.3
129,631 (1)	Momentive Global, Inc.			907,417		0.3
52,066	National Instruments Corp.			1,921,235		0.6
41,703 (1)	Nutanix, Inc.			1,086,363		0.4
38,172 (1)	PowerSchool Holdings, Inc.			881,010		0.3
22,330 (1)	Procore Technologies, Inc.			1,053,529		0.3
33,699 (1)	PROS Holdings, Inc.			817,538		0.3
82,910 (1)	Repay Holdings Corp.			667,425		0.2
207,742 (1)(2)	Sabre Corp.			1,283,845		0.4
53,608	Sapiens International Corp. NV			990,676		0.3
28,674 (1)	Semtech Corp.			822,657		0.3
36,137 (1)	Smartsheet, Inc.			1,422,352		0.5
220,718 (1)	Sumo Logic, Inc.			1,787,816		0.6
29,042 (1)	Tenable Holdings, Inc.			1,107,952		0.4
99,603 (1)	Varonis Systems, Inc.			2,384,496		0.8
260,020 (1)	Viavi Solutions, Inc.			2,732,810		0.9
141,667 (1)	Yext, Inc.			925,085		0.3
227,526 (1)	Zuora, Inc.			1,447,065		0.5
				53,549,101		17.7
	Materials: 7.3%
46,381	Avient Corp.			1,565,823		0.5
11,742	Balchem Corp.			1,433,816		0.5
266,591	Element Solutions, Inc.			4,849,290		1.6
339,744	Glatfelter Corp.			944,488		0.3
21,590 (1)	Ingevity Corp.			1,520,800		0.5
12,443	Innospec, Inc.			1,279,887		0.4
40,031	Minerals Technologies, Inc.			2,430,682		0.8
74,077	Sensient Technologies Corp.			5,401,695		1.8
68,579 (1)	TimkenSteel Corp.			1,246,080		0.4
28,299	Worthington Industries, Inc.			1,406,743		0.5
				22,079,304		7.3
	Real Estate: 6.3%
27,472	American Assets Trust, Inc.			728,008		0.2
104,755	Americold Realty Trust, Inc.			2,965,614		1.0
146,382	Apartment Investment and Management Co.			1,042,240		0.3
81,444	Broadstone Net Lease, Inc.			1,320,207		0.4

See Accompanying Notes to Financial Statements

140

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
58,019	CareTrust REIT, Inc.		$	1,077,993		0.4
68,644 (1)	Cushman & Wakefield PLC			855,304		0.3
49,186 (2)	Easterly Government Properties, Inc.			701,884		0.2
74,710	Essential Properties Realty Trust, Inc.			1,753,444		0.6
41,398	Gladstone Land Corp.			759,653		0.2
38,609	Plymouth Industrial REIT, Inc.			740,520		0.2
61,639	Sabra Healthcare REIT, Inc.			766,173		0.3
201,682	Service Properties Trust			1,470,262		0.5
91,186	STAG Industrial, Inc.			2,946,220		1.0
35,270	Terreno Realty Corp.			2,005,805		0.7
				19,133,327		6.3
	Utilities: 1.7%
18,817	ALLETE, Inc.			1,213,885		0.4
63,957	Avista Corp.			2,835,853		1.0
15,864	NorthWestern Corp.			941,370		0.3
				4,991,108		1.7
	Total Common Stock (Cost $309,055,467)			300,802,225		99.6
EXCHANGE-TRADED FUNDS: 0.3%
4,776	iShares Russell 2000 ETF			832,743		0.3
	Total Exchange-Traded Funds (Cost $855,136)			832,743		0.3
	Total Long-Term Investments (Cost $309,910,603)			301,634,968		99.9

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.3%

Repurchase Agreements: 1.2%

1,000,000 (3)

MUFG Securities America
Inc., Repurchase Agreement
dated 12/30/22, 4.30%, due
01/03/23 (Repurchase
Amount $1,000,471,
collateralized by various U.S.
Government Agency
Obligations, 2.000%-5.500%,
Market Value plus accrued
interest $1,020,000, due
08/01/24-01/01/53)

1,000,000

0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (3)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $1,000,476, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $1,020,000, due 01/03/ 23-09/09/49)		$	1,000,000		0.3
474,679 (3)	Nomura Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $474,903, collateralized by various U.S. Government Agency Obligations, 1.973%-9.000%, Market Value plus accrued interest $484,173, due 02/01/23-07/01/60)			474,679		0.2
1,000,000 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,000,471, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,020,000, due 09/01/24-10/20/52)			1,000,000		0.4
	Total Repurchase Agreements (Cost $3,474,679)			3,474,679		1.2

Value

Percentage
of Net
Assets

Mutual Funds: 0.1%

376,000 (4)

Goldman Sachs Financial
Square Government Fund -
Institutional Shares, 4.150%
(Cost $376,000)

