Ing Investors Trust NCSRS Certified semi-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: 811-05629

Voya Investors Trust

(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: 1-800-366-0066

Date of fiscal year end: December 31

Date of reporting period: January 1, 2022 to June 30, 2022

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):

Semi-Annual Report

June 30, 2022

Classes ADV, I, R6, S and S2

Voya Investors Trust

◼	Voya Government Liquid Assets Portfolio
◼	VY^® CBRE Global Real Estate Portfolio (formerly, VY^® Clarion Global Real Estate Portfolio)
◼	VY^® Invesco Growth and Income Portfolio

◼	VY^® JPMorgan Emerging Markets Equity Portfolio
◼	VY^® Morgan Stanley Global Franchise Portfolio
◼	VY^® T. Rowe Price Capital Appreciation Portfolio
◼	VY^® T. Rowe Price Equity Income Portfolio
◼	VY^® T. Rowe Price International Stock Portfolio

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.

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Shareholder Expense Examples					1
Statements of Assets and Liabilities					3
Statements of Operations					7
Statements of Changes in Net Assets					9
Financial Highlights					13
Notes to Financial Statements					18
Portfolios of Investments					35
Shareholder Meeting Information					68

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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

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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 January 1, 2022 to June 30, 2022. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Portfolio Return									Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*		Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*
Voya Government Liquid Assets Portfolio
Class I	$	1,000.00	$	1,001.10		0.20	%	$	0.99	$	1,000.00	$	1,023.80		0.20	%	$	1.00
Class S		1,000.00		1,000.70		0.27			1.34		1,000.00		1,023.46		0.27			1.35
Class S2		1,000.00		1,000.40		0.33			1.64		1,000.00		1,023.16		0.33			1.66
VY^®CBRE Global Real Estate Portfolio
Class ADV		1,000.00		774.30		1.47	%		6.47		1,000.00		1,017.50		1.47	%		7.35
Class I		1,000.00		775.90		0.87			3.83		1,000.00		1,020.48		0.87			4.36
Class S		1,000.00		775.50		1.12			4.93		1,000.00		1,019.24		1.12			5.61
Class S2		1,000.00		774.90		1.27			5.59		1,000.00		1,018.50		1.27			6.36
VY^®Invesco Growth and Income Portfolio
Class ADV		1,000.00		870.30		1.21	%		5.61		1,000.00		1,018.79		1.21	%		6.06
Class I		1,000.00		873.00		0.61			2.83		1,000.00		1,021.77		0.61			3.06
Class S		1,000.00		871.70		0.86			3.99		1,000.00		1,020.53		0.86			4.31
Class S2		1,000.00		870.90		1.01			4.69		1,000.00		1,019.79		1.01			5.06

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*		Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*
VY^®JPMorgan Emerging Markets Equity Portfolio
Class ADV	$	1,000.00	$	746.50		1.86	%	$	8.05	$	1,000.00	$	1,015.57		1.86	%	$	9.30
Class I		1,000.00		748.50		1.26			5.46		1,000.00		1,018.55		1.26			6.31
Class S		1,000.00		747.60		1.51			6.54		1,000.00		1,017.31		1.51			7.55
Class S2		1,000.00		747.10		1.66			7.19		1,000.00		1,016.56		1.66			8.30
VY^®Morgan Stanley Global Franchise Portfolio
Class ADV		1,000.00		812.50		1.54	%		6.92		1,000.00		1,017.16		1.54	%		7.70
Class R6		1,000.00		814.80		0.94			4.23		1,000.00		1,020.13		0.94			4.71
Class S		1,000.00		814.20		1.19			5.35		1,000.00		1,018.89		1.19			5.96
Class S2		1,000.00		813.90		1.34			6.03		1,000.00		1,018.15		1.34			6.71
VY^®T. Rowe Price Capital Appreciation Portfolio
Class ADV		1,000.00		854.60		1.24	%		5.70		1,000.00		1,018.65		1.24	%		6.21
Class I		1,000.00		857.10		0.64			2.95		1,000.00		1,021.62		0.64			3.21
Class R6		1,000.00		857.20		0.64			2.95		1,000.00		1,021.62		0.64			3.21
Class S		1,000.00		855.90		0.89			4.10		1,000.00		1,020.38		0.89			4.46
Class S2		1,000.00		855.30		1.04			4.78		1,000.00		1,019.64		1.04			5.21
VY^®T. Rowe Price Equity Income Portfolio
Class ADV		1,000.00		914.60		1.21	%		5.74		1,000.00		1,018.79		1.21	%		6.06
Class I		1,000.00		917.70		0.61			2.90		1,000.00		1,021.77		0.61			3.06
Class S		1,000.00		916.40		0.86			4.09		1,000.00		1,020.53		0.86			4.31
Class S2		1,000.00		915.40		1.01			4.80		1,000.00		1,019.79		1.01			5.06
VY^®T. Rowe Price International Stock Portfolio
Class ADV		1,000.00		820.40		1.35	%		6.09		1,000.00		1,018.10		1.35	%		6.76
Class I		1,000.00		822.70		0.75			3.39		1,000.00		1,021.08		0.75			3.76
Class S		1,000.00		821.80		1.00			4.52		1,000.00		1,019.84		1.00			5.01

Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2022 (UNAUDITED)


ASSETS:
Investments in securities at fair value+*		$	—		$	173,788,135	$	369,583,263	$	329,946,614
Short-term investments at fair value†			—			1,215,294		15,070,027		5,019,111
Short-term investments at amortized cost			496,958,634			—		—		—
Repurchase agreements			438,034,000			—		—		—
Cash			26,464			—		—		37,581
Foreign currencies at value‡			—			—		732		119,111
Receivables:
Investment securities and currencies sold			115,988,688			—		16,559,486		—
Fund shares sold			634,485			531,751		33,815		20,024
Dividends			23,330			562,447		597,260		1,002,486
Interest			342,623			—		—		—
Foreign tax reclaims			—			162,555		22,898		74,622
Unrealized appreciation on forward foreign currency contracts			—			—		448,474		—
Prepaid expenses			—			2,343		—		—
Reimbursement due from Investment Adviser			—			26,737		—		—
Other assets			19,081			10,864		20,212		21,761
Total assets			1,052,027,305			176,300,126		402,336,167		336,241,310
LIABILITIES:
Payable for investment securities and currencies purchased			80,000,000			—		16,617,075		—
Payable for fund shares redeemed			1,210,961			115		402,448		278,194
Payable upon receipt of securities loaned			—			716,231		—		2,926,596
Unrealized depreciation on forward foreign currency contracts			—			—		87,263		—
Payable for unified fees			215,535			—		200,080		347,642
Payable for investment management fees			—			128,388		—		—
Payable for distribution and shareholder service fees			246,761			20,286		81,927		69,063
Payable to trustees under the deferred compensation plan (Note 6)			19,081			10,864		20,212		21,761
Payable for trustee fees			20,925			514		—		—
Payable for foreign capital gains tax			—			—		—		2,722,592
Other accrued expenses and liabilities			—			76,603		—		—
Total liabilities			81,713,263			953,001		17,409,005		6,365,848
NET ASSETS		$	970,314,042		$	175,347,125	$	384,927,162	$	329,875,462
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	970,486,030		$	147,525,595	$	262,116,783	$	220,022,623
Total distributable earnings (loss)			(171,988	)		27,821,530		122,810,379		109,852,839
NET ASSETS		$	970,314,042		$	175,347,125	$	384,927,162	$	329,875,462

+	Including securities loaned at value	$	—		$	649,862	$	—	$	2,821,487
*	Cost of investments in securities	$	—		$	163,046,912	$	320,159,125	$	300,661,264
†	Cost of short-term investments	$	—		$	1,215,294	$	15,070,027	$	5,019,111
‡	Cost of foreign currencies	$	—		$	—	$	746	$	119,621

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)


Class ADV
Net assets		n/a	$	11,524,584	$	16,416,041	$	38,979,743
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001	$	0.001
Shares outstanding		n/a		1,112,395		719,692		2,429,164
Net asset value and redemption price per share		n/a	$	10.36	$	22.81	$	16.05

Class I
Net assets	$	78,526,680	$	95,690,339	$	38,007,362	$	61,372,010
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		78,535,167		8,939,164		1,640,455		3,548,875
Net asset value and redemption price per share	$	1.00	$	10.70	$	23.17	$	17.29

Class S
Net assets	$	330,165,385	$	67,368,017	$	310,668,618	$	222,883,414
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		330,201,146		6,332,449		13,257,890		13,041,296
Net asset value and redemption price per share	$	1.00	$	10.64	$	23.43	$	17.09

Class S2
Net assets	$	561,621,977	$	764,185	$	19,835,141	$	6,640,295
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		561,682,866		71,178		857,023		395,089
Net asset value and redemption price per share	$	1.00	$	10.74	$	23.14	$	16.81

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2022 (UNAUDITED)


ASSETS:
Investments in securities at fair value+*		$	330,468,811	$	7,283,911,224	$	339,462,234	$	150,219,648
Short-term investments at fair value†			4,097,446		303,172,208		2,248,333		7,325,542
Cash			—		23,636,767		2,518,466		1,058,186
Foreign currencies at value‡			27,557		309,468		—		98,606
Receivables:
Investment securities and currencies sold			2,823,768		63,705,884		303,076		—
Fund shares sold			54		618,230		19,651		217,730
Dividends			575,641		1,707,640		620,961		202,336
Interest			—		18,246,782		—		—
Foreign tax reclaims			233,950		37,609		120,211		440,028
Prepaid expenses			—		—		—		2,212
Other assets			14,789		206,899		36,486		9,182
Total assets			338,242,016		7,695,552,711		345,329,418		159,573,470
LIABILITIES:
Payable for investment securities and currencies purchased			88,248		63,617,408		320,202		2,246
Payable for fund shares redeemed			591,452		2,706,335		309,272		162,602
Payable upon receipt of securities loaned			—		217,454,923		337,652		217,092
Payable for unified fees			269,314		3,971,250		175,941		—
Payable for investment management fees			—		—		—		85,273
Payable for distribution and shareholder service fees			106,413		1,628,183		85,421		31,654
Payable to trustees under the deferred compensation plan (Note 6)			14,789		206,899		36,486		9,182
Payable for trustee fees			—		—		—		449
Payable for foreign capital gains tax			—		—		—		67,572
Other accrued expenses and liabilities			—		—		—		202,426
Written options, at fair valueˆ			—		7,163,851		—		—
Total liabilities			1,070,216		296,748,849		1,264,974		778,496
NET ASSETS		$	337,171,800	$	7,398,803,862	$	344,064,444	$	158,794,974
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	211,766,105	$	5,999,978,909	$	233,873,143	$	132,938,370
Total distributable earnings			125,405,695		1,398,824,953		110,191,301		25,856,604
NET ASSETS		$	337,171,800	$	7,398,803,862	$	344,064,444	$	158,794,974

+	Including securities loaned at value	$	—	$	212,426,487	$	328,429	$	205,205
*	Cost of investments in securities	$	257,067,022	$	7,593,272,066	$	279,305,938	$	149,818,287
†	Cost of short-term investments	$	4,097,446	$	303,172,208	$	2,248,333	$	7,325,542
‡	Cost of foreign currencies	$	27,909	$	324,722	$	—	$	98,661
ˆ	Premiums received on written options	$	—	$	31,664,307	$	—	$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)


Class ADV
Net assets	$	107,999,401	$	1,585,404,036	$	58,204,928	$	19,847,066
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		7,305,098		60,079,309		5,544,494		1,393,046
Net asset value and redemption price per share	$	14.78	$	26.39	$	10.50	$	14.25

Class I
Net assets		n/a	$	1,415,090,689	$	66,115,755	$	35,591,978
Shares authorized		n/a		unlimited		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001	$	0.001
Shares outstanding		n/a		50,094,937		6,117,231		2,474,615
Net asset value and redemption price per share		n/a	$	28.25	$	10.81	$	14.38

Class R6
Net assets	$	1,498,366	$	517,699,731		n/a		n/a
Shares authorized		unlimited		unlimited		n/a		n/a
Par value	$	0.001	$	0.001		n/a		n/a
Shares outstanding		92,010		18,313,798		n/a		n/a
Net asset value and redemption price per share	$	16.28	$	28.27		n/a		n/a

Class S
Net assets	$	197,689,561	$	3,823,279,706	$	142,570,578	$	103,355,930
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		12,126,897		135,524,172		13,002,815		7,227,727
Net asset value and redemption price per share	$	16.30	$	28.21	$	10.96	$	14.30

Class S2
Net assets	$	29,984,472	$	57,329,700	$	77,173,183		n/a
Shares authorized		unlimited		unlimited		unlimited		n/a
Par value	$	0.001	$	0.001	$	0.001		n/a
Shares outstanding		1,864,075		2,054,234		7,270,748		n/a
Net asset value and redemption price per share	$	16.09	$	27.91	$	10.61		n/a

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)


INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	73,227		$	2,607,635		$	4,675,467		$	3,302,454
Interest			1,725,982			—			—			—
Securities lending income, net			—			4,615			9,794			5,632
Total investment income			1,799,209			2,612,250			4,685,261			3,308,086
EXPENSES:
Investment management fees			—			917,985			—			—
Unified fees			1,195,244			—			1,371,413			2,367,281
Distribution and shareholder service fees:
Class ADV			—			41,397			55,302			132,977
Class S			397,731			100,069			437,260			323,734
Class S2			959,642			1,767			46,589			15,943
Transfer agent fees:
Class ADV			—			8,404			—			—
Class I			—			66,545			—			—
Class S			—			48,759			—			—
Class S2			—			539			—			—
Shareholder reporting expense			—			10,317			—			—
Professional fees			—			5,430			—			—
Custody and accounting expense			—			24,964			—			—
Trustee fees and expenses			23,138			4,562			13,497			12,651
Miscellaneous expense			—			3,694			—			—
Interest expense			—			134			—			418
Total expenses			2,575,755			1,234,566			1,924,061			2,853,004
Waived and reimbursed fees			(1,299,500	)		(205,311	)		(64,906	)		—
Brokerage commission recapture			—			(554	)		—			(643	)
Net expenses			1,276,255			1,028,701			1,859,155			2,852,361
Net investment income			522,954			1,583,549			2,826,106			455,725
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheldˆ)			(157,405	)		7,748,075			11,753,776			(14,257,774	)
Forward foreign currency contracts			—			3,154			774,403			—
Foreign currency related transactions			—			(25,748	)		(808	)		(116,590	)
Net realized gain (loss)			(157,405	)		7,725,481			12,527,371			(14,374,364	)
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)			—			(60,917,392	)		(72,832,783	)		(101,087,286	)
Forward foreign currency contracts			—			(145	)		593,292			—
Foreign currency related transactions			—			(18,807	)		(8,095	)		(19,520	)
Net change in unrealized appreciation (depreciation)			—			(60,936,344	)		(72,247,586	)		(101,106,806	)
Net realized and unrealized loss			(157,405	)		(53,210,863	)		(59,720,215	)		(115,481,170	)
Increase (decrease) in net assets resulting from operations		$	365,549		$	(51,627,314	)	$	(56,894,109	)	$	(115,025,445	)

*	Foreign taxes withheld	$	—		$	148,800		$	69,762		$	438,201
ˆ	Foreign capital gains taxes withheld	$	—		$	—		$	—		$	186,320
#	Change in foreign capital gains taxes accrued	$	—		$	—		$	—		$	186,320

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)


INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	3,412,382		$	27,797,720		$	4,564,327		$	1,932,878
Interest			—			43,677,957			2,774			1,378
Securities lending income, net			2,037			119,830			6,324			5,784
Total investment income			3,414,419			71,595,507			4,573,425			1,940,040
EXPENSES:
Investment management fees			—			—			—			570,278
Unified fees			1,832,105			25,596,675			1,180,435			—
Distribution and shareholder service fees:
Class ADV			360,363			5,204,126			180,867			66,117
Class S			279,913			5,300,569			192,676			145,457
Class S2			67,830			128,196			171,974			—
Transfer agent fees:
Class ADV			—			—			—			4,792
Class I			—			—			—			8,656
Class S			—			—			—			25,304
Shareholder reporting expense			—			—			—			6,743
Professional fees			—			—			—			14,299
Custody and accounting expense			—			—			—			64,370
Trustee fees and expenses			12,093			252,003			11,553			6,742
Proxy and solicitation costs (Note 6)			—			—			—			170,000
Miscellaneous expense			—			—			—			1,777
Interest expense			—			146			—			—
Total expenses			2,552,304			36,481,715			1,737,505			1,084,535
Waived and reimbursed fees			(49,344	)		—			(55,865	)		(205,862	)
Net expenses			2,502,960			36,481,715			1,681,640			878,673
Net investment income			911,459			35,113,792			2,891,785			1,061,367
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheldˆ)			18,762,723			635,966,843			11,314,404			4,658,244
Forward foreign currency contracts			—			—			—			(1,074	)
Foreign currency related transactions			(20,841	)		(35,873	)		(1,577	)		(44,334	)
Written options			—			45,230,467			—			—
Net realized gain			18,741,882			681,161,437			11,312,827			4,612,836
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)			(100,221,683	)		(2,085,453,487	)		(45,865,352	)		(41,051,252	)
Forward foreign currency contracts			—			—			—			130
Foreign currency related transactions			(15,414	)		(14,113	)		(222	)		(28,529	)
Written options			—			109,296,808			—			—
Net change in unrealized appreciation (depreciation)			(100,237,097	)		(1,976,170,792	)		(45,865,574	)		(41,079,651	)
Net realized and unrealized loss			(81,495,215	)		(1,295,009,355	)		(34,552,747	)		(36,466,815	)
Decrease in net assets resulting from operations		$	(80,583,756	)	$	(1,259,895,563	)	$	(31,660,962	)	$	(35,405,448	)

*	Foreign taxes withheld	$	101,025		$	170,202		$	119,975		$	293,128
ˆ	Foreign capital gains taxes withheld	$	—		$	—		$	—		$	1,021
#	Change in foreign capital gains taxes accrued	$	—		$	—		$	—		$	1,021

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Government Liquid Assets Portfolio
	Six Months Ended June 30, 2022 (Unaudited)				Year Ended December 31, 2021				Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	522,954			$	—		$	1,583,549			$	4,184,504
Net realized gain (loss)			(157,405	)			230,323			7,725,481				25,340,237
Net change in unrealized appreciation (depreciation)			—				—			(60,936,344	)			33,777,150
Increase (decrease) in net assets resulting from operations			365,549				230,323			(51,627,314	)			63,301,891
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—				—			—				(377,513	)
Class I			(79,301	)			(16,647	)		—				(3,281,141	)
Class S			(211,997	)			(102,429	)		—				(2,361,249	)
Class S2			(231,654	)			(141,054	)		—				(21,700	)
Total distributions			(522,952	)			(260,130	)		—				(6,041,603	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			253,048,904				207,160,815			7,577,453				15,944,587
Reinvestment of distributions			522,952				260,130			—				6,041,603
			253,571,856				207,420,945			7,577,453				21,986,190
Cost of shares redeemed			(91,729,367	)			(365,488,398	)		(15,280,483	)			(38,100,037	)
Net increase (decrease) in net assets resulting from capital share transactions			161,842,489				(158,067,453	)		(7,703,030	)			(16,113,847	)
Net increase (decrease) in net assets			161,685,086				(158,097,260	)		(59,330,344	)			41,146,441
NET ASSETS:
Beginning of year or period			808,628,956				966,726,216			234,677,469				193,531,028
End of year or period		$	970,314,042			$	808,628,956		$	175,347,125			$	234,677,469

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	VY^®Invesco Growth and Income Portfolio								VY^®JPMorgan Emerging Markets Equity Portfolio
	Six Months Ended June 30, 2022 (Unaudited)				Year Ended December 31, 2021				Six Months Ended June 30, 2022 (Unaudited)				Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	2,826,106			$	4,798,839			$	455,725			$	(3,507,412	)
Net realized gain			12,527,371				56,576,125				(14,374,364	)			99,431,554
Net change in unrealized appreciation (depreciation)			(72,247,586	)			46,553,766				(101,106,806	)			(148,353,847	)
Increase (decrease) in net assets resulting from operations			(56,894,109	)			107,928,730				(115,025,445	)			(52,429,705	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—				(192,270	)			—				(4,625,629	)
Class I			—				(593,144	)			—				(6,493,054	)
Class S			—				(4,704,412	)			—				(27,977,315	)
Class S2			—				(304,187	)			—				(908,609	)
Total distributions			—				(5,794,013	)			—				(40,004,607	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			20,814,008				29,359,114				10,963,193				44,423,900
Reinvestment of distributions			—				5,794,013				—				40,004,607
			20,814,008				35,153,127				10,963,193				84,428,507
Cost of shares redeemed			(30,878,854	)			(73,541,854	)			(31,908,293	)			(103,276,595	)
Net decrease in net assets resulting from capital share transactions			(10,064,846	)			(38,388,727	)			(20,945,100	)			(18,848,088	)
Net increase (decrease) in net assets			(66,958,955	)			63,745,990				(135,970,545	)			(111,282,400	)
NET ASSETS:
Beginning of year or period			451,886,117				388,140,127				465,846,007				577,128,407
End of year or period		$	384,927,162			$	451,886,117			$	329,875,462			$	465,846,007

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	VY^®Morgan Stanley Global Franchise Portfolio								VY^®T. Rowe Price Capital Appreciation Portfolio
	Six Months Ended June 30, 2022 (Unaudited)				Year Ended December 31, 2021				Six Months Ended June 30, 2022 (Unaudited)				Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	911,459			$	1,732,890			$	35,113,792			$	67,667,590
Net realized gain			18,741,882				31,569,221				681,161,437				987,756,190
Net change in unrealized appreciation (depreciation)			(100,237,097	)			50,575,744				(1,976,170,792	)			356,714,175
Increase (decrease) in net assets resulting from operations			(80,583,756	)			83,877,855				(1,259,895,563	)			1,412,137,955
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—				(12,325,665	)			—				(222,578,297	)
Class I			—				—				—				(181,327,758	)
Class R6			—				(142,984	)			—				(74,289,334	)
Class S			—				(22,981,508	)			—				(562,658,520	)
Class S2			—				(3,457,895	)			—				(8,732,930	)
Total distributions			—				(38,908,052	)			—				(1,049,586,839	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			4,725,855				8,943,456				223,492,330				370,730,745
Reinvestment of distributions			—				38,908,052				—				1,049,586,839
			4,725,855				47,851,508				223,492,330				1,420,317,584
Cost of shares redeemed			(27,416,409	)			(73,769,042	)			(402,015,557	)			(821,030,049	)
Net increase (decrease) in net assets resulting from capital share transactions			(22,690,554	)			(25,917,534	)			(178,523,227	)			599,287,535
Net increase (decrease) in net assets			(103,274,310	)			19,052,269				(1,438,418,790	)			961,838,651
NET ASSETS:
Beginning of year or period			440,446,110				421,393,841				8,837,222,652				7,875,384,001
End of year or period		$	337,171,800			$	440,446,110			$	7,398,803,862			$	8,837,222,652

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	VY^®T. Rowe Price Equity Income Portfolio								VY^®T. Rowe Price International Stock Portfolio
	Six Months Ended June 30, 2022 (Unaudited)				Year Ended December 31, 2021				Six Months Ended June 30, 2022 (Unaudited)				Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	2,891,785			$	5,359,888			$	1,061,367			$	1,210,737
Net realized gain			11,312,827				36,882,956				4,612,836				22,201,972
Net change in unrealized appreciation (depreciation)			(45,865,574	)			41,263,845				(41,079,651	)			(19,883,358	)
Increase (decrease) in net assets resulting from operations			(31,660,962	)			83,506,689				(35,405,448	)			3,529,351
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—				(1,725,808	)			—				(739,677	)
Class I			—				(2,459,976	)			—				(1,559,070	)
Class S			—				(4,945,638	)			—				(4,681,463	)
Class S2			—				(2,717,084	)			—				—
Total distributions			—				(11,848,506	)			—				(6,980,210	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			21,066,304				26,358,264				4,369,213				14,304,379
Reinvestment of distributions			—				11,848,506				—				6,980,210
			21,066,304				38,206,770				4,369,213				21,284,589
Cost of shares redeemed			(24,683,471	)			(77,056,559	)			(15,698,364	)			(35,266,663	)
Net decrease in net assets resulting from capital share transactions			(3,617,167	)			(38,849,789	)			(11,329,151	)			(13,982,074	)
Net increase (decrease) in net assets			(35,278,129	)			32,808,394				(46,734,599	)			(17,432,933	)
NET ASSETS:
Beginning of year or period			379,342,573				346,534,179				205,529,573				222,962,506
End of year or period		$	344,064,444			$	379,342,573			$	158,794,974			$	205,529,573

