Ing Variable Portfolios NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07651

Voya Variable Portfolios, Inc.

(Exact name of registrant as specified in charter)

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

The Corporation Trust Incorporated, 300 East Lombard Street, Baltimore, MD 21201

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Item 1. Reports to Stockholders.

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

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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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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

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 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.

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.

TABLE OF CONTENTS

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.

TABLE OF CONTENTS

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.

TABLE OF CONTENTS

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

TABLE OF CONTENTS

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.

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).

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

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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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.

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).

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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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.

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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.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-CAPAPALL (1222-022323)

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Annual Report

December 31, 2022

Classes ADV, I and S

Domestic Equity Index Portfolios

■

Voya Index Plus LargeCap Portfolio

■

Voya Index Plus MidCap Portfolio

■

Voya Index Plus SmallCap 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.

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PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

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[This Page Intentionally Left Blank]

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Benchmark Descriptions

		Index				Description
		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 MidCap 400® Index*				An index that measures the performance of the mid-size company segment of the U.S. market.
		S&P SmallCap 600® Index*				An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million.

The S&P 500® Index, the S&P MidCap 400® Index and the S&P SmallCap 600® Index are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have 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, the S&P MidCap 400® Index and the S&P SmallCap 600® Index.

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Portfolio Managers’ Report

Voya Index Plus LargeCap Portfolio

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

	Information Technology			26.9%
	Health Care			16.0%
	Financials			12.2%
	Consumer Discretionary			9.7%
	Industrials			8.2%
	Consumer Staples			6.9%
	Communication Services			6.4%
	Energy			5.1%
	Utilities			3.2%
	Real Estate			2.6%
	Materials			2.3%
	Assets in Excess of Other Liabilities*			0.5%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus LargeCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P 500® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio, CFA, and Steve Wetter, 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 -19.04% compared to the S&P 500® Index, which returned -18.11% for the same period.

Portfolio Specifics: For the reporting year, the Portfolio underperformed the S&P 500® Index. The largest detractor came from stock specific and industry risk; conversely the core model contributed positively. The smaller market cap tilt also contributed favorably.

On the sector level, stock selection within the health care, energy and utilities sectors detracted the most value. Among the key contributors for the period were the overweight positions in ConocoPhillips, Marathon Petroleum Corp. and Valero Energy Corp. Key detractors for the period included the underweight positions in Chevron Corp., Exxon Mobil Corp. and AbbVie, Inc. In contrast, stock selection was positive in the information technology and materials sectors.

Current Strategy and Outlook: This is an actively managed strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models, what we refer to as “quantamental.” Our proprietary quantitative model

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

	Apple, Inc.			5.6%
	Microsoft Corp.			4.9%
	Alphabet, Inc. - Class A			2.9%
	Johnson & Johnson			2.1%
	Amazon.com, Inc.			1.8%
	UnitedHealth Group, Inc.			1.5%
	PepsiCo, Inc.			1.5%
	Coca-Cola Co.			1.5%
	Nvidia Corp.			1.4%
	Visa, Inc. - Class A			1.2%
	Portfolio holdings are subject to change daily.

seeks to emphasize high quality, profitable companies that are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages Voya’s fundamental equity research, seeking to create higher conviction “alpha,” that is uncorrelated to our quantitative models. We believe this approach of combining existing fundamental alpha sources with in-house quantitative models results in diversified excess returns.

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Voya Index Plus LargeCap Portfolio

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV(1)		-19.44%		7.48%		11.37%
Class I		-19.04%		8.01%		11.92%
Class S		-19.23%		7.75%		11.65%
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 Index Plus LargeCap 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 ADV incepted on August 24, 2018. The Class ADV shares performance shown for the period prior to their inception date is the performance of Class I shares with adjustment for any differences in the expenses between the two classes.

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Portfolio Managers’ Report

Voya Index Plus MidCap Portfolio

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

	Industrials			18.4%
	Financials			15.7%
	Consumer Discretionary			14.3%
	Information Technology			11.9%
	Health Care			9.9%
	Real Estate			7.6%
	Materials			6.6%
	Energy			3.9%
	Consumer Staples			3.7%
	Utilities			3.7%
	Communication Services			2.1%
	Assets in Excess of Other Liabilities*			2.2%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus MidCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P MidCap 400® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio, CFA, and Steve Wetter, 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 -14.29% compared to the S&P MidCap 400® Index, which returned -13.06% for the same period.

Portfolio Specifics: For the reporting year, the Portfolio underperformed its benchmark. The primary driver of underperformance came from the Portfolio’s modestly higher market capitalization tilt.

Selection within healthcare and real estate contributed. Key contributors for the period included our position in non-benchmark stock Valero Energy Corp., as well as underweights to Trex Company, Inc. and Medical Properties Trust, Inc.

Conversely, stock selection in information technology, financials and utilities detracted from returns. Among the key detractors were the underweight position in FirstSolar Inc., not owning First Horizon Corp. and overweight to Semtech Corp.

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

	AECOM			1.0%
	Reliance Steel & Aluminum Co.			0.9%
	Genpact Ltd.			0.8%
	Lamar Advertising Co.			0.8%
	Owens Corning, Inc.			0.8%
	Neurocrine Biosciences, Inc.			0.8%
	National Retail Properties, Inc.			0.8%
	CubeSmart			0.8%
	Unum Group			0.7%
	National Fuel Gas Co.			0.7%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

seeks high quality, profitable companies that are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages Voya’s fundamental equity research, seeking to create higher conviction “alpha,” that is uncorrelated to our quantitative models. We believe this approach of combining existing fundamental alpha sources with in-house quantitative models can result in diversified excess returns.

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Voya Index Plus MidCap Portfolio

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class I		-14.29%		5.23%		9.62%
Class S		-14.51%		4.98%		9.35%
S&P MidCap 400® Index		-13.06%		6.71%		10.78%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Index Plus MidCap 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 Index Plus SmallCap Portfolio

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

	Financials			18.3%
	Industrials			16.5%
	Consumer Discretionary			12.8%
	Information Technology			12.3%
	Health Care			11.1%
	Real Estate			7.3%
	Consumer Staples			5.4%
	Materials			5.4%
	Energy			4.8%
	Communication Services			2.4%
	Utilities			2.3%
	Assets in Excess of Other Liabilities*			1.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Index Plus SmallCap Portfolio (the “Portfolio”) seeks to outperform the total return performance of the S&P SmallCap 600® Index, while maintaining a market level of risk. The Portfolio is managed by Vincent Costa, CFA, Kai Yee Wong, Peg DiOrio, CFA, and Steve Wetter, 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 -14.00% compared to the S&P SmallCap 600® Index, which returned -16.10% for the same period.

Portfolio Review: For the reporting year, the Portfolio outperformed its benchmark due favorable sector allocation and stock selection.

On the sector level, stock selection within the information technology, financials and materials sectors added the most value. Key contributors for the period included the underweight in Innovative Industrial Properties Inc., not owning benchmark stock Rogers Corp. and underweight in Trupanion, Inc. In contrast, stock selection within the industrials sector detracted. Among the key detractors for the period were underweight positions in Helmerich & Payne, Inc., Lantheus Holdings Inc. and Civitas Resources, Inc.

Current Strategy and Outlook: This is an actively managed strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models, an approach which we refer to as “quantamental.” Our proprietary quantitative model seeks to emphasize high quality, profitable companies that

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

	SPS Commerce, Inc.			0.9%
	Applied Industrial Technologies, Inc.			0.9%
	United Community Banks, Inc./GA			0.8%
	Academy Sports & Outdoors, Inc.			0.8%
	Insight Enterprises, Inc.			0.8%
	AMN Healthcare Services, Inc.			0.8%
	Essential Properties Realty Trust, Inc.			0.8%
	Avista Corp.			0.7%
	Simply Good Foods Co/The			0.7%
	Exponent, Inc.			0.7%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

are relatively undervalued, have growth potential and are favored by investors. The Portfolio also leverages Voya’s fundamental equity research, seeking to create higher conviction added value (“alpha”) that is uncorrelated to our quantitative models. In our view, this unique approach of combining existing fundamental alpha sources with in-house quantitative models could result in diversified excess returns.

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Voya Index Plus SmallCap Portfolio

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class I		-14.00%		4.43%		9.73%
Class S		-14.20%		4.18%		9.46%
S&P SmallCap 600® Index		-16.10%		5.88%		10.82%

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

The Portfolio’s performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your variable annuity contract or a 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.

Portfolio holdings are subject to change daily.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

Hypothetical Example for Comparison Purposes

	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 Index Plus LargeCap Portfolio
Class ADV		$	1,000.00		$	1,015.30		1.05%		$	5.33		$	1,000.00		$	1,019.91		1.05%		$	5.35
Class I			1,000.00			1,017.50		0.55			2.80			1,000.00			1,022.43		0.55			2.80
Class S			1,000.00			1,016.70		0.80			4.07			1,000.00			1,021.17		0.80			4.08
Voya Index Plus MidCap Portfolio
Class I		$	1,000.00		$	1,070.50		0.60%		$	3.13		$	1,000.00		$	1,022.18		0.60%		$	3.06
Class S			1,000.00			1,068.80		0.85			4.43			1,000.00			1,020.92		0.85			4.33
Voya Index Plus SmallCap Portfolio
Class I		$	1,000.00		$	1,047.80		0.60%		$	3.10		$	1,000.00		$	1,022.18		0.60%		$	3.06
Class S			1,000.00			1,046.20		0.85			4.38			1,000.00			1,020.92		0.85			4.33

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio and Voya Index Plus SmallCap Portfolio and the Board of Directors of Voya Variable Portfolios, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio and Voya Index Plus SmallCap Portfolio (collectively referred to as the “Portfolios”) (three of the portfolios constituting Voya Variable Portfolios, Inc. (the “Company”)), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (three of the portfolios constituting Voya Variable Portfolios, Inc.) at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the years in the two-year period ended December 31, 2019, were audited by another independent registered public accounting firm whose report, dated February 13, 2020, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company 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 Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

[MISSING IMAGE: sg_ernstyoungllp-bw.jpg]

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

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Index Plus LargeCap Portfolio			Voya Index Plus MidCap Portfolio			Voya Index Plus SmallCap Portfolio
ASSETS:
Investments in securities at fair value+*		$	705,092,452		$	444,041,370		$	216,390,229
Short-term investments at fair value†			3,413,000			14,942,401			4,468,976
Cash			265,407			177,920			115,485
Cash collateral for futures contracts			148,400			499,500			232,000
Receivables:
Fund shares sold			93,892			1,216			27,217
Dividends			723,972			572,483			309,428
Interest			904			196			160
Foreign tax reclaims			348			492			—
Prepaid expenses			3,895			2,427			3,711
Reimbursement due from Investment Adviser			13,775			30,730			20,300
Other assets			74,415			46,323			22,761
Total assets			709,830,460			460,315,058			221,590,267
LIABILITIES:
Payable for fund shares redeemed			471,254			219,566			28,661
Payable upon receipt of securities loaned			—			5,827,401			1,851,976
Variation margin payable on futures contracts			7,525			49,580			12,400
Payable for investment management fees			278,274			196,733			95,280
Payable for distribution and shareholder service fees			20,137			10,948			8,186
Payable to directors under the deferred compensation plan (Note 6)			74,415			46,323			22,761
Payable for trustee fees			1,984			1,233			594
Other accrued expenses and liabilities			198,494			194,706			87,310
Total liabilities			1,052,083			6,546,490			2,107,168
NET ASSETS		$	708,778,377		$	453,768,568		$	219,483,099
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	618,460,970		$	420,816,103		$	202,054,765
Total distributable earnings			90,317,407			32,952,465			17,428,334
NET ASSETS		$	708,778,377		$	453,768,568		$	219,483,099
+ Including securities loaned at value		$	—		$	5,670,896		$	1,803,865
* Cost of investments in securities		$	637,282,871		$	432,558,729		$	208,908,217
† Cost of short-term investments		$	3,413,000		$	14,942,401		$	4,468,976
Class ADV
Net assets		$	1,098,377			n/a			n/a
Shares authorized			100,000,000			n/a			n/a
Par value		$	0.001			n/a			n/a
Shares outstanding			53,368			n/a			n/a
Net asset value and redemption price per share		$	20.58			n/a			n/a
Class I
Net assets		$	617,824,764		$	403,372,882		$	181,927,276
Shares authorized			200,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			29,471,315			23,298,259			9,318,458
Net asset value and redemption price per share		$	20.96		$	17.31		$	19.52
Class S
Net assets		$	89,855,236		$	50,395,686		$	37,555,823
Shares authorized			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001
Shares outstanding			4,345,213			2,976,374			1,952,751
Net asset value and redemption price per share		$	20.68		$	16.93		$	19.23

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya Index Plus LargeCap Portfolio			Voya Index Plus MidCap Portfolio			Voya Index Plus SmallCap Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	11,547,644		$	7,904,353		$	3,520,508
Interest			5,681			4,532			4,510
Securities lending income, net			14,099			99,378			15,765
Total investment income			11,567,424			8,008,263			3,540,783
EXPENSES:
Investment management fees			3,571,952			2,465,611			1,188,370
Distribution and shareholder service fees:
Class ADV			6,371			—			—
Class S			261,943			141,621			106,133
Transfer agent fees:
Class ADV			856			—			—
Class I			441,616			507,901			253,210
Class S			67,156			65,834			54,924
Shareholder reporting expense			33,165			33,825			19,860
Professional fees			67,135			52,673			17,177
Custody and accounting expense			78,900			75,500			35,910
Trustee fees			19,844			12,328			5,942
Licensing fee (Note 7)			158,740			98,616			47,531
Miscellaneous expense			50,315			30,378			14,438
Interest expense			1,418			108			96
Total expenses			4,759,411			3,484,395			1,743,591
Waived and reimbursed fees			(110,973)			(370,571)			(205,169)
Net expenses			4,648,438			3,113,824			1,538,422
Net investment income			6,918,986			4,894,439			2,002,361
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			17,138,972			16,830,690			8,480,346
Futures			151,740			433,655			(437,032)
Net realized gain			17,290,712			17,264,345			8,043,314
Net change in unrealized appreciation (depreciation) on:
Investments			(202,501,922)			(104,729,728)			(48,170,680)
Futures			(845,869)			(150,245)			(185,426)
Net change in unrealized appreciation (depreciation)			(203,347,791)			(104,879,973)			(48,356,106)
Net realized and unrealized loss			(186,057,079)			(87,615,628)			(40,312,792)
Decrease in net assets resulting from operations		$	(179,138,093)		$	(82,721,189)		$	(38,310,431)
* Foreign taxes withheld		$	—		$	1,880		$	8,629

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Plus LargeCap Portfolio						Voya Index Plus MidCap Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	6,918,986		$	6,640,161		$	4,894,439		$	4,440,252
Net realized gain			17,290,712			193,771,986			17,264,345			105,237,357
Net change in unrealized appreciation (depreciation)			(203,347,791)			35,357,483			(104,879,973)			26,150,647
Increase (decrease) in net assets resulting from operations			(179,138,093)			235,769,630			(82,721,189)			135,828,256
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(320,725)			(95,867)			—			—
Class I			(173,274,010)			(57,344,483)			(96,265,200)			(6,145,195)
Class S			(26,643,719)			(9,450,366)			(12,607,249)			(758,030)
Total distributions			(200,238,454)			(66,890,716)			(108,872,449)			(6,903,225)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,170,556			14,344,911			4,810,346			12,807,567
Reinvestment of distributions			200,238,454			66,890,716			108,872,449			6,903,225
			206,409,010			81,235,627			113,682,795			19,710,792
Cost of shares redeemed			(81,119,037)			(167,300,497)			(56,032,542)			(68,185,642)
Net increase (decrease) in net assets resulting from capital share transactions			125,289,973			(86,064,870)			57,650,253			(48,474,850)
Net increase (decrease) in net assets			(254,086,574)			82,814,044			(133,943,385)			80,450,181
NET ASSETS:
Beginning of year or period			962,864,951			880,050,907			587,711,953			507,261,772
End of year or period		$	708,778,377		$	962,864,951		$	453,768,568		$	587,711,953

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Index Plus SmallCap Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	2,002,361		$	2,360,298
Net realized gain			8,043,314			47,514,765
Net change in unrealized appreciation (depreciation)			(48,356,106)			15,670,091
Increase (decrease) in net assets resulting from operations			(38,310,431)			65,545,154
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class I			(31,425,093)			(1,522,903)
Class S			(6,872,575)			(269,344)
Total distributions			(38,297,668)			(1,792,247)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			4,709,670			12,105,326
Reinvestment of distributions			38,297,668			1,792,247
			43,007,338			13,897,573
Cost of shares redeemed			(26,093,422)			(34,592,216)
Net increase (decrease) in net assets resulting from capital share transactions			16,913,916			(20,694,643)
Net increase (decrease) in net assets			(59,694,183)			43,058,264
NET ASSETS:
Beginning of year or period			279,177,282			236,119,018
End of year or period		$	219,483,099		$	279,177,282

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)		Expense 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 Index Plus LargeCap Portfolio
Class ADV
12-31-22		34.59		0.10•		(6.73)		(6.63)		0.09		7.29		—		7.38		—		20.58		(19.44)		1.07		1.05		1.05		0.40		1,098		57
12-31-21		29.04		0.08•		7.82		7.90		0.21		2.14		—		2.35		—		34.59		28.62		1.07		1.05		1.05		0.26		1,564		60
12-31-20		28.37		0.17•		3.30		3.47		0.28		2.52		—		2.80		—		29.04		15.37		1.08		1.05		1.05		0.67		1,188		52
12-31-19		24.41		0.25		6.52		6.77		0.40		2.41		—		2.81		—		28.37		29.40		1.00		1.00		1.00		0.95		1,247		45
08-24-18(5) - 12-31-18		28.07		0.10•		(3.76)		(3.66)		0.00*		—		—		0.00*		—		24.41		(13.04)		0.99		0.99		0.99		1.08		1,016		72
Class I
12-31-22		35.11		0.22•		(6.83)		(6.61)		0.25		7.29		—		7.54		—		20.96		(19.04)		0.57		0.55		0.55		0.91		617,825		57
12-31-21		29.43		0.24•		7.92		8.16		0.34		2.14		—		2.48		—		35.11		29.25		0.57		0.55		0.55		0.76		829,418		60
12-31-20		28.77		0.30•		3.33		3.63		0.45		2.52		—		2.97		—		29.43		15.91		0.58		0.55		0.55		1.16		755,544		52
12-31-19		24.64		0.39•		6.59		6.98		0.44		2.41		—		2.85		—		28.77		30.05		0.50		0.50		0.50		1.44		788,581		45
12-31-18		29.11		0.41•		(2.18)		(1.77)		0.43		2.27		—		2.70		—		24.64		(6.82)		0.49		0.49		0.49		1.47		728,383		72
Class S
12-31-22		34.72		0.16•		(6.75)		(6.59)		0.16		7.29		—		7.45		—		20.68		(19.23)		0.82		0.80		0.80		0.65		89,855		57
12-31-21		29.13		0.16•		7.84		8.00		0.27		2.14		—		2.41		—		34.72		28.94		0.82		0.80		0.80		0.51		131,883		60
12-31-20		28.49		0.27		3.26		3.53		0.37		2.52		—		2.89		—		29.13		15.62		0.83		0.80		0.80		0.91		123,319		52
12-31-19		24.43		0.32•		6.53		6.85		0.38		2.41		—		2.79		—		28.49		29.73		0.75		0.75		0.75		1.19		126,416		45
12-31-18		28.87		0.34•		(2.16)		(1.82)		0.35		2.27		—		2.62		—		24.43		(7.04)		0.74		0.74		0.74		1.23		119,150		72
Voya Index Plus MidCap Portfolio
Class I
12-31-22		26.18		0.20•		(4.04)		(3.84)		0.21		4.82		—		5.03		—		17.31		(14.29)		0.68		0.60		0.60		1.02		403,373		58
12-31-21		20.75		0.20•		5.52		5.72		0.21		0.08		—		0.29		—		26.18		27.74		0.68		0.60		0.60		0.81		517,075		63
12-31-20		19.50		0.20		1.30		1.50		0.25		—		—		0.25		—		20.75		8.25		0.74		0.60		0.60		1.03		442,016		53
12-31-19		17.22		0.23•		4.18		4.41		0.26		1.87		—		2.14		—		19.50		27.08		0.55		0.55		0.55		1.26		468,981		38
12-31-18		22.95		0.25•		(3.12)		(2.87)		0.23		2.63		—		2.86		—		17.22		(14.34)		0.55		0.55		0.55		1.18		415,219		68
Class S
12-31-22		25.71		0.15•		(3.98)		(3.83)		0.13		4.82		—		4.95		—		16.93		(14.51)		0.93		0.85		0.85		0.77		50,396		58
12-31-21		20.38		0.13•		5.44		5.57		0.16		0.08		—		0.24		—		25.71		27.49		0.93		0.85		0.85		0.56		70,637		63
12-31-20		19.14		0.16		1.28		1.44		0.20		—		—		0.20		—		20.38		7.98		0.99		0.85		0.85		0.78		65,246		53
12-31-19		16.93		0.18•		4.11		4.29		0.21		1.87		—		2.08		—		19.14		26.74		0.80		0.80		0.80		1.01		70,770		38
12-31-18		22.59		0.19•		(3.05)		(2.86)		0.17		2.63		—		2.80		—		16.93		(14.52)		0.80		0.80		0.80		0.93		65,547		68
Voya Index Plus SmallCap Portfolio
Class I
12-31-22		27.28		0.19•		(4.07)		(3.88)		0.22		3.66		—		3.88		—		19.52		(14.00)		0.69		0.60		0.60		0.89		181,927		57
12-31-21		21.39		0.23•		5.84		6.07		0.18		—		—		0.18		—		27.28		28.45		0.69		0.60		0.60		0.91		227,944		63
12-31-20		20.91		0.17•		0.74		0.91		0.21		0.22		—		0.43		—		21.39		5.38		0.73		0.60		0.60		0.97		188,149		54
12-31-19		20.36		0.21		3.86		4.07		0.23		3.29		—		3.53		—		20.91		21.81		0.57		0.57		0.57		0.98		199,122		43
12-31-18		26.78		0.22•		(2.95)		(2.73)		0.24		3.45		—		3.69		—		20.36		(12.40)(a)		0.55		0.55		0.55		0.86(b)		185,212		67
Class S
12-31-22		26.91		0.14•		(4.01)		(3.87)		0.15		3.66		—		3.81		—		19.23		(14.20)		0.94		0.85		0.85		0.64		37,556		57
12-31-21		21.11		0.16•		5.77		5.93		0.13		—		—		0.13		—		26.91		28.13		0.94		0.85		0.85		0.65		51,234		63
12-31-20		20.62		0.14		0.72		0.86		0.15		0.22		—		0.37		—		21.11		5.11		0.98		0.85		0.85		0.71		47,970		54
12-31-19		20.10		0.16		3.82		3.98		0.17		3.29		—		3.46		—		20.62		21.55		0.82		0.82		0.82		0.73		52,956		43
12-31-18		26.47		0.15•		(2.91)		(2.76)		0.16		3.45		—		3.61		—		20.10		(12.62)(a)		0.80		0.80		0.80		0.61(b)		50,198		67

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

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

(5)

Commencement of operations.

(a)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Index Plus SmallCap Portfolio would have been (12.44)% and (12.66)% for Classes I and S, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, the net investment income ratios for Voya Index Plus SmallCap Portfolio would have been 0.82% and 0.57% for Classes I and S, respectively.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2022

NOTE 1 — ORGANIZATION

The classes of shares included in this report are: Adviser (“Class ADV”), Class I and Class S. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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 the U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

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

fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

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

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.

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

(2)

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

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.

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gain distributions, if any, are declared and paid annually by the Portfolios. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions

applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the 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 any capital loss carryforwards have been fully utilized.

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

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

G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. 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:

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

Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

H. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial

instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio’s assets are valued.

Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Portfolio’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts, if any, 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, each Portfolio had purchased futures contracts on various equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Portfolios are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Portfolios’ securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended December 31, 2022, Index Plus LargeCap, Index Plus MidCap, and Index Plus SmallCap had average notional values on futures contracts purchased of $9,793,305, $5,591,596, and $3,614,404,

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

J. Securities Lending. Each Portfolio 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.

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

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

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended December 31, 2022, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:

	Purchases			Sales
Index Plus LargeCap		$	449,220,239		$	503,823,525
Index Plus MidCap			283,814,206			332,559,160
Index Plus SmallCap			133,448,441			151,650,832

TABLE OF CONTENTS

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

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:

	Index Plus LargeCap			0.45%
	Index Plus MidCap			0.50%
	Index Plus SmallCap			0.50%

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV shares of the respective Portfolios are subject to a shareholder service and distribution plan and Class S shares of the respective Portfolios are subject to a shareholder services and distribution plan (collectively the “Plans), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or the distribution of each respective Portfolio’s Class ADV and Class S shares. Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each respective Portfolio’s Class ADV and Class S 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.

Under the Plan for Class ADV shares of Index Plus LargeCap, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its Class ADV shares and an annual distribution fee at the rate of 0.25% of the Portfolio’s average daily net assets attributable to its

Class ADV shares. Under the Plan for Class S shares, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets attributable to each Portfolio’s Class S shares.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Subsidiary	Portfolio	Percentage
ReliaStar Life Insurance Company	Index Plus SmallCap		5.06%
Voya Retirement Insurance and Annuity Company	Index Plus LargeCap		72.91
	Index Plus MidCap		82.27
	Index Plus SmallCap		73.56

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

The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent directors, as described in the DC Plan, to defer the receipt of all or a portion of the directors’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the director under the DC Plan, the amounts deferred are invested in shares of the funds selected by the director (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’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of directors’ 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.

Portfolio	Amount
Index Plus LargeCap		$	508,271
Index Plus MidCap			573,077
Index Plus SmallCap			307,740

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

NOTE 7 — LICENSING FEE

The Portfolios pay an annual licensing fee to S&P Opco, LLC.

NOTE 8 — EXPENSE LIMITATION AGREEMENT

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

Portfolio	Class ADV		Class I		Class S
Index Plus LargeCap		1.05%		0.55%		0.80%
Index Plus MidCap		N/A		0.60%		0.85%
Index Plus SmallCap		N/A		0.60%		0.85%

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

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

	December 31,
	2023			2024			2025			Total
Index Plus LargeCap		$	190,963		$	118,253		$	110,973		$	420,189
Index Plus MidCap			604,690			424,748			370,571			1,400,009
Index Plus SmallCap			265,020			242,769			205,169			712,958

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

NOTE 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
Index Plus LargeCap		6		$	1,845,333		4.61%
Index Plus MidCap		2			613,500		3.16
Index Plus SmallCap		1			2,188,000		1.58

TABLE OF CONTENTS

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

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	#		#		#		#		#		($)		($)		($)		($)		($)
Index Plus LargeCap
Class ADV
12/31/2022		7,814		—		15,375		(15,045)		8,144		246,957		—		320,725		(412,089)		155,593
12/31/2021		7,870		—		3,262		(6,802)		4,330		249,973		—		95,867		(218,722)		127,118
Class I
12/31/2022		201,027		—		8,181,020		(2,535,979)		5,846,068		5,300,686		—		173,274,010		(62,286,498)		116,288,198
12/31/2021		416,130		—		1,928,194		(4,391,566)		(2,047,242)		13,359,056		—		57,344,483		(142,355,476)		(71,651,937)
Class S
12/31/2022		25,924		—		1,272,992		(752,679)		546,237		622,913		—		26,643,719		(18,420,450)		8,846,182
12/31/2021		23,188		—		320,895		(778,691)		(434,608)		735,882		—		9,450,366		(24,726,299)		(14,540,051)
Index Plus MidCap
Class I
12/31/2022		223,684		—		5,676,014		(2,351,065)		3,548,633		4,602,669		—		96,265,200		(45,432,782)		55,435,087
12/31/2021		469,409		—		258,419		(2,282,468)		(1,554,640)		11,160,951		—		6,145,195		(54,884,556)		(37,578,410)
Class S
12/31/2022		10,941		—		759,016		(541,510)		228,447		207,677		—		12,607,249		(10,599,760)		2,215,166
12/31/2021		73,161		—		32,408		(558,736)		(453,167)		1,646,616		—		758,030		(13,301,086)		(10,896,440)
Index Plus SmallCap
Class I
12/31/2022		219,365		—		1,635,020		(891,885)		962,500		4,580,425		—		31,425,093		(19,309,098)		16,696,420
12/31/2021		460,167		—		61,581		(963,197)		(441,449)		11,670,907		—		1,522,903		(24,522,517)		(11,328,707)
Class S
12/31/2022		6,178		—		362,477		(319,611)		49,044		129,245		—		6,872,575		(6,784,324)		217,496
12/31/2021		17,720		—		11,025		(397,552)		(368,807)		434,419		—		269,344		(10,069,699)		(9,365,936)

NOTE 11 — SECURITIES LENDING

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

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

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain

TABLE OF CONTENTS

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

NOTE 11 — SECURITIES LENDING (continued)

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 the Portfolios.

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:

Index Plus MidCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BofA Securities Inc		$	524,326		$	(524,326)		$	—
Citigroup Global Markets Inc.			303,457			(303,457)			—
Morgan Stanley & Co. LLC			378,111			(378,111)			—
National Bank of Canada Financial INC			741,215			(741,215)			—
Nomura Securities International, Inc.			3,114,510			(3,114,510)			—
TD Prime Services LLC			377,201			(377,201)			—
UBS Securities LLC.			232,076			(232,076)			—
Total		$	5,670,896		$	(5,670,896)		$	—

(1)

Cash collateral with a fair value of $5,827,401 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.

Index Plus SmallCap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BofA Securities Inc		$	772,434		$	(772,434)		$	—
Goldman, Sachs & Co. LLC			215,241			(215,241)			—
J.P. Morgan Securities LLC			22,970			(22,970)			—
Morgan Stanley & Co. LLC			342,186			(342,186)			—
National Bank of Canada Financial INC			154,404			(154,404)			—
National Financial Services LLC			4,039			(4,039)			—
Natixis Securities America LLC			83,282			(83,282)			—
Scotia Capital (USA) INC			29			(29)			—
UBS AG			27,162			(27,162)			—
Wells Fargo Bank NA			104,114			(104,114)			—
Wells Fargo Securities LLC			78,004			(78,004)			—
Total		$	1,803,865		$	(1,803,865)		$	—

(1)

Cash collateral with a fair value of $1,851,976 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 tax composition of dividends and distributions to shareholders was as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Index Plus LargeCap		$	49,460,015		$	150,778,439		$	19,098,411		$	47,792,305
Index Plus MidCap			39,289,969			69,582,480			6,903,225			—
Index Plus SmallCap			16,616,198			21,681,470			1,792,247			—

The tax-basis components of distributable earnings as of December 31, 2022 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Total Distributable Earnings/(Loss)
Index Plus LargeCap		$	6,930,410		$	16,751,754		$	66,635,243		$	90,317,407
Index Plus MidCap			4,952,206			17,824,485			10,175,775			32,952,465
Index Plus SmallCap			2,368,826			7,691,103			7,368,405			17,428,334

TABLE OF CONTENTS

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

NOTE 12 — FEDERAL INCOME TAXES (continued)

At December 31, 2022, the Portfolios did not have any capital loss carryforwards for U.S. federal income tax purposes.

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

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

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

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio’s existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms

may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

NOTE 14 — MARKET DISRUPTION

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

NOTE 15 — SUBSEQUENT EVENTS

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

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.5%
	Communication Services: 6.4%
231,660 (1)	Alphabet, Inc. - Class A		$	20,439,362		2.9
146,314	AT&T, Inc.			2,693,641		0.4
8,408 (1)	Charter Communications, Inc.			2,851,153		0.4
65,278	Comcast Corp. - Class A			2,282,771		0.3
17,743	Electronic Arts, Inc.			2,167,840		0.3
33,128 (1)	Frontier Communications Parent, Inc.			844,101		0.1
52,930 (1)	Iridium Communications, Inc.			2,720,602		0.4
35,474 (1)	Live Nation Entertainment, Inc.			2,473,957		0.3
22,042 (1)	Meta Platforms, Inc.			2,652,534		0.4
13,543 (1)	NetFlix, Inc.			3,993,560		0.6
6,549	Nexstar Media Group, Inc.			1,146,271		0.2
4,786 (1)	Spotify Technology SA			377,855		0.0
18,844 (1)	ZoomInfo Technologies, Inc.			567,393		0.1
				45,211,040		6.4
	Consumer Discretionary: 9.7%
15,523 (1)	Airbnb, Inc.			1,327,217		0.2
148,856 (1)	Amazon.com, Inc.			12,503,904		1.8
11,261 (1)	Autonation, Inc.			1,208,305		0.2
1,441 (1)	Autozone, Inc.			3,553,765		0.5
9,773	BorgWarner, Inc.			393,363		0.0
11,739	Boyd Gaming Corp.			640,128		0.1
12,170 (1)	Carmax, Inc.			741,031		0.1
8,065	Dick’s Sporting Goods, Inc.			970,139		0.1
142,685	Ford Motor Co.			1,659,427		0.2
99,809	General Motors Co.			3,357,575		0.5
13,161	Gentex Corp.			358,901		0.0
24,372	Genuine Parts Co.			4,228,786		0.6
11,108	Hilton Worldwide Holdings, Inc.			1,403,607		0.2
8,104	Home Depot, Inc.			2,559,729		0.4
71,012	LKQ Corp.			3,792,751		0.5
2,672	Lowe’s Cos, Inc.			532,369		0.1
3,466 (1)	Lululemon Athletica, Inc.			1,110,437		0.1
6,526	Marriott Vacations Worldwide Corp.			878,334		0.1
18,092	McDonald’s Corp.			4,767,785		0.7
48,623	MGM Resorts International			1,630,329		0.2
52,242	Nike, Inc. - Class B			6,112,836		0.9
42,976 (1)	Penn Entertainment, Inc.			1,276,387		0.2
8,530	Ross Stores, Inc.			990,077		0.1
61,812 (1)	Tesla, Inc.			7,614,002		1.1
31,177	Travel + Leisure Co.			1,134,843		0.2
152,473 (1)	Under Armour, Inc. - Class A			1,549,126		0.2
115,890	Wendy’s Company			2,622,591		0.4
				68,917,744		9.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples: 6.9%
8,606	Archer-Daniels-Midland Co.		$	799,067		0.1
164,531	Coca-Cola Co.			10,465,817		1.5
14,887	Colgate-Palmolive Co.			1,172,947		0.2
13,049	Costco Wholesale Corp.			5,956,868		0.8
9,160	Estee Lauder Cos., Inc.			2,272,688		0.3
23,492	Kroger Co.			1,047,273		0.1
58,784	Mondelez International, Inc.			3,917,954		0.6
21,627 (1)	Monster Beverage Corp.			2,195,789		0.3
58,720	PepsiCo, Inc.			10,608,355		1.5
35,259	Philip Morris International, Inc.			3,568,563		0.5
21,180	Procter & Gamble Co.			3,210,041		0.5
47,750	Tyson Foods, Inc.			2,972,438		0.4
14,734 (1)	US Foods Holding Corp.			501,251		0.1
				48,689,051		6.9
	Energy: 5.1%
117,098	Baker Hughes Co.			3,457,904		0.5
20,993	Cheniere Energy, Inc.			3,148,110		0.4
14,766	Chevron Corp.			2,650,349		0.4
24,044	Diamondback Energy, Inc.			3,288,738		0.5
39,735	EOG Resources, Inc.			5,146,477		0.7
29,909	EQT Corp.			1,011,821		0.1
82,941	Equitrans Midstream Corp.			555,705		0.1
55,726	Exxon Mobil Corp.			6,146,578		0.9
40,481	Marathon Petroleum Corp.			4,711,584		0.7
21,956	Phillips 66			2,285,181		0.3
1,854	Pioneer Natural Resources Co.			423,435		0.1
7,036	Schlumberger Ltd.			376,145		0.1
58,337 (1)	Southwestern Energy Co.			341,271		0.0
34,014	Targa Resources Corp.			2,500,029		0.3
				36,043,327		5.1
	Financials: 12.2%
38,437	American International Group, Inc.			2,430,756		0.3
12,859	Ameriprise Financial, Inc.			4,003,907		0.6
19,668	Aon PLC			5,903,153		0.8
5,267	Ares Management Corp.			360,473		0.1
139,310	Bank of America Corp.			4,613,947		0.7
22,580 (1)	Berkshire Hathaway, Inc. - Class B			6,974,962		1.0
28,656	Capital One Financial Corp.			2,663,862		0.4
70,000	Charles Schwab Corp.			5,828,200		0.8
83,152	Citigroup, Inc.			3,760,965		0.5
43,697	Citizens Financial Group, Inc.			1,720,351		0.2
8,525	Evercore, Inc.			929,907		0.1
29,072	Hancock Whitney Corp.			1,406,794		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
57,511	Hartford Financial Services Group, Inc.		$	4,361,059		0.6
10,017	Jefferies Financial Group, Inc.			343,383		0.0
29,331	JPMorgan Chase & Co.			3,933,287		0.6
37,054	Lazard Ltd.			1,284,662		0.2
78,608	Loews Corp.			4,585,205		0.6
2,075	LPL Financial Holdings, Inc.			448,553		0.1
41,365	Marsh & McLennan Cos., Inc.			6,845,080		1.0
7,337	Metlife, Inc.			530,979		0.1
46,196	Morgan Stanley			3,927,584		0.6
16,363	Popular, Inc.			1,085,194		0.2
118,729	Starwood Property Trust, Inc.			2,176,303		0.3
27,329	UMB Financial Corp.			2,282,518		0.3
37,379	Unum Group			1,533,660		0.2
70,973	US Bancorp			3,095,133		0.4
176,497	Wells Fargo & Co.			7,287,561		1.0
6,427	Willis Towers Watson PLC			1,571,916		0.2
6,535	Wintrust Financial Corp.			552,338		0.1
				86,441,692		12.2
	Health Care: 16.0%
48,529	Abbott Laboratories			5,327,999		0.7
12,781	AbbVie, Inc.			2,065,537		0.3
31,064	Agilent Technologies, Inc.			4,648,728		0.7
1,233 (1)	Biogen, Inc.			341,442		0.0
103,874	Bristol-Myers Squibb Co.			7,473,734		1.1
35,684 (1)	Centene Corp.			2,926,445		0.4
12,776	Cigna Corp.			4,233,200		0.6
50,524	CVS Health Corp.			4,708,332		0.7
7,093	Danaher Corp.			1,882,624		0.3
10,025 (1)	DexCom, Inc.			1,135,231		0.2
10,388 (1)	Doximity, Inc.			348,621		0.0
21,955 (1)	Edwards Lifesciences Corp.			1,638,062		0.2
7,976	Elevance Health, Inc.			4,091,449		0.6
7,537	Eli Lilly & Co.			2,757,336		0.4
26,468 (1)	Exelixis, Inc.			424,547		0.1
46,815	Gilead Sciences, Inc.			4,019,068		0.6
21,228 (1)	Hologic, Inc.			1,588,067		0.2
2,539	Humana, Inc.			1,300,450		0.2
84,367	Johnson & Johnson			14,903,430		2.1
8,370	McKesson Corp.			3,139,754		0.4
38,808	Medtronic PLC			3,016,158		0.4
34,142	Merck & Co., Inc.			3,788,055		0.5
1,153 (1)	Mettler Toledo International, Inc.			1,666,604		0.2
13,701 (1)	Neurocrine Biosciences, Inc.			1,636,447		0.2
158,224	Pfizer, Inc.			8,107,398		1.1
5,518 (1)	Regeneron Pharmaceuticals, Inc.			3,981,182		0.6
4,078 (1)	Seagen, Inc.			524,064		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
2,539 (1)	Shockwave Medical, Inc.		$	522,044		0.1
8,810	Thermo Fisher Scientific, Inc.			4,851,579		0.7
20,752	UnitedHealth Group, Inc.			11,002,295		1.5
8,926 (1)	Veeva Systems, Inc.			1,440,478		0.2
14,737 (1)	Vertex Pharmaceuticals, Inc.			4,255,751		0.6
				113,746,111		16.0
	Industrials: 8.2%
4,246	3M Co.			509,180		0.1
9,366	Acuity Brands, Inc.			1,551,103		0.2
44,410	AECOM			3,771,741		0.5
2,039	Caterpillar, Inc.			488,463		0.1
20,830 (1)	Copa Holdings S.A.- Class A			1,732,431		0.2
74,389 (1)	Copart, Inc.			4,529,546		0.6
56,067	CSX Corp.			1,736,956		0.2
53,596	Emerson Electric Co.			5,148,432		0.7
74,895	Fortive Corp.			4,812,004		0.7
66,277	General Electric Co.			5,553,350		0.8
42,771	Ingersoll Rand, Inc.			2,234,785		0.3
51,661	Johnson Controls International plc			3,306,304		0.5
13,605	Parker Hannifin Corp.			3,959,055		0.6
29,308	Pentair PLC			1,318,274		0.2
14,777	Regal Rexnord Corp.			1,772,944		0.2
8,951	Robert Half International, Inc.			660,852		0.1
1,864 (1)	Saia, Inc.			390,844		0.1
13,885	Sensata Technologies Holding PLC			560,676		0.1
34,705 (1)	Southwest Airlines Co.			1,168,517		0.2
10,899	Textron, Inc.			771,649		0.1
3,833	Trane Technologies PLC			644,289		0.1
48,828	U-Haul Holding Co.			2,938,957		0.4
9,078 (1)	United Rentals, Inc.			3,226,503		0.5
3,251	Watts Water Technologies, Inc.			475,394		0.1
29,281	Westinghouse Air Brake Technologies Corp.			2,922,537		0.4
2,957	WW Grainger, Inc.			1,644,831		0.2
				57,829,617		8.2
	Information Technology: 26.9%
21,463	Accenture PLC			5,727,187		0.8
16,491 (1)	Adobe, Inc.			5,549,716		0.8
52,792 (1)	Allegro MicroSystems, Inc.			1,584,816		0.2
48,039	Amdocs Ltd.			4,366,745		0.6
307,206	Apple, Inc.			39,915,276		5.6
43,285	Applied Materials, Inc.			4,215,093		0.6
6,248 (1)	Autodesk, Inc.			1,167,564		0.2
19,036	Automatic Data Processing, Inc.			4,546,939		0.6
638	Broadcom, Inc.			356,725		0.0
5,691 (1)	Cadence Design Systems, Inc.			914,202		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
5,181 (1)	Calix, Inc.		$	354,536		0.0
171,861	Cisco Systems, Inc.			8,187,458		1.2
56,831	Cognizant Technology Solutions Corp.			3,250,165		0.5
98,552 (1)	Dropbox, Inc.			2,205,594		0.3
1,067 (1)	EPAM Systems, Inc.			349,699		0.0
18,275 (1)	F5, Inc.			2,622,645		0.4
38,745	Genpact Ltd.			1,794,668		0.3
2,467 (1)	HubSpot, Inc.			713,284		0.1
14,905	Jack Henry & Associates, Inc.			2,616,722		0.4
47,017	Juniper Networks, Inc.			1,502,663		0.2
24,772 (1)	Keysight Technologies, Inc.			4,237,746		0.6
9,435	KLA Corp.			3,557,278		0.5
4,564	Lam Research Corp.			1,918,249		0.3
13,387	Mastercard, Inc. - Class A			4,655,061		0.7
145,819	Microsoft Corp.			34,970,313		4.9
5,045	Monolithic Power Systems, Inc.			1,783,962		0.3
11,388	NetApp, Inc.			683,963		0.1
67,834	Nvidia Corp.			9,913,261		1.4
65,626 (1)	Palantir Technologies, Inc.			421,319		0.1
15,859 (1)	Palo Alto Networks, Inc.			2,212,965		0.3
7,748 (1)	Paycom Software, Inc.			2,404,282		0.3
20,217 (1)	PayPal Holdings, Inc.			1,439,855		0.2
87,708 (1)	Pure Storage, Inc. - Class A			2,347,066		0.3
29,745	Qualcomm, Inc.			3,270,165		0.5
15,341 (1)	Qualys, Inc.			1,721,720		0.2
36,404 (1)	Salesforce, Inc.			4,826,806		0.7
9,833 (1)	ServiceNow, Inc.			3,817,859		0.5
1,988 (1)	SolarEdge Technologies, Inc.			563,141		0.1
17,419	Teradyne, Inc.			1,521,550		0.2
18,676	Universal Display Corp.			2,017,755		0.3
40,538	Visa, Inc. - Class A			8,422,175		1.2
12,541 (1)	Workday, Inc.			2,098,485		0.3
				190,746,673		26.9
	Materials: 2.3%
6,323	Air Products & Chemicals, Inc.			1,949,128		0.3
22,016	Dow, Inc.			1,109,386		0.1
15,488	Ecolab, Inc.			2,254,434		0.3
16,829	FMC Corp.			2,100,259		0.3
18,522	Freeport-McMoRan, Inc.			703,836		0.1
7,048 (1)	Ingevity Corp.			496,461		0.1
9,039	Linde PLC			2,948,341		0.4
6,627	Nucor Corp.			873,505		0.1
2,312	Reliance Steel & Aluminum Co.			468,041		0.1
2,435	Sherwin-Williams Co.			577,899		0.1
79,782	WestRock Co.			2,805,135		0.4
				16,286,425		2.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate: 2.6%
33,341 (1)	CBRE Group, Inc.		$	2,565,923		0.4
8,207	Crown Castle, Inc.			1,113,197		0.1
16,123	Digital Realty Trust, Inc.			1,616,653		0.2
65,883	Highwoods Properties, Inc.			1,843,406		0.3
44,770	Host Hotels & Resorts, Inc.			718,558		0.1
32,749	Iron Mountain, Inc.			1,632,538		0.2
54,653	Kilroy Realty Corp.			2,113,432		0.3
5,749	Lamar Advertising Co.			542,706		0.1
6,632	Mid-America Apartment Communities, Inc.			1,041,158		0.1
48,741	ProLogis, Inc.			5,494,573		0.8
				18,682,144		2.6
	Utilities: 3.2%
26,238	Atmos Energy Corp.			2,940,493		0.4
8,299	Consolidated Edison, Inc.			790,978		0.1
9,739	DTE Energy Co.			1,144,625		0.2
29,008	Edison International			1,845,489		0.3
45,884	National Fuel Gas Co.			2,904,457		0.4
28,282	NextEra Energy, Inc.			2,364,375		0.3
86,939	NiSource, Inc.			2,383,867		0.3
20,395	ONE Gas, Inc.			1,544,309		0.2
12,045	PPL Corp.			351,955		0.1
36,867	Sempra Energy			5,697,426		0.8
22,873	Vistra Corp.			530,654		0.1
				22,498,628		3.2
	Total Common Stock (Cost $637,282,871)			705,092,452		99.5

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.5%
	Mutual Funds: 0.5%
3,413,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $3,413,000)		$	3,413,000		0.5
	Total Short-Term Investments (Cost $3,413,000)			3,413,000		0.5
	Total Investments in Securities (Cost $640,695,871)		$	708,505,452		100.0
	Assets in Excess of Other Liabilities		$	272,925		0.0
	Net Assets		$	708,778,377		100.0

(1)

Non-income producing security.

(2)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap 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*		$	705,092,452		$	—		$	—		$	705,092,452
Short-Term Investments			3,413,000			—			—			3,413,000
Total Investments, at fair value		$	708,505,452		$	—		$	—		$	708,505,452
Liabilities Table
Other Financial Instruments+
Futures			(92,412)			—			—			(92,412)
Total Liabilities		$	(92,412)		$	—		$	—		$	(92,412)

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 following futures contracts were outstanding for Voya Index Plus LargeCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		14		03/17/23		$	2,702,700		$	(92,412)
						$	2,702,700		$	(92,412)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	92,412
Total Liability Derivatives			$	92,412

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

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	151,740
Total		$	151,740

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus LargeCap Portfolio

as of December 31, 2022 (continued)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(845,869)
Total		$	(845,869)

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 $641,777,798.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	109,661,678
Gross Unrealized Depreciation		(43,026,435)
Net Unrealized Appreciation	$	66,635,243

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.8%
	Communication Services: 2.1%
1,820	Electronic Arts, Inc.		$	222,368		0.0
58,359 (1)	Frontier Communications Parent, Inc.			1,486,987		0.3
58,996 (1)	Iridium Communications, Inc.			3,032,395		0.7
12,463 (1)	Live Nation Entertainment, Inc.			869,170		0.2
12,277	Nexstar Media Group, Inc.			2,148,843		0.5
48,312	TEGNA, Inc.			1,023,731		0.2
14,843 (1)	TripAdvisor, Inc.			266,877		0.1
4,278 (1)	Ziff Davis, Inc.			338,390		0.1
7,867 (1)	ZoomInfo Technologies, Inc.			236,875		0.0
				9,625,636		2.1
	Consumer Discretionary: 14.3%
23,411 (1)	Autonation, Inc.			2,512,000		0.6
319 (1)	Autozone, Inc.			786,711		0.2
12,236	BorgWarner, Inc.			492,499		0.1
45,053	Boyd Gaming Corp.			2,456,740		0.5
27,822	Brunswick Corp.			2,005,410		0.4
5,813 (1)	Carmax, Inc.			353,954		0.1
23,394 (1)	CROCS, Inc.			2,536,611		0.6
104,477	Dana, Inc.			1,580,737		0.4
6,198 (1)	Deckers Outdoor Corp.			2,473,994		0.5
26,892	Dick’s Sporting Goods, Inc.			3,234,839		0.7
3,105 (1)	Five Below, Inc.			549,181		0.1
20,837 (1)(2)	GameStop Corp.			384,651		0.1
100,096	Gentex Corp.			2,729,618		0.6
11,443	Genuine Parts Co.			1,985,475		0.4
75,911 (1)	Goodyear Tire & Rubber Co.			770,497		0.2
5,633	H&R Block, Inc.			205,661		0.0
46,163	Harley-Davidson, Inc.			1,920,381		0.4
18,001	Lear Corp.			2,232,484		0.5
40,251	Leggett & Platt, Inc.			1,297,290		0.3
2,601	Lithia Motors, Inc.			532,529		0.1
28,336	LKQ Corp.			1,513,426		0.3
1,809 (1)	Lululemon Athletica, Inc.			579,567		0.1
68,918	Macy’s, Inc.			1,423,157		0.3
15,963	Marriott Vacations Worldwide Corp.			2,148,460		0.5
113,072 (1)	Mattel, Inc.			2,017,204		0.4
11,354	MGM Resorts International			380,700		0.1
19,051 (2)	Nordstrom, Inc.			307,483		0.1
5,233 (1)	Ollie’s Bargain Outlet Holdings, Inc.			245,114		0.1
70,967 (1)	Penn Entertainment, Inc.			2,107,720		0.5
2,636	Penske Auto Group, Inc.			302,955		0.1
24,476	PVH Corp.			1,727,761		0.4
31,312 (1)	Scientific Games Corp.			1,834,883		0.4
39,233	Service Corp. International			2,712,570		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
80,984 (1)	Taylor Morrison Home Corp.		$	2,457,864		0.5
28,317	Tempur Sealy International, Inc.			972,123		0.2
12,076 (2)	Thor Industries, Inc.			911,617		0.2
7,098 (1)	TopBuild Corp.			1,110,766		0.2
52,010	Travel + Leisure Co.			1,893,164		0.4
185,159 (1)	Under Armour, Inc. - Class A			1,881,215		0.4
10,528 (1)	Victoria’s Secret & Co.			376,692		0.1
108,720	Wendy’s Company			2,460,334		0.5
14,243	Williams-Sonoma, Inc.			1,636,805		0.4
3,441	Wingstop, Inc.			473,550		0.1
16,541	Wyndham Hotels & Resorts, Inc.			1,179,539		0.3
32,430 (1)	YETI Holdings, Inc.			1,339,683		0.3
				65,035,614		14.3
	Consumer Staples: 3.7%
52,050 (1)	BellRing Brands, Inc.			1,334,562		0.3
21,194 (1)	BJ’s Wholesale Club Holdings, Inc.			1,402,195		0.3
3,961 (1)	Boston Beer Co., Inc.			1,305,229		0.3
1,592	Casey’s General Stores, Inc.			357,165		0.1
12,585 (1)	Celsius Holdings, Inc.			1,309,344		0.3
2,551	Coca-Cola Consolidated, Inc.			1,307,030		0.3
32,913 (1)	Darling Ingredients, Inc.			2,060,025		0.4
106,660	Flowers Foods, Inc.			3,065,408		0.7
36,083 (1)	Performance Food Group Co.			2,106,886		0.4
10,074 (1)	Post Holdings, Inc.			909,279		0.2
20,344	Tyson Foods, Inc.			1,266,414		0.3
12,786 (1)	US Foods Holding Corp.			434,980		0.1
				16,858,517		3.7
	Energy: 3.9%
63,081 (1)	Antero Resources Corp.			1,954,880		0.4
44,548	Baker Hughes Co.			1,315,502		0.3
17,846	ChampionX Corp.			517,356		0.1
6,894	Cheniere Energy, Inc.			1,033,824		0.2
95,443 (1)(2)	CNX Resources Corp.			1,607,260		0.4
5,483	Diamondback Energy, Inc.			749,965		0.2
19,853	EQT Corp.			671,627		0.1
216,401	Equitrans Midstream Corp.			1,449,887		0.3
19,161	HF Sinclair Corp.			994,264		0.2
30,677	Matador Resources Co.			1,755,952		0.4
21,065	PBF Energy, Inc.			859,031		0.2
64,344	Range Resources Corp.			1,609,887		0.4
324,771 (1)	Southwestern Energy Co.			1,899,910		0.4
17,276	Targa Resources Corp.			1,269,786		0.3
				17,689,131		3.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: 15.7%
12,380	Affiliated Managers Group, Inc.		$	1,961,363		0.4
23,590	American Financial Group, Inc.			3,238,435		0.7
3,712	Ameriprise Financial, Inc.			1,155,805		0.3
147,146 (2)	Annaly Capital Management, Inc.			3,101,838		0.7
4,520	Ares Management Corp.			309,349		0.1
45,260	Bank OZK			1,813,116		0.4
29,837	Citizens Financial Group, Inc.			1,174,683		0.3
74,028	CNO Financial Group, Inc.			1,691,540		0.4
49,027	Commerce Bancshares, Inc.			3,337,268		0.7
16,532	Cullen/Frost Bankers, Inc.			2,210,328		0.5
50,095	East West Bancorp, Inc.			3,301,260		0.7
23,326	Essent Group Ltd.			906,915		0.2
17,959	Evercore, Inc.			1,958,968		0.4
683	Everest Re Group Ltd.			226,257		0.0
41,822	First American Financial Corp.			2,188,963		0.5
39,632	FNB Corp.			517,198		0.1
66,440	Hancock Whitney Corp.			3,215,032		0.7
13,648	Hartford Financial Services Group, Inc.			1,034,928		0.2
47,435	International Bancshares Corp.			2,170,626		0.5
88,685	Jefferies Financial Group, Inc.			3,040,122		0.7
4,286	Kemper Corp.			210,871		0.0
14,598	Lazard Ltd.			506,113		0.1
28,436	Loews Corp.			1,658,672		0.4
122,892	MGIC Investment Corp.			1,597,596		0.4
55,346	Navient Corp.			910,442		0.2
75,488	Old Republic International Corp.			1,823,035		0.4
22,794	Pinnacle Financial Partners, Inc.			1,673,080		0.4
18,189	Popular, Inc.			1,206,294		0.3
2,169	Primerica, Inc.			307,608		0.1
32,668	Prosperity Bancshares, Inc.			2,374,310		0.5
23,276	Reinsurance Group of America, Inc.			3,307,287		0.7
95,736	Rithm Capital Corp.			782,163		0.2
53,666	Starwood Property Trust, Inc.			983,698		0.2
33,625	Stifel Financial Corp.			1,962,691		0.4
21,128	Synovus Financial Corp.			793,356		0.2
32,426	UMB Financial Corp.			2,708,219		0.6
82,930	Unum Group			3,402,618		0.7
66,181	Washington Federal, Inc.			2,220,372		0.5
4,846	Webster Financial Corp.			229,410		0.0
2,096	Willis Towers Watson PLC			512,640		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
37,613	Wintrust Financial Corp.		$	3,179,051		0.7
9,815	Zions Bancorp NA			482,505		0.1
				71,386,025		15.7
	Health Care: 9.9%
9,406	Agilent Technologies, Inc.			1,407,608		0.3
5,762 (1)	Amedisys, Inc.			481,357		0.1
2,996	AmerisourceBergen Corp.			496,467		0.1
9,480	Bruker Corp.			647,958		0.1
21,070 (1)(2)	Doximity, Inc.			707,109		0.2
34,199 (1)	Envista Holdings Corp.			1,151,480		0.3
109,822 (1)	Exelixis, Inc.			1,761,545		0.4
35,775 (1)	Globus Medical, Inc.			2,657,009		0.6
39,838 (1)	Halozyme Therapeutics, Inc.			2,266,782		0.5
15,538 (1)	HealthEquity, Inc.			957,762		0.2
17,867 (1)	Hologic, Inc.			1,336,630		0.3
17,231 (1)	Inari Medical, Inc.			1,095,202		0.2
19,178 (1)	Jazz Pharmaceuticals PLC			3,055,247		0.7
1,995	Laboratory Corp. of America Holdings			469,783		0.1
23,455 (1)	Lantheus Holdings, Inc.			1,195,267		0.3
12,039 (1)	LivaNova PLC			668,646		0.2
2,023 (1)	Masimo Corp.			299,303		0.1
11,056 (1)	Medpace Holdings, Inc.			2,348,405		0.5
316 (1)	Mettler Toledo International, Inc.			456,762		0.1
5,667 (1)	Molina Healthcare, Inc.			1,871,357		0.4
29,701 (1)	Neurocrine Biosciences, Inc.			3,547,487		0.8
12,468 (1)	Omnicell, Inc.			628,637		0.1
33,564 (1)	Option Care Health, Inc.			1,009,941		0.2
62,707	Patterson Cos., Inc.			1,757,677		0.4
8,295	Perrigo Co. PLC			282,777		0.1
47,735 (1)	Progyny, Inc.			1,486,945		0.3
13,888 (1)	QuidelOrtho Corp.			1,189,785		0.3
1,715 (1)	Repligen Corp.			290,367		0.1
2,876 (1)	Seagen, Inc.			369,595		0.1
11,034 (1)	Shockwave Medical, Inc.			2,268,701		0.5
20,403 (1)	Staar Surgical Co.			990,362		0.2
12,971 (1)	Syneos Health, Inc.			475,776		0.1
32,296 (1)	Tandem Diabetes Care, Inc.			1,451,705		0.3
8,919 (1)	United Therapeutics Corp.			2,480,285		0.5
6,745 (1)	Veeva Systems, Inc.			1,088,508		0.2
				44,650,227		9.9
	Industrials: 18.4%
17,215	Acuity Brands, Inc.			2,850,976		0.6
54,105	AECOM			4,595,138		1.0
13,164	AGCO Corp.			1,825,715		0.4
18,338 (1)	ASGN, Inc.			1,494,180		0.3
8,661 (1)	Avis Budget Group, Inc.			1,419,798		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2022 (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Industrials (continued)
4,337 (1)		Axon Enterprise, Inc.		$	719,638		0.2
49,120 (1)		Builders FirstSource, Inc.			3,186,906		0.7
1,374 (1)		CACI International, Inc.			413,011		0.1
4,126		Carlisle Cos., Inc.			972,292		0.2
2,881 (1)		Chart Industries, Inc.			331,978		0.1
17,393 (1)		Clean Harbors, Inc.			1,984,889		0.4
11,721 (1)		Copa Holdings S.A.- Class A			974,836		0.2
30,032 (1)		Copart, Inc.			1,828,648		0.4
4,099 (1)		CoStar Group, Inc.			316,771		0.1
1,328		Curtiss-Wright Corp.			221,763		0.1
32,220		Donaldson Co., Inc.			1,896,791		0.4
14,424 (1)		Driven Brands Holdings, Inc.			393,919		0.1
46,555		Dun & Bradstreet Holdings, Inc.			570,764		0.1
40,824		Flowserve Corp.			1,252,480		0.3
55,424 (1)		Fluor Corp.			1,920,996		0.4
24,434		Fortive Corp.			1,569,884		0.3
6,813 (1)		FTI Consulting, Inc.			1,081,904		0.2
48,954 (1)		Gates Industrial Corp. PLC			558,565		0.1
31,664		Graco, Inc.			2,129,721		0.5
25,273 (1)		Hayward Holdings, Inc.			237,566		0.1
13,725		Hubbell, Inc.			3,220,983		0.7
21,014		Ingersoll Rand, Inc.			1,097,981		0.2
14,313		Insperity, Inc.			1,625,957		0.4
151,362 (1)		JetBlue Airways Corp.			980,826		0.2
8,303		KBR, Inc.			438,398		0.1
22,606	��	Knight-Swift Transportation Holdings, Inc.			1,184,780		0.3
2,702		Manpowergroup, Inc.			224,833		0.1
22,152 (1)		Mastec, Inc.			1,890,230		0.4
5,425 (1)		Middleby Corp.			726,408		0.2
72,712		nVent Electric PLC			2,797,231		0.6
41,694		Owens Corning, Inc.			3,556,498		0.8
3,876		Parker Hannifin Corp.			1,127,916		0.3
23,936		Pentair PLC			1,076,641		0.2
27,047		Regal Rexnord Corp.			3,245,099		0.7
11,976		Robert Half International, Inc.			884,188		0.2
1,098		Rockwell Automation, Inc.			282,812		0.1
13,434 (1)		RXO, Inc.			231,065		0.1
17,271		Ryder System, Inc.			1,443,337		0.3
11,797 (1)		Saia, Inc.			2,473,595		0.5
15,159		Sensata Technologies Holding PLC			612,120		0.1
10,790 (1)		SunPower Corp.			194,544		0.0
9,310 (1)		Sunrun, Inc.			223,626		0.1
40,240		Terex Corp.			1,719,053		0.4
3,287		Tetra Tech, Inc.			477,240		0.1
11,290		Textron, Inc.			799,332		0.2
42,001		Timken Co.			2,968,211		0.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
4,736	Toro Co.		$	536,115		0.1
11,236 (1)	Trex Co., Inc.			475,620		0.1
22,385	U-Haul Holding Co.			1,347,353		0.3
4,399 (1)	United Rentals, Inc.			1,563,493		0.3
76,855 (1)	Univar Solutions, Inc.			2,443,989		0.5
2,204	Watsco, Inc.			549,678		0.1
14,820	Watts Water Technologies, Inc.			2,167,129		0.5
10,597	Westinghouse Air Brake Technologies Corp.			1,057,687		0.2
8,551 (1)	WillScot Mobile Mini Holdings Corp.			386,249		0.1
22,534	Woodward, Inc.			2,177,010		0.5
982	WW Grainger, Inc.			546,237		0.1
				83,502,593		18.4
	Information Technology: 11.9%
67,505 (1)	ACI Worldwide, Inc.			1,552,615		0.3
45,379 (1)	Allegro MicroSystems, Inc.			1,362,278		0.3
15,879	Amdocs Ltd.			1,443,401		0.3
24,214 (1)	Arrow Electronics, Inc.			2,532,058		0.6
3,034 (1)	Aspen Technology, Inc.			623,184		0.1
53,535	Avnet, Inc.			2,225,985		0.5
26,624 (1)	Calix, Inc.			1,821,880		0.4
4,525 (1)	Ciena Corp.			230,685		0.0
8,661 (1)	Cirrus Logic, Inc.			645,071		0.1
34,207	Cognex Corp.			1,611,492		0.4
32,547 (1)	Coherent Corp.			1,142,400		0.3
4,792 (1)	Commvault Systems, Inc.			301,129		0.1
5,086	Concentrix Corp.			677,252		0.1
57,120 (1)	Dropbox, Inc.			1,278,346		0.3
43,440 (1)	Dynatrace, Inc.			1,663,752		0.4
2,564 (1)	Euronet Worldwide, Inc.			241,990		0.1
8,055 (1)	ExlService Holdings, Inc.			1,364,759		0.3
7,175 (1)	F5, Inc.			1,029,684		0.2
3,771 (1)	Fair Isaac Corp.			2,257,245		0.5
83,224	Genpact Ltd.			3,854,936		0.8
1,895 (1)	HubSpot, Inc.			547,901		0.1
3,221	Jabil, Inc.			219,672		0.0
4,783	Jack Henry & Associates, Inc.			839,703		0.2
37,915	Juniper Networks, Inc.			1,211,763		0.3
5,954 (1)	Keysight Technologies, Inc.			1,018,551		0.2
47,073 (1)	Lattice Semiconductor Corp.			3,054,096		0.7
19,294 (1)	Lumentum Holdings, Inc.			1,006,568		0.2
17,364 (1)	MACOM Technology Solutions Holdings, Inc.			1,093,585		0.2
28,419	MAXIMUS, Inc.			2,083,965		0.5
12,275	MKS Instruments, Inc.			1,040,061		0.2
2,202	Monolithic Power Systems, Inc.			778,649		0.2
51,265	National Instruments Corp.			1,891,679		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
44,519 (1)	Palantir Technologies, Inc.		$	285,812		0.1
2,614 (1)	Paycom Software, Inc.			811,150		0.2
11,627 (1)	Paylocity Holding Corp.			2,258,661		0.5
32,130 (1)	Pure Storage, Inc. - Class A			859,799		0.2
18,808 (1)	Qualys, Inc.			2,110,822		0.5
5,493 (1)	Silicon Laboratories, Inc.			745,235		0.2
5,463 (1)	Synaptics, Inc.			519,859		0.1
8,580	Teradyne, Inc.			749,463		0.2
22,391	Universal Display Corp.			2,419,124		0.5
8,085 (1)	Wolfspeed, Inc.			558,188		0.1
				53,964,448		11.9
	Materials: 6.6%
41,061	Alcoa Corp.			1,867,044		0.4
4,925	Aptargroup, Inc.			541,651		0.1
21,279	Ashland, Inc.			2,288,131		0.5
51,764	Avient Corp.			1,747,553		0.4
7,053	Berry Global Group, Inc.			426,213		0.1
43,145 (1)	Cleveland-Cliffs, Inc.			695,066		0.2
15,541	Eagle Materials, Inc.			2,064,622		0.5
6,349	FMC Corp.			792,355		0.2
33,256 (1)	Ingevity Corp.			2,342,553		0.5
33,495	Louisiana-Pacific Corp.			1,982,904		0.4
7,937 (1)	MP Materials Corp.			192,710		0.0
20,140	Reliance Steel & Aluminum Co.			4,077,142		0.9
9,939	Royal Gold, Inc.			1,120,324		0.2
33,804	RPM International, Inc.			3,294,200		0.7
18,550	Sealed Air Corp.			925,274		0.2
17,085	Steel Dynamics, Inc.			1,669,204		0.4
81,846	United States Steel Corp.			2,050,242		0.5
9,558	Valvoline, Inc.			312,069		0.1
44,707	WestRock Co.			1,571,898		0.3
				29,961,155		6.6
	Real Estate: 7.6%
28,401	Brixmor Property Group, Inc.			643,851		0.1
13,895 (1)	CBRE Group, Inc.			1,069,359		0.2
19,745	Cousins Properties, Inc.			499,351		0.1
86,985	CubeSmart			3,501,146		0.8
1,872	EastGroup Properties, Inc.			277,168		0.1
60,365	First Industrial Realty Trust, Inc.			2,913,215		0.6
91,897	Highwoods Properties, Inc.			2,571,278		0.6
37,153	Host Hotels & Resorts, Inc.			596,306		0.1
45,488	Independence Realty Trust, Inc.			766,928		0.2
23,630	Iron Mountain, Inc.			1,177,956		0.3
17,084 (1)	Jones Lang LaSalle, Inc.			2,722,677		0.6
66,099	Kilroy Realty Corp.			2,556,048		0.6
59,208	Kite Realty Group Trust			1,246,328		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
38,321	Lamar Advertising Co.		$	3,617,502		0.8
16,726	Life Storage, Inc.			1,647,511		0.4
7,386	Mid-America Apartment Communities, Inc.			1,159,528		0.2
76,825	National Retail Properties, Inc.			3,515,512		0.8
33,460	National Storage Affiliates Trust			1,208,575		0.3
164,270	Physicians Realty Trust			2,376,987		0.5
4,136	Rexford Industrial Realty, Inc.			225,991		0.0
5,435	Spirit Realty Capital, Inc.			217,020		0.0
				34,510,237		7.6
	Utilities: 3.7%
12,345	Atmos Energy Corp.			1,383,504		0.3
29,414	Black Hills Corp.			2,068,981		0.5
1,908	DTE Energy Co.			224,247		0.0
8,899	Edison International			566,154		0.1
6,122	Essential Utilities, Inc.			292,203		0.1
53,136	National Fuel Gas Co.			3,363,509		0.7
44,855	NiSource, Inc.			1,229,924		0.3
29,091	OGE Energy Corp.			1,150,549		0.3
38,206	ONE Gas, Inc.			2,892,958		0.6
32,239	PPL Corp.			942,024		0.2
22,416	Southwest Gas Holdings, Inc.			1,387,102		0.3
26,215	UGI Corp.			971,790		0.2
16,588	Vistra Corp.			384,842		0.1
				16,857,787		3.7
	Total Common Stock (Cost $432,558,729)			444,041,370		97.8

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 3.3%

Repurchase Agreements: 1.3%

1,356,491 (3)

Bank of America Inc.,
Repurchase Agreement
dated 12/30/22, 4.30%, due
01/03/23 (Repurchase
Amount $1,357,130,
collateralized by various
U.S. Government Agency
Obligations, 1.500%-6.500%,
Market Value plus accrued
interest $1,383,621,
due 05/01/37-05/01/58)

1,356,491

0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
401,437 (3)	Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $401,624, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $409,466, due 04/11/23-10/31/29)		$	401,437		0.1
1,356,491 (3)	Daiwa Capital Markets, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,357,130, collateralized by various U.S. Government Agency Obligations, 1.500%-6.000%, Market Value plus accrued interest $1,383,621, due 08/01/23-01/01/53)			1,356,491		0.3
1,356,491 (3)	MUFG Securities America Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,357,130, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $1,383,621, due 08/01/24-01/01/53)			1,356,491		0.3
1,356,491 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $1,357,130, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,383,621, due 09/01/24-10/20/52)			1,356,491		0.3
	Total Repurchase Agreements (Cost $5,827,401)			5,827,401		1.3

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 2.0%
9,115,000 (4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $9,115,000)		$	9,115,000		2.0
	Total Short-Term Investments (Cost $14,942,401)			14,942,401		3.3
	Total Investments in Securities (Cost $447,501,130)		$	458,983,771		101.1
	Liabilities in Excess of Other Assets			(5,215,203)		(1.1)
	Net Assets		$	453,768,568		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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap 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*		$	444,041,370		$	—		$	—		$	444,041,370
Short-Term Investments			9,115,000			5,827,401			—			14,942,401
Total Investments, at fair value		$	453,156,370		$	5,827,401		$	—		$	458,983,771
Other Financial Instruments+
Futures			29,730			—			—			29,730
Total Assets		$	453,186,100		$	5,827,401		$	—		$	459,013,501

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 following futures contracts were outstanding for Voya Index Plus MidCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		37		03/17/23		$	9,037,620		$	29,730
						$	9,037,620		$	29,730

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
Equity contracts	Variation margin receivable on futures contracts*		$	29,730
Total Asset Derivatives			$	29,730

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	433,655
Total		$	433,655

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus MidCap Portfolio

as of December 31, 2022 (continued)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(150,245)
Total		$	(150,245)

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 $448,837,726.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	48,074,329
Gross Unrealized Depreciation		(37,898,554)
Net Unrealized Appreciation	$	10,175,775

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.5%
	Communication Services: 2.4%
18,955 (1)	AMC Networks, Inc.		$	297,025		0.1
7,386	ATN International, Inc.			334,660		0.2
11,156	Cogent Communications Holdings, Inc.			636,784		0.3
21,015 (1)	Cumulus Media, Inc. Class-A			130,503		0.1
35,199 (1)	DHI Group, Inc.			186,203		0.1
55,594	Entravision Communications Corp.			266,851		0.1
14,758 (1)	Integral Ad Science Holding Corp.			129,723		0.1
11,830 (1)	Iridium Communications, Inc.			608,062		0.3
17,133 (1)	Ooma, Inc.			233,351		0.1
8,312 (1)	PubMatic, Inc.			106,477		0.0
37,318 (1)	QuinStreet, Inc.			535,513		0.2
5,334	Scholastic Corp.			210,480		0.1
15,634	Shutterstock, Inc.			824,224		0.4
22,197 (1)	Yelp, Inc.			606,866		0.3
6,928 (1)	ZipRecruiter, Inc.			113,758		0.0
				5,220,480		2.4
	Consumer Discretionary: 12.8%
4,908 (1)	Abercrombie & Fitch Co. - Class A			112,442		0.1
32,445	Academy Sports & Outdoors, Inc.			1,704,660		0.8
30,110 (1)	Accel Entertainment, Inc.			231,847		0.1
57,903 (1)	American Axle & Manufacturing Holdings, Inc.			452,801		0.2
144,675 (1)(2)	AMMO, Inc.			250,288		0.1
7,225 (1)	Asbury Automotive Group, Inc.			1,295,081		0.6
2,724 (1)	Autonation, Inc.			292,285		0.1
23,497 (1)	Beazer Homes USA, Inc.			299,822		0.1
14,954 (2)	Big Lots, Inc.			219,824		0.1
36,159	Bloomin Brands, Inc.			727,519		0.3
7,149 (1)	Boot Barn Holdings, Inc.			446,956		0.2
2,115	Boyd Gaming Corp.			115,331		0.1
14,744 (1)	Brinker International, Inc.			470,481		0.2
23,192	Buckle, Inc.			1,051,757		0.5
660 (1)	Cavco Industries, Inc.			149,325		0.1
23,563 (1)	Century Casinos, Inc.			165,648		0.1
18,727 (2)	Cheesecake Factory			593,833		0.3
93,151 (1)	Chico’s FAS, Inc.			458,303		0.2
18,499 (1)	Conn’s, Inc.			127,273		0.1
8,784 (1)	Coursera, Inc.			103,915		0.0
1,931 (1)	CROCS, Inc.			209,378		0.1
15,377	Dana, Inc.			232,654		0.1
13,475 (1)	Dave & Buster’s Entertainment, Inc.			477,554		0.2
1,343	Dick’s Sporting Goods, Inc.			161,549		0.1
11,899	Dine Brands Global, Inc.			768,675		0.4
8,129 (1)	Dorman Products, Inc.			657,392		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
22,464	El Pollo Loco Holdings, Inc.		$	223,741		0.1
9,463 (1)	Genesco, Inc.			435,487		0.2
8,709	Gentex Corp.			237,494		0.1
6,071 (1)	Gentherm, Inc.			396,376		0.2
26,719 (1)	G-III Apparel Group Ltd.			366,318		0.2
19,470 (1)	Golden Entertainment, Inc.			728,178		0.3
4,330 (1)	Green Brick Partners, Inc.			104,916		0.0
6,548	Group 1 Automotive, Inc.			1,181,063		0.5
7,154	Guess?, Inc.			148,016		0.1
2,468	Harley-Davidson, Inc.			102,669		0.0
7,236 (1)	Hilton Grand Vacations, Inc.			278,875		0.1
2,331 (1)	Hovnanian Enterprises, Inc.			98,089		0.0
12,249	Installed Building Products, Inc.			1,048,514		0.5
11,841	International Game Technology PLC			268,554		0.1
8,537	Jack in the Box, Inc.			582,480		0.3
1,568	LCI Industries			144,962		0.1
16,268 (1)	Liquidity Services, Inc.			228,728		0.1
2,924 (1)	M/I Homes, Inc.			135,030		0.1
20,884 (1)	MarineMax, Inc.			651,999		0.3
1,183 (1)	Meritage Homes Corp.			109,073		0.0
12,382 (1)	Motorcar Parts of America, Inc.			146,851		0.1
16,988	Movado Group, Inc.			547,863		0.2
3,031 (1)	National Vision Holdings, Inc.			117,482		0.1
8,264	Oxford Industries, Inc.			770,040		0.4
7,365	Patrick Industries, Inc.			446,319		0.2
7,850 (1)	Penn Entertainment, Inc.			233,145		0.1
60,741 (1)	Playa Hotels & Resorts NV			396,639		0.2
5,320	Red Rock Resorts, Inc.			212,853		0.1
4,813	Rent-A-Center, Inc.			108,533		0.0
16,959 (1)	Shake Shack, Inc.			704,307		0.3
20,830	Shoe Carnival, Inc.			498,045		0.2
8,152	Signet Jewelers Ltd.			554,336		0.3
4,094 (1)	Sleep Number Corp.			106,362		0.0
5,516	Sonic Automotive, Inc.			271,773		0.1
12,400	Standard Motor Products, Inc.			431,520		0.2
6,953 (1)	Taylor Morrison Home Corp.			211,024		0.1
8,924 (1)	Tri Pointe Homes, Inc.			165,897		0.1
30,736 (1)	Under Armour, Inc. - Class A			312,278		0.1
28,871 (1)	Vista Outdoor, Inc.			703,586		0.3
16,332	Wendy’s Company			369,593		0.2
16,921	Winnebago Industries			891,737		0.4
46,120 (1)	WW International, Inc.			178,023		0.1
24,591 (1)	Zumiez, Inc.			534,608		0.2
				28,159,969		12.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples: 5.4%
11,148 (1)	Central Garden & Pet Co. - CENT		$	417,493		0.2
965	Coca-Cola Consolidated, Inc.			494,427		0.2
6,396 (1)	Duckhorn Portfolio, Inc./The			105,982		0.0
15,288	Edgewell Personal Care Co.			589,200		0.3
16,657 (1)	elf Beauty, Inc.			921,132		0.4
18,430	Fresh Del Monte Produce, Inc.			482,682		0.2
8,060 (1)(2)	Herbalife Nutrition Ltd.			119,933		0.0
66,585 (1)	Hostess Brands, Inc.			1,494,167		0.7
6,240	Ingles Markets, Inc.			601,910		0.3
1,752	Inter Parfums, Inc.			169,103		0.1
6,760	Medifast, Inc.			779,766		0.4
15,638 (1)	Natures Sunshine Prods, Inc.			130,108		0.1
13,835	Nu Skin Enterprises, Inc.			583,284		0.3
41,479 (1)	Simply Good Foods Co/The			1,577,446		0.7
20,429	SpartanNash Co.			617,773		0.3
14,840	Turning Point Brands, Inc.			320,989		0.1
14,199 (1)	United Natural Foods, Inc.			549,643		0.2
6,443 (1)	USANA Health Sciences, Inc.			342,768		0.2
101,233	Vector Group Ltd.			1,200,623		0.5
12,863 (1)	Vital Farms, Inc.			191,916		0.1
67,954 (1)	Whole Earth Brands, Inc.			276,573		0.1
				11,966,918		5.4
	Energy: 4.7%
70,475	Archrock, Inc.			632,865		0.3
12,949 (1)	Bristow Group, Inc.			351,306		0.2
22,379	Civitas Resources, Inc.			1,296,415		0.6
11,851	CONSOL Energy, Inc.			770,315		0.3
4,697	Delek US Holdings, Inc.			126,819		0.1
5,588	Dorian L.P.G Ltd.			105,893		0.0
12,191 (1)	Green Plains, Inc.			371,825		0.2
10,034	Helmerich & Payne, Inc.			497,385		0.2
1,141 (1)	Nabors Industries Ltd.			176,707		0.1
6,029	Northern Oil and Gas, Inc.			185,814		0.1
48,475 (1)	Oceaneering International, Inc.			847,828		0.4
64,101	Patterson-UTI Energy, Inc.			1,079,461		0.5
50,378 (1)	ProPetro Holding Corp.			522,420		0.2
7,588	Ranger Oil Corp.			306,783		0.1
10,225 (1)	SandRidge Energy, Inc.			174,132		0.1
41,300	SM Energy Co.			1,438,479		0.6
30,269 (1)	US Silica Holdings, Inc.			378,363		0.2
37,066	World Fuel Services Corp.			1,013,014		0.5
				10,275,824		4.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: 18.3%
21,501	Amalgamated Financial Corp.		$	495,383		0.2
3,129	A-Mark Precious Metals, Inc.			108,670		0.0
6,635 (1)	Ambac Financial Group, Inc.			115,714		0.0
31,283	American Equity Investment Life Holding Co.			1,427,130		0.6
2,279	Ameris Bancorp.			107,432		0.0
26,020	Apollo Commercial Real Estate Finance, Inc.			279,975		0.1
2,443	Assured Guaranty Ltd.			152,101		0.1
36,990	Banc of California, Inc.			589,251		0.3
9,713 (1)	Bancorp, Inc.			275,655		0.1
9,033	Banner Corp.			570,886		0.3
41,209	Berkshire Hills Bancorp, Inc.			1,232,149		0.6
9,141 (1)	Blucora, Inc.			233,370		0.1
18,639	Brightsphere Investment Group, Inc.			383,591		0.2
72,120	BrightSpire Capital, Inc.			449,308		0.2
75,604	Brookline Bancorp, Inc.			1,069,797		0.5
17,456 (1)	Carter Bankshares, Inc.			289,595		0.1
41,259	Central Pacific Financial Corp.			836,733		0.4
46,373	Columbia Banking System, Inc.			1,397,218		0.6
1,795	Community Bank System, Inc.			112,995		0.0
14,882 (1)	Consumer Portfolio Services, Inc.			131,706		0.1
14,174 (1)	Customers Bancorp, Inc.			401,691		0.2
4,561	CVB Financial Corp.			117,446		0.1
6,351 (1)	Donnelley Financial Solutions, Inc.			245,466		0.1
33,553	Eastern Bankshares, Inc.			578,789		0.3
21,109	Employers Holdings, Inc.			910,431		0.4
20,837 (1)	Enova International, Inc.			799,516		0.4
4,083	Enterprise Financial Services Corp.			199,904		0.1
6,243	Esquire Financial Holdings, Inc.			270,072		0.1
1,001	Evercore, Inc.			109,189		0.0
59,479 (1)	Ezcorp, Inc.			484,754		0.2
5,755	Financial Institutions, Inc.			140,192		0.1
106,586	First BanCorp. Puerto Rico			1,355,774		0.6
3,137	First BanCorp. Southern Pines NC			134,389		0.1
17,234	First Financial Bancorp.			417,580		0.2
49,566	First Hawaiian, Inc.			1,290,699		0.6
154,857 (1)	Genworth Financial, Inc.			819,194		0.4
11,625	Hancock Whitney Corp.			562,534		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
38,498	Hanmi Financial Corp.		$	952,825		0.4
3,549	Hannon Armstrong Sustainable Infrastructure Capital, Inc.			102,850		0.0
9,002	Heartland Financial USA, Inc.			419,673		0.2
4,890	Heritage Financial Corp.			149,830		0.1
11,047	HomeTrust Bancshares, Inc.			267,006		0.1
1,605	Independent Bank Corp.			135,510		0.1
12,344	Independent Bank Corp. Michigan			295,268		0.1
11,658	International Bancshares Corp.			533,470		0.2
1,371	Investors Title Co.			202,291		0.1
18,542	James River Group Holdings Ltd.			387,713		0.2
57,739	KKR Real Estate Finance Trust, Inc.			806,036		0.4
47,578	Ladder Capital Corp.			477,683		0.2
11,794 (1)	LendingTree, Inc.			251,566		0.1
36,329 (1)	Mr Cooper Group, Inc.			1,457,883		0.7
42,034	OFG Bancorp			1,158,457		0.5
5,312 (1)	Palomar Holdings, Inc.			239,890		0.1
16,066	Peapack-Gladstone Financial Corp.			597,977		0.3
5,390	Popular, Inc.			357,465		0.2
14,677	Provident Bancorp, Inc.			106,849		0.0
7,051	Provident Financial Services, Inc.			150,609		0.1
30,917 (2)	Ready Capital Corp.			344,415		0.2
2,738	Red River Bancshares, Inc.			139,802		0.1
5,030	Regional Management Corp.			141,242		0.1
33,218	Rithm Capital Corp.			271,391		0.1
28,877	S&T Bancorp, Inc.			987,016		0.4
26,623	Seacoast Banking Corp. of Florida			830,371		0.4
1,689	ServisFirst Bancshares, Inc.			116,389		0.1
29,116	Southside Bancshares, Inc.			1,047,885		0.5
28,356	Starwood Property Trust, Inc.			519,765		0.2
15,211	Stewart Information Services Corp.			649,966		0.3
19,191	TrustCo Bank Corp. NY			721,390		0.3
7,290	UMB Financial Corp.			608,861		0.3
55,255	United Community Banks, Inc./GA			1,867,619		0.8
15,395	United Fire Group, Inc.			421,207		0.2
5,062	Unity Bancorp, Inc.			138,344		0.1
55,776	Universal Insurance Holdings, Inc.			590,668		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
13,432	Unum Group		$	551,115		0.2
4,447	Virtus Investment Partners, Inc.			851,334		0.4
15,840	Westamerica Bancorp.			934,718		0.4
3,436	Wintrust Financial Corp.			290,411		0.1
				40,171,039		18.3
	Health Care: 11.1%
14,818 (1)	2seventy bio, Inc.			138,845		0.1
16,888 (1)	Acadia Pharmaceuticals, Inc.			268,857		0.1
7,648 (1)	Addus HomeCare Corp.			760,900		0.3
51,748 (1)	Allscripts Healthcare Solutions, Inc.			912,835		0.4
16,463 (1)	AMN Healthcare Services, Inc.			1,692,726		0.8
4,785 (1)	Amphastar Pharmaceuticals, Inc.			134,076		0.1
2,164 (1)	Apellis Pharmaceuticals, Inc.			111,900		0.0
9,243 (1)	Arcus Biosciences, Inc.			191,145		0.1
31,155 (1)	Atara Biotherapeutics, Inc.			102,188		0.0
24,327 (1)	Atea Pharmaceuticals, Inc.			117,013		0.1
35,730 (1)	Avanos Medical, Inc.			966,854		0.4
10,498 (1)	AxoGen, Inc.			104,770		0.0
5,073 (1)	Axonics, Inc.			317,215		0.1
45,148 (1)	Berkeley Lights, Inc.			120,997		0.1
4,003 (1)	Blueprint Medicines Corp.			175,371		0.1
27,863 (1)	Cara Therapeutics, Inc.			299,249		0.1
18,918 (1)	Catalyst Pharmaceuticals, Inc.			351,875		0.2
33,716 (1)	Cerus Corp.			123,063		0.1
50,933 (1)	Coherus Biosciences, Inc.			403,389		0.2
24,055 (1)	Computer Programs & Systems, Inc.			654,777		0.3
10,930	Conmed Corp.			968,835		0.4
20,979 (1)	Cross Country Healthcare, Inc.			557,412		0.3
11,829 (1)	Cytokinetics, Inc.			542,005		0.2
7,099 (1)	Doximity, Inc.			238,242		0.1
11,676	Embecta Corp.			295,286		0.1
8,025 (1)	Enanta Pharmaceuticals, Inc.			373,323		0.2
8,012 (1)	Enhabit, Inc.			105,438		0.0
5,853	Ensign Group, Inc.			553,752		0.2
7,674 (1)	Exelixis, Inc.			123,091		0.1
17,641 (1)	Fulcrum Therapeutics, Inc.			128,427		0.1
3,503 (1)(2)	Fulgent Genetics, Inc.			104,319		0.0
7,761 (1)	Harmony Biosciences Holdings, Inc.			427,631		0.2
23,013 (1)	Immunogen, Inc.			114,145		0.0
537 (1)	Inspire Medical Systems, Inc.			135,260		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
61,136 (1)	Ironwood Pharmaceuticals, Inc.		$	757,475		0.3
22,136 (1)	Joint Corp./The			309,461		0.1
155,660 (1)	Jounce Therapeutics, Inc.			172,783		0.1
8,163 (1)	Kiniksa Pharmaceuticals Ltd.			122,282		0.1
30,905 (1)	MacroGenics, Inc.			207,373		0.1
21,190 (1)	Merit Medical Systems, Inc.			1,496,438		0.7
23,307 (1)	Myriad Genetics, Inc.			338,185		0.2
179,948 (1)	Nektar Therapeutics			406,682		0.2
27,161 (1)	NeoGenomics, Inc.			250,968		0.1
38,742 (1)	NextGen Healthcare, Inc.			727,575		0.3
7,033 (1)	OptimizeRx Corp.			118,154		0.1
28,800 (1)	Orthofix Medical, Inc.			591,264		0.3
35,326	Owens & Minor, Inc.			689,917		0.3
2,744 (1)	Pacira BioSciences, Inc.			105,946		0.0
4,154	Patterson Cos., Inc.			116,437		0.1
20,732 (1)	Prestige Consumer Healthcare, Inc.			1,297,823		0.6
6,280 (1)	Progyny, Inc.			195,622		0.1
8,364 (1)	Quanterix Corp.			115,841		0.1
21,405 (1)	REGENXBIO, Inc.			485,465		0.2
776 (1)	Shockwave Medical, Inc.			159,553		0.1
10,120 (1)	SI-BONE, Inc.			137,632		0.1
13,801 (1)	Sight Sciences, Inc.			168,510		0.1
27,315 (1)	Supernus Pharmaceuticals, Inc.			974,326		0.4
3,694 (1)	SurModics, Inc.			126,039		0.1
12,969 (1)	Tactile Systems Technology, Inc.			148,884		0.1
2,916 (1)	Tandem Diabetes Care, Inc.			131,074		0.1
93,919 (1)	Vanda Pharmaceuticals, Inc.			694,061		0.3
10,954 (1)	Varex Imaging Corp.			222,366		0.1
9,676 (1)	Vir Biotechnology, Inc.			244,900		0.1
4,384 (1)	Xencor, Inc.			114,159		0.0
23,367 (1)	Y-mAbs Therapeutics, Inc.			114,031		0.0
				24,356,437		11.1
	Industrials: 16.5%
1,402	AAON, Inc.			105,599		0.0
5,275 (1)	AAR Corp.			236,847		0.1
1,118	Acuity Brands, Inc.			185,152		0.1
7,464	AECOM			633,917		0.3
1,090	Albany International Corp.			107,463		0.0
15,451	Alta Equipment Group, Inc.			203,799		0.1
21,732	Apogee Enterprises, Inc.			966,205		0.4
15,050	Applied Industrial Technologies, Inc.			1,896,751		0.9
14,022	ArcBest Corp.			982,101		0.4
21,409	AZZ, Inc.			860,642		0.4
3,687	Barnes Group, Inc.			150,614		0.1
3,704 (1)	BlueLinx Holdings, Inc.			263,391		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
18,136	Boise Cascade Co.		$	1,245,399		0.6
5,606	Cadre Holdings, Inc.			112,905		0.1
33,250	Caesarstone Ltd.			189,857		0.1
24,061 (1)	CIRCOR International, Inc.			576,502		0.3
4,365	Comfort Systems USA, Inc.			502,324		0.2
20,643 (1)	DXP Enterprises, Inc.			568,715		0.3
7,020	Encore Wire Corp.			965,671		0.4
13,132	Enerpac Tool Group Corp.			334,209		0.2
12,579	EnPro Industries, Inc.			1,367,211		0.6
7,625 (1)	Evoqua Water Technologies Corp.			301,950		0.1
15,262	Exponent, Inc.			1,512,312		0.7
8,318 (1)	Forrester Research, Inc.			297,452		0.1
1,542	Franklin Electric Co., Inc.			122,974		0.1
9,781	Genco Shipping & Trading Ltd.			150,236		0.1
20,021 (1)	Gibraltar Industries, Inc.			918,563		0.4
24,226 (1)	GMS, Inc.			1,206,455		0.5
28,101	Heidrick & Struggles International, Inc.			785,985		0.4
17,697	Hillenbrand, Inc.			755,131		0.3
31,155	Interface, Inc.			307,500		0.1
8,604	John Bean Technologies Corp.			785,803		0.4
23,907	Kelly Services, Inc.			404,028		0.2
3,638	Kforce, Inc.			199,472		0.1
28,937	Korn Ferry			1,464,791		0.7
27,247 (1)	Manitowoc Co., Inc./The			249,582		0.1
25,326	Marten Transport Ltd.			500,948		0.2
11,368	Matson, Inc.			710,614		0.3
12,206	Moog, Inc.			1,071,199		0.5
22,953 (1)	MRC Global, Inc.			265,796		0.1
17,972	Mueller Industries, Inc.			1,060,348		0.5
11,655 (1)	MYR Group, Inc.			1,073,076		0.5
54,807 (1)	NOW, Inc.			696,049		0.3
7,477 (1)	NV5 Global, Inc.			989,357		0.4
28,022 (1)	PGT Innovations, Inc.			503,275		0.2
59,115	Pitney Bowes, Inc.			224,637		0.1
14,442 (1)	Proto Labs, Inc.			368,704		0.2
1,915	Regal Rexnord Corp.			229,762		0.1
60,200 (1)	Resideo Technologies, Inc.			990,290		0.5
11,213	Resources Connection, Inc.			206,095		0.1
7,387 (1)	Sun Country Airlines Holdings, Inc.			117,158		0.1
4,780	Tennant Co.			294,305		0.1
14,997 (1)	Thermon Group Holdings, Inc.			301,140		0.1
16,111 (1)	Titan International, Inc.			246,821		0.1
6,188 (1)	TriNet Group, Inc.			419,546		0.2
37,951 (1)	Triumph Group, Inc.			399,245		0.2
35,432 (1)	TrueBlue, Inc.			693,759		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
15,373 (1)	Tutor Perini Corp.		$	116,066		0.1
5,720	UFP Industries, Inc.			453,310		0.2
6,450	Unifirst Corp.			1,244,785		0.6
6,436	Veritiv Corp.			783,326		0.4
1,214	Watts Water Technologies, Inc.			177,523		0.1
2,344 (1)	WillScot Mobile Mini Holdings Corp.			105,878		0.0
				36,160,520		16.5
	Information Technology: 12.3%
74,204 (1)	8x8, Inc.			320,561		0.1
27,025	A10 Networks, Inc.			449,426		0.2
14,269	ADTRAN Holdings, Inc.			268,115		0.1
14,777	Advanced Energy Industries, Inc.			1,267,571		0.6
2,378 (1)	Alarm.com Holdings, Inc.			117,664		0.1
6,783 (1)	Allegro MicroSystems, Inc.			203,626		0.1
114,738 (1)	Arlo Technologies, Inc.			402,730		0.2
20,728 (1)	Avid Technology, Inc.			551,158		0.3
8,904 (1)	Axcelis Technologies, Inc.			706,622		0.3
974	Badger Meter, Inc.			106,195		0.0
5,949	Benchmark Electronics, Inc.			158,779		0.1
16,102 (1)	Box, Inc.			501,255		0.2
1,913 (1)	Calix, Inc.			130,907		0.1
5,887 (1)	Cambium Networks Corp.			127,571		0.1
38,926 (1)	Casa Systems, Inc.			106,268		0.0
28,901 (1)	Ceva, Inc.			739,288		0.3
33,318 (1)	Cohu, Inc.			1,067,842		0.5
22,996	CSG Systems International, Inc.			1,315,371		0.6
13,288 (1)	Digi International, Inc.			485,676		0.2
8,402 (1)	Diodes, Inc.			639,728		0.3
11,210 (1)	DZS, Inc.			142,143		0.1
15,122 (1)	ePlus, Inc.			669,602		0.3
28,115	EVERTEC, Inc.			910,364		0.4
42,534 (1)	Extreme Networks, Inc.			778,798		0.4
1,367 (1)	Fabrinet			175,277		0.1
7,274 (1)	Flex Ltd.			156,100		0.1
24,344 (1)	Harmonic, Inc.			318,906		0.1
78,985 (1)(2)	Infinera Corp.			532,359		0.2
16,912 (1)	Insight Enterprises, Inc.			1,695,766		0.8
12,428 (1)	Itron, Inc.			629,478		0.3
5,294 (1)	JFrog Ltd.			112,921		0.1
14,951	Kulicke & Soffa Industries, Inc.			661,731		0.3
8,381 (1)	LiveRamp Holdings, Inc.			196,451		0.1
26,972 (1)	MaxLinear, Inc.			915,699		0.4
19,891 (1)	Mitek Systems, Inc.			192,744		0.1
29,149 (1)	Netgear, Inc.			527,888		0.2
17,062 (1)	Onto Innovation, Inc.			1,161,752		0.5
79,660 (1)	Payoneer Global, Inc.			435,740		0.2
9,440	PC Connection, Inc.			442,736		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
14,389 (1)	PDF Solutions, Inc.		$	410,374		0.2
16,894 (1)	Photronics, Inc.			284,326		0.1
13,816 (1)	Pure Storage, Inc. - Class A			369,716		0.2
2,257 (1)	Qualys, Inc.			253,303		0.1
7,434 (1)	Rambus, Inc.			266,286		0.1
90,961 (1)	Ribbon Communications, Inc.			253,781		0.1
2,828 (1)	Sanmina Corp.			162,016		0.1
25,410 (1)	Scansource, Inc.			742,480		0.3
33,798 (1)	Semtech Corp.			969,665		0.4
2,040 (1)	Sprout Social, Inc.			115,178		0.1
14,870 (1)	SPS Commerce, Inc.			1,909,754		0.9
32,758 (1)	Unisys Corp.			167,393		0.1
3,247	Universal Display Corp.			350,806		0.2
16,727 (1)	Yext, Inc.			109,227		0.0
41,977 (1)	Zuora, Inc.			266,974		0.1
				26,954,087		12.3
	Materials: 5.4%
9,930	AdvanSix, Inc.			377,539		0.2
43,850	American Vanguard Corp.			951,983		0.4
11,206 (1)	Arconic Corp.			237,119		0.1
7,176 (1)	ATI, Inc.			214,275		0.1
1,148	Balchem Corp.			140,182		0.0
20,185	Carpenter Technology Corp.			745,634		0.3
14,650	Compass Minerals International, Inc.			600,650		0.3
52,179	FutureFuel Corp.			424,215		0.2
11,065	Haynes International, Inc.			505,560		0.2
3,060	HB Fuller Co.			219,157		0.1
2,211 (1)	Ingevity Corp.			155,743		0.1
12,846	Innospec, Inc.			1,321,340		0.6
5,029	Kaiser Aluminum Corp.			382,003		0.2
28,925	Koppers Holdings, Inc.			815,685		0.4
52,824 (1)	Livent Corp.			1,049,613		0.5
16,184	Minerals Technologies, Inc.			982,692		0.4
37,494	Myers Industries, Inc.			833,492		0.4
14,928 (1)	O-I Glass, Inc.			247,357		0.1
88,800	SunCoke Energy, Inc.			766,344		0.3
3,415	Sylvamo Corp.			165,935		0.1
36,659 (1)	TimkenSteel Corp.			666,094		0.3
6,459	Valhi, Inc.			142,098		0.1
				11,944,710		5.4
	Real Estate: 7.3%
75,204	Acadia Realty Trust			1,079,177		0.5
11,235	Agree Realty Corp.			796,899		0.4
38,955 (1)	Ashford Hospitality Trust, Inc.			174,129		0.1
13,625	BRT Apartments Corp.			267,595		0.1
41,044	Chatham Lodging Trust			503,610		0.2
5,142	CubeSmart			206,966		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
97,974 (1)	Cushman & Wakefield PLC		$	1,220,756		0.6
88,181	DiamondRock Hospitality Co.			722,202		0.3
327,442	Diversified Healthcare Trust			211,789		0.1
70,534	Essential Properties Realty Trust, Inc.			1,655,433		0.8
43,772	Hersha Hospitality Trust			372,937		0.2
20,100	Highwoods Properties, Inc.			562,398		0.3
13,983	iStar, Inc.			106,690		0.1
855 (1)	Jones Lang LaSalle, Inc.			136,261		0.1
14,025	Kilroy Realty Corp.			542,347		0.2
3,422	Lamar Advertising Co.			323,037		0.1
14,150	Office Properties Income Trust			188,903		0.1
81,344	Outfront Media, Inc.			1,348,684		0.6
51,332	Paramount Group, Inc.			304,912		0.1
35,621	RE/MAX Holdings, Inc.			663,975		0.3
78,881	Retail Opportunity Investments Corp.			1,185,581		0.5
16,666	RLJ Lodging Trust			176,493		0.1
10,767	RMR Group, Inc.			304,168		0.1
101,594	SITE Centers Corp.			1,387,774		0.6
104,738 (2)	Uniti Group, Inc.			579,201		0.3
7,530	Urban Edge Properties			106,098		0.0
58,003	Whitestone REIT			559,149		0.3
23,894	Xenia Hotels & Resorts, Inc.			314,923		0.1
				16,002,087		7.3
	Utilities: 2.3%
1,153	American States Water Co.			106,710		0.1
35,819	Avista Corp.			1,588,215		0.7
1,891	California Water Service Group			114,670		0.1
8,192	Chesapeake Utilities Corp.			968,131		0.4
11,685	National Fuel Gas Co.			739,661		0.3
2,294	Northwest Natural Holding Co.			109,171		0.1
7,021	ONE Gas, Inc.			531,630		0.2
14,341	Unitil Corp.			736,554		0.3
35,513 (2)	Via Renewables, Inc.			181,471		0.1
				5,076,213		2.3
	Total Common Stock (Cost $208,870,428)			216,288,284		98.5
RIGHTS: 0.0%
	Health Care: —%
7,651 (1)(3)(4)	Aduro Biotech, Inc. - CVR			—		—

Shares		Value			Percentage of Net Assets
RIGHTS: (continued)
	Industrials: 0.0%
5,862 (1)	Triumph Group, Inc.		$	3,928		0.0
	Total Rights (Cost $—)			3,928		0.0
WARRANTS: 0.1%
	Energy: 0.1%
1,219 (1)	Chord Energy Corp.			76,797		0.1
645 (1)	Nabors Industries Ltd.			21,220		0.0
	Total Warrants (Cost $37,789)			98,017		0.1
	Total Long-Term Investments (Cost $208,908,217)			216,390,229		98.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.0%
	Repurchase Agreements: 0.8%
1,000,000 (5)	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
851,976 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $852,377, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $869,016, due 09/01/24-10/20/52)		851,976		0.4
	Total Repurchase Agreements (Cost $1,851,976)		1,851,976		0.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.2%
2,617,000 (6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $2,617,000)		$	2,617,000		1.2
	Total Short-Term Investments (Cost $4,468,976)			4,468,976		2.0
	Total Investments in Securities (Cost $213,377,193)		$	220,859,205		100.6
	Liabilities in Excess of Other Assets			(1,376,106)		(0.6)
	Net Assets		$	219,483,099		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

(5)

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

(6)

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	216,288,284		$	—		$	—		$	216,288,284
Rights			3,928			—			—			3,928
Warrants			98,017			—			—			98,017
Short-Term Investments			2,617,000			1,851,976			—			4,468,976
Total Investments, at fair value		$	219,007,229		$	1,851,976		$	—		$	220,859,205
Liabilities Table
Other Financial Instruments+
Futures			(99,027)			—			—			(99,027)
Total Liabilities		$	(99,027)		$	—		$	—		$	(99,027)

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 Index Plus SmallCap Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Aduro Biotech, Inc. - CVR

10/6/2020

—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Index Plus SmallCap Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, the following futures contracts were outstanding for Voya Index Plus SmallCap Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		40		03/17/23		$	3,541,800		$	(99,027)
						$	3,541,800		$	(99,027)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	99,027
Total Liability Derivatives			$	99,027

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(437,032)
Total		$	(437,032)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(185,426)
Total		$	(185,426)

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 $213,391,773.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	28,608,798
Gross Unrealized Depreciation		(21,240,393)
Net Unrealized Appreciation	$	7,368,405

See Accompanying Notes to Financial Statements

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 Index Plus LargeCap Portfolio
Class ADV	NII		$	0.0935
Class I	NII		$	0.2520
Class S	NII		$	0.1610
All Classes	STCG		$	1.6203
All Classes	LTCG		$	5.6696
Voya Index Plus MidCap Portfolio
Class I	NII		$	0.2053
Class S	NII		$	0.1325
All Classes	STCG		$	1.6138
All Classes	LTCG		$	3.2065
Voya Index Plus SmallCap Portfolio
Class I	NII		$	0.2218
Class S	NII		$	0.1461
All Classes	STCG		$	1.4693
All Classes	LTCG		$	2.1886

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 Index Plus LargeCap Portfolio					20.51%
	Voya Index Plus MidCap Portfolio					15.52%
	Voya Index Plus SmallCap Portfolio					16.34%

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 Index Plus LargeCap Portfolio	$	150,778,439
Voya Index Plus MidCap Portfolio	$	69,582,480
Voya Index Plus SmallCap Portfolio	$	21,681,470

TABLE OF CONTENTS

DIRECTOR AND OFFICER INFORMATION (Unaudited)

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

Name, Address and Age

Position(s)
Held with
the Company

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(2)

Other Board Positions
Held by Director

Independent Directors:

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

Chairperson

Director

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

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

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

August 2015 – Present

Retired.

