Ing Variable Funds 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: 811-02514

Voya Variable Funds

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2021

Item 1. Reports to Stockholders.

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, 2021

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”) 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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PRESIDENT’S LETTER

A Solid Year Ends for the Financial Markets, Gauging the Policy Shifts to Come

Dear Shareholder,

The 12-month period ended December 31, 2021, marked another strong year for stocks. Forcefully accommodative and persistent monetary and fiscal policy, along with the COVID-19 vaccine rollouts and an impressively adaptable global economy, drove big gains within risk assets. The ascent wasn’t particularly smooth, as several new COVID-19 variants thwarted attempts at a full-fledged reopening. Besides the distress induced by a public health crisis, prolongation of the pandemic negatively impacted the supply of labor and costs of core goods. These two factors, combined with others such as economic stimulus and rising commodity prices, drove inflation higher. As economic activity proved resilient, however, investors shrugged off soaring prices and continued to buy stocks.

The U.S. unemployment rate declined to 3.9% in December and job openings continued to exceed job seekers, indicating the labor market is approaching full employment. This dynamic is pressuring wages upward and has contributed to inflation running above the U.S Federal Reserve Board’s (the “Fed”) 2% target since April. Sharply higher prices have caused the Fed to hasten its plans to withdraw stimulus. We recognize that in 2022, monetary and fiscal policy are likely to become less supportive of the global economy. Yet in our view, we also see potential offsets to tightening financial conditions, including consumer spending and corporate inventory rebuilding, which make us believe there is scope for continued global equity gains.

The pace and path to policy normalization will be a key market factor for the year ahead. A sharp rise in wages from prolonged labor market tightness is possible, but firms, particularly larger ones, have been able to pass through rising input costs to maintain margins. In our view, this is likely to continue and, combined with still above trend GDP growth, will support earnings growth in 2022.

As we’ve often noted, it’s important to have a plan for investing consistently through headwinds and tailwinds. Keep focused on your long-term goals and don’t get distracted by short-term fluctuations, however compelling or distracting they may seem. Should your long-term goals change, discuss the situation thoroughly with your investment advisor before making any changes to your investment portfolio.

Regardless of events, at Voya we remain well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to working with you in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
January 21, 2022

The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.

International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

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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 IndexSM (“MSCI World”)				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		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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Portfolio Managers’ Report

Voya Balanced Portfolio

	Investment Type Allocation as of December 31, 2021 (as a percentage of net assets)

	Common Stock			38.9%
	Exchange-Traded Funds			28.3%
	Mutual Funds			10.4%
	Corporate Bonds/Notes			7.1%
	U.S. Treasury Obligations			4.4%
	Asset-Backed Securities			3.8%
	Collateralized Mortgage Obligations			2.5%
	U.S. Government Agency Obligations			2.1%
	Commercial Mortgage-Backed Securities			1.6%
	Sovereign Bonds			0.2%
	Preferred Stock			0.1%
	Purchased Options			0.0%
	Assets in Excess of Other Liabilities*			0.6%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds
	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, 2021, the Portfolio’s Class I shares provided a total return of 15.92% 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 11.37%, -1.54%, 11.26% and 25.66%, respectively, for the same period.

Portfolio Specifics: The Portfolio managers attempt to enhance investment returns by tactically deviating from Target Asset Allocations to seek to take advantage of opportunities or reduce risk. The following tactics were among those employed in 2021.

The Portfolio began the year with an overall overweight to equities relative to fixed income. Overall, the Portfolio was overweight to small cap equities, high yield bonds and long government bonds. These positions were funded by underweight positions in core U.S. fixed income and Treasury inflation-protected securities.

At the close of January, the Portfolio implemented a modest overweight to emerging market (“EM”) equities funded by selling down domestic large cap equities. Rationale underpinning the trade was belief that the U.S. dollar (“USD”) would continue to depreciate, and that the COVID-19 vaccine rollout would favor EM equities given its lower exposure to the technology sector relative to domestic large cap equities.

In March, the Portfolio trimmed its overweight position in domestic small cap equities and purchased domestic large cap equities with the proceeds. At the time of the trade, domestic small cap equities had outperformed domestic large cap equities by over

	Top Ten Holdings as of December 31, 2021* (as a percentage of net assets)

	SPDR S&P 500 ETF Trust			24.3%
	Voya High Yield Bond Fund - Class P			8.5%
	iShares Russell 2000 ETF			3.9%
	Apple, Inc.			1.7%
	Microsoft Corp.			1.6%
	Voya Short Term Bond Fund - Class R6			1.2%
	Alphabet, Inc. - Class A			1.1%
	Amazon.com, Inc.			0.9%
	United States Treasury Bond, 1.375%, 11/15/31			0.7%
	United States Treasury Bond, 2.000%, 11/15/41			0.7%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

22%, since we initiated the overweight in October 2020. With the trade, the Portfolio increased its overweight to domestic large cap equities — reflective of our view that growth will continue for mega cap growth stocks, while also having more dollar resiliency.

As part of its annual review process in April, the Portfolio made modest adjustments to its asset allocation based on the team’s latest long-term capital market assumptions. Within equities, the Portfolio rotated from U.S. large cap into U.S. mid, U.S. small and EM equities. Within fixed income, we removed the position in U.S. long government bonds in favor of core U.S. fixed income.

In July, the Portfolio unwound its overweight equity exposure to the euro zone, as optimism for its outperformance relative to domestic equities waned, given continued USD strength and increased fears over the impact of the COVID-19 Delta variant. EM equity exposures were also reduced, as increasing regulatory risk and tightening credit conditions in China, as well as low vaccination rates in the EM have amplified concerns for the asset class. Proceeds from the trades were incorporated into U.S. large cap equities.

In October, the Portfolio conducted its semi-annual strategic asset allocation review, resulting in a shift of assets into domestic large and small cap equities, and away from U.S. mid cap equities. In addition, EM equities were removed.

The Portfolio may invest in derivative instruments for different purposes, including to seek to enhance returns, to earn income or as a substitute for a position in an underlying asset class. During the year, the Portfolio utilized futures to implement some tactical positions to avoid significant manager disruption and provide the Portfolio with greater liquidity. The impact of the derivatives was in line with expectations of the tactical asset allocation positions. Overall, tactical positions contributed to performance for the year.

Overall, tactical asset allocation positioning relative to our strategic asset allocation and underlying manager contribution were both positive for the year.

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Voya Balanced Portfolio

Portfolio Managers’ Report

Current Strategy and Outlook: In our opinion, COVID-19 could be here with us for the long run, but we are learning to live with it. There has been a diminishing impact on economic activity from new mutations and case waves. U.S. consumer balance sheets have improved dramatically from the early days of COVID-19. In our view, with less risk of lockdowns and a high demand for labor, and more than $2 trillion in excess savings, we believe there are more self-sufficient individuals who are now well-equipped to contribute to the next leg of growth in 2022. In addition, capital goods orders have taken off, and when considered alongside exceedingly slim inventories, we believe that capital expenditure is likely to be strong in the coming year. We recognize that monetary and fiscal policy has, and is likely to, continue to become less accommodative in 2022, which will leave economies with fewer supports. In our view, this could lead to bouts of fragility and volatility. However, we believe there are some powerful offsets to tightening financial conditions, including a drawdown in consumer savings and a corporate inventory rebuild. This makes us believe there is scope for continued global equity gains. Additionally, we think equity market risk premia have room to absorb modestly higher rates. We also believe that many pockets of the market are vulnerable to tighter financial conditions but sell-offs in these areas should not crash the overall equity market. Although rising, funding costs remain near record low levels, and we believe strong fundamentals should insulate credit spreads from rising rates. However, inflation and profit dynamics are critical variables to this outlook.

The economy only re-opens once, and we project 2022 above-trend inflation will be generally supply driven and abate as bottlenecks ease. The U.S. Federal Reserve Board’s (the “Fed”) policy tools are not tuned to resolve supply side issues, and that is why we think they will look past inflationary pressures that are not permanent and allow inflation to decelerate naturally as delivery costs come down and more supply comes online, and some workers re-enter the labor force. Furthermore, we expect the handoff from goods to services to happen gradually. We believe a sharp rise in wages from prolonged labor market tightness is possible, but firms, particularly larger ones, have been able to pass through rising input costs to maintain margins. We believe this is likely to continue and, combined with still above-trend gross domestic product growth, will support earnings growth in 2022. The S&P 500® Index has historically demonstrated superior pricing power relative to smaller companies, and thus, underpins the maintenance of our overweight to U.S. large cap stocks.

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

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

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Portfolio Managers’ Report

Voya Balanced Portfolio

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��	Average Annual Total Returns for the Periods Ended December 31, 2021
		1 Year		5 Year		10 Year
	Class I		15.92%		10.34%		9.32%
	Class S		15.62%		10.06%		9.06%
	S&P Target Risk® Growth Index		11.37%		10.17%		8.96%
	Bloomberg U.S. Aggregate Bond		-1.54%		3.57%		2.90%
	MSCI EAFE®		11.26%		9.55%		8.03%
	Russell 3000® Index		25.66%		17.97%		16.30%

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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Voya Global High Dividend Low Volatility Portfolio

Portfolio Managers’ Report

	Geographic Diversification as of December 31, 2021 (as a percentage of net assets)

	United States			66.9%
	Japan			7.0%
	Canada			4.3%
	United Kingdom			4.3%
	Switzerland			2.9%
	France			2.5%
	Germany			2.2%
	Australia			2.1%
	Hong Kong			1.6%
	Italy			1.2%
	Countries between 0.1% – 1.1%^			4.4%
	Assets in Excess of Other Liabilities*			0.6%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	^ Includes 9 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, 2021, the Portfolio’s Class S shares provided a total return of 20.56% compared to the MSCI World Value IndexSM (the “Index” or “MSCI World Value”) and the MSCI World IndexSM (“MSCI World”), which returned 21.94% and 21.82%, respectively, for the same period.

Portfolio Specifics: For the reporting period, the Portfolio underperformed the MSCI World Value. In terms of the Portfolio’s performance the small-capitalization tilt and industry positioning both detracted, while the stock ranking model, higher dividend yield and lower beta contributed.

On the regional level, stock selection was weakest in Japan and North America and strongest in Europe.

On the sector level, stock selection was weakest in the materials, consumer discretionary and energy sectors. At the individual stock level, not owning Home Depot, Inc., exposure to non-benchmark stock Nintendo Co., Ltd. and an overweight to Secom Co., Ltd. detracted from performance.

By contrast, stock selection was strong in the real estate, information technology and communication services sectors. At the individual stock level, an overweight to Pfizer Inc., not owning Novartis AG and exposure to non-benchmark stock Intuit Inc. contributed to performance.

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)

	Johnson & Johnson			2.0%
	Procter & Gamble Co.			1.8%
	Cisco Systems, Inc.			1.5%
	AbbVie, Inc.			1.4%
	Pfizer, Inc.			1.3%
	Merck & Co., Inc.			1.1%
	Verizon Communications, Inc.			1.1%
	Texas Instruments, Inc.			1.0%
	PepsiCo, Inc.			1.0%
	Target Corp.			1.0%
	Portfolio holdings are subject to change daily.

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

Effective December 31, 2020, the Portfolio’s benchmark changed from the MSCI World to the MSCI World Value because the MSCI World Value is considered by the adviser to be a more appropriate benchmark, reflecting the type of securities in which the Portfolio invests.

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Portfolio Managers’ Report

Voya Global High Dividend Low Volatility Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year		Since Inception of Classes S2 and T March 5, 2015
Class ADV		20.23%		9.93%		8.41%		—
Class I(1)		20.87%		10.47%		6.40%		—
Class S		20.56%		10.19%		8.68%		—
Class S2		20.46%		10.04%		—		6.98%
Class T		20.19%		9.81%		—		6.78%
MSCI World Value		21.94%		8.92%		9.53%		7.26%
MSCI World		21.82%		15.03%		12.70%		11.29%

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 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 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.

Effective December 31, 2020 the Portfolio changed its benchmark from the MSCI World IndexSM to the MSCI World Value IndexSM because the MSCI World Value IndexSM is considered by the adviser to be a more appropriate benchmark, reflecting the type of securities in which the Portfolio invests.

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Voya Government Money Market Portfolio

Portfolio Managers’ Report

	Investment Type Allocation as of December 31, 2021 (as a percentage of net assets)

	U.S. Government Agency Debt			43.6%
	U.S. Treasury Debt			35.4%
	U.S. Treasury Repurchase Agreement			15.4%
	Investment Companies			7.2%
	Liabilities in Excess of Other Assets			(1.6)%
	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, 2021, the Portfolio’s Class I shares provided a total return of 0.09% compared to the iMoneyNet Government Institutional Index, which returned 0.02% 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: The year was a continuation of the previous year marked by COVID-19 and the Federal Open Market Committee (“FOMC”) maintaining accommodative policies to provide liquidity, and support the economy, as the United States and other countries around the globe tried to recover from the economic impact of COVID-19. The U.S. Federal Reserve Board (the “Fed”) maintained its quantitative easing with the monthly purchases of U.S. Treasury and mortgage-backed securities (“MBS”), and expand overnight repurchase agreement operations. The FOMC kept the federal funds rate in a range of 0% to 0.25% throughout the year. Money market rates of securities purchased by the Portfolio, as well as other money market funds, offered very limited yield and return potential in light of the FOMC’s and the Fed’s policies. The Portfolio did extend its weighted average maturity (“WAM”) for parts of the period in order to capture additional yield and capital gains potential.

Outlook and Current Strategy: Looking ahead at 2023, we expect the FOMC to start to raise rates in response to high and persistent inflation over its 2% target, the recovery in the labor market and the economy gaining a solid footing as the impact of COVID-19 subsides overtime. The FOMC has indicated that they expect to be in position to start raising rates as early as March, following the end of the taper in the monthly purchases of U.S. Treasury and MBS securities. We expect that the FOMC will raise rates multiple times during the year and could also start to reduce the Fed balance sheet by allowing the maturities of U.S. Treasuries and principal paydowns of MBS securities to run-off instead of reinvesting. We plan on shortening the WAM of the Portfolio as the market starts to price in multiple rate increases. We plan on maintaining or adding to our holdings of floating rate securities to take advantage of the rate increases. We will look to take advantage of higher yields on longer-term maturities if or when the market has priced in more rate increases, or faster rate increases, than we expect in our opinion at that time, otherwise we will have a shorter-than-normal WAM.

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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Portfolio Managers’ Report

Voya Growth and Income Portfolio

	Sector Diversification as of December 31, 2021 (as a percentage of net assets)

	Information Technology			24.7%
	Health Care			14.6%
	Communication Services			11.3%
	Consumer Discretionary			11.1%
	Financials			10.8%
	Industrials			7.5%
	Consumer Staples			6.9%
	Energy			3.5%
	Materials			3.1%
	Real Estate			2.7%
	Utilities			2.3%
	Assets in Excess of Other Liabilities*			1.5%
	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, 2021, the Portfolio’s Class I shares provided a total return of 29.00% compared to the S&P 500® Index, which returned 28.71% for the same period.

Portfolio Specifics: For the year ended December 31, 2021, the Portfolio outperformed the S&P 500® Index due to strong security selection. Stock selection within the consumer discretionary and consumer staples sectors had the largest negative impact on performance. At the individual stock level, key detractors were not owning NVIDIA Corporation, and overweight positions in Fiserv, Inc. and Gap, Inc.

By contrast, on the sector level, stock selection within the information technology and industrials sectors had the largest positive impact on relative performance. Key contributors included overweight positions in Intuit Inc., Motorola Solutions, Inc. and Alphabet Inc.

Current Strategy and Outlook: We believe that the pace and path to policy normalization will be a key market factor for the year ahead. We recognize that global monetary and fiscal policy is likely to become less accommodative in 2022, leaving

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)

	Microsoft Corp.			9.5%
	Alphabet, Inc. - Class A			5.3%
	Amazon.com, Inc.			4.5%
	Intuit, Inc.			3.5%
	Motorola Solutions, Inc.			3.4%
	Eli Lilly & Co.			2.6%
	Broadcom, Inc.			2.6%
	UnitedHealth Group, Inc.			2.2%
	Philip Morris International, Inc.			2.1%
	Coca-Cola Co.			2.1%
	Portfolio holdings are subject to change daily.

economies with fewer supports. In our opinion, this could lead to bouts of fragility and volatility. Yet we also see potentially powerful offsets to tightening financial conditions, including higher consumer spending and a corporate inventory rebuild. This makes us believe there is scope for continued global equity gains. We believe that COVID-19 could be with us for the long run, but we are learning to live with it. There has been a diminishing impact on economic activity from new mutations and case waves. In our view, with fewer risks of lockdowns and high demand for labor, more people are positioned to contribute to the next leg of growth in 2022. A sharp rise in wages from prolonged labor market tightness is possible, but so far firms have been able to pass through rising input costs to maintain margins. We think this is likely to continue and, combined with still above trend GDP growth, will support earnings growth in 2022.

Effective May 31, 2021, Gregory Wachsman, CFA was added as a portfolio manager for the Portfolio.

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Voya Growth and Income Portfolio

Portfolio Managers’ Report

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		28.41%		16.99%		14.53%
Class I		29.00%		17.52%		15.05%
Class S		28.72%		17.23%		14.76%
Class S2		28.52%		17.06%		14.59%
S&P 500® Index		28.71%		18.47%		16.55%

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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Portfolio Managers’ Report

Voya Intermediate Bond Portfolio

	Investment Type Allocation as of December 31, 2021 (as a percentage of net assets)

	Corporate Bonds/Notes			26.5%
	Mutual Funds			24.9%
	Collateralized Mortgage Obligations			13.5%
	U.S. Government Agency Obligations			10.8%
	Asset-Backed Securities			10.6%
	U.S. Treasury Obligations			8.0%
	Commercial Mortgage-Backed Securities			6.4%
	Municipal Bonds			0.1%
	Purchased Options			0.0%
	Liabilities in Excess of Other Assets*			(0.8)%
	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, 2021, the Portfolio’s Class I shares provided a total return of -0.88% compared to the Bloomberg U.S. Aggregate Bond Index (“Bloomberg U.S. Aggregate Bond”), which returned -1.54% for the same period.

Portfolio Specifics: The Portfolio outperformed the Bloomberg U.S. Aggregate Bond, benefiting from both security selection and sector allocation decisions, while duration and yield curve positioning detracted from performance.

Interest rates rose and high-yield (“HY”) bond prices declined over the reporting period. Strong momentum in the U.S. recovery, expectations of a faster vaccination program and more fiscal stimulus, that raised concerns over inflation early in 2021, propelled Treasury yields higher. Long-term U.S. interest rates see-sawed in a tug-of-war between slowing growth and elevated inflation concerns. Later in the period, short-term rates rose in anticipation of forthcoming rate hikes by the U.S. Federal Reserve Board (the “Fed”). In December, the U.S. central bank signaled as many as three rate hikes over the course of 2022. For the period, the 10-year Treasury yield rose from 0.92% to 1.51%.

The broad decline in U.S. Treasuries set the tone for bond market performance. Most HY sectors outperformed Treasuries, while posting modest negative returns. Agency mortgage-backed securities (“MBS”) was one sector that underperformed, impacted by ongoing rate volatility and concerns over the potential impact of the Fed tapering its bond purchases. Positive returns were sourced from lower-rated off-benchmark sectors, including HY corporates that were supported by momentum

	Top Ten Holdings as of December 31, 2021 (as a percentage of net assets)

	Voya Securitized Credit Fund - Class P			6.0%
	Voya Investment Grade Credit Fund - Class P			5.5%
	Voya Emerging Markets Hard Currency Debt Fund - Class P			4.3%
	Voya High Yield Bond Fund - Class P			4.3%
	Voya Emerging Markets Corporate Debt Fund - Class P			3.1%
	United States Treasury Bond, 2.000%, 11/15/41			2.3%
	Voya Emerging Markets Local Currency Debt Fund - Class P			1.7%
	Uniform Mortgage-Backed Securities, 2.000%, 02/15/52			1.6%
	United States Treasury Bond, 2.000%, 08/15/51			1.3%
	United States Treasury Note, 0.750%, 12/31/23			1.2%
	Portfolio holdings are subject to change daily.

in the U.S. economy, credit risk transfer securities (“CRTs”) supported by the strong housing market and collateralized loan obligations buoyed by the strong performance in the bank loan market. For the period, the bond market as represented by the index declined 1.54% for the period.

Outperformance was supported by security selection and sector allocations. Positive security selection was most notable in commercial mortgage-backed securities, where prices continued to recover as the commercial real estate market showed further signs of its post-COVID-19 recovery. Investment-grade corporates also added, as we preferred BBB-rated issuers and intermediate maturities. Sector allocations contributed across corporate and securitized sectors, with lower-rated investments in non-agency residential mortgage-backed securities, CRTs and HY corporates contributing the most. Duration and yield curve positioning detracted. While defensively positioned, our concentration of holdings in the shorter part of the curve, versus an underweight in longer maturities, impacted performance during periods when short-rates rose more than long-rates.

The Portfolio used derivatives such as futures, swaps, options and forward contracts for hedging and overall risk management. The use of derivatives negatively impacted performance for the period.

Current Strategy and Outlook: Looking ahead, we expect pressure for the 10-year yield to move higher throughout 2022, but we believe the market will resist moving significantly above 2%. In terms of curve shape, we do not expect the curve to flatten as much as priced into forward curves, and in our view the path is likely to be a volatile one with the timing of hikes and aggressiveness of the Fed still open to debate. We think that global inflation, accentuated by energy and commodity

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Voya Intermediate Bond Portfolio

Portfolio Managers’ Report

prices, will peak in early 2022, but the rate of decline will vary across economies. We believe that U.S. inflation will decline only gradually, and likely remain above the Fed’s target, as wage-driven services inflation and continued rising shelter costs offset a retracement in COVID-19-driven goods inflation.

In this environment, we believe that corporate and consumer fundamentals should remain strong and justify valuations remaining at historically “fully-valued” levels, with episodes of volatility creating tactical opportunities and anchoring our preference for credit sensitivity over rate sensitivity in portfolios. As a result, we remain underweight in U.S. Treasuries and agency MBS, while allocating risk across the corporate and securitized credit spectrum. We think that the first Fed rate hike is a limited risk to credit markets, as credit spreads have historically held steady and even narrowed in the early stages of a Fed hiking cycle. At the same time, we are mindful of the limited upside available, which in our opinion increases the need for downside protection beyond the traditional duration toolkit. Further out, we think that as U.S. rates reach an equilibrium and U.S. dollar strength abates, emerging market debt securities could prove attractive.

Effective July 31, 2021, Sean Banai, CFA was added as a portfolio manager for the Portfolio.

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Portfolio Managers’ Report

Voya Intermediate Bond Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		-1.42%		3.64%		3.62%
Class I		-0.88%		4.17%		4.14%
Class S		-1.07%		3.91%		3.88%
Class S2		-1.24%		3.76%		3.73%
Bloomberg U.S. Aggregate Bond		-1.54%		3.57%		2.90%

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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Voya Small Company Portfolio

Portfolio Managers’ Report

	Sector Diversification as of December 31, 2021 (as a percentage of net assets)

	Financials			17.6%
	Industrials			17.6%
	Consumer Discretionary			15.5%
	Information Technology			15.0%
	Health Care			12.0%
	Real Estate			6.6%
	Materials			5.3%
	Energy			3.7%
	Consumer Staples			1.7%
	Communication Services			1.5%
	Utilities			1.4%
	Exchange-Traded Funds			0.8%
	Assets in Excess of Other Liabilities*			1.3%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	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 Joseph Basset, CFA, and James Hasso, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended December 31, 2021, the Portfolio’s Class I shares provided a total return of 14.76% compared to the Russell 2000® Index, which returned 14.82% for the same period.

Portfolio Specifics: The Portfolio underperformed the Russell 2000® Index during the reporting period due to unfavorable stock selection effects. Most notably, stock selection in the transportation and retail sectors detracted the most value. On an individual stock level, overweight positions in Haemonetics Corporation, Q2 Holdings, Inc. and Ontrak, Inc. had the greatest negative impact on performance. In contrast, an underweight allocation to and stock selection in the pharmaceutical and biotechnology sector contributed the most to performance. Stock selection in the industrial materials and capital goods sectors also added value. On an individual stock level, owning non-benchmark positions in Signature Bank and Builders FirstSource, Inc., as well as an overweight position in FuelCell Energy, Inc. added the most value.

	Top Ten Holdings as of December 31, 2021* (as a percentage of net assets)

	Cushman & Wakefield PLC			1.6%
	Encompass Health Corp.			1.5%
	Hillenbrand, Inc.			1.5%
	WillScot Mobile Mini Holdings Corp.			1.4%
	Ensign Group, Inc.			1.4%
	Envista Holdings Corp.			1.4%
	CubeSmart			1.3%
	Builders FirstSource, Inc.			1.2%
	PacWest Bancorp			1.2%
	Switch, Inc.			1.2%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily

economies with fewer supports. This could lead to bouts of fragility and volatility, in our view. Yet we also see potentially powerful offsets to tightening financial conditions, including higher consumer spending and a corporate inventory rebuild. This makes us believe there is scope for continued global equity gains.

We believe COVID-19 could be with us for the long run, but we are learning to live with it. There has been a diminishing impact on economic activity from new mutations and case waves. In our view, with fewer risks of lockdowns and high demand for labor, more people are positioned to contribute to the next leg of growth in 2022. We believe that a sharp rise in wages from prolonged labor market tightness is possible, but so far firms have been able to pass through rising input costs to maintain margins. We think this is likely to continue and, combined with still above trend GDP growth, will support earnings growth in 2022.

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Portfolio Managers’ Report

Voya Small Company Portfolio

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Average Annual Total Returns for the Periods Ended December 31, 2021
	1 Year		5 Year		10 Year
Class ADV		14.19%		8.24%		11.64%
Class I		14.76%		8.78%		12.20%
Class R6(1)		14.77%		8.78%		12.20%
Class S		14.47%		8.51%		11.92%
Russell 2000® Index		14.82%		12.02%		13.23%

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, 2021 to December 31, 2021. 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, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2021*			Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2021*
Voya Balanced Portfolio
Class I		$	1,000.00		$	1,058.00		0.69%		$	3.58		$	1,000.00		$	1,021.73		0.69%		$	3.52
Class S			1,000.00			1,057.10		0.94			4.87			1,000.00			1,020.47		0.94			4.79
Voya Global High Dividend Low Volatility Portfolio
Class ADV		$	1,000.00		$	1,070.70		1.10%		$	5.74		$	1,000.00		$	1,019.66		1.10%		$	5.60
Class I			1,000.00			1,073.90		0.60			3.14			1,000.00			1,022.18		0.60			3.06
Class S			1,000.00			1,072.40		0.85			4.44			1,000.00			1,020.92		0.85			4.33
Class S2			1,000.00			1,072.10		1.00			5.22			1,000.00			1,020.16		1.00			5.09
Class T			1,000.00			1,070.70		1.20			6.26			1,000.00			1,019.16		1.20			6.11
Voya Government Money Market Portfolio
Class I		$	1,000.00		$	1,000.70		0.05%		$	0.25		$	1,000.00		$	1,024.95		0.05%		$	0.26
Class S			1,000.00			1,000.70		0.05			0.25			1,000.00			1,024.95		0.05			0.26
Voya Growth and Income Portfolio
Class ADV		$	1,000.00		$	1,097.20		1.06%		$	5.60		$	1,000.00		$	1,019.86		1.06%		$	5.40
Class I			1,000.00			1,099.90		0.61			3.23			1,000.00			1,022.13		0.61			3.11
Class S			1,000.00			1,098.40		0.86			4.55			1,000.00			1,020.87		0.86			4.38
Class S2			1,000.00			1,097.80		1.01			5.34			1,000.00			1,020.11		1.01			5.14

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2021*			Beginning Account Value July 1, 2021			Ending Account Value December 31, 2021			Annualized Expense Ratio		Expenses Paid During the Period Ended December 31, 2021*
Voya Intermediate Bond Portfolio
Class ADV		$	1,000.00		$	996.30		1.03%		$	5.18		$	1,000.00		$	1,020.01		1.03%		$	5.24
Class I			1,000.00			999.00		0.53			2.67			1,000.00			1,022.53		0.53			2.70
Class S			1,000.00			998.40		0.78			3.93			1,000.00			1,021.27		0.78			3.97
Class S2			1,000.00			997.60		0.93			4.68			1,000.00			1,020.52		0.93			4.74
Voya Small Company Portfolio
Class ADV		$	1,000.00		$	1,003.60		1.40%		$	7.07		$	1,000.00		$	1,018.15		1.40%		$	7.12
Class I			1,000.00			1,006.20		0.90			4.55			1,000.00			1,020.67		0.90			4.58
Class R6			1,000.00			1,006.20		0.87			4.40			1,000.00			1,020.82		0.87			4.43
Class S			1,000.00			1,004.90		1.15			5.81			1,000.00			1,019.41		1.15			5.85

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

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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, 2021, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolios at December 31, 2021, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the periods in the three-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 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, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. 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 24, 2022

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STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
ASSETS:
Investments in securities at fair value+*		$	345,943,799		$	637,248,244		$	—
Investments in affiliates at fair value**			40,170,346			—			—
Short-term investments at fair value†			18,990,717			3,371,611			—
Short-term investments at amortized cost			—			—			418,877,376
Repurchase agreements			—			—			74,798,000
Cash			270,896			85,376			1,120
Cash collateral for futures contracts			196,659			—			—
Foreign currencies at value‡			16,646			109,554			—
Receivables:
Investment securities sold			204,511			—			32,971,609
Investment securities sold on a delayed-delivery or when-issued basis			2,647,823			—			—
Fund shares sold			3,444			10,724			309,313
Dividends			468,021			1,448,034			85
Interest			371,462			—			9,944
Foreign tax reclaims			143,169			1,123,865			—
Variation margin on futures contracts			36,203			—			—
Unrealized appreciation on forward foreign currency contracts			2,127			—			—
Prepaid expenses			33			54			50
Reimbursement due from Investment Adviser			13,297			26,261			—
Other assets			53,470			56,060			131,035
Total assets			409,532,623			643,479,783			527,098,532
LIABILITIES:
Payable for investment securities purchased			243,357			—			40,962,459
Payable for investment securities purchased on a delayed-delivery or when-issued basis			7,254,736			—			—
Payable for fund shares redeemed			31,034			3,708,982			1,187
Payable upon receipt of securities loaned			13,119,471			2,677,611			—
Unrealized depreciation on forward foreign currency contracts			13,025			—			—
Payable for investment management fees			196,180			294,384			125,433
Payable for distribution and shareholder service fees			614			106,657			7
Payable for directors/ trustees fees			1,924			3,166			2,574
Payable to directors/ trustees under the deferred compensation plan (Note 6)			53,470			56,060			131,035
Other accrued expenses and liabilities			151,770			178,708			18,774
Written options, at fair value^			5,346			—			—
Total liabilities			21,070,927			7,025,568			41,241,469
NET ASSETS		$	388,461,696		$	636,454,215		$	485,857,063
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	279,440,509		$	524,434,041		$	485,923,455
Total distributable earnings (loss)			109,021,187			112,020,174			(66,392)
NET ASSETS		$	388,461,696		$	636,454,215		$	485,857,063
+ Including securities loaned at value		$	12,968,293		$	2,549,578		$	—
* Cost of investments in securities		$	283,891,816		$	543,135,386		$	—
** Cost of investments in affiliates		$	38,424,132		$	—		$	—
† Cost of short-term investments		$	18,990,721		$	3,371,611		$	—
‡ Cost of foreign currencies		$	18,422		$	108,381		$	—
^ Premiums received on written options		$	20,442		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021 (continued)

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
Class ADV
Net assets			n/a		$	13,885,812			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			1,126,664			n/a
Net asset value and redemption price per share			n/a		$	12.32			n/a
Class I
Net assets		$	385,537,625		$	144,784,810		$	485,800,081
Shares authorized			500,000,000			100,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			20,917,323			11,767,968			485,700,055
Net asset value and redemption price per share		$	18.43		$	12.30		$	1.00
Class S
Net assets		$	2,924,071		$	474,598,243		$	56,982
Shares authorized			500,000,000			300,000,000			unlimited
Par value		$	0.001		$	0.001		$	1.000
Shares outstanding			159,603			38,387,207			56,971
Net asset value and redemption price per share		$	18.32		$	12.36		$	1.00
Class S2
Net assets			n/a		$	264,857			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			21,707			n/a
Net asset value and redemption price per share			n/a		$	12.20			n/a
Class T
Net assets			n/a		$	2,920,493			n/a
Shares authorized			n/a			100,000,000			n/a
Par value			n/a		$	0.001			n/a
Shares outstanding			n/a			236,643			n/a
Net asset value and redemption price per share			n/a		$	12.34			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
ASSETS:
Investments in securities at fair value+*		$	2,242,230,584		$	2,451,640,042		$	442,588,008
Investments in affiliates at fair value**			—			805,769,648			—
Short-term investments at fair value†			105,624,977			147,128,933			9,188,500
Cash			730,093			930,224			147,665
Cash collateral for futures contracts			—			6,315,805			—
Cash pledged for centrally cleared swaps (Note 2)			—			3,091,000			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			100,000			—
Receivables:
Investment securities sold			—			4,197,229			—
Investment securities sold on a delayed-delivery or when-issued basis			—			119,872,187			—
Fund shares sold			97,476			27,510,664			73,374
Dividends			1,896,354			—			234,799
Interest			—			13,153,432			—
Foreign tax reclaims			231,444			—			6,785
Variation margin on futures contracts			—			1,504,886			—
Unrealized appreciation on forward foreign currency contracts			—			163,217			—
Prepaid expenses			289			315			42
Reimbursement due from Investment Adviser			—			68,024			19,664
Other assets			272,663			376,469			49,118
Total assets			2,351,083,880			3,581,822,075			452,307,955
LIABILITIES:
Payable for investment securities purchased			—			3,955,611			703,284
Payable for investment securities purchased on a delayed-delivery or when-issued basis			—			213,041,962			—
Payable for fund shares redeemed			635,176			2,943,718			558,983
Payable upon receipt of securities loaned			70,628,977			124,600,447			1,949,500
Unrealized depreciation on forward foreign currency contracts			—			836,455			—
Variation margin payable on centrally cleared swaps			—			75,841			—
Cash received as collateral for OTC derivatives (Note 2)			—			770,000			—
Payable for investment management fees			1,050,685			1,367,419			315,835
Payable for distribution and shareholder service fees			45,483			538,369			20,370
Payable for directors/ trustees fees			16,177			16,823			2,349
Payable to directors/ trustees under the deferred compensation plan (Note 6)			272,663			376,469			49,118
Other accrued expenses and liabilities			390,768			553,129			137,458
Written options, at fair value^			—			195,408			—
Total liabilities			73,039,929			349,271,651			3,736,897
NET ASSETS		$	2,278,043,951		$	3,232,550,424		$	448,571,058
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	1,529,639,435		$	3,207,389,583		$	318,546,929
Total distributable earnings			748,404,516			25,160,841			130,024,129
NET ASSETS		$	2,278,043,951		$	3,232,550,424		$	448,571,058
+ Including securities loaned at value		$	68,977,939		$	104,211,850		$	1,906,147
* Cost of investments in securities		$	1,535,387,109		$	2,407,914,818		$	405,155,768
** Cost of investments in affiliates		$	—		$	814,880,223		$	—
† Cost of short-term investments		$	105,624,977		$	147,131,325		$	9,188,500
^ Premiums received on written options		$	—		$	747,156		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2021 (continued)

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
Class ADV
Net assets		$	97,014,538		$	284,546,663		$	8,825,945
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			4,311,180			22,433,685			447,134
Net asset value and redemption price per share		$	22.50		$	12.68		$	19.74
Class I
Net assets		$	2,137,930,190		$	976,144,304		$	344,506,388
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			91,750,749			76,118,055			16,238,596
Net asset value and redemption price per share		$	23.30		$	12.82		$	21.22
Class R6
Net assets			n/a			n/a		$	14,789,970
Shares authorized			n/a			n/a			100,000,000
Par value			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			696,689
Net asset value and redemption price per share			n/a			n/a		$	21.23
Class S
Net assets		$	42,611,614		$	1,956,288,524		$	80,448,755
Shares authorized			unlimited			unlimited			100,000,000
Par value		$	1.000		$	1.000		$	0.001
Shares outstanding			1,890,835			153,608,315			3,922,788
Net asset value and redemption price per share		$	22.54		$	12.74		$	20.51
Class S2
Net assets		$	487,609		$	15,570,933			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	1.000		$	1.000			n/a
Shares outstanding			22,199			1,227,386			n/a
Net asset value and redemption price per share		$	21.97		$	12.69			n/a

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the Year ended December 31, 2021

	Voya Balanced Portfolio			Voya Global High Dividend Low Volatility Portfolio			Voya Government Money Market Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	4,034,539		$	18,566,829		$	5,104
Dividends from affiliated underlying funds			2,091,214			—			—
Interest			1,895,744			—			240,241
Securities lending income, net			93,427			114,933			—
Total investment income			8,114,924			18,681,762			245,345
EXPENSES:
Investment management fees			2,308,776			3,506,486			1,800,462
Distribution and shareholder service fees:
Class ADV			—			69,806			—
Class S			7,295			1,193,526			133
Class S2			—			1,317			—
Class T			—			20,998			—
Transfer agent fees:
Class ADV			—			7,626			—
Class I			307,897			75,813			587,285
Class S			2,352			260,768			61
Class S2			—			179			—
Class T			—			1,530			—
Shareholder reporting expense			20,234			76,980			32,735
Registration fees			—			—			1,977
Professional fees			25,638			41,254			33,453
Custody and accounting expense			144,018			108,020			51,730
Directors/ trustees fees			15,392			25,332			20,586
Licensing fee (Note 7)			24,904			—			—
Shareholder notification costs (Note 4)			—			14,148			—
Miscellaneous expense			14,105			27,745			17,293
Interest expense			446			72			—
Total expenses			2,871,057			5,431,600			2,545,715
Waived and reimbursed fees			(197,485)			(334,869)			(2,300,370)
Net expenses			2,673,572			5,096,731			245,345
Net investment income			5,441,352			13,585,031			—
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			41,188,755			69,646,791			417,484
Sale of affiliated underlying funds			34,169			—			—
Forward foreign currency contracts			4,956			—			—
Foreign currency related transactions			(445)			(14,710)			—
Futures			692,015			—			—
Swaps			(122,040)			—			—
Written options			91,020			—			—
Net realized gain			41,888,430			69,632,081			417,484
Net change in unrealized appreciation (depreciation) on:
Investments			9,660,076			35,559,529			—
Affiliated underlying funds			(320,643)			—			—
Forward foreign currency contracts			25,636			—			—
Foreign currency related transactions			(18,099)			(87,859)			—
Futures			(55,748)			—			—
Written options			2,737			—			—
Net change in unrealized appreciation (depreciation)			9,293,959			35,471,670			—
Net realized and unrealized gain			51,182,389			105,103,751			417,484
Increase in net assets resulting from operations		$	56,623,741		$	118,688,782		$	417,484
* Foreign taxes withheld		$	103,741		$	860,001		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the Year ended December 31, 2021

	Voya Growth and Income Portfolio			Voya Intermediate Bond Portfolio			Voya Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	47,262,833		$	5,640		$	4,087,154
Dividends from affiliated underlying funds			—			32,432,324			—
Interest			—			69,918,938			—
Securities lending income, net			67,669			92,391			30,218
Total investment income			47,330,502			102,449,293			4,117,372
EXPENSES:
Investment management fees			19,412,836			16,823,168			3,994,179
Distribution and shareholder service fees:
Class ADV			3,908,997			1,475,614			41,080
Class S			1,038,885			5,060,237			212,907
Class S2			1,734			70,752			—
Transfer agent fees:
Class ADV			290,170			145,652			9,516
Class I			792,894			507,212			421,229
Class R6			—			—			21
Class S			154,041			998,947			98,951
Class S2			169			8,730			—
Shareholder reporting expense			146,740			95,600			14,500
Professional fees			126,611			122,220			13,530
Custody and accounting expense			279,921			355,790			52,950
Directors/ trustees fees			129,419			134,586			18,796
Miscellaneous expense			55,690			63,848			10,332
Interest expense			2,930			—			1,254
Total expenses			26,341,037			25,862,356			4,889,245
Waived and reimbursed fees			(1,846,897)			(1,337,760)			(399,826)
Net expenses			24,494,140			24,524,596			4,489,419
Net investment income (loss)			22,836,362			77,924,697			(372,047)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			916,377,469			13,492,353			102,106,996
Capital gain distributions from affiliated underlying funds			—			4,228,312			—
Forward foreign currency contracts			—			695,597			—
Foreign currency related transactions			—			48,830			(232)
Futures			—			(18,824,135)			—
Swaps			—			(9,270,574)			—
Written options			—			4,179,158			—
Net realized gain (loss)			916,377,469			(5,450,459)			102,106,764
Net change in unrealized appreciation (depreciation) on:
Investments			(126,586,298)			(86,671,100)			(38,277,161)
Affiliated underlying funds			—			(30,190,623)			—
Forward foreign currency contracts			—			1,554,463			—
Foreign currency related transactions			—			(727,779)			(20)
Futures			—			4,121,618			—
Swaps			—			915,490			—
Written options			—			11,593			—
Net change in unrealized appreciation (depreciation)			(126,586,298)			(110,986,338)			(38,277,181)
Net realized and unrealized gain (loss)			789,791,171			(116,436,797)			63,829,583
Increase (decrease) in net assets resulting from operations		$	812,627,533		$	(38,512,100)		$	63,457,536
* Foreign taxes withheld		$	110,428		$	—		$	10,896

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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	5,441,352		$	6,399,068		$	13,585,031		$	12,886,495
Net realized gain (loss)			41,888,430			5,154,690			69,632,081			(30,424,009)
Net change in unrealized appreciation (depreciation)			9,293,959			24,343,888			35,471,670			1,716,505
Increase (decrease) in net assets resulting from operations			56,623,741			35,897,646			118,688,782			(15,821,009)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(285,119)			(256,442)
Class I			(12,106,938)			(18,138,058)			(3,556,936)			(3,119,971)
Class S			(86,191)			(126,078)			(10,900,387)			(9,952,937)
Class S2			—			—			(7,066)			(6,422)
Class T			—			—			(54,811)			(44,881)
Return of capital:
Class ADV			—			—			—			(7,056)
Class I			—			—			—			(68,689)
Class S			—			—			—			(243,548)
Class S2			—			—			—			(168)
Class T			—			—			—			(1,310)
Total distributions			(12,193,129)			(18,264,136)			(14,804,319)			(13,701,424)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			4,492,780			5,535,434			6,376,131			18,903,580
Reinvestment of distributions			12,193,129			18,264,136			14,804,319			13,701,424
			16,685,909			23,799,570			21,180,450			32,605,004
Cost of shares redeemed			(46,277,136)			(41,524,529)			(100,005,477)			(102,658,244)
Net decrease in net assets resulting from capital share transactions			(29,591,227)			(17,724,959)			(78,825,027)			(70,053,240)
Net increase (decrease) in net assets			14,839,385			(91,449)			25,059,436			(99,575,673)
NET ASSETS:
Beginning of year or period			373,622,311			373,713,760			611,394,779			710,970,452
End of year or period		$	388,461,696		$	373,622,311		$	636,454,215		$	611,394,779

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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income		$	—		$	1,187,700		$	22,836,362		$	34,522,135
Net realized gain			417,484			212,665			916,377,469			300,435,837
Net change in unrealized appreciation (depreciation)			—			—			(126,586,298)			130,647,761
Increase in net assets resulting from operations			417,484			1,400,365			812,627,533			465,605,733
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			—			(62,613,808)			(89,633,973)
Class I			(435,973)			(1,404,625)			(868,148,958)			(185,709,436)
Class S			(47)			(11)			(29,792,606)			(48,725,698)
Class S2			—			—			(203,108)			(36,297)
Total distributions			(436,020)			(1,404,636)			(960,758,480)			(324,105,404)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			68,486,663			285,044,111			15,175,175			16,220,803
Reinvestment of distributions			436,020			1,404,636			959,988,028			323,931,465
			68,922,683			286,448,747			975,163,203			340,152,268
Cost of shares redeemed			(153,042,558)			(185,720,359)			(1,780,801,713)			(425,160,048)
Net increase (decrease) in net assets resulting from capital share transactions			(84,119,875)			100,728,388			(805,638,510)			(85,007,780)
Net increase (decrease) in net assets			(84,138,411)			100,724,117			(953,769,457)			56,492,549
NET ASSETS:
Beginning of year or period			569,995,474			469,271,357			3,231,813,408			3,175,320,859
End of year or period		$	485,857,063		$	569,995,474		$	2,278,043,951		$	3,231,813,408

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, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
FROM OPERATIONS:
Net investment income (loss)			$	77,924,697		$	95,405,007		$	(372,047)		$	561,796
Net realized gain (loss)				(5,450,459)			86,132,589			102,106,764			2,886,158
Net change in unrealized appreciation (depreciation)				(110,986,338)			74,500,612			(38,277,181)			25,963,897
Increase (decrease) in net assets resulting from operations				(38,512,100)			256,038,208			63,457,536			29,411,851
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV				(5,686,785)			(15,415,594)			(34,073)			(115,866)
Class I				(25,046,665)			(60,842,817)			(1,965,800)			(7,399,513)
Class R6				—			—			(82,239)			(113,123)
Class S				(44,109,528)			(114,239,492)			(342,592)			(1,519,485)
Class S2				(363,231)			(1,162,517)			—			—
Return of capital:
Class ADV				(1,774,823)			—			—			—
Class I				(6,113,408)			—			—			—
Class S				(12,119,576)			—			—			—
Class S2				(106,570)			—			—			—
Total distributions				(95,320,586)			(191,660,420)			(2,424,704)			(9,147,987)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares				116,408,495			289,580,060			23,480,953			35,470,151
Reinvestment of distributions				95,313,861			191,650,804			2,424,704			9,147,987
				211,722,356			481,230,864			25,905,657			44,618,138
Cost of shares redeemed				(427,308,214)			(498,718,864)			(84,200,830)			(145,853,074)
Net decrease in net assets resulting from capital share transactions				(215,585,858)			(17,488,000)			(58,295,173)			(101,234,936)
Net increase (decrease) in net assets				(349,418,544)			46,889,788			2,737,659			(80,971,072)
NET ASSETS:
Beginning of year or period				3,581,968,968			3,535,079,180			445,833,399			526,804,471
End of year or period			$	3,232,550,424		$	3,581,968,968		$	448,571,058		$	445,833,399

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
12-31-21		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
12-31-17		14.93		0.32•		1.85		2.17		0.41		—		—		0.41		—		16.69			14.73		0.67		0.65		0.65		2.01		425,002		174
Class S
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
12-31-17		14.85		0.28•		1.82		2.10		0.36		—		—		0.36		—		16.59			14.37		0.92		0.90		0.90		1.76		3,560		174
Voya Global High Dividend Low Volatility Portfolio
Class ADV
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
12-31-17		9.12		0.14•		1.95		2.09		0.19		—		—		0.19		—		11.02			23.10		1.10		1.10		1.10		1.43		19,605		60
Class I																					��
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
12-31-17		9.21		0.20•		1.96		2.16		0.24		—		—		0.24		—		11.13			23.73		0.60		0.60		0.60		1.91		162,746		60
Class S
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
12-31-17		9.20		0.17•		1.96		2.13		0.21		—		—		0.21		—		11.12			23.44		0.85		0.85		0.85		1.67		480,936		60
Class S2
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
12-31-17		9.07		0.15•		1.94		2.09		0.21		—		—		0.21		—		10.95			23.29		1.00		1.00		1.00		1.46		422		60

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
12-31-21		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
12-31-17		9.07		0.13•		1.93		2.06		0.17		—		—		0.17		—		10.96		22.95		1.35		1.20		1.20		1.30		39,544		60
Voya Government Money Market Portfolio
Class I
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		—
12-31-17		1.00		0.01		0.00*		0.01		0.01		0.00*		—		0.01		—		1.00		0.61		0.39		0.34		0.34		0.58		438,591		—
Class S
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		—
06-3-18(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		—
12-31-17		1.00		0.00*		0.00*		0.00*		0.00*		0.00*		—		0.00*		—		1.00		0.46		0.64		0.49		0.49		0.39		44		—
Voya Growth and Income Portfolio
Class ADV
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
12-31-17		27.51		0.36•		5.06		5.42		0.41		3.58		—		3.99		—		28.94		19.79		1.13		1.03		1.03		1.21		1,010,017		80
Class I
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
12-31-17		27.87		0.51•		5.13		5.64		0.56		3.58		—		4.14		—		29.37		20.34		0.63		0.58		0.58		1.66		1,906,723		80
Class S
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
12-31-17		27.53		0.42•		5.07		5.49		0.47		3.58		—		4.05		—		28.97		20.06		0.88		0.83		0.83		1.41		556,169		80

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
12-31-21		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
12-31-17		27.27		0.38•		5.01		5.39		0.43		3.58		—		4.01		—		28.65		19.89		1.03		0.98		0.98		1.27		412		80
Voya Intermediate Bond Portfolio
Class ADV
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
12-31-17		12.53		0.34		0.22		0.56		0.36		—		—		0.36		—		12.73		4.53		1.03		1.02		1.02		2.67		311,323		300
Class I
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
12-31-17		12.66		0.41		0.22		0.63		0.43		—		—		0.43		—		12.86		5.04		0.53		0.52		0.52		3.17		1,117,794		300
Class S
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
12-31-17		12.58		0.37		0.23		0.60		0.40		—		—		0.40		—		12.78		4.79		0.78		0.77		0.77		2.92		2,587,503		300
Class S2
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
12-31-17		12.53		0.35		0.22		0.57		0.37		—		—		0.37		—		12.73		4.63		0.93		0.92		0.92		2.77		25,649		300
Voya Small Company Portfolio
Class ADV
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
12-31-17		21.20		(0.01)		2.12		2.11		—		2.36		—		2.36		—		20.95		10.69		1.38		1.37		1.37		(0.01)		7,817		74

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Small Company Portfolio (continued)
Class I
12-31-21		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
12-31-17		22.12		0.10		2.23		2.33		0.08		2.36		—		2.44		—		22.01		11.29		0.88		0.87		0.87		0.49		607,230		74
Class R6
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
12-31-17		22.13		0.11•		2.21		2.32		0.08		2.36		—		2.44		—		22.01		11.23		0.88		0.87		0.87		0.53		6,274		74
Class S
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
12-31-17		21.63		0.05•		2.17		2.22		0.03		2.36		—		2.39		—		21.46		11.00		1.13		1.12		1.12		0.22		111,723		74

(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, 2021

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 fourteen 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, (except Government Money Market), 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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. 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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded.

When a market quotation is not readily available or is deemed unreliable, each Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolios’ Board of Directors/Trustees (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific

settlement periods and each Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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’ (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Portfolios’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Portfolios. 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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.

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

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

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

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

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

(1)

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.

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

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

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

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

Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets 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. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a low interest rate environment, which may increase a Portfolio’s exposure to risks associated with rising market interest rates. Rising market interest rates could 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

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NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 OTC with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Portfolio to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that 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, 2021, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to their derivative transactions failed to perform would be $23,234 and $928,629, respectively, which represent the gross payments to be received by the Portfolios on OTC purchased options and open forward foreign currency contracts were they to be unwound as of December 31, 2021. At December 31, 2021, Intermediate Bond received $770,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not receive any cash collateral at December 31, 2021.

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, 2021, Balanced and Intermediate Bond had a liability position of $18,371 and $1,031,863, respectively, on open forward foreign currency contracts and OTC written options. If a contingent feature would have been triggered as of December 31, 2021, these Portfolios could have been required to pay these amounts in cash to their counterparties. At December 31, 2021, Intermediate Bond pledged $100,000 in cash collateral to certain counterparties for open OTC derivatives. Balanced did not pledge any cash collateral at December 31, 2021.

E. Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and

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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, 2021, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	96,914		$	1,019,746
Intermediate Bond			6,685,282			66,458,293

The above Portfolios entered into forward foreign currency contracts to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward foreign currency contracts at December 31, 2021.

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 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, 2021, 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, 2021, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased			Sold
Balanced		$	19,440,249		$	6,874,005
Intermediate Bond			393,445,375			82,908,050

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at December 31, 2021.

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

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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, 2021, Balanced and Intermediate Bond had purchased foreign currency options to manage their foreign exchange exposure. Balanced and Intermediate Bond had average notional values of $3,828,333 and $155,605,000, respectively, on purchased foreign currency options. There were no open purchased foreign currency options at December 31, 2021.

During the year ended December 31, 2021, Balanced and Intermediate Bond had written foreign currency options to generate income. Balanced and Intermediate Bond had average notional values of $2,244,667 and $91,442,333, respectively, on written foreign currency options. There were no open written foreign currency options at December 31, 2021.

During the year ended December 31, 2021, Balanced and Intermediate Bond had purchased credit default swaptions in an attempt to gain exposure to certain credit markets. Balanced and Intermediate Bond had average notional values of $1,526,667 and $61,381,333, respectively, on

purchased credit default swaptions. There were no open purchased credit default swaptions at December 31, 2021.

During the year ended December 31, 2021, Balanced and Intermediate Bond had written interest swaptions to generate income. Balanced and Intermediate Bond had average notional values of $1,666,500 and $69,247,500, respectively, on written interest swaptions. There were no open written interest swaptions at December 31, 2021.

During the year ended December 31, 2021, 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. Please refer to the tables within the Portfolio of Investments for open purchased and written equity options at December 31, 2021.

During the year ended December 31, 2021, 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. Please refer to the tables within the Portfolio of Investments for open purchased and written equity options at December 31, 2021.

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.

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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 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, 2021.

K. Securities Lending. Each Portfolio (except Government Money Market) may temporarily loan up to 33 ⅓% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment

of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.

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

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

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

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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).

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 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

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buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction

whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the year ended December 31, 2021, 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, 2021, Balanced and Intermediate Bond had an average notional amount of $743,333 and $81,704,670, 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, 2021. Balanced did not have any open credit default swaps to buy protection at December 31, 2021.

For the year ended December 31, 2021, Balanced had an average notional amount of $900,000 on credit default swaps to sell protection. The Portfolio did not have any

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open credit default swaps to sell protection at December 31, 2021.

At December 31, 2021, Intermediate Bond has pledged $3,091,000 in cash collateral for open centrally cleared credit default swaps.

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, 2021, 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, 2021, Balanced and Intermediate Bond had average notional amounts of $241,907 and $9,739,665, respectively, on Long interest rate swaps.

For the year ended December 31, 2021, 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 ended December 31, 2021, Balanced and Intermediate Bond had average notional amounts of $142,738 and $6,119,829, 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. The Portfolios did not have any open interest rate swaps at December 31, 2021.

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, 2021, 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		$	199,565,939		$	237,573,399
Global High Dividend Low Volatility			443,597,869			512,086,330
Growth and Income			2,057,587,564			3,800,197,406
Intermediate Bond			1,127,437,503			1,161,595,022
Small Company			592,112,313			656,524,481

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

	Purchases			Sales
Balanced		$	183,232,432		$	177,047,585
Intermediate Bond			3,542,198,789			3,656,050,552

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

Portfolio			Fee
Balanced			0.60%
Global High Dividend Low Volatility			0.56% on the first $500 million; 0.53% on the next $500 million; 0.51% thereafter
Government Money Market(1)			0.35%
Growth and Income(1)			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			0.85%

(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.

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

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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.

During the year ended December 31, 2021, Global High Dividend Low Volatility incurred $14,148 of shareholder notification costs associated with changes to the Portfolio’s principal investment strategies.

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 services 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.

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%. Termination or modification of this obligation 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%. Termination or modification of this obligation 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%. Termination or modification of this obligation 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, 2022. 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, 2021, the Distributor waived $79 of class specific distribution fees for Class S and the Investment Adviser waived $2,068,744 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, 2021, the

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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,
	2022			2023			2024			Total
Government Money Market		$	—		$	1,693,989		$	2,068,744		$	3,762,733

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At December 31, 2021, 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		7.39%
	Intermediate Bond		11.63
	Small Company		14.42
Voya Retirement Insurance and Annuity Company	Balanced		87.39
	Global High Dividend Low Volatility		20.21
	Government Money Market		89.17
	Growth and Income		87.88
	Intermediate Bond		25.36
	Small Company		62.58

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/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, 2021, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Balanced		$	309,835
Global High Dividend Low Volatility			344,697
Government Money Market			586,441
Growth and Income			1,227,229
Intermediate Bond			1,655,225
Small Company			529,050

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		1.30%		0.70%		N/A		0.95%		1.10%		N/A
Intermediate Bond		1.03%		0.53%		N/A		0.78%		0.93%		N/A
Small Company		1.40%		0.90%		0.90%		1.15%		N/A		N/A

Pursuant to a side letter agreement through May 1, 2022, 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%

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

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, 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.

As of December 31, 2021, 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,
	2022			2023			2024			Total
Balanced		$	—		$	236,487		$	197,485		$	433,972
Intermediate Bond			—			1,522,285			1,337,760			2,860,045
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, 2021, are as follows:

	December 31,
	2022			2023			2024			Total
Small Company
Class ADV		$	—		$	7,102		$	7,165		$	14,267
Class I			—			387,425			316,996			704,421
Class S			—			84,569			74,415			158,984

The Expense Limitation Agreements are contractual through May 1, 2022, 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 14, 2021, 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 13, 2022. 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 14, 2021, 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 14, 2021.