See Accompanying Notes to Financial Statements

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 Government Liquid Assets Portfolio
Class I
06-30-22⁺		1.00		0.00	^•		0.00	*		0.00	*		0.00	*		—			—		0.00	*		—		1.00		0.11			0.28		0.20		0.20		0.25		78,527		—
12-31-21		1.00		—	^•		0.00	*		0.00			—			0.00	*		—		0.00	*		—		1.00		0.03			0.28		0.05		0.05		0.00		50,337		—
12-31-20		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.30			0.28		0.17		0.17		0.23		64,002		—
12-31-19		1.00		0.02			0.00	*		0.02			0.02			0.00	*		—		0.02			—		1.00		2.01			0.29		0.29		0.29		1.93		52,515		—
12-31-18		1.00		0.02			0.00	*		0.02			0.02			0.00	*		—		0.02			—		1.00		1.61			0.29		0.29		0.29		1.61		62,115		—
12-31-17		1.00		0.01			0.00	*		0.01			0.01			0.00	*		—		0.01			—		1.00		0.66			0.29		0.29		0.29		0.62		50,773		—
Class S
06-30-22⁺		1.00		0.00	^•		0.00	*		0.00	*		0.00	*		—			—		0.00	*		—		1.00		0.07			0.53		0.27		0.27		0.13		330,165		—
12-31-21		1.00		—	^•		0.00	*		0.00			—			0.00	*		—		0.00	*		—		1.00		0.03			0.53		0.05		0.05		0.00		320,548		—
12-31-20		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.24			0.53		0.21		0.21		0.17		375,267		—
12-31-19		1.00		0.02			0.00	*		0.02			0.02			0.00	*		—		0.02			—		1.00		1.75			0.54		0.54		0.54		1.68		314,786		—
12-31-18		1.00		0.01			0.00	*		0.01			0.01			0.00	*		—		0.01			—		1.00		1.36			0.54		0.54		0.54		1.33		354,423		—
12-31-17		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.41			0.54		0.54		0.54		0.37		372,943		—
Class S2
06-30-22⁺		1.00		0.00	^•		0.00	*		0.00	*		0.00	*		—			—		0.00	*		—		1.00		0.04			0.68		0.33		0.33		0.10		561,622		—
12-31-21		1.00		—	^•		0.00	*		0.00			—			0.00	*		—		0.00	*		—		1.00		0.03			0.68		0.05		0.05		0.00		437,744		—
12-31-20		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.21			0.68		0.23		0.23		0.13		527,457		—
12-31-19		1.00		0.02			0.00	*		0.02			0.02			0.00	*		—		0.02			—		1.00		1.60			0.69		0.69		0.69		1.52		359,294		—
12-31-18		1.00		0.01			0.00	*		0.01			0.01			0.00	*		—		0.01			—		1.00		1.21			0.69		0.69		0.69		1.19		386,368		—
12-31-17		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		—		1.00		0.28			0.69		0.67		0.67		0.25		358,525		—
VY^® CBRE Global Real Estate Portfolio
Class ADV
06-30-22⁺		13.38		0.06	^•		(3.08	)		(3.02	)		—			—			—		—			—		10.36		(22.57	)		1.67		1.47		1.47		1.07		11,525		48
12-31-21		10.26		0.17	^•		3.24			3.41			0.29			—			—		0.29			—		13.38		33.56			1.66		1.47		1.47		1.48		16,348		74
12-31-20		12.77		0.15	^•		(1.11	)		(0.96	)		0.60			0.95			—		1.55			—		10.26		(5.37	)		1.68		1.47		1.47		1.47		14,367		97
12-31-19		10.53		0.17	^•		2.34			2.51			0.27			—			—		0.27			—		12.77		23.99			1.62		1.49		1.49		1.40		17,308		77
12-31-18		12.17		0.18	^•		(1.24	)		(1.06	)		0.58			—			—		0.58			—		10.53		(9.10	)		1.62		1.49		1.49		1.54		16,608		107
12-31-17		11.41		0.19	^•		0.95			1.14			0.38			—			—		0.38			—		12.17		10.20			1.57		1.49		1.49		1.63		22,826		90
Class I
06-30-22⁺		13.79		0.10	^•		(3.19	)		(3.09	)		—			—			—		—			—		10.70		(22.41	)		1.07		0.87		0.87		1.71		95,690		48
12-31-21		10.55		0.25	^•		3.35			3.60			0.36			—			—		0.36			—		13.79		34.47			1.06		0.87		0.87		2.09		122,954		74
12-31-20		13.11		0.28			(1.21	)		(0.93	)		0.68			0.95			—		1.63			—		10.55		(4.83	)		1.08		0.87		0.87		2.09		96,799		97
12-31-19		10.81		0.25	^•		2.41			2.66			0.36			—			—		0.36			—		13.11		24.74			1.02		0.89		0.89		2.02		119,642		77
12-31-18		12.49		0.25	^•		(1.27	)		(1.02	)		0.66			—			—		0.66			—		10.81		(8.52	)		1.02		0.89		0.89		2.14		103,029		107
12-31-17		11.72		0.27	^•		0.96			1.23			0.46			—			—		0.46			—		12.49		10.77			0.97		0.89		0.89		2.28		183,921		90
Class S
06-30-22⁺		13.72		0.09	^•		(3.17	)		(3.08	)		—			—			—		—			—		10.64		(22.45	)		1.32		1.12		1.12		1.42		67,368		48
12-31-21		10.50		0.22	^•		3.33			3.55			0.33			—			—		0.33			—		13.72		34.14			1.31		1.12		1.12		1.83		94,359		74
12-31-20		13.04		0.22			(1.16	)		(0.94	)		0.65			0.95			—		1.60			—		10.50		(5.04	)		1.33		1.12		1.12		1.85		81,568		97
12-31-19		10.76		0.22	^•		2.39			2.61			0.33			—			—		0.33			—		13.04		24.35			1.27		1.14		1.14		1.76		96,519		77
12-31-18		12.43		0.22	^•		(1.26	)		(1.04	)		0.63			—			—		0.63			—		10.76		(8.74	)		1.27		1.14		1.14		1.91		90,159		107
12-31-17		11.66		0.24	^•		0.96			1.20			0.43			—			—		0.43			—		12.43		10.50			1.22		1.14		1.14		2.00		113,281		90
Class S2
06-30-22⁺		13.86		0.08	^•		(3.20	)		(3.12	)		—			—			—		—			—		10.74		(22.51	)		1.47		1.27		1.27		1.30		764		48
12-31-21		10.61		0.21	^•		3.35			3.56			0.31			—			—		0.31			—		13.86		33.90			1.46		1.27		1.27		1.70		1,016		74
12-31-20		13.15		0.20			(1.17	)		(0.97	)		0.62			0.95			—		1.57			—		10.61		(5.19	)		1.48		1.27		1.27		1.76		796		97
12-31-19		10.85		0.20	^•		2.41			2.61			0.31			—			—		0.31			—		13.15		24.15			1.42		1.29		1.29		1.61		906		77
12-31-18		12.52		0.21	^•		(1.27	)		(1.06	)		0.61			—			—		0.61			—		10.85		(8.84	)		1.42		1.29		1.29		1.76		850		107
12-31-17		11.73		0.22	^•		0.98			1.20			0.41			—			—		0.41			—		12.52		10.42			1.37		1.29		1.29		1.87		1,048		90

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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)		(%)
VY^® Invesco Growth and Income Portfolio
Class ADV
06-30-22⁺		26.21		0.12	^•		(3.52	)		(3.40	)		—			—		—		—		—		22.81		(12.97	)		1.24		1.21		1.21		0.96			16,416		9
12-31-21		20.62		0.18	^•		5.67			5.85			0.26			—		—		0.26		—		26.21		28.50			1.24		1.21		1.21		0.75			18,354		30
12-31-20		22.73		0.32			(0.32	)		0.00	*		0.35			1.76		—		2.11		—		20.62		2.55			1.24		1.24		1.24		1.45			15,543		32
12-31-19		21.15		0.32	^•		4.64			4.96			0.50			2.88		—		3.38		—		22.73		24.30			1.24		1.24		1.24		1.43			18,401		22
12-31-18		27.94		0.32	^•		(3.71	)		(3.39	)		0.30			3.10		—		3.40		—		21.15		(13.88	)		1.24		1.24		1.24		1.22			16,868		31
12-31-17		26.55		0.38	^•		3.04			3.42			0.51			1.52		—		2.03		—		27.94		13.46			1.24		1.24		1.24		1.43			22,246		17
Class I
06-30-22⁺		26.54		0.20	^•		(3.57	)		(3.37	)		—			—		—		—		—		23.17		(12.70	)		0.64		0.61		0.61		1.56			38,007		9
12-31-21		20.86		0.33	^•		5.73			6.06			0.38			—		—		0.38		—		26.54		29.21			0.64		0.61		0.61		1.35			41,488		30
12-31-20		23.01		0.39	^•		(0.28	)		0.11			0.50			1.76		—		2.26		—		20.86		3.22			0.64		0.64		0.64		2.05			30,672		32
12-31-19		21.41		0.46	^•		4.69			5.15			0.67			2.88		—		3.55		—		23.01		24.98			0.64		0.64		0.64		2.02			29,773		22
12-31-18		28.23		0.48	^•		(3.73	)		(3.25	)		0.47			3.10		—		3.57		—		21.41		(13.31	)		0.64		0.64		0.64		1.82			27,943		31
12-31-17		26.77		0.55	^•		3.07			3.62			0.64			1.52		—		2.16		—		28.23		14.13			0.64		0.64		0.64		2.02			33,894		17
Class S
06-30-22⁺		26.88		0.17	^•		(3.62	)		(3.45	)		—			—		—		—		—		23.43		(12.83	)		0.89		0.86		0.86		1.30			310,669		9
12-31-21		21.12		0.27	^•		5.82			6.09			0.33			—		—		0.33		—		26.88		28.97			0.89		0.86		0.86		1.10			367,120		30
12-31-20		23.25		0.39			(0.33	)		0.06			0.43			1.76		—		2.19		—		21.12		2.90			0.89		0.89		0.89		1.81			317,890		32
12-31-19		21.58		0.41	^•		4.73			5.14			0.59			2.88		—		3.47		—		23.25		24.73			0.89		0.89		0.89		1.78			367,941		22
12-31-18		28.43		0.42	^•		(3.78	)		(3.36	)		0.39			3.10		—		3.49		—		21.58		(13.58	)		0.89		0.89		0.89		1.56			350,968		31
12-31-17		26.94		0.48	^•		3.10			3.58			0.57			1.52		—		2.09		—		28.43		13.89			0.89		0.89		0.89		1.76			476,317		17
Class S2
06-30-22⁺		26.57		0.15	^•		(3.58	)		(3.43	)		—			—		—		—		—		23.14		(12.91	)		1.04		1.01		1.01		1.14			19,835		9
12-31-21		20.88		0.23	^•		5.76			5.99			0.30			—		—		0.30		—		26.57		28.78			1.04		1.01		1.01		0.95			24,924		30
12-31-20		23.00		0.34			(0.30	)		0.04			0.40			1.76		—		2.16		—		20.88		2.77			1.04		1.04		1.04		1.66			24,035		32
12-31-19		21.39		0.37	^•		4.67			5.04			0.55			2.88		—		3.43		—		23.00		24.47			1.04		1.04		1.04		1.63			27,277		22
12-31-18		28.19		0.37	^•		(3.73	)		(3.36	)		0.34			3.10		—		3.44		—		21.39		(13.67	)		1.04		1.04		1.04		1.41			25,812		31
12-31-17		26.73		0.44	^•		3.06			3.50			0.52			1.52		—		2.04		—		28.19		13.67			1.04		1.04		1.04		1.62			33,409		17
VY^® JPMorgan Emerging Markets Equity Portfolio
Class ADV
06-30-22⁺		21.50		(0.01	)^•		(5.44	)		(5.45	)		—			—		—		—		—		16.05		(25.35	)		1.86		1.86		1.86		(0.10	)		38,980		12
12-31-21		25.92		(0.25	)^•		(2.19	)		(2.44	)		—			1.98		—		1.98		—		21.50		(10.30	)		1.86		1.86		1.86		(1.01	)		54,012		25
12-31-20		21.02		(0.17	)		6.57			6.40			0.01			1.49		—		1.50		—		25.92		32.71			1.85		1.85		1.85		(0.80	)		58,266		22
12-31-19		16.95		0.01			5.24			5.25			—			1.18		—		1.18		—		21.02		31.47			1.86		1.86		1.86		0.03			50,224		21
12-31-18		20.52		(0.01	)		(3.49	)		(3.50	)		0.07			—		—		0.07		—		16.95		(17.12	)		1.86		1.86		1.86		(0.07	)		40,881		21
12-31-17		14.43		(0.05	)		6.19			6.14			0.05			—		—		0.05		—		20.52		42.55			1.86		1.86		1.86		(0.24	)		57,093		26
Class I
06-30-22⁺		23.10		0.05	^•		(5.86	)		(5.81	)		—			—		—		—		—		17.29		(25.15	)		1.26		1.26		1.26		0.52			61,372		12
12-31-21		27.55		(0.11	)^•		(2.36	)		(2.47	)		—			1.98		—		1.98		—		23.10		(9.78	)		1.26		1.26		1.26		(0.40	)		80,785		25
12-31-20		22.24		(0.04	)		6.98			6.94			0.14			1.49		—		1.63		—		27.55		33.52			1.25		1.25		1.25		(0.20	)		94,067		22
12-31-19		17.80		0.13			5.52			5.65			0.03			1.18		—		1.21		—		22.24		32.23			1.26		1.26		1.26		0.62			79,674		21
12-31-18		21.52		0.12			(3.67	)		(3.55	)		0.17			—		—		0.17		—		17.80		(16.58	)		1.26		1.26		1.26		0.53			61,663		21
12-31-17		15.10		0.08			6.47			6.55			0.13			—		—		0.13		—		21.52		43.45			1.26		1.26		1.26		0.34			82,567		26
Class S
06-30-22⁺		22.86		0.02	^•		(5.79	)		(5.77	)		—			—		—		—		—		17.09		(25.24	)		1.51		1.51		1.51		0.23			222,883		12
12-31-21		27.35		(0.17	)^•		(2.34	)		(2.51	)		—			1.98		—		1.98		—		22.86		(10.00	)		1.51		1.51		1.51		(0.64	)		320,977		25
12-31-20		22.08		(0.10	)^•		6.94			6.84			0.08			1.49		—		1.57		—		27.35		33.23			1.50		1.50		1.50		(0.45	)		411,371		22
12-31-19		17.70		0.08			5.48			5.56			0.00	*		1.18		—		1.18		—		22.08		31.91			1.51		1.51		1.51		0.38			370,441		21
12-31-18		21.40		0.05	^•		(3.63	)		(3.58	)		0.12			—		—		0.12		—		17.70		(16.81	)		1.51		1.51		1.51		0.27			319,682		21
12-31-17		15.02		0.03			6.44			6.47			0.09			—		—		0.09		—		21.40		43.11			1.51		1.51		1.51		0.11			454,764		26

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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)		(%)
VY^® JPMorgan Emerging Markets Equity Portfolio (continued)
Class S2
06-30-22⁺		22.50		0.01	^•		(5.70	)		(5.69	)		—		—		—		—		—		16.81		(25.29	)		1.66		1.66		1.66		0.06			6,640		12
12-31-21		26.98		(0.20	)^•		(2.30	)		(2.50	)		—		1.98		—		1.98		—		22.50		(10.11	)		1.66		1.66		1.66		(0.79	)		10,071		25
12-31-20		21.80		(0.13	)^•		6.85			6.72			0.05		1.49		—		1.54		—		26.98		33.03			1.65		1.65		1.65		(0.60	)		13,424		22
12-31-19		17.52		0.05			5.41			5.46			—		1.18		—		1.18		—		21.80		31.64			1.66		1.66		1.66		0.24			11,567		21
12-31-18		21.17		0.04			(3.61	)		(3.57	)		0.08		—		—		0.08		—		17.52		(16.92	)		1.66		1.66		1.66		0.12			10,587		21
12-31-17		14.86		(0.01	)^•		6.37			6.36			0.05		—		—		0.05		—		21.17		42.85			1.66		1.66		1.66		(0.03	)		15,050		26
VY^® Morgan Stanley Global Franchise Portfolio
Class ADV
06-30-22⁺		18.19		0.02	^•		(3.43	)		(3.41	)		—		—		—		—		—		14.78		(18.75	)		1.57		1.54		1.54		0.26			107,999		9
12-31-21		16.52		0.03	^•		3.34			3.37			0.09		1.61		—		1.70		—		18.19		21.26			1.57		1.54		1.54		0.18			138,475		11
12-31-20		16.06		0.06			1.86			1.92			0.09		1.37		—		1.46		—		16.52		12.87			1.57		1.54		1.54		0.40			120,606		16
12-31-19		14.01		0.06			3.89			3.95			0.10		1.80		—		1.90		—		16.06		28.89			1.57		1.54		1.54		0.48			110,093		16
12-31-18		16.98		0.07			(0.23	)		(0.16	)		0.14		2.67		—		2.81		—		14.01		(2.07	)		1.57		1.54		1.54		0.47			78,112		27
12-31-17		14.58		0.10			3.53			3.63			0.17		1.06		—		1.23		—		16.98		25.47			1.57		1.55		1.55		0.60			83,492		29
Class R6
06-30-22⁺		19.98		0.08	^•		(3.78	)		(3.70	)		—		—		—		—		—		16.28		(18.52	)		0.97		0.94		0.94		0.88			1,498		9
12-31-21		17.97		0.15	^•		3.65			3.80			0.18		1.61		—		1.79		—		19.98		22.01			0.97		0.94		0.94		0.79			1,828		11
12-31-20		17.33		0.17	^•		2.01			2.18			0.17		1.37		—		1.54		—		17.97		13.55			0.97		0.94		0.94		0.98			1,301		16
12-31-19		14.97		0.18	^•		4.17			4.35			0.19		1.80		—		1.99		—		17.33		29.74			0.97		0.94		0.94		1.07			635		16
12-31-18		17.96		0.19	^•		(0.27	)		(0.08	)		0.24		2.67		—		2.91		—		14.97		(1.51	)		0.97		0.94		0.94		1.14			84		27
12-31-17		15.35		0.21	^•		3.71			3.92			0.25		1.06		—		1.31		—		17.96		26.16			0.97		0.95		0.95		1.21			44		29
Class S
06-30-22⁺		20.02		0.05	^•		(3.77	)		(3.72	)		—		—		—		—		—		16.30		(18.58	)		1.22		1.19		1.19		0.60			197,690		9
12-31-21		18.01		0.10	^•		3.65			3.75			0.13		1.61		—		1.74		—		20.02		21.66			1.22		1.19		1.19		0.52			260,008		11
12-31-20		17.36		0.14			2.01			2.15			0.13		1.37		—		1.50		—		18.01		13.28			1.22		1.19		1.19		0.74			260,901		16
12-31-19		15.00		0.14	^•		4.16			4.30			0.14		1.80		—		1.94		—		17.36		29.34			1.22		1.19		1.19		0.82			266,633		16
12-31-18		17.97		0.14	^•		(0.25	)		(0.11	)		0.19		2.67		—		2.86		—		15.00		(1.69	)		1.22		1.19		1.19		0.81			243,512		27
12-31-17		15.36		0.16	^•		3.71			3.87			0.20		1.06		—		1.26		—		17.97		25.81			1.22		1.20		1.20		0.95			282,442		29
Class S2
06-30-22⁺		19.77		0.04	^•		(3.72	)		(3.68	)		—		—		—		—		—		16.09		(18.61	)		1.37		1.34		1.34		0.45			29,984		9
12-31-21		17.80		0.07	^•		3.61			3.68			0.10		1.61		—		1.71		—		19.77		21.53			1.37		1.34		1.34		0.37			40,135		11
12-31-20		17.18		0.11			1.98			2.09			0.10		1.37		—		1.47		—		17.80		13.06			1.37		1.34		1.34		0.60			38,585		16
12-31-19		14.86		0.11	^•		4.13			4.24			0.12		1.80		—		1.92		—		17.18		29.15			1.37		1.34		1.34		0.67			38,888		16
12-31-18		17.83		0.12			(0.26	)		(0.14	)		0.16		2.67		—		2.83		—		14.86		(1.89	)		1.37		1.34		1.34		0.66			35,431		27
12-31-17		15.24		0.14	^•		3.69			3.83			0.18		1.06		—		1.24		—		17.83		25.69			1.37		1.35		1.35		0.80			41,831		29
VY^® T. Rowe Price Capital Appreciation Portfolio
Class ADV
06-30-22⁺		30.88		0.08	^•		(4.57	)		(4.49	)		—		—		—		—		—		26.39		(14.54	)		1.24		1.24		1.24		0.53			1,585,404		42
12-31-21		29.91		0.14	^•		4.98			5.12			0.16		3.99		—		4.16		—		30.88		17.97			1.24		1.24		1.24		0.47			1,891,868		58
12-31-20		27.98		0.20	^•		4.33			4.53			0.29		2.31		—		2.60		—		29.91		17.54			1.24		1.24		1.24		0.71			1,555,873		98
12-31-19		24.10		0.25			5.46			5.71			0.34		1.49		—		1.83		—		27.98		23.99			1.24		1.24		1.24		1.02			1,353,246		53
12-31-18		26.53		0.48			(0.36	)		0.12			0.50		2.05		—		2.55		—		24.10		0.10			1.24		1.24		1.24		1.94			990,787		75
12-31-17		24.54		0.19			3.36			3.55			0.25		1.31		—		1.56		—		26.53		14.72			1.24		1.24		1.24		0.78			954,071		61
Class I
06-30-22⁺		32.96		0.17	^•		(4.88	)		(4.71	)		—		—		—		—		—		28.25		(14.29	)		0.64		0.64		0.64		1.14			1,415,091		42
12-31-21		31.64		0.35	^•		5.29			5.64			0.33		3.99		—		4.33		—		32.96		18.67			0.64		0.64		0.64		1.07			1,553,598		58
12-31-20		29.41		0.38	^•		4.61			4.99			0.45		2.31		—		2.76		—		31.64		18.28			0.64		0.64		0.64		1.31			1,280,224		98
12-31-19		25.23		0.43			5.73			6.16			0.49		1.49		—		1.98		—		29.41		24.71			0.64		0.64		0.64		1.62			1,673,642		53
12-31-18		27.64		0.67			(0.38	)		0.29			0.65		2.05		—		2.70		—		25.23		0.74			0.64		0.64		0.64		2.57			1,245,366		75
12-31-17		25.49		0.36			3.50			3.86			0.40		1.31		—		1.71		—		27.64		15.39			0.64		0.64		0.64		1.38			1,217,289		61

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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)		(%)
VY^® T. Rowe Price Capital Appreciation Portfolio (continued)
Class R6
06-30-22⁺		32.98		0.17	^•		(4.88	)		(4.71	)		—		—		—		—		—		28.27		(14.28	)		0.64		0.64			0.64		1.13			517,700		42
12-31-21		31.66		0.35	^•		5.29			5.64			0.33		3.99		—		4.33		—		32.98		18.66			0.64		0.64			0.64		1.07			620,373		58
12-31-20		29.43		0.38	^•		4.61			4.99			0.45		2.31		—		2.76		—		31.66		18.27			0.64		0.64			0.64		1.30			542,043		98
12-31-19		25.24		0.46	^•		5.71			6.17			0.49		1.49		—		1.98		—		29.43		24.74			0.64		0.64			0.64		1.62			181,835		53
12-31-18		27.66		0.70	^•		(0.42	)		0.28			0.65		2.05		—		2.70		—		25.24		0.70			0.64		0.64			0.64		2.57			94,159		75
12-31-17		25.49		0.38	^•		3.50			3.88			0.40		1.31		—		1.71		—		27.66		15.47			0.64		0.64			0.64		1.38			59,752		61
Class S
06-30-22⁺		32.96		0.13	^•		(4.88	)		(4.75	)		—		—		—		—		—		28.21		(14.41	)		0.89		0.89			0.89		0.88			3,823,280		42
12-31-21		31.64		0.27	^•		5.29			5.56			0.25		3.99		—		4.25		—		32.96		18.40			0.89		0.89			0.89		0.82			4,700,019		58
12-31-20		29.42		0.32			4.59			4.91			0.38		2.31		—		2.69		—		31.64		17.97			0.89		0.89			0.89		1.06			4,426,278		98
12-31-19		25.25		0.39	^•		5.69			6.08			0.42		1.49		—		1.91		—		29.42		24.36			0.89		0.89			0.89		1.37			4,163,308		53
12-31-18		27.65		0.63	^•		(0.40	)		0.23			0.58		2.05		—		2.63		—		25.25		0.51			0.89		0.89			0.89		2.29			3,640,431		75
12-31-17		25.50		0.31	^•		3.48			3.79			0.33		1.31		—		1.64		—		27.65		15.10			0.89		0.89			0.89		1.13			4,050,729		61
Class S2
06-30-22⁺		32.63		0.11	^•		(4.83	)		(4.72	)		—		—		—		—		—		27.91		(14.47	)		1.04		1.04			1.04		0.73			57,330		42
12-31-21		31.37		0.22	^•		5.23			5.45			0.20		3.99		—		4.19		—		32.63		18.19			1.04		1.04			1.04		0.67			71,364		58
12-31-20		29.19		0.28			4.54			4.82			0.33		2.31		—		2.64		—		31.37		17.82			1.04		1.04			1.04		0.91			70,966		98
12-31-19		25.06		0.34	^•		5.65			5.99			0.37		1.49		—		1.86		—		29.19		24.19			1.04		1.04			1.04		1.22			73,222		53
12-31-18		27.47		0.58	^•		(0.40	)		0.18			0.54		2.05		—		2.59		—		25.06		0.33			1.04		1.04			1.04		2.13			68,741		75
12-31-17		25.33		0.26	^•		3.47			3.73			0.28		1.31		—		1.59		—		27.47		14.96			1.04		1.04			1.04		0.98			74,919		61
VY^® T. Rowe Price Equity Income Portfolio
Class ADV
06-30-22⁺		11.48		0.07	^•		(1.05	)		(0.98	)		—		—		—		—		—		10.50		(8.54	)		1.24		1.21			1.21		1.26			58,205		10
12-31-21		9.46		0.12	^•		2.23			2.35			0.14		0.19		—		0.33		—		11.48		24.97			1.24		1.21			1.21		1.12			58,287		19
12-31-20		9.97		0.17			(0.19	)		(0.02	)		0.37		0.12		—		0.49		—		9.46		0.64			1.24		1.21			1.21		1.87			47,110		25
12-31-19		10.74		0.21	^•		2.42			2.63			0.26		3.14		—		3.40		—		9.97		25.93			1.24		1.21			1.21		1.82			51,293		17
12-31-18		14.34		0.23			(1.38	)		(1.15	)		0.23		2.22		—		2.45		—		10.74		(9.69	)^(a)		1.24		1.09	^(b)		1.09		1.80	^(c)		43,287		16
12-31-17		13.63		0.20			1.86			2.06			0.25		1.10		—		1.35		—		14.34		15.89			1.24		1.24			1.24		1.38			53,101		19
Class I
06-30-22⁺		11.78		0.11	^•		(1.08	)		(0.97	)		—		—		—		—		—		10.81		(8.23	)		0.64		0.61			0.61		1.85			66,116		10
12-31-21		9.70		0.19	^•		2.29			2.48			0.21		0.19		—		0.40		—		11.78		25.66			0.64		0.61			0.61		1.71			73,572		19
12-31-20		10.27		0.23			(0.20	)		0.03			0.48		0.12		—		0.60		—		9.70		1.27			0.64		0.61			0.61		2.47			77,346		25
12-31-19		10.97		0.29	^•		2.47			2.76			0.32		3.14		—		3.46		—		10.27		26.66			0.64		0.61			0.61		2.42			81,596		17
12-31-18		14.59		0.31			(1.41	)		(1.10	)		0.30		2.22		—		2.52		—		10.97		(9.09	)^(a)		0.64		0.49	^(b)		0.49		2.40	^(c)		82,300		16
12-31-17		13.85		0.28	^•		1.90			2.18			0.34		1.10		—		1.44		—		14.59		16.48			0.64		0.64			0.64		1.94			99,204		19
Class S
06-30-22⁺		11.96		0.09	^•		(1.09	)		(1.00	)		—		—		—		—		—		10.96		(8.36	)		0.89		0.86			0.86		1.59			142,571		10
12-31-21		9.85		0.17	^•		2.31			2.48			0.18		0.19		—		0.37		—		11.96		25.27			0.89		0.86			0.86		1.47			158,847		19
12-31-20		10.31		0.22			(0.20	)		0.02			0.36		0.12		—		0.48		—		9.85		0.95			0.89		0.86			0.86		2.22			141,486		25
12-31-19		11.00		0.25	^•		2.50			2.75			0.30		3.14		—		3.44		—		10.31		26.42			0.89		0.86			0.86		2.13			161,388		17
12-31-18		14.62		0.29			(1.42	)		(1.13	)		0.27		2.22		—		2.49		—		11.00		(9.32	)^(a)		0.89		0.74	^(b)		0.74		2.15	^(c)		541,914		16
12-31-17		13.87		0.25	^•		1.90			2.15			0.30		1.10		—		1.40		—		14.62		16.23			0.89		0.89			0.89		1.73			694,870		19
Class S2
06-30-22⁺		11.59		0.08	^•		(1.06	)		(0.98	)		—		—		—		—		—		10.61		(8.46	)		1.04		1.01			1.01		1.44			77,173		10
12-31-21		9.55		0.14	^•		2.26			2.40			0.17		0.19		—		0.35		—		11.59		25.15			1.04		1.01			1.01		1.32			88,637		19
12-31-20		10.07		0.20			(0.20	)		0.00	*		0.40		0.12		—		0.52		—		9.55		0.85			1.04		1.01			1.01		2.07			80,591		25
12-31-19		10.82		0.23	^•		2.44			2.67			0.28		3.14		—		3.42		—		10.07		26.13			1.04		1.01			1.01		2.01			90,172		17
12-31-18		14.42		0.26			(1.39	)		(1.13	)		0.25		2.22		—		2.47		—		10.82		(9.45	)^(a)		1.04		0.89	^(b)		0.89		2.00	^(c)		91,924		16
12-31-17		13.70		0.23			1.87			2.10			0.28		1.10		—		1.38		—		14.42		16.07			1.04		1.04			1.04		1.58			113,247		19