132

None.

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

Director

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

May 2013 – Present

Consultant (May 2001 – Present).

129

Centerra Gold Inc. (May 2008 – Present).

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

Director

October 2015 – Present

Retired.

132

None.

(1)

Directors serve until their successors are duly elected and qualified. The tenure of each Director who is not an “interested person” as defined in the 1940 Act, of each Portfolio (“Independent Director”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors at the close of business on December 31 of the calendar year in which the Independent Director attains the age of 75. A majority vote of the Board’s other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for the purposes of appointing a successor to the Independent Director 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).

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

(2)

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	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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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	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 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 (“Board”) of Voya Variable Portfolios, Inc. (the “Company”), 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 Index Plus LargeCap Portfolio, Voya Index Plus MidCap Portfolio, and Voya Index Plus SmallCap Portfolio, each a series of the Company (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, 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 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 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 request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors 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 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.

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

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

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.

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

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

Portfolio Performance

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are shared with the Portfolio. The Board considered that, while the Portfolios do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Portfolio through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

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

Fee Schedules, Profitability, and Fall-out Benefits

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

management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Portfolios, including whether the Manager intends to propose any changes thereto. For each Portfolio, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

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

Voya Index Plus LargeCap Portfolio

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

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

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

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

Voya Index Plus MidCap Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Plus MidCap 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 year-to-date and one-year periods, and the fourth quintile for the three-year, five-year and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of security selection on the Portfolio’s performance; and (2) the competitiveness of the Portfolio’s performance during certain periods.

Voya Index Plus SmallCap Portfolio

In considering whether to approve the renewal of the Contracts for Voya Index Plus SmallCap Portfolio, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Portfolio is ranked

in the second quintile of its Morningstar category for the year-to-date and one-year periods, the third quintile for the three-year and ten-year periods, and the fourth quintile for the five-year period; and (2) the Portfolio underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of security selection on the Portfolio’s performance; and (2) the competitiveness of the Portfolio’s performance during certain periods.

Board Conclusions

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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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-AIP (1222-021623)

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Annual Report

December 31, 2022

Classes ADV, I, P2, S and S2

Voya Variable Product Index Funds

	■ Voya Emerging Markets Index Portfolio			■ Voya Russell™ Mid Cap Growth Index Portfolio
	■ Voya International Index Portfolio			■ Voya Russell™ Mid Cap Index Portfolio
	■ Voya Russell™ Large Cap Growth Index Portfolio			■ Voya Russell™ Small Cap Index Portfolio
	■ Voya Russell™ Large Cap Index Portfolio			■ Voya U.S. Bond Index Portfolio
	■ Voya Russell™ Large Cap Value Index 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.

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PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO HOLDINGS

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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.
		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 Emerging Markets IndexSM (“MSCI EM IndexSM”)				An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		Russell 2000® Index				An index that measures the performance of securities of small U.S. companies.
		Russell Midcap® Growth Index				An index that measures the performance of those companies included in the Russell Midcap® Index with relatively higher price-to-book ratios and higher forecasted growth values.
		Russell Midcap® Index				An index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index.
		Russell Top 200® Growth Index				Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit growth characteristics. It includes Russell Top 200R Index companies with higher price-to-book ratios and higher forecasted growth values.
		Russell Top 200® Index				An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million.
		Russell Top 200® Value Index				Measures the performance of the especially large cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. It includes Russell Top 200 Index companies with lower price-to-book ratios and lower forecasted growth values.

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Portfolio Managers’ Report

Voya Emerging Markets Index Portfolio

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

	China			31.5%
	India			14.1%
	Taiwan			13.4%
	South Korea			11.2%
	Brazil			5.2%
	Saudi Arabia			4.0%
	South Africa			3.6%
	Mexico			2.3%
	Thailand			2.2%
	Indonesia			1.9%
	Countries between 0.0% – 1.6%^			8.5%
	Assets in Excess of Other Liabilities*			2.1%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 15 countries, which each represents 0.0% – 1.6% of net assets.
	Portfolio holdings are subject to change daily.

Voya Emerging Markets Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of an index that measures the investment return of emerging markets securities. The Portfolio is managed by Kai Yee Wong and Steve Wetter, 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 -21.07% compared to the MSCI Emerging Markets IndexSM (“MSCI EM IndexSM”), which returned -20.09% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM. The Portfolio attempts to track the MSCI EM IndexSM by investing in most of the stocks that make up the MSCI EM IndexSM. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EM IndexSM. This approach is employed because of the relatively

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

	Taiwan Semiconductor Manufacturing Co., Ltd.			5.6%
	Tencent Holdings Ltd.			4.1%
	Samsung Electronics Co., Ltd. 005930			3.3%
	Alibaba Group Holding Ltd.			2.5%
	Meituan Class B			1.5%
	Reliance Industries Ltd.			1.5%
	Vale SA			1.0%
	Infosys Ltd.			1.0%
	JD.com, Inc. - Class A			1.0%
	China Construction Bank - H Shares			0.9%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

large number of small and/or illiquid stocks in the MSCI EM IndexSM. The Portfolio may not always hold all of the same securities as the MSCI EM IndexSM.

For the reporting period, on an absolute basis, the worst performing territories were Europe, Asia/Pacific ex Japan and Africa/Middleeast. On an absolute basis, the best performing territory was Latin America for the reporting period.

Current Strategy and Outlook: The Portfolio invests principally in equity securities and employs a “passive management” approach designed to track the performance of the MSCI EM IndexSM.

The Portfolio’s net return may at times appear to diverge from the return of its benchmark index more than would be expected. These divergences may, in part, be the result of fair-value pricing adjustments to certain foreign securities as well as other pricing policies. In accordance with the Portfolio’s Valuation Policy, fair-value pricing adjustments may be used to address pricing discrepancies that arise due to time-zone differences. Foreign securities may trade on exchanges that close many hours before the Portfolio’s closing share price is calculated in the United States, generally at 4 p.m., Eastern Time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change — because of company specific announcements or marketwide developments. Such price changes are not immediately reflected in international index values. Fair-value pricing takes such changes into account in calculating the Portfolio’s daily net asset value (“NAV”), so that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the Portfolio and that of its benchmark index. The Portfolio also translates local prices to U.S. dollars using foreign exchange rates at the time the NAV is calculated whereas the index does not.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Emerging Markets Index Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: lc_emergingmarkets-bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class I		-20.90%		-2.18%	0.37%
Class P2(1)		-20.48%		-1.76%	0.61%
Class S		-21.07%		-2.39%	0.19%
MSCI EM IndexSM		-20.09%		-1.40%	1.44%

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

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

Portfolio holdings are subject to change daily.

(1)

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

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Portfolio Managers’ Report

Voya International Index Portfolio

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

	Japan			21.4%
	United Kingdom			13.4%
	France			10.8%
	Switzerland			10.6%
	Germany			7.9%
	Australia			7.7%
	Netherlands			6.2%
	Sweden			3.0%
	Denmark			2.9%
	Hong Kong			2.7%
	Countries between 0.0% – 2.4%^			11.5%
	Assets in Excess of Other Liabilities*			1.9%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 14 countries, which each represents 0.0% – 2.4% of net assets.
	Portfolio holdings are subject to change daily.

Voya International Index Portfolio* (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, 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 -14.87% compared to the MSCI EAFE® Index (“MSCI EAFE®), which returned -14.45% for the same period.

Portfolio Specifics***: The Portfolio employs a “passive management” approach designed to track the performance of the MSCI EAFE®. The Portfolio attempts to track the MSCI EAFE® by investing in most of the stocks which make up the MSCI EAFE®. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the MSCI EAFE®. The approach is employed because of the relatively large number

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

	Nestle SA			2.2%
	Novo Nordisk A/S			1.5%
	ASML Holding NV			1.5%
	Roche Holding AG-GENUSSCHEIN			1.5%
	AstraZeneca PLC			1.4%
	Shell PLC			1.4%
	LVMH Moet Hennessy Louis Vuitton SE			1.4%
	Novartis AG			1.3%
	Total Energies SE			1.1%
	Toyota Motor Corp.			1.0%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

of small and/or illiquid stocks in the MSCI EAFE®. The Portfolio may not always hold all of the same securities as the MSCI EAFE®.

For the reporting period, absolute performance was strongest within energy and financials. By contrast, information technology, consumer discretionary and real estate were the bottom absolute performing sectors posting negative returns for the reporting period.

Current Strategy and Outlook: The Portfolio currently invests principally in common stocks and employs a “passive management” approach designed to track the performance of the MSCI EAFE® Index.

On January 27, 2022, the Board of Trustees approved a proposal to merge the VY® T. Rowe Price International Stock Portfolio, which is not included in this report (the “Merging Portfolio”) with and into the Portfolio (the “Reorganization”). The Reorganization took place on July 8, 2022.

***

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya International Index Portfolio

Portfolio Managers’ Report

[MISSING IMAGE: lc_internationalindex-bw.jpg]

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-15.03%		0.88%	3.81%
Class I		-14.59%		1.37%	4.32%
Class P2(1)		-14.43%		1.66%	4.49%
Class S		-14.87%		1.11%	4.04%
Class S2		-14.98%		0.95%	3.89%
MSCI EAFE® Index		-14.45%		1.54%	4.67%

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

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Russell™ Large Cap Growth Index Portfolio

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

	Information Technology			46.6%
	Consumer Discretionary			13.8%
	Health Care			12.4%
	Communication Services			7.4%
	Consumer Staples			6.8%
	Industrials			6.2%
	Financials			2.7%
	Real Estate			1.6%
	Energy			0.9%
	Materials			0.9%
	Exchange-Traded Funds			0.4%
	Assets in Excess of Other Liabilities*			0.3%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance*: For the year ended December 31, 2022, the Portfolio’s Class S shares provided a total return of -30.21% compared to the Russell Top 200® Growth Index, which returned -29.74% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index. The Portfolio attempts to track the Russell Top 200® Growth Index by principally investing stocks that make up the Russell Top 200® Growth Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Growth Index.

For the reporting period, absolute performance was strongest within energy and industrials sectors. By contrast, communication services, consumer discretionary and materials were bottom performing sectors on

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

	Apple, Inc.			14.0%
	Microsoft Corp.			12.9%
	Amazon.com, Inc.			5.3%
	Alphabet, Inc. - Class A			3.3%
	UnitedHealth Group, Inc.			3.2%
	Alphabet, Inc. - Class C			2.9%
	Nvidia Corp.			2.5%
	Visa, Inc. - Class A			2.4%
	Tesla, Inc.			2.3%
	Mastercard, Inc. - Class A			2.1%
	Portfolio holdings are subject to change daily.

an absolute basis for the reporting period.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Growth Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Russell™ Large Cap Growth Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year		Since Inception of Class ADV July 13, 2015
Class ADV		-30.40%		10.68%		—		11.97%
Class I		-30.03%		11.24%		14.36%		—
Class S		-30.21%		10.96%		14.08%		—
Russell Top 200® Growth Index		-29.74%		11.77%		14.90%		13.04%

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

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

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 Russell™ Large Cap Index Portfolio

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

	Information Technology			28.4%
	Health Care			16.9%
	Financials			11.2%
	Consumer Discretionary			9.2%
	Communication Services			8.3%
	Consumer Staples			7.8%
	Industrials			7.0%
	Energy			5.1%
	Utilities			2.0%
	Materials			1.7%
	Real Estate			1.5%
	Exchange-Traded Funds			0.6%
	Assets in Excess of Other Liabilities*			0.3%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, 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 -20.26% compared to the Russell Top 200® Index, which returned -19.77% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index. The Portfolio attempts to track the Russell Top 200® Index by principally investing in stocks that make up the Russell Top 200® Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Index.

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

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

	Apple, Inc.			7.4%
	Microsoft Corp.			6.8%
	Amazon.com, Inc.			2.8%
	Berkshire Hathaway, Inc. - Class B			2.1%
	Alphabet, Inc. - Class A			2.0%
	UnitedHealth Group, Inc.			1.9%
	Alphabet, Inc. - Class C			1.8%
	Johnson & Johnson			1.8%
	Exxon Mobil Corp.			1.7%
	JPMorgan Chase & Co.			1.5%
	Portfolio holdings are subject to change daily.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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 Russell™ Large Cap Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-20.48%		8.95%	11.97%
Class I		-20.07%		9.49%	12.53%
Class S		-20.26%		9.22%	12.25%
Class S2		-20.40%		9.06%	12.09%
Russell Top 200® Index		-19.77%		9.90%	12.92%

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

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

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 Russell™ Large Cap Value Index Portfolio

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

	Health Care			22.0%
	Financials			20.8%
	Energy			9.8%
	Communication Services			9.3%
	Consumer Staples			8.9%
	Industrials			7.9%
	Information Technology			7.9%
	Utilities			4.1%
	Consumer Discretionary			4.0%
	Materials			2.7%
	Real Estate			1.5%
	Exchange-Traded Funds			0.8%
	Assets in Excess of Other Liabilities*			0.3%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya Russell™ Large Cap Value Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Value Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, 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 -5.71% compared to the Russell Top 200® Value Index, which returned -5.11% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index. The Portfolio attempts to track the Russell Top 200® Value Index by principally investing in stocks that make up the Russell Top 200® Value Index. The Portfolio may not always hold all of the same securities as the Russell Top 200® Value Index.

Absolute performance was strongest within energy, health care and consumer staples. By contrast, real estate, information technology and communication services were the bottom performing sectors on an

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

	Berkshire Hathaway, Inc. – Class B			4.5%
	Johnson & Johnson			3.7%
	Exxon Mobil Corp.			3.6%
	JPMorgan Chase & Co.			3.1%
	Chevron Corp.			2.8%
	Pfizer, Inc.			2.3%
	Bank of America Corp.			1.9%
	Meta Platforms, Inc.			1.7%
	Procter & Gamble Co.			1.7%
	Walmart, Inc.			1.6%
	Portfolio holdings are subject to change daily.

absolute basis for the reporting period.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Top 200® Value Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Russell™ Large Cap Value Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year		Since Inception of Class ADV July 13, 2015
Class ADV		-5.96%		6.22%		—		7.29%
Class I		-5.48%		6.76%		10.02%		—
Class S		-5.71%		6.50%		9.75%		—
Russell Top 200® Value Index		-5.11%		7.13%		10.40%		8.19%

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

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya Russell™ Mid Cap Growth Index Portfolio

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

	Information Technology			27.4%
	Health Care			17.5%
	Industrials			15.9%
	Consumer Discretionary			15.2%
	Financials			5.8%
	Energy			5.0%
	Materials			3.8%
	Communication Services			3.8%
	Consumer Staples			3.0%
	Real Estate			2.0%
	Utilities			0.3%
	Exchange-Traded Funds			0.1%
	Assets in Excess of Other Liabilities*			0.2%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya Russell™ Mid Cap Growth Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Growth Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, 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 -27.16% compared to the Russell Midcap® Growth Index, which returned -26.72% for the same period.

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

For the reporting period, absolute performance was strongest within energy and utilities. By contrast, communication services, information technology and consumer discretionary were the bottom absolute

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

	Synopsys, Inc.			1.5%
	Cadence Design Systems, Inc.			1.3%
	DexCom, Inc.			1.3%
	Autozone, Inc.			1.3%
	Agilent Technologies, Inc.			1.2%
	Chipotle Mexican Grill, Inc.			1.2%
	IQVIA Holdings, Inc.			1.2%
	Paychex, Inc.			1.1%
	Cintas Corp.			1.1%
	Lululemon Athletica, Inc.			1.1%
	Portfolio holdings are subject to change daily.

performing sectors posting negative returns for the reporting period.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Growth Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Voya Russell™ Mid Cap Growth Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class I		-26.97%		7.19%	10.96%
Class S		-27.16%		6.92%	10.69%
Class S2		-27.27%		6.76%	10.52%
Russell Midcap® Growth Index		-26.72%		7.64%	11.41%

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

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

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 Russell™ Mid Cap Index Portfolio

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

	Industrials			15.6%
	Information Technology			15.3%
	Financials			13.8%
	Consumer Discretionary			11.7%
	Health Care			10.9%
	Real Estate			7.6%
	Materials			6.2%
	Utilities			6.0%
	Energy			5.3%
	Consumer Staples			3.7%
	Communication Services			3.3%
	Exchange-Traded Funds			0.2%
	Assets in Excess of Other Liabilities*			0.4%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya Russell™ Mid Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, 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 -17.77% compared to the Russell Midcap® Index, which returned -17.32% for the same period.

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

For the reporting period, absolute performance was strongest within energy, utilities, and consumer staples. By contrast, communication services, information technology and consumer discretionary were the bottom absolute performing sector posting negative returns for the reporting period.

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

	O’Reilly Automotive, Inc.			0.6%
	Phillips 66			0.5%
	Synopsys, Inc.			0.5%
	Autozone, Inc.			0.5%
	Amphenol Corp.			0.5%
	Aflac, Inc.			0.5%
	Agilent Technologies, Inc.			0.5%
	Cadence Design Systems, Inc.			0.5%
	DexCom, Inc.			0.5%
	Motorola Solutions, Inc.			0.5%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell Midcap® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya Russell™ Mid Cap Index Portfolio

Portfolio Managers’ Report

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-18.07%		6.16%	9.97%
Class I		-17.61%		6.71%	10.53%
Class P2(1)		-17.38%		6.98%	10.69%
Class S		-17.77%		6.45%	10.26%
Class S2		-17.91%		6.28%	10.09%
Russell Midcap® Index		-17.32%		7.10%	10.96%

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

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

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.voyainvestmetns.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 Russell™ Small Cap Index Portfolio

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

	Financials			16.8%
	Health Care			16.5%
	Industrials			15.2%
	Information Technology			12.4%
	Consumer Discretionary			10.2%
	Energy			6.6%
	Real Estate			6.3%
	Materials			4.2%
	Consumer Staples			3.5%
	Utilities			3.4%
	Communication Services			2.5%
	Assets in Excess of Other Liabilities*			2.4%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russell™ Small Cap Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index. The Portfolio is managed by Kai Yee Wong and Steve Wetter, 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 -20.89% compared to the Russell 2000® Index, which returned -20.44% for the same period.

Portfolio Specifics**: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index. The Portfolio attempts to track the Russell 2000® Index by principally investing in most of the stocks that make up the Russell 2000® Index. The stocks are chosen using statistical techniques so as to minimize the anticipated tracking error to the Russell 2000® Index. This approach is employed because of the relatively large number of small and/or illiquid stocks in the Russell 2000® Index. The Portfolio may not always hold all of the same securities as the Russell 2000® Index.

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

	Halozyme Therapeutics, Inc.			0.3%
	Shockwave Medical, Inc.			0.3%
	EMCOR Group, Inc.			0.3%
	Inspire Medical Systems, Inc.			0.3%
	Iridium Communications, Inc.			0.3%
	CROCS, Inc.			0.3%
	Matador Resources Co.			0.3%
	Murphy Oil Corp.			0.3%
	Texas Roadhouse, Inc.			0.3%
	RBC Bearings, Inc.			0.3%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Current Outlook & Strategy: The Portfolio employs a “passive management” approach designed to track the performance of the Russell 2000® Index.

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

TABLE OF CONTENTS

Voya Russell™ Small Cap Index Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-21.02%		3.30%	8.23%
Class I		-20.69%		3.78%	8.76%
Class P2(1)		-20.45%		4.03%	8.92%
Class S		-20.89%		3.54%	8.49%
Class S2		-21.01%		3.38%	8.33%
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 Russell™ Small Cap Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

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Portfolio Managers’ Report

Voya U.S. Bond Index Portfolio

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

	U.S. Treasury Obligations			42.6%
	U.S. Government Agency Obligations			29.3%
	Corporate Bonds/Notes			24.5%
	Commercial Mortgage-Backed Securities			1.9%
	Sovereign Bonds			1.4%
	Municipal Bonds			0.8%
	Asset-Backed Securities			0.4%
	Supranational Bonds			0.2%
	Collateralized Mortgage Obligations			0.0%
	Liabilities in Excess of Other Assets*			(1.1)%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya U.S. Bond Index Portfolio (the “Portfolio”) seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Bloomberg U.S. Aggregate Bond Index. The Portfolio is managed by Bob Kase, CFA, and Matthew Toms, 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 -13.10% compared to the Bloomberg U.S. Aggregate Bond Index (the “Index” or “Bloomberg U.S. Aggregate Bond”), which returned -13.01% for the same period.

Portfolio Specifics**: 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

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

	United States Treasury Note, 4.250%, 12/31/24			7.1%
	United States Treasury Note, 3.875%, 12/31/27			6.1%
	United States Treasury Note, 4.000%, 12/15/25			6.0%
	United States Treasury Note, 3.875%, 12/31/29			3.8%
	United States Treasury Bond, 3.000%, 08/15/52			2.9%
	United States Treasury Note, 1.625%, 10/31/23			2.8%
	United States Treasury Note, 4.125%, 11/15/32			1.9%
	United States Treasury Note, 1.500%, 01/31/27			1.8%
	United States Treasury Note, 2.875%, 06/15/25			1.7%
	United States Treasury Note, 3.875%, 11/30/27			1.6%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

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% on October, before retracing to 3.90% by year-end. 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. Non-government sectors struggled and broadly trailed the US Treasury market for the year.

The Portfolio is designed to replicate the risk and return drivers of the Index. Security selection contributed slightly more than asset allocation. Duration and curve position throughout the investment period was kept very close to that of the Index and had a modest positive impact to relative returns over the period.

Current Strategy and Outlook: In the US, we believe easing inflation pressures 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. Corporate balance sheets are merely cooling from their very strong positions, and consumer spending is still supported by excess savings left over from various Covid stimulus packages.

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

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Voya U.S. Bond Index Portfolio

Portfolio Managers’ Report

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

Returns presented for the Portfolio are net of expenses.

Please note that this discussion refers to the Portfolio’s gross performance versus the benchmark. The benchmark does not incur expenses. An investor cannot invest directly in the benchmark.

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Portfolio Managers’ Report

Voya U.S. Bond Index Portfolio

Average Annual Total Returns for the Periods Ended December 31, 2022
	1 Year		5 Year		10 Year
Class ADV		-13.60%		-0.77%	0.23%
Class I		-13.10%		-0.27%	0.74%
Class P2(1)		-12.98%		-0.04%	0.87%
Class S		-13.37%		-0.52%	0.48%
Class S2		-13.50%		-0.67%	0.33%
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 U.S. Bond Index Portfolio against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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

Portfolio holdings are subject to change daily.

(1)

Prior to February 21, 2012, the Portfolio was managed by a different sub-adviser. The Portfolio’s performance information for these periods reflects returns achieved by different sub-advisers.

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	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 Emerging Markets Index Portfolio
Class I		$	1,000.00		$	958.90		0.57%		$	2.81		$	1,000.00		$	1,022.33		0.57%		$	2.91
Class P2			1,000.00			961.80		0.15			0.74			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			958.20		0.82			4.05			1,000.00			1,021.07		0.82			4.18
Voya International Index Portfolio
Class ADV		$	1,000.00		$	1,055.40		0.94%		$	4.87		$	1,000.00		$	1,020.47		0.94%		$	4.79
Class I			1,000.00			1,058.80		0.45			2.34			1,000.00			1,022.94		0.45			2.29
Class P2			1,000.00			1,059.90		0.15			0.78			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,057.00		0.70			3.63			1,000.00			1,021.68		0.70			3.57
Class S2			1,000.00			1,055.90		0.85			4.40			1,000.00			1,020.92		0.85			4.33
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV		$	1,000.00		$	963.70		0.93%		$	4.60		$	1,000.00		$	1,020.52		0.93%		$	4.74
Class I			1,000.00			966.40		0.43			2.13			1,000.00			1,023.04		0.43			2.19
Class S			1,000.00			965.10		0.68			3.37			1,000.00			1,021.78		0.68			3.47

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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 Russell™ Large Cap Index Portfolio
Class ADV		$	1,000.00		$	1,007.50		0.86%		$	4.35		$	1,000.00		$	1,020.87		0.86%		$	4.38
Class I			1,000.00			1,010.40		0.36			1.82			1,000.00			1,023.39		0.36			1.84
Class S			1,000.00			1,008.90		0.61			3.09			1,000.00			1,022.13		0.61			3.11
Class S2			1,000.00			1,008.20		0.76			3.85			1,000.00			1,021.37		0.76			3.87
Voya Russell™ Large Cap Value Index Portfolio
Class ADV		$	1,000.00		$	1,061.80		0.85%		$	4.42		$	1,000.00		$	1,020.92		0.85%		$	4.33
Class I			1,000.00			1,064.50		0.35			1.82			1,000.00			1,023.44		0.35			1.79
Class S			1,000.00			1,063.10		0.60			3.12			1,000.00			1,022.18		0.60			3.06
Voya Russell™ Mid Cap Growth Index Portfolio
Class I		$	1,000.00		$	1,060.30		0.40%		$	2.08		$	1,000.00		$	1,023.19		0.40%		$	2.04
Class S			1,000.00			1,059.00		0.65			3.37			1,000.00			1,021.93		0.65			3.31
Class S2			1,000.00			1,057.90		0.80			4.15			1,000.00			1,021.17		0.80			4.08
Voya Russell™ Mid Cap Index Portfolio
Class ADV		$	1,000.00		$	1,049.50		0.90%		$	4.65		$	1,000.00		$	1,020.67		0.90%		$	4.58
Class I			1,000.00			1,052.50		0.40			2.07			1,000.00			1,023.19		0.40			2.04
Class P2			1,000.00			1,054.50		0.15			0.78			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,051.50		0.65			3.36			1,000.00			1,021.93		0.65			3.31
Class S2			1,000.00			1,050.80		0.80			4.14			1,000.00			1,021.17		0.80			4.08
Voya Russell™ Small Cap Index Portfolio
Class ADV		$	1,000.00		$	1,036.10		0.95%		$	4.88		$	1,000.00		$	1,020.42		0.95%		$	4.84
Class I			1,000.00			1,037.90		0.45			2.31			1,000.00			1,022.94		0.45			2.29
Class P2			1,000.00			1,039.70		0.15			0.77			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			1,036.60		0.70			3.59			1,000.00			1,021.68		0.70			3.57
Class S2			1,000.00			1,035.70		0.85			4.36			1,000.00			1,020.92		0.85			4.33
Voya U.S. Bond Index Portfolio
Class ADV		$	1,000.00		$	965.90		0.86%		$	4.26		$	1,000.00		$	1,020.87		0.86%		$	4.38
Class I			1,000.00			968.50		0.36			1.79			1,000.00			1,023.39		0.36			1.84
Class P2			1,000.00			968.70		0.15			0.74			1,000.00			1,024.45		0.15			0.77
Class S			1,000.00			967.20		0.61			3.02			1,000.00			1,022.13		0.61			3.11
Class S2			1,000.00			965.40		0.76			3.76			1,000.00			1,021.37		0.76			3.87

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Voya Emerging Markets Index Portfolio, Voya International Index Portfolio, Voya RussellTM Large Cap Growth Index Portfolio, Voya RussellTM Large Cap Index Portfolio, Voya RussellTM Large Cap Value Index Portfolio, Voya RussellTM Mid Cap Growth Index Portfolio, Voya RussellTM Mid Cap Index Portfolio, Voya RussellTM Small Cap Index Portfolio and Voya U.S. Bond Index Portfolio and the Board of Directors of Voya Variable Portfolios, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Voya Emerging Markets Index Portfolio, Voya International Index Portfolio, Voya RussellTM Large Cap Growth Index Portfolio, Voya RussellTM Large Cap Index Portfolio, Voya RussellTM Large Cap Value Index Portfolio, Voya RussellTM Mid Cap Growth Index Portfolio, Voya RussellTM Mid Cap Index Portfolio, Voya RussellTM Small Cap Index Portfolio and Voya U.S. Bond Index Portfolio (collectively referred to as the “Portfolios”) (nine of the portfolios constituting Voya Variable Portfolios, Inc. (the “Company”)), including the portfolios of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios (nine of the portfolios constituting Voya Variable Portfolios, Inc.) 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.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on each of the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company 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 Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

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

Boston, Massachusetts
February 17, 2023

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Emerging Markets Index Portfolio			Voya International Index Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	636,844,182		$	1,948,804,029		$	1,073,036,982		$	1,959,546,659
Short-term investments at fair value†			15,114,928			142,649,834			2,037,000			3,149,000
Cash			—			—			305,208			557,073
Cash collateral for futures contracts			586,921			1,985,554			159,000			318,000
Foreign currencies at value‡			3,007,457			262,334			—			—
Receivables:
Investment securities sold			66,738			—			408,371			1,133,291
Fund shares sold			131,678			303,765			1,003,226			325,959
Dividends			1,552,973			2,084,405			387,660			1,406,754
Interest			117			—			728			1,121
Foreign tax reclaims			19,972			8,315,796			—			—
Prepaid expenses			10,724			10,090			6,368			9,410
Reimbursement due from Investment Adviser			172,453			429,842			35,909			66,829
Other assets			17,472			77,303			23,780			76,633
Total assets			657,525,615			2,104,922,952			1,077,404,232			1,966,590,729
LIABILITIES:
Payable for investment securities purchased			69,433			—			—			—
Payable for fund shares redeemed			72,491			1,463,421			167,889			715,196
Payable upon receipt of securities loaned			4,082,928			114,535,834			—			—
Variation margin payable on futures contracts			205,256			419,241			8,063			16,125
Payable for investment management fees			194,521			782,425			366,943			581,483
Payable for distribution and shareholder service fees			2			192,271			133,272			358,659
Payable to custodian due to bank overdraft			47,974			121,893			—			—
Payable for directors fees			1,824			5,265			3,210			5,565
Payable to directors under the deferred compensation plan (Note 6)			17,472			77,303			23,780			76,633
Payable for foreign capital gains tax			2,066,688			—			—			—
Other accrued expenses and liabilities			345,716			471,924			281,688			286,806
Total liabilities			7,104,305			118,069,577			984,845			2,040,467
NET ASSETS		$	650,421,310		$	1,986,853,375		$	1,076,419,387		$	1,964,550,262
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	782,900,326		$	1,761,274,883		$	332,803,817		$	1,367,033,850
Total distributable earnings (loss)			(132,479,016)			225,578,492			743,615,570			597,516,412
NET ASSETS		$	650,421,310		$	1,986,853,375		$	1,076,419,387		$	1,964,550,262
+ Including securities loaned at value		$	3,863,539		$	105,900,184		$	—		$	—
* Cost of investments in securities		$	751,105,912		$	1,487,053,352		$	398,215,173		$	1,344,627,776
† Cost of short-term investments		$	15,114,928		$	142,649,834		$	2,037,000		$	3,149,000
‡ Cost of foreign currencies		$	2,985,242		$	263,681		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Emerging Markets Index Portfolio			Voya International Index Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
Class ADV
Net assets			n/a		$	390,656,517		$	7,070		$	127,077,827
Shares authorized			n/a			250,000,000			100,000,000			100,000,000
Par value			n/a		$	0.001		$	0.001		$	0.001
Shares outstanding			n/a			40,242,490			156			4,976,995
Net asset value and redemption price per share			n/a		$	9.71		$	45.41		$	25.53
Class I
Net assets		$	126,040,446		$	530,382,089		$	472,316,362		$	448,138,733
Shares authorized			100,000,000			200,000,000			100,000,000			400,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			12,842,076			53,539,979			10,259,027			17,070,832
Net asset value and redemption price per share		$	9.81		$	9.91		$	46.04		$	26.25
Class P2
Net assets		$	524,370,463		$	940,665,049			n/a			n/a
Shares authorized			100,000,000			300,000,000			n/a			n/a
Par value		$	0.001		$	0.001			n/a			n/a
Shares outstanding			52,082,325			93,293,478			n/a			n/a
Net asset value and redemption price per share		$	10.07		$	10.08			n/a			n/a
Class S
Net assets		$	10,401		$	123,749,818		$	604,095,955		$	1,389,219,852
Shares authorized			100,000,000			100,000,000			100,000,000			200,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,055			12,583,871			13,223,597			53,414,952
Net asset value and redemption price per share		$	9.86		$	9.83		$	45.68		$	26.01
Class S2
Net assets			n/a		$	1,399,902			n/a		$	113,850
Shares authorized			n/a			100,000,000			n/a			100,000,000
Par value			n/a		$	0.001			n/a		$	0.001
Shares outstanding			n/a			142,550			n/a			4,232
Net asset value and redemption price per share			n/a		$	9.82			n/a		$	26.90

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	1,292,930,452		$	931,615,536		$	1,209,798,499		$	877,967,081
Investments in affiliates at fair value**			—			—			773,606			—
Short-term investments at fair value†			881,000			11,474,486			31,375,045			83,794,671
Cash			366,326			387,084			509,560			215,669
Cash collateral for futures contracts			233,200			135,000			243,000			1,438,400
Receivables:
Investment securities sold			12,309,204			860,964			—			—
Fund shares sold			169,796			38,192			164,631			274,922
Dividends			1,451,465			304,769			1,745,201			1,127,154
Interest			802			—			242			—
Foreign tax reclaims			575			351			562			10,259
Prepaid expenses			5,947			4,712			6,629			5,036
Reimbursement due from Investment Adviser			—			30,042			183,614			176,096
Other assets			19,368			18,200			64,584			37,202
Total assets			1,308,368,135			944,869,336			1,244,865,173			965,046,490
LIABILITIES:
Payable for investment securities purchased			10,106,877			—			532,089			—
Payable for fund shares redeemed			446,069			179,565			515,347			44,823
Payable upon receipt of securities loaned			—			9,981,486			27,917,045			64,839,671
Variation margin payable on futures contracts			11,825			13,400			24,120			76,151
Payable for investment management fees			321,314			318,972			431,984			335,330
Payable for distribution and shareholder service fees			260,301			200,970			115,392			103,708
Payable for directors fees			3,441			2,682			3,386			2,445
Payable to directors under the deferred compensation plan (Note 6)			19,368			18,200			64,584			37,202
Other accrued expenses and liabilities			394,875			221,338			389,344			215,941
Total liabilities			11,564,070			10,936,613			29,993,291			65,655,271
NET ASSETS		$	1,296,804,065		$	933,932,723		$	1,214,871,882		$	899,391,219
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,086,167,619		$	1,065,201,114		$	572,104,538		$	657,568,648
Total distributable earnings (loss)			210,636,446			(131,268,391)			642,767,344			241,822,571
NET ASSETS		$	1,296,804,065		$	933,932,723		$	1,214,871,882		$	899,391,219
+ Including securities loaned at value		$	—		$	9,681,249		$	27,105,587		$	62,499,571
* Cost of investments in securities		$	1,093,008,444		$	928,445,746		$	662,856,117		$	658,284,755
** Cost of investments in affiliates		$	—		$	—		$	340,144		$	—
† Cost of short-term investments		$	881,000		$	11,474,486		$	31,375,045		$	83,794,671

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
Class ADV
Net assets		$	5,122			n/a		$	167,537,007		$	98,126,596
Shares authorized			100,000,000			n/a			100,000,000			100,000,000
Par value		$	0.001			n/a		$	0.001		$	0.001
Shares outstanding			196			n/a			16,465,834			8,139,848
Net asset value and redemption price per share		$	26.10			n/a		$	10.17		$	12.06
Class I
Net assets		$	86,683,361		$	16,213,451		$	591,368,727		$	217,486,962
Shares authorized			100,000,000			100,000,000			300,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			3,284,941			515,446			54,663,931			17,240,486
Net asset value and redemption price per share		$	26.39		$	31.46		$	10.82		$	12.61
Class P2
Net assets			n/a			n/a		$	264,516,121		$	306,937,490
Shares authorized			n/a			n/a			100,000,000			100,000,000
Par value			n/a			n/a		$	0.001		$	0.001
Shares outstanding			n/a			n/a			23,987,722			23,934,665
Net asset value and redemption price per share			n/a			n/a		$	11.03		$	12.82
Class S
Net assets		$	1,210,115,582		$	916,042,896		$	184,295,021		$	271,895,012
Shares authorized			200,000,000			100,000,000			100,000,000			100,000,000
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			46,334,632			29,345,062			17,376,058			21,813,184
Net asset value and redemption price per share		$	26.12		$	31.22		$	10.61		$	12.46
Class S2
Net assets			n/a		$	1,676,376		$	7,155,006		$	4,945,159
Shares authorized			n/a			100,000,000			100,000,000			100,000,000
Par value			n/a		$	0.001		$	0.001		$	0.001
Shares outstanding			n/a			54,011			691,374			405,846
Net asset value and redemption price per share			n/a		$	31.04		$	10.35		$	12.18

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2022

	Voya U.S. Bond Index Portfolio
ASSETS:
Investments in securities at fair value+*		$	2,843,001,799
Short-term investments at fair value†			483,198,004
Cash			191,561
Cash collateral for futures contracts			1,458,245
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)			1,567,809
Receivables:
Investment securities sold			109,375,977
Investment securities sold on a delayed-delivery or when-issued basis			1,640,982
Fund shares sold			541,623
Dividends			88,994
Interest			14,243,986
Prepaid expenses			14,477
Reimbursement due from Investment Adviser			284,145
Other assets			133,987
Total assets			3,455,741,589
LIABILITIES:
Payable for investment securities purchased			480,553,099
Payable for investment securities purchased on a delayed-delivery or when-issued basis			117,353,438
Payable for fund shares redeemed			598,922
Payable upon receipt of securities loaned			45,060,882
Variation margin payable on futures contracts			70,874
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)			23,000
Payable for investment management fees			852,841
Payable for distribution and shareholder service fees			38,125
Payable for directors fees			7,434
Payable to directors under the deferred compensation plan (Note 6)			133,987
Other accrued expenses and liabilities			151,313
Total liabilities			644,843,915
NET ASSETS		$	2,810,897,674
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	3,230,596,833
Total distributable loss			(419,699,159)
NET ASSETS		$	2,810,897,674
+ Including securities loaned at value		$	43,869,164
* Cost of investments in securities		$	3,049,600,587
† Cost of short-term investments		$	483,227,898

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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

	Voya U.S. Bond Index Portfolio
Class ADV
Net assets		$	19,964,709
Shares authorized			100,000,000
Par value		$	0.001
Shares outstanding			2,196,618
Net asset value and redemption price per share		$	9.09
Class I
Net assets		$	1,300,763,600
Shares authorized			700,000,000
Par value		$	0.001
Shares outstanding			142,538,306
Net asset value and redemption price per share		$	9.13
Class P2
Net assets		$	1,353,048,904
Shares authorized			300,000,000
Par value		$	0.001
Shares outstanding			148,381,842
Net asset value and redemption price per share		$	9.12
Class S
Net assets		$	136,210,419
Shares authorized			100,000,000
Par value		$	0.001
Shares outstanding			14,969,035
Net asset value and redemption price per share		$	9.10
Class S2
Net assets		$	910,042
Shares authorized			100,000,000
Par value		$	0.001
Shares outstanding			99,983
Net asset value and redemption price per share		$	9.10

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya Emerging Markets Index Portfolio			Voya International Index Portfolio			Voya Russell™ Large Cap Growth Index Portfolio			Voya Russell™ Large Cap Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	22,040,203		$	67,341,046		$	12,766,288		$	35,171,920
Interest			13,219			13,349			4,516			5,606
Securities lending income, net			92,197			588,337			2,093			13,656
Total investment income			22,145,619			67,942,732			12,772,897			35,191,182
EXPENSES:
Investment management fees			4,743,178			9,438,782			6,206,325			7,498,169
Distribution and shareholder service fees:
Class ADV			—			2,043,128			40			703,563
Class S			26			240,976			1,820,691			4,003,715
Class S2			—			5,295			—			565
Transfer agent fees:
Class ADV			—			108,771			4			29,767
Class I			714			140,831			160,522			102,261
Class P2			1,016			2,393			—			—
Class S			—			27,937			210,028			338,773
Class S2			—			355			—			30
Shareholder reporting expense			2,640			35,373			47,700			28,730
Professional fees			70,055			87,920			61,195			84,980
Custody and accounting expense			984,343			617,200			159,125			249,080
Directors fees			18,243			52,642			32,100			55,643
Licensing fee (Note 7)			218,911			631,690			156,593			250,778
Miscellaneous expense			50,365			89,161			66,407			84,506
Interest expense			14,720			38,386			334			820
Total expenses			6,104,211			13,560,840			8,921,064			13,431,380
Waived and reimbursed fees			(4,236,338)			(5,055,125)			(1,547,480)			(668,453)
Net expenses			1,867,873			8,505,715			7,373,584			12,762,927
Net investment income			20,277,746			59,437,017			5,399,313			22,428,255
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)			(12,339,041)			(73,256,011)			64,708,739			(35,431,755)
Forward foreign currency contracts			73,500			(113,826)			—			—
Foreign currency related transactions			(973,348)			(879,487)			—			—
Futures			(3,572,950)			(7,247,886)			(629,472)			(1,138,009)
Net realized gain (loss)			(16,811,839)			(81,497,210)			64,079,267			(36,569,764)
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)			(197,721,442)			(330,359,596)			(561,338,964)			(522,179,301)
Forward foreign currency contracts			1,179			—			—			—
Foreign currency related transactions			37,139			(360,718)			—			—
Futures			(214,677)			(1,028,125)			(163,413)			(310,129)
Net change in unrealized appreciation (depreciation)			(197,897,801)			(331,748,439)			(561,502,377)			(522,489,430)
Net realized and unrealized loss			(214,709,640)			(413,245,649)			(497,423,110)			(559,059,194)
Decrease in net assets resulting from operations		$	(194,431,894)		$	(353,808,632)		$	(492,023,797)		$	(536,630,939)
* Foreign taxes withheld		$	2,658,323		$	6,195,538		$	1,699		$	5,312
^ Foreign capital gains taxes withheld		$	1,555,462		$	—		$	—		$	—
# Change in foreign capital gains taxes accrued		$	1,906,456		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

		Voya Russell™ Large Cap Value Index Portfolio			Voya Russell™ Mid Cap Growth Index Portfolio			Voya Russell™ Mid Cap Index Portfolio			Voya Russell™ Small Cap Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*			$	31,818,807		$	8,584,378		$	21,137,855		$	13,252,413
Dividends from affiliates				—			—			11,295			—
Interest				8,400			5,753			15,155			18,228
Securities lending income, net				16,753			294,864			423,331			1,284,155
Total investment income				31,843,960			8,884,995			21,587,636			14,554,796
EXPENSES:
Investment management fees				5,317,714			5,231,653			5,552,909			4,200,870
Distribution and shareholder service fees:
Class ADV				26			—			915,861			541,596
Class S				3,216,360			2,633,648			508,790			779,770
Class S2				—			7,172			32,834			21,673
Transfer agent fees:
Class ADV				—			—			148,162			105,704
Class I				9,083			741			551,584			229,866
Class P2				—			—			418			493
Class S				129,595			44,176			164,407			302,868
Class S2				—			74			6,604			5,282
Shareholder reporting expense				96,875			17,635			28,625			26,355
Professional fees				130,850			41,254			56,000			46,860
Custody and accounting expense				175,700			146,922			157,095			143,040
Directors fees				34,412			26,823			33,859			24,450
Licensing fee (Note 7)				165,845			135,485			163,632			125,993
Miscellaneous expense				108,465			47,443			73,347			61,356
Interest expense				796			1,757			469			—
Total expenses				9,385,721			8,334,783			8,394,596			6,616,176
Waived and reimbursed fees				(1,376,481)			(1,376,150)			(2,170,726)			(1,801,498)
Net expenses	��			8,009,240			6,958,633			6,223,870			4,814,678
Net investment income				23,834,720			1,926,362			15,363,766			9,740,118
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments				(3,695,714)			(131,460,782)			89,961,151			33,131,741
Sale of investments in affiliates				—			—			100,986			—
Foreign currency related transactions				—			—			—			7
Futures				(797,929)			(384,914)			(519,435)			(4,794,991)
Net realized gain (loss)				(4,493,643)			(131,845,696)			89,542,702			28,336,757
Net change in unrealized appreciation (depreciation) on:
Investments				(107,707,408)			(263,168,971)			(394,271,152)			(277,543,643)
Affiliates				—			—			(175,799)			—
Futures				(217,906)			(144,829)			(261,038)			(862,688)
Net change in unrealized appreciation (depreciation)				(107,925,314)			(263,313,800)			(394,707,989)			(278,406,331)
Net realized and unrealized loss				(112,418,957)			(395,159,496)			(305,165,287)			(250,069,574)
Decrease in net assets resulting from operations			$	(88,584,237)		$	(393,233,134)		$	(289,801,521)		$	(240,329,456)
* Foreign taxes withheld			$	5,079		$	1,473		$	7,575		$	19,321

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the year ended December 31, 2022

	Voya U.S. Bond Index Portfolio
INVESTMENT INCOME:
Dividends		$	307,303
Interest			84,872,454
Securities lending income, net			1,251,046
Total investment income			86,430,803
EXPENSES:
Investment management fees			10,512,671
Distribution and shareholder service fees:
Class ADV			110,138
Class S			372,021
Class S2			3,755
Transfer agent fees:
Class ADV			1,064
Class I			69,929
Class P2			1,670
Class S			7,201
Class S2			45
Shareholder reporting expense			14,600
Professional fees			121,390
Custody and accounting expense			315,072
Directors fees			74,339
Miscellaneous expense			149,897
Total expenses			11,753,792
Waived and reimbursed fees			(3,355,555)
Net expenses			8,398,237
Net investment income			78,032,566
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(205,554,953)
Futures			11,098,090
Swaps			(24,823)
Net realized loss			(194,481,686)
Net change in unrealized appreciation (depreciation) on:
Investments			(324,179,575)
Futures			(109,871)
Swaps			30,900
Net change in unrealized appreciation (depreciation)			(324,258,546)
Net realized and unrealized loss			(518,740,232)
Decrease in net assets resulting from operations		$	(440,707,666)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Emerging Markets Index Portfolio						Voya International Index Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	20,277,746		$	16,376,484		$	59,437,017		$	52,692,610
Net realized gain (loss)			(16,811,839)			31,703,112			(81,497,210)			9,490,875
Net change in unrealized appreciation (depreciation)			(197,897,801)			(77,674,918)			(331,748,439)			189,722,715
Increase (decrease) in net assets resulting from operations			(194,431,894)			(29,595,322)			(353,808,632)			251,906,200
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(11,994,066)			(8,487,432)
Class I			(12,544,359)			(2,268,361)			(16,731,055)			(11,937,715)
Class P2			(31,943,320)			(6,354,916)			(40,212,938)			(26,065,167)
Class S			(539)			(97)			(2,292,745)			(1,478,337)
Class S2			—			—			(40,311)			(21,515)
Total distributions			(44,488,218)			(8,623,374)			(71,271,115)			(47,990,166)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			345,128,712			331,715,584			446,718,218			270,119,109
Proceeds from shares issued in merger (Note 15)			—			—			150,216,244			—
Reinvestment of distributions			44,488,037			8,623,337			71,271,115			47,990,166
			389,616,749			340,338,921			668,205,577			318,109,275
Cost of shares redeemed			(313,782,822)			(283,969,983)			(602,711,147)			(485,741,273)
Net increase (decrease) in net assets resulting from capital share transactions			75,833,927			56,368,938			65,494,430			(167,631,998)
Net increase (decrease) in net assets			(163,086,185)			18,150,242			(359,585,317)			36,284,036
NET ASSETS:
Beginning of year or period			813,507,495			795,357,253			2,346,438,692			2,310,154,656
End of year or period		$	650,421,310		$	813,507,495		$	1,986,853,375		$	2,346,438,692

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Large Cap Growth Index Portfolio						Voya Russell™ Large Cap Index Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	5,399,313		$	3,355,496		$	22,428,255		$	12,911,219
Net realized gain (loss)			64,079,267			109,572,332			(36,569,764)			85,833,439
Net change in unrealized appreciation (depreciation)			(561,502,377)			300,965,178			(522,489,430)			292,753,577
Increase (decrease) in net assets resulting from operations			(492,023,797)			413,893,006			(536,630,939)			391,498,235
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(695)			(53)			(5,899,456)			(6,149,333)
Class I			(49,628,386)			(6,115,054)			(21,862,968)			(25,822,923)
Class S			(63,384,350)			(6,885,357)			(71,354,687)			(31,173,865)
Class S2			—			—			(5,730)			(11,719)
Total distributions			(113,013,431)			(13,000,464)			(99,122,841)			(63,157,840)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			46,793,952			72,021,458			60,864,125			1,435,709,303
Reinvestment of distributions			113,013,431			13,000,464			99,122,841			63,157,840
			159,807,383			85,021,922			159,986,966			1,498,867,143
Cost of shares redeemed			(177,136,347)			(253,842,382)			(294,710,745)			(253,545,660)
Net increase (decrease) in net assets resulting from capital share transactions			(17,328,964)			(168,820,460)			(134,723,779)			1,245,321,483
Net increase (decrease) in net assets			(622,366,192)			232,072,082			(770,477,559)			1,573,661,878
NET ASSETS:
Beginning of year or period			1,698,785,579			1,466,713,497			2,735,027,821			1,161,365,943
End of year or period		$	1,076,419,387		$	1,698,785,579		$	1,964,550,262		$	2,735,027,821

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Large Cap Value Index Portfolio						Voya Russell™ Mid Cap Growth Index Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	23,834,720		$	16,760,391		$	1,926,362		$	(921,446)
Net realized gain (loss)			(4,493,643)			47,358,231			(131,845,696)			107,092,397
Net change in unrealized appreciation (depreciation)			(107,925,314)			143,678,762			(263,313,800)			(39,840,785)
Increase (decrease) in net assets resulting from operations			(88,584,237)			207,797,384			(393,233,134)			66,330,166
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(44)			(85)			—			—
Class I			(1,211,722)			(2,022,225)			(1,757,478)			(879,739)
Class S			(15,328,430)			(15,518,493)			(107,754,474)			(21,929,351)
Class S2			—			—			(182,723)			(76,005)
Total distributions			(16,540,196)			(17,540,803)			(109,694,675)			(22,885,095)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			23,486,977			660,730,602			11,496,327			915,934,449
Reinvestment of distributions			16,540,196			17,540,803			109,694,675			22,885,095
			40,027,173			678,271,405			121,191,002			938,819,544
Cost of shares redeemed			(194,213,079)			(177,715,486)			(175,213,454)			(181,677,038)
Net increase (decrease) in net assets resulting from capital share transactions			(154,185,906)			500,555,919			(54,022,452)			757,142,506
Net increase (decrease) in net assets			(259,310,339)			690,812,500			(556,950,261)			800,587,577
NET ASSETS:
Beginning of year or period			1,556,114,404			865,301,904			1,490,882,984			690,295,407
End of year or period		$	1,296,804,065		$	1,556,114,404		$	933,932,723		$	1,490,882,984

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Russell™ Mid Cap Index Portfolio						Voya Russell™ Small Cap Index Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	15,363,766		$	13,818,042		$	9,740,118		$	7,043,679
Net realized gain			89,542,702			111,318,306			28,336,757			96,941,859
Net change in unrealized appreciation (depreciation)			(394,707,989)			185,398,725			(278,406,331)			44,970,910
Increase (decrease) in net assets resulting from operations			(289,801,521)			310,535,073			(240,329,456)			148,956,448
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(16,553,124)			(21,636,582)			(9,998,701)			(402,726)
Class I			(64,413,331)			(77,276,322)			(22,345,692)			(1,694,311)
Class P2			(24,217,584)			(40,543,843)			(29,585,736)			(2,559,370)
Class S			(18,168,027)			(26,697,056)			(28,658,419)			(2,061,604)
Class S2			(767,708)			(1,139,987)			(486,190)			(26,399)
Total distributions			(124,119,774)			(167,293,790)			(91,074,738)			(6,744,410)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			108,037,275			370,686,532			143,134,459			386,310,290
Reinvestment of distributions			124,119,774			167,293,790			91,074,738			6,744,410
			232,157,049			537,980,322			234,209,197			393,054,700
Cost of shares redeemed			(253,079,281)			(427,003,212)			(156,044,694)			(466,266,070)
Net increase (decrease) in net assets resulting from capital share transactions			(20,922,232)			110,977,110			78,164,503			(73,211,370)
Net increase (decrease) in net assets			(434,843,527)			254,218,393			(253,239,691)			69,000,668
NET ASSETS:
Beginning of year or period			1,649,715,409			1,395,497,016			1,152,630,910			1,083,630,242
End of year or period		$	1,214,871,882		$	1,649,715,409		$	899,391,219		$	1,152,630,910

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya U.S. Bond Index Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	78,032,566		$	51,246,285
Net realized loss			(194,481,686)			(17,329,759)
Net change in unrealized appreciation (depreciation)			(324,258,546)			(91,882,084)
Decrease in net assets resulting from operations			(440,707,666)			(57,965,558)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(382,044)			(751,928)
Class I			(32,112,300)			(57,512,797)
Class P2			(34,041,368)			(52,645,986)
Class S			(2,949,162)			(5,682,253)
Class S2			(17,187)			(40,440)
Total distributions			(69,502,061)			(116,633,404)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			871,998,669			811,265,760
Reinvestment of distributions			69,493,092			116,622,106
			941,491,761			927,887,866
Cost of shares redeemed			(916,578,826)			(885,591,204)
Net increase in net assets resulting from capital share transactions			24,912,935			42,296,662
Net decrease in net assets			(485,296,792)			(132,302,300)
NET ASSETS:
Beginning of year or period			3,296,194,466			3,428,496,766
End of year or period		$	2,810,897,674		$	3,296,194,466

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 Emerging Markets Index Portfolio
Class I
12-31-22		13.18		0.26•		(3.01)		(2.75)		0.23		0.39		—			0.62		—		9.81			(20.90)		0.84		0.57		0.57		2.38		126,040		33
12-31-21		13.81		0.23•		(0.73)		(0.50)		0.13		—		—			0.13		—		13.18			(3.65)		0.78		0.51		0.51		1.66		256,340		21
12-31-20		12.24		0.18•		1.79		1.97		0.40		—		—			0.40		—		13.81			17.58		0.80		0.53		0.53		1.56		250,721		27
12-31-19		10.66		0.21•		1.65		1.86		0.28		—		—			0.28		—		12.24			17.76		0.87		0.60		0.60		1.88		321,682		20
12-31-18		12.85		0.25		(2.14)		(1.89)		0.30		—		—			0.30		—		10.66			(15.07)		0.81		0.54		0.54		2.05		499,268		12
Class P2
12-31-22		13.44		0.32•		(3.07)		(2.75)		0.23		0.39		—			0.62		—		10.07			(20.48)		0.84		0.15		0.15		2.91		524,370		33
12-31-21		14.04		0.29•		(0.76)		(0.47)		0.13		—		—			0.13		—		13.44		��	(3.37)		0.78		0.15		0.15		2.03		557,155		21
12-31-20		12.39		0.22•		1.83		2.05		0.40		—		—			0.40		—		14.04			17.95		0.80		0.15		0.15		1.90		544,632		27
12-31-19		10.74		0.29•		1.64		1.93		0.28		—		—			0.28		—		12.39			18.29		0.87		0.16		0.16		2.49		303,648		20
12-31-18		12.88		0.29•		(2.13)		(1.84)		0.30		—		—			0.30		—		10.74			(14.64)		0.81		0.15		0.15		2.44		271,954		12
Class S
12-31-22		13.24		0.23•		(3.01)		(2.78)		0.21		0.39		—			0.60		—		9.86			(21.07)		1.09		0.82		0.82		2.16		10		33
12-31-21		13.90		0.22•		(0.76)		(0.54)		0.12		—		—			0.12		—		13.24			(3.91)		1.03		0.76		0.76		1.55		12		21
12-31-20		12.31		0.15•		1.81		1.96		0.37		—		—			0.37		—		13.90			17.27		1.05		0.78		0.78		1.30		4		27
12-31-19		10.71		0.21		1.64		1.85		0.25		—		—			0.25		—		12.31			17.55		1.12		0.85		0.85		1.83		4		20
12-31-18		12.91		0.21		(2.14)		(1.93)		0.27		—		—			0.27		—		10.71			(15.26)		1.06		0.79		0.79		1.71		3		12
Voya International Index Portfolio
Class ADV
12-31-22		11.79		0.22•		(2.00)		(1.78)		0.30		—		—	��		0.30		—		9.71			(15.03)		1.05		0.94		0.94		2.27		390,657		17
12-31-21		10.86		0.19•		0.93		1.12		0.19		—		—			0.19		—		11.79			10.41		1.04		0.94		0.94		1.63		490,645		4
12-31-20		10.39		0.16		0.53		0.69		0.22		—		—			0.22		—		10.86			7.28		1.04		0.95		0.95		1.43		508,888		12
12-31-19		8.83		0.23•		1.58		1.81		0.25		—		—			0.25		—		10.39			20.86		1.03		0.94		0.94		2.39		542,257		15
12-31-18		10.51		0.21•		(1.66)		(1.45)		0.23		—		—			0.23		—		8.83			(14.11)		1.04		0.94		0.94		2.11		524,307		3
Class I
12-31-22		12.04		0.27•		(2.04)		(1.77)		0.36		—		—			0.36		—		9.91			(14.59)		0.55		0.45		0.45		2.70		530,382		17
12-31-21		11.09		0.25•		0.94		1.19		0.24		—		—			0.24		—		12.04			10.86		0.54		0.45		0.45		2.11		564,827		4
12-31-20		10.61		0.21		0.54		0.75		0.27		—		—			0.27		—		11.09			7.90		0.54		0.46		0.46		1.98		580,413		12
12-31-19		9.02		0.24•		1.66		1.90		0.31		—		—			0.31		—		10.61			21.44		0.53		0.45		0.45		2.38		700,568		15
12-31-18		10.74		0.26•		(1.69)		(1.43)		0.29		—		—			0.29		—		9.02			(13.73)		0.54		0.45		0.45		2.58		299,378		3
Class P2
12-31-22		12.22		0.32•		(2.10)		(1.78)		0.36		—		—			0.36		—		10.08			(14.43)		0.52		0.15		0.15		3.14		940,665		17
12-31-21		11.21		0.29•		0.97		1.26		0.25		—		—			0.25		—		12.22			11.31		0.52		0.15		0.15		2.43		1,210,240		4
12-31-20		10.70		0.22•		0.56		0.78		0.27		—		—			0.27		—		11.21			8.13		0.52		0.16		0.16		2.24		1,143,697		12
12-31-19		9.07		0.31•		1.63		1.94		0.31		—		—			0.31		—		10.70			21.78		0.53		0.15		0.15		3.10		1,011,708		15
12-31-18		10.76		0.29•		(1.69)		(1.40)		0.29		—		—			0.29		—		9.07			(13.42)		0.54		0.15		0.15		2.84		708,457		3

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 International Index Portfolio (continued)
Class S
12-31-22		11.95		0.22•		(2.01)		(1.79)		0.33		—		—		0.33		—		9.83		(14.87)		0.80		0.70		0.70		2.26		123,750		17
12-31-21		11.01		0.22•		0.94		1.16		0.22		—		—		0.22		—		11.95		10.62		0.79		0.70		0.70		1.87		79,437		4
12-31-20		10.53		0.18		0.54		0.72		0.24		—		—		0.24		—		11.01		7.62		0.79		0.71		0.71		1.66		75,948		12
12-31-19		8.96		0.27		1.58		1.85		0.28		—		—		0.28		—		10.53		21.04		0.78		0.70		0.70		2.60		77,950		15
12-31-18		10.66		0.24		(1.68)		(1.44)		0.26		—		—		0.26		—		8.96		(13.86)		0.79		0.70		0.70		2.33		68,720		3
Class S2
12-31-22		11.94		0.24•		(2.04)		(1.80)		0.32		—		—		0.32		—		9.82		(14.98)		0.95		0.85		0.85		2.40		1,400		17
12-31-21		11.00		0.20•		0.94		1.14		0.20		—		—		0.20		—		11.94		10.49		0.94		0.85		0.85		1.72		1,290		4
12-31-20		10.51		0.15		0.56		0.71		0.22		—		—		0.22		—		11.00		7.40		0.94		0.86		0.86		1.49		1,209		12
12-31-19		8.94		0.25•		1.59		1.84		0.27		—		—		0.27		—		10.51		20.93		0.93		0.85		0.85		2.57		1,136		15
12-31-18		10.65		0.22•		(1.68)		(1.46)		0.25		—		—		0.25		—		8.94		(14.07)		0.94		0.85		0.85		2.19		1,289		3
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV
12-31-22		71.86		0.04•		(21.57)		(21.53)		—		4.92		—		4.92		—		45.41		(30.40)		1.05		0.93		0.93		0.07		7		21
12-31-21		55.65		(0.08)•		16.67		16.59		0.10		0.28		—		0.38		—		71.86		29.98		1.04		0.93		0.93		(0.14)		10		22
12-31-20		42.54		0.06		15.22		15.28		0.10		2.07		—		2.17		—		55.65		37.80		1.05		0.93		0.93		0.15		8		13
12-31-19		33.18		0.17•		11.14		11.31		0.20		1.75		—		1.95		—		42.54		35.19		1.04		0.93		0.93		0.45		6		19
12-31-18		35.05		0.17		(0.57)		(0.40)		0.23		1.24		—		1.47		—		33.18		(1.44)		1.03		0.93		0.93		0.49		4		9
Class I
12-31-22		72.73		0.31•		(21.83)		(21.52)		0.25		4.92		—		5.17		—		46.04		(30.03)		0.55		0.43		0.43		0.56		472,316		21
12-31-21		56.25		0.23•		16.85		17.08		0.32		0.28		—		0.60		—		72.73		30.67		0.54		0.43		0.43		0.36		722,412		22
12-31-20		42.96		0.31		15.33		15.64		0.28		2.07		—		2.35		—		56.25		38.47		0.55		0.43		0.43		0.65		590,681		13
12-31-19		33.49		0.36		11.24		11.60		0.38		1.75		—		2.13		—		42.96		35.84		0.54		0.43		0.43		0.96		446,528		19
12-31-18		35.35		0.37•		(0.60)		(0.23)		0.39		1.24		—		1.63		—		33.49		(0.97)		0.53		0.43		0.43		1.00		329,022		9
Class S
12-31-22		72.15		0.17•		(21.65)		(21.48)		0.07		4.92		—		4.99		—		45.68		(30.21)		0.80		0.68		0.68		0.31		604,096		21
12-31-21		55.81		0.07•		16.75		16.82		0.20		0.28		—		0.48		—		72.15		30.36		0.79		0.68		0.68		0.11		976,363		22
12-31-20		42.68		0.21		15.21		15.42		0.22		2.07		—		2.29		—		55.81		38.13		0.80		0.68		0.68		0.40		876,025		13
12-31-19		33.29		0.26•		11.16		11.42		0.28		1.75		—		2.03		—		42.68		35.47		0.79		0.68		0.68		0.69		700,395		19
12-31-18		35.15		0.27•		(0.59)		(0.32)		0.30		1.24		—		1.54		—		33.29		(1.21)		0.78		0.68		0.68		0.75		321,604		9
Voya Russell™ Large Cap Index Portfolio
Class ADV
12-31-22		33.57		0.20•		(7.04)		(6.84)		0.07		1.13		—		1.20		—		25.53		(20.48)		0.89		0.86		0.86		0.72		127,078		13
12-31-21		27.91		0.16•		7.04		7.20		0.25		1.29		—		1.54		—		33.57		26.81		0.92		0.86		0.86		0.53		163,976		23
12-31-20		24.38		0.22•		4.56		4.78		0.29		0.96		—		1.25		—		27.91		21.24		0.94		0.86		0.86		0.90		105,733		6
12-31-19		19.55		0.26•		5.57		5.83		0.30		0.70		—		1.00		—		24.38		30.66		0.89		0.86		0.86		1.16		78,254		5
12-31-18		20.60		0.24•		(1.03)		(0.79)		0.26		—		—		0.26		—		19.55		(3.92)		0.88		0.86		0.86		1.13		54,275		5

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 Russell™ Large Cap Index Portfolio (continued)
Class I
12-31-22		34.46		0.35•		(7.23)		(6.88)		0.20		1.13		—		1.33		—		26.25		(20.07)		0.39		0.36		0.36			1.22		448,139		13
12-31-21		28.58		0.32•		7.21		7.53		0.36		1.29		—		1.65		—		34.46		27.41		0.42		0.36		0.36			1.03		565,026		23
12-31-20		24.92		0.34•		4.67		5.01		0.39		0.96		—		1.35		—		28.58		21.86		0.44		0.36		0.36	��		1.39		457,743		6
12-31-19		19.94		0.36		5.70		6.06		0.38		0.70		—		1.08		—		24.92		31.34		0.39		0.36		0.36			1.66		347,630		5
12-31-18		20.99		0.35•		(1.05)		(0.70)		0.35		—		—		0.35		—		19.94		(3.46)		0.38		0.36		0.36			1.62		260,309		5
Class S
12-31-22		34.20		0.28•		(7.18)		(6.90)		0.16		1.13		—		1.29		—		26.01		(20.26)		0.64		0.61		0.61			0.97		1,389,220		13
12-31-21		28.37		0.24•		7.17		7.41		0.29		1.29		—		1.58		—		34.20		27.13		0.67		0.61		0.61			0.78		2,005,750		23
12-31-20		24.73		0.28•		4.64		4.92		0.32		0.96		—		1.28		—		28.37		21.58		0.69		0.61		0.61			1.16		596,783		6
12-31-19		19.80		0.32•		5.63		5.95		0.32		0.70		—		1.02		—		24.73		30.96		0.64		0.61		0.61			1.42		592,415		5
12-31-18		20.84		0.29•		(1.04)		(0.75)		0.29		—		—		0.29		—		19.80		(3.69)		0.63		0.61		0.61			1.37		516,424		5
Class S2
12-31-22		35.29		0.24•		(7.41)		(7.17)		0.09		1.13		—		1.22		—		26.90		(20.40)		0.79		0.76		0.76			0.79		114		13
12-31-21		29.26		0.21•		7.38		7.59		0.27		1.29		—		1.56		—		35.29		26.92		0.82		0.76		0.76			0.66		276		23
12-31-20		25.47		0.25•		4.79		5.04		0.29		0.96		—		1.25		—		29.26		21.37		0.84		0.76		0.76			0.99		1,107		6
12-31-19		20.35		0.29•		5.81		6.10		0.28		0.70		—		0.98		—		25.47		30.80		0.79		0.76		0.76			1.26		1,012		5
12-31-18		21.38		0.27•		(1.07)		(0.80)		0.23		—		—		0.23		—		20.35		(3.81)		0.78		0.76		0.76			1.22		779		5
Voya Russell™ Large Cap Value Index Portfolio
Class ADV
12-31-22		28.00		0.38•		(2.05)		(1.67)		0.23		—		—		0.23		—		26.10		(5.96)		0.95		0.85		0.85			1.47		5		26
12-31-21		23.26		0.35•		4.83		5.18		0.44		—		—		0.44		—		28.00		22.44		0.95		0.85		0.85			1.34		5		39
12-31-20		23.99		0.39•		(0.35)		0.04		0.12		0.65		—		0.77		—		23.26		1.00		0.95		0.85		0.85			1.87		4		19
12-31-19		20.34		0.40		4.57		4.97		0.45		0.87		—		1.32		—		23.99		25.30		1.01		0.91		0.91			1.87		4		24
12-31-18		23.13		0.38		(1.96)		(1.58)		0.44		0.77		—		1.21		—		20.34		(7.18)		1.01		0.91		0.91			1.73		4		14
Class I
12-31-22		28.31		0.52•		(2.08)		(1.56)		0.36		—		—		0.36		—		26.39		(5.48)		0.45		0.35		0.35			1.97		86,683		26
12-31-21		23.50		0.48•		4.88		5.36		0.55		—		—		0.55		—		28.31		22.99		0.45		0.35		0.35			1.83		99,517		39
12-31-20		24.26		0.50•		(0.37)		0.13		0.24		0.65		—		0.89		—		23.50		1.48		0.45		0.35		0.35			2.37		88,235		19
12-31-19		20.57		0.53•		4.60		5.13		0.57		0.87		—		1.44		—		24.26		25.92		0.51		0.41		0.41			2.38		97,086		24
12-31-18		23.34		0.50•		(1.97)		(1.47)		0.53		0.77		—		1.30		—		20.57		(6.62)		0.51		0.41		0.41			2.24		85,885		14
Class S
12-31-22		28.04		0.45•		(2.06)		(1.61)		0.31		—		—		0.31		—		26.12		(5.71)		0.70		0.60		0.60			1.72		1,210,116		26
12-31-21		23.28		0.41•		4.84		5.25		0.49		—		—		0.49		—		28.04		22.72		0.70		0.60		0.60			1.58		1,456,592		39
12-31-20		24.08		0.45•		(0.38)		0.07		0.22		0.65		—		0.87		—		23.28		1.20		0.70		0.60		0.60			2.13		777,063		19
12-31-19		20.42		0.46•		4.58		5.04		0.51		0.87		—		1.38		—		24.08		25.61		0.76		0.66		0.66			2.05		894,317		24
12-31-18		23.17		0.45•		(1.96)		(1.51)		0.47		0.77		—		1.24		—		20.42		(6.85)		0.76		0.66		0.66			1.99		265,120		14

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 Russell™ Mid Cap Growth Index Portfolio
Class I
12-31-22		48.49		0.15•		(13.40)		(13.25)		—		3.78		—		3.78		—		31.46		(26.97)		0.53		0.40		0.40		0.43		16,213		38
12-31-21		44.95		0.04•		5.22		5.26		0.11		1.61		—		1.72		—		48.49		12.29		0.54		0.40		0.40		0.09		24,089		63
12-31-20		35.97		0.10		11.35		11.45		0.11		2.36		—		2.47		—		44.95		34.83		0.55		0.40		0.40		0.26		32,555		35
12-31-19		29.71		0.18•		9.69		9.87		0.29		3.32		—		3.61		—		35.97		34.87		0.54		0.40		0.40		0.52		22,121		38
12-31-18		35.21		0.27•		(1.68)		(1.41)		0.23		3.86		—		4.09		—		29.71		(5.14)		0.53		0.40		0.40		0.78		15,151		31
Class S
12-31-22		48.28		0.06•		(13.34)		(13.28)		—		3.78		—		3.78		—		31.22		(27.16)		0.78		0.65		0.65		0.18		916,043		38
12-31-21		44.76		(0.05)•		5.19		5.14		0.01		1.61		—		1.62		—		48.28		12.03		0.79		0.65		0.65		(0.11)		1,464,517		63
12-31-20		35.86		0.01		11.31		11.32		0.06		2.36		—		2.42		—		44.76		34.52		0.80		0.65		0.65		0.01		655,413		35
12-31-19		29.62		0.10•		9.65		9.75		0.19		3.32		—		3.51		—		35.86		34.53		0.79		0.65		0.65		0.31		586,966		38
12-31-18		35.11		0.19		(1.68)		(1.49)		0.14		3.86		—		4.00		—		29.62		(5.36)		0.78		0.65		0.65		0.53		244,214		31
Class S2
12-31-22		48.10		0.01•		(13.29)		(13.28)		—		3.78		—		3.78		—		31.04		(27.27)		0.93		0.80		0.80		0.03		1,676		38
12-31-21		44.66		(0.14)•		5.19		5.05		—		1.61		—		1.61		—		48.10		11.84		0.94		0.80		0.80		(0.30)		2,277		63
12-31-20		35.77		(0.05)		11.30		11.25		—		2.36		—		2.36		—		44.66		34.31		0.95		0.80		0.80		(0.14)		2,327		35
12-31-19		29.55		0.04		9.65		9.69		0.15		3.32		—		3.47		—		35.77		34.36		0.94		0.80		0.80		0.13		1,859		38
12-31-18		35.05		0.14		(1.68)		(1.54)		0.10		3.86		—		3.96		—		29.55		(5.54)		0.93		0.80		0.80		0.39		1,462		31
Voya Russell™ Mid Cap Index Portfolio
Class ADV
12-31-22		13.70		0.08•		(2.56)		(2.48)		0.06		0.99		—		1.05		—		10.17		(18.07)		1.03		0.90		0.90		0.69		167,537		18
12-31-21		12.59		0.05•		2.51		2.56		0.09		1.36		—		1.45		—		13.70		21.60		1.02		0.90		0.90		0.39		219,999		33
12-31-20		13.08		0.09		1.24		1.33		0.12		1.70		—		1.82		—		12.59		16.01		1.05		0.90		0.90		0.81		188,952		16
12-31-19		12.51		0.10		3.23		3.33		0.16		2.60		—		2.76		—		13.08		29.32		0.95		0.90		0.90		0.86		189,561		8
12-31-18		15.79		0.12		(1.45)		(1.33)		0.15		1.80		—		1.95		—		12.51		(9.80)(a)		0.95		0.91		0.91		0.81(b)		152,323		11
Class I
12-31-22		14.50		0.14•		(2.70)		(2.56)		0.13		0.99		—		1.12		—		10.82		(17.61)		0.53		0.40		0.40		1.19		591,369		18
12-31-21		13.24		0.13•		2.63		2.76		0.14		1.36		—		1.50		—		14.50		22.17		0.52		0.40		0.40		0.89		857,792		33
12-31-20		13.65		0.16		1.31		1.47		0.18		1.70		—		1.88		—		13.24		16.67		0.55		0.40		0.40		1.31		726,726		16
12-31-19		12.96		0.18•		3.34		3.52		0.23		2.60		—		2.83		—		13.65		29.95		0.45		0.40		0.40		1.35		754,716		8
12-31-18		16.28		0.20•		(1.49)		(1.29)		0.23		1.80		—		2.03		—		12.96		(9.31)(a)		0.45		0.41		0.41		1.28(b)		765,511		11
Class P2
12-31-22		14.73		0.17•		(2.74)		(2.57)		0.14		0.99		—		1.13		—		11.03		(17.38)		0.45		0.15		0.15		1.45		264,516		18
12-31-21		13.41		0.16•		2.67		2.83		0.15		1.36		—		1.51		—		14.73		22.46		0.44		0.15		0.15		1.14		306,920		33
12-31-20		13.77		0.18•		1.34		1.52		0.18		1.70		—		1.88		—		13.41		16.91		0.45		0.15		0.15		1.56		226,685		16
12-31-19		13.01		0.21•		3.38		3.59		0.23		2.60		—		2.83		—		13.77		30.43		0.45		0.15		0.15		1.58		183,282		8
12-31-18		16.31		0.24•		(1.51)		(1.27)		0.23		1.80		—		2.03		—		13.01		(9.15)(a)		0.45		0.16		0.16		1.55(b)		180,790		11

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 Russell™ Mid Cap Index Portfolio (continued)
Class S
12-31-22		14.22		0.11•		(2.64)		(2.53)		0.09		0.99		—		1.08		—		10.61		(17.77)		0.78		0.65		0.65		0.94		184,295		18
12-31-21		13.02		0.09•		2.58		2.67		0.11		1.36		—		1.47		—		14.22		21.80		0.77		0.65		0.65		0.64		254,761		33
12-31-20		13.45		0.15		1.27		1.42		0.15		1.70		—		1.85		—		13.02		16.32		0.80		0.65		0.65		1.06		240,792		16
12-31-19		12.79		0.16		3.29		3.45		0.19		2.60		—		2.79		—		13.45		29.74		0.70		0.65		0.65		1.10		275,980		8
12-31-18		16.09		0.16•		(1.48)		(1.32)		0.18		1.80		—		1.98		—		12.79		(9.57)(a)		0.70		0.66		0.66		1.06(b)		250,242		11
Class S2
12-31-22		13.90		0.09•		(2.59)		(2.50)		0.06		0.99		—		1.05		—		10.35		(17.91)		0.93		0.80		0.80		0.78		7,155		18
12-31-21		12.74		0.06•		2.54		2.60		0.08		1.36		—		1.44		—		13.90		21.68		0.92		0.80		0.80		0.48		10,244		33
12-31-20		13.21		0.13		1.23		1.36		0.13		1.70		—		1.83		—		12.74		16.11		0.95		0.80		0.80		0.91		12,343		16
12-31-19		12.60		0.12		3.26		3.38		0.17		2.60		—		2.77		—		13.21		29.56		0.85		0.80		0.80		0.96		14,835		8
12-31-18		15.89		0.13•		(1.46)		(1.33)		0.16		1.80		—		1.96		—		12.60		(9.75)(a)		0.85		0.81		0.81		0.91(b)		12,327		11
Voya Russell™ Small Cap Index Portfolio
Class ADV
12-31-22		16.95		0.07•		(3.66)		(3.59)		0.04		1.26		—		1.30		—		12.06		(21.02)		1.07		0.95		0.95		0.53		98,127		14
12-31-21		14.94		0.02•		2.04		2.06		0.05		—		—		0.05		—		16.95		13.81		1.04		0.95		0.95		0.14		131,976		36
12-31-20		13.75		0.06		2.04		2.10		0.08		0.83		—		0.91		—		14.94		18.93		1.05		0.95		0.95		0.46		113,940		41
12-31-19		12.53		0.07		2.84		2.91		0.09		1.60		—		1.69		—		13.75		24.57		0.98		0.95		0.95		0.54		111,010		22
12-31-18		15.15		0.06		(1.67)		(1.61)		0.10		0.91		—		1.01		—		12.53		(11.68)(c)		0.96		0.96		0.96		0.41(d)		97,210		17
Class I
12-31-22		17.69		0.14•		(3.83)		(3.69)		0.13		1.26		—		1.39		—		12.61		(20.69)		0.57		0.45		0.45		1.04		217,487		14
12-31-21		15.57		0.11•		2.12		2.23		0.11		—		—		0.11		—		17.69		14.34		0.54		0.45		0.45		0.64		274,932		36
12-31-20		14.30		0.13		2.12		2.25		0.15		0.83		—		0.98		—		15.57		19.56		0.55		0.45		0.45		0.97		252,530		41
12-31-19		12.98		0.14•		2.95		3.09		0.17		1.60		—		1.77		—		14.30		25.17		0.48		0.45		0.45		1.04		390,842		22
12-31-18		15.66		0.14•		(1.74)		(1.60)		0.17		0.91		—		1.08		—		12.98		(11.27)(c)		0.46		0.46		0.46		0.90(d)		386,854		17
Class P2
12-31-22		17.92		0.19•		(3.89)		(3.70)		0.14		1.26		—		1.40		—		12.82		(20.45)		0.47		0.15		0.15		1.35		306,937		14
12-31-21		15.73		0.17•		2.14		2.31		0.12		—		—		0.12		—		17.92		14.73		0.46		0.15		0.15		0.97		340,433		36
12-31-20		14.44		0.19•		2.08		2.27		0.15		0.83		—		0.98		—		15.73		19.49		0.47		0.15		0.15		1.42		289,711		41
12-31-19		13.06		0.19•		2.96		3.15		0.17		1.60		—		1.77		—		14.44		25.49		0.48		0.15		0.15		1.36		117,341		22
12-31-18		15.70		0.19•		(1.75)		(1.56)		0.17		0.91		—		1.08		—		13.06		(10.98)(c)		0.46		0.16		0.16		1.18(d)		79,563		17
Class S
12-31-22		17.47		0.11•		(3.79)		(3.68)		0.07		1.26		—		1.33		—		12.46		(20.89)		0.82		0.70		0.70		0.77		271,895		14
12-31-21		15.39		0.07•		2.09		2.16		0.08		—		—		0.08		—		17.47		14.04		0.79		0.70		0.70		0.37		398,676		36
12-31-20		14.15		0.10		2.10		2.20		0.13		0.83		—		0.96		—		15.39		19.34		0.80		0.70		0.70		0.71		420,955		41
12-31-19		12.86		0.11•		2.90		3.01		0.12		1.60		—		1.72		—		14.15		24.77		0.73		0.70		0.70		0.84		429,300		22
12-31-18		15.51		0.10•		(1.71)		(1.61)		0.13		0.91		—		1.04		—		12.86		(11.43)(c)		0.71		0.71		0.71		0.65(d)		191,769		17

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 Russell™ Small Cap Index Portfolio (continued)
Class S2
12-31-22		17.11		0.08•		(3.70)		(3.62)		0.05		1.26		—		1.31		—		12.18		(21.01)		0.97		0.85		0.85		0.63		4,945		14
12-31-21		15.07		0.04•		2.06		2.10		0.06		—		—		0.06		—		17.11		13.95		0.94		0.85		0.85		0.23		6,614		36
12-31-20		13.86		0.09		2.04		2.13		0.09		0.83		—		0.92		—		15.07		19.03		0.95		0.85		0.85		0.56		6,495		41
12-31-19		12.62		0.09		2.86		2.95		0.11		1.60		—		1.71		—		13.86		24.70		0.88		0.85		0.85		0.64		7,379		22
12-31-18		15.24		0.09		(1.70)		(1.61)		0.10		0.91		—		1.01		—		12.62		(11.60)(c)		0.86		0.86		0.86		0.51(d)		6,975		17
Voya U.S. Bond Index Portfolio
Class ADV
12-31-22		10.71		0.20•		(1.65)		(1.45)		0.17		—		—		0.17		—		9.09		(13.60)		0.88		0.86		0.86		2.05		19,965		464
12-31-21		11.27		0.10•		(0.35)		(0.25)		0.12		0.19		—		0.30		—		10.71		(2.29)		0.89		0.88		0.88		0.91		25,037		488
12-31-20		10.85		0.13		0.59		0.72		0.23		0.07		—		0.30		—		11.27		6.69		0.88		0.88		0.88		1.23		30,573		377
12-31-19		10.27		0.21		0.58		0.79		0.21		—		—		0.21		—		10.85		7.69		0.88		0.88		0.88		1.97		26,983		222
12-31-18		10.55		0.20		(0.29)		(0.09)		0.19		—		—		0.19		—		10.27		(0.84)		0.91		0.90		0.90		1.93		27,118		234
Class I
12-31-22		10.75		0.25•		(1.65)		(1.40)		0.22		—		—		0.22		—		9.13		(13.10)		0.38		0.36		0.36		2.54		1,300,764		464
12-31-21		11.32		0.15•		(0.36)		(0.21)		0.17		0.19		—		0.36		—		10.75		(1.87)		0.39		0.38		0.38		1.42		1,682,328		488
12-31-20		10.90		0.20		0.58		0.78		0.29		0.07		—		0.36		—		11.32		7.20		0.38		0.38		0.38		1.73		1,811,026		377
12-31-19		10.31		0.27•		0.58		0.85		0.26		—		—		0.26		—		10.90		8.30		0.38		0.38		0.38		2.48		1,808,834		222
12-31-18		10.59		0.25		(0.29)		(0.04)		0.24		—		—		0.24		—		10.31		(0.33)		0.41		0.40		0.40		2.44		2,146,798		234
Class P2
12-31-22		10.75		0.27•		(1.66)		(1.39)		0.24		—		—		0.24		—		9.12		(12.98)		0.38		0.15		0.15		2.76		1,353,049		464
12-31-21		11.32		0.18•		(0.36)		(0.18)		0.20		0.19		—		0.39		—		10.75		(1.62)		0.38		0.15		0.15		1.64		1,413,117		488
12-31-20		10.90		0.22		0.59		0.81		0.32		0.07		—		0.39		—		11.32		7.47		0.38		0.15		0.15		1.94		1,379,657		377
12-31-19		10.31		0.28		0.60		0.88		0.29		—		—		0.29		—		10.90		8.57		0.38		0.15		0.15		2.70		1,112,415		222
12-31-18		10.59		0.27		(0.28)		(0.01)		0.27		—		—		0.27		—		10.31		(0.08)		0.41		0.15		0.15		2.70		856,890		234
Class S
12-31-22		10.72		0.22•		(1.65)		(1.43)		0.19		—		—		0.19		—		9.10		(13.37)		0.63		0.61		0.61		2.29		136,210		464
12-31-21		11.29		0.13•		(0.37)		(0.24)		0.14		0.19		—		0.33		—		10.72		(2.13)		0.64		0.63		0.63		1.16		174,357		488
12-31-20		10.86		0.16		0.60		0.76		0.26		0.07		—		0.33		—		11.29		7.05		0.63		0.63		0.63		1.47		205,870		377
12-31-19		10.28		0.24		0.57		0.81		0.23		—		—		0.23		—		10.86		7.95		0.63		0.63		0.63		2.22		177,236		222
12-31-18		10.56		0.23		(0.29)		(0.06)		0.22		—		—		0.22		—		10.28		(0.58)		0.66		0.65		0.65		2.18		170,552		234
Class S2
12-31-22		10.72		0.21•		(1.65)		(1.44)		0.18		—		—		0.18		—		9.10		(13.50)		0.78		0.76		0.76		2.12		910		464
12-31-21		11.29		0.11•		(0.36)		(0.25)		0.13		0.19		—		0.31		—		10.72		(2.27)		0.79		0.78		0.78		1.02		1,356		488
12-31-20		10.87		0.15•		0.58		0.73		0.24		0.07		—		0.31		—		11.29		6.79		0.78		0.78		0.78		1.33		1,370		377
12-31-19		10.28		0.21		0.60		0.81		0.22		—		—		0.22		—		10.87		7.89		0.78		0.78		0.78		2.07		1,462		222
12-31-18		10.56		0.21•		(0.29)		(0.08)		0.20		—		—		0.20		—		10.28		(0.73)		0.81		0.80		0.80		2.03		1,146		234

(1)

(2)

Annualized for periods less than one year.

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(3)

(4)

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

(a)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Russell™ Mid Cap Index Portfolio would have been (9.81)%, (9.32)%, (9.16)%, (9.58)% and (9.76)% for Classes ADV, I, P2, S and S2, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, the net investment income ratios for Voya Russell™ Mid Cap Index Portfolio would have been 0.80%, 1.27%, 1.54%, 1.05% and 0.90% for Class ADV, I, P2, S and S2, respectively.

(c)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Russell™ Small Cap Index Portfolio would have been (11.72)%, (11.31)%, (11.02)%, (11.47)% and (11.64)% for Classes ADV, I, P2, S and S2, respectively.

(d)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, the net investment income ratios for Voya RusseII™ Small Cap Index Portfolio would have been 0.37%, 0.86%, 1.14%, 0.61% and 0.47% for Classes ADV, I, P2, S and S2, respectively.

•

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2022

NOTE 1 — ORGANIZATION

Voya Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”), as an open-end management investment company. The Company was incorporated under the laws of Maryland on June 4, 1996. There are eighteen active separate investment series that comprise the Company. The nine series (each, a “Portfolio” and collectively, the “Portfolios”) that are in this report are: Voya Emerging Markets Index Portfolio (“Emerging Markets Index”), Voya International Index Portfolio (“International Index”), Voya RussellTM Large Cap Growth Index Portfolio (“RussellTM Large Cap Growth Index”), Voya RussellTM Large Cap Index Portfolio (“RussellTM Large Cap Index”), Voya RussellTM Large Cap Value Index Portfolio (“RussellTM Large Cap Value Index”), Voya RussellTM Mid Cap Growth Index Portfolio (“RussellTM Mid Cap Growth Index”), Voya RussellTM Mid Cap Index Portfolio (“RussellTM Mid Cap Index”), Voya RussellTM Small Cap Index Portfolio (“RussellTM Small Cap Index”), and Voya U.S. Bond Index Portfolio (“U.S. Bond Index”). All of the Portfolios are diversified. However, in seeking to track the performance of an index, a Portfolio may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of an index. As a result, whether at any time a Portfolio will be considered diversified or non-diversified will depend largely on the make-up of an index at the time. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

Russia’s large-scale invasion of Ukraine on February 24, 2022 created circumstances that significantly impacted Emerging Markets Index’s operations. The combination of market closures, Western sanctions, retaliatory Russian sanctions, and capital controls as a result of Russia’s invasion have rendered Emerging Markets Index’s investments in Russian securities, including depository receipts, illiquid. In addition, U.S. and non-U.S. exchanges have halted trading in certain ADRs and GDRs of Russian companies. Consequently, the Russian equity market has become largely restricted and it is uncertain when these restrictions on trading Russian securities will be relieved. As a result, Russian securities held by Emerging Markets Index were fair valued at $0. (see Note 2.A for additional information on security valuation procedures) Subsequent to February 24, 2022, certain Russian securities held by Emerging Markets Index had declared dividends, however there is no assurance these dividends can be collected by Emerging Markets Index. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2022. Any currency denominated in Rubles cannot be repatriated and such currency is valued at $0 as of December 31, 2022.

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

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 the U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 each Portfolio’s assets attributable to that class, subtracting each 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.

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

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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.

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

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except U.S. Bond Index) declare and pay dividends annually. U.S. Bond Index declares dividends daily and pays dividends, if any, monthly. The Portfolios distribute capital gains distributions, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

G. Risk Exposures and the Use of Derivative Instruments. Each Portfolio’s investment strategies permit it 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, the 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 the 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:

Risks of Investing in Derivatives. Each 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.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that 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.

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.

There were no open OTC derivatives at December 31, 2022 for any Portfolio.

H. Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

For the year ended December 31, 2022, certain Portfolios have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolios use forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, gain exposure to foreign currencies and to maintain diversity and liquidity of the portfolio.

During the year ended December 31, 2022, Emerging Markets Index and International Index had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below. There were no open forward foreign currency contracts as of December 31, 2022 for any Portfolio.

	Purchased			Sold
Emerging Markets Index		$	692,797		$	15,414,464
International Index			1,436,336			—

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

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

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

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

During the year ended December 31, 2022, the Portfolios had average notional values on futures contracts purchased and sold as disclosed below.

	Purchased			Sold
Emerging Markets Index		$	14,113,408		$	—
International Index			39,100,242			—
Russell™ Large Cap Growth Index			3,428,640			—
Russell™ Large Cap Index			6,499,740			—
Russell™ Large Cap Value Index			4,520,955			—
Russell™ Mid Cap Growth Index			3,015,362			—
Russell™ Mid Cap Index			4,897,332			—
Russell™ Small Cap Index			23,459,599			—
U.S. Bond Index			18,795,016			70,553,866

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

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

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).

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

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

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

received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

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

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

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 following the 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, U.S. Bond Index had 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. U.S. Bond Index used CDX swaps to hedge the credit risk associated with various sectors within the credit market.

For the year ended December 31, 2022, U.S. Bond Index had bought credit protection with an average notional amount of $30,000,000 on credit default swaps. There were no open credit default swaps to buy protection at December 31, 2022 for any Portfolio.

K. Securities Lending. Each Portfolio 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.

TABLE OF CONTENTS

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

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

At December 31, 2022, U.S. Bond Index had pledged and received $1,567,809 and $23,000 respectively, in cash collateral with certain counterparties for open delayed-delivery or when-issued transactions.

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

NOTE 3 — INVESTMENT TRANSACTIONS

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

	Purchases			Sales
Emerging Markets Index		$	295,535,810		$	252,462,812
International Index			371,493,396			350,676,975
Russell™ Large Cap Growth Index			274,400,614			404,525,929
Russell™ Large Cap Index			289,664,344			519,671,490
Russell™ Large Cap Value Index			351,389,088			506,222,569
Russell™ Mid Cap Growth Index			411,953,175			569,325,975
Russell™ Mid Cap Index			246,275,128			376,390,757
Russell™ Small Cap Index			135,472,215			148,899,520
U.S. Bond Index			40,048,595			148,367,389

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

			Purchases						Sales
U.S. Bond Index				$	14,256,429,236					$	14,213,753,949

NOTE 4 — INVESTMENT MANAGEMENT FEES

	Emerging Markets Index(1)			0.65%
	International Index(2)			0.48% on the first $500 million; 0.46% on the next $500 million; 0.44% on the next $500 million;
				0.42% on the next $500 million; and 0.40% thereafter
	RussellTM Large Cap Growth Index(3)			0.50% on the first $500 million; 0.48% on the next $500 million; and 0.46% thereafter
	RussellTM Large Cap Index			0.35% on the first $1 billion; 0.33% on the next $1 billion; and 0.31% thereafter
	RussellTM Large Cap Value Index(3)			0.50% on the first $250 million; 0.40% on the next $250 million; and 0.35% thereafter

TABLE OF CONTENTS

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

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

	RussellTM Mid Cap Growth Index(3)			0.50% on the first $500 million; 0.48% on the next $500 million; and 0.46% thereafter
	RussellTM Mid Cap Index			0.41% on the first $2 billion; 0.34% on the next $2 billion; and 0.28% thereafter
	RussellTM Small Cap Index			0.43% on the first $1 billion; 0.41% on the next $1 billion; and 0.39% thereafter
	U.S. Bond Index			0.39% on the first $500 million; 0.37% on the next $500 million; 0.35% on the next $1 billion; 0.33% on the next $2 billion; 0.31% on the next $2 billion; and 0.29% thereafter

(1)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.27% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(2)

Prior to July 8, 2022, the management fee was: 0.48% on the first $500 million; 0.46% on the next $500 million; 0.44% on the next $500 million; and 0.42% thereafter.

(3)

Pursuant to a side letter agreement, Voya Investments has agreed to waive 0.10% of the Portfolio’s management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV shares of the respective Portfolios are subject to a shareholder service and distribution plan and Class S2 shares of the respective Portfolios are subject to a shareholder services and distribution plan (collectively the “Plans”). Under the Plans, the Distributor is paid an annual shareholder service fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor is paid an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its Class ADV shares and the Distributor is paid an annual distribution fee at the rate of 0.15% of the average daily net assets attributable to its Class S2 shares. The Distributor has contractually agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index. This waiver is not eligble for recoupment. Termination or modification of this waiver requires approval by the Board.

Class S shares of the Portfolios have a shareholder services and distribution plan (the “Plan”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or distribution of each Portfolio’s Class S shares. Pursuant to the Plan, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio’s 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. Under the Plan, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	RussellTM Large Cap Growth Index		19.30%
Security Life of Denver Insurance Company	RussellTM Large Cap Growth Index		5.38
Voya Index Solution 2025 Portfolio	Emerging Markets Index		9.90
Voya Index Solution 2025 Portfolio	U.S. Bond Index		12.51
Voya Index Solution 2030 Portfolio	Emerging Markets Index		7.56
Voya Index Solution 2030 Portfolio	U.S. Bond Index		8.14
Voya Index Solution 2035 Portfolio	Emerging Markets Index		15.82
	International Index		8.20
	RussellTM Small Cap Index		6.64
	U.S. Bond Index		9.86
Voya Index Solution 2040 Portfolio	Emerging Markets Index		9.27
Voya Index Solution 2040 Portfolio	International Index		5.92
Voya Index Solution 2045 Portfolio	Emerging Markets Index		13.55
	International Index		8.72
	RussellTM Small Cap Index		6.15
Voya Index Solution 2050 Portfolio	Emerging Markets Index		7.88
Voya Index Solution 2050 Portfolio	International Index		5.08
Voya Index Solution 2055 Portfolio	Emerging Markets Index		8.07
Voya Index Solution 2055 Portfolio	International Index		5.20
Voya Index Solution Income Portfolio	U.S. Bond Index		11.17
Voya Institutional Trust Company	RussellTM Large Cap Growth Index		16.37
	RussellTM Large Cap Index		12.20
	RussellTM Large Cap Value Index		5.11
	RussellTM Mid Cap Index		18.59
	RussellTM Small Cap Index		13.71

TABLE OF CONTENTS

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

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

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
Voya Retirement Conservative Portfolio	U.S. Bond Index		6.80%
Voya Retirement Growth Portfolio	Emerging Markets Index		12.06
	International Index		10.44
	RussellTM Mid Cap Index		11.89
	U.S. Bond Index		9.95
Voya Retirement Insurance and Annuity Company	International Index		5.71
	RussellTM Large Cap Growth Index		17.82
	RussellTM Large Cap Index		18.87
	RussellTM Mid Cap Index		27.45
	RussellTM Small Cap Index		19.39
Voya Retirement Moderate Growth Portfolio	RussellTM Mid Cap Index		5.11
Voya Retirement Moderate Growth Portfolio	U.S. Bond Index		14.60
Voya Retirement Moderate Portfolio	U.S. Bond Index		12.58

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
Emerging Markets Index		$	387
International Index			275,282
Russell™ Large Cap Growth Index			367,641
Russell™ Large Cap Index			467,371
Russell™ Large Cap Value Index			134,780
Russell™ Mid Cap Growth Index			42,921
Russell™ Mid Cap Index			869,123
Russell™ Small Cap Index			642,638
U.S. Bond Index			75,902

NOTE 7 — LICENSING FEES

The following Portfolios pay an annual licensing fee to the licensor listed below:

Portfolio			Licensor
Emerging Markets Index			MSCI Inc.
International Index			MSCI Inc.
RussellTM Large Cap Growth Index, RussellTM Large Cap Index, RussellTM Large Cap Value Index, RussellTM Mid Cap Growth Index, RussellTM Mid Cap Index, and RussellTM Small Cap Index			Frank Russell Company

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV		Class I		Class P2		Class S		Class S2
Emerging Markets Index		N/A		N/A		0.15%		N/A		N/A
International Index(1)		1.00%		0.50%		0.15%		0.75%		0.90%
RussellTM Large Cap Growth Index(2)		N/A		N/A		N/A		N/A		N/A
RussellTM Large Cap Index(3)		0.87%		0.37%		N/A		0.62%		0.77%
RussellTM Large Cap Value Index(2)		N/A		N/A		N/A		N/A		N/A
RussellTM Mid Cap Growth Index(4)		N/A		0.43%		N/A		0.68%		0.83%
RussellTM Mid Cap Index(5)		0.93%		0.43%		0.15%		0.68%		0.83%
RussellTM Small Cap Index		0.95%		0.45%		0.15%		0.70%		0.85%
U.S. Bond Index(6)		0.88%		0.38%		0.15%		0.63%		0.78%

TABLE OF CONTENTS

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

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

(1)

Pursuant to a side letter agreement through May 1, 2024, the Investment Adviser has further lowered the expense limits for International Index to 0.95%, 0.45%, 0.70% and 0.85% for Class ADV, Class I, Class S and Class S2, respectively. Termination or modification of this obligation requires approval by the Board.