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, 2021:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced		12		$	1,036,417		1.29%
Global High Dividend Low Volatility		3			657,333		1.31
Growth and Income		11			7,490,455		1.28
Small Company		24			1,469,958		1.28

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
12/31/2021		251,590		—		723,234		(2,622,896)		(1,648,072)		4,434,846		—		12,106,938		(45,927,989)		(29,386,205)
12/31/2020		360,697		—		1,372,016		(2,792,001)		(1,059,288)		5,254,763		—		18,138,058		(41,220,433)		(17,827,612)
Class S
12/31/2021		3,312		—		5,170		(19,863)		(11,381)		57,934		—		86,191		(349,147)		(205,022)
12/31/2020		20,580		—		9,573		(19,934)		10,219		280,671		—		126,078		(304,096)		102,653
Global High Dividend Low Volatility
Class ADV
12/31/2021		16,754		—		24,622		(223,495)		(182,119)		195,744		—		285,119		(2,572,804)		(2,091,941)
12/31/2020		77,076		—		30,013		(244,244)		(137,155)		752,065		—		263,498		(2,345,996)		(1,330,433)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (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 I
12/31/2021		280,377		—		306,993		(1,215,811)		(628,441)		3,176,484		—		3,556,936		(13,931,507)		(7,198,087)
12/31/2020		588,767		—		360,415		(2,364,608)		(1,415,426)		5,540,929		—		3,188,660		(22,573,731)		(13,844,142)
Class S
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)
12/31/2020		1,269,817		—		1,152,590		(7,942,696)		(5,520,289)		12,292,843		—		10,196,485		(76,860,734)		(54,371,406)
Class S2
12/31/2021		1,079		—		618		(14,200)		(12,503)		12,540		—		7,066		(166,995)		(147,389)
12/31/2020		5,033		—		752		(2,502)		3,283		47,069		—		6,590		(24,262)		29,397
Class T
12/31/2021		19,271		—		4,722		(33,150)		(9,157)		220,584		—		54,811		(383,585)		(108,190)
12/31/2020		29,187		—		5,244		(86,581)		(52,150)		270,674		—		46,191		(853,521)		(536,656)
Government Money Market
Class I
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)
12/31/2020		284,993,081		—		1,404,627		(185,720,025)		100,677,683		284,993,082		—		1,404,625		(185,720,024)		100,677,683
Class S
12/31/2021		7,239		—		47		(1,019)		6,267		7,239		—		47		(1,019)		6,267
12/31/2020		50,935		—		11		(335)		50,611		51,029		—		11		(335)		50,705
Growth and Income
Class ADV
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)
12/31/2020		381,685		—		3,200,778		(4,837,747)		(1,255,284)		10,173,687		—		89,633,973		(131,329,069)		(31,521,409)
Class I
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
12/31/2020		131,725		—		6,481,755		(8,128,307)		(1,514,827)		3,542,024		—		185,535,497		(224,852,134)		(35,774,613)
Class S
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)
12/31/2020		96,683		—		1,737,030		(2,535,098)		(701,385)		2,469,446		—		48,725,698		(68,964,645)		(17,769,501)
Class S2
12/31/2021		453		—		9,051		(30)		9,474		14,943		—		203,108		(988)		217,063
12/31/2020		1,276		—		1,309		(504)		2,081		35,646		—		36,297		(14,200)		57,743
Intermediate Bond
Class ADV
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)
12/31/2020		3,515,325		—		1,167,978		(3,483,158)		1,200,145		46,668,825		—		15,415,594		(44,766,871)		17,317,548
Class I
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)
12/31/2020		9,821,445		—		4,557,628		(9,507,807)		4,871,266		130,462,764		—		60,833,201		(125,955,725)		65,340,240
Class S
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)
12/31/2020		7,846,255		—		8,618,670		(24,172,230)		(7,707,305)		104,534,355		—		114,239,492		(318,422,414)		(99,648,567)
Class S2
12/31/2021		189,378		—		36,584		(614,677)		(388,715)		2,443,389		—		469,801		(7,890,271)		(4,977,081)
12/31/2020		601,174		—		88,025		(726,972)		(37,773)		7,914,116		—		1,162,517		(9,573,854)		(497,221)
Small Company
Class ADV
12/31/2021		105,445		—		1,793		(54,825)		52,413		2,045,707		—		34,073		(1,072,678)		1,007,102
12/31/2020		51,983		—		10,173		(121,718)		(59,562)		701,057		—		115,866		(1,719,028)		(902,105)
Class I
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)
12/31/2020		1,920,657		—		608,513		(8,972,526)		(6,443,356)		24,446,642		—		7,399,513		(126,402,402)		(94,556,247)
Class R6
12/31/2021		292,892		—		4,037		(216,828)		80,101		6,151,114		—		82,239		(4,335,350)		1,898,003
12/31/2020		414,831		—		9,295		(139,912)		284,214		7,085,914		—		113,123		(2,086,431)		5,112,606
Class S
12/31/2021		119,177		—		17,382		(690,071)		(553,512)		2,408,593		—		342,592		(13,855,730)		(11,104,545)
12/31/2020		226,261		—		128,879		(1,098,470)		(743,330)		3,236,538		—		1,519,485		(15,645,213)		(10,889,190)

NOTE 11 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the “Agreement”) with BNY, each Portfolio (except Government Money Market) can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at Market Close of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and

any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 11 — SECURITIES LENDING (continued)

than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

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

The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of December 31, 2021:

Balanced

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	2,288,840		$	(2,288,840)		$	—
BNP Paribas			498			(498)			—
BNP Paribas Prime Brokerage Intl Ltd			28			(28)			—
Canadian Imperial Bank of Commerce			27,095			(27,095)			—
Citigroup Global Markets Inc.			50,172			(50,172)			—
Citigroup Global Markets Limited			150,387			(150,387)			—
Goldman Sachs & Co. LLC			252,781			(252,781)			—
HSBC Securities (USA) Inc.			20,108			(20,108)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
J.P. Morgan Securities LLC			382,964			(382,964)			—
Jefferies LLC			22,293			(22,293)			—
Mizuho Securities USA LLC.			212,819			(212,819)			—
Morgan Stanley & Co. LLC			9,464,428			(9,464,428)			—
MUFG Securities Americas Inc.			23,275			(23,275)			—
Natixis Securities America LLC			38,056			(38,056)			—
SunTrust Robinson Humphrey,Inc			34,549			(34,549)			—
Total		$	12,968,293		$	(12,968,293)		$	—

(1)

Cash collateral with a fair value of $13,119,471 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
Citigroup Global Markets Limited		$	1,401,669		$	(1,401,669)		$	—
Morgan Stanley & Co. International PLC			705,896			(705,896)			—
State Street Bank and Trust Company			442,013			(442,013)			—
Total		$	2,549,578		$	(2,549,578)		$	—

(1)

Cash collateral with a fair value of $2,677,611 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
BMO Capital Markets Corp		$	1,229,730		$	(1,229,730)			$	—
BofA Securities Inc			18,839,960			(18,839,960)	��			—
Citigroup Global Markets Inc.			6,057,526			(6,057,526)				—
Goldman, Sachs & Co. LLC			328,698			(328,698)				—
J.P. Morgan Securities LLC			6,713,440			(6,713,440)				—
Mirae Asset Securities (USA) INC.			151,923			(151,923)				—
Morgan Stanley & Co. LLC			3,320,616			(3,320,616)				—
National Bank of Canada Financial INC			1,489,505			(1,489,505)				—
Natixis Securities America LLC			22,510,416			(22,510,416)				—
State Street Bank and Trust Company			8,096,265			(8,096,265)				—
UBS AG			239,860			(239,860)				—
Total		$	68,977,939		$	(68,977,939)			$	—

(1)

Cash collateral with a fair value of $70,628,977 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, 2021 (continued)

NOTE 11 — SECURITIES LENDING (continued)

Intermediate Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	2,562,178		$	(2,562,178)		$	—
Barclays Capital Inc.			945,707			(945,707)			—
BNP Paribas			543,142			(543,142)			—
BNP Paribas Prime Brokerage Intl Ltd			2,170,154			(2,170,154)			—
BofA Securities Inc			4,194,111			(4,194,111)			—
CIBC World Markets INC			353,388			(353,388)			—
Citigroup Global Markets Inc.			5,657,846			(5,657,846)			—
Daiwa Capital Markets America Inc.			859,162			(859,162)			—
Deutsche Bank Securities Inc.			80,138			(80,138)			—
Goldman Sachs & Co. LLC			2,887,481			(2,887,481)			—
HSBC Securities (USA) Inc.			752,017			(752,017)			—
J.P. Morgan Securities LLC			25,561,159			(25,561,159)			—
Jefferies LLC			1,090,473			(1,090,473)			—
Mizuho Securities USA LLC.			70,795			(70,795)			—
Morgan Stanley & Co. LLC			8,972,496			(8,972,496)			—
MUFG Securities Americas Inc.			3,464,023			(3,464,023)			—
National Financial Services LLC			1,680,024			(1,680,024)			—
NatWest Markets Securities Inc.			788			(788)			—
Nomura Securities International, Inc.			1,969,733			(1,969,733)			—
RBC Capital Markets, LLC			7,249,067			(7,249,067)			—
Scotia Capital (USA) INC			1,304,174			(1,304,174)			—
Societe Generale			4,062,197			(4,062,197)			—
State Street Bank and Trust Company			3,748,219			(3,748,219)			—
SunTrust Robinson Humphrey, Inc			1,730,261			(1,730,261)			—
TD Prime Services LLC			9,671,378			(9,671,378)			—
TD Securities (USA) Inc.			447,306			(447,306)			—
UBS AG			3,132,188			(3,132,188)			—
UBS Securities LLC.			6,154,277			(6,154,277)			—
Wells Fargo Securities LLC			2,897,968			(2,897,968)			—
Total		$	104,211,850		$	(104,211,850)		$	—

(1)

Cash collateral with a fair value of $124,600,447 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
BNP Paribas Prime Brokerage Intl Ltd		$	38,050		$	(38,050)		$	—
Goldman Sachs & Co. LLC			1,098,496			(1,098,496)			—
Natixis Securities America LLC			769,601			(769,601)			—
Total		$	1,906,147		$	(1,906,147)		$	—

(1)

Cash collateral with a fair value of $1,949,500 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, 2021:

			Paid-in Capital						Distributable Earnings
Government Money Market				$	(25,361)					$	25,361

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

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

	Year Ended December 31, 2021									Year Ended December 31, 2020
	Ordinary Income			Long-term Capital Gain			Return of Capital			Ordinary Income			Long-term Capital Gain			Return of Capital
Balanced		$	9,669,879		$	2,523,250		$	—		$	13,587,908		$	4,676,228		$	—
Global High Dividend Low Volatility			14,804,319			—			—			13,380,653			—			320,771
Government Money Market			436,020			—			—			1,404,636			—			—
Growth and Income			246,652,811			714,105,669			—			34,554,841			289,550,563			—
Intermediate Bond			75,114,307			91,902			20,114,377			161,769,148			29,891,272			—
Small Company			2,424,704			—			—			4,343,405			4,804,582			—

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, 2021 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Other			Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Late Year Ordinary Losses Deferred			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/(Loss)
Balanced		$	15,900,043		$	30,169,247		$	—		$	62,997,395		$	—		—		—		$	(45,498)		$	109,021,187
Global High Dividend Low Volatility			10,510,437			8,426,655			—			93,117,001					—		—			(33,919)			112,020,174
Government Money Market			—			—			—			—			—		—		—			(66,392)			(66,392)
Growth and Income			19,032,937			37,842,055			—			691,743,841			—		—		—			(214,317)			748,404,516
Intermediate Bond			—			—			—			28,790,448			(3,416,604)		Short-term		None			(213,003)			25,160,841
Small Company			55,248,253			39,307,791			—			35,496,446			—		—		—			(28,361)			130,024,129

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

As of December 31, 2021, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates will cease 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of December 31, 2021 (continued)

NOTE 14 — MARKET DISRUPTION (continued)

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 United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, 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. Those events as well as other changes in 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 value of the investments of the portfolio and of the Portfolios. Any of these occurrences could disrupt the operations of a Portfolio and of the Portfolios’ service providers.

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04

(“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to December 31, 2021, the following Portfolio paid dividends from net investment income of:

Per
Share
Amount

Payable
Date

Record
Date

Intermediate Bond

Class ADV

0.0202

February 1, 2022

Daily

Class I

0.0259

February 1, 2022

Daily

Class S

0.0230

February 1, 2022

Daily

Class S2

0.0213

February 1, 2022

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, 2021

Shares		Value			Percentage of Net Assets
COMMON STOCK: 38.9%
	Communication Services: 3.0%
1,485 (1)	Alphabet, Inc. - Class A		$	4,302,104		1.1
984 (1)	Charter Communications, Inc.			641,538		0.2
17,993	Comcast Corp. - Class A			905,588		0.2
12,216	Deutsche Telekom AG			225,721		0.1
1,229	Electronic Arts, Inc.			162,105		0.1
5,296 (1)	Meta Platforms, Inc.			1,781,310		0.5
2,082	Fox Corp. - Class A			76,826		0.0
8,152 (1)	Iridium Communications, Inc.			336,596		0.1
1,100	Konami Holdings Corp.			52,799		0.0
1,108 (1)	Liberty Media Corp.- Liberty SiriusXM C Tracking Stock			56,342		0.0
885 (1)	Live Nation Entertainment, Inc.			105,926		0.0
1,472 (1)	NetFlix, Inc.			886,792		0.2
1,331	New York Times Co.			64,287		0.0
8,972	News Corp - Class A			200,165		0.1
600	Nintendo Co., Ltd.			280,714		0.1
7,100	Nippon Telegraph & Telephone Corp.			194,173		0.1
1,379	Publicis Groupe			92,909		0.0
358 (1)	Roku, Inc.			81,696		0.0
1,582 (2)	Scout24 SE			110,465		0.0
586 (1)	Sea Ltd. ADR			131,094		0.0
8,115 (3)	Sirius XM Holdings, Inc.			51,530		0.0
500	SoftBank Group Corp.			23,970		0.0
25,209	Spark New Zealand Ltd.			77,958		0.0
400 (1)	Spotify Technology SA			93,612		0.0
4,003	Tele2 AB			57,105		0.0
17,240	Telstra Corp., Ltd.			52,396		0.0
4,693	ViacomCBS, Inc. - Class B			141,635		0.1
3,410	Vivendi SE			46,127		0.0
166,563	Vodafone Group PLC			250,883		0.1
343 (1)	Walt Disney Co.			53,127		0.0
9,473	WPP PLC			144,252		0.0
1,094 (1)	Yelp, Inc.			39,647		0.0
				11,721,392		3.0
	Consumer Discretionary: 4.9%
819	Adidas AG			235,827		0.1
1,014 (1)	Amazon.com, Inc.			3,381,021		0.9
622	American Eagle Outfitters, Inc.			15,749		0.0
1,086 (1)	Aptiv PLC			179,136		0.1
1,647	Aristocrat Leisure Ltd.			52,247		0.0
2,827 (1)	Autonation, Inc.			330,335		0.1
234 (1)	Autozone, Inc.			490,555		0.1
5,631	Barratt Developments PLC			57,180		0.0
2,736	BorgWarner, Inc.			123,312		0.0
4,909 (1)	Boyd Gaming Corp.			321,883		0.1
753	Brunswick Corp.			75,850		0.0
855	Burberry Group PLC			21,103		0.0
1,075 (1)	Carmax, Inc.			139,997		0.0
241	Carter’s, Inc.			24,394		0.0
291 (1)	Carvana Co.			67,451		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
24,600	Chow Tai Fook Jewellery Group Ltd.		$	44,326		0.0
956	Cie Financiere Richemont SA			142,860		0.1
1,108	Cie Generale des Etablissements Michelin SCA			181,473		0.1
147	Columbia Sportswear Co.			14,324		0.0
1,161 (1)	CROCS, Inc.			148,863		0.1
2,204	Daimler AG			168,395		0.1
8,796	Dana, Inc.			200,725		0.1
786 (1)	Deckers Outdoor Corp.			287,920		0.1
2,284 (3)	Dick’s Sporting Goods, Inc.			262,637		0.1
134	Domino’s Pizza, Inc.			75,620		0.0
1,559	Electrolux AB			37,758		0.0
153 (2)	Evolution AB			21,625		0.0
58 (1)	Five Below, Inc.			12,000		0.0
144 (1)	Fiverr International Ltd.			16,373		0.0
1,007	Foot Locker, Inc.			43,935		0.0
22,021	Ford Motor Co.			457,376		0.1
366 (1)	Fox Factory Holding Corp.			62,257		0.0
327 (1)(3)	GameStop Corp.			48,524		0.0
3,015 (1)	General Motors Co.			176,769		0.1
5,934	Gentex Corp.			206,800		0.1
87,400	Genting Singapore Ltd.			50,273		0.0
2,792 (1)	Goodyear Tire & Rubber Co.			59,525		0.0
4,809	H & M Hennes & Mauritz AB			94,363		0.0
1,519	Home Depot, Inc.			630,400		0.2
1,337 (1)	Hyatt Hotels Corp.			128,218		0.0
1,600	Iida Group Holdings Co. Ltd.			37,212		0.0
29,395	JD Sports Fashion PLC			86,671		0.0
172	KB Home			7,694		0.0
76	Kering SA			60,979		0.0
1,248	Kohl’s Corp.			61,639		0.0
300	Koito Manufacturing Co., Ltd.			15,889		0.0
2,558 (2)	La Francaise des Jeux SAEM			113,365		0.0
414	Lear Corp.			75,741		0.0
3,882	Lennar Corp. - Class A			450,933		0.1
735	Lithia Motors, Inc.			218,258		0.1
8,732	LKQ Corp.			524,182		0.1
526	Lowe’s Cos, Inc.			135,961		0.0
464	LVMH Moet Hennessy Louis Vuitton SE			383,465		0.1
1,805	Macy’s, Inc.			47,255		0.0
356	Marriott Vacations Worldwide Corp.			60,157		0.0
433 (1)	Mattel, Inc.			9,335		0.0
1,900 (1)	Mazda Motor Corp.			14,579		0.0
535	McDonald’s Corp.			143,417		0.0
400 (1)	Mercari, Inc.			20,351		0.0
1,526	MGM Resorts International			68,487		0.0
1,379	Nike, Inc. - Class B			229,838		0.1
700	Nitori Co., Ltd.			104,700		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
43 (1)	NVR, Inc.		$	254,081		0.1
200 (1)	Ollie’s Bargain Outlet Holdings, Inc.			10,238		0.0
2,500	Panasonic Corp.			27,482		0.0
1,183	Pandora A/S			147,154		0.1
2,482	Persimmon PLC			96,200		0.0
163	Puma SE			19,906		0.0
768	PVH Corp.			81,907		0.0
1,745 (1)	Renault S.A.			60,535		0.0
46 (1)	RH			24,653		0.0
2,196 (1)	Scientific Games Corp.			146,759		0.1
423	SEB SA			65,916		0.0
6,500	Sekisui House Ltd.			139,852		0.1
1,766	Service Corp. International			125,368		0.0
1,800	Sony Group Corp.			227,301		0.1
6,944	Starbucks Corp.			812,240		0.2
1,400	Subaru Corp.			25,015		0.0
400	Suzuki Motor Corp.			15,425		0.0
5,925	TABCORP Holdings Ltd.			21,646		0.0
2,471	Target Corp.			571,888		0.2
2,193 (1)	Taylor Morrison Home Corp.			76,667		0.0
43,680	Taylor Wimpey PLC			104,138		0.0
163	Tempur Sealy International, Inc.			7,666		0.0
2,229 (1)	Tesla, Inc.			2,355,563		0.6
656	Texas Roadhouse, Inc.			58,568		0.0
251	Thor Industries, Inc.			26,046		0.0
947	Toll Brothers, Inc.			68,553		0.0
169 (1)	TopBuild Corp.			46,629		0.0
6,500	Toyota Motor Corp.			120,137		0.0
731	Travel + Leisure Co.			40,402		0.0
10,484 (1)	Tri Pointe Homes, Inc.			292,399		0.1
2,709 (1)	Under Armour, Inc. - Class A			57,404		0.0
2,009	Wendy’s Company			47,915		0.0
32	Whirlpool Corp.			7,509		0.0
456	Williams-Sonoma, Inc.			77,123		0.0
1,879	Wyndham Hotels & Resorts, Inc.			168,452		0.1
1,519 (1)	YETI Holdings, Inc.			125,819		0.0
2,040	Yum! Brands, Inc.			283,274		0.1
1,035 (1)(2)	Zalando SE			83,376		0.0
				18,880,693		4.9
	Consumer Staples: 2.5%
2,200	Ajinomoto Co., Inc.			66,973		0.0
10,407	Altria Group, Inc.			493,188		0.1
1,639	Archer-Daniels-Midland Co.			110,780		0.0
1,336	Beiersdorf AG			136,947		0.1
576 (1)	BJ’s Wholesale Club Holdings, Inc.			38,575		0.0
9,187	British American Tobacco PLC			341,128		0.1
5,434	Coca-Cola Co.			321,747		0.1
3,702	Coca-Cola HBC AG			128,183		0.0

Shares		Value				Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
622	Colgate-Palmolive Co.		$	53,082			0.0
1,942	Costco Wholesale Corp.			1,102,473			0.3
1,043 (1)	Darling Ingredients, Inc.			72,269			0.0
327	Diageo PLC			17,879			0.0
789	Energizer Holdings, Inc.			31,639			0.0
1,809	Estee Lauder Cos., Inc.			669,692			0.2
5,378	Flowers Foods, Inc.			147,734			0.0
1,010	Heineken Holding NV			93,127			0.0
209 (1)	HelloFresh SE			16,017			0.0
3,751 (1)	Herbalife Nutrition Ltd.			153,528			0.1
153	Hershey Co.			29,601			0.0
8,467	Imperial Brands PLC			185,552			0.1
19,920	J Sainsbury Plc			74,460			0.0
5,900 (3)	Japan Tobacco, Inc.			119,133			0.0
1,695	Keurig Dr Pepper, Inc.			62,478			0.0
5,410	Koninklijke Ahold Delhaize NV			185,651			0.1
2,500	Lawson, Inc.			118,623			0.0
874	L’Oreal S.A.			416,734			0.1
3,582 (1)	Monster Beverage Corp.			344,015			0.1
3,522	Nestle SA			491,732			0.1
1,069	Nu Skin Enterprises, Inc.			54,252			0.0
7,725	Orkla ASA			77,432			0.0
7,611	PepsiCo, Inc.			1,322,107			0.4
981 (1)	Performance Food Group Co.			45,018			0.0
649	Pernod Ricard SA			156,135			0.1
8,810	Philip Morris International, Inc.			836,950	��		0.2
6,800 (3)	Pola Orbis Holdings, Inc.			113,327			0.0
533 (1)	Post Holdings, Inc.			60,085			0.0
2,524	Procter & Gamble Co.			412,876			0.1
56	Sanderson Farms, Inc.			10,700			0.0
957 (1)	Sprouts Farmers Market, Inc.			28,404			0.0
22,252	Swedish Match AB			176,652			0.1
1,100	Toyo Suisan Kaisha Ltd.			46,638			0.0
5,394	Treasury Wine Estates Ltd.			48,634			0.0
3,239	Tyson Foods, Inc.			282,311			0.1
977	Unilever PLC			52,373			0.0
				9,746,834			2.5
	Energy: 1.0%
362	APA Corp.			9,734			0.0
2,124	Baker Hughes Co.			51,103			0.0
31,327	BP PLC			140,364			0.0
1,576 (1)	ChampionX Corp.			31,851			0.0
933	Chevron Corp.			109,488			0.1
1,819 (1)	CNX Resources Corp.			25,011			0.0
9,784	ConocoPhillips			706,209			0.2
55,500	ENEOS Holdings, Inc.			207,338			0.1
4,447	ENI S.p.A.			61,803			0.0
3,591	EOG Resources, Inc.			318,989			0.1
1,719 (1)	EQT Corp.			37,491			0.0
1,982	Equinor ASA			52,482			0.0
6,490	Exxon Mobil Corp.			397,123			0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Energy (continued)
2,711	Galp Energia SGPS SA		$	26,305		0.0
884	HollyFrontier Corp.			28,978		0.0
373	Lundin Energy AB			13,347		0.0
7,620	Marathon Petroleum Corp.			487,604		0.1
1,439	NOV, Inc.			19,498		0.0
446	OMV AG			25,223		0.0
8,562	Repsol SA			101,401		0.0
8,836	Royal Dutch Shell PLC - Class A			193,635		0.1
3,735	Santos Ltd.			17,205		0.0
7,681	Targa Resources Corp.			401,255		0.1
6,531	Tenaris S.A.			68,164		0.0
742	TotalEnergies SE			37,768		0.0
5,359	Valero Energy Corp.			402,515		0.1
				3,971,884		1.0
	Financials: 4.8%
11,378	3i Group PLC			223,045		0.1
17,764	Abrdn PLC			57,875		0.0
1,056	Affiliated Managers Group, Inc.			173,723		0.1
6,000	AIA Group Ltd.			60,557		0.0
6,156	Ally Financial, Inc.			293,087		0.1
2,236	Ameriprise Financial, Inc.			674,512		0.2
614	Assurant, Inc.			95,698		0.0
592	ASX Ltd.			40,010		0.0
1,170	Australia & New Zealand Banking Group Ltd.			23,437		0.0
9,060	AXA S.A.			269,655		0.1
16,958	Banco Bilbao Vizcaya Argentaria SA			100,577		0.0
3,708	Bank of America Corp.			164,969		0.1
1,706	Bank OZK			79,380		0.0
91,115	Barclays PLC			232,093		0.1
2,520 (1)	Berkshire Hathaway, Inc. - Class B			753,480		0.2
931	Blackrock, Inc.			852,386		0.2
4,443	BNP Paribas			307,193		0.1
22,500	BOC Hong Kong Holdings Ltd.			73,789		0.0
1,557	Capital One Financial Corp.			225,905		0.1
13,269	Citigroup, Inc.			801,315		0.2
595	Citizens Financial Group, Inc.			28,114		0.0
2,011	CNO Financial Group, Inc.			47,942		0.0
366	Commonwealth Bank of Australia			26,905		0.0
3,988	Credit Agricole SA			56,858		0.0
2,300	Dai-ichi Life Holdings, Inc.			46,391		0.0
2,887 (1)	Deutsche Bank AG			35,958		0.0
125	Deutsche Boerse AG			20,872		0.0
263	East West Bancorp, Inc.			20,693		0.0
3,892	Essent Group Ltd.			177,203		0.1
460	Evercore, Inc.			62,491		0.0
597	Everest Re Group Ltd.			163,530		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
857	Factset Research Systems, Inc.		$	416,511		0.1
1,210	First American Financial Corp.			94,658		0.0
2,518	FNB Corp.			30,543		0.0
4,355	Hancock Whitney Corp.			217,837		0.1
2,484	Hanover Insurance Group, Inc.			325,553		0.1
5,944	Hartford Financial Services Group, Inc.			410,374		0.1
2,678	HSBC Holdings PLC			16,173		0.0
9,757	ING Groep NV			135,651		0.0
5,171	International Bancshares Corp.			219,199		0.1
3,525	JPMorgan Chase & Co.			558,184		0.2
6,985	Loews Corp.			403,454		0.1
744	Macquarie Group Ltd.			111,217		0.0
6,439	Medibank Pvt Ltd.			15,683		0.0
9,949	MGIC Investment Corp.			143,465		0.0
41,300	Mitsubishi UFJ Financial Group, Inc.			224,766		0.1
1,200	Mizuho Financial Group, Inc.			15,242		0.0
6,190	Morgan Stanley			607,610		0.2
458	MSCI, Inc. - Class A			280,612		0.1
338	Muenchener Rueckversicherungs- Gesellschaft AG			99,780		0.0
40,710	Natwest Group PLC			124,667		0.0
498	Navient Corp.			10,568		0.0
2,630	New Residential Investment Corp.			28,167		0.0
6,791	New York Community Bancorp., Inc.			82,918		0.0
2,106	NN Group NV			113,893		0.0
14,683	Nordea Bank Abp			179,111		0.1
14,206	Old Republic International Corp.			349,183		0.1
7,900	ORIX Corp.			161,225		0.1
9,500	Oversea-Chinese Banking Corp., Ltd.			80,406		0.0
978	PacWest Bancorp			44,176		0.0
211	Popular, Inc.			17,310		0.0
10,117 (2)	Poste Italiane SpA			132,535		0.0
457	Primerica, Inc.			70,044		0.0
533	Prosperity Bancshares, Inc.			38,536		0.0
3,185	QBE Insurance Group Ltd.			26,301		0.0
549	Raiffeisen International Bank Holding AG			16,124		0.0
18,575	Regions Financial Corp.			404,935		0.1
639	Reinsurance Group of America, Inc.			69,964		0.0
250	RLI Corp.			28,025		0.0
1,844	S&P Global, Inc.			870,239		0.2
3,160	Schroders PLC			152,525		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
4,630	Societe Generale		$	159,127		0.0
2,000	Sompo Holdings, Inc.			84,347		0.0
21,307	Standard Chartered PLC			129,563		0.0
3,670	Starwood Property Trust, Inc.			89,181		0.0
1,316	Stifel Financial Corp.			92,673		0.0
8,100	Sumitomo Mitsui Financial Group, Inc.			276,593		0.1
6,700	Sumitomo Mitsui Trust Holdings, Inc.			224,037		0.1
9,392	Synchrony Financial			435,695		0.1
5,156	Synovus Financial Corp.			246,818		0.1
1,500	T&D Holdings, Inc.			19,164		0.0
4,400	Tokio Marine Holdings, Inc.			244,946		0.1
5,226	Tradeweb Markets, Inc.			523,332		0.1
15,595	UBS Group AG			279,919		0.1
729	UMB Financial Corp.			77,354		0.0
1,337	Umpqua Holdings Corp.			25,724		0.0
12,511	UniCredit SpA			192,311		0.1
4,623	Unum Group			113,587		0.0
13,585	US Bancorp			763,069		0.2
1,202	Webster Financial Corp.			67,120		0.0
18,626	Wells Fargo & Co.			893,675		0.2
620	Zions Bancorp NA			39,159		0.0
717	Zurich Insurance Group AG			314,103		0.1
				18,808,504		4.8
	Health Care: 5.1%
75 (1)	10X Genomics, Inc.			11,172		0.0
2,500	Abbott Laboratories			351,850		0.1
4,009	Agilent Technologies, Inc.			640,037		0.2
445 (1)	Align Technology, Inc.			292,445		0.1
260 (1)	Amedisys, Inc.			42,089		0.0
1,750	Anthem, Inc.			811,195		0.2
2,660	AstraZeneca PLC			310,606		0.1
616 (1)	Avantor, Inc.			25,958		0.0
745 (1)	Biogen, Inc.			178,741		0.1
42	Bio-Techne Corp.			21,728		0.0
12,778	Bristol-Myers Squibb Co.			796,708		0.2
94	Bruker Corp.			7,888		0.0
3,171 (1)	Centene Corp.			261,290		0.1
42 (1)	Charles River Laboratories International, Inc.			15,825		0.0
1,447	Cigna Corp.			332,275		0.1
153	Cochlear Ltd.			24,013		0.0
1,067	CSL Ltd.			225,670		0.1
2,875	CVS Health Corp.			296,585		0.1
800	Daiichi Sankyo Co., Ltd.			20,361		0.0
653	Danaher Corp.			214,844		0.1
4,484 (1)	Edwards Lifesciences Corp.			580,902		0.2
300	Eisai Co., Ltd.			17,030		0.0
1,096	Eli Lilly & Co.			302,737		0.1
583 (1)	Envista Holdings Corp.			26,270		0.0
2,933 (1)	Exelixis, Inc.			53,615		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
396	Getinge AB		$	17,259		0.0
12,057	GlaxoSmithKline PLC			262,514		0.1
482 (1)	Globus Medical, Inc.			34,800		0.0
368	GN Store Nord A/S			23,090		0.0
1,152 (1)	Halozyme Therapeutics, Inc.			46,322		0.0
247 (1)	HealthEquity, Inc.			10,927		0.0
3,814	Hikma Pharmaceuticals PLC			114,538		0.0
3,046 (1)	Hologic, Inc.			233,202		0.1
1,500	Hoya Corp.			222,588		0.1
4,580 (1)	Incyte Corp., Ltd.			336,172		0.1
471 (1)	Inmode Ltd.			33,243		0.0
1,118	Ipsen SA			102,308		0.0
259 (1)	IQVIA Holdings, Inc.			73,074		0.0
555 (1)	Jazz Pharmaceuticals PLC			70,707		0.0
7,791	Johnson & Johnson			1,332,806		0.3
4,019	Koninklijke Philips NV			148,750		0.0
1,300	Kyowa Kirin Co., Ltd.			35,445		0.0
715 (1)	Laboratory Corp. of America Holdings			224,660		0.1
337 (1)	LHC Group, Inc.			46,247		0.0
281 (1)	Masimo Corp.			82,271		0.0
1,089	McKesson Corp.			270,693		0.1
1,500	Medipal Holdings Corp.			28,117		0.0
320 (1)	Medpace Holdings, Inc.			69,645		0.0
8,363	Medtronic PLC			865,152		0.2
13,511	Merck & Co., Inc.			1,035,483		0.3
9 (1)	Mettler Toledo International, Inc.			15,275		0.0
1,047 (1)	Moderna, Inc.			265,917		0.1
1,142 (1)	Molina Healthcare, Inc.			363,247		0.1
112 (1)	Natera, Inc.			10,460		0.0
357 (1)	Neurocrine Biosciences, Inc.			30,406		0.0
1,572	Novartis AG			138,135		0.0
1,672	Novo Nordisk A/S			187,809		0.1
548��(1)	NuVasive, Inc.			28,759		0.0
2,900	Olympus Corp.			66,779		0.0
4,900	Ono Pharmaceutical Co., Ltd.			121,791		0.0
5,400 (3)	Otsuka Holdings Co. Ltd.			196,457		0.1
1,578	Patterson Cos., Inc.			46,314		0.0
89 (1)	Penumbra, Inc.			25,572		0.0
9,505	Pfizer, Inc.			561,270		0.1
833 (1)	Progyny, Inc.			41,942		0.0
266 (1)	Quidel Corp.			35,907		0.0
684 (1)	Regeneron Pharmaceuticals, Inc.			431,960		0.1
41 (1)	Repligen Corp.			10,859		0.0
1,351	Roche Holding AG			560,478		0.2
2,704 (1)	Sage Therapeutics, Inc.			115,028		0.0
3,394	Sanofi			340,567		0.1
9,500	Santen Pharmaceutical Co., Ltd.			115,983		0.0
30	Sartorius Stedim Biotech			16,476		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
822 (1)	Seagen, Inc.		$	127,081		0.0
2,029	Sonic Healthcare Ltd.			68,816		0.0
571	Sonova Holding AG - Reg			223,145		0.1
590 (1)	Staar Surgical Co.			53,867		0.0
59	Straumann Holding AG			124,761		0.0
1,300	Sumitomo Dainippon Pharma Co. Ltd.			14,999		0.0
84 (1)	Syneos Health, Inc.			8,625		0.0
600	Takeda Pharmaceutical Co., Ltd.			16,385		0.0
450 (1)	Tandem Diabetes Care, Inc.			67,734		0.0
435 (1)	Tenet Healthcare Corp.			35,535		0.0
1,726	Thermo Fisher Scientific, Inc.			1,151,656		0.3
936	UCB S.A.			106,822		0.0
285 (1)	United Therapeutics Corp.			61,583		0.0
3,137	UnitedHealth Group, Inc.			1,575,213		0.4
121 (1)	Veeva Systems, Inc.			30,913		0.0
994 (1)	Vertex Pharmaceuticals, Inc.			218,282		0.1
1,822	Zoetis, Inc.			444,623		0.1
				19,639,278		5.1
	Industrials: 3.9%
4,651	ABB Ltd.			177,263		0.1
2,416	ACS Actividades de Construccion y Servicios SA			64,413		0.0
1,123	Acuity Brands, Inc.			237,762		0.1
2,153	Adecco Group AG			109,711		0.0
71	Advanced Drainage Systems, Inc.			9,665		0.0
3,704 (1)	AECOM			286,504		0.1
684	AGCO Corp.			79,358		0.0
3,120	Allegion Public Ltd.			413,213		0.1
1,141	AO Smith Corp.			97,955		0.0
49	AP Moller - Maersk A/S - Class B			174,896		0.1
1,303 (1)	ASGN, Inc.			160,790		0.1
1,451	Ashtead Group PLC			116,971		0.0
713	Assa Abloy AB			21,733		0.0
2,400	Atlas Copco AB - A Shares			165,842		0.1
54,544	Aurizon Holdings Ltd.			138,576		0.0
281 (1)	Avis Budget Group, Inc.			58,271		0.0
197 (1)	Axon Enterprise, Inc.			30,929		0.0
3,761	BAE Systems PLC			28,046		0.0
400	Benefit One, Inc.			17,186		0.0
16,692	Brambles Ltd.			129,134		0.0
193	Brink’s Co.			12,655		0.0
550 (1)	Builders FirstSource, Inc.			47,141		0.0
68 (1)	CACI International, Inc.			18,306		0.0
111	Carlisle Cos., Inc.			27,541		0.0
3,196	Cie de Saint-Gobain			224,828		0.1
10,500	CK Hutchison Holdings Ltd.			67,603		0.0
1,507 (1)	Clean Harbors, Inc.			150,353		0.1
8,639	CNH Industrial NV			167,028		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
1,466 (1)	Colfax Corp.		$	67,392		0.0
2,437 (1)	Copart, Inc.			369,498		0.1
280 (1)	Core & Main, Inc.			8,495		0.0
1,310 (1)	CoStar Group, Inc.			103,529		0.0
2,262	Crane Co.			230,113		0.1
272	Curtiss-Wright Corp.			37,718		0.0
6,500	Dai Nippon Printing Co., Ltd.			163,584		0.0
1,102 (1)	Daimler Truck Holding AG			40,512		0.0
2,128	Deere & Co.			729,670		0.2
4,490	Deutsche Post AG			288,800		0.1
264 (1)	Dycom Industries, Inc.			24,753		0.0
843	Eiffage SA			86,916		0.0
918	EMCOR Group, Inc.			116,944		0.0
5,194	Emerson Electric Co.			482,886		0.1
587	EnerSys			46,408		0.0
3,644	Epiroc AB			92,142		0.0
200	Fanuc Ltd.			42,512		0.0
1,598	FedEx Corp.			413,307		0.1
1,330	Ferguson PLC			236,243		0.1
6,753	Flowserve Corp.			206,642		0.1
6,260	Fortive Corp.			477,575		0.1
1,316	GEA Group AG			71,879		0.0
64	Geberit AG - Reg			52,169		0.0
4,211	General Electric Co.			397,813		0.1
159	Graco, Inc.			12,819		0.0
285 (1)	GXO Logistics, Inc.			25,887		0.0
489	MillerKnoll, Inc.			19,164		0.0
602 (1)	Hexcel Corp.			31,184		0.0
233	Hubbell, Inc.			48,527		0.0
6,310	Husqvarna AB - B Shares			100,890		0.0
915 (1)	IAA, Inc.			46,317		0.0
221	Intertek Group PLC			16,860		0.0
300	Jardine Matheson Holdings Ltd.			16,496		0.0
12,227 (1)	JetBlue Airways Corp.			174,113		0.1
5,830	Johnson Controls International plc			474,037		0.1
995	KBR, Inc.			47,382		0.0
998	Knight-Swift Transportation Holdings, Inc.			60,818		0.0
1,876	Legrand S.A.			219,719		0.1
27	Lennox International, Inc.			8,758		0.0
1,764	Manpowergroup, Inc.			171,690		0.1
418 (1)	Mastec, Inc.			38,573		0.0
157 (1)	Middleby Corp.			30,891		0.0
1,900	Mitsubishi Heavy Industries Ltd.			43,929		0.0
3,800	Mitsui & Co., Ltd.			90,052		0.0
900	NGK Insulators Ltd.			15,233		0.0
1,000	Nihon M&A Center Holdings, Inc.			24,529		0.0
36	Nordson Corp.			9,190		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
2,103	nVent Electric PLC		$	79,914		0.0
471	Oshkosh Corp.			53,086		0.0
3,569	Owens Corning, Inc.			322,995		0.1
164	Parker Hannifin Corp.			52,172		0.0
2,907	Pentair PLC			212,298		0.1
861	Randstad NV			58,735		0.0
2,000	Recruit Holdings Co. Ltd.			121,711		0.0
543	Regal Rexnord Corp.			92,408		0.0
1,162	Rockwell Automation, Inc.			405,364		0.1
1,351	Roper Technologies, Inc.			664,503		0.2
3,433	Ryder System, Inc.			282,982		0.1
233 (1)	Saia, Inc.			78,528		0.0
2,815	Sandvik AB			78,464		0.0
1,776	Schneider Electric SE			349,153		0.1
3,000	Secom Co., Ltd.			208,459		0.1
2,603	Securitas AB			35,808		0.0
2,040 (1)	Sensata Technologies Holding PLC			125,848		0.0
154	Siemens AG			26,673		0.0
434	Simpson Manufacturing Co., Inc.			60,356		0.0
61,900	Singapore Technologies Engineering Ltd.			172,746		0.1
12,000	SITC International Holdings Co. Ltd.			43,400		0.0
4,097	SKF AB - B Shares			96,893		0.0
100	SMC Corp.			67,586		0.0
72	Snap-On, Inc.			15,507		0.0
400	Sohgo Security Services Co., Ltd.			15,894		0.0
3,400	Sumitomo Corp.			50,318		0.0
214 (1)	Sunrun, Inc.			7,340		0.0
1,000	Techtronic Industries Co., Ltd.			19,935		0.0
52	Teleperformance			23,248		0.0
3,294	Terex Corp.			144,771		0.0
95	Tetra Tech, Inc.			16,131		0.0
923	Timken Co.			63,955		0.0
2,700	Toppan, Inc.			50,667		0.0
83	Toro Co.			8,293		0.0
1,466	TransUnion			173,838		0.1
232 (1)	Trex Co., Inc.			31,327		0.0
355 (1)	United Rentals, Inc.			117,963		0.0
1,128	Verisk Analytics, Inc.			258,007		0.1
62 (1)	Vicor Corp.			7,873		0.0
7,090	Volvo AB - B Shares			163,967		0.1
612	Wolters Kluwer NV			72,033		0.0
2,379	Woodward, Inc.			260,405		0.1
509	WW Grainger, Inc.			263,784		0.1
4,300	Yamato Holdings Co., Ltd.			101,014		0.0
				15,304,583		3.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology: 9.5%
2,319	Accenture PLC		$	961,341		0.3
1,612 (1)	Adobe, Inc.			914,101		0.2
3,107 (1)	Advanced Micro Devices, Inc.			447,097		0.1
300	Advantest Corp.			28,410		0.0
11 (1)(2)	Adyen NV			28,875		0.0
3,421 (1)	Akamai Technologies, Inc.			400,394		0.1
257	Alliance Data Systems Corp.			17,108		0.0
3,876	Amdocs Ltd.			290,080		0.1
37,089	Apple, Inc.			6,585,894		1.7
4,841	Applied Materials, Inc.			761,780		0.2
2,099 (1)	Arrow Electronics, Inc.			281,833		0.1
459	ASM International NV			202,610		0.1
897	ASML Holding NV			718,515		0.2
1,022	Automatic Data Processing, Inc.			252,005		0.1
12,294	Avnet, Inc.			506,882		0.1
5,900	Brother Industries Ltd.			113,720		0.0
1,710 (1)	Cadence Design Systems, Inc.			318,658		0.1
325	Capgemini SE			79,651		0.0
1,521 (1)	Check Point Software Technologies			177,288		0.1
3,254 (1)	Ciena Corp.			250,460		0.1
22,474	Cisco Systems, Inc.			1,424,177		0.4
726	Cognex Corp.			56,454		0.0
3,054	Cognizant Technology Solutions Corp.			270,951		0.1
938 (1)	Commvault Systems, Inc.			64,647		0.0
326	Concentrix Corp.			58,230		0.0
49 (1)	Crowdstrike Holdings, Inc.			10,033		0.0
1,051	Dassault Systemes SE			62,372		0.0
816 (1)	Datadog, Inc.			145,338		0.0
275 (1)	Digital Turbine, Inc.			16,772		0.0
52 (1)	DocuSign, Inc.			7,920		0.0
11,706 (1)	Dropbox, Inc.			287,265		0.1
493 (1)	EPAM Systems, Inc.			329,546		0.1
323 (1)	F5, Inc.			79,041		0.0
18 (1)	Fair Isaac Corp.			7,806		0.0
78 (1)	First Solar, Inc.			6,798		0.0
11,541	Genpact Ltd.			612,596		0.2
290 (1)	HubSpot, Inc.			191,153		0.1
564 (1)(3)	II-VI, Inc.			38,538		0.0
644	Infineon Technologies AG			29,649		0.0
9,019	Intel Corp.			464,478		0.1
1,377	Intuit, Inc.			885,714		0.2
300	Keyence Corp.			188,627		0.1
1,116	KLA Corp.			480,003		0.1
1,174 (1)	Kyndryl Holdings, Inc.			21,249		0.0
846	Lam Research Corp.			608,401		0.2
1,090 (1)	Lattice Semiconductor Corp.			83,995		0.0
265 (1)	Lumentum Holdings, Inc.			28,029		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
59 (1)	Manhattan Associates, Inc.			$	9,174		0.0
621	Mastercard, Inc. - Class A				223,138		0.1
17,878	Microsoft Corp.				6,012,729		1.6
388 (1)	Mimecast Ltd.				30,873		0.0
465	MKS Instruments, Inc.				80,989		0.0
189 (1)	MongoDB, Inc.				100,047		0.0
1,341	National Instruments Corp.				58,561		0.0
144 (1)	nCino, Inc.				7,900		0.0
294 (1)	NCR Corp.				11,819		0.0
511	Nemetschek SE				65,338		0.0
5,471	NetApp, Inc.				503,277		0.1
7,104	Nvidia Corp.				2,089,357		0.5
664 (1)	Palo Alto Networks, Inc.				369,689		0.1
145 (1)	Paycom Software, Inc.				60,203		0.0
1,186 (1)	Paylocity Holding Corp.				280,086		0.1
2,921 (1)	PayPal Holdings, Inc.				550,842		0.1
9,894 (1)	Pure Storage, Inc. - Class A				322,050		0.1
1,409	Qualcomm, Inc.				257,664		0.1
1,151 (1)	Qualys, Inc.				157,940		0.0
3,900	Ricoh Co., Ltd.				36,352		0.0
1,500	Rohm Co., Ltd.				136,454		0.0
9,130	Sage Group PLC/The				105,642		0.0
2,704 (1)	Salesforce.com, Inc.				687,168		0.2
1,187	SAP SE				167,058		0.1
2,400	SCSK Corp.				47,765		0.0
1,992 (1)	Semtech Corp.				177,149		0.0
1,009 (1)	ServiceNow, Inc.				654,952		0.2
44 (1)	SiTime Corp.				12,872		0.0
114 (1)	SolarEdge Technologies, Inc.				31,985		0.0
2,767	STMicroelectronics NV-STM1				136,067		0.0
223 (1)	Synaptics, Inc.				64,561		0.0
2,549	TD SYNNEX Corp.				291,504		0.1
205 (1)	Synopsys, Inc.				75,543		0.0
328 (1)	Teradata Corp.				13,930		0.0
2,756	Teradyne, Inc.				450,689		0.1
1,853	Texas Instruments, Inc.				349,235		0.1
4,000	TIS, Inc.				118,944		0.0
300	Tokyo Electron Ltd.				172,672		0.1
477	Universal Display Corp.				78,719		0.0
10,800	Venture Corp. Ltd.				146,760		0.1
5,195	Visa, Inc. - Class A				1,125,808		0.3
3,016	Vishay Intertechnology, Inc.				65,960		0.0
3,011	VMware, Inc.				348,915		0.1
907	WiseTech Global Ltd.				38,467		0.0
148 (1)	Wolfspeed, Inc.				16,542		0.0
639 (1)	Workday, Inc.				174,562		0.0
1,052 (1)	Xero Ltd.				107,682		0.0
646	Xilinx, Inc.				136,971		0.0
89 (1)	Zendesk, Inc.				9,282		0.0
		��			36,968,370		9.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials: 1.6%
679	Air Products & Chemicals, Inc.		$	206,593		0.1
1,002	Alcoa Corp.			59,699		0.0
4,024	Anglo American PLC			165,516		0.1
2,895	ArcelorMittal SA			92,868		0.0
676	Arkema SA			95,414		0.0
1,600	Asahi Kasei Corp.			15,072		0.0
309	Ashland Global Holdings, Inc.			33,267		0.0
397	Avient Corp.			22,212		0.0
667	BASF SE			46,813		0.0
10,302 (3)	BHP Group Ltd.			311,034		0.1
1,218	Cabot Corp.			68,452		0.0
270	Chemours Co.			9,061		0.0
847 (1)	Cleveland-Cliffs, Inc.			18,439		0.0
1,779	Commercial Metals Co.			64,560		0.0
479	Compass Minerals International, Inc.			24,467		0.0
7,457	Corteva, Inc.			352,567		0.1
4,884	CRH PLC			258,559		0.1
4,009	DuPont de Nemours, Inc.			323,847		0.1
449	Eagle Materials, Inc.			74,741		0.0
2,502	Evonik Industries AG			80,828		0.0
135	FMC Corp.			14,835		0.0
3,125	Freeport-McMoRan, Inc.			130,406		0.1
607	Greif, Inc. - Class A			36,645		0.0
1,920	HeidelbergCement AG			129,940		0.0
4,079	Holcim Ltd.			207,454		0.1
4,097 (1)	Ingevity Corp.			293,755		0.1
1,123	International Paper Co.			52,759		0.0
473	James Hardie Industries SE			19,039		0.0
370	Louisiana-Pacific Corp.			28,989		0.0
4,259	Minerals Technologies, Inc.			311,546		0.1
1,414	Newcrest Mining Ltd.			25,325		0.0
1,400	Nippon Sanso Holdings Corp.			30,622		0.0
2,100	Nissan Chemical Corp.			122,136		0.0
1,500	Nitto Denko Corp.			115,879		0.0
2,476	Norsk Hydro ASA			19,483		0.0
1,773	Novozymes A/S			145,581		0.1
2,413	Olin Corp.			138,796		0.1
1,482	PPG Industries, Inc.			255,556		0.1
2,614	Rio Tinto Ltd.			190,749		0.1
812	Royal Gold, Inc.			85,430		0.0
617	RPM International, Inc.			62,317		0.0
381	Sensient Technologies Corp.			38,123		0.0
245	Sherwin-Williams Co.			86,279		0.0
300	Shin-Etsu Chemical Co., Ltd.			52,073		0.0
540	Sika AG			224,433		0.1
20,419	South32 Ltd. - AUD			59,717		0.0
1,176	Steel Dynamics, Inc.			72,994		0.0
30,700	Sumitomo Chemical Co., Ltd.			144,775		0.0
1,678	United States Steel Corp.			39,953		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
9,541	WestRock Co.		$	423,239		0.1
2,772	Yara International ASA			139,759		0.0
				6,022,596		1.6
	Real Estate: 1.5%
1,325	American Campus Communities, Inc.			75,909		0.0
16,744	Brixmor Property Group, Inc.			425,465		0.1
255	Camden Property Trust			45,563		0.0
3,287 (1)	CBRE Group, Inc.			356,672		0.1
2,731	Corporate Office Properties Trust SBI MD			76,386		0.0
2,037	Cousins Properties, Inc.			82,050		0.0
1,697	Digital Realty Trust, Inc.			300,148		0.1
83	Extra Space Storage, Inc.			18,819		0.0
5,776	First Industrial Realty Trust, Inc.			382,371		0.1
11,576	Goodman Group			223,148		0.1
5,034	GPT Group			19,850		0.0
1,096	Healthcare Realty Trust, Inc.			34,678		0.0
2,005	Highwoods Properties, Inc.			89,403		0.0
14,800	Hongkong Land Holdings Ltd. - HKHGF			76,954		0.0
3,038	Invitation Homes, Inc.			137,743		0.1
53 (1)	Jones Lang LaSalle, Inc.			14,275		0.0
5,744	Kilroy Realty Corp.			381,746		0.1
1,819	Kite Realty Group Trust			39,618		0.0
918	Lamar Advertising Co.			111,353		0.0
867	Life Storage, Inc.			132,807		0.0
539	Medical Properties Trust, Inc.			12,737		0.0
5,300	Mitsui Fudosan Co., Ltd.			105,050		0.0
11,255	National Retail Properties, Inc.			541,028		0.2
968	National Storage Affiliates Trust			66,986		0.0
4,700	Nomura Real Estate Holdings, Inc.			108,297		0.0
3,562	ProLogis, Inc.			599,698		0.2
733	PS Business Parks, Inc.			134,997		0.0
100	Rexford Industrial Realty, Inc.			8,111		0.0
2,044	Sabra Healthcare REIT, Inc.			27,676		0.0
683	SBA Communications Corp.			265,701		0.1
7,306	Scentre Group			16,807		0.0
10,664	Segro PLC			207,539		0.1
6,430	Spirit Realty Capital, Inc.			309,862		0.1
1,270	STORE Capital Corp.			43,688		0.0
10,000	Swire Pacific Ltd. - Class A			56,880		0.0
52,200	Swire Properties Ltd.			130,859		0.1
				5,660,874		1.5
	Utilities: 1.1%
496	ALLETE, Inc.			32,910		0.0
109	Black Hills Corp.			7,692		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
500	DTE Energy Co.		$	59,770		0.0
4,024	Duke Energy Corp.			422,118		0.1
9,019	Electricite de France SA			106,075		0.0
19,591	Enel S.p.A.			156,651		0.0
10,602	Engie SA			156,967		0.0
4,463	Entergy Corp.			502,757		0.1
147	Essential Utilities, Inc.			7,892		0.0
2,753	Exelon Corp.			159,013		0.1
16,326	Iberdrola S.A. - IBEE			193,299		0.1
17,564	MDU Resources Group, Inc.			541,674		0.1
8,970	National Fuel Gas Co.			573,542		0.2
9,700	Osaka Gas Co., Ltd.			160,431		0.1
19,000	Power Assets Holdings Ltd.			118,433		0.0
680	RWE AG			27,551		0.0
3,107	Sempra Energy			410,994		0.1
430	Southwest Gas Holdings, Inc.			30,121		0.0
5,700	Tokyo Gas Co., Ltd.			102,317		0.0
11,899	UGI Corp.			546,283		0.2
2,160	United Utilities Group PLC			31,872		0.0
4,296	Vistra Corp.			97,820		0.0
				4,446,182		1.1
	Total Common Stock (Cost $117,975,739)			151,171,190		38.9
EXCHANGE-TRADED FUNDS: 28.3%
815	iShares Core S&P Mid-Cap ETF			230,710		0.1
1,347	iShares MSCI EAFE ETF			105,982		0.0
67,513 (3)	iShares Russell 2000 ETF			15,018,267		3.9
198,640	SPDR S&P 500 ETF Trust			94,346,055		24.3
	Total Exchange-Traded Funds (Cost $81,639,599)			109,701,014		28.3
MUTUAL FUNDS: 10.4%
	Affiliated Investment Companies: 10.4%
130,844	Voya Emerging Markets Local Currency Debt Fund - Class P			804,693		0.2
187,368	Voya Floating Rate Fund - Class P			1,691,934		0.5
4,098,567	Voya High Yield Bond Fund - Class P			32,911,489		8.5
482,007	Voya Short Term Bond Fund - Class R6			4,762,230		1.2
	Total Mutual Funds (Cost $38,424,132)			40,170,346		10.4
PREFERRED STOCK: 0.1%
	Consumer Discretionary: 0.1%
1,172	Porsche AG			110,652		0.1
349	Volkswagen AG			70,108		0.0
				180,760		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
PREFERRED STOCK (continued)
	Consumer Staples: 0.0%
1,371	Henkel AG & Co. KGaA		$	110,627		0.0
	Total Preferred Stock (Cost $346,552)			291,387		0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 7.1%
	Basic Materials: 0.2%
10,000 (2)	Anglo American Capital PLC, 3.625%, 09/11/2024		10,504		0.0
12,000 (2)	Anglo American Capital PLC, 5.625%, 04/01/2030		14,230		0.0
30,000	Celanese US Holdings LLC, 1.400%, 08/05/2026		29,302		0.0
55,000	Dow Chemical Co., 4.375%, 11/15/2042		65,101		0.0
80,000	Ecolab, Inc., 2.125%, 02/01/2032		79,427		0.1
15,000	Ecolab, Inc., 2.700%, 12/15/2051		14,764		0.0
40,000	Ecolab, Inc., 2.750%, 08/18/2055		39,369		0.0
40,000 (2)	Georgia-Pacific LLC, 0.950%, 05/15/2026		38,832		0.0
60,000 (2)	Glencore Funding LLC, 2.625%, 09/23/2031		58,369		0.0
35,000 (2)	International Flavors & Fragrances, Inc., 3.268%, 11/15/2040		35,605		0.0
42,000	Mosaic Co/The, 5.450%, 11/15/2033		52,158		0.0
13,000 (2)	Newcrest Finance Pty Ltd., 3.250%, 05/13/2030		13,630		0.0
10,000 (2)	Newcrest Finance Pty Ltd., 4.200%, 05/13/2050		11,377		0.0
18,000	Newmont Corp., 2.250%, 10/01/2030		17,769		0.0
32,000	PPG Industries, Inc., 1.200%, 03/15/2026		31,329		0.0
54,000	Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051		53,637		0.0
21,000	Steel Dynamics, Inc., 1.650%, 10/15/2027		20,563		0.0
15,000	Steel Dynamics, Inc., 2.400%, 06/15/2025		15,359		0.0
19,000	Teck Resources Ltd., 5.400%, 02/01/2043		23,218		0.0
65,000	Teck Resources Ltd., 6.125%, 10/01/2035		84,373		0.1
			708,916		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: 0.6%
61,000	Amazon.com, Inc., 2.875%, 05/12/2041		$	63,465		0.0
21,000	Amazon.com, Inc., 3.100%, 05/12/2051			22,476		0.0
51,000	AT&T, Inc., 3.100%, 02/01/2043			49,684		0.0
45,000	AT&T, Inc., 3.300%, 02/01/2052			44,195		0.0
20,000	AT&T, Inc., 3.500%, 06/01/2041			20,598		0.0
20,000	AT&T, Inc., 3.550%, 09/15/2055			20,106		0.0
95,000	AT&T, Inc., 3.650%, 09/15/2059			96,126		0.0
16,000	AT&T, Inc., 4.500%, 05/15/2035			18,513		0.0
21,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			20,507		0.0
30,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042			29,150		0.0
35,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			33,105		0.0
21,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052			21,099		0.0
50,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022			50,743		0.0
10,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050			11,224		0.0
72,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025			79,344		0.0
38,000	Comcast Corp., 2.650%, 02/01/2030			39,449		0.0
32,000 (2)	Comcast Corp., 2.887%, 11/01/2051			31,034		0.0
60,000	Comcast Corp., 3.900%, 03/01/2038			68,019		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
78,000	Comcast Corp., 3.950%, 10/15/2025		$	85,223		0.0
40,000	Comcast Corp., 3.999%, 11/01/2049			46,466		0.0
15,000	Corning, Inc., 5.450%, 11/15/2079			19,867		0.0
80,000	Discovery Communications LLC, 4.000%, 09/15/2055			84,674		0.0
25,000	Discovery Communications LLC, 5.200%, 09/20/2047			31,061		0.0
45,000 (3)	Discovery Communications LLC, 5.300%, 05/15/2049			56,480		0.0
9,000	Interpublic Group of Cos., Inc., 4.200%, 04/15/2024			9,612		0.0
200,000 (2)	Tencent Holdings Ltd., 2.985%, 01/19/2023			203,362		0.1
25,000	Time Warner Cable LLC, 5.875%, 11/15/2040			31,258		0.0
143,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			142,047		0.1
14,000	T-Mobile USA, Inc., 3.300%, 02/15/2051			13,706		0.0
16,000 (2)	T-Mobile USA, Inc., 3.600%, 11/15/2060			15,892		0.0
309,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			338,270		0.1
21,000	VeriSign, Inc., 2.700%, 06/15/2031			21,135		0.0
133,000	Verizon Communications, Inc., 2.100%, 03/22/2028			133,350		0.1
167,000 (2)	Verizon Communications, Inc., 2.355%, 03/15/2032			164,739		0.1
12,000	Verizon Communications, Inc., 2.987%, 10/30/2056			11,386		0.0
18,000	Verizon Communications, Inc., 3.400%, 03/22/2041			18,879		0.0
90,000	Verizon Communications, Inc., 3.700%, 03/22/2061			97,781		0.0
80,000	Verizon Communications, Inc., 4.812%, 03/15/2039			100,500		0.1
55,000	Vodafone Group PLC, 4.375%, 02/19/2043			64,631		0.0
20,000	Vodafone Group PLC, 5.125%, 06/19/2059			26,392		0.0
8,000	Walt Disney Co/The, 2.000%, 09/01/2029			7,966		0.0
				2,443,514		0.6