376,000

0.1

See Accompanying Notes to Financial Statements

141

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
	Total Short-Term Investments (Cost $3,850,679)		$	3,850,679		1.3
	Total Investments in Securities (Cost $313,761,282)		$	305,485,647		101.2
	Liabilities in Excess of Other Assets			(3,526,569)		(1.2)
	Net Assets		$	301,959,078		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	300,802,225		$	—		$	—		$	300,802,225
Exchange-Traded Funds			832,743			—			—			832,743
Short-Term Investments			376,000			3,474,679			—			3,850,679
Total Investments, at fair value		$	302,010,968		$	3,474,679		$	—		$	305,485,647

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

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

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

Cost for federal income tax purposes was $335,458,534.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	13,459,549
Gross Unrealized Depreciation		(43,432,805)
Net Unrealized Depreciation	$	(29,973,256)

See Accompanying Notes to Financial Statements

142

TABLE OF CONTENTS

TAX INFORMATION (Unaudited)

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

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

Portfolio Name	Type	Per Share Amount
Voya Growth and Income Portfolio
Class ADV	NII		$	0.1375
Class I	NII		$	0.2304
Class S	NII		$	0.1783
Class S2	NII		$	0.1565
All Classes	STCG		$	0.2016
All Classes	LTCG		$	2.5276
Voya Intermediate Bond Portfolio
Class ADV	NII		$	0.2910
Class I	NII		$	0.3513
Class S	NII		$	0.3207
Class S2	NII		$	0.3025
Voya Small Company Portfolio
All Classes	STCG		$	2.7882
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:

	Voya Balanced Portfolio					8.98%
	Voya Global High Dividend Low Volatility Portfolio					71.23%
	Voya Growth and Income Portfolio					59.32%
	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):

Voya Balanced Portfolio	$	30,166,938
Voya Global High Dividend Low Volatility Portfolio	$	8,980,032
Voya Growth and Income Portfolio	$	231,816,376
Voya Small Company Portfolio	$	39,313,708

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.

Name, Address and Age

Position(s)
Held with the
Company/
Trust

Term of Office and
Length of Time
Served(1)

Principal
Occupation(s) −
During the Past 5 Years

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

Other Board Positions
Held by Director/Trustee

Independent Directors/Trustees:

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

Chairperson
Director/Trustee

January 2020 –
Present

May 2013 – Present

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

132

RSR Partners, Inc, (2016 − Present).

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

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
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
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
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 72

Director/Trustee

August 2015 – Present

Retired.

132

None.

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

Director/Trustee

January 2003 –
Present

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

132

None.

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

Director/Trustee

May 2013 – Present

Consultant (May 2001 – Present).

132

Centerra Gold Inc. (May 2008 – Present).

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

Director/Trustee

October 2015 –
Present

Retired.

132

None.

(1)

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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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).

(2)

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

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

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Name, Address and Age	Position(s) Held With the Company/ Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) – During the Past 5 Years
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 52	Senior Vice President	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 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41	Vice President Secretary	June 2022 – Present September 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Vice President Principal Accounting Officer and Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2012 – Present).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Vice President	March 2002 – Present	Vice President, Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds Services, LLC (November 1995 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, Voya Funds Services, LLC (July 2007 – Present).
Erica McKenna 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:50	Vice President	June 2022 – Present	Vice President, Head of Mutual Fund Compliance, and Chief Compliance Officer, Voya Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Nicholas C.D. Ward 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age:29	Assistant Vice President and Assistant Secretary	June 2022 – Present	Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).
Gizachew Wubishet 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Assistant Vice President and Assistant Secretary	June 2022 – Present	Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – April 2019).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 46	Anti-Money Laundering Officer	June 2018 – Present	Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).

(1)

The Officers hold office until the next annual meeting of the Board of 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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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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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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Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

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

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

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

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

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

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

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voyainvestments.com

VPAR-CAPAPALL (1222-022323)

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

Service
	The Fund(s)	Fee Range
Statutory audits or financial audits (including tax services associated with audit services)	√	As presented to Audit Committee¹
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.	√	Not to exceed $9,750 per filing
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.	√	Not to exceed $8,000 during the Pre-Approval Period
Seed capital audit and related review and issuance of consent on the N-2 registration statement	√	Not to exceed $14,750 per audit
Audit of summary portfolio of investments	√	Not to exceed $750 per fund

Service
	The Fund(s)	Fund Affiliates	Fee Range
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers)	√	√	Not to exceed $10,000 per merger
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.]	√		Not to exceed $5,000 per occurrence during the Pre-Approval Period
Review of the Funds’ semi-annual and quarterly financial statements	√		Not to exceed $2,700 per set of financial statements per fund
Reports to regulatory or government agencies related to the annual engagement	√		Up to $5,000 per occurrence during the Pre-Approval Period
Regulatory compliance assistance	√	√	Not to exceed $5,000 per quarter
Training courses		√	Not to exceed $5,000 per course

Registrant/Investment Adviser	2022		2021
Voya Intermediate Bond Portfolio	$	9,300	$	9,300
Voya Investments, LLC ⁽¹⁾	$	12,831,317	$	13,583,983

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: March 8, 2023

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

Date: March 8, 2023