(2)

Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has agreed to waive all or a portion of the management fee so that the expense limits are 0.93%, 0.43%, and 0.68% for Class ADV, Class I, and Class S, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(3)

Pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits for RussellTM Large Cap Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(4)

Pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits for RussellTM Mid Cap Growth Index to 0.40%, 0.65%, and 0.80% for Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.Termination or modification of this obligation requires approval by the Board.

(5)

Pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits for RussellTM Mid Cap Index to 0.90%, 0.40%, 0.65% and 0.80% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(6)

Effective January 1, 2022, pursuant to a side letter agreement through May 1, 2023, the Investment Adviser has further lowered the expense limits for U.S Bond Index to 0.86%, 0.36%, 0.61% and 0.76% for Class ADV, Class I, Class S and Class S2, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

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

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

	December 31,
	2023			2024			2025			Total
Emerging Markets Index		$	1,233,613		$	2,141,041		$	2,266,082		$	5,640,736
International Index			4,869,489			5,555,690			5,014,258			15,439,437
Russell™ Mid Cap Index			562,151			990,905			811,880			2,364,936
Russell™ Small Cap Index			981,784			1,800,797			1,801,498			4,584,079
U.S. Bond Index			2,700,906			3,458,936			3,056,226			9,216,068

The Expense Limitation Agreement is contractual through May 1, 2023, except for International Index which is through May 1, 2024, and shall renew automatically for one-year terms. Termination or modification of this obligation 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 a 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.

TABLE OF CONTENTS

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

NOTE 9 — LINE OF CREDIT (continued)

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
Emerging Markets Index		9		$	19,055,111		3.09%
International Index		7			46,891,857		4.21
Russell™ Large Cap Growth Index		5			1,705,400		1.41

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Russell™ Large Cap Index		6		$	3,513,833		1.40%
Russell™ Large Cap Value Index		9			1,694,333		1.88
Russell™ Mid Cap Growth Index		12			2,717,183		1.94
Russell™ Mid Cap Index		5			2,207,400		1.53

NOTE 10 — CAPITAL SHARES

	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	#		#		#		#		#		($)		($)		($)		($)			($)
Emerging Markets Index
Class I
12/31/2022		3,759,310		—		1,253,183		(11,618,211)		(6,605,718)		40,351,161		—		12,544,359			(121,445,600)		(68,550,080)
12/31/2021		5,339,915		—		164,017		(4,205,054)		1,298,878		75,659,918		—		2,268,361			(59,312,257)		18,616,022
Class P2
12/31/2022		26,546,192		—		3,122,514		(19,026,883)		10,641,823		304,775,574		—		31,943,320			(192,336,599)		144,382,295
12/31/2021		17,793,677		—		451,344		(15,602,715)		2,642,306		256,047,331		—		6,354,916		��	(224,657,726)		37,744,521
Class S
12/31/2022		184		—		36		(51)		169		1,977		—		358			(623)		1,712
12/31/2021		582		—		4		—*		586		8,335		—		60			—*		8,395
International Index
Class ADV
12/31/2022		1,048,324		2,145,246		1,274,608		(5,832,649)		(1,364,471)		10,639,388		19,687,882		11,994,066			(57,669,096)		(15,347,760)
12/31/2021		1,279,079		—		751,765		(7,269,938)		(5,239,094)		14,952,614		—		8,487,432			(83,859,447)		(60,419,401)
Class I
12/31/2022		11,015,910		3,791,158		1,748,282		(9,912,449)		6,642,901		107,536,002		35,422,761		16,731,055			(99,723,144)		59,966,674
12/31/2021		2,749,195		—		1,038,062		(9,244,401)		(5,457,144)		32,667,959		—		11,937,715			(107,966,563)		(63,360,889)
Class P2
12/31/2022		29,812,328		—		4,137,134		(39,716,019)		(5,766,557)		317,688,782		—		40,212,938			(393,078,941)		(35,177,221)
12/31/2021		18,114,944		—		2,239,276		(23,306,826)		(2,952,606)		216,398,368		—		26,065,167			(283,329,707)		(40,866,172)
Class S
12/31/2022		966,580		10,241,142		240,835		(5,509,921)		5,938,636		10,281,159		95,105,601		2,292,745			(51,996,929)		55,682,576
12/31/2021		496,496		—		129,338		(879,125)		(253,291)		5,824,691		—		1,478,337			(10,264,945)		(2,961,917)
Class S2
12/31/2022		54,076		—		4,239		(23,762)		34,553		572,887		—		40,311			(243,037)		370,161
12/31/2021		23,691		—		1,882		(27,444)		(1,871)		275,477		—		21,515			(320,611)		(23,619)
Russell™ Large Cap Growth Index
Class ADV
12/31/2022		—		—		14		—		14		—		—		695			—		695
12/31/2021		—		—		1		—		1		—		—		53			—		53
Class I
12/31/2022		394,143		—		1,012,618		(1,080,241)		326,520		21,591,497		—		49,628,386			(60,309,933)		10,909,950
12/31/2021		489,409		—		107,281		(1,166,070)		(569,380)		30,939,566		—		6,115,054			(72,430,255)		(35,375,635)
Class S
12/31/2022		495,429		—		1,301,260		(2,105,086)		(308,397)		25,202,455		—		63,384,350			(116,826,414)		(28,239,609)
12/31/2021		658,734		—		121,585		(2,944,645)		(2,164,326)		41,081,892		—		6,885,357			(181,412,127)		(133,444,878)

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	#		#		#		#		#		($)		($)		($)		($)		($)
Russell™ Large Cap Index
Class ADV
12/31/2022		412,747		—		225,342		(546,195)		91,894		11,922,035		—		5,899,456		(14,887,360)		2,934,131
12/31/2021		1,298,338		—		216,678		(418,381)		1,096,635		39,970,507		—		6,149,333		(12,727,337)		33,392,503
Class I
12/31/2022		1,336,149		—		814,870		(1,475,917)		675,102		39,739,873		—		21,862,968		(42,633,608)		18,969,233
12/31/2021		1,345,762		—		889,219		(1,857,345)		377,636		42,262,166		—		25,822,923		(57,446,949)		10,638,140
Class S
12/31/2022		327,091		—		2,679,485		(8,241,789)		(5,235,213)		9,183,412		—		71,354,687		(237,049,151)		(156,511,052)
12/31/2021		42,259,178		—		1,080,176		(5,724,018)		37,615,336		1,353,430,971		—		31,173,865		(182,400,725)		1,202,204,111
Class S2
12/31/2022		617		—		208		(4,401)		(3,576)		18,805		—		5,730		(140,626)		(116,091)
12/31/2021		1,433		—		393		(31,831)		(30,005)		45,659		—		11,719		(970,649)		(913,271)
Russell™ Large Cap Value Index
Class ADV
12/31/2022		—		—		2		—		2		—		—		44		—		44
12/31/2021		—		—		3		—		3		—		—		85		—		85
Class I
12/31/2022		206,566		—		47,130		(483,801)		(230,105)		5,604,830		—		1,211,722		(12,941,612)		(6,125,060)
12/31/2021		176,640		—		77,037		(493,896)		(240,219)		4,642,911		—		2,022,225		(13,091,969)		(6,426,833)
Class S
12/31/2022		686,850		—		601,351		(6,894,299)		(5,606,098)		17,882,147		—		15,328,430		(181,271,467)		(148,060,890)
12/31/2021		24,225,013		—		595,948		(6,254,317)		18,566,644		656,087,691		—		15,518,493		(164,623,517)		506,982,667
Russell™ Mid Cap Growth Index
Class I
12/31/2022		38,341		—		58,369		(78,012)		18,698		1,389,338		—		1,757,478		(2,976,834)		169,982
12/31/2021		157,274		—		20,926		(405,676)		(227,476)		7,458,554		—		879,739		(18,991,736)		(10,653,443)
Class S
12/31/2022		298,613		—		3,600,216		(4,889,581)		(990,752)		10,001,948		—		107,754,474		(172,158,397)		(54,401,975)
12/31/2021		18,593,666		—		523,124		(3,424,017)		15,692,773		908,410,678		—		21,929,351		(162,320,059)		768,019,970
Class S2
12/31/2022		2,878		—		6,136		(2,349)		6,665		105,041		—		182,723		(78,223)		209,541
12/31/2021		1,372		—		1,818		(7,956)		(4,766)		65,217		—		76,005		(365,243)		(224,021)
Russell™ Mid Cap Index
Class ADV
12/31/2022		758,414		—		1,632,458		(1,983,185)		407,687		8,557,197		—		16,553,124		(21,880,304)		3,230,017
12/31/2021		1,202,726		—		1,757,643		(1,905,327)		1,055,042		16,087,390		—		21,636,582		(25,348,284)		12,375,688
Class I
12/31/2022		2,582,756		—		5,991,938		(13,078,724)		(4,504,030)		31,162,835		—		64,413,331		(146,065,828)		(50,489,662)
12/31/2021		9,568,024		—		5,953,492		(11,251,292)		4,270,224		132,702,455		—		77,276,322		(158,527,437)		51,451,340
Class P2
12/31/2022		4,382,183		—		2,213,673		(3,442,854)		3,153,002		52,987,497		—		24,217,584		(41,594,409)		35,610,672
12/31/2021		12,904,755		—		3,078,500		(12,055,913)		3,927,342		195,339,744		—		40,543,843		(175,611,022)		60,272,565
Class S
12/31/2022		1,244,453		—		1,720,457		(3,498,425)		(533,515)		14,371,440		—		18,168,027		(41,259,190)		(8,719,723)
12/31/2021		1,749,399		—		2,092,246		(4,430,528)		(588,883)		24,664,151		—		26,697,056		(61,301,934)		(9,940,727)
Class S2
12/31/2022		82,861		—		74,462		(202,700)		(45,377)		958,306		—		767,708		(2,279,550)		(553,536)
12/31/2021		139,136		—		91,345		(462,340)		(231,859)		1,892,792		—		1,139,987		(6,214,535)		(3,181,756)
Russell™ Small Cap Index
Class ADV
12/31/2022		452,793		—		844,485		(943,790)		353,488		6,154,322		—		9,998,701		(12,578,925)		3,574,098
12/31/2021		1,349,494		—		24,998		(1,212,542)		161,950		22,737,619		—		402,726		(20,611,576)		2,528,769
Class I
12/31/2022		2,108,572		—		1,809,368		(2,221,769)		1,696,171		30,918,654		—		22,345,692		(30,641,106)		22,623,240
12/31/2021		2,022,021		—		101,093		(2,799,501)		(676,387)		35,499,648		—		1,694,311		(48,656,289)		(11,462,330)

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	#		#		#		#		#		($)		($)		($)		($)		($)
Russell™ Small Cap Index (continued)
Class P2
12/31/2022		6,627,273		—		2,361,192		(4,053,890)		4,934,575		97,972,485		—		29,585,736		(57,667,417)		69,890,804
12/31/2021		16,645,262		—		151,084		(16,209,468)		586,878		296,856,918		—		2,559,370		(283,149,055)		16,267,233
Class S
12/31/2022		523,560		—		2,345,206		(3,878,990)		(1,010,224)		7,191,669		—		28,658,419		(53,944,064)		(18,093,976)
12/31/2021		1,744,927		—		124,343		(6,404,586)		(4,535,316)		29,447,673		—		2,061,604		(111,316,824)		(79,807,547)
Class S2
12/31/2022		67,359		—		40,651		(88,767)		19,243		897,329		—		486,190		(1,213,182)		170,337
12/31/2021		103,230		—		1,625		(149,094)		(44,239)		1,768,432		—		26,399		(2,532,326)		(737,495)
U.S. Bond Index
Class ADV
12/31/2022		200,618		—		40,422		(382,636)		(141,596)		1,965,521		—		382,044		(3,658,362)		(1,310,797)
12/31/2021		251,277		—		69,219		(694,250)		(373,754)		2,735,285		—		751,927		(7,584,145)		(4,096,933)
Class I
12/31/2022		17,914,766		—		3,370,548		(35,225,085)		(13,939,771)		173,025,688		—		32,110,883		(340,741,060)		(135,604,489)
12/31/2021		31,307,120		—		5,273,471		(40,102,857)		(3,522,266)		343,863,739		—		57,501,500		(439,237,562)		(37,872,323)
Class P2
12/31/2022		69,189,017		—		3,572,730		(55,860,599)		16,901,148		683,941,743		—		34,033,816		(543,218,481)		174,757,078
12/31/2021		41,268,522		—		4,829,550		(36,521,820)		9,576,252		451,748,754		—		52,645,986		(398,671,042)		105,723,698
Class S
12/31/2022		1,302,204		—		310,960		(2,908,472)		(1,295,308)		12,716,359		—		2,949,162		(28,317,628)		(12,652,107)
12/31/2021		1,162,250		—		522,535		(3,660,226)		(1,975,441)		12,672,529		—		5,682,253		(39,868,937)		(21,514,155)
Class S2
12/31/2022		36,247		—		1,813		(64,514)		(26,454)		349,358		—		17,187		(643,295)		(276,750)
12/31/2021		22,417		—		3,718		(21,065)		5,070		245,453		—		40,440		(229,518)		56,375

Amount is less than 0.50 or $0.50.

NOTE 11 — SECURITIES LENDING

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain

TABLE OF CONTENTS

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

NOTE 11 — SECURITIES LENDING (continued)

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

Emerging Markets Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BMO Capital Markets Corp		$	66,266		$	(66,266)		$	—
BNP Paribas Arbitrage			119,460			(119,460)			—
BNP Paribas Securities Corp.			325,386			(325,386)			—
Citigroup Global Markets Limited			399,286			(399,286)			—
Goldman Sachs International			127,733			(127,733)			—
Goldman, Sachs & Co. LLC			281,647			(281,647)			—
HSBC Bank PLC			217,308			(217,308)			—
JP Morgan Securities Plc.			709,567			(709,567)			—
Merrill Lynch International			526,188			(526,188)			—
Morgan Stanley & Co. International PLC			149,790			(149,790)			—
Morgan Stanley & Co. LLC			677,975			(677,975)			—
State Street Bank and Trust Company			262,893			(262,893)			—
UBS AG			40			(40)			—
Total		$	3,863,539		$	(3,863,539)		$	—

(1)

Cash collateral with a fair value of $4,082,928 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.

International Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	18,676,608		$	(18,676,608)		$	—
Barclays Capital Inc.			1,170,380			(1,170,380)			—
BMO Capital Markets Corp			837,381			(837,381)			—
BNP Paribas Arbitrage			59,239			(59,239)			—
BofA Securities Inc			927,963			(927,963)			—
Citigroup Global Markets Limited			14,723,712			(14,723,712)			—
Credit Suisse Securities (USA) LLC			11,501			(11,501)			—
Daiwa Capital Markets America Inc.			1,882,492			(1,882,492)			—
Goldman Sachs International			6,805,791			(6,805,791)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman, Sachs & Co. LLC		$	6,544,822		$	(6,544,822)		$	—
HSBC Bank PLC			808,489			(808,489)			—
J.P. Morgan Securities LLC			3,633,853			(3,633,853)			—
JP Morgan Securities Plc.			8,374,543			(8,374,543)			—
Macquarie Bank Limited			41,354			(41,354)			—
Merrill Lynch International			5,364,115			(5,364,115)			—
Morgan Stanley & Co. International PLC			7,162,667			(7,162,667)			—
Morgan Stanley & Co. LLC			6,538,135			(6,538,135)			—
Scotia Capital (USA) INC			252,706			(252,706)			—
Societe Generale			846,888			(846,888)			—
State Street Bank and Trust Company			19,764,973			(19,764,973)
TD Prime Services LLC			1,413,069			(1,413,069)			—
UBS AG			59,503			(59,503)
Total		$	105,900,184		$	(105,900,184)		$	—

(1)

Cash collateral with a fair value of $114,535,834 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.

RussellTM Mid Cap Growth Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	45,102		$	(45,102)		$	—
BNP Paribas Prime Brokerage Intl Ltd			538,578			(538,578)			—
BNP Paribas Securities Corp.			206,945			(206,945)			—
Citadel Securities LLC			166,873			(166,873)			—
Citigroup Global Markets Inc.			1,373,582			(1,373,582)			—
Goldman, Sachs & Co. LLC			1,160,349			(1,160,349)			—
J.P. Morgan Securities LLC			519,423			(519,423)			—
Morgan Stanley & Co. LLC			3,118,227			(3,118,227)			—
Natixis Securities America LLC			595,404			(595,404)			—
State Street Bank and Trust Company			1,248,305			(1,248,305)			—
TD Prime Services LLC			108,614			(108,614)			—
UBS AG			28,473			(28,473)			—
UBS Securities LLC.			571,374			(571,374)			—
Total		$	9,681,249		$	(9,681,249)		$	—

(1)

Cash collateral with a fair value of $9,981,486 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.

TABLE OF CONTENTS

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

NOTE 11 — SECURITIES LENDING (continued)

RussellTM Mid Cap Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	443,127		$	(443,127)		$	—
Barclays Capital Inc.			433,293			(433,293)			—
BNP Paribas Prime Brokerage Intl Ltd			497,902			(497,902)			—
BNP Paribas Securities Corp.			1,028,854			(1,028,854)			—
BofA Securities Inc			478,575			(478,575)			—
Citadel Clearing LLC			542,975			(542,975)			—
Citigroup Global Markets Inc.			921,738			(921,738)			—
Cowen Execution Services LLC			32,466			(32,466)			—
Goldman, Sachs & Co. LLC			2,360,239			(2,360,239)			—
HSBC Bank PLC			33,161			(33,161)			—
J.P. Morgan Securities LLC			565,114			(565,114)			—
Morgan Stanley & Co. LLC			3,174,778			(3,174,778)			—
National Bank of Canada Financial Inc			302,284			(302,284)			—
National Financial Services LLC			932,632			(932,632)			—
Natixis Securities America LLC			1,188,691			(1,188,691)			—
Nomura Securities International, Inc.			1,297,067			(1,297,067)			—
State Street Bank and Trust Company			4,919,886			(4,919,886)			—
TD Prime Services LLC			2,043,895			(2,043,895)			—
UBS AG			1,167,415			(1,167,415)			—
Wells Fargo Bank NA			4,650,278			(4,650,278)			—
Wells Fargo Securities LLC			91,217			(91,217)			—
Total		$	27,105,587		$	(27,105,587)		$	—

(1)

Cash collateral with a fair value of $27,917,045 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.

RussellTM Small Cap Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	957,304		$	(957,304)		$	—
BMO Capital Markets Corp			907,206			(907,206)			—
BNP Paribas			12,700			(12,700)			—
BNP Paribas Prime Brokerage Intl Ltd			2,165,012			(2,165,012)			—
BNP Paribas Securities Corp.			488,363			(488,363)			—
BofA Securities Inc			5,839,299			(5,839,299)			—
CIBC World Markets Corporation			3,492			(3,492)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citadel Clearing LLC		$	949,572		$	(949,572)		$	—
Citadel Securities LLC			401,108			(401,108)			—
Citigroup Global Markets Inc.			2,575,950			(2,575,950)			—
Cowen Execution Services LLC			155,762			(155,762)			—
Goldman, Sachs & Co. LLC			3,371,879			(3,371,879)			—
HSBC Bank PLC			725,608			(725,608)			—
Industrial And Commercial Bank Of China			636,660			(636,660)			—
J.P. Morgan Securities LLC			4,903,112			(4,903,112)			—
Mizuho Securities USA LLC.			62,165			(62,165)			—
Morgan Stanley & Co. LLC			9,441,658			(9,441,658)			—
National Bank of Canada Financial Inc			1,804,515			(1,804,515)			—
National Financial Services LLC			6,750,327			(6,750,327)			—
Natixis Securities America LLC			1,260,627			(1,260,627)			—
Raymond James & Associates, Inc.			353,559			(353,559)			—
Scotia Capital (USA) INC			713,218			(713,218)			—
SG Americas Securities, LLC			215,183			(215,183)			—
State Street Bank and Trust Company			11,337,282			(11,337,282)			—
TD Prime Services LLC			1,180,400			(1,180,400)			—
UBS AG			486,752			(486,752)			—
Wells Fargo Bank NA			2,471,691			(2,471,691)			—
Wells Fargo Securities LLC			2,329,167			(2,329,167)			—
Total		$	62,499,571		$	(62,499,571)		$	—

(1)

Cash collateral with a fair value of $64,839,671 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

U.S Bond Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	2,834,004		$	(2,834,004)		$	—
Barclays Capital Inc.			1,449,919			(1,449,919)			—
BMO Capital Markets Corp			1,012,450			(1,012,450)			—
BNP Paribas			359,158			(359,158)			—
BNP Paribas Prime Brokerage Intl Ltd			46,097			(46,097)			—
BofA Securities Inc			17,862,540			(17,862,540)			—
Citigroup Global Markets Inc.			97,165			(97,165)			—
Daiwa Capital Markets America Inc.			344,121			(344,121)			—
Deutsche Bank Securities Inc.			56,471			(56,471)			—
Goldman, Sachs & Co. LLC			2,083,890			(2,083,890)			—

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
Morgan Stanley & Co. LLC		$	3,978,709		$	(3,978,709)		$	—
MUFG Securities Americas Inc.			29,903			(29,903)			—
National Bank Financial Inc			2,929,878			(2,929,878)			—
National Financial Services LLC			805,664			(805,664)			—
Nomura Securities International, Inc.			436,134			(436,134)			—
Scotia Capital (USA) INC			1,111,110			(1,111,110)			—
Truist Securities INC			802,379			(802,379)			—
UBS AG			1,299,152			(1,299,152)			—
US Bancorp Investments			2,486,037			(2,486,037)			—
Wells Fargo Securities LLC			3,844,383			(3,844,383)			—
Total		$	43,869,164		$	(43,869,164)		$	—

(1)

Cash collateral with a fair value of $45,060,882 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 foreign currency transactions, futures contracts, capital loss carryforwards, income from passive foreign investment companies (PFICs), paydown gains and wash sale deferrals.

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

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
Emerging Markets Index		$	16,630,440		$	27,857,778		$	8,623,374		$	—
International Index			71,271,115			—			47,990,166			—
Russell™ Large Cap Growth Index			26,042,952			86,970,479			6,134,829			6,865,635
Russell™ Large Cap Index			18,588,313			80,534,528			15,642,536			47,515,304
Russell™ Large Cap Value Index			16,540,196			—			17,540,803			—
Russell™ Mid Cap Growth Index			28,307,742			81,386,933			197,134			22,687,961
Russell™ Mid Cap Index			33,408,161			90,711,613			22,956,037			144,337,753
Russell™ Small Cap Index			21,255,020			69,819,718			6,744,410			—
U.S. Bond Index			69,502,061			—			105,104,570			11,528,834

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							Other			Total Distributable Earnings/ (Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/ (Loss)
Emerging Markets Index		$	20,977,771		$	—		$	(145,404,429)		$	(5,985,670)		Short-term		None		$	(2,066,688)		$	(132,479,016)
International Index			53,200,192			—			375,777,878			(22,097,173)		Short-term		None			—			225,578,492
												(181,302,405)		Long-term		None
											$	(203,399,578)
Russell™ Large Cap Growth Index			5,283,069			64,242,238			674,090,263			—		—		—			—			743,615,570
Russell™ Large Cap Index			22,202,082			—			606,523,859			(30,211,251)		Short-term		None			—			597,516,412
												(998,278)		Long-term		None
											$	(31,209,529)
Russell™ Large Cap Value Index			23,707,311			—			189,843,023			(2,913,888)		Short-term		None			—			210,636,446
Russell™ Mid Cap Growth Index			2,066,064			—			(9,883,584)			(123,450,871)		Short-term		None			—			(131,268,391)
Russell™ Mid Cap Index			15,759,676			92,600,125			534,407,543			—		—		—			—			642,767,344
Russell™ Small Cap Index			9,964,337			24,231,783			207,626,451			—		—		—			—			241,822,571
U.S. Bond Index			10,223,241			—			(212,895,378)			(25,685,094)		Short-term		None			—			(419,699,159)
												(191,341,928)		Long-term		None
											$	(217,027,022)

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

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into

after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

TABLE OF CONTENTS

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

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)

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

NOTE 15 — REORGANIZATIONS

On July 8, 2022, International Index (“Acquiring Portfolio”) acquired all of the assets and assumed all liabilities of VY® T. Rowe Price International Stock Portfolio (“Acquired Portfolio”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio. For financial

reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2022, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2022, are as follows (Unaudited):

Net investment income	$	60,591,192
Net realized and unrealized loss on investments	$	(450,244,237)
Net decrease in net assets resulting from operations	$	(389,653,045)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since July 8, 2022. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

	Total Net Assets of Acquired Portfolio (000s)			Total Net Assets of Acquiring Portfolio (000s)						Acquired Portfolio’s Capital Loss Carryforwards (000s)						Acquired Portfolio’s Unrealized Appreciation (000s)						Portfolios’ Conversion Ratio
	$150,216				$	1,995,297					$	—					$	2,320						1.2903

The net assets of the Acquiring Portfolio after the acquisition of the Acquired Portfolio were $2,145,513,244.

NOTE 16 — 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

U.S. Bond Index

Class ADV

0.0241

February 1, 2023

Daily

Class I

0.0281

February 1, 2023

Daily

Class P2

0.0298

February 1, 2023

Daily

Class S

0.0261

February 1, 2023

Daily

Class S2

0.0249

February 1, 2023

Daily

On January 11, 2023, the Board approved a new management fee schedule and a new side letter expense limit agreement with respect to Emerging Markets Index. Effective January 1, 2023, the management fee is reduced

TABLE OF CONTENTS

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

NOTE 16 — SUBSEQUENT EVENTS (continued)

to 0.38% on all assets and the existing management fee waiver has been eliminated. Effective January 1, 2023 through May 1, 2024, the new side letter expense limits are 0.55% and 0.80% for Class I and Class S, respectively.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent

events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 95.8%
	Brazil: 3.9%
465,800	Ambev SA		$	1,281,011		0.2
60,144	Americanas SA			109,927		0.0
60,700	Atacadao Distribuicao Comercio e Industria Ltd.			169,922		0.0
613,307	B3 SA - Brasil Bolsa Balcao			1,534,502		0.2
167,410	Banco Bradesco SA			427,106		0.1
118,900	Banco BTG Pactual SA - Unit			539,129		0.1
86,600	Banco do Brasil S.A.			569,652		0.1
40,600	Banco Santander Brasil SA - Unit			216,774		0.0
71,400	BB Seguridade Participacoes SA			455,873		0.1
72,695 (1)	BRF - Brasil Foods SA			114,004		0.0
129,400	CCR SA			265,185		0.0
115,240	Centrais Eletricas Brasileiras SA			919,344		0.1
34,900	Cia de Saneamento Basico do Estado de Sao Paulo			377,837		0.1
70,000	Cia Siderurgica Nacional S.A.			192,907		0.0
122,700	Cosan SA			397,864		0.1
24,200	CPFL Energia SA			152,174		0.0
21,600	Energisa SA - Unit			180,868		0.0
20,850	Engie Brasil Energia SA			149,590		0.0
101,207	Equatorial Energia SA			517,944		0.1
464,007 (1)(2)	Hapvida Participacoes e Investimentos S/A			446,452		0.1
42,900	Hypera S.A.			367,267		0.1
79,300	JBS SA			330,282		0.1
79,200	Klabin SA - Unit			299,564		0.0
73,103	Localiza Rent a Car SA			736,603		0.1
99,518	Lojas Renner SA			386,028		0.1
322,160 (1)	Magazine Luiza SA			167,189		0.0
94,171	Natura & Co. Holding SA			207,079		0.0
70,800 (1)	Petro Rio SA			498,976		0.1
375,398	Petroleo Brasileiro SA			1,993,685		0.3
107,400	Raia Drogasil SA			482,509		0.1
58,584 (2)	Rede D’Or Sao Luiz SA			328,219		0.0
129,500	Rumo SA			456,460		0.1
95,829	Sendas Distribuidora SA			353,386		0.1
74,044	Suzano SA			676,525		0.1
51,000	Telefonica Brasil SA-VIVT3			370,444		0.1
89,200	TIM SA/Brazil			209,495		0.0
54,621	Totvs S.A.			285,739		0.0
75,700	Ultrapar Participacoes SA			180,800		0.0
385,750	Vale SA			6,493,766		1.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Brazil (continued)
118,720	Vibra Energia SA		$	349,656		0.1
168,408	Weg S.A.			1,228,352		0.2
				25,420,089		3.9
	Chile: 0.4%
4,573,147	Banco de Chile			474,432		0.1
6,255	Banco de Credito e Inversiones SA			179,852		0.0
7,024,960	Banco Santander Chile			281,164		0.1
148,908	Cencosud SA			244,889		0.0
13,895	Cia Cervecerias Unidas SA			92,797		0.0
1,551,351	Cia Sud Americana de Vapores SA			122,535		0.0
117,573	Empresas CMPC SA			196,253		0.0
39,529	Empresas COPEC SA			294,936		0.1
2,172,203	Enel Americas SA			290,651		0.1
2,678,499	Enel Chile SA			123,118		0.0
83,412	Falabella SA			162,251		0.0
				2,462,878		0.4
	China: 31.5%
11,369	360 DigiTech, Inc. ADR			231,473		0.0
57,300	360 Security Technology, Inc. - A Shares			53,831		0.0
16,600	37 Interactive Entertainment Network Technology Group Co. Ltd. - A Shares			43,058		0.0
152,000 (2)	3SBio, Inc.			160,940		0.0
79,000 (1)	AAC Technologies Holdings, Inc.			179,345		0.0
5,824 (1)	Advanced Micro-Fabrication Equipment, Inc. China - A Shares			82,023		0.0
15,500	AECC Aviation Power Co. Ltd. - A Shares			94,163		0.0
481,900	Agricultural Bank of China Ltd. - A Shares			201,642		0.0
2,958,000	Agricultural Bank of China Ltd. - H Shares			1,011,922		0.2
41,344	Aier Eye Hospital Group Co. Ltd. - A Shares			184,332		0.0
224,000 (1)	Air China Ltd. - H Shares			198,830		0.0
1,496,900 (1)	Alibaba Group Holding Ltd.			16,425,354		2.5
476,000 (1)	Alibaba Health Information Technology Ltd.			400,672		0.1
88,700	Aluminum Corp. of China Ltd. - A Shares			56,885		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
420,000	Aluminum Corp. of China Ltd. - H Shares		$	177,733		0.0
6,300	Angel Yeast Co. Ltd. - A Shares			40,854		0.0
25,600	Anhui Conch Cement Co., Ltd. - A Shares			100,548		0.0
122,500	Anhui Conch Cement Co., Ltd. - H Shares			426,848		0.1
2,200	Anhui Gujing Distillery Co. Ltd. - A Shares			84,243		0.0
9,100	Anhui Gujing Distillery Co. Ltd. - B Shares			145,668		0.0
4,600	Anhui Kouzi Distillery Co. Ltd. - A Shares			38,084		0.0
5,000	Anhui Yingjia Distillery Co. Ltd. - A Shares			45,020		0.0
2,200	Anjoy Foods Group Co. Ltd. - A Shares			51,204		0.0
121,800	Anta Sports Products Ltd.			1,584,223		0.3
2,380	Asymchem Laboratories Tianjin Co. Ltd. - A Shares			50,583		0.0
7,786	Autohome, Inc. ADR			238,252		0.0
11,900	Avary Holding Shenzhen Co. Ltd. - A Shares			46,915		0.0
28,500	AVIC Electromechanical Systems Co. Ltd. - A Shares			41,146		0.0
4,800 (3)	AVIC Helicopter Co. Ltd. - A Shares			32,045		0.0
60,100	AVIC Industry-Finance Holdings Co. Ltd. - A Shares			28,350		0.0
272,000	AviChina Industry & Technology Co. Ltd. - H Shares			121,970		0.0
221,950 (1)	Baidu, Inc.			3,165,171		0.5
140,300	Bank of Beijing Co. Ltd. - A Shares			86,940		0.0
26,800	Bank of Chengdu Co. Ltd. - A Shares			58,871		0.0
217,400	Bank of China Ltd. - A Shares			98,772		0.0
7,988,000	Bank of China Ltd. - H Shares			2,891,092		0.5
240,600	Bank of Communications Co. Ltd. - A Shares			163,948		0.0
866,000	Bank of Communications Co., Ltd. - H Shares			496,995		0.1
36,726	Bank of Hangzhou Co. Ltd. - A Shares			68,992		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
96,870	Bank of Jiangsu Co. Ltd. - A Shares		$	101,459		0.0
63,057	Bank of Nanjing Co. Ltd. - A Shares			94,406		0.0
52,200	Bank of Ningbo Co. Ltd. - A Shares			242,980		0.1
94,100	Bank of Shanghai Co. Ltd. - A Shares			79,950		0.0
143,900	Baoshan Iron & Steel Co. Ltd. - A Shares			115,542		0.0
59,400 (1)	BeiGene Ltd.			1,008,147		0.2
198,000 (1)	Beijing Capital International Airport Co., Ltd. - H Shares			144,457		0.0
3,800	Beijing Easpring Material Technology Co. Ltd. - A Shares			30,766		0.0
30,400	Beijing Enlight Media Co. Ltd. - A Shares			37,827		0.0
54,000	Beijing Enterprises Holdings Ltd.			172,411		0.0
416,000	Beijing Enterprises Water Group Ltd.			106,374		0.0
2,529	Beijing Kingsoft Office Software, Inc. - A Shares			95,904		0.0
11,300	Beijing New Building Materials PLC - A Shares			41,916		0.0
16,200	Beijing Tongrentang Co. Ltd. - A Shares			103,896		0.0
4,400	Beijing United Information Technology Co. Ltd. - A Shares			55,859		0.0
3,595	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. - A Shares			65,373		0.0
18,460 (1)	Bilibili, Inc.			437,576		0.1
1,848	Bloomage Biotechnology Corp. Ltd. - A Shares			35,854		0.0
266,800	BOE Technology Group Co. Ltd. - A Shares			129,398		0.0
358,000	Bosideng International Holdings Ltd.			169,646		0.0
13,636	BYD Co. Ltd. - A Shares			501,151		0.1
80,500	Byd Co., Ltd. - H Shares			1,974,987		0.3
72,000	BYD Electronic International Co. Ltd.			230,087		0.1
12,000	By-health Co. Ltd. - A Shares			39,297		0.0
63,000	C&D International Investment Group Ltd.			182,744		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
40,820	Caitong Securities Co. Ltd. - A Shares		$	41,733		0.0
1,116,000 (2)	CGN Power Co. Ltd. - H Shares			265,039		0.1
2,400	Changchun High & New Technology Industry Group, Inc. - A Shares			57,356		0.0
74,200	Changjiang Securities Co. Ltd. - A Shares			56,763		0.0
2,100	Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - A Shares			38,439		0.0
13,100	Chaozhou Three-Circle Group Co. Ltd. - A Shares			57,811		0.0
6,500	Chengxin Lithium Group Co. Ltd. - A Shares			34,885		0.0
20,400	China Baoan Group Co. Ltd. - A Shares			35,386		0.0
927,000	China Cinda Asset Management Co. Ltd. - H Shares			127,923		0.0
928,000	China CITIC Bank Corp. Ltd. - H Shares			410,661		0.1
223,000	China Coal Energy Co. - H Shares			181,064		0.0
268,000	China Communications Services Corp., Ltd. - H Shares			97,507		0.0
164,500	China Conch Venture Holdings Ltd.			356,855		0.1
9,667,000	China Construction Bank - H Shares			6,045,641		0.9
81,300	China Construction Bank Corp. - A Shares			65,812		0.0
23,200	China CSSC Holdings Ltd. - A Shares			74,193		0.0
58,100 (1)	China Eastern Airlines Corp. Ltd. - A Shares			46,143		0.0
179,900	China Energy Engineering Corp. Ltd. - A Shares			59,178		0.0
291,300	China Everbright Bank Co. Ltd. - A Shares			128,526		0.0
324,000	China Everbright Bank Co. Ltd. - H Shares			98,649		0.0
399,000	China Everbright Environment Group Ltd.			177,666		0.0
420,000 (1)	China Evergrande Group			8,654		0.0
365,000 (2)	China Feihe Ltd.			309,030		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
442,500	China Galaxy Securities Co. Ltd. - H Shares		$	215,137		0.1
296,600	China Gas Holdings Ltd.			429,851		0.1
23,900	China Greatwall Technology Group Co. Ltd. - A Shares			34,976		0.0
249,500	China Hongqiao Group Ltd.			235,317		0.1
8,100	China International Capital Corp. Ltd. - A Shares			44,309		0.0
155,200 (2)	China International Capital Corp. Ltd. - H Shares			294,658		0.1
604,000	China Jinmao Holdings Group Ltd.			129,224		0.0
29,603	China Jushi Co. Ltd. - A Shares			58,254		0.0
117,000	China Lesso Group Holdings Ltd.			121,359		0.0
17,700	China Life Insurance Co. Ltd. - A Shares			94,341		0.0
733,000	China Life Insurance Co., Ltd. - H Shares			1,251,042		0.2
45,600 (1)(2)	China Literature Ltd.			175,902		0.0
337,000	China Longyuan Power Group Corp. Ltd. - H Shares			409,654		0.1
145,000	China Medical System Holdings Ltd.			226,894		0.1
13,000	China Meheco Co. Ltd. - A Shares			32,221		0.0
62,000	China Meidong Auto Holdings Ltd.			126,613		0.0
314,000	China Mengniu Dairy Co., Ltd.			1,415,862		0.2
144,300	China Merchants Bank Co. Ltd. - A Shares			769,417		0.1
378,880	China Merchants Bank Co., Ltd. - H Shares			2,096,668		0.3
33,200	China Merchants Energy Shipping Co. Ltd. - A Shares			26,608		0.0
143,583	China Merchants Port Holdings Co. Ltd.			209,630		0.0
49,470	China Merchants Securities Co. Ltd. - A Shares			94,424		0.0
48,400	China Merchants Shekou Industrial Zone Holdings Co. Ltd. - A Shares			87,599		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
231,480	China Minsheng Banking Corp. Ltd. - A Shares		$	114,836		0.0
640,100	China Minsheng Banking Corp. Ltd. - H Shares			221,190		0.1
390,000	China National Building Material Co., Ltd. - H Shares			318,658		0.1
42,400	China National Chemical Engineering Co. Ltd. - A Shares			48,350		0.0
116,300	China National Nuclear Power Co. Ltd. - A Shares			100,255		0.0
5,700	China National Software & Service Co. Ltd. - A Shares			47,742		0.0
21,100	China Northern Rare Earth Group High-Tech Co. Ltd. - A Shares			75,716		0.0
184,000	China Oilfield Services Ltd. - H Shares			223,643		0.1
379,000	China Overseas Land & Investment Ltd.			991,795		0.2
140,000	China Overseas Property Holdings Ltd.			145,037		0.0
41,903	China Pacific Insurance Group Co. Ltd. - A Shares			147,524		0.0
258,800	China Pacific Insurance Group Co., Ltd. - H Shares			572,288		0.1
189,052	China Petroleum & Chemical Corp. - A Shares			118,445		0.0
2,531,600	China Petroleum & Chemical Corp. - H Shares			1,219,755		0.2
576,000	China Power International Development Ltd. - H Shares			242,546		0.1
134,500	China Railway Group Ltd. - A Shares			107,342		0.0
431,000	China Railway Group Ltd. - H Shares			226,312		0.1
6,000 (1)	China Rare Earth Resources And Technology Co. Ltd. - A Shares			28,305		0.0
162,000	China Resources Beer Holdings Co Ltd.			1,126,804		0.2
272,000	China Resources Cement Holdings Ltd. - H Shares			143,739		0.0	��
95,100	China Resources Gas Group Ltd.			354,776		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
318,444	China Resources Land Ltd.		$	1,448,719		0.2
7,400	China Resources Microelectronics Ltd. - A Shares			55,948		0.0
70,000 (2)	China Resources Mixc Lifestyle Services Ltd.			354,588		0.1
160,000 (2)	China Resources Pharmaceutical Group Ltd.			129,052		0.0
194,000	China Resources Power Holdings Co.			395,313		0.1
6,400	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. - A Shares			43,095		0.0
520,000 (1)(4)	China Ruyi Holdings Ltd.			129,646		0.0
37,370	China Shenhua Energy Co. Ltd. - A Shares			148,197		0.0
341,000	China Shenhua Energy Co., Ltd. - H Shares			982,312		0.2
66,600 (1)	China Southern Airlines Co. Ltd. - A Shares			72,638		0.0
210,000 (1)(4)	China Southern Airlines Co. Ltd. - H Shares			136,182		0.0
349,540	China State Construction Engineering Corp. Ltd. - A Shares			272,347		0.1
218,000	China State Construction International Holdings Ltd.			244,087		0.1
150,028	China Taiping Insurance Holdings Co., Ltd.			186,149		0.0
171,700	China Three Gorges Renewables Group Co. Ltd. - A Shares			139,365		0.0
13,503	China Tourism Group Duty Free Corp. Ltd. - A Shares			417,967		0.1
6,000 (1)(2)	China Tourism Group Duty Free Corp. Ltd. - H Shares			175,855		0.0
4,476,000 (2)	China Tower Corp. Ltd. - H Shares			480,306		0.1
290,000	China Traditional Chinese Medicine Holdings Co. Ltd.			131,514		0.0
188,600	China United Network Communications Ltd. - A Shares			121,398		0.0
59,100	China Vanke Co. Ltd. - A Shares			153,914		0.0
169,600	China Vanke Co. Ltd. - H Shares			341,192		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
167,500	China Yangtze Power Co. Ltd. - A Shares		$	505,298		0.1
3,400	China Zhenhua Group Science & Technology Co. Ltd. - A Shares			55,782		0.0
294,000	Chinasoft International Ltd.			254,518		0.1
3,300	Chongqing Brewery Co. Ltd. - A Shares			60,375		0.0
47,360	Chongqing Changan Automobile Co. Ltd. - A Shares			83,691		0.0
9,500	Chongqing Zhifei Biological Products Co. Ltd. - A Shares			119,940		0.0
199,800	Chow Tai Fook Jewellery Group Ltd.			406,026		0.1
572,000	CITIC Ltd.			601,419		0.1
75,260	CITIC Securities Co. Ltd. - A Shares			215,049		0.1
209,325	CITIC Securities Co. Ltd. - H Shares			421,577		0.1
109,000	CMOC Group Ltd. - A Shares			71,060		0.0
390,000	CMOC Group Ltd. - H Shares			178,665		0.0
6,208	CNGR Advanced Material Co. Ltd. - A Shares			58,426		0.0
15,700	Contemporary Amperex Technology Co. Ltd. - A Shares			884,661		0.2
20,100 (1)	COSCO SHIPPING Energy Transportation Co. Ltd. - A Shares			34,841		0.0
79,360	COSCO SHIPPING Holdings Co. Ltd. - A Shares			117,177		0.0
312,650	COSCO Shipping Holdings Co., Ltd. - H Shares			317,822		0.1
198,000	COSCO Shipping Ports, Ltd.			157,132		0.0
1,247,133 (4)	Country Garden Holdings Co. Ltd.			420,091		0.1
220,000	Country Garden Services Holdings Co. Ltd. - H Shares			539,691		0.1
123,600	CRRC Corp. Ltd. - A Shares			90,792		0.0
513,000	CRRC Corp. Ltd. - H Shares			206,646		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
26,100	CSC Financial Co. Ltd. - A Shares		$	88,963		0.0
891,360	CSPC Pharmaceutical Group Ltd.			927,971		0.2
219,000 (2)	Dali Foods Group Co. Ltd.			99,633		0.0
188,200	Daqin Railway Co. Ltd. - A Shares			180,812		0.0
6,194 (1)	Daqo New Energy Corp. ADR			239,150		0.0
6,332	DaShenLin Pharmaceutical Group Co. Ltd. - A Shares			36,088		0.0
13,800	Dongfang Electric Corp. Ltd. - A Shares			41,622		0.0
320,000	Dongfeng Motor Group Co., Ltd. - H Shares			182,842		0.0
160,000	Dongyue Group Ltd.			175,240		0.0
74,336	East Money Information Co. Ltd. - A Shares			206,658		0.0
2,800	Ecovacs Robotics Co. Ltd. - A Shares			29,241		0.0
78,900	ENN Energy Holdings Ltd.			1,102,079		0.2
11,145	Eve Energy Co. Ltd. - A Shares			140,390		0.0
25,300	Everbright Securities Co. Ltd. - A Shares			53,910		0.0
36,100 (1)	Fangda Carbon New Material Co. Ltd. - A Shares			31,713		0.0
162,000	Far East Horizon Ltd.			126,185		0.0
43,000	First Capital Securities Co. Ltd. - A Shares			34,743		0.0
12,600	Flat Glass Group Co. Ltd. - A Shares			60,318		0.0
44,000	Flat Glass Group Co. Ltd. - H Shares			105,815		0.0
97,600	Focus Media Information Technology Co. Ltd. - A Shares			93,458		0.0
28,508	Foshan Haitian Flavouring & Food Co. Ltd. - A Shares			325,680		0.1
265,968	Fosun International Ltd.			215,880		0.1
69,900	Foxconn Industrial Internet Co. Ltd. - A Shares			92,198		0.0
13,900	Fuyao Glass Industry Group Co. Ltd. - A Shares			69,990		0.0
62,000 (2)	Fuyao Glass Industry Group Co. Ltd. - H Shares			258,880		0.1
10,080	Ganfeng Lithium Co. Ltd. - A Shares			100,514		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
36,640 (2)	Ganfeng Lithium Co. Ltd. - H Shares		$	271,624		0.1
2,036,000 (1)	GCL Poly Energy Holdings Ltd.			513,718		0.1
118,400 (1)	GD Power Development Co. Ltd. - A Shares			72,662		0.0
88,900 (1)	GDS Holdings Ltd.			230,196		0.1
604,000	Geely Automobile Holdings Ltd.			872,497		0.2
33,100	GEM Co. Ltd. - A Shares			35,331		0.0
28,500	Gemdale Corp. - A Shares			41,649		0.0
118,000 (1)	Genscript Biotech Corp. - H Shares			372,488		0.1
37,300	GF Securities Co. Ltd. - A Shares			82,889		0.0
120,400	GF Securities Co. Ltd. - H Shares			172,360		0.0
4,260	GigaDevice Semiconductor, Inc. - A Shares			62,684		0.0
1,800 (1)	Ginlong Technologies Co. Ltd. - A Shares			46,520		0.0
22,800	GoerTek, Inc. - A Shares			55,114		0.0
900	GoodWe Technologies Co. Ltd. - A Shares			41,686		0.0
11,400	Gotion High-tech Co. Ltd. - A Shares			47,113		0.0
16,600	Great Wall Motor Co. Ltd. - A Shares			70,526		0.0
299,000	Great Wall Motor Co. Ltd. - H Shares			385,178		0.1
20,100	Gree Electric Appliances, Inc. of Zhuhai - A Shares			93,146		0.0
98,000	Greentown China Holdings Ltd. - H Shares			141,711		0.0
164,000	Greentown Service Group Co. Ltd.			108,124		0.0
10,200	Guangdong Haid Group Co. Ltd. - A Shares			90,594		0.0
302,000	Guangdong Investment Ltd.			308,357		0.1
1,900	Guangdong Kinlong Hardware Products Co. Ltd. - A Shares			28,296		0.0
39,500	Guanghui Energy Co. Ltd. - A Shares			51,255		0.0
32,300	Guangzhou Automobile Group Co. Ltd. - A Shares			51,089		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
313,200	Guangzhou Automobile Group Co. Ltd. - H Shares		$	209,753		0.0
11,800	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - A Shares			50,490		0.0
4,100	Guangzhou Great Power Energy & Technology Co. Ltd. - A Shares			45,861		0.0
3,200	Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares			35,937		0.0
4,500	Guangzhou Shiyuan Electronic Technology Co. Ltd. - A Shares			38,156		0.0
11,540	Guangzhou Tinci Materials Technology Co. Ltd. - A Shares			72,628		0.0
46,400	Guosen Securities Co. Ltd. - A Shares			59,184		0.0
51,300	Guotai Junan Securities Co. Ltd. - A Shares			100,114		0.0
40,040	Guoyuan Securities Co. Ltd. - A Shares			36,409		0.0
19,229	H World Group Ltd. ADR			815,694		0.1
413,000 (1)(2)	Haichang Ocean Park Holdings Ltd.			84,305		0.0
117,000 (2)	Haidilao International Holding Ltd.			333,691		0.1
40,100	Haier Smart Home Co. Ltd. - A Shares			140,540		0.0
222,200	Haier Smart Home Co. Ltd. - H Shares			754,165		0.1
69,000	Haitian International Holdings Ltd.			183,901		0.0
65,300	Haitong Securities Co. Ltd. - A Shares			81,543		0.0
314,400	Haitong Securities Co. Ltd. - H Shares			192,825		0.0
8,000	Hangzhou First Applied Material Co. Ltd. - A Shares			76,215		0.0
8,200	Hangzhou Robam Appliances Co. Ltd. - A Shares			32,680		0.0
9,100	Hangzhou Silan Microelectronics Co. Ltd. - A Shares			42,813		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
3,100	Hangzhou Tigermed Consulting Co. Ltd. - A Shares		$	46,581		0.0
12,600 (2)	Hangzhou Tigermed Consulting Co. Ltd. - H Shares			144,897		0.0
128,000 (2)	Hansoh Pharmaceutical Group Co. Ltd.			241,808		0.1
23,700	Henan Shenhuo Coal & Power Co. Ltd. - A Shares			50,821		0.0
21,500	Henan Shuanghui Investment & Development Co. Ltd. - A Shares			80,096		0.0
66,500	Hengan International Group Co., Ltd.			352,575		0.1
37,020	Hengli Petrochemical Co. Ltd. - A Shares			82,555		0.0
28,470	Hengyi Petrochemical Co. Ltd. - A Shares			28,727		0.0
106,800	Hesteel Co. Ltd. - A Shares			34,681		0.0
3,300	Hithink RoyalFlush Information Network Co. Ltd. - A Shares			46,701		0.0
3,300	Hoshine Silicon Industry Co. Ltd. - A Shares			39,288		0.0
61,000 (1)(2)	Hua Hong Semiconductor Ltd.			211,378		0.1
85,700	Huadian Power International Corp. Ltd. - A Shares			72,295		0.0
11,140	Huadong Medicine Co. Ltd. - A Shares			74,816		0.0
45,900	Huafon Chemical Co. Ltd. - A Shares			44,795		0.0
11,730	Hualan Biological Engineering, Inc. - A Shares			38,153		0.0
54,800 (1)	Huaneng Power International, Inc. - A Shares			59,841		0.0
430,000 (1)	Huaneng Power International, Inc. - H Shares			202,546		0.0
52,000	Huatai Securities Co. Ltd. - A Shares			95,116		0.0
168,400 (2)	Huatai Securities Co. Ltd. - H Shares			192,062		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
83,600	Huaxia Bank Co. Ltd. - A Shares		$	62,379		0.0
14,600	Huaxin Cement Co. Ltd. - A Shares			31,052		0.0
24,300	Huayu Automotive Systems Co. Ltd. - A Shares			60,388		0.0
6,800	Hubei Xingfa Chemicals Group Co. Ltd. - A Shares			28,282		0.0
3,100	Huizhou Desay Sv Automotive Co. Ltd. - A Shares			46,873		0.0
15,100	Humanwell Healthcare Group Co. Ltd. - A Shares			51,733		0.0
11,063	Hundsun Technologies, Inc. - A Shares			64,164		0.0
36,400 (1)(2)(4)	Hygeia Healthcare Holdings Co. Ltd.			259,705		0.1
15,500	Iflytek Co. Ltd. - A Shares			72,982		0.0
1,127	Imeik Technology Development Co. Ltd. - A Shares			91,581		0.0
5,564,000	Industrial & Commercial Bank of China - H Shares			2,853,718		0.5
546,300	Industrial & Commercial Bank of China Ltd. - A Shares			340,866		0.1
160,700	Industrial Bank Co. Ltd. - A Shares			405,841		0.1
59,020	Industrial Securities Co. Ltd. - A Shares - A Shares			48,608		0.0
3,000	Ingenic Semiconductor Co. Ltd. - A Shares			30,366		0.0
267,000	Inner Mongolia BaoTou Steel Union Co. Ltd. - A Shares			73,633		0.0
72,100	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. - A Shares			41,276		0.0
37,200	Inner Mongolia Yili Industrial Group Co. Ltd. - A Shares			165,415		0.0
145,300	Inner Mongolia Yitai Coal Co. - A Shares			191,573		0.0
25,400	Inner Mongolia Yuan Xing Energy Co. Ltd. - A Shares			28,577		0.0
103,500 (1)(2)	Innovent Biologics, Inc.			440,507		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
14,268	Inspur Electronic Information Industry Co. Ltd. - A Shares		$	44,072		0.0
36,387 (1)	iQIYI, Inc. ADR			192,851		0.0
13,160	JA Solar Technology Co. Ltd. - A Shares			113,371		0.0
5,590	Jason Furniture Hangzhou Co. Ltd. - A Shares			34,190		0.0
13,800	JCET Group Co. Ltd. - A Shares			45,671		0.0
112,300 (1)(2)	JD Health International, Inc. - H Shares			1,014,075		0.2
217,759	JD.com, Inc. - Class A			6,079,100		1.0
18,300	Jiangsu Eastern Shenghong Co. Ltd. - A Shares			34,195		0.0
130,000	Jiangsu Expressway Co. Ltd. - H Shares			118,339		0.0
8,320	Jiangsu Hengli Hydraulic Co. Ltd. - A Shares			75,444		0.0
36,777	Jiangsu Hengrui Pharmaceuticals Co. Ltd. - A Shares			203,367		0.0
7,700	Jiangsu King’s Luck Brewery JSC Ltd. - A Shares			56,239		0.0
8,576	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - A Shares			197,210		0.0
8,500	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. - A Shares			38,879		0.0
22,500	Jiangsu Zhongtian Technology Co. Ltd. - A Shares			52,213		0.0
142,000	Jiangxi Copper Co., Ltd. - H Shares			208,479		0.0
10,100 (1)	Jiangxi Special Electric Motor Co. Ltd. - A Shares			25,290		0.0
2,300	JiuGui Liquor Co. Ltd. - A Shares			45,475		0.0
78,000 (2)(4)	Jiumaojiu International Holdings Ltd.			206,791		0.0
3,360	Joinn Laboratories China Co. Ltd. - A Shares			28,129		0.0
4,926	JOYY, Inc. ADR			155,612		0.0
5,200	Juewei Food Co. Ltd. - A Shares			45,647		0.0
18,461 (1)	Kanzhun Ltd. ADR			376,051		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
67,245 (1)	KE Holdings, Inc. ADR		$	938,740		0.2
24,600	Keda Industrial Group Co. Ltd. - A Shares			50,145		0.0
70,000	Kingboard Holdings Ltd.			221,979		0.1
100,000	Kingboard Laminates Holdings Ltd.			109,586		0.0
261,000 (1)	Kingdee International Software Group Co., Ltd.			553,867		0.1
98,800	Kingsoft Corp. Ltd.			327,429		0.1
41,500 (1)(2)	Koolearn Technology Holding Ltd.			276,479		0.1
178,300 (1)(2)	Kuaishou Technology			1,602,787		0.3
14,400	Kuang-Chi Technologies Co. Ltd. - A Shares			35,248		0.0
408,000	Kunlun Energy Co. Ltd.			290,069		0.1
7,900	Kweichow Moutai Co. Ltd. - A Shares (Nth SSE-SEHK)			1,954,272		0.3
17,100	LB Group Co. Ltd. - A Shares			46,399		0.0
5,022 (1)	Legend Biotech Corp. ADR			250,698		0.0
724,000	Lenovo Group Ltd.			589,696		0.1
34,800	Lens Technology Co. Ltd. - A Shares			52,616		0.0
14,200	Lepu Medical Technology Beijing Co. Ltd. - A Shares			46,836		0.0
37,471 (1)(4)	Li Auto, Inc. ADR			764,409		0.1
38,432 (1)	Li Auto, Inc.			371,588		0.1
237,000	Li Ning Co. Ltd.			2,037,964		0.3
63,400 (1)	Lingyi iTech Guangdong Co. - A Shres - A Shares			41,367		0.0
189,000 (2)(4)	Longfor Group Holdings Ltd.			581,585		0.1
54,344	LONGi Green Energy Technology Co. Ltd. - A Shares			329,074		0.1
76,946	Lufax Holding Ltd. ADR			149,275		0.0
55,666	Luxshare Precision Industry Co. Ltd. - A Shares			253,631		0.1
8,400	Luzhou Laojiao Co. Ltd. - A Shares			269,929		0.1
14,290	Mango Excellent Media Co. Ltd. - A Shares			61,544		0.0
3,136	Maxscend Microelectronics Co. Ltd. - A Shares			51,505		0.0
445,100 (1)(2)	Meituan Class B			9,861,562		1.5
114,500	Metallurgical Corp. of China Ltd. - A Shares			52,253		0.0
66,700 (1)(4)	Microport Scientific Corp.			174,025		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
12,900	Ming Yang Smart Energy Group Ltd. - A Shares		$	46,788		0.0
82,000	Minth Group Ltd.			221,333		0.1
6,740	Montage Technology Co. Ltd. - A Shares			60,636		0.0
30,012	Muyuan Foods Co. Ltd. - A Shares			209,962		0.0
11,424	Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. - A Shares			29,605		0.0
37,784	NARI Technology Co. Ltd. - A Shares			132,047		0.0
3,000	NAURA Technology Group Co. Ltd. - A Shares			97,082		0.0
198,300	NetEase, Inc.			2,876,146		0.5
14,600	New China Life Insurance Co. Ltd. - A Shares			62,965		0.0
94,000	New China Life Insurance Co. Ltd. - H Shares			228,860		0.1
28,500 (1)	New Hope Liuhe Co. Ltd. - A Shares			52,821		0.0
153,700 (1)	New Oriental Education & Technology Group, Inc.			541,802		0.1
171,000	Nine Dragons Paper Holdings Ltd.			155,463		0.0
9,300	Ninestar Corp. - A Shares			69,340		0.0
1,200	Ningbo Deye Technology Co. Ltd. - A Shares			57,084		0.0
4,800	Ningbo Orient Wires & Cables Co. Ltd. - A Shares			46,666		0.0
2,904	Ningbo Ronbay New Energy Technology Co. Ltd. - A Shares			28,578		0.0
16,893	Ningbo Shanshan Co. Ltd. - A Shares			44,105		0.0
6,900	Ningbo Tuopu Group Co. Ltd. - A Shares			58,018		0.0
38,700	Ningxia Baofeng Energy Group Co. Ltd. - A Shares			67,043		0.0
138,739 (1)	NIO, Inc. ADR			1,352,705		0.2
174,400 (2)	Nongfu Spring Co. Ltd. - H Shares			982,183		0.2
61,400	Offshore Oil Engineering Co. Ltd. - A Shares			53,496		0.0
3,520	Oppein Home Group, Inc. - A Shares			61,335		0.0
13,500	Orient Overseas International Ltd.			243,317		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
44,920	Orient Securities Co. Ltd./China - A Shares		$	57,627		0.0
6,380	Ovctek China, Inc. - A Shares			32,711		0.0
45,000 (1)	Pangang Group Vanadium Titanium & Resources Co. Ltd. - A Shares			30,516		0.0
974,000	Peoples Insurance Co. Group of China Ltd. - H Shares			322,214		0.1
136,600	PetroChina Co. Ltd. - A Shares			97,682		0.0
2,086,000	PetroChina Co., Ltd. - H Shares			952,871		0.2
7,050	Pharmaron Beijing Co. Ltd. - A Shares			68,831		0.0
20,850 (2)	Pharmaron Beijing Co. Ltd. - H Shares			143,267		0.0
691,244	PICC Property & Casualty Co., Ltd. - H Shares			653,568		0.1
51,123 (1)	Pinduoduo, Inc. ADR			4,169,081		0.6
111,900	Ping An Bank Co. Ltd. - A Shares			211,225		0.1
54,600 (1)(2)(4)	Ping An Healthcare and Technology Co. Ltd.			147,382		0.0
64,100	Ping An Insurance Group Co. of China Ltd. - A Shares			431,482		0.1
638,000	Ping An Insurance Group Co. of China Ltd. - H Shares			4,191,498		0.7
30,700	Pingdingshan Tianan Coal Mining Co. Ltd. - A Shares			47,583		0.0
67,100	Poly Developments and Holdings Group Co. Ltd. - A Shares			145,429		0.0
61,000 (2)(4)	Pop Mart International Group Ltd.			153,541		0.0
163,500	Postal Savings Bank of China Co. Ltd. - A Shares			108,511		0.0
803,000 (2)	Postal Savings Bank of China Co. Ltd. - H Shares			496,909		0.1
89,600	Power Construction Corp. of China Ltd. - A Shares			90,958		0.0
1,300	Proya Cosmetics Co. Ltd. - A Shares			31,288		0.0
900	Pylon Technologies Co. Ltd. - A Shares			40,785		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
28,600 (1)	Qinghai Salt Lake Industry Co. Ltd. - A Shares		$	93,058		0.0
59,550	Rongsheng Petrochemical Co. Ltd. - A Shares			105,203		0.0
48,500	SAIC Motor Corp. Ltd. - A Shares			100,350		0.0
2,500	Sangfor Technologies, Inc. - A Shares			40,489		0.0
123,000	Sany Heavy Equipment International Holdings Co. Ltd.			125,828		0.0
51,200	Sany Heavy Industry Co. Ltd. - A Shares			115,918		0.0
24,955	Satellite Chemical Co. Ltd. - A Shares			55,509		0.0
13,400 (1)	Seazen Holdings Co. Ltd. - A Shares			39,261		0.0
27,800	SF Holding Co. Ltd. - A Shares			230,392		0.1
2,300	SG Micro Corp. - A Shares			56,984		0.0
75,400	Shaanxi Coal Industry Co. Ltd. - A Shares			201,258		0.0
12,800	Shan Xi Hua Yang Group New Energy Co. Ltd. - A Shares			26,145		0.0
20,964	Shandong Gold Mining Co. Ltd. - A Shares			57,614		0.0
81,500 (2)	Shandong Gold Mining Co. Ltd. - H Shares			150,602		0.0
14,710	Shandong Hualu Hengsheng Chemical Co. Ltd. - A Shares			70,030		0.0
11,200	Shandong Linglong Tyre Co. Ltd. - A Shares			32,918		0.0
88,030	Shandong Nanshan Aluminum Co. Ltd. - A Shares			41,282		0.0
253,600	Shandong Weigao Group Medical Polymer Co., Ltd. - H Shares			414,375		0.1
9,747	Shanghai Baosight Software Co. Ltd. - A Shares			62,691		0.0
48,780	Shanghai Baosight Software Co., Ltd. - Class B			150,777		0.0
88,800	Shanghai Construction Group Co. Ltd. - A Shares			33,192		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
97,400 (1)	Shanghai Electric Group Co. Ltd. - A Shares		$	55,087		0.0
11,200	Shanghai Fosun Pharmaceutical Group Co. Ltd. - A Shares			56,702		0.0
54,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares			172,125		0.0
6,900	Shanghai Fudan Microelectronics Group Co. Ltd. - A Shares			69,090		0.0
25,000	Shanghai Fudan Microelectronics Group Co. Ltd. - H Shares			94,223		0.0
8,000 (1)	Shanghai International Airport Co. Ltd. - A Shares			66,274		0.0
71,200	Shanghai International Port Group Co. Ltd. - A Shares			54,647		0.0
5,700	Shanghai Jinjiang International Hotels Co. Ltd. - A Shares			47,709		0.0
4,800 (1)	Shanghai Junshi Biosciences Co. Ltd. - A Shares			43,072		0.0
215,533	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - B Shares			173,858		0.0
5,800	Shanghai M&G Stationery, Inc. - A Shares			45,764		0.0
107,100	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares			177,802		0.0
169,300	Shanghai Pudong Development Bank Co. Ltd. - A Shares			177,057		0.0
9,180	Shanghai Putailai New Energy Technology Co. Ltd. - A Shares			68,420		0.0
62,200	Shanghai RAAS Blood Products Co. Ltd. - A Shares			56,693		0.0
28,064	Shanghai Yuyuan Tourist Mart Group Co. Ltd. - A Shares			30,663		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
23,200	Shanxi Coking Coal Energy Group Co. Ltd. - A Shares		$	38,809		0.0
18,050	Shanxi Lu’an Environmental Energy Development Co. Ltd. - A Shares			43,627		0.0
26,700	Shanxi Meijin Energy Co. Ltd. - A Shares			34,567		0.0
43,520	Shanxi Securities Co. Ltd. - A Shares			33,110		0.0
50,200	Shanxi Taigang Stainless Steel Co. Ltd. - A Shares			31,166		0.0
8,580	Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - A Shares			350,611		0.1
16,100	Shenghe Resources Holding Co. Ltd. - A Shares			32,299		0.0
20,000	Shengyi Technology Co. Ltd. - A Shares			41,379		0.0
4,320	Shennan Circuits Co. Ltd. - A Shares			44,756		0.0
148,200	Shenwan Hongyuan Group Co. Ltd. - A Shares			84,750		0.0
5,760	Shenzhen Capchem Technology Co. Ltd. - A Shares			35,964		0.0
1,100	Shenzhen Dynanonic Co. Ltd. - A Shares			36,279		0.0
15,900	Shenzhen Inovance Technology Co. Ltd. - A Shares			158,648		0.0
131,980	Shenzhen International Holdings Ltd.			129,188		0.0
8,160	Shenzhen Kangtai Biological Products Co. Ltd. - A Shares			36,915		0.0
8,400	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - A Shares			380,921		0.1
63,400	Shenzhen Overseas Chinese Town Co. Ltd. - A Shares			48,420		0.0
1,900	Shenzhen SC New Energy Technology Corp. - A Shares			31,070		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
4,400	Shenzhen Transsion Holdings Co. Ltd. - A Shares		$	50,256		0.0
81,600	Shenzhou International Group Holdings Ltd.			909,992		0.2
9,360	Shijiazhuang Yiling Pharmaceutical Co. Ltd. - A Shares			40,269		0.0
150,500 (1)(3)(4)	Shimao Group Holdings Ltd.			38,351		0.0
26,500	Sichuan Chuantou Energy Co. Ltd. - A Shares			46,654		0.0
8,300	Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares			31,727		0.0
32,100	Sichuan Road and Bridge Group Co. Ltd. - A Shares			51,265		0.0
3,300	Sichuan Swellfun Co. Ltd. - A Shares			39,974		0.0
32,000	Silergy Corp.			451,997		0.1
1,038,250	Sino Biopharmaceutical Ltd.			604,594		0.1
13,000	Sinoma Science & Technology Co. Ltd. - A Shares			39,966		0.0
3,120	Sinomine Resource Group Co. Ltd. - A Shares			29,852		0.0
138,800	Sinopharm Group Co. - H Shares			351,319		0.1
2,485 (1)	Skshu Paint Co. Ltd. - A Shares			40,552		0.0
185,000 (2)(4)	Smoore International Holdings Ltd.			283,777		0.1
18,540	Songcheng Performance Development Co. Ltd. - A Shares			38,901		0.0
1,100	StarPower Semiconductor Ltd. - A Shares			52,035		0.0
376,000 (1)(3)	Sunac China Holdings Ltd.			99,281		0.0
8,600	Sungrow Power Supply Co. Ltd. - A Shares			137,997		0.0
71,100	Sunny Optical Technology Group Co. Ltd.			838,545		0.1
12,200	Sunwoda Electronic Co. Ltd. - A Shares			37,011		0.0
10,600 (1)(4)	Super Hi International Holding Ltd.			13,499		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value				Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
8,200	Suzhou Dongshan Precision Manufacturing Co. Ltd. - A Shares		$	29,140			0.0
780	Suzhou Maxwell Technologies Co. Ltd. - A Shares			46,099			0.0
4,300	Suzhou TA&A Ultra Clean Technology Co. Ltd. - A Shares			34,482			0.0
45,587 (1)	TAL Education Group ADR			321,389			0.1
25,400	TBEA Co. Ltd. - A Shares			73,133			0.0
110,500	TCL Technology Group Corp. - A Shares			58,944			0.0
19,500	TCL Zhonghuan Renewable Energy Technology Co. Ltd. - A Shares			105,248	��		0.0
630,800	Tencent Holdings Ltd.			26,746,150			4.1
71,222 (1)	Tencent Music Entertainment Group ADR			589,718			0.1
2,700	Thunder Software Technology Co. Ltd. - A Shares			38,856			0.0
8,100 (1)	Tianqi Lithium Corp. - A Shares			91,863			0.0
24,700	Tianshan Aluminum Group Co. Ltd. - A Shares			27,351			0.0
25,700	Tianshui Huatian Technology Co. Ltd. - A Shares			30,636			0.0
9,700 (1)	Tibet Summit Resources Co. Ltd. - A Shares			31,911			0.0
202,000	Tingyi Cayman Islands Holding Corp.			356,334			0.1
14,300	Titan Wind Energy Suzhou Co. Ltd. - A Shares			31,008			0.0
128,800 (1)	Tongcheng Travel Holdings Ltd.			307,646			0.1
17,900	Tongkun Group Co. Ltd. - A Shares			37,095			0.0
82,700	Tongling Nonferrous Metals Group Co. Ltd. - A Shares			36,968			0.0
26,800	Tongwei Co. Ltd. - A Shares			148,328			0.0
2,000 (1)	Topchoice Medical Corp. - A Shares			43,816			0.0
207,000 (2)	Topsports International Holdings Ltd. - H Shares			163,091			0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
98,000	Travelsky Technology Ltd. - H Shares		$	205,962		0.0
12,594	Trina Solar Co. Ltd. - A Shares			115,083		0.0
55,013 (1)	Trip.com Group Ltd. ADR			1,892,447		0.3
4,500	Tsingtao Brewery Co. Ltd. - A Shares			69,430		0.0
62,000	Tsingtao Brewery Co., Ltd. - H Shares			610,520		0.1
8,059	Unigroup Guoxin Microelectronics Co. Ltd. - A Shares			152,408		0.0
137,000	Uni-President China Holdings Ltd.			136,745		0.0
22,900	Unisplendour Corp. Ltd. - A Shares			64,185		0.0
38,000	Vinda International Holdings Ltd.			111,540		0.0
42,030 (1)	Vipshop Holdings Ltd. ADR			573,289		0.1
10,540	Walvax Biotechnology Co. Ltd. - A Shares			60,739		0.0
24,800	Wanhua Chemical Group Co. Ltd. - A Shares			329,731		0.1
490,000	Want Want China Holdings Ltd.			326,515		0.1
7,825 (1)	Weibo Corp. ADR			149,614		0.0
42,100	Weichai Power Co. Ltd. - A Shares			61,452		0.0
198,000	Weichai Power Co. Ltd. - H Shares			261,793		0.1
40,920	Wens Foodstuffs Group Co. Ltd. - A Shares			115,417		0.0
47,500	Western Securities Co. Ltd. - A Shares			41,538		0.0
3,223	Western Superconducting Technologies Co. Ltd. - A Shares			43,878		0.0
11,100	Westone Information Industry, Inc. - A Shares			48,626		0.0
6,660	Will Semiconductor Co. Ltd. Shanghai - A Shares			73,708		0.0
8,100	Wingtech Technology Co. Ltd. - A Shares			61,023		0.0
24,676	Wuhan Guide Infrared Co. Ltd. - A Shares			38,970		0.0
26,200	Wuliangye Yibin Co. Ltd. - A Shares			678,293		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
15,530	WUS Printed Circuit Kunshan Co. Ltd. - A Shares		$	26,554		0.0
15,076	WuXi AppTec Co. Ltd. - A Shares			174,768		0.0
35,941 (2)	WuXi AppTec Co. Ltd. - H Shares			377,111		0.1
366,500 (1)(2)	Wuxi Biologics Cayman, Inc.			2,775,838		0.4
2,300	Wuxi Shangji Automation Co. Ltd. - A Shares			34,890		0.0
66,700	XCMG Construction Machinery Co. Ltd. - A Shares			48,575		0.0
33,500	Xiamen C & D, Inc. - A Shares			65,513		0.0
1,400	Xiamen Faratronic Co. Ltd. - A Shares			32,159		0.0
1,527,200 (1)(2)	Xiaomi Corp. - B Shares			2,119,925		0.3
20,700	Xinjiang Goldwind Science & Technology Co. Ltd. - A Shares			32,673		0.0
66,052	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares			58,552		0.0
488,000	Xinyi Solar Holdings Ltd.			536,969		0.1
81,400 (1)(4)	XPeng, Inc.			401,115		0.1
144,500 (4)	Xtep International Holdings Ltd.			159,921		0.0
132,000 (2)	Yadea Group Holdings Ltd.			219,777		0.1
3,500	Yangzhou Yangjie Electronic Technology Co. Ltd. - A Shares			26,444		0.0
15,100	Yankuang Energy Group Co. Ltd. - A Shares			72,791		0.0
154,000	Yankuang Energy Group Co. Ltd. - H Shares			468,413		0.1
8,100	Yantai Jereh Oilfield Services Group Co. Ltd. - A Shares			32,482		0.0
6,400	Yealink Network Technology Corp. Ltd. - A Shares			55,730		0.0
8,700	Yifeng Pharmacy Chain Co. Ltd. - A Shares			79,924		0.0
49,000	Yihai International Holding Ltd.			172,352		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
9,100	Yihai Kerry Arawana Holdings Co. Ltd. - A Shares		$	56,910		0.0
17,120	Yintai Gold Co. Ltd. - A Shares			27,077		0.0
4,300	YongXing Special Materials Technology Co. Ltd. - A Shares			56,865		0.0
21,918	Yonyou Network Technology Co. Ltd. - A Shares			75,974		0.0
1,800 (1)	Youngy Co. Ltd. - A Shares			25,244		0.0
21,300	YTO Express Group Co. Ltd. - A Shares			61,457		0.0
148,200	Yuexiu Property Co. Ltd.			178,797		0.0
42,062	Yum China Holdings, Inc.			2,298,688		0.4
19,554	Yunda Holding Co. Ltd. - A Shares			40,347		0.0
24,400	Yunnan Aluminium Co. Ltd. - A Shares			38,883		0.0
12,600	Yunnan Baiyao Group Co. Ltd. - A Shares			98,385		0.0
1,800	Yunnan Botanee Bio-Technology Group Co. Ltd. - A Shares			38,533		0.0
5,100	Yunnan Energy New Material Co. Ltd. - A Shares			96,143		0.0
9,400 (1)	Yunnan Yuntianhua Co. Ltd. - A Shares			28,346		0.0
9,013 (1)	Zai Lab Ltd. ADR			276,699		0.1
18,800	Zangge Mining Co. Ltd. - A Shares			70,044		0.0
3,600	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A Shares			148,987		0.0
122,000 (1)	Zhaojin Mining Industry Co. Ltd. - H Shares			134,860		0.0
69,080 (1)	Zhejiang Century Huatong Group Co. Ltd. - A Shares			37,769		0.0
14,900	Zhejiang Chint Electrics Co. Ltd. - A Shares			59,222		0.0
25,500	Zhejiang Dahua Technology Co. Ltd. - A Shares			41,377		0.0
142,000	Zhejiang Expressway Co., Ltd. - H Shares			109,188		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
12,960	Zhejiang Huahai Pharmaceutical Co. Ltd. - A Shares		$	40,822		0.0
9,120	Zhejiang Huayou Cobalt Co. Ltd. - A Shares			72,654		0.0
13,100	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. - A Shares			119,646		0.0
22,112	Zhejiang NHU Co. Ltd. - A Shares			59,597		0.0
4,400	Zhejiang Supor Co. Ltd. - A Shares			31,231		0.0
12,700	Zhejiang Weixing New Building Materials Co. Ltd. - A Shares			38,857		0.0
34,800	Zheshang Securities Co. Ltd. - A Shares			49,595		0.0
77,500 (1)(2)(4)	ZhongAn Online P&C Insurance Co. Ltd. - H Shares			211,069		0.0
7,700	Zhongji Innolight Co. Ltd. - A Shares			29,884		0.0
63,000	Zhongsheng Group Holdings Ltd.			322,692		0.1
47,100	Zhongtai Securities Co. Ltd. - A Shares			43,352		0.0
62,200	Zhuzhou CRRC Times Electric Co., Ltd. - H Shares			307,214		0.1
20,480	Zhuzhou Kibing Group Co. Ltd. - A Shares			33,461		0.0
130,100	Zijin Mining Group Co. Ltd. - A Shares			185,954		0.0
568,000	Zijin Mining Group Co., Ltd. - H Shares			763,388		0.1
52,000	Zoomlion Heavy Industry Science and Technology Co. Ltd. - A Shares			40,643		0.0
26,500	ZTE Corp. - A Shares			98,271		0.0
80,640	ZTE Corp. - H Shares			177,156		0.0
42,418	ZTO Express Cayman, Inc. ADR			1,139,772		0.2
				205,144,856		31.5
	Colombia: 0.1%
26,356	Bancolombia SA			231,050		0.1
44,771	Interconexion Electrica SA ESP			193,934		0.0
				424,984		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Czech Republic: 0.1%
16,039	CEZ AS		$	546,488		0.1
8,221	Komercni Banka AS			237,570		0.0
39,727 (2)	Moneta Money Bank AS			133,615		0.0
				917,673		0.1
	Egypt: 0.1%
255,867	Commercial International Bank Egypt SAE			429,758		0.1
105,606	Eastern Co. SAE			61,131		0.0
92,248 (1)	Egyptian Financial Group-Hermes Holding			66,629		0.0
				557,518		0.1
	Greece: 0.3%
237,179 (1)	Alpha Services and Holdings SA			253,841		0.0
271,870 (1)	Eurobank Ergasias Services and Holdings SA			306,223		0.1
4,349 (1)(3)	FF Group			—		—
21,606	Hellenic Telecommunications Organization SA			337,465		0.1
12,156	Jumbo SA			208,486		0.0
8,603	Mytilineos SA			186,905		0.0
57,460 (1)	National Bank of Greece SA			230,419		0.0
19,709	OPAP S.A.			278,837		0.1
21,110 (1)	Public Power Corp.			148,168		0.0
4,454	Terna Energy SA			97,266		0.0
				2,047,610		0.3
	Hungary: 0.2%
43,074	MOL Hungarian Oil & Gas PLC			300,194		0.0
21,789	OTP Bank Nyrt			592,031		0.1
14,804	Richter Gedeon Nyrt			328,731		0.1
				1,220,956		0.2
	India: 14.1%
5,255	ABB India Ltd.			170,356		0.0
8,260	ACC Ltd.			243,375		0.0
28,691	Adani Enterprises Ltd.			1,336,056		0.2
31,792 (1)	Adani Green Energy Ltd.			740,697		0.1
52,309	Adani Ports & Special Economic Zone, Ltd.			516,343		0.1
79,708 (1)	Adani Power Ltd.			287,446		0.0
27,745	Adani Total Gas Ltd.			1,237,201		0.2
27,925 (1)	Adani Transmissions Ltd.			872,005		0.1
61,875	Ambuja Cements Ltd.			391,340		0.1
10,015	Apollo Hospitals Enterprise Ltd.			541,192		0.1
38,403	Asian Paints Ltd.			1,427,677		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
18,436 (2)	AU Small Finance Bank Ltd.		$	145,625		0.0
29,429	Aurobindo Pharma Ltd.			155,836		0.0
16,141 (1)(2)	Avenue Supermarts Ltd.			792,547		0.1
229,107	Axis Bank Ltd.			2,578,288		0.4
7,376	Bajaj Auto Ltd.			321,624		0.1
27,093	Bajaj Finance Ltd.			2,146,166		0.3
37,815	Bajaj Finserv Ltd.			705,811		0.1
2,534	Bajaj Holdings and Investment Ltd.			175,631		0.0
8,158	Balkrishna Industries Ltd.			209,747		0.0
71,082 (1)(2)	Bandhan Bank Ltd.			200,613		0.0
26,975	Berger Paints India Ltd.			188,947		0.0
369,026	Bharat Electronics Ltd.			445,269		0.1
27,290	Bharat Forge Ltd.			289,562		0.0
88,560	Bharat Petroleum Corp. Ltd.			353,031		0.1
221,981	Bharti Airtel Ltd.			2,158,791		0.3
46,439	Biocon Ltd.			146,754		0.0
10,780	Britannia Industries Ltd.			560,754		0.1
41,706	Cholamandalam Investment and Finance Co. Ltd.			363,728		0.1
48,690	Cipla Ltd.			632,592		0.1
156,083	Coal India Ltd.			424,616		0.1
12,619	Colgate-Palmolive India Ltd.			234,027		0.0
29,212	Container Corp. Of India Ltd.			260,457		0.0
61,878	Dabur India Ltd.			419,231		0.1
13,471	Divis Laboratories Ltd.			554,854		0.1
65,079	DLF Ltd.			294,263		0.0
11,665	Dr Reddys Laboratories Ltd.			596,594		0.1
13,931	Eicher Motors Ltd.			541,765		0.1
247,806	GAIL India Ltd.			287,764		0.0
40,888 (1)	Godrej Consumer Products Ltd.			431,398		0.1
13,468 (1)	Godrej Properties Ltd.			199,068		0.0
27,145	Grasim Industries Ltd.			563,476		0.1
26,012	Havells India Ltd.			345,146		0.1
107,621	HCL Technologies Ltd.			1,349,663		0.2
95,903 (2)	HDFC Life Insurance Co., Ltd.			655,102		0.1
11,415	Hero Motocorp Ltd.			377,177		0.1
134,398	Hindalco Industries Ltd.			768,343		0.1
67,082	Hindustan Petroleum Corp. Ltd.			190,170		0.0
81,998	Hindustan Unilever Ltd.			2,533,201		0.4
173,215	Housing Development Finance Corp.			5,506,672		0.8

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
519,527	ICICI Bank Ltd.		$	5,587,917		0.9
25,035 (2)	ICICI Lombard General Insurance Co. Ltd.			373,792		0.1
39,300 (2)	ICICI Prudential Life Insurance Co. Ltd.			213,804		0.0
79,789	Indian Hotels Co. Ltd.			306,941		0.1
288,284	Indian Oil Corp. Ltd.			266,281		0.0
25,844	Indian Railway Catering & Tourism Corp. Ltd.			199,257		0.0
34,388	Indraprastha Gas Ltd.			171,896		0.0
72,426	Indus Towers Ltd.			166,290		0.0
7,219	Info Edge India Ltd.			342,770		0.1
338,854	Infosys Ltd.			6,177,749		1.0
9,775 (1)(2)	InterGlobe Aviation Ltd.			236,539		0.0
296,884	ITC Ltd.			1,188,353		0.2
43,340	Jindal Steel & Power Ltd.			303,982		0.0
72,657	JSW Steel Ltd.			673,556		0.1
41,762	Jubilant Foodworks Ltd.			257,475		0.0
55,771	Kotak Mahindra Bank Ltd.			1,227,035		0.2
67,599	Larsen & Toubro Ltd.			1,699,056		0.3
9,525 (2)	LTIMindtree Ltd			502,089		0.1
21,964	Lupin Ltd.			194,572		0.0
87,424	Mahindra & Mahindra Ltd.			1,316,145		0.2
53,984	Marico Ltd.			332,202		0.1
12,189	Maruti Suzuki India Ltd.			1,233,106		0.2
9,321	Mphasis Ltd.			222,008		0.0
205	MRF Ltd.			219,106		0.0
12,647	Muthoot Finance Ltd.			162,321		0.0
3,315	Nestle India Ltd.			784,184		0.1
381,746	NTPC Ltd.			767,723		0.1
253,212	Oil & Natural Gas Corp., Ltd.			450,737		0.1
632	Page Industries Ltd.			326,698		0.1
78,929	Petronet LNG Ltd.			205,293		0.0
8,016	PI Industries Ltd.			331,052		0.1
15,516	Pidilite Industries Ltd.			477,311		0.1
307,772	Power Grid Corp. of India Ltd.			793,500		0.1
306,777	Reliance Industries Ltd.			9,418,242		1.5
213,713	Samvardhana Motherson International Ltd.			191,362		0.0
25,092	SBI Cards & Payment Services Ltd.			240,946		0.0
44,895 (2)	SBI Life Insurance Co. Ltd.			666,334		0.1
1,142	Shree Cement Ltd.			320,808		0.1
24,779	Shriram Finance Ltd.			411,337		0.1
7,670	Siemens, Ltd.			261,517		0.0
15,128	SRF Ltd.			417,685		0.1
179,031	State Bank of India			1,323,931		0.2
95,034	Sun Pharmaceutical Industries Ltd.			1,149,246		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
91,673	Tata Consultancy Services Ltd.		$	3,605,235		0.6
55,323	Tata Consumer Products Ltd.			512,012		0.1
3,585	Tata Elxsi Ltd.			272,085		0.0
165,106 (1)	Tata Motors Ltd.			773,148		0.1
145,895	Tata Power Co. Ltd.			365,566		0.1
728,683	Tata Steel Ltd.			992,472		0.2
57,733	Tech Mahindra Ltd.			708,021		0.1
34,999	Titan Co., Ltd.			1,098,139		0.2
10,982	Torrent Pharmaceuticals Ltd.			205,307		0.0
18,779	Trent Ltd.			306,384		0.1
10,633	Tube Investments of India Ltd.			356,632		0.1
21,111	TVS Motor Co. Ltd.			276,466		0.0
9,821	Ultratech Cement Ltd.			824,103		0.1
30,128 (1)	United Spirits Ltd.			319,170		0.1
49,899	UPL Ltd.			430,965		0.1
22,697	Varun Beverages Ltd.			362,216		0.1
78,615	Vedanta Ltd.			292,598		0.0
133,497	Wipro Ltd.			633,283		0.1
1,166,196 (1)	Yes Bank Ltd.			290,130		0.0
297,924 (1)	Zomato Ltd.			213,576		0.0
				91,817,647		14.1
	Indonesia: 1.9%
1,464,400	Adaro Energy Indonesia Tbk PT			362,751		0.1
930,300	Aneka Tambang Tbk			118,388		0.0
2,008,500	Astra International Tbk PT			735,010		0.1
5,567,500	Bank Central Asia Tbk PT			3,052,873		0.5
389,600 (1)	Bank Jago Tbk PT			92,986		0.0
1,861,000	Bank Mandiri Persero TBK PT			1,186,750		0.2
758,200	Bank Negara Indonesia Persero Tbk PT			449,209		0.1
6,776,738	Bank Rakyat Indonesia			2,148,567		0.3
3,181,770	Barito Pacific Tbk PT			154,271		0.0
752,200	Charoen Pokphand Indonesia Tbk PT			273,042		0.0
295,300	Indah Kiat Pulp & Paper Tbk PT			165,461		0.0
255,300	Indofood CBP Sukses Makmur TBK PT			163,939		0.0
437,400	Indofood Sukses Makmur Tbk PT			189,078		0.0
2,222,300	Kalbe Farma Tbk PT			298,336		0.1
1,238,856 (1)	Merdeka Copper Gold Tbk PT			327,297		0.1
2,455,300	Sarana Menara Nusantara Tbk PT			173,570		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Indonesia (continued)
397,887	Semen Indonesia Persero Tbk PT		$	168,029		0.0
1,729,800	Sumber Alfaria Trijaya Tbk PT			294,807		0.1
4,851,400	Telkom Indonesia Persero Tbk PT			1,168,276		0.2
775,900	Unilever Indonesia Tbk PT			234,379		0.0
173,700	United Tractors Tbk PT			291,169		0.1
273,800 (1)	Vale Indonesia Tbk PT			124,549		0.0
				12,172,737		1.9
	Kuwait: 0.9%
152,146	Agility Public Warehousing Co. KSC			358,429		0.0
137,337	Boubyan Bank KSCP			358,999		0.1
177,485	Gulf Bank KSCP			182,322		0.0
725,407	Kuwait Finance House KSCP			1,960,138		0.3
63,813	Mabanee Co. KPSC			177,154		0.0
222,079	Mobile Telecommunications Co. KSCP			409,247		0.1
707,474	National Bank of Kuwait SAKP			2,494,602		0.4
				5,940,891		0.9
	Malaysia: 1.6%
203,100	AMMB Holdings Bhd			190,954		0.0
291,300	Axiata Group Bhd			204,596		0.0
650,500	CIMB Group Holdings Bhd			856,037		0.1
389,142	Dialog Group BHD			216,414		0.0
324,800	Digi.Com BHD			294,772		0.1
226,800	Genting Bhd			230,634		0.0
322,900	Genting Malaysia BHD			197,116		0.0
73,200	HAP Seng Consolidated Bhd			106,311		0.0
166,400	Hartalega Holdings Bhd			64,262		0.0
67,972	Hong Leong Bank BHD			316,907		0.1
27,292	Hong Leong Financial Group Bhd			115,179		0.0
185,800	IHH Healthcare Bhd			262,193		0.1
305,500	Inari Amertron Bhd			181,031		0.0
274,300	IOI Corp. Bhd			252,433		0.1
45,900	Kuala Lumpur Kepong Bhd			233,284		0.0
450,000	Malayan Banking BHD			888,743		0.2
70,600 (1)	Malaysia Airports Holdings Bhd			105,231		0.0
249,200	Maxis Bhd			217,314		0.0
146,700	MISC Bhd			249,753		0.1
228,600 (2)	MR DIY Group M Bhd			103,780		0.0
7,100	Nestle Malaysia Bhd			225,653		0.0
240,900	Petronas Chemicals Group Bhd			470,596		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Malaysia (continued)
32,900	Petronas Dagangan BHD		$	171,782		0.0
81,200	Petronas Gas BHD			315,583		0.1
68,780	PPB Group Bhd			272,310		0.1
367,100	Press Metal Aluminium Holdings Bhd			406,729		0.1
1,403,900	Public Bank BHD			1,376,599		0.2
116,500	QL Resources Bhd			145,724		0.0
160,176	RHB Bank Bhd			210,451		0.0
321,500	Sime Darby Bhd			167,813		0.0
222,400	Sime Darby Plantation Bhd			235,014		0.1
129,900	Telekom Malaysia BHD			159,171		0.0
254,900	Tenaga Nasional BHD			557,233		0.1
577,900	Top Glove Corp. Bhd			118,791		0.0
				10,120,393		1.6
	Mexico: 2.3%
312,900	Alfa SA de CV			199,592		0.0
2,763,400	America Movil SAB de CV-AMXL			2,495,874		0.4
45,000	Arca Continental SAB de CV			364,960		0.1
76,400 (2)	Banco del Bajio SA			240,650		0.0
1,488,521 (1)	Cemex SA de CV - Unit			604,987		0.1
53,200	Coca-Cola Femsa SAB de CV - Unit			360,072		0.1
314,900	Fibra Uno Administracion SA de CV			371,678		0.1
191,300	Fomento Economico Mexicano SAB de CV - Unit			1,495,628		0.2
21,260	Gruma SAB de CV			284,012		0.0
35,905	Grupo Aeroportuario del Pacifico SA de CV			514,811		0.1
19,600	Grupo Aeroportuario del Sureste SA de CV			456,654		0.1
133,000	Grupo Bimbo SAB de CV			561,717		0.1
48,300	Grupo Carso SAB de CV			203,298		0.0
261,377	Grupo Financiero Banorte			1,881,072		0.3
223,700 (1)	Grupo Financiero Inbursa SA			378,832		0.1
312,500	Grupo Mexico SA de CV Series B			1,101,724		0.2
241,700	Grupo Televisa S.A. - Unit			219,541		0.0
14,365	Industrias Penoles, S.A. de C.V.			175,581		0.0
155,500	Kimberly-Clark de Mexico SA de CV			263,895		0.0
141,100	Operadora De Sites Mexicanos SAB de CV			138,301		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Mexico (continued)
109,550	Orbia Advance Corp. SAB de CV		$	194,235		0.0
23,725	Promotora y Operadora de Infraestructura SAB de CV			193,036		0.0
8,520	Southern Copper Corp.			514,523		0.1
527,400	Wal-Mart de Mexico SAB de CV			1,864,230		0.3
				15,078,903		2.3
	Peru: 0.2%
23,994	Cia de Minas Buenaventura SAA ADR			178,755		0.0
7,180	Credicorp Ltd.			974,039		0.2
				1,152,794		0.2
	Philippines: 0.7%
186,390	Aboitiz Equity Ventures, Inc.			193,560		0.0
825,695	ACEN Corp.			113,530		0.0
25,565	Ayala Corp.			320,000		0.1
723,790	Ayala Land, Inc.			401,782		0.1
187,500	Bank of the Philippine Islands			343,935		0.1
238,598	BDO Unibank, Inc.			453,737		0.1
3,093	Globe Telecom, Inc.			121,334		0.0
103,090	International Container Terminal Services, Inc.			369,989		0.1
319,569	JG Summit Holdings, Inc.			288,971		0.0
45,790	Jollibee Foods Corp.			189,161		0.0
25,000	Manila Electric Co.			134,326		0.0
198,352	Metropolitan Bank & Trust Co.			192,610		0.0
688,200 (2)	Monde Nissin Corp.			137,315		0.0
9,540	PLDT, Inc.			225,072		0.0
24,432	SM Investments Corp.			396,234		0.1
1,113,800	SM Prime Holdings, Inc.			710,615		0.1
92,230	Universal Robina Corp.			226,288		0.0
				4,818,459		0.7
	Poland: 0.7%
39,069 (1)(2)(4)	Allegro.eu SA			225,489		0.0
18,710	Bank Polska Kasa Opieki SA			372,208		0.1
7,068 (4)	CD Projekt SA			210,544		0.0
27,919	Cyfrowy Polsat SA			112,589		0.0
4,990 (1)(2)	Dino Polska SA			428,563		0.1
14,322	KGHM Polska Miedz SA			416,593		0.1
115	LPP SA			280,463		0.1
1,658 (1)(4)	mBank SA			112,363		0.0
96,637 (1)	PGE Polska Grupa Energetyczna SA			152,477		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Poland (continued)
61,985	Polski Koncern Naftowy Orlen		$	910,642		0.1
86,983	Powszechna Kasa Oszczednosci Bank Polski SA			603,725		0.1
61,106	Powszechny Zaklad Ubezpieczen SA			496,235		0.1
3,776	Santander Bank Polska SA			224,798		0.0
				4,546,689		0.7
	Qatar: 1.0%
215,770	Barwa Real Estate Co.			170,350		0.0
327,950	Commercial Bank PQSC			450,617		0.1
151,480	Industries Qatar QSC			534,687		0.1
570,432	Masraf Al Rayan			497,311		0.1
476,749	Mesaieed Petrochemical Holding Co.			279,979		0.1
87,548	Ooredoo QPSC			221,169		0.0
46,893	Qatar Electricity & Water Co. QSC			227,914		0.1
55,678	Qatar Fuel QSC			274,787		0.0
261,969	Qatar Gas Transport Co. Ltd.			264,201		0.0
96,120	Qatar International Islamic Bank QSC			275,104		0.0
165,791	Qatar Islamic Bank SAQ			844,946		0.1
463,980	Qatar National Bank QPSC			2,299,872		0.4
				6,340,937		1.0
	Russia: —%
292,495 (1)(3)	Alrosa PJSC			—		—
1,334,323 (3)	Gazprom PJSC			—		—
4,339,761 (3)	Inter RAO UES PJSC			—		—
46,982 (3)	Lukoil PJSC			—		—
7,931 (3)	Magnit OJSC			—		—
7,016 (3)	MMC Norilsk Nickel OJSC			—		—
98,282 (3)	Mobile Telesystems OJSC			—		—
170,929 (1)(3)	Moscow Exchange MICEX-RTS PJ			—		—
101,990 (3)	Novatek PJSC			—		—
166,658 (3)	Novolipetsk Steel PJSC			—		—
5,981 (1)(3)	Ozon Holdings PLC ADR			—		—
5,194 (3)	PhosAgro PJSC			—		—
100 (1)(3)	PhosAgro PJSC NPV			—		—
40,645 (1)(3)	Polymetal International PLC			—		—
3,794 (1)(3)	Polyus PJSC			—		—
126,916 (3)	Rosneft Oil Co. PJSC			—		—
1,201,542 (1)(3)(5)	Sberbank of Russia PJSC			—		—
23,691 (3)	Severstal PAO			—		—
770,779 (3)	Surgutneftegas PJSC			—		—
160,492 (3)	Tatneft PJSC			—		—

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Russia (continued)
13,582 (1)(3)	TCS Group Holding PLC GDR		$	—		—
344,289 (3)	United Co. RUSAL International PJSC			—		—
13,851 (1)(3)	VK Co. Ltd. GDR			—		—
377,182,805 (1)(3)(5)	VTB Bank PJSC			—		—
2,448 (3)	X5 Retail Group N.V. - FIVEL GDR			—		—
10,806 (3)	X5 Retail Group NV - FIVE GDR			—		—
34,476 (1)(3)	Yandex NV			—		—
				—		—
	Saudi Arabia: 4.0%
8,200	ACWA Power Co.			331,853		0.1
14,269	Advanced Petrochemical Co.			162,262		0.0
196,739 (1)	Al Rajhi Bank			3,934,435		0.6
97,439	Alinma Bank			843,732		0.1
25,651	Almarai Co. JSC			365,389		0.1
60,642	Arab National Bank			515,333		0.1
2,267	Arabian Internet & Communications Services Co.			146,133		0.0
49,342 (1)	Bank AlBilad			580,049		0.1
45,106	Bank Al-Jazira			228,190		0.0
58,964	Banque Saudi Fransi			635,773		0.1
7,941	Bupa Arabia for Cooperative Insurance Co.			302,845		0.1
3,577	Dallah Healthcare Co.			141,461		0.0
58,783 (1)	Dar Al Arkan Real Estate Development Co.			181,577		0.0
8,680	Dr Sulaiman Al Habib Medical Services Group Co.			506,880		0.1
2,539	Elm Co.			225,669		0.0
43,412 (1)	Emaar Economic City			96,303		0.0
38,753	Etihad Etisalat Co.			358,224		0.1
6,235	Jarir Marketing Co.			248,834		0.0
49,461 (1)	Mobile Telecommunications Co. Saudi Arabia			132,098		0.0
5,132	Mouwasat Medical Services Co.			287,499		0.1
3,543	Nahdi Medical Co.			157,266		0.0
38,021 (1)	National Industrialization Co.			125,830		0.0
46,537 (1)	Rabigh Refining & Petrochemical Co.			134,566		0.0
134,589	Riyad Bank			1,144,460		0.2
21,300	SABIC Agri-Nutrients Co.			831,405		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Saudi Arabia (continued)
37,159	Sahara International Petrochemical Co.		$	339,856		0.1
87,095 (1)	Saudi Arabian Mining Co.			1,495,249		0.2
239,958 (2)	Saudi Arabian Oil Co.			2,059,784		0.3
88,717	Saudi Basic Industries Corp.			2,122,228		0.3
92,176	Saudi British Bank/The			948,346		0.2
82,048	Saudi Electricity Co.			507,194		0.1
40,878	Saudi Industrial Investment Group			241,461		0.0
52,984	Saudi Investment Bank/ The			244,304		0.0
77,935 (1)	Saudi Kayan Petrochemical Co.			285,673		0.1
219,705	Saudi National Bank			2,957,128		0.5
3,908 (1)	Saudi Research & Media Group			189,543		0.0
5,176	Saudi Tadawul Group Holding Co.			250,632		0.0
147,266	Saudi Telecom Co.			1,433,076		0.2
27,387	Savola Group/The			200,884		0.0
27,380	Yanbu National Petrochemical Co.			304,576		0.1
				26,198,000		4.0
	Singapore: 0.0%
22,500 (2)	BOC Aviation Ltd.			187,438		0.0