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical: 0.2%
28,570 (2)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029		$	31,283		0.0
3,697	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			3,821		0.0
10,156	American Airlines 2017-1 Class A Pass Through Trust, 4.000%, 08/15/2030			10,164		0.0
18,643	American Airlines 2017-2 Class A Pass Through Trust, 3.600%, 04/15/2031			18,188		0.0
4,053	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			4,134		0.0
10,910 (2)	British Airways 2020-1 Class A Pass Through Trust, 4.250%, 05/15/2034			11,647		0.0
2,405	Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 04/29/2026			2,496		0.0
11,238	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			11,201		0.0
20,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025			21,033		0.0
37,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			40,433		0.0
50,000	General Motors Co., 5.400%, 04/01/2048			63,947		0.1
17,000	General Motors Co., 6.125%, 10/01/2025			19,545		0.0
25,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			26,320		0.0
25,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			27,559		0.0
33,000 (2)	Harley-Davidson Financial Services, Inc., 3.350%, 06/08/2025			34,600		0.0
40,000	Hasbro, Inc., 3.000%, 11/19/2024			41,655		0.0
30,000	Lowe’s Cos, Inc., 1.700%, 10/15/2030			28,538		0.0
15,000	Lowe’s Cos, Inc., 2.800%, 09/15/2041			14,660		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
21,000 (2)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027		$	22,449		0.0
27,000	Toyota Motor Credit Corp., 2.150%, 02/13/2030			27,086		0.0
32,572	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			33,805		0.0
7,183	United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/2027			7,521		0.0
10,923	United Airlines 2014-1 Class A Pass Through Trust, 4.000%, 10/11/2027			11,453		0.0
45,758	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030			47,201		0.0
27,599	United Airlines 2016-2 Class A Pass Through Trust, 3.100%, 04/07/2030			27,380		0.0
86,741	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			88,572		0.1
9,301	United Airlines 2019-2 Class A Pass Through Trust, 2.900%, 11/01/2029			9,246		0.0
1,807	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			1,982		0.0
18,219	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			19,118		0.0
				707,037		0.2
	Consumer, Non-cyclical: 1.2%
43,000	AbbVie, Inc., 2.600%, 11/21/2024			44,644		0.0
200,000	AbbVie, Inc., 2.950%, 11/21/2026			210,888		0.1
12,000	AbbVie, Inc., 4.050%, 11/21/2039			13,795		0.0
75,000	AbbVie, Inc., 4.300%, 05/14/2036			88,566		0.1
33,000	AbbVie, Inc., 4.400%, 11/06/2042			39,466		0.0
71,000	AbbVie, Inc., 4.500%, 05/14/2035			85,068		0.1
13,000	AbbVie, Inc., 4.550%, 03/15/2035			15,655		0.0
30,000	AbbVie, Inc., 4.625%, 10/01/2042			36,776		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
42,000	Aetna, Inc., 2.800%, 06/15/2023		$	43,048		0.0
70,000	Aetna, Inc., 4.500%, 05/15/2042			83,073		0.0
23,000	Aetna, Inc., 6.625%, 06/15/2036			32,670		0.0
43,000	Altria Group, Inc., 2.450%, 02/04/2032			40,871		0.0
39,000	Altria Group, Inc., 3.700%, 02/04/2051			36,424		0.0
56,000	Altria Group, Inc., 4.450%, 05/06/2050			57,906		0.0
9,000	Altria Group, Inc., 4.800%, 02/14/2029			10,160		0.0
20,000	Altria Group, Inc., 5.800%, 02/14/2039			24,075		0.0
40,000	Amgen, Inc., 3.000%, 01/15/2052			38,909		0.0
97,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			117,246		0.1
75,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			95,014		0.1
15,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			19,667		0.0
34,000	Anthem, Inc., 2.875%, 09/15/2029			35,619		0.0
25,000	Anthem, Inc., 3.500%, 08/15/2024			26,415		0.0
23,000	Astrazeneca Finance LLC, 1.750%, 05/28/2028			22,884		0.0
23,000	AstraZeneca PLC, 0.700%, 04/08/2026			22,269		0.0
102,000	BAT Capital Corp., 2.259%, 03/25/2028			99,480		0.1
17,000	BAT Capital Corp., 2.726%, 03/25/2031			16,518		0.0
17,000	BAT Capital Corp., 3.734%, 09/25/2040			16,363		0.0
35,000	BAT Capital Corp., 4.390%, 08/15/2037			36,940		0.0
20,000 (2)	Baxter International, Inc., 1.915%, 02/01/2027			20,086		0.0
40,000 (2)	Baxter International, Inc., 2.272%, 12/01/2028			40,322		0.0
30,000 (2)	Baxter International, Inc., 2.539%, 02/01/2032			30,340		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
15,000 (2)	Baxter International, Inc., 3.132%, 12/01/2051		$	15,471		0.0
7,000	Becton Dickinson and Co., 3.363%, 06/06/2024			7,332		0.0
18,000	Bristol-Myers Squibb Co., 2.550%, 11/13/2050			17,077		0.0
30,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			35,550		0.0
45,000	Bristol-Myers Squibb Co., 4.250%, 10/26/2049			55,748		0.0
45,000 (2)	Cargill, Inc., 2.125%, 11/10/2031			44,406		0.0
48,000 (2)	Cargill, Inc., 3.875%, 05/23/2049			57,908		0.0
64,000	Cigna Corp., 4.800%, 08/15/2038			78,862		0.0
100,000	Cigna Corp., 4.900%, 12/15/2048			129,534		0.1
72,000	Coca-Cola Co/The, 2.875%, 05/05/2041			75,091		0.0
35,000 (3)	CVS Health Corp., 2.125%, 09/15/2031			34,313		0.0
30,000	CVS Health Corp., 2.700%, 08/21/2040			28,959		0.0
5,000	CVS Health Corp., 3.875%, 07/20/2025			5,378		0.0
7,000	CVS Health Corp., 4.125%, 04/01/2040			8,053		0.0
5,000	CVS Health Corp., 4.780%, 03/25/2038			6,097		0.0
100,000	CVS Health Corp., 5.050%, 03/25/2048			130,974		0.1
36,000 (2)	Element Fleet Management Corp., 3.850%, 06/15/2025			38,312		0.0
25,000	General Mills, Inc., 4.000%, 04/17/2025			26,864		0.0
10,000	Gilead Sciences, Inc., 0.750%, 09/29/2023			9,962		0.0
12,000	Gilead Sciences, Inc., 3.500%, 02/01/2025			12,694		0.0
13,000	Gilead Sciences, Inc., 4.500%, 02/01/2045			15,884		0.0
39,000	Global Payments, Inc., 1.200%, 03/01/2026			37,892		0.0
150,000	Global Payments, Inc., 2.650%, 02/15/2025			154,262		0.1
75,000	Global Payments, Inc., 3.200%, 08/15/2029			78,195		0.0
16,000 (2)	GXO Logistics, Inc., 1.650%, 07/15/2026			15,629		0.0
77,000	HCA, Inc., 4.125%, 06/15/2029			84,810		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
200,000	HCA, Inc., 4.500%, 02/15/2027		$	220,440		0.1
12,000	HCA, Inc., 5.125%, 06/15/2039			14,803		0.0
22,000	HCA, Inc., 5.250%, 04/15/2025			24,356		0.0
9,000	HCA, Inc., 5.250%, 06/15/2049			11,581		0.0
18,000 (2)	Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025			17,974		0.0
51,000	Hormel Foods Corp., 3.050%, 06/03/2051			54,304		0.0
30,000	Humana, Inc., 1.350%, 02/03/2027			29,186		0.0
35,000	Humana, Inc., 2.150%, 02/03/2032			33,883		0.0
80,000	Humana, Inc., 3.125%, 08/15/2029			83,904		0.0
35,000	Humana, Inc., 4.500%, 04/01/2025			38,172		0.0
30,000	Johnson & Johnson, 3.625%, 03/03/2037			34,500		0.0
17,000	Laboratory Corp. of America Holdings, 3.250%, 09/01/2024			17,809		0.0
10,000	Laboratory Corp. of America Holdings, 4.000%, 11/01/2023			10,489		0.0
25,000 (2)	Mars, Inc., 0.875%, 07/16/2026			24,298		0.0
75,000 (2)	Mars, Inc., 2.375%, 07/16/2040			71,557		0.0
30,000 (2)	Mars, Inc., 3.875%, 04/01/2039			34,761		0.0
12,000 (2)	Mars, Inc., 4.125%, 04/01/2054			15,067		0.0
40,000	McKesson Corp., 1.300%, 08/15/2026			39,087		0.0
18,000	Medtronic, Inc., 4.375%, 03/15/2035			22,177		0.0
55,000 (3)	Merck & Co., Inc., 1.900%, 12/10/2028			55,294		0.0
25,000	Merck & Co., Inc., 2.150%, 12/10/2031			25,090		0.0
15,000	Merck & Co., Inc., 2.750%, 12/10/2051			14,871		0.0
15,000	Merck & Co., Inc., 2.900%, 12/10/2061			14,955		0.0
35,000	Mylan, Inc., 5.200%, 04/15/2048			43,433		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
8,000	PayPal Holdings, Inc., 2.850%, 10/01/2029		$	8,428		0.0
23,000 (3)	PepsiCo, Inc., 2.625%, 10/21/2041			23,317		0.0
7,000	PepsiCo, Inc., 2.750%, 10/21/2051			7,193		0.0
6,000	PerkinElmer, Inc., 1.900%, 09/15/2028			5,866		0.0
59,000	PerkinElmer, Inc., 3.300%, 09/15/2029			62,510		0.0
70,000	Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030			66,277		0.0
30,000	Reynolds American, Inc., 5.700%, 08/15/2035			35,632		0.0
22,000	Reynolds American, Inc., 5.850%, 08/15/2045			26,789		0.0
6,000	Reynolds American, Inc., 6.150%, 09/15/2043			7,373		0.0
11,000	Royalty Pharma PLC, 1.200%, 09/02/2025			10,778		0.0
14,000	Royalty Pharma PLC, 1.750%, 09/02/2027			13,764		0.0
112,000	Royalty Pharma PLC, 3.550%, 09/02/2050			111,308		0.1
200,000	Takeda Pharmaceutical Co. Ltd., 2.050%, 03/31/2030			196,076		0.1
20,000 (2)	Triton Container International Ltd., 2.050%, 04/15/2026			19,862		0.0
23,000 (2)	Triton Container International Ltd., 3.150%, 06/15/2031			23,220		0.0
15,000 (3)	UnitedHealth Group, Inc., 2.750%, 05/15/2040			15,259		0.0
4,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			4,192		0.0
47,000	UnitedHealth Group, Inc., 3.250%, 05/15/2051			50,950		0.0
19,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			21,107		0.0
45,000	Viatris, Inc., 2.700%, 06/22/2030			45,202		0.0
66,000	Viatris, Inc., 3.850%, 06/22/2040			70,018		0.0
23,000	Viatris, Inc., 4.000%, 06/22/2050			24,551		0.0
				4,508,077		1.2
	Energy: 0.7%
18,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026			18,172		0.0
18,000	BP Capital Markets America, Inc., 1.749%, 08/10/2030			17,329		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
15,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051		$	14,438		0.0
15,000	BP Capital Markets America, Inc., 3.379%, 02/08/2061			15,453		0.0
28,000 (4)	BP Capital Markets PLC, 4.875%, 12/31/2199			30,310		0.0
8,000	Burlington Resources LLC, 5.950%, 10/15/2036			10,915		0.0
10,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			13,821		0.0
23,000 (3)	Cenovus Energy, Inc./CA, 3.750%, 02/15/2052			23,109		0.0
30,000	Cenovus Energy, Inc., 5.400%, 06/15/2047			37,435		0.0
30,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029			32,160		0.0
3,000	Chevron USA, Inc., 3.250%, 10/15/2029			3,244		0.0
41,000 (2)	ConocoPhillips, 2.400%, 02/15/2031			41,174		0.0
25,000 (2)	ConocoPhillips, 3.750%, 10/01/2027			27,423		0.0
25,000	Continental Resources, Inc., 4.900%, 06/01/2044			27,747		0.0
60,000 (2)	Coterra Energy, Inc., 3.900%, 05/15/2027			64,521		0.0
26,000	Diamondback Energy, Inc., 2.875%, 12/01/2024			26,991		0.0
5,000	Diamondback Energy, Inc., 3.125%, 03/24/2031			5,158		0.0
30,000	Diamondback Energy, Inc., 3.250%, 12/01/2026			31,661		0.0
55,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			58,382		0.0
10,000	Diamondback Energy, Inc., 4.750%, 05/31/2025			10,963		0.0
200,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			205,461		0.1
38,000 (4)	Enbridge, Inc., 5.750%, 07/15/2080			42,275		0.0
9,000	Energy Transfer L.P., 4.250%, 04/01/2024			9,454		0.0
5,000	Energy Transfer L.P., 4.900%, 03/15/2035			5,666		0.0
43,000	Energy Transfer L.P., 5.300%, 04/01/2044			49,347		0.0
160,000	Energy Transfer L.P., 5.300%, 04/15/2047			185,842		0.1
60,000	Energy Transfer L.P., 5.800%, 06/15/2038			72,815		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

	Principal Amount†		Value			Percentage of Net Assets
	CORPORATE BONDS/NOTES: (continued)
		Energy (continued)
	25,000	Enterprise Products Operating LLC, 3.750%, 02/15/2025		$	26,583		0.0
	50,000 (4)	Enterprise Products Operating LLC, 4.875%, 08/16/2077			46,876		0.0
	10,000	Exxon Mobil Corp., 4.227%, 03/19/2040			11,827		0.0
	41,000 (2)	Flex Intermediate Holdco LLC, 3.363%, 06/30/2031			41,220		0.0
	2,000	Halliburton Co., 3.500%, 08/01/2023			2,065		0.0
	2,000	Halliburton Co., 3.800%, 11/15/2025			2,152		0.0
	94,000	Hess Corp., 5.600%, 02/15/2041			116,281		0.1
	200,000 (2)	KazMunayGas National Co. JSC, 4.750%, 04/24/2025			217,776		0.1
	34,000	Kinder Morgan, Inc., 3.600%, 02/15/2051			34,271		0.0
	18,000	Kinder Morgan, Inc., 5.550%, 06/01/2045			22,809		0.0
	23,000	Marathon Petroleum Corp., 4.700%, 05/01/2025			25,111		0.0
	35,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			41,285		0.0
	25,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			29,805		0.0
	20,000	MPLX L.P., 1.750%, 03/01/2026			19,819		0.0
	14,000	MPLX L.P., 2.650%, 08/15/2030			13,952		0.0
	9,000	MPLX L.P., 4.700%, 04/15/2048			10,409		0.0
	11,000	MPLX L.P., 5.200%, 03/01/2047			13,500		0.0
��	21,000	MPLX L.P., 5.200%, 12/01/2047			25,568		0.0
	25,000	MPLX L.P., 5.500%, 02/15/2049			32,001		0.0
	16,000 (2)	Northern Natural Gas Co., 3.400%, 10/16/2051			16,479		0.0
	19,000	ONEOK Partners L.P., 6.125%, 02/01/2041			24,022		0.0
	24,000	ONEOK Partners L.P., 6.200%, 09/15/2043			31,132		0.0
	10,000	ONEOK, Inc., 2.200%, 09/15/2025			10,111		0.0
	200,000 (2)	Petroleos del Peru SA, 4.750%, 06/19/2032			209,036		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
135,500 (2)	Petroleos Mexicanos, 6.700%, 02/16/2032		$	137,123		0.1
10,000	Phillips 66, 0.900%, 02/15/2024			9,931		0.0
20,000	Phillips 66, 3.300%, 03/15/2052			20,015		0.0
41,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			42,518		0.0
25,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.500%, 12/15/2026			27,464		0.0
50,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			54,582		0.0
73,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			79,403		0.0
4,000	Plains All American Pipeline L.P. / PAA Finance Corp., 5.150%, 06/01/2042			4,405		0.0
15,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			16,444		0.0
16,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			17,983		0.0
26,000 (2)	Santos Finance Ltd., 3.649%, 04/29/2031			26,500		0.0
19,000 (2)	Schlumberger Holdings Corp., 3.750%, 05/01/2024			19,944		0.0
10,000	Shell International Finance BV, 2.875%, 11/26/2041			10,028		0.0
125,000	Shell International Finance BV, 3.250%, 05/11/2025			133,139		0.1
35,000	Shell International Finance BV, 4.125%, 05/11/2035			40,908		0.0
9,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030			9,497		0.0
16,000	Valero Energy Corp., 2.850%, 04/15/2025			16,586		0.0
25,000	Valero Energy Corp., 3.650%, 12/01/2051			24,898		0.0
30,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			32,442		0.0
19,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			23,682		0.0
23,000	Williams Partners L.P., 3.600%, 03/15/2022			23,021		0.0
				2,875,869		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial: 2.5%
54,000	American Campus Communities Operating Partnership L.P., 2.250%, 01/15/2029		$	53,455		0.0
23,000	American Homes 4 Rent L.P., 2.375%, 07/15/2031			22,581		0.0
56,000	American International Group, Inc., 3.400%, 06/30/2030			60,623		0.0
55,000	American International Group, Inc., 3.875%, 01/15/2035			60,906		0.0
29,000	American International Group, Inc., 3.900%, 04/01/2026			31,461		0.0
40,000	American International Group, Inc., 4.250%, 03/15/2029			45,750		0.0
10,000	American International Group, Inc., 4.375%, 01/15/2055			12,301		0.0
33,000	American International Group, Inc., 4.500%, 07/16/2044			40,737		0.0
17,000	American International Group, Inc., 4.800%, 07/10/2045			21,836		0.0
45,000	Assurant, Inc., 2.650%, 01/15/2032			44,194		0.0
54,000	Assurant, Inc., 3.700%, 02/22/2030			57,373		0.0
40,000 (2)	Athene Global Funding, 2.800%, 05/26/2023			41,029		0.0
25,000 (2)	Athene Global Funding, 2.950%, 11/12/2026			26,151		0.0
21,000 (2)	Aviation Capital Group LLC, 1.950%, 09/20/2026			20,419		0.0
8,000 (2)	Aviation Capital Group LLC, 3.875%, 05/01/2023			8,238		0.0
6,000 (2)	Aviation Capital Group LLC, 4.375%, 01/30/2024			6,297		0.0
32,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024			35,035		0.0
14,000 (2)	Avolon Holdings Funding Ltd., 2.125%, 02/21/2026			13,754		0.0
41,000 (2)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028			40,259		0.0
9,000 (2)	Avolon Holdings Funding Ltd., 2.875%, 02/15/2025			9,200		0.0
40,000 (2)	Avolon Holdings Funding Ltd., 4.250%, 04/15/2026			42,430		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
200,000	Banco Santander SA, 2.746%, 05/28/2025		$	206,884		0.1
63,000 (4)	Bank of America Corp., 0.981%, 09/25/2025			62,274		0.0
36,000 (4)	Bank of America Corp., 1.197%, 10/24/2026			35,300		0.0
48,000 (4)	Bank of America Corp., 1.734%, 07/22/2027			47,677		0.0
112,000 (4)	Bank of America Corp., 1.898%, 07/23/2031			107,313		0.1
26,000 (4)	Bank of America Corp., 1.922%, 10/24/2031			24,923		0.0
49,000 (4)	Bank of America Corp., 2.087%, 06/14/2029			48,693		0.0
45,000 (4)	Bank of America Corp., 2.572%, 10/20/2032			45,249		0.0
105,000 (4)	Bank of America Corp., 2.592%, 04/29/2031			106,182		0.0
53,000 (4)	Bank of America Corp., 2.676%, 06/19/2041			51,105		0.0
79,000 (4)	Bank of America Corp., 2.687%, 04/22/2032			80,255		0.0
60,000 (4)	Bank of America Corp., 3.593%, 07/21/2028			64,626		0.0
20,000	Bank of America Corp., 3.950%, 04/21/2025			21,395		0.0
18,000 (4)	Bank of America Corp., 3.970%, 03/05/2029			19,712		0.0
40,000 (4)	Bank of America Corp., 4.078%, 04/23/2040			46,038		0.0
13,000 (4)	Bank of America Corp., 4.083%, 03/20/2051			15,677		0.0
79,000	Bank of America Corp., 4.125%, 01/22/2024			83,976		0.0
103,000	Bank of America Corp., 4.183%, 11/25/2027			112,772		0.1
75,000 (4)	Bank of America Corp., 4.271%, 07/23/2029			83,674		0.0
50,000 (4)	Bank of Montreal, 3.803%, 12/15/2032			53,671		0.0
25,000	Bank of Nova Scotia/The, 2.200%, 02/03/2025			25,593		0.0
21,000	Bank of Nova Scotia/The, 2.700%, 08/03/2026			21,914		0.0
34,000 (4)	Bank of Nova Scotia/The, 4.900%, 12/31/2199			36,518		0.0
11,000	Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050			10,869		0.0
29,000	Berkshire Hathaway Finance Corp., 4.250%, 01/15/2049			35,696		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
15,000	BlackRock, Inc., 2.100%, 02/25/2032		$	14,895		0.0
21,000 (2)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			20,411		0.0
55,000 (2)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			53,009		0.0
41,000 (2)	Blackstone Holdings Finance Co. LLC, 2.850%, 08/05/2051			40,011		0.0
30,000 (2)	Blackstone Private Credit Fund, 2.625%, 12/15/2026			29,265		0.0
25,000 (2)	Blackstone Secured Lending Fund, 2.850%, 09/30/2028			24,392		0.0
200,000 (2)(4)	BNP Paribas SA, 2.219%, 06/09/2026			202,024		0.1
22,000	Boston Properties L.P., 3.250%, 01/30/2031			23,077		0.0
206,000 (2)	BPCE SA, 5.700%, 10/22/2023			221,540		0.1
35,000	Canadian Imperial Bank of Commerce, 2.250%, 01/28/2025			35,781		0.0
45,000 (4)	Capital One Financial Corp., 1.878%, 11/02/2027			44,797		0.0
45,000 (4)	Capital One Financial Corp., 2.618%, 11/02/2032			44,928		0.0
8,000	Capital One Financial Corp., 3.650%, 05/11/2027			8,624		0.0
33,000	CBRE Services, Inc., 2.500%, 04/01/2031			33,225		0.0
20,000 (4)	Charles Schwab Corp./The, 5.375%, 12/31/2199			21,850		0.0
44,000	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			41,491		0.0
17,000	Chubb INA Holdings, Inc., 2.850%, 12/15/2051			17,086		0.0
13,000	Chubb INA Holdings, Inc., 3.050%, 12/15/2061			13,303		0.0
28,000	CI Financial Corp., 4.100%, 06/15/2051			30,416		0.0
21,000 (4)	Citigroup, Inc., 1.462%, 06/09/2027			20,651		0.0
15,000 (4)	Citigroup, Inc., 2.561%, 05/01/2032			15,094		0.0
17,000 (4)	Citigroup, Inc., 2.904%, 11/03/2042			16,864		0.0
45,000	Citigroup, Inc., 5.500%, 09/13/2025			50,937		0.0
9,000	Columbia Property Trust Operating Partnership L.P., 3.650%, 08/15/2026			9,794		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
5,000	Columbia Property Trust Operating Partnership L.P., 4.150%, 04/01/2025		$	5,428		0.0
260,000	Cooperatieve Rabobank UA, 4.375%, 08/04/2025			281,872		0.1
250,000 (2)(4)	Credit Suisse Group AG, 2.193%, 06/05/2026			251,610		0.1
14,000	Crown Castle International Corp., 1.050%, 07/15/2026			13,534		0.0
30,000	CubeSmart L.P., 2.250%, 12/15/2028			30,029		0.0
15,000	CubeSmart L.P., 2.500%, 02/15/2032			14,951		0.0
200,000 (2)(4)	Danske Bank A/S, 1.621%, 09/11/2026			197,215		0.1
43,000 (2)	Empower Finance 2020 L.P., 1.357%, 09/17/2027			41,749		0.0
50,000	Essex Portfolio L.P., 3.250%, 05/01/2023			51,219		0.0
200,000 (2)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			202,634		0.1
43,000 (4)	Goldman Sachs Group, Inc./The, 1.542%, 09/10/2027			42,153		0.0
22,000 (4)	Goldman Sachs Group, Inc./The, 2.908%, 07/21/2042			21,914		0.0
35,000	Goldman Sachs Group, Inc., 4.250%, 10/21/2025			38,205		0.0
46,000	Goldman Sachs Group, Inc., 5.150%, 05/22/2045			59,963		0.0
17,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			24,145		0.0
30,000 (2)	Hartford Financial Services Group, Inc./The, 2.281%, (US0003M + 2.125)%, 02/12/2067			28,657		0.0
9,000	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			12,121		0.0
200,000 (4)	HSBC Holdings PLC, 2.099%, 06/04/2026			201,450		0.1
200,000 (4)	HSBC Holdings PLC, 2.633%, 11/07/2025			205,270		0.1
200,000 (4)	HSBC Holdings PLC, 3.262%, 03/13/2023			200,953		0.1
24,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			23,094		0.0
39,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028			38,607		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
55,000 (4)	JPMorgan Chase & Co., 0.969%, 06/23/2025		$	54,494		0.0
27,000 (4)	JPMorgan Chase & Co., 1.040%, 02/04/2027			26,144		0.0
65,000 (4)	JPMorgan Chase & Co., 1.470%, 09/22/2027			63,744		0.0
80,000 (4)	JPMorgan Chase & Co., 1.953%, 02/04/2032			77,134		0.0
55,000 (4)	JPMorgan Chase & Co., 2.069%, 06/01/2029			54,583		0.0
33,000 (4)	JPMorgan Chase & Co., 2.182%, 06/01/2028			33,293		0.0
31,000 (4)	JPMorgan Chase & Co., 2.525%, 11/19/2041			29,541		0.0
82,000 (4)	JPMorgan Chase & Co., 2.545%, 11/08/2032			82,552		0.0
68,000 (4)	JPMorgan Chase & Co., 2.580%, 04/22/2032			68,946		0.0
121,000 (4)	JPMorgan Chase & Co., 3.157%, 04/22/2042			126,546		0.1
31,000 (4)	JPMorgan Chase & Co., 3.328%, 04/22/2052			33,252		0.0
70,000 (4)	JPMorgan Chase & Co., 3.797%, 07/23/2024			72,978		0.0
30,000	Kilroy Realty L.P., 2.650%, 11/15/2033			29,199		0.0
21,000	Kite Realty Group L.P., 4.000%, 10/01/2026			22,302		0.0
38,000	Life Storage L.P., 2.400%, 10/15/2031			37,394		0.0
82,000	Main Street Capital Corp., 3.000%, 07/14/2026			82,326		0.0
30,000	Main Street Capital Corp., 5.200%, 05/01/2024			32,000		0.0
25,000	Mid-America Apartments L.P., 2.875%, 09/15/2051			24,699		0.0
200,000	Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			203,651		0.1
200,000 (4)	Mizuho Financial Group, Inc., 2.226%, 05/25/2026			203,122		0.1
32,000 (4)	Morgan Stanley, 1.512%, 07/20/2027			31,508		0.0
147,000 (4)	Morgan Stanley, 1.593%, 05/04/2027			145,628		0.1
39,000 (4)	Morgan Stanley, 1.794%, 02/13/2032			36,960		0.0
34,000 (4)	Morgan Stanley, 2.188%, 04/28/2026			34,693		0.0
178,000 (4)	Morgan Stanley, 2.239%, 07/21/2032			174,287		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
50,000 (4)	Morgan Stanley, 2.511%, 10/20/2032		$	50,006		0.0
32,000 (4)	Morgan Stanley, 2.802%, 01/25/2052			31,478		0.0
75,000 (4)	Morgan Stanley, 3.622%, 04/01/2031			81,811		0.0
112,000	Morgan Stanley, 3.875%, 01/27/2026			121,225		0.1
100,000	Morgan Stanley, 4.000%, 07/23/2025			108,465		0.1
40,000 (4)	Morgan Stanley, 4.457%, 04/22/2039			48,070		0.0
250,000 (2)(4)	National Australia Bank Ltd., 3.933%, 08/02/2034			265,292		0.1
200,000 (4)	NatWest Group PLC, 3.073%, 05/22/2028			208,169		0.1
43,000 (2)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			42,601		0.0
28,000 (2)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			30,928		0.0
32,000	Oaktree Specialty Lending Corp., 2.700%, 01/15/2027			31,772		0.0
30,000	Old Republic International Corp., 3.850%, 06/11/2051			32,338		0.0
150,000	ORIX Corp., 3.250%, 12/04/2024			158,158		0.1
40,000 (2)	Pacific Life Global Funding II, 1.375%, 04/14/2026			39,830		0.0
68,000 (4)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			71,629		0.0
23,000	Piedmont Operating Partnership L.P., 3.150%, 08/15/2030			23,585		0.0
30,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			31,650		0.0
15,000	Public Storage, 1.950%, 11/09/2028			14,960		0.0
15,000	Public Storage, 2.250%, 11/09/2031			15,093		0.0
45,000	Realty Income Corp., 2.200%, 06/15/2028			45,456		0.0
23,000	Regency Centers L.P., 2.950%, 09/15/2029			23,896		0.0
10,000	Regency Centers L.P., 3.700%, 06/15/2030			10,957		0.0
45,000	Royal Bank of Canada, 2.300%, 11/03/2031			45,260		0.0
24,000	Sabra Health Care L.P., 3.200%, 12/01/2031			23,480		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
40,000 (2)	Scentre Group Trust 1 / Scentre Group Trust 2, 3.625%, 01/28/2026		$	42,738		0.0
27,000	Simon Property Group L.P., 1.750%, 02/01/2028			26,498		0.0
200,000 (2)(4)	Standard Chartered PLC, 1.456%, 01/14/2027			193,870		0.1
200,000 (2)(4)	Standard Chartered PLC, 3.265%, 02/18/2036			197,577		0.1
8,000	Sumitomo Mitsui Financial Group, Inc., 3.010%, 10/19/2026			8,389		0.0
25,000 (2)	Teachers Insurance & Annuity Association of America, 3.300%, 05/15/2050			26,141		0.0
35,000 (4)	Truist Financial Corp., 1.267%, 03/02/2027			34,358		0.0
46,000 (4)	Truist Financial Corp., 1.887%, 06/07/2029			45,331		0.0
25,000 (4)	Truist Financial Corp., 5.100%, 12/31/2199			28,000		0.0
22,000	Unum Group, 4.125%, 06/15/2051			22,380		0.0
7,000	Ventas Realty L.P., 5.700%, 09/30/2043			9,456		0.0
45,000	Visa, Inc., 2.000%, 08/15/2050			39,530		0.0
50,000	Visa, Inc., 4.300%, 12/14/2045			63,054		0.0
36,000 (4)	Wells Fargo & Co., 2.393%, 06/02/2028			36,614		0.0
101,000 (4)	Wells Fargo & Co., 2.406%, 10/30/2025			103,589		0.0
21,000 (4)	Wells Fargo & Co., 3.068%, 04/30/2041			21,580		0.0
120,000	Wells Fargo & Co., 3.750%, 01/24/2024			126,052		0.1
28,000	Wells Fargo & Co., 4.750%, 12/07/2046			35,028		0.0
23,000	Westpac Banking Corp., 1.953%, 11/20/2028			22,927		0.0
33,000	Westpac Banking Corp., 2.963%, 11/16/2040			32,439		0.0
45,000 (4)	Westpac Banking Corp., 3.020%, 11/18/2036			44,533		0.0
71,000	XLIT Ltd., 4.450%, 03/31/2025			77,036		0.0
22,000	XLIT Ltd., 5.500%, 03/31/2045			30,209		0.0
				9,766,667		2.5

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: 0.3%
14,000	Avnet, Inc., 3.000%, 05/15/2031		$	13,843		0.0
27,000	Berry Global, Inc., 0.950%, 02/15/2024			26,790		0.0
40,000	Berry Global, Inc., 1.650%, 01/15/2027			39,139		0.0
22,000	Boeing Co/The, 3.250%, 02/01/2028			22,943		0.0
50,000	Boeing Co/The, 3.250%, 02/01/2035			50,465		0.0
11,000 (3)	Boeing Co/The, 3.625%, 02/01/2031			11,744		0.0
9,000	Boeing Co/The, 3.850%, 11/01/2048			9,396		0.0
35,000	Boeing Co/The, 4.875%, 05/01/2025			38,322		0.0
45,000	Boeing Co/The, 5.150%, 05/01/2030			52,472		0.0
27,000	Boeing Co/The, 5.805%, 05/01/2050			36,631		0.0
45,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			52,344		0.0
15,000	Canadian Pacific Railway Co., 2.450%, 12/02/2031			15,311		0.0
30,000	Canadian Pacific Railway Co., 3.100%, 12/02/2051			30,909		0.0
70,000	Canadian Pacific Railway Co., 3.000%, 12/02/2041			71,716		0.1
40,000	Emerson Electric Co., 2.200%, 12/21/2031			39,856		0.0
51,000	FedEx Corp., 3.900%, 02/01/2035			57,010		0.0
18,000	GE Capital Funding LLC, 4.400%, 05/15/2030			19,536		0.0
42,000	Norfolk Southern Corp., 3.650%, 08/01/2025			44,960		0.0
13,000	Norfolk Southern Corp., 4.100%, 05/15/2121			14,795		0.0
7,000	Northrop Grumman Corp., 2.930%, 01/15/2025			7,297		0.0
24,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			23,406		0.0
40,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			39,580		0.0
56,000	Raytheon Technologies Corp., 3.200%, 03/15/2024			58,307		0.1
2,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			2,080		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
34,000	Raytheon Technologies Corp., 4.450%, 11/16/2038		$	41,061		0.0
51,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			63,189		0.1
22,000	Republic Services, Inc., 1.450%, 02/15/2031			20,485		0.0
20,000	Republic Services, Inc., 1.750%, 02/15/2032			18,871		0.0
30,000 (2)	Sealed Air Corp., 1.573%, 10/15/2026			29,105		0.0
15,000 (2)	TD SYNNEX Corp., 1.750%, 08/09/2026			14,634		0.0
47,000	Teledyne Technologies, Inc., 1.600%, 04/01/2026			46,586		0.0
15,000	Union Pacific Corp., 3.550%, 05/20/2061			16,608		0.0
				1,029,391		0.3
	Technology: 0.4%
17,000	Analog Devices, Inc., 2.800%, 10/01/2041			17,228		0.0
65,000	Apple, Inc., 2.650%, 02/08/2051			64,075		0.0
20,000	Apple, Inc., 2.700%, 08/05/2051			19,823		0.0
110,000	Apple, Inc., 2.800%, 02/08/2061			109,500		0.1
25,000	Apple, Inc., 2.850%, 08/05/2061			25,125		0.0
70,000	Apple, Inc., 3.750%, 09/12/2047			82,045		0.0
15,000	Apple, Inc., 4.500%, 02/23/2036			18,849		0.0
20,000	Autodesk, Inc., 2.400%, 12/15/2031			19,964		0.0
20,000 (3)	Citrix Systems, Inc., 1.250%, 03/01/2026			19,497		0.0
25,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			28,925		0.0
20,000	DXC Technology Co., 1.800%, 09/15/2026			19,784		0.0
20,000	DXC Technology Co., 2.375%, 09/15/2028			19,567		0.0
20,000	Fiserv, Inc., 2.750%, 07/01/2024			20,698		0.0
85,000	Fiserv, Inc., 3.500%, 07/01/2029			91,502		0.0
30,000 (2)	HP, Inc., 2.650%, 06/17/2031			29,608		0.0
45,000	HP, Inc., 4.050%, 09/15/2022			45,963		0.0
15,000 (2)	Infor, Inc., 1.450%, 07/15/2023			15,056		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
15,000	Intel Corp., 3.100%, 02/15/2060		$	15,038		0.0
42,000	Intel Corp., 3.200%, 08/12/2061			43,139		0.0
30,000	Intel Corp., 3.250%, 11/15/2049			31,746		0.0
75,000	Intel Corp., 4.600%, 03/25/2040			93,635		0.0
100,000	International Business Machines Corp., 3.300%, 05/15/2026			107,012		0.1
21,000 (2)	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			20,459		0.0
54,000 (2)	Kyndryl Holdings, Inc., 2.700%, 10/15/2028			52,303		0.0
25,000 (2)	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			24,276		0.0
37,000	Microchip Technology, Inc., 2.670%, 09/01/2023			37,802		0.0
93,000	Microsoft Corp., 2.921%, 03/17/2052			98,996		0.1
17,000	NetApp, Inc., 1.875%, 06/22/2025			17,142		0.0
62,000	NVIDIA Corp., 1.550%, 06/15/2028			61,554		0.0
20,000 (2)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			20,037		0.0
20,000 (2)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			21,338		0.0
31,000 (2)	NXP BV / NXP Funding LLC, 5.350%, 03/01/2026			35,060		0.0
6,000	Oracle Corp., 3.850%, 07/15/2036			6,350		0.0
42,000	Oracle Corp., 3.950%, 03/25/2051			43,675		0.0
24,000	Oracle Corp., 3.650%, 03/25/2041			24,300		0.0
17,000	Roper Technologies, Inc., 1.400%, 09/15/2027			16,510		0.0
31,000	salesforce.com, Inc., 2.700%, 07/15/2041			31,021		0.0
12,000	salesforce.com, Inc., 2.900%, 07/15/2051			12,243		0.0
180,000	VMware, Inc., 1.400%, 08/15/2026			177,088		0.1
20,000	VMware, Inc., 1.800%, 08/15/2028			19,479		0.0
				1,657,412		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities: 1.0%
52,000	AEP Texas, Inc., 3.450%, 01/15/2050		$	53,137		0.0
32,000 (2)	AEP Texas, Inc., 3.850%, 10/01/2025			34,186		0.0
25,000	AEP Transmission Co. LLC, 2.750%, 08/15/2051			23,845		0.0
21,000	AES Corp./The, 1.375%, 01/15/2026			20,408		0.0
16,000 (2)	AES Corp./The, 3.950%, 07/15/2030			17,077		0.0
20,000	Alabama Power Co., 3.450%, 10/01/2049			21,247		0.0
74,000 (2)	Alliant Energy Finance LLC, 3.750%, 06/15/2023			76,676		0.1
30,000 (4)	American Electric Power Co., Inc., 3.875%, 02/15/2062			30,473		0.0
35,000 (2)	American Transmission Systems, Inc., 2.650%, 01/15/2032			35,364		0.0
28,000 (2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			36,016		0.0
23,000	Appalachian Power Co., 2.700%, 04/01/2031			23,600		0.0
14,000	Appalachian Power Co., 3.700%, 05/01/2050			15,108		0.0
23,000	Atmos Energy Corp., 2.850%, 02/15/2052			22,409		0.0
55,000	Avangrid, Inc., 3.200%, 04/15/2025			57,844		0.0
30,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			30,056		0.0
20,000	Baltimore Gas and Electric Co., 3.200%, 09/15/2049			20,941		0.0
26,000	Berkshire Hathaway Energy Co., 1.650%, 05/15/2031			24,725		0.0
25,000	Black Hills Corp., 2.500%, 06/15/2030			24,753		0.0
15,000	Black Hills Corp., 3.050%, 10/15/2029			15,613		0.0
40,000	Black Hills Corp., 4.250%, 11/30/2023			42,024		0.0
8,000	Black Hills Corp., 4.350%, 05/01/2033			9,125		0.0
25,000	CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042			27,881		0.0
39,000 (2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			41,596		0.0
26,000 (4)	CMS Energy Corp., 3.750%, 12/01/2050			25,610		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
68,000 (4)	CMS Energy Corp., 4.750%, 06/01/2050		$	74,120		0.0
13,000	Commonwealth Edison Co., 3.750%, 08/15/2047			14,695		0.0
34,000	Consolidated Edison Co. of New York, Inc., 4.000%, 11/15/2057			38,648		0.0
13,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			16,222		0.0
25,000	Dominion Energy South Carolina, Inc., 2.300%, 12/01/2031			25,234		0.0
70,000 (4)	Dominion Energy, Inc., 4.350%, 12/31/2199			72,450		0.0
35,000 (4)	Dominion Energy, Inc., 4.650%, 12/31/2199			36,575		0.0
13,000	DTE Electric Co., 2.950%, 03/01/2050			13,134		0.0
12,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			12,331		0.0
3,000	Duke Energy Carolinas LLC, 3.875%, 03/15/2046			3,391		0.0
25,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			28,760		0.0
15,000 (4)	Duke Energy Corp., 4.875%, 12/31/2199			15,600		0.0
45,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			45,597		0.0
195,000	Duke Energy Indiana LLC, 2.750%, 04/01/2050			190,263		0.1
13,000	Duke Energy Ohio, Inc., 2.125%, 06/01/2030			12,809		0.0
109,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			122,017		0.1
2,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			2,386		0.0
25,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			25,964		0.0
55,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			64,356		0.0
17,000 (2)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			16,657		0.0
24,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			22,368		0.0
32,000	Entergy Corp., 2.400%, 06/15/2031			31,551		0.0
13,000	Entergy Corp., 2.800%, 06/15/2030			13,245		0.0
9,000	Entergy Louisiana LLC, 4.200%, 04/01/2050			10,736		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
33,000	Entergy Texas, Inc., 4.000%, 03/30/2029		$	36,213		0.0
18,000	Evergy Metro, Inc., 2.250%, 06/01/2030			17,917		0.0
25,000	Eversource Energy, 1.400%, 08/15/2026			24,529		0.0
23,000	Eversource Energy, 3.450%, 01/15/2050			24,273		0.0
5,000	Exelon Corp., 4.050%, 04/15/2030			5,561		0.0
10,000	Exelon Corp., 4.700%, 04/15/2050			12,587		0.0
57,000	FirstEnergy Corp., 3.350%, 07/15/2022			57,248		0.0
30,000	Florida Power & Light Co., 2.875%, 12/04/2051			30,502		0.0
25,000	Georgia Power Co., 2.200%, 09/15/2024			25,599		0.0
33,000	Georgia Power Co., 5.750%, 04/15/2023			34,989		0.0
44,000	Indiana Michigan Power Co., 3.250%, 05/01/2051			45,342		0.0
20,000	Interstate Power and Light Co., 2.300%, 06/01/2030			19,930		0.0
20,000	Interstate Power and Light Co., 3.100%, 11/30/2051			19,927		0.0
80,000	Interstate Power and Light Co., 3.250%, 12/01/2024			84,048		0.1
12,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030			13,198		0.0
14,000 (2)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			14,204		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			54,271		0.0
50,000 (2)	Jersey Central Power & Light Co., 4.700%, 04/01/2024			53,194		0.0
25,000	Kentucky Utilities Co., 3.300%, 06/01/2050			26,280		0.0
12,000 (2)	Metropolitan Edison Co., 4.000%, 04/15/2025			12,722		0.0
30,000	Mississippi Power Co., 4.250%, 03/15/2042			34,506		0.0
20,000 (2)	Monongahela Power Co., 3.550%, 05/15/2027			21,406		0.0
15,000 (2)	Narragansett Electric Co/The, 3.395%, 04/09/2030			15,997		0.0
44,000	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			44,412		0.0
43,000 (4)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			43,991		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
75,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027		$	75,491		0.1
23,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028			22,775		0.0
25,000	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			25,078		0.0
45,000 (4)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			45,808		0.0
29,000	NiSource, Inc., 3.600%, 05/01/2030			31,291		0.0
20,000	NiSource, Inc., 5.950%, 06/15/2041			27,515		0.0
18,000	NSTAR Electric Co., 1.950%, 08/15/2031			17,552		0.0
20,000	Oglethorpe Power Corp., 3.750%, 08/01/2050			21,454		0.0
59,000	ONE Gas, Inc., 1.100%, 03/11/2024			58,707		0.0
13,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			13,010		0.0
28,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			28,375		0.0
17,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			17,316		0.0
10,000	PECO Energy Co., 4.150%, 10/01/2044			11,929		0.0
200,000	Perusahaan Listrik Negara PT, 4.125%, 05/15/2027			213,658		0.1
15,000	Piedmont Natural Gas Co., Inc., 3.350%, 06/01/2050			15,446		0.0
75,000	PPL Electric Utilities Corp., 4.125%, 06/15/2044			88,088		0.1
17,000	Public Service Enterprise Group, Inc., 1.600%, 08/15/2030			15,778		0.0
100,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			98,928		0.1
50,000	Sempra Energy, 3.800%, 02/01/2038			54,964		0.0
75,000 (4)	Sempra Energy, 4.125%, 04/01/2052			75,995		0.1
24,000 (4)	Sempra Energy, 4.875%, 12/31/2199			25,759		0.0
68,000	Sierra Pacific Power Co., 2.600%, 05/01/2026			70,774		0.0
75,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			81,399		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
6,000	Southern California Edison Co., 4.050%, 03/15/2042		$	6,528		0.0
40,000	Southern Co. Gas Capital Corp., 5.875%, 03/15/2041			54,551		0.0
60,000 (4)	Southern Co/The, 3.750%, 09/15/2051			60,150		0.0
35,000 (4)	Southern Co/The, 4.000%, 01/15/2051			35,875		0.0
36,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			35,740		0.0
14,000	Tampa Electric Co., 4.350%, 05/15/2044			16,809		0.0
25,000	Tucson Electric Power Co., 1.500%, 08/01/2030			23,384		0.0
17,000	Union Electric Co., 3.900%, 09/15/2042			19,268		0.0
28,000	Virginia Electric and Power Co., 3.450%, 09/01/2022			28,346		0.0
36,000	Washington Gas Light Co., 3.650%, 09/15/2049			40,493		0.0
31,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			29,918		0.0
26,000	WEC Energy Group, Inc., 2.200%, 12/15/2028			25,984		0.0
23,000	Wisconsin Electric Power Co., 1.700%, 06/15/2028			22,562		0.0
26,000	Wisconsin Public Service Corp., 3.671%, 12/01/2042			28,985		0.0
				3,977,352		1.0
	Total Corporate Bonds/Notes (Cost $27,040,564)			27,674,235		7.1
COLLATERALIZED MORTGAGE OBLIGATIONS: 2.5%
64,102	Alternative Loan Trust 2004-J7 MI, 1.112%, (US0001M + 1.020)%, 10/25/2034			63,621		0.0
43,642	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			39,406		0.0
91,319	Alternative Loan Trust 2005-J2 1A12, 0.502%, (US0001M + 0.400)%, 04/25/2035			76,247		0.0
15,838	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			10,583		0.0
84,064	Alternative Loan Trust 2006-19CB A12, 0.502%, (US0001M + 0.400)%, 08/25/2036			42,304		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
24,880	Alternative Loan Trust 2007-23CB A3, 0.602%, (US0001M + 0.500)%, 09/25/2037		$	11,936		0.0
109,871	Alternative Loan Trust 2007-2CB 2A1, 0.702%, (US0001M + 0.600)%, 03/25/2037			51,380		0.0
26,801 (4)	Bear Stearns ALT-A Trust 2005-7 21A1, 2.631%, 09/25/2035			24,784		0.0
46,089	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 0.292%, (US0001M + 0.190)%, 01/25/2037			43,418		0.0
63,108 (4)	Citigroup Mortgage Loan Trust 2006-AR2 1A1, 2.773%, 03/25/2036			55,351		0.0
31,252 (4)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.153%, 09/25/2037			31,108		0.0
322,308	Fannie Mae 2011-113 CL, 4.000%, 11/25/2041			343,446		0.1
426,281	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			469,452		0.1
58,536	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.103%, (US0001M + 4.000)%, 05/25/2025			59,626		0.0
165,865	Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.103%, (US0001M + 3.000)%, 10/25/2029			169,876		0.1
166,805	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 2.953%, (US0001M + 2.850)%, 11/25/2029			171,166		0.1
60,110	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 2.903%, (US0001M + 2.800)%, 02/25/2030			61,455		0.0
163,934	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.103%, (US0001M + 2.000)%, 03/25/2031			165,352		0.1
31,840 (2)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 2.403%, (US0001M + 2.300)%, 08/25/2031			31,985		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
98,172 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.153%, (US0001M + 2.050)%, 01/25/2040		$	98,635		0.0
189,768	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			208,572		0.1
170,157 (4)	Fannie Mae REMIC Trust 2009-50 HZ, 5.536%, 02/25/2049			192,355		0.1
136,012	Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041			152,357		0.0
114,634	Fannie Mae REMIC Trust 2011-9 AZ, 5.000%, 05/25/2040			125,356		0.0
255,141	Fannie Mae REMICS 2009-96 DB, 4.000%, 11/25/2029			272,001		0.1
64,543	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			72,006		0.0
42,563	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041			46,492		0.0
112,856	Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033			115,113		0.0
511,571	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			540,453		0.1
59,525	Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047			61,038		0.0
91,269 (2)(4)	Flagstar Mortgage Trust 2018-1 B3, 3.984%, 03/25/2048			91,567		0.0
257,741	Freddie Mac 4634 ZM, 5.000%, 11/15/2056			329,680		0.1
57,457	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			63,351		0.0
49,375	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			55,699		0.0
12,404	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			14,260		0.0
36,196	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			40,456		0.0
111,813	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			125,916		0.0
43,595	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037			48,658		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
40,265 (4)	Freddie Mac REMIC Trust 3524 LA, 5.337%, 03/15/2033		$	42,437		0.0
41,780	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			46,939		0.0
7,508	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			8,216		0.0
224,492	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			236,435		0.1
551,800	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			604,121		0.2
551,800	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			611,219		0.2
201,557	Freddie Mac REMICS 4495 PA, 3.500%, 09/15/2043			207,878		0.1
1,069	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			1,071		0.0
250,000 (2)	Freddie Mac STACR REMIC Trust 2020-DNA6 M2, 2.050%, (SOFR30A + 2.000)%, 12/25/2050			251,556		0.1
127,978 (2)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 3.203%, (US0001M + 3.100)%, 03/25/2050			129,601		0.0
47,905 (2)	Freddie Mac STACR REMIC Trust 2020-HQA3 M2, 3.703%, (US0001M + 3.600)%, 07/25/2050			48,115		0.0
250,000 (2)	Freddie Mac STACR REMIC Trust 2021-DNA5 M2, 1.700%, (SOFR30A + 1.650)%, 01/25/2034			251,237		0.1
600,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 3.800%, (SOFR30A + 3.750)%, 12/25/2041			604,714		0.2
140,921	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 2.453%, (US0001M + 2.350)%, 04/25/2030			143,298		0.0
76,332	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 2.403%, (US0001M + 2.300)%, 09/25/2030			77,278		0.0
307,007	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042			308,505		0.1
35,135	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			38,888		0.0
240,407	Ginnie Mae Series 2010-164 JZ, 4.000%, 12/20/2040			257,952		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
11,275	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032		$	12,249		0.0
29,961	HomeBanc Mortgage Trust 2004-1 2A, 0.962%, (US0001M + 0.860)%, 08/25/2029			29,658		0.0
181,733 (2)(4)	JP Morgan Mortgage Trust 2019-LTV3 A5, 3.500%, 03/25/2050			182,825		0.1
200,613 (2)(4)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050			201,874		0.1
100,000 (2)	Mello Warehouse Securitization Trust 2021-1 C, 1.189%, (US0001M + 1.100)%, 02/25/2055			99,694		0.0
46,259	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			35,899		0.0
300,000 (2)	Mortgage Insurance-Linked Notes 2021-3 M1B, 2.950%, (SOFR30A + 2.900)%, 02/25/2034			298,050		0.1
9,913	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037			9,434		0.0
17,750 (4)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 2.453%, 10/25/2036			17,374		0.0
46,727	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 1.122%, (US0001M + 0.510)%, 08/25/2045			46,912		0.0
24,071	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 1.082%, (US0001M + 0.490)%, 10/25/2045			23,981		0.0
23,026 (4)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.847%, 08/25/2046			23,025		0.0
113,690 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 2.991%, 12/25/2036			114,159		0.0
62,939 (4)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 2.930%, 07/25/2037			63,492		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
140,610	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 1.042%, (12MTA + 0.960)%, 08/25/2046		$	92,330		0.0
13,774	Wells Fargo Alternative Loan 2007-PA2 2A1, 0.533%, (US0001M + 0.430)%, 06/25/2037			11,081		0.0
11,476 (4)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 2.793%, 04/25/2036			11,245		0.0
18,136 (4)	Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 2.741%, 12/28/2037			18,118		0.0
	Total Collateralized Mortgage Obligations (Cost $9,620,459)			9,737,321		2.5
U.S. TREASURY OBLIGATIONS: 4.4%
	U.S. Treasury Bonds: 1.7%
1,000	1.250%, 05/15/2050			850		0.0
2,818,700 (3)	1.375%, 11/15/2031			2,783,907		0.7
22,000	1.375%, 11/15/2040			20,056		0.0
2,200	1.625%, 11/15/2050			2,050		0.0
1,211,000	2.000%, 08/15/2051			1,234,841		0.3
2,453,000	2.000%, 11/15/2041			2,481,746		0.7
				6,523,450		1.7
	U.S. Treasury Notes: 2.7%
565,000	0.125%, 05/31/2023			561,579		0.1
1,000	0.125%, 10/15/2023			990		0.0
456,000	0.250%, 06/15/2024			449,338		0.1
260,500 (3)	0.500%, 11/30/2023			259,523		0.1
2,327,300	0.750%, 12/31/2023			2,327,937		0.6
2,107,000	1.000%, 12/15/2024			2,109,552		0.5
20,500	1.125%, 02/15/2031			19,900		0.0
137,800	1.250%, 11/30/2026			137,736		0.0
1,349,000	1.250%, 12/31/2026			1,347,735		0.4
219,300	1.250%, 09/30/2028			216,799		0.1
2,409,200	1.375%, 12/31/2028			2,399,036		0.6
693,400	1.500%, 11/30/2028			696,325		0.2
				10,526,450		2.7
	Total U.S. Treasury Obligations (Cost $17,074,884)			17,049,900		4.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.1%
	Federal Home Loan Mortgage Corporation: 0.2%(5)
9,121	2.500%, 05/01/2030		$	9,502		0.0
5,797	2.500%, 05/01/2030			6,042		0.0
11,446	2.500%, 06/01/2030			11,920		0.0
20,806	3.000%, 03/01/2045			21,994		0.0
14,899	3.000%, 03/01/2045			15,718		0.0
21,770	3.000%, 04/01/2045			22,969		0.0
30,099	3.500%, 03/01/2045			32,337		0.0
93,780	4.000%, 12/01/2041			102,737		0.1
30,296	4.000%, 12/01/2042			33,305		0.0
4,528	4.000%, 09/01/2045			4,907		0.0
4,782	4.000%, 09/01/2045			5,228		0.0
7,638	4.000%, 09/01/2045			8,290		0.0
5,044	4.000%, 09/01/2045			5,494		0.0
76,166	4.500%, 08/01/2041			84,356		0.0
249,080	4.500%, 09/01/2041			275,662		0.1
2,482	5.500%, 07/01/2037			2,823		0.0
2,014	6.500%, 12/01/2031			2,293		0.0
				645,577		0.2
	Federal National Mortgage Association: 0.1%(5)
489,900	4.500%,09/01/2047			555,367		0.1