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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)		(%)
VY^® T. Rowe Price International Stock Portfolio
Class ADV
06-30-22⁺		17.37		0.07	^•		(3.19	)		(3.12	)		—		—		—		—		—		14.25		(17.96	)		1.58		1.35		1.35		0.84		19,847		15
12-31-21		17.72		0.03	^•		0.15			0.18			0.07		0.46		—		0.53		—		17.37		0.87			1.36		1.35		1.35		0.18		24,946		27
12-31-20		16.26		0.02	^•		2.15			2.17			0.34		0.37		—		0.71		—		17.72		14.11			1.38		1.36		1.36		0.14		24,010		30
12-31-19		13.63		0.12			3.49			3.61			0.06		0.92		—		0.98		—		16.26		27.20			1.41		1.36		1.36		0.87		23,415		30
12-31-18		16.16		0.10			(2.41	)		(2.31	)		0.22		—		—		0.22		—		13.63		(14.46	)		1.45		1.40		1.40		0.70		18,465		35
12-31-17		12.79		0.08			3.42			3.50			0.13		—		—		0.13		—		16.16		27.42			1.40		1.40		1.40		0.64		21,086		37
Class I
06-30-22⁺		17.48		0.11	^•		(3.21	)		(3.10	)		—		—		—		—		—		14.38		(17.73	)		0.98		0.75		0.75		1.44		35,592		15
12-31-21		17.81		0.14	^•		0.15			0.29			0.16		0.46		—		0.62		—		17.48		1.48			0.76		0.75		0.75		0.78		45,209		27
12-31-20		16.35		0.13			2.13			2.26			0.43		0.37		—		0.80		—		17.81		14.74			0.78		0.76		0.76		0.75		45,033		30
12-31-19		13.69		0.23			3.50			3.73			0.15		0.92		—		1.07		—		16.35		28.04			0.81		0.76		0.76		1.47		41,352		30
12-31-18		16.22		0.20	^•		(2.42	)		(2.22	)		0.31		—		—		0.31		—		13.69		(13.96	)		0.85		0.80		0.80		1.30		35,717		35
12-31-17		12.82		0.19	^•		3.41			3.60			0.20		—		—		0.20		—		16.22		28.21			0.80		0.80		0.80		1.26		44,832		37
Class S
06-30-22⁺		17.40		0.09	^•		(3.19	)		(3.10	)		—		—		—		—		—		14.30		(17.82	)		1.23		1.00		1.00		1.17		103,356		15
12-31-21		17.74		0.10	^•		0.13			0.23			0.11		0.46		—		0.58		—		17.40		1.19			1.01		1.00		1.00		0.53		135,375		27
12-31-20		16.28		0.08	^•		2.14			2.22			0.39		0.37		—		0.76		—		17.74		14.49			1.03		1.01		1.01		0.49		153,919		30
12-31-19		13.64		0.18	^•		3.49			3.67			0.11		0.92		—		1.03		—		16.28		27.64			1.06		1.01		1.01		1.20		151,437		30
12-31-18		16.15		0.17	^•		(2.42	)		(2.25	)		0.26		—		—		0.26		—		13.64		(14.12	)		1.10		1.05		1.05		1.07		137,550		35
12-31-17		12.77		0.15	^•		3.40			3.55			0.17		—		—		0.17		—		16.15		27.87			1.05		1.05		1.05		1.01		175,297		37

⁽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.
^(a)		Excluding amounts related to a securities lending settlement and a cumulative underpayment of prior years’ waivers of management

		fees recorded in the year ended December 31, 2018, total return for VY^® T.Rowe Price Equity Income Portfolio would have been (9.84)%, (9.24)%, (9.47)% and (9.60)% for Classes ADV, I, S and S2, respectively.
^(b)		Excluding amounts related to a cumulative underpayment of prior years’ waivers of management fees recorded in the year ended December 31, 2018, the net expense ratios for VY^® T.Rowe Price Equity Income Portfolio would have been 1.23%, 0.63%, 0.88% and 1.03% for Class ADV, I, S and S2, respectively.
^(c)		Excluding amounts related to a securities lending settlement and a cumulative underpayment of prior years’ waivers of management fees recorded in the year ended December 31, 2018, the net investment income ratios for VY^® T.Rowe Price Equity Income Portfolio would have been 1.65%, 2.25%, 2.00% and 1.85% for Classes ADV, I, S and S2, respectively.
⁺		Unaudited.
^•		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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED)

NOTE 1 — ORGANIZATION

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

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

class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

A. Security Valuation. Each Portfolio is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Portfolio, (except Government Liquid Assets), 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 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.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Portfolio. Each Portfolio’s fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

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

Each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-advisers’ or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing 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. CBRE Global Real Estate estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Global Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

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

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by Government Liquid Assets. Dividends from net investment income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by T. Rowe Price Capital Appreciation and T. Rowe Price Equity Income. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

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

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 it believes to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio enters into master netting arrangements, established within each Portfolio’s International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of June 30, 2022, the maximum amount of loss that Invesco Growth and Income would incur if its counterparties failed to perform would be $448,474 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of June 30, 2022. There was no collateral pledged by any counterparty at June 30, 2022 to any Portfolio.

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

As of June 30, 2022, Invesco Growth and Income and T. Rowe Price Capital Appreciation had a liability position of $87,263 and $7,163,851, respectively, on open forward foreign currency contracts and open OTC written options. If a contingent feature would have been triggered as of June 30, 2022, each Portfolio could have been required to pay these amounts in cash to its counterparties. There was no cash collateral pledged by any Portfolio as of June 30, 2022.

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

recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

During the period ended June 30, 2022, the following Portfolios had average contract amounts on forward foreign currency contracts purchased and sold as disclosed below. The Portfolios used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within each respective Portfolio of Investments for open forward currency contracts at June 30, 2022. JPMorgan Emerging Markets Equity did not have any open forward currency contracts at June 30, 2022.

	Purchased		Sold
CBRE Global Real Estate	$	72,601	$	—
Invesco Growth and Income		6,687,131		23,100,751
T. Rowe Price International Stock		80,991		51,661

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

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

The Portfolios did not enter into any futures contracts for the period ended June 30, 2022.

I. Options Contracts. Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the period ended June 30, 2022, T. Rowe Price Capital Appreciation had written equity options with an average notional value of $851,054,922 to generate income. Please refer to the tables within the Portfolio of Investments for open written equity options at June 30, 2022. At June 30, 2022, T. Rowe Price Capital Appreciation had pledged securities with a fair valued at $146,043,516 for open written call options and these are footnoted within the Portfolio of Investments.

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

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. Please refer to the table following the Portfolio of Investments for Government Liquid Assets for open repurchase agreements subject to the MRA on a net basis at June 30, 2022.

K. Securities Lending. Each Portfolio may temporarily loan up to 33⅓% (except for JPMorgan Emerging Markets Equity which may temporarily loan up to 30%) of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

M. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under 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 period ended June 30, 2022, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

	Purchased		Sold
CBRE Global Real Estate	$	99,439,496	$	106,508,969
Invesco Growth and Income		39,570,663		53,945,146
JPMorgan Emerging Markets Equity		44,440,311		51,740,291
Morgan Stanley Global Franchise		32,636,791		55,998,650
T. Rowe Price Capital Appreciation		3,091,416,795		3,182,241,744
T. Rowe Price Equity Income		36,681,154		36,623,580
T. Rowe Price International Stock		26,071,504		38,907,509

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

Portfolio		Fee
CBRE Global Real Estate⁽¹⁾		0.90% on the first $250 million; 0.875% on the next $250 million; 0.80% on the amount in excess of $500 million
T. Rowe Price International Stock⁽¹⁾		0.64% on the first $4 billion; 0.63% on the amount in excess of $4 billion

⁽¹⁾

The Investment Adviser is contractually obligated to waive 0.033% and 0.04% of the management fee for CBRE Global Real Estate and T. Rowe Price International Stock, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.

With the exception of the Portfolios in the table above, the Investment Adviser provides the Portfolios with advisory and administrative services under a management agreement (the “Unified Agreement”). Under the Unified Agreement, the Investment Adviser has overall responsibility for engaging sub-advisers and for monitoring and evaluating the management of the assets of each Portfolio. Sub-advisers have full investment discretion and make all determinations with respect to the investment of a Portfolio’s assets and the purchase and sale of portfolio securities and other investments. Pursuant to this Unified

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

Agreement, the Investment Adviser is also responsible for providing or procuring, at the Investment Adviser’s expense, the services reasonably necessary for the ordinary operation of each Portfolio, including, among other things, custodial, administrative, transfer agency, portfolio accounting, auditing, affiliated recordkeeping services and ordinary legal expenses. As compensation for its services under the Unified Agreement, the Trust pays the Investment Adviser a monthly fee (a “Unified Fee”) based on the following annual rates of the average daily net assets of the Portfolios:

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

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

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

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

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

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

⁽¹⁾

Previously known as CBRE Clarion Securities LLC.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

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

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

the period ended June 30, 2022, the Distributor waived $893,537 of class specific distribution and shareholder servicing fees and the Investment Adviser waived $405,963 of Unified Fees and/or certain expenses to assist the Portfolio in maintaining a yield of not less than zero. The class specific waivers were comprised of the following amounts:

	Distribution Fee		Shareholder Servicing Fee
Class S	$	—		$269,690
Class S2		235,859		387,988

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 June 30, 2022, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:

	June 30,
	2023		2024		2025		Total
Government Liquid Assets	$	271,392	$	1,886,604	$	1,388,449	$	3,546,445

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

During the period ended June 30, 2022, T. Rowe Price International Stock incurred $170,000 of proxy and solicitation costs associated with the Portfolio’s merger with and into Voya International Index Portfolio (which is not included in this report). The Investment Adviser reimbursed the Portfolio for these costs.

At June 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
ReliaStar Life Insurance Company	Invesco Growth and Income		5.00	%
	T. Rowe Price Equity Income		7.07
	T. Rowe Price International Stock		14.29
Security Life of Denver Insurance Company	Government Liquid Assets		5.22
	CBRE Global Real Estate		6.05
	JPMorgan Emerging Markets Equity		9.12
	T. Rowe Price Equity Income		8.93
	T. Rowe Price International Stock		7.62
Voya Institutional Trust Company	Government Liquid Assets		58.47
	CBRE Global Real Estate		11.48
	Invesco Growth and Income		5.59
	JPMorgan Emerging Markets Equity		12.79
	Morgan Stanley Global Franchise		34.03
	T. Rowe Price Capital Appreciation		31.76
	T. Rowe Price Equity Income		41.08
	T. Rowe Price International Stock		13.08

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

The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

CBRE Global Real Estate and T. Rowe Price International Stock may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
CBRE Global Real Estate	$	124,056
T. Rowe Price International Stock		38,466

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser has entered into written expense limitation agreements (“Expense Limitation Agreements”) with the below Portfolios, whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses,

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

extraordinary expenses, and acquired fund fees and expenses to the levels listed below:

Portfolio		Class ADV				Class I				Class S				Class S2
CBRE Global Real Estate			1.50	%			0.90	%			1.15	%			1.30	%
T. Rowe Price International Stock			1.40	%			0.80	%			1.05	%			N/A

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

As of June 30, 2022, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

	June 30,
	2023		2024		2025		Total
CBRE Global Real Estate	$	290,571	$	329,991	$	340,829	$	961,391

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

NOTE 8 — LINE OF CREDIT

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

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

The below Portfolios utilized the line of credit during the period ended June 30, 2022 as follows:

Portfolio		Approximate Average Daily Balance For Days Utilized
CBRE Global Real Estate	1	$	3,628,000	1.33	%
JPMorgan Emerging Markets Equity	9		690,333	2.42
T. Rowe Price Capital Appreciation	1		3,947,000	1.33

NOTE 9 — CAPITAL SHARES TRANSACTIONS

Transactions in capital shares and dollars were as follows:

Year or	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)
period ended	#	#	#	#		#		($)	($)	($)	($)		($)
Government Liquid Assets
Class I
6/30/2022	39,188,998	—	79,301	(11,066,700	)	28,201,599		39,188,998	—	79,301	(11,066,700	)	28,201,599
12/31/2021	23,190,070	—	16,647	(36,870,033	)	(13,663,316	)	23,190,070	—	16,647	(36,870,033	)	(13,663,316	)
Class S
6/30/2022	59,919,386	—	211,997	(50,457,271	)	9,674,112		59,919,386	—	211,997	(50,457,271	)	9,674,112
12/31/2021	97,462,266	—	102,429	(152,272,917	)	(54,708,222	)	97,462,266	—	102,429	(152,272,917	)	(54,708,222	)
Class S2
6/30/2022	153,940,520	—	231,654	(30,205,397	)	123,966,777		153,940,520	—	231,654	(30,205,396	)	123,966,778
12/31/2021	86,508,479	—	141,054	(176,345,448	)	(89,695,915	)	86,508,479	—	141,054	(176,345,448	)	(89,695,915	)

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES TRANSACTIONS (continued)

Year or	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)
period ended	#	#	#	#		#		($)	($)	($)	($)		($)
CBRE Global Real Estate
Class ADV
6/30/2022	21,518	—	—	(130,529	)	(109,011	)	247,693	—	—	(1,544,581	)	(1,296,888	)
12/31/2021	36,402	—	31,148	(246,757	)	(179,207	)	440,881	—	377,513	(2,969,373	)	(2,150,979	)
Class I
6/30/2022	428,126	—	—	(405,873	)	22,253		5,313,653	—	—	(5,058,792	)	254,861
12/31/2021	870,641	—	263,545	(1,391,609	)	(257,423	)	10,351,322	—	3,281,141	(17,034,398	)	(3,401,935	)
Class S
6/30/2022	164,803	—	—	(709,484	)	(544,681	)	2,013,488	—	—	(8,647,512	)	(6,634,024	)
12/31/2021	400,678	—	190,423	(1,480,173	)	(889,072	)	5,035,135	—	2,361,249	(17,946,886	)	(10,550,502	)
Class S2
6/30/2022	244	—	—	(2,383	)	(2,139	)	2,619	—	—	(29,598	)	(26,979	)
12/31/2021	8,920	—	1,732	(12,413	)	(1,761	)	117,249	—	21,700	(149,380	)	(10,431	)
Invesco Growth and Income
Class ADV
6/30/2022	85,530	—	—	(66,093	)	19,437		2,227,308	—	—	(1,677,015	)	550,293
12/31/2021	93,633	—	7,922	(155,021	)	(53,466	)	2,283,226	—	192,270	(3,740,417	)	(1,264,921	)
Class I
6/30/2022	167,554	—	—	(90,115	)	77,439		4,343,841	—	—	(2,317,973	)	2,025,868
12/31/2021	257,685	—	24,200	(189,580	)	92,305		6,267,142	—	593,144	(4,677,696	)	2,182,590
Class S
6/30/2022	538,076	—	—	(938,182	)	(400,106	)	14,103,992	—	—	(24,650,468	)	(10,546,476	)
12/31/2021	811,169	—	189,312	(2,391,268	)	(1,390,787	)	20,227,445	—	4,704,412	(59,053,401	)	(34,121,544	)
Class S2
6/30/2022	5,427	—	—	(86,520	)	(81,093	)	138,867	—	—	(2,233,398	)	(2,094,531	)
12/31/2021	23,460	—	12,375	(248,583	)	(212,748	)	581,301	—	304,187	(6,070,340	)	(5,184,852	)
JPMorgan Emerging Markets Equity
Class ADV
6/30/2022	98,639	—	—	(181,530	)	(82,891	)	1,780,470	—	—	(3,336,906	)	(1,556,436	)
12/31/2021	398,659	—	190,433	(324,566	)	264,526		10,209,266	—	4,625,629	(8,016,811	)	6,818,084
Class I
6/30/2022	237,338	—	—	(185,197	)	52,141		4,572,051	—	—	(3,729,335	)	842,716
12/31/2021	473,196	—	249,445	(640,202	)	82,439		12,725,273	—	6,493,054	(17,402,497	)	1,815,830
Class S
6/30/2022	237,699	—	—	(1,237,080	)	(999,381	)	4,479,089	—	—	(23,733,426	)	(19,254,337	)
12/31/2021	810,713	—	1,084,813	(2,897,162	)	(1,001,636	)	20,975,903	—	27,977,315	(75,127,105	)	(26,173,887	)
Class S2
6/30/2022	6,866	—	—	(59,419	)	(52,553	)	131,583	—	—	(1,108,626	)	(977,043	)
12/31/2021	20,594	—	35,772	(106,192	)	(49,826	)	513,458	—	908,609	(2,730,182	)	(1,308,115	)
Morgan Stanley Global Franchise
Class ADV
6/30/2022	112,206	—	—	(419,708	)	(307,502	)	1,842,240	—	—	(6,732,017	)	(4,889,777	)
12/31/2021	362,182	—	734,983	(785,409	)	311,756		6,143,775	—	12,325,665	(13,504,448	)	4,964,992
Class R6
6/30/2022	9,069	—	—	(8,556	)	513		167,950	—	—	(160,800	)	7,150
12/31/2021	23,034	—	7,784	(11,744	)	19,074		421,413	—	142,984	(218,243	)	346,154
Class S
6/30/2022	134,415	—	—	(993,155	)	(858,740	)	2,503,718	—	—	(17,401,503	)	(14,897,785	)
12/31/2021	111,714	—	1,246,962	(2,860,955	)	(1,502,279	)	2,083,227	—	22,981,508	(53,664,794	)	(28,600,059	)
Class S2
6/30/2022	11,676	—	—	(177,523	)	(165,847	)	211,947	—	—	(3,122,089	)	(2,910,142	)
12/31/2021	15,867	—	189,890	(342,983	)	(137,226	)	295,041	—	3,457,895	(6,381,557	)	(2,628,621	)
T. Rowe Price Capital Appreciation
Class ADV
6/30/2022	895,579	—	—	(2,077,864	)	(1,182,285	)	25,920,938	—	—	(58,893,724	)	(32,972,786	)
12/31/2021	3,907,585	—	7,606,265	(2,263,017	)	9,250,833		120,879,451	—	222,578,297	(69,340,875	)	274,116,873
Class I
6/30/2022	4,462,412	—	—	(1,503,797	)	2,958,615		135,834,521	—	—	(45,217,335	)	90,617,186
12/31/2021	3,638,741	—	5,781,019	(2,746,988	)	6,672,772		118,764,330	—	181,327,758	(88,908,320	)	211,183,768
Class R6
6/30/2022	1,028,779	—	—	(1,523,729	)	(494,950	)	31,293,217	—	—	(47,081,010	)	(15,787,793	)
12/31/2021	2,158,514	—	2,367,244	(2,838,265	)	1,687,493		70,531,505	—	74,289,334	(92,862,424	)	51,958,415
Class S
6/30/2022	927,626	—	—	(8,012,463	)	(7,084,837	)	29,061,033	—	—	(245,438,471	)	(216,377,438	)
12/31/2021	1,754,026	—	17,982,319	(17,005,161	)	2,731,184		57,374,711	—	562,658,520	(555,142,856	)	64,890,375

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES TRANSACTIONS (continued)

Year or	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)
period ended	#	#	#	#		#		($)	($)	($)	($)		($)
T. Rowe Price Capital Appreciation (continued)
Class S2
6/30/2022	45,828	—	—	(178,812	)	(132,984	)	1,382,621	—	—	(5,385,017	)	(4,002,396	)
12/31/2021	96,357	—	282,378	(453,978	)	(75,243	)	3,180,748	—	8,732,930	(14,775,574	)	(2,861,896	)
T. Rowe Price Equity Income
Class ADV
6/30/2022	713,094	—	—	(247,895	)	465,199		8,185,814	—	—	(2,825,765	)	5,360,049
12/31/2021	1,114,789	—	154,753	(1,171,214	)	98,328		12,227,521	—	1,725,809	(12,810,997	)	1,142,333
Class I
6/30/2022	493,513	—	—	(622,082	)	(128,569	)	5,828,833	—	—	(7,217,448	)	(1,388,615	)
12/31/2021	715,388	—	213,445	(2,660,105	)	(1,731,272	)	7,970,005	—	2,459,976	(29,890,253	)	(19,460,272	)
Class S
6/30/2022	451,591	—	—	(724,747	)	(273,156	)	5,365,810	—	—	(8,623,471	)	(3,257,661	)
12/31/2021	474,787	—	423,645	(1,993,772	)	(1,095,340	)	5,432,775	—	4,945,637	(22,283,889	)	(11,905,477	)
Class S2
6/30/2022	144,110	—	—	(520,243	)	(376,133	)	1,685,847	—	—	(6,016,787	)	(4,330,940	)
12/31/2021	67,166	—	240,652	(1,101,605	)	(793,787	)	727,963	—	2,717,084	(12,071,420	)	(8,626,373	)
T. Rowe Price International Stock
Class ADV
6/30/2022	77,069	—	—	(120,355	)	(43,286	)	1,222,646	—	—	(1,907,142	)	(684,496	)
12/31/2021	181,901	—	40,464	(140,921	)	81,444		3,313,921	—	739,677	(2,556,791	)	1,496,807
Class I
6/30/2022	20,675	—	—	(132,275	)	(111,600	)	330,825	—	—	(2,092,182	)	(1,761,357	)
12/31/2021	229,956	—	84,963	(256,619	)	58,300		4,222,910	—	1,559,070	(4,715,629	)	1,066,351
Class S
6/30/2022	179,306	—	—	(731,068	)	(551,762	)	2,815,742	—	—	(11,699,040	)	(8,883,298	)
12/31/2021	374,083	—	255,958	(1,527,087	)	(897,046	)	6,767,548	—	4,681,463	(27,994,243	)	(16,545,232	)

NOTE 10 — SECURITIES LENDING

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

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

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2022:

CBRE Global Real Estate

Counterparty
Merrill Lynch International	$	130,535	$	(130,535	)	$	—
Scotia Capital (USA) Inc.		519,327		(519,327	)		—
Total	$	649,862	$	(649,862	)	$	—

⁽¹⁾

Cash collateral with a fair value of $716,231 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

JPMorgan Emerging Markets Equity

Counterparty
BMO Capital Markets Corp	$	2,016,674	$	(2,016,674	)	$	—
BNP Paribas Prime Brokerage Intl Ltd		194,831		(194,831	)		—
Goldman Sachs & Co. LLC		270,900		(270,900	)		—
Morgan Stanley & Co. LLC		339,082		(339,082	)		—
Total	$	2,821,487	$	(2,821,487	)	$	—

⁽¹⁾

Cash collateral with a fair value of $2,926,596 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

T. Rowe Price Capital Appreciation

Counterparty
Barclays Bank PLC	$	7,697,493	$	(7,697,493	)	$	—
Barclays Capital Inc.		3,299,235		(3,299,235	)		—
BNP Paribas		1,328,238		(1,328,238	)		—
BNP Paribas Prime Brokerage Intl Ltd		2,977,068		(2,977,068	)		—
BNP Paribas Securities Corp.		172,869		(172,869	)		—
BofA Securities Inc.		81,283		(81,283	)		—
Citadel Clearing LLC		14,397,439		(14,397,439	)		—
Citigroup Global Markets Inc.		43,779,895		(43,779,895	)		—
Deutsche Bank Securities Inc.		1,582,840		(1,582,840	)		—
Goldman Sachs & Co. LLC		757,098		(757,098	)		—
J.P. Morgan Securities LLC		22,357,974		(22,357,974	)		—
Jefferies LLC		465,320		(465,320	)		—
Morgan Stanley & Co. LLC		2,561,645		(2,561,645	)		—
MUFG Securities Americas Inc.		47,064,843		(47,064,843	)		—

T. Rowe Price Capital Appreciation (continued)

Counterparty
Nomura Securities International, Inc.	$	5,709,547	$	(5,709,547	)	$	—
RBC Capital Markets, LLC		14,947,450		(14,947,450	)		—
RBC Dominion Securities Inc.		1,178,080		(1,178,080	)		—
Scotia Capital (USA) Inc.		3,653,595		(3,653,595	)		—
State Street Bank and Trust Company		30,414,934		(30,414,934	)		—
TD Securities (USA) Inc.		1,476,378		(1,476,378	)		—
TD Securities Inc.		1,405,953		(1,405,953	)		—
Truist Securities Inc.		1,425,750		(1,425,750	)		—
UBS AG		462,853		(462,853	)		—
UBS Securities LLC		1,245,916		(1,245,916	)		—
Wells Fargo Securities LLC		1,982,792		(1,982,792	)		—
Total	$	212,426,487	$	(212,426,487	)	$	—

⁽¹⁾

Cash collateral with a fair value of $217,454,923 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

T. Rowe Price Equity Income

Counterparty
Goldman Sachs & Co. LLC	$	39,299	$	(39,299	)	$	—
J.P. Morgan Securities LLC		289,130		(289,130	)		—
Total	$	328,429	$	(328,429	)	$	—

⁽¹⁾

Cash collateral with a fair value of $337,652 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

T. Rowe Price International Stock

Counterparty				Securities Loaned at Value					Cash Collateral Received⁽¹⁾					Net Amount
JP Morgan Securities Plc.					$	205,205				$	(205,205	)			$	—
Total					$	205,205				$	(205,205	)			$	—

⁽¹⁾

Cash collateral with a fair value of $217,092 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 11 — UNFUNDED LOAN COMMITMENTS

Certain Portfolios may enter in credit agreements, all or a portion of which may be unfunded. The Portfolios are obligated to fund these loan commitments at the borrower’s discretion. Funded portions of the credit agreements are presented in the Portfolio of Investments. There were no unfunded loan commitments at June 30, 2022.

NOTE 12 — FEDERAL INCOME TAXES

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 12 — FEDERAL INCOME TAXES (continued)

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

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

	Year Ended December 31, 2021					Year Ended December 31, 2020
	Ordinary Income		Long-term Capital Gains			Ordinary Income	Long-term Capital Gains
Government Liquid Assets	$	260,130	$	—	$	1,757,835	$	—
CBRE Global Real Estate		6,041,603		—		12,158,955		14,567,272
Invesco Growth and Income		5,794,013		—		7,565,414		30,987,138
JPMorgan Emerging Markets Equity		1,437,832		38,566,775		1,701,704		31,735,210
Morgan Stanley Global Franchise		3,006,032		35,902,020		3,590,119		30,534,835
T. Rowe Price Capital Appreciation		308,314,113		741,272,726		192,004,958		469,747,551
T. Rowe Price Equity Income		5,696,840		6,151,666		17,191,718		1,200,886
T. Rowe Price International Stock		1,414,892		5,565,318		5,238,296		4,238,733

The tax-basis components of distributable earnings as of December 31, 2021 were:

	Ordinary Income		Undistributed Long-term Capital Gains		Unrealized Appreciation/ (Depreciation)		Other			Total Distributable Earnings/(Loss)
Government Liquid Assets	$	—	$	—	$	—	$	(14,585	)	$	(14,585	)
CBRE Global Real Estate		6,892,159		8,599,379		63,964,972		(7,666	)		79,448,844
Invesco Growth and Income		9,854,314		49,484,673		120,380,351		(14,850	)		179,704,488
JPMorgan Emerging Markets Equity		—		97,646,805		130,156,507		(2,925,028	)		224,878,284
Morgan Stanley Global Franchise		2,049,342		31,288,121		172,662,258		(10,270	)		205,989,451
T. Rowe Price Capital Appreciation		273,053,367		710,613,021		1,675,192,143		(138,015	)		2,658,720,516
T. Rowe Price Equity Income		3,415,264		33,459,457		105,013,496		(35,954	)		141,852,263
T. Rowe Price International Stock		4,390,306		16,074,165		40,872,941		(75,360	)		61,262,052

At December 31, 2021, the Portfolios did not have any capital loss carryovers for U.S. federal income tax purposes.