	South Africa: 3.6%
84,435	Absa Group Ltd.			958,811		0.2
11,946	African Rainbow Minerals Ltd.			201,857		0.0
5,340	Anglo American Platinum Ltd.			445,659		0.1
42,030	AngloGold Ashanti Ltd.			818,920		0.1
38,627	Aspen Pharmacare Holdings Ltd.			308,927		0.1
33,115	Bid Corp. Ltd.			642,859		0.1
30,176	Bidvest Group Ltd.			380,751		0.1
8,741	Capitec Bank Holdings Ltd.			951,517		0.1
24,911	Clicks Group Ltd.			395,966		0.1
50,458 (1)	Discovery Ltd.			364,980		0.1
25,483	Exxaro Resources Ltd.			326,705		0.1
501,142	FirstRand Ltd.			1,820,693		0.3
35,661	Foschini Group Ltd./The			209,948		0.0
90,084	Gold Fields Ltd.			935,508		0.1
348,522	Growthpoint Properties Ltd.			298,242		0.0
57,092	Harmony Gold Mining Co., Ltd.			199,458		0.0
85,514	Impala Platinum Holdings Ltd.			1,074,643		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Africa (continued)
6,650 (4)	Kumba Iron Ore Ltd.		$	192,074		0.0
26,431	Mr Price Group Ltd.			245,088		0.0
168,978	MTN Group Ltd.			1,262,054		0.2
39,625	MultiChoice Group			273,413		0.0
22,009	Naspers Ltd.			3,677,829		0.6
46,531	Nedbank Group Ltd.			582,156		0.1
48,555	NEPI Rockcastle NV			291,113		0.0
34,283 (1)	Northam Platinum Holdings Ltd.			377,670		0.1
483,415	Old Mutual Ltd.			296,567		0.0
12,518 (1)(2)	Pepco Group NV			113,052		0.0
177,137 (2)	Pepkor Holdings Ltd.			208,504		0.0
14,644	Reinet Investments SCA			282,137		0.0
54,371	Remgro Ltd.			422,871		0.1
173,371	Sanlam Ltd.			497,117		0.1
56,771	Sasol Ltd.			905,988		0.1
49,895	Shoprite Holdings Ltd.			661,433		0.1
282,970	Sibanye Stillwater Ltd.			750,219		0.1
21,642 (4)	Spar Group Ltd.			144,567		0.0
134,200	Standard Bank Group Ltd.			1,324,106		0.2
63,473	Vodacom Group Pty Ltd.			458,362		0.1
101,018	Woolworths Holdings Ltd./South Africa			393,465		0.1
				23,695,229		3.6
	South Korea: 10.6%
3,046	Amorepacific Corp.			333,368		0.1
865	BGF retail Co. Ltd.			144,759		0.0
9,056	Celltrion Healthcare Co. Ltd.			418,505		0.1
1,935 (1)	Celltrion Pharm, Inc.			103,267		0.0
10,252	Celltrion, Inc.			1,308,511		0.2
7,581	Cheil Worldwide, Inc.			138,468		0.0
889	CJ CheilJedang Corp.			267,421		0.0
1,497	CJ Corp.			99,999		0.0
5,838	Coway Co. Ltd.			259,206		0.0
4,970	DB Insurance Co. Ltd.			257,620		0.0
5,159	Doosan Bobcat, Inc.			141,157		0.0
41,487 (1)	Doosan Enerbility Co. Ltd.			505,019		0.1
4,947	Ecopro BM Co. Ltd.			361,898		0.1
2,121	E-Mart, Inc.			164,909		0.0
1,870	F&F Co. Ltd. / New			214,933		0.0
4,928	GS Holdings Corp.			171,015		0.0
29,155	Hana Financial Group, Inc.			970,836		0.2
8,168	Hankook Tire & Technology Co. Ltd.			201,699		0.0
731	Hanmi Pharm Co. Ltd.			173,130		0.0
21,013	Hanon Systems Corp.			134,932		0.0
11,595 (1)	Hanwha Solutions Corp.			396,476		0.1
4,851	HD Hyundai Co. Ltd.			219,545		0.0
11,703 (1)	HLB, Inc.			264,069		0.0
26,993	HMM Co. Ltd.			420,724		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
3,378	Hotel Shilla Co. Ltd.		$	223,107		0.0
1,944 (1)	HYBE Co. Ltd.			268,934		0.0
8,451	Hyundai Engineering & Construction Co. Ltd.			233,641		0.0
1,978	Hyundai Glovis Co., Ltd.			256,807		0.0
1,911 (1)	Hyundai Heavy Industries Co. Ltd.			176,124		0.0
2,351 (1)	Hyundai Mipo Dockyard Co., Ltd.			157,423		0.0
5,995	Hyundai Mobis Co. Ltd.			950,917		0.2
13,507	Hyundai Motor Co.			1,616,545		0.3
9,042	Hyundai Steel Co.			220,388		0.0
2,509	Iljin Materials Co. Ltd.			103,342		0.0
26,579	Industrial Bank Of Korea			206,572		0.0
30,913	Kakao Corp.			1,316,769		0.2
3,758 (1)	Kakao Games Corp.			134,287		0.0
14,171 (1)	KakaoBank Corp.			275,693		0.1
10,092 (1)	Kangwon Land, Inc.			185,706		0.0
38,407	KB Financial Group, Inc.			1,471,474		0.2
26,097	Kia Corp.			1,227,877		0.2
7,779	Korea Aerospace Industries Ltd.			314,389		0.1
25,778 (1)	Korea Electric Power Corp.			445,158		0.1
4,063	Korea Investment Holdings Co., Ltd.			172,427		0.0
4,601 (1)	Korea Shipbuilding & Offshore Engineering Co. Ltd.			258,724		0.0
920	Korea Zinc Co., Ltd.			412,299		0.1
18,066 (1)	Korean Air Lines Co. Ltd.			329,225		0.1
2,917 (1)	Krafton, Inc.			390,084		0.1
10,865	KT&G Corp.			785,295		0.1
1,946	Kumho Petrochemical Co. Ltd.			193,923		0.0
2,385 (1)	L&F Co. Ltd.			328,843		0.1
4,942	LG Chem Ltd.			2,359,950		0.4
9,418	LG Corp.			583,164		0.1
23,691	LG Display Co., Ltd.			234,117		0.0
10,254	LG Electronics, Inc.			704,960		0.1
3,544 (1)	LG Energy Solution Ltd.			1,221,464		0.2
923	LG H&H Co. Ltd.			531,251		0.1
1,470	LG Innotek Co. Ltd.			296,467		0.1
23,165	LG Uplus Corp.			202,864		0.0
1,972	Lotte Chemical Corp.			279,087		0.1
1,170	Lotte Shopping Co. Ltd.			84,309		0.0
3,631	Meritz Fire & Marine Insurance Co., Ltd.			143,757		0.0
26,452	Meritz Securities Co. Ltd.			131,737		0.0
27,786	Mirae Asset Securities Co. Ltd.			134,248		0.0
13,061	NAVER Corp.			1,857,549		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
1,640	NCSoft Corp.		$	585,847		0.1
2,454 (2)	Netmarble Corp.			118,052		0.0
14,291	NH Investment & Securities Co., Ltd.			99,459		0.0
2,540	Orion Corp./Republic of Korea			258,586		0.0
28,293	Pan Ocean Co. Ltd.			128,990		0.0
3,233 (1)	Pearl Abyss Corp.			107,758		0.0
2,763	POSCO Chemical Co., Ltd.			394,716		0.1
7,825	POSCO Holdings, Inc.			1,712,516		0.3
1,805	S-1 Corp.			84,832		0.0
1,787 (1)(2)	Samsung Biologics Co. Ltd.			1,161,935		0.2
8,278	Samsung C&T Corp.			745,776		0.1
5,590	Samsung Electro-Mechanics Co. Ltd.			580,537		0.1
481,791	Samsung Electronics Co., Ltd. 005930			21,147,370		3.3
16,411 (1)	Samsung Engineering Co. Ltd.			290,323		0.1
3,112	Samsung Fire & Marine Insurance Co. Ltd.			492,443		0.1
67,223 (1)	Samsung Heavy Industries Co., Ltd.			272,442		0.1
7,931	Samsung Life Insurance Co. Ltd.			445,366		0.1
5,533	Samsung SDI Co., Ltd.			2,597,979		0.4
3,662	Samsung SDS Co. Ltd.			356,896		0.1
6,110	Samsung Securities Co. Ltd.			152,494		0.0
3,793	SD Biosensor, Inc.			90,831		0.0
45,371	Shinhan Financial Group Co., Ltd.			1,263,106		0.2
3,304 (1)	SK Biopharmaceuticals Co. Ltd.			188,911		0.0
2,483 (1)	SK Bioscience Co. Ltd.			145,394		0.0
54,845	SK Hynix, Inc.			3,272,275		0.5
2,776 (1)(2)	SK IE Technology Co. Ltd.			117,313		0.0
5,469 (1)	SK Innovation Co. Ltd.			668,130		0.1
10,224 (1)	SK Square Co. Ltd.			272,148		0.1
3,706	SK, Inc.			555,943		0.1
2,256	SKC Co., Ltd.			159,202		0.0
4,620	S-Oil Corp.			307,485		0.1
53,731	Woori Financial Group, Inc.			490,851		0.1
5,850	Yuhan Corp.			264,585		0.0
				68,622,854		10.6
	Taiwan: 13.4%
52,000	Accton Technology Corp.			394,878		0.1
324,462	Acer, Inc.			247,738		0.0
42,659	Advantech Co. Ltd.			456,769		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
13,603	Airtac International Group		$	410,694		0.1
325,243	ASE Technology Holding Co. Ltd.			988,212		0.2
250,356	Asia Cement Corp.			333,473		0.1
70,000	Asustek Computer, Inc.			610,203		0.1
674,400	AUO Corp.			327,621		0.1
68,000	Catcher Technology Co., Ltd.			373,449		0.1
898,545	Cathay Financial Holding Co., Ltd.			1,166,713		0.2
141,914	Chailease Holding Co. Ltd.			999,811		0.2
518,228	Chang Hwa Commercial Bank Ltd.			288,747		0.0
197,650	Cheng Shin Rubber Industry Co. Ltd.			217,538		0.0
306,000	China Airlines Ltd.			188,443		0.0
1,523,100	China Development Financial Holding Corp.			623,304		0.1
1,178,535	China Steel Corp.			1,141,985		0.2
380,000	Chunghwa Telecom Co., Ltd.			1,397,495		0.2
446,000	Compal Electronics, Inc.			334,062		0.1
1,748,170	CTBC Financial Holding Co. Ltd.			1,254,459		0.2
195,703	Delta Electronics, Inc.			1,814,165		0.3
87,000	E Ink Holdings, Inc.			455,594		0.1
1,287,700	E.Sun Financial Holding Co., Ltd.			1,005,512		0.2
19,386	Eclat Textile Co. Ltd.			311,205		0.0
7,000	eMemory Technology, Inc.			302,292		0.0
265,000	Eva Airways Corp.			241,664		0.0
100,656	Evergreen Marine Corp. Taiwan Ltd.			531,989		0.1
335,685	Far Eastern New Century Corp.			347,870		0.1
165,000	Far EasTone Telecommunications Co., Ltd.			353,922		0.1
45,891	Feng TAY Enterprise Co., Ltd.			307,448		0.0
1,061,393	First Financial Holding Co., Ltd.			914,196		0.1
348,600	Formosa Chemicals & Fibre Co.			798,404		0.1
118,000	Formosa Petrochemical Corp.			308,019		0.0
409,600	Formosa Plastics Corp.			1,155,080		0.2
735,332	Fubon Financial Holding Co., Ltd.			1,344,944		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
34,015	Giant Manufacturing Co., Ltd.		$	221,302		0.0
22,000	Globalwafers Co. Ltd.			304,846		0.0
1,252,170	HON HAI Precision Industry Co., Ltd.			4,058,574		0.6
29,000	Hotai Motor Co. Ltd.			553,522		0.1
895,320	Hua Nan Financial Holdings Co. Ltd.			653,279		0.1
932,962	Innolux Corp.			335,343		0.1
272,000	Inventec Co., Ltd.			232,135		0.0
10,000	Largan Precision Co. Ltd.			660,994		0.1
205,538	Lite-On Technology Corp.			424,778		0.1
152,820	MediaTek, Inc.			3,089,858		0.5
1,113,921	Mega Financial Holdings Co., Ltd.			1,097,354		0.2
73,000	Micro-Star International Co., Ltd.			283,096		0.0
7,000	momo.com, Inc.			145,669		0.0
466,890	Nan Ya Plastics Corp.			1,076,747		0.2
24,000	Nan Ya Printed Circuit Board Corp.			176,357		0.0
128,000	Nanya Technology Corp.			212,564		0.0
18,000	Nien Made Enterprise Co. Ltd.			171,999		0.0
57,000	Novatek Microelectronics Corp., Ltd.			582,696		0.1
8,000	Parade Technologies Ltd.			200,458		0.0
206,000	Pegatron Corp.			425,041		0.1
20,000 (1)	PharmaEssentia Corp.			309,944		0.0
228,000	Pou Chen Corp.			253,421		0.0
305,000	Powerchip Semiconductor Manufacturing Corp.			314,648		0.0
58,000	President Chain Store Corp.			512,816		0.1
269,000	Quanta Computer, Inc.			630,842		0.1
46,760	Realtek Semiconductor Corp.			425,235		0.1
179,578	Ruentex Development Co. Ltd.			252,636		0.0
391,152	Shanghai Commercial & Savings Bank Ltd./The			560,307		0.1
1,319,529	Shin Kong Financial Holding Co., Ltd.			376,135		0.1
1,045,488	SinoPac Financial Holdings Co., Ltd.			568,693		0.1
139,800	Synnex Technology International Corp.			268,608		0.0
1,081,057	Taishin Financial Holdings Co., Ltd.			530,250		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
600,000	Taiwan Business Bank		$	252,199		0.0
603,389	Taiwan Cement Corp.			659,605		0.1
984,552	Taiwan Cooperative Financial Holding Co. Ltd.			831,874		0.1
200,000	Taiwan High Speed Rail Corp.			186,830		0.0
173,000	Taiwan Mobile Co., Ltd.			532,708		0.1
2,487,000	Taiwan Semiconductor Manufacturing Co., Ltd.			36,119,853		5.6
126,000	Unimicron Technology Corp.			489,155		0.1
474,209	Uni-President Enterprises Corp.			1,026,433		0.2
1,182,000	United Microelectronics Corp.			1,553,012		0.2
92,000	Vanguard International Semiconductor Corp.			231,070		0.0
7,000	Voltronic Power Technology Corp.			351,202		0.1
263,374	Walsin Lihwa Corp.			404,117		0.1
74,645	Wan Hai Lines Ltd.			194,007		0.0
36,000	Win Semiconductors Corp.			159,569		0.0
314,000	Winbond Electronics Corp.			199,401		0.0
9,000	Wiwynn Corp.			232,789		0.0
168,280	WPG Holdings Ltd.			262,776		0.0
34,856	Yageo Corp.			508,014		0.1
177,000	Yang Ming Marine Transport Corp.			375,990		0.1
993,011	Yuanta Financial Holding Co., Ltd.			699,805		0.1
72,000	Zhen Ding Technology Holding Ltd.			244,917		0.0
				87,373,371		13.4
	Thailand: 2.2%
13,000	Advanced Info Service PCL			73,111		0.0
101,900	Advanced Info Service PCL - Foreign			573,077		0.1
404,700 (1)	Airports of Thailand PCL - Foreign			875,964		0.1
911,800	Asset World Corp. PCL - Foreign			165,509		0.0
108,900	B Grimm Power PCL - Foreign			125,107		0.0
1,010,000	Bangkok Dusit Medical Services PCL - Foreign			844,623		0.1
833,300	Bangkok Expressway & Metro PCL - Foreign			235,658		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Thailand (continued)
143,800	Berli Jucker PCL - Foreign		$	146,367		0.0
839,900	BTS Group Holdings PCL - Foreign			203,725		0.0
59,500	Bumrungrad Hospital PCL - Foreign			363,999		0.1
34,900	Carabao Group PCL			97,500		0.0
21,700	Central Pattana PCL			44,422		0.0
179,100	Central Pattana PCL - Foreign			366,633		0.1
191,300	Central Retail Corp. PCL - Foreign			255,382		0.1
53,700	Charoen Pokphand Foods PCL			38,394		0.0
333,500	Charoen Pokphand Foods PCL - Foreign			238,442		0.1
562,000	CP ALL PCL - Foreign			1,107,093		0.2
31,200	Delta Electronics Thailand PCL - Foreign			746,517		0.1
29,600	Electricity Generating PCL - Foreign			147,347		0.0
173,600	Energy Absolute PCL - Foreign			485,173		0.1
76,000	Global Power Synergy PCL - Foreign			160,207		0.0
305,700	Gulf Energy Development PCL - Foreign			487,350		0.1
660,951	Home Product Center PCL - Foreign			295,497		0.1
185,700	Indorama Ventures PCL - Foreign			218,031		0.0
117,800	Intouch Holdings PCL - Foreign			262,775		0.1
70,800	JMT Network Services PCL			140,860		0.0
50,000	Kasikornbank PCL - Foreign			212,562		0.0
214,800	Krung Thai Bank PCL			109,618		0.0
174,600	Krung Thai Bank PCL - Foreign			89,103		0.0
99,600 (4)	Krungthai Card PCL - Foreign			169,383		0.0
846,700	Land & Houses PCL - Foreign			242,027		0.1
329,400 (1)	Minor International PCL - Foreign			306,470		0.1
92,100	Muangthai Capital PCL - Foreign			100,898		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Thailand (continued)
158,200	Osotspa PCL - Foreign		$	128,912		0.0
139,800	PTT Exploration & Production PCL - Foreign			711,948		0.1
49,100	PTT Global Chemical PCL			66,855		0.0
166,200	PTT Global Chemical PCL - Foreign			226,298		0.0
334,500	PTT Oil & Retail Business PCL			229,644		0.0
944,000	PTT PCL - Foreign			905,850		0.2
121,100	Ratch Group PCL - Foreign			149,608		0.0
48,900 (3)	Robinson PCL - Foreign			—		—
86,100	SCB X PCL			265,602		0.1
135,000	SCG Packaging PCL			222,020		0.0
80,100	Siam Cement PCL - Foreign			790,460		0.1
85,200	Srisawad Corp. PCL - Foreign			119,670		0.0
129,100	Thai Oil PCL - Foreign			209,264		0.0
339,400	Thai Union Group PCL - Foreign			165,563		0.0
1,331,990 (4)	True Corp. PCL - Foreign			186,038		0.0
				14,306,556		2.2
	Turkey: 0.7%
318,664	Akbank TAS			333,109		0.1
67,301	Aselsan Elektronik Sanayi Ve Ticaret AS			223,429		0.0
46,140	BIM Birlesik Magazalar AS			337,184		0.1
143,456	Eregli Demir ve Celik Fabrikalari TAS			315,227		0.1
7,466	Ford Otomotiv Sanayi AS			209,143		0.0
108,250	Haci Omer Sabanci Holding AS			261,304		0.0
115,030 (1)	Hektas Ticaret TAS			231,094		0.0
76,364	KOC Holding AS			342,595		0.1
45,006 (1)	Sasa Polyester Sanayi AS			264,709		0.0
54,833 (1)	Turk Hava Yollari			413,052		0.1
141,513	Turk Sise Ve Cam Fabrikalari			323,623		0.1
122,380	Turkcell Iletisim Hizmet AS			246,756		0.0
355,680	Turkiye Is Bankasi			243,470		0.0
12,766 (1)	Turkiye Petrol Rafinerileri AS			361,797		0.1
294,769	Yapi ve Kredi Bankasi AS			186,996		0.0
				4,293,488		0.7
	United Arab Emirates: 1.3%
275,148	Abu Dhabi Commercial Bank PJSC			673,374		0.1
149,956	Abu Dhabi Islamic Bank PJSC			371,494		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Arab Emirates (continued)
313,602	Abu Dhabi National Oil Co. for Distribution PJSC		$	375,977		0.1
385,510	Aldar Properties PJSC			463,221		0.1
296,322	Dubai Islamic Bank PJSC			459,925		0.1
393,030	Emaar Properties PJSC			625,283		0.1
187,780	Emirates NBD Bank PJSC			661,387		0.1
345,041	Emirates Telecommunications Group Co. PJSC			2,141,610		0.3
438,831	First Abu Dhabi Bank PJSC			2,038,959		0.3
338,719 (1)	Multiply Group PJSC			426,905		0.1
195,178 (1)	Q Holding PJSC			212,564		0.0
				8,450,699		1.3
	Total Common Stock (Cost $735,380,287)			623,313,649		95.8
PREFERRED STOCK: 2.1%
	Brazil: 1.3%
528,266	Banco Bradesco SA			1,515,835		0.2
21,200	Braskem SA			95,405		0.0
30,100	Centrais Eletricas Brasileiras SA			246,455		0.0
147,139	Cia Energetica de Minas Gerais			310,456		0.1
114,600	Gerdau SA			637,493		0.1
486,125	Itau Unibanco Holding S.A.			2,301,837		0.4
506,690	Itausa SA			816,692		0.1
481,600	Petroleo Brasileiro SA			2,234,803		0.4
				8,158,976		1.3
	Chile: 0.2%
14,165	Sociedad Quimica y Minera de Chile SA			1,145,557		0.2

	Colombia: 0.0%
46,043	Bancolombia SA			318,635		0.0

	Russia: —%
773,978 (3)	Surgutneftegas PJSC			—		—

	South Korea: 0.6%
2,642	Hyundai Motor Co.			154,724		0.0
4,131	Hyundai Motor Co.- Series 2			241,773		0.1
866	LG Chem Ltd.			191,067		0.0
82,507	Samsung Electronics Co., Ltd.			3,306,333		0.5
				3,893,897		0.6
	Total Preferred Stock (Cost $15,721,223)			13,517,065		2.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
RIGHTS: 0.0%
	Brazil: 0.0%
298 (1)	Localiza Rent a Car SA		$	607		0.0

	South Korea: 0.0%
320 (1)	Lotte Chemical Corp.			9,095		0.0
	Total Rights (Cost $—)			9,702		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 0.0%
	India: 0.0%
INR 320,334	Britannia Industries Ltd., 5.500%, 06/03/2024		3,766		0.0
	Total Corporate Bonds/Notes (Cost $4,402)		3,766		0.0
	Total Long-Term Investments (Cost $751,105,912)		636,844,182		97.9
SHORT-TERM INVESTMENTS: 2.3%
	Repurchase Agreements: 0.6%
1,000,000 (6)	Bank of 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, 1.500%-6.500%, Market Value plus accrued interest $1,020,000, due 05/01/37-05/01/58)		1,000,000		0.1
82,928 (6)	Daiwa Capital Markets, Repurchase Agreement dated 12/30/22, 4.26%, due 01/03/23 (Repurchase Amount $82,967, collateralized by various U.S. Government Securities, 0.000%-7.125%, Market Value plus accrued interest $84,587, due 01/03/23-11/15/43)		82,928		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (6)	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		0.2
1,000,000 (6)	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		0.1
1,000,000 (6)	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		0.2
	Total Repurchase Agreements (Cost $4,082,928)			4,082,928		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.7%
11,032,000 (7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $11,032,000)		$	11,032,000		1.7
	Total Short-Term Investments (Cost $15,114,928)			15,114,928		2.3
	Total Investments in Securities (Cost $766,220,840)		$	651,959,110		100.2
	Liabilities in Excess of Other Assets			(1,537,800)		(0.2)
	Net Assets		$	650,421,310		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

(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)

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

(4)

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

(5)

(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.

Currency Abbreviations:

INR Indian Rupee

Sector Diversification	Percentage of Net Assets
Financials		21.6%
Information Technology		18.2
Consumer Discretionary		13.8
Communication Services		9.7
Materials		8.7
Consumer Staples		6.3
Industrials		6.0
Energy		4.7
Health Care		4.0
Utilities		3.0
Real Estate		1.9
Consumer, Non-cyclical		0.0
Short-Term Investments		2.3
Liabilities in Excess of Other Assets		(0.2)
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:(1)

	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
Brazil		$	25,420,089		$	—		$	—		$	25,420,089
Chile			2,462,878			—			—			2,462,878
China			17,239,263			187,735,916			169,677			205,144,856
Colombia			424,984			—			—			424,984
Czech Republic			546,488			371,185			—			917,673
Egypt			66,629			490,889			—			557,518
Greece			—			2,047,610			—			2,047,610
Hungary			—			1,220,956			—			1,220,956
India			—			91,817,647			—			91,817,647
Indonesia			—			12,172,737			—			12,172,737
Kuwait			—			5,940,891			—			5,940,891
Malaysia			1,131,052			8,989,341			—			10,120,393
Mexico			15,078,903			—			—			15,078,903

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

	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
Peru		$	1,152,794		$	—		$	—		$	1,152,794
Philippines			—			4,818,459			—			4,818,459
Poland			—			4,546,689			—			4,546,689
Qatar			1,294,029			5,046,908			—			6,340,937
Russia			—			—			—			—
Saudi Arabia			—			26,198,000			—			26,198,000
Singapore			—			187,438			—			187,438
South Africa			4,541,744			19,153,485			—			23,695,229
South Korea			—			68,622,854			—			68,622,854
Taiwan			—			87,373,371			—			87,373,371
Thailand			—			14,306,556			—			14,306,556
Turkey			597,818			3,695,670			—			4,293,488
United Arab Emirates			—			8,450,699			—			8,450,699
Total Common Stock			69,956,671			553,187,301			169,677			623,313,649
Preferred Stock			9,623,168			3,893,897			—			13,517,065
Rights			607			9,095			—			9,702
Corporate Bonds/Notes			—			3,766			—			3,766
Short-Term Investments			11,032,000			4,082,928			—			15,114,928
Total Investments, at fair value		$	90,612,446		$	561,176,987		$	169,677		$	651,959,110
Liabilities Table
Other Financial Instruments+
Futures		$	(184,532)		$	—		$	—		$	(184,532)
Total Liabilities		$	(184,532)		$	—		$	—		$	(184,532)

��

(1)

For the year ended December 31, 2022, certain securities have transferred in and out of the fair value hierarchy. At December 31, 2022, securities valued at $2,064,570 and $24,213,986 were transferred from Level 1 to Level 3 and Level 2 to Level 3, respectively, within the fair value hierarchy due to significant unobservable inputs.

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

At December 31, 2022, Voya Emerging Markets Index Portfolio held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
Sberbank of Russia PJSC		7/27/2017		$	3,894,962		$	—
VTB Bank PJSC		4/28/2020			207,483			—
				$	4,102,445		$	—

At December 31, 2022, the following futures contracts were outstanding for Voya Emerging Markets Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
MSCI Emerging Markets Index		280		03/17/23		$	13,431,600		$	(184,532)
						$	13,431,600		$	(184,532)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Emerging Markets

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	184,532
Total Liabiity Derivatives			$	184,532

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	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	73,500		$	—		$	73,500
Equity contracts			—			(3,572,950)			(3,572,950)
Total		$	73,500		$	(3,572,950)		$	(3,499,450)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	1,179		$	—		$	1,179
Equity contracts			—			(214,677)			(214,677)
Total		$	1,179		$	(214,677)		$	(213,498)

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 $800,189,246.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	31,650,607
Gross Unrealized Depreciation		(177,055,036)
Net Unrealized Depreciation	$	(145,404,429)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.6%
	Australia: 7.7%
32,576	Ampol Ltd.		$	626,192		0.0
421,855	ANZ Group Holdings Ltd.			6,795,635		0.3
161,293	APA Group - Stapled Security			1,178,958		0.1
81,823	Aristocrat Leisure Ltd.			1,686,031		0.1
26,465	ASX Ltd.			1,218,879		0.1
251,626	Aurizon Holdings Ltd.			637,480		0.0
407,801	BHP Group Ltd. Australian			12,632,449		0.6
284,702	BHP Group Ltd. British			8,847,670		0.5
64,332	BlueScope Steel Ltd.			733,208		0.0
189,588	Brambles Ltd.			1,554,739		0.1
8,992	Cochlear Ltd.			1,241,864		0.1
182,672	Coles Group Ltd.			2,070,705		0.1
232,602	Commonwealth Bank of Australia			16,155,360		0.8
74,277	Computershare Ltd.			1,308,469		0.1
65,850	CSL Ltd.			12,840,382		0.7
147,031	Dexus			771,923		0.0
195,863	Endeavour Group Ltd./ Australia			852,382		0.0
231,494	Fortescue Metals Group Ltd.			3,235,632		0.2
231,356	Goodman Group			2,720,833		0.1
261,862	GPT Group			746,834		0.0
28,537 (1)	IDP Education Ltd.			525,916		0.0
93,167	IGO Ltd.			852,233		0.0
336,982	Insurance Australia Group Ltd.			1,083,288		0.1
94,174 (1)	Lendlease Corp., Ltd. - Stapled Security			499,884		0.0
304,266 (2)	Lottery Corp. Ltd./The			927,430		0.1
50,190	Macquarie Group Ltd.			5,665,880		0.3
376,475	Medibank Pvt Ltd.			751,083		0.0
23,302	Mineral Resources Ltd.			1,222,343		0.1
539,404	Mirvac Group			780,369		0.0
432,933	National Australia Bank Ltd.			8,790,114		0.4
122,091	Newcrest Mining Ltd.			1,712,001		0.1
159,274	Northern Star Resources Ltd.			1,191,900		0.1
61,441	Orica Ltd.			628,199		0.0
235,502	Origin Energy Ltd.			1,232,601		0.1
346,814 (2)	Pilbara Minerals Ltd.			878,221		0.0
126,334 (1)(2)	Qantas Airways Ltd.			511,364		0.0
202,763	QBE Insurance Group Ltd.			1,839,407		0.1
25,031	Ramsay Health Care Ltd.			1,099,140		0.1
7,224	REA Group Ltd.			543,293		0.0
30,907 (1)	Reece Ltd.			295,432		0.0
50,746	Rio Tinto Ltd.			4,005,164		0.2
435,759	Santos Ltd.			2,143,151		0.1
709,531	Scentre Group			1,381,147		0.1
46,066	Seek Ltd.			654,909		0.0
62,348	Sonic Healthcare Ltd.			1,268,848		0.1
632,712	South32 Ltd. - AUD			1,734,664		0.1
326,329	Stockland			803,703		0.0
172,600	Suncorp Group Ltd.			1,406,487		0.1
552,826	Telstra Group Ltd.			1,495,088		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Australia (continued)
420,302	Transurban Group - Stapled Security		$	3,697,763		0.2
98,677	Treasury Wine Estates Ltd.			911,620		0.1
528,956	Vicinity Centres			714,250		0.0
29,607	Washington H Soul Pattinson & Co. Ltd.			555,467		0.0
155,039	Wesfarmers Ltd.			4,835,256		0.2
478,608	Westpac Banking Corp.			7,577,098		0.4
20,078	WiseTech Global Ltd.			690,533		0.0
208,115	Woodside Energy Group Ltd. (WDS)			5,040,181		0.3
51,446	Woodside Energy Group Ltd. (WDSL)			1,237,769		0.1
165,942	Woolworths Group Ltd.			3,789,362		0.2
				152,828,183		7.7
	Austria: 0.2%
47,003	Erste Group Bank AG			1,503,867		0.1
20,132	OMV AG			1,035,606		0.1
9,308	Verbund - Oesterreichische Elektrizitaetswirtschafts AG			782,426		0.0
15,865	Voestalpine AG			420,248		0.0
				3,742,147		0.2
	Belgium: 0.9%
22,046	Ageas SA/NV			978,219		0.0
118,738 (1)	Anheuser-Busch InBev SA/NV			7,151,678		0.4
3,402	D’ieteren Group			652,886		0.0
4,519	Elia Group SA/NV			642,431		0.0
13,595	Groupe Bruxelles Lambert NV			1,086,478		0.1
34,193	KBC Group NV			2,201,519		0.1
2,107 (1)	Sofina SA			465,231		0.0
10,131 (1)	Solvay S.A.			1,024,302		0.1
17,283	UCB S.A.			1,361,784		0.1
28,631 (1)	Umicore SA			1,053,039		0.1
22,079	Warehouses De Pauw CVA			632,490		0.0
				17,250,057		0.9
	China: 0.5%
505,917	BOC Hong Kong Holdings Ltd.			1,717,485		0.1
235,400 (1)(3)	Budweiser Brewing Co. APAC Ltd.			735,860		0.0
8,150 (2)	Futu Holdings Ltd. ADR			331,298		0.0
113,388	Prosus NV			7,828,669		0.4
				10,613,312		0.5
	Denmark: 2.9%
424	AP Moller - Maersk A/S - Class A			934,436		0.0
687	AP Moller - Maersk A/S - Class B			1,537,922		0.1
13,307	Carlsberg A/S			1,765,133		0.1
14,420	Chr Hansen Holding A/S			1,037,271		0.1
16,240	Coloplast A/S			1,902,560		0.1
94,289	Danske Bank A/S			1,859,672		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Denmark (continued)
12,597 (1)(2)	Demant A/S		$	351,276		0.0
25,590	DSV A/S			4,046,731		0.2
8,996 (2)	Genmab A/S			3,803,462		0.2
226,300 (1)	Novo Nordisk A/S			30,735,062		1.5
27,960 (1)	Novozymes A/S			1,418,514		0.1
25,860 (1)(3)	Orsted A/S			2,337,890		0.1
12,402	Pandora A/S			876,592		0.0
1,216 (1)	ROCKWOOL A/S			284,669		0.0
49,221 (1)	Tryg A/S			1,169,765		0.1
138,050 (1)	Vestas Wind Systems A/S			4,027,010		0.2
				58,087,965		2.9
	Finland: 1.3%
19,444	Elisa OYJ			1,030,629		0.1
60,715	Fortum OYJ			1,011,149		0.1
37,337	Kesko OYJ			825,003		0.0
46,463	Kone Oyj			2,405,462		0.1
57,834	Neste Oyj			2,667,120		0.1
739,751	Nokia OYJ - Finland			3,436,650		0.2
459,588	Nordea Bank Abp			4,923,086		0.3
14,580	Orion Oyj			799,318		0.0
65,583	Sampo OYJ			3,425,355		0.2
75,342	Stora Enso OYJ			1,062,281		0.1
72,962	UPM-Kymmene OYJ			2,730,329		0.1
64,711 (1)	Wartsila OYJ			545,645		0.0
				24,862,027		1.3
	France: 10.8%
23,369 (2)	Accor S.A.			582,998		0.0
4,058 (1)(2)	Aeroports de Paris			543,655		0.0
71,537	Air Liquide SA			10,153,598		0.5
43,715 (1)	Alstom SA			1,069,555		0.1
8,360 (3)	Amundi SA			474,085		0.0
8,124	Arkema SA			730,710		0.0
255,510	AXA S.A.			7,117,342		0.4
5,725 (1)	BioMerieux			601,487		0.0
151,861	BNP Paribas			8,646,811		0.4
120,996	Bollore SE			676,172		0.0
31,375	Bouygues SA			940,988		0.1
40,192	Bureau Veritas SA			1,059,216		0.1
22,388	Capgemini SE			3,742,727		0.2
81,163 (1)	Carrefour S.A.			1,357,524		0.1
67,538	Cie de Saint-Gobain			3,304,004		0.2
92,740	Cie Generale des Etablissements Michelin SCA			2,583,477		0.1
6,474	Covivio			384,286		0.0
165,458	Credit Agricole SA			1,740,504		0.1
87,762	Danone			4,625,543		0.2
3,424	Dassault Aviation SA			580,685		0.0
91,116	Dassault Systemes SE			3,276,489		0.2
34,119	Edenred			1,856,933		0.1
11,387	Eiffage SA			1,120,069		0.1
82,255	Electricite de France SA			1,056,014		0.1
249,680	Engie SA			3,571,931		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
39,755	EssilorLuxottica SA		$	7,192,973		0.4
5,957	Eurazeo SE			370,867		0.0
6,281	Gecina S.A.			639,906		0.0
60,149	Getlink SE			963,172		0.1
4,329	Hermes International			6,700,629		0.3
5,156	Ipsen SA			554,580		0.0
10,236	Kering SA			5,209,367		0.3
29,411	Klepierre SA			678,822		0.0
14,360 (3)	La Francaise des Jeux SAEM			577,823		0.0
36,474	Legrand S.A.			2,924,538		0.1
33,017	L’Oreal S.A.			11,823,270		0.6
37,838	LVMH Moet Hennessy Louis Vuitton SE			27,534,357		1.4
272,725	Orange SA			2,706,001		0.1
28,209	Pernod Ricard SA			5,549,330		0.3
31,232	Publicis Groupe			1,995,165		0.1
3,171	Remy Cointreau SA			534,672		0.0
26,277 (2)	Renault S.A.			876,825		0.0
46,724	Safran S.A.			5,852,346		0.3
155,939	Sanofi			15,036,610		0.8
3,780	Sartorius Stedim Biotech			1,228,375		0.1
74,166	Schneider Electric SE			10,415,438		0.5
3,404 (1)	SEB SA			285,600		0.0
110,371	Societe Generale			2,768,499		0.1
12,094 (1)	Sodexo SA			1,157,131		0.1
8,082	Teleperformance			1,932,120		0.1
14,587	Thales S.A.			1,863,757		0.1
340,136 (1)	TotalEnergies SE			21,351,348		1.1
12,869 (1)(2)	UbiSoft Entertainment			363,559		0.0
16,123 (1)(2)	Unibail-Rodamco-Westfield			842,846		0.0
28,186	Valeo			503,621		0.0
90,981	Veolia Environnement			2,337,697		0.1
73,519	Vinci SA			7,328,862		0.4
98,502	Vivendi SE			940,980		0.1
3,639	Wendel SE			339,914		0.0
32,700 (2)(3)	Worldline SA/France			1,280,608		0.1
				214,458,411		10.8
	Germany: 7.4%
23,634	Adidas AG			3,203,020		0.2
55,837	Allianz SE			11,924,384		0.6
136,574 (1)	Aroundtown SA			318,137		0.0
125,557	BASF SE			6,182,233		0.3
134,298	Bayer AG			6,912,306		0.4
45,261	Bayerische Motoren Werke AG			4,007,171		0.2
11,196	Bechtle AG			395,757		0.0
13,779	Beiersdorf AG			1,574,546		0.1
21,120	Brenntag SE			1,346,920		0.1
5,502	Carl Zeiss Meditec AG			691,566		0.0
145,519 (2)	Commerzbank AG			1,360,543		0.1
15,038	Continental AG			896,481		0.0
26,411 (3)	Covestro AG			1,028,864		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Germany (continued)
61,874 (2)	Daimler Truck Holding AG		$	1,902,107		0.1
23,243 (2)(3)	Delivery Hero SE			1,115,422		0.1
282,530	Deutsche Bank AG			3,176,069		0.2
25,973	Deutsche Boerse AG			4,472,279		0.2
81,712 (2)	Deutsche Lufthansa AG			673,555		0.0
135,505	Deutsche Post AG			5,071,483		0.3
443,075	Deutsche Telekom AG			8,815,648		0.4
306,911	E.ON AG			3,051,301		0.2
28,666	Evonik Industries AG			546,768		0.0
28,077	Fresenius Medical Care AG & Co. KGaA			917,063		0.0
57,746	Fresenius SE & Co. KGaA			1,612,951		0.1
20,706	GEA Group AG			842,059		0.0
8,243	Hannover Rueck SE			1,626,402		0.1
19,797	HeidelbergCement AG			1,121,794		0.1
22,589 (2)	HelloFresh SE			493,000		0.0
14,206	Henkel AG & Co. KGaA			912,941		0.0
178,521	Infineon Technologies AG			5,425,577		0.3
9,916	Knorr-Bremse AG			539,452		0.0
10,131	LEG Immobilien SE			660,729		0.0
109,686	Mercedes-Benz Group AG			7,172,884		0.4
17,668	Merck KGaA			3,408,858		0.2
7,305	MTU Aero Engines AG			1,571,558		0.1
19,152	Muenchener Rueckversicherungs- Gesellschaft AG			6,195,089		0.3
7,894	Nemetschek SE			403,590		0.0
14,433	Puma SE			872,375		0.0
699	Rational AG			415,084		0.0
5,955	Rheinmetall AG			1,185,495		0.1
87,818	RWE AG			3,882,220		0.2
142,747	SAP SE			14,737,251		0.7
10,963 (3)	Scout24 SE			551,806		0.0
104,576	Siemens AG			14,415,887		0.7
59,600	Siemens Energy AG			1,119,055		0.1
38,550 (3)	Siemens Healthineers AG			1,922,931		0.1
18,152	Symrise AG			1,971,392		0.1
142,319	Telefonica Deutschland Holding AG			349,536		0.0
13,260	United Internet AG			267,382		0.0
4,034	Volkswagen AG			632,835		0.0
97,914	Vonovia SE			2,306,496		0.1
30,614 (2)(3)	Zalando SE			1,077,756		0.1
				147,278,008		7.4
	Hong Kong: 2.7%
1,631,499	AIA Group Ltd.			18,017,282		0.9
273,699	CK Asset Holdings Ltd.			1,678,644		0.1
366,699	CK Hutchison Holdings Ltd.			2,196,839		0.1
85,902	CK Infrastructure Holdings Ltd.			448,240		0.0
224,365	CLP Holdings Ltd.			1,634,628		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Hong Kong (continued)
273,400 (3)	ESR Group Ltd.		$	571,555		0.0
276,823	Hang Lung Properties Ltd.			539,254		0.0
104,536	Hang Seng Bank Ltd.			1,733,881		0.1
198,059	Henderson Land Development Co., Ltd.			689,483		0.0
362,500	HK Electric Investments & HK Electric Investments Ltd. - Stapled Security			239,684		0.0
517,867	HKT Trust & HKT Ltd. - Stapled Security			633,933		0.0
1,530,181 (1)	Hong Kong & China Gas			1,451,236		0.1
164,688	Hong Kong Exchanges and Clearing Ltd.			7,076,686		0.4
150,333	Hongkong Land Holdings Ltd. - HKHGF			691,655		0.1
2,500	Hongkong Land Holdings Ltd. - HKL			11,502		0.0
21,804	Jardine Matheson Holdings Ltd. (SGX:J36)			1,109,188		0.1
288,732	Link REIT			2,112,750		0.1
211,644	MTR Corp.			1,119,354		0.1
206,273 (1)	New World Development Co. Ltd.			578,632		0.0
189,845	Power Assets Holdings Ltd.			1,037,592		0.1
474,626	Sino Land Co.			591,994		0.0
183,000	SITC International Holdings Co. Ltd.			405,609		0.0
197,971	Sun Hung Kai Properties Ltd.			2,704,160		0.2
68,120	Swire Pacific Ltd. - Class A			597,132		0.0
160,025	Swire Properties Ltd.			405,327		0.0
188,000 (1)	Techtronic Industries Co., Ltd.			2,088,087		0.1
1,140,000 (3)	WH Group Ltd.			664,892		0.0
228,361	Wharf Real Estate Investment Co. Ltd.			1,330,006		0.1
248,000	Xinyi Glass Holding Co. Ltd.			458,199		0.0
				52,817,424		2.7
	Ireland: 0.6%
146,184	AIB Group PLC			561,112		0.0
146,315	Bank of Ireland Group PLC			1,394,277		0.1
42,352	CRH PLC			1,684,340		0.1
13,492	DCC PLC			663,431		0.0
22,835 (2)	Flutter Entertainment PLC			3,129,101		0.1
60,922	James Hardie Industries SE			1,096,494		0.0
21,769 (1)	Kerry Group PLC - KYG			1,966,394		0.1
21,110	Kingspan Group Plc			1,142,974		0.1
33,792	Smurfit Kappa PLC			1,252,339		0.1
				12,890,462		0.6
	Israel: 0.7%
5,802	Azrieli Group Ltd.			386,925		0.0
173,610	Bank Hapoalim BM			1,563,171		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Israel (continued)
211,040	Bank Leumi Le-Israel BM		$	1,757,711		0.1
283,540	Bezeq Israeli Telecommunication Corp., Ltd.			486,416		0.0
13,715 (2)	Check Point Software Technologies			1,730,284		0.1
5,566 (2)	CyberArk Software Ltd.			721,632		0.0
3,637	Elbit Systems Ltd.			591,492		0.0
96,775	ICL Group Ltd.			699,244		0.1
169,101	Israel Discount Bank Ltd.			887,768		0.1
21,081	Mizrahi Tefahot Bank Ltd.			680,394		0.0
8,685 (2)	Nice Ltd.			1,670,804		0.1
151,815 (2)	Teva Pharmaceutical Industries Ltd. ADR			1,384,553		0.1
14,939 (2)	Tower Semiconductor Ltd.			652,092		0.0
7,827 (2)	Wix.com Ltd.			601,348		0.0
11,487 (1)	ZIM Integrated Shipping Services Ltd.			197,462		0.0
				14,011,296		0.7
	Italy: 1.9%
17,021 (1)	Amplifon S.p.A.			508,242		0.0
151,845	Assicurazioni Generali S.p.A.			2,700,176		0.1
71,456 (1)	Davide Campari-Milano NV			725,440		0.0
3,442 (1)	DiaSorin SpA			481,623		0.0
1,111,837	Enel S.p.A.			5,979,598		0.3
341,759	ENI S.p.A.			4,859,613		0.3
25,448	Ermenegildo Zegna NV			266,441		0.0
17,231	Ferrari NV			3,694,979		0.2
83,404	FinecoBank Banca Fineco SpA			1,385,012		0.1
45,941 (1)(3)	Infrastrutture Wireless Italiane SpA			463,461		0.0
2,283,788	Intesa Sanpaolo SpA			5,059,512		0.3
82,744 (1)	Mediobanca Banca di Credito Finanziario SpA			795,090		0.0
28,060	Moncler SpA			1,491,016		0.1
80,686 (2)(3)	Nexi SpA			636,928		0.0
71,419 (3)	Poste Italiane SpA			696,795		0.0
34,823	Prysmian SpA			1,293,862		0.1
14,294	Recordati Industria Chimica e Farmaceutica SpA			594,168		0.0
275,660	Snam SpA			1,336,626		0.1
1,362,111 (1)(2)	Telecom Italia S.p.A. - TIT			315,671		0.0
192,338 (1)	Terna - Rete Elettrica Nazionale			1,420,449		0.1
262,618	UniCredit SpA			3,726,421		0.2
				38,431,123		1.9
	Japan: 21.4%
25,900	Advantest Corp.			1,658,859		0.1
89,380	Aeon Co., Ltd.			1,887,303		0.1
26,421 (1)	AGC, Inc.			876,800		0.1
20,111	Aisin Corp.			533,243		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
62,428	Ajinomoto Co., Inc.		$	1,908,008		0.1
21,889 (1)(2)	ANA Holdings, Inc.			463,564		0.0
62,358	Asahi Group Holdings, Ltd.			1,941,056		0.1
29,700	Asahi Intecc Co. Ltd.			484,474		0.0
171,453	Asahi Kasei Corp.			1,220,502		0.1
250,920	Astellas Pharma, Inc.			3,815,398		0.2
15,700	Azbil Corp.			394,184		0.0
27,293	Bandai Namco Holdings, Inc.			1,710,710		0.1
78,043 (1)	Bridgestone Corp.			2,763,275		0.1
32,286	Brother Industries Ltd.			487,960		0.0
136,793 (1)	Canon, Inc.			2,960,757		0.2
23,700 (1)	Capcom Co., Ltd.			756,516		0.0
19,728	Central Japan Railway Co.			2,422,197		0.1
72,466	Chiba Bank Ltd.			528,722		0.0
88,042	Chubu Electric Power Co., Inc.			910,397		0.1
91,818	Chugai Pharmaceutical Co., Ltd.			2,341,981		0.1
148,809	Concordia Financial Group Ltd.			621,341		0.0
58,800	CyberAgent, Inc.			523,484		0.0
30,374	Dai Nippon Printing Co., Ltd.			610,201		0.0
13,800	Daifuku Co., Ltd.			643,275		0.0
133,983	Dai-ichi Life Holdings, Inc.			3,025,788		0.2
239,579	Daiichi Sankyo Co., Ltd.			7,711,255		0.4
34,098	Daikin Industries Ltd.			5,173,130		0.3
8,481	Daito Trust Construction Co., Ltd.			868,309		0.1
81,954	Daiwa House Industry Co., Ltd.			1,887,914		0.1
301	Daiwa House REIT Investment Corp.			671,127		0.0
182,321	Daiwa Securities Group, Inc.			805,641		0.0
59,267	Denso Corp.			2,906,443		0.2
29,603 (1)	Dentsu Group, Inc.			928,666		0.1	��
3,900	Disco Corp.			1,111,582		0.1
41,333	East Japan Railway Co.			2,354,243		0.1
34,479	Eisai Co., Ltd.			2,273,962		0.1
419,464	ENEOS Holdings, Inc.			1,428,450		0.1
26,193	Fanuc Ltd.			3,919,693		0.2
7,942	Fast Retailing Co., Ltd.			4,832,974		0.3
17,323	Fuji Electric Co. Ltd.			653,758		0.0
49,260	Fuji Film Holdings Corp.			2,463,071		0.1
26,913	Fujitsu Ltd.			3,587,978		0.2
583	GLP J-Reit			671,428		0.0
5,800	GMO Payment Gateway, Inc.			479,654		0.0
32,000	Hakuhodo DY Holdings, Inc.			321,154		0.0
19,142	Hamamatsu Photonics KK			913,604		0.1
31,257	Hankyu Hanshin Holdings, Inc.			926,070		0.1
2,800	Hikari Tsushin, Inc.			394,112		0.0
4,064	Hirose Electric Co., Ltd.			509,713		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
14,710	Hitachi Construction Machinery Co., Ltd.		$	327,834		0.0
132,391	Hitachi Ltd.			6,661,423		0.3
222,842	Honda Motor Co., Ltd.			5,082,805		0.3
14,900	Hoshizaki Corp.			523,914		0.0
49,337	Hoya Corp.			4,725,428		0.2
52,464 (1)	Hulic Co. Ltd.			411,977		0.0
15,400	Ibiden Co., Ltd.			555,362		0.0
28,455	Idemitsu Kosan Co., Ltd.			666,177		0.0
19,691	Iida Group Holdings Co. Ltd.			298,969		0.0
142,216 (1)	Inpex Corp.			1,528,171		0.1
79,668	Isuzu Motors Ltd.			923,582		0.1
7,300	Ito En Ltd.			265,676		0.0
162,516 (1)	Itochu Corp.			5,098,575		0.3
13,100	Itochu Techno-Solutions Corp.			303,865		0.0
19,678 (2)	Japan Airlines Co. Ltd.			400,795		0.0
68,614	Japan Exchange Group, Inc.			988,919		0.1
955	Japan Metropolitan Fund Invest			759,716		0.0
56,400 (1)	Japan Post Bank Co. Ltd.			483,515		0.0
325,000	Japan Post Holdings Co. Ltd.			2,734,536		0.1
27,300	Japan Post Insurance Co. Ltd.			480,129		0.0
170	Japan Real Estate Investment Corp.			746,690		0.0
164,002 (1)	Japan Tobacco, Inc.			3,306,319		0.2
67,202	JFE Holdings, Inc.			779,778		0.0
24,235	JSR Corp.			474,552		0.0
57,854	Kajima Corp.			673,265		0.0
18,223	Kakaku.com, Inc.			292,400		0.0
96,262	Kansai Electric Power Co., Inc.			934,787		0.1
64,975	Kao Corp.			2,579,537		0.1
220,501	KDDI Corp.			6,687,111		0.3
14,068	Keio Corp.			515,306		0.0
17,698 (1)	Keisei Electric Railway Co., Ltd.			502,822		0.0
26,588	Keyence Corp.			10,322,652		0.5
19,834	Kikkoman Corp.			1,043,995		0.1
23,497 (1)	Kintetsu Group Holdings Co., Ltd.			775,783		0.0
112,456 (1)	Kirin Holdings Co., Ltd.			1,713,991		0.1
7,300	Kobayashi Pharmaceutical Co., Ltd.			500,361		0.0
20,600 (1)	Kobe Bussan Co. Ltd.			593,717		0.0
16,040	Koei Tecmo Holdings Co. Ltd.			290,108		0.0
28,600	Koito Manufacturing Co., Ltd.			426,374		0.0
126,383	Komatsu Ltd.			2,731,658		0.1
12,766	Konami Holdings Corp.			579,101		0.0
4,600	Kose Corp.			499,805		0.0
139,422 (1)	Kubota Corp.			1,904,705		0.1
14,248	Kurita Water Industries, Ltd.			588,510		0.0
43,894	Kyocera Corp.			2,178,753		0.1
36,914	Kyowa Kirin Co., Ltd.			845,478		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
10,300	Lasertec Corp.		$	1,681,688		0.1
39,292	Lixil Corp.			592,370		0.0
60,300	M3, Inc.			1,637,949		0.1
30,608	Makita Corp.			713,020		0.0
211,356	Marubeni Corp.			2,421,284		0.1
77,766	Mazda Motor Corp.			582,938		0.0
11,800 (1)	McDonald’s Holdings Co. Japan Ltd.			448,475		0.0
15,188	MEIJI Holdings Co., Ltd.			778,510		0.0
49,600	Minebea Mitsumi, Inc.			734,878		0.0
38,900	MISUMI Group, Inc.			845,465		0.1
175,048	Mitsubishi Chemical Holdings Corp.			906,227		0.1
172,593	Mitsubishi Corp.			5,603,196		0.3
264,161	Mitsubishi Electric Corp.			2,617,556		0.1
166,927	Mitsubishi Estate Co., Ltd.			2,162,302		0.1
90,276	Mitsubishi HC Capital, Inc.			444,027		0.0
43,819	Mitsubishi Heavy Industries Ltd.			1,731,576		0.1
1,634,106	Mitsubishi UFJ Financial Group, Inc.			10,970,434		0.6
195,901	Mitsui & Co., Ltd.			5,705,759		0.3
25,214	Mitsui Chemicals, Inc.			566,327		0.0
123,919	Mitsui Fudosan Co., Ltd.			2,264,864		0.1
47,000 (1)	Mitsui OSK Lines Ltd.			1,174,429		0.1
329,806	Mizuho Financial Group, Inc.			4,646,404		0.2
34,300	MonotaRO Co. Ltd.			483,146		0.0
60,854	MS&AD Insurance Group Holdings, Inc.			1,945,492		0.1
78,544	Murata Manufacturing Co., Ltd.			3,873,412		0.2
33,520	NEC Corp.			1,175,521		0.1
65,100 (1)	Nexon Co. Ltd.			1,461,541		0.1
32,569	NGK Insulators Ltd.			412,897		0.0
61,184	Nidec Corp.			3,148,477		0.2
41,400	Nihon M&A Center Holdings, Inc.			509,417		0.0
10,522	Niippon Express Holdings, Inc.			600,906		0.0
150,940	Nintendo Co., Ltd.			6,346,511		0.3
209 (1)	Nippon Building Fund, Inc.			934,609		0.1
113,385	Nippon Paint Holdings Co., Ltd.			890,537		0.1
292	Nippon Prologis REIT, Inc.			684,616		0.0
23,725	Nippon Sanso Holdings Corp.			343,666		0.0
6,700	Nippon Shinyaku Co., Ltd.			380,223		0.0
110,380	Nippon Steel Corp.			1,915,219		0.1
163,396	Nippon Telegraph & Telephone Corp.			4,659,811		0.2
66,209 (1)	Nippon Yusen KK			1,561,251		0.1
17,400	Nissan Chemical Corp.			758,765		0.0
317,292	Nissan Motor Co., Ltd.			992,941		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
27,067	Nisshin Seifun Group, Inc.		$	340,178		0.0
8,517	Nissin Food Products Co., Ltd.			674,499		0.0
10,906	Nitori Co., Ltd.			1,425,006		0.1
19,442	Nitto Denko Corp.			1,119,756		0.1
397,826	Nomura Holdings, Inc.			1,474,135		0.1
16,245	Nomura Real Estate Holdings, Inc.			347,363		0.0
580	Nomura Real Estate Master Fund, Inc.			718,558		0.0
54,368	Nomura Research Institute Ltd.			1,292,542		0.1
86,320	NTT Data Corp.			1,257,919		0.1
88,815 (1)	Obayashi Corp.			670,872		0.0
9,500	Obic Co., Ltd.			1,394,686		0.1
40,327	Odakyu Electric Railway Co., Ltd.			522,252		0.0
110,926	Oji Holdings Corp.			448,029		0.0
167,028	Olympus Corp.			2,945,971		0.2
25,423	Omron Corp.			1,228,637		0.1
49,490	Ono Pharmaceutical Co., Ltd.			1,156,759		0.1
10,700	Open House Group Co. Ltd.			389,586		0.0
5,300	Oracle Corp. Japan			344,614		0.0
27,380	Oriental Land Co., Ltd.			3,984,452		0.2
163,363	ORIX Corp.			2,614,895		0.1
51,265	Osaka Gas Co., Ltd.			826,038		0.1
15,622	Otsuka Corp.			492,411		0.0
53,346 (1)	Otsuka Holdings Co. Ltd.			1,739,759		0.1
52,068	Pan Pacific International Holdings Corp.			967,117		0.1
301,931	Panasonic Holdings Corp.			2,526,867		0.1
24,300	Persol Holdings Co. Ltd.			516,855		0.0
119,370 (1)	Rakuten Group, Inc.			538,009		0.0
197,100	Recruit Holdings Co. Ltd.			6,169,620		0.3
160,200 (2)	Renesas Electronics Corp.			1,415,890		0.1
295,413	Resona Holdings, Inc.			1,622,532		0.1
78,432	Ricoh Co., Ltd.			596,957		0.0
11,950	Rohm Co., Ltd.			856,688		0.1
33,470	SBI Holdings, Inc.			637,696		0.0
21,400	SCSK Corp.			323,926		0.0
28,706	Secom Co., Ltd.			1,637,903		0.1
38,216	Seiko Epson Corp.			556,006		0.0
50,719	Sekisui Chemical Co., Ltd.			706,936		0.0
84,285	Sekisui House Ltd.			1,494,294		0.1
102,971	Seven & I Holdings Co., Ltd.			4,412,964		0.2
39,400	SG Holdings Co. Ltd.			546,308		0.0
31,100 (1)	Sharp Corp.			223,393		0.0
32,372	Shimadzu Corp.			916,448		0.1
9,955 (1)	Shimano, Inc.			1,573,078		0.1
75,492	Shimizu Corp.			402,820		0.0
51,289	Shin-Etsu Chemical Co., Ltd.			6,263,013		0.3
36,232	Shionogi & Co., Ltd.			1,807,728		0.1
54,662 (1)	Shiseido Co., Ltd.			2,679,188		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
60,981	Shizuoka Financial Group, Inc.		$	488,671		0.0
7,836	SMC Corp.			3,271,952		0.2
392,600	SoftBank Corp.			4,441,748		0.2
164,892	SoftBank Group Corp.			6,973,771		0.4
42,813	Sompo Holdings, Inc.			1,894,180		0.1	��
172,370	Sony Group Corp.			13,138,321		0.7
11,700	Square Enix Holdings Co., Ltd.			543,178		0.0
84,135	Subaru Corp.			1,273,810		0.1
47,900	Sumco Corp.			634,608		0.0
203,771	Sumitomo Chemical Co., Ltd.			730,646		0.0
153,955	Sumitomo Corp.			2,559,208		0.1
97,633	Sumitomo Electric Industries Ltd.			1,103,101		0.1
33,780	Sumitomo Metal Mining Co., Ltd.			1,186,991		0.1
178,551	Sumitomo Mitsui Financial Group, Inc.			7,183,542		0.4
46,185	Sumitomo Mitsui Trust Holdings, Inc.			1,611,651		0.1
42,296	Sumitomo Realty & Development Co., Ltd.			996,830		0.1
19,034 (1)	Suntory Beverage & Food Ltd.			648,150		0.0
50,344	Suzuki Motor Corp.			1,612,385		0.1
22,938	Sysmex Corp.			1,384,781		0.1
72,511	T&D Holdings, Inc.			1,037,976		0.1
24,661	Taisei Corp.			795,199		0.0
205,522	Takeda Pharmaceutical Co., Ltd.			6,421,883		0.3
53,136	TDK Corp.			1,728,705		0.1
88,228	Terumo Corp.			2,501,315		0.1
30,900	TIS, Inc.			812,107		0.0
25,785	Tobu Railway Co., Ltd.			601,435		0.0
15,300	Toho Co., Ltd.			589,752		0.0
250,964	Tokio Marine Holdings, Inc.			5,361,192		0.3
208,666 (2)	Tokyo Electric Power Co., Inc.			751,494		0.0
20,465	Tokyo Electron Ltd.			6,013,205		0.3
53,472	Tokyo Gas Co., Ltd.			1,046,971		0.1
72,594	Tokyu Corp.			914,247		0.1
35,816	Toppan, Inc.			528,913		0.0
189,603	Toray Industries, Inc.			1,054,452		0.1
53,261	Toshiba Corp.			1,850,783		0.1
35,600	Tosoh Corp.			423,342		0.0
19,334	Toto Ltd.			655,799		0.0
20,005	Toyota Industries Corp.			1,086,786		0.1
1,449,690	Toyota Motor Corp.			19,777,462		1.0
29,054	Toyota Tsusho Corp.			1,068,732		0.1
18,253 (1)	Trend Micro, Inc.			853,644		0.1
55,178	Unicharm Corp.			2,112,558		0.1
28,126	USS Co., Ltd.			446,277		0.0
12,900	Welcia Holdings Co. Ltd.			300,703		0.0
30,021	West Japan Railway Co.			1,303,492		0.1
17,585	Yakult Honsha Co., Ltd.			1,144,741		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
19,207	Yamaha Corp.		$	712,730		0.0
40,704 (1)	Yamaha Motor Co., Ltd.			919,962		0.1
38,901	Yamato Holdings Co., Ltd.			616,435		0.0
32,842	Yaskawa Electric Corp.			1,047,838		0.1
31,173	Yokogawa Electric Corp.			494,746		0.0
365,044	Z Holdings Corp.			911,703		0.1
17,000	ZOZO, Inc.			419,828		0.0
				426,086,572		21.4
	Luxembourg: 0.1%
18,418 (1)	Eurofins Scientific SE			1,322,375		0.1
64,552	Tenaris S.A.			1,132,090		0.0
				2,454,465		0.1
	Macau: 0.2%
298,159	Galaxy Entertainment Group Ltd.			1,960,293		0.1
332,002 (2)	Sands China Ltd.			1,089,042		0.1
				3,049,335		0.2
	Netherlands: 6.2%
55,212 (3)	ABN AMRO Bank NV			764,572		0.0
2,964 (2)(3)	Adyen NV			4,114,757		0.2
244,254	Aegon NV			1,237,551		0.1
18,484 (2)	AerCap Holdings NV			1,077,987		0.1
80,804 (1)	Airbus SE			9,607,762		0.5
24,826	Akzo Nobel NV			1,665,882		0.1
71,999	ArcelorMittal SA			1,899,482		0.1
7,527 (1)(2)	Argenx SE			2,825,671		0.1
6,402	ASM International NV			1,624,404		0.1
55,566	ASML Holding NV			30,297,367		1.5
11,713 (3)	Euronext NV			867,125		0.0
14,825 (2)	EXOR NV			1,085,399		0.1
13,781	Heineken Holding NV			1,064,309		0.1
35,433	Heineken NV			3,337,502		0.2
7,790 (1)	IMCD NV			1,114,290		0.1
514,986	ING Groep NV			6,273,107		0.3
13,745 (1)	JDE Peet’s NV			397,571		0.0
24,978 (1)(2)(3)	Just Eat Takeaway.com NV			531,643		0.0
142,952	Koninklijke Ahold Delhaize NV			4,110,039		0.2
23,893	Koninklijke DSM NV			2,933,921		0.1
451,569	Koninklijke KPN NV			1,397,717		0.1
121,570	Koninklijke Philips NV			1,829,284		0.1
38,140	NN Group NV			1,559,623		0.1
14,402 (1)	OCI NV			514,905		0.0
31,125 (2)	QIAGEN NV			1,564,665		0.1
16,346 (1)	Randstad NV			998,776		0.0
993,046	Shell PLC			27,994,916		1.4
184,339	Stellantis NV (STLAM)			2,619,508		0.1
116,501	Stellantis NV (STLAP)			1,655,180		0.1
99,156 (1)	Universal Music Group NV			2,397,850		0.1
35,886	Wolters Kluwer NV			3,754,929		0.2
				123,117,694		6.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	New Zealand: 0.2%
171,120 (2)	Auckland International Airport Ltd.		$	848,686		0.0
78,925	Fisher & Paykel Healthcare Corp. Ltd.			1,129,267		0.1
94,464	Mercury NZ Ltd.			333,717		0.0
176,178	Meridian Energy Ltd.			586,002		0.0
255,848	Spark New Zealand Ltd.			875,966		0.0
18,461 (2)	Xero Ltd.			880,293		0.1
				4,653,931		0.2
	Norway: 0.8%
39,838 (2)	Adevinta ASA			263,796		0.0
43,199	Aker BP ASA			1,342,749		0.1
127,162	DNB Bank ASA			2,511,466		0.1
130,227 (1)	Equinor ASA			4,680,394		0.2
27,340	Gjensidige Forsikring ASA			536,247		0.0
12,119	Kongsberg Gruppen ASA			515,831		0.0
56,552	Mowi ASA			963,663		0.1
183,842	Norsk Hydro ASA			1,373,735		0.1
102,673	Orkla ASA			741,025		0.0
8,932 (1)	Salmar ASA			350,281		0.0
95,654	Telenor ASA			893,693		0.1
22,634	Yara International ASA			994,017		0.1
				15,166,897		0.8
	Portugal: 0.2%
379,479	EDP - Energias de Portugal SA			1,891,623		0.1
68,523	Galp Energia SGPS SA			924,415		0.1
38,711	Jeronimo Martins SGPS SA			837,529		0.0
				3,653,567		0.2
	Russia: —%
5,115 (2)(4)	TCS Group Holding PLC GDR			—		—

	Singapore: 1.5%
725,340	CapitaLand Integrated Commercial Trust			1,106,297		0.1
355,596	Capitaland Investment Ltd./Singapore			982,758		0.1
459,437	CapLand Ascendas REIT			940,960		0.1
55,981	City Developments Ltd.			344,133		0.0
247,620	DBS Group Holdings Ltd.			6,267,659		0.3
826,612	Genting Singapore Ltd.			589,919		0.0
177,478 (2)	Grab Holdings Ltd.			571,479		0.0
13,500	Jardine Cycle & Carriage Ltd.			288,249		0.0
199,104	Keppel Corp., Ltd.			1,079,777		0.1
459,594 (1)	Mapletree Logistics Trust			546,508		0.0
321,900	Mapletree Pan Asia Commercial Trust			402,195		0.0
462,922	Oversea-Chinese Banking Corp., Ltd.			4,210,756		0.2
49,397 (2)	Sea Ltd. ADR			2,570,126		0.2
183,200 (1)	Singapore Airlines Ltd.			756,409		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Singapore (continued)
117,151	Singapore Exchange Ltd.		$	783,376		0.0
213,406	Singapore Technologies Engineering Ltd.			534,009		0.0
1,128,750	Singapore Telecommunications Ltd.			2,164,144		0.1
161,356	United Overseas Bank Ltd.			3,695,996		0.2
63,500	UOL Group Ltd.			319,264		0.0
37,900	Venture Corp. Ltd.			483,080		0.0
262,576	Wilmar International Ltd.			818,023		0.1
				29,455,117		1.5
	Spain: 2.4%
3,375	Acciona SA			621,105		0.0
29,596 (1)	ACS Actividades de Construccion y Servicios SA			846,844		0.0
10,253 (2)(3)	Aena SME SA			1,285,295		0.1
61,584 (2)	Amadeus IT Group SA			3,194,829		0.2
829,412 (1)	Banco Bilbao Vizcaya Argentaria SA			4,995,753		0.3
2,295,814	Banco Santander SA			6,864,722		0.4
606,045	CaixaBank SA			2,376,168		0.1
74,292 (3)	Cellnex Telecom SA			2,464,350		0.1
9,002	Corp ACCIONA Energias Renovables SA			347,842		0.0
39,393 (1)	EDP Renovaveis S.A.			868,043		0.0
34,024	Enagas			565,766		0.0
43,420	Endesa S.A.			818,314		0.0
66,708	Ferrovial SA - FERE			1,746,591		0.1
40,777 (1)(2)	Grifols SA			470,908		0.0
826,220	Iberdrola S.A. - IBEE			9,644,846		0.5
149,117	Industria de Diseno Textil SA			3,960,690		0.2
19,882 (1)	Naturgy Energy Group SA			516,712		0.0
55,475 (1)	Red Electrica Corp. SA			964,605		0.1
188,617	Repsol SA			3,002,210		0.2
710,533	Telefonica S.A.			2,572,197		0.1
				48,127,790		2.4
	Sweden: 3.0%
39,604	Alfa Laval AB			1,145,638		0.1
137,015	Assa Abloy AB			2,947,092		0.2
367,188	Atlas Copco AB - A Shares			4,350,590		0.2
213,374	Atlas Copco AB - B Shares			2,276,626		0.1
37,389 (1)	Boliden AB			1,404,413		0.1
30,062 (1)	Electrolux AB			406,165		0.0
88,849 (1)(2)	Embracer Group AB			403,370		0.0
90,088	Epiroc AB-A			1,640,422		0.1
53,310	Epiroc AB-B			857,609		0.1
40,757 (1)	EQT AB			865,894		0.1
83,251	Essity AB			2,180,110		0.1
24,995 (3)	Evolution AB			2,434,624		0.1
86,255 (1)(2)	Fastighets AB Balder			402,576		0.0
31,269	Getinge AB			650,101		0.0
99,838 (1)	H & M Hennes & Mauritz AB			1,075,897		0.1
266,078	Hexagon AB			2,789,852		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Sweden (continued)
12,824	Holmen AB		$	509,690		0.0
57,361 (1)	Husqvarna AB - B Shares			402,871		0.0
17,825	Industrivarden AB-Class A			433,559		0.0
21,051 (1)	Industrivarden AB-Class C			510,749		0.0
37,353 (1)	Indutrade AB			757,500		0.1
20,239 (1)	Investment AB Latour			382,758		0.0
68,174 (1)	Investor AB-A SHS			1,268,357		0.1
249,061	Investor AB-B SHS			4,508,243		0.2
33,175 (1)(2)	Kinnevik AB			456,626		0.0
31,866	Lifco AB			533,383		0.0
10,389	Lundbergforetagen AB			442,918		0.0
207,170 (1)	Nibe Industrier AB			1,933,680		0.1
26,064 (1)	Sagax AB			592,181		0.0
145,755	Sandvik AB			2,634,024		0.1
67,264 (1)	Securitas AB			561,282		0.0
220,899	Skandinaviska Enskilda Banken AB			2,543,182		0.1
46,507	Skanska AB			737,252		0.0
52,405	SKF AB - B Shares			800,409		0.1
82,823	Svenska Cellulosa AB SCA			1,048,926		0.1
199,390	Svenska Handelsbanken AB			2,007,457		0.1
123,797	Swedbank AB			2,105,671		0.1
23,091 (2)	Swedish Orphan Biovitrum AB			477,913		0.0
77,883	Tele2 AB			635,357		0.0
399,000	Telefonaktiebolaget LM Ericsson			2,337,906		0.1
363,387	Telia Co. AB			928,552		0.1
27,374	Volvo AB			519,731		0.0
206,288	Volvo AB - B Shares			3,726,303		0.2
81,461 (1)(2)	Volvo Car AB			370,926		0.0
				59,998,385		3.0
	Switzerland: 10.6%
214,866	ABB Ltd.			6,548,582		0.3
21,873	Adecco Group AG			719,509		0.0
68,310	Alcon, Inc.			4,687,362		0.2
4,537 (1)	Bachem Holding AG			393,678		0.0
6,261	Baloise Holding AG			965,489		0.1
4,118 (1)	Banque Cantonale Vaudoise			394,821		0.0
488	Barry Callebaut AG			963,679		0.1
2,887	BKW AG			395,008		0.0
142	Chocoladefabriken Lindt & Spruengli AG - Participation Certificate			1,446,986		0.1
15	Chocoladefabriken Lindt & Spruengli AG - Registered			1,543,252		0.1
71,358	Cie Financiere Richemont SA			9,252,276		0.5
29,495	Clariant AG			468,423		0.0
27,550	Coca-Cola HBC AG			651,252		0.0
492,392 (1)	Credit Suisse Group AG			1,470,011		0.1
959	EMS-Chemie Holding AG			649,532		0.0
4,904	Geberit AG - Reg			2,315,083		0.1
1,262	Givaudan			3,865,389		0.2

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Switzerland (continued)
1,335,508	Glencore PLC			$	8,906,075		0.5
75,778	Holcim AG				3,922,519		0.2
29,227	Julius Baer Group Ltd.				1,701,044		0.1
7,428 (1)	Kuehne & Nagel International AG				1,726,882		0.1
23,664 (1)	Logitech International SA				1,467,392		0.1
10,180	Lonza Group AG				4,997,112		0.3
375,928	Nestle SA				43,423,230		2.2
295,732	Novartis AG				26,762,993		1.3
3,102	Partners Group				2,746,771		0.1
3,646 (1)	Roche Holding AG-BR				1,412,812		0.1
96,041	Roche Holding AG-GENUSSCHEIN				30,179,689		1.5
5,566 (1)	Schindler Holding AG - Part Cert				1,046,866		0.1
3,209	Schindler Holding AG - Reg				578,748		0.0
871	SGS SA				2,028,855		0.1
41,805 (1)	SIG Group AG				913,488		0.0
19,965	Sika AG				4,799,650		0.2
7,340	Sonova Holding AG - Reg				1,743,241		0.1
93,430	STMicroelectronics NV-STM1				3,320,122		0.2
15,258	Straumann Holding AG				1,749,653		0.1
3,956	Swatch Group AG - BR				1,124,377		0.1
7,192	Swatch Group AG - Reg				373,962		0.0
4,214	Swiss Life Holding AG				2,172,144		0.1
10,488	Swiss Prime Site AG				909,025		0.0
41,232	Swiss Re Ltd.				3,855,249		0.2
3,541	Swisscom AG				1,939,800		0.1
8,694	Temenos AG				478,286		0.0
457,731	UBS Group AG				8,507,492		0.4
3,691 (3)	VAT Group AG				1,013,244		0.1
20,568	Zurich Insurance Group AG	��			9,833,095		0.5
					210,364,148		10.6
	United Arab Emirates: —%
19,351 (4)	NMC Health PLC				—		—

	United Kingdom: 13.4%
133,047	3i Group PLC				2,145,705		0.1
294,114 (1)	Abrdn PLC				668,347		0.0
24,625	Admiral Group Plc				632,149		0.0
173,706	Anglo American PLC				6,802,341		0.3
53,907	Antofagasta PLC				1,006,320		0.1
60,240	Ashtead Group PLC				3,421,938		0.2
48,700	Associated British Foods PLC				923,297		0.0
211,817	AstraZeneca PLC				28,663,087		1.4
128,733 (3)	Auto Trader Group PLC				801,670		0.0
16,506	AVEVA Group PLC				638,902		0.0
383,141	Aviva PLC				2,032,437		0.1
427,923	BAE Systems PLC				4,419,783		0.2
2,197,436	Barclays PLC				4,181,329		0.2
139,786	Barratt Developments PLC				667,663		0.0
14,932	Berkeley Group Holdings PLC				680,744		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
2,572,146	BP PLC		$	14,841,204		0.7
292,175	British American Tobacco PLC			11,557,960		0.6
120,386	British Land Co. PLC			571,567		0.0
950,076 (1)	BT Group PLC			1,282,870		0.1
46,145	Bunzl PLC			1,535,259		0.1
53,599	Burberry Group PLC			1,303,114		0.1
139,886	CNH Industrial NV			2,244,043		0.1
23,965	Coca-Cola Europacific Partners PLC			1,323,519		0.1
4,135	Coca-Cola European Partners PLC - USD			228,748		0.0
241,409	Compass Group PLC			5,574,652		0.3
60,857	CRH PLC - London			2,421,801		0.1
19,088	Croda International PLC			1,519,003		0.1
311,269	Diageo PLC			13,624,895		0.7
80,487	Entain PLC			1,281,767		0.1
125,846	Experian PLC			4,262,216		0.2
556,012	GSK PLC			9,609,733		0.5
694,307 (2)	Haleon PLC			2,747,120		0.1
51,898	Halma PLC			1,235,954		0.1
48,630	Hargreaves Lansdown PLC			500,792		0.0
22,569	Hikma Pharmaceuticals PLC			420,596		0.0
2,729,654	HSBC Holdings PLC			16,917,218		0.9
123,426	Imperial Brands PLC			3,074,697		0.2
198,229	Informa PLC			1,478,749		0.1
25,155	InterContinental Hotels Group PLC			1,443,371		0.1
22,063	Intertek Group PLC			1,073,419		0.1
240,334	J Sainsbury Plc			630,356		0.0
352,562	JD Sports Fashion PLC			535,765		0.0
25,033	Johnson Matthey PLC			639,776		0.0
268,977	Kingfisher PLC			764,228		0.0
96,692	Land Securities Group PLC			722,405		0.0
816,476	Legal & General Group PLC			2,447,917		0.1
9,323,255	Lloyds Banking Group Plc			5,087,856		0.3
44,989	London Stock Exchange Group PLC			3,865,528		0.2
343,454	M&G PLC			776,642		0.0
554,245	Melrose Industries PLC			892,951		0.0
66,376	Mondi PLC			1,122,484		0.1
500,335	National Grid PLC			5,993,721		0.3
726,507	NatWest Group PLC			2,317,009		0.1
17,670	Next PLC			1,238,156		0.1
78,931 (1)(2)	Ocado Group PLC			585,909		0.0
90,553	Pearson PLC			1,022,513		0.1
43,651	Persimmon PLC			640,042		0.0
102,530	Phoenix Group Holdings PLC			751,086		0.0
375,834	Prudential PLC			5,124,633		0.3
97,823	Reckitt Benckiser Group PLC			6,780,768		0.3
262,410	Relx PLC (GBP Exchange)			7,255,156		0.4
342,977	Rentokil Initial Plc			2,107,181		0.1
153,713	Rio Tinto PLC			10,818,995		0.5

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
1,143,860 (2)	Rolls-Royce Holdings PLC		$	1,277,670		0.1
99,963	Schroders PLC			525,257		0.0
165,285	Segro PLC			1,522,656		0.1
34,375	Severn Trent PLC			1,098,223		0.1
119,013	Smith & Nephew PLC			1,589,406		0.1
49,535	Smiths Group PLC			950,684		0.1
10,063	Spirax-Sarco Engineering PLC			1,285,359		0.1
145,954	SSE PLC			3,001,842		0.2
74,375	St. James’s Place PLC			979,774		0.1
341,783	Standard Chartered PLC			2,549,208		0.1
482,826	Taylor Wimpey PLC			591,319		0.0
1,020,425	Tesco PLC			2,749,925		0.1
139,270	The Sage Group PLC			1,254,091		0.1
204,433	Unilever PLC			10,257,756		0.5
143,516	Unilever PLC - ULVRL			7,245,849		0.4
93,215	United Utilities Group PLC			1,113,770		0.1
3,610,300	Vodafone Group PLC			3,656,234		0.2
27,617	Whitbread PLC			853,883		0.0
149,288	WPP PLC			1,474,971		0.1
				265,858,933		13.4
	Total Common Stock (Cost $1,477,934,617)			1,939,257,249		97.6
PREFERRED STOCK: 0.5%
	Germany: 0.5%
8,121	Bayerische Motoren Werke AG			685,339		0.0
15,567 (1)(2)	Dr Ing hc F Porsche AG			1,570,916		0.1
24,355	Henkel AG & Co. KGaA			1,688,106		0.1
20,932	Porsche AG			1,141,542		0.0
3,327	Sartorius AG			1,313,748		0.1
25,370	Volkswagen AG			3,147,129		0.2
	Total Preferred Stock (Cost $9,118,735)			9,546,780		0.5
	Total Long-Term Investments (Cost $1,487,053,352)			1,948,804,029		98.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.2%
	Repurchase Agreements: 5.8%
4,953,591 (5)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 12/30/22, 4.32%, due 01/03/23 (Repurchase Amount $4,955,936, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $5,052,663, due 07/01/32-01/01/53)		$	4,953,591		0.3
5,648,189 (5)	Bethesda Securities LLC, Repurchase Agreement dated 12/30/22, 4.38%, due 01/03/23 (Repurchase Amount $5,650,900, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $5,817,635, due 04/01/23-12/01/52)			5,648,189		0.3
26,700,000 (5)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $26,712,582, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $27,234,000, due 01/15/23-11/20/72)			26,700,000		1.3
19,640,581 (5)	Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $19,650,073, collateralized by various U.S. Government Securities, 0.125%-6.250%, Market Value plus accrued interest $20,043,209, due 04/15/23-11/15/52)			19,640,581		1.0

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
3,991,980 (5)	Industrial & Comm. Bank of China, Repurchase Agreement dated 12/30/22, 4.26%, due 01/03/23 (Repurchase Amount $3,993,844, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $4,071,820, due 12/31/22-11/15/52)		$	3,991,980		0.2
11,213,304 (5)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $11,218,588, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $11,443,038, due 03/01/23-11/20/72)			11,213,304		0.6
18,054,175 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $18,062,683, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $18,415,258, due 09/01/24-10/20/52)			18,054,175		0.9
24,334,014 (5)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $24,345,588, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $24,820,812, due 01/15/24-02/15/51)			24,334,014		1.2
	Total Repurchase Agreements (Cost $114,535,834)			114,535,834		5.8

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.4%
28,114,000 (6)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $28,114,000)		$	28,114,000		1.4
	Total Short-Term Investments (Cost $142,649,834)			142,649,834		7.2
	Total Investments in Securities (Cost $1,629,703,186)		$	2,091,453,863		105.3
	Liabilities in Excess of Other Assets			(104,600,488)		(5.3)
	Net Assets		$	1,986,853,375		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

(1)

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

(2)

Non-income producing security.

(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)

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

(5)

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

(6)

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

Sector Diversification	Percentage of Net Assets
Financials		18.3%
Industrials		14.7
Health Care		13.3
Consumer Discretionary		10.9
Consumer Staples		10.3
Information Technology		7.7
Materials		7.6
Energy		4.9
Communication Services		4.4
Utilities		3.4
Real Estate		2.6
Short-Term Investments		7.2
Liabilities in Excess of Other Assets		(5.3)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index 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
Australia		$	6,795,635		$	146,032,548		$	—		$	152,828,183
Austria			—			3,742,147			—			3,742,147
Belgium			—			17,250,057			—			17,250,057
China			331,298			10,282,014			—			10,613,312
Denmark			—			58,087,965			—			58,087,965
Finland			—			24,862,027			—			24,862,027
France			—			214,458,411			—			214,458,411
Germany			—			147,278,008			—			147,278,008
Hong Kong			—			52,817,424			—			52,817,424
Ireland			—			12,890,462			—			12,890,462
Israel			4,635,279			9,376,017			—			14,011,296
Italy			266,441			38,164,682			—			38,431,123
Japan			—			426,086,572			—			426,086,572
Luxembourg			—			2,454,465			—			2,454,465
Macau			—			3,049,335			—			3,049,335
Netherlands			1,077,987			122,039,707			—			123,117,694
New Zealand			—			4,653,931			—			4,653,931
Norway			—			15,166,897			—			15,166,897
Portugal			—			3,653,567			—			3,653,567
Russia			—			—			—			—
Singapore			3,141,605			26,313,512			—			29,455,117
Spain			—			48,127,790			—			48,127,790
Sweden			—			59,998,385			—			59,998,385
Switzerland			—			210,364,148			—			210,364,148
United Arab Emirates			—			—			—			—
United Kingdom			228,748			265,630,185			—			265,858,933
Total Common Stock			16,476,993			1,922,780,256			—			1,939,257,249
Preferred Stock			—			9,546,780			—			9,546,780
Short-Term Investments			28,114,000			114,535,834			—			142,649,834
Total Investments, at fair value		$	44,590,993		$	2,046,862,870		$	—		$	2,091,453,863
Liabilities Table
Other Financial Instruments+
Futures		$	(788,324)		$	—		$	—		$	(788,324)
Total Liabilities		$	(788,324)		$	—		$	—		$	(788,324)

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

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya International Index Portfolio

as of December 31, 2022 (continued)

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

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
MSCI EAFE Index		423		03/17/23		$	41,229,810		$	(788,324)
						$	41,229,810		$	(788,324)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	788,324
Total Liability Derivatives			$	788,324

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	Forward foreign currency contracts			Futures			Total
Foreign exchange contracts		$	(113,826)		$	—		$	(113,826)
Equity contracts			—			(7,247,886)			(7,247,886)
Total		$	(113,826)		$	(7,247,886)		$	(7,361,712)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Equity contracts		$	—		$	(1,028,125)		$	(1,028,125)
Total		$	—		$	(1,028,125)		$	(1,028,125)

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 $1,714,880,063.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	528,330,234
Gross Unrealized Depreciation		(152,552,356)
Net Unrealized Appreciation	$	375,777,878

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.3%
	Communication Services: 7.4%
403,651 (1)	Alphabet, Inc. - Class A		$	35,614,128		3.3
357,965 (1)	Alphabet, Inc. - Class C			31,762,234		2.9
8,269 (1)	Charter Communications, Inc.			2,804,018		0.3
36,934 (1)	Meta Platforms, Inc.			4,444,637		0.4
15,228 (1)	NetFlix, Inc.			4,490,433		0.4
9,394 (1)	Walt Disney Co.			816,151		0.1
				79,931,601		7.4
	Consumer Discretionary: 13.8%
28,931 (1)	Airbnb, Inc.			2,473,601		0.2
685,560 (1)	Amazon.com, Inc.			57,587,040		5.3
2,991 (1)	Booking Holdings, Inc.			6,027,702		0.6
17,380	Dollar General Corp.			4,279,825		0.4
46,224	Home Depot, Inc.			14,600,313		1.3
41,336	Lowe’s Cos, Inc.			8,235,785		0.8
20,463	Marriott International, Inc.			3,046,736		0.3
13,851	McDonald’s Corp.			3,650,154		0.3
94,509	Nike, Inc. - Class B			11,058,498		1.0
31,840	Starbucks Corp.			3,158,528		0.3
19,681	Target Corp.			2,933,256		0.3
199,346 (1)	Tesla, Inc.			24,555,440		2.3
89,520	TJX Cos., Inc.			7,125,792		0.7
				148,732,670		13.8
	Consumer Staples: 6.8%
225,871	Coca-Cola Co.			14,367,654		1.3
39,267	Colgate-Palmolive Co.			3,093,847		0.3
34,149	Costco Wholesale Corp.			15,589,019		1.5
17,697	Estee Lauder Cos., Inc.			4,390,803		0.4
15,384	Kimberly-Clark Corp.			2,088,378		0.2
26,110 (1)	Monster Beverage Corp.			2,650,948		0.2
90,102	PepsiCo, Inc.			16,277,827		1.5
77,562	Procter & Gamble Co.			11,755,297		1.1
39,152	Sysco Corp.			2,993,170		0.3
				73,206,943		6.8
	Energy: 0.9%
32,970	EOG Resources, Inc.			4,270,274		0.4
50,553	Occidental Petroleum Corp.			3,184,334		0.3
10,079	Pioneer Natural Resources Co.			2,301,943		0.2
				9,756,551		0.9
	Financials: 2.7%
2,911	American Express Co.			430,100		0.1
14,884	Aon PLC			4,467,284		0.4
53,979	Blackstone, Inc.			4,004,702		0.4
65,065	Charles Schwab Corp.			5,417,312		0.5
34,115	Marsh & McLennan Cos., Inc.			5,645,350		0.5
11,621	Moody’s Corp.			3,237,843		0.3
39,173	Progressive Corp.			5,081,130		0.5
				28,283,721		2.7
	Health Care: 12.4%
17,458	Abbott Laboratories			1,916,714		0.2
136,318	AbbVie, Inc.			22,030,352		2.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
34,596	Amgen, Inc.		$	9,086,293		0.9
6,022	Baxter International, Inc.			306,941		0.0
3,671	Cigna Corp.			1,216,349		0.1
3,395	Danaher Corp.			901,101		0.1
47,631 (1)	Edwards Lifesciences Corp.			3,553,749		0.3
5,652	Elevance Health, Inc.			2,899,306		0.3
52,903	Eli Lilly & Co.			19,354,033		1.8
1,025	HCA Healthcare, Inc.			245,959		0.0
6,883	Humana, Inc.			3,525,404		0.3
25,024 (1)	Intuitive Surgical, Inc.			6,640,118		0.6
2,144	McKesson Corp.			804,257		0.1
81,755	Merck & Co., Inc.			9,070,717		0.8
1,535 (1)	Moderna, Inc.			275,717		0.0
1,167 (1)	Regeneron Pharmaceuticals, Inc.			841,979		0.1
14,497	Stryker Corp.			3,544,372		0.3
3,682	Thermo Fisher Scientific, Inc.			2,027,641		0.2
65,653	UnitedHealth Group, Inc.			34,807,908		3.2
18,618 (1)	Vertex Pharmaceuticals, Inc.			5,376,506		0.5
36,314	Zoetis, Inc.			5,321,817		0.5
				133,747,233		12.4
	Industrials: 6.2%
13,144 (1)	Boeing Co.			2,503,801		0.2
34,959	Caterpillar, Inc.			8,374,778		0.8
40,820	CSX Corp.			1,264,604		0.1
21,271	Deere & Co.			9,120,154		0.9
14,525	Emerson Electric Co.			1,395,271		0.1
4,707	General Electric Co.			394,399		0.1
15,282	Honeywell International, Inc.			3,274,933		0.3
21,188	Illinois Tool Works, Inc.			4,667,716		0.4
18,029	Lockheed Martin Corp.			8,770,928		0.8
1,321	Northrop Grumman Corp.			720,751		0.1
128,168 (1)	Uber Technologies, Inc.			3,169,595		0.3
47,402	Union Pacific Corp.			9,815,532		0.9
50,576	United Parcel Service, Inc. - Class B			8,792,132		0.8
29,643	Waste Management, Inc.			4,650,394		0.4
				66,914,988		6.2
	Information Technology: 46.6%
48,873	Accenture PLC			13,041,271		1.2
35,813 (1)	Adobe, Inc.			12,052,149		1.1
98,169 (1)	Advanced Micro Devices, Inc.			6,358,406		0.6
7,954	Analog Devices, Inc.			1,304,695		0.1
1,159,240	Apple, Inc.			150,620,053		14.0
66,230	Applied Materials, Inc.			6,449,477		0.6
11,076 (1)	Atlassian Corp.			1,425,260		0.1
16,777 (1)	Autodesk, Inc.			3,135,118		0.3
29,565	Automatic Data Processing, Inc.			7,061,896		0.7
30,464	Broadcom, Inc.			17,033,336		1.6
4,111 (1)	Fiserv, Inc.			415,499		0.0

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
46,367	International Business Machines Corp.		$	6,532,647		0.6
21,255	Intuit, Inc.			8,272,871		0.8
10,934	KLA Corp.			4,122,446		0.4
10,552	Lam Research Corp.			4,435,006		0.4
65,632	Mastercard, Inc. - Class A			22,822,215		2.1
15,827	Micron Technology, Inc.			791,033		0.1
577,135	Microsoft Corp.			138,408,516		12.9
185,751	Nvidia Corp.			27,145,651		2.5
80,997	Oracle Corp.			6,620,695		0.6
22,666 (1)	Palo Alto Networks, Inc.			3,162,814		0.3
27,075 (1)	PayPal Holdings, Inc.			1,928,281		0.2
86,426	Qualcomm, Inc.			9,501,674		0.9
15,885 (1)	Salesforce, Inc.			2,106,192		0.2
15,443 (1)	ServiceNow, Inc.			5,996,054		0.6
22,126 (1)	Snowflake, Inc. - Class A			3,175,966		0.3
47,945	Texas Instruments, Inc.			7,921,473		0.7
126,982	Visa, Inc. - Class A			26,381,780		2.4
7,935 (1)	VMware, Inc.			974,101		0.1
15,393 (1)	Workday, Inc.			2,575,711		0.2
				501,772,286		46.6
	Materials: 0.9%
16,886	Ecolab, Inc.			2,457,926		0.2
8,003	Linde PLC			2,610,419		0.3
18,442	Sherwin-Williams Co.			4,376,840		0.4
4,309	Southern Copper Corp.			260,220		0.0
				9,705,405		0.9
	Real Estate: 1.6%
27,448	American Tower Corp.			5,815,133		0.6
33,276	Crown Castle, Inc.			4,513,557		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
5,370	Equinix, Inc.		$	3,517,511		0.3
9,568	Public Storage, Inc.			2,680,858		0.3
				16,527,059		1.6
	Total Common Stock (Cost $393,541,673)			1,068,578,457		99.3
EXCHANGE-TRADED FUNDS: 0.4%
36,991	iShares Russell Top 200 Growth ETF			4,458,525		0.4
	Total Exchange-Traded Funds (Cost $4,673,500)			4,458,525		0.4
	Total Long-Term Investments (Cost $398,215,173)			1,073,036,982		99.7
SHORT-TERM INVESTMENTS: 0.2%
	Mutual Funds: 0.2%
2,037,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $2,037,000)			2,037,000		0.2
	Total Short-Term Investments (Cost $2,037,000)			2,037,000		0.2
	Total Investments in Securities (Cost $400,252,173)		$	1,075,073,982		99.9
	Assets in Excess of Other Liabilities			1,345,405		0.1
	Net Assets		$	1,076,419,387		100.0

(1)

Non-income producing security.