	Government National Mortgage Association: 0.6%
1,321,000 (6)	2.500%, 01/15/2052			1,352,888		0.4
600,000 (6)	3.000%, 01/15/2052			620,838		0.2
24,316	4.000%, 11/20/2040			26,352		0.0
52,565	4.000%, 03/20/2046			56,615		0.0
44,672	4.500%, 08/20/2041			49,495		0.0
94,443	4.500%, 09/15/2047			105,112		0.0
				2,211,300		0.6
	Uniform Mortgage-Backed Securities: 1.2%
2,010,000 (6)	2.000%, 02/15/2052			1,999,489		0.5
630,000 (6)	2.500%, 02/15/2052			641,200		0.2
14,548	2.500%, 05/01/2030			15,141		0.0
28,044	2.500%, 06/01/2030			29,136		0.0
19,974	2.500%, 06/01/2030			20,752		0.0
11,332	2.500%, 07/01/2030			11,774		0.0
36,307	3.000%, 09/01/2043			38,305		0.0
175,033	3.000%, 04/01/2045			184,940		0.1
118,447	3.000%, 07/01/2046			125,527		0.0
653,271	3.000%, 04/01/2050			679,180		0.2
39,685	3.500%, 10/01/2042			42,872		0.0
360,834	3.500%, 08/01/2046			388,600		0.1
99,127	4.000%, 07/01/2042			108,932		0.0
10,111	4.000%, 07/01/2042			11,003		0.0
143,906	4.000%, 01/01/2045			159,954		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
22,351	4.000%, 06/01/2045		$	24,455		0.0
18,896	4.500%, 11/01/2040			20,826		0.0
34,662	4.500%, 10/01/2041			38,016		0.0
17,606	5.000%, 06/01/2033			19,897		0.0
4,194	5.000%, 02/01/2036			4,745		0.0
1,784	5.000%, 07/01/2036			2,013		0.0
43,662	5.000%, 07/01/2037			48,410		0.0
43,208	5.000%, 11/01/2040			48,349		0.0
19,792	5.000%, 05/01/2041			22,442		0.0
28,108	5.000%, 06/01/2041			31,649		0.0
61,347	5.000%, 06/01/2041			69,322		0.0
67,764	5.500%, 12/01/2036			76,597		0.0
236	7.000%, 10/01/2029			265		0.0
1,207	7.000%, 01/01/2032			1,322		0.0
383	7.000%, 05/01/2032			387		0.0
				4,865,500		1.2
	Total U.S. Government Agency Obligations (Cost $8,169,966)			8,277,744		2.1
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.6%
100,000 (2)(4)	BAMLL Commercial Mortgage Securities Trust 2015-200P F, 3.596%, 04/14/2033			99,897		0.0
3,000,000 (4)(7)	BANK 2017-BNK8 XB, 0.174%, 11/15/2050			29,823		0.0
968,471 (4)(7)	BANK 2019-BNK16 XA, 0.946%, 02/15/2052			53,535		0.0
3,783,703 (4)(7)	BANK 2019-BNK21 XA, 0.869%, 10/17/2052			209,186		0.1
2,180,000 (2)(4)(7)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			46,027		0.0
989,398 (4)(7)	Benchmark 2019-B9 XA Mortgage Trust, 1.039%, 03/15/2052			61,748		0.0
343,000 (2)	BX Commercial Mortgage Trust 2021-IRON E, 2.460%, (US0001M + 2.350)%, 02/15/2038			344,424		0.1
60,000 (4)	CCUBS Commercial Mortgage Trust 2017-C1 C, 4.391%, 11/15/2050			63,790		0.0
798,013 (4)(7)	CD 2017-CD4 Mortgage Trust XA, 1.274%, 05/10/2050			37,815		0.0
883,010 (4)(7)	Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.900%, 07/10/2049			61,497		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,259,513 (4)(7)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.082%, 10/12/2050		$	54,670		0.0
970,630 (4)(7)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.890%, 09/15/2050			40,879		0.0
1,293,916 (4)(7)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.536%, 06/10/2051			46,267		0.0
1,114,819 (4)(7)	Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.056%, 08/10/2056			69,410		0.0
60,000	Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052			63,699		0.0
738,062 (4)(7)	COMM 2012-CR4 XA, 1.686%, 10/15/2045			6,179		0.0
2,380,000 (2)(4)(7)	COMM 2012-CR4 XB, 0.614%, 10/15/2045			11,385		0.0
177,000 (4)	Comm 2013-CCRE13 C Mortgage Trust, 4.881%, 11/10/2046			184,294		0.1
20,000 (4)	COMM 2016-COR1 C, 4.333%, 10/10/2049			21,037		0.0
1,450,455 (4)(7)	COMM 2016-CR28 XA, 0.712%, 02/10/2049			32,308		0.0
740,419 (4)(7)	COMM 2017-COR2 XA, 1.151%, 09/10/2050			40,266		0.0
170,000 (4)	CSAIL 2018-CX11 A5 Commercial Mortgage Trust, 4.033%, 04/15/2051			187,307		0.1
130,000 (2)(4)	DBWF 2015-LCM D Mortgage Trust, 3.421%, 06/10/2034			118,001		0.1
110,000 (2)(4)	DBJPM 16-C3 Mortgage Trust, 3.484%, 08/10/2049			93,103		0.0
655,692	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			119,923		0.1
1,647,564 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.883%, 11/25/2030			110,182		0.1
799,019 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.331%, 07/25/2035			113,020		0.1
1,292,391 (4)(7)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.871%, 10/25/2035			116,142		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
848,000 (7)	Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.364%, 12/25/2029		$	73,301		0.0
175,000 (2)	MF1 Multifamily Housing Mortgage Loan Trust 2021-FL5 D, 2.665%, (SOFR30A + 2.500)%, 07/15/2036			174,031		0.1
900,000 (2)	Great Wolf Trust 2019-WOLF E, 2.842%, (US0001M + 2.732)%, 12/15/2036			875,171		0.2
100,000 (2)	GS Mortgage Securities Corp. II 2018-RIVR F, 2.210%, (US0001M + 2.100)%, 07/15/2035			92,712		0.0
984,434 (4)(7)	GS Mortgage Securities Trust 2014-GC22 XA, 0.946%, 06/10/2047			16,175		0.0
1,387,774 (4)(7)	GS Mortgage Securities Trust 2016-GS4 XA, 0.579%, 11/10/2049			30,128		0.0
838,087 (4)(7)	GS Mortgage Securities Trust 2017-GS6 XA, 1.019%, 05/10/2050			41,193		0.0
50,000	GS Mortgage Securities Trust 2019-GC38 A4, 3.968%, 02/10/2052			55,933		0.0
1,219,475 (4)(7)	GS Mortgage Securities Trust 2019-GC38 XA, 0.956%, 02/10/2052			70,409		0.0
2,056,283 (4)(7)	GS Mortgage Securities Trust 2019-GC42 XA, 0.808%, 09/01/2052			106,166		0.1
90,000	GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052			95,505		0.0
1,299,837 (4)(7)	GS Mortgage Securities Trust 2020-GC47 XA, 1.131%, 05/12/2053			103,821		0.0
403,173 (4)(7)	JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.656%, 04/15/2047			4,407		0.0
100,000 (2)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046			96,152		0.0
40,000 (2)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046			39,319		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
99,979 (2)	JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 A4A2, 3.538%, 07/15/2047		$	101,738		0.0
1,142,895 (4)(7)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.593%, 12/15/2049			27,120		0.0
100,000 (2)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038			94,357		0.0
100,000 (2)(4)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047			81,791		0.0
72,472 (2)(4)(7)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.442%, 11/15/2038			235		0.0
1,517,396 (4)(7)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 0.965%, 12/15/2047			34,755		0.0
62,000	Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052			67,207		0.0
3,346,961 (4)(7)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.641%, 11/15/2052			150,102		0.1
1,008,979 (4)(7)	Morgan Stanley Capital I Trust 2021-L5 XA, 1.300%, 05/15/2054			93,563		0.0
75,000	Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050			68,034		0.0
60,000	UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 10/15/2052			62,970		0.0
40,000 (2)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.461%, 12/10/2045			36,176		0.0
60,000 (2)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.461%, 12/10/2045			42,050		0.0
2,089,632 (4)(7)	UBS Commercial Mortgage Trust 2018-C9 XA, 0.874%, 03/15/2051			95,244		0.0
400,000 (2)	Wells Fargo Commercial Mortgage Trust 2018-C45 D, 3.000%, 06/15/2051			342,449		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,046,423 (4)(7)	Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.593%, 08/15/2052		$	98,229		0.0
1,133,699 (2)(4)(7)	WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.763%, 08/15/2045			3,854		0.0
500,000 (2)(4)	WFRBS Commercial Mortgage Trust 2014-C23 D, 4.003%, 10/15/2057			493,506		0.1
	Total Commercial Mortgage-Backed Securities (Cost $6,234,390)			6,203,617		1.6
ASSET-BACKED SECURITIES: 3.8%
	Automobile Asset-Backed Securities: 0.2%
100,000	Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024			102,823		0.0
100,000	Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025			103,060		0.1
100,000	Carmax Auto Owner Trust 2018-4 D, 4.150%, 04/15/2025			102,697		0.0
150,000	Drive Auto Receivables Trust 2021-2 C, 0.870%, 10/15/2027			148,529		0.1
100,000 (2)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			100,067		0.0
53,579	Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025			53,816		0.0
100,000	Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025			101,345		0.0
100,000	Santander Drive Auto Receivables Trust 2020-1 B, 3.030%, 11/15/2024			100,682		0.0
100,000	Santander Drive Auto Receivables Trust 2021-3 D, 1.330%, 09/15/2027			98,791		0.0
				911,810		0.2
	Home Equity Asset-Backed Securities: 0.0%
94,834 (4)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035			100,195		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities: 3.4%
250,000 (2)	AMMC CLO 16 Ltd. 2015-16A CR2, 2.077%, (US0003M + 1.950)%, 04/14/2029		$	247,908		0.1
57,490 (2)	Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046			57,563		0.0
400,000 (2)	ARES XLIV CLO Ltd. 2017-44A A2R, 1.424%, (US0003M + 1.300)%, 04/15/2034			400,154		0.1
300,000 (2)	ARES XLVI CLO Ltd. 2017-46A A2, 1.354%, (US0003M + 1.230)%, 01/15/2030			298,758		0.1
98,333 (2)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046			98,143		0.0
250,000 (2)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 2.282%, (US0003M + 2.150)%, 01/20/2032			248,981		0.1
250,000 (2)	Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 1.332%, (US0003M + 1.200)%, 01/20/2031			249,068		0.1
250,000 (2)	BlueMountain CLO Ltd. 2021-28A C, 2.124%, (US0003M + 2.000)%, 04/15/2034			248,138		0.1
100,000 (2)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			102,678		0.0
250,000 (2)	Carlyle US Clo 2017-2A CR Ltd., 1.534%, (US0003M + 1.400)%, 07/20/2031			250,002		0.1
300,000 (2)	Cedar Funding IV CLO Ltd.2014-4A ARR, 1.284%, (US0003M + 1.160)%, 07/23/2034			299,827		0.1
250,000 (2)	Cedar Funding VIII Clo Ltd. 2017-8A A1R, 1.272%, (US0003M + 1.150)%, 10/17/2034			249,854		0.1
16,450	Chase Funding Trust Series 2003-5 2A2, 0.702%, (US0001M + 0.600)%, 07/25/2033			15,883		0.0
250,000 (2)	CIFC Funding 2021-IA A1 Ltd., 1.234%, (US0003M + 1.110)%, 04/25/2033			249,909		0.1
250,000 (2)	Clear Creek CLO 2015-1A CR, 2.082%, (US0003M + 1.950)%, 10/20/2030			249,338		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
86,525 (2)	CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045		$	86,227		0.0
250,000 (2)	Deer Creek Clo Ltd. 2017-1A A, 1.312%, (US0003M + 1.180)%, 10/20/2030			250,049		0.1
97,000 (2)	Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048			102,433		0.0
196,500 (2)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			207,563		0.0
99,500 (2)	Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051			102,067		0.0
97,250 (2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			102,995		0.0
250,000 (2)	Dryden Senior Loan Fund 2021-92A A, 1.282%, (US0003M + 1.150)%, 11/20/2034			250,043		0.1
250,000 (2)	Eaton Vance Clo 2015-1A A2R Ltd., 1.382%, (US0003M + 1.250)%, 01/20/2030			250,001		0.1
250,000 (2)	Elmwood CLO IX Ltd. 2021-2A A, 1.269%, (US0003M + 1.130)%, 07/20/2034			249,858		0.1
99,250 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			102,965		0.0
58,003 (2)	FREED ABS Trust 2021-2 A, 0.680%, 06/19/2028			57,961		0.0
17,437 (2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			18,115		0.0
243,381 (2)	J.G. Wentworth XXXIX LLC 2017-2A A, 3.530%, 09/15/2072			266,558		0.1
250,000 (2)	Jay Park CLO Ltd. 2016-1A BR, 2.132%, (US0003M + 2.000)%, 10/20/2027			249,816		0.1
250,000 (2)	LCM XXIV Ltd. 24A AR, 1.112%, (US0003M + 0.980)%, 03/20/2030			249,830		0.1
77,458 (2)	Loanpal Solar Loan 2020-2GF A Ltd., 2.750%, 07/20/2047			79,069		0.0
79,725 (2)	Loanpal Solar Loan 2021-1 1GS A Ltd., 2.290%, 01/20/2048			79,920		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
129,105 (2)	Loanpal Solar Loan 2021-2GS A Ltd., 2.220%, 03/20/2048		$	128,427		0.0
250,000 (2)	Madison Park Funding XLVIII Ltd. 2021-48A C, 2.124%, (US0003M + 2.000)%, 04/19/2033			249,412		0.1
250,000 (2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			252,340		0.1
200,000 (2)(4)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			206,409		0.0
43,973 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			46,491		0.0
64,793 (2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			68,089		0.0
72,335 (2)	Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046			70,483		0.0
80,059 (2)	Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046			79,295		0.0
250,000 (2)	Newark BSL CLO 1 Ltd. 2016-1A A1R, 1.235%, (US0003M + 1.100)%, 12/21/2029			250,039		0.1
250,000 (2)	Newark BSL CLO 2 Ltd. 2017-1A BR, 1.874%, (US0003M + 1.750)%, 07/25/2030			249,173		0.1
250,000 (2)	Oak Hill Credit Partners 2021-8A C, 2.022%, (US0003M + 1.900)%, 01/18/2034			247,272		0.1
450,000 (2)	Oaktree CLO Ltd. 2021-1A A1, 1.284%, (US0003M + 1.160)%, 07/15/2034			449,744		0.1
250,000 (2)	Octagon Investment Partners 30 Ltd. 2017-1A BR, 2.082%, (US0003M + 1.950)%, 03/17/2030			248,822		0.1
250,000 (2)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 1.324%, (US0003M + 1.200)%, 07/15/2029			250,001		0.1
250,000 (2)	Octagon Investment Partners XVII Ltd. 2013-1A A1R2, 1.124%, (US0003M + 1.000)%, 01/25/2031			250,060		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
200,000 (2)	OHA Loan Funding 2013-1A A1R2 Ltd., 1.214%, (US0003M + 1.090)%, 07/23/2031		$	200,004		0.0
250,000 (2)	Palmer Square CLO 2015-2A A1R2 Ltd., 1.232%, (US0003M + 1.100)%, 07/20/2030			249,927		0.1
250,000 (2)	Palmer Square CLO 2021-1A B Ltd., 1.832%, (US0003M + 1.700)%, 04/20/2034			243,974		0.0
400,000 (2)	Palmer Square CLO Ltd. 2021-2A A, 1.274%, (US0003M + 1.150)%, 07/15/2034			400,061		0.1
400,000 (2)	Riserva Clo Ltd. 2016-3A ARR, 1.182%, (US0003M + 1.060)%, 01/18/2034			397,690		0.1
250,000 (2)	Rockland Park CLO Ltd. 2021-1A C, 2.032%, (US0003M + 1.900)%, 04/20/2034			247,163		0.0
196,055 (2)	Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055			196,527		0.0
97,385 (2)	Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056			97,189		0.0
95,237 (2)	Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055			98,054		0.0
97,000 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			105,636		0.0
100,000 (2)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051			98,087		0.0
97,333 (2)	Textainer Marine Containers Ltd. 2021-3A A, 1.940%, 08/20/2046			95,712		0.0
250,000 (2)	THL Credit Wind River 2016-2A A1R CLO Ltd., 1.322%, (US0003M + 1.190)%, 11/01/2031			249,920		0.1
400,000 (2)	THL Credit Wind River 2019-1A AR CLO Ltd., 1.292%, (US0003M + 1.160)%, 07/20/2034			399,999		0.1
250,000 (2)	Tiaa Clo III Ltd. 2017-2A A, 1.272%, (US0003M + 1.150)%, 01/16/2031			248,607		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
93,625 (2)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046		$	91,901		0.0
135,951 (2)	Upstart Securitization Trust 2021-4 A, 0.840%, 09/20/2031			134,668		0.0
250,000 (2)	Wellman Park CLO Ltd. 2021-1A A, 1.224%, (US0003M + 1.100)%, 07/15/2034			249,582		0.1
96,000 (2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			100,098		0.0
99,500 (2)	Wendy’s Funding LLC 2021-1A A2II, 2.775%, 06/15/2051			99,659		0.0
199,500 (2)	ZAXBY’S FUNDING LLC 2021-1A A2, 3.238%, 07/30/2051			203,549		0.0
				13,225,738		3.4
	Student Loan Asset-Backed Securities: 0.2%
33,765 (2)	Commonbond Student Loan Trust 2017-BGS A1, 2.680%, 09/25/2042			34,217		0.0
27,781 (2)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			28,536		0.0
61,158 (2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			62,384		0.0
46,204 (2)	Commonbond Student Loan Trust 2020-AGS A, 1.980%, 08/25/2050			46,183		0.0
44,676 (2)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			45,622		0.0
45,650 (2)	Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069			45,702		0.0
100,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			102,711		0.1
89,204 (2)	SMB Private Education Loan Trust 2020-PTA A2A, 1.600%, 09/15/2054			88,586		0.0
53,584 (2)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			54,925		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
50,139 (2)	Sofi Professional Loan Program 2018-D A2FX Trust, 3.600%, 02/25/2048		$	51,108		0.0
97,611 (2)	SoFi Professional Loan Program 2020-C AFX Trust, 1.950%, 02/15/2046			98,305		0.1
				658,279		0.2
	Total Asset-Backed Securities (Cost $14,787,586)			14,896,022		3.8
SOVEREIGN BONDS: 0.2%
145,500 (8)	Argentine Republic Government International Bond, 0.500% (Step Rate @ 0.750% on 07/09/2023), 07/09/2030			51,290		0.0
8,843	Argentine Republic Government International Bond, 1.000%, 07/09/2029			3,228		0.0
200,000 (3)	Brazilian Government International Bond, 4.625%, 01/13/2028			209,189		0.1
200,000	Colombia Government International Bond, 3.125%, 04/15/2031			179,670		0.0
200,000 (2)	Hungary Government International Bond, 2.125%, 09/22/2031			197,235		0.0
200,000	Indonesia Government International Bond, 2.150%, 07/28/2031			198,829		0.1
80,000	Turkey Government International Bond, 7.375%, 02/05/2025			80,821		0.0
	Total Sovereign Bonds (Cost $963,620)			920,262		0.2

		Value		Percentage of Net Assets
PURCHASED OPTIONS(9): 0.0%
	Total Purchased Options (Cost $38,457)		21,107		0.0
	Total Long-Term Investments (Cost $322,315,948)		386,114,145		99.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.9%
	U.S. Government Agency Obligations: 0.5%
2,000,000	Federal Home Loan Bank Discount Notes, 0.010%, 02/09/2022 (Cost $1,999,915)		$	1,999,979		0.5

	U.S. Treasury Bills: 1.0%
3,875,000 (10)	United States Treasury Bill, 0.190%, 06/30/2022 (Cost $3,871,335)			3,871,267		1.0

	Repurchase Agreements: 3.1%
2,922,971 (11)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $2,922,983, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,981,430, due 02/01/22-07/20/71)			2,922,971		0.8
2,992,189 (11)	Citadel Securities LLC, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $2,992,206, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $3,052,051, due 01/04/22-11/15/51)			2,992,189		0.8
546,055 (11)	JPMorgan Securities LLC, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $546,057, collateralized by various U.S. Government Securities, 0.000%-4.375%, Market Value plus accrued interest $556,976, due 01/18/22-05/15/40)			546,055		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
3,053,564 (11)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $3,053,577, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $3,114,635, due 05/15/22-12/01/51)		$	3,053,564		0.8
2,485,692 (11)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $2,485,706, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,535,419, due 07/15/23-02/15/48)			2,485,692		0.6
	Total Repurchase Agreements (Cost $12,000,471)			12,000,471		3.1

Shares		Value		Percentage of Net Assets
	Mutual Funds: 0.3%
373,000 (11)(12)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%		373,000		0.1
373,000 (11)(12)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		373,000		0.1
373,000 (11)(12)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%		373,000		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
	Total Mutual Funds (Cost $1,119,000)		$	1,119,000		0.3
	Total Short-Term Investments (Cost $18,990,721)			18,990,717		4.9
	Total Investments in Securities (Cost $341,306,669)		$	405,104,862		104.3
	Liabilities in Excess of Other Assets			(16,643,166)		(4.3)
	Net Assets		$	388,461,696		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American 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)

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, 2021.

(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)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of December 31, 2021.

(9)

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

(10)

Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2021.

(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, 2021.

Reference Rate Abbreviations:

12MTA

12-month Treasury Average

SOFR30A

30-day Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 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, 2021
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	10,111,920		$	1,609,472		$	—		$	11,721,392
Consumer Discretionary			15,781,969			3,098,724			—			18,880,693
Consumer Staples			6,683,504			3,063,330			—			9,746,834
Energy			3,026,849			945,035			—			3,971,884
Financials			13,703,880			5,104,624			—			18,808,504
Health Care			15,787,586			3,851,692			—			19,639,278
Industrials			10,382,696			4,921,887			—			15,304,583
Information Technology			34,236,740			2,731,630			—			36,968,370
Materials			3,329,527			2,693,069			—			6,022,596
Real Estate			4,715,490			945,384			—			5,660,874
Utilities			3,392,586			1,053,596			—			4,446,182
Total Common Stock			121,152,747			30,018,443			—			151,171,190
Exchange-Traded Funds			109,701,014			—			—			109,701,014
Mutual Funds			40,170,346			—			—			40,170,346
Preferred Stock			—			291,387			—			291,387
Purchased Options			—			21,107			—			21,107
Corporate Bonds/Notes			—			27,674,235			—			27,674,235
Collateralized Mortgage Obligations			—			9,737,321			—			9,737,321
Asset-Backed Securities			—			14,896,022			—			14,896,022

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (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, 2021
U.S. Government Agency Obligations			—			8,277,744			—			8,277,744
Sovereign Bonds			—			920,262			—			920,262
Commercial Mortgage-Backed Securities			—			6,203,617			—			6,203,617
U.S. Treasury Obligations			—			17,049,900			—			17,049,900
Short-Term Investments			1,119,000			17,871,717			—			18,990,717
Total Investments, at fair value		$	272,143,107		$	132,961,755		$	—		$	405,104,862
Other Financial Instruments+
Forward Foreign Currency Contracts			—			2,127			—			2,127
Futures			120,319			—			—			120,319
Total Assets		$	272,263,426		$	132,963,882		$	—		$	405,227,308
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(13,025)		$	—		$	(13,025)
Futures			(73,580)			—			—			(73,580)
Written Options			—			(5,346)			—			(5,346)
Total Liabilities		$	(73,580)		$	(18,371)		$	—		$	(91,951)

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.

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, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/(Losses)			Net Capital Gain Distributions
Voya Emerging Markets Local Currency Debt Fund - Class P		$	895,049		$	39,453		$	—		$	(129,809)		$	804,693		$	39,453		$	—		$	—
Voya Floating Rate Fund - Class P			1,611,575			67,832			—			12,527			1,691,934			67,831			—			—
Voya High Yield Bond Fund - Class P			31,783,502			3,235,574			(1,964,780)			(142,807)			32,911,489			1,902,663			32,021			—
Voya Short Term Bond Fund - Class R6			4,628,482			325,354			(131,052)			(60,554)			4,762,230			81,267			2,148			—
		$	38,918,608		$	3,668,213		$	(2,095,832)		$	(320,643)		$	40,170,346		$	2,091,214		$	34,169		$	—

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

At December 31, 2021, the following forward foreign currency contracts were outstanding for Voya Balanced Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 75,025

MYR 317,909

Barclays Bank PLC

01/21/22

(1,308)

CLP 1,515,016

USD 1,787

Barclays Bank PLC

02/04/22

(17)

USD 90,765

CNY 581,089

BNP Paribas

01/21/22

(403)

USD 84,660

IDR 1,219,102,102

Citibank N.A.

01/21/22

(957)

USD 23,210

PEN 94,617

Citibank N.A.

02/04/22

(460)

USD 21,917

RON 96,559

Goldman Sachs International

01/21/22

(265)

USD 69,257

RUB 5,209,214

Goldman Sachs International

01/21/22

(16)

USD 40,944

COP 160,078,860

Goldman Sachs International

02/04/22

1,725

USD 86,199

MXN 1,820,970

Goldman Sachs International

02/04/22

(2,258)

USD 803

PHP 40,551

HSBC Bank USA N.A.

01/21/22

USD 68,997

PLN 288,089

HSBC Bank USA N.A.

01/21/22

(2,420)

USD 192

ILS 606

JPMorgan Chase Bank N.A.

01/21/22

(3)

USD 58,389

ZAR 950,629

Morgan Stanley Capital Services LLC

01/21/22

(1,118)

USD 28,375

HUF 9,282,257

Morgan Stanley Capital Services LLC

01/21/22

(187)

USD 35,482

CZK 807,548

Morgan Stanley Capital Services LLC

01/21/22

(1,419)

USD 12,896

TRY 167,972

Standard Chartered Bank

01/21/22

390

USD 70,145

THB 2,370,100

Standard Chartered Bank

01/21/22

(797)

USD 65,232

BRL 373,929

Standard Chartered Bank

02/04/22

��

(1,397)

(10,898)

At December 31, 2021, the following futures contracts were outstanding for Voya Balanced Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		13		03/22/22		$	1,696,094		$	(4,417)
U.S. Treasury 2-Year Note		25		03/31/22			5,454,297			(1,655)
U.S. Treasury 5-Year Note		39		03/31/22			4,718,086			18,199
U.S. Treasury Long Bond		15		03/22/22			2,406,562			11,754
U.S. Treasury Ultra Long Bond		21		03/22/22			4,139,625			90,366
						$	18,414,664		$	114,247
Short Contracts:
U.S. Treasury Ultra 10-Year Note		(27)		03/22/22			(3,953,813)			(67,508)
						$	(3,953,813)		$	(67,508)

At December 31, 2021, the following OTC purchased equity options were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Put/Call

Expiration
Date

Exercise
Price

Number of
Contracts

Notional
Amount

Cost

Fair Value

iShares iBoxx $High Yield Corporate Bond ETF

Citibank N.A.

Put

03/18/22

USD 80.500

74,622

USD 6,492,860

38,457

21,107

38,457

21,107

At December 31, 2021, the following OTC written equity options were outstanding for Voya Balanced Portfolio:

Description

Counterparty

Put/Call

Expiration
Date

Exercise
Price

Number of
Contracts

Notional
Amount

Premiums
Received

Fair Value

iShares iBoxx $High Yield Corporate Bond ETF

Citibank N.A.

Put

01/21/22

USD 85.250

40,083

USD 3,487,622

20,442

(5,346)

20,442

(5,346)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

Currency Abbreviations

BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CNY – Chinese Yuan
CZK – Czech Koruna
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Nuevo Sol
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian New Leu
RUB – Russian Ruble
THB – Thai Baht
TRY – Turkish Lira
USD – United States Dollar
ZAR – South African Rand

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, 2021 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Investments in securities at value*		$	21,107
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			2,127
Interest rate contracts	Variation margin receivable on futures contracts**			120,319
Total Asset Derivatives			$	143,553
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	13,025
Interest rate contracts	Variation margin payable on futures contracts**			73,580
Equity contracts	Written Options, at fair value			5,346
Total Liability Derivatives			$	91,951

Includes purchased options.

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, 2021 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		$	(48,693)		$	—		$	—		$	(21,633)		$	—		$	(70,326)
Equity contracts			(6,277)			—			963,033			—			7,074			963,830
Foreign exchange contracts			(35,039)			4,956			—			—			7,301			(22,782)
Interest rate contracts			—			—			(271,018)			(100,407)			76,645			(294,780)
Total		$	(90,009)		$	4,956		$	692,015		$	(122,040)		$	91,020		$	575,942

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Portfolio

as of December 31, 2021 (continued)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Written options			Total
Credit contracts		$	5,883		$	—		$	—		$	—		$	5,883
Equity contracts			(17,350)			—			(128,586)			15,096			(130,840)
Foreign exchange contracts			17,463			25,636			—			(12,359)			30,740
Interest rate contracts			—			—			72,838			—			72,838
Total		$	5,996		$	25,636		$	(55,748)		$	2,737		$	(21,379)

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at December 31, 2021:

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	21,107		$	—		$	—		$	—		$	—					$	21,107
Forward foreign currency contracts			—			—			—			1,725			12			—			—			390			2,127
Total Assets		$	—		$	—		$	21,107		$	1,725		$	12		$	—		$	—		$	390		$	23,234
Liabilities:
Forward foreign currency contracts		$	1,325		$	403		$	1,417		$	2,539		$	2,420		$	3		$	2,724		$	2,194		$	13,025
Written options			—			—			5,346			—			—			—			—			—			5,346
Total Liabilities		$	1,325		$	403		$	6,763		$	2,539		$	2,420		$	3		$	2,724		$	2,194		$	18,371
Net OTC derivative instruments by counterparty, at fair value		$	(1,325)		$	(403)		$	14,344		$	(814)		$	(2,408)		$	(3)		$	(2,724)		$	(1,804)			4,863
Total collateral pledged by the Portfolio/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure (1)		$	(1,325)		$	(403)		$	14,344		$	(814)		$	(2,408)		$	(3)		$	(2,724)		$	(1,804)		$	4,863

(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, 2021, 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 $342,155,626.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	67,154,546
Gross Unrealized Depreciation		(4,157,151)
Net Unrealized Appreciation	$	62,997,395

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.4%
	Australia: 2.1%
31,982	ASX Ltd.		$	2,161,473		0.3
649,466	Aurizon Holdings Ltd.			1,650,047		0.3
259,769	Brambles Ltd.			2,009,651		0.3
90,264	Goodman Group			1,739,998		0.3
592,474	Medibank Pvt Ltd.			1,443,027		0.2
44,569	Rio Tinto Ltd.			3,252,290		0.5
331,624	Telstra Corp., Ltd.			1,007,868		0.2
				13,264,354		2.1
	Canada: 4.3%
69,624	Bank of Nova Scotia			4,928,913		0.8
61,487	BCE, Inc.			3,198,908		0.5
35,693	Canadian Imperial Bank of Commerce - XTSE			4,160,586		0.7
24,824	National Bank Of Canada			1,892,586		0.3
51,949	Pembina Pipeline Corp.			1,575,780		0.2
38,934	Royal Bank of Canada			4,132,092		0.6
162,451	TELUS Corp.			3,825,776		0.6
28,729	Waste Connections, Inc.			3,914,901		0.6
				27,629,542		4.3
	China: 0.3%
647,000	BOC Hong Kong Holdings Ltd.			2,121,841		0.3

	Denmark: 1.1%
1,179	AP Moller - Maersk A/S - Class B			4,208,221		0.7
33,666	Novozymes A/S			2,764,309		0.4
				6,972,530		1.1
	Finland: 0.9%
40,909	Kone Oyj			2,935,574		0.5
228,547	Nordea Bank Abp			2,787,942		0.4
				5,723,516		0.9
	France: 2.5%
13,493	Air Liquide SA			2,353,235		0.4
51,117	AXA S.A.			1,521,407		0.2
26,051	BNP Paribas			1,801,191		0.3
19,683	Cie de Saint-Gobain			1,384,631		0.2
6,261	Cie Generale des Etablissements Michelin SCA			1,025,452		0.2
13,097	Dassault Systemes SE			777,245		0.1
21,875 (1)	La Francaise des Jeux SAEM			969,449		0.1
13,892	Legrand S.A.			1,627,044		0.3
363,901	Orange SA			3,887,252		0.6
5,171	SEB SA			805,801		0.1
				16,152,707		2.5
	Germany: 2.2%
76,185	Deutsche Post AG			4,900,273		0.8
204,575	Deutsche Telekom AG			3,780,030		0.6
19,702	GEA Group AG			1,076,110		0.2
17,358 (1)	Scout24 SE			1,212,044		0.2
18,929	Symrise AG			2,799,495		0.4
				13,767,952		2.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Hong Kong: 1.6%
182,000	CK Hutchison Holdings Ltd.		$	1,171,794		0.2
221,000	CLP Holdings Ltd.			2,233,154		0.4
1,009,000	Hong Kong & China Gas			1,573,803		0.2
25,100	Jardine Matheson Holdings Ltd.			1,380,189		0.2
234,600	Link REIT			2,066,655		0.3
168,000	Power Assets Holdings Ltd.			1,047,199		0.2
234,000	SITC International Holdings Co. Ltd.			846,305		0.1
				10,319,099		1.6
	Ireland: 0.7%
19,292	CRH PLC			1,021,318		0.2
30,952	Medtronic PLC			3,201,984		0.5
				4,223,302		0.7
	Italy: 1.2%
5,682	DiaSorin SpA			1,080,977		0.2
77,174	ENI S.p.A.			1,072,546		0.2
106,793	FinecoBank Banca Fineco SpA			1,870,214		0.3
96,631 (1)	Poste Italiane SpA			1,265,891		0.2
265,683	Terna - Rete Elettrica Nazionale			2,149,278		0.3
				7,438,906		1.2
	Japan: 7.0%
46,600	Dai Nippon Printing Co., Ltd.			1,172,774		0.2
854,200	ENEOS Holdings, Inc.			3,191,130		0.5
11,500	Hoya Corp.			1,706,506		0.3
31,500	Idemitsu Kosan Co., Ltd.			803,872		0.1
108,000 (2)	Japan Tobacco, Inc.			2,180,731		0.3
24,500	Lawson, Inc.			1,162,510		0.2
15,500 (2)	McDonald’s Holdings Co. Japan Ltd.			685,968		0.1
275,000	Mitsubishi UFJ Financial Group, Inc.			1,496,626		0.2
197,400	Mizuho Financial Group, Inc.			2,507,228		0.4
6,900	Nintendo Co., Ltd.			3,228,217		0.5
88,000	Nippon Telegraph & Telephone Corp.			2,406,647		0.4
11,900	Nitto Denko Corp.			919,305		0.2
85,800	Osaka Gas Co., Ltd.			1,419,069		0.2
8,700	Rohm Co., Ltd.			791,434		0.1
47,300	Secom Co., Ltd.			3,286,700		0.5
116,100	Sekisui House Ltd.			2,497,979		0.4
44,700	SG Holdings Co. Ltd.			1,048,146		0.2
17,600	Sohgo Security Services Co., Ltd.			699,350		0.1
187,600	Sumitomo Chemical Co., Ltd.			884,686		0.1
96,700	Sumitomo Mitsui Financial Group, Inc.			3,302,044		0.5
102,000	Sumitomo Mitsui Trust Holdings, Inc.			3,410,712		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, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
54,800	Tokio Marine Holdings, Inc.		$	3,050,696		0.5
88,300	Tokyo Gas Co., Ltd.			1,585,018		0.3
9,600	Tsuruha Holdings, Inc.			921,780		0.2
				44,359,128		7.0
	Netherlands: 0.8%
1,513	ASM International NV			667,864		0.1
22,210	Koninklijke Philips NV			822,027		0.1
31,045	Wolters Kluwer NV			3,654,022		0.6
				5,143,913		0.8
	New Zealand: 0.1%
217,254	Spark New Zealand Ltd.			671,854		0.1

	Singapore: 0.1%
226,400	Singapore Technologies Engineering Ltd.			631,819		0.1

	Spain: 0.2%
113,758	Iberdrola S.A. - IBEE			1,346,891		0.2

	Sweden: 0.2%
192,351	Swedish Match AB			1,527,013		0.2

	Switzerland: 2.9%
18,390	ABB Ltd.			700,895		0.1
3,425	Geberit AG - Reg			2,791,834		0.5
35,789	Holcim Ltd.			1,820,195		0.3
1,958	Roche Holding AG			812,298		0.1
3,398	Sika AG			1,412,268		0.2
3,521	Sonova Holding AG - Reg			1,375,997		0.2
328	Straumann Holding AG			693,586		0.1
6,453	Swisscom AG			3,640,293		0.6
11,045	Zurich Insurance Group AG			4,838,582		0.8
				18,085,948		2.9
	United Kingdom: 4.3%
119,303	3i Group PLC			2,338,722		0.4
55,496	Admiral Group Plc			2,375,470		0.4
92,867	British American Tobacco PLC			3,448,303		0.5
162,842	Evraz PLC			1,331,363		0.2
197,953	GlaxoSmithKline PLC			4,309,971		0.7
35,506	Hikma Pharmaceuticals PLC			1,066,280		0.2
100,279	Imperial Brands PLC			2,197,588		0.3
218,115	J Sainsbury Plc			815,304		0.1
58,135	Persimmon PLC			2,253,251		0.4
266,106	Sage Group PLC/The			3,079,090		0.5
78,962	United Utilities Group PLC			1,165,117		0.2
1,783,551	Vodafone Group PLC			2,686,444		0.4
				27,066,903		4.3
	United States: 66.9%
63,618	AbbVie, Inc.			8,613,877		1.4
10,480	Accenture PLC			4,344,484		0.7
24,293	Agilent Technologies, Inc.			3,878,377		0.6
134,395	AGNC Investment Corp.			2,021,301		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
10,861	Air Products & Chemicals, Inc.		$	3,304,568		0.5
13,117	Allegion Public Ltd.			1,737,215		0.3
26,826	Allstate Corp.			3,156,079		0.5
103,564	Altria Group, Inc.			4,907,898		0.8
42,737	Amdocs Ltd.			3,198,437		0.5
7,342	Ameriprise Financial, Inc.			2,214,788		0.3
6,815	Ametek, Inc.			1,002,078		0.2
26,794	Amgen, Inc.			6,027,846		0.9
89,282	Antero Midstream Corp.			864,250		0.1
4,348	Anthem, Inc.			2,015,472		0.3
9,671	AO Smith Corp.			830,255		0.1
7,440	Aptargroup, Inc.			911,251		0.1
11,269	Assurant, Inc.			1,756,386		0.3
27,061	Avnet, Inc.			1,115,725		0.2
10,574	Bank of Hawaii Corp.			885,678		0.1
52,595	Bank OZK			2,447,245		0.4
26,463	Baxter International, Inc.			2,271,584		0.4
19,044	Becton Dickinson & Co.			4,789,185		0.8
6,457	Blackrock, Inc.			5,911,771		0.9
41,985	Booz Allen Hamilton Holding Corp.			3,559,908		0.6
92,499	Bristol-Myers Squibb Co.			5,767,313		0.9
188,230	Coterra Energy, Inc.			3,576,370		0.6
5,429	Chevron Corp.			637,093		0.1
12,256	Church & Dwight Co., Inc.			1,256,240		0.2
3,889	Cigna Corp.			893,031		0.1
151,322	Cisco Systems, Inc.			9,589,275		1.5
29,768	Citigroup, Inc.			1,797,690		0.3
11,380	Coca-Cola Co.			673,810		0.1
56,474	Colgate-Palmolive Co.			4,819,491		0.8
39,250	ConocoPhillips			2,833,065		0.4
20,769	CVS Health Corp.			2,142,530		0.3
3,011	Deere & Co.			1,032,442		0.2
25,521	Digital Realty Trust, Inc.			4,513,899		0.7
24,303	Dolby Laboratories, Inc.			2,314,132		0.4
19,990	Dollar General Corp.			4,714,242		0.7
6,420	Domino’s Pizza, Inc.			3,622,999		0.6
17,669	DTE Energy Co.			2,112,152		0.3
48,566	Duke Energy Corp.			5,094,573		0.8
22,667	Duke Realty Corp.			1,487,862		0.2
25,287	Electronic Arts, Inc.			3,335,355		0.5
36,098	Emerson Electric Co.			3,356,031		0.5
30,416	Entergy Corp.			3,426,362		0.5
323,347	Equitrans Midstream Corp.			3,343,408		0.5
7,895	Everest Re Group Ltd.			2,162,598		0.3
9,877	Evergy, Inc.			677,661		0.1
16,457	Exelon Corp.			950,556		0.2
21,139	Extra Space Storage, Inc.			4,792,845		0.8
10,274	Exxon Mobil Corp.			628,666		0.1
7,553	Factset Research Systems, Inc.			3,670,834		0.6
7,249	FedEx Corp.			1,874,881		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
31,110	First American Financial Corp.		$	2,433,735		0.4
25,293	First Industrial Realty Trust, Inc.			1,674,397		0.3
113,783	Flowers Foods, Inc.			3,125,619		0.5
10,651	Fortive Corp.			812,565		0.1
14,129	Garmin Ltd.			1,923,946		0.3
68,384	General Mills, Inc.			4,607,714		0.7
44,292	Genpact Ltd.			2,351,019		0.4
88,483	Gentex Corp.			3,083,633		0.5
76,268	Gilead Sciences, Inc.			5,537,819		0.9
16,275	Hanover Insurance Group, Inc.			2,133,002		0.3
6,239	Hasbro, Inc.			635,005		0.1
19,615	Hershey Co.			3,794,914		0.6
58,631	International Paper Co.			2,754,484		0.4
6,047	Intuit, Inc.			3,889,551		0.6
72,072	Iron Mountain, Inc.			3,771,528		0.6
73,701	Johnson & Johnson			12,608,030		2.0
41,079	Johnson Controls International plc			3,340,133		0.5
59,452	Keurig Dr Pepper, Inc.			2,191,401		0.3
9,327	Kilroy Realty Corp.			619,872		0.1
135,560	Kinder Morgan, Inc.			2,149,982		0.3
20,802	Knight-Swift Transportation Holdings, Inc.			1,267,674		0.2
48,012	Lazard Ltd.			2,094,764		0.3
16,376	Life Storage, Inc.			2,508,476		0.4
34,796	Loews Corp.			2,009,817		0.3
24,820	Manpowergroup, Inc.			2,415,731		0.4
9,876	Marathon Petroleum Corp.			631,965		0.1
5,264	MarketAxess Holdings, Inc.			2,164,925		0.3
17,277	McKesson Corp.			4,294,544		0.7
67,740	MDU Resources Group, Inc.			2,089,102		0.3
91,918	Merck & Co., Inc.			7,044,596		1.1
10,475	Microsoft Corp.			3,522,952		0.6
30,443	Mondelez International, Inc.			2,018,675		0.3
22,755	Morgan Stanley			2,233,631		0.4
10,777	MSC Industrial Direct Co.			905,915		0.1
5,512	MSCI, Inc. - Class A			3,377,147		0.5
19,675	Nasdaq, Inc.			4,131,947		0.6
39,966	National Fuel Gas Co.			2,555,426		0.4
25,330	National Retail Properties, Inc.			1,217,613		0.2
26,684	National Storage Affiliates Trust			1,846,533		0.3
32,680	NetApp, Inc.			3,006,233		0.5
3,385	NewMarket Corp.			1,160,107		0.2
94,890	NiSource, Inc.			2,619,913		0.4
143,881	Old Republic International Corp.			3,536,595		0.6
53,793	Omega Healthcare Investors, Inc.			1,591,735		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
28,018	Packaging Corp. of America		$	3,814,651		0.6
35,717	PepsiCo, Inc.			6,204,400		1.0
138,722	Pfizer, Inc.			8,191,534		1.3
63,832	Philip Morris International, Inc.			6,064,040		1.0
31,612	Phillips 66			2,290,606		0.4
70,928	Procter & Gamble Co.			11,602,402		1.8
48,793	Progressive Corp.			5,008,601		0.8
4,770	ProLogis, Inc.			803,077		0.1
33,461	Prosperity Bancshares, Inc.			2,419,230		0.4
7,857	PS Business Parks, Inc.			1,447,024		0.2
36,722	Public Service Enterprise Group, Inc.			2,450,459		0.4
28,995	Regions Financial Corp.			632,091		0.1
10,140	RLI Corp.			1,136,694		0.2
8,064	Rockwell Automation, Inc.			2,813,126		0.4
8,145	Roper Technologies, Inc.			4,006,200		0.6
14,104	Ryder System, Inc.			1,162,593		0.2
7,733	S&P Global, Inc.			3,649,435		0.6
6,117	SBA Communications Corp.			2,379,635		0.4
15,213	Sempra Energy			2,012,376		0.3
56,653	Service Corp. International			4,021,796		0.6
51,986	Sonoco Products Co.			3,009,470		0.5
17,012	Spirit Realty Capital, Inc.			819,808		0.1
12,045	Starbucks Corp.			1,408,904		0.2
6,629	Sun Communities, Inc.			1,391,891		0.2
109,392	Switch, Inc.			3,132,987		0.5
10,875	TD SYNNEX Corp.			1,243,665		0.2
21,092	T. Rowe Price Group, Inc.			4,147,531		0.7
26,233	Target Corp.			6,071,366		1.0
33,143	Texas Instruments, Inc.			6,246,461		1.0
6,580	Thermo Fisher Scientific, Inc.			4,390,439		0.7
39,570	Tradeweb Markets, Inc.			3,962,540		0.6
23,793	UGI Corp.			1,092,337		0.2
14,504	UMB Financial Corp.			1,539,019		0.2
11,436	United Parcel Service, Inc. - Class B			2,451,192		0.4
3,361	UnitedHealth Group, Inc.			1,687,693		0.3
69,150	US Bancorp			3,884,156		0.6
27,077	Valero Energy Corp.			2,033,753		0.3
16,361	Verisk Analytics, Inc.			3,742,252		0.6
131,346	Verizon Communications, Inc.			6,824,738		1.1
34,579	Washington Federal, Inc.			1,154,247		0.2
20,840	WEC Energy Group, Inc.			2,022,939		0.3
45,606	Wells Fargo & Co.			2,188,176		0.3
126,346	Williams Cos., Inc.			3,290,050		0.5
13,978	Zoetis, Inc.			3,411,051		0.5
				425,804,064		66.9
	Total Common Stock (Cost $538,292,600)			632,251,282		99.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 0.8%
32,317	iShares MSCI EAFE Value Index ETF		$	1,628,454		0.3
20,059	iShares Russell 1000 Value ETF			3,368,508		0.5
	Total Exchange-Traded Funds (Cost $4,842,786)			4,996,962		0.8
	Total Long-Term Investments (Cost $543,135,386)			637,248,244		100.2

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.5%
	Repurchase Agreements: 0.4%
1,000,000 (3)	Bank of America Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,000,004, collateralized by various U.S. Government Agency Obligations, 1.000%-5.000%, Market Value plus accrued interest $1,020,000, due 09/01/28-01/01/61)		1,000,000		0.2
677,611 (3)	Daiwa Capital Markets, Repurchase Agreement dated 12/31/21, 0.04%, due 01/03/22 (Repurchase Amount $677,613, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $691,163, due 02/10/22-01/01/52)		677,611		0.1
1,000,000 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 05/15/22-12/01/51)		1,000,000		0.1
	Total Repurchase Agreements (Cost $2,677,611)		2,677,611		0.4

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.1%
694,000 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030% (Cost $694,000)		$	694,000		0.1
	Total Short-Term Investments (Cost $3,371,611)			3,371,611		0.5
	Total Investments in Securities (Cost $546,506,997)		$	640,619,855		100.7
	Liabilities in Excess of Other Assets			(4,165,640)		(0.7)
	Net Assets		$	636,454,215		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)

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, 2021.

Sector Diversification	Percentage of Net Assets
Financials		20.9%
Health Care		15.5
Industrials		12.2
Consumer Staples		10.0
Information Technology		7.7
Utilities		6.2
Communication Services		6.2
Real Estate		5.5
Materials		5.3
Consumer Discretionary		5.3
Energy		4.6
Exchange-Traded Funds		0.8
Short-Term Investments		0.5
Liabilities in Excess of Other Assets		(0.7)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend

PORTFOLIO OF INVESTMENTS

Low Volatility Portfolio

as of December 31, 2021 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 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, 2021
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	13,264,354		$	—		$	13,264,354
Canada			27,629,542			—			—			27,629,542
China			—			2,121,841			—			2,121,841
Denmark			—			6,972,530			—			6,972,530
Finland			—			5,723,516			—			5,723,516
France			—			16,152,707			—			16,152,707
Germany			—			13,767,952			—			13,767,952
Hong Kong			—			10,319,099			—			10,319,099
Ireland			3,201,984			1,021,318			—			4,223,302
Italy			—			7,438,906			—			7,438,906
Japan			—			44,359,128			—			44,359,128
Netherlands			—			5,143,913			—			5,143,913
New Zealand			—			671,854			—			671,854
Singapore			—			631,819			—			631,819
Spain			—			1,346,891			—			1,346,891
Sweden			—			1,527,013			—			1,527,013
Switzerland			—			18,085,948			—			18,085,948
United Kingdom			—			27,066,903			—			27,066,903
United States			425,804,064			—			—			425,804,064
Total Common Stock			456,635,590			175,615,692			—			632,251,282
Exchange-Traded Funds			4,996,962			—			—			4,996,962
Short-Term Investments			694,000			2,677,611			—			3,371,611
Total Investments, at fair value		$	462,326,552		$	178,293,303		$	—		$	640,619,855

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

At December 31, 2021, 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 $547,628,939.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	104,059,089
Gross Unrealized Depreciation		(10,942,088)
Net Unrealized Appreciation	$	93,117,001

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2021

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY REPURCHASE AGREEMENT: 15.4%
74,798,000	Deutsche Bank Repurchase Agreement dated 12/31/21, 0.010%, due 01/03/22, $74,798,062 to be received upon repurchase (Collateralized by $102,332,451, U.S. Treasury Interest-only, 0.000%, Market Value plus accrued interest $77,041,940 due 5/15/36-5/15/37), 0.010%, 01/03/2022		$	74,798,000		15.4
	Total U.S. Treasury Repurchase Agreement
	(Cost $74,798,000)			74,798,000		15.4
U.S. TREASURY DEBT: 35.4%
57,000,000 (1)	United States Cash Management Bill, 0.000%, 04/26/2022			56,980,870		11.7
8,000,000 (1)	United States Cash Management Bill, 0.000%, 05/03/2022			7,996,827		1.6
13,000,000 (1)	United States Treasury Bill, 0.000%, 01/13/2022			12,999,794		2.7
16,000,000 (1)	United States Treasury Bill, 0.000%, 01/25/2022			15,999,616		3.3
32,000,000 (1)	United States Treasury Bill, 0.000%, 02/22/2022			31,997,804		6.6
13,000,000 (1)	United States Treasury Bill, 0.000%, 06/30/2022			12,987,636		2.7
33,000,000 (1)	United States Treasury Bill, 0.000%, 07/07/2022			32,965,633		6.8
	Total U.S. Treasury Debt
	(Cost $171,928,180)			171,928,180		35.4
U.S. GOVERNMENT AGENCY DEBT: 43.6%
3,250,000	Fannie Mae, 0.280%, (SOFRRATE + 0.230%), 05/06/2022			3,252,445		0.7
16,000,000	Federal Farm Credit Banks Funding Corp., 0.058%, (SOFRRATE + 0.008%), 11/22/2022			15,998,555		3.3
12,500,000	Federal Farm Credit Banks Funding Corp., 0.060%, (PRIME + (3.190)%), 05/25/2022			12,499,499		2.6
8,000,000	Federal Farm Credit Banks Funding Corp., 0.075%, (SOFRRATE + 0.025%), 12/16/2022			8,000,194		1.7

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY DEBT: (continued)
6,500,000	Federal Farm Credit Banks Funding Corp., 0.120%, 09/22/2022		$	6,500,000		1.3
31,000,000	Federal Home Loan Bank Discount Notes, 0.030%, 01/05/2022			30,999,897		6.4
8,700,000	Federal Home Loan Bank Discount Notes, 0.030%, 01/14/2022			8,699,915		1.8
6,000,000	Federal Home Loan Bank Discount Notes, 0.040%, 01/20/2022			5,999,873		1.2
56,000,000	Federal Home Loan Bank Discount Notes, 0.040%, 01/21/2022			55,998,818		11.5
39,000,000	Federal Home Loan Banks, 0.060%, (SOFRRATE + 0.010%), 09/06/2022			39,000,000		8.0
8,000,000	Federal Home Loan Banks, 0.060%, (SOFRRATE + 0.010%), 10/07/2022			8,000,000		1.6
9,000,000	Federal Home Loan Banks, 0.060%, (SOFRRATE + 0.010%), 10/07/2022			9,000,000		1.9
8,000,000	Federal Home Loan Banks, 0.220%, 12/16/2022			8,000,000		1.6
	Total U.S. Government Agency Debt
	(Cost $211,949,196)			211,949,196		43.6

Shares		Value			Percentage of Net Assets
INVESTMENT COMPANIES: 7.2%
16,000,000 (2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%			16,000,000		3.3
19,000,000 (2)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%			19,000,000		3.9
	Total Investment Companies
	(Cost $35,000,000)			35,000,000		7.2
	Total Investments in Securities (Cost $493,675,376)		$	493,675,376		101.6
	Liabilities in Excess of Other Assets			(7,818,313)		(1.6)
	Net Assets		$	485,857,063		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2021.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Government Money Market Portfolio

as of December 31, 2021 (continued)

(2)

Rate shown is the 7-day yield as of December 31, 2021.