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

As of June 30, 2022, no provision for income tax is required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

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

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

NOTE 14 — LIQUIDITY

Consistent with Rule 22e-4 under the 1940 Act, the Portfolios have established a liquidity risk management program to govern their approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Portfolios’ Investment Adviser, Voya Investments, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Portfolio’s liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Portfolio’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Portfolio-specific data, including information regarding a Portfolio’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2021 through December 31, 2021, the Program supported the Portfolios’ ability to honor redemption requests in a timely manner and the Program Administrator’s management of each Portfolio’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Portfolio’s prospectus for more information regarding each Portfolio’s exposure to liquidity risk and other risks.

NOTE 15 — MARKET DISRUPTION

A Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the 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. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in 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 16 — SUBSEQUENT EVENTS

Reorganization: On January 27, 2022, the Board approved a proposal to reorganize T. Rowe Price International Stock (the “Merging Portfolio”) with and into Voya International Index Portfolio, which is not included in this report (the “Reorganization”). On June 28, 2022 shareholders of the Merging Portfolio approved the Reorganization which took place at close of business July 8, 2022.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 16 — SUBSEQUENT EVENTS (continued)

Dividends: Subsequent to June 30, 2022, the Portfolios declared dividends and distributions of:

	Type		Per Share Amount		Payable Date	Record Date
Government Liquid Assets
Class I	NII		$	0.0013	August 1, 2022	Daily
Class S	NII		$	0.0011	August 1, 2022	Daily
Class S2	NII		$	0.0009	August 1, 2022	Daily
CBRE Global Real Estate
Class ADV	NII		$	0.2934	July 14, 2022		July 12, 2022
Class I	NII		$	0.3799	July 14, 2022		July 12, 2022
Class S	NII		$	0.3431	July 14, 2022		July 12, 2022
Class S2	NII		$	0.3308	July 14, 2022		July 12, 2022
All Classes		STCG	$	0.0576	July 14, 2022		July 12, 2022
All Classes		LTCG	$	0.5302	July 14, 2022		July 12, 2022
Invesco Growth and Income
Class ADV	NII		$	0.2495	July 14, 2022		July 12, 2022
Class I	NII		$	0.3970	July 14, 2022		July 12, 2022
Class S	NII		$	0.3298	July 14, 2022		July 12, 2022
Class S2	NII		$	0.2781	July 14, 2022		July 12, 2022
All Classes		STCG	$	0.2690	July 14, 2022		July 12, 2022
All Classes		LTCG	$	3.0092	July 14, 2022		July 12, 2022
JPMorgan Emerging Markets Equity
All Classes		LTCG	$	5.0432	July 14, 2022		July 12, 2022
Morgan Stanley Global Franchise
Class ADV	NII		$	0.0494	July 14, 2022		July 12, 2022
Class R6	NII		$	0.1559	July 14, 2022		July 12, 2022
Class S	NII		$	0.1022	July 14, 2022		July 12, 2022
Class S2	NII		$	0.0716	July 14, 2022		July 12, 2022
All Classes		STCG	$	0.0149	July 14, 2022		July 12, 2022
All Classes		LTCG	$	1.4726	July 14, 2022		July 12, 2022
T. Rowe Price Capital Appreciation
Class ADV	NII		$	0.0233	July 14, 2022		July 12, 2022
Class I	NII		$	0.0233	July 14, 2022		July 12, 2022
Class R6	NII		$	0.0233	July 14, 2022		July 12, 2022
Class S	NII		$	0.0233	July 14, 2022		July 12, 2022
Class S2	NII		$	0.0233	July 14, 2022		July 12, 2022
All Classes		STCG	$	1.0052	July 14, 2022		July 12, 2022
All Classes		LTCG	$	2.6765	July 14, 2022		July 12, 2022
T. Rowe Price Equity Income
Class ADV	NII		$	0.0007	July 14, 2022		July 12, 2022
Class I	NII		$	0.0007	July 14, 2022		July 12, 2022
Class S	NII		$	0.0007	July 14, 2022		July 12, 2022
Class S2	NII		$	0.0007	July 14, 2022		July 12, 2022
All Classes		STCG	$	0.1066	July 14, 2022		July 12, 2022
All Classes		LTCG	$	1.0496	July 14, 2022		July 12, 2022

NII—Net investment income
STCG—Short-term capital gain
LTCG—Long-term capital gain

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.

VOYA GOVERNMENT LIQUID
ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Principal Amount†		Value		Percentage of Net Assets

U.S. GOVERNMENT AGENCY DEBT: 35.9%
27,000,000	Federal Farm Credit Banks Funding Corp., 1.518%, (SOFRRATE + 0.008%), 11/22/2022	$	26,998,920		2.8
11,250,000	Federal Farm Credit Banks Funding Corp., 1.530%, (SOFRRATE + 0.020%), 04/10/2023		11,249,117		1.2
13,000,000	Federal Farm Credit Banks Funding Corp., 1.535%, (SOFRRATE + 0.025%), 12/16/2022		13,000,152		1.3
11,250,000	Federal Farm Credit Banks Funding Corp., 1.560%, (SOFRRATE + 0.050%), 02/17/2023		11,252,143		1.2
50,000,000	Federal Farm Credit Banks Funding Corp., 1.818%, (USBMMY3M + 0.060%), 09/15/2022		50,029,271		5.2
4,900,000	Federal Farm Credit Banks Funding Corp., 1.820%, (SOFRRATE + 0.310%), 11/07/2022		4,905,076		0.5
13,750,000	Federal Home Loan Bank Discount Notes, 1.510%, 11/29/2022		13,664,066		1.4
23,800,000	Federal Home Loan Bank Discount Notes, 2.100%, 07/01/2022		23,800,000		2.4
17,500,000	Federal Home Loan Banks, 1.520%, (SOFRRATE + 0.010%), 09/16/2022		17,500,000		1.8
70,000,000	Federal Home Loan Banks, 1.520%, (SOFRRATE + 0.010%), 09/06/2022		70,000,000		7.2
13,500,000	Federal Home Loan Banks, 1.520%, (SOFRRATE + 0.010%), 10/07/2022		13,500,000		1.4
12,500,000	Federal Home Loan Banks, 1.520%, (SOFRRATE + 0.010%), 10/07/2022		12,500,000		1.3
50,000,000	Federal Home Loan Banks, 1.530%, (SOFRRATE + 0.020%), 11/01/2022		50,000,000		5.1
30,000,000	Federal Home Loan Banks, 1.550%, 11/07/2022		30,000,000		3.1

	Total U.S. Government Agency Debt (Cost $348,398,745)		348,398,745		35.9

U.S. TREASURY DEBT: 5.6%
28,500,000	United States Treasury Floating Rate Note, 1.792%, (USBMMY3M + 0.034%), 04/30/2023		28,553,406		2.9

Principal Amount†			Value		Percentage of Net Assets

U.S. TREASURY DEBT: (continued)
26,000,000		United States Treasury Floating Rate Note, 1.813%, (USBMMY3M + 0.055%), 07/31/2022	$	26,006,483		2.7

		Total U.S. Treasury Debt (Cost $54,559,889)		54,559,889		5.6

U.S. TREASURY REPURCHASE AGREEMENT: 45.2%
438,034,000		Deutsche Bank Repurchase Agreement dated 06/30/22, 1.450%, due 07/01/22, $438,051,643 to be received upon repurchase (Collateralized by $530,968,300, U.S. Treasury Note, 0.625%–1.125%, Market Value plus accrued interest $446,794,735 due 5/15/30–2/15/31)		438,034,000		45.2
		Total U.S. Treasury Repurchase Agreement (Cost $438,034,000)		438,034,000		45.2

Shares			Value		Percentage of Net Assets

INVESTMENT COMPANIES: 9.7%
47,000,000	(1)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.330%, 07/01/22		47,000,000		4.9
47,000,000	(1)	Morgan Stanley Institutional Liquidity Funds — Government Portfolio (Institutional Share Class), 1.390%, 07/01/22		47,000,000		4.8
		Total Investment Companies (Cost $94,000,000)		94,000,000		9.7
		Total Investments in Securities (Cost $934,992,634)	$	934,992,634		96.4
		Assets in Excess of Other Liabilities		35,321,408		3.6
		Net Assets	$	970,314,042		100.0


†		Unless otherwise indicated, principal amount is shown in USD.
(1)		Rate shown is the 7-day yield as of June 30, 2022.

Reference Rate Abbreviations:

SOFRRATE 1-day Secured Overnight Financing Rate

USBMMY3M U.S. Treasury 3-month Bill Money Market Yield

See Accompanying Notes to Financial Statements

VOYA GOVERNMENT LIQUID
ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the aggregate cost of investments for federal income tax purposes is the same as for financial statement purposes.

Investment Type Allocation
as of June 30, 2022
(as a percentage of net assets)

U.S. Treasury Repurchase Agreement	45.2	%
U.S. Government Agency Debt	35.9
Investment Companies	9.7
U.S. Treasury Debt	5.6
Assets in Excess of Other Liabilities	3.6
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

			Significant Other Observable Inputs (Level 2)				Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Investment Companies	$	94,000,000	$	—	$	—	$	94,000,000
U.S. Government Agency Debt		—		348,398,745		—		348,398,745
U.S. Treasury Debt		—		54,559,889		—		54,559,889
U.S. Treasury Repurchase Agreement		—		438,034,000		—		438,034,000
Total Investments, at fair value	$	94,000,000	$	840,992,634	$	—	$	934,992,634

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 June 30,2022:

Counterparty			Government Repurchase Agreement, at fair value					Fair Value of Non-Cash Collateral Received Including Accrued Interest⁽¹⁾					Net Amount
Deutsche Bank				$	438,034,000				$	(438,034,000	)			$	—
Totals				$	438,034,000				$	(438,034,000	)			$	—

⁽¹⁾

Collateral with a fair value of $446,794,735 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

VY^®CBRE GLOBAL
REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares			Value		Percentage of Net Assets

COMMON STOCK: 99.1%
		Australia: 4.4%
110,993		Charter Hall Group	$	832,575		0.5
247,058		Dexus		1,519,274		0.9
66,282		Goodman Group		818,432		0.5
568,792		GPT Group		1,662,401		0.9
1,003,800		HomeCo Daily Needs REIT		887,043		0.5
1,130,679		Scentre Group		2,030,191		1.1
				7,749,916		4.4

		Austria: 0.5%
28,399		CA Immobilien Anlagen AG		904,061		0.5

		Belgium: 1.1%
9,550		Aedifica SA		917,590		0.5
4,276		Montea NV		409,772		0.2
13,937		Shurgard Self Storage SA		649,966		0.4
				1,977,328		1.1

		Canada: 4.6%
26,429		Boardwalk Real Estate Investment Trust		859,887		0.5
100,894	(1)	Chartwell Retirement Residences		873,965		0.5
91,853		First Capital Real Estate Investment Trust		1,068,954		0.6
125,860		H&R Real Estate Investment Trust		1,217,338		0.7
135,326		RioCan Real Estate Investment Trust		2,104,744		1.2
45,757		Summit Industrial Income REIT		608,221		0.3
130,905		Tricon Residential, Inc.		1,327,377		0.8
				8,060,486		4.6

		France: 2.1%
14,209		ICADE		697,309		0.4
78,455		Klepierre SA		1,518,267		0.9
59,705		Mercialys SA		484,748		0.3
19,482	(2)	Unibail-Rodamco-Westfield		990,468		0.5
				3,690,792		2.1

		Germany: 2.5%
29,540		LEG Immobilien SE		2,458,377		1.4
59,859		Vonovia SE		1,852,073		1.1
				4,310,450		2.5

		Hong Kong: 5.9%
273,998		CK Asset Holdings Ltd.		1,946,843		1.1
467,000		Hysan Development Co., Ltd.		1,408,903		0.8
441,663		Link REIT		3,608,991		2.1
1,257,466		Sino Land Co.		1,856,871		1.1
592,934		Swire Properties Ltd.		1,476,189		0.8
				10,297,797		5.9

		Japan: 9.4%
492		Activia Properties, Inc.		1,469,899		0.8
725		AEON REIT Investment Corp.		819,029		0.5
2,777		Japan Hotel REIT Investment Corp.		1,392,463		0.8
2,763		Japan Metropolitan Fund Invest		2,152,862		1.2

Shares			Value		Percentage of Net Assets

COMMON STOCK: (continued)
		Japan: (continued)
214		Kenedix Office Investment Corp.	$	1,076,214		0.6
566		Kenedix Residential Next Investment Corp.		907,901		0.5
249		Kenedix Retail REIT Corp.		505,407		0.3
1,773		LaSalle Logiport REIT		2,181,568		1.3
81,812		Mitsui Fudosan Co., Ltd.		1,757,718		1.0
1,467		Orix JREIT, Inc.		1,993,042		1.1
424,996		Tokyu Fudosan Holdings Corp.		2,236,524		1.3
				16,492,627		9.4

		Luxembourg: 0.3%
40,114	(1)	Grand City Properties SA		542,617		0.3

		Singapore: 3.1%
1,173,417		Ascendas Real Estate Investment Trust		2,408,260		1.4
707,171		CapitaLand Integrated Commercial Trust		1,105,465		0.7
903,505		Keppel REIT Management Ltd.		709,111		0.4
1,919,500		Lendlease Global Commercial REIT		1,099,409		0.6
				5,322,245		3.1

		Spain: 0.8%
149,948		Merlin Properties Socimi SA		1,452,154		0.8

		Sweden: 0.9%
26,083		Catena AB		943,962		0.5
57,510	(2)	Pandox AB		648,182		0.4
				1,592,144		0.9

		United Kingdom: 3.1%
302,414		Land Securities Group PLC		2,454,082		1.4
420,100		NewRiver REIT PLC		451,556		0.2
53,528		Safestore Holdings PLC		693,108		0.4
89,092		Segro PLC		1,063,560		0.6
372,211		Tritax Big Box REIT Plc		824,806		0.5
				5,487,112		3.1

		United States: 60.4%
25,443		Alexandria Real Estate Equities, Inc.		3,689,998		2.1
49,065		Apartment Income REIT Corp.		2,041,104		1.2
14,937		AvalonBay Communities, Inc.		2,901,512		1.6
4,853		Crown Castle International Corp.		817,148		0.5
93,643		CubeSmart		4,000,429		2.3
106,934	(2)	DiamondRock Hospitality Co.		877,928		0.5
30,025		EPR Properties		1,409,073		0.8
19,985		Equinix, Inc.		13,130,545		7.5
10,225		Essex Property Trust, Inc.		2,673,940		1.5
41,825		Extra Space Storage, Inc.		7,115,269		4.0
93,354		Healthcare Trust of America, Inc.		2,605,510		1.5
110,212		Host Hotels & Resorts, Inc.		1,728,124		1.0

See Accompanying Notes to Financial Statements

VY^®CBRE GLOBAL
REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares			Value		Percentage of Net Assets

COMMON STOCK: (continued)
		United States: (continued)
34,162		Hudson Pacific Properties, Inc.	$	506,964		0.3
61,808		Independence Realty Trust, Inc.		1,281,280		0.7
175,785		Invitation Homes, Inc.		6,254,430		3.6
34,909		Life Storage, Inc.		3,897,939		2.2
39,730		National Retail Properties, Inc.		1,708,390		1.0
13,086		NexPoint Residential Trust, Inc.		818,006		0.5
100,947		Park Hotels & Resorts, Inc.		1,369,851		0.8
77,465		Pebblebrook Hotel Trust		1,283,595		0.7
54,309		Piedmont Office Realty Trust, Inc.		712,534		0.4
132,307		ProLogis, Inc.		15,565,919		8.9
123,035		Realty Income Corp.		8,398,369		4.8
92,121		Simon Property Group, Inc.		8,744,125		5.0
64,099		Spirit Realty Capital, Inc.		2,421,660		1.4
50,275		STAG Industrial, Inc.		1,552,492		0.9
92,560		STORE Capital Corp.		2,413,965		1.4
115,786	(2)	Sunstone Hotel Investors, Inc.		1,148,597		0.6
58,770		Welltower, Inc.		4,839,710		2.7
				105,908,406		60.4
		Total Common Stock (Cost $163,046,912)		173,788,135		99.1

Principal Amount†			Value		Percentage of Net Assets

SHORT-TERM INVESTMENTS: 0.7%
		Repurchase Agreements: 0.4%
716,231	(3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $716,261, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–6.875%, Market Value plus accrued interest $730,556, due 08/16/22–05/20/52) (Cost $716,231)		716,231		0.4

Shares			Value		Percentage of Net Assets

SHORT-TERM INVESTMENTS: (continued)
		Mutual Funds: 0.3%
499,063	(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $499,063)	$	499,063		0.3
		Total Short-Term Investments (Cost $1,215,294)		1,215,294		0.7
		Total Investments in Securities (Cost $164,262,206)	$	175,003,429		99.8
		Assets in Excess of Other Liabilities		343,696		0.2
		Net Assets	$	175,347,125		100.0

†		Unless otherwise indicated, principal amount is shown in USD.
(1)		Security, or a portion of the security, is on loan.
(2)		Non-income producing security.
(3)		All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(4)		Rate shown is the 7-day yield as of June 30, 2022.

REIT Diversification
Retail REITs	23.0	%
Specialized REITs	17.7
Industrial REITs	14.5
Residential REITs	10.1
Real Estate Operating Companies	6.9
Diversified REITs	7.0
Office REITs	5.8
Health Care REITs	4.7
Hotel & Resort REITs	4.4
Diversified Real Estate Activities	2.3
Real Estate Development	2.2
Health Care Facilities	0.5
Assets in Excess of Other Liabilities*	0.9
Net Assets	100.0	%

Includes short-term investments.

See Accompanying Notes to Financial Statements

VY^®CBRE GLOBAL
REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

			Significant Other Observable Inputs# (Level 2)				Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	7,749,916	$	—	$	7,749,916
Austria		—		904,061		—		904,061
Belgium		—		1,977,328		—		1,977,328
Canada		8,060,486		—		—		8,060,486
France		—		3,690,792		—		3,690,792
Germany		—		4,310,450		—		4,310,450
Hong Kong		—		10,297,797		—		10,297,797
Japan		—		16,492,627		—		16,492,627
Luxembourg		—		542,617		—		542,617
Singapore		—		5,322,245		—		5,322,245
Spain		—		1,452,154		—		1,452,154
Sweden		—		1,592,144		—		1,592,144
United Kingdom		451,556		5,035,556		—		5,487,112
United States		105,908,406		—		—		105,908,406
Total Common Stock		114,420,448		59,367,687		—		173,788,135
Short-Term Investments		499,063		716,231		—		1,215,294
Total Investments, at fair value	$	114,919,511	$	60,083,918	$	—	$	175,003,429

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$3,154
Total		$3,154

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$(145)
Total		$(145)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $171,952,889.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	20,171,016
Gross Unrealized Depreciation		(17,140,813	)
Net Unrealized Appreciation	$	3,030,203

See Accompanying Notes to Financial Statements

VY^® INVESCO GROWTH
AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares			Value		Percentage of Net Assets

COMMON STOCK: 96.0%
		Communication Services: 5.8%
9,729	(1)	Charter Communications, Inc.	$	4,558,328		1.2
138,625		Comcast Corp. — Class A		5,439,645		1.4
54,185	(1)	T-Mobile US, Inc.		7,290,050		1.9
54,044	(1)	Walt Disney Co.		5,101,754		1.3
				22,389,777		5.8

		Consumer Discretionary: 7.1%
40,269	(1)	Amazon.com, Inc.		4,276,971		1.1
2,582	(1)	Booking Holdings, Inc.		4,515,892		1.2
283,991	(1)	General Motors Co.		9,019,554		2.3
100,841	(1)	Las Vegas Sands Corp.		3,387,249		0.9
109,111		TJX Cos., Inc.		6,093,849		1.6
				27,293,515		7.1

		Consumer Staples: 5.2%
128,965		Diageo PLC		5,570,350		1.4
70,857		Philip Morris International, Inc.		6,996,420		1.8
52,034		Sysco Corp.		4,407,800		1.2
99,680	(1)	US Foods Holding Corp.		3,058,183		0.8
				20,032,753		5.2

		Energy: 9.7%
85,078		Canadian Natural Resources Ltd.		4,571,819		1.2
63,115		Chevron Corp.		9,137,790		2.4
127,973		ConocoPhillips		11,493,255		3.0
124,205		Devon Energy Corp.		6,844,938		1.8
23,294		Pioneer Natural Resources Co.		5,196,425		1.3
				37,244,227		9.7

		Financials: 18.1%
40,865		American Express Co.		5,664,706		1.5
184,639		American International Group, Inc.		9,440,592		2.5
300,501		Bank of America Corp.		9,354,596		2.4
81,907		Charles Schwab Corp.		5,174,884		1.3
179,532		Citizens Financial Group, Inc.		6,407,497		1.7
22,650		Goldman Sachs Group, Inc.		6,727,503		1.7
75,399		Morgan Stanley		5,734,848		1.5
19,015		PNC Financial Services Group, Inc.		2,999,997		0.8
346,308		Wells Fargo & Co.		13,564,885		3.5
23,141		Willis Towers Watson PLC		4,567,802		1.2
				69,637,310		18.1

		Health Care: 19.3%
105,280		Bristol-Myers Squibb Co.		8,106,560		2.1
59,238	(1)	Centene Corp.		5,012,127		1.3
30,310		Cigna Corp.		7,987,291		2.1
53,263		CVS Health Corp.		4,935,349		1.3
9,763		Elevance Health, Inc.		4,711,428		1.2
208,502		GSK PLC		4,493,553		1.2
22,619		Johnson & Johnson		4,015,099		1.1
20,448		McKesson Corp.		6,670,342		1.7
73,061		Medtronic PLC		6,557,225		1.7
90,446		Merck & Co., Inc.		8,245,962		2.1
66,286		Sanofi		6,684,710		1.7

Shares			Value		Percentage of Net Assets

COMMON STOCK: (continued)
		Health Care: (continued)
34,811		Universal Health Services, Inc.	$	3,505,816		0.9
31,462		Zimmer Biomet Holdings, Inc.		3,305,398		0.9
				74,230,860		19.3

		Industrials: 11.8%
229,647		CSX Corp.		6,673,542		1.7
41,485		Emerson Electric Co.		3,299,717		0.9
39,130		Ferguson PLC		4,332,082		1.1
7,823		General Dynamics Corp.		1,730,839		0.4
126,695		Johnson Controls International plc		6,066,157		1.6
22,767		Parker Hannifin Corp.		5,601,820		1.5
32,497		Quanta Services, Inc.		4,073,174		1.1
76,195		Raytheon Technologies Corp.		7,323,101		1.9
102,873		Textron, Inc.		6,282,454		1.6
				45,382,886		11.8

		Information Technology: 12.2%
159,443		Cisco Systems, Inc.		6,798,650		1.7
169,627		Cognizant Technology Solutions Corp.		11,448,126		3.0
42,301	(1)	Fiserv, Inc.		3,763,520		1.0
134,366		Intel Corp.		5,026,632		1.3
5,815		Lam Research Corp.		2,478,062		0.6
23,319		NXP Semiconductor NV — NXPI — US		3,451,912		0.9
51,127	(1)	PayPal Holdings, Inc.		3,570,710		0.9
35,519		Qualcomm, Inc.		4,537,197		1.2
31,615	(1)	Splunk, Inc.		2,796,663		0.7
29,616		TE Connectivity Ltd.		3,351,050		0.9
				47,222,522		12.2

		Materials: 2.4%
153,044		Barrick Gold Corp.		2,707,348		0.7
122,068		Corteva, Inc.		6,608,762		1.7
				9,316,110		2.4

		Real Estate: 2.3%
120,170	(1)	CBRE Group, Inc.		8,845,714		2.3

		Utilities: 2.1%
36,343		American Electric Power Co., Inc.		3,486,747		0.9
55,175		Exelon Corp.		2,500,531		0.7
52,105		FirstEnergy Corp.		2,000,311		0.5
				7,987,589		2.1
		Total Common Stock (Cost $320,159,125)		369,583,263		96.0

See Accompanying Notes to Financial Statements

VY^®INVESCO GROWTH
AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares			Value		Percentage of Net Assets

SHORT-TERM INVESTMENTS: 3.9%
		Mutual Funds: 3.9%
15,070,027	(2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $15,070,027)	$	15,070,027		3.9
		Total Short-Term Investments (Cost $15,070,027)		15,070,027		3.9
		Total Investments in Securities (Cost $335,229,152)	$	384,653,290		99.9
		Assets in Excess of Other Liabilities		273,872		0.1
		Net Assets	$	384,927,162		100.0

(1)		Non-income producing security.
(2)		Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

								Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	22,389,777	$	—		$	—	$	22,389,777
Consumer Discretionary		27,293,515		—			—		27,293,515
Consumer Staples		14,462,403		5,570,350			—		20,032,753
Energy		37,244,227		—			—		37,244,227
Financials		69,637,310		—			—		69,637,310
Health Care		63,052,597		11,178,263			—		74,230,860
Industrials		45,382,886		—			—		45,382,886
Information Technology		47,222,522		—			—		47,222,522
Materials		9,316,110		—			—		9,316,110
Real Estate		8,845,714		—			—		8,845,714
Utilities		7,987,589		—			—		7,987,589
Total Common Stock		352,834,650		16,748,613			—		369,583,263
Short-Term Investments		15,070,027		—			—		15,070,027
Total Investments, at fair value	$	367,904,677	$	16,748,613		$	—	$	384,653,290
Other Financial Instruments+
Forward Foreign Currency Contracts		—		448,474			—		448,474
Total Assets	$	367,904,677	$	17,197,087		$	—	$	385,101,764
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(87,263	)	$	—	$	(87,263	)
Total Liabilities	$	—	$	(87,263	)	$	—	$	(87,263	)

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

See Accompanying Notes to Financial Statements

VY^® INVESCO GROWTH
AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the following forward foreign currency contracts were outstanding for VY^® Invesco Growth and Income Portfolio:

Currency Purchased	Currency Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR 48,222	USD 50,907	State Street Bank and Trust Co.	07/01/22		$	(372	)
EUR 135,224	USD 141,341	State Street Bank and Trust Co.	07/01/22			368
GBP 80,274	USD 98,022	State Street Bank and Trust Co.	07/01/22			(304	)
USD 76,522	EUR 72,583	State Street Bank and Trust Co.	07/01/22			458
USD 105,415	GBP 85,979	State Street Bank and Trust Co.	07/01/22			753
USD 224,972	GBP 183,276	State Street Bank and Trust Co.	07/01/22			1,870
USD 260,579	EUR 246,087	State Street Bank and Trust Co.	07/01/22			2,691
GBP 122,790	USD 149,464	State Street Bank and Trust Co.	07/01/22			8
EUR 69,103	USD 72,122	State Street Bank and Trust Co.	07/01/22			295
USD 102,134	GBP 83,429	State Street Bank and Trust Co.	07/01/22			576
USD 182,749	GBP 146,347	State Street Bank and Trust Co.	07/01/22			4,600
USD 74,779	EUR 69,776	State Street Bank and Trust Co.	07/01/22			1,658
GBP 100,937	USD 127,808	State Street Bank and Trust Co.	07/01/22			(4,938	)
GBP 99,144	USD 120,382	State Street Bank and Trust Co.	07/01/22			306
EUR 97,441	USD 104,761	State Street Bank and Trust Co.	07/01/22			(2,648	)
EUR 107,383	USD 113,089	State Street Bank and Trust Co.	07/01/22			(556	)
EUR 78,621	USD 84,878	State Street Bank and Trust Co.	07/01/22			(2,487	)
USD 149,816	CAD 189,510	State Street Bank and Trust Co.	07/05/22			2,590
USD 145,840	CAD 186,929	State Street Bank and Trust Co.	07/05/22			619
CAD 141,656	USD 109,717	State Street Bank and Trust Co.	07/05/22			333
CAD 331,166	USD 254,155	State Street Bank and Trust Co.	07/05/22			3,121
CAD 232,263	USD 178,866	State Street Bank and Trust Co.	07/05/22			1,575
USD 64,243	CAD 82,952	State Street Bank and Trust Co.	07/05/22			(201	)
CAD 83,589	USD 65,503	State Street Bank and Trust Co.	07/05/22			(565	)
USD 65,146	CAD 84,227	State Street Bank and Trust Co.	07/05/22			(288	)
CAD 218,863	USD 169,010	State Street Bank and Trust Co.	07/05/22			1,020
USD 99,534	CAD 125,064	State Street Bank and Trust Co.	07/05/22			2,375
CAD 176,111	USD 136,332	State Street Bank and Trust Co.	07/05/22			485
CAD 89,970	USD 71,832	State Street Bank and Trust Co.	07/05/22			(1,936	)
USD 87,241	CAD 109,751	State Street Bank and Trust Co.	07/05/22			1,978
CAD 117,407	USD 91,152	State Street Bank and Trust Co.	07/05/22			59
CAD 212,482	USD 168,111	State Street Bank and Trust Co.	07/05/22			(3,038	)
USD 80,622	CAD 102,732	State Street Bank and Trust Co.	07/05/22			812
CAD 230,349	USD 177,220	State Street Bank and Trust Co.	07/05/22			1,733
USD 3,966,671	CAD 5,074,721	State Street Bank and Trust Co.	07/05/22			24,227
USD 152,917	CAD 197,168	State Street Bank and Trust Co.	07/29/22			(254	)
USD 11,750	GBP 9,608	State Street Bank and Trust Co.	07/29/22			49
USD 205,757	CAD 264,167	State Street Bank and Trust Co.	07/29/22			538
GBP 6,284,923	USD 7,680,176	The Bank of New York Mellon	07/01/22			(29,537	)
EUR 4,951,067	USD 5,220,900	The Bank of New York Mellon	07/01/22			(32,408	)
USD 5,466,517	EUR 5,098,616	The Bank of New York Mellon	07/01/22			123,400
USD 7,734,470	GBP 6,189,037	The Bank of New York Mellon	07/01/22			200,554
CAD 4,122,030	USD 3,210,053	The Bank of New York Mellon	07/05/22			(7,731	)
USD 5,230,114	EUR 4,951,067	The Bank of New York Mellon	07/29/22			32,814
USD 7,683,118	GBP 6,284,923	The Bank of New York Mellon	07/29/22			29,062
USD 3,209,756	CAD 4,122,029	The Bank of New York Mellon	07/29/22			7,547
					$	361,211

Currency Abbreviations
CAD — Canadian Dollar
EUR — EU Euro
GBP — British Pound
USD — United States Dollar

See Accompanying Notes to Financial Statements

VY^® INVESCO GROWTH
AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	448,474
Total Asset Derivatives		$	448,474
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	87,263
Total Liability Derivatives		$	87,263

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$774,403
Total		$774,403

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$593,292
Total		$593,292

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 June 30, 2022:


Assets:
Forward foreign currency contracts	$	55,097	$	393,377	$	448,474
Total Assets	$	55,097	$	393,377	$	448,474
Liabilities:
Forward foreign currency contracts	$	17,587	$	69,676	$	87,263
Total Liabilities	$	17,587	$	69,676	$	87,263
Net OTC derivative instruments by counterparty, at fair value	$	37,510	$	323,701		361,211
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—	$	—	$	—
Net Exposure⁽¹⁾	$	37,510	$	323,701	$	361,211

⁽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 June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $336,880,852.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	73,150,766
Gross Unrealized Depreciation		(25,018,001	)
Net Unrealized Appreciation	$	48,132,765

See Accompanying Notes to Financial Statements

VY^® JPMORGAN EMERGING
MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares				Value	Percentage of Net Assets

COMMON STOCK: 99.4%
		Argentina: 2.4%
9,066	(1)	Globant SA	$	1,577,484	0.5
9,800	(1)	MercadoLibre, Inc.		6,241,326	1.9
				7,818,810	2.4

		Brazil: 3.0%
1,285,382		B3 SA — Brasil Bolsa Balcao		2,704,154	0.8
701,813	(1),(2)	NU Holdings Ltd./Cayman Islands		2,624,781	0.8
624,109		Raia Drogasil SA		2,295,636	0.7
119,958	(1),(2)	XP, Inc.		2,154,446	0.7
				9,779,017	3.0

		China: 34.6%
549,400		Beijing Oriental Yuhong Waterproof Technology Co. Ltd. — A Shares		4,232,496	1.3
1,387,000	(3)	Budweiser Brewing Co. APAC Ltd.		4,161,969	1.3
138,289	(1)	Dada Nexus Ltd. ADR		1,121,524	0.4
381,455		Foshan Haitian Flavouring & Food Co. Ltd. — A Shares		5,162,988	1.6
20,221		JD.com, Inc. ADR		1,298,593	0.4
287,264		JD.com, Inc. — Class A		9,256,520	2.8
595,687		Jiangsu Hengli Hydraulic Co. Ltd. — A Shares		5,499,153	1.7
131,363	(1)	KE Holdings, Inc. ADR		2,357,966	0.7
1,275,000	(1)	Kingdee International Software Group Co., Ltd.		3,003,914	0.9
280,577	(1),(3)	Meituan Class B		7,001,600	2.1
112,100		Midea Group Co. Ltd. — A Shares		1,014,624	0.3
395,365		NetEase, Inc.		7,448,481	2.2
297,500		Pharmaron Beijing Co. Ltd. — A Shares		4,234,220	1.3
755,475		Ping An Bank Co. Ltd. — A Shares		1,695,414	0.5
66,821		Shenzhen Mindray Bio-Medical Electronics Co. Ltd. — A Shares		3,133,260	0.9
344,000		Shenzhou International Group Holdings Ltd.		4,198,730	1.3
67,200		Sichuan Swellfun Co. Ltd. — A Shares		930,880	0.3
65,000		Silergy Corp.		5,255,859	1.6
213,400		Sunny Optical Technology Group Co. Ltd.		3,499,071	1.1
333,100		Tencent Holdings Ltd.		15,077,820	4.6
327,794		Wanhua Chemical Group Co. Ltd. — A Shares		4,759,699	1.4
101,100		Wuliangye Yibin Co. Ltd. — A Shares		3,056,664	0.9
725,000	(1),(3)	Wuxi Biologics Cayman, Inc.		6,717,431	2.0
3,414,000		Xinyi Solar Holdings Ltd.		5,290,168	1.6
95,767		Yum China Holdings, Inc.		4,644,699	1.4
				114,053,743	34.6

		Germany: 0.5%
47,284	(1),(3)	Delivery Hero SE		1,783,836	0.5

		Hong Kong: 5.7%
836,400		AIA Group Ltd.		9,138,983	2.8
58,100		Hong Kong Exchanges and Clearing Ltd.		2,873,409	0.9

Shares				Value	Percentage of Net Assets

COMMON STOCK: (continued)
		Hong Kong: (continued)
1,556,169	(3)	JS Global Lifestyle Co. Ltd.	$	2,032,956	0.6
447,500		Techtronic Industries Co., Ltd.		4,672,864	1.4
				18,718,212	5.7

		India: 21.8%
55,225		Apollo Hospitals Enterprise Ltd.		2,583,808	0.8
68,372		Asian Paints Ltd.		2,340,769	0.7
47,294		Britannia Industries Ltd.		2,082,110	0.6
241,970		HDFC Bank Ltd. ADR		13,298,671	4.0
792,726	(3)	HDFC Life Insurance Co., Ltd.		5,534,988	1.7
128,605		Hindustan Unilever Ltd.		3,646,405	1.1
447,916		Housing Development Finance Corp.		12,392,363	3.8
241,453		Infosys Ltd. ADR		4,469,295	1.4
109,510		Infosys Ltd.		2,035,411	0.6
273,845		Kotak Mahindra Bank Ltd.		5,791,754	1.8
241,191		Reliance Industries Ltd.		7,963,976	2.4
233,077		Tata Consultancy Services Ltd.		9,678,966	2.9
				71,818,516	21.8

		Indonesia: 3.9%
14,072,500		Bank Central Asia Tbk PT		6,852,462	2.1
21,338,951		Bank Rakyat Indonesia		5,959,239	1.8
				12,811,701	3.9

		Macau: 0.5%
671,600	(1)	Sands China Ltd.		1,615,669	0.5

		Mexico: 2.8%
646,607		Grupo Financiero Banorte		3,614,144	1.1
1,683,310		Wal-Mart de Mexico SAB de CV		5,792,538	1.7
				9,406,682	2.8

		Panama: 0.7%
37,638	(1)	Copa Holdings S.A. — Class A		2,385,120	0.7

		Poland: 0.4%
276,222	(1),(3)	Allegro.eu SA		1,484,925	0.4

		Portugal: 0.7%
106,643		Jeronimo Martins SGPS SA		2,311,855	0.7

		South Africa: 1.9%
193,340		Bid Corp. Ltd.		3,646,171	1.1
20,522		Capitec Bank Holdings Ltd.		2,515,183	0.8
				6,161,354	1.9

		South Korea: 6.9%
8,261		LG Chem Ltd.		3,281,946	1.0
4,811		NCSoft Corp.		1,298,642	0.4
411,758		Samsung Electronics Co., Ltd. 005930		18,161,558	5.5
				22,742,146	6.9

		Taiwan: 10.8%
609,315		Chailease Holding Co. Ltd.		4,275,225	1.3
305,000		Delta Electronics, Inc.		2,274,158	0.7

See Accompanying Notes to Financial Statements

VY^® JPMORGAN EMERGING
MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)(CONTINUED)

Shares				Value	Percentage of Net Assets

COMMON STOCK: (continued)
		Taiwan: (continued)
176,000		Realtek Semiconductor Corp.	$	2,152,570	0.6
950,223		Taiwan Semiconductor Manufacturing Co., Ltd.		15,228,609	4.6
145,021		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		11,855,467	3.6
				35,786,029	10.8

		United Kingdom: 1.1%
298,766		Prudential PLC		3,716,421	1.1

		United States: 1.7%
18,813	(1)	EPAM Systems, Inc.		5,545,696	1.7
		Total Common Stock (Cost $298,182,825)		327,939,732	99.4

PREFERRED STOCK: 0.6%
		Brazil: 0.6%
376,179		Petroleo Brasileiro SA		2,006,882	0.6
		Total Preferred Stock (Cost $2,478,439)		2,006,882	0.6
		Total Long-Term Investments (Cost $300,661,264)		329,946,614	100.0

Principal Amount†			Value	Percentage of Net Assets

SHORT-TERM INVESTMENTS: 1.5%
		Repurchase Agreements: 0.9%
1,000,000	(4)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,000,042, collateralized by various U.S. Government Agency Obligations, 3.000%–5.000%, Market Value plus accrued interest $1,020,000, due 11/01/26–07/01/52)	1,000,000	0.3
1,000,000	(4)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $1,000,044, collateralized by various U.S. Government Securities, 0.000%–2.750%, Market Value plus accrued interest $1,020,001, due 07/01/22–09/09/49)	1,000,000	0.3

Principal Amount†				Value	Percentage of Net Assets

SHORT-TERM INVESTMENTS: (continued)
		Repurchase Agreements: (continued)
926,596	(4)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $926,635, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–6.875%, Market Value plus accrued interest $945,128, due 08/16/22–05/20/52)	$	926,596	0.3
		Total Repurchase Agreements (Cost $2,926,596)		2,926,596	0.9

Shares				Value		Percentage of Net Assets
		Mutual Funds: 0.6%
2,092,515	(5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%
		(Cost $2,092,515)		2,092,515		0.6
		Total Short-Term Investments (Cost $5,019,111)		5,019,111		1.5
		Total Investments in Securities (Cost $305,680,375)	$	334,965,725		101.5
		Liabilities in Excess of Other Assets		(5,090,263	)	(1.5	)
		Net Assets	$	329,875,462		100.0

†		Unless otherwise indicated, principal amount is shown in USD.
ADR		American Depositary Receipt
(1)		Non-income producing security.
(2)		Security, or a portion of the security, is on loan.
(3)		Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(4)		All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(5)		Rate shown is the 7-day yield as of June 30, 2022.

Sector Diversification	Percentage of Net Assets
Information Technology		27.3	%
Financials		25.8
Consumer Discretionary		12.7
Consumer Staples		10.0
Communication Services		7.2
Health Care		5.1
Materials		4.4
Industrials		3.8
Energy		3.0
Real Estate		0.7
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(1.5	)
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

VY^® JPMORGAN EMERGING
MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)(CONTINUED)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Common Stock
Argentina	$	7,818,810	$	—	$	—	$	7,818,810
Brazil		9,779,017		—		—		9,779,017
China		9,422,782		104,630,961		—		114,053,743
Germany		—		1,783,836		—		1,783,836
Hong Kong		—		18,718,212		—		18,718,212
India		17,767,966		54,050,550		—		71,818,516
Indonesia		—		12,811,701		—		12,811,701
Macau		—		1,615,669		—		1,615,669
Mexico		9,406,682		—		—		9,406,682
Panama		2,385,120		—		—		2,385,120
Poland		—		1,484,925		—		1,484,925
Portugal		—		2,311,855		—		2,311,855
South Africa		3,646,171		2,515,183		—		6,161,354
South Korea		—		22,742,146		—		22,742,146
Taiwan		11,855,467		23,930,562		—		35,786,029
United Kingdom		—		3,716,421		—		3,716,421
United States		5,545,696		—		—		5,545,696
Total Common Stock		77,627,711		250,312,021		—		327,939,732
Preferred Stock		2,006,882		—		—		2,006,882
Short-Term Investments		2,092,515		2,926,596		—		5,019,111
Total Investments, at fair value	$	81,727,108	$	253,238,617	$	—	$	334,965,725

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

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $306,199,256.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	82,102,607
Gross Unrealized Depreciation		(53,239,226	)
Net Unrealized Appreciation	$	28,863,381

See Accompanying Notes to Financial Statements

VY^® MORGAN STANLEY GLOBAL
FRANCHISE PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares			Value	Percentage of Net Assets

COMMON STOCK: 98.0%
	France: 5.6%
18,474	L’Oreal S.A.	$	6,414,302	1.9
11,202	LVMH Moet Hennessy Louis Vuitton SE		6,865,488	2.0
30,878	Pernod Ricard SA		5,708,588	1.7
			18,988,378	5.6

	Germany: 4.6%
168,357	SAP SE		15,345,883	4.6

	Italy: 0.4%
131,253	Davide Campari-Milano NV		1,384,686	0.4

	Netherlands: 2.2%
81,287	Heineken NV		7,398,907	2.2

	United Kingdom: 10.2%
102,072	Experian PLC		2,996,917	0.9
312,793	Reckitt Benckiser Group PLC		23,525,874	6.9
61,349	Relx PLC (EUR Exchange)		1,659,065	0.5
234,230	Relx PLC (GBP Exchange)		6,359,665	1.9
			34,541,521	10.2

	United States: 75.0%
136,292	Abbott Laboratories		14,808,126	4.4
58,898	Accenture PLC		16,353,030	4.8
42,627	Automatic Data Processing, Inc.		8,953,375	2.7
201,798	Baxter International, Inc.		12,961,486	3.8
50,926	Becton Dickinson & Co.		12,554,787	3.7
30,316	Broadridge Financial Solutions, Inc. ADR		4,321,546	1.3
112,894	Coca-Cola Co.		7,102,162	2.1
72,049	Danaher Corp.		18,265,862	5.4
30,453	Equifax, Inc.		5,566,199	1.6
19,096	Estee Lauder Cos., Inc.		4,863,178	1.4
83,457	Fidelity National Information Services, Inc.		7,650,503	2.3
131,159	Intercontinental Exchange, Inc.		12,334,192	3.7
115,120	Microsoft Corp.		29,566,270	8.8
12,853	Moody’s Corp.		3,495,630	1.0
43,313	Nike, Inc.—Class B		4,426,589	1.3
71,202	Otis Worldwide Corp.		5,031,845	1.5

Shares				Value	Percentage of Net Assets

COMMON STOCK: (continued)
		United States: (continued)
255,707		Philip Morris International, Inc.	$	25,248,509	7.5
78,999		Procter & Gamble Co.		11,359,266	3.4
17,693		Roper Technologies, Inc.		6,982,542	2.1
3,605		STERIS Public Ltd. Co.		743,171	0.2
29,717		Thermo Fisher Scientific, Inc.		16,144,652	4.8
102,098		Visa, Inc. — Class A		20,102,075	6.0
23,122		Zoetis, Inc.		3,974,441	1.2
				252,809,436	75.0
		Total Common Stock (Cost $257,067,022)		330,468,811	98.0
SHORT-TERM INVESTMENTS: 1.2%
		Mutual Funds: 1.2%
4,097,446	(1)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $4,097,446)		4,097,446	1.2
		Total Short-Term Investments (Cost $4,097,446)		4,097,446	1.2
		Total Investments in Securities (Cost $261,164,468)	$	334,566,257	99.2
		Assets in Excess of Other Liabilities		2,605,543	0.8
		Net Assets	$	337,171,800	100.0

ADR		American Depositary Receipt
(1)		Rate shown is the 7-day yield as of June 30, 2022.

Sector Diversification	Percentage of Net Assets
Information Technology		32.4	%
Consumer Staples		27.6
Health Care		23.6
Industrials		6.4
Financials		4.7
Consumer Discretionary		3.3
Short-Term Investments		1.2
Assets in Excess of Other Liabilities		0.8
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Common Stock
France	$	—	$	18,988,378	$	—	$	18,988,378
Germany		—		15,345,883		—		15,345,883

See Accompanying Notes to Financial Statements

VY^® MORGAN STANLEY GLOBAL
FRANCHISE PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)


Asset Table: (continued)
Investments, at fair value: (continued)
Common Stock: (continued)
Italy	$	—	$	1,384,686	$	—	$	1,384,686
Netherlands		—		7,398,907		—		7,398,907
United Kingdom		—		34,541,521		—		34,541,521
United States		252,809,436		—		—		252,809,436
Total Common Stock		252,809,436		77,659,375		—		330,468,811
Short-Term Investments		4,097,446		—		—		4,097,446
Total Investments, at fair value	$	256,906,882	$	77,659,375	$	—	$	334,566,257

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

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $262,151,322.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	88,053,606
Gross Unrealized Depreciation		(15,628,445	)
Net Unrealized Appreciation	$	72,425,161

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares				Value	Percentage of Net Assets

COMMON STOCK: 66.9%
		Communication Services: 3.3%
40,858	(1),(2)	Alphabet, Inc. — Class A	$	89,040,205	1.2
54,840	(2)	Alphabet, Inc. — Class C		119,959,758	1.6
217,995	(2)	Meta Platforms, Inc.		35,151,694	0.5
				244,151,657	3.3

		Consumer Discretionary: 7.3%
2,379,124	(1),(2)	Amazon.com, Inc.		252,686,760	3.4
631,827	(1)	Starbucks Corp.		48,265,264	0.7
2,097,872		Yum! Brands, Inc.		238,129,451	3.2
				539,081,475	7.3

		Consumer Staples: 0.7%
1,494,527	(3)	Keurig Dr Pepper, Inc.		52,891,311	0.7

		Energy: 0.5%
138,000		EOG Resources, Inc.		15,240,720	0.2
103,700		Pioneer Natural Resources Co.		23,133,396	0.3
				38,374,116	0.5

		Financials: 7.6%
1,187,716		Intercontinental Exchange, Inc.		111,692,813	1.5
632,120		Marsh & McLennan Cos., Inc.		98,136,630	1.3
174,678		MSCI, Inc. — Class A		71,993,538	1.0
1,221,113		PNC Financial Services Group, Inc.		192,654,998	2.6
255,873		S&P Global, Inc.		86,244,553	1.2
				560,722,532	7.6

		Health Care: 15.1%
877,064		Alcon, Inc.		61,501,095	0.8
1,202,117	(2)	Avantor, Inc.		37,385,839	0.5
19,975		Baxter International, Inc.		1,282,994	0.0
598,523	(1)	Becton Dickinson & Co.		147,553,875	2.0
445,049	(2)	Catalent, Inc.		47,749,307	0.6
18,849		Cooper Cos., Inc.		5,901,999	0.1
786,460		Danaher Corp.		199,383,339	2.7
9,280	(1),(2)	Embecta Corp.		234,970	0.0
109,000	(2)	Hologic, Inc.		7,553,700	0.1
67,265		Humana, Inc.		31,484,728	0.4
1,202,886	(3)	PerkinElmer, Inc.		171,074,447	2.3
195,509		Teleflex, Inc.		48,065,888	0.7
399,708		Thermo Fisher Scientific, Inc.		217,153,362	2.9
280,387		UnitedHealth Group, Inc.		144,015,175	2.0
				1,120,340,718	15.1

		Industrials: 9.7%
4,582,737	(2)	Aurora Innovation, Inc.		8,753,028	0.1
43,663		Equifax, Inc.		7,980,723	0.1
2,946,594		Fortive Corp.		160,235,782	2.2
3,545,995		General Electric Co.		225,773,501	3.0
2,590,376		Ingersoll Rand, Inc.		109,003,022	1.5
1,251,501		TransUnion		100,107,565	1.4
863,724		Waste Connections, Inc.		107,067,227	1.4
				718,920,848	9.7

Shares				Value	Percentage of Net Assets

COMMON STOCK: (continued)
		Information Technology: 21.0%
1,579,237		Apple, Inc.	$	215,913,283	2.9
110,000		Mastercard, Inc. —Class A		34,702,800	0.5
2,001,111	(1)	Microsoft Corp.		513,945,338	6.9
485,900		Nvidia Corp.		73,657,581	1.0
745,684		NXP Semiconductor NV — NXPI — US		110,383,602	1.5
260,840		Roper Technologies, Inc.		102,940,506	1.4
573,064	(2)	Salesforce, Inc.		94,578,483	1.3
1,534,561		TE Connectivity Ltd.		173,635,577	2.3
121,971	(2)	Teledyne Technologies, Inc.		45,752,542	0.6
847,279		Texas Instruments, Inc.		130,184,418	1.8
281,000	(1),(3)	Visa, Inc. — Class A		55,326,090	0.8
				1,551,020,220	21.0

		Materials: 0.3%
68,910		Linde PLC		19,813,692	0.3

		Utilities: 1.4%
665,618		Ameren Corp.		60,145,242	0.8
518,385		CMS Energy Corp.		34,990,988	0.5
131,700	(1)	Public Service Enterprise Group, Inc.		8,333,976	0.1
				103,470,206	1.4
		Total Common Stock (Cost $5,139,759,314)		4,948,786,775	66.9

PREFERRED STOCK: 1.1%
		Consumer Discretionary: 0.5%
413,251	(2),(4), (5)	Waymo LLC., Series A-2		37,904,208	0.5

		Financials: 0.0%
23,000	(2),(6)	Charles Schwab Corp. — Series D		573,850	0.0

		Utilities: 0.6%
567,335	(2),(6)	CMS Energy Corp. (10/15/2078)		13,230,252	0.2
715,085	(2),(6)	CMS Energy Corp. (3/1/2079)		17,033,325	0.2
171,087	(2),(6), (7)	NiSource, Inc. — Series B		4,465,371	0.1
385,287	(2),(6), (7)	SCE Trust IV		7,744,269	0.1
				42,473,217	0.6
		Total Preferred Stock (Cost $82,029,556)		80,951,275	1.1

Principal Amount†				Value	Percentage of Net Assets

CORPORATE BONDS/NOTES: 7.5%
		Communications: 1.6%
9,330,000	(8)	Altice France Holding SA, 10.500%, 05/15/2027		7,847,090	0.1
45,000	(8)	Arches Buyer, Inc., 4.250%, 06/01/2028		36,765	0.0

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†				Value	Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Communications: (continued)
45,653,000	(3),(8)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028	$	42,281,754	0.6
44,545,000	(8)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027		42,183,670	0.6
2,125,000	(3),(8)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026		2,077,156	0.0
600,000		Lamar Media Corp., 3.625%, 01/15/2031		492,027	0.0
3,610,000	(3)	Lamar Media Corp., 3.750%, 02/15/2028		3,209,723	0.0
7,450,000	(3),(8)	Photo Holdings Merger Sub, Inc., 8.500%, 10/01/2026		5,636,000	0.1
12,390,000	(3),(8)	Sirius XM Radio, Inc., 5.000%, 08/01/2027		11,520,903	0.2
385,000	(8)	T-Mobile USA, Inc., 3.375%, 04/15/2029		337,993	0.0
2,605,000	(8)	Twitter, Inc., 5.000%, 03/01/2030		2,475,714	0.0
				118,098,795	1.6

		Consumer, Cyclical: 3.1%
13,970,000	(3)	Cedar Fair L.P., 5.250%, 07/15/2029		12,339,613	0.2
16,455,000	(3)	Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 04/15/2027		15,616,618	0.2
5,665,000	(8)	Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.500%, 05/01/2025		5,508,986	0.1
10,835,000		Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.500%, 10/01/2028		10,299,593	0.1
3,708,000	(3),(8)	Clarios Global L.P. / Clarios US Finance Co., 6.250%, 05/15/2026		3,574,809	0.1
2,719,000	(8)	Clarios Global L.P. / Clarios US Finance Co., 6.750%, 05/15/2025		2,696,949	0.0
11,970,000	(3),(8)	Clarios Global L.P. / Clarios US Finance Co., 8.500%, 05/15/2027		11,593,544	0.2
11,023,679	(8)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025		10,721,751	0.1
7,010,000	(3),(8)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028		6,627,202	0.1
1,030,000	(8)	Hilton Domestic Operating Co., Inc., 3.625%, 02/15/2032		820,570	0.0
540,000	(3),(8)	Hilton Domestic Operating Co., Inc., 4.000%, 05/01/2031		450,365	0.0
615,000	(8)	Hilton Domestic Operating Co., Inc., 5.375%, 05/01/2025		604,237	0.0

Principal Amount†				Value	Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Consumer, Cyclical: (continued)
250,000	(3)	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 04/01/2027	$	235,845	0.0
29,491,000	(8)	KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 06/01/2027		28,413,251	0.4
9,459,000	(8)	Life Time, Inc., 5.750%, 01/15/2026		8,508,370	0.1
595,000	(8)	Live Nation Entertainment, Inc., 4.875%, 11/01/2024		569,335	0.0
1,864,000		Marriott International, Inc./MD, 3.125%, 06/15/2026		1,781,104	0.0
7,550,000	(8)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027		7,442,979	0.1
34,751,000	(8)	Six Flags Entertainment Corp., 4.875%, 07/31/2024		33,091,118	0.4
21,402,000	(3),(8)	Six Flags Entertainment Corp., 5.500%, 04/15/2027		19,449,282	0.3
11,039,000	(3),(8)	Six Flags Theme Parks, Inc., 7.000%, 07/01/2025		11,194,815	0.2
2,169,638		United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025		2,131,283	0.0
1,213,017		US Airways 2010-1 Class A Pass Through Trust, 6.250%, 10/22/2024		1,208,146	0.0
290,820		US Airways 2012-2 Class A Pass Through Trust, 4.625%, 12/03/2026		267,879	0.0
1,626,411		US Airways 2013-1 Class A Pass Through Trust, 3.950%, 05/15/2027		1,482,783	0.0
2,409,000		Yum! Brands, Inc., 3.625%, 03/15/2031		2,029,173	0.0
4,082,000	(3)	Yum! Brands, Inc., 3.875%, 11/01/2023		4,065,080	0.1
3,687,000		Yum! Brands, Inc., 4.625%, 01/31/2032		3,267,770	0.0
2,175,000	(8)	Yum! Brands, Inc., 4.750%, 01/15/2030		1,977,706	0.0
13,525,000		Yum! Brands, Inc., 5.350%, 11/01/2043		11,235,229	0.2
6,017,000		Yum! Brands, Inc., 5.375%, 04/01/2032		5,564,401	0.1
5,885,000		Yum! Brands, Inc., 6.875%, 11/15/2037		5,984,662	0.1
				230,754,448	3.1