(2)

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	1,068,578,457		$	—		$	—		$	1,068,578,457
Exchange-Traded Funds			4,458,525			—			—			4,458,525
Short-Term Investments			2,037,000			—			—			2,037,000
Total Investments, at fair value		$	1,075,073,982		$	—		$	—		$	1,075,073,982
Liabilities Table
Other Financial Instruments+
Futures		$	(86,298)		$	—		$	—		$	(86,298)
Total Liabilities		$	(86,298)		$	—		$	—		$	(86,298)

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

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 following futures contracts were outstanding for Voya Russell™ Large Cap Growth Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		15		03/17/23		$	2,895,750		$	(86,298)
						$	2,895,750		$	(86,298)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	86,298
Total Liability Derivatives			$	86,298

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(629,472)
Total		$	(629,472)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		(163,413)
Total		(163,413)

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 $400,897,420.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	684,790,459
Gross Unrealized Depreciation		(10,700,196)
Net Unrealized Appreciation	$	674,090,263

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.1%
	Communication Services: 8.3%
57,900	Activision Blizzard, Inc.		$	4,432,245		0.2
448,495 (1)	Alphabet, Inc. - Class A			39,570,714		2.0
397,734 (1)	Alphabet, Inc. - Class C			35,290,938		1.8
533,821	AT&T, Inc.			9,827,645		0.5
7,993 (1)	Charter Communications, Inc.			2,710,426		0.2
319,849	Comcast Corp. - Class A			11,185,119		0.6
167,618 (1)	Meta Platforms, Inc.			20,171,150		1.0
32,639 (1)	NetFlix, Inc.			9,624,588		0.5
44,417 (1)	T-Mobile US, Inc.			6,218,380		0.3
313,374	Verizon Communications, Inc.			12,346,936		0.6
135,851 (1)	Walt Disney Co.			11,802,735		0.6
				163,180,876		8.3
	Consumer Discretionary: 9.2%
27,967 (1)	Airbnb, Inc.			2,391,179		0.1
662,700 (1)	Amazon.com, Inc.			55,666,800		2.8
2,891 (1)	Booking Holdings, Inc.			5,826,174		0.3
16,800	Dollar General Corp.			4,137,000		0.2
293,805	Ford Motor Co.			3,416,952		0.2
105,619	General Motors Co.			3,553,023		0.2
77,039	Home Depot, Inc.			24,333,539		1.2
46,301	Lowe’s Cos, Inc.			9,225,011		0.5
19,780	Marriott International, Inc.			2,945,044		0.2
55,100	McDonald’s Corp.			14,520,503		0.7
91,358	Nike, Inc. - Class B			10,689,800		0.5
85,495	Starbucks Corp.			8,481,104		0.4
34,528	Target Corp.			5,146,053		0.3
192,699 (1)	Tesla, Inc.			23,736,663		1.2
86,535	TJX Cos., Inc.			6,888,186		0.4
				180,957,031		9.2
	Consumer Staples: 7.8%
133,666	Altria Group, Inc.			6,109,873		0.3
40,746	Archer-Daniels-Midland Co.			3,783,266		0.2
291,119	Coca-Cola Co.			18,518,080		0.9
61,720	Colgate-Palmolive Co.			4,862,919		0.3
11,289	Constellation Brands, Inc.			2,616,226		0.1
33,011	Costco Wholesale Corp.			15,069,521		0.8
17,107	Estee Lauder Cos., Inc.			4,244,418		0.2
44,404	General Mills, Inc.			3,723,275		0.2
63,891	Keurig Dr Pepper, Inc.			2,278,353		0.1
25,078	Kimberly-Clark Corp.			3,404,338		0.2
52,067	Kraft Heinz Co.			2,119,648		0.1
101,651	Mondelez International, Inc.			6,775,039		0.3
27,285 (1)	Monster Beverage Corp.			2,770,246		0.1
103,074	PepsiCo, Inc.			18,621,349		1.0
115,535	Philip Morris International, Inc.			11,693,297		0.6
175,999	Procter & Gamble Co.			26,674,408		1.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
37,847	Sysco Corp.		$	2,893,403		0.1
53,449	Walgreens Boots Alliance, Inc.			1,996,855		0.1
105,978	Walmart, Inc.			15,026,621		0.8
				153,181,135		7.8
	Energy: 5.1%
144,200	Chevron Corp.			25,882,458		1.3
92,933	ConocoPhillips			10,966,094		0.6
43,599	EOG Resources, Inc.			5,646,943		0.3
307,259	Exxon Mobil Corp.			33,890,668		1.7
148,053	Kinder Morgan, Inc.			2,676,798		0.1
34,878	Marathon Petroleum Corp.			4,059,450		0.2
59,161	Occidental Petroleum Corp.			3,726,551		0.2
17,714	Pioneer Natural Resources Co.			4,045,701		0.2
105,300	Schlumberger Ltd.			5,629,338		0.3
28,669	Valero Energy Corp.			3,636,949		0.2
				100,160,950		5.1
	Financials: 11.2%
44,887	American Express Co.			6,632,054		0.3
55,391	American International Group, Inc.			3,502,927		0.2
15,274	Aon PLC			4,584,338		0.2
523,660	Bank of America Corp.			17,343,619		0.9
134,514 (1)	Berkshire Hathaway, Inc. - Class B			41,551,375		2.1
11,188	Blackrock, Inc.			7,928,152		0.4
52,179	Blackstone, Inc.			3,871,160		0.2
28,370	Capital One Financial Corp.			2,637,275		0.1
113,325	Charles Schwab Corp.			9,435,440		0.5
30,985	Chubb Ltd.			6,835,291		0.4
144,323	Citigroup, Inc.			6,527,729		0.3
26,737	CME Group, Inc.			4,496,094		0.2
24,454	Goldman Sachs Group, Inc.			8,397,015		0.4
41,136	Intercontinental Exchange, Inc.			4,220,142		0.2
217,476	JPMorgan Chase & Co.			29,163,532		1.5
36,929	Marsh & McLennan Cos., Inc.			6,111,011		0.3
49,242	Metlife, Inc.			3,563,644		0.2
11,913	Moody’s Corp.			3,319,200		0.2
91,918	Morgan Stanley			7,814,868		0.4
30,013	PNC Financial Services Group, Inc.			4,740,253		0.3
43,525	Progressive Corp.			5,645,628		0.3
24,273	S&P Global, Inc.			8,129,999		0.4
17,435	Travelers Cos, Inc.			3,268,888		0.2
99,104	Truist Financial Corp.			4,264,445		0.2
100,041	US Bancorp			4,362,788		0.2
282,765	Wells Fargo & Co.			11,675,367		0.6
				220,022,234		11.2

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: 16.9%
127,850	Abbott Laboratories		$	14,036,651		0.7
131,772	AbbVie, Inc.			21,295,673		1.1
39,813	Amgen, Inc.			10,456,486		0.5
37,502	Baxter International, Inc.			1,911,477		0.1
21,169	Becton Dickinson & Co.			5,383,277		0.3
106,378 (1)	Boston Scientific Corp.			4,922,110		0.2
158,789	Bristol-Myers Squibb Co.			11,424,868		0.6
42,358 (1)	Centene Corp.			3,473,780		0.2
22,317	Cigna Corp.			7,394,515		0.4
97,734	CVS Health Corp.			9,107,831		0.5
48,265	Danaher Corp.			12,810,496		0.6
46,043 (1)	Edwards Lifesciences Corp.			3,435,268		0.2
17,973	Elevance Health, Inc.			9,219,610		0.5
62,824	Eli Lilly & Co.			22,983,532		1.2
93,593	Gilead Sciences, Inc.			8,034,959		0.4
16,084	HCA Healthcare, Inc.			3,859,517		0.2
9,424	Humana, Inc.			4,826,879		0.2
11,710 (1)	Illumina, Inc.			2,367,762		0.1
26,265 (1)	Intuitive Surgical, Inc.			6,969,418		0.3
196,225	Johnson & Johnson			34,663,146		1.8
10,575	McKesson Corp.			3,966,894		0.2
99,654	Medtronic PLC			7,745,109		0.4
188,614	Merck & Co., Inc.			20,926,723		1.1
24,737 (1)	Moderna, Inc.			4,443,260		0.2
421,407	Pfizer, Inc.			21,592,895		1.1
7,728 (1)	Regeneron Pharmaceuticals, Inc.			5,575,675		0.3
26,194	Stryker Corp.			6,404,171		0.3
29,173	Thermo Fisher Scientific, Inc.			16,065,279		0.8
69,740	UnitedHealth Group, Inc.			36,974,753		1.9
19,064 (1)	Vertex Pharmaceuticals, Inc.			5,505,302		0.3
35,103	Zoetis, Inc.			5,144,345		0.2
				332,921,661		16.9
	Industrials: 7.0%
41,099	3M Co.			4,928,592		0.3
40,856 (1)	Boeing Co.			7,782,659		0.4
38,798	Caterpillar, Inc.			9,294,449		0.5
156,583	CSX Corp.			4,850,941		0.2
20,562	Deere & Co.			8,816,163		0.4
29,756	Eaton Corp. PLC			4,670,204		0.2
44,016	Emerson Electric Co.			4,228,177		0.2
17,895	FedEx Corp.			3,099,414		0.2
18,134	General Dynamics Corp.			4,499,227		0.2
81,647	General Electric Co.			6,841,202		0.3
50,248	Honeywell International, Inc.			10,768,146		0.5
22,782	Illinois Tool Works, Inc.			5,018,875		0.3
51,318	Johnson Controls International plc			3,284,352		0.2
14,158	L3Harris Technologies, Inc.			2,947,837		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
17,428	Lockheed Martin Corp.		$	8,478,548		0.4
17,221	Norfolk Southern Corp.			4,243,599		0.2
10,914	Northrop Grumman Corp.			5,954,788		0.3
109,592	Raytheon Technologies Corp.			11,060,025		0.6
143,065 (1)	Uber Technologies, Inc.			3,537,997		0.2
45,822	Union Pacific Corp.			9,488,362		0.5
54,809	United Parcel Service, Inc. - Class B			9,527,997		0.5
30,581	Waste Management, Inc.			4,797,547		0.2
				138,119,101		7.0
	Information Technology: 28.4%
47,243	Accenture PLC			12,606,322		0.6
34,619 (1)	Adobe, Inc.			11,650,332		0.6
120,426 (1)	Advanced Micro Devices, Inc.			7,799,992		0.4
38,251	Analog Devices, Inc.			6,274,312		0.3
1,120,585	Apple, Inc.			145,597,609		7.4
64,022	Applied Materials, Inc.			6,234,462		0.3
10,707 (1)	Atlassian Corp.			1,377,777		0.1
16,217 (1)	Autodesk, Inc.			3,030,471		0.2
31,131	Automatic Data Processing, Inc.			7,435,951		0.4
39,943 (1)	Block, Inc.			2,510,018		0.1
29,448	Broadcom, Inc.			16,465,260		0.8
306,404	Cisco Systems, Inc.			14,597,087		0.7
38,232	Cognizant Technology Solutions Corp.			2,186,488		0.1
44,179	Fidelity National Information Services, Inc.			2,997,545		0.2
43,889 (1)	Fiserv, Inc.			4,435,861		0.2
305,110	Intel Corp.			8,064,057		0.4
67,097	International Business Machines Corp.			9,453,296		0.5
20,546	Intuit, Inc.			7,996,914		0.4
10,570	KLA Corp.			3,985,207		0.2
10,200	Lam Research Corp.			4,287,060		0.2
63,224	Marvell Technology, Inc.			2,341,817		0.1
63,444	Mastercard, Inc. - Class A			22,061,382		1.1
80,949	Micron Technology, Inc.			4,045,831		0.2
557,891	Microsoft Corp.			133,793,420		6.8
179,557	Nvidia Corp.			26,240,460		1.3
113,969	Oracle Corp.			9,315,826		0.5
21,910 (1)	Palo Alto Networks, Inc.			3,057,321		0.2
84,975 (1)	PayPal Holdings, Inc.			6,051,920		0.3
83,544	Qualcomm, Inc.			9,184,827		0.5
7,868	Roper Technologies, Inc.			3,399,684		0.2
71,755 (1)	Salesforce, Inc.			9,513,995		0.5
14,928 (1)	ServiceNow, Inc.			5,796,095		0.3
22,851 (1)	Snowflake, Inc. - Class A			3,280,033		0.2

See Accompanying Notes to Financial Statements

110

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
67,659	Texas Instruments, Inc.		$	11,178,620		0.6
122,747	Visa, Inc. - Class A			25,501,917		1.3
15,751 (1)	VMware, Inc.			1,933,593		0.1
14,880 (1)	Workday, Inc.			2,489,870		0.1
				558,172,632		28.4
	Materials: 1.7%
16,505	Air Products & Chemicals, Inc.			5,087,831		0.3
52,473	Dow, Inc.			2,644,114		0.1
18,486	Ecolab, Inc.			2,690,822		0.1
106,247	Freeport-McMoRan, Inc.			4,037,386		0.2
36,837	Linde PLC			12,015,493		0.6
59,211	Newmont Corp.			2,794,759		0.2
17,827	Sherwin-Williams Co.			4,230,882		0.2
6,361	Southern Copper Corp.			384,141		0.0
				33,885,428		1.7
	Real Estate: 1.5%
34,593	American Tower Corp.			7,328,873		0.4
32,167	Crown Castle, Inc.			4,363,132		0.2
21,371	Digital Realty Trust, Inc.			2,142,870		0.1
6,885	Equinix, Inc.			4,509,882		0.2
68,633	ProLogis, Inc.			7,736,998		0.4
11,648	Public Storage, Inc.			3,263,653		0.2
				29,345,408		1.5
	Utilities: 2.0%
38,323	American Electric Power Co., Inc.			3,638,769		0.2
62,042	Dominion Energy, Inc.			3,804,415		0.2
57,404	Duke Energy Corp.			5,912,038		0.3
74,002	Exelon Corp.			3,199,107		0.2
148,071	NextEra Energy, Inc.			12,378,736		0.6
23,448	Sempra Energy			3,623,654		0.2
81,069	Southern Co.			5,789,137		0.3
				38,345,856		2.0
	Total Common Stock (Cost $1,333,339,609)			1,948,292,312		99.1

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 0.6%
125,090	iShares Russell Top 200 ETF		$	11,254,347		0.6
	Total Exchange-Traded Funds (Cost $11,288,167)			11,254,347		0.6
	Total Long-Term Investments (Cost $1,344,627,776)			1,959,546,659		99.7

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.2%
	Mutual Funds: 0.2%
3,149,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $3,149,000)			3,149,000		0.2
	Total Short-Term Investments (Cost $3,149,000)			3,149,000		0.2
	Total Investments in Securities (Cost $1,347,776,776)		$	1,962,695,659		99.9
	Assets in Excess of Other Liabilities			1,854,603		0.1
	Net Assets		$	1,964,550,262		100.0

(1)

Non-income producing security.

(2)

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

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Index 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*		$	1,948,292,312		$	—		$	—		$	1,948,292,312
Exchange-Traded Funds			11,254,347			—			—			11,254,347
Short-Term Investments			3,149,000			—			—			3,149,000
Total Investments, at fair value		$	1,962,695,659		$	—		$	—		$	1,962,695,659
Liabilities Table
Other Financial Instruments+
Futures		$	(178,985)		$	—		$	—		$	(178,985)
Total Liabilities		$	(178,985)		$	—		$	—		$	(178,985)

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 following futures contracts were outstanding for Voya Russell™ Large Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		30		03/17/23		$	5,791,500		$	(178,985)
						$	5,791,500		$	(178,985)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	178,985
Total Liability Derivatives			$	178,985

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,138,009)
Total		$	(1,138,009)

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(310,129)
Total		$	(310,129)

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 $1,355,992,816.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	667,693,612
Gross Unrealized Depreciation		(61,169,753)
Net Unrealized Appreciation	$	606,523,859

See Accompanying Notes to Financial Statements

113

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Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.9%
	Communication Services: 9.3%
81,133	Activision Blizzard, Inc.		$	6,210,731		0.5
81,699 (1)	Alphabet, Inc. - Class A			7,208,303		0.5
72,452 (1)	Alphabet, Inc. - Class C			6,428,666		0.5
748,018	AT&T, Inc.			13,771,011		1.1
448,190	Comcast Corp. - Class A			15,673,204		1.2
184,847 (1)	Meta Platforms, Inc.			22,244,488		1.7
25,109 (1)	NetFlix, Inc.			7,404,142		0.6
62,240 (1)	T-Mobile US, Inc.			8,713,600		0.7
439,116	Verizon Communications, Inc.			17,301,171		1.3
177,608 (1)	Walt Disney Co.			15,430,583		1.2
				120,385,899		9.3
	Consumer Discretionary: 4.0%
411,695	Ford Motor Co.			4,788,013		0.4
147,998	General Motors Co.			4,978,653		0.4
45,339	Home Depot, Inc.			14,320,776		1.1
8,888	Lowe’s Cos, Inc.			1,770,845		0.1
58,447	McDonald’s Corp.			15,402,538		1.2
76,673	Starbucks Corp.			7,605,962		0.6
21,724	Target Corp.			3,237,745		0.2
				52,104,532		4.0
	Consumer Staples: 8.9%
187,300	Altria Group, Inc.			8,561,483		0.7
57,095	Archer-Daniels-Midland Co.			5,301,271		0.4
101,983	Coca-Cola Co.			6,487,139		0.5
33,297	Colgate-Palmolive Co.			2,623,471		0.2
15,819	Constellation Brands, Inc.			3,666,053		0.3
62,221	General Mills, Inc.			5,217,231		0.4
89,527	Keurig Dr Pepper, Inc.			3,192,533		0.2
14,302	Kimberly-Clark Corp.			1,941,496		0.2
72,959	Kraft Heinz Co.			2,970,161		0.2
142,439	Mondelez International, Inc.			9,493,559		0.7
2,867 (1)	Monster Beverage Corp.			291,086		0.0
22,387	PepsiCo, Inc.			4,044,435		0.3
161,893	Philip Morris International, Inc.			16,385,191		1.3
141,559	Procter & Gamble Co.			21,454,682		1.7
74,895	Walgreens Boots Alliance, Inc.			2,798,077		0.2
148,502	Walmart, Inc.			21,056,099		1.6
				115,483,967		8.9
	Energy: 9.8%
202,061	Chevron Corp.			36,267,929		2.8
130,223	ConocoPhillips			15,366,314		1.2
16,434	EOG Resources, Inc.			2,128,532		0.2
430,547	Exxon Mobil Corp.			47,489,334		3.6
207,460	Kinder Morgan, Inc.			3,750,877		0.3
48,873	Marathon Petroleum Corp.			5,688,328		0.4
14,425	Occidental Petroleum Corp.			908,631		0.1
11,170	Pioneer Natural Resources Co.			2,551,116		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
147,553	Schlumberger Ltd.		$	7,888,183		0.6
40,172	Valero Energy Corp.			5,096,220		0.4
				127,135,464		9.8
	Financials: 20.8%
58,935	American Express Co.			8,707,646		0.7
77,616	American International Group, Inc.			4,908,436		0.4
1,241	Aon PLC			372,474		0.0
733,780	Bank of America Corp.			24,302,794		1.9
188,489 (1)	Berkshire Hathaway, Inc. - Class B			58,224,252		4.5
15,677	Blackrock, Inc.			11,109,192		0.9
39,753	Capital One Financial Corp.			3,695,439		0.3
70,665	Charles Schwab Corp.			5,883,568		0.4
43,417	Chubb Ltd.			9,577,790		0.7
202,233	Citigroup, Inc.			9,146,998		0.7
37,465	CME Group, Inc.			6,300,114		0.5
34,266	Goldman Sachs Group, Inc.			11,766,259		0.9
57,643	Intercontinental Exchange, Inc.			5,913,595		0.4
304,739	JPMorgan Chase & Co.			40,865,500		3.1
5,537	Marsh & McLennan Cos., Inc.			916,263		0.1
69,000	Metlife, Inc.			4,993,530		0.4
951	Moody’s Corp.			264,968		0.0
128,800	Morgan Stanley			10,950,576		0.8
42,055	PNC Financial Services Group, Inc.			6,642,167		0.5
7,929	Progressive Corp.			1,028,471		0.1
34,012	S&P Global, Inc.			11,391,979		0.9
24,430	Travelers Cos, Inc.			4,580,381		0.3
138,869	Truist Financial Corp.			5,975,533		0.5
140,183	US Bancorp			6,113,381		0.5
396,226	Wells Fargo & Co.			16,360,171		1.3
				269,991,477		20.8
	Health Care: 22.0%
155,503	Abbott Laboratories			17,072,674		1.3
8,926	Amgen, Inc.			2,344,325		0.2
44,352	Baxter International, Inc.			2,260,621		0.2
29,663	Becton Dickinson & Co.			7,543,301		0.6
149,062 (1)	Boston Scientific Corp.			6,897,099		0.5
222,504	Bristol-Myers Squibb Co.			16,009,163		1.2
59,355 (1)	Centene Corp.			4,867,704		0.4
26,299	Cigna Corp.			8,713,911		0.7
136,950	CVS Health Corp.			12,762,370		1.0
63,032	Danaher Corp.			16,729,953		1.3
17,528	Elevance Health, Inc.			8,991,338		0.7
16,374	Eli Lilly & Co.			5,990,264		0.5
131,147	Gilead Sciences, Inc.			11,258,970		0.9
21,164	HCA Healthcare, Inc.			5,078,513		0.4
3,882	Humana, Inc.			1,988,322		0.2

See Accompanying Notes to Financial Statements

114

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
16,409 (1)	Illumina, Inc.		$	3,317,900		0.3
2,907 (1)	Intuitive Surgical, Inc.			771,372		0.1
274,960	Johnson & Johnson			48,571,684		3.7
11,914	McKesson Corp.			4,469,180		0.3
139,640	Medtronic PLC			10,852,821		0.8
153,556	Merck & Co., Inc.			17,037,038		1.3
32,583 (1)	Moderna, Inc.			5,852,558		0.4
590,497	Pfizer, Inc.			30,257,066		2.3
9,248 (1)	Regeneron Pharmaceuticals, Inc.			6,672,340		0.5
17,067	Stryker Corp.			4,172,711		0.3
35,891	Thermo Fisher Scientific, Inc.			19,764,815		1.5
8,795	UnitedHealth Group, Inc.			4,662,933		0.4
1,496 (1)	Vertex Pharmaceuticals, Inc.			432,015		0.0
				285,342,961		22.0
	Industrials: 7.9%
57,590	3M Co.			6,906,193		0.5
39,445 (1)	Boeing Co.			7,513,878		0.6
7,013	Caterpillar, Inc.			1,680,034		0.1
164,121	CSX Corp.			5,084,469		0.4
41,696	Eaton Corp. PLC			6,544,187		0.5
42,002	Emerson Electric Co.			4,034,712		0.3
25,076	FedEx Corp.			4,343,163		0.3
25,410	General Dynamics Corp.			6,304,475		0.5
108,001	General Electric Co.			9,049,404		0.7
49,710	Honeywell International, Inc.			10,652,853		0.8
3,224	Illinois Tool Works, Inc.			710,247		0.1
71,909	Johnson Controls International plc			4,602,176		0.4
19,839	L3Harris Technologies, Inc.			4,130,678		0.3
24,131	Norfolk Southern Corp.			5,946,361		0.5
13,504	Northrop Grumman Corp.			7,367,918		0.6
153,566	Raytheon Technologies Corp.			15,497,881		1.2
26,863 (1)	Uber Technologies, Inc.			664,322		0.0
8,294	United Parcel Service, Inc. - Class B			1,441,829		0.1
2,700	Waste Management, Inc.			423,576		0.0
				102,898,356		7.9
	Information Technology: 7.9%
35,774 (1)	Advanced Micro Devices, Inc.			2,317,082		0.2
42,826	Analog Devices, Inc.			7,024,749		0.5
3,577	Automatic Data Processing, Inc.			854,402		0.1
55,970 (1)	Block, Inc.			3,517,155		0.3
429,350	Cisco Systems, Inc.			20,454,234		1.6
53,573	Cognizant Technology Solutions Corp.			3,063,840		0.2
61,906	Fidelity National Information Services, Inc.			4,200,322		0.3
55,903 (1)	Fiserv, Inc.			5,650,116		0.4
427,537	Intel Corp.			11,299,803		0.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
31,215	International Business Machines Corp.		$	4,397,881		0.3
88,592	Marvell Technology, Inc.			3,281,448		0.3
91,992	Micron Technology, Inc.			4,597,760		0.4
49,986	Oracle Corp.			4,085,856		0.3
82,397 (1)	PayPal Holdings, Inc.			5,868,314		0.4
11,025	Roper Technologies, Inc.			4,763,792		0.4
79,030 (1)	Salesforce, Inc.			10,478,588		0.8
2,049 (1)	Snowflake, Inc. - Class A			294,113		0.0
29,864	Texas Instruments, Inc.			4,934,130		0.4
11,323 (1)	VMware, Inc.			1,390,012		0.1
				102,473,597		7.9
	Materials: 2.7%
23,128	Air Products & Chemicals, Inc.			7,129,437		0.6
73,528	Dow, Inc.			3,705,076		0.3
3,031	Ecolab, Inc.			441,192		0.0
148,879	Freeport-McMoRan, Inc.			5,657,402		0.5
40,778	Linde PLC			13,300,968		1.0
82,969	Newmont Corp.			3,916,137		0.3
3,048	Southern Copper Corp.			184,069		0.0
				34,334,281		2.7
	Real Estate: 1.5%
11,294	American Tower Corp.			2,392,747		0.2
29,947	Digital Realty Trust, Inc.			3,002,786		0.2
2,373	Equinix, Inc.			1,554,386		0.1
96,172	ProLogis, Inc.			10,841,469		0.9
3,362	Public Storage, Inc.			941,999		0.1
				18,733,387		1.5
	Utilities: 4.1%
53,700	American Electric Power Co., Inc.			5,098,815		0.4
86,936	Dominion Energy, Inc.			5,330,915		0.4
80,437	Duke Energy Corp.			8,284,207		0.6
103,695	Exelon Corp.			4,482,735		0.4
207,485	NextEra Energy, Inc.			17,345,746		1.3
32,856	Sempra Energy			5,077,566		0.4
113,599	Southern Co.			8,112,105		0.6
				53,732,089		4.1
	Total Common Stock (Cost $1,082,725,169)			1,282,616,010		98.9
EXCHANGE-TRADED FUNDS: 0.8%
158,757	iShares Russell Top 200 Value ETF			10,314,442		0.8
	Total Exchange-Traded Funds (Cost $10,283,275)			10,314,442		0.8
	Total Long-Term Investments (Cost $1,093,008,444)			1,292,930,452		99.7

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.1%
	Mutual Funds: 0.1%
881,000 (2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $881,000)		$	881,000		0.1
	Total Short-Term Investments (Cost $881,000)			881,000		0.1
	Total Investments in Securities (Cost $1,093,889,444)		$	1,293,811,452		99.8
	Assets in Excess of Other Liabilities			2,992,613		0.2
	Net Assets		$	1,296,804,065		100.0

(1)

Non-income producing security.

(2)

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	1,282,616,010		$	—		$	—		$	1,282,616,010
Exchange-Traded Funds			10,314,442			—			—			10,314,442
Short-Term Investments			881,000			—			—			881,000
Total Investments, at fair value		$	1,293,811,452		$	—		$	—		$	1,293,811,452
Liabilities Table
Other Financial Instruments+
Futures		$	(130,944)		$	—		$	—		$	(130,944)
Total Liabilities		$	(130,944)		$	—		$	—		$	(130,944)

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 following futures contracts were outstanding for Voya Russell™ Large Cap Value Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		22		03/17/23		$	4,247,100		$	(130,944)
						$	4,247,100		$	(130,944)

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

Voya Russell™ Large Cap

PORTFOLIO OF INVESTMENTS

Value Index Portfolio

as of December 31, 2022 (continued)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	130,944
Total Liability Derivatives			$	130,944

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(797,929)
Total		$	(797,929)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(217,906)
Total		$	(217,906)

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 $1,103,837,485.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	274,443,553
Gross Unrealized Depreciation		(84,600,530)
Net Unrealized Appreciation	$	189,843,023

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.7%
	Communication Services: 3.8%
1,010	Cable One, Inc.		$	718,979		0.1
4,902	Electronic Arts, Inc.			598,926		0.1
2,311 (1)	Liberty Broadband Corp. - Series A			175,289		0.0
15,814 (1)	Liberty Broadband Corp. - Series C			1,206,134		0.1
676 (1)	Liberty Media Corp.- Liberty Formula One A Tracking Stock			36,119		0.0
6,411 (1)	Liberty Media Corp.- Liberty Formula One C Tracking Stock			383,250		0.0
5,931 (1)	Liberty Media Corp.- Liberty SiriusXM A Tracking Stock			233,148		0.0
12,272 (1)	Liberty Media Corp.- Liberty SiriusXM C Tracking Stock			480,203		0.1
22,242 (1)	Live Nation Entertainment, Inc.			1,551,157		0.2
2,714	Madison Square Garden Sports Corp.			497,558		0.1
74,496 (1)	Match Group, Inc.			3,090,839		0.3
941	Nexstar Media Group, Inc.			164,703		0.0
35,052 (1)	Pinterest, Inc.			851,063		0.1
23,611 (1)	Playtika Holding Corp.			200,930		0.0
127,632 (1)	ROBLOX Corp.			3,632,407		0.4
9,829 (1)	Roku, Inc.			400,040		0.1
39,935 (1)	Spotify Technology SA			3,152,868		0.3
38,580 (1)	Take-Two Interactive Software, Inc.			4,017,335		0.4
125,198 (1)	Trade Desk, Inc./The			5,612,626		0.6
2,376 (1)	TripAdvisor, Inc.			42,720		0.0
494,031 (1)	Warner Bros Discovery, Inc.			4,683,414		0.5
12,277	World Wrestling Entertainment, Inc.			841,220		0.1
78,400 (1)	ZoomInfo Technologies, Inc.			2,360,624		0.3
				34,931,552		3.8
	Consumer Discretionary: 15.2%
1,354	Advance Auto Parts, Inc.			199,079		0.0
19,360 (1)	Aptiv PLC			1,802,997		0.2
4,911 (1)	Autozone, Inc.			12,111,410		1.3
17,948	Best Buy Co., Inc.			1,439,609		0.2
4,610 (1)	Bright Horizons Family Solutions, Inc.			290,891		0.0
3,585	Brunswick Corp.			258,407		0.0
17,598 (1)	Burlington Stores, Inc.			3,568,170		0.4
40,146 (1)	Caesars Entertainment, Inc.			1,670,074		0.2
5,224 (1)	Carmax, Inc.			318,089		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
29,651 (1)(2)	Carvana Co.		$	140,546		0.0
7,939 (1)	Chipotle Mexican Grill, Inc.			11,015,283		1.2
9,174	Choice Hotels International, Inc.			1,033,359		0.1
10,175	Churchill Downs, Inc.			2,151,300		0.2
47,170	D.R. Horton, Inc.			4,204,734		0.5
25,494	Darden Restaurants, Inc.			3,526,585		0.4
6,633 (1)	Deckers Outdoor Corp.			2,647,628		0.3
18,793 (1)	Dollar Tree, Inc.			2,658,082		0.3
7,356	Domino’s Pizza, Inc.			2,548,118		0.3
63,094 (1)	DoorDash, Inc.			3,080,249		0.3
100,944 (1)(2)	DraftKings, Inc.			1,149,752		0.1
20,139	eBay, Inc.			835,164		0.1
35,665 (1)	Etsy, Inc.			4,271,954		0.5
43,137 (1)	Expedia Group, Inc.			3,778,801		0.4
15,567 (1)	Five Below, Inc.			2,753,335		0.3
29,441 (1)	Floor & Decor Holdings, Inc.			2,049,977		0.2
3,208	Genuine Parts Co.			556,620		0.1
36,596	H&R Block, Inc.			1,336,120		0.1
54,954	Hilton Worldwide Holdings, Inc.			6,943,987		0.7
35,196 (1)	Las Vegas Sands Corp.			1,691,872		0.2
40,209 (1)(2)	Leslie’s, Inc.			490,952		0.1
142,389 (1)(2)	Lucid Group, Inc.			972,517		0.1
31,867 (1)	Lululemon Athletica, Inc.			10,209,549		1.1
48,327 (1)	Mattel, Inc.			862,154		0.1
16,211 (1)(2)	Mister Car Wash, Inc.			149,628		0.0
27,283 (2)	Nordstrom, Inc.			440,348		0.0
8,798 (1)(2)	Norwegian Cruise Line Holdings Ltd.			107,687		0.0
601 (1)	NVR, Inc.			2,772,161		0.3
914 (1)	Ollie’s Bargain Outlet Holdings, Inc.			42,812		0.0
7,219 (1)	O’Reilly Automotive, Inc.			6,093,053		0.7
17,544 (1)	Planet Fitness, Inc.			1,382,467		0.1
11,633	Polaris, Inc.			1,174,933		0.1
10,853	Pool Corp.			3,281,187		0.4
25,281	Pulte Group, Inc.			1,151,044		0.1
2,028 (1)(2)	RH			541,861		0.1
41,245	Ross Stores, Inc.			4,787,307		0.5
10,565 (1)	Six Flags Entertainment Corp.			245,636		0.0
5,742 (1)	Skechers USA, Inc.			240,877		0.0
9,324	Tapestry, Inc.			355,058		0.0
15,687	Toll Brothers, Inc.			783,095		0.1
7,678 (1)	TopBuild Corp.			1,201,530		0.1
31,504	Tractor Supply Co.			7,087,455		0.8
16,355	Travel + Leisure Co.			595,322		0.1
14,379 (1)	Ulta Beauty, Inc.			6,744,758		0.7
10,854	Vail Resorts, Inc.			2,587,051		0.3

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
16,543 (1)	Victoria’s Secret & Co.		$	591,909		0.1
14,284 (1)	Wayfair, Inc.			469,801		0.1
48,640	Wendy’s Company			1,100,723		0.1
14,949	Williams-Sonoma, Inc.			1,717,939		0.2
17,182	Wyndham Hotels & Resorts, Inc.			1,225,248		0.1
3,746 (1)	Wynn Resorts Ltd.			308,933		0.0
24,599 (1)	YETI Holdings, Inc.			1,016,185		0.1
9,253	Yum! Brands, Inc.			1,185,124		0.1
				141,948,496		15.2
	Consumer Staples: 3.0%
24,117 (1)	BJ’s Wholesale Club Holdings, Inc.			1,595,581		0.2
2,556 (1)	Boston Beer Co., Inc.			842,253		0.1
7,628	Brown-Forman Corp. - Class A			501,617		0.1
30,786	Brown-Forman Corp. - Class B			2,022,025		0.2
31,381	Church & Dwight Co., Inc.			2,529,622		0.3
29,144	Clorox Co.			4,089,778		0.4
3,138 (1)	Darling Ingredients, Inc.			196,408		0.0
7,247 (1)	Freshpet, Inc.			382,424		0.0
1,875 (1)	Grocery Outlet Holding Corp.			54,731		0.0
36,107	Hershey Co.			8,361,298		0.9
39,859	Kellogg Co.			2,839,555		0.3
41,114	Lamb Weston Holdings, Inc.			3,673,947		0.4
35,330 (1)	Olaplex Holdings, Inc.			184,069		0.0
13,403 (1)	Performance Food Group Co.			782,601		0.1
6,917 (1)	Pilgrim’s Pride Corp.			164,140		0.0
				28,220,049		3.0
	Energy: 5.0%
52,659 (1)	Antero Resources Corp.			1,631,902		0.2
40,836	Cheniere Energy, Inc.			6,123,766		0.7
36,494	Coterra Energy, Inc.			896,658		0.1
90,751	Devon Energy Corp.			5,582,094		0.6
28,606	Diamondback Energy, Inc.			3,912,729		0.4
8,730	Enviva, Inc.			462,428		0.0
116,126	Halliburton Co.			4,569,558		0.5
62,908	Hess Corp.			8,921,613		0.9
15,713	New Fortress Energy, Inc.			666,545		0.1
14,331	Oneok, Inc.			941,547		0.1
50,552	Ovintiv, Inc.			2,563,492		0.3
13,426	PDC Energy, Inc.			852,282		0.1
44,332	Range Resources Corp.			1,109,187		0.1
22,462 (1)	Southwestern Energy Co.			131,403		0.0
64,455	Targa Resources Corp.			4,737,442		0.5
1,633	Texas Pacific Land Corp.			3,828,128		0.4
				46,930,774		5.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials: 5.8%
19,350	Ameriprise Financial, Inc.		$	6,025,009		0.7
105,131	Apollo Global Management, Inc.			6,706,306		0.7
32,838 (1)	Arch Capital Group Ltd.			2,061,570		0.2
43,748	Ares Management Corp.			2,994,113		0.3
6,767	Arthur J. Gallagher & Co.			1,275,850		0.2
922	Assurant, Inc.			115,305		0.0
118,570 (2)	Blue Owl Capital, Inc.			1,256,842		0.1
5,108	Brown & Brown, Inc.			291,003		0.0
190 (1)(2)	Credit Acceptance Corp.			90,136		0.0
5,292	Erie Indemnity Co.			1,316,226		0.2
3,430	Everest Re Group Ltd.			1,136,256		0.1
10,827	Factset Research Systems, Inc.			4,343,901		0.5
774	First Citizens BancShares, Inc.			586,971		0.1
10,018	Lincoln National Corp.			307,753		0.0
22,709	LPL Financial Holdings, Inc.			4,909,005		0.5
873 (1)	Markel Corp.			1,150,169		0.1
10,595	MarketAxess Holdings, Inc.			2,954,840		0.3
6,426	Morningstar, Inc.			1,391,807		0.2
16,692	MSCI, Inc. - Class A			7,764,618		0.8
4,455	Raymond James Financial, Inc.			476,017		0.1
6,717	RenaissanceRe Holdings Ltd.			1,237,473		0.1
18,027 (2)	Rocket Cos, Inc.			126,189		0.0
23,457 (1)	Ryan Specialty Holdings, Inc.			973,700		0.1
898	Signature Bank			103,468		0.0
10,683 (1)	SVB Financial Group			2,458,586		0.3
19,412	Tradeweb Markets, Inc.			1,260,421		0.1
3,829 (1)(2)	Upstart Holdings, Inc.			50,619		0.0
23,930 (2)	UWM Holdings Corp.			79,208		0.0
18,456	Western Alliance Bancorp.			1,099,239		0.1
				54,542,600		5.8
	Health Care: 17.5%
23,518 (1)	10X Genomics, Inc.			856,996		0.1
75,795	Agilent Technologies, Inc.			11,342,722		1.2
50,366 (1)(2)	agilon health, Inc.			812,907		0.1
16,788 (1)	Align Technology, Inc.			3,540,589		0.4
35,067 (1)	Alnylam Pharmaceuticals, Inc.			8,333,673		0.9
44,276	AmerisourceBergen Corp.			7,336,976		0.8
161,613 (1)	Avantor, Inc.			3,408,418		0.4
44,380	Bio-Techne Corp.			3,678,214		0.4
30,580	Bruker Corp.			2,090,143		0.2
16,283 (1)	Catalent, Inc.			732,898		0.1
21,415 (1)	Certara, Inc.			344,139		0.0

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
13,419 (1)	Charles River Laboratories International, Inc.		$	2,924,000		0.3
1,483	Chemed Corp.			756,968		0.1
15,864 (1)	DaVita, Inc.			1,184,565		0.1
4,979 (1)	Definitive Healthcare Corp.			54,719		0.0
109,971 (1)	DexCom, Inc.			12,453,116		1.3
14,857 (1)(2)	Doximity, Inc.			498,601		0.1
9,025 (1)	Exact Sciences Corp.			446,828		0.1
78,048 (1)	Exelixis, Inc.			1,251,890		0.1
1,454 (1)	Globus Medical, Inc.			107,989		0.0
27,796 (1)	Guardant Health, Inc.			756,051		0.1
58,731 (1)	Horizon Therapeutics Plc			6,683,588		0.7
1,066 (1)	ICU Medical, Inc.			167,874		0.0
23,452 (1)	Idexx Laboratories, Inc.			9,567,478		1.0
45,032 (1)	Incyte Corp., Ltd.			3,616,970		0.4
19,638 (1)	Insulet Corp.			5,781,231		0.6
37,021 (1)	Ionis Pharmaceuticals, Inc.			1,398,283		0.2
52,933 (1)	IQVIA Holdings, Inc.			10,845,442		1.2
31,320 (1)	Maravai LifeSciences Holdings, Inc.			448,189		0.1
10,352 (1)	Masimo Corp.			1,531,578		0.2
6,275 (1)	Mettler Toledo International, Inc.			9,070,199		1.0
12,680 (1)	Molina Healthcare, Inc.			4,187,190		0.5
25,880 (1)	Natera, Inc.			1,039,600		0.1
27,033 (1)	Neurocrine Biosciences, Inc.			3,228,821		0.4
22,185 (1)(2)	Novavax, Inc.			228,062		0.0
29,469 (1)	Novocure Ltd.			2,161,551		0.2
10,172 (1)	Penumbra, Inc.			2,262,863		0.2
11,232 (1)	Repligen Corp.			1,901,690		0.2
41,222	Resmed, Inc.			8,579,535		0.9
24,002 (1)	Sarepta Therapeutics, Inc.			3,110,179		0.3
38,783 (1)	Seagen, Inc.			4,984,003		0.5
1,270 (1)	Signify Health, Inc.			36,398		0.0
28,094 (1)	Sotera Health Co.			234,023		0.0
5,097 (1)	Syneos Health, Inc.			186,958		0.0
17,016 (1)	Tandem Diabetes Care, Inc.			764,869		0.1
4,382 (1)	Teladoc Health, Inc.			103,634		0.0
14,837 (1)	Ultragenyx Pharmaceutical, Inc.			687,398		0.1
39,755 (1)	Veeva Systems, Inc.			6,415,662		0.7
16,850 (1)	Waters Corp.			5,772,473		0.6
21,125	West Pharmaceutical Services, Inc.			4,971,769		0.5
				162,879,912		17.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 15.9%
18,273	Advanced Drainage Systems, Inc.		$	1,497,838		0.2
2,283	AECOM			193,895		0.0
2,337	AGCO Corp.			324,119		0.0
19,797	Allegion Public Ltd.			2,083,832		0.2
20,781	Allison Transmission Holdings, Inc.			864,490		0.1
8,599	AO Smith Corp.			492,207		0.1
7,468	Armstrong World Industries, Inc.			512,230		0.1
14,913 (1)	Axon Enterprise, Inc.			2,474,514		0.3
37,446	Booz Allen Hamilton Holding Corp.			3,913,856		0.4
10,156	BWX Technologies, Inc.			589,860		0.1
12,366	Carlisle Cos., Inc.			2,914,048		0.3
8,905	CH Robinson Worldwide, Inc.			815,342		0.1
72,189 (1)(2)	ChargePoint Holdings, Inc.			687,961		0.1
23,045	Cintas Corp.			10,407,583		1.1
121,609 (1)	Copart, Inc.			7,404,772		0.8
6,929 (1)	Core & Main, Inc.			133,799		0.0
16,455 (1)	CoStar Group, Inc.			1,271,642		0.1
182,623 (1)	Delta Air Lines, Inc.			6,000,992		0.6
5,910	Donaldson Co., Inc.			347,922		0.0
1,029 (1)	Driven Brands Holdings, Inc.			28,102		0.0
17,338	Equifax, Inc.			3,369,814		0.4
13,983	Expeditors International Washington, Inc.			1,453,113		0.2
164,236	Fastenal Co.			7,771,648		0.8
12,703	Fortune Brands Innovations, Inc.			725,468		0.1
4,037 (1)	FTI Consulting, Inc.			641,076		0.1
17,770 (1)	Generac Holdings, Inc.			1,788,728		0.2
32,842	Graco, Inc.			2,208,953		0.2
3,273 (1)	GXO Logistics, Inc.			139,724		0.0
21,099	Heico Corp. - Class A - HEI.A			2,528,715		0.3
12,016	Heico Corp. - HEI			1,846,138		0.2
10,375	Howmet Aerospace, Inc.			408,879		0.0
2,469	Huntington Ingalls Industries, Inc.			569,549		0.1
31,647 (1)	IAA, Inc.			1,265,880		0.1
3,857	IDEX Corp.			880,669		0.1
20,948	JB Hunt Transport Services, Inc.			3,652,493		0.4
25,187	KBR, Inc.			1,329,874		0.1
9,064	Landstar System, Inc.			1,476,526		0.2

See Accompanying Notes to Financial Statements

120

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Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
15,979	Lincoln Electric Holdings, Inc.		$	2,308,806		0.2
72,488 (1)	Lyft, Inc.			798,818		0.1
3,330	Masco Corp.			155,411		0.0
12,661 (1)	Masterbrand, Inc.			95,591		0.0
1,049 (1)	Middleby Corp.			140,461		0.0
4,064	MSA Safety, Inc.			585,988		0.1
3,818	Nordson Corp.			907,615		0.1
28,339	Old Dominion Freight Line			8,042,041		0.9
14,513	Otis Worldwide Corp.			1,136,513		0.1
8,289	Parker Hannifin Corp.			2,412,099		0.3
73,631 (1)(2)	Plug Power, Inc.			910,815		0.1
22,164	Quanta Services, Inc.			3,158,370		0.3
3,765	Republic Services, Inc.			485,647		0.1
26,589	Robert Half International, Inc.			1,963,066		0.2
22,121	Rockwell Automation, Inc.			5,697,706		0.6
61,196	Rollins, Inc.			2,236,102		0.2
2,235 (1)	RXO, Inc.			38,442		0.0
7,715 (1)	SiteOne Landscape Supply, Inc.			905,124		0.1
28,246	Spirit Aerosystems Holdings, Inc.			836,082		0.1
6,164	Tetra Tech, Inc.			894,951		0.1
29,765	Toro Co.			3,369,398		0.4
38,092	Trane Technologies PLC			6,402,884		0.7
5,670	TransDigm Group, Inc.			3,570,116		0.4
40,240	TransUnion			2,283,620		0.2
31,421 (1)	Trex Co., Inc.			1,330,051		0.1
9,144 (1)	United Rentals, Inc.			3,249,960		0.3
830	Valmont Industries, Inc.			274,456		0.0
44,317	Verisk Analytics, Inc.			7,818,405		0.8
13,634	Vertiv Holdings Co.			186,240		0.0
4,971	Watsco, Inc.			1,239,767		0.1
6,722 (1)	Wesco International, Inc.			841,594		0.1
30,863 (1)	WillScot Mobile Mini Holdings Corp.			1,394,082		0.2
12,855	WW Grainger, Inc.			7,150,594		0.8
2,235 (1)	XPO, Inc.			74,403		0.0
7,154	Xylem, Inc.			791,018		0.1
				148,702,487		15.9
	Information Technology: 27.4%
18,904 (1)	Allegro MicroSystems, Inc.			567,498		0.1
17,125 (1)	Alteryx, Inc.			867,724		0.1
125,995	Amphenol Corp.			9,593,259		1.0
13,077 (1)	ANSYS, Inc.			3,159,272		0.3
62,419 (1)(2)	AppLovin Corp.			657,272		0.1
70,206 (1)	Arista Networks, Inc.			8,519,498		0.9
874 (1)	Arrow Electronics, Inc.			91,394		0.0
7,689 (1)	Aspen Technology, Inc.			1,579,321		0.2
48,089	Bentley Systems, Inc.			1,777,369		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
4,086 (1)	Black Knight, Inc.		$	252,311		0.0
30,224	Broadridge Financial Solutions, Inc. ADR			4,053,945		0.4
77,842 (1)	Cadence Design Systems, Inc.			12,504,539		1.3
18,910 (1)	CCC Intelligent Solutions Holdings, Inc.			164,517		0.0
38,573	CDW Corp.			6,888,366		0.7
7,416 (1)	Ceridian HCM Holding, Inc.			475,736		0.1
80,678 (1)	Cloudflare, Inc.			3,647,452		0.4
46,142	Cognex Corp.			2,173,750		0.2
5,347 (1)	Coherent Corp.			187,680		0.0
35,426 (1)	Confluent, Inc.			787,874		0.1
12,710	Corning, Inc.			405,957		0.0
11,932 (1)	Coupa Software, Inc.			944,656		0.1
59,987 (1)	Crowdstrike Holdings, Inc.			6,316,031		0.7
75,744 (1)	Datadog, Inc.			5,567,184		0.6
11,027	Dell Technologies, Inc.			443,506		0.1
56,354 (1)	DocuSign, Inc.			3,123,139		0.3
18,195 (1)	DoubleVerify Holdings, Inc.			399,562		0.0
71,312 (1)	Dropbox, Inc.			1,595,963		0.2
56,732 (1)	Dynatrace, Inc.			2,172,836		0.2
22,071 (1)	Elastic NV			1,136,657		0.1
37,341 (1)	Enphase Energy, Inc.			9,893,871		1.1
42,334	Entegris, Inc.			2,776,687		0.3
15,658 (1)	EPAM Systems, Inc.			5,131,753		0.6
10,129 (1)	Euronet Worldwide, Inc.			955,975		0.1
6,926 (1)	Fair Isaac Corp.			4,145,765		0.4
19,969 (1)	Five9, Inc.			1,355,096		0.1
20,482 (1)	FleetCor Technologies, Inc.			3,762,134		0.4
184,115 (1)	Fortinet, Inc.			9,001,382		1.0
21,896 (1)	Gartner, Inc.			7,360,121		0.8
57,122	Gen Digital, Inc.			1,224,124		0.1
27,188	Genpact Ltd.			1,259,348		0.1
4,362 (1)(2)	GLOBALFOUNDRIES, Inc.			235,068		0.0
11,611 (1)	Globant SA			1,952,506		0.2
6,159 (1)	GoDaddy, Inc.			460,816		0.1
131,803	HP, Inc.			3,541,547		0.4
13,209 (1)	HubSpot, Inc.			3,819,118		0.4
1,803 (1)(2)	Informatica, Inc.			29,371		0.0
30,592	Jabil, Inc.			2,086,374		0.2
20,703	Jack Henry & Associates, Inc.			3,634,619		0.4
16,191 (1)	Jamf Holding Corp.			344,868		0.0
47,351 (1)	Keysight Technologies, Inc.			8,100,336		0.9
38,706 (1)	Lattice Semiconductor Corp.			2,511,245		0.3

See Accompanying Notes to Financial Statements

121

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Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
10,919 (1)	Manhattan Associates, Inc.		$	1,325,567		0.1
129,702	Microchip Technology, Inc.			9,111,566		1.0
18,917 (1)	MongoDB, Inc.			3,723,622		0.4
12,945	Monolithic Power Systems, Inc.			4,577,481		0.5
4,832	National Instruments Corp.			178,301		0.0
3,952 (1)	nCino, Inc.			104,491		0.0
1,899 (1)	NCR Corp.			44,456		0.0
61,991	NetApp, Inc.			3,723,179		0.4
15,197 (1)	New Relic, Inc.			857,871		0.1
34,127 (1)	Nutanix, Inc.			889,008		0.1
5,868 (1)	Okta, Inc.			400,960		0.0
77,241 (1)	ON Semiconductor Corp.			4,817,521		0.5
524,810 (1)	Palantir Technologies, Inc.			3,369,280		0.4
92,037	Paychex, Inc.			10,635,796		1.1
14,604 (1)	Paycom Software, Inc.			4,531,767		0.5
11,324 (1)	Paylocity Holding Corp.			2,199,800		0.2
11,790	Pegasystems, Inc.			403,690		0.0
14,603 (1)	Procore Technologies, Inc.			688,970		0.1
30,044 (1)	PTC, Inc.			3,606,482		0.4
80,248 (1)	Pure Storage, Inc. - Class A			2,147,436		0.2
24,302 (1)	RingCentral, Inc.			860,291		0.1
38,289 (1)	SentinelOne, Inc.			558,637		0.1
14,395 (1)	Shift4 Payments, Inc.			805,112		0.1
36,263 (1)	Smartsheet, Inc.			1,427,312		0.2
46,418 (1)	Splunk, Inc.			3,996,126		0.4
43,503 (1)	Synopsys, Inc.			13,890,073		1.5
15,819 (1)	Teradata Corp.			532,468		0.1
40,521	Teradyne, Inc.			3,539,509		0.4
24,201 (1)	Thoughtworks Holding, Inc.			246,608		0.0
72,721 (1)	Toast, Inc.			1,311,160		0.1
18,782 (1)	Twilio, Inc.			919,567		0.1
10,248 (1)	Tyler Technologies, Inc.			3,304,058		0.4
342	Ubiquiti, Inc.			93,547		0.0
9,840 (1)	UiPath, Inc.			125,066		0.0
47,635 (1)(2)	Unity Software, Inc.			1,361,885		0.1
12,390	Universal Display Corp.			1,338,616		0.1
2,832 (1)	VeriSign, Inc.			581,806		0.1
28,052	Vontier Corp.			542,245		0.1
36,876	Western Union Co.			507,783		0.1
8,987 (1)	WEX, Inc.			1,470,723		0.2
12,233 (1)	Wix.com Ltd.			939,861		0.1
6,035 (1)	Zebra Technologies Corp.			1,547,434		0.2
36,313 (1)	Zoom Video Communications, Inc.			2,459,843		0.3
24,074 (1)	Zscaler, Inc.			2,693,881		0.3
				256,027,247		27.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials: 3.8%
17,197	Albemarle Corp.		$	3,729,341		0.4
14,010	Ardagh Metal Packaging SA			67,388		0.0
14,284	Avery Dennison Corp.			2,585,404		0.3
15,303 (1)	Axalta Coating Systems Ltd.			389,767		0.0
35,015	Ball Corp.			1,790,667		0.2
17,250	Berry Global Group, Inc.			1,042,418		0.1
55,854	CF Industries Holdings, Inc.			4,758,761		0.5
25,770	Chemours Co.			789,077		0.1
28,924	Crown Holdings, Inc.			2,377,842		0.2
8,652	Eagle Materials, Inc.			1,149,418		0.1
12,288	FMC Corp.			1,533,542		0.2
47,561 (1)	Ginkgo Bioworks Holdings, Inc.			80,378		0.0
67,255	Graphic Packaging Holding Co.			1,496,424		0.2
1,966	Louisiana-Pacific Corp.			116,387		0.0
1,561	Martin Marietta Materials, Inc.			527,571		0.1
11,932	Mosaic Co.			523,457		0.1
25,879 (1)	MP Materials Corp.			628,342		0.1
35,701	PPG Industries, Inc.			4,489,044		0.5
1,211	Royal Gold, Inc.			136,504		0.0
1,850	RPM International, Inc.			180,283		0.0
3,924	Scotts Miracle-Gro Co.			190,667		0.0
41,575	Sealed Air Corp.			2,073,761		0.2
50,432	Valvoline, Inc.			1,646,605		0.2
18,432	Vulcan Materials Co.			3,227,628		0.3
				35,530,676		3.8
	Real Estate: 2.0%
3,458	Apartment Income REIT Corp.			118,644		0.0
2,484	Camden Property Trust			277,910		0.0
43,885 (1)	CBRE Group, Inc.			3,377,389		0.4
31,054	Equity Lifestyle Properties, Inc.			2,006,088		0.2
4,498	Extra Space Storage, Inc.			662,016		0.1
61,676	Iron Mountain, Inc.			3,074,549		0.3
21,703	Lamar Advertising Co.			2,048,763		0.2
35,992 (1)	Opendoor Technologies, Inc.			41,751		0.0
6,937	SBA Communications Corp.			1,944,510		0.2
45,140	Simon Property Group, Inc.			5,303,047		0.6
995 (1)	Zillow Group, Inc. - Class A			31,054		0.0

See Accompanying Notes to Financial Statements

122

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PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
2,794 (1)(2)	Zillow Group, Inc. - Class C		$	89,995		0.0
				18,975,716		2.0
	Utilities: 0.3%
34,258	AES Corp.			985,260		0.1
2,018	National Fuel Gas Co.			127,740		0.0
64,660	Vistra Corp.			1,500,112		0.2
				2,613,112		0.3
	Total Common Stock (Cost $928,140,478)			931,302,621		99.7
EXCHANGE-TRADED FUNDS: 0.1%
3,743	iShares Russell Mid-Cap Growth ETF			312,915		0.1
	Total Exchange-Traded Funds (Cost $305,268)			312,915		0.1
	Total Long-Term Investments (Cost $928,445,746)			931,615,536		99.8

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.2%
	Repurchase Agreements: 1.1%
2,323,457 (3)	Bank of America Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $2,324,552, collateralized by various U.S. Government Agency Obligations, 1.500%- 6.500%, Market Value plus accrued interest $2,369,926, due 05/01/37-05/01/58)		2,323,457		0.3
2,323,500 (3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $2,324,595, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,369,970, due 01/15/23-11/20/72)		2,323,500		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
890,594 (3)	Citigroup, Inc., Repurchase Agreement dated 12/30/22, 4.25%, due 01/03/23 (Repurchase Amount $891,009, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $908,406, due 04/11/23-10/31/29)		$	890,594		0.1
2,323,457 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $2,324,552, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $2,369,926, due 09/01/24-10/20/52)			2,323,457		0.2
2,120,478 (3)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $2,121,487, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,162,898, due 01/15/24-02/15/51)			2,120,478		0.2
	Total Repurchase Agreements (Cost $9,981,486)			9,981,486		1.1

See Accompanying Notes to Financial Statements

123

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Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.1%
1,493,000 (4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $1,493,000)		$	1,493,000		0.1
	Total Short-Term Investments (Cost $11,474,486)			11,474,486		1.2
	Total Investments in Securities (Cost $939,920,232)		$	943,090,022		101.0
	Liabilities in Excess of Other Assets			(9,157,299)		(1.0)
	Net Assets		$	933,932,723		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock*		$	931,302,621		$	—		$	—		$	931,302,621
Exchange-Traded Funds			312,915			—			—			312,915
Short-Term Investments			1,493,000			9,981,486			—			11,474,486
Total Investments, at fair value		$	933,108,536		$	9,981,486		$	—		$	943,090,022
Liabilities Table
Other Financial Instruments+
Futures		$	(60,577)		$	—		$	—		$	(60,577)
Total Liabilities		$	(60,577)		$	—		$	—		$	(60,577)

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 following futures contracts were outstanding for Voya Russell™ Mid Cap Growth Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini		10		03/17/23		$	2,442,600		$	(60,577)
						$	2,442,600		$	(60,577)

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Growth Index Portfolio

as of December 31, 2022 (continued)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	60,577
Total Liability Derivatives			$	60,577

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(384,914)
Total		$	(384,914)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(144,829)
Total		$	(144,829)

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 $952,913,028.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	161,296,313
Gross Unrealized Depreciation		(171,179,897)
Net Unrealized Depreciation	$	(9,883,584)

See Accompanying Notes to Financial Statements

125

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.4%
	Communication Services: 3.3%
26,934 (1)	Altice USA, Inc.		$	123,896		0.0
66,806 (1)(2)	AMC Entertainment Holdings, Inc.			271,900		0.0
746	Cable One, Inc.			531,048		0.1
32,387 (1)	Dish Network Corp. - Class A			454,714		0.0
35,834	Electronic Arts, Inc.			4,378,198		0.4
38,415	Fox Corp. - Class A			1,166,664		0.1
18,411	Fox Corp. - Class B			523,793		0.0
31,659 (1)(2)	Frontier Communications Parent, Inc.			806,671		0.1
9,934 (1)	IAC, Inc.			441,070		0.0
50,163	Interpublic Group of Cos., Inc.			1,670,930		0.1
2,253 (1)	Liberty Broadband Corp. - Series A			170,890		0.0
15,413 (1)	Liberty Broadband Corp. - Series C			1,175,550		0.1
2,722 (1)	Liberty Media Corp.- Liberty Formula One A Tracking Stock			145,436		0.0
25,941 (1)	Liberty Media Corp.- Liberty Formula One C Tracking Stock			1,550,753		0.1
9,701 (1)	Liberty Media Corp.- Liberty SiriusXM A Tracking Stock			381,346		0.0
20,005 (1)	Liberty Media Corp.- Liberty SiriusXM C Tracking Stock			782,796		0.1
20,160 (1)	Live Nation Entertainment, Inc.			1,405,958		0.1
132,804 (2)	Lumen Technologies, Inc.			693,237		0.1
2,450	Madison Square Garden Sports Corp.			449,159		0.0
36,031 (1)	Match Group, Inc.			1,494,926		0.1
20,992	New York Times Co.			681,400		0.1
49,103	News Corp - Class A			893,675		0.1
15,296	News Corp - Class B			282,058		0.0
4,685	Nexstar Media Group, Inc.			820,016		0.1
26,304	Omnicom Group			2,145,617		0.2
1,186 (2)	Paramount Global - Class A			23,257		0.0
74,557 (2)	Paramount Global - Class B			1,258,522		0.1
75,286 (1)	Pinterest, Inc.			1,827,944		0.2
11,707 (1)	Playtika Holding Corp.			99,627		0.0
57,842 (1)(2)	ROBLOX Corp.			1,646,183		0.1
15,740 (1)	Roku, Inc.			640,618		0.1
90,714 (2)	Sirius XM Holdings, Inc.			529,770		0.1
18,098 (1)	Spotify Technology SA			1,428,837		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Communication Services (continued)
21,116 (1)	Take-Two Interactive Software, Inc.		$	2,198,809		0.2
56,739 (1)	Trade Desk, Inc./The			2,543,609		0.2
13,148 (1)	TripAdvisor, Inc.			236,401		0.0
305,029 (1)	Warner Bros Discovery, Inc.			2,891,675		0.2
5,564 (2)	World Wrestling Entertainment, Inc.			381,245		0.0
35,530 (1)	ZoomInfo Technologies, Inc.			1,069,808		0.1
				40,218,006		3.3
	Consumer Discretionary: 11.7%
27,015	ADT, Inc.			245,026		0.0
7,768	Advance Auto Parts, Inc.			1,142,129		0.1
34,956 (1)	Aptiv PLC			3,255,452		0.3
29,966	Aramark			1,238,794		0.1
4,358 (1)	Autonation, Inc.			467,613		0.0
2,451 (1)	Autozone, Inc.			6,044,607		0.5
29,576	Bath & Body Works, Inc.			1,246,333		0.1
25,987	Best Buy Co., Inc.			2,084,417		0.2
30,168	BorgWarner, Inc.			1,214,262		0.1
9,869	Boyd Gaming Corp.			538,157		0.0
7,433 (1)	Bright Horizons Family Solutions, Inc.			469,022		0.0
9,339	Brunswick Corp.			673,155		0.1
8,511 (1)(2)	Burlington Stores, Inc.			1,725,690		0.1
26,521 (1)	Caesars Entertainment, Inc.			1,103,274		0.1
16,232 (1)	Capri Holdings Ltd.			930,418		0.1
20,410 (1)(2)	Carmax, Inc.			1,242,765		0.1
126,114 (1)	Carnival Corp.			1,016,479		0.1
4,821	Carter’s, Inc.			359,695		0.0
13,428 (1)(2)	Carvana Co.			63,649		0.0
3,598 (1)	Chipotle Mexican Grill, Inc.			4,992,189		0.4
4,157	Choice Hotels International, Inc.			468,244		0.0
4,611	Churchill Downs, Inc.			974,904		0.1
4,655	Columbia Sportswear Co.			407,685		0.0
40,796	D.R. Horton, Inc.			3,636,555		0.3
15,827	Darden Restaurants, Inc.			2,189,349		0.2
3,404 (1)	Deckers Outdoor Corp.			1,358,741		0.1
6,872	Dick’s Sporting Goods, Inc.			826,633		0.1
27,474 (1)	Dollar Tree, Inc.			3,885,923		0.3
4,560	Domino’s Pizza, Inc.			1,579,584		0.1
32,309 (1)	DoorDash, Inc.			1,577,325		0.1
45,747 (1)(2)	DraftKings, Inc.			521,058		0.0
70,206	eBay, Inc.			2,911,443		0.2
16,163 (1)	Etsy, Inc.			1,936,004		0.2
19,549 (1)	Expedia Group, Inc.			1,712,492		0.1

See Accompanying Notes to Financial Statements

126

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
7,055 (1)	Five Below, Inc.		$	1,247,818		0.1
13,342 (1)	Floor & Decor Holdings, Inc.			929,003		0.1
34,701 (1)(2)	GameStop Corp.			640,580		0.1
25,144 (2)	Gap, Inc.			283,624		0.0
19,931	Garmin Ltd.			1,839,432		0.2
30,370	Gentex Corp.			828,190		0.1
17,950	Genuine Parts Co.			3,114,505		0.3
3,962 (1)	Grand Canyon Education, Inc.			418,625		0.0
20,079	H&R Block, Inc.			733,084		0.1
45,049	Hanesbrands, Inc.			286,512		0.0
17,389	Harley-Davidson, Inc.			723,382		0.1
16,984	Hasbro, Inc.			1,036,194		0.1
34,446	Hilton Worldwide Holdings, Inc.			4,352,597		0.4
6,119 (1)	Hyatt Hotels Corp.			553,464		0.0
15,003	Kohl’s Corp.			378,826		0.0
42,764 (1)	Las Vegas Sands Corp.			2,055,665		0.2
7,605	Lear Corp.			943,172		0.1
17,199	Leggett & Platt, Inc.			554,324		0.0
32,423	Lennar Corp. - Class A			2,934,282		0.2
1,905	Lennar Corp. - Class B			142,456		0.0
20,392 (1)(2)	Leslie’s, Inc.			248,986		0.0
3,505	Lithia Motors, Inc.			717,614		0.1
32,316	LKQ Corp.			1,725,998		0.1
68,722 (1)(2)	Lucid Group, Inc.			469,371		0.0
14,442 (1)	Lululemon Athletica, Inc.			4,626,928		0.4
34,834	Macy’s, Inc.			719,322		0.1
4,833	Marriott Vacations Worldwide Corp.			650,473		0.1
45,439 (1)	Mattel, Inc.			810,632		0.1
41,467	MGM Resorts International			1,390,389		0.1
10,154 (1)(2)	Mister Car Wash, Inc.			93,721		0.0
6,799 (1)	Mohawk Industries, Inc.			694,994		0.1
48,798	Newell Brands, Inc.			638,278		0.1
14,403	Nordstrom, Inc.			232,464		0.0
54,061 (1)(2)	Norwegian Cruise Line Holdings Ltd.			661,707		0.1
378 (1)	NVR, Inc.			1,743,555		0.1
8,066 (1)(2)	Ollie’s Bargain Outlet Holdings, Inc.			377,811		0.0
8,018 (1)	O’Reilly Automotive, Inc.			6,767,433		0.6
39,837 (1)(2)	Peloton Interactive, Inc.			316,306		0.0
19,968 (1)(2)	Penn Entertainment, Inc.			593,050		0.1
3,334	Penske Auto Group, Inc.			383,177		0.0
10,421 (1)	Petco Health & Wellness Co., Inc.			98,791		0.0
10,788 (1)	Planet Fitness, Inc.			850,094		0.1
7,114	Polaris, Inc.			718,514		0.1
4,918	Pool Corp.			1,486,859		0.1
29,302	Pulte Group, Inc.			1,334,120		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
8,386	PVH Corp.		$	591,968		0.0
33,322 (1)(2)	QuantumScape Corp.			188,936		0.0
5,240 (2)	Ralph Lauren Corp.			553,711		0.0
2,457 (1)(2)	RH			656,486		0.1
67,181 (1)(2)	Rivian Automotive, Inc.			1,238,146		0.1
44,085	Ross Stores, Inc.			5,116,946		0.4
28,476 (1)	Royal Caribbean Cruises Ltd.			1,407,569		0.1
19,334	Service Corp. International			1,336,753		0.1
9,569 (1)	Six Flags Entertainment Corp.			222,479		0.0
17,293 (1)	Skechers USA, Inc.			725,441		0.1
31,300	Tapestry, Inc.			1,191,904		0.1
21,721	Tempur Sealy International, Inc.			745,682		0.1
6,673 (2)	Thor Industries, Inc.			503,745		0.0
13,724	Toll Brothers, Inc.			685,102		0.1
4,123 (1)	TopBuild Corp.			645,208		0.1
14,277	Tractor Supply Co.			3,211,897		0.3
10,308	Travel + Leisure Co.			375,211		0.0
6,516 (1)	Ulta Beauty, Inc.			3,056,460		0.3
24,257 (1)	Under Armour, Inc. - Class A			246,451		0.0
25,737 (1)	Under Armour, Inc. - Class C			229,574		0.0
5,200	Vail Resorts, Inc.			1,239,420		0.1
45,194	VF Corp.			1,247,806		0.1
10,485 (1)(2)	Victoria’s Secret & Co.			375,153		0.0
10,194 (1)(2)	Wayfair, Inc.			335,281		0.0
22,043	Wendy’s Company			498,833		0.0
6,894	Whirlpool Corp.			975,225		0.1
8,565	Williams-Sonoma, Inc.			984,290		0.1
11,220	Wyndham Hotels & Resorts, Inc.			800,098		0.1
13,473 (1)	Wynn Resorts Ltd.			1,111,118		0.1
11,148 (1)	YETI Holdings, Inc.			460,524		0.0
36,463	Yum! Brands, Inc.			4,670,181		0.4
				142,012,986		11.7
	Consumer Staples: 3.7%
21,754	Albertsons Cos, Inc.			451,178		0.0
17,321 (1)	BJ’s Wholesale Club Holdings, Inc.			1,145,957		0.1
1,221 (1)	Boston Beer Co., Inc.			402,344		0.0
5,880	Brown-Forman Corp. - Class A			386,669		0.0
23,727	Brown-Forman Corp. - Class B			1,558,389		0.1
17,883	Bunge Ltd.			1,784,187		0.2
25,060	Campbell Soup Co.			1,422,155		0.1
4,791	Casey’s General Stores, Inc.			1,074,861		0.1
31,394	Church & Dwight Co., Inc.			2,530,670		0.2

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
15,932	Clorox Co.		$	2,235,737		0.2
60,858	Conagra Brands, Inc.			2,355,205		0.2
45,422 (1)	Coty, Inc - Class A			388,812		0.0
20,683 (1)	Darling Ingredients, Inc.			1,294,549		0.1
24,227	Flowers Foods, Inc.			696,284		0.1
5,875 (1)	Freshpet, Inc.			310,024		0.0
11,402 (1)	Grocery Outlet Holding Corp.			332,824		0.0
18,873	Hershey Co.			4,370,421		0.4
37,064	Hormel Foods Corp.			1,688,265		0.2
8,472	Ingredion, Inc.			829,663		0.1
13,327	JM Smucker Co.			2,111,796		0.2
32,963	Kellogg Co.			2,348,284		0.2
84,789	Kroger Co.			3,779,894		0.3
18,632	Lamb Weston Holdings, Inc.			1,664,955		0.1
32,411	McCormick & Co., Inc.			2,686,548		0.2
22,628	Molson Coors Beverage Co.			1,165,795		0.1
16,096 (1)	Olaplex Holdings, Inc.			83,860		0.0
19,658 (1)	Performance Food Group Co.			1,147,831		0.1
6,090 (1)	Pilgrim’s Pride Corp.			144,516		0.0
7,070 (1)	Post Holdings, Inc.			638,138		0.1
6,991 (2)	Reynolds Consumer Products, Inc.			209,590		0.0
33	Seaboard Corp.			124,582		0.0
5,151	Spectrum Brands Holdings, Inc.			313,799		0.0
36,832	Tyson Foods, Inc.			2,292,792		0.2
26,086 (1)	US Foods Holding Corp.			887,446		0.1
				44,858,020		3.7
	Energy: 5.3%
43,461	Antero Midstream Corp.			468,944		0.0
36,659 (1)	Antero Resources Corp.			1,136,062		0.1
41,416	APA Corp.			1,933,299		0.2
121,773	Baker Hughes Co.			3,595,957		0.3
32,185	Cheniere Energy, Inc.			4,826,463		0.4
15,655	Chesapeake Energy Corp.			1,477,362		0.1
101,466	Coterra Energy, Inc.			2,493,020		0.2
84,106	Devon Energy Corp.			5,173,360		0.4
22,704	Diamondback Energy, Inc.			3,105,453		0.3
12,527	DT Midstream, Inc.			692,242		0.1
3,940	Enviva, Inc.			208,702		0.0
47,642	EQT Corp.			1,611,729		0.1
116,176	Halliburton Co.			4,571,526		0.4
36,411	Hess Corp.			5,163,808		0.4
17,437	HF Sinclair Corp.			904,806		0.1
81,846	Marathon Oil Corp.			2,215,571		0.2
7,122	New Fortress Energy, Inc.			302,115		0.0
50,593	NOV, Inc.			1,056,888		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
57,477	Oneok, Inc.		$	3,776,239		0.3
32,177	Ovintiv, Inc.			1,631,696		0.1
11,351	PDC Energy, Inc.			720,561		0.1
61,132	Phillips 66			6,362,619		0.5
30,440	Range Resources Corp.			761,609		0.1
142,234 (1)	Southwestern Energy Co.			832,069		0.1
29,210	Targa Resources Corp.			2,146,935		0.2
740	Texas Pacific Land Corp.			1,734,730		0.1
157,505	Williams Cos., Inc.			5,181,914		0.4
				64,085,679		5.3
	Financials: 13.8%
4,832	Affiliated Managers Group, Inc.			765,534		0.1
79,732	Aflac, Inc.			5,735,920		0.5
73,746	AGNC Investment Corp.			763,271		0.1
34,179	Allstate Corp.			4,634,672		0.4
38,572	Ally Financial, Inc.			943,085		0.1
8,698	American Financial Group, Inc.			1,194,061		0.1
13,745	Ameriprise Financial, Inc.			4,279,781		0.4
60,420 (2)	Annaly Capital Management, Inc.			1,273,654		0.1
62,525	Apollo Global Management, Inc.			3,988,470		0.3
45,791 (1)	Arch Capital Group Ltd.			2,874,759		0.2
19,826	Ares Management Corp.			1,356,891		0.1
26,903	Arthur J. Gallagher & Co.			5,072,292		0.4
6,878	Assurant, Inc.			860,163		0.1
7,445	Assured Guaranty Ltd.			463,526		0.0
10,057	Axis Capital Holdings Ltd.			544,788		0.0
5,111	Bank of Hawaii Corp.			396,409		0.0
94,984	Bank of New York Mellon Corp.			4,323,672		0.4
14,453	Bank OZK			578,987		0.0
53,735 (2)	Blue Owl Capital, Inc.			569,591		0.0
3,751	BOK Financial Corp.			389,316		0.0
8,870 (1)	Brighthouse Financial, Inc.			454,765		0.0
30,561	Brown & Brown, Inc.			1,741,060		0.1
26,762	Carlyle Group, Inc./The			798,578		0.1
13,686	Cboe Global Markets, Inc.			1,717,182		0.1
19,819	Cincinnati Financial Corp.			2,029,267		0.2
63,127	Citizens Financial Group, Inc.			2,485,310		0.2
3,512	CNA Financial Corp.			148,487		0.0
20,642 (1)(2)	Coinbase Global, Inc.			730,520		0.1
16,886	Comerica, Inc.			1,128,829		0.1
14,695	Commerce Bancshares, Inc.			1,000,289		0.1
10,364	Corebridge Financial, Inc.			207,902		0.0
867 (1)(2)	Credit Acceptance Corp.			411,305		0.0
7,540	Cullen/Frost Bankers, Inc.			1,008,098		0.1

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
35,282	Discover Financial Services		$	3,451,638		0.3
18,281	East West Bancorp, Inc.			1,204,718		0.1
47,648	Equitable Holdings, Inc.			1,367,498		0.1
3,241 (2)	Erie Indemnity Co.			806,102		0.1
4,713	Evercore, Inc.			514,094		0.0
5,031	Everest Re Group Ltd.			1,666,619		0.1
2,309 (1)	F&G Annuities & Life, Inc.			46,203		0.0
4,907	Factset Research Systems, Inc.			1,968,737		0.2
33,578	Fidelity National Financial, Inc.			1,263,204		0.1
88,091	Fifth Third Bancorp			2,890,266		0.2
13,040	First American Financial Corp.			682,514		0.1
1,420	First Citizens BancShares, Inc.			1,076,871		0.1
16,510	First Hawaiian, Inc.			429,920		0.0
68,405	First Horizon Corp.			1,675,922		0.1
23,509	First Republic Bank			2,865,512		0.2
45,106	FNB Corp.			588,633		0.0
36,886 (2)	Franklin Resources, Inc.			973,053		0.1
11,560	Globe Life, Inc.			1,393,558		0.1
4,575	Hanover Insurance Group, Inc.			618,220		0.0
41,050	Hartford Financial Services Group, Inc.			3,112,821		0.3
185,544	Huntington Bancshares, Inc.			2,616,170		0.2
12,003	Interactive Brokers Group, Inc.			868,417		0.1
48,268	Invesco Ltd.			868,341		0.1
17,580	Janus Henderson Group PLC			413,482		0.0
25,894	Jefferies Financial Group, Inc.			887,646		0.1
8,210	Kemper Corp.			403,932		0.0
120,128	Keycorp			2,092,630		0.2
73,952	KKR & Co., Inc.			3,432,852		0.3
10,700	Lazard Ltd.			370,969		0.0
21,932	Lincoln National Corp.			673,751		0.1
25,396	Loews Corp.			1,481,349		0.1
10,291	LPL Financial Holdings, Inc.			2,224,605		0.2
22,228	M&T Bank Corp.			3,224,394		0.3
1,727 (1)	Markel Corp.			2,275,305		0.2
4,801	MarketAxess Holdings, Inc.			1,338,951		0.1
38,175	MGIC Investment Corp.			496,275		0.0
3,214	Morningstar, Inc.			696,120		0.1
10,046	MSCI, Inc. - Class A			4,673,098		0.4
44,453	Nasdaq, Inc.			2,727,192		0.2
86,520	New York Community Bancorp., Inc.			744,072		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
26,575	Northern Trust Corp.		$	2,351,622		0.2
36,090	Old Republic International Corp.			871,573		0.1
14,837	OneMain Holdings, Inc.			494,220		0.0
15,022	PacWest Bancorp			344,755		0.0
9,687	Pinnacle Financial Partners, Inc.			711,026		0.1
9,207	Popular, Inc.			610,608		0.0
4,739	Primerica, Inc.			672,085		0.1
31,306	Principal Financial Group, Inc.			2,627,200		0.2
11,318	Prosperity Bancshares, Inc.			822,592		0.1
47,618	Prudential Financial, Inc.			4,736,086		0.4
25,168	Raymond James Financial, Inc.			2,689,201		0.2
120,845	Regions Financial Corp.			2,605,418		0.2
8,637	Reinsurance Group of America, Inc.			1,227,231		0.1
5,565	RenaissanceRe Holdings Ltd.			1,025,240		0.1
55,959	Rithm Capital Corp.			457,185		0.0
72,647 (1)(2)	Robinhood Markets, Inc.			591,347		0.0
14,605 (2)	Rocket Cos, Inc.			102,235		0.0
10,631 (1)	Ryan Specialty Holdings, Inc.			441,293		0.0
13,292	SEI Investments Co.			774,924		0.1
8,009	Signature Bank			922,797		0.1
32,325	SLM Corp.			536,595		0.0
104,140 (1)(2)	SoFi Technologies, Inc.			480,085		0.0
37,754	Starwood Property Trust, Inc.			692,031		0.1
47,438	State Street Corp.			3,679,766		0.3
13,354	Stifel Financial Corp.			779,473		0.1
7,588 (1)	SVB Financial Group			1,746,302		0.1
58,045	Synchrony Financial			1,907,359		0.2
18,610	Synovus Financial Corp.			698,806		0.1
28,448	T. Rowe Price Group, Inc.			3,102,539		0.3
6,448	TFS Financial Corp.			92,916		0.0
13,920	Tradeweb Markets, Inc.			903,826		0.1
27,927	Umpqua Holdings Corp.			498,497		0.0
25,613	Unum Group			1,050,901		0.1
9,079 (1)(2)	Upstart Holdings, Inc.			120,024		0.0
12,290 (2)	UWM Holdings Corp.			40,680		0.0
12,195	Virtu Financial, Inc.			248,900		0.0
12,581 (3)	Voya Financial, Inc.			773,606		0.1
22,339	Webster Financial Corp.			1,057,528		0.1
13,667	Western Alliance Bancorp.			814,007		0.1
323	White Mountains Insurance Group Ltd.			456,829		0.0
13,918	Willis Towers Watson PLC			3,404,064		0.3

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
7,744	Wintrust Financial Corp.		$	654,523		0.1
26,614	WR Berkley Corp.			1,931,378		0.2
19,030	Zions Bancorp NA			935,515		0.1
				167,660,876		13.8
	Health Care: 10.9%
11,895 (1)	10X Genomics, Inc.			433,454		0.0
11,511 (1)	Acadia Healthcare Co., Inc.			947,586		0.1
38,251	Agilent Technologies, Inc.			5,724,262		0.5
24,438 (1)(2)	agilon health, Inc.			394,429		0.0
10,144 (1)	Align Technology, Inc.			2,139,370		0.2
15,892 (1)	Alnylam Pharmaceuticals, Inc.			3,776,734		0.3
4,133 (1)	Amedisys, Inc.			345,271		0.0
20,065	AmerisourceBergen Corp.			3,324,971		0.3
78,839 (1)	Avantor, Inc.			1,662,714		0.1
9,573	Azenta, Inc.			557,340		0.1
18,535 (1)	Biogen, Inc.			5,132,712		0.4
23,858 (1)	BioMarin Pharmaceutical, Inc.			2,469,064		0.2
2,764 (1)	Bio-Rad Laboratories, Inc.			1,162,234		0.1
20,113	Bio-Techne Corp.			1,666,965		0.1
13,859	Bruker Corp.			947,263		0.1
33,879	Cardinal Health, Inc.			2,604,279		0.2
23,132 (1)	Catalent, Inc.			1,041,171		0.1
14,963 (1)	Certara, Inc.			240,455		0.0
6,518 (1)	Charles River Laboratories International, Inc.			1,420,272		0.1
1,888	Chemed Corp.			963,692		0.1
6,281	Cooper Cos., Inc.			2,076,938		0.2
7,190 (1)	DaVita, Inc.			536,877		0.1
4,424 (1)	Definitive Healthcare Corp.			48,620		0.0
27,698	Dentsply Sirona, Inc.			881,904		0.1
49,838 (1)	DexCom, Inc.			5,643,655		0.5
14,449 (1)(2)	Doximity, Inc.			484,908		0.0
57,559 (1)	Elanco Animal Health, Inc.			703,371		0.1
12,658	Encompass Health Corp.			757,075		0.1
6,304 (1)	Enhabit, Inc.			82,961		0.0
6,544 (1)	Enovis Corp.			350,235		0.0
21,038 (1)	Envista Holdings Corp.			708,349		0.1
22,598 (1)	Exact Sciences Corp.			1,118,827		0.1
40,844 (1)	Exelixis, Inc.			655,138		0.1
9,872 (1)	Globus Medical, Inc.			733,193		0.1
12,597 (1)(2)	Guardant Health, Inc.			342,638		0.0
17,477 (1)	Henry Schein, Inc.			1,395,888		0.1
31,802 (1)	Hologic, Inc.			2,379,108		0.2
28,620 (1)	Horizon Therapeutics Plc			3,256,956		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
2,607 (1)(2)	ICU Medical, Inc.		$	410,550		0.0
10,628 (1)	Idexx Laboratories, Inc.			4,335,799		0.4
23,593 (1)	Incyte Corp., Ltd.			1,894,990		0.2
8,900 (1)	Insulet Corp.			2,620,071		0.2
9,361 (1)	Integra LifeSciences Holdings Corp.			524,871		0.0
18,256 (1)	Ionis Pharmaceuticals, Inc.			689,529		0.1
23,989 (1)	IQVIA Holdings, Inc.			4,915,106		0.4
7,958 (1)	Jazz Pharmaceuticals PLC		��	1,267,789		0.1
11,449	Laboratory Corp. of America Holdings			2,696,011		0.2
14,137 (1)	Maravai LifeSciences Holdings, Inc.			202,300		0.0
6,132 (1)	Masimo Corp.			907,229		0.1
2,844 (1)	Mettler Toledo International, Inc.			4,110,860		0.3
5,768 (1)	Mirati Therapeutics, Inc.			261,348		0.0
7,405 (1)	Molina Healthcare, Inc.			2,445,279		0.2
12,625 (1)	Natera, Inc.			507,146		0.0
12,251 (1)	Neurocrine Biosciences, Inc.			1,463,259		0.1
10,047 (1)(2)	Novavax, Inc.			103,283		0.0
13,355 (1)(2)	Novocure Ltd.			979,589		0.1
15,058 (1)(2)	Oak Street Health, Inc.			323,898		0.0
32,848	Organon & Co.			917,445		0.1
4,610 (1)	Penumbra, Inc.			1,025,541		0.1
16,307	PerkinElmer, Inc.			2,286,568		0.2
17,359	Perrigo Co. PLC			591,768		0.1
15,217	Premier, Inc.			532,291		0.0
29,322 (1)	QIAGEN NV			1,462,288		0.1
14,675	Quest Diagnostics, Inc.			2,295,757		0.2
6,301 (1)	QuidelOrtho Corp.			539,807		0.1
7,149 (1)	Repligen Corp.			1,210,397		0.1
18,682	Resmed, Inc.			3,888,285		0.3
48,083	Royalty Pharma PLC			1,900,240		0.2
10,877 (1)	Sarepta Therapeutics, Inc.			1,409,442		0.1
17,576 (1)	Seagen, Inc.			2,258,692		0.2
10,463 (1)	Signify Health, Inc.			299,870		0.0
12,799 (1)	Sotera Health Co.			106,616		0.0
12,902	STERIS Public Ltd. Co.			2,382,870		0.2
13,245 (1)	Syneos Health, Inc.			485,827		0.0
8,248 (1)	Tandem Diabetes Care, Inc.			370,748		0.0
20,758 (1)(2)	Teladoc Health, Inc.			490,927		0.0
6,066	Teleflex, Inc.			1,514,256		0.1
13,740 (1)	Tenet Healthcare Corp.			670,375		0.1
8,631 (1)	Ultragenyx Pharmaceutical, Inc.			399,874		0.0

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
5,766 (1)	United Therapeutics Corp.		$	1,603,467		0.1
8,020	Universal Health Services, Inc.			1,129,938		0.1
18,017 (1)	Veeva Systems, Inc.			2,907,583		0.2
156,654	Viatris, Inc.			1,743,559		0.1
7,636 (1)	Waters Corp.			2,615,941		0.2
9,574	West Pharmaceutical Services, Inc.			2,253,241		0.2
27,126	Zimmer Biomet Holdings, Inc.			3,458,565		0.3
				132,521,964		10.9
	Industrials: 15.6%
4,143	Acuity Brands, Inc.			686,122		0.1
8,281	Advanced Drainage Systems, Inc.			678,794		0.1
17,022	AECOM			1,445,678		0.1
8,023	AGCO Corp.			1,112,710		0.1
13,428	Air Lease Corp.			515,904		0.0
15,991 (1)	Alaska Air Group, Inc.			686,654		0.1
11,328	Allegion Public Ltd.			1,192,385		0.1
11,906	Allison Transmission Holdings, Inc.			495,290		0.0
83,492 (1)	American Airlines Group, Inc.			1,062,018		0.1
29,793	Ametek, Inc.			4,162,678		0.3
16,172	AO Smith Corp.			925,685		0.1
5,855	Armstrong World Industries, Inc.			401,594		0.0
3,301 (1)	Avis Budget Group, Inc.			541,133		0.0
8,732 (1)	Axon Enterprise, Inc.			1,448,901		0.1
14,378 (1)	AZEK Co., Inc./The			292,161		0.0
16,970	Booz Allen Hamilton Holding Corp.			1,773,704		0.1
18,799 (1)	Builders FirstSource, Inc.			1,219,679		0.1
11,801	BWX Technologies, Inc.			685,402		0.1
2,995 (1)	CACI International, Inc.			900,267		0.1
6,648	Carlisle Cos., Inc.			1,566,601		0.1
108,071	Carrier Global Corp.			4,457,929		0.4
15,003	CH Robinson Worldwide, Inc.			1,373,675		0.1
32,715 (1)(2)	ChargePoint Holdings, Inc.			311,774		0.0
11,194	Cintas Corp.			5,055,434		0.4
61,018 (1)	Clarivate PLC			508,890		0.0
6,589 (1)	Clean Harbors, Inc.			751,937		0.1
3,708 (1)(2)	Copa Holdings S.A. - Class A			308,394		0.0
55,113 (1)	Copart, Inc.			3,355,831		0.3
9,175 (1)	Core & Main, Inc.			177,169		0.0
52,150 (1)	CoStar Group, Inc.			4,030,152		0.3
6,080	Crane Holdings Co.			610,736		0.0
18,224	Cummins, Inc.			4,415,493		0.4
4,950	Curtiss-Wright Corp.			826,600		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
82,763 (1)	Delta Air Lines, Inc.		$	2,719,592		0.2
15,944	Donaldson Co., Inc.			938,623		0.1
18,110	Dover Corp.			2,452,275		0.2
8,039 (1)	Driven Brands Holdings, Inc.			219,545		0.0
32,498	Dun & Bradstreet Holdings, Inc.			398,425		0.0
15,715	Equifax, Inc.			3,054,367		0.2
6,552	Esab Corp.			307,420		0.0
20,509	Expeditors International Washington, Inc.			2,131,295		0.2
74,430	Fastenal Co.			3,522,028		0.3
16,830	Flowserve Corp.			516,344		0.0
45,782	Fortive Corp.			2,941,494		0.2
16,688	Fortune Brands Innovations, Inc.			953,052		0.1
4,356 (1)	FTI Consulting, Inc.			691,733		0.1
13,891 (1)	Gates Industrial Corp. PLC			158,496		0.0
8,053 (1)	Generac Holdings, Inc.			810,615		0.1
21,696	Graco, Inc.			1,459,273		0.1
13,654 (1)	GXO Logistics, Inc.			582,889		0.0
8,861 (1)	Hayward Holdings, Inc.			83,293		0.0
10,205	Heico Corp. - Class A - HEI.A			1,223,069		0.1
5,812	Heico Corp. - HEI			892,956		0.1
24,404 (1)(2)	Hertz Global Holdings, Inc.			375,578		0.0
10,831	Hexcel Corp.			637,404		0.1
47,977	Howmet Aerospace, Inc.			1,890,774		0.2
6,922	Hubbell, Inc.			1,624,455		0.1
5,087	Huntington Ingalls Industries, Inc.			1,173,469		0.1
17,300 (1)	IAA, Inc.			692,000		0.1
9,821	IDEX Corp.			2,242,429		0.2
52,520	Ingersoll Rand, Inc.			2,744,170		0.2
10,791	ITT, Inc.			875,150		0.1
16,524	Jacobs Solutions, Inc.			1,984,037		0.2
10,655	JB Hunt Transport Services, Inc.			1,857,806		0.2
41,458 (1)	JetBlue Airways Corp.			268,648		0.0
17,615	KBR, Inc.			930,072		0.1
7,716 (1)	Kirby Corp.			496,525		0.0
20,166	Knight-Swift Transportation Holdings, Inc.			1,056,900		0.1
4,610	Landstar System, Inc.			750,969		0.1
17,609	Leidos Holdings, Inc.			1,852,291		0.2
4,130	Lennox International, Inc.			988,020		0.1
7,242	Lincoln Electric Holdings, Inc.			1,046,397		0.1
41,064 (1)	Lyft, Inc.			452,525		0.0
6,495	Manpowergroup, Inc.			540,449		0.0
29,125	Masco Corp.			1,359,264		0.1

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
7,879 (1)	Mastec, Inc.		$	672,315		0.1
16,620 (1)	Masterbrand, Inc.			125,481		0.0
26,110	MDU Resources Group, Inc.			792,177		0.1
6,359 (1)	Mercury Systems, Inc.			284,502		0.0
6,912 (1)	Middleby Corp.			925,517		0.1
4,772	MSA Safety, Inc.			688,075		0.1
5,972	MSC Industrial Direct Co.			487,912		0.0
7,394	Nordson Corp.			1,757,702		0.1
21,353	nVent Electric PLC			821,450		0.1
12,843	Old Dominion Freight Line			3,644,587		0.3
8,488	Oshkosh Corp.			748,557		0.1
53,910	Otis Worldwide Corp.			4,221,692		0.3
12,058	Owens Corning, Inc.			1,028,547		0.1
44,116	Paccar, Inc.			4,366,161		0.4
16,549	Parker Hannifin Corp.			4,815,759		0.4
21,269	Pentair PLC			956,680		0.1
67,141 (1)(2)	Plug Power, Inc.			830,534		0.1
18,396	Quanta Services, Inc.			2,621,430		0.2
8,552	Regal Rexnord Corp.			1,026,069		0.1
26,666	Republic Services, Inc.			3,439,647		0.3
13,662	Robert Half International, Inc.			1,008,665		0.1
14,852	Rockwell Automation, Inc.			3,825,430		0.3
29,950	Rollins, Inc.			1,094,373		0.1
13,178 (1)	RXO, Inc.			226,662		0.0
6,279	Ryder System, Inc.			524,736		0.0
6,963	Schneider National, Inc.			162,934		0.0
7,106	Science Applications International Corp.			788,269		0.1
19,545	Sensata Technologies Holding PLC			789,227		0.1
5,751 (1)	SiteOne Landscape Supply, Inc.			674,707		0.1
6,797	Snap-On, Inc.			1,553,047		0.1
76,568 (1)	Southwest Airlines Co.			2,578,045		0.2
13,489	Spirit Aerosystems Holdings, Inc.			399,274		0.0
19,090	Stanley Black & Decker, Inc.			1,434,041		0.1
11,847 (1)	Stericycle, Inc.			591,047		0.0
26,922 (1)	Sunrun, Inc.			646,666		0.1
6,797	Tetra Tech, Inc.			986,856		0.1
26,958	Textron, Inc.			1,908,626		0.2
7,905	Timken Co.			558,646		0.0
13,489	Toro Co.			1,526,955		0.1
29,712	Trane Technologies PLC			4,994,290		0.4
6,640	TransDigm Group, Inc.			4,180,876		0.3
24,879	TransUnion			1,411,883		0.1
14,240 (1)	Trex Co., Inc.			602,779		0.0
1,158	U-Haul Holding Co.			69,700		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
10,467	U-Haul Holding Co. - Non-Voting		$	575,476		0.0
42,168 (1)	United Airlines Holdings, Inc.			1,589,734		0.1
9,029 (1)	United Rentals, Inc.			3,209,087		0.3
20,783 (1)	Univar Solutions, Inc.			660,899		0.1
2,716	Valmont Industries, Inc.			898,100		0.1
20,084	Verisk Analytics, Inc.			3,543,219		0.3
39,239	Vertiv Holdings Co.			536,005		0.0
4,258	Watsco, Inc.			1,061,945		0.1
5,759 (1)	Wesco International, Inc.			721,027		0.1
23,403	Westinghouse Air Brake Technologies Corp.			2,335,853		0.2
26,291 (1)	WillScot Mobile Mini Holdings Corp.			1,187,564		0.1
7,608 (2)	Woodward, Inc.			735,009		0.1
5,826	WW Grainger, Inc.			3,240,713		0.3
13,231 (1)	XPO, Inc.			440,460		0.0
23,158	Xylem, Inc.			2,560,580		0.2
				189,961,689		15.6
	Information Technology: 15.3%
28,121 (1)(2)	Affirm Holdings, Inc.			271,930		0.0
20,026 (1)	Akamai Technologies, Inc.			1,688,192		0.1
8,567 (1)	Allegro MicroSystems, Inc.			257,181		0.0
7,761 (1)	Alteryx, Inc.			393,250		0.0
15,615	Amdocs Ltd.			1,419,404		0.1
75,730	Amphenol Corp.			5,766,082		0.5
11,246 (1)	ANSYS, Inc.			2,716,921		0.2
28,288 (1)	AppLovin Corp.			297,873		0.0
31,817 (1)	Arista Networks, Inc.			3,860,993		0.3
7,918 (1)	Arrow Electronics, Inc.			827,985		0.1
3,485 (1)	Aspen Technology, Inc.			715,819		0.1
11,755	Avnet, Inc.			488,773		0.0
21,794 (2)	Bentley Systems, Inc.			805,506		0.1
12,783 (1)	Bill.com Holdings, Inc.			1,392,836		0.1
19,978 (1)	Black Knight, Inc.			1,233,642		0.1
15,085	Broadridge Financial Solutions, Inc. ADR			2,023,351		0.2
35,277 (1)	Cadence Design Systems, Inc.			5,666,897		0.5
22,088 (1)	CCC Intelligent Solutions Holdings, Inc.			192,166		0.0
17,481	CDW Corp.			3,121,757		0.3
17,690 (1)	Ceridian HCM Holding, Inc.			1,134,814		0.1
19,046 (1)	Ciena Corp.			970,965		0.1
7,082 (1)	Cirrus Logic, Inc.			527,467		0.0
36,563 (1)(2)	Cloudflare, Inc.			1,653,013		0.1
22,461	Cognex Corp.			1,058,138		0.1
15,337 (1)	Coherent Corp.			538,329		0.0

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
5,495	Concentrix Corp.		$	731,714		0.1
16,055 (1)	Confluent, Inc.			357,063		0.0
97,629	Corning, Inc.			3,118,270		0.3
9,726 (1)	Coupa Software, Inc.			770,007		0.1
27,186 (1)	Crowdstrike Holdings, Inc.			2,862,414		0.2
34,327 (1)	Datadog, Inc.			2,523,035		0.2
32,662	Dell Technologies, Inc.			1,313,666		0.1
25,539 (1)	DocuSign, Inc.			1,415,371		0.1
7,888	Dolby Laboratories, Inc.			556,420		0.1
9,440 (1)	DoubleVerify Holdings, Inc.			207,302		0.0
34,676 (1)	Dropbox, Inc.			776,049		0.1
29,735 (1)	DXC Technology Co.			787,978		0.1
25,711 (1)	Dynatrace, Inc.			984,731		0.1
10,002 (1)	Elastic NV			515,103		0.0
16,923 (1)	Enphase Energy, Inc.			4,483,918		0.4
19,186	Entegris, Inc.			1,258,410		0.1
7,096 (1)	EPAM Systems, Inc.			2,325,643		0.2
6,104 (1)	Euronet Worldwide, Inc.			576,096		0.1
7,697 (1)	F5, Inc.			1,104,596		0.1
3,139 (1)	Fair Isaac Corp.			1,878,943		0.2
13,733 (1)	First Solar, Inc.			2,057,066		0.2
9,050 (1)	Five9, Inc.			614,133		0.1
9,282 (1)	FleetCor Technologies, Inc.			1,704,918		0.1
83,440 (1)	Fortinet, Inc.			4,079,382		0.3
9,923 (1)	Gartner, Inc.			3,335,517		0.3
72,310	Gen Digital, Inc.			1,549,603		0.1
23,336	Genpact Ltd.			1,080,924		0.1
34,699	Global Payments, Inc.			3,446,305		0.3
8,196 (1)(2)	GLOBALFOUNDRIES, Inc.			441,682		0.0
5,262 (1)	Globant SA			884,858		0.1
20,229 (1)	GoDaddy, Inc.			1,513,534		0.1
10,594 (1)(2)	Guidewire Software, Inc.			662,761		0.1
166,192	Hewlett Packard Enterprise Co.			2,652,424		0.2
130,135	HP, Inc.			3,496,727		0.3
5,986 (1)	HubSpot, Inc.			1,730,732		0.1
4,717 (1)(2)	Informatica, Inc.			76,840		0.0
4,214 (1)	IPG Photonics Corp.			398,939		0.0
16,990	Jabil, Inc.			1,158,718		0.1
9,382	Jack Henry & Associates, Inc.			1,647,104		0.1
8,552 (1)	Jamf Holding Corp.			182,158		0.0
41,311	Juniper Networks, Inc.			1,320,300		0.1
23,174 (1)	Keysight Technologies, Inc.			3,964,376		0.3
26,417 (1)	Kyndryl Holdings, Inc.			293,757		0.0
17,541 (1)	Lattice Semiconductor Corp.			1,138,060		0.1
3,124	Littelfuse, Inc.			687,905		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
8,804 (1)	Lumentum Holdings, Inc.		$	459,305		0.0
8,020 (1)	Manhattan Associates, Inc.			973,628		0.1
68,829	Microchip Technology, Inc.			4,835,237		0.4
7,406	MKS Instruments, Inc.			627,510		0.1
8,573 (1)	MongoDB, Inc.			1,687,509		0.1
5,866	Monolithic Power Systems, Inc.			2,074,276		0.2
21,291	Motorola Solutions, Inc.			5,486,904		0.5
16,903	National Instruments Corp.			623,721		0.1
8,965 (1)(2)	nCino, Inc.			237,035		0.0
16,431 (1)	NCR Corp.			384,650		0.0
28,094	NetApp, Inc.			1,687,326		0.1
6,887 (1)	New Relic, Inc.			388,771		0.0
29,685 (1)	Nutanix, Inc.			773,294		0.1
19,556 (1)	Okta, Inc.			1,336,261		0.1
56,097 (1)	ON Semiconductor Corp.			3,498,770		0.3
237,840 (1)	Palantir Technologies, Inc.			1,526,933		0.1
41,711	Paychex, Inc.			4,820,123		0.4
6,619 (1)	Paycom Software, Inc.			2,053,942		0.2
7,078 (1)	Paycor HCM, Inc.			173,199		0.0
5,132 (1)	Paylocity Holding Corp.			996,942		0.1
5,322	Pegasystems, Inc.			182,225		0.0
9,191 (1)	Procore Technologies, Inc.			433,631		0.0
13,616 (1)	PTC, Inc.			1,634,465		0.1
36,368 (1)	Pure Storage, Inc. - Class A			973,208		0.1
13,072 (1)	Qorvo, Inc.			1,184,846		0.1
11,014 (1)	RingCentral, Inc.			389,896		0.0
24,683 (1)	SentinelOne, Inc.			360,125		0.0
6,524 (1)	Shift4 Payments, Inc.			364,887		0.0
20,791	Skyworks Solutions, Inc.			1,894,684		0.2
16,434 (1)	Smartsheet, Inc.			646,842		0.1
21,036 (1)	Splunk, Inc.			1,810,989		0.2
28,523	SS&C Technologies Holdings, Inc.			1,484,907		0.1
19,715 (1)	Synopsys, Inc.			6,294,802		0.5
5,509	TD SYNNEX Corp.			521,757		0.0
5,987 (1)	Teledyne Technologies, Inc.			2,394,261		0.2
13,227 (1)	Teradata Corp.			445,221		0.0
20,247	Teradyne, Inc.			1,768,575		0.2
11,025 (1)	Thoughtworks Holding, Inc.			112,345		0.0
32,957 (1)	Toast, Inc.			594,215		0.1
31,828 (1)	Trimble, Inc.			1,609,224		0.1
22,518 (1)	Twilio, Inc.			1,102,481		0.1
5,320 (1)	Tyler Technologies, Inc.			1,715,221		0.1
536	Ubiquiti, Inc.			146,612		0.0

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
48,727 (1)	UiPath, Inc.		$	619,320		0.1
32,077 (1)(2)	Unity Software, Inc.			917,081		0.1
5,615	Universal Display Corp.			606,645		0.1
11,996 (1)	VeriSign, Inc.			2,464,458		0.2
9,287 (1)	Viasat, Inc.			293,934		0.0
20,406	Vontier Corp.			394,448		0.0
41,093 (1)	Western Digital Corp.			1,296,484		0.1
49,738	Western Union Co.			684,892		0.1
5,625 (1)	WEX, Inc.			920,531		0.1
7,126 (1)	Wix.com Ltd.			547,491		0.0
15,918 (1)	Wolfspeed, Inc.			1,098,979		0.1
6,671 (1)	Zebra Technologies Corp.			1,710,511		0.1
32,652 (1)	Zoom Video Communications, Inc.			2,211,846		0.2
10,910 (1)	Zscaler, Inc.			1,220,829		0.1
				185,386,940		15.3
	Materials: 6.2%
15,133	Albemarle Corp.			3,281,742		0.3
22,852	Alcoa Corp.			1,039,080		0.1
193,923	Amcor PLC			2,309,623		0.2
8,464	Aptargroup, Inc.			930,871		0.1
19,198	Ardagh Metal Packaging SA			92,342		0.0
6,547	Ashland, Inc.			703,999		0.1
10,526	Avery Dennison Corp.			1,905,206		0.2
28,540 (1)	Axalta Coating Systems Ltd.			726,914		0.1
39,870	Ball Corp.			2,038,952		0.2
16,186	Berry Global Group, Inc.			978,120		0.1
14,000	Celanese Corp. - Series A			1,431,360		0.1
25,313	CF Industries Holdings, Inc.			2,156,668		0.2
19,368	Chemours Co.			593,048		0.0
66,056 (1)	Cleveland-Cliffs, Inc.			1,064,162		0.1
92,509	Corteva, Inc.			5,437,679		0.4
14,878	Crown Holdings, Inc.			1,223,120		0.1
64,846	DuPont de Nemours, Inc.			4,450,381		0.4
4,724	Eagle Materials, Inc.			627,583		0.0
15,460	Eastman Chemical Co.			1,259,062		0.1
29,141	Element Solutions, Inc.			530,075		0.0
16,283	FMC Corp.			2,032,118		0.2
112,421 (1)	Ginkgo Bioworks Holdings, Inc.			189,992		0.0
39,532	Graphic Packaging Holding Co.			879,587		0.1
23,564	Huntsman Corp.			647,539		0.0
32,953	International Flavors & Fragrances, Inc.			3,454,793		0.3
45,916	International Paper Co.			1,590,071		0.1
9,187	Louisiana-Pacific Corp.			543,870		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
33,226	LyondellBasell Industries NV - Class A		$	2,758,755		0.2
8,041	Martin Marietta Materials, Inc.			2,717,617		0.2
43,966	Mosaic Co.			1,928,788		0.2
11,728 (1)	MP Materials Corp.			284,756		0.0
761	NewMarket Corp.			236,755		0.0
33,155	Nucor Corp.			4,370,161		0.4
16,314	Olin Corp.			863,663		0.1
11,797	Packaging Corp. of America			1,508,954		0.1
30,469	PPG Industries, Inc.			3,831,172		0.3
7,549	Reliance Steel & Aluminum Co.			1,528,220		0.1
8,471	Royal Gold, Inc.			954,851		0.1
16,498 (2)	RPM International, Inc.			1,607,730		0.1
5,217 (2)	Scotts Miracle-Gro Co.			253,494		0.0
18,841	Sealed Air Corp.			939,789		0.1
10,869	Silgan Holdings, Inc.			563,449		0.0
12,578	Sonoco Products Co.			763,610		0.1
26,628	SSR Mining, Inc.			417,261		0.0
21,522	Steel Dynamics, Inc.			2,102,699		0.2
30,005	United States Steel Corp.			751,625		0.1
22,855	Valvoline, Inc.			746,216		0.1
17,117	Vulcan Materials Co.			2,997,358		0.2
4,266	Westlake Corp.			437,436		0.0
32,762	WestRock Co.			1,151,912		0.1
				75,834,228		6.2
	Real Estate: 7.6%
20,945	Alexandria Real Estate Equities, Inc.			3,051,058		0.3
39,789	American Homes 4 Rent			1,199,240		0.1
34,744	Americold Realty Trust, Inc.			983,603		0.1
19,351	Apartment Income REIT Corp.			663,933		0.1
18,060	AvalonBay Communities, Inc.			2,917,051		0.2
20,260	Boston Properties, Inc.			1,369,171		0.1
38,555	Brixmor Property Group, Inc.			874,042		0.1
13,401	Camden Property Trust			1,499,304		0.1
40,755 (1)	CBRE Group, Inc.			3,136,505		0.3
19,522	Cousins Properties, Inc.			493,711		0.0
28,894	CubeSmart			1,162,983		0.1
21,847	Douglas Emmett, Inc.			342,561		0.0
5,317	EastGroup Properties, Inc.			787,235		0.1
9,569	EPR Properties			360,943		0.0
22,959	Equity Lifestyle Properties, Inc.			1,483,151		0.1

See Accompanying Notes to Financial Statements

134

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Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
47,881	Equity Residential		$	2,824,979		0.2
8,402	Essex Property Trust, Inc.			1,780,552		0.2
17,131	Extra Space Storage, Inc.			2,521,341		0.2
10,375	Federal Realty Investment Trust			1,048,290		0.1
17,028	First Industrial Realty Trust, Inc.			821,771		0.1
31,563	Gaming and Leisure Properties, Inc.			1,644,117		0.1
49,011	Healthcare Realty Trust, Inc.			944,442		0.1
69,713	Healthpeak Properties, Inc.			1,747,705		0.2
13,428	Highwoods Properties, Inc.			375,715		0.0
91,515	Host Hotels & Resorts, Inc.			1,468,816		0.1
4,734 (1)	Howard Hughes Corp.			361,772		0.0
17,711	Hudson Pacific Properties, Inc.			172,328		0.0
78,899	Invitation Homes, Inc.			2,338,566		0.2
37,318 (2)	Iron Mountain, Inc.			1,860,302		0.2
13,810	JBG SMITH Properties			262,114		0.0
6,170 (1)	Jones Lang LaSalle, Inc.			983,313		0.1
15,023	Kilroy Realty Corp.			580,939		0.1
78,080	Kimco Realty Corp.			1,653,734		0.1
11,177	Lamar Advertising Co.			1,055,109		0.1
10,874	Life Storage, Inc.			1,071,089		0.1
76,770 (2)	Medical Properties Trust, Inc.			855,218		0.1
14,843	Mid-America Apartment Communities, Inc.			2,330,203		0.2
23,042	National Retail Properties, Inc.			1,054,402		0.1
10,973	National Storage Affiliates Trust			396,345		0.0
30,378	Omega Healthcare Investors, Inc.			849,065		0.1
60,413 (1)	Opendoor Technologies, Inc.			70,079		0.0
28,810	Park Hotels & Resorts, Inc.			339,670		0.0
18,833	Rayonier, Inc.			620,736		0.1
81,152	Realty Income Corp.			5,147,471		0.4
22,151	Regency Centers Corp.			1,384,437		0.1
23,742	Rexford Industrial Realty, Inc.			1,297,263		0.1
13,789	SBA Communications Corp.			3,865,195		0.3
42,180	Simon Property Group, Inc.			4,955,306		0.4
8,274	SL Green Realty Corp.			278,999		0.0
17,988	Spirit Realty Capital, Inc.			718,261		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
32,841	STORE Capital Corp.		$	1,052,882		0.1
15,728	Sun Communities, Inc.			2,249,104		0.2
41,856	UDR, Inc.			1,621,083		0.1
51,617	Ventas, Inc.			2,325,346		0.2
124,379	VICI Properties, Inc.			4,029,880		0.3
22,807	Vornado Realty Trust			474,614		0.0
61,169	Welltower, Inc.			4,009,628		0.3
27,612 (1)	WeWork, Inc.			39,485		0.0
95,145	Weyerhaeuser Co.			2,949,495		0.2
26,656	WP Carey, Inc.			2,083,166		0.2
7,350 (1)	Zillow Group, Inc. - Class A			229,394		0.0
20,404 (1)(2)	Zillow Group, Inc. - Class C			657,213		0.1
				91,725,425		7.6
	Utilities: 6.0%
86,254	AES Corp.			2,480,665		0.2
32,407	Alliant Energy Corp.			1,789,191		0.1
33,279	Ameren Corp.			2,959,169		0.2
23,525	American Water Works Co., Inc.			3,585,681		0.3
17,841	Atmos Energy Corp.			1,999,441		0.2
9,162 (2)	Avangrid, Inc.			393,783		0.0
16,506	Brookfield Renewable Corp.			454,575		0.0
81,468	Centerpoint Energy, Inc.			2,443,225		0.2
37,433	CMS Energy Corp.			2,370,632		0.2
45,890	Consolidated Edison, Inc.			4,373,776		0.4
42,225	Constellation Energy Corp.			3,640,217		0.3
24,944	DTE Energy Co.			2,931,668		0.2
48,616	Edison International			3,092,950		0.3
26,248	Entergy Corp.			2,952,900		0.2
29,914	Essential Utilities, Inc.			1,427,795		0.1
28,740	Evergy, Inc.			1,808,608		0.2
44,561	Eversource Energy			3,735,994		0.3
70,214	FirstEnergy Corp.			2,944,775		0.2
14,061	Hawaiian Electric Industries			588,453		0.1
6,505	Idacorp, Inc.			701,564		0.1
11,329	National Fuel Gas Co.			717,126		0.1
52,493	NiSource, Inc.			1,439,358		0.1
29,617	NRG Energy, Inc.			942,413		0.1
25,813	OGE Energy Corp.			1,020,904		0.1
212,885 (1)	PG&E Corp.			3,461,510		0.3
14,593	Pinnacle West Capital Corp.			1,109,652		0.1
95,290	PPL Corp.			2,784,374		0.2
64,387	Public Service Enterprise Group, Inc.			3,944,992		0.3
27,062	UGI Corp.			1,003,188		0.1
50,786	Vistra Corp.			1,178,235		0.1

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
40,807	WEC Energy Group, Inc.		$	3,826,064		0.3
70,522	Xcel Energy, Inc.			4,944,297		0.4
				73,047,175		6.0
	Total Common Stock (Cost $660,096,791)			1,207,312,988		99.4
EXCHANGE-TRADED FUNDS: 0.2%
48,319	iShares Russell Midcap Index Fund			3,259,117		0.2
	Total Exchange-Traded Funds (Cost $3,099,470)			3,259,117		0.2
	Total Long-Term Investments (Cost $663,196,261)			1,210,572,105		99.6

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.6%
	Repurchase Agreements: 2.3%
6,498,400 (4)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $6,501,462, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $6,628,368, due 01/15/23-11/20/72)		6,498,400		0.5
6,174,406 (4)	Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $6,177,390, collateralized by various U.S. Government Securities, 0.125%-6.250%, Market Value plus accrued interest $6,300,980, due 04/15/23-11/15/52)		6,174,406		0.5

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,734,814 (4)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $2,736,103, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $2,790,844, due 03/01/23-11/20/72)		$	2,734,814		0.2
6,498,411 (4)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $6,501,502, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $6,628,380, due 01/03/23-09/09/49)			6,498,411		0.6
5,931,096 (4)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $5,933,917, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $6,049,747, due 01/15/24-02/15/51)			5,931,096		0.5

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
79,918 (4)	TD Securities (USA) LLC, Repurchase Agreement dated 12/30/22, 4.27%, due 01/03/23 (Repurchase Amount $79,955, collateralized by various U.S. Government Securities, 0.375%-1.875%, Market Value plus accrued interest $81,516, due 10/31/23-07/31/26)		$	79,918		0.0
	Total Repurchase Agreements (Cost $27,917,045)			27,917,045		2.3

Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.3%
3,458,000 (5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $3,458,000)			3,458,000		0.3
	Total Short-Term Investments (Cost $31,375,045)			31,375,045		2.6
	Total Investments in Securities (Cost $694,571,306)		$	1,241,947,150		102.2
	Liabilities in Excess of Other Assets			(27,075,268)		(2.2)
	Net Assets		$	1,214,871,882		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

Investment in affiliate

(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.