Reference Rate Abbreviations:

PRIME

Federal Reserve Bank Prime Loan Rate

SOFRRATE

1-day Secured Overnight Financing Rate

At December 31, 2021, the aggregate cost of securities for federal income tax purposes is the same as for financial statement purposes.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 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, 2021
Asset Table
Investments, at fair value
Investment Companies		$	35,000,000		$	—		$	—		$	35,000,000
U.S. Government Agency Debt			—			211,949,196			—			211,949,196
U.S. Treasury Debt			—			171,928,180			—			171,928,180
U.S. Treasury Repurchase Agreement			—			74,798,000			—			74,798,000
Total Investments, at fair value		$	35,000,000		$	458,675,376		$	—		$	493,675,376

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, 2021:

Counterparty	Government Repurchase Agreement, at fair value			Fair Value of Non-Cash Collateral Received Including Accrued Interest(1)			Net Amount
Deutsche Bank		$	74,798,000		$	(74,798,000)		$	—
Totals		$	74,798,000		$	(74,798,000)		$	—

(1)

Collateral with a fair value of $77,041,940 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, 2021

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.5%
	Communication Services: 11.3%
42,028 (1)	Alphabet, Inc. - Class A		$	121,756,797		5.3
1,781,820	AT&T, Inc.			43,832,772		1.9
679,495	Fox Corp. - Class A			25,073,365		1.1
736,710	ViacomCBS, Inc. - Class B			22,233,908		1.0
290,395 (1)	Walt Disney Co.			44,979,282		2.0
				257,876,124		11.3
	Consumer Discretionary: 11.1%
30,985 (1)	Amazon.com, Inc.			103,314,525		4.5
257,430 (1)	Caesars Entertainment, Inc.			24,077,428		1.1
183,362 (1)	Expedia Group, Inc.			33,137,180		1.5
951,972 (2)	Gap, Inc.			16,802,306		0.7
156,184	McDonald’s Corp.			41,868,245		1.8
203,575	Nike, Inc. - Class B			33,929,845		1.5
				253,129,529		11.1
	Consumer Staples: 6.9%
801,269	Coca-Cola Co.			47,443,137		2.1
262,821	Lamb Weston Holdings, Inc.			16,657,595		0.8
509,834	Philip Morris International, Inc.			48,434,230		2.1
303,139	Walmart, Inc.			43,861,182		1.9
				156,396,144		6.9
	Energy: 3.5%
207,340	Chevron Corp.			24,331,349		1.0
400,436	ConocoPhillips			28,903,470		1.3
130,427	Diamondback Energy, Inc.			14,066,552		0.6
173,269	Valero Energy Corp.			13,014,235		0.6
				80,315,606		3.5
	Financials: 10.8%
446,055 (2)	Apollo Global Management, Inc.			32,307,764		1.4
184,168	Assurant, Inc.			28,704,424		1.3
691,868	Bank of New York Mellon Corp.			40,183,693		1.8
181,787	Chubb Ltd.			35,141,245		1.5
230,481	PNC Financial Services Group, Inc.			46,216,050		2.0
574,104	Synchrony Financial			26,632,685		1.2
606,303	Truist Financial Corp.			35,499,041		1.6
				244,684,902		10.8
	Health Care: 14.6%
320,727 (2)	Alcon, Inc.			27,941,736		1.2
296,606	Baxter International, Inc.			25,460,659		1.1
632,010 (1)	Boston Scientific Corp.			26,847,785		1.2
363,234	Bristol-Myers Squibb Co.			22,647,640		1.0
215,094	Eli Lilly & Co.			59,413,265		2.6
115,462	McKesson Corp.			28,700,389		1.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
63,069	Thermo Fisher Scientific, Inc.		$	42,082,160		1.9
100,040	UnitedHealth Group, Inc.			50,234,086		2.2
139,310	Zimmer Biomet Holdings, Inc.			17,697,942		0.8
123,877	Zoetis, Inc.			30,229,704		1.3
				331,255,366		14.6
	Industrials: 7.5%
548,404	Howmet Aerospace, Inc.			17,455,699		0.8
152,412	L3Harris Technologies, Inc.			32,500,335		1.4
619,616	nVent Electric PLC			23,545,408		1.0
68,328	Old Dominion Freight Line			24,487,389		1.1
480,583	Raytheon Technologies Corp.			41,358,973		1.8
93,234 (1)	United Rentals, Inc.			30,980,726		1.4
				170,328,530		7.5
	Information Technology: 24.7%
88,543	Broadcom, Inc.			58,917,397		2.6
208,737	CDW Corp.			42,745,163		1.9
341,118	Dolby Laboratories, Inc.			32,481,256		1.4
126,291	Intuit, Inc.			81,232,897		3.5
307,162	Microchip Technology, Inc.			26,741,524		1.2
642,228	Microsoft Corp.			215,994,121		9.5
284,101	Motorola Solutions, Inc.			77,190,242		3.4
122,501	NXP Semiconductor NV - NXPI - US			27,903,278		1.2
				563,205,878		24.7
	Materials: 3.1%
55,896	Air Products & Chemicals, Inc.			17,006,917		0.8
222,617	Alcoa Corp.			13,263,521		0.6
262,204	CF Industries Holdings, Inc.			18,558,799		0.8
176,693	Eastman Chemical Co.			21,363,950		0.9
				70,193,187		3.1
	Real Estate: 2.7%
150,293	ProLogis, Inc.			25,303,330		1.1
144,471 (1)	Ryman Hospitality Properties			13,285,553		0.6
392,452	UDR, Inc.			23,543,195		1.0
				62,132,078		2.7
	Utilities: 2.3%
224,613	Entergy Corp.			25,302,654		1.1
474,560	Exelon Corp.			27,410,586		1.2
				52,713,240		2.3
	Total Common Stock (Cost $1,535,387,109)			2,242,230,584		98.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
OTHER(3): —%
	Utilities: —%
10,000,000 (4)(5)	Southern Energy (Escrow)		$	—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $1,535,387,109)			2,242,230,584		98.5
SHORT-TERM INVESTMENTS: 4.6%
	Commercial Paper: 0.6%
275,000 (6)	ANZ Bank, 0.120%, 01/25/2022			274,987		0.0
500,000 (6)	ANZ Bank, 0.120%, 02/10/2022			499,952		0.1
300,000 (6)	Caisse des Dépôts et Consignations, 0.120%, 01/26/2022			299,983		0.0
400,000 (6)	Collateralized Commercial Paper FLEX Co., LLC, 0.150%, 03/08/2022			399,842		0.0
300,000 (6)	Collateralized Commercial Paper V Co., LLC, 0.360%, 06/08/2022			299,549		0.0
475,000 (6)	Credit Suisse AG, 0.330%, 06/09/2022			474,345		0.0
475,000 (6)	DBS Bank Ltd., 0.120%, 02/01/2022			474,956		0.0
475,000 (6)	DNB Bank ASA, 0.140%, 03/16/2022			474,857		0.0
375,000 (6)	DNB Bank ASA, 0.140%, 03/22/2022			374,873		0.0
475,000 (6)	HSBC Bank PLC, 0.140%, 03/03/2022			474,809		0.0
475,000 (6)	JPMorgan Securities LLC, 0.220%, 03/14/2022			474,782		0.0
400,000 (6)	Liberty Street Funding LLC, 0.220%, 03/17/2022			399,808		0.0
300,000 (6)	Lloyds Bank PLC, 0.150%, 03/14/2022			299,893		0.0
275,000 (6)	Lloyds Bank PLC, 0.150%, 03/29/2022			274,861		0.0
273,000 (6)	LMA-Americas LLC, 0.100%, 01/26/2022			272,978		0.0
350,000 (6)	LMA-Americas LLC, 0.150%, 03/14/2022			349,842		0.0
300,000 (6)	LMA-Americas LLC, 0.270%, 05/04/2022			299,717		0.0
300,000 (6)	Matchpoint Finance PLC, 0.150%, 03/15/2022			299,863		0.0
250,000 (6)	Mizuho Bank Ltd., 0.150%, 03/16/2022			249,877		0.0
475,000 (6)	National Australia Bank Ltd., 0.120%, 02/18/2022			474,928		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Commercial Paper (continued)
500,000 (6)	Nieuw Amsterdam Receivables Corporation B.V., 0.100%, 01/07/2022		$	499,992		0.1
400,000 (6)	Nieuw Amsterdam Receivables Corporation B.V., 0.100%, 01/11/2022			399,990		0.0
500,000 (6)	NRW.Bank, 0.130%, 03/21/2022			499,881		0.1
475,000 (6)	Old Line Funding LLC, 0.130%, 03/10/2022			474,804		0.0
325,000 (6)	Santander UK PLC, 0.300%, 05/03/2022			324,709		0.0
450,000 (6)	Sheffield Receivables Company LLC, 0.240%, 03/15/2022			449,794		0.0
525,000 (6)	Skandinaviska Enskilda Banken AB, 0.140%, 04/04/2022			524,720		0.1
500,000 (6)	Societe Generale, 0.170%, 03/31/2022			499,825		0.0
400,000 (6)	Starbird Funding Corp., 0.250%, 03/21/2022			399,793		0.0
500,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 03/07/2022			499,859		0.1
400,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 0.280%, 04/07/2022			399,761		0.0
350,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 0.290%, 04/08/2022			349,788		0.0
475,000 (6)	Swedbank AB, 0.150%, 03/23/2022			474,839		0.0
500,000 (6)	Swedbank AB, 0.150%, 03/24/2022			499,826		0.1
475,000 (6)	Thunder Bay Funding LLC, 0.130%, 03/18/2022			474,789		0.0
475,000 (6)	Westpac Banking Corp., 0.130%, 03/25/2022			474,820		0.0
	Total Commercial Paper (Cost $14,691,892)			14,691,892		0.6

	Floating Rate Notes: 0.2%
450,000 (6)	Bank of Montreal, 0.120%, 01/05/2022			450,010		0.0
250,000 (6)	Bank of Nova Scotia, 0.130%, 02/28/2022			250,025		0.0
475,000 (6)	Barclays Bank PLC, 0.160%, 03/22/2022			474,988		0.1
250,000 (6)	Barclays Bank PLC, 0.160%, 03/24/2022			249,993		0.0
475,000 (6)	Canadian Imperial Bank of Commerce, 0.130%, 02/10/2022			475,034		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
475,000 (6)	DBS Bank Ltd., 0.140%, 03/16/2022		$	474,975		0.0
325,000 (6)	National Australia Bank Ltd., 0.130%, 03/10/2022			324,994		0.0
400,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 03/14/2022			400,006		0.0
375,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 03/22/2022			374,999		0.0
400,000 (6)	Sumitomo Mitsui Trust Bank Ltd., 0.160%, 03/08/2022			400,017		0.0
	Total Floating Rate Notes (Cost $3,875,041)			3,875,041		0.2

	Repurchase Agreements: 1.7%
9,302,105 (6)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $9,302,143, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $9,488,147, due 02/01/22-07/20/71)			9,302,105		0.4
3,200,151 (6)	CF Secured LLC, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $3,200,164, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $3,264,154, due 01/20/22-06/20/69)			3,200,151		0.1
6,028,663 (6)	Citadel Securities LLC, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $6,028,698, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $6,149,272, due 01/04/22-11/15/51)			6,028,663		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
8,135,186 (6)	Citigroup, Inc., Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $8,135,226, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-3.500%, Market Value plus accrued interest $8,297,890, due 02/15/22-12/20/51)		$	8,135,186		0.4
4,188,902 (6)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $4,188,923, collateralized by various U.S. Government Agency Obligations, 0.550%-7.500%, Market Value plus accrued interest $4,272,701, due 01/01/23-10/20/71)			4,188,902		0.2
7,910,507 (6)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $7,910,553, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,068,758, due 07/15/23-02/15/48)			7,910,507		0.3
	Total Repurchase Agreements (Cost $38,765,514)			38,765,514		1.7

	Certificates of Deposit: 0.3%
325,000 (6)	Bank of Montreal, 0.130%, 02/28/2022			324,990		0.0
425,000 (6)	Bank of Montreal, 0.220%, 03/21/2022			425,016		0.0
420,000 (6)	BNP Paribas, 0.130%, 03/03/2022			420,004		0.0
300,000 (6)	Credit Agricole, 0.230%, 03/09/2022			300,040		0.0
400,000 (6)	Credit Agricole, 0.320%, 06/07/2022			400,193		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Certificates of Deposit (continued)
475,000 (6)	Landesbank Baden-Wurttemberg, 0.160%, 03/21/2022		$	474,990		0.0
350,000 (6)	Lloyds Bank PLC, 0.130%, 02/22/2022			350,061		0.0
325,000 (6)	Mitsubishi UFJ Trust and Banking Corp., 0.130%, 01/26/2022			325,015		0.0
250,000 (6)	Mitsubishi UFJ Trust and Banking Corp., 0.150%, 03/02/2022			249,995		0.0
475,000 (6)	Mizuho Bank Ltd., 0.150%, 03/07/2022			474,981		0.0
475,000 (6)	Mizuho Bank Ltd., 0.150%, 03/14/2022			474,965		0.0
475,000 (6)	MUFG Bank LTD, 0.130%, 01/07/2022			475,016		0.1
475,000 (6)	Norinchukin Bank of New York, 0.110%, 01/27/2022			475,002		0.0
500,000 (6)	Norinchukin Bank of New York, 0.240%, 03/14/2022			500,062		0.1
450,000 (6)	Oversea-Chinese Banking Corp. Ltd., 0.250%, 03/17/2022			450,062		0.0
450,000 (6)	Oversea-Chinese Banking Corp. Ltd., 0.260%, 03/24/2022			450,045		0.0
490,000 (6)	Svenska Handelsbanken AB, 0.110%, 02/10/2022			490,054		0.1
350,000 (6)	Toronto-Dominion Bank, 0.150%, 03/03/2022			350,039		0.0
	Total Certificates of Deposit (Cost $7,410,530)			7,410,530		0.3

Value

Percentage
of Net
Assets

Mutual Funds: 1.8%

36,958,000 (6)(7)

BlackRock Liquidity
Funds, FedFund,
Institutional Class, 0.030%

36,958,000

1.6

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
1,962,000 (6)(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		$	1,962,000		0.1
1,962,000 (6)(7)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%			1,962,000		0.1
	Total Mutual Funds (Cost $40,882,000)			40,882,000		1.8
	Total Short-Term Investments (Cost $105,624,977)			105,624,977		4.6
	Total Investments in Securities (Cost $1,641,012,086)		$	2,347,855,561		103.1
	Liabilities in Excess of Other Assets			(69,811,610)		(3.1)
	Net Assets		$	2,278,043,951		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)

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, 2021, 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, 2021.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Growth and Income Portfolio

as of December 31, 2021 (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 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, 2021
Asset Table
Investments, at fair value
Common Stock*		$	2,242,230,584		$	—		$	—		$	2,242,230,584
Other			—			—			—			—
Short-Term Investments			40,882,000			64,742,977			—			105,624,977
Total Investments, at fair value		$	2,283,112,584		$	64,742,977		$	—		$	2,347,855,561

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, 2021, 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, 2021, 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 $1,656,111,721.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	741,131,057
Gross Unrealized Depreciation		(49,387,216)
Net Unrealized Appreciation	$	691,743,841

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 26.5%
	Basic Materials: 0.7%
445,000 (1)(2)	Anglo American Capital PLC, 2.250%, 03/17/2028		$	437,337		0.0
1,250,000 (2)	Anglo American Capital PLC, 3.625%, 09/11/2024			1,312,964		0.1
476,000 (2)	Anglo American Capital PLC, 5.625%, 04/01/2030			564,454		0.0
1,195,000	Celanese US Holdings LLC, 1.400%, 08/05/2026			1,167,213		0.0
1,506,000	Dow Chemical Co/The, 4.250%, 10/01/2034			1,741,063		0.1
500,000	Dow Chemical Co/The, 4.625%, 10/01/2044			605,829		0.0
1,115,000	Ecolab, Inc., 2.125%, 02/01/2032			1,107,014		0.0
580,000	Ecolab, Inc., 2.700%, 12/15/2051			570,862		0.0
1,590,000	Ecolab, Inc., 2.750%, 08/18/2055			1,564,912		0.1
2,195,000 (1)(2)	Glencore Funding LLC, 2.625%, 09/23/2031			2,135,342		0.1
950,000 (2)	International Flavors & Fragrances, Inc., 3.268%, 11/15/2040			966,415		0.0
2,445,000	Mosaic Co/The, 5.450%, 11/15/2033			3,036,364		0.1
702,000 (2)	Newcrest Finance Pty Ltd., 3.250%, 05/13/2030			736,038		0.0
561,000 (2)	Newcrest Finance Pty Ltd., 4.200%, 05/13/2050			638,252		0.0
747,000 (1)	Newmont Corp., 2.250%, 10/01/2030			737,391		0.0
1,333,000	PPG Industries, Inc., 1.200%, 03/15/2026			1,305,051		0.1
1,168,000 (1)	Rio Tinto Finance USA Ltd., 2.750%, 11/02/2051			1,160,143		0.0
1,147,000 (1)	Steel Dynamics, Inc., 1.650%, 10/15/2027			1,123,154		0.0
362,000	Teck Resources Ltd., 5.400%, 02/01/2043			442,369		0.0
1,047,000	Teck Resources Ltd., 6.125%, 10/01/2035			1,359,054		0.1
				22,711,221		0.7

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: 2.4%
6,026,000	Alibaba Group Holding Ltd., 3.600%, 11/28/2024		$	6,342,719		0.2
2,340,000	Amazon.com, Inc., 2.875%, 05/12/2041			2,434,548		0.1
813,000	Amazon.com, Inc., 3.100%, 05/12/2051			870,139		0.0
3,130,000	AT&T, Inc., 2.550%, 12/01/2033			3,064,905		0.1
1,520,000	AT&T, Inc., 3.100%, 02/01/2043			1,480,775		0.1
990,000	AT&T, Inc., 3.300%, 02/01/2052			972,297		0.0
4,606,000	AT&T, Inc., 3.550%, 09/15/2055			4,630,496		0.2
2,423,000	AT&T, Inc., 3.650%, 09/15/2059			2,451,723		0.1
764,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			746,051		0.0
1,065,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.500%, 03/01/2042			1,034,833		0.0
820,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061			775,599		0.0
829,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 3.900%, 06/01/2052			832,903		0.0
750,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022			761,147		0.0
2,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025			2,755,001		0.1
1,250,000	Comcast Corp., 2.650%, 02/01/2030			1,297,683		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
1,574,000 (2)	Comcast Corp., 2.887%, 11/01/2051		$	1,526,467		0.1
1,000,000	Comcast Corp., 3.999%, 11/01/2049			1,161,650		0.1
3,655,000	Comcast Corp., 4.000%, 03/01/2048			4,220,502		0.1
765,000	Corning, Inc., 5.450%, 11/15/2079			1,013,234		0.0
3,500,000	Discovery Communications LLC, 5.200%, 09/20/2047			4,348,587		0.2
738,000 (2)	NBN Co. Ltd., 1.450%, 05/05/2026			727,503		0.0
550,000 (2)	NBN Co. Ltd., 1.625%, 01/08/2027			539,971		0.0
2,630,000 (2)	Tencent Holdings Ltd., 2.985%, 01/19/2023			2,674,214		0.1
3,754,000	Time Warner Cable LLC, 5.875%, 11/15/2040			4,693,678		0.2
527,000 (1)	T-Mobile USA, Inc., 2.050%, 02/15/2028			523,488		0.0
735,000	T-Mobile USA, Inc., 3.300%, 02/15/2051			719,548		0.0
865,000 (2)	T-Mobile USA, Inc., 3.600%, 11/15/2060			859,163		0.0
818,000	T-Mobile USA, Inc., 3.750%, 04/15/2027			886,222		0.0
462,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			505,763		0.0
851,000	T-Mobile USA, Inc., 4.375%, 04/15/2040			974,435		0.0
806,000	VeriSign, Inc., 2.700%, 06/15/2031			811,187		0.0
861,000 (1)	Verizon Communications, Inc., 2.100%, 03/22/2028			863,267		0.0
3,782,000 (2)	Verizon Communications, Inc., 2.355%, 03/15/2032			3,730,786		0.1
542,000	Verizon Communications, Inc., 2.987%, 10/30/2056			514,259		0.0
779,000	Verizon Communications, Inc., 3.400%, 03/22/2041			817,023		0.0
1,950,000	Verizon Communications, Inc., 3.550%, 03/22/2051			2,104,825		0.1
2,940,000	Verizon Communications, Inc., 3.700%, 03/22/2061			3,194,174		0.1
2,000,000	Verizon Communications, Inc., 3.850%, 11/01/2042			2,239,325		0.1
240,000	Verizon Communications, Inc., 4.000%, 03/22/2050			276,314		0.0
208,000	Verizon Communications, Inc., 4.500%, 08/10/2033			244,896		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
2,750,000	Verizon Communications, Inc., 4.812%, 03/15/2039		$	3,454,688		0.1
500,000 (1)	Vodafone Group PLC, 4.375%, 02/19/2043			587,553		0.0
880,000	Vodafone Group PLC, 5.125%, 06/19/2059			1,161,239		0.1
539,000	Walt Disney Co/The, 2.000%, 09/01/2029			536,696		0.0
				76,361,476		2.4
	Consumer, Cyclical: 1.1%
717,014 (2)	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.800%, 02/15/2029			785,104		0.0
40,671	American Airlines 2015-2 Class AA Pass Through Trust, 3.600%, 03/22/2029			42,032		0.0
2,187,235	American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029			2,204,489		0.1
386,719	American Airlines 2017-1 Class A Pass Through Trust, 4.000%, 08/15/2030			387,018		0.0
704,386	American Airlines 2017-2 Class A Pass Through Trust, 3.600%, 04/15/2031			687,199		0.0
47,013	American Airlines 2017-2 Class AA Pass Through Trust, 3.350%, 04/15/2031			47,960		0.0
511,602 (2)	British Airways 2020-1 Class A Pass Through Trust, 4.250%, 05/15/2034			546,168		0.0
22,845	Continental Airlines 2012-2 Class A Pass Through Trust, 4.000%, 04/29/2026			23,712		0.0
1,875,000 (2)	Daimler Finance North America LLC, 2.125%, 03/10/2025			1,911,358		0.1
616,361	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			614,348		0.0

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
840,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025		$	883,371		0.0
793,000 (2)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028			866,576		0.0
1,400,000	General Motors Co., 5.400%, 04/01/2048			1,790,529		0.1
935,000 (1)	General Motors Co., 6.125%, 10/01/2025			1,074,979		0.1
1,000,000	General Motors Financial Co., Inc., 3.950%, 04/13/2024			1,052,797		0.0
1,893,000	General Motors Financial Co., Inc., 4.350%, 01/17/2027			2,086,774		0.1
873,000 (1)(2)	Harley-Davidson Financial Services, Inc., 3.350%, 06/08/2025			915,326		0.0
1,652,000	Hasbro, Inc., 3.000%, 11/19/2024			1,720,337		0.1
1,155,000 (1)	Lowe’s Cos, Inc., 1.700%, 10/15/2030			1,098,713		0.1
595,000	Lowe’s Cos, Inc., 2.800%, 09/15/2041			581,528		0.0
550,000 (1)	McDonald’s Corp., 3.500%, 07/01/2027			596,898		0.0
222,000 (1)(2)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			237,319		0.0
2,225,000 (2)	Nissan Motor Co. Ltd., 4.810%, 09/17/2030			2,491,018		0.1
2,250,000	Toyota Motor Credit Corp., 2.150%, 02/13/2030			2,257,141		0.1
917,829	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			952,567		0.0
130,592	United Airlines 2013-1 Class A Pass Through Trust, 4.300%, 02/15/2027			136,736		0.0
559,627	United Airlines 2014-1 Class A Pass Through Trust, 4.000%, 10/11/2027			586,771		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,773,527	United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030		$	1,829,462		0.1
977,805	United Airlines 2016-2 Class A Pass Through Trust, 3.100%, 04/07/2030			970,049		0.0
3,704,618	United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030			3,782,847		0.1
376,684	United Airlines 2019-2 Class A Pass Through Trust, 2.900%, 11/01/2029			374,447		0.0
59,618	United Airlines 2020-1 Class A Pass Through Trust, 5.875%, 04/15/2029			65,417		0.0
772,023	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			810,117		0.0
				34,411,107		1.1
	Consumer, Non-cyclical: 4.2%
114,000	Abbott Laboratories, 4.900%, 11/30/2046			156,232		0.0
2,554,000	AbbVie, Inc., 2.600%, 11/21/2024			2,651,668		0.1
830,000	AbbVie, Inc., 2.900%, 11/06/2022			845,449		0.0
732,000	AbbVie, Inc., 4.050%, 11/21/2039			841,494		0.0
2,250,000	AbbVie, Inc., 4.300%, 05/14/2036			2,656,980		0.1
1,964,000	AbbVie, Inc., 4.400%, 11/06/2042			2,348,805		0.1
1,037,000	AbbVie, Inc., 4.500%, 05/14/2035			1,242,469		0.0
522,000	AbbVie, Inc., 4.550%, 03/15/2035			628,603		0.0
1,700,000	AbbVie, Inc., 4.625%, 10/01/2042			2,083,990		0.1
2,403,000	Aetna, Inc., 4.500%, 05/15/2042			2,851,774		0.1
848,000 (1)	Altria Group, Inc., 2.450%, 02/04/2032			806,012		0.0

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,691,000	Altria Group, Inc., 3.700%, 02/04/2051		$	1,579,322		0.1
301,000	Altria Group, Inc., 4.800%, 02/14/2029			339,799		0.0
730,000	Altria Group, Inc., 5.800%, 02/14/2039			878,726		0.0
1,000,000	Altria Group, Inc., 5.950%, 02/14/2049			1,250,575		0.1
415,000 (1)	Amgen, Inc., 3.000%, 01/15/2052			403,684		0.0
798,000	Amgen, Inc., 3.375%, 02/21/2050			832,327		0.0
2,462,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036			2,975,878		0.1
3,000,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			3,800,539		0.1
1,909,000	Anheuser-Busch InBev Finance, Inc., 4.000%, 01/17/2043			2,128,976		0.1
1,260,000	Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039			1,651,985		0.1
1,416,000	Anthem, Inc., 2.875%, 09/15/2029			1,483,439		0.1
1,000,000	Anthem, Inc., 3.500%, 08/15/2024			1,056,581		0.0
862,000	Astrazeneca Finance LLC, 1.750%, 05/28/2028			857,652		0.0
878,000	AstraZeneca PLC, 0.700%, 04/08/2026			850,111		0.0
3,079,000	BAT Capital Corp., 2.259%, 03/25/2028			3,002,931		0.1
866,000 (1)	BAT Capital Corp., 2.726%, 03/25/2031			841,428		0.0
140,000	BAT Capital Corp., 3.215%, 09/06/2026			145,850		0.0
866,000	BAT Capital Corp., 3.734%, 09/25/2040			833,559		0.0
750,000	BAT Capital Corp., 4.390%, 08/15/2037			791,576		0.0
550,000 (1)(2)	Baxter International, Inc., 1.915%, 02/01/2027			552,353		0.0
1,150,000 (1)(2)	Baxter International, Inc., 2.272%, 12/01/2028			1,159,257		0.0
800,000 (1)(2)	Baxter International, Inc., 2.539%, 02/01/2032			809,074		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
425,000 (2)	Baxter International, Inc., 3.132%, 12/01/2051		$	438,347		0.0
227,000	Becton Dickinson and Co., 3.363%, 06/06/2024			237,779		0.0
1,757,000	Bristol-Myers Squibb Co., 4.125%, 06/15/2039			2,082,050		0.1
1,085,000	Bristol-Myers Squibb Co., 4.250%, 10/26/2049			1,344,155		0.1
1,020,000 (2)	Cargill, Inc., 2.125%, 11/10/2031			1,006,545		0.0
2,000,000 (2)	Cargill, Inc., 3.875%, 05/23/2049			2,412,851		0.1
2,195,000	Cigna Corp., 3.250%, 04/15/2025			2,307,170		0.1
3,900,000	Cigna Corp., 4.800%, 08/15/2038			4,805,636		0.2
935,000	Cigna Corp., 4.900%, 12/15/2048			1,211,146		0.0
1,443,000	Coca-Cola Co/The, 2.875%, 05/05/2041			1,504,945		0.1
1,355,000 (1)	CVS Health Corp., 2.125%, 09/15/2031			1,328,404		0.1
798,000	CVS Health Corp., 2.700%, 08/21/2040			770,311		0.0
1,075,000	CVS Health Corp., 3.875%, 07/20/2025			1,156,236		0.0
1,886,000	CVS Health Corp., 4.125%, 04/01/2040			2,169,690		0.1
3,000,000	CVS Health Corp., 4.780%, 03/25/2038			3,658,198		0.1
2,590,000	CVS Health Corp., 5.050%, 03/25/2048			3,392,232		0.1
54,786	CVS Pass-Through Trust, 6.943%, 01/10/2030			64,944		0.0
1,400,000 (2)	Element Fleet Management Corp., 3.850%, 06/15/2025			1,489,908		0.1
1,237,000 (2)	Fresenius Medical Care US Finance III, Inc., 1.875%, 12/01/2026			1,224,441		0.0
557,000	Gilead Sciences, Inc., 0.750%, 09/29/2023			554,878		0.0
557,000	Gilead Sciences, Inc., 3.500%, 02/01/2025			589,229		0.0
566,000	Gilead Sciences, Inc., 4.500%, 02/01/2045			691,563		0.0
1,000,000 (1)	Global Payments, Inc., 1.200%, 03/01/2026			971,595		0.0
1,000,000	Global Payments, Inc., 2.650%, 02/15/2025			1,028,416		0.0

See Accompanying Notes to Financial Statements

102

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
3,000,000 (1)	Global Payments, Inc., 3.200%, 08/15/2029		$	3,127,813		0.1
602,000 (2)	GXO Logistics, Inc., 1.650%, 07/15/2026			588,031		0.0
1,166,000	HCA, Inc., 4.125%, 06/15/2029			1,284,270		0.1
1,604,000 (1)	HCA, Inc., 4.500%, 02/15/2027			1,767,927		0.1
407,000	HCA, Inc., 5.125%, 06/15/2039			502,082		0.0
772,000	HCA, Inc., 5.250%, 04/15/2025			854,672		0.0
500,000	HCA, Inc., 5.250%, 06/15/2049			643,371		0.0
1,400,000 (1)	Hormel Foods Corp., 3.050%, 06/03/2051			1,490,697		0.1
1,115,000	Humana, Inc., 1.350%, 02/03/2027			1,084,740		0.0
1,229,000	Humana, Inc., 2.150%, 02/03/2032			1,189,777		0.0
1,815,000	Humana, Inc., 3.125%, 08/15/2029			1,903,582		0.1
500,000	Johnson & Johnson, 3.625%, 03/03/2037			575,003		0.0
969,000	Laboratory Corp. of America Holdings, 3.250%, 09/01/2024			1,015,126		0.0
1,870,000 (2)	Mars, Inc., 3.875%, 04/01/2039			2,166,746		0.1
631,000 (2)	Mars, Inc., 4.125%, 04/01/2054			792,266		0.0
1,595,000	McKesson Corp., 1.300%, 08/15/2026			1,558,594		0.1
1,436,000	Medtronic, Inc., 4.375%, 03/15/2035			1,769,245		0.1
1,458,000	Merck & Co., Inc., 1.900%, 12/10/2028			1,465,786		0.1
600,000	Merck & Co., Inc., 2.150%, 12/10/2031			602,171		0.0
450,000	Merck & Co., Inc., 2.750%, 12/10/2051			446,130		0.0
450,000	Merck & Co., Inc., 2.900%, 12/10/2061			448,663		0.0
1,627,000	Mylan, Inc., 5.200%, 04/15/2048			2,018,990		0.1
1,537,000 (1)(2)	Nestle Holdings, Inc., 1.500%, 09/14/2028			1,498,589		0.1
1,102,000	PayPal Holdings, Inc., 2.850%, 10/01/2029			1,160,904		0.0
474,000 (1)	PepsiCo, Inc., 2.625%, 10/21/2041			480,534		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
177,000 (1)	PepsiCo, Inc., 2.750%, 10/21/2051		$	181,875		0.0
237,000	PerkinElmer, Inc., 1.900%, 09/15/2028			231,690		0.0
2,449,000 (1)	PerkinElmer, Inc., 3.300%, 09/15/2029			2,594,692		0.1
1,500,000	Philip Morris International, Inc., 3.875%, 08/21/2042			1,616,884		0.1
1,480,000	Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030			1,401,276		0.1
690,000	Reynolds American, Inc., 5.700%, 08/15/2035			819,544		0.0
560,000 (1)	Reynolds American, Inc., 5.850%, 08/15/2045			681,900		0.0
624,000	Reynolds American, Inc., 6.150%, 09/15/2043			766,824		0.0
1,130,000 (2)	Roche Holdings, Inc., 1.930%, 12/13/2028			1,137,665		0.0
1,200,000 (2)	Roche Holdings, Inc., 2.076%, 12/13/2031			1,197,475		0.0
480,000 (2)	Roche Holdings, Inc., 2.607%, 12/13/2051			472,290		0.0
537,000	Royalty Pharma PLC, 1.200%, 09/02/2025			526,156		0.0
796,000 (1)	Royalty Pharma PLC, 1.750%, 09/02/2027			782,593		0.0
2,702,000	Royalty Pharma PLC, 3.550%, 09/02/2050			2,685,293		0.1
600,000 (1)	Takeda Pharmaceutical Co. Ltd., 3.375%, 07/09/2060			623,323		0.0
830,000 (2)	Triton Container International Ltd., 2.050%, 04/15/2026			824,293		0.0
862,000 (2)	Triton Container International Ltd., 3.150%, 06/15/2031			870,238		0.0
485,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			493,382		0.0
245,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			256,776		0.0
1,250,000	UnitedHealth Group, Inc., 3.250%, 05/15/2051			1,355,041		0.1
1,111,000	UnitedHealth Group, Inc., 3.500%, 08/15/2039			1,234,191		0.0
990,000	Viatris, Inc., 2.700%, 06/22/2030			994,449		0.0
1,500,000	Viatris, Inc., 3.850%, 06/22/2040			1,591,313		0.1

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
536,000 (1)	Viatris, Inc., 4.000%, 06/22/2050		$	572,144		0.0
1,065,000 (1)(2)	Viterra Finance BV, 2.000%, 04/21/2026			1,059,237		0.0
				137,186,020		4.2
	Energy: 2.4%
277,000 (1)	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026			279,651		0.0
450,000	BP Capital Markets America, Inc., 1.749%, 08/10/2030			433,226		0.0
357,000	BP Capital Markets America, Inc., 2.772%, 11/10/2050			337,233		0.0
1,000,000	BP Capital Markets America, Inc., 3.379%, 02/08/2061			1,030,221		0.0
923,000 (3)	BP Capital Markets PLC, 4.875%, 12/31/2199			999,147		0.0
408,000	Burlington Resources LLC, 5.950%, 10/15/2036			556,690		0.0
205,000	Canadian Natural Resources Ltd., 6.750%, 02/01/2039			283,334		0.0
1,104,000 (1)	Cenovus Energy, Inc./CA, 3.750%, 02/15/2052			1,109,245		0.0
1,665,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029			1,784,877		0.1
117,000	Chevron USA, Inc., 3.250%, 10/15/2029			126,528		0.0
1,334,000 (1)(2)	ConocoPhillips, 2.400%, 02/15/2031			1,339,650		0.1
647,000 (2)	ConocoPhillips, 3.750%, 10/01/2027			709,708		0.0
580,000 (1)	Continental Resources, Inc., 4.900%, 06/01/2044			643,730		0.0
4,243,000 (2)	Coterra Energy, Inc., 3.900%, 05/15/2027			4,562,717		0.2
1,652,000	Diamondback Energy, Inc., 2.875%, 12/01/2024			1,714,961		0.1
266,000 (1)	Diamondback Energy, Inc., 3.125%, 03/24/2031			274,430		0.0
1,160,000 (1)	Diamondback Energy, Inc., 3.250%, 12/01/2026			1,224,212		0.1
2,000,000	Diamondback Energy, Inc., 3.500%, 12/01/2029			2,122,998		0.1
31,000	Diamondback Energy, Inc., 4.400%, 03/24/2051			35,613		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
979,000 (3)	Enbridge, Inc., 5.750%, 07/15/2080		$	1,089,138		0.0
1,067,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023			1,118,143		0.0
582,000	Energy Transfer L.P., 4.250%, 04/01/2024			611,333		0.0
275,000	Energy Transfer L.P., 4.900%, 03/15/2035			311,626		0.0
1,625,000	Energy Transfer L.P., 5.300%, 04/01/2044			1,864,840		0.1
2,000,000	Energy Transfer L.P., 5.300%, 04/15/2047			2,323,020		0.1
845,000	Energy Transfer L.P., 5.350%, 05/15/2045			973,676		0.0
490,000	Energy Transfer L.P., 5.800%, 06/15/2038			594,652		0.0
1,385,000 (1)	Enterprise Products Operating LLC, 3.750%, 02/15/2025			1,472,722		0.1
589,000	Enterprise Products Operating LLC, 3.950%, 01/31/2060			637,900		0.0
283,000	Enterprise Products Operating LLC, 4.200%, 01/31/2050			318,067		0.0
2,400,000 (3)	Enterprise Products Operating LLC, 4.875%, 08/16/2077			2,250,062		0.1
826,000 (1)	Equinor ASA, 3.125%, 04/06/2030			888,293		0.0
1,394,000 (1)	Exxon Mobil Corp., 2.726%, 03/01/2023			1,421,763		0.1
755,000	Exxon Mobil Corp., 4.227%, 03/19/2040			892,942		0.0
1,472,000 (2)	Flex Intermediate Holdco LLC, 3.363%, 06/30/2031			1,479,915		0.1
79,000	Halliburton Co., 3.500%, 08/01/2023			81,587		0.0
66,000 (1)	Halliburton Co., 3.800%, 11/15/2025			71,015		0.0
2,306,000	Hess Corp., 5.600%, 02/15/2041			2,852,599		0.1
1,000,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024			1,066,770		0.0
920,000	Kinder Morgan Energy Partners L.P., 5.400%, 09/01/2044			1,121,837		0.0
803,000	Kinder Morgan, Inc., 3.600%, 02/15/2051			809,404		0.0

See Accompanying Notes to Financial Statements

104

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
786,000 (1)	Kinder Morgan, Inc., 5.550%, 06/01/2045		$	996,000		0.0
647,000 (2)	Lundin Energy Finance BV, 2.000%, 07/15/2026			643,127		0.0
751,000	Marathon Petroleum Corp., 4.700%, 05/01/2025			819,920		0.0
1,336,000	Marathon Petroleum Corp., 4.750%, 09/15/2044			1,575,922		0.1
1,000,000	Marathon Petroleum Corp., 5.000%, 09/15/2054			1,192,216		0.1
373,000	MPLX L.P., 4.700%, 04/15/2048			431,378		0.0
928,000	MPLX L.P., 5.200%, 12/01/2047			1,129,861		0.0
570,000 (1)	MPLX L.P., 5.500%, 02/15/2049			729,614		0.0
679,000 (2)	Northern Natural Gas Co., 3.400%, 10/16/2051			699,332		0.0
718,000	ONEOK Partners L.P., 6.125%, 02/01/2041			907,781		0.0
908,000	ONEOK Partners L.P., 6.200%, 09/15/2043			1,177,816		0.0
770,000	ONEOK, Inc., 2.200%, 09/15/2025			778,518		0.0
510,000 (1)	Phillips 66, 0.900%, 02/15/2024			506,466		0.0
523,000 (1)	Phillips 66, 3.300%, 03/15/2052			523,402		0.0
1,380,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029			1,431,082		0.1
1,180,000 (1)	Plains All American Pipeline L.P. / PAA Finance Corp., 4.500%, 12/15/2026			1,296,289		0.1
1,779,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025			1,942,039		0.1
500,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			543,859		0.0
900,000	Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028			986,635		0.0
906,000	Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027			1,018,288		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
1,046,000 (2)	Santos Finance Ltd., 3.649%, 04/29/2031		$	1,066,107		0.0
500,000 (2)	Schlumberger Holdings Corp., 3.750%, 05/01/2024			524,831		0.0
1,500,000 (1)(2)	Schlumberger Investment SA, 2.400%, 08/01/2022			1,509,597		0.1
330,000	Shell International Finance BV, 2.875%, 11/26/2041			330,928		0.0
1,550,000	Shell International Finance BV, 4.125%, 05/11/2035			1,811,653		0.1
616,000	Shell International Finance BV, 4.000%, 05/10/2046			718,083		0.0
500,000	TotalEnergies Capital International SA, 2.986%, 06/29/2041			507,618		0.0
2,000,000	TotalEnergies Capital Canada Ltd., 2.750%, 07/15/2023			2,055,662		0.1
257,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030			271,184		0.0
392,000	Valero Energy Corp., 2.850%, 04/15/2025			406,366		0.0
635,000 (1)	Valero Energy Corp., 3.650%, 12/01/2051			632,405		0.0
3,804,000	Williams Cos, Inc./The, 4.000%, 09/15/2025			4,113,623		0.1
1,017,000	Williams Cos, Inc./The, 5.400%, 03/04/2044			1,267,591		0.1
1,128,000	Williams Partners L.P., 3.600%, 03/15/2022			1,129,023		0.0
				79,493,691		2.4
	Financial: 9.2%
1,147,000 (1)(2)(3)	ABN AMRO Bank NV, 2.470%, 12/13/2029			1,147,930		0.0
730,000 (2)(3)	ABN AMRO Bank NV, 3.324%, 03/13/2037			730,176		0.0
874,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.300%, 01/30/2032			891,140		0.0
2,321,000 (1)	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.400%, 10/29/2033			2,365,939		0.1

See Accompanying Notes to Financial Statements

105

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
2,008,000	American Campus Communities Operating Partnership L.P., 2.250%, 01/15/2029		$	1,987,735		0.1
826,000 (1)	American Homes 4 Rent L.P., 2.375%, 07/15/2031			810,970		0.0
1,509,000	American International Group, Inc., 3.400%, 06/30/2030			1,633,580		0.1
1,165,000	American International Group, Inc., 3.875%, 01/15/2035			1,290,098		0.1
1,248,000	American International Group, Inc., 3.900%, 04/01/2026			1,353,919		0.1
1,434,000 (1)	American International Group, Inc., 4.250%, 03/15/2029			1,640,124		0.1
245,000	American International Group, Inc., 4.375%, 01/15/2055			301,376		0.0
1,106,000	American International Group, Inc., 4.500%, 07/16/2044			1,365,309		0.1
773,000	American International Group, Inc., 4.800%, 07/10/2045			992,902		0.0
875,000 (1)(2)	ANZ New Zealand Int’l Ltd./London, 1.250%, 06/22/2026			861,100		0.0
1,628,000	Assurant, Inc., 2.650%, 01/15/2032			1,598,829		0.1
1,679,000	Assurant, Inc., 3.700%, 02/22/2030			1,783,882		0.1
519,000 (1)(2)	Athene Global Funding, 2.950%, 11/12/2026			542,904		0.0
789,000 (2)	Aviation Capital Group LLC, 1.950%, 09/20/2026			767,161		0.0
452,000 (1)(2)	Aviation Capital Group LLC, 3.875%, 05/01/2023			465,425		0.0
808,000 (2)	Aviation Capital Group LLC, 4.375%, 01/30/2024			847,950		0.0
863,000 (2)	Aviation Capital Group LLC, 5.500%, 12/15/2024			944,848		0.0
599,000 (2)	Avolon Holdings Funding Ltd., 2.125%, 02/21/2026			588,463		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,804,000 (2)	Avolon Holdings Funding Ltd., 2.750%, 02/21/2028		$	1,771,389		0.1
391,000 (2)	Avolon Holdings Funding Ltd., 2.875%, 02/15/2025			399,708		0.0
1,565,000 (2)	Avolon Holdings Funding Ltd., 4.250%, 04/15/2026			1,660,065		0.1
1,000,000	Banco Santander SA, 2.746%, 05/28/2025			1,034,420		0.0
800,000 (1)	Banco Santander SA, 2.958%, 03/25/2031			817,037		0.0
2,000,000	Banco Santander SA, 3.125%, 02/23/2023			2,047,621		0.1
1,000,000 (3)	Banco Santander SA, 3.225%, 11/22/2032			1,002,030		0.0
3,375,000 (3)	Bank of America Corp., 0.981%, 09/25/2025			3,336,125		0.1
1,955,000 (3)	Bank of America Corp., 1.197%, 10/24/2026			1,916,961		0.1
1,971,000 (3)	Bank of America Corp., 1.734%, 07/22/2027			1,957,731		0.1
384,000 (3)	Bank of America Corp., 1.898%, 07/23/2031			367,930		0.0
1,396,000 (3)	Bank of America Corp., 1.922%, 10/24/2031			1,338,150		0.1
225,000 (3)	Bank of America Corp., 2.015%, 02/13/2026			228,058		0.0
1,852,000 (3)	Bank of America Corp., 2.087%, 06/14/2029			1,840,388		0.1
990,000 (3)	Bank of America Corp., 2.572%, 10/20/2032			995,476		0.0
220,000 (3)	Bank of America Corp., 2.592%, 04/29/2031			222,476		0.0
1,000,000 (3)	Bank of America Corp., 2.676%, 06/19/2041			964,246		0.0
1,790,000 (3)	Bank of America Corp., 2.687%, 04/22/2032			1,818,446		0.1
1,000,000 (3)	Bank of America Corp., 3.194%, 07/23/2030			1,055,609		0.0
1,000,000 (3)	Bank of America Corp., 3.593%, 07/21/2028			1,077,097		0.0
1,645,000	Bank of America Corp., 3.950%, 04/21/2025			1,759,727		0.1
435,000 (3)	Bank of America Corp., 3.970%, 03/05/2029			476,365		0.0
1,355,000 (3)	Bank of America Corp., 4.078%, 04/23/2040			1,559,539		0.1
323,000 (3)	Bank of America Corp., 4.083%, 03/20/2051			389,506		0.0

See Accompanying Notes to Financial Statements

106

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
3,641,000	Bank of America Corp., 4.183%, 11/25/2027		$	3,986,443		0.1
4,336,000	Bank of America Corp., 4.250%, 10/22/2026			4,787,510		0.2
1,000,000 (3)	Bank of America Corp., 4.271%, 07/23/2029			1,115,658		0.0
1,545,000	Bank of Nova Scotia/ The, 2.200%, 02/03/2025			1,581,656		0.1
929,000 (2)	Banque Federative du Credit Mutuel SA, 1.604%, 10/04/2026			916,799		0.0
1,535,000 (2)	Banque Federative du Credit Mutuel SA, 2.375%, 11/21/2024			1,574,174		0.1
932,000 (3)	Barclays PLC, 3.564%, 09/23/2035			955,609		0.0
608,000	Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050			600,743		0.0
500,000	Berkshire Hathaway Finance Corp., 4.250%, 01/15/2049			615,447		0.0
450,000	BlackRock, Inc., 2.100%, 02/25/2032			446,865		0.0
798,000 (1)(2)	Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028			775,634		0.0
1,250,000 (2)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			1,204,756		0.0
1,658,000 (1)(2)	Blackstone Holdings Finance Co. LLC, 2.850%, 08/05/2051			1,617,999		0.1
1,181,000 (2)	Blackstone Private Credit Fund, 2.625%, 12/15/2026			1,152,050		0.0
940,000 (2)	Blackstone Secured Lending Fund, 2.850%, 09/30/2028			917,128		0.0
455,000 (2)(3)	BNP Paribas SA, 2.588%, 08/12/2035			436,407		0.0
4,115,000 (2)(3)	BNP Paribas SA, 2.819%, 11/19/2025			4,237,285		0.1
500,000 (2)(3)	BPCE SA, 2.277%, 01/20/2032			482,273		0.0
1,960,000 (2)	BPCE SA, 2.700%, 10/01/2029			2,003,412		0.1
907,000 (2)(3)	BPCE SA, 3.116%, 10/19/2032			910,883		0.0
786,000 (2)(3)	BPCE SA, 3.582%, 10/19/2042			804,482		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
955,000 (2)	BPCE SA, 5.700%, 10/22/2023		$	1,027,043		0.0
910,000	Canadian Imperial Bank of Commerce, 2.250%, 01/28/2025			930,304		0.0
1,100,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027			1,095,027		0.0
1,020,000 (1)(3)	Capital One Financial Corp., 2.618%, 11/02/2032			1,018,368		0.0
452,000	Capital One Financial Corp., 3.650%, 05/11/2027			487,258		0.0
1,379,000	CBRE Services, Inc., 2.500%, 04/01/2031			1,388,414		0.1
1,358,000 (3)	Charles Schwab Corp./ The, 5.375%, 12/31/2199			1,483,615		0.1
1,090,000 (1)	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			1,027,852		0.0
406,000	Chubb INA Holdings, Inc., 2.850%, 12/15/2051			408,052		0.0
288,000	Chubb INA Holdings, Inc., 3.050%, 12/15/2061			294,718		0.0
1,035,000	CI Financial Corp., 4.100%, 06/15/2051			1,124,295		0.0
806,000 (3)	Citigroup, Inc., 1.462%, 06/09/2027			792,590		0.0
461,000 (3)	Citigroup, Inc., 2.904%, 11/03/2042			457,325		0.0
4,000,000	Citigroup, Inc., 5.500%, 09/13/2025			4,527,738		0.2
2,000,000 (2)	Citizens Financial Group, Inc., 4.150%, 09/28/2022			2,052,482		0.1
1,129,000 (2)	CNO Global Funding, 1.750%, 10/07/2026			1,115,996		0.0
525,000	Columbia Property Trust Operating Partnership L.P., 3.650%, 08/15/2026			571,313		0.0
280,000	Columbia Property Trust Operating Partnership L.P., 4.150%, 04/01/2025			303,976		0.0
1,013,000 (2)	Commonwealth Bank of Australia, 2.688%, 03/11/2031			997,236		0.0
745,000 (2)	Commonwealth Bank of Australia, 3.743%, 09/12/2039			799,884		0.0
1,358,000 (2)(3)	Cooperatieve Rabobank UA, 1.004%, 09/24/2026			1,322,124		0.1
5,500,000	Cooperatieve Rabobank UA, 4.375%, 08/04/2025			5,962,687		0.2

See Accompanying Notes to Financial Statements

107

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,235,000 (2)(3)	Credit Agricole SA/ London, 1.907%, 06/16/2026		$	1,238,391		0.0
6,000,000 (2)	Credit Suisse AG, 6.500%, 08/08/2023			6,471,930		0.2
3,000,000 (2)(3)	Credit Suisse Group AG, 2.997%, 12/14/2023			3,049,068		0.1
750,000	Credit Suisse Group Funding Guernsey Ltd., 3.800%, 09/15/2022			766,323		0.0
589,000 (1)	Crown Castle International Corp., 1.050%, 07/15/2026			569,404		0.0
760,000	CubeSmart L.P., 2.250%, 12/15/2028			760,745		0.0
470,000	CubeSmart L.P., 2.500%, 02/15/2032			468,470		0.0
1,870,000 (2)(3)	Danske Bank A/S, 1.621%, 09/11/2026			1,843,965		0.1
600,000 (1)(2)	Danske Bank A/S, 5.000%, 01/12/2022			600,534		0.0
813,000 (2)(3)	Depository Trust & Clearing Corp./The, 3.375%, 12/31/2199			821,638		0.0
928,000 (1)(2)	Empower Finance 2020 L.P., 1.357%, 09/17/2027			900,997		0.0
1,925,000 (2)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			1,950,356		0.1
1,608,000 (3)	Goldman Sachs Group, Inc./The, 1.542%, 09/10/2027			1,576,325		0.1
802,000 (3)	Goldman Sachs Group, Inc./The, 2.908%, 07/21/2042			798,870		0.0
2,500,000	Goldman Sachs Group, Inc., 4.250%, 10/21/2025			2,728,928		0.1
1,000,000	Goldman Sachs Group, Inc., 5.150%, 05/22/2045			1,303,552		0.1
449,000	Goldman Sachs Group, Inc., 6.750%, 10/01/2037			637,723		0.0
1,153,000 (2)	Hartford Financial Services Group, Inc./The, 2.281%, (US0003M + 2.125%), 02/12/2067			1,101,371		0.0
417,000 (1)	Hartford Financial Services Group, Inc./The, 5.950%, 10/15/2036			561,616		0.0
1,355,000 (3)	HSBC Holdings PLC, 1.589%, 05/24/2027			1,325,899		0.1
985,000 (3)	HSBC Holdings PLC, 2.013%, 09/22/2028			964,954		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
2,303,000 (3)	HSBC Holdings PLC, 2.206%, 08/17/2029		$	2,260,132		0.1
915,000 (3)	HSBC Holdings PLC, 2.251%, 11/22/2027			917,444		0.0
1,331,000 (3)	HSBC Holdings PLC, 2.633%, 11/07/2025			1,366,070		0.1
1,600,000 (3)	HSBC Holdings PLC, 2.871%, 11/22/2032			1,615,038		0.1
1,497,000 (3)	HSBC Holdings PLC, 3.973%, 05/22/2030			1,625,372		0.1
2,000,000 (3)	HSBC Holdings PLC, 4.041%, 03/13/2028			2,163,415		0.1
1,250,000	HSBC Holdings PLC, 4.300%, 03/08/2026			1,371,062		0.1
1,673,000 (1)(3)	HSBC Holdings PLC, 4.700%, 12/31/2199			1,677,183		0.1
1,059,000	Intercontinental Exchange, Inc., 2.650%, 09/15/2040			1,019,041		0.0
928,000	Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028			918,658		0.0
2,030,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025			2,011,343		0.1
1,184,000 (3)	JPMorgan Chase & Co., 1.040%, 02/04/2027			1,146,477		0.0
1,435,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027			1,407,262		0.1
1,349,000 (3)	JPMorgan Chase & Co., 1.953%, 02/04/2032			1,300,674		0.1
2,071,000 (1)(3)	JPMorgan Chase & Co., 2.069%, 06/01/2029			2,055,281		0.1
381,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028			384,387		0.0
949,000 (3)	JPMorgan Chase & Co., 2.525%, 11/19/2041			904,328		0.0
1,888,000 (3)	JPMorgan Chase & Co., 2.545%, 11/08/2032			1,900,721		0.1
1,366,000 (3)	JPMorgan Chase & Co., 2.580%, 04/22/2032			1,385,011		0.1
283,000 (3)	JPMorgan Chase & Co., 3.109%, 04/22/2051			293,185		0.0
2,326,000 (3)	JPMorgan Chase & Co., 3.157%, 04/22/2042			2,432,615		0.1
1,273,000 (3)	JPMorgan Chase & Co., 3.328%, 04/22/2052			1,365,473		0.1
3,320,000	JPMorgan Chase & Co., 3.875%, 09/10/2024			3,523,573		0.1
947,000 (3)	JPMorgan Chase & Co., 3.964%, 11/15/2048			1,113,386		0.0
400,000	Kilroy Realty L.P., 2.650%, 11/15/2033			389,315		0.0

See Accompanying Notes to Financial Statements

108

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
891,000	Kite Realty Group L.P., 4.000%, 10/01/2026		$	946,264		0.0
955,000	Life Storage L.P., 2.400%, 10/15/2031			939,761		0.0
1,125,000 (3)	Lloyds Banking Group PLC, 2.438%, 02/05/2026			1,147,726		0.0
2,177,000 (3)	Lloyds Banking Group PLC, 2.907%, 11/07/2023			2,212,517		0.1
3,310,000	Main Street Capital Corp., 3.000%, 07/14/2026			3,323,176		0.1
684,000	Main Street Capital Corp., 5.200%, 05/01/2024			729,592		0.0
500,000 (1)	Mid-America Apartments L.P., 2.875%, 09/15/2051			493,981		0.0
1,148,000 (3)	Mitsubishi UFJ Financial Group, Inc., 1.538%, 07/20/2027			1,128,191		0.0
750,000	Mitsubishi UFJ Financial Group, Inc., 2.193%, 02/25/2025			765,423		0.0
350,000	Mitsubishi UFJ Financial Group, Inc., 2.757%, 09/13/2026			364,399		0.0
5,870,000	Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022			5,977,169		0.2
315,000 (2)	Mizuho Financial Group, Inc., 3.477%, 04/12/2026			336,255		0.0
1,204,000 (3)	Morgan Stanley, 1.512%, 07/20/2027			1,185,482		0.0
1,919,000 (3)	Morgan Stanley, 1.593%, 05/04/2027			1,901,096		0.1
1,615,000 (3)	Morgan Stanley, 1.794%, 02/13/2032			1,530,503		0.1
1,074,000 (3)	Morgan Stanley, 2.188%, 04/28/2026			1,095,894		0.0
4,030,000 (3)	Morgan Stanley, 2.239%, 07/21/2032			3,945,935		0.1
1,123,000 (3)	Morgan Stanley, 2.511%, 10/20/2032			1,123,127		0.0
1,093,000 (1)(3)	Morgan Stanley, 2.802%, 01/25/2052			1,075,169		0.0
1,155,000 (3)	Morgan Stanley, 3.591%, 07/22/2028			1,246,137		0.0
1,035,000 (3)	Morgan Stanley, 3.622%, 04/01/2031			1,128,989		0.0
538,000	Morgan Stanley, 3.875%, 01/27/2026			582,312		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
4,000,000	Morgan Stanley, 4.000%, 07/23/2025		$	4,338,620		0.1
1,341,000 (2)	National Australia Bank Ltd., 2.332%, 08/21/2030			1,286,180		0.0
1,575,000 (1)(2)(3)	National Australia Bank Ltd., 3.933%, 08/02/2034			1,671,339		0.1
820,000 (1)(2)	Nationwide Building Society, 1.500%, 10/13/2026			805,078		0.0
890,000 (3)	NatWest Group PLC, 3.032%, 11/28/2035			879,217		0.0
336,000 (1)(3)	NatWest Group PLC, 3.073%, 05/22/2028			349,725		0.0
3,858,000	NatWest Group PLC, 3.875%, 09/12/2023			4,024,587		0.1
398,000 (3)	NatWest Group PLC, 4.269%, 03/22/2025			421,354		0.0
1,766,000 (3)	NatWest Group PLC, 4.519%, 06/25/2024			1,848,086		0.1
1,470,000 (2)(3)	Nordea Bank Abp, 3.750%, 12/31/2199			1,397,235		0.1
2,661,000 (1)(2)(3)	Nordea Bank ABP, 6.125%, 12/31/2199			2,865,751		0.1
1,611,000 (2)	Northwestern Mutual Global Funding, 1.700%, 06/01/2028			1,596,050		0.1
174,000 (2)	Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059			192,194		0.0
1,186,000	Oaktree Specialty Lending Corp., 2.700%, 01/15/2027			1,177,542		0.0
1,096,000	Old Republic International Corp., 3.850%, 06/11/2051			1,181,410		0.0
5,000,000	ORIX Corp., 3.250%, 12/04/2024			5,271,921		0.2
1,665,000 (1)(2)	Pacific Life Global Funding II, 1.375%, 04/14/2026			1,657,926		0.1
1,870,000 (3)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			1,969,786		0.1
584,000	Piedmont Operating Partnership L.P., 3.150%, 08/15/2030			598,842		0.0
1,130,000	Piedmont Operating Partnership L.P., 4.450%, 03/15/2024			1,192,148		0.0

See Accompanying Notes to Financial Statements

109

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
365,000	Public Storage, 1.950%, 11/09/2028		$	364,022		0.0
365,000	Public Storage, 2.250%, 11/09/2031			367,255		0.0
2,118,000 (1)	Realty Income Corp., 2.200%, 06/15/2028			2,139,478		0.1
270,000	Regency Centers L.P., 3.700%, 06/15/2030			295,842		0.0
976,000	Royal Bank of Canada, 2.300%, 11/03/2031			981,645		0.0
802,000 (1)	Sabra Health Care L.P., 3.200%, 12/01/2031			784,621		0.0
760,000 (2)	Scentre Group Trust 1 / Scentre Group Trust 2, 3.625%, 01/28/2026			812,018		0.0
2,131,000 (2)(3)	Societe Generale SA, 1.792%, 06/09/2027			2,086,518		0.1
1,070,000 (1)(2)(3)	Standard Chartered PLC, 1.456%, 01/14/2027			1,037,202		0.0
1,110,000 (2)(3)	Standard Chartered PLC, 1.822%, 11/23/2025			1,109,369		0.0
1,801,000 (2)(3)	Standard Chartered PLC, 3.265%, 02/18/2036			1,779,184		0.1
1,430,000	Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024			1,471,632		0.1
1,234,000 (2)	Sumitomo Mitsui Trust Bank Ltd., 1.050%, 09/12/2025			1,205,938		0.0
1,137,000 (2)(3)	Svenska Handelsbanken AB, 1.418%, 06/11/2027			1,119,064		0.0
1,501,000 (3)	Truist Financial Corp., 1.267%, 03/02/2027			1,473,458		0.1
700,000 (3)	Truist Financial Corp., 5.100%, 12/31/2199			784,000		0.0
3,500,000	UBS AG/Stamford CT, 7.625%, 08/17/2022			3,635,740		0.1
2,470,000	UBS AG, 5.125%, 05/15/2024			2,648,033		0.1
791,000 (2)(3)	UBS Group AG, 1.008%, 07/30/2024			788,764		0.0
750,000 (1)(2)(3)	UBS Group AG, 1.364%, 01/30/2027			733,417		0.0
1,000,000 (2)(3)	UBS Group AG, 2.095%, 02/11/2032			968,775		0.0
908,000	Unum Group, 4.125%, 06/15/2051			923,681		0.0
163,000	Ventas Realty L.P., 5.700%, 09/30/2043			220,179		0.0
990,000	Visa, Inc., 2.000%, 08/15/2050			869,659		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,320,000	Visa, Inc., 4.300%, 12/14/2045		$	1,664,623		0.1
2,100,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			2,153,821		0.1
752,000 (3)	Wells Fargo & Co., 3.068%, 04/30/2041			772,753		0.0
4,000,000	Wells Fargo & Co., 3.750%, 01/24/2024			4,201,725		0.1
739,000	Wells Fargo & Co., 4.750%, 12/07/2046			924,497		0.0
465,000 (3)	Wells Fargo & Co., 5.013%, 04/04/2051			636,262		0.0
472,000	Westpac Banking Corp., 1.953%, 11/20/2028			470,500		0.0
1,553,000 (1)	Westpac Banking Corp., 2.963%, 11/16/2040			1,526,584		0.1
1,040,000 (3)	Westpac Banking Corp., 3.020%, 11/18/2036			1,029,206		0.0
2,244,000	XLIT Ltd., 4.450%, 03/31/2025			2,434,782		0.1
1,668,000	XLIT Ltd., 5.500%, 03/31/2045			2,290,360		0.1
				296,855,571		9.2
	Industrial: 1.3%
527,000	Avnet, Inc., 3.000%, 05/15/2031			521,084		0.0
1,201,000	Berry Global, Inc., 0.950%, 02/15/2024			1,191,680		0.0
1,472,000	Berry Global, Inc., 1.650%, 01/15/2027			1,440,315		0.1
1,213,000	Boeing Co/The, 3.250%, 02/01/2028			1,264,976		0.0
800,000	Boeing Co/The, 3.250%, 02/01/2035			807,438		0.0
611,000 (1)	Boeing Co/The, 3.625%, 02/01/2031			652,314		0.0
220,000	Boeing Co/The, 3.850%, 11/01/2048			229,689		0.0
768,000	Boeing Co/The, 4.875%, 05/01/2025			840,899		0.0
1,755,000	Boeing Co/The, 5.150%, 05/01/2030			2,046,425		0.1
531,000	Boeing Co/The, 5.805%, 05/01/2050			720,411		0.0
1,290,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			1,500,542		0.1
400,000 (1)	Canadian Pacific Railway Co., 2.450%, 12/02/2031			408,282		0.0
750,000 (1)	Canadian Pacific Railway Co., 3.100%, 12/02/2051			772,729		0.0

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
1,640,000	Canadian Pacific Railway Co., 3.000%, 12/02/2041		$	1,680,211		0.1
1,750,000	CSX Corp., 4.650%, 03/01/2068			2,286,467		0.1
1,100,000 (1)	Emerson Electric Co., 2.200%, 12/21/2031			1,096,038		0.0
646,000	FedEx Corp., 3.900%, 02/01/2035			722,131		0.0
874,000	FedEx Corp., 4.250%, 05/15/2030			994,898		0.0
1,250,000	FedEx Corp., 4.400%, 01/15/2047			1,475,892		0.1
284,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035			339,380		0.0
1,067,000	General Dynamics Corp., 3.500%, 04/01/2027			1,162,378		0.0
2,171,000	Norfolk Southern Corp., 3.650%, 08/01/2025			2,323,993		0.1
503,000	Norfolk Southern Corp., 4.100%, 05/15/2121			572,464		0.0
278,000	Northrop Grumman Corp., 2.930%, 01/15/2025			289,788		0.0
1,295,000 (2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.200%, 11/15/2025			1,262,941		0.0
1,661,000 (1)(2)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026			1,643,556		0.1
2,365,000	Raytheon Technologies Corp., 3.200%, 03/15/2024			2,462,446		0.1
118,000	Raytheon Technologies Corp., 3.650%, 08/16/2023			122,725		0.0
1,423,000 (1)	Raytheon Technologies Corp., 4.450%, 11/16/2038			1,718,505		0.1
2,066,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			2,559,769		0.1
500,000	Republic Services, Inc., 1.750%, 02/15/2032			471,780		0.0
1,070,000 (2)	Sealed Air Corp., 1.573%, 10/15/2026			1,038,066		0.0
390,000 (2)	TD SYNNEX Corp., 1.750%, 08/09/2026			380,475		0.0
2,105,000 (1)	Teledyne Technologies, Inc., 1.600%, 04/01/2026			2,086,481		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
2,250,000 (2)	TTX Co., 3.600%, 01/15/2025		$	2,397,826		0.1
606,000	Union Pacific Corp., 3.550%, 05/20/2061			670,948		0.0
				42,155,942		1.3
	Technology: 1.6%
456,000	Analog Devices, Inc., 2.800%, 10/01/2041			462,120		0.0
930,000	Apple, Inc., 2.650%, 02/08/2051			916,757		0.0
2,117,000	Apple, Inc., 2.800%, 02/08/2061			2,107,379		0.1
955,000	Apple, Inc., 2.850%, 08/05/2061			959,787		0.0
2,765,000	Apple, Inc., 3.750%, 09/12/2047			3,240,771		0.1
2,000,000	Apple, Inc., 3.850%, 05/04/2043			2,360,519		0.1
470,000	Apple, Inc., 4.500%, 02/23/2036			590,614		0.0
785,000	Autodesk, Inc., 2.400%, 12/15/2031			783,603		0.0
844,000 (1)	Citrix Systems, Inc., 1.250%, 03/01/2026			822,757		0.0
1,000,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			1,156,998		0.0
775,000	DXC Technology Co., 1.800%, 09/15/2026			766,643		0.0
775,000 (1)	DXC Technology Co., 2.375%, 09/15/2028			758,207		0.0
2,000,000	Fiserv, Inc., 3.500%, 07/01/2029			2,152,993		0.1
1,200,000 (2)	HP, Inc., 2.650%, 06/17/2031			1,184,326		0.1
1,840,000	HP, Inc., 4.050%, 09/15/2022			1,879,367		0.1
760,000	Intel Corp., 3.100%, 02/15/2060			761,930		0.0
1,612,000 (1)	Intel Corp., 3.200%, 08/12/2061			1,655,724		0.1
3,201,000	Intel Corp., 3.250%, 11/15/2049			3,387,312		0.1
4,132,000	International Business Machines Corp., 3.300%, 05/15/2026			4,421,730		0.2
1,000,000	International Business Machines Corp., 3.500%, 05/15/2029			1,086,257		0.0
564,000 (2)	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			549,476		0.0