		Consumer, Non-cyclical: 0.7%
1,115,000	(3),(8)	Avantor Funding, Inc., 3.875%, 11/01/2029		976,824	0.0
11,430,000	(3),(8)	Avantor Funding, Inc., 4.625%, 07/15/2028		10,507,942	0.2
3,051,000	(3),(8)	Catalent Pharma Solutions, Inc., 3.125%, 02/15/2029		2,507,337	0.1
1,605,000	(8)	Catalent Pharma Solutions, Inc., 3.500%, 04/01/2030		1,311,589	0.0

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†				Value	Percentage of Net Assets

		Consumer, Non-cyclical: (continued)
875,000	(8)	Catalent Pharma Solutions, Inc., 5.000%, 07/15/2027	$	824,758	0.0
2,100,000	(8)	CoreLogic, Inc., 4.500%, 05/01/2028		1,620,381	0.0
1,240,000	(8)	Gartner, Inc., 3.625%, 06/15/2029		1,076,432	0.0
1,510,000	(8)	Gartner, Inc., 3.750%, 10/01/2030		1,287,992	0.0
770,000	(3),(8)	Gartner, Inc., 4.500%, 07/01/2028		708,400	0.0
11,184,000	(8)	Hadrian Merger Sub, Inc., 8.500%, 05/01/2026		10,648,622	0.2
1,115,000	(8)	Hologic, Inc., 3.250%, 02/15/2029		956,135	0.0
2,355,000	(3),(8)	IQVIA, Inc., 5.000%, 05/15/2027		2,234,153	0.0
2,345,000	(8)	Korn Ferry, 4.625%, 12/15/2027		2,109,116	0.0
7,390,000	(3),(8)	Surgery Center Holdings, Inc., 10.000%, 04/15/2027		7,167,929	0.1
700,000	(8)	Teleflex, Inc., 4.250%, 06/01/2028		633,640	0.0
6,015,000		Teleflex, Inc., 4.625%, 11/15/2027		5,558,762	0.1
				50,130,012	0.7

		Financial: 1.3%
12,600,000	(8)	Acrisure LLC / Acrisure Finance, Inc., 7.000%, 11/15/2025		11,367,562	0.2
2,230,000	(8)	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 4.250%, 10/15/2027		1,933,210	0.0
3,366,000	(3),(8)	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 5.875%, 11/01/2029		2,797,668	0.0
4,275,000	(8)	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.750%, 10/15/2027		3,804,836	0.1
3,510,000	(8)	AmWINS Group, Inc., 4.875%, 06/30/2029		2,878,841	0.1
2,790,000	(3),(8)	HUB International Ltd., 5.625%, 12/01/2029		2,308,189	0.0
44,850,000	(8)	HUB International Ltd., 7.000%, 05/01/2026		42,264,622	0.6
480,000	(8)	Ryan Specialty Group LLC, 4.375%, 02/01/2030		418,200	0.0
1,285,000		SBA Communications Corp., 3.125%, 02/01/2029		1,054,876	0.0
4,745,000		SBA Communications Corp., 3.875%, 02/15/2027		4,342,363	0.1
2,214,000	(7)	State Street Corp., 5.426%, 12/31/2199		2,166,421	0.0
18,125,000	(3),(8)	USI, Inc./NY, 6.875%, 05/01/2025		17,515,275	0.2
				92,852,063	1.3

Principal Amount†				Value	Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Industrial: 0.6%
23,480,000	(7)	General Electric Co., 5.159%, 12/31/2199	$	20,661,226	0.3
3,185,000		Howmet Aerospace, Inc., 3.000%, 01/15/2029		2,643,152	0.1
1,500,000		Lennox International, Inc., 3.000%, 11/15/2023		1,484,846	0.0
2,540,000	(8)	Sensata Technologies BV, 4.000%, 04/15/2029		2,159,737	0.0
5,100,000	(3),(8)	Sensata Technologies BV, 5.000%, 10/01/2025		4,904,440	0.1
1,430,000	(8)	Sensata Technologies BV, 5.625%, 11/01/2024		1,413,669	0.0
1,240,000	(3),(8)	Sensata Technologies, Inc., 3.750%, 02/15/2031		996,005	0.0
3,230,000	(8)	TK Elevator US Newco, Inc., 5.250%, 07/15/2027		2,885,359	0.1
655,000		TransDigm UK Holdings PLC, 6.875%, 05/15/2026		611,685	0.0
2,100,000		TransDigm, Inc., 5.500%, 11/15/2027		1,788,549	0.0
2,100,000	(8)	TransDigm, Inc., 6.250%, 03/15/2026		2,030,763	0.0
940,000		TransDigm, Inc., 6.375%, 06/15/2026		880,780	0.0
				42,460,211	0.6

		Technology: 0.1%
2,021,000	(8)	Black Knight InfoServ LLC, 3.625%, 09/01/2028		1,765,990	0.0
1,520,000	(8)	Booz Allen Hamilton, Inc., 3.875%, 09/01/2028		1,347,640	0.0
3,309,000	(8)	Clarivate Science Holdings Corp., 3.875%, 07/01/2028		2,774,459	0.1
1,280,000	(3),(8)	Clarivate Science Holdings Corp., 4.875%, 07/01/2029		1,054,739	0.0
195,000	(3),(8)	MSCI, Inc., 3.250%, 08/15/2033		155,805	0.0
3,025,000	(8)	MSCI, Inc., 3.625%, 09/01/2030		2,527,128	0.0
430,000	(8)	MSCI, Inc., 3.625%, 11/01/2031		354,794	0.0
40,000	(3),(8)	MSCI, Inc., 3.875%, 02/15/2031		34,316	0.0
1,250,000	(3),(8)	MSCI, Inc., 4.000%, 11/15/2029		1,110,987	0.0
200,000		Twilio, Inc., 3.625%, 03/15/2029		168,523	0.0
				11,294,381	0.1

		Utilities: 0.1%
9,465,000	(3),(7)	NiSource, Inc., 5.650%, 12/31/2199		8,565,537	0.1
		Total Corporate Bonds/Notes (Cost $591,696,077)		554,155,447	7.5

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value	Percentage of Net Assets

U.S. TREASURY OBLIGATIONS: 8.1%
	U.S. Treasury Notes: 8.1%
193,881,400	1.500%,01/31/2027	$	181,048,117	2.5
282,261,300	1.875%,02/28/2027		267,955,284	3.6
152,567,700	2.500%,03/31/2027		148,872,701	2.0
	Total U.S. Treasury Obligations (Cost $617,651,984)		597,876,102	8.1

BANK LOANS: 14.4%
	Aerospace & Defense: 0.2%
13,955,175	SkyMiles IP Ltd. 2020 Skymiles Term Loan B, 4.750%, (US0003M + 3.750%), 10/20/2027		13,841,789	0.2

	Business Equipment & Services: 0.4%
32,118,600	Ascend Learning, LLC 2021 Term Loan, 5.166%, (US0001M + 3.500%), 12/11/2028		29,790,001	0.4
2,788,925	Polaris Newco LLC USD Term Loan B, 5.666%, (US0001M + 4.000%), 06/02/2028		2,583,677	0.0
			32,373,678	0.4

	Communications: 0.0%
3,682,534	Mega Broadband Investments TL B 1L, 5.313%, (US0001M + 3.000%), 11/12/2027		3,486,899	0.0

	Consumer, Cyclical: 1.4%
258,609	Cedar Fair L.P., 3.753%, (US0003M + 1.750%), 04/13/2024		254,191	0.0
37,950,000	Formula One TL B3 1L, 4.166%, (US0003M + 2.500%), 02/01/2024		37,062,236	0.5
2,815,504	Four Seasons Hotels Ltd. — TL B 1L, 4.277%, (US0003M + 2.000%), 11/30/2023		2,788,227	0.0
10,841,724	Insprire Brands TL B 1L, 3.756%, (US0001M + 2.750%), 02/05/2025		10,313,190	0.1
3,731,830	Life Time, Inc. — TL B 1L, 6.383%, (US0001M + 4.750%), 12/22/2024		3,633,869	0.1
41,685,000	Mileage Plus Holdings LLC 2020 Term Loan B, 6.250%, (US0003M + 5.250%), 06/21/2027		41,404,919	0.6
8,237,855	SeaWorld Parks & Entertainment, Inc. TL B 1L, 4.633%, (US0001M + 3.000%), 08/25/2028		7,766,238	0.1
3,283,438	WellPet — TL B 1L, 5.813%, (US0003M + 3.750%), 12/21/2027		3,078,223	0.0
			106,301,093	1.4

	Consumer, Non-cyclical: 1.7%
22,502,436	ADMI Corp., 5.463%, (US0001M + 3.500%), 12/23/2027		20,657,236	0.3

Principal Amount†			Value	Percentage of Net Assets

BANK LOANS: (continued)
	Consumer, Non-cyclical: (continued)
704,951	Avantor Funding, Inc. TL B4 1L, 3.713%, (US0001M + 2.000%), 11/21/2024	$	701,250	0.0
1,040,000	CoreLogic, Inc. TL 2L, 7.563%, (US0001M + 6.500%), 04/13/2029		764,400	0.0
17,646,650	CoreLogic, Inc. TL B 1L, 5.188%, (US0001M + 3.500%), 06/02/2028		14,664,366	0.2
1,662,343	Eyecare Partners LLC TL 1L, 5.362%, (US0001M + 3.750%), 02/20/2027		1,536,282	0.0
1,500,000	Eyecare Partners LLC TL 1L, 6.000%, (US0001M + 3.750%), 10/14/2028		1,384,688	0.0
30,084,255	Heartland Dental LLC — TL 1L, 5.085%, (US0003M + 3.750%), 04/30/2025		28,015,962	0.4
20,564,053	Loire Finco Luxembourg Sarl — TL B 1L, 4.916%, (US0003M + 3.250%), 01/24/2027		19,433,030	0.3
2,486,213	Pacific Dental Services TL B 1L, 4.759%, (US0001M + 3.500%), 04/20/2028		2,389,872	0.1
2,139,206	Pathway Vet Alliance LLC TL B 1L, 6.000%, (US0001M + 3.750%), 03/31/2027		1,992,136	0.0
7,901,821	PetVet Care Centers LLC, 4.649%, (US0003M + 3.250%), 02/14/2025		7,394,785	0.1
655,000	PetVet Care Centers LLC 2021 2L, 7.310%, (US0001M + 6.250%), 02/13/2026		641,081	0.0
2,103,895	PetVet Care Centers LLC TL 1L, 4.416%, (US0003M + 2.750%), 02/14/2025		1,968,895	0.0
23,235,715	Sunshine Luxembourg VII Sarl — TL B 1L, 6.000%, (US0003M + 4.250%), 07/17/2026		21,580,170	0.3
			123,124,153	1.7

	Electronics/Electrical: 1.5%
114,108,075	Ultimate Software Group Inc (The) 2021 Term Loan, 3.750%, (US0003M + 3.250%), 05/04/2026		109,115,847	1.5

	Financial: 4.1%
4,287,600	Acrisure, LLC 2021 Incremental Term Loan B, 5.416%, (US0001M + 3.750%), 02/15/2027		4,026,772	0.0
20,887,000	Alliant Holdings Intermediate, LLC Term Loan B 1L, 4.916%, (US0003M + 3.000%), 05/09/2025		19,738,215	0.3
27,923,649	Howden Group Holdings Ltd. — TL B 1L, 4.963%, (US0001M + 3.250%), 11/12/2027		26,352,944	0.3

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value	Percentage of Net Assets

BANK LOANS: (continued)
	Financial: (continued)
82,466,476	HUB International Ltd.—TL B3 1L, 4.348%, (US0003M + 3.250%), 04/25/2025	$	78,320,227	1.1
128,344,021	HUB International Ltd. TL B 1L, 4.214%, (US0001M + 3.000%), 04/25/2025		121,570,280	1.6
6,636,332	Ryan Specialty Group, LLC TL B 1L, 3.800%, (US0001M + 3.250%), 07/23/2027		6,404,061	0.1
52,926,341	USI Inc/NY—TL B 1L, 5.250%, (US0003M + 3.000%), 05/16/2024		50,776,208	0.7
			307,188,707	4.1

	Food Products: 0.1%
11,544,102	IRB Holding Corp 2022 Term Loan B, 4.238%, (SOFRRATE + 3.150%), 12/15/2027		11,015,001	0.1

	Health Care: 1.2%
9,875,000	ADMI Corp. 2021 Term Loan B2, 5.041%, (US0001M + 3.375%), 12/23/2027		9,013,406	0.1
2,796,750	Heartland Dental, LLC 2021 Incremental Term Loan, 5.642%, (US0001M + 4.000%), 04/30/2025		2,628,945	0.0
65,126,775	Medline Borrower, LP USD Term Loan B, 4.916%, (US0001M + 3.250%), 10/23/2028		60,521,400	0.8
12,384,076	PetVet Care Centers, LLC 2021 Term Loan B3, 5.166%, (US0001M + 3.500%), 02/14/2025		11,713,267	0.2
3,865,064	Press Ganey Holdings, Inc. 2021 Term Loan B, 4.500%, (US0003M + 3.750%), 07/24/2026		3,623,498	0.1
2,455,000	Press Ganey Holdings, Inc. 2022 Incremental Term Loan, 4.900%, (SOFRRATE + 3.750%), 07/24/2026		2,301,563	0.0
			89,802,079	1.2

	Industrial: 0.7%
^EUR 9,341,374	Filtration Group — TL B 1L, 3.500%, (US0003M + 3.000%), 03/29/2025		9,006,188	0.1
5,386,434	Filtration Group Corp. 2018 1st Lien Term Loan, 4.060%, (US0003M + 3.000%), 03/31/2025		5,114,419	0.1
7,922,993	Filtration Group Corporation 2021 Incremental Term Loan, 5.142%, (US0001M + 3.500%), 10/21/2028		7,427,806	0.1

Principal Amount†			Value	Percentage of Net Assets
��
BANK LOANS: (continued)
	Industrial: (continued)
27,464,405	TK Elevator US NewCo, Inc. TL B 1L, 4.019%, (US0001M + 3.500%), 07/30/2027	$	25,816,541	0.4
3,265,000	Welbilt, Inc. 2018 Term Loan B 1L, 4.166%, (US0003M + 2.500%), 10/23/2025		3,224,187	0.0
			50,589,141	0.7

	Insurance: 0.9%
31,052,477	Alliant Holdings Intermediate, LLC 2021 Term Loan B4, 5.009%, (US0001M + 3.500%), 11/06/2027		28,956,435	0.4
9,451,117	Alliant Holdings Intermediate, LLC Term Loan B, 4.916%, (US0001M + 3.250%), 05/09/2025		8,945,085	0.1
1,738,908	Applied Systems, Inc. 2021 2nd Lien Term Loan, 6.250%, (US0003M + 5.500%), 09/19/2025		1,685,292	0.0
26,788,750	USI, Inc. 2019 Incremental Term Loan B, 3.382%, (US0003M + 3.250%), 12/02/2026		25,424,185	0.4
			65,010,997	0.9

	Lodging & Casinos: 0.1%
4,637,677	Arches Buyer Inc. 2021 Term Loan B, 4.916%, (US0001M + 3.250%), 12/06/2027		4,243,474	0.1

	Technology: 2.1%
21,164,780	Applied Systems, Inc. 2017 1st Lien Term Loan, 6.750%, (US0003M + 3.250%), 09/19/2024		20,379,927	0.3
4,575,000	Ascend Learning LLC TL B 2L, 7.463%, (US0001M + 3.500%), 11/18/2029		4,174,687	0.1
31,484,783	Athenahealth, Inc. 2022 Term Loan, 5.009%, (SOFRRATE + 3.500%), 01/27/2029		29,060,454	0.4
16,232,153	Clarivate / Camelot Finance SA TL B 1L, 4.666%, (US0003M + 3.000%), 10/31/2026		15,374,900	0.2
24,922,003	Emerald TopCo Inc Term Loan, 3.656%, (US0001M + 3.500%), 07/24/2026		23,270,921	0.3
13,321,399	Entegris, Inc. 2022 Term Loan B, 4.500%, (SOFRRATE + 3.000%), 03/02/2029		12,932,854	0.2
2,897,281	Project Boost Purchaser LLC, 5.213%, (US0001M + 3.500%), 05/30/2026		2,698,093	0.0
31,358,909	RealPage, Inc. Term Loan B 1L, 4.916%, (US0001M + 3.000%), 04/24/2028		29,022,670	0.4

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†				Value	Percentage of Net Assets

BANK LOANS: (continued)
		Technology: (continued)
1,125,000		RealPage, Inc. Term Loan B 2L, 7.560%, (US0003M + 3.250%), 02/17/2029	$	1,068,750	0.0
5,260,250		Sophia L.P. TL B 1L, 5.152%, (US0001M + 3.500%), 10/07/2027		4,924,909	0.1
2,273,333		Sophia LP 2022 TL 1L, 4.950%, (SOFRRATE + 4.250%), 10/07/2027		2,171,033	0.0
1,596,000		Storable, Inc. 2021 TL B 1L, 5.009%, (TSFR1M + 3.250%), 04/17/2028		1,502,901	0.0
5,385,000		UKG, Inc. TL 2L, 6.212%, (US0001M + 6.750%), 05/03/2027		5,001,319	0.1
2,803,125		Ultimate Software Group, Inc. — TL 1L, 5.416%, (US0003M + 3.750%), 05/04/2026		2,649,954	0.0
				154,233,372	2.1
		Total Bank Loans (Cost $1,127,502,557)		1,070,326,230	14.4

ASSET-BACKED SECURITIES: 0.2%
		Other Asset-Backed Securities: 0.2%
7,825,648	(8)	Domino’s Pizza Master Issuer LLC 2017-1A A23, 4.118%, 07/25/2047		7,505,190	0.1
7,324,350	(8)	Domino’s Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048		7,169,326	0.1
3,626,525	(8)	Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049		3,293,975	0.0
		Total Asset-Backed Securities (Cost $18,693,677)		17,968,491	0.2

CONVERTIBLE BONDS/NOTES: 0.2%
		Communications: 0.1%
4,300,000		Shopify, Inc., 0.125%, 11/01/2025		3,601,250	0.0
7,236,000	(9)	Spotify USA, Inc., 6.420%, 03/15/2026		5,745,384	0.1
				9,346,634	0.1
6,452,000	(9)	Snap, Inc., 7.730%, 05/01/2027		4,500,270	0.1
		Total Convertible Bonds/Notes (Cost $15,938,901)		13,846,904	0.2
		Total Long-Term Investments (Cost $7,593,272,066)		7,283,911,224	98.4

SHORT-TERM INVESTMENTS: 4.1%
		Commercial Paper: 0.1%
5,695,000	(10)	Liberty Street Funding LLC, 1.550%, 07/01/2022 (Cost $5,694,755)		5,694,755	0.1

		Floating Rate Notes: 0.1%
600,000	(10)	ANZ Bank, 1.620%, 07/13/2022		600,003	0.0

Principal Amount†				Value	Percentage of Net Assets

SHORT-TERM INVESTMENTS: (continued)
		Floating Rate Notes: (continued)
750,000	(10)	Bank of America N.A., 1.620%, 07/06/2022	$	749,997	0.1
475,000	(10)	Bank of Nova Scotia, 1.650%, 07/12/2022		475,008	0.0
725,000	(10)	Cooperatieve Rabobank U.A./New York, 1.640%, 07/11/2022		725,012	0.0
725,000	(10)	Credit Industriel et Commercial, 1.640%, 07/05/2022		725,010	0.0
350,000	(10)	Credit Industriel et Commercial, 1.650%, 07/07/2022		350,006	0.0
725,000	(10)	Natixis SA, 1.630%, 07/11/2022		725,010	0.0
750,000	(10)	Skandinaviska Enskilda Banken AB, 1.650%, 07/20/2022		749,988	0.0
725,000	(10)	Svenska Handelsbanken AB, 1.640%, 07/11/2022		725,010	0.0
		Total Floating Rate Notes (Cost $5,825,044)		5,825,044	0.1

		Repurchase Agreements: 2.0%
3,248,013	(10)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/22, 1.54%, due 07/01/22 (Repurchase Amount $3,248,150, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–5.000%, Market Value plus accrued interest $3,312,973, due 09/15/26–07/01/52)		3,248,013	0.1
3,703,834	(10)	Bethesda Securities LLC, Repurchase Agreement dated 06/30/22, 1.58%, due 07/01/22 (Repurchase Amount $3,703,994, collateralized by various U.S. Government Agency Obligations, 2.000%–5.500%, Market Value plus accrued interest $3,814,949, due 04/01/23–05/01/52)		3,703,834	0.1
30,302,217	(10)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $30,303,504, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–9.000%, Market Value plus accrued interest $30,908,261, due 08/01/22–01/20/68)		30,302,217	0.4

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†				Value	Percentage of Net Assets

SHORT-TERM INVESTMENTS: (continued)
		Repurchase Agreements: (continued)
9,364,573	(10)	CF Secured LLC, Repurchase Agreement dated 06/30/22, 1.48%–1.55%, due 07/01/22 (Repurchase Amount $9,364,961, collateralized by various U.S. Gov’t/U.S. Gov‘t Agency Obligations, 0.000%–4.610%, Market Value plus accrued interest $9,551,865, due 09/15/22–07/20/67)	$	9,364,573	0.1
16,937,339	(10)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $16,938,058, collateralized by various U.S. Government Securities, 0.000%–7.250%, Market Value plus accrued interest $17,276,962, due 07/21/22-05/15/52)		16,937,339	0.2
9,212,183	(10)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $9,212,562, collateralized by various U.S. Government Securities, 0.000%–3.250%, Market Value plus accrued interest $9,396,427, due 12/29/22–06/30/27)		9,212,183	0.1
10,378,717	(10)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $10,379,169, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%–8.250%, Market Value plus accrued interest $10,586,759, due 08/01/22-02/20/72)		10,378,717	0.1
43,748,789	(10)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $43,750,695, collateralized by various U.S. Government Securities, 0.000%–2.750%, Market Value plus accrued interest $44,623,798, due 07/01/22–09/09/49)		43,748,789	0.6

Principal Amount†				Value	Percentage of Net Assets

SHORT-TERM INVESTMENTS: (continued)
		Repurchase Agreements: (continued)
19,852,459	(10)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $19,853,302, collateralized by various U.S. Government Securities, 0.125%–3.875%, Market Value plus accrued interest $20,249,539, due 01/15/25–02/15/51)	$	19,852,459	0.3
		Total Repurchase Agreements (Cost $146,748,124)		146,748,124	2.0

		Time Deposits: 0.6%
5,350,000	(10)	Barclays Bank PLC, 1.590%, 07/01/2022		5,350,000	0.1
5,340,000	(10)	Canadian Imperial Bank of Commerce, 1.550%, 07/01/2022		5,340,000	0.1
5,290,000	(10)	DZ Bank AG, 1.550%, 07/01/2022		5,290,000	0.1
4,980,000	(10)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022		4,980,000	0.0
5,330,000	(10)	Mizuho Bank Ltd., 1.570%, 07/01/2022		5,330,000	0.1
5,360,000	(10)	Royal Bank of Canada, 1.570%, 07/01/2022		5,360,000	0.1
4,600,000	(10)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022		4,600,000	0.0
5,380,000	(10)	Societe Generale, 1.550%, 07/01/2022		5,380,000	0.1
5,270,000	(10)	Toronto-Dominion Bank, 1.560%, 07/01/2022		5,270,000	0.0
		Total Time Deposits (Cost $46,900,000)		46,900,000	0.6

Shares			Value	Percentage of Net Assets
		Mutual Funds: 1.3%
3,555,000	(10), (11)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%	3,555,000	0.0
3,695,000	(10), (11)	Goldman Sachs Financial Square Government Fund — Institutional Shares, 1.380%	3,695,000	0.0
5,037,000	(10), (11)	Morgan Stanley Institutional Liquidity Funds — Government Portfolio (Institutional Share Class), 1.380%	5,037,000	0.1

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets

SHORT-TERM INVESTMENTS: (continued)
		Mutual Funds: (continued)
85,717,285	(11)	T. Rowe Price Government Reserve Fund, 1.340%	$	85,717,285		1.2
		Total Mutual Funds (Cost $98,004,285)		98,004,285		1.3
		Total Short-Term Investments (Cost $303,172,208)		303,172,208		4.1
		Total Investments in Securities (Cost $7,896,444,274)	$	7,587,083,432		102.5
		Liabilities in Excess of Other Assets		(188,279,570	)	(2.5	)
		Net Assets	$	7,398,803,862		100.0

†		Unless otherwise indicated, principal amount is shown in USD.
(1)		All or a portion of this security is pledged to cover open written call options at June 30, 2022.
(2)		Non-income producing security.
(3)		Security, or a portion of the security, is on loan.
(4)		For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(5)		Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2022, the Portfolio held restricted securities with a fair value of $37,904,208 or 0.5% of net assets. Please refer to the table below for additional details.
(6)		Preferred Stock may be called prior to convertible date.
(7)		Variable rate security. Rate shown is the rate in effect as of June 30, 2022.
(8)		Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(9)		Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2022.
(10)		All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(11)		Rate shown is the 7-day yield as of June 30, 2022.