See Accompanying Notes to Financial Statements

137

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index 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*		$	1,207,312,988		$	—		$	—		$	1,207,312,988
Exchange-Traded Funds			3,259,117			—			—			3,259,117
Short-Term Investments			3,458,000			27,917,045			—			31,375,045
Total Investments, at fair value		$	1,214,030,105		$	27,917,045		$	—		$	1,241,947,150
Liabilities Table
Other Financial Instruments+
Futures		$	(106,986)		$	—		$	—		$	(106,986)
Total Liabilities		$	(106,986)		$	—		$	—		$	(106,986)

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.

Transactions with Affiliates

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 Financial, Inc.		$	1,025,948		$	3,042		$	(79,585)		$	(175,799)		$	773,606		$	11,295		$	100,986		$	—
		$	1,025,948		$	3,042		$	(79,585)		$	(175,799)		$	773,606		$	11,295		$	100,986		$	—

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 Russell™ Mid Cap Index Portfolio:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P Mid 400 E-Mini	18	03/17/23		$	4,396,680		$	(106,986)
				$	4,396,680		$	(106,986)

See Accompanying Notes to Financial Statements

138

TABLE OF CONTENTS

Voya Russell™ Mid Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	106,986
Total Liability Derivatives			$	106,986

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(519,435)
Total		$	(519,435)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(261,038)
Total		$	(261,038)

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 $707,432,620.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	642,827,957
Gross Unrealized Depreciation		(108,420,414)
Net Unrealized Appreciation	$	534,407,543

See Accompanying Notes to Financial Statements

139

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.6%
	Communication Services: 2.5%
32,681 (1)(2)	Advantage Solutions, Inc.		$	67,976		0.0
11,630 (2)	AMC Networks, Inc.			182,242		0.0
6,998 (2)	Anterix, Inc.			225,126		0.0
5,188 (2)	Arena Group Holdings, Inc./The			55,045		0.0
4,745	ATN International, Inc.			214,996		0.0
9,149 (2)	Bandwidth, Inc.			209,970		0.0
8,350 (2)	Boston Omaha Corp.			221,275		0.0
33,106 (2)	Bumble, Inc.			696,881		0.1
12,630 (2)	Cardlytics, Inc.			73,001		0.0
39,260 (2)	Cargurus, Inc.			550,033		0.1
27,546 (2)	Cars.com, Inc.			379,308		0.1
51,300 (2)	Charge Enterprises, Inc.			63,612		0.0
41,835 (2)	Cinemark Holdings, Inc.			362,291		0.1
144,449 (2)	Clear Channel Outdoor Holdings, Inc.			151,671		0.0
16,760	Cogent Communications Holdings, Inc.			956,661		0.1
29,889 (2)	Consolidated Communications Holdings, Inc.			107,003		0.0
7,451 (2)	Cumulus Media, Inc. Class-A			46,271		0.0
546 (2)	Daily Journal Corp.			136,778		0.0
16,044 (2)	DHI Group, Inc.			84,873		0.0
13,592 (2)	EchoStar Corp.			226,715		0.0
25,261	Entravision Communications Corp.			121,253		0.0
30,559 (2)	Eventbrite, Inc.			179,076		0.0
8,404 (2)	EverQuote, Inc.			123,875		0.0
23,291 (2)	EW Scripps Co.			307,208		0.0
69,842 (1)(2)	fuboTV, Inc.			121,525		0.0
55,136 (2)	Gannett Co., Inc.			111,926		0.0
264,750 (2)	Globalstar, Inc.			352,118		0.1
19,283 (2)	Gogo, Inc.			284,617		0.0
32,691	Gray Television, Inc.			365,812		0.1
5,739 (2)	IDT Corp.			161,668		0.0
46,138 (2)	iHeartMedia, Inc.			282,826		0.0
19,764 (2)	Imax Corp.			289,740		0.0
29,896 (2)	Innovid Corp.			51,122		0.0
16,120 (2)	Integral Ad Science Holding Corp.			141,695		0.0
48,708 (2)	Iridium Communications, Inc.			2,503,591		0.3
16,575	John Wiley & Sons, Inc.			663,995		0.1
16,569 (2)	KORE Group Holdings, Inc.			20,877		0.0
68,938 (2)	Liberty Latin America Ltd.			523,929		0.1
7,763 (2)	Liberty Latin America Ltd. - Class A			58,455		0.0
18,763 (2)	Liberty Media Corp.- Liberty Braves C Tracking Stock			604,731		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Communication Services (continued)
22,657 (1)(2)	Lions Gate Entertainment Corp. - Class A		$	129,371		0.0
44,389 (2)	Lions Gate Entertainment Corp. - Class B			241,032		0.0
9,950 (2)	Madison Square Garden Entertainment Corp.			447,452		0.1
50,397 (2)	Magnite, Inc.			533,704		0.1
9,489 (1)	Marcus Corp.			136,547		0.0
9,198 (2)	MediaAlpha, Inc.			91,520		0.0
9,512 (2)	Ooma, Inc.			129,553		0.0
15,035 (2)	Outbrain, Inc.			54,427		0.0
30,039 (2)	Playstudios, Inc.			116,551		0.0
16,482 (2)	PubMatic, Inc.			211,134		0.0
21,024 (2)	QuinStreet, Inc.			301,694		0.0
29,740 (2)	Radius Global Infrastructure, Inc.			351,527		0.0
9,328 (2)	Reservoir Media, Inc.			55,688		0.0
11,394	Scholastic Corp.			449,607		0.1
19,167	Shenandoah Telecommunications Co.			304,372		0.0
9,475	Shutterstock, Inc.			499,522		0.1
14,883	Sinclair Broadcast Group, Inc.			230,835		0.0
127,614 (2)	Skillz, Inc.			64,636		0.0
31,107 (2)	Stagwell, Inc.			193,174		0.0
10,445 (2)	TechTarget, Inc.			460,207		0.1
84,844	TEGNA, Inc.			1,797,844		0.2
38,630	Telephone & Data Systems, Inc.			405,229		0.1
9,768 (2)	Thryv Holdings, Inc.			185,592		0.0
40,474 (2)	TrueCar, Inc.			101,590		0.0
5,540 (2)	United States Cellular Corp.			115,509		0.0
56,235 (2)	Vimeo, Inc.			192,886		0.0
88,383 (2)	Vinco Ventures, Inc.			41,010		0.0
20,826 (2)	WideOpenWest, Inc.			189,725		0.0
25,887 (2)	Yelp, Inc.			707,751		0.1
17,247 (2)	Ziff Davis, Inc.			1,364,238		0.2
29,125 (2)	ZipRecruiter, Inc.			478,233		0.1
				22,863,927		2.5
	Consumer Discretionary: 10.2%
11,073 (2)	1-800-Flowers.com, Inc.			105,858		0.0
8,965 (2)	1stdibs.com, Inc.			45,542		0.0
28,552 (2)	2U, Inc.			179,021		0.0
11,850	Aaron’s Co., Inc./The			141,607		0.0
18,887 (2)	Abercrombie & Fitch Co. - Class A			432,701		0.1
30,050 (1)	Academy Sports & Outdoors, Inc.			1,578,827		0.2
24,561 (2)	Accel Entertainment, Inc.			189,120		0.0
13,453	Acushnet Holdings Corp.			571,214		0.1

See Accompanying Notes to Financial Statements

140

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
35,901 (2)	Adient plc		$	1,245,406		0.1
17,293 (2)	Adtalem Global Education, Inc.			613,901		0.1
38,625 (2)	Allbirds, Inc.			93,472		0.0
43,670 (2)	American Axle & Manufacturing Holdings, Inc.			341,499		0.0
58,264	American Eagle Outfitters, Inc.			813,365		0.1
7,808 (2)	American Public Education, Inc.			95,960		0.0
2,386 (1)(2)	America’s Car-Mart, Inc.			172,412		0.0
35,239 (1)(2)	AMMO, Inc.			60,963		0.0
32,683	Arko Corp.			283,035		0.0
8,522 (2)	Asbury Automotive Group, Inc.			1,527,568		0.2
28,352 (2)	Aterian, Inc.			21,840		0.0
14,580 (1)(2)	Bally’s Corp.			282,560		0.0
42,900 (2)	BARK, Inc.			63,921		0.0
46,495 (2)	Beachbody Co., Inc./The			24,456		0.0
11,098 (2)	Beazer Homes USA, Inc.			141,610		0.0
30,972 (1)(2)	Bed Bath & Beyond, Inc.			77,740		0.0
7,892 (1)	Big 5 Sporting Goods Corp.			69,686		0.0
10,695 (1)	Big Lots, Inc.			157,216		0.0
8,949 (2)	BJ’s Restaurants, Inc.			236,075		0.0
33,507	Bloomin Brands, Inc.			674,161		0.1
4,722	Bluegreen Vacations Holding Corp.			117,861		0.0
11,321 (2)	Boot Barn Holdings, Inc.			707,789		0.1
12,957 (2)	Bowlero Corp.			174,660		0.0
16,673 (2)	Brinker International, Inc.			532,035		0.1
11,590	Buckle, Inc.			525,606		0.1
5,141 (2)	Build-A-Bear Workshop, Inc.			122,561		0.0
14,106	Caleres, Inc.			314,282		0.0
14,633 (1)	Camping World Holdings, Inc.			326,609		0.0
64,794 (1)(2)	Canoo, Inc.			79,697		0.0
20,149 (2)	CarParts.com, Inc.			126,133		0.0
5,618	Carriage Services, Inc.			154,720		0.0
7,981	Cato Corp.			74,463		0.0
3,507 (2)	Cavco Industries, Inc.			793,459		0.1
69,829 (2)	Cenntro Electric Group Ltd.			30,725		0.0
11,976 (2)	Century Casinos, Inc.			84,191		0.0
11,007	Century Communities, Inc.			550,460		0.1
18,271 (1)	Cheesecake Factory			579,373		0.1
47,678 (2)	Chegg, Inc.			1,204,823		0.1
47,287 (2)	Chico’s FAS, Inc.			232,652		0.0
5,063 (1)(2)	Childrens Place, Inc./The			184,394		0.0
8,080 (2)	Chuy’s Holdings, Inc.			228,664		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
3,409 (2)	Citi Trends, Inc.		$	90,270		0.0
11,327	Clarus Corp.			88,804		0.0
13,512 (2)	Container Store Group, Inc.			58,237		0.0
227,949 (2)	ContextLogic, Inc.			111,171		0.0
43,573 (2)	Coursera, Inc.			515,469		0.1
8,645 (1)	Cracker Barrel Old Country Store, Inc.			819,027		0.1
22,908 (2)	CROCS, Inc.			2,483,914		0.3
48,720	Dana, Inc.			737,134		0.1
16,367 (2)	Dave & Buster’s Entertainment, Inc.			580,046		0.1
22,745 (2)	Denny’s Corp.			209,481		0.0
20,333	Designer Brands, Inc.			198,857		0.0
21,257 (2)	Destination XL Group, Inc.			143,485		0.0
1,538 (1)	Dillards, Inc.			497,082		0.1
6,040	Dine Brands Global, Inc.			390,184		0.1
10,264 (2)	Dorman Products, Inc.			830,050		0.1
7,109 (1)(2)	Dream Finders Homes, Inc.			61,564		0.0
9,056 (2)	Duolingo, Inc.			644,153		0.1
8,534	El Pollo Loco Holdings, Inc.			84,999		0.0
18,942	Ermenegildo Zegna NV			198,323		0.0
8,669 (1)	Ethan Allen Interiors, Inc.			229,035		0.0
9,197 (1)	European Wax Center, Inc.			114,503		0.0
34,101 (2)	Everi Holdings, Inc.			489,349		0.1
26,783 (1)(2)	EVgo, Inc.			119,720		0.0
13,634 (1)(2)	F45 Training Holdings, Inc.			38,857		0.0
82,509 (2)	Faraday Future Intelligent Electric, Inc.			23,952		0.0
65,764 (1)(2)	Fisker, Inc.			478,104		0.1
30,688	Foot Locker, Inc.			1,159,700		0.1
19,451 (2)	Fossil Group, Inc.			83,834		0.0
16,313 (2)	Fox Factory Holding Corp.			1,488,235		0.2
10,585 (1)	Franchise Group, Inc.			252,135		0.0
31,334 (2)	Frontdoor, Inc.			651,747		0.1
13,019 (2)	Full House Resorts, Inc.			97,903		0.0
12,313 (1)(2)	Funko, Inc.			134,335		0.0
5,143 (2)	Genesco, Inc.			236,681		0.0
12,620 (2)	Gentherm, Inc.			823,960		0.1
16,681 (2)	G-III Apparel Group Ltd.			228,697		0.0
7,194 (2)	Golden Entertainment, Inc.			269,056		0.0
106,421 (2)	Goodyear Tire & Rubber Co.			1,080,173		0.1
49,011 (2)	GoPro, Inc.			244,075		0.0
1,426	Graham Holdings Co.			861,603		0.1

See Accompanying Notes to Financial Statements

141

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
11,128 (2)	Green Brick Partners, Inc.		$	269,631		0.0
5,332	Group 1 Automotive, Inc.			961,733		0.1
8,441 (1)(2)	Groupon, Inc.			72,424		0.0
22,238 (2)	GrowGeneration Corp.			87,173		0.0
13,086	Guess?, Inc.			270,749		0.0
6,002	Haverty Furniture Cos., Inc.			179,460		0.0
9,026 (2)	Helen of Troy Ltd.			1,001,074		0.1
4,942	Hibbett, Inc.			337,143		0.0
33,164 (2)	Hilton Grand Vacations, Inc.			1,278,141		0.2
21,067 (1)(2)	Holley, Inc.			44,662		0.0
2,012 (2)	Hovnanian Enterprises, Inc.			84,665		0.0
8,313 (2)	Inspired Entertainment, Inc.			105,326		0.0
9,292	Installed Building Products, Inc.			795,395		0.1
38,120	International Game Technology PLC			864,562		0.1
10,321 (2)	iRobot Corp.			496,750		0.1
8,065	Jack in the Box, Inc.			550,275		0.1
2,184	Johnson Outdoors, Inc.			144,406		0.0
29,258	KB Home			931,867		0.1
20,878	Kontoor Brands, Inc.			834,911		0.1
27,751	Krispy Kreme, Inc.			286,390		0.0
1,665 (1)(2)	Kura Sushi USA, Inc.			79,387		0.0
6,101 (2)	Lands’ End, Inc.			46,307		0.0
16,560 (2)	Latham Group, Inc.			53,323		0.0
51,818	Laureate Education Inc.- Class A			498,489		0.1
16,411	La-Z-Boy, Inc.			374,499		0.1
9,561	LCI Industries			883,914		0.1
7,988 (2)	LGI Homes, Inc.			739,689		0.1
15,520 (2)	Life Time Group Holdings, Inc.			185,619		0.0
6,240	Lifetime Brands, Inc.			47,362		0.0
12,368 (1)(2)	Lindblad Expeditions Holdings, Inc.			95,234		0.0
10,305 (2)	Liquidity Services, Inc.			144,888		0.0
11,672 (2)	LL Flooring Holdings, Inc.			65,597		0.0
66,247 (1)(2)	Lordstown Motors Corp.			75,522		0.0
5,227 (2)	Lovesac Co/The			115,046		0.0
93,577 (1)(2)	Luminar Technologies, Inc.			463,206		0.1
10,193 (2)	M/I Homes, Inc.			470,713		0.1
8,094 (2)	Malibu Boats, Inc.			431,410		0.1
8,136 (2)	MarineMax, Inc.			254,006		0.0
7,182 (2)	MasterCraft Boat Holdings, Inc.			185,798		0.0
21,673	MDC Holdings, Inc.			684,867		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
13,776 (2)	Meritage Homes Corp.		$	1,270,147		0.2
19,357 (2)	Modine Manufacturing Co.			384,430		0.1
5,297 (2)	Monarch Casino & Resort, Inc.			407,286		0.1
12,376 (1)	Monro, Inc.			559,395		0.1
7,910 (2)	Motorcar Parts of America, Inc.			93,813		0.0
6,179	Movado Group, Inc.			199,273		0.0
125,806 (2)	Mullen Automotive, Inc.			35,981		0.0
7,941	Murphy USA, Inc.			2,219,827		0.3
30,816 (2)	National Vision Holdings, Inc.			1,194,428		0.1
4,818 (2)	NeoGames SA			58,731		0.0
21,498 (1)(2)	Nerdy, Inc.			48,371		0.0
17,930 (2)	Noodles & Co.			98,436		0.0
15,357 (2)	ODP Corp./The			699,358		0.1
9,103 (2)	ONE Group Hospitality, Inc./The			57,349		0.0
26,058 (1)(2)	OneSpaWorld Holdings Ltd.			243,121		0.0
4,383 (2)	OneWater Marine, Inc.			125,354		0.0
16,337 (2)	Overstock.com, Inc.			316,284		0.0
5,911	Oxford Industries, Inc.			550,787		0.1
12,522	Papa Johns International, Inc.			1,030,686		0.1
8,254	Patrick Industries, Inc.			500,192		0.1
26,238 (2)	Perdoceo Education Corp.			364,708		0.1
8,145 (1)	PetMed Express, Inc.			144,167		0.0
11,012 (1)(2)	PLBY Group, Inc.			30,283		0.0
31,275 (2)	Porch Group, Inc.			58,797		0.0
8,706 (2)	Portillo’s, Inc.			142,082		0.0
18,048 (2)	Poshmark, Inc.			322,698		0.0
20,773 (1)(2)	Purple Innovation, Inc.			99,503		0.0
36,964 (2)	Quotient Technology, Inc.			126,787		0.0
133,912 (2)	Qurate Retail, Inc.			218,277		0.0
3,427	RCI Hospitality Holdings, Inc.			319,362		0.0
19,469	Red Rock Resorts, Inc.			778,955		0.1
18,625 (1)(2)	Rent the Runway, Inc.			56,806		0.0
19,999	Rent-A-Center, Inc.			450,977		0.1
15,800 (1)(2)	Revolve Group, Inc.			351,708		0.1
2,832	Rocky Brands, Inc.			66,892		0.0
38,610 (1)(2)	Rover Group, Inc.			141,699		0.0
3,875 (1)(2)	RumbleON, Inc.			25,071		0.0
22,859 (2)	Rush Street Interactive, Inc.			82,064		0.0
12,966	Ruth’s Hospitality Group, Inc.			200,714		0.0
40,807 (2)	Sally Beauty Holdings, Inc.			510,904		0.1

See Accompanying Notes to Financial Statements

142

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
37,044 (2)	Scientific Games Corp.		$	2,170,778		0.3
15,838 (2)	SeaWorld Entertainment, Inc.			847,491		0.1
14,382 (2)	Shake Shack, Inc.			597,284		0.1
7,138	Shoe Carnival, Inc.			170,670		0.0
17,737 (1)	Signet Jewelers Ltd.			1,206,116		0.1
20,499 (2)	Skyline Champion Corp.			1,055,903		0.1
8,392 (2)	Sleep Number Corp.			218,024		0.0
17,280	Smith & Wesson Brands, Inc.			149,990		0.0
6,685 (2)	Snap One Holdings Corp.			49,536		0.0
49,020 (2)	Solid Power, Inc.			124,511		0.0
71,404 (2)	Sonder Holdings, Inc.			88,541		0.0
7,144	Sonic Automotive, Inc.			351,985		0.1
48,557 (2)	Sonos, Inc.			820,613		0.1
16,489 (2)	Sportsman’s Warehouse Holdings, Inc.			155,161		0.0
7,921	Standard Motor Products, Inc.			275,651		0.0
30,089	Steven Madden Ltd.			961,644		0.1
30,434 (2)	Stitch Fix, Inc.			94,650		0.0
10,360 (2)	Stoneridge, Inc.			223,362		0.0
8,998	Strategic Education, Inc.			704,723		0.1
15,738 (2)	Stride, Inc.			492,285		0.1
6,537	Sturm Ruger & Co., Inc.			330,903		0.0
5,363	Superior Group of Cos, Inc.			53,952		0.0
33,419 (2)	Sweetgreen, Inc.			286,401		0.0
11,784 (2)	Target Hospitality Corp.			178,410		0.0
40,259 (2)	Taylor Morrison Home Corp.			1,221,861		0.1
25,778	Texas Roadhouse, Inc.			2,344,509		0.3
31,982 (1)(2)	The RealReal, Inc.			39,978		0.0
22,577 (2)	ThredUp, Inc.			29,576		0.0
9,726 (2)	Tilly’s, Inc.			88,020		0.0
53,077 (1)(2)	Topgolf Callaway Brands Corp.			1,048,271		0.1
11,687 (1)(2)	Traeger, Inc.			32,957		0.0
4,991 (2)	TravelCenters of America, Inc.			223,497		0.0
38,843 (2)	Tri Pointe Homes, Inc.			722,091		0.1
17,365 (2)	Tupperware Brands Corp.			71,891		0.0
28,236 (2)	Udemy, Inc.			297,890		0.0
5,967 (2)	Unifi, Inc.			51,376		0.0
5,091 (2)	Universal Electronics, Inc.			105,944		0.0
12,053 (2)	Universal Technical Institute, Inc.			80,996		0.0
25,038 (2)	Urban Outfitters, Inc.			597,156		0.1
41,130 (1)(2)	Vacasa, Inc.			51,824		0.0
21,486 (2)	Vista Outdoor, Inc.			523,614		0.1
10,683 (2)	Visteon Corp.			1,397,657		0.2

Shares		Value			��	Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
9,224 (2)	Vivid Seats, Inc.		$	67,335			0.0
36,334 (2)	Vivint Smart Home, Inc.			432,375			0.1
26,370 (2)	Vizio Holding Corp.			195,402			0.0
47,356 (1)(2)	Volta, Inc.			16,830			0.0
22,644 (1)(2)	Vuzix Corp.			82,424			0.0
32,270 (2)	Warby Parker, Inc.			435,322			0.1
9,258 (1)	Weber, Inc.			74,527			0.0
11,527	Wingstop, Inc.			1,586,346			0.2
979	Winmark Corp.			230,878			0.0
11,990	Winnebago Industries			631,873			0.1
30,681	Wolverine World Wide, Inc.			335,343			0.0
61,804 (1)(2)	Workhorse Group, Inc.			93,942			0.0
20,468 (2)	WW International, Inc.			79,006			0.0
13,051 (1)(2)	Xometry, Inc.			420,634			0.1
8,225 (1)(2)	XPEL, Inc.			493,994			0.1
6,453 (2)	Xponential Fitness, Inc.			147,967			0.0
6,244 (2)	Zumiez, Inc.			135,745			0.0
				91,308,748			10.2
	Consumer Staples: 3.5%
60,974 (2)	22nd Century Group, Inc.			56,127			0.0
12,564	Andersons, Inc.			439,614			0.1
33,678 (2)	AppHarvest, Inc.			19,109			0.0
26,629 (1)	B&G Foods, Inc.			296,913			0.0
38,694 (1)(2)	Beauty Health Co/The			352,115			0.0
50,756 (2)	BellRing Brands, Inc.			1,301,384			0.1
69,692 (2)	Benson Hill, Inc.			177,715			0.0
23,898 (1)(2)	Beyond Meat, Inc.			294,184			0.0
9,830 (1)(2)	BRC, Inc.			60,061			0.0
6,799	Calavo Growers, Inc.			199,891			0.0
14,675	Cal-Maine Foods, Inc.			799,054			0.1
21,291 (2)	Celsius Holdings, Inc.			2,215,116			0.2
1,402 (2)	Central Garden & Pet Co. - CENT			52,505			0.0
18,381 (2)	Central Garden & Pet Co. - Class A - CENTA			658,040			0.1
13,404 (2)	Chefs’ Warehouse Holdings, Inc.			446,085			0.1
1,797	Coca-Cola Consolidated, Inc.			920,711			0.1
14,246 (2)	Duckhorn Portfolio, Inc./The			236,056			0.0
19,971	Edgewell Personal Care Co.			769,682			0.1
18,971 (2)	elf Beauty, Inc.			1,049,096			0.1
25,619	Energizer Holdings, Inc.			859,517			0.1
12,187	Fresh Del Monte Produce, Inc.			319,178			0.0
28,419 (2)	Hain Celestial Group, Inc.			459,819			0.1
37,570 (2)	Herbalife Nutrition Ltd.			559,042			0.1
15,527 (2)	HF Foods Group, Inc.			63,040			0.0

See Accompanying Notes to Financial Statements

143

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Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
27,312 (2)	Honest Co., Inc./The		$	82,209		0.0
51,426 (2)	Hostess Brands, Inc.			1,153,999		0.1
5,644	Ingles Markets, Inc.			544,420		0.1
7,029	Inter Parfums, Inc.			678,439		0.1
5,908	J&J Snack Foods Corp.			884,487		0.1
3,494	John B Sanfilippo & Son, Inc.			284,132		0.0
7,427	Lancaster Colony Corp.			1,465,347		0.2
11,188 (2)	Lifecore Biomedical, Inc.			72,498		0.0
25,752 (2)	Local Bounti Corp.			35,795		0.0
4,192	Medifast, Inc.			483,547		0.1
5,455	MGP Ingredients, Inc.			580,303		0.1
16,818 (2)	Mission Produce, Inc.			195,425		0.0
9,155 (2)	National Beverage Corp.			425,982		0.1
19,126	Nu Skin Enterprises, Inc.			806,352		0.1
9,736	Pricesmart, Inc.			591,754		0.1
60,096	Primo Water Corp.			933,892		0.1
21,479 (2)	Rite Aid Corp.			71,740		0.0
2,416 (2)	Seneca Foods Corp.			147,255		0.0
34,247 (2)	Simply Good Foods Co/The			1,302,413		0.1
14,317 (2)	Sovos Brands, Inc.			205,735		0.0
13,873	SpartanNash Co.			419,520		0.1
41,132 (2)	Sprouts Farmers Market, Inc.			1,331,443		0.2
38,011 (2)	SunOpta, Inc.			320,813		0.0
19,264 (1)(2)	Tattooed Chef, Inc.			23,695		0.0
6,498	Tootsie Roll Industries, Inc.			276,620		0.0
19,582 (1)(2)	TreeHouse Foods, Inc.			966,959		0.1
5,958	Turning Point Brands, Inc.			128,872		0.0
22,447 (2)	United Natural Foods, Inc.			868,923		0.1
9,894	Universal Corp.			522,502		0.1
4,446 (2)	USANA Health Sciences, Inc.			236,527		0.0
25,580 (1)	Utz Brands, Inc.			405,699		0.0
56,481	Vector Group Ltd.			669,865		0.1
24,955 (2)	Veru, Inc.			131,762		0.0
11,569 (1)(2)	Vintage Wine Estates, Inc.			37,715		0.0
11,425 (1)(2)	Vita Coco Co., Inc./The			157,894		0.0
11,805 (2)	Vital Farms, Inc.			176,131		0.0
5,309	WD-40 Co.			855,864		0.1
6,541 (1)	Weis Markets, Inc.			538,259		0.1
15,379 (2)	Whole Earth Brands, Inc.			62,593		0.0
				31,681,434		3.5
	Energy: 6.6%
11,716 (1)(2)	Aemetis, Inc.			46,395		0.0
27,905 (2)	Alto Ingredients, Inc.			80,366		0.0
14,024 (2)	Amplify Energy Corp.			123,271		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
5,719 (1)	Arch Resources, Inc.		$	816,616		0.1
52,602	Archrock, Inc.			472,366		0.1
13,502 (2)	Ardmore Shipping Corp.			194,564		0.0
31,342	Berry Corp.			250,736		0.0
75,259 (2)	Borr Drilling Ltd.			374,037		0.1
9,183 (2)	Bristow Group, Inc.			249,135		0.0
22,433	Cactus, Inc.			1,127,483		0.1
28,975	California Resources Corp.			1,260,702		0.1
18,821 (2)	Callon Petroleum Co.			698,071		0.1
4,089 (2)	Centrus Energy Corp.			132,811		0.0
78,522	ChampionX Corp.			2,276,353		0.3
16,230	Chord Energy Corp.			2,220,426		0.3
28,205 (1)	Civitas Resources, Inc.			1,633,916		0.2
64,733 (2)	Clean Energy Fuels Corp.			336,612		0.0
71,287 (1)(2)	CNX Resources Corp.			1,200,473		0.1
35,677	Comstock Resources, Inc.			489,132		0.1
13,169	CONSOL Energy, Inc.			855,985		0.1
13,172 (1)	Crescent Energy Co.			157,932		0.0
11,453	CVR Energy, Inc.			358,937		0.0
27,077	Delek US Holdings, Inc.			731,079		0.1
19,326 (2)	Denbury, Inc.			1,681,749		0.2
54,000	DHT Holdings, Inc.			479,520		0.1
39,362 (2)	Diamond Offshore Drilling, Inc.			409,365		0.1
7,211 (2)	DMC Global, Inc.			140,182		0.0
12,068	Dorian L.P.G Ltd.			228,689		0.0
13,717 (2)	Dril-Quip, Inc.			372,691		0.0
17,410 (1)(2)	Earthstone Energy, Inc.			247,744		0.0
59,585 (1)(2)	Energy Fuels, Inc./ Canada			370,023		0.0
158,798	Equitrans Midstream Corp.			1,063,947		0.1
7,444	Excelerate Energy, Inc.			186,472		0.0
30,147 (2)	Expro Group Holdings NV			546,565		0.1
10,818 (1)	FLEX LNG Ltd.			353,640		0.0
48,084 (1)	Frontline Ltd./Bermuda			583,740		0.1
75,546 (1)(2)	Gevo, Inc.			143,537		0.0
38,836 (2)	Golar LNG Ltd.			885,072		0.1
20,310 (2)	Green Plains, Inc.			619,455		0.1
4,396 (2)	Gulfport Energy Corp.			323,721		0.0
55,432 (2)	Helix Energy Solutions Group, Inc.			409,088		0.1
39,497	Helmerich & Payne, Inc.			1,957,866		0.2
2,977 (1)	HighPeak Energy, Inc.			68,084		0.0
19,174 (1)	International Seaways, Inc.			709,821		0.1
6,852 (1)	Kinetik Holdings, Inc.			226,664		0.0
173,878 (2)	Kosmos Energy Ltd.			1,105,864		0.1
54,686	Liberty Energy, Inc.			875,523		0.1

See Accompanying Notes to Financial Statements

144

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
63,005 (1)	Magnolia Oil & Gas Corp.		$	1,477,467		0.2
43,195	Matador Resources Co.			2,472,482		0.3
56,700	Murphy Oil Corp.			2,438,667		0.3
3,547 (2)	Nabors Industries Ltd.			549,324		0.1
1,529	Nacco Industries, Inc.			58,102		0.0
14,866 (2)	National Energy Services Reunited Corp.			103,170		0.0
35,564 (2)	Newpark Resources, Inc.			147,591		0.0
12,093 (2)	NextDecade Corp.			59,739		0.0
68,005 (2)	NexTier Oilfield Solutions, Inc.			628,366		0.1
29,707 (2)	Noble Corp. PLC			1,120,251		0.1
77,683	Nordic American Tankers Ltd.			237,710		0.0
25,407	Northern Oil and Gas, Inc.			783,044		0.1
40,428 (2)	Oceaneering International, Inc.			707,086		0.1
25,319 (2)	Oil States International, Inc.			188,880		0.0
19,175 (2)	Par Pacific Holdings, Inc.			445,819		0.1
82,077	Patterson-UTI Energy, Inc.			1,382,177		0.2
37,375	PBF Energy, Inc.			1,524,153		0.2
45,317 (1)(2)	Peabody Energy Corp.			1,197,275		0.1
78,651	Permian Resources Corp.			739,319		0.1
6,238 (2)	ProFrac Holding Corp.			157,198		0.0
34,287 (2)	ProPetro Holding Corp.			355,556		0.0
8,050	Ranger Oil Corp.			325,462		0.0
6,390 (2)	REX American Resources Corp.			203,585		0.0
3,984	Riley Exploration Permian, Inc.			117,249		0.0
31,918 (2)	Ring Energy, Inc.			78,518		0.0
30,588 (1)	RPC, Inc.			271,927		0.0
11,841 (2)	SandRidge Energy, Inc.			201,652		0.0
18,444	Scorpio Tankers, Inc.			991,734		0.1
28,823	Select Energy Services, Inc.			266,325		0.0
44,129	SFL Corp. Ltd.			406,869		0.1
4,365 (2)	SilverBow Resources, Inc.			123,442		0.0
26,505 (1)	Sitio Royalties Corp.			764,679		0.1
46,585	SM Energy Co.			1,622,556		0.2
12,780	Solaris Oilfield Infrastructure, Inc.			126,905		0.0
25,599 (2)	Talos Energy, Inc.			483,309		0.1
30,904 (2)	Teekay Corp.			140,304		0.0
8,969 (2)	Teekay Tankers Ltd.			276,335		0.0
196,976 (1)(2)	Tellurian, Inc.			330,920		0.0
48,688 (2)	Tetra Technologies, Inc.			168,460		0.0
16,644 (2)	Tidewater, Inc.			613,331		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
129,646 (1)(2)	Uranium Energy Corp.		$	503,026		0.1
79,310 (2)	Ur-Energy, Inc.			91,207		0.0
28,788 (2)	US Silica Holdings, Inc.			359,850		0.0
40,976	Vaalco Energy, Inc.			186,851		0.0
23,404 (1)(2)	Valaris Ltd.			1,582,578		0.2
20,585 (1)(2)	Vertex Energy, Inc.			127,627		0.0
6,399 (2)	Vital Energy, Inc.			329,037		0.0
38,008 (2)	W&T Offshore, Inc.			212,085		0.0
27,272 (2)	Weatherford International PLC			1,388,690		0.2
23,670	World Fuel Services Corp.			646,901		0.1
				59,791,210		6.6
	Financials: 16.8%
7,292	1st Source Corp.			387,132		0.1
2,756	ACNB Corp.			109,716		0.0
5,846	AFC Gamma, Inc.			91,958		0.0
6,737	Alerus Financial Corp.			157,309		0.0
4,744	Amalgamated Financial Corp.			109,302		0.0
7,056	A-Mark Precious Metals, Inc.			245,055		0.0
17,078 (2)	Ambac Financial Group, Inc.			297,840		0.0
10,984	Amerant Bancorp, Inc.			294,811		0.0
27,525	American Equity Investment Life Holding Co.			1,255,690		0.1
4,893	American National Bankshares, Inc.			180,698		0.0
25,667	Ameris Bancorp.			1,209,942		0.1
7,799	Amerisafe, Inc.			405,314		0.1
5,790	Angel Oak Mortgage, Inc.			27,387		0.0
57,938	Apollo Commercial Real Estate Finance, Inc.			623,413		0.1
59,658	Arbor Realty Trust, Inc.			786,889		0.1
19,128 (1)	Ares Commercial Real Estate Corp.			196,827		0.0
12,346	Argo Group International Holdings Ltd.			319,144		0.0
40,638 (1)	ARMOUR Residential REIT, Inc.			228,792		0.0
6,693	Arrow Financial Corp.			226,893		0.0
22,397	Artisan Partners Asset Management, Inc.			665,191		0.1
8,884 (2)	AssetMark Financial Holdings, Inc.			204,332		0.0
56,084	Associated Banc-Corp.			1,294,980		0.2
29,256	Atlantic Union Bankshares Corp.			1,028,056		0.1
2,044 (2)	Atlanticus Holdings Corp.			53,553		0.0
22,437 (2)	Axos Financial, Inc.			857,542		0.1
7,865 (1)	B. Riley Financial, Inc.			268,983		0.0

See Accompanying Notes to Financial Statements

145

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
26,896 (2)	Bakkt Holdings, Inc.		$	32,006		0.0
22,268	Banc of California, Inc.			354,729		0.0
7,302	Bancfirst Corp.			643,890		0.1
10,819	Banco Latinoamericano de Comercio Exterior SA			175,268		0.0
20,956 (2)	Bancorp, Inc.			594,731		0.1
2,925 (1)	Bank First Corp.			271,498		0.0
6,893	Bank of Marin Bancorp			226,642		0.0
19,346	Bank of NT Butterfield & Son Ltd.			576,704		0.1
30,562	BankUnited, Inc.			1,038,191		0.1
13,368	Banner Corp.			844,858		0.1
7,080	Bar Harbor Bankshares			226,843		0.0
18,049	Berkshire Hills Bancorp, Inc.			539,665		0.1
123,548	BGC Partners, Inc.			465,776		0.1
62,523	Blackstone Mortgage Trust, Inc.			1,323,612		0.2
18,975 (2)	Blucora, Inc.			484,432		0.1
18,655	Bread Financial Holdings, Inc.			702,547		0.1
10,717 (2)	Bridgewater Bancshares, Inc.			190,120		0.0
76,096 (2)	Bright Health Group, Inc.			49,455		0.0
13,043 (1)	Brightsphere Investment Group, Inc.			268,425		0.0
36,633	BrightSpire Capital, Inc.			228,224		0.0
52,948	Broadmark Realty Capital, Inc.			188,495		0.0
29,975	Brookline Bancorp, Inc.			424,146		0.1
22,857 (1)(2)	BRP Group, Inc.			574,625		0.1
9,444	Business First Bancshares, Inc.			209,090		0.0
10,880	Byline Bancorp, Inc.			249,914		0.0
70,102	Cadence Bank			1,728,715		0.2
2,989	Cambridge Bancorp			248,266		0.0
6,055	Camden National Corp.			252,433		0.0
29,493 (2)	Cannae Holdings, Inc.			609,030		0.1
6,825	Capital City Bank Group, Inc.			221,812		0.0
52,562	Capitol Federal Financial, Inc.			454,661		0.1
8,495	Capstar Financial Holdings, Inc.			150,022		0.0
10,911 (2)	Carter Bankshares, Inc.			181,013		0.0
27,953	Cathay General Bancorp.			1,140,203		0.1
11,378	Central Pacific Financial Corp.			230,746		0.0
90,983	Chimera Investment Corp.			500,407		0.1
6,917	Citizens & Northern Corp.			158,123		0.0
5,911	City Holding Co.			550,255		0.1
7,057	Civista Bancshares, Inc.			155,325		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
36,093	Claros Mortgage Trust, Inc.		$	530,928		0.1
7,382	CNB Financial Corp.			175,618		0.0
43,747	CNO Financial Group, Inc.			999,619		0.1
4,295 (2)	Coastal Financial Corp./WA			204,098		0.0
9,623	Cohen & Steers, Inc.			621,261		0.1
30,304	Columbia Banking System, Inc.			913,060		0.1
14,950 (1)(2)	Columbia Financial, Inc.			323,219		0.0
20,389	Community Bank System, Inc.			1,283,488		0.2
6,136	Community Trust Bancorp, Inc.			281,826		0.0
23,572 (3)	Compass Diversified Holdings			429,718		0.1
15,690	ConnectOne Bancorp, Inc.			379,855		0.0
4,359 (2)	Consumer Portfolio Services, Inc.			38,577		0.0
9,840	Cowen, Inc.			380,021		0.0
19,918 (2)	CrossFirst Bankshares, Inc.			247,182		0.0
7,629	Curo Group Holdings Corp.			27,083		0.0
11,856 (1)(2)	Customers Bancorp, Inc.			335,999		0.0
50,108	CVB Financial Corp.			1,290,281		0.2
1,288	Diamond Hill Investment Group, Inc.			238,306		0.0
13,513	Dime Community Bancshares, Inc.			430,119		0.1
10,314 (2)	Donnelley Financial Solutions, Inc.			398,636		0.1
14,467 (1)	Dynex Capital, Inc.			184,020		0.0
12,402	Eagle Bancorp, Inc.			546,556		0.1
61,641	Eastern Bankshares, Inc.			1,063,307		0.1
10,123 (2)	eHealth, Inc.			48,995		0.0
20,781 (1)	Ellington Financial, Inc.			257,061		0.0
11,017	Employers Holdings, Inc.			475,163		0.1
10,827	Enact Holdings, Inc.			261,147		0.0
8,780 (2)	Encore Capital Group, Inc.			420,913		0.1
12,397 (2)	Enova International, Inc.			475,673		0.1
4,414 (2)	Enstar Group Ltd.			1,019,811		0.1
3,096	Enterprise Bancorp, Inc./MA			109,289		0.0
14,200	Enterprise Financial Services Corp.			695,232		0.1
6,314	Equity Bancshares, Inc.			206,278		0.0
2,457	Esquire Financial Holdings, Inc.			106,290		0.0
40,441	Essent Group Ltd.			1,572,346		0.2
20,146 (2)	Ezcorp, Inc.			164,190		0.0

See Accompanying Notes to Financial Statements

146

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
4,495	Farmers & Merchants Bancorp, Inc./Archbold OH		$	122,174		0.0
14,176	Farmers National Banc Corp.			200,165		0.0
13,687	FB Financial Corp.			494,648		0.1
3,758	Federal Agricultural Mortgage Corp.			423,564		0.1
33,324	Federated Hermes, Inc.			1,209,994		0.1
6,838	Financial Institutions, Inc.			166,574		0.0
5,192	First Bancorp, Inc./The			155,448		0.0
73,293	First BanCorp. Puerto Rico			932,287		0.1
13,663	First BanCorp. Southern Pines NC			585,323		0.1
8,511	First Bancshares, Inc./The			272,437		0.0
8,021	First Bank/Hamilton NJ			110,369		0.0
20,884	First Busey Corp.			516,252		0.1
36,920	First Commonwealth Financial Corp.			515,772		0.1
8,281	First Community Bancshares, Inc.			280,726		0.0
36,289	First Financial Bancorp.			879,282		0.1
49,600 (1)	First Financial Bankshares, Inc.			1,706,240		0.2
4,004	First Financial Corp.			184,504		0.0
18,548	First Foundation, Inc.			265,793		0.0
4,232	First Internet Bancorp			102,753		0.0
34,784	First Interstate Bancsystem, Inc.			1,344,402		0.2
22,018	First Merchants Corp.			905,160		0.1
7,999	First Mid Bancshares, Inc.			256,608		0.0
10,248	First of Long Island Corp.			184,464		0.0
14,760	FirstCash Holdings, Inc.			1,282,792		0.1
4,444	Five Star Bancorp			121,055		0.0
11,330	Flushing Financial Corp.			219,575		0.0
22,417 (2)	Focus Financial Partners, Inc.			835,482		0.1
33,376 (1)	Franklin BSP Realty Trust, Inc.			430,550		0.1
60,280	Fulton Financial Corp.			1,014,512		0.1
17,583	GCM Grosvenor, Inc.			133,807		0.0
190,981 (2)	Genworth Financial, Inc.			1,010,289		0.1
11,002	German American Bancorp, Inc.			410,375		0.1
42,190	Glacier Bancorp., Inc.			2,085,030		0.2
7,436 (2)	Goosehead Insurance, Inc.			255,352		0.0
24,866	Granite Point Mortgage Trust, Inc.			133,282		0.0
4,101	Great Southern Bancorp., Inc.			243,968		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
18,791 (2)	Green Dot Corp.		$	297,274		0.0
1,363	Greene County Bancorp, Inc.			78,263		0.0
13,370	Hamilton Lane, Inc.			854,076		0.1
32,872	Hancock Whitney Corp.			1,590,676		0.2
13,103	Hanmi Financial Corp.			324,299		0.0
32,792	Hannon Armstrong Sustainable Infrastructure Capital, Inc.			950,312		0.1
18,927	HarborOne Bancorp, Inc.			263,085		0.0
2,590 (1)	HCI Group, Inc.			102,538		0.0
15,941	Heartland Financial USA, Inc.			743,169		0.1
26,054	Heritage Commerce Corp.			338,702		0.0
14,654	Heritage Financial Corp.			448,999		0.1
20,346	Hilltop Holdings, Inc.			610,583		0.1
668	Hingham Institution for Savings			184,341		0.0
6,082 (1)(2)	Hippo Holdings, Inc.			82,715		0.0
3,848	Home Bancorp, Inc.			154,035		0.0
69,026	Home Bancshares, Inc./Conway AR			1,573,103		0.2
7,420	HomeStreet, Inc.			204,644		0.0
6,557	HomeTrust Bancshares, Inc.			158,483		0.0
45,056	Hope Bancorp, Inc.			577,167		0.1
16,167	Horace Mann Educators Corp.			604,161		0.1
17,767	Horizon Bancorp, Inc.			267,926		0.0
19,416	Houlihan Lokey, Inc.			1,692,299		0.2
17,802	Independent Bank Corp.			1,503,023		0.2
2,180	Independent Bank Corp. Michigan			52,146		0.0
14,285	Independent Bank Group, Inc.			858,243		0.1
20,857	International Bancshares Corp.			954,416		0.1
12,845 (1)	Invesco Mortgage Capital, Inc.			163,517		0.0
28,511	Jackson Financial, Inc.			991,898		0.1
14,240	James River Group Holdings Ltd.			297,758		0.0
3,905	John Marshall Bancorp, Inc.			112,386		0.0
26,431	Kearny Financial Corp./MD			268,275		0.0
8,350	Kinsale Capital Group, Inc.			2,183,692		0.3
20,280	KKR Real Estate Finance Trust, Inc.			283,109		0.0
47,644	Ladder Capital Corp.			478,346		0.1
24,077	Lakeland Bancorp, Inc.			423,996		0.1
9,632	Lakeland Financial Corp.			702,847		0.1

See Accompanying Notes to Financial Statements

147

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PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
18,176 (1)(2)	Lemonade, Inc.		$	248,648		0.0
38,625 (2)	LendingClub Corp.			339,900		0.0
4,066 (2)	LendingTree, Inc.			86,728		0.0
12,430	Live Oak Bancshares, Inc.			375,386		0.0
19,146 (2)	MBIA, Inc.			246,026		0.0
6,981	Mercantile Bank Corp.			233,724		0.0
6,870	Merchants Bancorp/IN			167,078		0.0
10,176	Mercury General Corp.			348,019		0.0
8,757	Metrocity Bankshares, Inc.			189,414		0.0
4,000 (2)	Metropolitan Bank Holding Corp.			234,680		0.0
42,103	MFA Financial, Inc.			414,715		0.1
5,886	Mid Penn Bancorp, Inc.			176,403		0.0
8,412	Midland States Bancorp, Inc.			223,927		0.0
6,374	MidWestOne Financial Group, Inc.			202,375		0.0
24,028	Moelis & Co.			921,954		0.1
54,501 (2)	Moneylion, Inc.			33,791		0.0
26,529 (2)	Mr Cooper Group, Inc.			1,064,609		0.1
4,354	MVB Financial Corp.			95,875		0.0
11,980	National Bank Holdings Corp.			503,999		0.1
908	National Western Life Group, Inc.			255,148		0.0
41,039	Navient Corp.			675,092		0.1
16,951	NBT Bancorp., Inc.			736,012		0.1
5,706	Nelnet, Inc.			517,820		0.1
10,561 (2)	NerdWallet, Inc.			101,386		0.0
156,767	New York Mortgage Trust, Inc.			401,324		0.1
4,910 (1)(2)	Nicolet Bankshares, Inc.			391,769		0.1
32,903 (2)	NMI Holdings, Inc.			687,673		0.1
20,303	Northfield Bancorp, Inc.			319,366		0.0
44,952	Northwest Bancshares, Inc.			628,429		0.1
22,992	OceanFirst Financial Corp.			488,580		0.1
19,332	OFG Bancorp			532,790		0.1
111,937	Old National Bancorp.			2,012,627		0.2
16,480	Old Second Bancorp, Inc.			264,339		0.0
41,148 (2)	Open Lending Corp.			277,749		0.0
8,977 (2)	Oportun Financial Corp.			49,463		0.0
3,405	Oppenheimer Holdings, Inc.			144,134		0.0
13,755 (1)	Orchid Island Capital, Inc.			144,428		0.0
9,327	Origin Bancorp, Inc.			342,301		0.0
47,383 (2)	Oscar Health, Inc.			116,562		0.0
36,380	Pacific Premier Bancorp, Inc.			1,148,153		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
9,465 (2)	Palomar Holdings, Inc.		$	427,439		0.1
5,848	Park National Corp.			823,106		0.1
11,351	Pathward Financial, Inc.			488,661		0.1
7,679	Peapack-Gladstone Financial Corp.			285,812		0.0
11,046	PennyMac Financial Services, Inc.			625,866		0.1
39,347 (1)	Pennymac Mortgage Investment Trust			487,509		0.1
10,579	Peoples Bancorp., Inc.			298,857		0.0
3,165	Peoples Financial Services Corp.			164,074		0.0
15,201	Perella Weinberg Partners			148,970		0.0
6,677	Piper Sandler Cos			869,279		0.1
9,341	PJT Partners, Inc.			688,338		0.1
14,891 (2)	PRA Group, Inc.			503,018		0.1
5,835	Preferred Bank/Los Angeles CA			435,408		0.1
14,643	Premier Financial Corp.			394,922		0.1
11,003	Primis Financial Corp.			130,386		0.0
21,155	ProAssurance Corp.			369,578		0.0
4,835 (2)	Professional Holding Corp.			134,123		0.0
20,119 (2)	PROG Holdings, Inc.			339,810		0.0
30,408	Provident Financial Services, Inc.			649,515		0.1
6,195	QCR Holdings, Inc.			307,520		0.0
60,000	Radian Group, Inc.			1,144,200		0.1
27,316 (1)	Ready Capital Corp.			304,300		0.0
46,078	Redwood Trust, Inc.			311,487		0.0
3,249	Regional Management Corp.			91,232		0.0
21,480	Renasant Corp.			807,433		0.1
4,125	Republic Bancorp., Inc.			168,795		0.0
17,551 (2)	Republic First Bancorp, Inc.			37,735		0.0
14,989	RLI Corp.			1,967,606		0.2
15,976	S&T Bancorp, Inc.			546,060		0.1
5,732	Safety Insurance Group, Inc.			482,978		0.1
17,973	Sandy Spring Bancorp, Inc.			633,189		0.1
8,933	Sculptor Capital Management, Inc.			77,360		0.0
22,555	Seacoast Banking Corp. of Florida			703,490		0.1
22,985	Selective Insurance Group			2,036,701		0.2
54,098 (2)	Selectquote, Inc.			36,348		0.0
19,291	ServisFirst Bancshares, Inc.			1,329,343		0.2
5,755	Sierra Bancorp.			122,236		0.0
12,011 (1)(2)	Silvergate Capital Corp.			208,991		0.0

See Accompanying Notes to Financial Statements

148

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
47,909	Simmons First National Corp.		$	1,033,876		0.1
40,064 (2)	SiriusPoint Ltd.			236,378		0.0
6,906	SmartFinancial, Inc.			189,915		0.0
3,593 (2)	Southern First Bancshares, Inc.			164,380		0.0
3,753	Southern Missouri Bancorp, Inc.			172,000		0.0
12,654	Southside Bancshares, Inc.			455,417		0.1
28,668	SouthState Corp.			2,189,088		0.3
19,265	Stellar Bancorp, Inc.			567,547		0.1
19,922	StepStone Group, Inc.			501,636		0.1
10,117	Stewart Information Services Corp.			432,299		0.1
10,828 (1)	Stock Yards Bancorp, Inc.			703,603		0.1
6,655 (2)	StoneX Group, Inc.			634,222		0.1
19,349 (2)	Texas Capital Bancshares, Inc.			1,166,938		0.1
4,180 (2)	Third Coast Bancshares, Inc.			77,037		0.0
10,141	Tiptree Financial, Inc.			140,351		0.0
6,019	Tompkins Financial Corp.			466,954		0.1
26,173	TowneBank/Portsmouth VA			807,175		0.1
28,143	TPG RE Finance Trust, Inc.			191,091		0.0
12,268	Trico Bancshares			625,545		0.1
9,241 (2)	Triumph Financial, Inc.			451,608		0.1
14,885 (1)(2)	Trupanion, Inc.			707,484		0.1
8,582	TrustCo Bank Corp. NY			322,597		0.0
23,855	Trustmark Corp.			832,778		0.1
32,118 (1)	Two Harbors Investment Corp.			506,501		0.1
16,701	UMB Financial Corp.			1,394,868		0.2
50,621	United Bankshares, Inc.			2,049,644		0.2
40,380	United Community Banks, Inc./GA			1,364,844		0.2
8,670	United Fire Group, Inc.			237,211		0.0
11,265	Universal Insurance Holdings, Inc.			119,296		0.0
12,489	Univest Financial Corp.			326,338		0.0
157,803	Valley National Bancorp			1,784,752		0.2
19,941	Veritex Holdings, Inc.			559,943		0.1
6,059	Victory Capital Holdings, Inc.			162,563		0.0
2,786	Virtus Investment Partners, Inc.			533,352		0.1
11,734	Walker & Dunlop, Inc.			920,884		0.1
25,215	Washington Federal, Inc.			845,963		0.1
7,075	Washington Trust Bancorp, Inc.			333,799		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
8,365	Waterstone Financial, Inc.		$	144,213		0.0
22,805	WesBanco, Inc.			843,329		0.1
7,554	West BanCorp, Inc.			193,005		0.0
10,415	Westamerica Bancorp.			614,589		0.1
55,231 (1)	WisdomTree, Inc.			301,009		0.0
1,604 (1)(2)	World Acceptance Corp.			105,768		0.0
24,848	WSFS Financial Corp.			1,126,613		0.1
				150,954,795		16.8
	Health Care: 16.5%
69,065 (2)	1Life Healthcare, Inc.			1,154,076		0.1
98,074 (2)	23andMe Holding Co.			211,840		0.0
15,019 (2)	2seventy bio, Inc.			140,728		0.0
11,710 (2)	4D Molecular Therapeutics, Inc.			260,079		0.0
5,355 (1)(2)	Aadi Bioscience, Inc.			68,705		0.0
79,447 (2)	AbCellera Biologics, Inc.			804,798		0.1
20,105 (2)	Absci Corp.			42,221		0.0
46,015 (2)	Acadia Pharmaceuticals, Inc.			732,559		0.1
24,798 (2)	Accolade, Inc.			193,176		0.0
24,646 (2)	Aclaris Therapeutics, Inc.			388,175		0.1
27,808 (2)	AdaptHealth Corp.			534,470		0.1
43,121 (2)	Adaptive Biotechnologies Corp.			329,444		0.0
6,000 (2)	Addus HomeCare Corp.			596,940		0.1
10,741 (2)	Adicet Bio, Inc.			96,025		0.0
71,313 (2)	ADMA Biologics, Inc.			276,694		0.0
3,773 (1)(2)	Aerovate Therapeutics, Inc.			110,549		0.0
59,093 (2)	Affimed NV			73,275		0.0
118,563 (2)	Agenus, Inc.			284,551		0.0
11,000 (1)(2)	Agiliti, Inc.			179,410		0.0
21,634 (2)	Agios Pharmaceuticals, Inc.			607,483		0.1
13,165 (2)	Akero Therapeutics, Inc.			721,442		0.1
6,383 (2)	Akoya Biosciences, Inc.			61,085		0.0
6,772 (2)	Albireo Pharma, Inc.			146,343		0.0
24,437 (2)	Alector, Inc.			225,554		0.0
35,474 (2)	Alignment Healthcare, Inc.			417,174		0.1
62,678 (2)	Alkermes PLC			1,637,776		0.2
31,068 (1)(2)	Allogene Therapeutics, Inc.			195,418		0.0
12,846 (2)	Allovir, Inc.			65,900		0.0
43,723 (2)	Allscripts Healthcare Solutions, Inc.			771,274		0.1
28,352 (2)	Alphatec Holdings, Inc.			350,147		0.1
8,208 (2)	Alpine Immune Sciences, Inc.			60,329		0.0
8,931 (1)(2)	ALX Oncology Holdings, Inc.			100,652		0.0

See Accompanying Notes to Financial Statements

149

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
90,263 (2)	American Well Corp.		$	255,444		0.0
105,815 (2)	Amicus Therapeutics, Inc.			1,292,001		0.2
16,877 (2)	AMN Healthcare Services, Inc.			1,735,293		0.2
41,827 (2)	Amneal Pharmaceuticals, Inc.			83,236		0.0
14,911 (2)	Amphastar Pharmaceuticals, Inc.			417,806		0.1
19,261 (2)	Amylyx Pharmaceuticals, Inc.			711,694		0.1
4,491 (2)	AN2 Therapeutics, Inc.			42,799		0.0
8,281 (2)	AnaptysBio, Inc.			256,628		0.0
26,383 (1)(2)	Anavex Life Sciences Corp.			244,307		0.0
14,559 (2)	Angiodynamics, Inc.			200,477		0.0
5,019 (2)	ANI Pharmaceuticals, Inc.			201,914		0.0
5,737 (2)	Anika Therapeutics, Inc.			169,815		0.0
35,924 (2)	Apellis Pharmaceuticals, Inc.			1,857,630		0.2
14,944 (2)	Apollo Medical Holdings, Inc.			442,193		0.1
42,208 (2)	Arbutus Biopharma Corp.			98,345		0.0
11,381 (1)(2)	Arcellx, Inc.			352,583		0.1
8,848 (1)(2)	Arcturus Therapeutics Holdings, Inc.			150,062		0.0
19,836 (2)	Arcus Biosciences, Inc.			410,208		0.1
15,496 (2)	Arcutis Biotherapeutics, Inc.			229,341		0.0
39,586 (2)	Arrowhead Pharmaceuticals, Inc.			1,605,608		0.2
15,253 (1)(2)	Artivion, Inc.			184,866		0.0
18,650 (1)(2)	Arvinas, Inc.			638,017		0.1
37,995 (2)	Atara Biotherapeutics, Inc.			124,624		0.0
30,457 (2)	Atea Pharmaceuticals, Inc.			146,498		0.0
12,560 (2)	Athira Pharma, Inc.			39,815		0.0
17,464 (2)	AtriCure, Inc.			775,052		0.1
537	Atrion Corp.			300,425		0.0
7,004 (2)	Aura Biosciences, Inc.			73,542		0.0
52,480 (2)	Aurinia Pharmaceuticals, Inc.			226,714		0.0
18,184 (2)	Avanos Medical, Inc.			492,059		0.1
23,552 (2)	Avid Bioservices, Inc.			324,311		0.0
20,502 (2)	Avidity Biosciences, Inc.			454,939		0.1
16,108 (2)	AxoGen, Inc.			160,758		0.0
18,609 (2)	Axonics, Inc.			1,163,621		0.1
12,252 (1)(2)	Axsome Therapeutics, Inc.			944,997		0.1
24,336 (1)(2)	Beam Therapeutics, Inc.			951,781		0.1
21,087 (2)	Berkeley Lights, Inc.			56,513		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
71,681 (2)	BioCryst Pharmaceuticals, Inc.		$	822,898		0.1
24,074 (1)(2)	Biohaven Ltd.			334,147		0.0
13,035 (2)	BioLife Solutions, Inc.			237,237		0.0
114,621 (1)(2)	Bionano Genomics, Inc.			167,347		0.0
10,999 (2)	Bioventus, Inc.			28,707		0.0
7,992 (1)(2)	Bioxcel Therapeutics, Inc.			171,668		0.0
32,458 (1)(2)	Bluebird Bio, Inc.			224,609		0.0
23,031 (2)	Blueprint Medicines Corp.			1,008,988		0.1
41,578 (2)	Bridgebio Pharma, Inc.			316,824		0.0
72,297 (2)	Brookdale Senior Living, Inc.			197,371		0.0
51,340 (2)	Butterfly Network, Inc.			126,296		0.0
16,458 (2)	C4 Therapeutics, Inc.			97,102		0.0
62,689 (2)	Cano Health, Inc.			85,884		0.0
18,043 (2)	Cara Therapeutics, Inc.			193,782		0.0
15,485 (2)	Cardiovascular Systems, Inc.			210,906		0.0
19,521 (2)	CareDx, Inc.			222,735		0.0
24,328 (2)	CareMax, Inc.			88,797		0.0
21,530 (2)	Caribou Biosciences, Inc.			135,208		0.0
14,858 (1)(2)	Cassava Sciences, Inc.			438,905		0.1
9,364 (2)	Castle Biosciences, Inc.			220,429		0.0
37,451 (2)	Catalyst Pharmaceuticals, Inc.			696,589		0.1
17,630 (1)(2)	Celldex Therapeutics, Inc.			785,769		0.1
25,628 (2)	Celularity, Inc.			33,060		0.0
8,962 (2)	Century Therapeutics, Inc.			45,975		0.0
21,479 (1)(2)	Cerevel Therapeutics Holdings, Inc.			677,448		0.1
69,019 (2)	Cerus Corp.			251,919		0.0
34,598 (2)	Chimerix, Inc.			64,352		0.0
18,729 (2)	Chinook Therapeutics, Inc.			490,700		0.1
9,244 (2)	CinCor Pharma, Inc.			113,609		0.0
150,588 (2)	Clover Health Investments Corp.			139,972		0.0
24,125 (2)	Codexis, Inc.			112,423		0.0
24,451 (2)	Cogent Biosciences, Inc.			282,654		0.0
29,171 (2)	Coherus Biosciences, Inc.			231,034		0.0
13,299 (2)	Collegium Pharmaceutical, Inc.			308,537		0.0
51,605 (2)	Community Health Systems, Inc.			222,934		0.0
6,092 (2)	Computer Programs & Systems, Inc.			165,824		0.0
10,966	Conmed Corp.			972,026		0.1

See Accompanying Notes to Financial Statements

150

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
33,019 (2)	Corcept Therapeutics, Inc.		$	670,616		0.1
3,517 (2)	Corvel Corp.			511,126		0.1
20,606 (2)	Crinetics Pharmaceuticals, Inc.			377,090		0.1
14,190 (2)	Cross Country Healthcare, Inc.			377,028		0.1
16,998 (2)	CryoPort, Inc.			294,915		0.0
38,574 (2)	CTI BioPharma Corp.			231,830		0.0
44,111 (2)	Cue Health, Inc.			91,310		0.0
12,281 (2)	Cullinan Oncology, Inc.			129,565		0.0
6,417 (2)	Cutera, Inc.			283,760		0.0
44,063 (2)	Cytek Biosciences, Inc.			449,883		0.1
31,625 (2)	Cytokinetics, Inc.			1,449,058		0.2
10,513 (1)(2)	Day One Biopharmaceuticals, Inc.			226,240		0.0
17,305 (2)	Deciphera Pharmaceuticals, Inc.			283,629		0.0
41,132 (2)	Denali Therapeutics, Inc.			1,143,881		0.1
13,162 (2)	Design Therapeutics, Inc.			135,042		0.0
13,338 (1)(2)	DICE Therapeutics, Inc.			416,146		0.1
31,516 (2)	DocGo, Inc.			222,818		0.0
45,693 (2)	Dynavax Technologies Corp.			486,174		0.1
12,695 (2)	Dyne Therapeutics, Inc.			147,135		0.0
4,142 (2)	Eagle Pharmaceuticals, Inc./DE			121,071		0.0
13,608 (2)	Edgewise Therapeutics, Inc.			121,656		0.0
26,626 (2)	Editas Medicine, Inc.			236,173		0.0
16,112 (2)	Eiger BioPharmaceuticals, Inc.			19,012		0.0
22,334	Embecta Corp.			564,827		0.1
19,305 (2)	Emergent Biosolutions, Inc.			227,992		0.0
7,561 (2)	Enanta Pharmaceuticals, Inc.			351,738		0.1
20,787	Ensign Group, Inc.			1,966,658		0.2
76,840 (2)	EQRx, Inc.			189,026		0.0
26,124 (2)	Erasca, Inc.			112,594		0.0
28,043 (2)	Esperion Therapeutics, Inc.			174,708		0.0
31,543 (2)	Evolent Health, Inc.			885,727		0.1
13,449 (2)	Evolus, Inc.			101,002		0.0
10,258 (1)(2)	EyePoint Pharmaceuticals, Inc.			35,903		0.0
31,961 (1)(2)	Fate Therapeutics, Inc.			322,486		0.0
33,793 (2)	FibroGen, Inc.			541,364		0.1
49,138 (2)	Figs, Inc.			330,699		0.0
7,906 (2)	Foghorn Therapeutics, Inc.			50,440		0.0
17,230 (2)	Fulcrum Therapeutics, Inc.			125,434		0.0
8,207 (1)(2)	Fulgent Genetics, Inc.			244,404		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
20,075 (2)	Generation Bio Co.		$	78,895		0.0
138,799 (2)	Geron Corp.			335,894		0.1
17,636 (2)	Glaukos Corp.			770,340		0.1
24,100 (1)(2)	Gossamer Bio, Inc.			52,297		0.0
37,276 (2)	GreenLight Biosciences Holdings PBC			43,986		0.0
19,525 (2)	Haemonetics Corp.			1,535,641		0.2
51,815 (2)	Halozyme Therapeutics, Inc.			2,948,274		0.3
10,159 (2)	Harmony Biosciences Holdings, Inc.			559,761		0.1
21,607 (2)	Health Catalyst, Inc.			229,682		0.0
31,893 (2)	HealthEquity, Inc.			1,965,885		0.2
9,985 (2)	HealthStream, Inc.			248,027		0.0
39,426 (2)	Heron Therapeutics, Inc.			98,565		0.0
3,715 (2)	Heska Corp.			230,924		0.0
6,954 (2)	HilleVax, Inc.			116,340		0.0
46,728 (1)(2)	Hims & Hers Health, Inc.			299,526		0.0
21,174 (2)	Humacyte, Inc.			44,677		0.0
9,110 (2)	Icosavax, Inc.			72,333		0.0
16,215 (2)	Ideaya Biosciences, Inc.			294,627		0.0
4,378 (2)	IGM Biosciences, Inc.			74,470		0.0
10,617 (2)	Imago Biosciences, Inc.			381,681		0.1
31,416 (1)(2)	ImmunityBio, Inc.			159,279		0.0
83,347 (2)	Immunogen, Inc.			413,401		0.1
16,815 (2)	Immunovant, Inc.			298,466		0.0
18,406 (2)	Inari Medical, Inc.			1,169,885		0.1
12,557 (1)(2)	Inhibrx, Inc.			309,404		0.0
7,077 (2)	Innovage Holding Corp.			50,813		0.0
24,238 (2)	Innoviva, Inc.			321,154		0.0
8,820 (2)	Inogen, Inc.			173,842		0.0
6,895 (1)(2)	Inotiv, Inc.			34,061		0.0
93,170 (2)	Inovio Pharmaceuticals, Inc.			145,345		0.0
51,057 (1)(2)	Insmed, Inc.			1,020,119		0.1
10,722 (2)	Inspire Medical Systems, Inc.			2,700,657		0.3
12,776 (2)	Integer Holdings Corp.			874,645		0.1
32,432 (2)	Intellia Therapeutics, Inc.			1,131,552		0.1
10,021 (2)	Intercept Pharmaceuticals, Inc.			123,960		0.0
35,213 (2)	Intra-Cellular Therapies, Inc.			1,863,472		0.2
96,604 (1)(2)	Invitae Corp.			179,683		0.0
19,953 (2)	Invivyd, Inc.			29,930		0.0
58,146 (2)	Iovance Biotherapeutics, Inc.			371,553		0.1
2,596	iRadimed Corp.			73,441		0.0
11,475 (2)	iRhythm Technologies, Inc.			1,074,863		0.1
51,264 (1)(2)	Ironwood Pharmaceuticals, Inc.			635,161		0.1
9,198 (2)	iTeos Therapeutics, Inc.			179,637		0.0

See Accompanying Notes to Financial Statements

151

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
51,230 (2)	IVERIC bio, Inc.		$	1,096,834		0.1
7,246 (2)	Janux Therapeutics, Inc.			95,430		0.0
5,645 (2)	Joint Corp./The			78,917		0.0
9,826 (2)	KalVista Pharmaceuticals, Inc.			66,424		0.0
11,438 (2)	Karuna Therapeutics, Inc.			2,247,567		0.3
28,866 (2)	Karyopharm Therapeutics, Inc.			98,144		0.0
7,114 (2)	Keros Therapeutics, Inc.			341,614		0.1
19,853 (2)	Kezar Life Sciences, Inc.			139,765		0.0
13,278 (2)	Kiniksa Pharmaceuticals Ltd.			198,904		0.0
12,075 (2)	Kinnate Biopharma, Inc.			73,658		0.0
13,226 (2)	Kodiak Sciences, Inc.			94,698		0.0
15,094 (2)	Kronos Bio, Inc.			24,452		0.0
8,047 (2)	Krystal Biotech, Inc.			637,483		0.1
24,683 (2)	Kura Oncology, Inc.			306,316		0.0
14,734 (2)	Kymera Therapeutics, Inc.			367,761		0.1
26,236 (2)	Lantheus Holdings, Inc.			1,336,987		0.2
7,630	LeMaitre Vascular, Inc.			351,133		0.1
32,681 (2)	Lexicon Pharmaceuticals, Inc.			62,421		0.0
11,380 (2)	LHC Group, Inc.			1,840,032		0.2
28,423 (2)	LifeStance Health Group, Inc.			140,410		0.0
5,787 (2)	Ligand Pharmaceuticals, Inc.			386,572		0.1
18,563 (1)(2)	Liquidia Corp.			118,246		0.0
20,655 (2)	LivaNova PLC			1,147,179		0.1
67,441 (1)(2)	Lyell Immunopharma, Inc.			234,020		0.0
23,564 (2)	MacroGenics, Inc.			158,114		0.0
4,990 (2)	Madrigal Pharmaceuticals, Inc.			1,448,348		0.2
96,451 (1)(2)	MannKind Corp.			508,297		0.1
34,398 (2)	MaxCyte, Inc.			187,813		0.0
9,947 (2)	Medpace Holdings, Inc.			2,112,842		0.2
11,938 (2)	MeiraGTx Holdings plc			77,836		0.0
16,493 (2)	Meridian Bioscience, Inc.			547,733		0.1
20,853 (2)	Merit Medical Systems, Inc.			1,472,639		0.2
35,184 (2)	Mersana Therapeutics, Inc.			206,178		0.0
1,955	Mesa Laboratories, Inc.			324,941		0.0
43,769 (2)	MiMedx Group, Inc.			121,678		0.0
6,988 (2)	Mirum Pharmaceuticals, Inc.			136,266		0.0
4,870 (2)	ModivCare, Inc.			436,985		0.1
11,963 (1)(2)	Monte Rosa Therapeutics, Inc.			91,038		0.0
10,057 (2)	Morphic Holding, Inc.			269,025		0.0
147,614 (2)	Multiplan Corp.			169,756		0.0
30,285 (2)	Myriad Genetics, Inc.			439,435		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
18,030 (2)	NanoString Technologies, Inc.		$	143,699		0.0
17,607 (1)(2)	Nano-X Imaging Ltd.			129,940		0.0
4,919	National Healthcare Corp.			292,681		0.0
5,788	National Research Corp.			215,892		0.0
20,754 (2)	Nautilus Biotechnology, Inc.			37,357		0.0
71,483 (2)	Nektar Therapeutics			161,552		0.0
77,579 (2)	Neogen Corp.			1,181,528		0.1
47,782 (2)	NeoGenomics, Inc.			441,506		0.1
13,318 (2)	Nevro Corp.			527,393		0.1
21,924 (2)	NextGen Healthcare, Inc.			411,733		0.1
15,576 (2)	NGM Biopharmaceuticals, Inc.			78,192		0.0
12,839 (2)	Nkarta, Inc.			76,906		0.0
18,031 (2)	Nurix Therapeutics, Inc.			197,980		0.0
97,494 (1)(2)	Nutex Health, Inc.			185,239		0.0
7,566 (2)	Nuvalent, Inc.			225,315		0.0
20,262 (2)	NuVasive, Inc.			835,605		0.1
46,169 (2)	Nuvation Bio, Inc.			88,644		0.0
80,752 (1)(2)	Ocugen, Inc.			104,978		0.0
29,930 (2)	Ocular Therapeutix, Inc.			84,103		0.0
28,356 (2)	OmniAb, Inc.			102,082		0.0
2,194 (2)(4)(5)	OmniAB, Inc. - 12.5 Earnout Shares			—		—
2,194 (2)(4)(5)	OmniAB, Inc. - 15 Earnout Shares			—		—
16,836 (2)	Omnicell, Inc.			848,871		0.1
156,761 (2)	Opko Health, Inc.			195,951		0.0
6,998 (2)	OptimizeRx Corp.			117,566		0.0
59,632 (2)	Option Care Health, Inc.			1,794,327		0.2
28,304 (2)	OraSure Technologies, Inc.			136,425		0.0
29,319 (2)	Organogenesis Holdings, Inc.			78,868		0.0
7,691 (2)	Orthofix Medical, Inc.			157,896		0.0
5,815 (2)	OrthoPediatrics Corp.			231,030		0.0
46,993 (1)(2)	Outlook Therapeutics, Inc.			50,752		0.0
18,414 (2)	Outset Medical, Inc.			475,449		0.1
28,162	Owens & Minor, Inc.			550,004		0.1
86,587 (2)	Pacific Biosciences of California, Inc.			708,282		0.1
17,190 (2)	Pacira BioSciences, Inc.			663,706		0.1
17,918 (2)	Paragon 28, Inc.			342,413		0.1
33,825	Patterson Cos., Inc.			948,115		0.1
28,358 (2)	Pear Therapeutics, Inc.			33,462		0.0
31,928 (1)(2)	Pediatrix Medical Group, Inc.			474,450		0.1
10,171 (2)	Pennant Group, Inc./The			111,678		0.0
5,836 (1)(2)	PepGen, Inc.			78,027		0.0
11,074 (1)(2)	PetIQ, Inc.			102,102		0.0

See Accompanying Notes to Financial Statements

152

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
8,972 (2)	Phathom Pharmaceuticals, Inc.		$	100,666		0.0
8,400	Phibro Animal Health Corp.			112,644		0.0
18,990 (2)	Phreesia, Inc.			614,516		0.1
14,725 (1)(2)	PMV Pharmaceuticals, Inc.			128,108		0.0
32,060 (2)	Point Biopharma Global, Inc.			233,717		0.0
18,069 (2)	Praxis Precision Medicines, Inc.			43,004		0.0
41,308 (2)	Precigen, Inc.			62,788		0.0
19,151 (2)	Prestige Consumer Healthcare, Inc.			1,198,853		0.1
2,736 (1)(2)	Prime Medicine, Inc.			50,835		0.0
17,006 (2)	Privia Health Group, Inc.			386,206		0.1
9,992 (2)	PROCEPT BioRobotics Corp.			415,068		0.1
28,557 (2)	Progyny, Inc.			889,551		0.1
13,305 (2)	Prometheus Biosciences, Inc.			1,463,550		0.2
18,954 (2)	Protagonist Therapeutics, Inc.			206,788		0.0
13,795 (2)	Prothena Corp. PLC			831,149		0.1
24,520 (2)	Provention Bio, Inc.			259,176		0.0
26,998 (2)	PTC Therapeutics, Inc.			1,030,514		0.1
13,247 (2)	Pulmonx Corp.			111,672		0.0
12,465 (2)	Quanterix Corp.			172,640		0.0
34,715 (2)	Quantum-Si, Inc.			63,528		0.0
56,925 (2)	R1 RCM, Inc.			623,329		0.1
19,242 (2)	RadNet, Inc.			362,327		0.1
6,754 (2)	Rallybio Corp.			44,374		0.0
9,924 (1)(2)	RAPT Therapeutics, Inc.			196,495		0.0
10,625 (1)(2)	Reata Pharmaceuticals, Inc.			403,644		0.1
52,605 (1)(2)	Recursion Pharmaceuticals, Inc.			405,585		0.1
15,496 (2)	REGENXBIO, Inc.			351,449		0.1
32,626 (2)	Relay Therapeutics, Inc.			487,432		0.1
10,752 (2)	Relmada Therapeutics, Inc.			37,524		0.0
14,824 (2)	Replimune Group, Inc.			403,213		0.1
30,522 (2)	Revance Therapeutics, Inc.			563,436		0.1
28,543 (2)	REVOLUTION Medicines, Inc.			679,894		0.1
66,909 (2)	Rigel Pharmaceuticals, Inc.			100,364		0.0
20,237 (2)	Rocket Pharmaceuticals, Inc.			396,038		0.1
8,877 (2)	RxSight, Inc.			112,472		0.0
19,979 (2)	Sage Therapeutics, Inc.			761,999		0.1
33,854 (1)(2)	Sana Biotechnology, Inc.			133,723		0.0
49,518 (2)	Sangamo Therapeutics, Inc.			155,487		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
20,719 (2)	Schrodinger, Inc./United States		$	387,238		0.1
13,620 (2)	SeaSpine Holdings Corp.			113,727		0.0
19,611 (2)	Seer, Inc.			113,744		0.0
40,945	Select Medical Holdings Corp.			1,016,664		0.1
177,167 (1)(2)	Senseonics Holdings, Inc.			182,482		0.0
27,589 (2)	Seres Therapeutics, Inc.			154,498		0.0
112,357 (2)	Sharecare, Inc.			179,771		0.0
13,672 (2)	Shockwave Medical, Inc.			2,811,100		0.3
13,731 (1)(2)	SI-BONE, Inc.			186,742		0.0
18,140	SIGA Technologies, Inc.			133,510		0.0
8,038 (2)	Sight Sciences, Inc.			98,144		0.0
13,598 (2)	Silk Road Medical, Inc.			718,654		0.1
6,171	Simulations Plus, Inc.			225,673		0.0
20,937 (1)(2)	Singular Genomics Systems, Inc.			42,083		0.0
55,479 (2)	SomaLogic, Inc.			139,252		0.0
185,246 (2)	Sorrento Therapeutics, Inc.			164,128		0.0
13,472 (1)(2)	SpringWorks Therapeutics, Inc.			350,407		0.1
18,403 (2)	Staar Surgical Co.			893,282		0.1
9,173 (2)	Stoke Therapeutics, Inc.			84,667		0.0
18,825 (2)	Supernus Pharmaceuticals, Inc.			671,488		0.1
19,283 (2)	Surgery Partners, Inc.			537,224		0.1
5,607 (2)	SurModics, Inc.			191,311		0.0
19,958 (2)	Sutro Biopharma, Inc.			161,261		0.0
20,128 (1)(2)	Syndax Pharmaceuticals, Inc.			512,258		0.1
8,094 (2)	Tactile Systems Technology, Inc.			92,919		0.0
17,371 (2)	Tango Therapeutics, Inc.			125,940		0.0
7,544 (2)	Tarsus Pharmaceuticals, Inc.			110,595		0.0
10,583 (2)	Tenaya Therapeutics, Inc.			21,272		0.0
52,071 (1)(2)	TG Therapeutics, Inc.			616,000		0.1
25,949 (1)(2)	Theravance Biopharma, Inc.			291,148		0.0
6,469 (2)	Theseus Pharmaceuticals, Inc.			32,216		0.0
11,609 (2)	TransMedics Group, Inc.			716,507		0.1
23,422 (2)	Travere Therapeutics, Inc.			492,565		0.1
12,883 (2)	Treace Medical Concepts, Inc.			296,180		0.0
21,474 (2)	Twist Bioscience Corp.			511,296		0.1
2,740 (2)	UFP Technologies, Inc.			323,019		0.0
4,979	US Physical Therapy, Inc.			403,448		0.1

See Accompanying Notes to Financial Statements

153

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
1,134	Utah Medical Products, Inc.		$	114,001		0.0
21,489 (2)	Vanda Pharmaceuticals, Inc.	��		158,804		0.0
15,408 (1)(2)	Varex Imaging Corp.			312,782		0.0
46,333 (2)	Vaxart, Inc.			44,521		0.0
27,024 (2)	Vaxcyte, Inc.			1,295,801		0.2
95,428 (2)	VBI Vaccines, Inc.			37,322		0.0
9,349 (2)	Ventyx Biosciences, Inc.			306,554		0.0
5,824 (2)	Vera Therapeutics, Inc.			112,694		0.0
27,466 (2)	Veracyte, Inc.			651,768		0.1
18,075 (2)	Vericel Corp.			476,096		0.1
17,937 (1)(2)	Verve Therapeutics, Inc.			347,081		0.1
23,698 (2)	Vicarious Surgical, Inc.			47,870		0.0
59,058 (2)	ViewRay, Inc.			264,580		0.0
28,062 (2)	Vir Biotechnology, Inc.			710,249		0.1
14,297 (2)	Viridian Therapeutics, Inc.			417,615		0.1
22,292 (2)	Xencor, Inc.			580,484		0.1
51,431 (2)	Xeris Biopharma Holdings, Inc.			68,403		0.0
14,278 (2)	Y-mAbs Therapeutics, Inc.			69,677		0.0
17,764 (2)	Zentalis Pharmaceuticals, Inc.			357,767		0.1
8,630 (2)	Zimvie, Inc.			80,604		0.0
9,812 (1)	Zynex, Inc.			136,485		0.0
				148,048,100		16.5
	Industrials: 15.2%
49,408 (2)	3D Systems Corp.			365,619		0.1
16,777	AAON, Inc.			1,263,644		0.2
13,143 (2)	AAR Corp.			590,121		0.1
25,478	ABM Industries, Inc.			1,131,733		0.1
36,018	ACCO Brands Corp.			201,341		0.0
44,235 (2)	ACV Auctions, Inc.			363,169		0.1
30,086 (2)	Aerojet Rocketdyne Holdings, Inc.			1,682,710		0.2
9,380 (2)	Aerovironment, Inc.			803,491		0.1
6,651 (2)	AerSale Corp.			107,879		0.0
22,746 (2)	Air Transport Services Group, Inc.			590,941		0.1
3,932	Alamo Group, Inc.			556,771		0.1
11,893	Albany International Corp.			1,172,531		0.1
128,561 (2)	Alight, Inc.			1,074,770		0.1
5,868 (2)	Allegiant Travel Co.			398,965		0.1
5,211	Allied Motion Technologies, Inc.			181,395		0.0
8,464	Alta Equipment Group, Inc.			111,640		0.0
25,099	Altra Industrial Motion Corp.			1,499,665		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
12,249 (1)(2)	Ameresco, Inc.		$	699,908		0.1
6,528 (2)	American Woodmark Corp.			318,958		0.0
78,959 (2)	API Group Corp.			1,485,219		0.2
8,160	Apogee Enterprises, Inc.			362,794		0.0
14,666	Applied Industrial Technologies, Inc.			1,848,356		0.2
9,431	ArcBest Corp.			660,547		0.1
54,888 (2)	Archer Aviation, Inc.			102,641		0.0
18,734	Arcosa, Inc.			1,018,006		0.1
5,396	Argan, Inc.			199,004		0.0
8,290 (1)	Aris Water Solution, Inc.			119,459		0.0
57,920 (2)	Array Technologies, Inc.			1,119,594		0.1
19,018 (2)	ASGN, Inc.			1,549,587		0.2
8,821	Astec Industries, Inc.			358,662		0.0
54,879 (2)	Astra Space, Inc.			23,807		0.0
10,518 (2)	Astronics Corp.			108,335		0.0
15,978 (2)	Atkore, Inc.			1,812,225		0.2
10,388 (2)	Atlas Air Worldwide Holdings, Inc.			1,047,110		0.1
9,548	AZZ, Inc.			383,830		0.1
23,523 (1)(2)	Babcock & Wilcox Enterprises, Inc.			135,728		0.0
18,745	Barnes Group, Inc.			765,733		0.1
2,801	Barrett Business Services, Inc.			261,277		0.0
19,845 (2)	Beacon Roofing Supply, Inc.			1,047,618		0.1
22,217 (2)	Berkshire Grey, Inc.			13,417		0.0
20,973 (1)(2)	Blade Air Mobility, Inc.			75,083		0.0
14,125 (1)(2)	Blink Charging Co.			154,951		0.0
67,341 (1)(2)	Bloom Energy Corp.			1,287,560		0.2
7,039 (2)	Blue Bird Corp.			75,388		0.0
3,425 (2)	BlueLinx Holdings, Inc.			243,552		0.0
15,101	Boise Cascade Co.			1,036,986		0.1
17,659	Brady Corp.			831,739		0.1
18,090 (2)	BrightView Holdings, Inc.			124,640		0.0
17,447	Brink’s Co.			937,078		0.1
10,241 (1)	Brookfield Business Corp.			192,428		0.0
7,218	Cadre Holdings, Inc.			145,371		0.0
9,431	Caesarstone Ltd.			53,851		0.0
19,112 (2)	Casella Waste Systems, Inc.			1,515,773		0.2
19,029 (2)	CBIZ, Inc.			891,509		0.1
16,087 (2)	Chart Industries, Inc.			1,853,705		0.2
6,842 (2)	Cimpress PLC			188,908		0.0
7,799 (2)	CIRCOR International, Inc.			186,864		0.0
10,775	Columbus McKinnon Corp.			349,864		0.0

See Accompanying Notes to Financial Statements

154

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Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
13,503	Comfort Systems USA, Inc.		$	1,553,925		0.2
12,857 (2)	Concrete Pumping Holdings, Inc.			75,213		0.0
15,166 (2)	Construction Partners, Inc.			404,781		0.1
44,090 (2)	CoreCivic, Inc.			509,680		0.1
20,147	Costamare, Inc.			186,964		0.0
3,732	Covenant Logistics Group, Inc.			129,015		0.0
2,907	CRA International, Inc.			355,904		0.0
5,784	CSW Industrials, Inc.			670,539		0.1
24,095 (2)	Custom Truck One Source, Inc.			152,280		0.0
16,066 (2)	Daseke, Inc.			91,416		0.0
16,529	Deluxe Corp.			280,662		0.0
103,629 (1)(2)	Desktop Metal, Inc.			140,935		0.0
2,017 (2)	Distribution Solutions Group, Inc.			74,347		0.0
8,782	Douglas Dynamics, Inc.			317,557		0.0
4,682 (2)	Ducommun, Inc.			233,913		0.0
6,114 (2)	DXP Enterprises, Inc.			168,441		0.0
10,983 (2)	Dycom Industries, Inc.			1,028,009		0.1
4,975 (1)	Eagle Bulk Shipping, Inc.			248,452		0.0
18,276	EMCOR Group, Inc.			2,706,858		0.3
6,914 (1)	Encore Wire Corp.			951,090		0.1
20,321 (2)	Energy Recovery, Inc.			416,377		0.1
30,477 (2)	Energy Vault Holdings, Inc.			95,088		0.0
23,173	Enerpac Tool Group Corp.			589,753		0.1
15,733	EnerSys			1,161,725		0.1
9,256	Eneti, Inc.			93,023		0.0
8,936	Ennis, Inc.			198,022		0.0
41,673 (1)(2)	Enovix Corp.			518,412		0.1
7,963	EnPro Industries, Inc.			865,498		0.1
9,860	ESCO Technologies, Inc.			863,144		0.1
31,113 (1)(2)	ESS Tech, Inc.			75,605		0.0
45,285 (2)	Evoqua Water Technologies Corp.			1,793,286		0.2
19,512	Exponent, Inc.			1,933,444		0.2
22,700	Federal Signal Corp.			1,054,869		0.1
22,185 (2)	First Advantage Corp.			288,405		0.0
14,066 (1)(2)	Fluence Energy, Inc.			241,232		0.0
54,889 (2)	Fluor Corp.			1,902,453		0.2
4,871 (2)	Forrester Research, Inc.			174,187		0.0
10,296	Forward Air Corp.			1,079,947		0.1
5,042 (2)	Franklin Covey Co.			235,814		0.0
17,405	Franklin Electric Co., Inc.			1,388,049		0.2
14,722 (1)(2)	Frontier Group Holdings, Inc.			151,195		0.0
15,903 (1)(2)	FTC Solar, Inc.			42,620		0.0
147,150 (1)(2)	FuelCell Energy, Inc.			409,077		0.1
13,608	GATX Corp.			1,447,075		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
13,146	Genco Shipping & Trading Ltd.		$	201,923		0.0
45,884 (1)(2)	Geo Group, Inc./The			502,430		0.1
12,434 (2)	Gibraltar Industries, Inc.			570,472		0.1
5,366	Global Industrial Co.			126,262		0.0
16,608 (2)	GMS, Inc.			827,078		0.1
45,860 (1)	Golden Ocean Group Ltd.			398,523		0.1
9,226	Gorman-Rupp Co.			236,370		0.0
74,209	GrafTech International Ltd.			353,235		0.0
17,342	Granite Construction, Inc.			608,184		0.1
26,026 (2)	Great Lakes Dredge & Dock Corp.			154,855		0.0
12,153	Greenbrier Cos., Inc.			407,490		0.1
17,924	Griffon Corp.			641,500		0.1
12,259	H&E Equipment Services, Inc.			556,559		0.1
30,408 (2)	Harsco Corp.			191,266		0.0
20,139 (2)	Hawaiian Holdings, Inc.			206,626		0.0
28,246	Healthcare Services Group, Inc.			338,952		0.0
18,574	Heartland Express, Inc.			284,925		0.0
7,664	Heidrick & Struggles International, Inc.			214,362		0.0
34,748 (2)	Heliogen, Inc.			24,261		0.0
12,504	Helios Technologies, Inc.			680,718		0.1
9,810	Herc Holdings, Inc.			1,290,702		0.2
6,711 (2)	Heritage-Crystal Clean, Inc.			217,973		0.0
27,578	Hillenbrand, Inc.			1,176,753		0.1
51,740 (2)	Hillman Solutions Corp.			373,045		0.1
8,697 (2)	HireRight Holdings Corp.			103,146		0.0
16,262	HNI Corp.			462,329		0.1
12,355 (2)	HUB Group, Inc.			982,099		0.1
16,409 (2)	Hudson Technologies, Inc.			166,059		0.0
7,850 (2)	Huron Consulting Group, Inc.			569,910		0.1
15,720 (2)	Hydrofarm Holdings Group, Inc.			24,366		0.0
53,178 (1)(2)	Hyliion Holdings Corp.			124,437		0.0
4,111	Hyster-Yale Materials Handling, Inc. - A shares			104,049		0.0
32,891 (2)	Hyzon Motors, Inc.			50,981		0.0
7,068	ICF International, Inc.			700,085		0.1
3,561 (2)	IES Holdings, Inc.			126,665		0.0
13,713	Insperity, Inc.			1,557,797		0.2
7,438	Insteel Industries, Inc.			204,694		0.0
23,210	Interface, Inc.			229,083		0.0
31,375 (2)	Janus International Group, Inc.			298,690		0.0
33,258 (2)	JELD-WEN Holding, Inc.			320,940		0.0