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
1,563,000 (1)(2)	Kyndryl Holdings, Inc., 2.700%, 10/15/2028		$	1,513,883		0.1
505,000 (1)(2)	Kyndryl Holdings, Inc., 3.150%, 10/15/2031			490,383		0.0
900,000	Microchip Technology, Inc., 2.670%, 09/01/2023			919,505		0.0
4,000,000	Microsoft Corp., 2.921%, 03/17/2052			4,257,869		0.1
450,000	NetApp, Inc., 1.875%, 06/22/2025			453,759		0.0
2,289,000 (1)	NVIDIA Corp., 1.550%, 06/15/2028			2,272,525		0.1
525,000 (2)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			525,968		0.0
255,000 (2)	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030			272,057		0.0
209,000	Oracle Corp., 3.850%, 07/15/2036			221,191		0.0
1,107,000	Oracle Corp., 3.950%, 03/25/2051			1,151,148		0.0
1,864,000	Oracle Corp., 4.000%, 11/15/2047			1,940,062		0.1
998,000 (1)	Oracle Corp., 3.650%, 03/25/2041			1,010,490		0.0
525,000 (1)(2)	Renesas Electronics Corp., 2.170%, 11/25/2026			523,549		0.0
1,173,000	salesforce.com, Inc., 2.700%, 07/15/2041			1,173,776		0.1
165,000	salesforce.com, Inc., 2.900%, 07/15/2051			168,346		0.0
1,000,000 (2)	TSMC Global Ltd., 0.750%, 09/28/2025			966,941		0.0
1,060,000 (2)	TSMC Global Ltd., 1.000%, 09/28/2027			1,001,789		0.0
1,795,000	VMware, Inc., 1.400%, 08/15/2026			1,765,963		0.1
780,000	VMware, Inc., 1.800%, 08/15/2028			759,669		0.0
80,000	Western Digital Corp., 2.850%, 02/01/2029			80,900		0.0
				53,475,043		1.6
	Utilities: 3.6%
1,198,000 (2)	AEP Texas, Inc., 3.850%, 10/01/2025			1,279,829		0.0
855,000	AEP Transmission Co. LLC, 2.750%, 08/15/2051			815,505		0.0
1,068,000	AES Corp./The, 1.375%, 01/15/2026			1,037,870		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,576,000 (2)	AES Corp./The, 3.950%, 07/15/2030		$	1,682,104		0.1
775,000 (1)(3)	American Electric Power Co., Inc., 3.875%, 02/15/2062			787,227		0.0
900,000 (1)(2)	American Transmission Systems, Inc., 2.650%, 01/15/2032			909,366		0.0
1,377,000 (2)	American Transmission Systems, Inc., 5.000%, 09/01/2044			1,771,237		0.1
947,000 (1)	Appalachian Power Co., 2.700%, 04/01/2031			971,713		0.0
200,000	Appalachian Power Co., 3.700%, 05/01/2050			215,824		0.0
532,000 (1)	Atmos Energy Corp., 2.850%, 02/15/2052			518,342		0.0
323,000	Avangrid, Inc., 3.200%, 04/15/2025			339,702		0.0
1,120,000	Baltimore Gas and Electric Co., 2.250%, 06/15/2031			1,122,108		0.0
1,413,000 (1)	Berkshire Hathaway Energy Co., 1.650%, 05/15/2031			1,343,731		0.1
705,000	Black Hills Corp., 2.500%, 06/15/2030			698,030		0.0
1,045,000	Black Hills Corp., 3.050%, 10/15/2029			1,087,702		0.0
1,800,000	Black Hills Corp., 4.250%, 11/30/2023			1,891,071		0.1
487,000	Black Hills Corp., 4.350%, 05/01/2033			555,517		0.0
750,000	CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042			836,429		0.0
1,216,000 (3)	CMS Energy Corp., 3.750%, 12/01/2050			1,197,760		0.0
600,000 (3)	CMS Energy Corp., 4.750%, 06/01/2050			654,000		0.0
631,000	Commonwealth Edison Co., 3.750%, 08/15/2047			713,274		0.0
500,000	Consolidated Edison Co. of New York, Inc., 4.000%, 11/15/2057			568,348		0.0
491,000	Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035			612,680		0.0
600,000	Dominion Energy South Carolina, Inc., 2.300%, 12/01/2031			605,628		0.0

See Accompanying Notes to Financial Statements

112

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
2,095,000 (1)(3)	Dominion Energy, Inc., 4.350%, 12/31/2199		$	2,168,325		0.1
2,155,000 (3)	Dominion Energy, Inc., 4.650%, 12/31/2199			2,251,975		0.1
498,000	Duke Energy Carolinas LLC, 2.550%, 04/15/2031			511,736		0.0
1,000,000	Duke Energy Carolinas LLC, 3.200%, 08/15/2049			1,037,769		0.0
1,940,000	Duke Energy Carolinas LLC, 3.700%, 12/01/2047			2,162,645		0.1
481,000	Duke Energy Carolinas LLC, 3.875%, 03/15/2046			543,708		0.0
1,265,000	Duke Energy Carolinas LLC, 4.000%, 09/30/2042			1,455,233		0.1
1,055,000 (1)(3)	Duke Energy Corp., 4.875%, 12/31/2199			1,097,200		0.0
975,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			987,930		0.0
533,000	Duke Energy Progress LLC, 3.700%, 10/15/2046			596,652		0.0
1,029,000	Duke Energy Progress LLC, 4.200%, 08/15/2045			1,227,450		0.0
1,485,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			1,542,248		0.1
250,000	Duke Energy Progress LLC, 4.100%, 05/15/2042			292,526		0.0
868,000 (2)	Duquesne Light Holdings, Inc., 2.532%, 10/01/2030			850,474		0.0
1,241,000	Entergy Arkansas LLC, 2.650%, 06/15/2051			1,156,631		0.0
1,626,000	Entergy Corp., 0.900%, 09/15/2025			1,576,265		0.1
1,333,000	Entergy Corp., 2.400%, 06/15/2031			1,314,316		0.1
747,000	Entergy Corp., 2.800%, 06/15/2030			761,063		0.0
1,944,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049			2,025,554		0.1
925,000 (1)	Eversource Energy, 1.400%, 08/15/2026			907,562		0.0
1,233,000 (1)	Eversource Energy, 3.450%, 01/15/2050			1,301,250		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
270,000 (1)	Exelon Corp., 4.050%, 04/15/2030		$	300,304		0.0
410,000	Exelon Corp., 4.700%, 04/15/2050			516,048		0.0
2,558,000	FirstEnergy Corp., 3.350%, 07/15/2022			2,569,127		0.1
2,203,000	FirstEnergy Corp., 4.750%, 03/15/2023			2,293,874		0.1
750,000	Florida Power & Light Co., 2.875%, 12/04/2051			762,563		0.0
1,505,000	Georgia Power Co., 2.200%, 09/15/2024			1,541,069		0.1
1,310,000	Georgia Power Co., 5.750%, 04/15/2023			1,388,946		0.1
656,000	Idaho Power Co., 4.200%, 03/01/2048			808,926		0.0
1,799,000 (1)	Indiana Michigan Power Co., 3.250%, 05/01/2051			1,853,876		0.1
520,000	Interstate Power and Light Co., 3.100%, 11/30/2051			518,107		0.0
3,640,000	Interstate Power and Light Co., 3.250%, 12/01/2024			3,824,178		0.1
517,000 (1)(2)	Jersey Central Power & Light Co., 2.750%, 03/01/2032			524,529		0.0
2,802,000 (2)	Jersey Central Power & Light Co., 4.300%, 01/15/2026			3,041,338		0.1
411,000 (2)	Metropolitan Edison Co., 4.000%, 04/15/2025			435,714		0.0
2,745,000	Mississippi Power Co., 4.250%, 03/15/2042			3,157,321		0.1
266,000	Mississippi Power Co., 4.750%, 10/15/2041			306,330		0.0
830,000 (2)	Monongahela Power Co., 3.550%, 05/15/2027			888,361		0.0
231,000 (2)	Narragansett Electric Co/The, 3.395%, 04/09/2030			246,351		0.0
1,830,000 (1)	National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030			1,847,126		0.1
1,507,000 (3)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			1,541,744		0.1

See Accompanying Notes to Financial Statements

113

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,750,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027		$	1,761,447		0.1
863,000	NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028			854,565		0.0
600,000	NextEra Energy Capital Holdings, Inc., 2.440%, 01/15/2032			601,861		0.0
1,275,000 (1)(3)	NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082			1,297,890		0.0
462,000	NiSource, Inc., 3.600%, 05/01/2030			498,492		0.0
764,000 (1)	NiSource, Inc., 5.950%, 06/15/2041			1,051,070		0.0
646,000	NSTAR Electric Co., 1.950%, 08/15/2031			629,933		0.0
842,000	Oglethorpe Power Corp., 3.750%, 08/01/2050			903,194		0.0
2,495,000	ONE Gas, Inc., 1.100%, 03/11/2024			2,482,625		0.1
436,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			436,334		0.0
629,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			637,427		0.0
583,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			593,834		0.0
465,000	PECO Energy Co., 4.150%, 10/01/2044			554,688		0.0
349,000	Piedmont Natural Gas Co., Inc., 3.350%, 06/01/2050			359,386		0.0
2,650,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			2,621,600		0.1
1,730,000 (3)	Sempra Energy, 4.125%, 04/01/2052			1,752,960		0.1
1,315,000 (3)	Sempra Energy, 4.875%, 12/31/2199			1,411,363		0.1
2,643,000	Sierra Pacific Power Co., 2.600%, 05/01/2026			2,750,822		0.1
3,107,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			3,372,085		0.1
1,750,000	Southern Co. Gas Capital Corp., 4.400%, 05/30/2047			2,039,978		0.1
1,775,000	Southern Co. Gas Capital Corp., 5.875%, 03/15/2041			2,420,682		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
2,295,000 (1)(3)	Southern Co/The, 3.750%, 09/15/2051		$	2,300,737		0.1
1,280,000 (3)	Southern Co/The, 4.000%, 01/15/2051			1,312,000		0.1
1,499,000	Southwestern Electric Power Co., 1.650%, 03/15/2026			1,488,174		0.1
580,000	Tampa Electric Co., 4.350%, 05/15/2044			696,362		0.0
998,000	Union Electric Co., 3.900%, 09/15/2042			1,131,123		0.0
790,000	Washington Gas Light Co., 3.650%, 09/15/2049			888,598		0.0
1,683,000	WEC Energy Group, Inc., 1.375%, 10/15/2027			1,624,255		0.1
396,000	WEC Energy Group, Inc., 2.200%, 12/15/2028			395,752		0.0
861,000 (1)	Wisconsin Electric Power Co., 1.700%, 06/15/2028			844,588		0.0
				116,063,166		3.6
	Total Corporate Bonds/Notes (Cost $828,455,752)			858,713,237		26.5
COLLATERALIZED MORTGAGE OBLIGATIONS: 13.5%
1,174,823	Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035			1,060,795		0.0
1,467,405	Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035			1,416,054		0.1
282,565 (4)	Alternative Loan Trust 2005-J3 2A2, 4.898%, (-1.000*US0001M + 5.000%), 05/25/2035			34,240		0.0
1,157,235	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			773,260		0.0
1,640,672	Alternative Loan Trust 2007-23CB A3, 0.602%, (US0001M + 0.500%), 09/25/2037			787,074		0.0
92,132	Banc of America Funding 2007 8 Trust 4A1, 6.000%, 08/25/2037			88,837		0.0
547,398 (3)	Bear Stearns ALT-A Trust 2005-10 22A1, 2.643%, 01/25/2036			543,071		0.0
264,368 (3)	Bear Stearns ALT-A Trust 2005-4 23A1, 2.603%, 05/25/2035			266,392		0.0

See Accompanying Notes to Financial Statements

114

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
875,639 (3)	Bear Stearns ALT-A Trust 2006-6 31A1, 3.070%, 11/25/2036		$	642,041		0.0
984,236 (3)	Bear Stearns ALT-A Trust 2006-6 32A1, 2.889%, 11/25/2036			640,452		0.0
4,592 (3)	Bear Stearns ARM Trust 2005-12 13A1, 3.242%, 02/25/2036			4,377		0.0
2,027,913	Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 0.292%, (US0001M + 0.190%), 01/25/2037			1,910,391		0.1
99,373 (3)	Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 2.697%, 01/26/2036			82,609		0.0
122,640 (2)	Bellemeade Re 2020-4 M2A Ltd., 2.702%, (US0001M + 2.600%), 06/25/2030			122,650		0.0
3,300,000 (2)	Bellemeade RE 2021-3 A M1C Ltd., 1.600%, (SOFR30A + 1.550%), 09/25/2031			3,278,467		0.1
187,945 (3)	Chase Mortgage Finance Trust Series 2005-A1 1A1, 2.777%, 12/25/2035			179,837		0.0
1,427,600 (3)	CHL Mortgage Pass-Through Trust 2004-22 A3, 2.673%, 11/25/2034			1,440,142		0.1
15,955 (3)	CHL Mortgage Pass-Through Trust 2004-HYB9 1A1, 2.510%, 02/20/2035			16,114		0.0
14,790	CHL Mortgage Pass-Through Trust 2005-2 2A3, 0.782%, (US0001M + 0.680%), 03/25/2035			13,931		0.0
1,454,808 (2)(3)	CIM Trust 2020-J1 B3, 3.459%, 07/25/2050			1,457,363		0.1
522,661	Citicorp Mortgage Securities Trust Series 2007-1 1A1, 6.000%, 01/25/2037			526,375		0.0
806,460 (3)	Citigroup Mortgage Loan Trust 2007-10 22AA, 3.153%, 09/25/2037			802,739		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
887,449 (2)(3)	Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058		$	914,877		0.0
27,148 (3)	Citigroup Mortgage Loan Trust, Inc. 2005-3 2A2A, 2.768%, 08/25/2035			28,190		0.0
1,387,571	Citigroup Mortgage Loan Trust, Inc. 2005-8 3A1, 5.500%, 09/25/2035			1,424,445		0.1
215,402	CitiMortgage Alternative Loan Trust Series 2007-A2 1A5, 6.000%, 02/25/2037			216,146		0.0
1,050,845 (2)	Connecticut Avenue Securities Trust 2020-R02 2M2, 2.103%, (US0001M + 2.000%), 01/25/2040			1,054,351		0.0
1,500,000 (2)	Connecticut Avenue Securities Trust 2021-R01 1B1, 3.150%, (SOFR30A + 3.100%), 10/25/2041			1,517,756		0.1
1,500,000 (2)	Connecticut Avenue Securities Trust 2021-R03 1B1, 2.800%, (SOFR30A + 2.750%), 12/25/2041			1,501,411		0.1
778,951	Countrywide Alternative Loan Trust 2005-53T2 2A6, 0.602%, (US0001M + 0.500%), 11/25/2035			420,636		0.0
131,552 (3)	DSLA Mortgage Loan Trust 2004-AR3 2A1, 2.487%, 07/19/2044			130,104		0.0
1,500,000 (2)	Eagle RE 2021-2 M1C Ltd., 3.500%, (SOFR30A + 3.450%), 04/25/2034			1,503,536		0.1
800,000 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 3.753%, (US0001M + 3.650%), 02/25/2040			831,996		0.0
1,000,000	Fannie Mae 2011-128 KB, 4.500%, 12/25/2041			1,137,336		0.0
13,227,387	Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041			14,566,977		0.5
958,455	Fannie Mae 2012-110 CA, 3.000%, 10/25/2042			996,794		0.0

See Accompanying Notes to Financial Statements

115

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
18,707,532 (4)	Fannie Mae 2016-82 SD, 5.948%, (-1.000*US0001M + 6.050%), 11/25/2046		$	3,680,192		0.1
1,496,855	Fannie Mae 2016-88 EA, 3.500%, 01/25/2045			1,538,209		0.1
5,669,215	Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 4.353%, (US0001M + 4.250%), 04/25/2029			5,858,568		0.2
1,271,003	Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.103%, (US0001M + 4.000%), 05/25/2025			1,294,673		0.0
10,970	Fannie Mae Connecticut Avenue Securities 2015-C02 2M2, 4.103%, (US0001M + 4.000%), 05/25/2025			11,002		0.0
3,789,233	Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 5.653%, (US0001M + 5.550%), 04/25/2028			3,951,930		0.1
213,990	Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 4.453%, (US0001M + 4.350%), 05/25/2029			222,369		0.0
3,216,748	Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 3.653%, (US0001M + 3.550%), 07/25/2029			3,297,025		0.1
4,911,561	Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 2.953%, (US0001M + 2.850%), 11/25/2029			5,039,985		0.2
5,159,458	Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 2.602%, (US0001M + 2.500%), 05/25/2030			5,226,460		0.2
2,885,284	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 2.903%, (US0001M + 2.800%), 02/25/2030			2,949,819		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,287,840	Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 2.253%, (US0001M + 2.150%), 10/25/2030		$	2,317,685		0.1
4,754,081	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.103%, (US0001M + 2.000%), 03/25/2031			4,795,218		0.2
2,414,120	Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 2.203%, (US0001M + 2.100%), 03/25/2031			2,435,512		0.1
476,587 (2)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 2.553%, (US0001M + 2.450%), 07/25/2031			479,001		0.0
883,549 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.153%, (US0001M + 2.050%), 01/25/2040			887,718		0.0
500,000 (2)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 3.753%, (US0001M + 3.650%), 02/25/2040			520,464		0.0
1,539,733	Fannie Mae Connecticut Avenue Securities, 5.803%, (US0001M + 5.700%), 04/25/2028			1,624,050		0.1
293,475 (4)	Fannie Mae Interest Strip Series 418 10, 4.000%, 08/25/2043			41,899		0.0
278,201 (4)	Fannie Mae Interest Strip Series 418 15, 3.500%, 08/25/2043			38,294		0.0
3,253	Fannie Mae REMIC Trust 1994-77 FB, 1.602%, (US0001M + 1.500%), 04/25/2024			3,286		0.0
204,357	Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029			222,777		0.0
15,692	Fannie Mae REMIC Trust 2002-21 FC, 1.002%, (US0001M + 0.900%), 04/25/2032			15,871		0.0

See Accompanying Notes to Financial Statements

116

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
574,355 (4)	Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033		$	118,435		0.0
31,236	Fannie Mae REMIC Trust 2004-11 A, 0.222%, (US0001M + 0.120%), 03/25/2034			31,123		0.0
292,834	Fannie Mae REMIC Trust 2005-120 ZU, 5.500%, 01/25/2036			332,784		0.0
166,865	Fannie Mae REMIC Trust 2005-74 DK, 23.593%, (-4.000*US0001M + 24.000%), 07/25/2035			252,375		0.0
3,069,412 (4)	Fannie Mae REMIC Trust 2005-92 SC, 6.578%, (-1.000*US0001M + 6.680%), 10/25/2035			597,805		0.0
171,621	Fannie Mae REMIC Trust 2006-103 EZ, 6.250%, 10/25/2036			197,318		0.0
581,130	Fannie Mae REMIC Trust 2006-104 ES, 32.941%, (-5.000*US0001M + 33.450%), 11/25/2036			1,112,812		0.0
3,496,182 (4)	Fannie Mae REMIC Trust 2006-12 SD, 6.648%, (-1.000*US0001M + 6.750%), 10/25/2035			554,945		0.0
1,875,528 (4)	Fannie Mae REMIC Trust 2006-123 UI, 6.638%, (-1.000*US0001M + 6.740%), 01/25/2037			394,587		0.0
346,838 (4)	Fannie Mae REMIC Trust 2006-72 HS, 6.598%, (-1.000*US0001M + 6.700%), 08/25/2026			34,943		0.0
151,263	Fannie Mae REMIC Trust 2007-73 A1, 0.147%, (US0001M + 0.060%), 07/25/2037			148,623		0.0
291,820	Fannie Mae REMIC Trust 2008-20 SP, 15.245%, (-2.500*US0001M + 15.500%), 03/25/2038			400,772		0.0
1,466,270	Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036			1,611,569		0.1
5,159,712 (4)	Fannie Mae REMIC Trust 2010-102 SB, 6.498%, (-1.000*US0001M + 6.600%), 09/25/2040			1,190,684		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,590,128 (4)	Fannie Mae REMIC Trust 2010-116 SE, 6.498%, (-1.000*US0001M + 6.600%), 10/25/2040		$	315,177		0.0
4,510,688 (4)	Fannie Mae REMIC Trust 2010-123 SL, 5.968%, (-1.000*US0001M + 6.070%), 11/25/2040			727,671		0.0
2,418,582 (4)	Fannie Mae REMIC Trust 2010-55 AS, 6.318%, (-1.000*US0001M + 6.420%), 06/25/2040			468,948		0.0
4,929,153	Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040			5,508,500		0.2
695,657	Fannie Mae REMIC Trust 2010-60 HJ, 5.500%, 05/25/2040			760,861		0.0
2,169,896 (4)	Fannie Mae REMIC Trust 2011-3 AI, 5.000%, 01/25/2041			236,013		0.0
403,054 (4)	Fannie Mae REMIC Trust 2012-10 US, 6.348%, (-1.000*US0001M + 6.450%), 02/25/2042			68,439		0.0
214,676	Fannie Mae REMIC Trust 2012-103 DA, 3.500%, 10/25/2041			215,788		0.0
5,758,031 (4)	Fannie Mae REMIC Trust 2012-113 SG, 5.998%, (-1.000*US0001M + 6.100%), 10/25/2042			1,099,399		0.0
3,841,990 (4)	Fannie Mae REMIC Trust 2012-122 SB, 6.048%, (-1.000*US0001M + 6.150%), 11/25/2042			719,124		0.0
1,907,086 (4)	Fannie Mae REMIC Trust 2012-128 DI, 3.000%, 10/25/2032			144,090		0.0
847,924	Fannie Mae REMIC Trust 2012-131 BS, 5.281%, (-1.200*US0001M + 5.400%), 12/25/2042			866,309		0.0
5,932,395 (4)	Fannie Mae REMIC Trust 2012-137 SN, 5.998%, (-1.000*US0001M + 6.100%), 12/25/2042			982,026		0.0
1,222,473 (4)	Fannie Mae REMIC Trust 2012-15 SP, 6.518%, (-1.000*US0001M + 6.620%), 06/25/2040			42,351		0.0

See Accompanying Notes to Financial Statements

117

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,182,716 (4)	Fannie Mae REMIC Trust 2012-58 PI, 5.000%, 04/25/2042		$	160,015		0.0
5,611,355 (4)	Fannie Mae REMIC Trust 2013-60 DS, 6.098%, (-1.000*US0001M + 6.200%), 06/25/2033			880,808		0.0
5,969,413 (4)	Fannie Mae REMIC Trust 2013-9 DS, 6.048%, (-1.000*US0001M + 6.150%), 02/25/2043			1,383,712		0.1
14,482,814 (4)	Fannie Mae REMIC Trust 2013-9 SA, 6.048%, (-1.000*US0001M + 6.150%), 03/25/2042			2,113,894		0.1
135,867 (4)	Fannie Mae REMIC Trust 2014-81 JI, 4.000%, 09/25/2041			23		0.0
14,650,828 (4)	Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045			3,175,677		0.1
2,623,147 (4)	Fannie Mae REMICS 2005-66 SY, 6.598%, (-1.000*US0001M + 6.700%), 07/25/2035			513,260		0.0
4,507,349 (4)	Fannie Mae REMICS 2006-120 QD, 4.598%, (-1.000*US0001M + 4.700%), 10/25/2036			438,387		0.0
1,869,052 (4)	Fannie Mae REMICS 2006-59 XS, 7.098%, (-1.000*US0001M + 7.200%), 07/25/2036			382,165		0.0
2,162,155 (4)	Fannie Mae REMICS 2007-53 SX, 5.998%, (-1.000*US0001M + 6.100%), 06/25/2037			448,786		0.0
3,395,434 (4)	Fannie Mae REMICS 2010-112 PI, 6.000%, 10/25/2040			697,359		0.0
11,969,185 (4)	Fannie Mae REMICS 2010-139 SA, 5.928%, (-1.000*US0001M + 6.030%), 12/25/2040			2,307,783		0.1
654,654	Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041			730,342		0.0
64,606	Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041			66,855		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,248,339 (4)	Fannie Mae REMICS 2011-149 ES, 5.898%, (-1.000*US0001M + 6.000%), 07/25/2041		$	199,976		0.0
1,596,557	Fannie Mae REMICS 2011-84 Z, 5.250%, 09/25/2041			1,743,959		0.1
9,860,230 (4)	Fannie Mae REMICS 2012-19 S, 5.848%, (-1.000*US0001M + 5.950%), 03/25/2042			1,788,993		0.1
20,110,106 (4)	Fannie Mae REMICS 2016-2 IO, 5.500%, 02/25/2046			3,621,884		0.1
7,244,844 (4)	Fannie Mae REMICS 2016-62 SC, 5.898%, (-1.000*US0001M + 6.000%), 09/25/2046			1,572,789		0.1
29,906,571 (4)	Fannie Mae REMICS 2016-88 CS, 5.948%, (-1.000*US0001M + 6.050%), 12/25/2046			5,645,843		0.2
8,410,063 (4)	Fannie Mae REMICS 2016-93 SL, 6.548%, (-1.000*US0001M + 6.650%), 12/25/2046			1,488,095		0.1
1,487,617	Fannie Mae REMICS 2016-97 PA, 3.000%, 12/25/2044			1,521,586		0.1
9,774,018 (4)	Fannie Mae REMICS 2017-23 IO, 6.000%, 04/25/2047			2,271,188		0.1
1,486,198	Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047			1,541,700		0.1
5,115,710	Fannie Mae REMICS 2018-11 BX, 4.000%, 12/25/2047			5,404,530		0.2
268,797	Fannie Mae REMICS 2018-27 EA, 3.000%, 05/25/2048			278,659		0.0
4,539,177 (4)	Fannie Mae REMICS 2018-43 SE, 6.148%, (-1.000*US0001M + 6.250%), 09/25/2038			852,343		0.0
761,284	Fannie Mae REMICS 2018-64 ET, 3.000%, 09/25/2048			786,271		0.0

See Accompanying Notes to Financial Statements

118

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
21,780,424 (4)	Fannie Mae REMICS 2019-17 SB, 5.998%, (-1.000*US0001M + 6.100%), 09/25/2038		$	3,576,842		0.1
8,140,844 (4)	Fannie Mae REMICS 2019-18 SA, 5.948%, (-1.000*US0001M + 6.050%), 05/25/2049			1,535,685		0.1
6,820,831 (4)	Fannie Mae REMICS 2019-25 PS, 5.948%, (-1.000*US0001M + 6.050%), 06/25/2049			1,309,431		0.0
23,984,414 (4)	Fannie Mae REMICS 2021-8 TI, 4.000%, 03/25/2051			3,170,917		0.1
144,838 (3)	First Horizon Alternative Mortgage Securities Trust 2005-AA1 1A1, 2.918%, 03/25/2035			110,823		0.0
123,476 (3)	First Horizon Asset Securities, Inc. 2005-AR6 4A1, 2.372%, 02/25/2036			115,981		0.0
24,149 (3)	First Horizon Mortgage Pass-Through Trust 2005-AR3 2A1, 2.773%, 08/25/2035			19,159		0.0
1,369,029 (2)(3)	Flagstar Mortgage Trust 2018-1 B1, 3.984%, 03/25/2048			1,376,483		0.0
1,916,641 (2)(3)	Flagstar Mortgage Trust 2018-1 B3, 3.984%, 03/25/2048			1,922,908		0.1
1,661,074 (2)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.043%, 04/25/2048			1,650,540		0.1
3,522,473 (4)	Freddie Mac 2815 GS, 5.890%, (-1.000*US0001M + 6.000%), 03/15/2034			605,436		0.0
134,516	Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029			149,281		0.0
135,534	Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029			149,437		0.0
64,498	Freddie Mac REMIC Trust 2411 FJ, 0.460%, (US0001M + 0.350%), 12/15/2029			64,602		0.0
83,384	Freddie Mac REMIC Trust 2460 ZM, 6.000%, 06/15/2032			92,696		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
50,438	Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022		$	51,130		0.0
200,042	Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032			225,666		0.0
112,246	Freddie Mac REMIC Trust 2576 KZ, 5.500%, 02/15/2033			127,945		0.0
208,988 (4)	Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033			41,195		0.0
251,381	Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034			289,001		0.0
731,911	Freddie Mac REMIC Trust 2867 MZ, 5.000%, 10/15/2034			824,136		0.0
527,299	Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035			587,193		0.0
619,576	Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035			692,487		0.0
4,060,638 (4)	Freddie Mac REMIC Trust 3045 DI, 6.620%, (-1.000*US0001M + 6.730%), 10/15/2035			778,383		0.0
804,350 (4)	Freddie Mac REMIC Trust 3064 SP, 6.490%, (-1.000*US0001M + 6.600%), 03/15/2035			32,281		0.0
265,632	Freddie Mac REMIC Trust 3065 DC, 19.531%, (-3.000*US0001M + 19.860%), 03/15/2035			347,840		0.0
426,183 (4)	Freddie Mac REMIC Trust 3102 IS, 24.164%, (-3.667*US0001M + 24.567%), 01/15/2036			232,235		0.0
2,050,986	Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036			2,309,679		0.1
1,253,228 (4)	Freddie Mac REMIC Trust 3170 SA, 6.490%, (-1.000*US0001M + 6.600%), 09/15/2033			226,898		0.0
622,472 (4)	Freddie Mac REMIC Trust 3171 PS, 6.375%, (-1.000*US0001M + 6.485%), 06/15/2036			96,984		0.0

See Accompanying Notes to Financial Statements

119

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
945,378	Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037		$	1,055,161		0.0
241,591 (3)	Freddie Mac REMIC Trust 3524 LA, 5.337%, 03/15/2033			254,622		0.0
55,957	Freddie Mac REMIC Trust 3556 NT, 3.210%, (US0001M + 3.100%), 03/15/2038			56,609		0.0
4,378,263 (4)	Freddie Mac REMIC Trust 3589 SB, 6.090%, (-1.000*US0001M + 6.200%), 10/15/2039			886,861		0.0
630,532 (4)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			83,462		0.0
4,557,293	Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034			5,172,371		0.2
1,551,945	Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036			1,773,471		0.1
782,703	Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037			879,356		0.0
883,181	Freddie Mac REMIC Trust 3829 VZ, 4.000%, 03/15/2041			938,582		0.0
3,428,194 (4)	Freddie Mac REMIC Trust 3856 KS, 6.440%, (-1.000*US0001M + 6.550%), 05/15/2041			588,729		0.0
1,229,551	Freddie Mac REMIC Trust 3898 KD, 4.500%, 07/15/2041			1,351,894		0.0
665,262 (4)	Freddie Mac REMIC Trust 3925 SD, 5.940%, (-1.000*US0001M + 6.050%), 07/15/2040			36,105		0.0
3,019,275 (4)	Freddie Mac REMIC Trust 3925 SL, 5.940%, (-1.000*US0001M + 6.050%), 01/15/2041			131,419		0.0
8,531,373 (4)	Freddie Mac REMIC Trust 3951 SN, 6.440%, (-1.000*US0001M + 6.550%), 11/15/2041			1,702,889		0.1
518,054	Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042			566,893		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,205,652	Freddie Mac REMIC Trust 4020 BY, 6.500%, 03/15/2042		$	1,439,890		0.1
229,438 (4)	Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040			1,230		0.0
1,685,449 (4)	Freddie Mac REMIC Trust 4094 YS, 6.590%, (-1.000*US0001M + 6.700%), 04/15/2040			92,316		0.0
4,728,614 (4)	Freddie Mac REMIC Trust 4102 MS, 6.490%, (-1.000*US0001M + 6.600%), 09/15/2042			1,010,506		0.0
563,041 (4)	Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043			79,163		0.0
3,879,657	Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033			4,086,055		0.1
26,372,096	Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041			28,548,018		0.9
5,813,922 (4)	Freddie Mac REMIC Trust 4313 SD, 6.040%, (-1.000*US0001M + 6.150%), 03/15/2044			1,024,361		0.0
8,908,078 (4)	Freddie Mac REMIC Trust 4313 SE, 6.040%, (-1.000*US0001M + 6.150%), 03/15/2044			1,611,775		0.1
656,584 (4)	Freddie Mac REMIC Trust 4323 IP, 4.500%, 08/15/2042			15,790		0.0
910,147 (4)	Freddie Mac REMIC Trust 4332 PI, 5.000%, 12/15/2043			148,018		0.0
7,958,412	Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044			8,713,015		0.3
2,901,987 (4)	Freddie Mac REMIC Trust 4346 ST, 6.090%, (-1.000*US0001M + 6.200%), 07/15/2039			310,982		0.0
12,297,353	Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044			13,621,541		0.4
2,682,777 (4)	Freddie Mac REMIC Trust 4386 LS, 5.990%, (-1.000*US0001M + 6.100%), 09/15/2044			445,963		0.0

See Accompanying Notes to Financial Statements

120

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
6,318,750 (4)	Freddie Mac REMICS 3284 CI, 6.010%, (-1.000*US0001M + 6.120%), 03/15/2037		$	1,177,581		0.0
2,681,657 (4)	Freddie Mac REMICS 3311 IC, 6.300%, (-1.000*US0001M + 6.410%), 05/15/2037			506,529		0.0
5,910,905 (4)	Freddie Mac REMICS 3510 IC, 5.970%, (-1.000*US0001M + 6.080%), 08/15/2037			1,111,026		0.0
2,735,377 (4)	Freddie Mac REMICS 3575 ST, 6.490%, (-1.000*US0001M + 6.600%), 04/15/2039			531,342		0.0
8,722,765 (4)	Freddie Mac REMICS 3702 SB, 4.390%, (-1.000*US0001M + 4.500%), 08/15/2040			1,131,009		0.0
3,054,369 (4)	Freddie Mac REMICS 4465 MI, 5.000%, 03/15/2041			706,052		0.0
8,896,765 (4)	Freddie Mac REMICS 4675 KS, 5.890%, (-1.000*US0001M + 6.000%), 04/15/2047			1,645,186		0.1
16,436	Freddie Mac REMICS 4678 AB, 4.000%, 06/15/2044			16,466		0.0
15,284,146	Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048			16,280,757		0.5
1,088,724	Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048			1,145,036		0.0
21,541,275 (4)	Freddie Mac REMICS 4901 BS, 5.998%, (-1.000*US0001M + 6.100%), 07/25/2049			3,829,623		0.1
22,143,723 (4)	Freddie Mac REMICS 5118 LI, 3.000%, 06/25/2041			2,498,022		0.1
9,072,578	Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044			9,835,762		0.3
1,134,762 (2)	Freddie Mac STACR 2019-HQA3 M2, 1.953%, (US0001M + 1.850%), 09/25/2049			1,138,623		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
2,000,000 (2)	Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 3.450%, (SOFR30A + 3.400%), 10/25/2041		$	2,016,192		0.1
2,550,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 2.150%, (SOFR30A + 2.100%), 09/25/2041			2,552,145		0.1
5,000,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 3.800%, (SOFR30A + 3.750%), 12/25/2041			5,039,280		0.2
1,700,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 2.400%, (SOFR30A + 2.350%), 12/25/2041			1,706,951		0.1
3,900,000 (2)	Freddie Mac Stacr Trust 2018-HQA2 M2, 2.403%, (US0001M + 2.300%), 10/25/2048			3,949,681		0.1
419,647 (3)(4)	Freddie Mac Strips 347 118, 4.500%, 02/15/2044			73,709		0.0
10,288,916 (3)(4)	Freddie Mac Strips 347 C29, 3.000%, 01/15/2044			1,126,654		0.0
9,252,147 (3)(4)	Freddie Mac Strips 347 C30, 3.500%, 02/15/2044			1,173,608		0.0
3,542,814 (3)(4)	Freddie Mac Strips 347 C31, 4.000%, 02/15/2044			580,776		0.0
10,209,696 (4)	Freddie Mac Strips 351 C1, 2.500%, 02/15/2031			734,566		0.0
7,142,370 (4)	Freddie Mac Strips 351 C11, 3.500%, 02/15/2031			703,925		0.0
9,222,754 (4)	Freddie Mac Strips 351 C12, 4.000%, 02/15/2031			1,036,443		0.0
6,428,485 (4)	Freddie Mac Strips 351 C13, 3.000%, 02/15/2031			551,193		0.0
10,595,550 (4)	Freddie Mac Strips 351 C2, 3.000%, 02/15/2031			912,952		0.0
8,824,854 (4)	Freddie Mac Strips 351 C7, 3.000%, 02/15/2031			756,874		0.0
9,248,898 (4)	Freddie Mac Strips 351 C8, 3.500%, 02/15/2031			962,713		0.0
5,316,161 (4)	Freddie Mac Strips Series 311 S1, 5.840%, (-1.000*US0001M + 5.950%), 08/15/2043			839,310		0.0
267,382	Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 4.103%, (US0001M + 4.000%), 08/25/2024			272,431		0.0

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
472,743	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 4.003%, (US0001M + 3.900%), 12/25/2027		$	475,253		0.0
670,067	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 2.753%, (US0001M + 2.650%), 12/25/2029			687,758		0.0
4,759,161	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 1.903%, (US0001M + 1.800%), 07/25/2030			4,789,250		0.2
992,320	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 2.403%, (US0001M + 2.300%), 09/25/2030			1,004,608		0.0
2,000,000 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2, 2.350%, (SOFR30A + 2.300%), 08/25/2033			2,038,556		0.1
1,000,000 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, 3.700%, (SOFR30A + 3.650%), 11/25/2041			1,017,482		0.0
286,332	Freddie Mac Structured Pass Through Certificates T-54 2A, 6.500%, 02/25/2043			336,154		0.0
283,556	Freddie Mac Structured Pass Through Certificates T-62 1A1, 1.282%, (12MTA + 1.200%), 10/25/2044			290,653		0.0
15,722	Freddie Mac-Ginnie Mae Series 27 FC, 1.875%, (PRIME + (1.375)%), 03/25/2024			15,841		0.0
7,465,108 (4)	Ginnie Mae 2007-35 KY, 6.343%, (-1.000*US0001M + 6.450%), 06/16/2037			1,441,483		0.1
597,590	Ginnie Mae 2013-26 GU, 1.500%, 04/20/2042			602,850		0.0
506,116	Ginnie Mae 2013-26 JC, 2.000%, 01/20/2043			506,967		0.0
220,775	Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042			216,820		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
164,736	Ginnie Mae 2013-8 BE, 1.750%, 11/20/2042		$	165,539		0.0
13,926,001 (4)	Ginnie Mae 2021-87 ID, 2.500%, 05/20/2051			1,521,911		0.1
546,349 (4)	Ginnie Mae Series 2005-7 AH, 6.663%, (-1.000*US0001M + 6.770%), 02/16/2035			93,744		0.0
252,589	Ginnie Mae Series 2007-8 SP, 21.712%, (-3.242*US0001M + 22.048%), 03/20/2037			395,700		0.0
1,537,551 (4)	Ginnie Mae Series 2008-35 SN, 6.296%, (-1.000*US0001M + 6.400%), 04/20/2038			237,686		0.0
810,063 (4)	Ginnie Mae Series 2008-40 PS, 6.393%, (-1.000*US0001M + 6.500%), 05/16/2038			137,139		0.0
6,339,716 (4)	Ginnie Mae Series 2009-106 SU, 6.096%, (-1.000*US0001M + 6.200%), 05/20/2037			1,138,058		0.0
2,122,476 (4)	Ginnie Mae Series 2009-25 KS, 6.096%, (-1.000*US0001M + 6.200%), 04/20/2039			405,062		0.0
988,721	Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039			1,094,350		0.0
1,131,508	Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039			1,243,158		0.0
10,722,080	Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039			11,419,048		0.4
1,341,468 (4)	Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040			123,952		0.0
1,374,268 (4)	Ginnie Mae Series 2010-116 NS, 6.543%, (-1.000*US0001M + 6.650%), 09/16/2040			232,339		0.0

See Accompanying Notes to Financial Statements

122

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
4,084,485 (4)	Ginnie Mae Series 2010-116 SK, 6.516%, (-1.000*US0001M + 6.620%), 08/20/2040		$	761,836		0.0
5,097,524 (4)	Ginnie Mae Series 2010-149 HS, 5.993%, (-1.000*US0001M + 6.100%), 05/16/2040			444,584		0.0
1,891,043 (4)	Ginnie Mae Series 2010-4 SP, 6.393%, (-1.000*US0001M + 6.500%), 01/16/2039			168,676		0.0
1,963,740	Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040			2,162,609		0.1
794,031 (4)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			60,315		0.0
1,348,210 (4)	Ginnie Mae Series 2010-68 MS, 5.746%, (-1.000*US0001M + 5.850%), 06/20/2040			215,269		0.0
3,281,750 (4)	Ginnie Mae Series 2010-9 JI, 5.000%, 01/20/2040			703,432		0.0
1,392,587 (4)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			66,709		0.0
184,028 (4)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			3,942		0.0
28,822	Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032			31,310		0.0
3,243,114 (4)	Ginnie Mae Series 2011-80 KS, 6.566%, (-1.000*US0001M + 6.670%), 06/20/2041			681,568		0.0
104,932 (4)	Ginnie Mae Series 2012-40 NI, 4.500%, 05/20/2040			5,499		0.0
7,241,639 (4)	Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043			1,245,049		0.0
6,175,398 (4)	Ginnie Mae Series 2013-184 JI, 5.500%, 12/16/2043			1,295,886		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
5,927,062	Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043		$	6,144,774		0.2
5,535,400 (4)	Ginnie Mae Series 2014-3 SU, 5.946%, (-1.000*US0001M + 6.050%), 07/20/2039			946,645		0.0
6,977,045 (4)	Ginnie Mae Series 2014-55 MS, 6.093%, (-1.000*US0001M + 6.200%), 04/16/2044			1,299,654		0.0
5,660,654 (4)	Ginnie Mae Series 2014-56 SP, 6.093%, (-1.000*US0001M + 6.200%), 12/16/2039			690,740		0.0
6,395,176 (4)	Ginnie Mae Series 2014-58 CS, 5.493%, (-1.000*US0001M + 5.600%), 04/16/2044			1,000,549		0.0
8,437,991 (4)	Ginnie Mae Series 2014-79 BI, 6.000%, 05/16/2044			1,784,813		0.1
3,070,870 (4)	Ginnie Mae Series 2014-99 S, 5.496%, (-1.000*US0001M + 5.600%), 06/20/2044			555,607		0.0
1,666,627	Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048			1,762,126		0.1
1,844,295	Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048			1,945,365		0.1
30,061,410 (4)	Ginnie Mae Series 2019-145 LS, 2.726%, (-1.000*US0001M + 2.830%), 11/20/2049			1,634,679		0.1
29,476,560 (4)	Ginnie Mae 2021-228 IG, 3.000%, 12/20/2051			4,789,941		0.2
403,457 (2)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049			404,265		0.0
1,815	GSR Mortgage Loan Trust 2003-2F 3A1, 6.000%, 03/25/2032			1,949		0.0

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123

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Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
41,446	HarborView Mortgage Loan Trust 2005-2 2A1A, 0.544%, (US0001M + 0.440%), 05/19/2035		$	40,056		0.0
147,172	HomeBanc Mortgage Trust 2004-1 2A, 0.962%, (US0001M + 0.860%), 08/25/2029			145,688		0.0
1,886,522	IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 0.522%, (US0001M + 0.420%), 02/25/2046			1,515,362		0.1
5,136 (3)	JP Morgan Mortgage Trust 2005-A1 6T1, 2.577%, 02/25/2035			5,166		0.0
62,277 (3)	JP Morgan Mortgage Trust 2007-A1 5A5, 2.419%, 07/25/2035			63,806		0.0
1,553,841 (2)(3)	JP Morgan Mortgage Trust 2017-4 B2, 3.906%, 11/25/2048			1,583,004		0.1
1,006,918 (2)(3)	JP Morgan Mortgage Trust 2017-6 B3, 3.795%, 12/25/2048			1,026,406		0.0
1,551,897 (2)(3)	JP Morgan Mortgage Trust 2018-1 B1, 3.689%, 06/25/2048			1,568,102		0.1
1,551,897 (2)(3)	JP Morgan Mortgage Trust 2018-1 B2, 3.689%, 06/25/2048			1,564,726		0.1
1,919,136 (2)(3)	JP Morgan Mortgage Trust 2018-1 B3, 3.689%, 06/25/2048			1,937,286		0.1
1,376,466 (2)(3)	JP Morgan Mortgage Trust 2018-3 B1, 3.739%, 09/25/2048			1,408,803		0.1
1,240,856 (2)(3)	JP Morgan Mortgage Trust 2018-4 B1, 3.738%, 10/25/2048			1,262,460		0.0
55,771 (2)(3)	JP Morgan Mortgage Trust 2019-3 A3, 4.000%, 09/25/2049			56,196		0.0
1,917,079 (2)(3)	JP Morgan Mortgage Trust 2019-8 B3A, 3.453%, 03/25/2050			1,939,523		0.1
114,433 (2)(3)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			114,960		0.0
1,405,851 (2)(3)	JP Morgan Mortgage Trust 2020-8 B2, 3.538%, 03/25/2051			1,429,453		0.1

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,866,054 (2)(3)	JP Morgan Mortgage Trust 2020-8 B3, 3.538%, 03/25/2051		$	1,892,570		0.1
2,299,183,145 (2)(4)	L Street Securities 2017-PM1 XIO, 0.010%, 10/25/2048			2,416,212		0.1
6,690,602 (4)	Lehman Mortgage Trust 2006-9 2A5, 6.517%, (-1.000*US0001M + 6.620%), 01/25/2037			1,433,898		0.1
700,000 (2)	Mello Warehouse Securitization Trust 2021-1 C, 1.189%, (US0001M + 1.100%), 02/25/2055			697,855		0.0
49,739 (3)	Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A3 1A, 1.926%, 05/25/2033			51,092		0.0
21,490	Merrill Lynch Mortgage Investors Trust Series MLCC 2005-3 5A, 0.602%, (US0001M + 0.250%), 11/25/2035			21,432		0.0
2,000,000	Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 1.902%, (US0001M + 1.800%), 09/25/2035			2,009,275		0.1
1,371,566	Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037			1,064,393		0.0
6,500,000 (2)	Mortgage Insurance-Linked Notes 2021-3 M1B, 2.950%, (SOFR30A + 2.900%), 02/25/2034			6,457,756		0.2
1,437,285 (2)(3)	New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057			1,505,661		0.1
14,853 (2)(3)	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2001-R1A A, 7.000%, 02/19/2030			15,123		0.0
2,900,000 (2)	Oaktown Re VII Ltd. 2021-2 M1C, 3.400%, (SOFR30A + 3.350%), 04/25/2034			2,858,943		0.1

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
421,286	Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037		$	400,935		0.0
157,725 (2)	RBSSP Resecuritization Trust 2011-3 2A1, 0.592%, (US0001M + 0.250%), 02/26/2037			158,203		0.0
1,312	RFMSI Series Trust 2003-S9 A1, 6.500%, 03/25/2032			1,381		0.0
1,939,276	Seasoned Credit Risk Transfer Trust 2017-4 M45T, 4.500%, 06/25/2057			2,096,312		0.1
45,848	Sequoia Mortgage Trust 2003-4 2A1, 0.804%, (US0001M + 0.350%), 07/20/2033			46,058		0.0
22,230 (3)	Sequoia Mortgage Trust 2005-4 2A1, 2.579%, 04/20/2035			23,502		0.0
563,251 (2)(3)	Sequoia Mortgage Trust 2014-3 B3, 4.003%, 10/25/2044			567,006		0.0
735,511 (2)(3)	Sequoia Mortgage Trust 2015-2 B3, 3.773%, 05/25/2045			739,151		0.0
774,636 (2)(3)	Sequoia Mortgage Trust 2015-3 B3, 3.723%, 07/25/2045			786,774		0.0
222,996 (2)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			224,766		0.0
2,026,156 (2)(3)	Sequoia Mortgage Trust 2020-3 B3, 3.336%, 04/25/2050			1,970,276		0.1
698,000 (2)(3)	Starwood Mortgage Residential Trust 2020-1, 2.878%, 02/25/2050			700,769		0.0
36,691 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-17 3A1, 2.792%, 08/25/2035			35,378		0.0
707,391 (3)	Structured Adjustable Rate Mortgage Loan Trust 2005-7 4A, 2.641%, 04/25/2035			708,170		0.0
127,991	Structured Asset Mortgage Investments II Trust 2005-AR5 A2, 0.604%, (US0001M + 0.250%), 07/19/2035			124,610		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
61,229	Structured Asset Mortgage Investments II Trust 2005-AR5 A3, 0.604%, (US0001M + 0.250%), 07/19/2035		$	59,740		0.0
171,384 (3)	Thornburg Mortgage Securities Trust 2006-5 A1, 2.541%, 10/25/2046			173,903		0.0
4,804	WaMu Mortgage Pass Through Certificates Series 2002-AR2 A, 1.475%, (COF 11 + 1.250%), 02/27/2034			4,923		0.0
15,086	WaMu Mortgage Pass Through Certificates Series 2002-AR9 1A, 1.482%, (12MTA + 1.400%), 08/25/2042			14,996		0.0
21,734	WaMu Mortgage Pass Through Certificates Series 2005-AR1 A1A, 0.742%, (US0001M + 0.640%), 01/25/2045			21,744		0.0
463,262 (3)	WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 2.453%, 10/25/2036			453,460		0.0
257,549	WaMu Mortgage Pass Through Certificates Series 2006-AR7 3A, 1.725%, (COF 11 + 1.500%), 07/25/2046			253,181		0.0
37,707,285 (3)(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.800%, 08/25/2045			1,449,227		0.1
1,077,157	WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 1.082%, (US0001M + 0.490%), 10/25/2045			1,073,157		0.0	��
503,296 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 2.956%, 10/25/2036			507,102		0.0
877,644 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 2.381%, 12/25/2036			840,678		0.0

See Accompanying Notes to Financial Statements

125

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,629,391 (3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 2.847%, 08/25/2046		$	1,629,302		0.1
1,556,489 (3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 2.930%, 07/25/2037			1,570,157		0.1
1,821,335	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			1,745,342		0.1
161,235	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035			162,053		0.0
1,346,134	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR10 Trust, 0.302%, (US0001M + 0.200%), 12/25/2036			851,380		0.0
994,247	Wells Fargo Alternative Loan 2007-PA2 2A1, 0.533%, (US0001M + 0.430%), 06/25/2037			799,838		0.0
72,891 (3)	Wells Fargo Mortgage Backed Securities 2005-AR7 1A1, 2.862%, 05/25/2035			72,137		0.0
203,096 (3)	Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 2.793%, 04/25/2036			199,008		0.0
667,555 (2)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.774%, 08/20/2045			662,188		0.0
	Total Collateralized Mortgage Obligations (Cost $436,486,607)			435,468,030		13.5

Principal Amount†		Value			Percentage of Net Assets
MUNICIPAL BONDS: 0.1%
	California: 0.1%
500,000	California State University, 6.434%, 11/01/2030		$	640,864		0.1
200,000	Los Angeles County Public Works Financing Authority, 7.488%, 08/01/2033			275,541		0.0
300,000	Los Angeles County Public Works Financing Authority, 7.618%, 08/01/2040			495,762		0.0
200,000	Regents of the University of California Medical Center Pooled Revenue, 6.398%, 05/15/2031			255,532		0.0
300,000	Regents of the University of California Medical Center Pooled Revenue, 6.548%, 05/15/2048			464,803		0.0
	Total Municipal Bonds (Cost $1,500,000)			2,132,502		0.1
U.S. TREASURY OBLIGATIONS: 8.0%
	U.S. Treasury Bonds: 4.3%
17,000	1.250%, 05/15/2050			14,443		0.0
22,502,600 (1)	1.375%, 11/15/2031			22,224,834		0.7
920,000	1.375%, 11/15/2040			838,709		0.0
77,000	1.625%, 11/15/2050			71,763		0.0
39,269,100	2.000%, 08/15/2051			40,042,211		1.3
72,995,000	2.000%, 11/15/2041			73,850,410		2.3
				137,042,370		4.3
	U.S. Treasury Notes: 3.7%
25,000	0.125%, 10/15/2023			24,754		0.0
16,997,000	0.250%, 06/15/2024			16,748,684		0.5
4,476,400 (1)	0.500%, 11/30/2023			4,459,614		0.1
39,983,700	0.750%, 12/31/2023			39,994,633		1.2
170,000	0.875%, 06/30/2026			167,324		0.0
24,423,700	1.000%, 12/15/2024			24,453,276		0.8
773,500	1.125%, 02/15/2031			750,869		0.0
1,757,900 (1)	1.250%, 11/30/2026			1,757,076		0.1
17,214,200	1.250%, 12/31/2026			17,198,062		0.5
8,250,800	1.250%, 09/30/2028			8,156,689		0.3
5,560,900	1.375%, 12/31/2028			5,537,440		0.2
1,600,500	1.500%, 11/30/2028			1,607,252		0.0
				120,855,673		3.7
	Total U.S. Treasury Obligations (Cost $257,204,031)			257,898,043		8.0

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126

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Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.8%
	Federal Home Loan Mortgage Corporation: 2.5%(5)
44,785	1.595%, (US0012M + 1.345%), 09/01/2035		$	46,523		0.0
331,525	1.980%, (US0012M + 1.721%), 06/01/2035			348,647		0.0
5,487	2.345%, (H15T1Y + 2.250%), 11/01/2031			5,512		0.0
462	2.366%, (H15T1Y + 2.210%), 06/01/2024			464		0.0
2,914	2.375%, (H15T1Y + 2.250%), 04/01/2032			2,934		0.0
11,140	2.375%, (H15T1Y + 2.250%), 11/01/2035			11,670		0.0
1,886	2.375%, (H15T1Y + 2.250%), 03/01/2036			2,010		0.0
836,068	2.500%, 05/01/2030			871,015		0.0
461,504	2.500%, 05/01/2030			481,045		0.0
974,577	2.500%, 06/01/2030			1,014,977		0.0
111,791	2.536%, (H15T1Y + 2.462%), 01/01/2029			112,388		0.0
3,266,946	3.000%, 03/01/2045			3,453,443		0.1
2,336,739	3.000%, 03/01/2045			2,465,259		0.1
2,391,626	3.000%, 04/01/2045			2,523,288		0.1
2,602,043	3.000%, 04/01/2045			2,750,643		0.1
4,574,394	3.000%, 10/01/2046			4,813,348		0.2
5,833,303	3.000%, 10/01/2046			6,167,281		0.2
6,318,271	3.000%, 03/01/2048			6,643,474		0.2
817,695	3.500%, 08/01/2042			879,991		0.0
2,159,045	3.500%, 03/01/2045			2,319,597		0.1
363,140	3.500%, 04/01/2045			384,055		0.0
127,696	3.500%, 05/01/2045			134,524		0.0
982,331	3.500%, 05/01/2045			1,054,656		0.0
626,750	3.500%, 06/01/2045			671,602		0.0
525,181	3.500%, 07/01/2045			560,684		0.0
575,997	3.500%, 07/01/2045			614,412		0.0
579,380	3.500%, 08/01/2045			617,637		0.0
429,768	3.500%, 08/01/2045			455,406		0.0
553,172	3.500%, 08/01/2045			591,897		0.0
677,908	3.500%, 08/01/2045			726,397		0.0
1,055,506	3.500%, 08/01/2045			1,133,953		0.0
268,040	3.500%, 09/01/2045			282,628		0.0
693,030	3.500%, 09/01/2045			742,671		0.0
1,229,698	3.500%, 09/01/2045			1,314,725		0.1
1,110,253	3.500%, 11/01/2045			1,192,737		0.1
4,529,777	3.500%, 12/01/2046			4,848,576		0.2
11,926,774	3.500%, 03/01/2048			12,839,274		0.4
805,409	4.000%, 10/01/2041			878,308		0.0
1,101,134	4.000%, 12/01/2041			1,206,308		0.1
192,733	4.000%, 07/01/2045			210,270		0.0
1,175,168	4.000%, 09/01/2045			1,273,529		0.1
114,502	4.000%, 09/01/2045			124,712		0.0
2,437,928	4.000%, 09/01/2045			2,646,074		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
1,556,311	4.000%, 09/01/2045		$	1,701,324		0.1
902,022	4.000%, 05/01/2047			969,804		0.0
281,384	4.000%, 11/01/2047			300,859		0.0
259,859	4.000%, 03/01/2048			278,413		0.0
1,054,306	4.000%, 06/01/2048			1,159,477		0.1
5,432	4.500%, 06/01/2039			6,012		0.0
13,849	4.500%, 09/01/2040			15,328		0.0
41,700	4.500%, 03/01/2041			45,741		0.0
398,923	4.500%, 08/01/2041			441,436		0.0
300,286	4.500%, 08/01/2041			332,577		0.0
141,244	4.500%, 09/01/2041			156,407		0.0
205,907	4.500%, 09/01/2041			227,881		0.0
380,218	4.500%, 09/01/2041			420,799		0.0
1,050,492	4.500%, 09/01/2041			1,165,178		0.1
19,622	5.000%, 05/01/2028			21,391		0.0
77,246	5.000%, 05/01/2035			85,946		0.0
194,624	5.000%, 01/01/2041			219,236		0.0
92,617	5.000%, 04/01/2041			103,185		0.0
7,603	5.500%, 03/01/2023			8,323		0.0
2,036	5.500%, 05/01/2023			2,229		0.0
8,363	5.500%, 03/01/2034			9,479		0.0
1,655	5.500%, 05/01/2036			1,827		0.0
55,888	5.500%, 06/01/2036			63,688		0.0
6,256	5.500%, 12/01/2036			7,146		0.0
31,525	5.500%, 03/01/2037			36,080		0.0
8,752	5.500%, 04/01/2037			10,035		0.0
46,350	5.500%, 05/01/2037			53,088		0.0
85,509	5.500%, 07/01/2037			97,252		0.0
16,094	5.500%, 09/01/2037			17,673		0.0
10,057	5.500%, 10/01/2037			11,534		0.0
30,544	5.500%, 11/01/2037			35,004		0.0
87,936	5.500%, 12/01/2037			100,826		0.0
25,023	5.500%, 12/01/2037			28,700		0.0
6,377	5.500%, 01/01/2038			7,181		0.0
6,289	5.500%, 01/01/2038			7,203		0.0
62,662	5.500%, 02/01/2038			71,791		0.0
85,811	5.500%, 02/01/2038			98,440		0.0
57,859	5.500%, 03/01/2038			66,301		0.0
74,491	5.500%, 04/01/2038			85,369		0.0
6,409	5.500%, 05/01/2038			7,352		0.0
48,857	5.500%, 05/01/2038			54,667		0.0
152,876	5.500%, 06/01/2038			174,234		0.0
46,786	5.500%, 06/01/2038			53,539		0.0
151,261	5.500%, 07/01/2038			173,352		0.0
7,688	5.500%, 08/01/2038			8,817		0.0
30,197	5.500%, 08/01/2038			34,596		0.0
34,194	5.500%, 09/01/2038			39,172		0.0
29,839	5.500%, 10/01/2038			34,201		0.0
33,513	5.500%, 10/01/2038			38,411		0.0
111,031	5.500%, 11/01/2038			127,295		0.0
3,332	5.500%, 11/01/2038			3,821		0.0