Currency Abbreviations:

EUR EU Euro

Reference Rate Abbreviations:

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

Investment Type Allocation
as of June 30, 2022
(as a percentage of net assets)

Common Stock	66.9	%
Bank Loans	14.4	%
U.S. Treasury Obligations	8.1	%
Corporate Bonds/Notes	7.5	%
Preferred Stock	1.1	%
Asset-Backed Securities	0.2	%
Convertible Bonds/Notes	0.2	%
Assets in Excess of Other Liabilities ,*	1.6	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Common Stock
Communication Services	$	244,151,657	$	—	$	—	$	244,151,657
Consumer Discretionary		539,081,475		—		—		539,081,475
Consumer Staples		52,891,311		—		—		52,891,311
Energy		38,374,116		—		—		38,374,116
Financials		560,722,532		—		—		560,722,532
Health Care		1,058,839,623		61,501,095		—		1,120,340,718
Industrials		718,920,848		—		—		718,920,848
Information Technology		1,551,020,220		—		—		1,551,020,220
Materials		19,813,692		—		—		19,813,692
Utilities		103,470,206		—		—		103,470,206
Total Common Stock		4,887,285,680		61,501,095		—		4,948,786,775
Preferred Stock		43,047,067		—		37,904,208		80,951,275
Corporate Bonds/Notes		—		554,155,447		—		554,155,447
Bank Loans		—		1,070,326,230		—		1,070,326,230
Asset-Backed Securities		—		17,968,491		—		17,968,491

See Accompanying Notes to Financial Statements

VY^®T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (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 June 30, 2022
Asset Table (continued)
Investments, at fair value (continued)
Convertible Bonds/Notes	$	—	$	13,846,904		$	—	$	13,846,904
U.S. Treasury Obligations		—		597,876,102			—		597,876,102
Short-Term Investments		98,004,285		205,167,923			—		303,172,208
Total Investments, at fair value	$	5,028,337,032	$	2,520,842,192		$	37,904,208	$	7,587,083,432
Liabilities Table
Other Financial Instruments+
Written Options	$	—	$	(7,163,851	)	$	—	$	(7,163,851	)
Total Liabilities	$	—	$	(7,163,851	)	$	—	$	(7,163,851	)

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

At June 30, 2022, VY^® T. Rowe Price Capital Appreciation Portfolio held the following restricted securities:

Security		Acquisition Date		Acquisition Cost					Fair Value
Waymo LLC., Series A-2		5/8/2020			$	35,484,706			$	37,904,208
					$	35,484,706			$	37,904,208

At June 30, 2022, the following OTC written equity options were outstanding for VY^® T. Rowe Price Capital Appreciation Portfolio:

Description	Counterparty	Put/ Call	Expiration Date		Exercise Price		Number of Contracts			Notional Amount		Premiums Received		Fair Value
Alphabet, Inc. — Class A	Goldman Sachs & Co.	Call	01/20/23	USD		3,200.000		20	USD		4,358,520	$	361,940	$	(35,398	)
Alphabet, Inc. — Class A	Goldman Sachs & Co.	Call	01/20/23	USD		3,300.000		20	USD		4,358,520		309,940		(27,022	)
Alphabet, Inc. — Class A	Goldman Sachs & Co.	Call	01/20/23	USD		3,400.000		20	USD		4,358,520		260,940		(20,732	)
Alphabet, Inc. — Class A	Goldman Sachs & Co.	Call	01/20/23	USD		3,500.000		20	USD		4,358,520		221,940		(15,979	)
Amazon.com, Inc.	Citigroup Global Markets	Call	01/20/23	USD		225.000		11	USD		2,336,620		314,360		(3,279	)
Amazon.com, Inc.	Citigroup Global Markets	Call	01/20/23	USD		230.000		11	USD		2,336,620		287,609		(2,878	)
Amazon.com, Inc.	Citigroup Global Markets	Call	01/20/23	USD		235.000		11	USD		2,336,620		263,240		(2,504	)
Amazon.com, Inc.	Citigroup Global Markets	Call	01/20/23	USD		240.000		11	USD		2,336,620		240,834		(2,180	)
Amazon.com, Inc.	Citigroup Global Markets	Call	01/20/23	USD		245.000		11	USD		2,336,620		220,353		(1,936	)
Amazon.com, Inc.	Citigroup Global Markets	Call	01/20/23	USD		250.000		11	USD		2,336,620		201,633		(1,694	)
Amazon.com, Inc.	Citigroup Global Markets	Call	01/20/23	USD		255.000		11	USD		2,336,620		184,617		(1,502	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		180.000		15	USD		3,186,300		351,211		(20,207	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		185.000		15	USD		3,186,300		303,894		(16,780	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		190.000		15	USD		3,186,300		260,805		(14,006	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		200.000		9	USD		1,911,780		306,198		(5,929	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		205.000		10	USD		2,124,200		305,438		(5,521	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		210.000		9	USD		1,911,780		247,703		(4,273	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		215.000		9	USD		1,911,780		223,212		(3,613	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		220.000		9	USD		1,911,780		200,072		(3,144	)
Amazon.com, Inc.	Goldman Sachs & Co.	Call	01/20/23	USD		225.000		10	USD		2,124,200		199,590		(2,981	)
Amazon.com, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD		175.000		68	USD		14,444,560		1,289,604		(111,923	)
Amazon.com, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD		190.000		26	USD		5,522,920		552,630		(24,277	)
Amazon.com, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD		195.000		25	USD		5,310,500		450,225		(19,331	)
Amazon.com, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD		200.000		25	USD		5,310,500		389,075		(16,470	)
Amazon.com, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD		205.000		26	USD		5,522,920		342,966		(14,354	)
Amazon.com, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD		210.000		26	USD		5,522,920		289,770		(12,343	)
Apple, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD		170.000		640	USD		8,750,080		419,654		(230,265	)
Apple, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD		170.000		191	USD		2,611,352		153,213		(68,720	)
Apple, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD		175.000		640	USD		8,750,080		345,338		(180,489	)
Apple, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD		175.000		191	USD		2,611,352		125,048		(53,865	)
Apple, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD		180.000		191	USD		2,611,352		100,796		(42,090	)

See Accompanying Notes to Financial Statements

VY^®T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Description	Counterparty	Put/ Call	Expiration Date						Premiums Received		Fair Value
Apple, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD	180.000	640	USD	8,750,080	$	283,994	$	(141,035	)
Becton Dickinson & Co.	Goldman Sachs & Co.	Call	01/20/23	USD	260.000	152	USD	3,824,229		373,741		(249,736	)
Becton Dickinson & Co.	Goldman Sachs & Co.	Call	01/20/23	USD	280.000	156	USD	3,924,866		249,842		(151,944	)
Becton Dickinson & Co.	Goldman Sachs & Co.	Call	01/20/23	USD	290.000	156	USD	3,924,866		205,524		(114,660	)
General Electric Company	Wells Fargo Securities, LLC	Call	01/20/23	USD	110.000	693	USD	4,412,331		576,929		(7,919	)
General Electric Company	Wells Fargo Securities, LLC	Call	01/20/23	USD	110.000	50	USD	318,350		43,588		(571	)
General Electric Company	Wells Fargo Securities, LLC	Call	01/20/23	USD	110.000	819	USD	5,214,573		672,456		(9,358	)
General Electric Company	Wells Fargo Securities, LLC	Call	01/20/23	USD	85.000	1,185	USD	7,544,895		694,078		(164,071	)
General Electric Company	Wells Fargo Securities, LLC	Call	01/20/23	USD	90.000	1,185	USD	7,544,895		505,865		(100,179	)
General Electric Company	Wells Fargo Securities, LLC	Call	01/20/23	USD	95.000	1,185	USD	7,544,895		354,208		(60,501	)
Hologic, Inc.	Citigroup Global Markets	Call	01/20/23	USD	85.000	545	USD	3,776,850		205,852		(75,341	)
Hologic, Inc.	Citigroup Global Markets	Call	01/20/23	USD	90.000	545	USD	3,776,850		128,713		(43,746	)
Humana, Inc.	Citigroup Global Markets	Call	01/20/23	USD	520.000	82	USD	3,838,174		122,868		(179,431	)
Humana, Inc.	Citigroup Global Markets	Call	01/20/23	USD	530.000	82	USD	3,838,174		103,915		(153,556	)
Humana, Inc.	Citigroup Global Markets	Call	01/20/23	USD	540.000	82	USD	3,838,174		82,501		(130,940	)
Keurig Dr Pepper, Inc.	Citigroup Global Markets	Call	01/20/23	USD	40.000	1,196	USD	4,232,644		170,956		(86,233	)
Keurig Dr Pepper, Inc.	Citigroup Global Markets	Call	01/20/23	USD	42.000	1,196	USD	4,232,644		105,643		(41,914	)
Meta Platforms, Inc.	JPMorgan Chase Bank N.A.	Call	09/16/22	USD	345.000	108	USD	1,741,500		420,530		(501	)
Meta Platforms, Inc.	JPMorgan Chase Bank N.A.	Call	09/16/22	USD	360.000	108	USD	1,741,500		361,867		(348	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	330.000	108	USD	2,773,764		191,984		(38,859	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	330.000	126	USD	3,236,058		186,181		(45,336	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	330.000	126	USD	3,236,058		185,100		(45,336	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	340.000	119	USD	3,056,277		241,622		(30,741	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	340.000	126	USD	3,236,058		156,440		(32,549	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	340.000	126	USD	3,236,058		157,080		(32,549	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	340.000	267	USD	6,857,361		540,843		(68,973	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	340.000	108	USD	2,773,764		162,832		(27,899	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	350.000	126	USD	3,236,058		131,560		(23,463	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	350.000	126	USD	3,236,058		132,978		(23,463	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	350.000	108	USD	2,773,764		137,458		(20,111	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	350.000	267	USD	6,857,361		460,113		(49,720	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	350.000	119	USD	3,056,277		207,035		(22,160	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	360.000	119	USD	3,056,277		176,257		(15,886	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	360.000	267	USD	6,857,361		389,903		(35,644	)
Microsoft Corp.	Citigroup Global Markets	Call	01/20/23	USD	365.000	264	USD	6,780,312		351,270		(29,536	)
Microsoft Corp.	Credit Suisse Securities (USA) LLC	Call	01/20/23	USD	320.000	733	USD	18,825,639		978,555		(362,583	)
Microsoft Corp.	Credit Suisse Securities (USA) LLC	Call	01/20/23	USD	330.000	223	USD	5,727,309		262,971		(80,237	)
Microsoft Corp.	Credit Suisse Securities (USA) LLC	Call	01/20/23	USD	335.000	223	USD	5,727,309		230,894		(68,324	)
Microsoft Corp.	Credit Suisse Securities (USA) LLC	Call	01/20/23	USD	340.000	223	USD	5,727,309		209,511		(57,607	)
Microsoft Corp.	Credit Suisse Securities (USA) LLC	Call	01/20/23	USD	345.000	223	USD	5,727,309		181,437		(49,156	)
Microsoft Corp.	Credit Suisse Securities (USA) LLC	Call	01/20/23	USD	350.000	223	USD	5,727,309		160,052		(41,526	)
Microsoft Corp.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD	350.000	387	USD	9,939,321		590,949		(72,066	)
Microsoft Corp.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD	355.000	388	USD	9,965,004		538,156		(61,052	)
Microsoft Corp.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD	360.000	387	USD	9,939,321		486,459		(51,664	)
Microsoft Corp.	Susquehanna International Group LLP	Call	01/20/23	USD	320.000	192	USD	4,931,136		341,299		(94,974	)
Microsoft Corp.	Susquehanna International Group LLP	Call	01/20/23	USD	320.000	192	USD	4,931,136		366,591		(94,974	)
Microsoft Corp.	Susquehanna International Group LLP	Call	01/20/23	USD	330.000	192	USD	4,931,136		310,840		(69,083	)
Microsoft Corp.	Susquehanna International Group LLP	Call	01/20/23	USD	330.000	192	USD	4,931,136		290,433		(69,083	)
Microsoft Corp.	Susquehanna International Group LLP	Call	01/20/23	USD	340.000	192	USD	4,931,136		262,769		(49,598	)
Microsoft Corp.	Susquehanna International Group LLP	Call	01/20/23	USD	340.000	192	USD	4,931,136		247,482		(49,598	)
Microsoft Corp.	Susquehanna International Group LLP	Call	01/20/23	USD	350.000	192	USD	4,931,136		222,390		(35,754	)
Microsoft Corp.	Susquehanna International Group LLP	Call	01/20/23	USD	350.000	192	USD	4,931,136		208,136		(35,754	)
PNC Financial Services Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	220.000	149	USD	2,328,766		193,697		(11,394	)

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Description	Counterparty	Put/ Call	Expiration Date						Premiums Received		Fair Value
PNC Financial Services Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	220.000	212	USD	3,313,412	$	282,416	$	(16,211	)
PNC Financial Services Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	220.000	44	USD	687,689		56,782		(3,365	)
PNC Financial Services Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	220.000	129	USD	2,016,180		167,292		(9,864	)
PNC Financial Services Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	230.000	129	USD	2,016,180		131,685		(6,504	)
PNC Financial Services Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	230.000	149	USD	2,328,766		153,214		(7,513	)
PNC Financial Services Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	230.000	44	USD	687,689		44,879		(2,219	)
PNC Financial Services Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	230.000	212	USD	3,313,411		223,582		(10,690	)
PNC Financial Services Group, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD	190.000	317	USD	4,954,488		290,689		(103,889	)
PNC Financial Services Group, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD	195.000	317	USD	4,954,488		241,554		(80,591	)
PNC Financial Services Group, Inc.	JPMorgan Chase Bank N.A.	Call	01/20/23	USD	200.000	317	USD	4,954,488		198,759		(62,607	)
Public Service Enterprise Group, Inc.	Bank of America N.A.	Call	07/15/22	USD	65.000	439	USD	2,777,992		135,313		(19,696	)
Public Service Enterprise Group, Inc.	Bank of America N.A.	Call	07/15/22	USD	70.000	439	USD	2,777,992		54,879		(442	)
Public Service Enterprise Group, Inc.	Bank of America N.A.	Call	07/15/22	USD	75.000	439	USD	2,777,992		14,553		(19	)
Starbucks Corp.	Goldman Sachs & Co.	Call	01/20/23	USD	100.000	449	USD	3,429,911		380,303		(50,064	)
Starbucks Corp.	Goldman Sachs & Co.	Call	01/20/23	USD	100.000	439	USD	3,353,521		400,298		(48,949	)
Starbucks Corp.	Goldman Sachs & Co.	Call	01/20/23	USD	105.000	449	USD	3,429,911		299,483		(32,206	)
Starbucks Corp.	Goldman Sachs & Co.	Call	01/20/23	USD	105.000	439	USD	3,353,521		310,145		(31,489	)
Starbucks Corp.	Goldman Sachs & Co.	Call	01/20/23	USD	97.500	449	USD	3,429,911		420,713		(62,645	)
Starbucks Corp.	Goldman Sachs & Co.	Call	01/20/23	USD	97.500	439	USD	3,353,521		449,510		(61,249	)
Thermo Fisher Scientific, Inc.	Citigroup Global Markets	Call	01/20/23	USD	640.000	154	USD	8,366,512		412,949		(246,329	)
UnitedHealth Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	540.000	292	USD	14,997,996		789,857		(958,870	)
UnitedHealth Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	560.000	164	USD	8,423,532		431,536		(403,383	)
UnitedHealth Group, Inc.	Citigroup Global Markets	Call	01/20/23	USD	580.000	164	USD	8,423,532		325,433		(293,613	)
Yum! Brands, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD	145.000	235	USD	2,667,485		68,357		(30,633	)
Yum! Brands, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD	145.000	101	USD	1,146,451		33,027		(13,166	)
Yum! Brands, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD	150.000	101	USD	1,146,451		19,291		(10,017	)
Yum! Brands, Inc.	Wells Fargo Securities, LLC	Call	01/20/23	USD	150.000	235	USD	2,667,485		49,613		(23,307	)
									$	31,664,307	$	(7,163,851	)

Currency Abbreviations
USD – United States Dollar

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Written options, at fair value	$	7,163,851
Total Liability Derivatives		$	7,163,851

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

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

Derivatives not accounted for as hedging instruments	Written options
Equity contracts		$	45,230,467
Total		$	45,230,467

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

Derivatives not accounted for as hedging instruments	Written options
Equity contracts		$	109,296,808
Total		$	109,296,808

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 June 30, 2022:

	Bank of America N.A.			Citigroup Global Markets			Credit Suisse Securities (USA) LLC			Goldman Sachs & Co.			JPMorgan Chase Bank N.A.			Susquehanna International Group LLP			Wells Fargo Securities, LLC			Totals
Liabilities:
Written options	$	20,156		$	3,239,314		$	659,433		$	978,527		$	1,149,181		$	498,819		$	618,421		$	7,163,851
Total Liabilities	$	20,156		$	3,239,314		$	659,433		$	978,527		$	1,149,181		$	498,819		$	618,421		$	7,163,851
Net OTC derivative instruments by counterparty, at fair value	$	(20,156	)	$	(3,239,314	)	$	(659,433	)	$	(978,527	)	$	(1,149,181	)	$	(498,819	)	$	(618,421	)	$	(7,163,851	)
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure⁽¹⁾	$	(20,156	)	$	(3,239,314	)	$	(659,433	)	$	(978,527	)	$	(1,149,181	)	$	(498,819	)	$	(618,421	)	$	(7,163,851	)

⁽¹⁾

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $7,881,208,832.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	269,322,387
Gross Unrealized Depreciation		(570,301,036	)
Net Unrealized Depreciation	$	(300,978,649	)

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares			Value

COMMON STOCK: 97.1%
		Communication Services: 5.1%
47,301		AT&T, Inc.	$	991,429	0.3
113,726		Comcast Corp. — Class A		4,462,608	1.3
35,712		Fox Corp. — Class B		1,060,646	0.3
13,600	(1)	Meta Platforms, Inc.		2,193,000	0.6
275,208		News Corp — Class A		4,287,741	1.2
10,405		Verizon Communications, Inc.		528,054	0.2
40,438	(1)	Walt Disney Co.		3,817,347	1.1
15,942	(1)	Warner Bros Discovery, Inc.		213,942	0.1
				17,554,767	5.1

		Consumer Discretionary: 3.6%
7,000		Best Buy Co., Inc.		456,330	0.1
51,364		Kohl’s Corp.		1,833,181	0.5
72,431	(1)	Las Vegas Sands Corp.		2,432,957	0.7
115,441	(1)	Mattel, Inc.		2,577,798	0.8
41,200		TJX Cos., Inc.		2,301,020	0.7
213,472		Volkswagen AG ADR		2,828,504	0.8
				12,429,790	3.6

		Consumer Staples: 7.1%
19,200		Coca-Cola Co.		1,207,872	0.3
156,509		Conagra Brands, Inc.		5,358,868	1.6
42,440		Kimberly-Clark Corp.		5,735,766	1.7
6,700		Mondelez International, Inc.		416,003	0.1
51,337		Philip Morris International, Inc.		5,069,016	1.5
49,682		Tyson Foods, Inc.		4,275,633	1.2
19,511		Walmart, Inc.		2,372,147	0.7
				24,435,305	7.1

		Energy: 7.6%
4,974		Chevron Corp.		720,136	0.2
21,900		Enbridge, Inc.		925,494	0.3
32,917		EOG Resources, Inc.		3,635,353	1.1
49,551		Exxon Mobil Corp.		4,243,547	1.2
17,972		Hess Corp.		1,903,954	0.5
16,786		Occidental Petroleum Corp.		988,360	0.3
3,376		Targa Resources Corp.		201,446	0.1
76,086	(2)	TC Energy Corp.		3,942,016	1.1
181,736		TotalEnergies SE ADR		9,566,583	2.8
				26,126,889	7.6

		Financials: 19.8%
148,413		American International Group, Inc.		7,588,357	2.2
10,000		Apollo Global Management, Inc.		484,800	0.1
48,818		Bank of America Corp.		1,519,704	0.4
7,400		Bank of New York Mellon Corp.		308,654	0.1
25,772		Charles Schwab Corp.		1,628,275	0.5
33,119		Chubb Ltd.		6,510,533	1.9
39,300		Citigroup, Inc.		1,807,407	0.5
190,781		Equitable Holdings, Inc.		4,973,661	1.5
100,372		Fifth Third Bancorp		3,372,499	1.0

Shares			Value

COMMON STOCK: (contiuned)
		Financials: (continued)
12,551	(2)	Franklin Resources, Inc.	$	292,564	0.1
15,100		Goldman Sachs Group, Inc.		4,485,002	1.3
25,800		Hartford Financial Services Group, Inc.		1,688,094	0.5
325,352		Huntington Bancshares, Inc.		3,913,985	1.1
17,007		JPMorgan Chase & Co.		1,915,158	0.6
83,442		Loews Corp.		4,944,773	1.4
2,487		Marsh & McLennan Cos., Inc.		386,107	0.1
77,601		Metlife, Inc.		4,872,567	1.4
33,542		Morgan Stanley		2,551,204	0.7
6,654		PNC Financial Services Group, Inc.		1,049,802	0.3
3,030		Raymond James Financial, Inc.		270,912	0.1
52,843		State Street Corp.		3,257,771	1.0
265,962		Wells Fargo & Co.		10,417,731	3.0
				68,239,560	19.8

		Health Care: 17.8%
49,115		AbbVie, Inc.		7,522,453	2.2
29,143		AstraZeneca PLC ADR		1,925,478	0.6
24,015		Becton Dickinson & Co.		5,920,418	1.7
3,600	(1)	Biogen, Inc.		734,184	0.2
33,400		Cardinal Health, Inc.		1,745,818	0.5
30,247	(1)	Centene Corp.		2,559,199	0.8
13,215		Cigna Corp.		3,482,417	1.0
50,370		CVS Health Corp.		4,667,284	1.4
16,171		Elevance Health, Inc.		7,803,801	2.3
6,083		Gilead Sciences, Inc.		375,990	0.1
19,187		GSK PLC		413,511	0.1
31,326		Johnson & Johnson		5,560,678	1.6
46,636		Medtronic PLC		4,185,581	1.2
37,142		Merck & Co., Inc.		3,386,236	1.0
86,876		Pfizer, Inc.		4,554,909	1.3
75,115		Sanofi ADR		3,758,004	1.1
23,738		Zimmer Biomet Holdings, Inc.		2,493,914	0.7
				61,089,875	17.8

		Industrials: 9.9%
4,200		3M Co.		543,522	0.2
17,524	(1)	Boeing Co.		2,395,881	0.7
3,400		Cummins, Inc.		658,002	0.2
10,247		Flowserve Corp.		293,372	0.1
120,149		General Electric Co.		7,649,887	2.2
26,360		L3Harris Technologies, Inc.		6,371,212	1.8
19,025		Nielsen Holdings PLC		441,761	0.1
17,160		Paccar, Inc.		1,412,954	0.4
44,239		Siemens AG ADR		2,259,728	0.7
23,262	(1)	Southwest Airlines Co.		840,223	0.2
3,700		Stanley Black & Decker, Inc.		387,982	0.1
54,915	(1)	Stericycle, Inc.		2,408,023	0.7

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares			Value

COMMON STOCK: (contiuned)
		Industrials: (continued)
46,921		United Parcel Service, Inc. — Class B	$	8,564,959	2.5
				34,227,506	9.9

		Information Technology: 7.5%
25,438		Applied Materials, Inc.		2,314,349	0.7
31,680		Cisco Systems, Inc.		1,350,835	0.4
19,700		Citrix Systems, Inc.		1,914,249	0.5
26,800	(1)	Fiserv, Inc.		2,384,396	0.7
18,018		Microsoft Corp.		4,627,563	1.3
4,848		NXP Semiconductor NV — NXPI — US		717,649	0.2
63,825		Qualcomm, Inc.		8,153,006	2.4
8,400		TE Connectivity Ltd.		950,460	0.3
22,521		Texas Instruments, Inc.		3,460,352	1.0
				25,872,859	7.5

		Materials: 5.3%
13,201		Akzo Nobel NV		863,321	0.3
77,598		CF Industries Holdings, Inc.		6,652,477	1.9
4,822		DuPont de Nemours, Inc.		268,007	0.1
30,398		International Flavors & Fragrances, Inc.		3,621,010	1.1
140,080		International Paper Co.		5,859,546	1.7
10,800		RPM International, Inc.		850,176	0.2
				18,114,537	5.3

		Real Estate: 4.4%
74,130		Equity Residential		5,353,668	1.6
76,065		Rayonier, Inc.		2,843,310	0.8
9,900		Vornado Realty Trust		283,041	0.1
13,100		Welltower, Inc.		1,078,785	0.3
166,890		Weyerhaeuser Co.		5,527,397	1.6
				15,086,201	4.4

		Utilities: 9.0%
26,874		Ameren Corp.		2,428,335	0.7
50,746		Dominion Energy, Inc.		4,050,038	1.2
23,480		NextEra Energy, Inc.		1,818,761	0.5
125,520		NiSource, Inc.		3,701,585	1.1
21,900	(1)	PG&E Corp.		218,562	0.1
47,923		Sempra Energy		7,201,389	2.1
137,747		Southern Co.		9,822,738	2.8
24,800		Xcel Energy, Inc.		1,754,848	0.5
				30,996,256	9.0
		Total Common Stock (Cost $274,249,578)		334,173,545	97.1

PREFERRED STOCK: 1.5%
		Health Care: 0.4%
26,624	(1)	Becton Dickinson and Co.		1,316,823	0.4

		Utilities: 1.1%
23,003	(1)	NextEra Energy, Inc.		1,142,099	0.3
10,753	(1)	NiSource, Inc.		1,222,831	0.3

Shares			Value

PREFERRED STOCK: (contiuned)
		Utilities: (continued)
30,331	(1)	Southern Co/The	$	1,606,936	0.5
				3,971,866	1.1
		Total Preferred Stock (Cost $5,056,360)		5,288,689	1.5
		Total Long-Term Investments (Cost $279,305,938)		339,462,234	98.6

Principal Amount†				Value

SHORT-TERM INVESTMENTS: 0.7%
		Repurchase Agreements: 0.1%
337,652	(3)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $337,667, collateralized by various U.S. Government Securities, 0.000%–2.750%, Market Value plus accrued interest $344,405, due 07/01/22–09/09/49) (Cost $337,652)	$	337,652	0.1

Shares			Value
		Mutual Funds: 0.6%
1,910,681	(4)	T. Rowe Price Government Reserve Fund, 1.340% (Cost $1,910,681)		1,910,681	0.6
		Total Short-Term Investments (Cost $2,248,333)		2,248,333	0.7
		Total Investments in Securities (Cost $281,554,271)	$	341,710,567	99.3
		Assets in Excess of Other Liabilities		2,353,877	0.7
		Net Assets	$	344,064,444	100.0

†		Unless otherwise indicated, principal amount is shown in USD.
ADR		American Depositary Receipt
(1)		Non-income producing security.
(2)		Security, or a portion of the security, is on loan.
(3)		All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(4)		Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services	$	17,554,767	$	—	$ —	$	17,554,767
Consumer Discretionary		12,429,790		—	—		12,429,790
Consumer Staples		24,435,305		—	—		24,435,305
Energy		26,126,889		—	—		26,126,889
Financials		68,239,560		—	—		68,239,560
Health Care		60,676,364		413,511	—		61,089,875
Industrials		34,227,506		—	—		34,227,506
Information Technology		25,872,859		—	—		25,872,859
Materials		17,251,216		863,321	—		18,114,537
Real Estate		15,086,201		—	—		15,086,201
Utilities		30,996,256		—	—		30,996,256
Total Common Stock		332,896,713		1,276,832	—		334,173,545
Preferred Stock		5,288,689		—	—		5,288,689
Short-Term Investments		1,910,681		337,652	—		2,248,333
Total Investments, at fair value	$	340,096,083	$	1,614,484	$ —	$	341,710,567

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

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $282,562,650.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	74,147,452
Gross Unrealized Depreciation		(14,999,530	)
Net Unrealized Appreciation	$	59,147,922

See Accompanying Notes to Financial Statements

VY^®T. ROWE PRICE
INTERNATIONAL STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares				Value	Percentage of Net Assets

COMMON STOCK: 94.2%
		Austria: 0.0%
542		Erste Group Bank AG	$	13,773	0.0

		Brazil: 1.6%
468,621		Magazine Luiza SA		211,322	0.2
88,238	(1)	Rede D’Or Sao Luiz SA		488,783	0.3
120,236		Suzano SA		1,144,361	0.7
35,765	(2)	XP, Inc.		642,339	0.4
				2,486,805	1.6

		Canada: 6.8%
39,800		Canadian Pacific Railway Ltd. — US		2,779,632	1.7
844		Constellation Software, Inc./Canada		1,252,932	0.8
9,320		Definity Financial Corp.		240,892	0.2
3,437	(2)	Descartes Systems Group, Inc./The		213,300	0.1
18,440	(2)	Shopify, Inc.		576,066	0.4
16,626		Sun Life Financial, Inc.		761,810	0.5
31,321	(2)	TELUS International CDA, Inc.		785,945	0.5
25,520		TMX Group Ltd.		2,597,203	1.6
13,356		Waste Connections, Inc.		1,655,610	1.0
				10,863,390	6.8