See Accompanying Notes to Financial Statements

155

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
97,054 (1)(2)	Joby Aviation, Inc.		$	325,131		0.0
12,182	John Bean Technologies Corp.			1,112,582		0.1
4,469	Kadant, Inc.			793,828		0.1
10,879	Kaman Corp.			242,602		0.0
42,518 (1)(2)	KAR Auction Services, Inc.			554,860		0.1
13,672	Kelly Services, Inc.			231,057		0.0
30,753	Kennametal, Inc.			739,917		0.1
7,823	Kforce, Inc.			428,935		0.1
16,531	Kimball International, Inc.			107,451		0.0
20,632	Korn Ferry			1,044,392		0.1
47,636 (2)	Kratos Defense & Security Solutions, Inc.			491,604		0.1
36,606 (1)(2)	Legalzoom.com, Inc.			283,330		0.0
52,937 (1)(2)	Li-Cycle Holdings Corp.			251,980		0.0
4,235	Lindsay Corp.			689,670		0.1
11,995	Luxfer Holdings PLC			164,571		0.0
13,442 (2)	Manitowoc Co., Inc./The			123,129		0.0
45,833 (2)	Markforged Holding Corp.			53,166		0.0
23,690	Marten Transport Ltd.			468,588		0.1
8,636 (2)	Masonite International Corp.			696,148		0.1
14,476	Matson, Inc.			904,895		0.1
12,142	Matthews International Corp.			369,602		0.1
28,501 (1)	Maxar Technologies, Inc.			1,474,642		0.2
9,227	Mcgrath Rentcorp			911,074		0.1
64,039 (2)	Microvast Holdings, Inc.			97,980		0.0
4,246	Miller Industries, Inc.			113,198		0.0
28,877	MillerKnoll, Inc.			606,706		0.1
21,810 (2)	Momentus, Inc.			17,010		0.0
10,617 (2)	Montrose Environmental Group, Inc.			471,289		0.1
10,908	Moog, Inc.			957,286		0.1
31,674 (2)	MRC Global, Inc.			366,785		0.1
21,204	Mueller Industries, Inc.			1,251,036		0.1
58,968	Mueller Water Products, Inc.			634,496		0.1
6,421 (2)	MYR Group, Inc.			591,181		0.1
1,859	National Presto Industries, Inc.			127,267		0.0
129,408 (1)(2)	Nikola Corp.			279,521		0.0
4,067 (2)	Northwest Pipe Co.			137,058		0.0
42,494 (2)	NOW, Inc.			539,674		0.1
11,591 (1)(2)	NuScale Power Corp.			118,924		0.0
5,258 (2)	NV5 Global, Inc.			695,739		0.1
1,320	Omega Flex, Inc.			123,182		0.0
2,448 (2)	PAM Transportation Services			63,403		0.0
9,310	Park Aerospace Corp.			124,847		0.0
12,251 (2)	Parsons Corp.			566,609		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
23,216 (2)	PGT Innovations, Inc.		$	416,959		0.1
67,267	Pitney Bowes, Inc.			255,615		0.0
60,308 (1)(2)	Planet Labs PBC			262,340		0.0
3,319	Powell Industries, Inc.			116,762		0.0
1,228	Preformed Line Products Co.			102,280		0.0
20,303	Primoris Services Corp.			445,448		0.1
85,351 (1)(2)	Proterra, Inc.			321,773		0.0
10,559 (2)	Proto Labs, Inc.			269,571		0.0
13,085	Quanex Building Products Corp.			309,853		0.0
16,202 (2)	Radiant Logistics, Inc.			82,468		0.0
10,885 (2)	RBC Bearings, Inc.			2,278,775		0.3
3,555 (2)	Red Violet, Inc.			81,836		0.0
55,096 (2)	Resideo Technologies, Inc.			906,329		0.1
12,940	Resources Connection, Inc.			237,837		0.0
11,973	REV Group, Inc.			151,099		0.0
83,192 (1)(2)	Rocket Lab USA, Inc.			313,634		0.0
18,724	Rush Enterprises, Inc. - Class A			978,891		0.1
26,128	Safe Bulkers, Inc.			76,032		0.0
10,201 (2)	Saia, Inc.			2,138,946		0.2
41,799 (2)	Sarcos Technology and Robotics Corp.			23,462		0.0
53,193 (2)	Shoals Technologies Group, Inc.			1,312,271		0.2
13,346	Shyft Group, Inc./The			331,782		0.0
16,491	Simpson Manufacturing Co., Inc.			1,462,092		0.2
29,138 (2)	Skillsoft Corp.			37,879		0.0
18,802 (2)	Skywest, Inc.			310,421		0.0
8,329 (2)	SP Plus Corp.			289,183		0.0
47,463 (2)	Spire Global, Inc.			45,564		0.0
41,471 (2)	Spirit Airlines, Inc.			807,855		0.1
16,797 (2)	SPX Technologies, Inc.			1,102,723		0.1
4,596	Standex International Corp.			470,676		0.1
33,094	Steelcase, Inc.			233,975		0.0
55,110 (1)(2)	Stem, Inc.			492,683		0.1
9,373 (2)	Sterling Check Corp.			145,000		0.0
11,668 (2)	Sterling Infrastructure, Inc.			382,710		0.1
12,400 (2)	Sun Country Airlines Holdings, Inc.			196,664		0.0
31,599 (2)	SunPower Corp.			569,730		0.1
7,269	Tennant Co.			447,552		0.1
25,545	Terex Corp.			1,091,282		0.1
16,560	Textainer Group Holdings Ltd.			513,526		0.1
14,417 (2)	Thermon Group Holdings, Inc.			289,493		0.0
19,793 (2)	Titan International, Inc.			303,229		0.0

See Accompanying Notes to Financial Statements

156

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
8,052 (2)	Titan Machinery, Inc.		$	319,906		0.0
14,735 (2)	TPI Composites, Inc.			149,413		0.0
2,911 (2)	Transcat, Inc.			206,303		0.0
14,091 (2)	TriNet Group, Inc.			955,370		0.1
30,542	Trinity Industries, Inc.			903,127		0.1
21,994	Triton International Ltd.			1,512,747		0.2
24,609 (2)	Triumph Group, Inc.			258,887		0.0
12,684 (2)	TrueBlue, Inc.			248,353		0.0
54,614 (2)	TuSimple Holdings, Inc.			89,567		0.0
16,471 (2)	Tutor Perini Corp.			124,356		0.0
22,963	UFP Industries, Inc.			1,819,818		0.2
5,690	Unifirst Corp.			1,098,113		0.1
2,498	Universal Logistics Holdings, Inc.			83,533		0.0
46,527 (2)	Upwork, Inc.			485,742		0.1
4,760 (2)	V2X, Inc.			196,540		0.0
21,026 (2)	Velo3D, Inc.			37,637		0.0
5,157	Veritiv Corp.			627,658		0.1
8,446 (2)	Viad Corp.			205,998		0.0
8,525 (2)	Vicor Corp.			458,219		0.1
41,825 (1)(2)	View, Inc.			40,357		0.0
88,561 (1)(2)	Virgin Galactic Holdings, Inc.			308,192		0.0
4,398	VSE Corp.			206,178		0.0
19,310	Wabash National Corp.			436,406		0.1
10,483	Watts Water Technologies, Inc.			1,532,929		0.2
23,894	Werner Enterprises, Inc.			961,972		0.1
59,872 (2)	Wheels Up Experience, Inc.			61,668		0.0
4,466 (2)	Willdan Group, Inc.			79,718		0.0
27,897 (2)	Xos, Inc.			12,356		0.0
47,496	Zurn Elkay Water Solutions Corp.			1,004,540		0.1
				136,969,673		15.2
	Information Technology: 12.4%
47,799 (1)(2)	8x8, Inc.			206,492		0.0
8,887 (1)(2)	908 Devices, Inc.			67,719		0.0
25,908	A10 Networks, Inc.			430,850		0.1
43,765 (2)	ACI Worldwide, Inc.			1,006,595		0.1
18,674 (2)	ACM Research, Inc.			143,977		0.0
40,835	Adeia, Inc.			387,116		0.1
27,547	ADTRAN Holdings, Inc.			517,608		0.1
14,372	Advanced Energy Industries, Inc.			1,232,830		0.1
38,147 (1)(2)	Aeva Technologies, Inc.			51,880		0.0
55,839 (2)	AEye, Inc.			26,836		0.0
7,789 (2)	Agilysys, Inc.			616,421		0.1
19,428 (1)(2)	Akoustis Technologies, Inc.			54,787		0.0
18,522 (2)	Alarm.com Holdings, Inc.			916,469		0.1
14,259 (2)	Alkami Technology, Inc.			208,039		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
8,255 (2)	Alpha & Omega Co.		$	235,845		0.0
19,516 (2)	Altair Engineering, Inc.			887,393		0.1
13,939 (2)	Ambarella, Inc.			1,146,204		0.1
14,176	American Software, Inc.			208,104		0.0
39,022	Amkor Technology, Inc.			935,748		0.1
21,828 (1)(2)	Amplitude, Inc.			263,682		0.0
7,355 (2)	Appfolio, Inc.			775,070		0.1
15,547 (2)	Appian Corp.			506,210		0.1
27,496 (1)(2)	Applied Digital Corp.			50,593		0.0
34,827 (2)	Arlo Technologies, Inc.			122,243		0.0
7,699 (2)	Arteris, Inc.			33,106		0.0
28,498 (1)(2)	Asana, Inc.			392,417		0.1
7,861 (1)(2)	Atomera, Inc.			48,895		0.0
32,977 (2)	Avaya Holdings Corp.			6,463		0.0
51,304 (1)(2)	AvePoint, Inc.			210,859		0.0
4,068 (2)	Aviat Networks, Inc.			126,881		0.0
13,830 (2)	Avid Technology, Inc.			367,740		0.1
56,845 (2)	AvidXchange Holdings, Inc.			565,039		0.1
12,587 (2)	Axcelis Technologies, Inc.			998,904		0.1
16,299 (2)	AXT, Inc.			71,390		0.0
11,286	Badger Meter, Inc.			1,230,513		0.1
16,659	Belden, Inc.			1,197,782		0.1
13,749	Benchmark Electronics, Inc.			366,961		0.1
10,842 (2)	Benefitfocus, Inc.			113,407		0.0
24,935 (2)	BigCommerce Holdings, Inc.			217,932		0.0
17,758 (2)	Blackbaud, Inc.			1,045,236		0.1
21,148 (2)	Blackline, Inc.			1,422,626		0.2
74,968 (2)	Blend Labs, Inc.			107,954		0.0
52,660 (2)	Box, Inc.			1,639,306		0.2
17,418 (2)	Brightcove, Inc.			91,096		0.0
26,528 (1)(2)	C3.ai, Inc.			296,848		0.0
21,893 (2)	Calix, Inc.			1,498,138		0.2
4,347 (2)	Cambium Networks Corp.			94,199		0.0
24,760 (2)	Cantaloupe, Inc.			107,706		0.0
13,232 (2)	Casa Systems, Inc.			36,123		0.0
5,860	Cass Information Systems, Inc.			268,505		0.0
17,524 (2)	Cerberus Cyber Sentinel Corp.			44,686		0.0
14,955 (2)	Cerence, Inc.			277,116		0.0
8,976 (2)	Ceva, Inc.			229,606		0.0
14,313 (1)(2)	Cleanspark, Inc.			29,199		0.0
24,003 (1)	Clear Secure, Inc.			658,402		0.1
4,529 (1)(2)	Clearfield, Inc.			426,360		0.1
18,516 (2)	Cohu, Inc.			593,438		0.1
78,658 (2)	CommScope Holding Co., Inc.			578,136		0.1

See Accompanying Notes to Financial Statements

157

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
17,019 (2)	Commvault Systems, Inc.		$	1,069,474		0.1
9,942	Comtech Telecommunications Corp.			120,696		0.0
65,788 (2)	Conduent, Inc.			266,441		0.0
6,201 (2)	Consensus Cloud Solutions, Inc.			333,366		0.0
14,759 (2)	Corsair Gaming, Inc.			200,280		0.0
10,839 (2)	Couchbase, Inc.			143,725		0.0
36,683 (1)(2)	Credo Technology Group Holding Ltd.			488,251		0.1
8,363 (2)	CS Disco, Inc.			52,854		0.0
12,319	CSG Systems International, Inc.			704,647		0.1
12,416	CTS Corp.			489,439		0.1
22,127 (2)	Cvent Holding Corp.			119,486		0.0
16,032 (2)	Cyxtera Technologies, Inc.			30,781		0.0
29,010 (2)	Diebold Nixdorf, Inc.			41,194		0.0
13,590 (2)	Digi International, Inc.			496,715		0.1
5,483 (1)(2)	Digimarc Corp.			101,381		0.0
36,269 (2)	Digital Turbine, Inc.			552,740		0.1
28,471 (1)(2)	DigitalOcean Holdings, Inc.			725,156		0.1
16,904 (2)	Diodes, Inc.			1,287,071		0.2
12,087 (2)	Domo, Inc.			172,119		0.0
30,182 (2)	Duck Creek Technologies, Inc.			363,693		0.1
7,083 (2)	DZS, Inc.			89,812		0.0
76,762 (1)(2)	E2open Parent Holdings, Inc.			450,593		0.1
23,126 (1)(2)	Eastman Kodak Co.			70,534		0.0
10,131 (1)	Ebix, Inc.			202,215		0.0
55,515 (2)	Edgio, Inc.			62,732		0.0
10,126 (2)	eGain Corp.			91,438		0.0
10,027 (2)	Enfusion, Inc.			96,961		0.0
13,833 (2)	EngageSmart, Inc.			243,461		0.0
20,978 (2)	Envestnet, Inc.			1,294,343		0.2
10,233 (2)	ePlus, Inc.			453,117		0.1
15,217 (1)(2)	Everbridge, Inc.			450,119		0.1
9,052 (2)	EverCommerce, Inc.			67,347		0.0
23,696	EVERTEC, Inc.			767,276		0.1
17,473 (2)	Evo Payments, Inc.			591,286		0.1
31,985 (2)	Evolv Technologies Holdings, Inc.			82,841		0.0
12,364 (2)	ExlService Holdings, Inc.			2,094,833		0.2
49,495 (2)	Extreme Networks, Inc.			906,253		0.1
14,242 (2)	Fabrinet			1,826,109		0.2
7,207 (2)	Faro Technologies, Inc.			211,958		0.0
42,996 (2)	Fastly, Inc.			352,137		0.0
21,454 (2)	Flywire Corp.			524,979		0.1
6,843 (1)(2)	Focus Universal, Inc.			43,864		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
13,320 (2)	ForgeRock, Inc.		$	303,296		0.0
29,836 (2)	Formfactor, Inc.			663,254		0.1
19,133 (2)	Grid Dynamics Holdings, Inc.			214,672		0.0
10,367	Hackett Group, Inc.			211,176		0.0
37,169 (2)	Harmonic, Inc.			486,914		0.1
9,047 (2)	I3 Verticals, Inc.			220,204		0.0
1,707 (2)	IBEX Holdings Ltd.			42,419		0.0
10,809 (2)	Ichor Holdings Ltd.			289,897		0.0
9,034 (2)	Identiv, Inc.			65,406		0.0
8,000 (2)	Impinj, Inc.			873,440		0.1
38,639 (1)(2)	indie Semiconductor, Inc.			225,265		0.0
72,665 (1)(2)	Infinera Corp.			489,762		0.1
12,682	Information Services Group, Inc.			58,337		0.0
35,218 (2)	Inseego Corp.			29,671		0.0
11,757 (2)	Insight Enterprises, Inc.			1,178,874		0.1
7,152 (2)	Instructure Holdings, Inc.			167,643		0.0
5,202 (2)	Intapp, Inc.			129,738		0.0
11,895	InterDigital, Inc.			588,565		0.1
13,185 (2)	International Money Express, Inc.			321,318		0.0
46,930 (1)(2)	IonQ, Inc.			161,909		0.0
17,508 (2)	Itron, Inc.			886,780		0.1
10,522 (2)	Kimball Electronics, Inc.			237,692		0.0
28,332 (2)	KnowBe4, Inc.			702,067		0.1
33,049 (2)	Knowles Corp.			542,665		0.1
21,971	Kulicke & Soffa Industries, Inc.			972,436		0.1
43,681 (1)(2)	Lightwave Logic, Inc.			188,265		0.0
27,693 (1)(2)	LivePerson, Inc.			280,807		0.0
26,002 (2)	LiveRamp Holdings, Inc.			609,487		0.1
19,050 (2)	MACOM Technology Solutions Holdings, Inc.			1,199,769		0.1
44,607 (1)(2)	Marathon Digital Holdings, Inc.			152,556		0.0
166,219 (2)	Marqeta, Inc.			1,015,598		0.1
86,200 (2)	Matterport, Inc.			241,360		0.0
23,286	MAXIMUS, Inc.			1,707,562		0.2
27,804 (2)	MaxLinear, Inc.			943,946		0.1
9,464 (2)	MeridianLink, Inc.			129,941		0.0
13,876	Methode Electronics, Inc.			615,678		0.1
3,613 (1)(2)	MicroStrategy, Inc.			511,492		0.1
63,737 (1)(2)	Microvision, Inc.			149,782		0.0
52,507 (1)(2)	Mirion Technologies, Inc.			347,071		0.0
17,843 (2)	Mitek Systems, Inc.			172,899		0.0
14,625 (1)(2)	Model N, Inc.			593,190		0.1
51,246 (2)	Momentive Global, Inc.			358,722		0.0
33,858 (2)	MoneyGram International, Inc.			368,714		0.1
26,995 (2)	N-Able, Inc.			277,509		0.0

See Accompanying Notes to Financial Statements

158

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Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
11,929 (2)	Napco Security Technologies, Inc.		$	327,809		0.0
10,891 (2)	Netgear, Inc.			197,236		0.0
26,738 (1)(2)	Netscout Systems, Inc.			869,252		0.1
27,513 (1)(2)	NextNav, Inc.			80,613		0.0
17,386 (2)	nLight, Inc.			176,294		0.0
13,641 (2)	Novanta, Inc.			1,853,403		0.2
35,381 (2)	Olo, Inc.			221,131		0.0
17,027 (2)	ON24, Inc.			146,943		0.0
12,777 (1)(2)	Ondas Holdings, Inc.			20,315		0.0
16,644 (2)	OneSpan, Inc.			186,246		0.0
18,929 (2)	Onto Innovation, Inc.			1,288,876		0.2
6,183 (2)	OSI Systems, Inc.			491,672		0.1
55,227 (1)(2)	Ouster, Inc.			47,661		0.0
32,584 (1)(2)	PagerDuty, Inc.			865,431		0.1
10,308 (1)(2)	PAR Technology Corp.			268,730		0.0
34,787 (2)	Paya Holdings, Inc.			273,774		0.0
83,204 (2)	Payoneer Global, Inc.			455,126		0.1
11,258 (1)(2)	Paysafe Ltd.			156,374		0.0
4,449	PC Connection, Inc.			208,658		0.0
12,009 (2)	PDF Solutions, Inc.			342,497		0.0
13,008 (2)	Perficient, Inc.			908,349		0.1
23,100 (2)	Photronics, Inc.			388,773		0.1
10,484 (2)	Plexus Corp.			1,079,118		0.1
21,888	Power Integrations, Inc.			1,569,807		0.2
18,320 (2)	PowerSchool Holdings, Inc.			422,826		0.1
16,952	Progress Software Corp.			855,228		0.1
16,382 (2)	PROS Holdings, Inc.			397,427		0.1
21,461 (2)	Q2 Holdings, Inc.			576,657		0.1
14,692 (2)	Qualys, Inc.			1,648,883		0.2
22,330 (2)	Rackspace Technology, Inc.			65,874		0.0
41,859 (2)	Rambus, Inc.			1,499,389		0.2
22,173 (2)	Rapid7, Inc.			753,439		0.1
37,118 (2)	Remitly Global, Inc.			425,001		0.1
33,997 (1)(2)	Repay Holdings Corp.			273,676		0.0
30,736 (2)	Ribbon Communications, Inc.			85,753		0.0
19,078 (2)	Rimini Street, Inc.			72,687		0.0
59,344 (1)(2)	Riot Blockchain, Inc.			201,176		0.0
7,133 (2)	Rogers Corp.			851,252		0.1
125,045 (1)(2)	Sabre Corp.			772,778		0.1
22,100 (2)	Sanmina Corp.			1,266,109		0.2
12,421	Sapiens International Corp. NV			229,540		0.0
9,850 (2)	Scansource, Inc.			287,817		0.0
23,924 (2)	Semtech Corp.			686,380		0.1
3,916 (2)	ShotSpotter, Inc.			132,478		0.0
12,962 (1)(2)	Silicon Laboratories, Inc.			1,758,555		0.2
6,268 (1)(2)	SiTime Corp.			636,954		0.1
18,333 (1)(2)	SMART Global Holdings, Inc.			272,795		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
49,224 (2)	SmartRent, Inc.		$	119,614		0.0
19,064 (2)	SolarWinds Corp.			178,439		0.0
17,618 (2)	Sprout Social, Inc.			994,712		0.1
13,939 (2)	SPS Commerce, Inc.			1,790,186		0.2
12,326 (2)	Squarespace, Inc.			273,267		0.0
106,161 (2)	StoneCo Ltd.			1,002,160		0.1
41,948 (2)	Sumo Logic, Inc.			339,779		0.0
17,448 (2)	Super Micro Computer, Inc.			1,432,481		0.2
15,182 (2)	Synaptics, Inc.			1,444,719		0.2
21,378 (2)	Telos Corp.			108,814		0.0
42,001 (2)	Tenable Holdings, Inc.			1,602,338		0.2
10,905 (2)	Transphorm, Inc.			59,323		0.0
7,411	TTEC Holdings, Inc.			327,047		0.0
38,131 (2)	TTM Technologies, Inc.			575,015		0.1
4,059 (2)	Tucows, Inc.			137,681		0.0
6,210 (2)	Turtle Beach Corp.			44,526		0.0
17,177 (2)	Ultra Clean Holdings, Inc.			569,418		0.1
26,059 (2)	Unisys Corp.			133,161		0.0
12,013 (2)	Upland Software, Inc.			85,653		0.0
18,147 (1)(2)	UserTesting, Inc.			136,284		0.0
41,986 (2)	Varonis Systems, Inc.			1,005,145		0.1
19,273 (1)(2)	Veeco Instruments, Inc.			358,092		0.0
83,084 (2)	Velodyne Lidar, Inc.			61,374		0.0
24,272 (2)	Verint Systems, Inc.			880,588		0.1
11,925 (1)(2)	Veritone, Inc.			63,203		0.0
55,408 (2)	Verra Mobility Corp.			766,293		0.1
87,209 (2)	Viavi Solutions, Inc.			916,567		0.1
49,781	Vishay Intertechnology, Inc.			1,073,776		0.1
5,160 (2)	Vishay Precision Group, Inc.			199,434		0.0
10,591 (2)	Weave Communications, Inc.			48,507		0.0
27,315 (2)	WM Technology, Inc.			27,588		0.0
18,116 (2)	Workiva, Inc.			1,521,201		0.2
43,098	Xerox Holdings Corp.			629,231		0.1
16,334 (2)	Xperi, Inc.			140,636		0.0
45,430 (2)	Yext, Inc.			296,658		0.0
41,162 (1)(2)	Zeta Global Holdings Corp.			336,294		0.0
46,949 (2)	Zuora, Inc.			298,596		0.0
				111,627,707		12.4
	Materials: 4.2%
14,495 (1)(2)	5E Advanced Materials, Inc.			114,221		0.0
10,562	AdvanSix, Inc.			401,567		0.1
5,775	Alpha Metallurgical Resources, Inc.			845,402		0.1
11,693	American Vanguard Corp.			253,855		0.0
77,304 (1)(2)	Amyris, Inc.			118,275		0.0

See Accompanying Notes to Financial Statements

159

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
39,657 (2)	Arconic Corp.		$	839,142		0.1
11,625 (2)	Aspen Aerogels, Inc.			137,059		0.0
47,745 (2)	ATI, Inc.			1,425,666		0.2
34,988	Avient Corp.			1,181,195		0.1
12,231	Balchem Corp.			1,493,527		0.2
21,024	Cabot Corp.			1,405,244		0.2
18,672	Carpenter Technology Corp.			689,744		0.1
20,336 (2)	Century Aluminum Co.			166,349		0.0
3,149	Chase Corp.			271,633		0.0
6,665 (2)	Clearwater Paper Corp.			252,004		0.0
107,519 (2)	Coeur Mining, Inc.			361,264		0.1
44,706	Commercial Metals Co.			2,159,300		0.3
13,304	Compass Minerals International, Inc.			545,464		0.1
48,513 (2)	Constellium SE			573,909		0.1
17,931 (2)	Dakota Gold Corp.			54,690		0.0
34,813 (1)(2)	Danimer Scientific, Inc.			62,315		0.0
31,007 (2)	Diversey Holdings Ltd.			132,090		0.0
27,563 (2)	Ecovyst, Inc.			244,208		0.0
10,982	FutureFuel Corp.			89,284		0.0
18,788	Glatfelter Corp.			52,231		0.0
11,184	Greif, Inc. - Class A			749,999		0.1
599	Greif, Inc. - Class B			46,860		0.0
7,744	Hawkins, Inc.			298,918		0.0
5,057	Haynes International, Inc.			231,054		0.0
20,116	HB Fuller Co.			1,440,708		0.2
213,689 (1)	Hecla Mining Co.			1,188,111		0.1
57,420 (2)	Hycroft Mining Holding Corp.			30,553		0.0
14,652 (2)	Ingevity Corp.			1,032,087		0.1
9,654	Innospec, Inc.			993,010		0.1
4,184 (2)	Intrepid Potash, Inc.			120,792		0.0
4,342 (2)	Ivanhoe Electric, Inc. / US			52,755		0.0
6,218	Kaiser Aluminum Corp.			472,319		0.1
8,175	Koppers Holdings, Inc.			230,535		0.0
6,330	Kronos Worldwide, Inc.			59,502		0.0
62,135 (1)(2)	Livent Corp.			1,234,622		0.1
26,318 (2)	LSB Industries, Inc.			350,029		0.0
7,838	Materion Corp.			685,903		0.1
21,183	Mativ Holdings, Inc.			442,725		0.1
12,419	Minerals Technologies, Inc.			754,082		0.1
14,782	Myers Industries, Inc.			328,604		0.0
95,949 (2)	Novagold Resources, Inc.			573,775		0.1
59,298 (2)	O-I Glass, Inc.			982,568		0.1
3,640	Olympic Steel, Inc.			122,231		0.0
41,369 (1)(2)	Origin Materials, Inc.			190,711		0.0
23,113	Orion Engineered Carbons SA			411,643		0.1
16,539	Pactiv Evergreen, Inc.			187,883		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
47,325 (2)	Perimeter Solutions SA		$	432,551		0.1
6,651 (2)	Piedmont Lithium, Inc.			292,777		0.0
41,228 (1)(2)	PureCycle Technologies, Inc.			278,701		0.0
5,279 (1)	Quaker Chemical Corp.			881,065		0.1
8,518	Ramaco Resources, Inc.			74,873		0.0
15,184 (2)	Ranpak Holdings Corp.			87,612		0.0
25,132 (2)	Rayonier Advanced Materials, Inc.			241,267		0.0
15,960 (2)	Resolute Forest Products, Inc.			344,576		0.0
7,054	Ryerson Holding Corp.			213,454		0.0
9,929	Schnitzer Steel Industries, Inc.			304,324		0.0
16,056	Sensient Technologies Corp.			1,170,804		0.1
8,148	Stepan Co.			867,436		0.1
46,360 (2)	Summit Materials, Inc.			1,316,160		0.2
31,615	SunCoke Energy, Inc.			272,837		0.0
13,690	Sylvamo Corp.			665,197		0.1
17,537 (2)	TimkenSteel Corp.			318,647		0.0
10,093	Tredegar Corp.			103,151		0.0
16,399	Trimas Corp.			454,908		0.1
13,646	Trinseo PLC			309,901		0.0
44,445	Tronox Holdings PLC			609,341		0.1
19,375	Warrior Met Coal, Inc.			671,150		0.1
12,275	Worthington Industries, Inc.			610,190		0.1
				37,602,539		4.2
	Real Estate: 6.3%
34,675	Acadia Realty Trust			497,586		0.1
31,517	Agree Realty Corp.			2,235,501		0.3
29,366	Alexander & Baldwin, Inc.			550,025		0.1
900	Alexander’s, Inc.			198,054		0.0
20,281	American Assets Trust, Inc.			537,447		0.1
43,024 (2)	Anywhere Real Estate, Inc.			274,923		0.0
60,238	Apartment Investment and Management Co.			428,895		0.1
82,745	Apple Hospitality REIT, Inc.			1,305,716		0.2
26,587	Armada Hoffler Properties, Inc.			305,751		0.0
13,223 (2)	Ashford Hospitality Trust, Inc.			59,107		0.0
1,386 (2)	Bluerock Homes Trust, Inc.			29,536		0.0
24,993	Braemar Hotels & Resorts, Inc.			102,721		0.0
65,162	Brandywine Realty Trust			400,746		0.0
62,431	Broadstone Net Lease, Inc.			1,012,007		0.1
4,180	BRT Apartments Corp.			82,095		0.0

See Accompanying Notes to Financial Statements

160

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
37,820	CareTrust REIT, Inc.		$	702,696		0.1
10,466	CBL & Associates Properties, Inc.			241,555		0.0
6,123	Centerspace			359,236		0.0
20,985	Chatham Lodging Trust			257,486		0.0
15,500	City Office REIT, Inc.			129,890		0.0
10,011	Community Healthcare Trust, Inc.			358,394		0.0
104,732 (2)	Compass, Inc.			244,026		0.0
43,702	Corporate Office Properties Trust SBI MD			1,133,630		0.1
6,798	CTO Realty Growth, Inc.			124,267		0.0
58,967 (2)	Cushman & Wakefield PLC			734,729		0.1
81,565	DiamondRock Hospitality Co.			668,017		0.1
61,037	DigitalBridge Group, Inc.			667,745		0.1
92,257	Diversified Healthcare Trust			59,672		0.0
29,831	Douglas Elliman, Inc.			121,412		0.0
34,663 (1)	Easterly Government Properties, Inc.			494,641		0.1
33,471	Elme Communities			595,784		0.1
54,880	Empire State Realty Trust, Inc.			369,891		0.0
40,335	Equity Commonwealth			1,007,165		0.1
50,799	Essential Properties Realty Trust, Inc.			1,192,253		0.1
26,361 (1)	eXp World Holdings, Inc.			292,080		0.0
18,538	Farmland Partners, Inc.			230,983		0.0
8,692 (2)	Forestar Group, Inc.			133,944		0.0
30,954	Four Corners Property Trust, Inc.			802,637		0.1
40,743	Franklin Street Properties Corp.			111,228		0.0
2,946 (2)	FRP Holdings, Inc.			158,672		0.0
16,006	Getty Realty Corp.			541,803		0.1
15,423	Gladstone Commercial Corp.			285,326		0.0
12,798	Gladstone Land Corp.			234,843		0.0
24,571	Global Medical REIT, Inc.			232,933		0.0
39,347 (1)	Global Net Lease, Inc.			494,592		0.1
14,154	Hersha Hospitality Trust			120,592		0.0
84,246	Independence Realty Trust, Inc.			1,420,388		0.2
2,004 (1)	Indus Realty Trust, Inc.			127,234		0.0
25,347	Industrial Logistics Properties Trust			82,885		0.0
10,590	Innovative Industrial Properties, Inc.			1,073,297		0.1
25,869 (1)	InvenTrust Properties Corp.			612,319		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
25,873	iStar, Inc.		$	197,411		0.0
45,372	Kennedy-Wilson Holdings, Inc.			713,702		0.1
83,607	Kite Realty Group Trust			1,759,927		0.2
15,452	LTC Properties, Inc.			549,010		0.1
105,234	LXP Industrial Trust			1,054,445		0.1
82,247	Macerich Co.			926,101		0.1
9,854	Marcus & Millichap, Inc.			339,470		0.0
17,037	National Health Investors, Inc.			889,672		0.1
52,836	Necessity Retail REIT, Inc./The			313,317		0.0
22,096	NETSTREIT Corp.			405,020		0.1
55,507	Newmark Group, Inc.			442,391		0.1
9,302	NexPoint Residential Trust, Inc.			404,823		0.1
19,746 (1)	Office Properties Income Trust			263,609		0.0
7,617	One Liberty Properties, Inc.			169,250		0.0
22,871	Orion Office REIT, Inc.			195,318		0.0
56,156	Outfront Media, Inc.			931,066		0.1
72,148	Paramount Group, Inc.			428,559		0.1
50,099	Pebblebrook Hotel Trust			670,826		0.1
44,370 (1)	Phillips Edison & Co., Inc.			1,412,741		0.2
84,281	Physicians Realty Trust			1,219,546		0.1
48,652	Piedmont Office Realty Trust, Inc.			446,139		0.1
14,168	Plymouth Industrial REIT, Inc.			271,742		0.0
30,540	PotlatchDeltic Corp.			1,343,455		0.2
8,158	RE/MAX Holdings, Inc.			152,065		0.0
41,793 (2)	Redfin Corp.			177,202		0.0
46,586	Retail Opportunity Investments Corp.			700,188		0.1
63,821	RLJ Lodging Trust			675,864		0.1
6,652	RMR Group, Inc.			187,919		0.0
34,312	RPT Realty			344,492		0.0
20,585	Ryman Hospitality Properties			1,683,441		0.2
87,821	Sabra Healthcare REIT, Inc.			1,091,615		0.1
10,293	Safehold, Inc.			294,586		0.0
5,802	Saul Centers, Inc.			236,025		0.0
66,639	Service Properties Trust			485,798		0.1
72,245	SITE Centers Corp.			986,867		0.1
13,587	St. Joe Co.			525,138		0.1
67,598	STAG Industrial, Inc.			2,184,091		0.2
2,130	Stratus Properties, Inc.			41,088		0.0
43,051	Summit Hotel Properties, Inc.			310,828		0.0

See Accompanying Notes to Financial Statements

161

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
82,676	Sunstone Hotel Investors, Inc.		$	798,650		0.1
39,193 (1)	Tanger Factory Outlet Centers, Inc.			703,122		0.1
6,801 (2)	Tejon Ranch Co.			128,131		0.0
27,752	Terreno Realty Corp.			1,578,256		0.2
19,034	UMH Properties, Inc.			306,447		0.0
89,746 (1)	Uniti Group, Inc.			496,295		0.1
5,422	Universal Health Realty Income Trust			258,792		0.0
44,881	Urban Edge Properties			632,373		0.1
13,618	Urstadt Biddle Properties, Inc.			258,061		0.0
35,388 (2)	Veris Residential, Inc.			563,731		0.1
18,988	Whitestone REIT			183,044		0.0
44,991	Xenia Hotels & Resorts, Inc.			592,981		0.1
				56,362,985		6.3
	Utilities: 3.4%
21,519	ALLETE, Inc.			1,388,191		0.2
16,753 (2)	Altus Power, Inc.			109,230		0.0
14,349	American States Water Co.			1,328,000		0.1
3,193	Artesian Resources Corp.			187,046		0.0
28,095	Avista Corp.			1,245,732		0.1
24,784	Black Hills Corp.			1,743,307		0.2
37,297 (1)	Brookfield Infrastructure Corp.			1,450,853		0.2
20,896	California Water Service Group			1,267,133		0.1
6,929	Chesapeake Utilities Corp.			818,869		0.1
11,217	Clearway Energy, Inc.-Class A			335,613		0.0
33,613	Clearway Energy, Inc.-Class C			1,071,246		0.1
14,246	MGE Energy, Inc.			1,002,918		0.1
6,812	Middlesex Water Co.			535,900		0.1
25,130 (2)	Montauk Renewables, Inc.			277,184		0.0
37,500	New Jersey Resources Corp.			1,860,750		0.2
13,002	Northwest Natural Holding Co.			618,765		0.1
21,130	NorthWestern Corp.			1,253,854		0.1
20,671	ONE Gas, Inc.			1,565,208		0.2
18,937 (1)	Ormat Technologies, Inc.			1,637,672		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
16,187	Otter Tail Corp.		$	950,339		0.1
32,194	PNM Resources, Inc.			1,570,745		0.2
34,103	Portland General Electric Co.			1,671,047		0.2
9,095 (2)	Purecycle Corp.			95,316		0.0
10,855	SJW Group			881,318		0.1
45,814	South Jersey Industries, Inc.			1,627,771		0.2
25,686	Southwest Gas Holdings, Inc.			1,589,450		0.2
19,701 (1)	Spire, Inc.			1,356,611		0.2
38,078 (1)(2)	Sunnova Energy International, Inc.			685,785		0.1
6,712	Unitil Corp.			344,728		0.0
5,895	York Water Co.			265,157		0.0
				30,735,738		3.4
	Total Common Stock (Cost $658,283,956)			877,946,856		97.6
RIGHTS: 0.0%
	Consumer Discretionary: 0.0%
11,012 (1)(2)	PLBY Group, Inc.			110		0.0

	Consumer, Non-cyclical: —%
390 (2)(4)(5)	GTX, Inc. - CVR			—		—

	Health Care: 0.0%
4,590 (2)(4)(5)	Aduro Biotech, Inc. - CVR			—		—
37,288 (1)(2)(4)(5)	Progenics Pharmaceuticals, Inc. - CVR			—		—
22,307 (1)(2)(4)(5)	Zogenix, Inc. - CVR			15,169		0.0
				15,169		0.0
	Industrials: 0.0%
7,382 (2)	Triumph Group, Inc.			4,946		0.0
	Total Rights (Cost $799)			20,225		0.0
OTHER(6): —%
	Consumer, Non-cyclical: —%
18,479 (1)(4)(5)	The Fresh Market Holdings, Inc.			—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $658,284,755)			877,967,081		97.6

See Accompanying Notes to Financial Statements

162

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Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 9.3%
	Repurchase Agreements: 6.1%
2,511,236 (7)	Bethesda Securities LLC, Repurchase Agreement dated 12/30/22, 4.38%, due 01/03/23 (Repurchase Amount $2,512,441, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $2,586,573, due 04/01/23-12/01/52)		$	2,511,236		0.3
15,102,800 (7)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $15,109,917, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $15,404,856, due 01/15/23-11/20/72)			15,102,800		1.7
10,000,514 (7)	Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $10,005,347, collateralized by various U.S. Government Securities, 0.125%-6.250%, Market Value plus accrued interest $10,205,523, due 04/15/23-11/15/52)			10,000,514		1.1
4,985,537 (7)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $4,987,886, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $5,087,679, due 03/01/23-11/20/72)			4,985,537		0.5

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
11,015,896 (7)	National Bank Financial, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $11,021,135, collateralized by various U.S. Government Securities, 0.000%-4.435%, Market Value plus accrued interest $11,236,215, due 01/03/23-09/09/49)		$	11,015,896		1.2
11,713,688 (7)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $11,719,259, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $11,948,018, due 01/15/24-02/15/51)			11,713,688		1.3
	Total Repurchase Agreements (Cost $55,329,671)			55,329,671		6.1

	Time Deposits: 1.1%
1,580,000 (7)	Canadian Imperial Bank of Commerce, 4.300%, 01/03/2023			1,580,000		0.2
1,580,000 (7)	Credit Agricole, 4.300%, 01/03/2023			1,580,000		0.2
1,590,000 (7)	Landesbank Baden-Wuerttemberg, 4.320%, 01/03/2023			1,590,000		0.2
1,580,000 (7)	Mizuho Bank Ltd., 4.320%, 01/03/2023			1,580,000		0.1
1,590,000 (7)	The Royal Bank of Canada, 4.320%, 01/03/2023			1,590,000		0.2
1,590,000 (7)	Toronto-Dominion Bank, 4.310%, 01/03/2023			1,590,000		0.2
	Total Time Deposits (Cost $9,510,000)			9,510,000		1.1

See Accompanying Notes to Financial Statements

163

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 2.1%
18,955,000 (8)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $18,955,000)		$	18,955,000		2.1
	Total Short-Term Investments (Cost $83,794,671)			83,794,671		9.3
	Total Investments in Securities (Cost $742,079,426)		$	961,761,752		106.9
	Liabilities in Excess of Other Assets			(62,370,533)		(6.9)
	Net Assets		$	899,391,219		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

Non-income producing security.

(3)

Security is a Master Limited Partnership.

(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 $15,169 or 0.0% of net assets. Please refer to the table below for additional details.

(6)

(7)

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

(8)

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

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	22,863,927		$	—		$	—		$	22,863,927
Consumer Discretionary			91,308,748			—			—			91,308,748
Consumer Staples			31,681,434			—			—			31,681,434
Energy			59,791,210			—			—			59,791,210
Financials			150,954,795			—			—			150,954,795
Health Care			148,048,100			—			—			148,048,100
Industrials			136,969,673			—			—			136,969,673
Information Technology			111,627,707			—			—			111,627,707
Materials			37,602,539			—			—			37,602,539
Real Estate			56,362,985			—			—			56,362,985
Utilities			30,735,738			—			—			30,735,738
Total Common Stock			877,946,856			—			—			877,946,856
Rights			4,946			110			15,169			20,225
Other			—			—			—			—
Short-Term Investments			18,955,000			64,839,671			—			83,794,671
Total Investments, at fair value		$	896,906,802		$	64,839,781		$	15,169		$	961,761,752
Liabilities Table
Other Financial Instruments+
Futures		$	(582,863)		$	—		$	—		$	(582,863)
Total Liabilities		$	(582,863)		$	—		$	—		$	(582,863)

See Accompanying Notes to Financial Statements

164

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index Portfolio

as of December 31, 2022 (continued)

At December 31, 2022, Voya Russell™ Small Cap Index Portfolio held the following restricted securities:

Security	Acquisition Date	Acquisition Cost			Fair Value
Aduro Biotech, Inc. - CVR	10/6/2020		$	—		$	—
GTX, Inc. - CVR	6/10/2019			799			—
OmniAB, Inc. - 12.5 Earnout Shares	11/2/2022			—			—
OmniAB, Inc. - 15 Earnout Shares	11/2/2022			—			—
Progenics Pharmaceuticals, Inc. - CVR	6/22/2020			—			—
The Fresh Market Holdings, Inc.	11/14/2022			—			—
Zogenix, Inc. - CVR	3/8/2022			—			15,169
			$	799		$	15,169

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

At December 31, 2022, the following futures contracts were outstanding for Voya Russell™ Small Cap Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		251		03/17/23		$	22,224,795		$	(582,863)
						$	22,224,795		$	(582,863)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	582,863
Total Liability Derivatives			$	582,863

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(4,794,991)
Total		$	(4,794,991)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(862,688)
Total		$	(862,688)

See Accompanying Notes to Financial Statements

165

TABLE OF CONTENTS

Voya Russell™ Small Cap

PORTFOLIO OF INVESTMENTS

Index 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 $753,552,726.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	352,677,320
Gross Unrealized Depreciation		(145,050,869)
Net Unrealized Appreciation	$	207,626,451

See Accompanying Notes to Financial Statements

166

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 24.5%
	Basic Materials: 0.5%
1,000,000	Air Products and Chemicals, Inc., 1.850%, 05/15/2027		$	890,017		0.1
500,000	Air Products and Chemicals, Inc., 2.050%, 05/15/2030			419,702		0.0
1,000,000	Air Products and Chemicals, Inc., 2.700%, 05/15/2040			748,083		0.0
800,000	Barrick Australian Finance Pty Ltd., 5.950%, 10/15/2039			819,576		0.0
250,000	Celanese US Holdings LLC, 6.050%, 03/15/2025			249,239		0.0
250,000	Celanese US Holdings LLC, 6.330%, 07/15/2029			243,444		0.0
500,000 (1)	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028			467,776		0.0
750,000 (2)	Dow Chemical Co., 2.100%, 11/15/2030			604,456		0.0
351,000	Dow Chemical Co., 4.250%, 10/01/2034			318,490		0.0
750,000	Dow Chemical Co/The, 3.600%, 11/15/2050			539,332		0.0
1,000,000	DuPont de Nemours, Inc., 5.419%, 11/15/2048			957,194		0.1
400,000	Eastman Chemical Co., 4.650%, 10/15/2044			329,316		0.0
750,000	Ecolab, Inc., 2.700%, 12/15/2051			469,859		0.0
532,000	International Paper Co., 4.350%, 08/15/2048			446,618		0.0
500,000	Linde, Inc./CT, 1.100%, 08/10/2030			384,226		0.0
282,000	LYB International Finance BV, 4.000%, 07/15/2023			279,918		0.0
981,000	LYB International Finance III LLC, 1.250%, 10/01/2025			876,117		0.1
750,000	LYB International Finance III LLC, 3.375%, 10/01/2040			535,746		0.0
250,000	Mosaic Co/The, 5.450%, 11/15/2033			243,934		0.0
1,000,000	Nucor Corp., 2.000%, 06/01/2025			931,532		0.1
1,000,000	Nutrien Ltd., 2.950%, 05/13/2030			859,021		0.0
500,000	PPG Industries, Inc., 1.200%, 03/15/2026			443,760		0.0
500,000	PPG Industries, Inc., 2.550%, 06/15/2030			421,046		0.0
750,000	Rio Tinto Finance USA Ltd., 7.125%, 07/15/2028			827,458		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
1,000,000	Sherwin-Williams Co/The, 3.450%, 06/01/2027		$	939,511		0.1
250,000	Southern Copper Corp., 5.875%, 04/23/2045			256,252		0.0
350,000	Southern Copper Corp., 6.750%, 04/16/2040			391,524		0.0
				14,893,147		0.5
	Communications: 2.7%
500,000 (2)	Alibaba Group Holding Ltd., 2.125%, 02/09/2031			399,286		0.0
1,000,000 (2)	Alibaba Group Holding Ltd., 2.800%, 06/06/2023			988,716		0.1
1,000,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027			921,572		0.0
1,000,000	Alphabet, Inc., 1.100%, 08/15/2030			784,906		0.0
2,000,000	Alphabet, Inc., 1.900%, 08/15/2040			1,335,018		0.1
1,000,000	Amazon.com, Inc., 2.800%, 08/22/2024			969,623		0.0
1,000,000	Amazon.com, Inc., 3.150%, 08/22/2027			941,335		0.0
1,000,000	Amazon.com, Inc., 3.800%, 12/05/2024			984,632		0.0
1,000,000	Amazon.com, Inc., 4.800%, 12/05/2034			1,001,312		0.1
1,000,000	AT&T, Inc., 1.700%, 03/25/2026			902,353		0.0
1,000,000	AT&T, Inc., 2.300%, 06/01/2027			890,912		0.0
4,359,000	AT&T, Inc., 2.550%, 12/01/2033			3,362,708		0.1
2,000,000	AT&T, Inc., 3.500%, 06/01/2041			1,499,270		0.1
5,086,000	AT&T, Inc., 3.500%, 09/15/2053			3,455,607		0.1
1,770,000	AT&T, Inc., 3.550%, 09/15/2055			1,188,980		0.1
1,000,000	AT&T, Inc., 3.650%, 06/01/2051			708,831		0.0
208,000	AT&T, Inc., 3.650%, 09/15/2059			140,181		0.0
1,264,000	AT&T, Inc., 3.800%, 12/01/2057			877,936		0.0
1,000,000	AT&T, Inc., 4.500%, 05/15/2035			912,550		0.0
500,000	AT&T, Inc., 4.650%, 06/01/2044			421,930		0.0
1,000,000	Baidu, Inc., 1.720%, 04/09/2026			890,750		0.0

See Accompanying Notes to Financial Statements

167

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.300%, 02/01/2032		$	369,480		0.0
750,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 06/01/2041			491,149		0.0
1,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025			1,471,602		0.1
1,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.375%, 05/01/2047			1,182,602		0.1
1,000,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/2045			906,022		0.0
1,000,000	Cisco Systems, Inc., 3.625%, 03/04/2024			984,235		0.0
1,500,000	Cisco Systems, Inc., 5.500%, 01/15/2040			1,568,170		0.1
3,000,000	Comcast Corp., 1.950%, 01/15/2031			2,432,167		0.1
990,000	Comcast Corp., 2.887%, 11/01/2051			640,291		0.0
3,578,000	Comcast Corp., 2.937%, 11/01/2056			2,229,056		0.1
654,000	Comcast Corp., 2.987%, 11/01/2063			398,501		0.0
500,000	Comcast Corp., 3.375%, 02/15/2025			485,111		0.0
1,000,000	Comcast Corp., 3.750%, 04/01/2040			828,874		0.0
724,000	Comcast Corp., 3.969%, 11/01/2047			581,896		0.0
750,000	Comcast Corp., 4.200%, 08/15/2034			695,004		0.0
750,000	Comcast Corp., 4.250%, 01/15/2033			709,286		0.0
68,000	Comcast Corp., 6.500%, 11/15/2035			75,923		0.0
1,500,000	Deutsche Telekom International Finance BV, 8.750%, 06/15/2030			1,773,049		0.1
1,250,000	Discovery Communications LLC, 3.625%, 05/15/2030			1,032,789		0.1
250,000	Discovery Communications LLC, 3.900%, 11/15/2024			242,125		0.0

Principal Amount†			Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
		Communications (continued)
1,500,000 (2)		eBay, Inc., 2.700%, 03/11/2030		$	1,277,589		0.1
500,000		Interpublic Group of Cos, Inc./The, 2.400%, 03/01/2031			395,835		0.0
10,000		Motorola Solutions, Inc., 4.000%, 09/01/2024			9,823		0.0
306,000		NBCUniversal Media, LLC, 4.450%, 01/15/2043			270,448		0.0
500,000		Orange SA, 5.500%, 02/06/2044			489,950		0.0
250,000		Paramount Global, 4.000%, 01/15/2026			239,998		0.0
2,500,000		Paramount Global, 4.200%, 05/19/2032			2,052,503		0.1
390,000		Paramount Global, 4.375%, 03/15/2043			269,869		0.0
440,000		Paramount Global, 5.850%, 09/01/2043			367,052		0.0
250,000		Rogers Communications, Inc., 5.000%, 03/15/2044			215,275		0.0
500,000		Telefonica Emisiones SAU, 4.103%, 03/08/2027			475,134		0.0
750,000		Telefonica Emisiones SAU, 4.665%, 03/06/2038			594,995		0.0
1,000,000 (1)		Tencent Holdings Ltd., 2.985%, 01/19/2023			999,139		0.1
1,000,000		Time Warner Cable LLC, 4.500%, 09/15/2042			735,676		0.0
1,538,000		T-Mobile USA, Inc., 3.875%, 04/15/2030			1,396,751		0.1
400,000		TWDC Enterprises 18 Corp., 3.000%, 02/13/2026			379,234		0.0
300,000		TWDC Enterprises 18 Corp., 4.125%, 06/01/2044			258,287		0.0
1,000,000		Verizon Communications, Inc., 1.750%, 01/20/2031			778,195		0.0
1,014,000		Verizon Communications, Inc., 2.355%, 03/15/2032			806,483		0.0
1,000,000		Verizon Communications, Inc., 2.550%, 03/21/2031			824,827		0.0
1,000,000		Verizon Communications, Inc., 2.650%, 11/20/2040			678,673		0.0
750,000		Verizon Communications, Inc., 3.550%, 03/22/2051			537,752		0.0
2,000,000		Verizon Communications, Inc., 4.000%, 03/22/2050			1,574,534		0.1
1,585,000	��	Verizon Communications, Inc., 4.329%, 09/21/2028			1,527,127		0.1

See Accompanying Notes to Financial Statements

168

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,650,000	Verizon Communications, Inc., 4.400%, 11/01/2034		$	1,520,813		0.1
3,000,000	Verizon Communications, Inc., 4.750%, 11/01/2041			2,748,891		0.1
1,636,000	Verizon Communications, Inc., 4.862%, 08/21/2046			1,474,655		0.1
2,000,000	Vodafone Group PLC, 4.125%, 05/30/2025			1,970,011		0.1
1,000,000	Vodafone Group PLC, 6.150%, 02/27/2037			1,017,098		0.1
200,000	Walt Disney Co/The, 1.750%, 08/30/2024			190,804		0.0
1,000,000 (2)	Walt Disney Co/The, 1.750%, 01/13/2026			916,378		0.0
1,000,000 (2)	Walt Disney Co/The, 2.200%, 01/13/2028			891,533		0.0
2,000,000	Walt Disney Co/The, 2.650%, 01/13/2031			1,712,150		0.1
3,000,000	Walt Disney Co/The, 3.500%, 05/13/2040			2,427,430		0.1
1,000,000	Walt Disney Co/The, 3.600%, 01/13/2051			766,496		0.0
250,000	Walt Disney Co/The, 4.750%, 09/15/2044			231,934		0.0
				75,699,082		2.7
	Consumer, Cyclical: 1.3%
702,232	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			610,549		0.0
309,803	American Airlines 2016-3 Class AA Pass Through Trust, 3.000%, 04/15/2030			269,110		0.0
918,330	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			794,985		0.0
2,000,000	American Honda Finance Corp., 1.200%, 07/08/2025			1,829,943		0.1
500,000	American Honda Finance Corp., 1.500%, 01/13/2025			468,179		0.0
500,000	American Honda Finance Corp., 2.000%, 03/24/2028			431,643		0.0
500,000	American Honda Finance Corp., 2.300%, 09/09/2026			457,713		0.0
500,000	AutoZone, Inc., 1.650%, 01/15/2031			389,253		0.0
750,000	AutoZone, Inc., 3.125%, 07/15/2023			741,246		0.0
1,000,000	BorgWarner, Inc., 2.650%, 07/01/2027			891,109		0.1
500,000	Cummins, Inc., 1.500%, 09/01/2030			393,274		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
250,000	Cummins, Inc., 2.600%, 09/01/2050		$	155,871		0.0
750,000	General Motors Co., 6.600%, 04/01/2036			737,218		0.0
500,000	General Motors Financial Co., Inc., 1.050%, 03/08/2024			475,028		0.0
500,000	General Motors Financial Co., Inc., 2.400%, 04/10/2028			421,380		0.0
1,000,000	General Motors Financial Co., Inc., 3.250%, 01/05/2023			999,941		0.1
750,000	General Motors Financial Co., Inc., 3.700%, 05/09/2023			746,395		0.0
500,000	General Motors Financial Co., Inc., 3.850%, 01/05/2028			457,141		0.0
500,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			475,816		0.0
1,000,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026			985,631		0.1
1,000,000	Home Depot, Inc./The, 2.700%, 04/15/2030			874,299		0.0
500,000	Home Depot, Inc./The, 2.800%, 09/14/2027			463,963		0.0
1,000,000	Home Depot, Inc./The, 3.300%, 04/15/2040			800,343		0.0
2,350,000	Home Depot, Inc./The, 5.875%, 12/16/2036			2,523,245		0.1
500,000	Kohl’s Corp., 3.625%, 05/01/2031			351,170		0.0
500,000	Lear Corp., 4.250%, 05/15/2029			450,040		0.0
500,000	Lear Corp., 5.250%, 05/15/2049			411,686		0.0
750,000	Lowe’s Cos, Inc., 2.625%, 04/01/2031			623,288		0.0
1,000,000	Lowe’s Cos, Inc., 3.100%, 05/03/2027			932,542		0.1
500,000	Lowe’s Cos, Inc., 3.650%, 04/05/2029			463,024		0.0
500,000	Marriott International, Inc./MD, 2.850%, 04/15/2031			406,096		0.0
500,000	Marriott International, Inc./MD, 3.125%, 02/15/2023			498,724		0.0
325,000	McDonalds Corp., 6.300%, 10/15/2037			355,233		0.0

See Accompanying Notes to Financial Statements

169

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
500,000	McDonald’s Corp., 3.700%, 01/30/2026		$	486,703		0.0
400,000	McDonald’s Corp., 4.600%, 05/26/2045			358,852		0.0
500,000	McDonald’s Corp., 4.700%, 12/09/2035			480,076		0.0
500,000	NIKE, Inc., 2.375%, 11/01/2026			461,806		0.0
500,000	NIKE, Inc., 3.375%, 11/01/2046			389,323		0.0
500,000 (2)	Starbucks Corp., 3.000%, 02/14/2032			427,686		0.0
1,250,000	Starbucks Corp., 3.100%, 03/01/2023			1,246,425		0.1
500,000	Starbucks Corp., 3.550%, 08/15/2029			461,840		0.0
500,000 (2)	Target Corp., 1.950%, 01/15/2027			454,617		0.0
750,000	Target Corp., 2.950%, 01/15/2052			518,041		0.0
1,000,000	Target Corp., 3.500%, 07/01/2024			980,036		0.1
1,000,000	TJX Cos, Inc./The, 1.600%, 05/15/2031			776,867		0.0
1,000,000	Toyota Motor Credit Corp., 1.350%, 08/25/2023			977,911		0.1
1,000,000	Toyota Motor Credit Corp., 1.800%, 02/13/2025			940,479		0.1
500,000	Toyota Motor Credit Corp., 1.900%, 04/06/2028			435,629		0.0
1,000,000	Toyota Motor Credit Corp., 2.700%, 01/11/2023			999,519		0.1
1,000,000	Toyota Motor Credit Corp., 3.050%, 01/11/2028			924,480		0.1
500,000	Toyota Motor Credit Corp., 3.200%, 01/11/2027			470,403		0.0
342,853	United Airlines 2015-1 Class AA Pass Through Trust, 3.450%, 06/01/2029			305,572		0.0
184,043	United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 01/07/2030			155,288		0.0
809,114	United Airlines 2018-1 Class AA Pass Through Trust, 3.500%, 09/01/2031			700,540		0.0
88,000	Walgreens Boots Alliance, Inc., 3.450%, 06/01/2026			83,769		0.0
1,000,000	Walmart, Inc., 3.300%, 04/22/2024			980,146		0.1
300,000	Whirlpool Corp., 3.700%, 05/01/2025			292,048		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
200,000	Whirlpool Corp., 4.000%, 03/01/2024		$	197,845		0.0
				36,390,979		1.3
	Consumer, Non-cyclical: 4.3%
1,000,000	Abbott Laboratories, 1.400%, 06/30/2030			796,659		0.0
284,000	Abbott Laboratories, 3.750%, 11/30/2026			276,896		0.0
339,000	Abbott Laboratories, 4.750%, 11/30/2036			336,969		0.0
500,000	Abbott Laboratories, 4.750%, 04/15/2043			481,092		0.0
1,000,000	Abbott Laboratories, 4.900%, 11/30/2046			980,598		0.1
500,000	AbbVie, Inc., 2.800%, 03/15/2023			498,046		0.0
1,500,000	AbbVie, Inc., 3.200%, 05/14/2026			1,422,101		0.1
1,000,000	AbbVie, Inc., 3.200%, 11/21/2029			903,751		0.0
1,250,000	AbbVie, Inc., 3.600%, 05/14/2025			1,212,562		0.1
750,000	AbbVie, Inc., 3.800%, 03/15/2025			731,592		0.0
1,000,000	AbbVie, Inc., 4.050%, 11/21/2039			860,127		0.0
1,000,000	AbbVie, Inc., 4.250%, 11/21/2049			835,026		0.0
500,000	AbbVie, Inc., 4.300%, 05/14/2036			452,089		0.0
500,000	AbbVie, Inc., 4.450%, 05/14/2046			432,173		0.0
1,000,000	AbbVie, Inc., 4.500%, 05/14/2035			929,888		0.1
750,000	AbbVie, Inc., 4.550%, 03/15/2035			703,993		0.0
250,000	Aetna, Inc., 3.500%, 11/15/2024			243,024		0.0
300,000	Aetna, Inc., 4.500%, 05/15/2042			260,266		0.0
300,000	Altria Group, Inc., 4.250%, 08/09/2042			223,442		0.0
138,000	Altria Group, Inc., 4.800%, 02/14/2029			132,703		0.0
500,000	Altria Group, Inc., 5.800%, 02/14/2039			462,983		0.0
2,000,000	AmerisourceBergen Corp., 2.800%, 05/15/2030			1,700,961		0.1
250,000	AmerisourceBergen Corp., 4.250%, 03/01/2045			206,426		0.0

See Accompanying Notes to Financial Statements

170

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
500,000	Amgen, Inc., 2.250%, 08/19/2023		$	491,571		0.0
2,000,000	Amgen, Inc., 2.300%, 02/25/2031			1,633,866		0.1
1,000,000	Amgen, Inc., 3.150%, 02/21/2040			740,211		0.0
1,500,000	Amgen, Inc., 4.400%, 05/01/2045			1,263,715		0.1
3,500,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			3,199,405		0.1
1,500,000	Anheuser-Busch InBev Worldwide, Inc., 3.500%, 06/01/2030			1,369,134		0.1
250,000	Anheuser-Busch InBev Worldwide, Inc., 3.750%, 07/15/2042			201,693		0.0
1,500,000	Anheuser-Busch InBev Worldwide, Inc., 4.350%, 06/01/2040			1,324,572		0.1
1,500,000	Anheuser-Busch InBev Worldwide, Inc., 4.500%, 06/01/2050			1,320,097		0.1
750,000	Anheuser-Busch InBev Worldwide, Inc., 8.200%, 01/15/2039			940,850		0.1
100,000	AstraZeneca PLC, 3.500%, 08/17/2023			99,173		0.0
1,000,000	AstraZeneca PLC, 4.000%, 01/17/2029			961,816		0.1
1,000,000	AstraZeneca PLC, 4.375%, 08/17/2048			893,356		0.0
1,400,000	AstraZeneca PLC, 6.450%, 09/15/2037			1,584,631		0.1
500,000	Automatic Data Processing, Inc., 3.375%, 09/15/2025			484,756		0.0
1,000,000	BAT Capital Corp., 3.222%, 08/15/2024			963,507		0.1
224,000	Baxalta, Inc., 4.000%, 06/23/2025			218,369		0.0
1,000,000	Becton Dickinson and Co., 1.957%, 02/11/2031			793,196		0.0
750,000	Biogen, Inc., 4.050%, 09/15/2025			729,827		0.0
500,000 (2)	Boston Scientific Corp., 1.900%, 06/01/2025			467,153		0.0
500,000	Boston Scientific Corp., 2.650%, 06/01/2030			428,263		0.0
1,000,000	Bristol-Myers Squibb Co., 1.125%, 11/13/2027			855,707		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,000,000	Bristol-Myers Squibb Co., 2.350%, 11/13/2040		$	691,431		0.0
500,000	Bristol-Myers Squibb Co., 3.250%, 08/01/2042			383,794		0.0
1,000,000	Bristol-Myers Squibb Co., 3.900%, 02/20/2028			964,692		0.1
500,000	Bristol-Myers Squibb Co., 4.625%, 05/15/2044			459,557		0.0
500,000	Cardinal Health, Inc., 3.200%, 03/15/2023			498,626		0.0
500,000	Cardinal Health, Inc., 4.900%, 09/15/2045			424,712		0.0
500,000	Cigna Corp., 1.250%, 03/15/2026			446,039		0.0
500,000	Cigna Corp., 2.375%, 03/15/2031			410,427		0.0
750,000	Cigna Corp., 3.250%, 04/15/2025			722,890		0.0
500,000	Cigna Corp., 3.400%, 03/01/2027			469,737		0.0
500,000	Cigna Corp., 3.400%, 03/15/2051			357,748		0.0
250,000	Cigna Corp., 3.500%, 06/15/2024			244,598		0.0
1,000,000	Cigna Corp., 4.800%, 08/15/2038			932,181		0.1
500,000	Cigna Corp., 4.800%, 07/15/2046			448,567		0.0
500,000	Cigna Corp., 4.900%, 12/15/2048			453,142		0.0
1,000,000	Clorox Co/The, 1.800%, 05/15/2030			798,396		0.0
500,000	Coca-Cola Co., 1.500%, 03/05/2028			431,463		0.0
1,000,000	Coca-Cola Co., 1.650%, 06/01/2030			820,460		0.0
1,500,000	Coca-Cola Co., 2.000%, 03/05/2031			1,241,010		0.1
1,000,000	Coca-Cola Co., 2.500%, 03/15/2051			651,815		0.0
1,000,000	Coca-Cola Co., 2.900%, 05/25/2027			941,786		0.1
500,000	Coca-Cola Co., 3.000%, 03/05/2051			366,162		0.0
222,000	Conagra Brands, Inc., 3.200%, 01/25/2023			221,839		0.0
1,500,000	CVS Health Corp., 2.700%, 08/21/2040			1,041,912		0.1
250,000	CVS Health Corp., 3.375%, 08/12/2024			243,851		0.0

See Accompanying Notes to Financial Statements

171

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
443,000	CVS Health Corp., 3.875%, 07/20/2025		$	432,723		0.0
389,000	CVS Health Corp., 4.300%, 03/25/2028			376,983		0.0
1,000,000	CVS Health Corp., 4.780%, 03/25/2038			914,923		0.1
2,000,000	CVS Health Corp., 5.050%, 03/25/2048			1,805,271		0.1
1,000,000	CVS Health Corp., 5.125%, 07/20/2045			916,293		0.1
200,000	CVS Health Corp., 5.300%, 12/05/2043			187,780		0.0
500,000	Danaher Corp., 2.800%, 12/10/2051			332,768		0.0
2,000,000	Diageo Capital PLC, 2.125%, 04/29/2032			1,598,249		0.1
1,000,000	Diageo Capital PLC, 3.500%, 09/18/2023			990,527		0.1
1,000,000	Diageo Capital PLC, 3.875%, 05/18/2028			954,609		0.1
750,000	Elevance Health, Inc., 1.500%, 03/15/2026			674,947		0.0
750,000	Elevance Health, Inc., 2.550%, 03/15/2031			631,989		0.0
250,000	Elevance Health, Inc., 3.500%, 08/15/2024			244,012		0.0
1,000,000	Elevance Health, Inc., 3.650%, 12/01/2027			944,649		0.1
750,000	Elevance Health, Inc., 4.101%, 03/01/2028			720,117		0.0
250,000	Elevance Health, Inc., 4.650%, 08/15/2044			224,427		0.0
3,750,000	Eli Lilly & Co., 2.250%, 05/15/2050			2,367,013		0.1
500,000	Estee Lauder Cos, Inc./The, 1.950%, 03/15/2031			405,615		0.0
300,000	Estee Lauder Cos, Inc./The, 3.700%, 08/15/2042			235,332		0.0
500,000	Flowers Foods, Inc., 2.400%, 03/15/2031			403,767		0.0
751,000 (2)	General Mills, Inc., 3.000%, 02/01/2051			517,089		0.0
500,000	Gilead Sciences, Inc., 2.500%, 09/01/2023			491,857		0.0
750,000	Gilead Sciences, Inc., 3.500%, 02/01/2025			726,785		0.0
260,000	Gilead Sciences, Inc., 3.650%, 03/01/2026			250,965		0.0
150,000	Gilead Sciences, Inc., 3.700%, 04/01/2024			147,542		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
250,000	Gilead Sciences, Inc., 4.150%, 03/01/2047		$	207,704		0.0
200,000	Gilead Sciences, Inc., 4.500%, 02/01/2045			176,933		0.0
750,000	Gilead Sciences, Inc., 4.750%, 03/01/2046			678,738		0.0
350,000	Gilead Sciences, Inc., 4.800%, 04/01/2044			322,674		0.0
500,000	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/2038			567,997		0.0
750,000	Hershey Co/The, 2.300%, 08/15/2026			690,052		0.0
1,750,000	Humana, Inc., 3.850%, 10/01/2024			1,715,934		0.1
500,000	Humana, Inc., 4.950%, 10/01/2044			454,030		0.0
1,000,000	Johnson & Johnson, 2.450%, 03/01/2026			940,919		0.1
1,000,000	Johnson & Johnson, 2.900%, 01/15/2028			933,913		0.1
500,000	Johnson & Johnson, 2.950%, 03/03/2027			473,462		0.0
1,000,000	Johnson & Johnson, 3.625%, 03/03/2037			892,401		0.0
500,000	Johnson & Johnson, 3.700%, 03/01/2046			422,029		0.0
500,000	Johnson & Johnson, 3.750%, 03/03/2047			423,458		0.0
1,000,000	Kellogg Co., 2.100%, 06/01/2030			815,285		0.0
500,000	Kellogg Co., 3.250%, 04/01/2026			475,944		0.0
500,000	Keurig Dr Pepper, Inc., 0.750%, 03/15/2024			474,860		0.0
500,000	Keurig Dr Pepper, Inc., 2.250%, 03/15/2031			402,741		0.0
500,000	Keurig Dr Pepper, Inc., 3.350%, 03/15/2051			345,638		0.0
250,000	Keurig Dr Pepper, Inc., 3.400%, 11/15/2025			239,974		0.0
350,000	Keurig Dr Pepper, Inc., 4.500%, 11/15/2045			299,186		0.0
1,000,000	Kroger Co., 2.650%, 10/15/2026			919,211		0.1
250,000	Kroger Co., 4.450%, 02/01/2047			211,132		0.0
879,000	Kroger Co., 7.500%, 04/01/2031			996,162		0.1

See Accompanying Notes to Financial Statements

172

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS��

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
250,000	Laboratory Corp. of America Holdings, 4.700%, 02/01/2045		$	215,366		0.0
500,000 (2)	McCormick & Co., Inc./MD, 1.850%, 02/15/2031			387,731		0.0
1,000,000	McKesson Corp., 0.900%, 12/03/2025			888,992		0.0
250,000	Mead Johnson Nutrition Co., 4.600%, 06/01/2044			224,624		0.0
716,000	Medtronic, Inc., 4.375%, 03/15/2035			679,375		0.0
72,000	Medtronic, Inc., 4.625%, 03/15/2045			67,431		0.0
1,000,000	Merck & Co., Inc., 0.750%, 02/24/2026			886,524		0.0
1,000,000	Merck & Co., Inc., 1.450%, 06/24/2030			800,141		0.0
500,000	Merck & Co., Inc., 1.700%, 06/10/2027			444,036		0.0
500,000	Merck & Co., Inc., 2.750%, 12/10/2051			336,515		0.0
250,000	Merck & Co., Inc., 3.700%, 02/10/2045			206,833		0.0
1,000,000	Merck & Co., Inc., 3.900%, 03/07/2039			881,820		0.0
1,000,000	Merck & Co., Inc., 4.150%, 05/18/2043			890,362		0.0
500,000	Molson Coors Beverage Co., 5.000%, 05/01/2042			445,681		0.0
460,000	Mondelez International, Inc., 2.750%, 04/13/2030			397,564		0.0
200,000	Mylan, Inc., 4.200%, 11/29/2023			198,017		0.0
500,000	Novartis Capital Corp., 2.200%, 08/14/2030			426,483		0.0
500,000	Novartis Capital Corp., 2.750%, 08/14/2050			348,319		0.0
500,000	Novartis Capital Corp., 3.100%, 05/17/2027			474,562		0.0
500,000	Novartis Capital Corp., 3.400%, 05/06/2024			490,107		0.0
1,000,000	PayPal Holdings, Inc., 1.650%, 06/01/2025			929,251		0.1
1,000,000 (2)	PayPal Holdings, Inc., 2.300%, 06/01/2030			823,772		0.0
2,500,000	PepsiCo, Inc., 1.625%, 05/01/2030			2,039,156		0.1
1,000,000	PepsiCo, Inc., 3.600%, 03/01/2024			988,158		0.1
1,000,000	Pfizer, Inc., 3.450%, 03/15/2029			945,178		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,000,000	Pfizer, Inc., 3.900%, 03/15/2039		$	886,276		0.0
500,000	Pfizer, Inc., 4.000%, 12/15/2036			457,967		0.0
1,000,000	Pfizer, Inc., 4.100%, 09/15/2038			910,490		0.0
500,000	Pfizer, Inc., 4.125%, 12/15/2046			442,031		0.0
1,000,000	Pfizer, Inc., 4.300%, 06/15/2043			923,569		0.1
500,000	Philip Morris International, Inc., 2.125%, 05/10/2023			495,177		0.0
500,000 (2)	Philip Morris International, Inc., 3.125%, 03/02/2028			454,767		0.0
250,000	Philip Morris International, Inc., 3.250%, 11/10/2024			242,012		0.0
500,000	Philip Morris International, Inc., 3.875%, 08/21/2042			381,595		0.0
750,000	Procter & Gamble Co/The, 1.000%, 04/23/2026			672,671		0.0
750,000	Procter & Gamble Co/The, 1.950%, 04/23/2031			625,859		0.0
750,000	Procter & Gamble Co/The, 2.800%, 03/25/2027			703,480		0.0
1,000,000	Quest Diagnostics, Inc., 2.800%, 06/30/2031			840,165		0.0
500,000	Reynolds American, Inc., 5.700%, 08/15/2035			452,967		0.0
1,250,000	Reynolds American, Inc., 6.150%, 09/15/2043			1,120,080		0.1
1,000,000	Sanofi, 3.625%, 06/19/2028			955,876		0.1
500,000	Stryker Corp., 3.500%, 03/15/2026			480,494		0.0
750,000	Tyson Foods, Inc., 3.550%, 06/02/2027			704,155		0.0
150,000	Unilever Capital Corp., 2.600%, 05/05/2024			145,484		0.0
500,000	Unilever Capital Corp., 3.250%, 03/07/2024			490,904		0.0
1,000,000	Unilever Capital Corp., 3.500%, 03/22/2028			938,708		0.1
1,000,000	UnitedHealth Group, Inc., 2.000%, 05/15/2030			827,377		0.0
500,000	UnitedHealth Group, Inc., 2.750%, 02/15/2023			498,842		0.0
1,000,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			729,392		0.0
500,000	UnitedHealth Group, Inc., 2.875%, 03/15/2023			498,340		0.0
500,000	UnitedHealth Group, Inc., 2.900%, 05/15/2050			340,616		0.0

See Accompanying Notes to Financial Statements

173

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
500,000	UnitedHealth Group, Inc., 2.950%, 10/15/2027		$	463,730		0.0
500,000	UnitedHealth Group, Inc., 3.100%, 03/15/2026			476,351		0.0
500,000	UnitedHealth Group, Inc., 3.125%, 05/15/2060			341,543		0.0
1,000,000	UnitedHealth Group, Inc., 3.500%, 06/15/2023			994,537		0.1
1,000,000	UnitedHealth Group, Inc., 3.850%, 06/15/2028			959,586		0.1
1,000,000	UnitedHealth Group, Inc., 4.250%, 04/15/2047			865,463		0.0
250,000	UnitedHealth Group, Inc., 4.625%, 07/15/2035			243,321		0.0
250,000	UnitedHealth Group, Inc., 4.750%, 07/15/2045			235,424		0.0
1,000,000	Zoetis, Inc., 2.000%, 05/15/2030			813,790		0.0
1,000,000	Zoetis, Inc., 3.000%, 05/15/2050			680,333		0.0
500,000	Zoetis, Inc., 4.500%, 11/13/2025			498,695		0.0
				120,499,744		4.3
	Energy: 1.8%
1,000,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.138%, 11/07/2029			884,432		0.0
250,000	Boardwalk Pipelines L.P., 4.950%, 12/15/2024			247,168		0.0
500,000	Boardwalk Pipelines L.P., 5.950%, 06/01/2026			506,956		0.0
500,000	BP Capital Markets America, Inc., 3.017%, 01/16/2027			466,256		0.0
250,000	BP Capital Markets America, Inc., 3.119%, 05/04/2026			237,279		0.0
500,000	BP Capital Markets America, Inc., 3.379%, 02/08/2061			342,346		0.0
1,000,000	BP Capital Markets America, Inc., 3.937%, 09/21/2028			956,913		0.0
250,000	Canadian Natural Resources Ltd., 3.800%, 04/15/2024			245,114		0.0
500,000	Chevron Corp., 2.895%, 03/03/2024			488,929		0.0
500,000	Chevron Corp., 2.954%, 05/16/2026			474,836		0.0
300,000	Chevron USA, Inc., 3.900%, 11/15/2024			295,101		0.0
2,000,000	ConocoPhillips Co., 4.025%, 03/15/2062			1,585,809		0.1
129,000	ConocoPhillips Co., 4.150%, 11/15/2034			112,243		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
500,000	ConocoPhillips Co., 4.300%, 11/15/2044		$	434,867		0.0
66,000	Eastern Gas Transmission & Storage, Inc., 3.600%, 12/15/2024			63,788		0.0
500,000	Ecopetrol SA, 4.125%, 01/16/2025			477,280		0.0
250,000	Enbridge, Inc., 3.500%, 06/10/2024			243,248		0.0
250,000	Enbridge, Inc., 4.500%, 06/10/2044			209,031		0.0
500,000	Energy Transfer L.P., 3.450%, 01/15/2023			499,589		0.0
500,000	Energy Transfer L.P., 3.600%, 02/01/2023			499,055		0.0
500,000	Energy Transfer L.P., 4.950%, 01/15/2043			404,017		0.0
800,000	Energy Transfer L.P., 6.125%, 12/15/2045			743,854		0.0
1,809,000	Energy Transfer L.P., 6.500%, 02/01/2042			1,796,058		0.1
1,000,000	Enterprise Products Operating LLC, 3.200%, 02/15/2052			659,671		0.0
500,000	Enterprise Products Operating LLC, 3.700%, 02/15/2026			482,476		0.0
100,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025			97,311		0.0
500,000	Enterprise Products Operating LLC, 3.950%, 02/15/2027			480,371		0.0
300,000	Enterprise Products Operating LLC, 4.450%, 02/15/2043			254,091		0.0
1,100,000	Enterprise Products Operating LLC, 4.850%, 03/15/2044			974,911		0.1
1,750,000	Enterprise Products Operating LLC, 4.900%, 05/15/2046			1,530,040		0.1
1,950,000	EOG Resources, Inc., 2.625%, 03/15/2023			1,942,494		0.1
250,000	EOG Resources, Inc., 4.150%, 01/15/2026			245,370		0.0
1,000,000	Equinor ASA, 2.375%, 05/22/2030			852,804		0.0
500,000	Equinor ASA, 3.625%, 09/10/2028			474,126		0.0
500,000	Equinor ASA, 3.950%, 05/15/2043			420,159		0.0

See Accompanying Notes to Financial Statements

174

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
500,000	Exxon Mobil Corp., 2.726%, 03/01/2023		$	498,500		0.0
500,000	Exxon Mobil Corp., 3.043%, 03/01/2026			477,473		0.0
500,000	Exxon Mobil Corp., 4.114%, 03/01/2046			427,859		0.0
500,000 (2)	Halliburton Co., 2.920%, 03/01/2030			429,785		0.0
31,000	Halliburton Co., 3.800%, 11/15/2025			30,186		0.0
500,000	Halliburton Co., 4.750%, 08/01/2043			428,889		0.0
500,000	Halliburton Co., 4.850%, 11/15/2035			464,359		0.0
518,000	Hess Corp., 5.600%, 02/15/2041			491,920		0.0
500,000	Kinder Morgan Energy Partners L.P., 3.500%, 09/01/2023			494,785		0.0
400,000	Kinder Morgan Energy Partners L.P., 4.300%, 05/01/2024			394,870		0.0
400,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044			361,366		0.0
1,325,000	Kinder Morgan Energy Partners L.P., 6.950%, 01/15/2038			1,407,401		0.1
750,000	Kinder Morgan, Inc., 2.000%, 02/15/2031			582,346		0.0
500,000	Kinder Morgan, Inc., 3.600%, 02/15/2051			346,575		0.0
500,000	Kinder Morgan, Inc., 4.300%, 06/01/2025			490,805		0.0
500,000	Kinder Morgan, Inc., 5.050%, 02/15/2046			426,303		0.0
500,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			458,246		0.0
1,500,000	Magellan Midstream Partners L.P., 4.200%, 12/01/2042			1,110,433		0.1
500,000	Marathon Oil Corp., 5.200%, 06/01/2045			430,139		0.0
400,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			335,759		0.0
1,000,000	MPLX L.P., 4.000%, 03/15/2028			931,897		0.0
1,000,000	MPLX L.P., 4.875%, 12/01/2024			992,568		0.1
1,000,000	ONEOK Partners L.P., 6.200%, 09/15/2043			953,899		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
173,000	Petroleos Mexicanos, 6.700%, 02/16/2032		$	136,186		0.0
1,500,000	Phillips 66, 3.900%, 03/15/2028			1,418,355		0.1
250,000	Phillips 66, 4.650%, 11/15/2034			234,115		0.0
750,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			734,681		0.0
250,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.700%, 06/15/2044			190,570		0.0
1,500,000 (2)	Schlumberger Investment SA, 2.650%, 06/26/2030			1,290,275		0.1
1,040,000	Shell International Finance BV, 2.875%, 05/10/2026			980,653		0.1
1,000,000	Shell International Finance BV, 3.250%, 05/11/2025			969,881		0.1
500,000	Shell International Finance BV, 3.750%, 09/12/2046			393,916		0.0
1,500,000	Shell International Finance BV, 4.125%, 05/11/2035			1,396,223		0.1
250,000	Shell International Finance BV, 4.375%, 05/11/2045			219,687		0.0
600,000	Spectra Energy Partners L.P., 4.500%, 03/15/2045			497,978		0.0
500,000	Suncor Energy, Inc., 3.750%, 03/04/2051			361,476		0.0
1,450,000	Suncor Energy, Inc., 6.500%, 06/15/2038			1,493,010		0.1
500,000	TotalEnergies Capital Canada Ltd., 2.750%, 07/15/2023			493,802		0.0
1,000,000	TransCanada Pipelines Ltd., 7.625%, 01/15/2039			1,147,924		0.1
2,000,000	TransCanada PipeLines Ltd., 4.625%, 03/01/2034			1,829,027		0.1
1,000,000	Valero Energy Corp., 6.625%, 06/15/2037			1,068,323		0.1
1,250,000	Williams Cos, Inc./The, 2.600%, 03/15/2031			1,014,583		0.1
400,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			389,211		0.0
500,000	Williams Cos, Inc./The, 4.300%, 03/04/2024			494,184		0.0
500,000	Williams Cos, Inc./The, 5.100%, 09/15/2045			439,505		0.0
500,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			455,627		0.0
				51,243,548		1.8

See Accompanying Notes to Financial Statements

175

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: 7.9%
500,000	Air Lease Corp., 3.000%, 09/15/2023		$	491,659		0.0
1,000,000	Alexandria Real Estate Equities, Inc., 2.000%, 05/18/2032			768,350		0.0
500,000	Allstate Corp./The, 1.450%, 12/15/2030			384,111		0.0
1,000,000	Allstate Corp./The, 3.280%, 12/15/2026			950,867		0.1
750,000	American Express Co., 3.000%, 10/30/2024			725,797		0.0
1,000,000	American Express Co., 3.300%, 05/03/2027			936,384		0.1
1,000,000	American Express Co., 3.400%, 02/27/2023			999,296		0.1
500,000	American Tower Corp., 1.600%, 04/15/2026			445,124		0.0
500,000	American Tower Corp., 2.700%, 04/15/2031			408,197		0.0
500,000	American Tower Corp., 3.375%, 10/15/2026			468,160		0.0
1,000,000	American Tower Corp., 3.500%, 01/31/2023			998,829		0.1
750,000	American Tower Corp., 3.550%, 07/15/2027			695,690		0.0
500,000	Aon Corp., 3.750%, 05/02/2029			462,306		0.0
1,000,000	Aon Global Ltd., 4.450%, 05/24/2043			802,433		0.0
500,000	Aon Global Ltd., 4.600%, 06/14/2044			429,268		0.0
500,000	Aon Global Ltd., 4.750%, 05/15/2045			435,554		0.0
264,000 (2)	Assured Guaranty US Holdings, Inc., 5.000%, 07/01/2024			263,733		0.0
500,000	AvalonBay Communities, Inc., 2.300%, 03/01/2030			416,333		0.0
500,000	AvalonBay Communities, Inc., 2.850%, 03/15/2023			497,780		0.0
600,000	Banco Santander SA, 3.125%, 02/23/2023			598,276		0.0
600,000	Banco Santander SA, 3.800%, 02/23/2028			545,147		0.0
400,000	Banco Santander SA, 4.250%, 04/11/2027			380,347		0.0
400,000	Banco Santander SA, 5.179%, 11/19/2025			393,904		0.0
500,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			438,673		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,000,000 (3)	Bank of America Corp., 1.843%, 02/04/2025		$	959,191		0.1
1,281,000 (3)	Bank of America Corp., 1.898%, 07/23/2031			985,967		0.1
500,000 (3)	Bank of America Corp., 2.496%, 02/13/2031			407,467		0.0
2,000,000 (3)	Bank of America Corp., 2.592%, 04/29/2031			1,633,265		0.1
1,926,000 (3)	Bank of America Corp., 2.676%, 06/19/2041			1,302,556		0.1
500,000 (3)	Bank of America Corp., 2.687%, 04/22/2032			401,392		0.0
1,000,000 (3)	Bank of America Corp., 3.093%, 10/01/2025			958,688		0.1
2,000,000	Bank of America Corp., 3.300%, 01/11/2023			1,999,335		0.1
500,000 (3)	Bank of America Corp., 3.311%, 04/22/2042			368,506		0.0
2,384,000 (3)	Bank of America Corp., 3.419%, 12/20/2028			2,162,806		0.1
1,000,000	Bank of America Corp., 3.500%, 04/19/2026			955,561		0.1
500,000 (3)	Bank of America Corp., 3.550%, 03/05/2024			498,153		0.0
1,020,000 (3)	Bank of America Corp., 3.824%, 01/20/2028			953,238		0.1
1,500,000	Bank of America Corp., 3.950%, 04/21/2025			1,461,131		0.1
1,000,000	Bank of America Corp., 4.250%, 10/22/2026			967,345		0.1
2,000,000	Bank of America Corp., 4.450%, 03/03/2026			1,962,115		0.1
1,000,000 (3)	Bank of Montreal, 3.803%, 12/15/2032			882,133		0.0
500,000	Bank of New York Mellon Corp., 2.200%, 08/16/2023			492,392		0.0
700,000	Bank of New York Mellon Corp., 3.000%, 10/30/2028			627,160		0.0
500,000	Bank of New York Mellon Corp./The, 0.500%, 04/26/2024			472,081		0.0
1,000,000	Bank of New York Mellon Corp./The, 2.950%, 01/29/2023			998,818		0.1
750,000	Bank of New York Mellon Corp./The, 3.250%, 05/16/2027			706,298		0.0

See Accompanying Notes to Financial Statements

176

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000 (2)(3)	Bank of New York Mellon Corp./The, 3.442%, 02/07/2028		$	468,623		0.0
500,000	Bank of Nova Scotia, 4.500%, 12/16/2025			490,580		0.0
1,000,000 (3)	Barclays PLC, 2.667%, 03/10/2032			764,897		0.0
750,000 (3)	Barclays PLC, 3.811%, 03/10/2042			508,811		0.0
750,000	Barclays PLC, 4.375%, 01/12/2026			726,612		0.0
1,000,000	Barclays PLC, 5.200%, 05/12/2026			973,726		0.1
250,000	Barclays PLC, 5.250%, 08/17/2045			224,556		0.0
1,000,000	Berkshire Hathaway Finance Corp., 4.200%, 08/15/2048			885,309		0.0
1,000,000	Berkshire Hathaway, Inc., 3.125%, 03/15/2026			959,463		0.1
2,000,000	BlackRock, Inc., 1.900%, 01/28/2031			1,623,539		0.1
500,000	BNP Paribas SA, 3.250%, 03/03/2023			498,737		0.0
1,000,000 (1)	BNP Paribas SA, 3.500%, 11/16/2027			920,729		0.0
1,000,000	Boston Properties L.P., 2.550%, 04/01/2032			762,758		0.0
500,000	Boston Properties L.P., 3.250%, 01/30/2031			414,523		0.0
1,000,000 (1)	BPCE SA, 3.250%, 01/11/2028			898,625		0.0
1,500,000 (2)	Brighthouse Financial, Inc., 5.625%, 05/15/2030			1,430,135		0.1
750,000	Brookfield Finance, Inc., 2.724%, 04/15/2031			603,352		0.0
500,000	Capital One Financial Corp., 3.200%, 01/30/2023			500,000		0.0
500,000	Capital One Financial Corp., 3.200%, 02/05/2025			481,119		0.0
500,000	Capital One Financial Corp., 3.300%, 10/30/2024			482,925		0.0
1,000,000	Capital One Financial Corp., 3.650%, 05/11/2027			942,366		0.1
500,000	Capital One Financial Corp., 3.750%, 04/24/2024			490,794		0.0
500,000	Capital One Financial Corp., 3.750%, 07/28/2026			471,400		0.0
500,000	Capital One Financial Corp., 3.800%, 01/31/2028			468,221		0.0
500,000	Capital One Financial Corp., 4.200%, 10/29/2025			483,696		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000	Charles Schwab Corp./The, 0.750%, 03/18/2024		$	475,416		0.0
1,000,000	Charles Schwab Corp./The, 2.650%, 01/25/2023			998,738		0.1
1,000,000 (2)	Charles Schwab Corp./The, 3.200%, 01/25/2028			933,489		0.1
1,000,000	Chubb Corp./The, 6.000%, 05/11/2037			1,062,434		0.1
750,000	Chubb INA Holdings, Inc., 2.700%, 03/13/2023			747,116		0.0
750,000	Chubb INA Holdings, Inc., 2.850%, 12/15/2051			499,162		0.0
750,000 (3)	Citigroup, Inc., 2.014%, 01/25/2026			695,647		0.0
1,000,000 (3)	Citigroup, Inc., 2.561%, 05/01/2032			791,849		0.0
1,410,000 (3)	Citigroup, Inc., 2.572%, 06/03/2031			1,143,505		0.1
500,000	Citigroup, Inc., 3.400%, 05/01/2026			474,517		0.0
1,000,000	Citigroup, Inc., 3.500%, 05/15/2023			995,321		0.1
1,000,000 (3)	Citigroup, Inc., 3.878%, 01/24/2039			830,261		0.0
1,500,000 (3)	Citigroup, Inc., 3.887%, 01/10/2028			1,403,837		0.1
1,000,000 (3)	Citigroup, Inc., 3.980%, 03/20/2030			903,917		0.0
700,000	Citigroup, Inc., 4.000%, 08/05/2024			687,895		0.0
1,500,000	Citigroup, Inc., 4.125%, 07/25/2028			1,398,959		0.1
500,000	Citigroup, Inc., 4.300%, 11/20/2026			484,381		0.0
500,000	Citigroup, Inc., 4.400%, 06/10/2025			491,218		0.0
345,000	Citigroup, Inc., 4.450%, 09/29/2027			329,503		0.0
500,000	Citigroup, Inc., 4.600%, 03/09/2026			491,709		0.0
793,000	Citigroup, Inc., 5.300%, 05/06/2044			718,362		0.0
615,000	Citigroup, Inc., 8.125%, 07/15/2039			758,926		0.0
1,000,000	Citizens Financial Group, Inc., 3.250%, 04/30/2030			870,375		0.0
300,000	CNA Financial Corp., 4.500%, 03/01/2026			295,264		0.0
250,000	Comerica, Inc., 3.800%, 07/22/2026			239,021		0.0

See Accompanying Notes to Financial Statements

177

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000	Cooperatieve Rabobank UA, 3.750%, 07/21/2026		$	470,109		0.0
500,000	Corporate Office Properties L.P., 2.750%, 04/15/2031			375,306		0.0
1,000,000	Credit Suisse Group AG, 3.800%, 06/09/2023			973,919		0.1
750,000 (1)	Credit Suisse Group AG, 4.282%, 01/09/2028			622,763		0.0
500,000	Crown Castle, Inc., 1.050%, 07/15/2026			432,612		0.0
1,000,000	Crown Castle, Inc., 2.100%, 04/01/2031			790,555		0.0
500,000	Crown Castle, Inc., 2.900%, 04/01/2041			344,385		0.0
1,000,000	Crown Castle, Inc., 3.150%, 07/15/2023			989,025		0.1
1,000,000 (3)	Deutsche Bank AG/New York NY, 1.447%, 04/01/2025			929,213		0.0
1,000,000 (3)	Deutsche Bank AG/New York NY, 3.961%, 11/26/2025			956,278		0.1
400,000	Deutsche Bank AG/New York NY, 4.100%, 01/13/2026			384,873		0.0
500,000	Discover Bank, 4.200%, 08/08/2023			496,867		0.0
400,000	Discover Bank, 4.250%, 03/13/2026			380,862		0.0
500,000	ERP Operating L.P., 4.500%, 07/01/2044			424,543		0.0
500,000	Federal Realty Investment Trust, 3.500%, 06/01/2030			429,082		0.0
400,000	Fifth Third Bancorp, 4.300%, 01/16/2024			395,987		0.0
750,000	Franklin Resources, Inc., 1.600%, 10/30/2030			579,705		0.0
500,000	Goldman Sachs Group, Inc., 3.750%, 05/22/2025			484,031		0.0
1,000,000	Goldman Sachs Group, Inc., 3.850%, 07/08/2024			979,114		0.1
4,000,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			4,284,988		0.2
1,750,000 (3)	Goldman Sachs Group, Inc./The, 1.431%, 03/09/2027			1,536,533		0.1
1,000,000 (3)	Goldman Sachs Group, Inc./The, 1.757%, 01/24/2025			957,562		0.1
500,000 (3)	Goldman Sachs Group, Inc./The, 2.615%, 04/22/2032			399,945		0.0
1,000,000 (3)	Goldman Sachs Group, Inc./The, 2.640%, 02/24/2028			891,810		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000	Goldman Sachs Group, Inc./The, 3.200%, 02/23/2023		$	498,775		0.0
500,000 (3)	Goldman Sachs Group, Inc./The, 3.210%, 04/22/2042			362,068		0.0
500,000 (3)	Goldman Sachs Group, Inc./The, 3.436%, 02/24/2043			369,364		0.0
500,000	Goldman Sachs Group, Inc./The, 3.500%, 11/16/2026			469,386		0.0
500,000	Goldman Sachs Group, Inc./The, 3.750%, 02/25/2026			481,872		0.0
500,000 (3)	Goldman Sachs Group, Inc./The, 3.814%, 04/23/2029			457,609		0.0
500,000	Goldman Sachs Group, Inc./The, 3.850%, 01/26/2027			476,797		0.0
1,000,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			939,822		0.1
1,000,000 (3)	HSBC Holdings PLC, 3.803%, 03/11/2025			972,589		0.1
750,000 (3)	HSBC Holdings PLC, 4.292%, 09/12/2026			718,164		0.0
300,000	HSBC Holdings PLC, 4.300%, 03/08/2026			290,527		0.0
500,000	HSBC Holdings PLC, 4.375%, 11/23/2026			480,867		0.0
500,000 (3)	HSBC Holdings PLC, 4.583%, 06/19/2029			461,220		0.0
500,000 (3)	HSBC Holdings PLC, 6.000%, 12/31/2199			460,155		0.0
3,400,000	HSBC Holdings PLC, 6.500%, 09/15/2037			3,480,338		0.1
250,000	HSBC USA, Inc., 3.500%, 06/23/2024			243,859		0.0
1,000,000	Huntington National Bank/ The, 3.550%, 10/06/2023			989,702		0.1
1,000,000	Intercontinental Exchange, Inc., 1.850%, 09/15/2032			755,738		0.0
1,000,000	Jefferies Financial Group, Inc., 4.150%, 01/23/2030			894,972		0.0
1,500,000 (3)	JPMorgan Chase & Co., 1.764%, 11/19/2031			1,140,477		0.1
1,000,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028			875,882		0.0
1,500,000 (3)	JPMorgan Chase & Co., 2.525%, 11/19/2041			986,061		0.1

See Accompanying Notes to Financial Statements

178

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000	JPMorgan Chase & Co., 2.950%, 10/01/2026		$	466,990		0.0
2,000,000 (3)	JPMorgan Chase & Co., 2.956%, 05/13/2031			1,652,314		0.1
688,000 (3)	JPMorgan Chase & Co., 3.109%, 04/22/2041			502,577		0.0
750,000	JPMorgan Chase & Co., 3.125%, 01/23/2025			724,429		0.0
750,000 (3)	JPMorgan Chase & Co., 3.220%, 03/01/2025			729,292		0.0
1,000,000 (3)	JPMorgan Chase & Co., 3.328%, 04/22/2052			680,286		0.0
1,000,000 (3)	JPMorgan Chase & Co., 3.509%, 01/23/2029			909,247		0.0
750,000 (3)	JPMorgan Chase & Co., 3.540%, 05/01/2028			691,294		0.0
1,000,000 (3)	JPMorgan Chase & Co., 3.782%, 02/01/2028			935,740		0.1
750,000 (3)	JPMorgan Chase & Co., 3.882%, 07/24/2038			625,253		0.0
1,000,000	JPMorgan Chase & Co., 4.125%, 12/15/2026			967,685		0.1
1,000,000	JPMorgan Chase & Co., 4.250%, 10/01/2027			965,208		0.1
474,000 (3)	JPMorgan Chase & Co., 4.912%, 07/25/2033			452,721		0.0
2,375,000	JPMorgan Chase & Co., 5.500%, 10/15/2040			2,351,203		0.1
500,000	Kemper Corp., 4.350%, 02/15/2025			485,460		0.0
500,000	KeyBank NA/Cleveland OH, 3.400%, 05/20/2026			469,071		0.0
500,000	Kilroy Realty L.P., 2.500%, 11/15/2032			356,250		0.0
400,000	Kilroy Realty L.P., 4.250%, 08/15/2029			351,106		0.0
250,000	Kilroy Realty L.P., 4.375%, 10/01/2025			242,574		0.0
1,500,000	Kimco Realty Corp., 2.700%, 10/01/2030			1,226,046		0.1
1,000,000	Korea Development Bank/ The, 1.000%, 09/09/2026			873,009		0.0
3,000,000	Landwirtschaftliche Rentenbank, 0.875%, 09/03/2030			2,369,021		0.1
750,000	Lincoln National Corp., 3.625%, 12/12/2026			703,603		0.0
1,000,000	Lincoln National Corp., 3.800%, 03/01/2028			924,407		0.0
500,000 (3)	Lloyds Banking Group PLC, 3.574%, 11/07/2028			450,462		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,000,000	Lloyds Banking Group PLC, 3.900%, 03/12/2024		$	981,986		0.1
500,000	Lloyds Banking Group PLC, 4.650%, 03/24/2026			479,352		0.0
250,000	Loews Corp., 3.750%, 04/01/2026			241,626		0.0
500,000 (3)	Manulife Financial Corp., 4.061%, 02/24/2032			455,972		0.0
500,000	Manulife Financial Corp., 4.150%, 03/04/2026			487,502		0.0
500,000	Manulife Financial Corp., 5.375%, 03/04/2046			482,579		0.0
1,000,000	Markel Corp., 3.625%, 03/30/2023			996,549		0.1
1,000,000	Marsh & McLennan Cos, Inc., 2.250%, 11/15/2030			821,066		0.0
750,000	Marsh & McLennan Cos, Inc., 2.900%, 12/15/2051			484,346		0.0
400,000	Marsh & McLennan Cos, Inc., 3.500%, 03/10/2025			388,607		0.0
500,000	Mastercard, Inc., 2.950%, 03/15/2051			356,415		0.0
1,000,000	Mastercard, Inc., 3.500%, 02/26/2028			950,691		0.1
500,000	MetLife, Inc., 4.050%, 03/01/2045			420,208		0.0
400,000	MetLife, Inc., 4.125%, 08/13/2042			340,478		0.0
300,000	MetLife, Inc., 4.721%, 12/15/2044			275,837		0.0
955,000	MetLife, Inc., 5.000%, 07/15/2052			914,828		0.0
750,000 (1)	Metropolitan Life Global Funding I, 3.450%, 12/18/2026			702,068		0.0
1,000,000	Mid-America Apartments L.P., 1.700%, 02/15/2031			782,058		0.0
500,000	Mitsubishi UFJ Financial Group, Inc., 3.455%, 03/02/2023			498,968		0.0
500,000	Mitsubishi UFJ Financial Group, Inc., 3.777%, 03/02/2025			486,596		0.0
750,000	Mitsubishi UFJ Financial Group, Inc., 3.850%, 03/01/2026			718,416		0.0
500,000 (3)	Mizuho Financial Group, Inc., 3.922%, 09/11/2024			492,097		0.0
500,000 (3)	Mizuho Financial Group, Inc., 4.254%, 09/11/2029			462,095		0.0