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127

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Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal Home Loan Mortgage Corporation (continued)
7,620	5.500%, 12/01/2038		$	8,741		0.0
11,869	5.500%, 12/01/2038			13,539		0.0
26,745	5.500%, 01/01/2039			30,641		0.0
54,144	5.500%, 03/01/2039			62,032		0.0
22,272	5.500%, 07/01/2039			25,413		0.0
14,377	5.500%, 12/01/2039			16,479		0.0
94,318	5.500%, 03/01/2040			108,094		0.0
65,381	5.500%, 08/01/2040			74,897		0.0
30,883	5.500%, 08/01/2040			35,302		0.0
37,212	5.500%, 08/01/2040			40,859		0.0
313,619	6.000%, 09/01/2027			345,290		0.0
4,912	6.000%, 02/01/2029			5,409		0.0
6,714	6.000%, 05/01/2035			7,665		0.0
265,047	6.000%, 03/01/2037			307,761		0.0
2,525	6.000%, 05/01/2037			2,932		0.0
28,404	6.000%, 07/01/2037			32,974		0.0
8,615	6.000%, 08/01/2037			9,806		0.0
37,477	6.000%, 08/01/2037			43,497		0.0
209,163	6.000%, 09/01/2037			242,835		0.0
610	6.000%, 10/01/2037			707		0.0
7,824	6.000%, 11/01/2037			9,086		0.0
5,604	6.000%, 12/01/2037			6,505		0.0
1,950	6.000%, 12/01/2037			2,160		0.0
205,313	6.000%, 01/01/2038			234,754		0.0
1,158	6.000%, 04/01/2038			1,345		0.0
7,336	6.000%, 06/01/2038			8,232		0.0
524	6.000%, 07/01/2038			588		0.0
22,417	6.000%, 08/01/2038			25,026		0.0
48,337	6.000%, 11/01/2038			55,905		0.0
12,289	6.000%, 05/01/2039			13,922		0.0
10,277	6.000%, 08/01/2039			11,829		0.0
1,705	6.000%, 09/01/2039			1,879		0.0
659,772	6.500%, 09/01/2034			745,099		0.0
				81,169,367		2.5
	Federal National Mortgage Association: 0.0%(5)
28,813	1.284%, (12MTA + 1.200%), 08/01/2042			29,389		0.0
47,123	1.284%, (12MTA + 1.200%), 08/01/2042			48,152		0.0
17,263	1.284%, (12MTA + 1.200%), 10/01/2044			17,649		0.0
25,972	1.284%, (12MTA + 1.200%),10/01/2044			26,575		0.0
61,863	1.498%, (US0006M + 1.373%),09/01/2035			62,414		0.0
66,376	1.590%, (US0001M + 1.422%),02/01/2033			67,137		0.0
36,166	1.637%, (US0012M + 1.486%), 07/01/2035			36,399		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association (continued)
12,305	1.710%, (US0012M + 1.444%), 08/01/2035		$	12,402		0.0
342,207	1.825%, (H15T1Y + 1.711%), 08/01/2035			344,750		0.0
71,765	1.869%, (US0012M + 1.480%), 04/01/2035			72,329		0.0
139,639	1.908%, (US0012M + 1.661%), 10/01/2035			139,891		0.0
67,267	1.999%, (US0012M + 1.610%), 02/01/2034			69,165		0.0
20,281	2.050%, (US0012M + 1.675%), 02/01/2035			20,377		0.0
141,643	2.060%, (US0012M + 1.810%), 09/01/2034			147,933		0.0
63,268	2.300%, (H15T1Y + 2.175%),10/01/2035			63,547		0.0
1,701	2.317%, (H15T1Y + 2.215%), 09/01/2031			1,702		0.0
7,687	2.335%, (H15T1Y + 2.210%), 04/01/2032			7,707		0.0
2,505	3.184%, (COF 11 + 1.251%), 05/01/2036			2,607		0.0
24,075	4.027%, (COF 11 + 1.926%), 12/01/2036			25,746		0.0
				1,195,871		0.0
	Government National Mortgage Association: 1.4%
3,946,176	2.500%, 09/20/2051			4,047,383		0.1
16,000,000 (6)	2.500%, 01/15/2052			16,386,232		0.5
4,390,000 (6)	3.000%, 01/15/2052			4,542,468		0.2
2,560,059	3.500%, 07/20/2046			2,691,422		0.1
394,033	3.500%, 07/20/2047			414,018		0.0
6,086,037	3.500%, 12/20/2047			6,489,362		0.2
3,392,294	3.500%, 01/20/2048			3,631,428		0.1
469,250	4.000%, 11/20/2040			508,539		0.0
937,983	4.000%, 03/20/2046			1,010,245		0.1
728,889	4.500%, 08/20/2041			807,585		0.0
360,846	4.500%, 01/20/2047			394,452		0.0
13,409	5.000%, 11/15/2035			15,211		0.0
1,840	5.000%, 11/15/2035			2,070		0.0
5,014	5.000%, 11/15/2035			5,645		0.0
5,653	5.000%, 11/15/2035			6,529		0.0
14,456	5.000%, 06/15/2037			16,286		0.0
102,298	5.000%, 03/15/2038			118,162		0.0
33,348	5.000%, 03/15/2038			38,544		0.0
5,340	5.000%, 06/15/2038			6,094		0.0
361	5.000%, 07/15/2038			406		0.0
2,300	5.000%, 09/15/2038			2,641		0.0
32,896	5.000%, 11/15/2038			38,025		0.0
12,418	5.000%, 11/15/2038			14,315		0.0

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Government National Mortgage Association (continued)
717,251	5.000%, 12/15/2038		$	828,495		0.1
56,510	5.000%, 12/15/2038			65,313		0.0
7,765	5.000%, 12/15/2038			8,744		0.0
93,134	5.000%, 01/15/2039			107,573		0.0
51,405	5.000%, 01/15/2039			59,396		0.0
541,102	5.000%, 01/15/2039			620,621		0.0
77,726	5.000%, 02/15/2039			89,783		0.0
23,081	5.000%, 02/15/2039			26,594		0.0
47,092	5.000%, 02/15/2039			53,912		0.0
110,103	5.000%, 03/15/2039			126,977		0.0
59,753	5.000%, 03/15/2039			68,899		0.0
1,718	5.000%, 03/15/2039			1,986		0.0
61,058	5.000%, 03/15/2039			70,579		0.0
70,023	5.000%, 04/15/2039			80,885		0.0
406	5.000%, 05/15/2039			457		0.0
111,737	5.000%, 05/15/2039			129,141		0.0
38,971	5.000%, 05/15/2039			45,053		0.0
48,699	5.000%, 07/15/2039			56,038		0.0
44,056	5.000%, 09/15/2039			50,587		0.0
9,240	5.000%, 11/15/2039			10,682		0.0
1,332	5.000%, 04/15/2040			1,536		0.0
9,904	5.000%, 06/15/2040			11,412		0.0
20,096	5.000%, 09/15/2040			23,197		0.0
14,075	5.000%, 09/15/2040			15,830		0.0
44,198	5.000%, 10/15/2040			50,601		0.0
47,446	5.000%, 05/15/2042			53,418		0.0
260,694	5.000%, 02/20/2043			294,798		0.0
				44,139,569		1.4
	Uniform Mortgage-Backed Securities: 6.9%
50,513,000 (6)	2.000%, 02/15/2052			50,248,840		1.6
19,000,000 (6)	2.500%, 02/15/2052			19,337,787		0.6
1,309,582	2.500%, 05/01/2030			1,363,010		0.1
1,943,203	2.500%, 06/01/2030			2,018,879		0.1
2,643,757	2.500%, 06/01/2030			2,746,689		0.1
1,181,348	2.500%, 07/01/2030			1,227,396		0.1
2,725,126	3.000%, 08/01/2030			2,871,475		0.1
1,379,775	3.000%, 09/01/2030			1,454,434		0.1
929,045	3.000%, 08/01/2043			986,507		0.1
1,611,537	3.000%, 09/01/2043			1,700,234		0.1
5,842,985	3.000%, 04/01/2045			6,173,707		0.2
3,672,508	3.000%, 08/01/2046			3,880,471		0.1
348,566	3.000%, 09/01/2046			366,070		0.0
4,916,733	3.000%, 01/01/2047			5,159,891		0.2
546,640	3.500%, 12/01/2041			590,590		0.0
474,467	3.500%, 08/01/2042			512,310		0.0
105,610	3.500%, 08/01/2042			113,328		0.0
600,096	3.500%, 10/01/2042			648,289		0.0
403,531	3.500%, 10/01/2042			435,944		0.0
256,610	3.500%, 03/01/2043			277,132		0.0
2,130,921	3.500%, 01/01/2046			2,295,093		0.1

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
3,831,087	3.500%, 02/01/2046		$	4,126,019		0.1
15,953,379	3.500%, 08/01/2046			17,180,989		0.6
2,658,747	3.500%, 08/01/2046			2,857,144		0.1
2,668,435	3.500%, 09/01/2047			2,821,527		0.1
7,423,970	3.500%, 07/01/2048			7,984,965		0.3
2,700,000 (6)	3.500%, 02/15/2052			2,838,559		0.1
3,083	4.000%, 05/01/2029			3,279		0.0
23,138	4.000%, 11/01/2030			24,786		0.0
12,580	4.000%, 02/01/2031			13,477		0.0
6,699	4.000%, 10/01/2031			7,206		0.0
4,694,219	4.000%, 12/01/2039			5,151,814		0.2
593,971	4.000%, 07/01/2042			646,371		0.0
240,670	4.000%, 07/01/2042			264,479		0.0
2,341,352	4.000%, 07/01/2042			2,572,953		0.1
165,389	4.000%, 08/01/2042			176,047		0.0
907,324	4.000%, 08/01/2042			996,670		0.1
1,429,782	4.000%, 08/01/2043			1,558,480		0.1
2,534,924	4.000%, 09/01/2043			2,785,667		0.1
175,819	4.000%, 10/01/2043			192,142		0.0
84,923	4.000%, 10/01/2043			92,967		0.0
4,744,053	4.000%, 01/01/2045			5,273,105		0.2
445,220	4.000%, 06/01/2045			487,141		0.0
931,722	4.000%, 07/01/2045			1,017,453		0.1
2,199,233	4.000%, 07/01/2045			2,411,935		0.1
3,765,270	4.000%, 02/01/2046			4,100,734		0.1
775,486	4.000%, 06/01/2047			830,274		0.0
550,456	4.000%, 03/01/2048			588,879		0.0
240,930	4.000%, 03/01/2048			256,981		0.0
3,691,722	4.000%, 09/01/2048			3,984,322		0.1
23,199	4.500%, 10/01/2025			24,822		0.0
412,846	4.500%, 07/01/2026			431,432		0.0
348,121	4.500%, 04/01/2029			372,951		0.0
5,276	4.500%, 06/01/2029			5,651		0.0
64,131	4.500%, 06/01/2029			68,683		0.0
67,040	4.500%, 07/01/2029			71,824		0.0
1,565	4.500%, 10/01/2029			1,676		0.0
9,458	4.500%, 06/01/2030			10,218		0.0
267,076	4.500%, 10/01/2030			288,719		0.0
70,391	4.500%, 02/01/2031			76,013		0.0
48,383	4.500%, 05/01/2031			52,321		0.0
35,542	4.500%, 10/01/2033			39,168		0.0
16,973	4.500%, 01/01/2034			18,707		0.0
4,150	4.500%, 07/01/2034			4,570		0.0
19,757	4.500%, 09/01/2035			21,656		0.0
4,036	4.500%, 09/01/2035			4,449		0.0
32,333	4.500%, 11/01/2035			35,596		0.0
129,357	4.500%, 02/01/2036			138,608		0.0
71,309	4.500%, 01/01/2037			78,755		0.0
33,535	4.500%, 09/01/2037			36,950		0.0
1,897	4.500%, 02/01/2038			2,050		0.0
19,544	4.500%, 01/01/2039			21,418		0.0

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
2,023	4.500%, 02/01/2039		$	2,168		0.0
28,528	4.500%, 02/01/2039			31,553		0.0
69,816	4.500%, 04/01/2039			77,201		0.0
12,697	4.500%, 04/01/2039			14,040		0.0
40,322	4.500%, 04/01/2039			44,562		0.0
376	4.500%, 05/01/2039			416		0.0
72,497	4.500%, 05/01/2039			80,155		0.0
780,294	4.500%, 05/01/2039			863,127		0.0
3,731	4.500%, 05/01/2039			4,121		0.0
11,901	4.500%, 05/01/2039			13,163		0.0
75,596	4.500%, 05/01/2039			83,576		0.0
60,047	4.500%, 05/01/2039			66,391		0.0
4,642	4.500%, 06/01/2039			5,136		0.0
95,114	4.500%, 06/01/2039			105,164		0.0
49,095	4.500%, 07/01/2039			54,311		0.0
20,531	4.500%, 07/01/2039			22,222		0.0
14,483	4.500%, 07/01/2039			16,018		0.0
177,567	4.500%, 08/01/2039			195,728		0.0
44,987	4.500%, 08/01/2039			49,590		0.0
97,950	4.500%, 08/01/2039			108,322		0.0
57,504	4.500%, 08/01/2039			63,614		0.0
161,463	4.500%, 09/01/2039			178,570		0.0
154,241	4.500%, 10/01/2039			170,582		0.0
70,483	4.500%, 11/01/2039			77,942		0.0
9,487	4.500%, 11/01/2039			10,492		0.0
3,978	4.500%, 12/01/2039			4,400		0.0
6,909	4.500%, 12/01/2039			7,409		0.0
327,584	4.500%, 01/01/2040			361,577		0.0
3,523	4.500%, 01/01/2040			3,797		0.0
75,118	4.500%, 02/01/2040			83,079		0.0
148,509	4.500%, 02/01/2040			163,727		0.0
46,491	4.500%, 04/01/2040			51,328		0.0
541,596	4.500%, 04/01/2040			598,995		0.0
204,333	4.500%, 05/01/2040			221,794		0.0
35,643	4.500%, 05/01/2040			38,407		0.0
3,181	4.500%, 06/01/2040			3,517		0.0
31,271	4.500%, 06/01/2040			34,470		0.0
107,241	4.500%, 06/01/2040			118,615		0.0
244,295	4.500%, 06/01/2040			270,079		0.0
56,364	4.500%, 06/01/2040			62,148		0.0
107,634	4.500%, 07/01/2040			118,680		0.0
21,707	4.500%, 07/01/2040			23,785		0.0
70,468	4.500%, 07/01/2040			77,695		0.0
33,868	4.500%, 08/01/2040			36,993		0.0
5,892	4.500%, 08/01/2040			6,338		0.0
86,229	4.500%, 08/01/2040			94,176		0.0
78,977	4.500%, 08/01/2040			86,486		0.0
63,755	4.500%, 08/01/2040			70,290		0.0
1,779	4.500%, 08/01/2040			1,952		0.0
21,230	4.500%, 08/01/2040			23,478		0.0
180,372	4.500%, 09/01/2040			199,449		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
15,281	4.500%, 09/01/2040		$	16,902		0.0
15,410	4.500%, 09/01/2040			16,883		0.0
12,996	4.500%, 09/01/2040			13,916		0.0
102,513	4.500%, 09/01/2040			110,056		0.0
25,291	4.500%, 09/01/2040			27,965		0.0
24,389	4.500%, 09/01/2040			26,965		0.0
27,387	4.500%, 10/01/2040			29,958		0.0
149,532	4.500%, 10/01/2040			165,364		0.0
28,050	4.500%, 10/01/2040			31,026		0.0
159,013	4.500%, 10/01/2040			175,779		0.0
67,304	4.500%, 10/01/2040			74,436		0.0
487,418	4.500%, 11/01/2040			525,799		0.0
54,680	4.500%, 11/01/2040			59,891		0.0
48,979	4.500%, 11/01/2040			54,180		0.0
364,014	4.500%, 11/01/2040			401,202		0.0
792,955	4.500%, 11/01/2040			874,362		0.0
12,848	4.500%, 12/01/2040			13,989		0.0
83,213	4.500%, 12/01/2040			91,756		0.0
23,709	4.500%, 12/01/2040			25,977		0.0
89,417	4.500%, 12/01/2040			98,961		0.0
173,098	4.500%, 12/01/2040			191,476		0.0
2,663	4.500%, 12/01/2040			2,944		0.0
35,161	4.500%, 12/01/2040			38,886		0.0
36,038	4.500%, 12/01/2040			39,552		0.0
22,436	4.500%, 12/01/2040			24,815		0.0
194,529	4.500%, 01/01/2041			215,241		0.0
22,482	4.500%, 01/01/2041			24,869		0.0
419,716	4.500%, 01/01/2041			462,715		0.0
125,246	4.500%, 01/01/2041			137,220		0.0
36,332	4.500%, 01/01/2041			40,159		0.0
59,494	4.500%, 02/01/2041			63,901		0.0
69,394	4.500%, 02/01/2041			76,467		0.0
21,717	4.500%, 02/01/2041			23,948		0.0
71,655	4.500%, 02/01/2041			79,019		0.0
50,753	4.500%, 02/01/2041			56,068		0.0
22,528	4.500%, 03/01/2041			24,910		0.0
23,175	4.500%, 03/01/2041			25,630		0.0
3,898	4.500%, 03/01/2041			4,293		0.0
65,856	4.500%, 03/01/2041			72,839		0.0
76,864	4.500%, 03/01/2041			82,595		0.0
42,038	4.500%, 03/01/2041			46,474		0.0
181,923	4.500%, 03/01/2041			199,391		0.0
49,069	4.500%, 03/01/2041			54,281		0.0
11,634	4.500%, 03/01/2041			12,471		0.0
74,765	4.500%, 04/01/2041			80,159		0.0
385,854	4.500%, 04/01/2041			429,191		0.0
5,346	4.500%, 04/01/2041			5,896		0.0
200,468	4.500%, 04/01/2041			221,738		0.0
49,960	4.500%, 04/01/2041			53,549		0.0
17,250	4.500%, 04/01/2041			18,481		0.0
34,675	4.500%, 04/01/2041			38,361		0.0

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
18,722	4.500%, 05/01/2041		$	20,702		0.0
192,941	4.500%, 05/01/2041			213,466		0.0
11,578	4.500%, 05/01/2041			12,409		0.0
7,259	4.500%, 05/01/2041			8,027		0.0
3,110	4.500%, 05/01/2041			3,442		0.0
278,647	4.500%, 05/01/2041			305,254		0.0
384,759	4.500%, 05/01/2041			424,376		0.0
24,866	4.500%, 05/01/2041			27,508		0.0
268,341	4.500%, 05/01/2041			296,726		0.0
49,203	4.500%, 06/01/2041			53,065		0.0
214,263	4.500%, 06/01/2041			236,937		0.0
13,122	4.500%, 06/01/2041			14,511		0.0
161,417	4.500%, 07/01/2041			178,663		0.0
28,021	4.500%, 07/01/2041			30,747		0.0
81,139	4.500%, 07/01/2041			89,748		0.0
3,915	4.500%, 07/01/2041			4,316		0.0
2,610	4.500%, 07/01/2041			2,888		0.0
12,154	4.500%, 07/01/2041			13,386		0.0
42,975	4.500%, 07/01/2041			47,316		0.0
17,968	4.500%, 07/01/2041			19,252		0.0
15,331	4.500%, 08/01/2041			16,827		0.0
21,708	4.500%, 08/01/2041			23,268		0.0
166,913	4.500%, 08/01/2041			183,285		0.0
105,576	4.500%, 08/01/2041			116,837		0.0
56,352	4.500%, 08/01/2041			61,726		0.0
128,597	4.500%, 08/01/2041			137,828		0.0
118,726	4.500%, 08/01/2041			130,861		0.0
160,733	4.500%, 08/01/2041			172,955		0.0
71,429	4.500%, 09/01/2041			78,369		0.0
4,566	4.500%, 09/01/2041			5,051		0.0
13,858	4.500%, 09/01/2041			15,329		0.0
501,598	4.500%, 09/01/2041			554,984		0.0
1,136,269	4.500%, 10/01/2041			1,260,247		0.1
88,928	4.500%, 10/01/2041			95,558		0.0
36,456	4.500%, 10/01/2041			40,343		0.0
236,780	4.500%, 10/01/2041			261,875		0.0
233,473	4.500%, 10/01/2041			258,838		0.0
44,736	4.500%, 10/01/2041			47,965		0.0
526,535	4.500%, 10/01/2041			577,490		0.0
21,912	4.500%, 10/01/2041			24,211		0.0
3,908	4.500%, 11/01/2041			4,314		0.0
281,141	4.500%, 11/01/2041			311,209		0.0
188,791	4.500%, 12/01/2041			208,699		0.0
689,678	4.500%, 12/01/2041			763,607		0.0
25,489	4.500%, 01/01/2042			28,214		0.0
11,344	4.500%, 01/01/2042			12,538		0.0
14,060	4.500%, 01/01/2042			15,065		0.0
34,224	4.500%, 03/01/2042			36,779		0.0
4,300	4.500%, 03/01/2042			4,608		0.0
27,832	4.500%, 04/01/2042			29,816		0.0
11,738	4.500%, 06/01/2042			12,751		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
6,374	4.500%, 08/01/2042		$	7,049		0.0
4,199	4.500%, 09/01/2042			4,500		0.0
6,607	4.500%, 01/01/2043			7,081		0.0
6,576	4.500%, 12/01/2043			7,225		0.0
127,072	4.500%, 04/01/2047			137,273		0.0
20,879	4.500%, 05/01/2047			22,360		0.0
104,731	4.500%, 06/01/2047			113,068		0.0
139,337	4.500%, 06/01/2047			150,452		0.0
68,958	4.500%, 07/01/2047			73,919		0.0
331,594	4.500%, 07/01/2047			357,983		0.0
63,130	4.500%, 08/01/2047			68,307		0.0
178	5.000%, 04/01/2023			193		0.0
359	5.000%, 12/01/2023			390		0.0
30,491	5.000%, 04/01/2026			33,180		0.0
43,688	5.000%, 05/01/2026			47,536		0.0
32,492	5.000%, 08/01/2027			35,351		0.0
12,313	5.000%, 04/01/2028			13,412		0.0
83,393	5.000%, 05/01/2033			90,954		0.0
190,417	5.000%, 06/01/2033			215,189		0.0
20,082	5.000%, 08/01/2033			22,700		0.0
222,175	5.000%, 09/01/2033			246,460		0.0
55,380	5.000%, 02/01/2034			61,309		0.0
113,841	5.000%, 03/01/2034			128,348		0.0
30,511	5.000%, 06/01/2034			34,498		0.0
8,451	5.000%, 11/01/2034			9,558		0.0
261,630	5.000%, 02/01/2035			295,629		0.0
259,921	5.000%, 03/01/2035			293,551		0.0
7,440	5.000%, 05/01/2035			8,402		0.0
948,967	5.000%, 07/01/2035			1,071,763		0.1
45,105	5.000%, 08/01/2035			49,138		0.0
4,669	5.000%, 09/01/2035			5,243		0.0
97,225	5.000%, 09/01/2035			110,090		0.0
2,461	5.000%, 10/01/2035			2,783		0.0
120,070	5.000%, 10/01/2035			135,817		0.0
61,119	5.000%, 12/01/2035			69,127		0.0
139,295	5.000%, 02/01/2036			157,615		0.0
44,564	5.000%, 03/01/2036			50,382		0.0
53,127	5.000%, 04/01/2036			59,416		0.0
35,680	5.000%, 05/01/2036			40,354		0.0
324,666	5.000%, 07/01/2036			366,402		0.0
1,215,217	5.000%, 12/01/2036			1,373,480		0.1
1,202,776	5.000%, 07/01/2037			1,333,573		0.1
54,769	5.000%, 04/01/2038			60,356		0.0
25,142	5.000%, 04/01/2039			27,535		0.0
20,080	5.000%, 07/01/2039			22,202		0.0
222,355	5.000%, 11/01/2040			248,813		0.0
15,320	5.000%, 04/01/2041			16,723		0.0
175,490	5.000%, 05/01/2041			198,993		0.0
449,872	5.000%, 06/01/2041			506,557		0.0
997,119	5.000%, 06/01/2041			1,126,730		0.1
350	5.500%, 06/01/2022			352		0.0

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
207	5.500%, 11/01/2022		$	208		0.0
1,156	5.500%, 11/01/2022			1,169		0.0
118	5.500%, 11/01/2022			119		0.0
14	5.500%, 12/01/2022			14		0.0
18,738	5.500%, 06/01/2023			20,505		0.0
4,006	5.500%, 07/01/2023			4,086		0.0
427	5.500%, 07/01/2023			430		0.0
2,828	5.500%, 09/01/2023			2,894		0.0
611	5.500%, 01/01/2025			616		0.0
117	5.500%, 08/01/2025			118		0.0
4,163	5.500%, 07/01/2026			4,559		0.0
3,944	5.500%, 12/01/2027			4,322		0.0
12,378	5.500%, 04/01/2028			13,559		0.0
4,584	5.500%, 08/01/2028			5,036		0.0
6,225	5.500%, 01/01/2029			6,838		0.0
57,956	5.500%, 10/01/2029			63,638		0.0
42,789	5.500%, 04/01/2033			47,205		0.0
12,436	5.500%, 10/01/2033			13,651		0.0
5,107	5.500%, 11/01/2033			5,723		0.0
2,947	5.500%, 11/01/2033			3,234		0.0
6,015	5.500%, 11/01/2033			6,636		0.0
820	5.500%, 11/01/2033			915		0.0
1,055	5.500%, 12/01/2033			1,194		0.0
13,330	5.500%, 12/01/2033			15,001		0.0
73,691	5.500%, 12/01/2033			82,372		0.0
217,072	5.500%, 12/01/2033			246,446		0.0
34,384	5.500%, 12/01/2033			39,072		0.0
7,697	5.500%, 01/01/2034			8,443		0.0
75,816	5.500%, 01/01/2034			85,420		0.0
623	5.500%, 01/01/2034			698		0.0
9,672	5.500%, 01/01/2034			10,966		0.0
17,063	5.500%, 01/01/2034			18,734		0.0
5,220	5.500%, 06/01/2034			5,933		0.0
5,134	5.500%, 11/01/2034			5,629		0.0
38,134	5.500%, 11/01/2034			43,283		0.0
817	5.500%, 12/01/2034			929		0.0
10,999	5.500%, 01/01/2035			12,486		0.0
23,512	5.500%, 01/01/2035			25,823		0.0
24,160	5.500%, 01/01/2035			27,235		0.0
1,081,698	5.500%, 02/01/2035			1,230,109		0.1
9,476	5.500%, 02/01/2035			10,460		0.0
6,897	5.500%, 07/01/2035			7,810		0.0
817,526	5.500%, 08/01/2035			931,763		0.1
2,707	5.500%, 10/01/2035			3,035		0.0
33,578	5.500%, 11/01/2035			37,517		0.0
427	5.500%, 11/01/2035			474		0.0
611	5.500%, 12/01/2035			698		0.0
507	5.500%, 12/01/2035			568		0.0
93,268	5.500%, 12/01/2035			105,455		0.0
10,637	5.500%, 12/01/2035			12,125		0.0
61,968	5.500%, 01/01/2036			70,693		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
8,712	5.500%, 01/01/2036		$	9,927		0.0
431	5.500%, 02/01/2036			473		0.0
9,311	5.500%, 04/01/2036			10,505		0.0
742,857	5.500%, 07/01/2036			845,182		0.0
475	5.500%, 08/01/2036			542		0.0
37,139	5.500%, 09/01/2036			42,179		0.0
60,670	5.500%, 09/01/2036			68,832		0.0
92,513	5.500%, 12/01/2036			105,632		0.0
916	5.500%, 12/01/2036			1,045		0.0
1,227	5.500%, 12/01/2036			1,404		0.0
111,124	5.500%, 12/01/2036			127,113		0.0
13,444	5.500%, 01/01/2037			15,375		0.0
53,006	5.500%, 01/01/2037			60,486		0.0
79,672	5.500%, 02/01/2037			91,023		0.0
220,833	5.500%, 03/01/2037			247,600		0.0
8,199	5.500%, 04/01/2037			9,314		0.0
21,013	5.500%, 05/01/2037			24,062		0.0
599	5.500%, 05/01/2037			686		0.0
11,334	5.500%, 05/01/2037			12,887		0.0
1,353	5.500%, 05/01/2037			1,542		0.0
49,113	5.500%, 06/01/2037			55,756		0.0
24,446	5.500%, 06/01/2037			27,974		0.0
20,318	5.500%, 07/01/2037			23,154		0.0
30,912	5.500%, 08/01/2037			35,264		0.0
26,076	5.500%, 08/01/2037			29,834		0.0
11,542	5.500%, 08/01/2037			13,153		0.0
81,067	5.500%, 09/01/2037			92,711		0.0
592	5.500%, 11/01/2037			678		0.0
296,835	5.500%, 01/01/2038			339,984		0.0
972	5.500%, 02/01/2038			1,106		0.0
525	5.500%, 02/01/2038			601		0.0
253,343	5.500%, 03/01/2038			290,294		0.0
4,721	5.500%, 03/01/2038			5,312		0.0
574	5.500%, 04/01/2038			658		0.0
51,831	5.500%, 04/01/2038			58,629		0.0
9,493	5.500%, 04/01/2038			10,425		0.0
2,358	5.500%, 05/01/2038			2,703		0.0
159,875	5.500%, 05/01/2038			183,004		0.0
6,136	5.500%, 05/01/2038			7,019		0.0
1,371,010	5.500%, 06/01/2038			1,568,846		0.1
68,382	5.500%, 06/01/2038			78,326		0.0
20,102	5.500%, 06/01/2038			22,870		0.0
31,561	5.500%, 07/01/2038			36,188		0.0
36,186	5.500%, 07/01/2038			41,464		0.0
43,274	5.500%, 07/01/2038			48,879		0.0
367	5.500%, 07/01/2038			416		0.0
19,969	5.500%, 08/01/2038			22,836		0.0
8,739	5.500%, 08/01/2038			9,970		0.0
66,398	5.500%, 08/01/2038			76,038		0.0
37,851	5.500%, 11/01/2038			43,297		0.0
151,045	5.500%, 11/01/2038			173,084		0.0

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
118	5.500%, 12/01/2038		$	131		0.0
23,364	5.500%, 12/01/2038			26,782		0.0
81,018	5.500%, 01/01/2039			92,654		0.0
40,946	5.500%, 01/01/2039			46,827		0.0
276,844	5.500%, 01/01/2039			312,110		0.0
15,607	5.500%, 03/01/2039			17,889		0.0
138,338	5.500%, 06/01/2039			158,552		0.0
232,693	5.500%, 06/01/2039			265,971		0.0
13,478	5.500%, 07/01/2041			15,434		0.0
281,053	5.500%, 09/01/2041			320,356		0.0
110	6.000%, 04/01/2022			110		0.0
857	6.000%, 06/01/2022			941		0.0
455	6.000%, 01/01/2023			500		0.0
55	6.000%, 03/01/2024			60		0.0
63,822	6.000%, 11/01/2028			70,217		0.0
315	6.000%, 04/01/2031			358		0.0
252	6.000%, 01/01/2032			278		0.0
573	6.000%, 11/01/2032			659		0.0
529	6.000%, 11/01/2032			583		0.0
36,156	6.000%, 01/01/2033			41,563		0.0
2,386	6.000%, 09/01/2033			2,652		0.0
358	6.000%, 01/01/2034			398		0.0
28,222	6.000%, 06/01/2035			31,160		0.0
4,722	6.000%, 07/01/2035			5,200		0.0
9,332	6.000%, 07/01/2035			10,810		0.0
5,861	6.000%, 07/01/2035			6,480		0.0
4,146	6.000%, 07/01/2035			4,799		0.0
2,497	6.000%, 10/01/2035			2,753		0.0
378	6.000%, 10/01/2035			416		0.0
46,893	6.000%, 11/01/2035			53,672		0.0
205,960	6.000%, 12/01/2035			227,722		0.0
2,279	6.000%, 12/01/2035			2,510		0.0
36,964	6.000%, 12/01/2035			42,871		0.0
7,359	6.000%, 01/01/2036			8,273		0.0
229	6.000%, 02/01/2036			252		0.0
29,521	6.000%, 02/01/2036			34,224		0.0
15,639	6.000%, 02/01/2036			17,332		0.0
32,796	6.000%, 02/01/2036			38,024		0.0
16,600	6.000%, 03/01/2036			18,496		0.0
26,500	6.000%, 03/01/2036			30,187		0.0
31,823	6.000%, 04/01/2036			36,864		0.0
14,945	6.000%, 04/01/2036			17,314		0.0
11,120	6.000%, 05/01/2036			12,594		0.0
5,319	6.000%, 05/01/2036			5,855		0.0
350	6.000%, 06/01/2036			396		0.0
2,353	6.000%, 06/01/2036			2,674		0.0
1,251	6.000%, 07/01/2036			1,385		0.0
14,838	6.000%, 07/01/2036			16,375		0.0
3,883	6.000%, 07/01/2036			4,303		0.0
57,682	6.000%, 07/01/2036			66,433		0.0
2,787	6.000%, 08/01/2036			3,148		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
177,768	6.000%, 08/01/2036		$	201,664		0.0
354,471	6.000%, 08/01/2036			411,044		0.0
15,571	6.000%, 08/01/2036			18,051		0.0
18,102	6.000%, 08/01/2036			20,736		0.0
2,766	6.000%, 08/01/2036			3,157		0.0
13,156	6.000%, 09/01/2036			15,013		0.0
57,891	6.000%, 09/01/2036			63,723		0.0
35,686	6.000%, 09/01/2036			41,314		0.0
12,732	6.000%, 09/01/2036			14,303		0.0
11,326	6.000%, 09/01/2036			13,134		0.0
80	6.000%, 09/01/2036			88		0.0
23,351	6.000%, 09/01/2036			26,828		0.0
37,614	6.000%, 10/01/2036			43,609		0.0
27,160	6.000%, 10/01/2036			31,468		0.0
2,333	6.000%, 10/01/2036			2,569		0.0
11,574	6.000%, 10/01/2036			13,411		0.0
13,243	6.000%, 10/01/2036			14,674		0.0
30,912	6.000%, 10/01/2036			35,828		0.0
9,340	6.000%, 11/01/2036			10,475		0.0
15,532	6.000%, 11/01/2036			17,092		0.0
26,376	6.000%, 11/01/2036			30,566		0.0
43,407	6.000%, 11/01/2036			48,060		0.0
3,014	6.000%, 12/01/2036			3,498		0.0
33,411	6.000%, 12/01/2036			38,758		0.0
42,412	6.000%, 12/01/2036			46,719		0.0
1,422	6.000%, 12/01/2036			1,617		0.0
21,053	6.000%, 12/01/2036			23,216		0.0
74,887	6.000%, 12/01/2036			82,396		0.0
4,038	6.000%, 12/01/2036			4,507		0.0
10,940	6.000%, 01/01/2037			12,038		0.0
7,673	6.000%, 01/01/2037			8,887		0.0
516	6.000%, 01/01/2037			595		0.0
816	6.000%, 01/01/2037			916		0.0
7,894	6.000%, 02/01/2037			8,748		0.0
702	6.000%, 02/01/2037			773		0.0
87,868	6.000%, 02/01/2037			101,850		0.0
12,494	6.000%, 02/01/2037			14,491		0.0
686	6.000%, 03/01/2037			796		0.0
15,310	6.000%, 03/01/2037			17,746		0.0
13,437	6.000%, 03/01/2037			15,009		0.0
5,893	6.000%, 03/01/2037			6,828		0.0
18,367	6.000%, 03/01/2037			20,973		0.0
107,841	6.000%, 03/01/2037			121,042		0.0
759	6.000%, 04/01/2037			836		0.0
662	6.000%, 04/01/2037			729		0.0
5,533	6.000%, 04/01/2037			6,268		0.0
321	6.000%, 04/01/2037			353		0.0
28,837	6.000%, 04/01/2037			31,769		0.0
2,345	6.000%, 04/01/2037			2,600		0.0
43,800	6.000%, 04/01/2037			50,791		0.0
14,871	6.000%, 04/01/2037			16,706		0.0

See Accompanying Notes to Financial Statements

133

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
12,529	6.000%, 04/01/2037		$	14,535		0.0
30,146	6.000%, 04/01/2037			33,828		0.0
95,615	6.000%, 04/01/2037			110,771		0.0
26,318	6.000%, 04/01/2037			30,214		0.0
29,873	6.000%, 04/01/2037			32,954		0.0
1,627	6.000%, 04/01/2037			1,885		0.0
11,023	6.000%, 05/01/2037			12,139		0.0
15,895	6.000%, 05/01/2037			17,590		0.0
5,454	6.000%, 05/01/2037			6,227		0.0
13,447	6.000%, 05/01/2037			15,594		0.0
13,408	6.000%, 05/01/2037			14,758		0.0
25,937	6.000%, 05/01/2037			28,561		0.0
524	6.000%, 05/01/2037			577		0.0
76,548	6.000%, 05/01/2037			88,768		0.0
1,576	6.000%, 05/01/2037			1,748		0.0
5,742	6.000%, 05/01/2037			6,328		0.0
21,397	6.000%, 05/01/2037			24,274		0.0
20,170	6.000%, 05/01/2037			22,348		0.0
24,590	6.000%, 06/01/2037			27,073		0.0
5,090	6.000%, 06/01/2037			5,908		0.0
5,176	6.000%, 06/01/2037			5,696		0.0
43,834	6.000%, 06/01/2037			50,060		0.0
1,308	6.000%, 06/01/2037			1,441		0.0
3,792	6.000%, 06/01/2037			4,181		0.0
3,719	6.000%, 06/01/2037			4,183		0.0
32,168	6.000%, 07/01/2037			35,465		0.0
3,014	6.000%, 07/01/2037			3,441		0.0
13,562	6.000%, 07/01/2037			14,960		0.0
19,062	6.000%, 07/01/2037			21,307		0.0
87,512	6.000%, 07/01/2037			96,466		0.0
5,663	6.000%, 07/01/2037			6,568		0.0
7,021	6.000%, 07/01/2037			8,137		0.0
11,498	6.000%, 07/01/2037			12,837		0.0
6,809	6.000%, 07/01/2037			7,487		0.0
45,820	6.000%, 07/01/2037			53,180		0.0
4,764	6.000%, 08/01/2037			5,530		0.0
8,934	6.000%, 08/01/2037			9,836		0.0
17,429	6.000%, 08/01/2037			19,183		0.0
6,178	6.000%, 08/01/2037			6,808		0.0
7,837	6.000%, 08/01/2037			8,624		0.0
38,359	6.000%, 08/01/2037			42,238		0.0
19,266	6.000%, 08/01/2037			22,338		0.0
37,474	6.000%, 08/01/2037			43,165		0.0
213,770	6.000%, 09/01/2037			247,946		0.0
13,682	6.000%, 09/01/2037			15,875		0.0
896	6.000%, 09/01/2037			995		0.0
7,226	6.000%, 09/01/2037			7,967		0.0
2,110	6.000%, 09/01/2037			2,427		0.0
64,104	6.000%, 09/01/2037			73,218		0.0
1,021	6.000%, 10/01/2037			1,154		0.0
28,256	6.000%, 10/01/2037			32,744		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
768	6.000%, 11/01/2037		$	891		0.0
44,139	6.000%, 11/01/2037			51,132		0.0
29,674	6.000%, 11/01/2037			34,394		0.0
70,021	6.000%, 12/01/2037			80,993		0.0
57,764	6.000%, 12/01/2037			67,008		0.0
19,168	6.000%, 12/01/2037			21,858		0.0
1,071	6.000%, 12/01/2037			1,242		0.0
19,381	6.000%, 02/01/2038			22,460		0.0
72,039	6.000%, 02/01/2038			82,658		0.0
104,574	6.000%, 02/01/2038			120,935		0.0
3,941	6.000%, 03/01/2038			4,342		0.0
17,951	6.000%, 03/01/2038			20,488		0.0
1,041	6.000%, 03/01/2038			1,208		0.0
2,954	6.000%, 05/01/2038			3,429		0.0
58,256	6.000%, 05/01/2038			67,426		0.0
9,745	6.000%, 06/01/2038			11,311		0.0
1,033	6.000%, 06/01/2038			1,137		0.0
38,272	6.000%, 07/01/2038			44,365		0.0
109,836	6.000%, 07/01/2038			126,402		0.0
1,027	6.000%, 08/01/2038			1,191		0.0
5,441	6.000%, 09/01/2038			6,313		0.0
21,829	6.000%, 09/01/2038			25,311		0.0
3,362	6.000%, 09/01/2038			3,720		0.0
14,775	6.000%, 09/01/2038			16,367		0.0
10,575	6.000%, 10/01/2038			12,276		0.0
12,471	6.000%, 10/01/2038			14,295		0.0
12,015	6.000%, 10/01/2038			13,234		0.0
23,888	6.000%, 10/01/2038			27,695		0.0
1,484	6.000%, 10/01/2038			1,706		0.0
361	6.000%, 10/01/2038			398		0.0
1,146	6.000%, 11/01/2038			1,263		0.0
118,465	6.000%, 11/01/2038			132,657		0.0
484	6.000%, 11/01/2038			556		0.0
56,593	6.000%, 12/01/2038			65,668		0.0
1,356	6.000%, 12/01/2038			1,512		0.0
12,795	6.000%, 12/01/2038			14,215		0.0
15,402	6.000%, 10/01/2039			17,854		0.0
1,205	6.000%, 10/01/2039			1,399		0.0
350,494	6.000%, 02/01/2040			406,784		0.0
15,178	6.000%, 04/01/2040			17,618		0.0
111,530	6.000%, 09/01/2040			123,293		0.0
154,767	6.000%, 10/01/2040			179,405		0.0
227,395	6.000%, 05/01/2041			262,740		0.0
3,000	6.500%, 04/01/2027			3,312		0.0
768	6.500%, 02/01/2028			847		0.0
13	6.500%, 06/01/2029			15		0.0
5,209	6.500%, 01/01/2032			5,753		0.0
6,427	6.500%, 04/01/2032			7,356		0.0
12,315	6.500%, 10/01/2032			13,592		0.0
8,647	6.500%, 10/01/2032			9,550		0.0
4,676	6.500%, 03/01/2038			5,529		0.0

See Accompanying Notes to Financial Statements

134

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
528	7.000%, 08/01/2025		$	559		0.0
346	7.000%, 02/01/2026			347		0.0
6,439	7.000%, 03/01/2026			6,508		0.0
4,994	7.000%, 03/01/2026			5,319		0.0
1,508	7.000%, 03/01/2026			1,513		0.0
538	7.000%, 12/01/2027			545		0.0
198,182	7.000%, 03/01/2038			233,154		0.0
483,857	7.000%, 04/01/2038			595,874		0.0
7,484	7.500%, 09/01/2031			8,487		0.0
				221,646,802		6.9
	Total U.S. Government Agency Obligations (Cost $334,984,694)			348,151,609		10.8
COMMERCIAL MORTGAGE-BACKED SECURITIES: 6.4%
12,400,106 (3)(4)	BANK 2019-BNK16 XA, 0.946%, 02/15/2052			685,449		0.0
2,600,000 (2)	BANK 2019-BNK18 D, 3.000%, 05/15/2062			2,394,514		0.1
50,800,371 (3)(4)	Bank 2019-BNK19 XA, 0.956%, 08/15/2061			3,160,047		0.1
22,800,000 (2)(3)(4)	BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033			481,381		0.0
27,663,488 (3)(4)	Benchmark 2019-B12 XA Mortgage Trust, 1.062%, 08/15/2052			1,575,015		0.0
19,525,775 (3)(4)	Benchmark 2019-B9 XA Mortgage Trust, 1.039%, 03/15/2052			1,218,596		0.0
3,160,000 (2)	Benchmark 2020-B18 AGNE Mortgage Trust, 3.759%, 07/15/2053			3,168,633		0.1
2,258,000 (2)	Benchmark 2020-B18 AGNF Mortgage Trust, 4.139%, 07/15/2053			2,249,544		0.1
3,537,000 (2)(7)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052			2,724,400		0.1
1,348,000 (2)(3)	BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.522%, 05/25/2052			1,233,439		0.0
4,000,000 (2)	BX Commercial Mortgage Trust 2021-IRON E, 2.460%, (US0001M + 2.350%), 02/15/2038			4,016,607		0.1
2,280,000 (2)(3)	BX Trust 2019-OC11 E, 4.076%, 12/09/2041			2,268,090		0.1
17,991,284 (3)(4)	CD 2016-CD1 Mortgage Trust XA, 1.389%, 08/10/2049			921,208		0.0

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
4,120,000 (2)(3)	Citigroup Commercial Mortgage Trust 2016-C2 E, 4.432%, 08/10/2049		$	3,360,502		0.1
34,942,677 (3)(4)	Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.890%, 09/15/2050			1,471,656		0.0
51,600,119 (3)(4)	Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.536%, 06/10/2051			1,845,076		0.1
2,101,000 (2)(3)	Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.065%, 11/10/2051			2,206,286		0.1
13,372,367 (3)(4)	COMM 2012-CR2 XA, 1.609%, 08/15/2045			65,995		0.0
23,977,428 (3)(4)	COMM 2012-CR3 XA, 1.832%, 10/15/2045			200,005		0.0
65,166,000 (2)(3)(4)	COMM 2012-CR4 XB, 0.614%, 10/15/2045			311,735		0.0
18,911,437 (3)(4)	COMM 2012-CR5 XA, 1.500%, 12/10/2045			160,254		0.0
8,016,803 (2)(3)(4)	COMM 2012-LC4 XA, 1.759%, 12/10/2044			425		0.0
1,910,000 (2)(3)	COMM 2013-CR10 E Mortgage Trust, 4.900%, 08/10/2046			1,860,866		0.1
910,000 (3)	COMM 2016-COR1 C, 4.333%, 10/10/2049			957,164		0.0
74,773,526 (3)(4)	COMM 2016-CR28 XA, 0.712%, 02/10/2049			1,665,528		0.0
3,906,000 (2)(3)	COMM 2020-CBM F Mortgage Trust, 3.633%, 02/10/2037			3,689,090		0.1
750,000 (2)	CSAIL 2020-C19 E Commercial Mortgage Trust, 2.500%, 03/15/2053			656,775		0.0
4,520,000 (2)	CSWF 2021-SOP2 D, 2.427%, (US0001M + 2.317%), 06/15/2034			4,508,718		0.1
4,284,186 (2)(8)	DBUBS 2011-LC2A F Mortgage Trust, 3.749%, (US0001M + 3.650%), 07/10/2044			4,002,501		0.1
1,989,649 (2)	Extended Stay America Trust 2021-ESH E, 2.960%, (US0001M + 2.850%), 07/15/2038			1,995,421		0.1
2,636,285 (2)	Extended Stay America Trust 2021-ESH F, 3.810%, (US0001M + 3.700%), 07/15/2038			2,645,908		0.1

See Accompanying Notes to Financial Statements

135

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
10,538,341	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037		$	1,927,417		0.1
36,470,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.871%, 05/25/2040			234,808		0.0
41,652,353 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K023 X1, 1.199%, 08/25/2022			219,087		0.0
22,000,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K028 X3, 1.661%, 06/25/2041			423,170		0.0
27,650,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.591%, 05/25/2041			566,535		0.0
10,700,000 (3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K035 X3, 1.788%, 12/25/2041			290,966		0.0
8,285,000 (2)(7)	FREMF 2016-K60 D Mortgage Trust, 0.000%, 12/25/2049			6,169,902		0.2
1,500,000 (2)	FREMF 2019-KBF3 C Mortgage Trust, 4.844%, (US0001M + 4.750%), 01/25/2029			1,513,622		0.0
5,200,000 (2)(7)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			3,238,168		0.1
66,341,540 (2)(4)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029			283,159		0.0
7,380,000 (2)(4)	FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029			38,822		0.0
102,687,002 (2)(4)	FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044			103		0.0
1,000,000 (2)(3)	FRR Re-REMIC Trust 2018-C1 B725, 2.973%, 02/27/2050			992,386		0.0
3,000,000 (2)(3)	FRR Re-REMIC Trust 2018-C1 C725, 0.000%, 02/27/2050			2,759,350		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
31,548,940 (2)(8)	GAM 2021-WF1 A LLC, 5.250%, 12/30/2026		$	31,548,940		1.0
2,532,000 (2)	GAM RE-REMIC TR 2021-FFR2 BK44, 2.071%, 10/27/2028			2,436,135		0.1
2,845,000 (2)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.435%, 10/27/2028			2,596,678		0.1
2,164,000 (2)(7)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 10/27/2028			1,944,667		0.1
2,631,000 (2)(7)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 10/27/2028			2,311,276		0.1
2,140,000 (2)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.079%, 10/27/2028			1,974,074		0.1
1,817,000 (2)(7)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 10/27/2028			1,316,518		0.0
2,163,000 (2)(7)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 10/27/2028			1,885,866		0.1
2,140,000 (2)(7)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 10/27/2028			1,829,449		0.1
6,158,000 (2)	GAM Re-REMIC Trust 2021-FRR1 1B, 4.400%, 07/28/2027			4,819,928		0.1
8,097,000 (2)	GAM Re-REMIC Trust 2021-FRR1 2B, 4.420%, 12/29/2027			6,213,509		0.2
3,151,000 (2)	MF1 Multifamily Housing Mortgage Loan Trust 2021-FL5 D, 2.665%, (SOFR30A + 2.500%), 07/15/2036			3,133,548		0.1
3,070,000 (2)	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046			1,874,838		0.1
28,633,083 (3)(4)	GS Mortgage Securities Trust 2013-GC16 XA, 1.009%, 11/10/2046			424,946		0.0
38,984,952 (3)(4)	GS Mortgage Securities Trust 2014-GC22 XA, 0.946%, 06/10/2047			640,546		0.0
6,930,000 (2)(3)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.550%, 07/10/2052			6,923,709		0.2

See Accompanying Notes to Financial Statements

136

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
5,310,000 (2)(3)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.550%, 07/10/2052		$	5,210,726		0.2
105,351,680 (3)(4)	GS Mortgage Securities Trust 2019-GC42 XA, 0.808%, 09/01/2052			5,439,318		0.2
100,000 (2)	JP Morgan Chase Commercial Mortgage Securities Corp. 2021-MHC E, 2.560%, (US0001M + 2.450%), 04/15/2038			100,066		0.0
10,363,248 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 0.863%, 06/15/2045			12,382		0.0
38,857,616 (3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.593%, 12/15/2049			922,076		0.0
3,720,000 (2)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.886%, 01/15/2047			3,645,294		0.1
2,028,900 (3)(4)	JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 0.964%, 10/15/2048			47,809		0.0
1,000,000 (2)	KNDL 2019-KNSQ F Mortgage Trust, 2.110%, (US0001M + 2.000%), 05/15/2036			992,678		0.0
293,559 (2)(3)(4)	LB-UBS Commercial Mortgage Trust 2006-C7 XCL, 0.442%, 11/15/2038			950		0.0
1,533,718 (2)(3)(4)	LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.442%, 11/15/2038			4,963		0.0
700,000 (2)	Life 2021-BMR F Mortgage Trust, 2.460%, (US0001M + 2.350%), 03/15/2038			699,844		0.0
4,447,000 (2)(3)	LSTAR Commercial Mortgage Trust 2015-3 E, 3.166%, 04/20/2048			4,201,054		0.1
1,706,000 (2)(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 D, 4.898%, 04/15/2047			1,734,937		0.1

Principal Amount†			Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,900,000		Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050		$	1,723,528		0.1
2,060,000 (2)(3)	��	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.461%, 12/10/2045			1,863,083		0.1
3,520,000 (2)(3)		UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.461%, 12/10/2045			2,466,931		0.1
26,329,399 (3)(4)		Wells Fargo Commercial Mortgage Trust 2014-LC18 XA, 1.034%, 12/15/2047			632,890		0.0
25,023,441 (3)(4)		Wells Fargo Commercial Mortgage Trust 2021-C59 E, 1.551%, 04/15/2054			2,788,347		0.1
738,836 (2)(3)		WFRBS Commercial Mortgage Trust 2011-C5 E, 5.520%, 11/15/2044			737,799		0.0
14,192,132 (2)(3)(4)		WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.763%, 08/15/2045			48,242		0.0
9,020,000 (2)(3)		WFRBS Commercial Mortgage Trust 2013-C11 F, 4.239%, 03/15/2045			7,545,618		0.2
6,583,000 (2)		WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/2048			5,975,762		0.2
26,887,670 (2)(3)(4)		WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.093%, 03/15/2048			245,554		0.0
8,510,000 (3)		WFRBS Commercial Mortgage Trust 2014-LC14 C, 4.344%, 03/15/2047			8,785,705		0.3
2,500,000 (3)		WFRBS Commercial Mortgage Trust 2014-C21 C, 4.234%, 08/15/2047			2,490,892		0.1
		Total Commercial Mortgage-Backed Securities (Cost $207,316,789)			206,549,398		6.4

See Accompanying Notes to Financial Statements

137

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: 10.6%
	Automobile Asset-Backed Securities: 0.3%
1,800,000	Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025		$	1,855,081		0.1
1,650,000	AmeriCredit Automobile Receivables Trust 2020-1 D, 1.800%, 12/18/2025			1,665,081		0.0
350,000 (2)	GLS Auto Receivables Issuer Trust 2021-4 C, 1.940%, 10/15/2027			350,234		0.0
375,052	Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025			376,709		0.0
1,900,000	Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025			1,925,548		0.1
2,650,000	Santander Drive Auto Receivables Trust 2020-1 B, 3.030%, 11/15/2024			2,668,088		0.1
1,200,000	Santander Drive Auto Receivables Trust 2021-3 D, 1.330%, 09/15/2027			1,185,493		0.0
				10,026,234		0.3
	Home Equity Asset-Backed Securities: 0.2%
1,242,178 (2)(3)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			1,187,783		0.1
270,987	Home Equity Asset Trust 2005-2 M5, 1.197%, (US0001M + 1.095%), 07/25/2035			271,407		0.0
1,163,235	Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2 M4, 1.017%, (US0001M + 0.915%), 03/25/2035			1,162,998		0.0
196,317	New Century Home Equity Loan Trust 2005-2 M3, 0.837%, (US0001M + 0.735%), 06/25/2035			196,516		0.0
50,613	Renaissance Home Equity Loan Trust 2003-2 A, 0.972%, (US0001M + 0.880%), 08/25/2033			49,988		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Home Equity Asset-Backed Securities (continued)
1,232,835 (3)	Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035		$	1,302,535		0.1
52,982	Securitized Asset Backed Receivables LLC Trust 2006-WM4 A2A, 0.262%, (US0001M + 0.160%), 11/25/2036			19,784		0.0
				4,191,011		0.2
	Other Asset-Backed Securities: 9.4%
2,000,000 (2)	AGL CLO 12 Ltd. 2021-12A C, 1.980%, (US0003M + 1.850%), 07/20/2034			1,969,726		0.1
8,750,000 (2)	Allegany Park CLO Ltd. 2019-1A A, 1.462%, (US0003M + 1.330%), 01/20/2033			8,751,391		0.3
2,431,124 (2)(3)(4)(8)(9)	American Homes 4 Rent 2015-SFR1 XS, 0.000%, 04/17/2052			—		—
650,000 (2)	AMMC CLO 16 Ltd. 2015-16A CR2, 2.077%, (US0003M + 1.950%), 04/14/2029			644,561		0.0
9,500,000 (2)	Apidos CLO XXXII 2019-32A A1, 1.452%, (US0003M + 1.320%), 01/20/2033			9,500,817		0.3
8,000,000 (2)	ARES XLVI CLO Ltd. 2017-46A A2, 1.354%, (US0003M + 1.230%), 01/15/2030			7,966,872		0.2
3,470,000 (2)	Babson CLO Ltd. 2017-1A A2, 1.472%, (US0003M + 1.350%), 07/18/2029			3,470,094		0.1
4,393,000 (2)	Babson CLO Ltd. 2018-3A A2, 1.432%, (US0003M + 1.300%), 07/20/2029			4,393,061		0.1
934,167 (2)	Beacon Container Finance II LLC 2021-1A A, 2.250%, 10/22/2046			932,362		0.0
686,673 (3)	Bear Stearns Asset Backed Securities Trust 2006-SD4 1A1, 3.011%, 10/25/2036			690,757		0.0