See Accompanying Notes to Financial Statements

179

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,250,000 (3)	Morgan Stanley, 1.593%, 05/04/2027		$	1,097,994		0.1
1,000,000	Morgan Stanley, 3.125%, 01/23/2023			999,106		0.1
500,000	Morgan Stanley, 3.125%, 07/27/2026			467,030		0.0
500,000 (3)	Morgan Stanley, 3.217%, 04/22/2042			371,968		0.0
1,750,000 (3)	Morgan Stanley, 3.591%, 07/22/2028			1,607,943		0.1
750,000	Morgan Stanley, 3.625%, 01/20/2027			708,353		0.0
500,000	Morgan Stanley, 3.700%, 10/23/2024			488,360		0.0
1,000,000 (3)	Morgan Stanley, 3.772%, 01/24/2029			917,477		0.0
750,000	Morgan Stanley, 3.875%, 04/29/2024			738,740		0.0
500,000	Morgan Stanley, 3.875%, 01/27/2026			484,585		0.0
750,000	Morgan Stanley, 3.950%, 04/23/2027			709,445		0.0
750,000	Morgan Stanley, 4.000%, 07/23/2025			733,100		0.0
1,000,000	Morgan Stanley, 4.100%, 05/22/2023			996,501		0.1
500,000	Morgan Stanley, 4.350%, 09/08/2026			485,800		0.0
1,000,000	Morgan Stanley, 5.000%, 11/24/2025			998,094		0.1
491,000 (3)	Morgan Stanley, 6.342%, 10/18/2033			516,043		0.0
500,000	National Australia Bank Ltd./New York, 2.500%, 07/12/2026			461,120		0.0
1,000,000	National Australia Bank Ltd./New York, 2.875%, 04/12/2023			995,600		0.1
300,000	National Retail Properties, Inc., 4.000%, 11/15/2025			288,597		0.0
1,000,000 (3)	NatWest Group PLC, 3.073%, 05/22/2028			895,143		0.0
500,000	NatWest Group PLC, 4.800%, 04/05/2026			489,572		0.0
750,000 (3)	Northern Trust Corp., 3.375%, 05/08/2032			682,530		0.0
250,000	Northern Trust Corp., 3.950%, 10/30/2025			245,039		0.0
3,000,000	Oesterreichische Kontrollbank AG, 0.500%, 02/02/2026			2,665,372		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
3,000,000 (1)	Ontario Teachers’ Finance Trust, 0.375%, 09/29/2023		$	2,897,798		0.1
2,000,000 (1)	Ontario Teachers’ Finance Trust, 1.625%, 09/12/2024			1,896,339		0.1
750,000 (2)	ORIX Corp., 2.250%, 03/09/2031			589,221		0.0
500,000	Owl Rock Capital Corp., 2.625%, 01/15/2027			413,101		0.0
750,000	PNC Bank NA, 3.100%, 10/25/2027			703,352		0.0
500,000	PNC Bank NA, 3.250%, 01/22/2028			467,811		0.0
1,000,000 (3)	PNC Financial Services Group, Inc./The, 2.307%, 04/23/2032			811,416		0.0
1,500,000	Principal Financial Group, Inc., 2.125%, 06/15/2030			1,232,462		0.1
300,000	Principal Financial Group, Inc., 3.125%, 05/15/2023			297,918		0.0
1,000,000	Private Export Funding Corp., 3.250%, 06/15/2025			962,820		0.1
1,000,000	Private Export Funding Corp., 3.550%, 01/15/2024			986,633		0.1
1,000,000	Progressive Corp./The, 4.000%, 03/01/2029			961,719		0.1
1,000,000	Prologis L.P., 1.750%, 07/01/2030			789,899		0.0
750,000 (2)	Prologis L.P., 3.250%, 10/01/2026			705,210		0.0
893,000	Prudential Financial, Inc., 3.878%, 03/27/2028			857,926		0.0
500,000 (3)	Prudential Financial, Inc., 5.375%, 05/15/2045			484,167		0.0
1,000,000 (3)	Prudential Financial, Inc., 5.625%, 06/15/2043			983,860		0.1
750,000	Public Storage, 1.500%, 11/09/2026			667,561		0.0
500,000 (2)	Public Storage, 1.850%, 05/01/2028			429,816		0.0
250,000	Public Storage, 2.300%, 05/01/2031			203,531		0.0
250,000	Public Storage, 3.094%, 09/15/2027			232,941		0.0
1,500,000	Realty Income Corp., 3.250%, 01/15/2031			1,304,485		0.1
400,000	Realty Income Corp., 3.875%, 07/15/2024			392,920		0.0
300,000	Realty Income Corp., 4.125%, 10/15/2026			292,022		0.0
1,000,000	Royal Bank of Canada, 0.875%, 01/20/2026			888,922		0.0

See Accompanying Notes to Financial Statements

180

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
2,000,000	Simon Property Group L.P., 2.650%, 07/15/2030		$	1,667,973		0.1
500,000	Simon Property Group L.P., 3.375%, 06/15/2027			466,732		0.0
1,000,000	Simon Property Group L.P., 3.500%, 09/01/2025			958,734		0.1
500,000	Simon Property Group L.P., 3.800%, 07/15/2050			365,300		0.0
500,000	Simon Property Group L.P., 4.250%, 10/01/2044			396,913		0.0
750,000 (2)(3)	State Street Corp., 1.746%, 02/06/2026			698,609		0.0
750,000	State Street Corp., 2.200%, 03/03/2031			601,443		0.0
1,500,000	State Street Corp., 3.100%, 05/15/2023			1,490,198		0.1
500,000	State Street Corp., 3.550%, 08/18/2025			486,656		0.0
500,000	Sumitomo Mitsui Financial Group, Inc., 2.632%, 07/14/2026			458,490		0.0
500,000	Sumitomo Mitsui Financial Group, Inc., 3.364%, 07/12/2027			463,119		0.0
500,000	Sumitomo Mitsui Financial Group, Inc., 3.446%, 01/11/2027			468,325		0.0
500,000 (2)	Sumitomo Mitsui Financial Group, Inc., 3.544%, 01/17/2028			461,119		0.0
300,000	Synchrony Financial, 4.250%, 08/15/2024			293,298		0.0
250,000	Synchrony Financial, 4.500%, 07/23/2025			239,876		0.0
500,000	Tanger Properties L.P., 3.125%, 09/01/2026			454,752		0.0
750,000 (2)	Toronto-Dominion Bank/The, 1.950%, 01/12/2027			669,323		0.0
1,000,000	Toronto-Dominion Bank/The, 3.250%, 03/11/2024			979,434		0.1
1,500,000	Travelers Cos, Inc./The, 2.550%, 04/27/2050			933,677		0.1
750,000	Travelers Cos, Inc./The, 4.000%, 05/30/2047			609,958		0.0
500,000	Truist Bank, 2.750%, 05/01/2023			496,560		0.0
1,000,000	Truist Bank, 3.000%, 02/02/2023			998,584		0.1
500,000	Truist Bank, 3.300%, 05/15/2026			468,301		0.0
500,000	Truist Bank, 3.625%, 09/16/2025			480,619		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
400,000	Truist Bank, 3.800%, 10/30/2026		$	378,851		0.0
1,000,000 (2)	Truist Financial Corp., 1.125%, 08/03/2027			844,528		0.0
500,000 (3)	Truist Financial Corp., 1.267%, 03/02/2027			443,555		0.0
750,000	Truist Financial Corp., 2.850%, 10/26/2024			723,699		0.0
2,000,000	US Bancorp, 1.375%, 07/22/2030			1,550,287		0.1
500,000 (3)	US Bancorp, 2.215%, 01/27/2028			450,145		0.0
750,000	US Bancorp, 3.150%, 04/27/2027			705,281		0.0
250,000	Ventas Realty L.P., 3.500%, 02/01/2025			240,297		0.0
500,000	Ventas Realty L.P., 3.750%, 05/01/2024			489,018		0.0
500,000	Ventas Realty L.P., 4.125%, 01/15/2026			485,526		0.0
1,000,000	Visa, Inc., 2.050%, 04/15/2030			847,330		0.0
1,000,000	Visa, Inc., 2.700%, 04/15/2040			761,636		0.0
750,000	Visa, Inc., 2.750%, 09/15/2027			694,904		0.0
500,000	Visa, Inc., 3.150%, 12/14/2025			482,594		0.0
500,000	Visa, Inc., 4.300%, 12/14/2045			459,117		0.0
500,000 (3)	Wells Fargo & Co., 2.164%, 02/11/2026			466,508		0.0
2,000,000 (3)	Wells Fargo & Co., 2.188%, 04/30/2026			1,863,039		0.1
1,000,000 (3)	Wells Fargo & Co., 2.879%, 10/30/2030			851,541		0.0
1,000,000	Wells Fargo & Co., 3.000%, 10/23/2026			925,577		0.0
1,875,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041			1,344,350		0.1
1,000,000 (3)	Wells Fargo & Co., 3.584%, 05/22/2028			930,037		0.0
500,000	Wells Fargo & Co., 4.300%, 07/22/2027			481,981		0.0
1,000,000	Wells Fargo & Co., 4.900%, 11/17/2045			865,517		0.0
983,000	Wells Fargo & Co., 5.606%, 01/15/2044			957,849		0.1
750,000	Wells Fargo Bank NA, 6.600%, 01/15/2038			813,578		0.0

See Accompanying Notes to Financial Statements

181

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
500,000	Welltower, Inc., 2.800%, 06/01/2031		$	398,725		0.0
500,000	Welltower, Inc., 4.000%, 06/01/2025			487,480		0.0
500,000	Western Union Co/The, 1.350%, 03/15/2026			438,211		0.0
1,000,000 (2)	Westpac Banking Corp., 2.750%, 01/11/2023			999,605		0.1
750,000 (3)	Westpac Banking Corp., 4.322%, 11/23/2031			706,904		0.0
500,000	Zions Bancorp NA, 3.250%, 10/29/2029			409,621		0.0
				220,532,679		7.9
	Industrial: 2.0%
750,000	3M Co., 2.250%, 09/19/2026			692,865		0.0
1,000,000	3M Co., 2.875%, 10/15/2027			924,559		0.1
100,000 (2)	3M Co., 3.000%, 08/07/2025			95,931		0.0
200,000	3M Co., 3.875%, 06/15/2044			159,535		0.0
1,000,000 (2)	3M Co., 4.000%, 09/14/2048			790,898		0.0
500,000	Agilent Technologies, Inc., 2.300%, 03/12/2031			404,391		0.0
1,000,000	Boeing Co/The, 2.196%, 02/04/2026			909,669		0.1
500,000	Boeing Co/The, 2.800%, 03/01/2027			451,926		0.0
500,000	Boeing Co/The, 3.300%, 03/01/2035			370,084		0.0
500,000	Boeing Co/The, 3.600%, 05/01/2034			401,290		0.0
1,000,000	Boeing Co/The, 5.040%, 05/01/2027			990,563		0.1
3,000,000	Boeing Co/The, 5.150%, 05/01/2030			2,934,275		0.1
1,000,000	Boeing Co/The, 5.705%, 05/01/2040			957,851		0.1
500,000	Burlington Northern Santa Fe LLC, 2.875%, 06/15/2052			335,745		0.0
500,000	Burlington Northern Santa Fe LLC, 3.000%, 03/15/2023			498,421		0.0
1,000,000	Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051			732,839		0.0
500,000	Burlington Northern Santa Fe LLC, 4.375%, 09/01/2042			447,977		0.0
500,000	Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043			449,885		0.0
400,000	Burlington Northern Santa Fe LLC, 4.900%, 04/01/2044			379,603		0.0
750,000	Canadian Pacific Railway Co., 4.800%, 09/15/2035			704,181		0.0
750,000	Canadian Pacific Railway Co., 4.800%, 08/01/2045			687,443		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
500,000 (2)	Caterpillar Financial Services Corp., 1.700%, 01/08/2027		$	448,732		0.0
200,000	Caterpillar Financial Services Corp., 2.400%, 08/09/2026			184,914		0.0
300,000	Caterpillar Financial Services Corp., 2.625%, 03/01/2023			298,978		0.0
500,000	Caterpillar Financial Services Corp., 3.750%, 11/24/2023			495,150		0.0
500,000	Caterpillar, Inc., 1.900%, 03/12/2031			407,040		0.0
1,000,000	Caterpillar, Inc., 3.803%, 08/15/2042			856,579		0.0
1,000,000	Caterpillar, Inc., 4.300%, 05/15/2044			908,870		0.1
500,000	CSX Corp., 3.800%, 04/15/2050			390,617		0.0
500,000	CSX Corp., 4.100%, 03/15/2044			421,704		0.0
1,000,000	CSX Corp., 4.400%, 03/01/2043			873,070		0.1
500,000	Deere & Co., 3.900%, 06/09/2042			444,826		0.0
2,000,000	Emerson Electric Co., 1.950%, 10/15/2030			1,622,899		0.1
750,000 (2)	FedEx Corp., 2.400%, 05/15/2031			608,410		0.0
500,000	FedEx Corp., 3.250%, 05/15/2041			357,876		0.0
1,000,000	FedEx Corp., 3.400%, 02/15/2028			925,000		0.1
200,000	FedEx Corp., 3.875%, 08/01/2042			152,735		0.0
500,000	FedEx Corp., 4.750%, 11/15/2045			424,466		0.0
500,000	GATX Corp., 1.900%, 06/01/2031			369,982		0.0
536,000	GE Capital Funding LLC, 4.550%, 05/15/2032			510,384		0.0
500,000	General Dynamics Corp., 3.600%, 11/15/2042			411,699		0.0
2,600,000	Honeywell International, Inc., 3.812%, 11/21/2047			2,161,940		0.1
500,000	Illinois Tool Works, Inc., 3.500%, 03/01/2024			492,427		0.0
500,000	Illinois Tool Works, Inc., 3.900%, 09/01/2042			427,015		0.0

See Accompanying Notes to Financial Statements

182

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
500,000	Jabil, Inc., 1.700%, 04/15/2026		$	443,660		0.0
500,000	John Deere Capital Corp., 1.500%, 03/06/2028			427,246		0.0
1,000,000	John Deere Capital Corp., 2.800%, 03/06/2023			996,538		0.1
1,000,000	John Deere Capital Corp., 2.800%, 09/08/2027			922,683		0.1
500,000	John Deere Capital Corp., 3.350%, 06/12/2024			489,577		0.0
1,000,000	John Deere Capital Corp., 3.450%, 03/07/2029			929,790		0.1
373,000 (3)	Johnson Controls International plc, 3.625%, 07/02/2024			364,893		0.0
250,000 (3)	Johnson Controls International plc, 4.625%, 07/02/2044			217,568		0.0
24,000	Johnson Controls International plc, 5.125%, 09/14/2045			22,073		0.0
1,500,000	Lockheed Martin Corp., 2.800%, 06/15/2050			1,017,196		0.1
892,000	Lockheed Martin Corp., 3.550%, 01/15/2026			867,516		0.0
1,250,000	Lockheed Martin Corp., 3.600%, 03/01/2035			1,113,910		0.1
500,000	Lockheed Martin Corp., 4.500%, 05/15/2036			479,093		0.0
500,000	Lockheed Martin Corp., 4.700%, 05/15/2046			464,609		0.0
500,000	Masco Corp., 1.500%, 02/15/2028			414,776		0.0
500,000	Masco Corp., 2.000%, 02/15/2031			385,860		0.0
1,000,000	Norfolk Southern Corp., 3.950%, 10/01/2042			825,637		0.0
375,000	Norfolk Southern Corp., 4.800%, 08/15/2043			328,498		0.0
750,000	Northrop Grumman Corp., 2.930%, 01/15/2025			719,832		0.0
500,000	Northrop Grumman Corp., 3.850%, 04/15/2045			401,163		0.0
1,000,000	Northrop Grumman Corp., 4.030%, 10/15/2047			833,740		0.0
500,000 (2)	Otis Worldwide Corp., 2.293%, 04/05/2027			448,256		0.0
500,000	Otis Worldwide Corp., 3.112%, 02/15/2040			366,523		0.0
200,000	Packaging Corp. of America, 3.650%, 09/15/2024			194,983		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
250,000	Parker-Hannifin Corp., 4.200%, 11/21/2034		$	226,077		0.0
500,000	Raytheon Technologies Corp., 3.030%, 03/15/2052			341,367		0.0
500,000	Raytheon Technologies Corp., 4.150%, 05/15/2045			419,306		0.0
1,000,000	Raytheon Technologies Corp., 4.450%, 11/16/2038			912,510		0.1
500,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			452,001		0.0
1,000,000	Raytheon Technologies Corp., 4.625%, 11/16/2048			906,500		0.1
500,000	Republic Services, Inc., 2.300%, 03/01/2030			419,586		0.0
500,000	Ryder System, Inc., 1.750%, 09/01/2026			440,126		0.0
500,000	Ryder System, Inc., 2.900%, 12/01/2026			456,532		0.0
500,000	Stanley Black & Decker, Inc., 2.300%, 03/15/2030			410,823		0.0
252,000	Teledyne Technologies, Inc., 1.600%, 04/01/2026			225,588		0.0
250,000	Teledyne Technologies, Inc., 2.750%, 04/01/2031			205,034		0.0
500,000	Textron, Inc., 2.450%, 03/15/2031			401,451		0.0
500,000	Trane Technologies Luxembourg Finance SA, 3.800%, 03/21/2029			461,230		0.0
500,000	Trane Technologies Luxembourg Finance SA, 4.500%, 03/21/2049			407,899		0.0
250,000	Trane Technologies Luxembourg Finance SA, 4.650%, 11/01/2044			211,641		0.0
500,000	Union Pacific Corp., 2.750%, 04/15/2023			496,570		0.0
500,000	Union Pacific Corp., 2.750%, 03/01/2026			473,403		0.0
750,000	Union Pacific Corp., 2.950%, 03/10/2052			510,643		0.0
500,000	Union Pacific Corp., 2.973%, 09/16/2062			323,723		0.0
250,000	Union Pacific Corp., 3.375%, 02/01/2035			212,027		0.0
250,000	Union Pacific Corp., 3.750%, 03/15/2024			246,128		0.0
250,000	Union Pacific Corp., 3.799%, 10/01/2051			200,199		0.0
750,000	Union Pacific Corp., 3.799%, 04/06/2071			556,786		0.0

See Accompanying Notes to Financial Statements

183

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
1,000,000	United Parcel Service, Inc., 2.800%, 11/15/2024		$	964,917		0.1
1,000,000	United Parcel Service, Inc., 3.050%, 11/15/2027			940,638		0.1
1,000,000	Vulcan Materials Co., 3.500%, 06/01/2030			883,174		0.1
1,000,000	Waste Management, Inc., 1.150%, 03/15/2028			836,981		0.0
750,000	Waste Management, Inc., 1.500%, 03/15/2031			588,216		0.0
500,000	Waste Management, Inc., 2.500%, 11/15/2050			313,766		0.0
				56,635,706		2.0
	Technology: 1.8%
500,000	Adobe, Inc., 2.150%, 02/01/2027			455,781		0.0
750,000	Apple, Inc., 1.200%, 02/08/2028			636,718		0.0
1,000,000	Apple, Inc., 1.650%, 05/11/2030			819,049		0.0
750,000	Apple, Inc., 2.375%, 02/08/2041			533,069		0.0
1,000,000	Apple, Inc., 2.400%, 01/13/2023			999,532		0.1
1,000,000	Apple, Inc., 2.400%, 05/03/2023			992,137		0.1
1,000,000	Apple, Inc., 2.650%, 05/11/2050			666,359		0.0
750,000	Apple, Inc., 2.650%, 02/08/2051			498,213		0.0
750,000	Apple, Inc., 3.000%, 02/09/2024			735,328		0.0
1,000,000	Apple, Inc., 3.200%, 05/13/2025			967,079		0.1
1,000,000	Apple, Inc., 3.250%, 02/23/2026			961,849		0.1
1,000,000	Apple, Inc., 3.350%, 02/09/2027			957,627		0.1
500,000	Apple, Inc., 3.450%, 05/06/2024			491,156		0.0
500,000	Apple, Inc., 3.450%, 02/09/2045			404,311		0.0
1,000,000	Apple, Inc., 3.850%, 05/04/2043			867,230		0.0
400,000	Apple, Inc., 4.375%, 05/13/2045			371,796		0.0
500,000	Apple, Inc., 4.450%, 05/06/2044			473,832		0.0
500,000	Applied Materials, Inc., 3.900%, 10/01/2025			489,378		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
250,000	Autodesk, Inc., 4.375%, 06/15/2025		$	247,127		0.0
1,000,000	Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 01/15/2027			947,338		0.1
1,052,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037			921,507		0.0
106,000	Dell International LLC / EMC Corp., 5.450%, 06/15/2023			106,079		0.0
400,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			408,554		0.0
99,000	Dell International LLC / EMC Corp., 8.350%, 07/15/2046			113,303		0.0
500,000	Fidelity National Information Services, Inc., 1.150%, 03/01/2026			439,001		0.0
500,000	Fidelity National Information Services, Inc., 1.650%, 03/01/2028			414,753		0.0
500,000	Fidelity National Information Services, Inc., 2.250%, 03/01/2031			392,982		0.0
1,000,000	Fiserv, Inc., 2.250%, 06/01/2027			894,017		0.0
2,000,000	Fiserv, Inc., 2.650%, 06/01/2030			1,685,874		0.1
1,000,000	Hewlett Packard Enterprise Co., 1.450%, 04/01/2024			954,811		0.1
1,000,000	HP, Inc., 2.200%, 06/17/2025			935,179		0.0
500,000	HP, Inc., 3.400%, 06/17/2030			424,672		0.0
1,000,000	Intel Corp., 2.450%, 11/15/2029			861,118		0.0
1,000,000 (2)	Intel Corp., 3.150%, 05/11/2027			943,772		0.1
500,000	Intel Corp., 3.250%, 11/15/2049			342,506		0.0
1,760,000	Intel Corp., 3.700%, 07/29/2025			1,718,315		0.1
272,000	Intel Corp., 3.734%, 12/08/2047			205,088		0.0
3,000,000	International Business Machines Corp., 1.950%, 05/15/2030			2,453,514		0.1
1,000,000	International Business Machines Corp., 2.850%, 05/15/2040			729,370		0.0
1,000,000	International Business Machines Corp., 3.375%, 08/01/2023			990,531		0.1

See Accompanying Notes to Financial Statements

184

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
1,000,000	International Business Machines Corp., 3.450%, 02/19/2026		$	961,906		0.1
400,000	Lam Research Corp., 3.800%, 03/15/2025			391,779		0.0
750,000	Lam Research Corp., 4.000%, 03/15/2029			715,774		0.0
1,000,000 (2)	Microsoft Corp., 2.375%, 05/01/2023			992,990		0.1
1,000,000	Microsoft Corp., 2.400%, 08/08/2026			933,772		0.0
2,250,000	Microsoft Corp., 2.525%, 06/01/2050			1,491,464		0.1
87,000	Microsoft Corp., 2.675%, 06/01/2060			55,649		0.0
500,000	Microsoft Corp., 2.875%, 02/06/2024			491,349		0.0
1,000,000	Microsoft Corp., 2.921%, 03/17/2052			712,672		0.0
413,000	Microsoft Corp., 3.041%, 03/17/2062			287,665		0.0
500,000	Microsoft Corp., 3.125%, 11/03/2025			483,549		0.0
1,500,000	Microsoft Corp., 3.300%, 02/06/2027			1,447,808		0.1
250,000	Microsoft Corp., 3.500%, 02/12/2035			226,727		0.0
750,000	Microsoft Corp., 3.625%, 12/15/2023			742,399		0.0
1,000,000	NVIDIA Corp., 2.850%, 04/01/2030			874,634		0.0
1,000,000	NVIDIA Corp., 3.500%, 04/01/2040			813,955		0.0
500,000	NVIDIA Corp., 3.500%, 04/01/2050			379,878		0.0
750,000	Oracle Corp., 1.650%, 03/25/2026			672,277		0.0	��
500,000	Oracle Corp., 2.875%, 03/25/2031			415,792		0.0
1,000,000	Oracle Corp., 2.950%, 11/15/2024			961,775		0.1
750,000	Oracle Corp., 2.950%, 05/15/2025			712,234		0.0
1,000,000	Oracle Corp., 3.250%, 11/15/2027			920,157		0.0
500,000 (2)	Oracle Corp., 3.400%, 07/08/2024			488,092		0.0
500,000	Oracle Corp., 3.650%, 03/25/2041			370,980		0.0
400,000	Oracle Corp., 3.850%, 07/15/2036			328,457		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
750,000	Oracle Corp., 3.900%, 05/15/2035		$	629,660		0.0
500,000	Oracle Corp., 3.950%, 03/25/2051			358,410		0.0
750,000	Oracle Corp., 4.125%, 05/15/2045			568,744		0.0
180,000	Oracle Corp., 4.300%, 07/08/2034			158,680		0.0
1,500,000	Oracle Corp., 5.375%, 07/15/2040			1,382,773		0.1
500,000	QUALCOMM, Inc., 2.150%, 05/20/2030			424,198		0.0
850,000	QUALCOMM, Inc., 4.650%, 05/20/2035			828,553		0.0
350,000	QUALCOMM, Inc., 4.800%, 05/20/2045			329,828		0.0
				51,004,435		1.8
	Utilities: 2.2%
250,000	Ameren Illinois Co., 4.300%, 07/01/2044			205,682		0.0
500,000	Appalachian Power Co., 3.700%, 05/01/2050			366,502		0.0
500,000	Appalachian Power Co., 4.400%, 05/15/2044			414,219		0.0
750,000	Appalachian Power Co., 4.450%, 06/01/2045			620,413		0.0
750,000	Arizona Public Service Co., 2.950%, 09/15/2027			683,090		0.0
400,000	Arizona Public Service Co., 3.350%, 06/15/2024			387,400		0.0
1,000,000	Arizona Public Service Co., 3.350%, 05/15/2050			660,753		0.0
500,000	Atlantic City Electric Co., 2.300%, 03/15/2031			408,403		0.0
500,000	Atmos Energy Corp., 4.125%, 10/15/2044			412,526		0.0
500,000	Atmos Energy Corp., 4.125%, 03/15/2049			411,698		0.0
1,000,000	Baltimore Gas and Electric Co., 3.350%, 07/01/2023			992,963		0.1
500,000	Baltimore Gas and Electric Co., 3.500%, 08/15/2046			373,322		0.0
1,000,000	Berkshire Hathaway Energy Co., 6.125%, 04/01/2036			1,053,332		0.1
750,000	CenterPoint Energy Houston Electric LLC, 3.000%, 02/01/2027			706,635		0.0
750,000	CenterPoint Energy Houston Electric LLC, 3.350%, 04/01/2051			555,920		0.0

See Accompanying Notes to Financial Statements

185

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
250,000	CMS Energy Corp., 3.875%, 03/01/2024		$	244,661		0.0
250,000	CMS Energy Corp., 4.875%, 03/01/2044			227,980		0.0
500,000	Commonwealth Edison Co., 3.125%, 03/15/2051			347,369		0.0
200,000	Consolidated Edison Co. of New York, Inc., 4.300%, 12/01/2056			161,293		0.0
500,000	Consolidated Edison Co. of New York, Inc., 4.450%, 03/15/2044			431,137		0.0
500,000	Consolidated Edison Co. of New York, Inc., 4.500%, 12/01/2045			430,413		0.0
400,000	Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054			341,342		0.0
500,000	Consumers Energy Co., 3.950%, 07/15/2047			408,835		0.0
250,000	Dominion Energy South Carolina, Inc., 5.100%, 06/01/2065			229,159		0.0
750,000	Dominion Energy, Inc., 1.450%, 04/15/2026			668,571		0.0
750,000	Dominion Energy, Inc., 3.300%, 04/15/2041			558,070		0.0
250,000	DTE Electric Co., 4.300%, 07/01/2044			216,157		0.0
1,000,000	DTE Energy Co., 1.050%, 06/01/2025			906,642		0.1
500,000	Duke Energy Carolinas LLC, 2.500%, 03/15/2023			498,701		0.0
750,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			627,954		0.0
750,000 (2)	Duke Energy Carolinas LLC, 3.450%, 04/15/2051			551,543		0.0
1,000,000	Duke Energy Corp., 2.450%, 06/01/2030			824,548		0.0
500,000	Duke Energy Corp., 3.750%, 09/01/2046			373,174		0.0
500,000	Duke Energy Corp., 3.950%, 10/15/2023			494,972		0.0
500,000	Duke Energy Corp., 4.800%, 12/15/2045			442,656		0.0
1,000,000	Duke Energy Florida LLC, 3.800%, 07/15/2028			951,383		0.1
150,000	Duke Energy Progress LLC, 4.150%, 12/01/2044			125,673		0.0
750,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			631,197		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
134,000	Eastern Energy Gas Holdings LLC, 3.600%, 12/15/2024		$	129,509		0.0
500,000	Enel Generacion Chile SA, 4.250%, 04/15/2024			494,045		0.0
500,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			349,735		0.0
400,000	Entergy Arkansas LLC, 3.500%, 04/01/2026			384,394		0.0
400,000	Entergy Arkansas LLC, 3.700%, 06/01/2024			393,253		0.0
500,000	Entergy Corp., 2.400%, 06/15/2031			398,367		0.0
1,000,000	Entergy Corp., 2.800%, 06/15/2030			846,943		0.1
500,000	Entergy Louisiana LLC, 2.350%, 06/15/2032			398,718		0.0
500,000	Entergy Louisiana LLC, 4.950%, 01/15/2045			445,655		0.0
500,000	Essential Utilities, Inc., 2.400%, 05/01/2031			398,472		0.0
1,000,000	Evergy Kansas Central, Inc., 4.125%, 03/01/2042			834,934		0.1
500,000	Evergy Kansas Central, Inc., 4.625%, 09/01/2043			417,455		0.0
1,000,000	Exelon Corp., 4.950%, 06/15/2035			958,683		0.1
750,000	Exelon Corp., 5.100%, 06/15/2045			701,183		0.0
500,000	Florida Power & Light Co., 3.250%, 06/01/2024			488,977		0.0
750,000	Florida Power & Light Co., 3.800%, 12/15/2042			623,319		0.0
1,500,000	Florida Power & Light Co., 4.050%, 06/01/2042			1,296,947		0.1
500,000	Georgia Power Co., 3.250%, 03/15/2051			346,407		0.0
500,000	Indiana Michigan Power Co., 4.550%, 03/15/2046			420,495		0.0
1,000,000 (1)	Israel Electric Corp. Ltd., 4.250%, 08/14/2028			946,875		0.1
1,000,000	ITC Holdings Corp., 3.350%, 11/15/2027			922,387		0.1
250,000	ITC Holdings Corp., 3.650%, 06/15/2024			244,027		0.0
500,000	Jersey Central Power & Light Co., 6.150%, 06/01/2037			490,739		0.0
1,000,000	Kentucky Utilities Co., 3.300%, 06/01/2050			707,343		0.0
2,500,000	Kentucky Utilities Co., 5.125%, 11/01/2040			2,378,112		0.1

See Accompanying Notes to Financial Statements

186

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
500,000	MidAmerican Energy Co., 3.100%, 05/01/2027		$	468,991		0.0
500,000	MidAmerican Energy Co., 3.950%, 08/01/2047			409,710		0.0
2,000,000	Mississippi Power Co., 4.250%, 03/15/2042			1,630,672		0.1
250,000 (1)	Monongahela Power Co., 5.400%, 12/15/2043			242,059		0.0
500,000	National Fuel Gas Co., 2.950%, 03/01/2031			392,970		0.0
1,000,000	National Fuel Gas Co., 5.200%, 07/15/2025			995,798		0.1
500,000	National Fuel Gas Co., 5.500%, 01/15/2026			497,998		0.0
1,000,000 (3)	National Rural Utilities Cooperative Finance Corp., 5.250%, 04/20/2046			901,317		0.1
500,000	Northern States Power Co/MN, 4.125%, 05/15/2044			424,692		0.0
250,000	Oklahoma Gas and Electric Co., 4.000%, 12/15/2044			192,417		0.0
250,000	Oklahoma Gas and Electric Co., 4.550%, 03/15/2044			207,118		0.0
1,500,000	Pacific Gas and Electric Co., 2.100%, 08/01/2027			1,283,320		0.1
1,500,000	Pacific Gas and Electric Co., 2.500%, 02/01/2031			1,167,250		0.1
500,000	Pacific Gas and Electric Co., 3.250%, 06/01/2031			407,629		0.0
1,500,000	Pacific Gas and Electric Co., 3.300%, 08/01/2040			1,020,717		0.1
1,500,000	Pacific Gas and Electric Co., 3.500%, 08/01/2050			937,370		0.1
500,000	Pacific Gas and Electric Co., 4.200%, 06/01/2041			372,024		0.0
1,000,000	PacifiCorp, 4.150%, 02/15/2050			825,542		0.0
750,000	PECO Energy Co., 4.150%, 10/01/2044			641,049		0.0
250,000	Piedmont Natural Gas Co., 4.100%, 09/18/2034			214,601		0.0
500,000	Public Service Co. of Colorado, 1.900%, 01/15/2031			402,412		0.0
1,000,000	Public Service Co. of Colorado, 3.700%, 06/15/2028			953,603		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
500,000	Public Service Co. of Colorado, 4.100%, 06/15/2048		$	416,843		0.0
1,000,000	Public Service Electric and Gas Co., 2.375%, 05/15/2023			991,033		0.1
750,000	Public Service Electric and Gas Co., 3.800%, 01/01/2043			614,773		0.0
250,000	Public Service Electric and Gas Co., 4.000%, 06/01/2044			199,332		0.0
750,000	Sierra Pacific Power Co., 2.600%, 05/01/2026			697,475		0.0
999,518	Southaven Combined Cycle Generation LLC, 3.846%, 08/15/2033			931,768		0.1
500,000	Southern California Edison Co., 3.900%, 03/15/2043			387,323		0.0
750,000	Southern California Edison Co., 4.000%, 04/01/2047			589,574		0.0
500,000	Southern California Edison Co., 4.650%, 10/01/2043			434,450		0.0
500,000	Southern California Gas Co., 4.300%, 01/15/2049			413,974		0.0
1,000,000	Southern Co. Gas Capital Corp., 1.750%, 01/15/2031			768,872		0.0
1,000,000	Southern Co. Gas Capital Corp., 4.400%, 05/30/2047			796,969		0.0
500,000	Southern Co/The, 1.750%, 03/15/2028			421,825		0.0
500,000	Southern Power Co., 4.150%, 12/01/2025			490,590		0.0
500,000	Tampa Electric Co., 2.400%, 03/15/2031			406,769		0.0
250,000	Tampa Electric Co., 3.450%, 03/15/2051			175,715		0.0
250,000	Union Electric Co., 3.500%, 04/15/2024			245,421		0.0
300,000	Union Electric Co., 3.900%, 09/15/2042			246,992		0.0
250,000	Virginia Electric and Power Co., 2.950%, 11/15/2051			165,433		0.0
500,000	Virginia Electric and Power Co., 4.450%, 02/15/2044			431,096		0.0
1,533,000	Virginia Electric and Power Co., 6.000%, 05/15/2037			1,592,396		0.1

See Accompanying Notes to Financial Statements

187

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
250,000	Wisconsin Electric Power Co., 4.250%, 06/01/2044		$	201,286		0.0
500,000	Wisconsin Power and Light Co., 4.100%, 10/15/2044			389,554		0.0
				61,561,984		2.2
	Total Corporate Bonds/Notes (Cost $781,819,145)			688,461,304		24.5
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.0%
448,977	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			407,930		0.0
374,104	Fannie Mae REMIC Trust 2006-78 BZ, 6.500%, 08/25/2036			390,274		0.0
	Total Collateralized Mortgage Obligations (Cost $860,811)			798,204		0.0

MUNICIPAL BONDS: 0.8%
	California: 0.2%
4,335,000	State of California, 7.550%, 04/01/2039			5,436,794		0.2

	Connecticut: 0.2%
3,735,000	State of Connecticut, 5.850%, 03/15/2032			3,947,283		0.2

	New Jersey: 0.2%
3,425,000	New Jersey Turnpike Authority, 7.102%, 01/01/2041			4,138,176		0.1
2,335,000	Port Authority of New York & New Jersey, 4.926%, 10/01/2051			2,207,792		0.1
				6,345,968		0.2
	New York: 0.1%
3,495,000	Metropolitan Transportation Authority, 6.814%, 11/15/2040			3,661,737		0.1

	Washington: 0.1%
3,900,000	State of Washington, 5.140%, 08/01/2040			3,946,041		0.1
	Total Municipal Bonds (Cost $22,696,312)			23,337,823		0.8

U.S. TREASURY OBLIGATIONS: 42.6%
	U.S. Treasury Bonds: 6.2%
160,000	1.250%, 05/15/2050			86,166		0.0
215,300	1.625%, 11/15/2050			128,183		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Bonds (continued)
10,159,000	2.250%, 08/15/2046		$	7,199,001		0.3
7,000,000	2.500%, 02/15/2046			5,243,984		0.2
9,072,000	2.500%, 05/15/2046			6,776,359		0.2
9,022,000	3.000%, 11/15/2044			7,454,427		0.3
10,042,000	3.000%, 11/15/2045			8,270,136		0.3
26,600	3.000%, 02/15/2049			21,920		0.0
100,661,000	3.000%, 08/15/2052			82,966,684		2.9
5,686,000	3.125%, 08/15/2044			4,810,001		0.2
4,488,400	3.250%, 05/15/2042			3,937,168		0.1
11,092,000	3.625%, 02/15/2044			10,184,276		0.4
9,251,000	3.750%, 11/15/2043			8,679,317		0.3
7,845,000	3.875%, 08/15/2040			7,659,141		0.3
20,844,000 (2)	4.000%, 11/15/2042			20,414,093		0.7
				173,830,856		6.2
	U.S. Treasury Notes: 36.4%
97,000	0.125%, 10/15/2023			93,582		0.0
18,549,700	0.375%, 01/31/2026			16,507,059		0.6
405,700	0.500%, 11/30/2023			390,345		0.0
16,424,200	1.250%, 11/30/2026			14,740,078		0.5
54,972,900	1.500%, 01/31/2027			49,640,958		1.8
80,000,000 (2)	1.625%, 10/31/2023			78,018,756		2.8
69,000	1.750%, 01/31/2023			68,876		0.0
10,000	1.875%, 06/30/2026			9,280		0.0
12,133,000	2.000%, 11/15/2026			11,220,655		0.4
19,000	2.250%, 04/30/2024			18,402		0.0
6,457,000	2.250%, 11/15/2024			6,203,008		0.2
931,000	2.750%, 04/30/2027			882,450		0.0
1,427,600	2.750%, 08/15/2032			1,300,231		0.0
49,821,300	2.875%, 06/15/2025			48,159,292		1.7
7,725,200	3.000%, 07/15/2025			7,483,787		0.3
32,300	3.250%, 06/30/2027			31,243		0.0
45,841,300	3.875%, 11/30/2027			45,597,768		1.6
171,631,100	3.875%, 12/31/2027			170,665,675		6.1
44,811,700	3.875%, 11/30/2029			44,521,124		1.6
108,929,000	3.875%, 12/31/2029			108,409,886		3.8
169,402,000	4.000%, 12/15/2025			168,343,238		6.0
52,130,300	4.125%, 11/15/2032			53,209,560		1.9
200,117,000	4.250%, 12/31/2024			199,436,914		7.1
				1,024,952,167		36.4
	Total U.S. Treasury Obligations (Cost $1,229,583,110)			1,198,783,023		42.6

U.S. GOVERNMENT AGENCY OBLIGATIONS: 29.3%
	Federal Home Loan Bank: 0.1%
2,000,000	3.500%, 06/11/2032			1,886,301		0.1

See Accompanying Notes to Financial Statements

188

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index 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: 3.0%(4)
608,475	2.350%, (US0012M + 1.900)%, 02/01/2042		$	596,280		0.0
2,987,932	3.000%, 04/01/2045			2,699,817		0.1
2,741,582	3.000%, 04/01/2045			2,473,818		0.1
10,492,028	3.000%, 05/01/2045			9,462,948		0.4
4,849,282	3.000%, 11/01/2046			4,350,130		0.2
5,314,649	3.000%, 11/01/2047			4,772,728		0.2
111,560	3.500%, 01/01/2042			104,651		0.0
621,723	3.500%, 01/01/2042			583,231		0.0
2,379,451	3.500%, 08/01/2042			2,228,441		0.1
10,267,913	3.500%, 04/01/2043			9,611,630		0.4
10,515,533	3.500%, 02/01/2044			9,845,323		0.4
3,724,838	3.500%, 12/01/2046			3,463,644		0.1
2,025,417	3.500%, 12/01/2047			1,886,804		0.1
11,405,549	3.500%, 03/01/2048			10,667,362		0.4
132,024	4.000%, 01/01/2025			129,119		0.0
40,632	4.000%, 08/01/2040			39,012		0.0
604,997	4.000%, 04/01/2041			582,224		0.0
684,361	4.000%, 05/01/2041			658,590		0.0
28,232	4.000%, 08/01/2041			27,169		0.0
67,012	4.000%, 12/01/2041			64,489		0.0
153,941	4.000%, 01/01/2042			148,660		0.0
1,272,658	4.000%, 03/01/2042			1,224,751		0.1
42,732	4.000%, 12/01/2042			41,061		0.0
561,968	4.000%, 02/01/2044			553,277		0.0
213,670	4.000%, 07/01/2045			205,240		0.0
222,403	4.000%, 09/01/2045			213,472		0.0
144,817	4.000%, 09/01/2045			139,002		0.0
189,791	4.000%, 09/01/2045			182,170		0.0
3,816,068	4.000%, 11/01/2045			3,662,840		0.2
534,621	4.000%, 05/01/2046			513,047		0.0
134,116	4.000%, 11/01/2047			127,321		0.0
227,619	4.000%, 03/01/2048			217,778		0.0
83	4.500%, 04/01/2023			83		0.0
27,096	4.500%, 03/01/2039			26,892		0.0
75,650	4.500%, 08/01/2039			75,111		0.0
205,949	4.500%, 09/01/2039			204,534		0.0
144,004	4.500%, 09/01/2039			143,033		0.0
93,766	4.500%, 09/01/2039			93,013		0.0
162,303	4.500%, 10/01/2039			160,158		0.0
256,465	4.500%, 12/01/2039			254,032		0.0
75,956	4.500%, 03/01/2040			75,454		0.0
206,011	4.500%, 04/01/2040			204,648		0.0
37,917	4.500%, 06/01/2040			37,667		0.0
231,193	4.500%, 07/01/2040			229,664		0.0
167,757	4.500%, 07/01/2040			166,648		0.0
166,660	4.500%, 08/01/2040			165,558		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
62,923	4.500%, 08/01/2040		$	62,507		0.0
192,080	4.500%, 03/01/2041			190,809		0.0
69,581	4.500%, 03/01/2041			69,120		0.0
91,301	4.500%, 04/01/2041			90,697		0.0
290,633	4.500%, 06/01/2041			288,711		0.0
195,743	4.500%, 07/01/2041			194,447		0.0
24,861	4.500%, 08/01/2041			24,212		0.0
943,953	4.500%, 08/01/2041			929,560		0.1
675,334	4.500%, 07/01/2048			662,565		0.0
12,751	5.000%, 03/01/2034			13,002		0.0
50,342	5.000%, 12/01/2034			51,515		0.0
58,660	5.000%, 08/01/2035			60,027		0.0
180,586	5.000%, 08/01/2035			184,795		0.0
53,554	5.000%, 10/01/2035			54,802		0.0
57,011	5.000%, 10/01/2035			58,136		0.0
47,903	5.000%, 10/01/2035			49,020		0.0
132,094	5.000%, 12/01/2035			135,173		0.0
18,279	5.000%, 04/01/2036			18,640		0.0
55,979	5.000%, 11/01/2036			57,284		0.0
41,875	5.000%, 02/01/2037			42,851		0.0
31,573	5.000%, 05/01/2037			32,310		0.0
474,613	5.000%, 10/01/2037			482,286		0.0
279,433	5.000%, 03/01/2038			285,950		0.0
256,019	5.000%, 03/01/2038			261,992		0.0
90,549	5.000%, 03/01/2038			92,659		0.0
71,516	5.000%, 04/01/2038			72,652		0.0
8,478	5.000%, 10/01/2038			8,660		0.0
29,013	5.000%, 06/01/2040			29,440		0.0
79,594	5.000%, 08/01/2040			80,765		0.0
184,265	5.000%, 04/01/2041			186,476		0.0
46,335	5.490%, 02/01/2037			47,175		0.0
3,924	5.500%, 12/01/2024			3,909		0.0
40,345	5.500%, 09/01/2034			41,717		0.0
61,783	5.500%, 01/01/2035			63,692		0.0
477,603	5.500%, 09/01/2035			495,369		0.0
23,667	5.500%, 09/01/2035			24,532		0.0
320,837	5.500%, 10/01/2035			327,617		0.0
37,670	5.500%, 03/01/2036			39,013		0.0
147,198	5.500%, 03/01/2036			152,663		0.0
23,635	5.500%, 05/01/2036			24,477		0.0
127,217	5.500%, 06/01/2036			131,705		0.0
2,281	5.500%, 07/01/2036			2,361		0.0
42,694	5.500%, 07/01/2036			44,306		0.0
8,348	5.500%, 07/01/2036			8,672		0.0
8,374	5.500%, 10/01/2036			8,692		0.0
55,335	5.500%, 11/01/2036			57,497		0.0
40,992	5.500%, 12/01/2036			42,591		0.0

See Accompanying Notes to Financial Statements

189

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index 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)
28,405	5.500%, 12/01/2036		$	29,512		0.0
3,570	5.500%, 12/01/2036			3,587		0.0
5,382	5.500%, 02/01/2037			5,456		0.0
40,270	5.500%, 02/01/2037			41,840		0.0
14,323	5.500%, 05/01/2037			14,883		0.0
1,607	5.500%, 06/01/2037			1,670		0.0
21,354	5.500%, 12/01/2037			22,159		0.0
10,939	5.500%, 03/01/2038			11,328		0.0
3,460	5.500%, 06/01/2038			3,595		0.0
6,219	5.500%, 06/01/2038			6,462		0.0
5,274	5.500%, 08/01/2038			5,320		0.0
423	5.500%, 10/01/2038			425		0.0
419,149	5.500%, 11/01/2038			435,498		0.0
6,266	5.500%, 12/01/2038			6,511		0.0
8,057	5.500%, 12/01/2038			8,371		0.0
10,285	5.500%, 12/01/2038			10,687		0.0
11,148	5.500%, 01/01/2039			11,583		0.0
65,785	5.500%, 01/01/2039			68,350		0.0
40,476	5.500%, 01/01/2040			42,055		0.0
33,022	5.500%, 01/01/2040			34,199		0.0
39,280	5.500%, 03/01/2040			40,815		0.0
101,655	5.500%, 01/01/2041			102,228		0.0
50,666	5.750%, 05/01/2037			51,330		0.0
48,112	5.800%, 07/01/2037			48,637		0.0
37,558	5.800%, 08/01/2037			38,099		0.0
68,018	5.800%, 09/01/2037			68,999		0.0
34,860	5.800%, 09/01/2037			35,362		0.0
2,355	6.000%, 04/01/2028			2,440		0.0
23,861	6.000%, 07/01/2028			24,270		0.0
1,738	6.000%, 04/01/2036			1,814		0.0
5,216	6.000%, 04/01/2036			5,440		0.0
88	6.000%, 04/01/2036			89		0.0
15,923	6.000%, 06/01/2036			16,656		0.0
5,749	6.000%, 07/01/2036			6,010		0.0
1,685	6.000%, 08/01/2036			1,714		0.0
5,364	6.000%, 08/01/2036			5,612		0.0
31,109	6.000%, 08/01/2036			32,046		0.0
28,360	6.000%, 01/01/2037			29,588		0.0
26,671	6.000%, 02/01/2037			27,904		0.0
1,585	6.000%, 04/01/2037			1,658		0.0
1,111	6.000%, 06/01/2037			1,159		0.0
5,685	6.000%, 06/01/2037			5,827		0.0
4,020	6.000%, 07/01/2037			4,203		0.0
140	6.000%, 07/01/2037			146		0.0
3,914	6.000%, 08/01/2037			4,089		0.0
135,556	6.000%, 08/01/2037			140,713		0.0
1,318	6.000%, 08/01/2037			1,371		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
2,094	6.000%, 08/01/2037		$	2,184		0.0
8,817	6.000%, 08/01/2037			9,104		0.0
3,385	6.000%, 09/01/2037			3,530		0.0
2,424	6.000%, 09/01/2037			2,471		0.0
1,861	6.000%, 09/01/2037			1,932		0.0
8,115	6.000%, 10/01/2037			8,255		0.0
7,048	6.000%, 10/01/2037			7,362		0.0
5,771	6.000%, 10/01/2037			6,028		0.0
1,249	6.000%, 10/01/2037			1,271		0.0
1,095	6.000%, 11/01/2037			1,114		0.0
24,339	6.000%, 11/01/2037			25,326		0.0
1,794	6.000%, 11/01/2037			1,871		0.0
47,617	6.000%, 12/01/2037			49,262		0.0
1,355	6.000%, 01/01/2038			1,399		0.0
10,805	6.000%, 01/01/2038			11,304		0.0
6,733	6.000%, 01/01/2038			6,868		0.0
7,134	6.000%, 05/01/2038			7,262		0.0
848	6.000%, 06/01/2038			881		0.0
20,667	6.000%, 07/01/2038			21,381		0.0
9,538	6.000%, 07/01/2038			9,758		0.0
538	6.000%, 09/01/2038			559		0.0
256,704	6.000%, 09/01/2038			266,076		0.0
4,986	6.000%, 09/01/2038			5,200		0.0
10,090	6.000%, 09/01/2038			10,265		0.0
5,868	6.000%, 11/01/2038			5,987		0.0
128,436	6.000%, 01/01/2039			133,029		0.0
72,822	6.000%, 04/01/2039			75,015		0.0
31,924	6.000%, 08/01/2039			32,736		0.0
23,835	6.000%, 10/01/2039			24,705		0.0
11,670	6.000%, 11/01/2039			12,141		0.0
26,723	6.000%, 11/01/2039			27,181		0.0
1,147	6.000%, 12/01/2039			1,184		0.0
38,207	6.000%, 05/01/2040			39,911		0.0
53,297	6.150%, 12/01/2037			54,502		0.0
18,040	6.150%, 01/01/2038			18,446		0.0
76,155	6.150%, 02/01/2038			77,877		0.0
840,000 (2)	6.250%, 07/15/2032			980,440		0.1
6,517	6.500%, 06/01/2036			6,892		0.0
1,335	6.500%, 08/01/2036			1,384		0.0
23,191	6.500%, 10/01/2036			24,525		0.0
630	6.500%, 10/01/2036			649		0.0
8,383	6.500%, 07/01/2037			8,668		0.0
4,420	6.500%, 09/01/2037			4,628		0.0
1,989	6.500%, 10/01/2037			2,080		0.0
2,671	6.500%, 11/01/2037			2,753		0.0
9,579	6.500%, 04/01/2038			10,268		0.0
3,104	6.500%, 04/01/2038			3,274		0.0

See Accompanying Notes to Financial Statements

190

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index 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)
244	6.500%, 05/01/2038		$	251		0.0
1,415	6.500%, 05/01/2038			1,453		0.0
1,202	6.500%, 08/01/2038			1,259		0.0
146	6.500%, 10/01/2038			150		0.0
5,285	6.500%, 11/01/2038			5,575		0.0
6,639	6.500%, 12/01/2038			6,817		0.0
364,237	6.500%, 12/01/2038			375,525		0.0
52,147	6.500%, 12/01/2038			53,542		0.0
5,104	6.500%, 12/01/2038			5,267		0.0
2,723	6.500%, 01/01/2039			2,869		0.0
				83,522,931		3.0
	Federal National Mortgage Association: 1.2%(4)
980,369	3.000%, 09/01/2046			869,320		0.0
9,484,670	3.500%, 11/01/2051			8,748,525		0.3
1,134,500	3.720%, 10/01/2029			1,095,154		0.1
18,000,000 (5)	5.000%, 01/15/2053			17,739,610		0.6
36,221	5.700%, 07/01/2036			36,111		0.0
8,756	5.700%, 07/01/2036			8,727		0.0
805,000 (2)	6.625%, 11/15/2030			944,588		0.0
3,430,000	7.125%, 01/15/2030			4,070,649		0.2
				33,512,684		1.2
	Government National Mortgage Association: 6.5%
17,441,781	2.000%, 01/20/2051			14,727,693		0.5
11,657,095	2.000%, 02/20/2051			9,784,968		0.4
3,062,591	2.500%, 03/20/2051			2,669,355		0.1
6,134,191	2.500%, 04/20/2051			5,349,250		0.2
4,737,822	2.500%, 05/20/2051			4,124,373		0.1
4,350,679	2.500%, 08/20/2051			3,783,549		0.1
13,296,668	2.500%, 09/20/2051			11,556,193		0.4
4,410,704	2.500%, 10/20/2051			3,832,293		0.1
6,011,452	2.500%, 11/20/2051			5,216,088		0.2
12,003,860	2.500%, 12/20/2051			10,425,437		0.4
4,799,889	2.500%, 04/20/2052			4,163,525		0.2
2,825,268	3.000%, 07/20/2045			2,577,645		0.1
2,902,560	3.000%, 10/20/2051			2,621,572		0.1
15,159,037	3.000%, 10/20/2051			13,561,373		0.5
20,575,125	3.000%, 11/20/2051			18,419,514		0.7
6,583,011	3.000%, 11/20/2051			5,945,729		0.2
4,487,083	3.000%, 12/20/2051			4,013,970		0.1
11,173,000 (5)	3.000%, 01/15/2053			9,951,238		0.4
9,691,938	3.500%, 03/20/2047			9,192,345		0.3
3,651,026	3.500%, 09/20/2047			3,323,558		0.1
1,703,540	3.500%, 01/20/2048			1,588,386		0.1
11,170,613	3.500%, 02/20/2048			10,416,225		0.4
10,823,063	3.500%, 03/20/2048			10,092,171		0.4

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
2,410,798	4.000%, 10/20/2043		$	2,362,783		0.1
1,105,367	4.000%, 03/20/2046			1,063,878		0.0
1,815,056	4.000%, 03/20/2046			1,746,368		0.1
412,277	4.500%, 02/20/2041			411,858		0.0
126,496	4.500%, 03/20/2041			126,367		0.0
474,969	4.500%, 05/20/2041			474,486		0.0
643,673	4.500%, 06/20/2041			641,051		0.0
1,043,655	4.500%, 07/20/2041			1,042,592		0.0
458,857	4.500%, 09/20/2041			458,390		0.0
1,342,035	4.500%, 10/20/2041			1,341,979		0.1
1,728,342	4.500%, 01/20/2050			1,678,859		0.1
6,158	5.000%, 10/15/2037			6,308		0.0
1,617	5.000%, 04/15/2038			1,643		0.0
27,277	5.000%, 03/15/2039			27,947		0.0
47,713	5.000%, 08/15/2039			48,886		0.0
358,149	5.000%, 09/15/2039			366,958		0.0
342,692	5.000%, 09/15/2039			351,119		0.0
319,583	5.000%, 02/15/2040			327,446		0.0
227,965	5.000%, 04/15/2040			231,435		0.0
506,381	5.000%, 06/15/2040			515,870		0.0
13,036	5.000%, 07/15/2040			13,250		0.0
173,518	5.000%, 04/15/2042			175,669		0.0
296,511	5.000%, 04/20/2042			301,843		0.0
188,061	5.000%, 06/20/2048			187,061		0.0
14,906	5.500%, 07/20/2038			15,265		0.0
195,104	5.500%, 09/20/2039			203,191		0.0
14,807	5.500%, 10/20/2039			15,416		0.0
8,846	5.500%, 11/20/2039			9,206		0.0
338,184	5.500%, 11/20/2039			352,234		0.0
5,100	5.500%, 12/20/2040			5,307		0.0
18,141	5.500%, 01/20/2041			18,889		0.0
110,389	5.500%, 03/20/2041			114,959		0.0
173,720	5.500%, 04/20/2041			180,936		0.0
270,851	5.500%, 05/20/2041			282,025		0.0
258,938	5.500%, 06/20/2041			269,712		0.0
6,894	6.000%, 10/15/2036			7,279		0.0
18,934	6.000%, 08/15/2037			19,680		0.0
21,031	6.000%, 11/15/2037			21,962		0.0
3,830	6.000%, 12/15/2037			3,934		0.0
12,842	6.000%, 01/15/2038			13,278		0.0
18,095	6.000%, 01/15/2038			19,199		0.0
14,820	6.000%, 02/15/2038			15,721		0.0
39,905	6.000%, 02/15/2038			41,223		0.0
207	6.000%, 02/15/2038			214		0.0
88,414	6.000%, 05/15/2038			92,683		0.0
90,547	6.000%, 05/15/2038			95,606		0.0
14,201	6.000%, 07/15/2038			15,069		0.0

See Accompanying Notes to Financial Statements

191

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
27,868	6.000%, 09/15/2038		$	29,533		0.0
441,921	6.000%, 08/20/2040			467,166		0.0
				183,550,183		6.5
	Other U.S. Agency Obligations: 2.0%
3,489,000	1.620%, 09/04/2025			3,257,933		0.1
2,000,000	2.320%, 01/26/2032			1,688,243		0.1
5,000,000	2.380%, 03/16/2032			4,291,024		0.1
12,500,000	2.390%, 11/01/2034			10,219,091		0.4
5,000,000	2.400%, 09/21/2026			4,683,817		0.2
4,000,000	2.600%, 04/05/2027			3,764,222		0.1
5,000,000	2.850%, 05/23/2025			4,809,647		0.2
5,000,000	2.900%, 04/12/2032			4,482,130		0.1
5,000,000	3.375%, 08/26/2024			4,896,843		0.2
4,000,000	3.400%, 04/25/2034			3,700,397		0.1
3,000,000	3.500%, 09/01/2032			2,784,409		0.1
2,000,000	3.780%, 06/08/2028			1,899,186		0.1
10,000	6.150%, 01/15/2038			11,349		0.0
5,000,000	7.125%, 05/01/2030			5,796,532		0.2
				56,284,823		2.0
	Uniform Mortgage-Backed Securities: 16.5%
897,631	2.000%, 05/01/2051			733,520		0.0
6,940,749	2.000%, 05/01/2051			5,724,186		0.2
14,651,716	2.000%, 09/01/2051			11,965,600		0.4
9,238,136	2.000%, 10/01/2051			7,544,237		0.3
13,467,328	2.000%, 11/01/2051			11,112,834		0.4
16,425,254	2.000%, 01/01/2052			13,484,623		0.5
9,281,394	2.000%, 01/01/2052			7,650,805		0.3
5,695,044	2.000%, 02/01/2052			4,680,421		0.2
12,084,793	2.000%, 02/01/2052			9,951,243		0.4
17,851,471	2.000%, 02/01/2052			14,570,066		0.5
14,181,156	2.000%, 02/01/2052			11,639,257		0.4
2,833,293	2.000%, 02/01/2052			2,331,298		0.1
6,503,851	2.000%, 02/01/2052			5,353,512		0.2
10,349,964	2.000%, 02/01/2052			8,508,855		0.3
2,810,733	2.000%, 03/01/2052			2,305,766		0.1
3,630,085	2.000%, 03/01/2052			2,972,124		0.1
4,793,636	2.000%, 04/01/2052			3,947,297		0.1
27,500,000 (5)	2.000%, 01/15/2053			22,383,048		0.8
1,890,029	2.500%, 09/01/2027			1,803,213		0.1
2,649,512	2.500%, 06/01/2030			2,487,244		0.1
1,990,841	2.500%, 06/01/2030			1,868,794		0.1
1,195,105	2.500%, 07/01/2030			1,121,918		0.0
10,087,144	2.500%, 06/01/2050			8,677,851		0.3
18,188,804	2.500%, 08/01/2050			15,660,479		0.6
243,444	2.500%, 11/01/2050			209,967		0.0
3,577,449	2.500%, 05/01/2051			3,059,146		0.1
13,053,697	2.500%, 06/01/2051			11,073,164		0.4

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,808,152	2.500%, 09/01/2051		$	1,546,121		0.1
9,374,782	2.500%, 11/01/2051			8,009,281		0.3
8,434,537	2.500%, 12/01/2051			7,222,301		0.3
9,467,177	2.500%, 01/01/2052			8,080,765		0.3
9,718,078	2.500%, 02/01/2052			8,253,555		0.3
3,767,804	2.500%, 02/01/2052			3,234,716		0.1
1,704,127	2.500%, 02/01/2052			1,452,867		0.1
1,910,066	2.500%, 02/01/2052			1,628,450		0.1
4,780,103	2.500%, 02/01/2052			4,087,266		0.2
2,880,453	2.500%, 03/01/2052			2,460,154		0.1
3,832,403	2.500%, 03/01/2052			3,271,491		0.1
10,699,859	2.500%, 03/01/2052			9,142,184		0.3
6,749,281	2.500%, 04/01/2052			5,761,434		0.2
454,695	3.000%, 06/01/2026			441,637		0.0
3,002,599	3.000%, 08/01/2030			2,875,472		0.1
1,162,838	3.000%, 09/01/2030			1,113,586		0.0
29,800,000 (5)	3.000%, 01/15/2038			27,913,655		1.0
11,193,192	3.000%, 12/01/2042			10,196,177		0.4
4,615,237	3.000%, 07/01/2043			4,204,113		0.2
2,105,309	3.000%, 09/01/2043			1,917,963		0.1
2,802,284	3.000%, 07/01/2046			2,515,357		0.1
962,756	3.000%, 08/01/2046			863,932		0.0
11,483,026	3.000%, 12/01/2046			10,302,510		0.4
4,624,180	3.000%, 01/01/2052			4,113,138		0.2
1,353,506	3.500%, 05/01/2029			1,313,140		0.1
470,076	3.500%, 03/01/2041			439,561		0.0
501,732	3.500%, 12/01/2041			470,122		0.0
872,715	3.500%, 01/01/2042			817,726		0.0
1,997,988	3.500%, 10/01/2042			1,871,463		0.1
4,444,979	3.500%, 11/01/2042			4,161,379		0.2
2,455,825	3.500%, 01/01/2046			2,284,893		0.1
1,865,874	3.500%, 02/01/2046			1,735,966		0.1
3,745,945	3.500%, 02/01/2046			3,484,827		0.1
3,727,030	3.500%, 04/01/2046			3,468,374		0.1
2,016,453	3.500%, 02/01/2052			1,850,222		0.1
1,516,926	3.500%, 03/01/2052			1,395,489		0.1
6,999,689	3.500%, 05/01/2052			6,386,877		0.2
81,079	4.000%, 10/01/2040			77,941		0.0
374,786	4.000%, 10/01/2040			361,530		0.0
4,749,269	4.000%, 11/01/2040			4,565,444		0.2
506,372	4.000%, 12/01/2040			486,760		0.0
700,928	4.000%, 12/01/2040			673,800		0.0
993,561	4.000%, 02/01/2041			955,081		0.0
162,272	4.000%, 03/01/2041			155,991		0.0
156,277	4.000%, 04/01/2041			150,229		0.0
109,775	4.000%, 09/01/2041			105,525		0.0
621,196	4.000%, 11/01/2041			597,133		0.0

See Accompanying Notes to Financial Statements

192

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index 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)
112,749	4.000%, 12/01/2041		$	108,381		0.0
402,744	4.000%, 01/01/2042			387,147		0.0
212,305	4.000%, 07/01/2042			204,086		0.0
895,115	4.000%, 12/01/2042			860,063		0.0
1,293,303	4.000%, 07/01/2043			1,253,398		0.0
748,667	4.000%, 02/01/2044			724,959		0.0
535,715	4.000%, 02/01/2044			518,757		0.0
85,922	4.000%, 03/01/2044			83,363		0.0
386,818	4.000%, 05/01/2045			370,874		0.0
3,600,070	4.000%, 06/01/2045			3,451,679		0.1
1,081,128	4.000%, 07/01/2045			1,041,374		0.0
1,263,769	4.000%, 07/01/2045			1,221,915		0.0
272,606	4.000%, 07/01/2045			262,181		0.0
1,038,269	4.000%, 07/01/2045			996,659		0.0
1,211,409	4.000%, 02/01/2046			1,161,475		0.0
2,305,770	4.000%, 02/01/2048			2,201,050		0.1
403,800	4.000%, 03/01/2048			385,777		0.0
89,884	4.000%, 03/01/2048			85,788		0.0
19,566,093	4.000%, 08/01/2052			18,372,088		0.7
20,500,000 (5)	4.000%, 01/15/2053			19,228,435		0.7
391,856	4.500%, 07/01/2026			391,288		0.0
2,765	4.500%, 06/01/2034			2,730		0.0
8,130	4.500%, 05/01/2035			8,005		0.0
971	4.500%, 03/01/2038			963		0.0
650	4.500%, 05/01/2038			635		0.0
5,197	4.500%, 06/01/2038			5,131		0.0
7,926	4.500%, 07/01/2038			7,749		0.0
12,584	4.500%, 09/01/2038			12,236		0.0
113,593	4.500%, 03/01/2039			112,714		0.0
8,389	4.500%, 04/01/2039			8,325		0.0
10,223	4.500%, 04/01/2039			10,135		0.0
213,745	4.500%, 07/01/2039			211,381		0.0
519,136	4.500%, 09/01/2039			515,123		0.0
476,260	4.500%, 10/01/2039			472,578		0.0
153,213	4.500%, 12/01/2039			151,589		0.0
112,131	4.500%, 12/01/2039			111,250		0.0
137,798	4.500%, 12/01/2039			136,715		0.0
94,077	4.500%, 03/01/2040			93,349		0.0
119,806	4.500%, 10/01/2040			118,879		0.0
106,609	4.500%, 10/01/2040			104,866		0.0
109,296	4.500%, 10/01/2040			108,451		0.0
149,317	4.500%, 03/01/2041			147,304		0.0
87,281	4.500%, 04/01/2041			84,934		0.0
105,771	4.500%, 06/01/2041			104,953		0.0
89,488	4.500%, 06/01/2041			88,538		0.0
1,337,650	4.500%, 06/01/2041			1,327,301		0.1
1,578,924	4.500%, 07/01/2041			1,566,712		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
79,256	4.500%, 07/01/2041		$	77,960		0.0
44,387	4.500%, 07/01/2041			44,044		0.0
506,951	4.500%, 08/01/2041			503,029		0.0
693,346	4.500%, 08/01/2041			686,361		0.0
67,743	4.500%, 08/01/2041			67,193		0.0
5,948,633	4.500%, 08/01/2052			5,748,392		0.2
11,810,482	4.500%, 10/01/2052			11,379,316		0.4
17,200,000 (5)	4.500%, 01/15/2053			16,556,183		0.6
63,331	5.000%, 03/01/2027			63,750		0.0
3,141,467	5.000%, 05/01/2042			3,210,998		0.1
21	5.500%, 01/01/2023			21		0.0
50	5.500%, 04/01/2023			50		0.0
633	5.500%, 06/01/2023			631		0.0
1,664	5.500%, 08/01/2023			1,657		0.0
140	5.500%, 08/01/2023			140		0.0
859	5.500%, 08/01/2023			855		0.0
253	5.500%, 08/01/2023			252		0.0
1,539	5.500%, 09/01/2023			1,532		0.0
149	5.500%, 11/01/2023			148		0.0
146	5.500%, 11/01/2023			145		0.0
955	5.500%, 11/01/2023			952		0.0
8,471	5.500%, 02/01/2024			8,427		0.0
332	5.500%, 03/01/2024			331		0.0
85	5.500%, 07/01/2024			85		0.0
1,433	5.500%, 07/01/2024			1,422		0.0
4,099	5.500%, 08/01/2025			4,081		0.0
865	5.500%, 07/01/2027			868		0.0
219	5.500%, 08/01/2027			220		0.0
51,673	5.500%, 03/01/2034			53,312		0.0
46,357	5.500%, 04/01/2034			47,295		0.0
20,282	5.500%, 11/01/2034			20,946		0.0
21,446	5.500%, 12/01/2034			22,152		0.0
251,547	5.500%, 02/01/2035			260,098		0.0
37,319	5.500%, 05/01/2035			38,633		0.0
35,355	5.500%, 09/01/2035			36,634		0.0
150,077	5.500%, 09/01/2035			150,791		0.0
27,813	5.500%, 04/01/2036			28,827		0.0
46,135	5.500%, 04/01/2036			47,813		0.0
9,311	5.500%, 05/01/2036			9,660		0.0
20,180	5.500%, 06/01/2036			20,945		0.0
123,139	5.500%, 07/01/2036			127,325		0.0
66,864	5.500%, 11/01/2036			69,399		0.0
194,162	5.500%, 12/01/2036			201,525		0.0
98,786	5.500%, 12/01/2036			102,469		0.0
32,887	5.500%, 01/01/2037			34,066		0.0
141,549	5.500%, 03/01/2037			146,916		0.0
303,786	5.500%, 03/01/2037			315,306		0.0

See Accompanying Notes to Financial Statements

193

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index 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)
27,404	5.500%, 03/01/2037		$	28,443		0.0
122,841	5.500%, 08/01/2037			127,220		0.0
453	5.500%, 01/01/2038			471		0.0
549	5.500%, 01/01/2038			570		0.0
1,498	5.500%, 01/01/2038			1,555		0.0
4,496	5.500%, 03/01/2038			4,666		0.0
4,069	5.500%, 05/01/2038			4,181		0.0
18,115	5.500%, 06/01/2038			18,802		0.0
463,281	5.500%, 09/01/2038			479,225		0.0
127,488	5.500%, 12/01/2038			132,326		0.0
32,924	5.500%, 06/01/2039			34,173		0.0
35,828	5.500%, 05/01/2040			35,973		0.0
219,899	5.500%, 06/01/2040			220,880		0.0
3,646	6.000%, 01/01/2034			3,709		0.0
28,240	6.000%, 12/01/2034			29,237		0.0
7,218	6.000%, 05/01/2035			7,334		0.0
13,925	6.000%, 01/01/2036			14,150		0.0
28,755	6.000%, 01/01/2036			29,219		0.0
7,703	6.000%, 02/01/2036			8,000		0.0
17,056	6.000%, 03/01/2036			17,838		0.0
12,061	6.000%, 03/01/2036			12,416		0.0
5,296	6.000%, 04/01/2036			5,509		0.0
2,213	6.000%, 04/01/2036			2,251		0.0
40,013	6.000%, 05/01/2036			41,458		0.0
112	6.000%, 06/01/2036			115		0.0
8,962	6.000%, 08/01/2036			9,366		0.0
1,539	6.000%, 08/01/2036			1,564		0.0
7,926	6.000%, 09/01/2036			8,258		0.0
37,107	6.000%, 09/01/2036			38,071		0.0
23,576	6.000%, 09/01/2036			24,639		0.0
7,799	6.000%, 10/01/2036			8,029		0.0
84,119	6.000%, 12/01/2036			85,524		0.0
299,508	6.000%, 12/01/2036			312,131		0.0
6,749	6.000%, 01/01/2037			6,858		0.0
4,994	6.000%, 02/01/2037			5,105		0.0
4,765	6.000%, 04/01/2037			4,843		0.0
41,769	6.000%, 07/01/2037			43,551		0.0
1,355	6.000%, 08/01/2037			1,406		0.0
10,537	6.000%, 08/01/2037			10,969		0.0
446	6.000%, 08/01/2037			454		0.0
762	6.000%, 09/01/2037			777		0.0
6,758	6.000%, 09/01/2037			7,063		0.0
2,212	6.000%, 09/01/2037			2,281		0.0
7,197	6.000%, 09/01/2037			7,352		0.0
219	6.000%, 09/01/2037			227		0.0
855	6.000%, 10/01/2037			875		0.0
154	6.000%, 10/01/2037			161		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
1,032	6.000%, 10/01/2037		$	1,053		0.0
1,945	6.000%, 10/01/2037			1,986		0.0
6,042	6.000%, 11/01/2037			6,143		0.0
8,170	6.000%, 11/01/2037			8,445		0.0
551	6.000%, 11/01/2037			560		0.0
7,206	6.000%, 11/01/2037			7,324		0.0
21,798	6.000%, 11/01/2037			22,781		0.0
971	6.000%, 11/01/2037			987		0.0
17,332	6.000%, 12/01/2037			17,959		0.0
10,403	6.000%, 12/01/2037			10,788		0.0
27,489	6.000%, 12/01/2037			28,483		0.0
4,068	6.000%, 12/01/2037			4,195		0.0
3,683	6.000%, 01/01/2038			3,754		0.0
4,212	6.000%, 01/01/2038			4,280		0.0
695	6.000%, 02/01/2038			707		0.0
57,312	6.000%, 02/01/2038			59,104		0.0
63,279	6.000%, 03/01/2038			64,516		0.0
2,859	6.000%, 03/01/2038			2,910		0.0
8,773	6.000%, 04/01/2038			9,076		0.0
138,774	6.000%, 04/01/2038			145,031		0.0
10,232	6.000%, 05/01/2038			10,602		0.0
7,192	6.000%, 05/01/2038			7,308		0.0
1,002	6.000%, 06/01/2038			1,018		0.0
7,711	6.000%, 07/01/2038			7,847		0.0
22,836	6.000%, 07/01/2038			23,299		0.0
764	6.000%, 08/01/2038			779		0.0
1,426	6.000%, 08/01/2038			1,474		0.0
11,188	6.000%, 09/01/2038			11,379		0.0
32,213	6.000%, 09/01/2038			32,822		0.0
6,208	6.000%, 09/01/2038			6,308		0.0
33,514	6.000%, 10/01/2038			34,699		0.0
27,858	6.000%, 10/01/2038			28,519		0.0
15,730	6.000%, 10/01/2038			16,142		0.0
313,500	6.000%, 10/01/2039			327,633		0.0
5,944	6.000%, 11/01/2039			6,040		0.0
403	6.500%, 04/01/2030			414		0.0
51,027	6.500%, 02/01/2034			52,432		0.0
4,927	6.500%, 11/01/2034			5,199		0.0
9,469	6.500%, 01/01/2036			9,820		0.0
16,941	6.500%, 03/01/2036			17,836		0.0
25,911	6.500%, 04/01/2036			26,848		0.0
3,801	6.500%, 06/01/2036			3,899		0.0
646	6.500%, 07/01/2036			677		0.0
1,133	6.500%, 07/01/2036			1,177		0.0
20,717	6.500%, 07/01/2036			21,597		0.0
29,371	6.500%, 07/01/2036			30,212		0.0
4,716	6.500%, 07/01/2036			4,846		0.0

See Accompanying Notes to Financial Statements

194

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index 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)
10,910	6.500%, 07/01/2036		$	11,516		0.0
525	6.500%, 08/01/2036			540		0.0
6,261	6.500%, 09/01/2036			6,434		0.0
7,095	6.500%, 09/01/2036			7,278		0.0
56,230	6.500%, 09/01/2036			58,878		0.0
707	6.500%, 09/01/2036			746		0.0
1,761	6.500%, 11/01/2036			1,847		0.0
764	6.500%, 11/01/2036			784		0.0
11,860	6.500%, 12/01/2036			12,166		0.0
1,122	6.500%, 12/01/2036			1,173		0.0
18,442	6.500%, 01/01/2037			18,949		0.0
43	6.500%, 01/01/2037			44		0.0
28,273	6.500%, 01/01/2037			29,138		0.0
10,384	6.500%, 03/01/2037			10,653		0.0
7,824	6.500%, 03/01/2037			8,028		0.0
3,209	6.500%, 03/01/2037			3,345		0.0
163	6.500%, 07/01/2037			168		0.0
1,372	6.500%, 08/01/2037			1,407		0.0
3,370	6.500%, 08/01/2037			3,488		0.0
220	6.500%, 08/01/2037			226		0.0
245	6.500%, 09/01/2037			258		0.0
8,452	6.500%, 09/01/2037			8,843		0.0
96,629	6.500%, 09/01/2037			99,436		0.0
3,714	6.500%, 09/01/2037			3,889		0.0
608	6.500%, 09/01/2037			635		0.0
59,551	6.500%, 09/01/2037			62,594		0.0
571	6.500%, 09/01/2037			588		0.0
2,132	6.500%, 10/01/2037			2,206		0.0
1,148	6.500%, 10/01/2037			1,204		0.0
15,102	6.500%, 10/01/2037			15,891		0.0
250	6.500%, 10/01/2037			258		0.0
6,809	6.500%, 10/01/2037			7,047		0.0
46,094	6.500%, 11/01/2037			47,758		0.0
54,698	6.500%, 12/01/2037			56,428		0.0
6,008	6.500%, 12/01/2037			6,323		0.0
4,801	6.500%, 12/01/2037			4,925		0.0
1,516	6.500%, 12/01/2037			1,555		0.0
1,381	6.500%, 12/01/2037			1,417		0.0
1,285	6.500%, 12/01/2037			1,318		0.0
1,196	6.500%, 12/01/2037			1,227		0.0
10,248	6.500%, 01/01/2038			10,687		0.0
483	6.500%, 01/01/2038			497		0.0
40,460	6.500%, 03/01/2038			42,320		0.0
26,390	6.500%, 04/01/2038			27,895		0.0
33,629	6.500%, 08/01/2038			34,566		0.0
25,291	6.500%, 08/01/2038			26,044		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
20,926	6.500%, 09/01/2038		$	21,489		0.0
7,221	6.500%, 10/01/2038			7,459		0.0
11,339	6.500%, 10/01/2038			11,715		0.0
107,232	6.500%, 10/01/2038			113,363		0.0
1,641	6.500%, 10/01/2038			1,733		0.0
13,356	6.500%, 11/01/2038			13,967		0.0
26,043	6.500%, 01/01/2039			26,862		0.0
624	6.500%, 01/01/2039			646		0.0
4,889	6.500%, 03/01/2039			5,015		0.0
4,916	6.500%, 09/01/2039			5,043		0.0
				463,934,546		16.5
	Total U.S. Government Agency Obligations (Cost $892,502,958)			822,691,468		29.3

COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.9%
2,500,000	Banc of America Commercial Mortgage Trust 2017-BNK3 AS, 3.748%, 02/15/2050			2,285,986		0.1
5,000,000	BANK 2021-BNK33 A5, 2.556%, 05/15/2064			4,143,091		0.2
800,000	BANK 2022-BNK39 A4, 2.928%, 02/15/2055			676,629		0.0
2,950,000 (3)	BANK 2022-BNK41 A4, 3.790%, 04/15/2065			2,685,904		0.1
4,000,000	Benchmark 2018-B3 A5 Mortgage Trust, 4.025%, 04/10/2051			3,804,555		0.1
1,103,000	Benchmark 2019-B10 A4 Mortgage Trust, 3.717%, 03/15/2062			1,020,290		0.0
5,000,000	Benchmark 2020-B21 A5 Mortgage Trust, 1.978%, 12/17/2053			3,996,546		0.1
1,500,000 (3)	Benchmark 2021-B28 A5 Mortgage Trust, 2.224%, 08/15/2054			1,200,516		0.1
6,500,000 (3)	Benchmark 2022-B35 A5 Mortgage Trust, 4.445%, 05/15/2055			6,225,590		0.2
2,431,865 (1)	BX Trust 2022-PSB A, 6.787%, (TSFR1M + 2.451)%, 08/15/2039			2,430,119		0.1
3,000,000	Citigroup Commercial Mortgage Trust 2014-GC19 A4, 4.023%, 03/11/2047			2,941,701		0.1
641,367 (3)	Ginnie Mae 2011-127 C, 3.500%, 03/16/2047			601,407		0.0

See Accompanying Notes to Financial Statements

195

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
361,731 (3)	Ginnie Mae 2011-142 B, 3.373%, 02/16/2044		$	359,764		0.0
657,895	Ginnie Mae 2014-150 C, 3.400%, 12/16/2049			651,719		0.0
1,952,040	Ginnie Mae 2014-50 C, 3.400%, 02/16/2047			1,880,097		0.1
3,000,000	JPMDB Commercial Mortgage Securities Trust 2016-C2 A3A, 2.881%, 06/15/2049			2,793,878		0.1
1,750,000	JPMDB Commercial Mortgage Securities Trust 2019-COR6 A4, 3.057%, 11/13/2052			1,509,220		0.1
1,000,000 (3)	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 C, 4.202%, 04/15/2048			892,152		0.0
5,000,000	Morgan Stanley Capital I Trust 2021-L5 A4, 2.728%, 05/15/2054			4,169,442		0.2
1,000,000 (1)(3)	MSCG Trust 2015-ALDR A2, 3.462%, 06/07/2035			907,583		0.0
1,000,000 (3)	UBS Commercial Mortgage Trust 2018-C9 A4, 4.117%, 03/15/2051			942,616		0.0
1,611,921	Wells Fargo Commercial Mortgage Trust 2015-P2 A3, 3.541%, 12/15/2048			1,529,133		0.1
529,000	Wells Fargo Commercial Mortgage Trust 2021-C59 A5, 2.626%, 04/15/2054			436,273		0.0
4,445,000 (3)	WFRBS Commercial Mortgage Trust 2013-C18 A5, 4.162%, 12/15/2046			4,359,271		0.2
	Total Commercial Mortgage-Backed Securities (Cost $59,843,231)			52,443,482		1.9

SOVEREIGN BONDS: 1.4%
1,250,000	Chile Government International Bond, 2.450%, 01/31/2031			1,040,221		0.0
500,000	Export-Import Bank of Korea, 3.250%, 08/12/2026			475,256		0.0
1,000,000	Export-Import Bank of Korea, 4.000%, 01/14/2024			990,874		0.0
1,000,000 (2)	Indonesia Government International Bond, 1.850%, 03/12/2031			810,268		0.0

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
1,000,000	Indonesia Government International Bond, 4.350%, 01/11/2048		$	866,434		0.0
1,800,000 (1)	Kommunalbanken AS, 2.500%, 01/11/2023			1,799,270		0.1
500,000	Korea International Bond, 4.125%, 06/10/2044			462,143		0.0
1,500,000	Mexico Government International Bond, 2.659%, 05/24/2031			1,213,543		0.0
5,000,000	Mexico Government International Bond, 4.750%, 03/08/2044			4,054,351		0.2
1,000,000	Panama Government International Bond, 3.870%, 07/23/2060			648,385		0.0
4,000,000	Peruvian Government International Bond, 6.550%, 03/14/2037			4,229,094		0.2
4,000,000	Philippine Government International Bond, 6.375%, 01/15/2032			4,449,471		0.2
5,000,000	Province of Alberta Canada, 2.950%, 01/23/2024			4,897,463		0.2
3,000,000	Province of British Columbia Canada, 2.250%, 06/02/2026			2,800,032		0.1
3,000,000 (2)	Province of Ontario Canada, 1.050%, 04/14/2026			2,684,894		0.1
3,000,000	Province of Ontario Canada, 1.125%, 10/07/2030			2,359,841		0.1
2,400,000	Republic of Italy Government International Bond, 1.250%, 02/17/2026			2,088,473		0.1
1,000,000	Republic of Poland Government International Bond, 3.250%, 04/06/2026			960,860		0.0
2,000,000	Uruguay Government International Bond, 4.500%, 08/14/2024			2,000,656		0.1
	Total Sovereign Bonds (Cost $43,678,212)			38,831,529		1.4

SUPRANATIONAL BONDS: 0.2%
300,000	Asian Development Bank, 2.125%, 03/19/2025			285,362		0.0
750,000	European Investment Bank, 0.625%, 07/25/2025			682,842		0.0
1,500,000	Inter-American Development Bank, 0.250%, 11/15/2023			1,441,163		0.1

See Accompanying Notes to Financial Statements

196

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SUPRANATIONAL BONDS: (continued)
2,400,000	Inter-American Development Bank, 0.625%, 07/15/2025		$	2,185,599		0.1
1,000,000 (2)	Inter-American Development Bank, 3.200%, 08/07/2042			830,218		0.0
	Total Supranational Bonds (Cost $5,935,119)			5,425,184		0.2

ASSET-BACKED SECURITIES: 0.4%
	Automobile Asset-Backed Securities: 0.4%
1,000,000	Ally Auto Receivables Trust 2019-4 A4, 1.920%, 01/15/2025			989,192		0.1
974,616	BMW Vehicle Lease Trust 2021-2 A3, 0.330%, 12/26/2024			952,494		0.1
185,108	Carmax Auto Owner Trust 2019-2 A4, 2.770%, 12/16/2024			183,941		0.0
1,150,000	Carmax Auto Owner Trust 2019-2 B, 3.010%, 12/16/2024			1,138,927		0.1
243,690	Exeter Automobile Receivables Trust 2021-4 A3, 0.680%, 07/15/2025			242,684		0.0
453,658	Ford Credit Auto Owner Trust 2019-A A4, 2.850%, 08/15/2024			452,851		0.0
250,000	Ford Credit Auto Owner Trust 2021-A A4, 0.490%, 09/15/2026			231,369		0.0
1,000,000	GM Financial Consumer Automobile Receivables Trust 2021-1 A4, 0.540%, 05/17/2027			924,187		0.0
850,000	GM Financial Consumer Automobile Receivables Trust 2021-3 A3, 0.480%, 06/16/2026			811,382		0.0
1,000,000	Honda Auto Receivables Owner Trust 2021-2 A4, 0.550%, 08/16/2027			924,606		0.0
1,000,000	Mercedes-Benz Auto Receivables Trust 2021-1 A3, 0.460%, 06/15/2026			949,343		0.0
496,041	Nissan Auto Receivables 2019-B A4 Owner Trust, 2.540%, 12/15/2025			492,532		0.0
750,000	Nissan Auto Receivables 2022-B A4 Owner Trust, 4.450%, 11/15/2029			739,747		0.0
279,994	Toyota Auto Receivables 2019-C A4 Owner Trust, 1.880%, 11/15/2024			277,742		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
550,000	Toyota Auto Receivables 2021-D A3 Owner Trust, 0.710%, 04/15/2026		$	518,343		0.0
500,000	Toyota Auto Receivables 2022-D A4 Owner Trust, 5.430%, 04/17/2028			509,730		0.0
1,000,000	Volkswagen Auto Loan Enhanced Trust 2021-1 A3, 1.020%, 06/22/2026			950,742		0.1
				11,289,812		0.4
	Other Asset-Backed Securities: 0.0%
1,000,000	Verizon Master Trust 2021-1 A, 0.500%, 05/20/2027			939,970		0.0
	Total Asset-Backed Securities (Cost $12,681,689)			12,229,782		0.4
	Total Long-Term Investments (Cost $3,049,600,587)			2,843,001,799		101.1
SHORT-TERM INVESTMENTS: 17.2%
	Commercial Paper: 4.5%
56,000,000	BASF SE, 5.830%, 01/03/2023			55,973,176		2.0
35,800,000	Consolidated Edison Inc., 6.150%, 01/03/2023			35,781,925		1.3
1,800,000	Duke Energy Corporation, 6.120%, 01/03/2023			1,799,095		0.0
25,000,000	Enterprise Products Operating LLC, 6.150%, 01/03/2023			24,987,378		0.9
2,500,000	Fiserv, Inc., 4.940%, 01/30/2023			2,489,892		0.1
5,500,000	Waste Management, Inc., 4.930%, 02/06/2023			5,472,656		0.2
	Total Commercial Paper (Cost $126,534,016)			126,504,122		4.5

	Repurchase Agreements: 1.4%
10,824,700 (6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $10,829,801, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $11,041,194, due 01/15/23-11/20/72)			10,824,700		0.4

See Accompanying Notes to Financial Statements

197

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
7,815,308 (6)	Citadel Securities LLC, Repurchase Agreement dated 12/30/22, 4.41%, due 01/03/23 (Repurchase Amount $7,819,085, collateralized by various U.S. Government Securities, 0.125%-6.250%, Market Value plus accrued interest $7,975,520, due 04/15/23-11/15/52)		$	7,815,308		0.3
3,457,536 (6)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $3,459,165, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $3,528,373, due 03/01/23-11/20/72)			3,457,536		0.1
7,932,662 (6)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/30/22, 4.30%, due 01/03/23 (Repurchase Amount $7,936,400, collateralized by various U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $8,091,315, due 09/01/24-10/20/52)			7,932,662		0.3
8,220,676 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/30/22, 4.34%, due 01/03/23 (Repurchase Amount $8,224,586, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,385,129, due 01/15/24-02/15/51)			8,220,676		0.3
	Total Repurchase Agreements (Cost $38,250,882)			38,250,882		1.4

	Time Deposits: 0.2%
1,130,000 (6)	Canadian Imperial Bank of Commerce, 4.300%, 01/03/2023			1,130,000		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Time Deposits (continued)
1,130,000 (6)	Credit Agricole, 4.300%, 01/03/2023		$	1,130,000		0.0
1,140,000 (6)	Landesbank Baden- Wuerttemberg, 4.320%, 01/03/2023			1,140,000		0.0
1,130,000 (6)	Mizuho Bank Ltd., 4.320%, 01/03/2023			1,130,000		0.0
1,140,000 (6)	The Royal Bank of Canada, 4.320%, 01/03/2023			1,140,000		0.1
1,140,000 (6)	Toronto-Dominion Bank, 4.310%, 01/03/2023			1,140,000		0.1
	Total Time Deposits (Cost $6,810,000)			6,810,000		0.2

Shares		Value			Percentage of Net Assets
	Mutual Funds: 11.1%
311,633,000 (7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 4.150% (Cost $311,633,000)			311,633,000		11.1
	Total Short-Term Investments (Cost $483,227,898)			483,198,004		17.2
	Total Investments in Securities (Cost $3,532,828,485)		$	3,326,199,803		118.3
	Liabilities in Excess of Other Assets			(515,302,129)		(18.3)
	Net Assets		$	2,810,897,674		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

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

(4)

(5)

Represents or includes a TBA transaction.

(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.

Reference Rate Abbreviations:
TSFR1M 1-month CME Term Secured Overnight Financing Rate
US0012M 12-month LIBOR

See Accompanying Notes to Financial Statements

198

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PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

Fair Value Measurements^

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

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2022
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	688,461,304		$	—		$	688,461,304
Collateralized Mortgage Obligations			—			798,204			—			798,204
Municipal Bonds			—			23,337,823			—			23,337,823
Sovereign Bonds			—			38,831,529			—			38,831,529
U.S. Government Agency Obligations			—			822,691,468			—			822,691,468
Asset-Backed Securities			—			12,229,782			—			12,229,782
Supranational Bonds			—			5,425,184			—			5,425,184
Commercial Mortgage-Backed Securities			—			52,443,482			—			52,443,482
U.S. Treasury Obligations			—			1,198,783,023			—			1,198,783,023
Short-Term Investments			311,633,000			171,565,004			—			483,198,004
Total Investments, at fair value		$	311,633,000		$	3,014,566,803		$	—		$	3,326,199,803
Other Financial Instruments+
Futures			172,863			—			—			172,863
Total Assets		$	311,805,863		$	3,014,566,803		$	—		$	3,326,372,666
Liabilities Table
Other Financial Instruments+
Futures		$	(587,881)		$	—		$	—		$	(587,881)
Total Liabilities		$	(587,881)		$	—		$	—		$	(587,881)

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

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

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		21		03/22/23		$	2,358,234		$	(12,674)
U.S. Treasury 2-Year Note		62		03/31/23			12,714,844			(35,957)
U.S. Treasury Ultra Long Bond		314		03/22/23			42,174,125			(539,250)
						$	57,247,203		$	(587,881)
Short Contracts:
U.S. Treasury 5-Year Note		(213)		03/31/23			(22,989,023)			26,751
U.S. Treasury Long Bond		(1)		03/22/23			(125,344)			1,123
U.S. Treasury Ultra 10-Year Note		(132)		03/22/23			(15,613,125)			144,989
						$	(38,727,492)		$	172,863

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya U.S. Bond Index Portfolio

as of December 31, 2022 (continued)

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

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

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	172,863
Total Asset Derivatives			$	172,863
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*		$	587,881
Total Liability Derivatives			$	587,881

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts 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 the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Interest Rate Contracts		$	11,098,090		$	—		$	11,098,090
Credit Contracts			—			(24,823)			(24,823)
Total		$	11,098,090		$	(24,823)		$	11,073,267

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures			Swaps			Total
Credit Contracts		$	—		$	30,900		$	30,900
Interest Rate Contracts			(109,871)			—			(109,871)
Total		$	(109,871)		$	30,900		$	(78,971)

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 $3,538,680,163.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	2,957,472
Gross Unrealized Depreciation		(215,852,850)
Net Unrealized Depreciation	$	(212,895,378)

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

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

Portfolio Name	Type	Per Share Amount
Voya Emerging Markets Index Portfolio
Class I	NII		$	0.2346
Class P2	NII		$	0.2347
Class S	NII		$	0.2093
All Classes	LTCG		$	0.3931
Voya International Index Portfolio
Class ADV	NII		$	0.2985
Class I	NII		$	0.3604
Class P2	NII		$	0.3627
Class S	NII		$	0.3318
Class S2	NII		$	0.3204
Voya Russell™ Large Cap Growth Index Portfolio
Class ADV	NII		$	—
Class I	NII		$	0.2480
Class S	NII		$	0.0691
All Classes	STCG		$	1.0205
All Classes	LTCG		$	3.8959
Voya Russell™ Large Cap Index Portfolio
Class ADV	NII		$	0.0684
Class I	NII		$	0.1980
Class S	NII		$	0.1646
Class S2	NII		$	0.0937
All Classes	STCG		$	0.0766
All Classes	LTCG		$	1.0493
Voya Russell™ Large Cap Value Index Portfolio
Class ADV	NII		$	0.2258
Class I	NII		$	0.3578
Class S	NII		$	0.3109

Portfolio Name	Type	Per Share Amount
Voya Russell™ Mid Cap Growth Index Portfolio
All Classes	STCG		$	0.9766
All Classes	LTCG		$	2.8078
Voya Russell™ Mid Cap Index Portfolio
Class ADV	NII		$	0.0610
Class I	NII		$	0.1276
Class P2	NII		$	0.1394
Class S	NII		$	0.0877
Class S2	NII		$	0.0649
All Classes	STCG		$	0.1833
All Classes	LTCG		$	0.8076
Voya Russell™ Small Cap Index Portfolio
Class ADV	NII		$	0.0412
Class I	NII		$	0.1277
Class P2	NII		$	0.1410
Class S	NII		$	0.0721
Class S2	NII		$	0.0485
All Classes	STCG		$	0.2151
All Classes	LTCG		$	1.0469
Voya U.S. Bond Index Portfolio
Class ADV	NII		$	0.1685
Class I	NII		$	0.2178
Class P2	NII		$	0.2421
Class S	NII		$	0.1928
Class S2	NII		$	0.1784

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 Emerging Markets Index Portfolio					0.25%
	Voya Russell™ Large Cap Growth Index Portfolio					44.22%
	Voya Russell™ Large Cap Index Portfolio					100.00%
	Voya Russell™ Large Cap Value Index Portfolio					100.00%
	Voya Russell™ Mid Cap Growth Index Portfolio					13.02%
	Voya Russell™ Mid Cap Index Portfolio					44.44%
	Voya Russell™ Small Cap Index Portfolio					42.48%

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TAX INFORMATION (Unaudited) (continued)

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

Voya Emerging Markets Index Portfolio	$	27,857,778
Voya Russell™ Large Cap Growth Index Portfolio	$	86,970,479
Voya Russell™ Large Cap Index Portfolio	$	80,534,528
Voya Russell™ Mid Cap Growth Index Portfolio	$	81,386,933
Voya Russell™ Mid Cap Index Portfolio	$	90,711,613

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

	Creditable Foreign Taxes Paid			Per Share Amount			Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Voya Emerging Markets Index Portfolio		$	3,916,492		$	0.0603		100.00%
Voya International Index Portfolio		$	1,297,932		$	0.0065		86.04%

None of the Portfolios listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

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

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DIRECTOR AND OFFICER INFORMATION (Unaudited)

Name, Address and Age

Position(s)
Held with the
Company

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(2)

Other Board Positions
Held by Director

Independent Directors:

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

Chairperson

Director

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

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

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

August 2015 – Present

Retired.

132

None.

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

Director

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

May 2013 – Present

Consultant (May 2001 − Present).

129

Centerra Gold Inc. (May 2008 – Present).

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

Director

October 2015 – Present

Retired.

132

None.

(1)

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

(2)

204

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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	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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DIRECTOR AND OFFICER INFORMATION (Unaudited) (continued)

Name, Address and Age	Position(s) Held With the Company	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 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 (“Board”) of Voya Variable Portfolios, Inc. (the “Company”), 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 Emerging Markets Index Portfolio, Voya International Index Portfolio, Voya Russell™ Large Cap Growth Index Portfolio, Voya Russell™ Large Cap Index Portfolio, Voya Russell™ Large Cap Value Index Portfolio, Voya Russell™ Mid Cap Growth Index Portfolio, Voya Russell™ Mid Cap Index Portfolio, Voya Russell™ Small Cap Index Portfolio, and Voya U.S. Bond Index Portfolio, each a series of the Company (the “Portfolios”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Directors”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Company, 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.

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 request, and management provides, certain information that the Independent Directors deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Directors 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 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.

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

Nature, Extent and Quality of Services

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

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

Portfolio Performance

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

Economies of Scale

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

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate

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

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 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.

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

Portfolio-by-Portfolio Analysis

Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. 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 Emerging Markets Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya Emerging Markets Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described

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

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

Voya International Index Portfolio

In considering whether to approve the renewal of the Contracts for Voya International Index Portfolio, the Board considered the difference between the Portfolio’s performance and the performance of its index, and management’s representations that such difference was reasonable and within expectations. The Board also considered management’s representations regarding the sources of the differences between the Portfolio’s performance and that of its index, including the impact of foreign income tax withholding, the valuation of certain foreign securities held by the Portfolio, and the Portfolio’s cash flows and trading costs.

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

Voya Russell™ Large Cap Growth Index Portfolio

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

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

Voya Russell™ Large Cap Index Portfolio

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

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

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Voya Russell™ Large Cap Value Index Portfolio

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

Voya Russell™ Mid Cap Growth Index Portfolio

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

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

Voya Russell™ Mid Cap Index Portfolio

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

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

Voya Russell™ Small Cap Index Portfolio

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

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

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analyzing this fee data, the Board took into account management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Voya U.S. Bond Index Portfolio

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

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

expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as a result of the Board’s request during the 2021 annual contract renewal cycle, lower expense limits were implemented for the Portfolio, effective on January 1, 2022; and (2) management’s representations regarding its belief that the Portfolio’s pricing is competitive.

Board Conclusions

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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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPAR-VIPALL (1222-021623)

(b) Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

(a)

Audit Fees: The aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by EY, the principal accountant for the audit of each respective registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $270,376 for the year ended December 31, 2022 and $269,473 for the year ended December 31, 2021.

(b)

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

(c)

Tax Fees: The aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY for tax compliance, tax advice, and tax planning were $120,726 for the year ended December 31, 2021 and $104,053 for the year ended December 31, 2021. Such services included review of excise distribution calculations (if applicable), preparation of the Registrants’ federal, state, and excise tax returns, tax services related to mergers and routine consulting.

(d)

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

(e)(1)

Audit Committee Pre-Approval Policies and Procedures

Appendix A

AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY

Statement of Principles

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

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

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

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

II.

Audit Services

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

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

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

III.

Audit-related Services

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

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

IV.

Tax Services

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

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

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

Other Services

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

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

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

VI.

Pre-approval of Fee levels and Budgeted Amounts

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

VII.

Procedures

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

VIII.

Delegation

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

IX.

Additional Requirements

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

Last Approved: November 18, 2021

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

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

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

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

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

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

Service
	The Fund(s)	Fund Affiliates	Fee Range
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions	√		As presented to Audit Committee²
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	√		As presented to Audit Committee²
Tax assistance and advice regarding statutory, regulatory or administrative developments	√	√	Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period

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

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

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

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

Appendix E

Prohibited Non-Audit Services

Dated: January 1, 2022 to December 31, 2022

Bookkeeping or other services related to the accounting records or financial statements of the Funds

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions

Human resources

Broker-dealer, investment adviser, or investment banking services

Legal services

Expert services unrelated to the audit

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

EXHIBIT A

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA CREDIT INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

(e)(2)

Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee

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

(f)

Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%

Not applicable.

(g)

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

Registrant/Investment Adviser	2022		2021
Voya Variable Portfolios, Inc.	$	120,726	$	104,053
Voya Investments, LLC ⁽¹⁾	$	12,831,317	$	13,583,983

⁽¹⁾The Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h)

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

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)

The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2)

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

(a)(2)(1)

Not applicable.

(a)(2)(2)

Not applicable.

(b)

The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

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

(Registrant): Voya Variable Portfolios, Inc.

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: March 8, 2023

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

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: March 8, 2023

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

Date: March 8, 2023

Ing Variable Portfolios N-CSRCertified annual shareholder report (management investment company)