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
3,200,000 (2)	Beechwood Park CLO Ltd. 2019-1A A1, 1.452%, (US0003M + 1.330%), 01/17/2033		$	3,200,586		0.1
2,250,000 (2)	Benefit Street Partners CLO IV Ltd. 2014-IVA BRRR, 2.282%, (US0003M + 2.150%), 01/20/2032			2,240,829		0.1
5,000,000 (2)	Benefit Street Partners CLO XIX Ltd. 2019-19A A, 1.474%, (US0003M + 1.350%), 01/15/2033			5,000,435		0.2
2,000,000 (2)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A1R, 1.379%, (US0003M + 1.170%), 10/15/2034			1,999,996		0.1
1,950,000 (2)	Benefit Street Partners CLO XVIII Ltd. 2019-18A A2R, 1.659%, (US0003M + 1.450%), 10/15/2034			1,949,996		0.1
1,450,000 (2)	BlueMountain CLO Ltd. 2021-28A C, 2.124%, (US0003M + 2.000%), 04/15/2034			1,439,199		0.0
5,000,000 (2)	BlueMountain CLO XXXI Ltd. 2021-31A C, 2.124%, (US0003M + 2.000%), 04/19/2034			4,962,720		0.2
6,300,000 (2)	BlueMountain Fuji US Clo I Ltd. 2017-1A CR, 2.382%, (US0003M + 2.250%), 07/20/2029			6,279,342		0.2
2,350,000 (2)	Bojangles Issuer LLC 2020-3A A2, 3.832%, 10/20/2050			2,412,941		0.1
3,490,000 (2)	Broad River Bsl Funding Clo Ltd. 2020-1A AR, 1.302%, (US0003M + 1.170%), 07/20/2034			3,484,154		0.1
3,000,000 (2)	Broad River Bsl Funding Clo Ltd. 2020-1A CR, 2.132%, (US0003M + 2.000%), 07/20/2034			2,967,651		0.1
1,750,000 (2)	California Street CLO IX L.P. 2012-9A CR3, 2.622%, (US0003M + 2.500%), 07/16/2032			1,745,709		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
4,000,000 (2)	Carbone CLO Ltd. 2017-1A A1, 1.272%, (US0003M + 1.140%), 01/20/2031		$	4,000,012		0.1
5,500,000 (2)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A BR2, 2.182%, (US0003M + 2.050%), 04/20/2034			5,475,211		0.2
2,400,000 (2)	Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 1.252%, (US0003M + 1.130%), 04/17/2031			2,400,607		0.1
4,000,000 (2)	Carlyle US CLO 2020-2A A1R Ltd., 1.349%, (US0003M + 1.140%), 01/25/2035			3,992,888		0.1
3,250,000 (2)	Cedar Funding IV CLO Ltd. 2014-4A CRR, 2.124%, (US0003M + 2.000%), 07/23/2034			3,229,808		0.1
3,350,000 (2)	Cedar Funding VIII Clo Ltd. 2017-8A A1R, 1.272%, (US0003M + 1.150%), 10/17/2034			3,348,047		0.1
3,000,000 (2)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 1.572%, (US0003M + 1.450%), 10/17/2034			2,995,728		0.1
44,247	Chase Funding Trust Series 2002-4 2A1, 0.842%, (US0001M + 0.740%), 10/25/2032			44,077		0.0
106,708	Chase Funding Trust Series 2003-5 2A2, 0.702%, (US0001M + 0.600%), 07/25/2033			103,028		0.0
3,000,000 (2)	CIFC Funding 2017-2A CR Ltd., 1.982%, (US0003M + 1.850%), 04/20/2030			3,000,069		0.1
4,000,000 (2)	CIFC Funding 2019-6A A1 Ltd., 1.452%, (US0003M + 1.330%), 01/16/2033			4,000,200		0.1

See Accompanying Notes to Financial Statements

139

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
928,625 (2)	DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049		$	997,875		0.0
488,750 (2)	DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049			508,293		0.0
294,750 (2)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049			311,345		0.0
1,393,000 (2)	Domino’s Pizza Master Issuer LLC 2021-1A A2II, 3.151%, 04/25/2051			1,428,942		0.0
1,361,500 (2)	Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049			1,441,932		0.0
1,200,000 (2)	Dryden 55 CLO Ltd. 2018-55A A1, 1.144%, (US0003M + 1.020%), 04/15/2031			1,200,190		0.0
5,000,000 (2)	Dryden Senior Loan Fund 2017-47A CR, 2.174%, (US0003M + 2.050%), 04/15/2028			5,000,100		0.2
1,600,000 (2)	Dryden Senior Loan Fund 2021-92A A, 1.282%, (US0003M + 1.150%), 11/20/2034			1,600,274		0.0
7,460,000 (2)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 1.356%, (US0003M + 1.200%), 08/15/2030			7,461,402		0.2
3,662,325 (2)	Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047			3,799,422		0.1
2,100,000 (2)	Gilbert Park CLO Ltd. 2017-1A A, 1.314%, (US0003M + 1.190%), 10/15/2030			2,100,027		0.1
108,405	GSAMP Trust 2007-FM1 A2A, 0.172%, (US0001M + 0.070%), 12/25/2036			68,992		0.0
1,236,307 (2)	HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040			1,284,338		0.0
2,000,000 (2)	Jay Park CLO Ltd. 2016-1A BR, 2.132%, (US0003M + 2.000%), 10/20/2027			1,998,524		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
10,000,000 (2)	LCM 26A A2 Ltd., 1.382%, (US0003M + 1.250%), 01/20/2031		$	9,984,080		0.3
2,450,000 (2)	LCM 30A CR Ltd., 2.132%, (US0003M + 2.000%), 04/20/2031			2,450,061		0.1
58,753	Long Beach Mortgage Loan Trust 2004-4 1A1, 0.662%, (US0001M + 0.560%), 10/25/2034			57,434		0.0
2,090,000 (2)	Madison Park Funding XLVIII Ltd. 2021-48A C, 2.124%, (US0003M + 2.000%), 04/19/2033			2,085,086		0.1
1,650,000 (2)	Madison Park Funding XXI Ltd. 2016-21A ABRR, 1.518%, (US0003M + 1.400%), 10/15/2032			1,649,990		0.0
1,750,000 (2)	Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029			1,766,380		0.1
1,648,974 (2)	Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043			1,743,389		0.1
971,891 (2)	Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044			1,021,330		0.0
1,970,883 (2)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			2,054,049		0.1
3,700,000 (2)	Newark BSL CLO 2 Ltd. 2017-1A BR, 1.874%, (US0003M + 1.750%), 07/25/2030			3,687,764		0.1
1,500,000 (2)	Oak Hill Credit Partners 2021-8A C, 2.022%, (US0003M + 1.900%), 01/18/2034			1,483,632		0.0
9,880,000 (2)	Oaktree CLO 2020-1A AR Ltd., 1.274%, (US0003M + 1.150%), 07/15/2034			9,868,806		0.3
8,400,000 (2)	OCP CLO 2020-19A AR Ltd., 1.282%, (US0003M + 1.150%), 10/20/2034			8,390,222		0.3

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,350,000 (2)	OCP CLO 2021-22A A Ltd., 1.296%, (US0003M + 1.180%), 12/02/2034		$	2,350,468		0.1
5,050,000 (2)	OCP CLO 2021-21A C Ltd., 2.032%, (US0003M + 1.900%), 07/20/2034			4,991,460		0.2
3,950,000 (2)	Octagon Investment Partners 30 Ltd. 2017-1A BR, 2.082%, (US0003M + 1.950%), 03/17/2030			3,931,392		0.1
4,000,000 (2)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 1.474%, (US0003M + 1.350%), 07/19/2030			3,996,896		0.1
4,250,000 (2)	Octagon Investment Partners XVII Ltd. 2013-1A A1R2, 1.124%, (US0003M + 1.000%), 01/25/2031			4,251,024		0.1
1,800,000 (2)	OHA Credit Funding 9 Ltd. 2021-9A C, 2.084%, (US0003M + 1.900%), 07/19/2035			1,779,237		0.1
8,000,000 (2)	OHA Loan Funding 2015-1A AR3 Ltd., 6.659%, (US0003M + 1.150%), 01/19/2037			8,001,592		0.2
4,000,000 (2)	Palmer Square CLO 2013-2A BR3 Ltd., 1.974%, (US0003M + 1.850%), 10/17/2031			3,983,908		0.1
5,515,000 (2)	Palmer Square CLO 2015-2A A1R2 Ltd., 1.232%, (US0003M + 1.100%), 07/20/2030			5,513,379		0.2
2,000,000 (2)	Palmer Square CLO 2021-3A A2 Ltd., 1.633%, (US0003M + 1.400%), 01/15/2035			1,998,548		0.1
7,000,000 (2)	Palmer Square CLO Ltd. 2021-2A C, 1.924%, (US0003M + 1.800%), 07/15/2034			6,881,693		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
109,437	Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2005-WHQ1 M4, 1.182%, (US0001M + 1.080%), 03/25/2035		$	109,592		0.0
582,799 (3)	Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.532%, 01/25/2036			582,873		0.0
2,450,000 (2)	Rockland Park CLO Ltd. 2021-1A C, 2.032%, (US0003M + 1.900%), 04/20/2034			2,422,195		0.1
133,856	Small Business Administration Participation Certificates 2007-20L 1, 5.290%, 12/01/2027			145,551		0.0
4,375,000 (2)	Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027			4,414,287		0.1
1,500,000 (2)	Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027			1,513,496		0.0
1,000,000 (2)	SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028			1,019,974		0.0
1,529,333 (2)	Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050			1,590,354		0.0
2,600,000 (2)	Sound Point CLO XXIX Ltd. 2021-1A C1, 2.424%, (US0003M + 2.300%), 04/25/2034			2,602,356		0.1
2,060,000 (2)	Sound Point CLO XXV Ltd. 2019-4A A1A, 1.524%, (US0003M + 1.400%), 01/15/2033			2,060,159		0.1
2,800,000 (2)	Sound Point CLO XXVI Ltd. 2021-1A C1R, 2.332%, (US0003M + 2.200%), 07/20/2034			2,795,688		0.1
1,862,924 (2)	Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049			2,044,968		0.1

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141

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
8,200,000 (2)	Symphony CLO XXV Ltd. 2021-25A C, 2.174%, (US0003M + 2.050%), 04/19/2034		$	8,199,951		0.3
1,746,000 (2)	Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048			1,901,451		0.1
1,500,000 (2)	Taco Bell Funding LLC 2021-1A A23, 2.542%, 08/25/2051			1,471,309		0.0
6,000,000 (2)	TCW CLO 2020-1A CRR Ltd., 2.196%, (US0003M + 2.050%), 04/20/2034			5,995,446		0.2
5,500,000 (2)	TES LLC 2017-1A B, 7.740%, 10/20/2047			5,289,523		0.2
9,500,000 (2)	THL Credit Wind River 2016-2A A1R CLO Ltd., 1.322%, (US0003M + 1.190%), 11/01/2031			9,496,969		0.3
7,000,000 (2)	THL Credit Wind River 2017-3A CR Clo Ltd., 2.624%, (US0003M + 2.500%), 04/15/2035			6,973,883		0.2
7,000,000 (2)	Trinitas Clo VII Ltd. 2017-7A A1R, 1.200%, (US0003M + 1.200%), 01/25/2035			6,999,986		0.2
1,310,750 (2)	Triton Container Finance VIII LLC 2021-1A A, 1.860%, 03/20/2046			1,286,610		0.0
3,950,000 (2)	Wellman Park CLO Ltd. 2021-1A A, 1.224%, (US0003M + 1.100%), 07/15/2034			3,943,396		0.1
				304,576,367		9.4
	Student Loan Asset-Backed Securities: 0.7%
585,171 (2)	Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042			595,338		0.0
416,709 (2)	Commonbond Student Loan Trust 2018-AGS A1, 3.210%, 02/25/2044			428,039		0.0
733,900 (2)	Commonbond Student Loan Trust 2018-BGS B, 3.990%, 09/25/2045			748,610		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Student Loan Asset-Backed Securities (continued)
750,000 (2)	Navient Private Education Loan Trust 2014-AA A3, 1.710%, (US0001M + 1.600%), 10/15/2031		$	762,608		0.0
2,000,000 (2)	Navient Private Education Refi Loan Trust 2018-A B, 3.680%, 02/18/2042			2,032,251		0.1
1,250,936 (2)	Navient Private Education Refi Loan Trust 2019-A A2A, 3.420%, 01/15/2043			1,277,421		0.0
1,550,000 (2)	SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045			1,513,138		0.0
1,500,000 (2)	SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041			1,540,659		0.1
2,500,000 (2)(3)	SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040			2,557,951		0.1
2,100,000 (2)	SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041			2,167,765		0.1
2,200,000 (2)	Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042			2,264,936		0.1
5,000,000 (2)	Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047			5,149,787		0.2
1,071,687 (2)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048			1,098,503		0.0
1,000,000 (2)	Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048			1,031,193		0.0
				23,168,199		0.7
	Total Asset-Backed Securities (Cost $340,572,343)			341,961,811		10.6

See Accompanying Notes to Financial Statements

142

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: 24.9%
	Affiliated Investment Companies: 24.9%
10,060,246	Voya Emerging Markets Corporate Debt Fund - Class P		$	99,395,231		3.1
14,993,576	Voya Emerging Markets Hard Currency Debt Fund - Class P			140,639,743		4.3
8,795,844	Voya Emerging Markets Local Currency Debt Fund - Class P			54,094,440		1.7
93,604	Voya Floating Rate Fund - Class P			845,247		0.0
17,223,546	Voya High Yield Bond Fund - Class P			138,305,077		4.3
16,117,791	Voya Investment Grade Credit Fund - Class P			179,068,657		5.5
19,797,467	Voya Securitized Credit Fund - Class P			193,421,253		6.0
	Total Mutual Funds (Cost $814,880,223)			805,769,648		24.9

		Value		Percentage of Net Assets
PURCHASED OPTIONS(10): 0.0%
	Total Purchased Options (Cost $1,394,602)		765,412		0.0
	Total Long-Term Investments (Cost $3,222,795,041)		3,257,409,690		100.8

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.5%
	Commercial Paper: 1.1%
750,000 (11)	ANZ Bank, 0.120%, 02/10/2022		749,927		0.0
2,000,000	AT&T, Inc., 0.240%, 01/19/2022		1,999,750		0.2
7,000,000	AT&T, Inc., 0.440%, 04/12/2022		6,991,392		0.3
675,000 (11)	Bayeriche Landesbank of New York, 0.160%, 04/01/2022		674,708		0.0
325,000 (11)	Collateralized Commercial Paper V Co., LLC, 0.180%, 04/11/2022		324,766		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Commercial Paper (continued)
600,000 (11)	Collateralized Commercial Paper V Co., LLC, 0.360%, 06/08/2022		$	599,099		0.0
250,000 (11)	Commonwealth Bank of Australia, 0.160%, 04/19/2022			249,842		0.0
600,000 (11)	Credit Suisse AG, 0.330%, 06/09/2022			599,173		0.0
475,000 (11)	Credit Suisse AG, 2.800%, 04/08/2022			477,879		0.0
250,000 (11)	DNB Bank ASA, 0.140%, 03/16/2022			249,925		0.0
575,000 (11)	DNB Bank ASA, 0.140%, 03/22/2022			574,805		0.0
725,000 (11)	JPMorgan Securities LLC, 0.220%, 03/14/2022			724,668		0.0
600,000 (11)	Liberty Street Funding LLC, 0.220%, 03/17/2022			599,713		0.0
400,000 (11)	Lloyds Bank PLC, 0.150%, 03/29/2022			399,798		0.0
747,000 (11)	LMA-Americas LLC, 0.100%, 01/26/2022			746,939		0.0
500,000 (11)	LMA-Americas LLC, 0.270%, 05/04/2022			499,528		0.0
725,000 (11)	Matchpoint Finance PLC, 0.120%, 01/18/2022			724,968		0.0
750,000 (11)	Mizuho Bank Ltd., 0.140%, 01/21/2022			749,952		0.1
350,000 (11)	Mizuho Bank Ltd., 0.300%, 04/04/2022			349,750		0.0
725,000 (11)	National Australia Bank Ltd., 0.120%, 02/18/2022			724,890		0.0
250,000 (11)	Nieuw Amsterdam Receivables Corporation B.V., 0.100%, 01/07/2022			249,996		0.0
725,000 (11)	Nieuw Amsterdam Receivables Corporation B.V., 0.100%, 01/11/2022			724,982		0.0
750,000 (11)	NRW.Bank, 0.130%, 03/21/2022			749,821		0.0
525,000 (11)	Old Line Funding LLC, 0.250%, 04/27/2022			524,543		0.0

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Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Commercial Paper (continued)
500,000 (11)	Santander UK PLC, 0.300%, 05/03/2022		$	499,553		0.0
375,000 (11)	Sheffield Receivables Company LLC, 0.240%, 03/15/2022			374,828		0.0
800,000 (11)	Skandinaviska Enskilda Banken AB, 0.140%, 04/04/2022			799,574		0.1
300,000 (11)	Skandinaviska Enskilda Banken AB, 0.140%, 04/12/2022			299,820		0.0
750,000 (11)	Societe Generale, 0.170%, 03/31/2022			749,737		0.0
625,000 (11)	Starbird Funding Corp., 0.250%, 03/21/2022			624,676		0.0
500,000 (11)	Starbird Funding Corp., 0.300%, 05/12/2022			499,483		0.0
750,000 (11)	Sumitomo Mitsui Trust Bank Ltd., 0.140%, 01/13/2022			749,979		0.1
425,000 (11)	Sumitomo Mitsui Trust Bank Ltd., 0.290%, 04/08/2022			424,742		0.0
725,000 (11)	Swedbank AB, 0.150%, 03/23/2022			724,754		0.0
750,000 (11)	Swedbank AB, 0.150%, 03/24/2022			749,739		0.0
700,000 (11)	Toronto-Dominion Bank, 0.160%, 04/14/2022			699,588		0.0
725,000 (11)	Victory Receivables Corporation, 0.120%, 01/06/2022			724,991		0.0
6,000,000	Waste Management, Inc., 0.360%, 03/03/2022			5,996,341		0.3
725,000 (11)	Westpac Banking Corp., 0.130%, 03/25/2022			724,726		0.0
	Total Commercial Paper (Cost $35,905,737)			35,903,345		1.1

	Floating Rate Notes: 0.2%
975,000 (11)	ANZ Bank, 0.130%, 03/30/2022			974,930		0.1
675,000 (11)	Bank of Montreal, 0.120%, 01/05/2022			675,015		0.0
375,000 (11)	Bank of Nova Scotia, 0.130%, 02/28/2022			375,038		0.0
725,000 (11)	Barclays Bank PLC, 0.160%, 03/22/2022			724,982		0.0
725,000 (11)	Barclays Bank PLC, 0.160%, 03/24/2022			724,978		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
725,000 (11)	Cooperatieve Rabobank U.A./New York, 0.200%, 06/21/2022		$	724,889		0.0
750,000 (11)	Credit Suisse AG, 0.170%, 04/08/2022			750,106		0.1
250,000 (11)	DBS Bank Ltd., 0.140%, 03/16/2022			249,987		0.0
675,000 (11)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 03/22/2022			674,999		0.0
725,000 (11)	Sumitomo Mitsui Trust Bank Ltd., 0.150%, 04/01/2022			724,982		0.0
600,000 (11)	Sumitomo Mitsui Trust Bank Ltd., 0.160%, 04/14/2022			599,991		0.0
	Total Floating Rate Notes (Cost $7,199,897)			7,199,897		0.2

	Repurchase Agreements: 2.2%
10,245,308 (11)	Bank of Montreal, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $10,245,350, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.250%-4.000%, Market Value plus accrued interest $10,450,219, due 11/30/26-01/01/52)			10,245,308		0.3
3,036,800 (11)	Bethesda Securities LLC, Repurchase Agreement dated 12/31/21, 0.09%, due 01/03/22 (Repurchase Amount $3,036,822, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $3,097,536, due 01/01/25-12/01/51)			3,036,800		0.1

See Accompanying Notes to Financial Statements

144

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
17,315,682 (11)	Cantor Fitzgerald Securities, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $17,315,753, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $17,661,996, due 02/01/22-07/20/71)		$	17,315,682		0.5
5,957,016 (11)	CF Secured LLC, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $5,957,040, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $6,076,157, due 01/20/22-06/20/69)			5,957,016		0.2
6,952,842 (11)	Citadel Securities LLC, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $6,952,882, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $7,091,940, due 01/04/22-11/15/51)			6,952,842		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,475,530 (11)	Industrial & Comm. Bank of China, Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $2,475,540, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $2,525,041, due 01/13/22-11/01/50)		$	2,475,530		0.1
7,797,557 (11)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 12/31/21, 0.06%, due 01/03/22 (Repurchase Amount $7,797,595, collateralized by various U.S. Government Agency Obligations, 0.550%-7.500%, Market Value plus accrued interest $7,953,548, due 01/01/23-10/20/71)			7,797,557		0.2
14,725,252 (11)	State of Wisconsin Investment Board, Repurchase Agreement dated 12/31/21, 0.07%, due 01/03/22 (Repurchase Amount $14,725,337, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $15,019,834, due 07/15/23-02/15/48)			14,725,252		0.5

See Accompanying Notes to Financial Statements

145

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
3,517,235 (11)	Stonex Financial Inc., Repurchase Agreement dated 12/31/21, 0.09%, due 01/03/22 (Repurchase Amount $3,517,261, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $3,587,580, due 01/13/22-11/20/71)		$	3,517,235		0.1
	Total Repurchase Agreements (Cost $72,023,222)			72,023,222		2.2

	Certificates of Deposit: 0.4%
725,000 (11)	Bank of Montreal, 0.220%, 03/21/2022			725,028		0.1
625,000 (11)	Commonwealth Bank of Australia, 0.130%, 04/08/2022			624,893		0.0
575,000 (11)	Credit Agricole, 0.230%, 03/09/2022			575,077		0.0
375,000 (11)	DZ Bank AG, 0.110%, 01/19/2022			375,007		0.0
725,000 (11)	DZ Bank AG, 0.100%, 01/07/2022			725,004		0.1
725,000 (11)	DZ Bank AG, 0.100%, 01/12/2022			725,007		0.1
250,000 (11)	Landesbank Baden-Wurttemberg, 0.160%, 03/21/2022			249,994		0.0
725,000 (11)	Landesbank Baden-Wurttemberg, 0.170%, 04/12/2022			724,926		0.0
725,000 (11)	Landesbank Baden-Wurttemberg, 0.180%, 04/19/2022			724,923		0.0
750,000 (11)	Lloyds Bank PLC, 0.130%, 02/22/2022			750,131		0.1
725,000 (11)	Mitsubishi UFJ Trust and Banking Corp., 0.160%, 04/06/2022			724,841		0.0
400,000 (11)	Mitsubishi UFJ Trust and Banking Corp., 0.180%, 04/18/2022			399,897		0.0
725,000 (11)	Mizuho Bank Ltd., 0.310%, 04/14/2022			724,835		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Certificates of Deposit (continued)
725,000 (11)	Norinchukin Bank of New York, 0.110%, 01/27/2022		$	725,003		0.0
725,000 (11)	Norinchukin Bank of New York, 0.120%, 02/04/2022			725,004		0.0
300,000 (11)	Norinchukin Bank of New York, 0.240%, 03/14/2022			300,037		0.0
725,000 (11)	Oversea-Chinese Banking Corp. Ltd., 0.150%, 04/07/2022			724,795		0.0
425,000 (11)	Oversea-Chinese Banking Corp. Ltd., 0.250%, 03/17/2022			425,058		0.0
700,000 (11)	Oversea-Chinese Banking Corp. Ltd., 0.260%, 03/24/2022			700,069		0.0
250,000 (11)	Societe Generale, 0.170%, 04/18/2022			249,983		0.0
525,000 (11)	Sumitomo Mitsui Trust Bank Ltd., 0.160%, 04/08/2022			524,896		0.0
230,000 (11)	Svenska Handelsbanken AB, 0.110%, 02/10/2022			230,026		0.0
250,000 (11)	Svenska Handelsbanken AB, 0.160%, 04/20/2022			249,986		0.0
525,000 (11)	Toronto-Dominion Bank, 0.150%, 03/03/2022			525,059		0.0
275,000 (11)	Toronto-Dominion Bank, 0.280%, 05/10/2022			274,990		0.0
	Total Certificates of Deposit (Cost $13,704,469)			13,704,469		0.4

Shares		Value		Percentage of Net Assets
	Mutual Funds: 0.6%
11,155,000 (11)(12)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%		11,155,000		0.4
3,529,000 (11)(12)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020%		3,529,000		0.1

See Accompanying Notes to Financial Statements

146

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
3,614,000 (11)(12)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.030%		$	3,614,000		0.1
	Total Mutual Funds (Cost $18,298,000)			18,298,000		0.6
	Total Short-Term Investments (Cost $147,131,325)			147,128,933		4.5
	Total Investments in Securities (Cost $3,369,926,366)		$	3,404,538,623		105.3
	Liabilities in Excess of Other Assets			(171,988,199)		(5.3)
	Net Assets		$	3,232,550,424		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(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)

Variable rate security. Rate shown is the rate in effect as of December 31, 2021.

(4)

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.

(5)

(6)

Represents or includes a TBA transaction.

(7)

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.

(8)

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

(9)

Represents a zero coupon bond. Rate shown reflects the effective yield as of December 31, 2021.

(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, 2021.

	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, 2021 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, 2021
Asset Table
Investments, at fair value
Mutual Funds		$	805,769,648		$	—		$	—		$	805,769,648
Purchased Options			—			765,412			—			765,412
Corporate Bonds/Notes			—			858,713,237			—			858,713,237
Collateralized Mortgage Obligations			—			435,468,030			—			435,468,030
Municipal Bonds			—			2,132,502			—			2,132,502
Asset-Backed Securities			—			341,961,811			—			341,961,811
U.S. Government Agency Obligations			—			348,151,609			—			348,151,609
Commercial Mortgage-Backed Securities			—			170,997,957			35,551,441			206,549,398
U.S. Treasury Obligations			—			257,898,043			—			257,898,043
Short-Term Investments			18,298,000			128,830,933			—			147,128,933
Total Investments, at fair value		$	824,067,648		$	2,544,919,534		$	35,551,441		$	3,404,538,623

See Accompanying Notes to Financial Statements

147

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (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, 2021
Other Financial Instruments+
Forward Foreign Currency Contracts			—			163,217			—			163,217
Futures			3,006,797			—			—			3,006,797
Total Assets		$	827,074,445		$	2,545,082,751		$	35,551,441		$	3,407,708,637
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(211,246)		$	—		$	(211,246)
Forward Foreign Currency Contracts			—			(836,455)			—			(836,455)
Futures			(396,580)			—			—			(396,580)
Written Options			—			(195,408)			—			(195,408)
Total Liabilities		$	(396,580)		$	(1,243,109)		$	—		$	(1,639,689)

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, 2021, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2020			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 12/31/2021			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P		$	98,587,276		$	6,631,751		$	—		$	(5,823,796)		$	99,395,231		$	4,534,831		$	—		$	2,096,920
Voya Emerging Markets Hard Currency Debt Fund - Class P			143,867,617			7,080,206			—			(10,308,080)			140,639,743			7,080,206			—			—
Voya Emerging Markets Local Currency Debt Fund - Class P			60,168,510			2,234,167			—			(8,308,237)			54,094,440			2,234,167			—			—
Voya Floating Rate Fund Class P			805,101			33,887			—			6,259			845,247			33,887			—			—
Voya High Yield Bond Fund - Class P			130,980,813			7,588,631			—			(264,367)			138,305,077			7,588,631			—			—
Voya Investment Grade Credit Fund - Class P			179,924,268			7,269,188			—			(8,124,799)			179,068,657			5,137,797			—			2,131,392
Voya Securitized Credit Fund - Class P			184,966,051			5,822,805			—			2,632,397			193,421,253			5,822,805			—			—
		$	799,299,636		$	36,660,635		$	—		$	(30,190,623)		$	805,769,648		$	32,432,324		$	—		$	4,228,312

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

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2021:

Investments, at fair value

Fair Value at
December 31, 2021

Valuation
Technique(s)*

Significant
Unobservable
Input(s)

Value or
Range
of Input(s)

Weighted
Average
of Inputs**

Impact to
Valuation
from an
Increase in
Input***

Commercial Mortgage-Backed Securities

$35,551,441

Market Approach

Recent Comparable
Transaction Price(s)

93.425 – $100.00

Increase

Valuation techniques may change in order to reflect management’s judgment of current market participant assumptions.

Unobservable inputs were weighted by the relative fair value of the instruments.

***

Represents the directional change in the fair value of the Level 3 investment(s) that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in signficantly higher or lower fair value measurements.

See Accompanying Notes to Financial Statements

148

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the year ended December 31, 2021:

	Commercial Mortgage-Backed Securities
Assets:
Beginning balance at December 31, 2020		$	—
Purchases			35,799,065
Sales			—
Total realized gain (loss)			—
Net change in unrealized appreciation (depreciation)****			(247,624)
Transfers into Level 3			—
Transfers out of Level 3			—
Ending balance at December 31, 2021		$	35,551,441
Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of December 31, 2021****		$	(247,624)

****

Any difference between net change in unrealized apprecation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2021 may be due to securities no longer held or categorized as Level 3 at year end.

At December 31, 2021, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 3,076,024

MYR 13,034,344

Barclays Bank PLC

01/21/22

(53,635)

USD 1,830,318

CLP 1,551,286,349

Barclays Bank PLC

02/04/22

17,544

USD 5,730,050

CNY 36,684,320

BNP Paribas

01/21/22

(25,433)

USD 5,661,317

IDR 81,522,390,850

Citibank N.A.

01/21/22

(64,001)

USD 1,544,405

PEN 6,295,766

Citibank N.A.

02/04/22

(30,636)

USD 4,655,544

RUB 350,169,974

Goldman Sachs International

01/21/22

(1,091)

USD 1,444,601

RON 6,364,323

Goldman Sachs International

01/21/22

(17,437)

USD 2,732,488

COP 10,683,261,693

Goldman Sachs International

02/04/22

115,099

USD 5,794,884

MXN 122,418,537

Goldman Sachs International

02/04/22

(151,803)

USD 4,666,133

PLN 19,482,975

HSBC Bank USA N.A.

01/21/22

(163,663)

USD 83,231

PHP 4,202,365

HSBC Bank USA N.A.

01/21/22

1,264

SGD 305,095

USD 222,739

HSBC Bank USA N.A.

01/21/22

3,634

USD 3,517

ILS 11,094

JPMorgan Chase Bank N.A.

01/21/22

(52)

USD 3,901,574

ZAR 63,520,811

Morgan Stanley Capital Services LLC

01/21/22

(74,694)

USD 1,899,849

HUF 621,498,481

Morgan Stanley Capital Services LLC

01/21/22

(12,522)

USD 2,364,764

CZK 53,820,783

Morgan Stanley Capital Services LLC

01/21/22

(94,552)

USD 4,696,585

THB 158,691,497

Standard Chartered Bank

01/21/22

(53,362)

USD 849,518

TRY 11,065,391

Standard Chartered Bank

01/21/22

25,676

USD 4,370,733

BRL 25,054,440

Standard Chartered Bank

02/04/22

(93,574)

(673,238)

At December 31, 2021, 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 10-Year Note		673		03/22/22		$	87,805,469		$	278,221
U.S. Treasury 2-Year Note		5		03/31/22			1,090,859			(127)
U.S. Treasury 5-Year Note		771		03/31/22			93,272,930			153,598
U.S. Treasury Long Bond		523		03/22/22			83,908,813			70,359
U.S. Treasury Ultra Long Bond		530		03/22/22			104,476,250			2,504,619
						$	370,554,321		$	3,006,670

See Accompanying Notes to Financial Statements

149

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short Contracts:
U.S. Treasury Ultra 10-Year Note		(197)		03/22/22			(28,848,187)			(396,453)
						$	(28,848,187)		$	(396,453)

At December 31, 2021, 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 12	Buy		(5.000)	12/20/24	USD 81,704,670		$	(6,623,563)		$	(211,246)
							$	(6,623,563)		$	(211,246)

(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.

(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, 2021, the following OTC purchased equity options were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Put/Call

Expiration
Date

Exercise
Price

Number of
Contracts

Notional
Amount

Cost

Fair Value

iShares iBoxx $High Yield Corporate
Bond ETF

Citibank N.A.

Put

03/18/22

USD 80.500

2,706,099

USD 235,457,674

$1,394,602

765,412

$1,394,602

765,412

At December 31, 2021, the following OTC written equity options were outstanding for Voya Intermediate Bond Portfolio:

Description

Counterparty

Put/Call

Expiration
Date

Exercise
Price

Number of
Contracts

Notional
Amount

Premiums
Received

Fair Value

iShares iBoxx $High Yield Corporate Bond ETF

Citibank N.A.

Put

01/21/22

USD 85.250

1,465,011

USD 127,470,607

747,156

(195,408)

747,156

(195,408)

Currency Abbreviations
BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CNY – Chinese Yuan
CZK – Czech Koruna
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Nuevo Sol
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian New Leu

See Accompanying Notes to Financial Statements

150

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (continued)

RUB – Russian Ruble
SGD – Singapore Dollar
THB – Thai Baht
TRY – Turkish Lira
USD – United States Dollar
ZAR – South African Rand

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, 2021 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Investments in securities at value*		$	765,412
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			163,217
Interest rate contracts	Variation margin receivable on futures contracts**			3,006,797
Total Asset Derivatives			$	3,935,426
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	836,455
Interest rate contracts	Variation margin payable on futures contracts**			396,580
Credit contracts	Variation margin payable on centrally cleared swaps**			211,246
Equity contracts	Written options, at fair value			195,408
Total Liability Derivatives			$	1,639,689

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, 2021 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		$	(1,946,892)		$	—		$	—		$	(4,982,586)		$	—		$	(6,929,478)
Equity contracts			(229,455)			—			—			—			258,541			29,086
Foreign exchange contracts			(1,635,387)			695,597			—			—			636,066			(303,724)
Interest rate contracts			—			—			(18,824,135)			(4,287,988)			3,284,551			(19,827,572)
Total		$	(3,811,734)		$	695,597		$	(18,824,135)		$	(9,270,574)		$	4,179,158		$	(27,031,688)

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		$	277,498		$	—		$	—		$	915,490					$	1,192,988
Equity contracts			(629,190)			—			—			—			551,748			(77,442)
Foreign exchange contracts			763,173			1,554,463			—			—			(540,155)			1,777,481
Interest rate contracts			—			—			4,121,618			—			—			4,121,618
Total		$	411,481		$	1,554,463		$	4,121,618		$	915,490		$	11,593		$	7,014,645

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

151

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PORTFOLIO OF INVESTMENTS

Voya Intermediate Bond Portfolio

as of December 31, 2021 (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, 2021:

	Barclays Bank PLC			BNP Paribas			Citibank N.A.			Credit Suisse International			Goldman Sachs International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			Totals
Assets:
Purchased options		$	—		$	—		$	765,412		$	—		$	—		$	—		$	—		$	—		$	—		$	765,412
Forward foreign currency contracts			17,544			—			—			—			115,099			4,898			—			—			25,676			163,217
Total Assets		$	17,544		$	—		$	765,412		$	—		$	115,099		$	4,898		$	—		$	—		$	25,676		$	928,629
Liabilities:
Forward foreign currency contracts		$	53,635		$	25,433		$	94,637		$	—		$	170,331		$	163,663		$	52		$	181,768		$	146,936		$	836,455
Written options			—			—			195,408			—			—			—			—			—			—			195,408
Total Liabilities		$	53,635		$	25,433		$	290,045		$	—		$	170,331		$	163,663		$	52		$	181,768		$	146,936		$	1,031,863
Net OTC derivative instruments by counterparty, at fair value		$	(36,091)		$	(25,433)		$	475,367		$	—		$	(55,232)		$	(158,765)		$	(52)		$	(181,768)		$	(121,260)			(103,234)
Total collateral pledged by the Portfolio/ (Received from counterparty)		$	—		$	—		$	(475,367)		$	—					$	—		$	—		$	100,000		$	—		$	(375,367)
Net Exposure(1)(2)		$	(36,091)		$	(25,433)		$	—		$	—		$	(55,232)		$	(158,765)		$	(52)		$	(81,768)		$	(121,260)		$	(478,601)

(1)

(2)

At December 31, 2021, the Portfolio had received $770,000 in cash collateral from Citibank N.A. Excess cash collateral is not shown for financial reporting purposes.

At December 31, 2021, 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 $3,370,866,413.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	83,653,623
Gross Unrealized Depreciation		(54,863,175)
Net Unrealized Appreciation	$	28,790,448

See Accompanying Notes to Financial Statements

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TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2021

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.9%
	Communication Services: 1.5%
205,703 (1)	Imax Corp.		$	3,669,742		0.8
26,393 (1)	Ziff Davis, Inc.			2,925,928		0.7
				6,595,670		1.5
	Consumer Discretionary: 15.5%
81,935 (1)	Academy Sports & Outdoors, Inc.			3,596,946		0.8
248,077 (1)	Arhaus, Inc.			3,287,020		0.7
156,806 (1)	Bloomin Brands, Inc.			3,289,790		0.7
42,383 (1)	Boyd Gaming Corp.			2,779,053		0.6
92,160 (1)	Callaway Golf Co.			2,528,870		0.6
44,241 (1)	Capri Holdings Ltd.			2,871,683		0.6
22,872 (1)	CROCS, Inc.			2,932,648		0.7
123,566	Dana, Inc.			2,819,776		0.6
167,609 (1)(2)	Hayward Holdings, Inc.			4,396,384		1.0
62,043	Kohl’s Corp.			3,064,304		0.7
39,759	Kontoor Brands, Inc.			2,037,649		0.5
69,618	La-Z-Boy, Inc.			2,527,830		0.6
21,777	LCI Industries			3,394,381		0.8
73,989 (1)	Leslie’s, Inc.			1,750,580		0.4
172,714 (1)	Lindblad Expeditions Holdings, Inc.			2,694,338		0.6
10,940	Lithia Motors, Inc.			3,248,633		0.7
29,520	Marriott Vacations Worldwide Corp.			4,988,290		1.1
112,566 (1)	Mattel, Inc.			2,426,923		0.5
244,144 (1)	Modine Manufacturing Co.			2,463,413		0.6
20,666 (1)	Overstock.com, Inc.			1,219,501		0.3
28,263	Signet Jewelers Ltd.			2,459,729		0.5
108,913 (1)	Taylor Morrison Home Corp.			3,807,598		0.8
20,008 (1)(2)	Victoria’s Secret & Co.			1,111,244		0.2
52,641	Winnebago Industries			3,943,864		0.9
				69,640,447		15.5
	Consumer Staples: 1.7%
16,666	Casey’s General Stores, Inc.			3,289,035		0.7
92,361 (1)	Performance Food Group Co.			4,238,446		1.0
				7,527,481		1.7
	Energy: 3.7%
146,598	APA Corp.			3,942,020		0.9
67,353	Civitas Resources, Inc.			3,298,276		0.7
179,023	Marathon Oil Corp.			2,939,558		0.7
45,742	Matador Resources Co.			1,688,795		0.4
139,538	Ovintiv, Inc.			4,702,431		1.0
				16,571,080		3.7
	Financials: 17.6%
49,043	Atlantic Union Bankshares Corp.			1,828,813		0.4
123,682	BankUnited, Inc.			5,232,985		1.2

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Financials (continued)
24,096		Capstar Financial Holdings, Inc.	��	$	506,739		0.1
81,203		ConnectOne Bancorp, Inc.			2,656,150		0.6
173,864		Eastern Bankshares, Inc.			3,506,837		0.8
155,572		First Horizon Corp.			2,540,491		0.6
60,736 (1)		Focus Financial Partners, Inc.			3,627,154		0.8
56,300 (1)		Green Dot Corp.			2,040,312		0.5
14,040		Kinsale Capital Group, Inc.			3,339,976		0.7
39,745 (1)		Metropolitan Bank Holding Corp.			4,234,035		0.9
128,755		OFG Bancorp			3,419,733		0.8
51,922		Origin Bancorp, Inc.			2,228,492		0.5
124,541		Pacific Premier Bancorp, Inc.			4,985,376		1.1
116,643		PacWest Bancorp			5,268,764		1.2
42,407 (1)		Palomar Holdings, Inc.			2,746,701		0.6
43,477		Pinnacle Financial Partners, Inc.			4,152,054		0.9
24,482		Primerica, Inc.			3,752,356		0.8
161,646		Provident Financial Services, Inc.			3,915,066		0.9
34,394		RLI Corp.			3,855,567		0.9
4,883		Signature Bank			1,579,504		0.4
18,293 (1)		Silvergate Capital Corp.			2,711,023		0.6
60,133		Stifel Financial Corp.			4,234,566		0.9
41,093 (1)		Texas Capital Bancshares, Inc.			2,475,853		0.5
45,766 (1)		Third Coast Bancshares, Inc.			1,189,001		0.3
26,575		Western Alliance Bancorp.			2,860,799		0.6
					78,888,347		17.6
		Health Care: 12.0%
84,927 (1)		Acadia Healthcare Co., Inc.			5,155,069		1.1
37,762 (1)		Addus HomeCare Corp.			3,531,125		0.8
102,972		Encompass Health Corp.			6,719,953		1.5
75,389		Ensign Group, Inc.			6,329,660		1.4
135,454 (1)		Envista Holdings Corp.			6,103,557		1.4
38,033 (1)		Integer Holdings Corp.			3,255,245		0.7
27,793 (1)		ModivCare, Inc.			4,121,424		0.9
81,360 (1)		NuVasive, Inc.			4,269,773		1.0
21,760 (1)	��	Omnicell, Inc.			3,926,374		0.9
36,123		Owens & Minor, Inc.			1,571,351		0.3
90,591		Premier, Inc.			3,729,631		0.8
136,513		Select Medical Holdings Corp.			4,013,482		0.9
12,744 (1)		Syneos Health, Inc.			1,308,554		0.3
					54,035,198		12.0

See Accompanying Notes to Financial Statements

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TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2021 (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials: 17.6%
93,764	Aerojet Rocketdyne Holdings, Inc.		$	4,384,405		1.0
68,289 (1)	Air Transport Services Group, Inc.			2,006,331		0.5
21,284	Alamo Group, Inc.			3,132,579		0.7
61,752 (1)	Alaska Air Group, Inc.			3,217,279		0.7
55,532	Altra Industrial Motion Corp.			2,863,785		0.6
28,621 (1)	ASGN, Inc.			3,531,831		0.8
61,754 (1)	Bloom Energy Corp.			1,354,265		0.3
63,910 (1)	Builders FirstSource, Inc.			5,477,726		1.2
53,192 (1)	Casella Waste Systems, Inc.			4,543,661		1.0
20,917	Curtiss-Wright Corp.			2,900,560		0.6
29,831	EMCOR Group, Inc.			3,800,171		0.8
23,991	GATX Corp.			2,499,622		0.6
34,721 (1)	GXO Logistics, Inc.			3,153,708		0.7
40,555	Heidrick & Struggles International, Inc.			1,773,470		0.4
125,196	Hillenbrand, Inc.			6,508,940		1.5
20,809	ICF International, Inc.			2,133,963		0.5
18,259	John Bean Technologies Corp.			2,803,852		0.6
19,904	Knight-Swift Transportation Holdings, Inc.			1,212,950		0.3
47,562	Mantech International Corp.			3,468,697		0.8
32,264 (1)	Mercury Systems, Inc.			1,776,456		0.4
20,866	Regal Rexnord Corp.			3,550,976		0.8
86,079 (1)	Shoals Technologies Group, Inc.			2,091,720		0.5
70,584	Vertiv Holdings Co.			1,762,483		0.4
49,798	Werner Enterprises, Inc.			2,373,373		0.5
157,554 (1)	WillScot Mobile Mini Holdings Corp.			6,434,505		1.4
				78,757,308		17.6
	Information Technology: 15.0%
104,229 (1)	ACI Worldwide, Inc.			3,616,746		0.8
153,386 (1)	Avaya Holdings Corp.			3,037,043		0.7
32,169	Badger Meter, Inc.			3,427,929		0.8
101,373 (1)	Cohu, Inc.			3,861,297		0.9
74,223 (1)	Commvault Systems, Inc.			5,115,449		1.1
12,256	Concentrix Corp.			2,189,167		0.5
43,606	CSG Systems International, Inc.			2,512,578		0.5
270,343 (1)	Diebold Nixdorf, Inc.			2,446,604		0.5
31,272 (1)	Euronet Worldwide, Inc.			3,726,684		0.8
67,635	EVERTEC, Inc.			3,380,397		0.7
271,455 (1)	Harmonic, Inc.			3,192,311		0.7

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
156,102 (1)	Knowles Corp.		$	3,644,982		0.8
19,605	MKS Instruments, Inc.			3,414,603		0.8
32,761 (1)	nLight, Inc.			784,626		0.2
40,884 (1)	Onto Innovation, Inc.			4,138,687		0.9
30,013	Power Integrations, Inc.			2,787,908		0.6
49,617 (1)	Semtech Corp.			4,412,440		1.0
55,967 (1)	SMART Global Holdings, Inc.			3,973,097		0.9
183,636	Switch, Inc.			5,259,335		1.2
44,510 (1)	Ultra Clean Holdings, Inc.			2,553,094		0.6
				67,474,977		15.0
	Materials: 5.3%
66,806	Avient Corp.			3,737,796		0.8
65,258 (1)	Cleveland-Cliffs, Inc.			1,420,667		0.3
70,512	Commercial Metals Co.			2,558,880		0.6
182,696	Glatfelter Corp.			3,142,371		0.7
44,132 (1)	Ingevity Corp.			3,164,264		0.7
21,911	Minerals Technologies, Inc.			1,602,790		0.4
37,681	Sensient Technologies Corp.			3,770,361		0.8
105,210 (1)	Summit Materials, Inc.			4,223,129		1.0
				23,620,258		5.3
	Real Estate: 6.6%
79,480	American Assets Trust, Inc.			2,982,884		0.7
102,840	CubeSmart			5,852,624		1.3
327,071 (1)	Cushman & Wakefield PLC			7,274,059		1.6
119,935	Easterly Government Properties, Inc.			2,748,910		0.6
80,092	EPR Properties			3,803,569		0.8
188,607	Kite Realty Group Trust			4,107,861		0.9
33,304 (1)	Ryman Hospitality Properties			3,062,636		0.7
				29,832,543		6.6
	Utilities: 1.4%
36,678	Black Hills Corp.			2,588,366		0.6
22,950	NorthWestern Corp.			1,311,822		0.3
45,351	Portland General Electric Co.			2,399,975		0.5
				6,300,163		1.4
	Total Common Stock (Cost $401,894,696)			439,243,472		97.9
EXCHANGE-TRADED FUNDS: 0.8%
15,035	iShares Russell 2000 ETF			3,344,536		0.8
	Total Exchange-Traded Funds (Cost $3,261,072)			3,344,536		0.8
	Total Long-Term Investments (Cost $405,155,768)			442,588,008		98.7

See Accompanying Notes to Financial Statements

154

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2021 (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.0%
	Repurchase Agreements: 0.4%
949,500 (3)	MUFG Securities America Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $949,504, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $968,490, due 05/20/24-10/01/51)		$	949,500		0.2
1,000,000 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 12/31/21, 0.05%, due 01/03/22 (Repurchase Amount $1,000,004, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 05/15/22-12/01/51)			1,000,000		0.2
	Total Repurchase Agreements (Cost $1,949,500)			1,949,500		0.4

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.6%
7,239,000 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030% (Cost $7,239,000)		$	7,239,000		1.6
	Total Short-Term Investments (Cost $9,188,500)			9,188,500		2.0
	Total Investments in Securities (Cost $414,344,268)		$	451,776,508		100.7
	Liabilities in Excess of Other Assets			(3,205,450)		(0.7)
	Net Assets		$	448,571,058		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, 2021.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 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, 2021
Asset Table
Investments, at fair value
Common Stock*		$	439,243,472		$	—		$	—		$	439,243,472
Exchange-Traded Funds			3,344,536			—			—			3,344,536
Short-Term Investments			7,239,000			1,949,500			—			9,188,500
Total Investments, at fair value		$	449,827,008		$	1,949,500		$	—		$	451,776,508

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.

See Accompanying Notes to Financial Statements

155

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Small Company Portfolio

as of December 31, 2021 (continued)

At December 31, 2021, 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 $416,280,052.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	53,665,547
Gross Unrealized Depreciation		(18,169,101)
Net Unrealized Appreciation	$	35,496,446

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended December 31, 2021 were as follows:

Portfolio Name	Type	Per Share Amount
Voya Balanced Portfolio
Class I	NII		$	0.2934
Class S	NII		$	0.2558
All Classes	STCG		$	0.1499
All Classes	LTCG		$	0.1156
Voya Global High Dividend Low Volatility Portfolio
Class ADV	NII		$	0.2392
Class I	NII		$	0.2976
Class S	NII		$	0.2682
Class S2	NII		$	0.2498
Class T	NII		$	0.2282
Voya Government Money Market Portfolio
Class I	NII		$	—
Class S	NII		$	—
All Classes	STCG		$	0.0009
Voya Growth and Income Portfolio
Class ADV	NII		$	0.1908
Class I	NII		$	0.3467

Portfolio Name	Type	Per Share Amount
Voya Growth and Income Portfolio (continued)
Class S	NII		$	0.2739
Class S2	NII		$	0.2202
All Classes	STCG		$	3.7216
All Classes	LTCG		$	11.1442
Voya Intermediate Bond Portfolio
Class ADV	NII		$	0.2461
Class I	NII		$	0.3147
Class S	NII		$	0.2797
Class S2	NII		$	0.2590
All Classes	LTCG		$	0.0003
All Classes	ROC		$	0.0773
Voya Small Company Portfolio
Class ADV	NII		$	—
Class I	NII		$	0.0300
Class R6	NII		$	0.0324
Class S	NII		$	—
All Classes	STCG		$	0.0798

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

ROC – Return of capital

Of the ordinary distributions made during the year ended December 31, 2021, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

	Voya Balanced Portfolio					19.16%
	Voya Global High Dividend Low Volatility Portfolio					36.17%
	Voya Growth and Income Portfolio					15.44%
	Voya Small Company Portfolio					99.96%

For the year ended December 31, 2021, 16.47% 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	$	2,523,250
Voya Growth and Income Portfolio	$	714,105,669
Voya Intermediate Bond Portfolio	$	91,902

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: 61

Director/
Trustee
Chairperson

May 2013 – Present

January 2020 –
Present

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

131

Dentaquest (February 2014 –
Present); RSR Partners, Inc. (2016 – Present).

John V. Boyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 68

Director/Trustee

May 2013 – Present

Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December
2019).

131

None.

Patricia W. Chadwick
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 73

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).

131

Wisconsin Energy Corporation (June 2006 – Present); The Royce Funds (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present).

Martin J. Gavin
7337 East Doubletree Ranch Rd. Suite 100
Scottsdale, AZ 85258
Age: 71

Director/Trustee

August 2015 – Present

Retired.

131

None.

Joseph E. Obermeyer
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 64

Director/Trustee

January 2003 –
Present

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

131

None.

Sheryl K. Pressler
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 71

Director/Trustee

May 2013 – Present

Consultant (May 2001 –
Present).

131

Centerra Gold Inc. (May 2008 –
Present).

Christopher P. Sullivan
7337 East Doubletree Ranch Rd.
Suite 100
Scottsdale, Arizona 85258
Age: 68

Director/Trustee

October 2015 –
Present

Retired.

131

None.

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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

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

Other Board Positions
Held by Director/Trustee

Director/Trustee who is an “interested person”:

Dina Santoro
230 Park Avenue
New York, New York 10169
Age: 48

Director/Trustee

July 2018 – Present

President, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Operating Officer and Senior Managing Director, Voya Investment Management (January 2022 – Present). Formerly, Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – January 2022); Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).

131

Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 –
Present); Voya Investments Distributor, LLC (April 2018 –
Present).

(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 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 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 Senior Income Fund; 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, 2022.

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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
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 53	Chief Executive Officer	March 2018 – Present	Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (March 2020 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – March 2020); Senior Vice President and Treasurer, Voya Investments Distributor, LLC (November 2015 – September 2019); Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018).
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 48	President	March 2018 – Present	President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Operating Officer and Senior Managing Director, Voya Investment Management (January 2022 – Present). Formerly, Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – January 2022); Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017).
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 54	Executive Vice President Chief Investment Risk Officer	March 2020 – Present March 2020 – Present	Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March 2020 – Present) and 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: 63	Executive Vice President	March 2018 – Present	Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017).
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55	Chief Compliance Officer	February 2012 – Present	Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present).
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 – Present	President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present).
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Senior Vice President	December 2003 – Present	Senior Vice President, Voya Investments, LLC (September 2003 – Present).
Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44	Senior Vice President	September 2020 – Present	Senior Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (March 2021 – Present). Formerly, Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – March 2021).

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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: 51	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) and Voya Funds Services, LLC (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – April 2018).
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Vice President Treasurer	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present).
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	Vice President	September 2004 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present).
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	Vice President	September 2014 – Present	Vice President, Voya Investments, LLC (October 2015 – Present).
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54	Vice President	March 2002 – Present	Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present).
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Vice President	September 2012 – Present	Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present).
Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Vice President	March 2018 – Present	Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018).
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Vice President	May 2013 – Present	Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 45	Anti-Money Laundering Officer	June 2018 – Present	Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018).
Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 40	Secretary	September 2020 – Present	Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (September 2020 – Present). Formerly, Vice President, Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – September 2020).

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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
Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70			Assistant Secretary			August 2010 – Present			Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present).

(1)

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

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS

At a meeting held on November 18, 2021, the Board of Directors/Trustees (“Board”) of Voya Balanced Portfolio, Inc., Voya Government Money Market Portfolio, 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, 2022.

In addition to the Board meeting on November 18, 2021, 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 7-8, 2021, and November 16, 2021. 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. 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 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, and each Board member may have accorded different weight to the various factors in reaching

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his or her conclusions with respect to each Portfolio’s investment management and sub-advisory arrangements.

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 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 consistently complied with, and other periodic reports covering related matters.

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. In addition, the Board considered Voya Global High Dividend Low Volatility Portfolio’s investment performance compared to an additional performance peer group that is approved by the Portfolio’s IRC due to the investment structure or strategy of the Portfolio. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Portfolio’s performance and risk, including risk-adjusted investment return information, from the 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. The Board also considered the impact of fee waiver and expense reimbursement arrangements in instances where a share class of a Portfolio is operating such that its expense ratio is below the expense limit applicable to that share class. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

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

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Portfolio, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Portfolio to the Manager compared to the Portfolio’s Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as 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 and both before and after giving effect to any expenses incurred by the Manager or the affiliated Sub-Adviser in making payments to affiliated insurance companies.

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 7-8, 2021, November 16, 2021, and/or November 18, 2021 meetings in relation to approving each Portfolio’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category, as well as its primary benchmark and, as applicable, a performance peer group. The performance data provided to the Board primarily was for various periods ended March 31, 2021. In addition, the Board also considered at its October 7-8, 2021, November 16, 2021, and/or November 18, 2021 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

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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, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the one-year period, the third quintile for the year-to-date and five-year periods, and the fourth quintile for the three-year and ten-year periods; and (2) the Portfolio outperformed its primary benchmark for the year-to-date and one-year periods and underperformed for the three-year, five-year and ten-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a 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 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 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, 2021: (1) the Portfolio is ranked in the second quintile of its Morningstar category for the year-to-date period, the fourth quintile for the five-year period, and the fifth quintile for the one-year, three-year, and ten-year periods; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) that the Portfolio underperformed its performance peer group average for all

periods presented; (2) management’s representations regarding the competitiveness of the Portfolio’s performance during recent periods; (3) the fact that performance prior to May 1, 2018, reflects a different investment strategy and portfolio management team; (4) the recent change in the Portfolio’s primary benchmark which may provide shareholders with stronger relative returns; and (5) management’s confidence in the ability of the Sub-Adviser to execute the Portfolio’s investment strategy.

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, 2021: (1) the Portfolio outperformed its Morningstar category average for all periods presented, with the exception of the one-year period, during which it underperformed; and (2) the Portfolio outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

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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, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the year-to-date period, the second quintile for the one-year, three-year and five-year periods, and the third quintile for the ten-year period; and (2) the Portfolio outperformed its primary benchmark for the year-to-date, one-year and three-year periods and underperformed for the five-year and ten-year periods.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the 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 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, 2021: (1) the Portfolio is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the five-year period, and the third quintile for the year-to-date, one-year and three-year periods; and (2) the Portfolio outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Portfolio; and (2) the pricing structure (including the net

expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Portfolio is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Portfolio is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Portfolio is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.

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, 2021: (1) the Portfolio is ranked in the third quintile of its Morningstar category for the ten-year period, the fourth quintile for the one-year, three-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Portfolio underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of security selection on the Portfolio’s performance; and (2) the competitiveness of the Portfolio’s performance during certain periods.

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

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

167

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

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, different Board

members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Portfolio for the year ending November 30, 2022.

168

TABLE OF CONTENTS

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 (1221-022422)

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 10(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 Fund’s current Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s fiscal year ended December 31, 2021 and December 31, 2020 and the amount of fees that the previous independent public accounting firm billed to the Fund during the Fund’s fiscal year ended December 31, 2021 and December 31, 2020.

(a)

Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by EY, the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $46,509 for the year ended December 31, 2021 and $47,204 for the year ended December 31, 2020.

(b)

Audit-Related Fees: The aggregate fees billed 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, 2021 and $0 for the year ended December 31, 2020.

(c)

Tax Fees⁽¹⁾: The aggregate fees billed in each of the last two fiscal years for professional services rendered by EY for tax compliance, tax advice, and tax planning were $7,800 for the year ended December 31, 2021 and $1,950 for the year ended December 31, 2020. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state, and excise tax returns, tax services related to mergers and routine consulting.

(d)

All Other Fees: The aggregate fees billed 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, 2021 and $0 for the year ended December 31, 2020.

⁽¹⁾For the fiscal years ended December 31, 2021, and December 31, 2020, the previous independent public accounting firm billed $0 and $1,964, respectively, for Tax Fees.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures

Appendix A

AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY

I. Statement of Principles

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the Voya funds (each a “Fund,” collectively, the “Funds”) set out on 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.

V. Other Services

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

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

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

VI. Pre-approval of Fee levels and Budgeted Amounts

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

VII. Procedures

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

VIII. Delegation

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

IX. Additional Requirements

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

Last Approved: November 19, 2020

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2021 through December 31, 2021

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, 2021 through December 31, 2021

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, 2021 through December 31, 2021

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, 2021 through December 31, 2021

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, 2021 through December 31, 2021

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, 2021 to December 31, 2021

●

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 SENIOR 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 to each Registrant by the independent registered public accounting firm for each Registrant’s fiscal years ended December 31, 2021 and December 31, 2020; 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		2021⁽¹⁾		2020⁽¹⁾
Voya Variable Funds	$	7,800	$	1,950
Voya Investments, LLC ⁽²⁾	$	13,583,983	$	14,804,511

⁽¹⁾ For the years ended December 31, 2021 and December 31, 2020, the previous independent public accounting firm billed the Registrant $0 and $1,964, respectively, for Non-Audit Fees.

⁽²⁾ Each 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.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

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)(3)

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 Funds

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: March 4, 2022

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/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: March 4, 2022

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

Date: March 4, 2022

Ing Variable Funds N-CSRCertified annual shareholder report (management investment company)