		China: 5.5%
23,038	(2)	Alibaba Group Holding Ltd. BABA ADR		2,618,960	1.7
8,984	(2)	Baidu, Inc. ADR		1,336,190	0.8
119,750	(1),(2)	JD Health International, Inc. — H Shares		947,931	0.6
7,382	(2)	Kanzhun Ltd. ADR		193,999	0.1
4,000		Silergy Corp.		323,437	0.2
32,600		Tencent Holdings Ltd.		1,475,644	0.9
47,439	(2)	Trip.com Group Ltd. ADR		1,302,201	0.8
61,000	(1),(2)	Wuxi Biologics Cayman, Inc.		565,191	0.4
				8,763,553	5.5

		Denmark: 0.7%
3,353	(2)	Genmab A/S		1,087,863	0.7

		France: 8.5%
18,390		Dassault Aviation SA		2,871,846	1.8
19,778		EssilorLuxottica SA		2,998,609	1.9
3,490		Kering SA		1,808,620	1.1
1,088		LVMH Moet Hennessy Louis Vuitton SE		666,814	0.4
8,930		Safran S.A.		889,124	0.5
21,448		Sanofi		2,162,955	1.4
17,593		Thales S.A.		2,160,026	1.4
				13,557,994	8.5

		Germany: 6.5%
18,559		Bayer AG		1,108,281	0.7
10,326		Beiersdorf AG		1,059,630	0.7
19,153	(2)	Daimler Truck Holding AG		504,414	0.3
10,223		Deutsche Boerse AG		1,716,723	1.1
140,504		Deutsche Telekom AG		2,794,532	1.8
43,191	(2)	Evotec AG		1,046,903	0.7
27,531		Infineon Technologies AG		669,709	0.4
13,407		Knorr-Bremse AG		767,888	0.5

Shares				Value	Percentage of Net Assets

COMMON STOCK: (continued)
		Germany: (continued)
35,849	(1),(2)	TeamViewer AG	$	358,496	0.2
9,291	(1),(2)	Zalando SE		244,750	0.1
				10,271,326	6.5

		Hong Kong: 2.2%
313,000		AIA Group Ltd.		3,420,016	2.2

		India: 5.3%
205,904	(2)	Axis Bank Ltd.		1,667,837	1.1
103,902		Housing Development Finance Corp.		2,874,627	1.8
29,366		Kotak Mahindra Bank Ltd.		621,084	0.4
9,563		Maruti Suzuki India Ltd.		1,030,776	0.6
1,260,538		NTPC Ltd.		2,284,103	1.4
				8,478,427	5.3

		Indonesia: 2.2%
4,606,300		Bank Central Asia Tbk PT		2,242,991	1.4
17,697,300		Sarana Menara Nusantara Tbk PT		1,307,462	0.8
				3,550,453	2.2

		Italy: 1.4%
166,429		Banca Mediolanum SpA		1,098,053	0.7
6,588		DiaSorin SpA		866,396	0.5
25,448	(2)	Ermenegildo Zegna Holditalia SpA		268,476	0.2
				2,232,925	1.4

		Japan: 14.4%
38,600	(3)	Chugai Pharmaceutical Co., Ltd.		987,407	0.6
61,800		Daiichi Sankyo Co., Ltd.		1,571,728	1.0
5,600		Daikin Industries Ltd.		899,131	0.6
2,800		Disco Corp.		666,293	0.4
59,000		Fujitsu General Ltd.		1,171,544	0.7
4,600		Hikari Tsushin, Inc.		472,888	0.3
16,800		Hoshizaki Corp.		500,739	0.3
1,900		Keyence Corp.		651,583	0.4
23,500		Murata Manufacturing Co., Ltd.		1,279,042	0.8
80,700		Nippon Telegraph & Telephone Corp.		2,318,767	1.5
58,900		NTT Data Corp.		817,110	0.5
71,500		Otsuka Holdings Co. Ltd.		2,552,315	1.6
77,300		Outsourcing, Inc.		591,231	0.4
42,300		Pan Pacific International Holdings Corp.		674,399	0.4
60,800		Persol Holdings Co. Ltd.		1,110,093	0.7
48,600		Seven & I Holdings Co., Ltd.		1,885,700	1.2
24,600		Shimadzu Corp.		779,710	0.5
14,200		Sony Group Corp.		1,158,106	0.7
43,200		Stanley Electric Co., Ltd.		709,204	0.5
28,500		Suzuki Motor Corp.		895,981	0.6
386,700		Z Holdings Corp.		1,124,552	0.7
				22,817,523	14.4

		Netherlands: 7.2%
380	(1),(2)	Adyen NV		548,392	0.3
35,139		Akzo Nobel NV		2,298,027	1.5
6,421		ASML Holding NV		3,033,537	1.9

See Accompanying Notes to Financial Statements

VY^®T. ROWE PRICE
INTERNATIONAL STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares				Value	Percentage of Net Assets

COMMON STOCK: (continued)
		Netherlands: (continued)
57,053		Koninklijke Philips NV	$	1,223,708	0.8
1,905		NXP Semiconductor NV — NXPI — US		281,997	0.2
56,474		Prosus NV		3,656,913	2.3
4,222	(1),(2)	Shop Apotheke Europe NV		377,145	0.2
				11,419,719	7.2

		Philippines: 0.4%
39,995		SM Investments Corp.		569,127	0.4

		Portugal: 1.9%
180,593		Galp Energia SGPS SA		2,113,126	1.3
40,966		Jeronimo Martins SGPS SA		888,079	0.6
				3,001,205	1.9

		Russia: —%
5,115	(2),(4)	TCS Group Holding PLC GDR		—	—

		South Africa: 0.4%
5,720		Capitec Bank Holdings Ltd.		701,045	0.4

		South Korea: 2.9%
1,163		LG Household & Health Care Ltd.		611,036	0.4
10,490		NAVER Corp.		1,956,664	1.2
44,931		Samsung Electronics Co., Ltd. 005930		1,981,788	1.3
				4,549,488	2.9

		Spain: 1.3%
18,023	(2)	Amadeus IT Group SA		1,009,187	0.6
54,844		Fluidra SA		1,115,911	0.7
				2,125,098	1.3

		Sweden: 1.9%
39,684		Assa Abloy AB		846,858	0.5
37,056		Essity AB		968,665	0.6
10,772	(2)	Olink Holding AB ADR		163,734	0.1
82,753		Swedbank AB		1,049,523	0.7
				3,028,780	1.9

		Switzerland: 8.6%
24,576		Alcon, Inc.		1,723,307	1.1
533		Barry Callebaut AG		1,192,545	0.7
52,452		Julius Baer Group Ltd.		2,433,253	1.5
3,184		Lonza Group AG		1,700,694	1.1
29,542		Nestle SA		3,452,655	2.2
1,826		Partners Group		1,649,055	1.0
6,189	(1)	PolyPeptide Group AG		423,294	0.3
3,111		Roche Holding AG-GENUSSCHEIN		1,040,007	0.7
				13,614,810	8.6

		Taiwan: 3.6%
354,000		Taiwan Semiconductor Manufacturing Co., Ltd.		5,673,329	3.6

Shares				Value	Percentage of Net Assets

COMMON STOCK: (continued)
		Thailand: 0.7%
655,500		CP ALL PCL — Foreign	$	1,113,610	0.7

		United Arab Emirates: 0.4%
262,456	(1),(2)	Network International Holdings PLC		603,193	0.4

		United Kingdom: 8.4%
13,731		Ashtead Group PLC		577,644	0.4
39,138		AstraZeneca PLC ADR		2,585,847	1.6
2,500	(2)	Atlassian Corp. PLC		468,500	0.3
291,019	(2)	boohoo Group PLC		195,944	0.1
124,132	(1)	Bridgepoint Group PLC		365,072	0.2
49,380		Burberry Group PLC		990,636	0.6
6,803		Linde PLC		1,957,234	1.3
22,516		London Stock Exchange Group PLC		2,101,007	1.3
125,802		Smith & Nephew PLC		1,759,314	1.1
52,319		Unilever PLC		2,376,359	1.5
				13,377,557	8.4

		United States: 1.4%
4,157		Accenture PLC		1,154,191	0.7
3,428		Mastercard, Inc. — Class A		1,081,466	0.7
				2,235,657	1.4
		Total Common Stock (Cost $149,249,128)		149,556,666	94.2

PREFERRED STOCK: 0.4%
		Germany: 0.4%
1,889		Sartorius AG		662,982	0.4
		Total Preferred Stock (Cost $569,159)		662,982	0.4
		Total Long-Term Investments (Cost $149,818,287)		150,219,648	94.6

Principal Amount†			Value	Percentage of Net Assets

SHORT-TERM INVESTMENTS: 4.6%
		Repurchase Agreements: 0.1%
217,092	(5)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/22, 1.49%, due 07/01/22 (Repurchase Amount $217,101, collateralized by various U.S. Government Securities, 0.000%–7.625%, Market Value plus accrued interest $221,434, due 07/26/22–02/15/50) (Cost $217,092)	217,092	0.1

See Accompanying Notes to Financial Statements

VY^® T. ROWE PRICE
INTERNATIONAL STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Shares				Value	Percentage of Net Assets

		Mutual Funds: 4.5%
7,108,450	(6)	T. Rowe Price Government Reserve Fund, 1.340% (Cost $7,108,450)	$	7,108,450	4.5
		Total Short-Term Investments (Cost $7,325,542)		7,325,542	4.6
		Total Investments in Securities (Cost $157,143,829)	$	157,545,190	99.2
		Assets in Excess of Other Liabilities		1,249,784	0.8
		Net Assets	$	158,794,974	100.0

†		Unless otherwise indicated, principal amount is shown in USD.
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
(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)		Non-income producing security.
(3)		Security, or a portion of the security, is on loan.

(4)		For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(5)		All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(6)		Rate shown is the 7-day yield as of June 30, 2022.

Sector Diversification
Financials	16.5	%
Information Technology	15.3
Health Care	14.9
Consumer Discretionary	13.9
Industrials	11.2
Consumer Staples	8.8
Communication Services	7.9
Materials	3.4
Utilities	1.4
Energy	1.3
Short-Term Investments	4.6
Assets in Excess of Other Liabilities	0.8
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Austria	$	—	$	13,773	$	—	$	13,773
Brazil		2,486,805		—		—		2,486,805
Canada		10,863,390		—		—		10,863,390
China		5,451,350		3,312,203		—		8,763,553
Denmark		—		1,087,863		—		1,087,863
France		—		13,557,994		—		13,557,994
Germany		—		10,271,326		—		10,271,326
Hong Kong		—		3,420,016		—		3,420,016
India		—		8,478,427		—		8,478,427
Indonesia		—		3,550,453		—		3,550,453
Italy		268,476		1,964,449		—		2,232,925
Japan		—		22,817,523		—		22,817,523
Netherlands		281,997		11,137,722		—		11,419,719
Philippines		—		569,127		—		569,127
Portugal		—		3,001,205		—		3,001,205
Russia		—		—		—		—
South Africa		—		701,045		—		701,045
South Korea		—		4,549,488		—		4,549,488
Spain		—		2,125,098		—		2,125,098
Sweden		163,734		2,865,046		—		3,028,780
Switzerland		—		13,614,810		—		13,614,810
Taiwan		—		5,673,329		—		5,673,329
Thailand		—		1,113,610		—		1,113,610
United Arab Emirates		603,193		—		—		603,193
United Kingdom		3,419,419		9,958,138		—		13,377,557
United States		2,235,657		—		—		2,235,657
Total Common Stock		25,774,021		123,782,645		—		149,556,666

See Accompanying Notes to Financial Statements

VY^®T. ROWE PRICE
INTERNATIONAL STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)


Asset Table (continued)
Investments, at fair value (continued)
Preferred Stock	$	—	$	662,982	$	—	$	662,982
Short-Term Investments		7,108,450		217,092		—		7,325,542
Total Investments, at fair value	$	32,882,471	$	124,662,719	$	—	$	157,545,190

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

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	(1,074	)
Total		$	(1,074	)

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	130
Total		$	130

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $157,891,207.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	20,782,729
Gross Unrealized Depreciation		(21,058,032	)
Net Unrealized Depreciation	$	(275,303	)

See Accompanying Notes to Financial Statements

SHAREHOLDER MEETING INFORMATION (UNAUDITED)

Proposals:

At this meeting, a proposal was submitted to approve the Agreement and Plan of Reorganization (the “Agreement”) by and among each of Voya Investors Trust, on behalf of VY^® T. Rowe Price International Stock Portfolio (“TRP International Stock Portfolio”), and Voya Variable Portfolios, Inc., on behalf of Voya International Index Portfolio (“International Index Portfolio”), providing for the reorganization of TRP International Stock Portfolio with and into International Index Portfolio.

A shareholder meeting of VY^®T. Rowe Price International Stock Portfolio was held virtually on June 28, 2022.

		Proposal		Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
VY^®T. Rowe Price International Stock Portfolio		1*		8,197,198.750		398,646.766		622,167.707		0.000		9,218,013.223

Proposal Passed

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

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

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

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

	VPSAR-VIT1AISS2 (0622-081922)

TABLE OF CONTENTS

Semi-Annual Report

June 30, 2022

Classes ADV, I, P2, R6, S and S2

Voya Investors Trust

■

Voya Balanced Income Portfolio

■

Voya High Yield Portfolio

■

Voya Large Cap Growth Portfolio

■

Voya Large Cap Value Portfolio

■

Voya Limited Maturity Bond Portfolio

■

Voya U.S. Stock Index Portfolio

■

VY® CBRE Real Estate Portfolio (formerly, VY® Clarion Real Estate Portfolio)

■

VY® JPMorgan Small Cap Core Equity 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 semi-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.

TABLE OF CONTENTS

	Shareholder Expense Examples					1
	Statements of Assets and Liabilities					3
	Statements of Operations					7
	Statements of Changes in Net Assets					9
	Financial Highlights					13
	Notes to Financial Statements					21
	Portfolios of Investments					42

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

TABLE OF CONTENTS

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TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*
Voya Balanced Income Portfolio
Class ADV		$	1,000.00		$	867.20		1.20%		$	5.56		$	1,000.00		$	1,018.84		1.20%		$	6.01
Class I			1,000.00			869.90		0.60			2.78			1,000.00			1,021.82		0.60			3.01
Class S			1,000.00			869.00		0.85			3.94			1,000.00			1,020.58		0.85			4.26
Class S2			1,000.00			868.70		1.00			4.63			1,000.00			1,019.84		1.00			5.01
Voya High Yield Portfolio
Class ADV		$	1,000.00		$	847.00		1.08%		$	4.95		$	1,000.00		$	1,019.44		1.08%		$	5.41
Class I			1,000.00			849.80		0.48			2.20			1,000.00			1,022.41		0.48			2.41
Class S			1,000.00			848.50		0.73			3.35			1,000.00			1,021.17		0.73			3.66
Class S2			1,000.00			848.00		0.88			4.03			1,000.00			1,020.43		0.88			4.41
Voya Large Cap Growth Portfolio
Class ADV		$	1,000.00		$	704.60		1.27%		$	5.37		$	1,000.00		$	1,018.50		1.27%		$	6.36
Class I			1,000.00			706.90		0.67			2.84			1,000.00			1,021.47		0.67			3.36
Class R6			1,000.00			706.70		0.67			2.84			1,000.00			1,021.47		0.67			3.36
Class S			1,000.00			706.10		0.92			3.89			1,000.00			1,020.23		0.92			4.61
Class S2			1,000.00			705.10		1.07			4.52			1,000.00			1,019.49		1.07			5.36

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Portfolio Return											Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*			Beginning Account Value January 1, 2022			Ending Account Value June 30, 2022			Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2022*
Voya Large Cap Value Portfolio
Class ADV		$	1,000.00		$	910.80		1.24%		$	5.87		$	1,000.00		$	1,018.65		1.24%		$	6.21
Class I			1,000.00			913.80		0.64			3.04			1,000.00			1,021.62		0.64			3.21
Class R6			1,000.00			913.80		0.64			3.04			1,000.00			1,021.62		0.64			3.21
Class S			1,000.00			912.20		0.89			4.22			1,000.00			1,020.38		0.89			4.46
Class S2			1,000.00			912.30		1.04			4.93			1,000.00			1,019.64		1.04			5.21
Voya Limited Maturity Bond Portfolio
Class ADV		$	1,000.00		$	959.70		0.88%		$	4.28		$	1,000.00		$	1,020.43		0.88%		$	4.41
Class I			1,000.00			963.40		0.28			1.36			1,000.00			1,023.41		0.28			1.40
Class S			1,000.00			961.60		0.53			2.58			1,000.00			1,022.17		0.53			2.66
Voya U.S. Stock Index Portfolio
Class ADV		$	1,000.00		$	797.30		0.80%		$	3.57		$	1,000.00		$	1,020.83		0.80%		$	4.01
Class I			1,000.00			799.30		0.27			1.20			1,000.00			1,023.46		0.27			1.35
Class P2			1,000.00			800.10		0.15			0.67			1,000.00			1,024.05		0.15			0.75
Class S			1,000.00			798.60		0.51			2.27			1,000.00			1,022.27		0.51			2.56
Class S2			1,000.00			797.90		0.67			2.99			1,000.00			1,021.47		0.67			3.36
VY® CBRE Real Estate Portfolio
Class ADV		$	1,000.00		$	770.70		1.28%		$	5.62		$	1,000.00		$	1,018.45		1.28%		$	6.41
Class I			1,000.00			773.10		0.68			2.99			1,000.00			1,021.42		0.68			3.41
Class S			1,000.00			772.10		0.93			4.09			1,000.00			1,020.18		0.93			4.66
Class S2			1,000.00			771.50		1.08			4.74			1,000.00			1,019.44		1.08			5.41
VY® JPMorgan Small Cap Core Equity Portfolio
Class ADV		$	1,000.00		$	781.90		1.47%		$	6.49		$	1,000.00		$	1,017.50		1.47%		$	7.35
Class I			1,000.00			783.80		0.87			3.85			1,000.00			1,020.48		0.87			4.36
Class R6			1,000.00			784.00		0.87			3.85			1,000.00			1,020.48		0.87			4.36
Class S			1,000.00			783.20		1.12			4.95			1,000.00			1,019.24		1.12			5.61
Class S2			1,000.00			782.70		1.27			5.61			1,000.00			1,018.50		1.27			6.36

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited)

	Voya Balanced Income Portfolio			Voya High Yield Portfolio			Voya Large Cap Growth Portfolio			Voya Large Cap Value Portfolio
ASSETS:
Investments in securities at fair value+*		$	244,953,238		$	382,015,232		$	3,870,694,374		$	483,787,224
Investments in affiliates at fair value**			26,604,955			—			—			—
Short-term investments at fair value†			2,030,959			43,916,348			110,325,755			10,369,352
Cash			16,291,116			1,686,252			496,460			123,538
Cash collateral for futures contracts			316,512			—			—			—
Cash pledged for centrally cleared swaps (Note 2)			320,000			—			—			—
Cash pledged as collateral for OTC derivatives (Note 2)			260,000			—			—			—
Foreign currencies at value‡			230,096			—			—			131,086
Receivables:
Investment securities sold			1,105,070			92,705			38,245,848			181,375
Fund shares sold			—			83,752			18,320,677			182,948
Dividends			121,718			—			703,428			727,963
Interest			766,817			7,434,439			—			—
Foreign tax reclaims			157,181			—			41,107			200,134
Variation margin on futures contracts			122,045			—			—			—
Variation margin on centrally cleared swaps			23,187			—			—			—
Unrealized appreciation on forward foreign currency contracts			1,961,815			—			—			—
Prepaid expenses			3,581			—			61,556			7,504
Reimbursement due from Investment Adviser			8,491			—			145,869			95,011
Other assets			18,467			26,279			210,670			55,494
Total assets			295,295,248			435,255,007			4,039,245,744			495,861,629
LIABILITIES:
Payable for investment securities purchased			16,586,811			—			9,884,302			—
Payable for investments in affiliated underlying funds purchased			123,550			—			—			—
Payable for fund shares redeemed			844,457			1,463,336			56,996			467,509
Payable upon receipt of securities loaned			2,030,959			27,840,629			56,157,755			5,135,352
Unrealized depreciation on forward foreign currency contracts			1,995,517			—			—		��	—
Unrealized depreciation on forward premium swaptions			85,158			—			—			—
Unrealized depreciation on OTC swap agreements			14,514			—			—			—
Cash received as collateral for OTC derivatives (Note 2)			460,000			—			—			—
Payable for unified fees			—			165,933			—			—
Payable for investment management fees			136,289			—			2,188,422			305,827
Payable for distribution and shareholder service fees			72,021			73,282			961,233			28,817
Payable to trustees under the deferred compensation plan (Note 6)			18,467			26,279			210,670			55,494
Payable for trustee fees			756			—			12,130			1,249
Other accrued expenses and liabilities			47,091			—			665,823			239,266
Written options, at fair value^			219,766			—			—			—
Total liabilities			22,635,356			29,569,459			70,137,331			6,233,514
NET ASSETS		$	272,659,892		$	405,685,548		$	3,969,108,413		$	489,628,115
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	268,812,155		$	516,430,047		$	2,998,771,523		$	187,192,218
Total distributable earnings (loss)			3,847,737			(110,744,499)			970,336,890			302,435,897
NET ASSETS		$	272,659,892		$	405,685,548		$	3,969,108,413		$	489,628,115
+ Including securities loaned at value		$	1,890,439		$	27,139,911		$	54,970,514		$	5,001,816
* Cost of investments in securities		$	265,575,996		$	448,982,470		$	4,386,999,574		$	485,303,340
** Cost of investments in affiliates		$	30,090,780		$	—		$	—		$	—
† Cost of short-term investments		$	2,030,959		$	43,919,309		$	110,325,755		$	10,369,352
‡ Cost of foreign currencies		$	230,176		$	—		$	—		$	137,957
^ Premiums received on written options		$	177,572		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited) (continued)

	Voya Balanced Income Portfolio			Voya High Yield Portfolio			Voya Large Cap Growth Portfolio			Voya Large Cap Value Portfolio
Class ADV
Net assets		$	52,451,464		$	63,221,404		$	1,378,912,944		$	45,003,063
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			5,818,708			7,690,346			100,724,726			3,614,719
Net asset value and redemption price per share		$	9.01		$	8.22		$	13.69		$	12.45
Class I
Net assets		$	6,451,359		$	154,320,870		$	1,321,119,065		$	345,194,967
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			674,942			18,758,488			83,137,365			26,906,523
Net asset value and redemption price per share		$	9.56		$	8.23		$	15.89		$	12.83
Class R6
Net assets			n/a			n/a		$	60,763,026		$	72,669,471
Shares authorized			n/a			n/a			unlimited			unlimited
Par value			n/a			n/a		$	0.001		$	0.001
Shares outstanding			n/a			n/a			3,820,373			5,667,407
Net asset value and redemption price per share			n/a			n/a		$	15.90		$	12.82
Class S
Net assets		$	210,541,703		$	186,759,281		$	1,167,809,465		$	26,581,518
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			22,183,166			22,718,115			77,043,870			2,113,976
Net asset value and redemption price per share		$	9.49		$	8.22		$	15.16		$	12.57
Class S2
Net assets		$	3,215,366		$	1,383,993		$	40,503,913		$	179,096
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			339,960			168,189			2,713,894			14,228
Net asset value and redemption price per share		$	9.46		$	8.23		$	14.92		$	12.59

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited)

	Voya Limited Maturity Bond Portfolio			Voya U.S. Stock Index Portfolio			VY® CBRE Real Estate Portfolio			VY® JPMorgan Small Cap Core Equity Portfolio
ASSETS:
Investments in securities at fair value+*		$	343,556,460		$	6,302,450,761		$	222,061,847		$	493,499,694
Short-term investments at fair value†			26,004,123			385,391,713			1,304,815			28,202,720
Cash			522,747			2,247,231			—			—
Cash collateral for futures contracts			576,050			12,480,403			—			796,326
Foreign currencies at value‡			—			—			—			139
Receivables:
Investment securities sold			6,762,541			—			1,742,892			1,970,446
Fund shares sold			13,033			2,966,383			563,770			622,949
Dividends			17,009			5,113,681			833,459			443,688
Interest			1,207,348			—			—			—
Foreign tax reclaims			—			—			—			10,670
Variation margin on futures contracts			166,495			—			—			—
Prepaid expenses			—			—			3,081			—
Reimbursement due from Investment Adviser			—			254,185			49,137			—
Other assets			11,776			162,678			19,887			22,844
Total assets			378,837,582			6,711,067,035			226,578,888			525,569,476
LIABILITIES:
Payable for investment securities purchased			1,181,253			—			1,896,436			7,775,295
Payable for fund shares redeemed			1,098,765			1,660,257			27,442			73,561
Payable upon receipt of securities loaned			5,716,123			174,198,713			57,401			7,618,771
Variation margin payable on futures contracts			—			1,889,853			—			99,936
Payable for unified fees			85,892			1,428,914			—			375,927
Payable for investment management fees			—			—			146,611			—
Payable for distribution and shareholder service fees			20,306			130,984			59,288			74,943
Payable to trustees under the deferred compensation plan (Note 6)			11,776			162,678			19,887			22,844
Payable for trustee fees			—			—			676			—
Other accrued expenses and liabilities			—			—			137,737			—
Total liabilities			8,114,115			179,471,399			2,345,478			16,041,277
NET ASSETS		$	370,723,467		$	6,531,595,636		$	224,233,410		$	509,528,199
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	389,410,983		$	3,234,906,178		$	175,319,805		$	413,740,406
Total distributable earnings (loss)			(18,687,516)			3,296,689,458			48,913,605			95,787,793
NET ASSETS		$	370,723,467		$	6,531,595,636		$	224,233,410		$	509,528,199
+ Including securities loaned at value		$	5,576,549		$	170,264,074		$	55,577		$	7,424,313
* Cost of investments in securities		$	354,938,839		$	4,078,841,260		$	232,048,120		$	503,269,956
† Cost of short-term investments		$	26,004,123		$	385,391,713		$	1,304,815		$	28,202,720
‡ Cost of foreign currencies		$	—		$	—		$	—		$	139

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2022 (Unaudited) (continued)

	Voya Limited Maturity Bond Portfolio			Voya U.S. Stock Index Portfolio			VY® CBRE Real Estate Portfolio			VY® JPMorgan Small Cap Core Equity Portfolio
Class ADV
Net assets		$	15,860,020		$	77,842,606		$	43,707,944		$	106,462,551
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			1,679,539			4,667,541			1,307,065			7,056,563
Net asset value and redemption price per share		$	9.44		$	16.68		$	33.44		$	15.09
Class I
Net assets		$	295,903,687		$	3,488,268,540		$	8,900,157		$	225,861,314
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			30,710,140			199,557,214			249,232			13,539,902
Net asset value and redemption price per share		$	9.64		$	17.48		$	35.71		$	16.68
Class P2
Net assets			n/a		$	2,591,714,909			n/a			n/a
Shares authorized			n/a			unlimited			n/a			n/a
Par value			n/a		$	0.001			n/a			n/a
Shares outstanding			n/a			147,185,951			n/a			n/a
Net asset value and redemption price per share			n/a		$	17.61			n/a			n/a
Class R6
Net assets			n/a			n/a			n/a		$	85,132,826
Shares authorized			n/a			n/a			n/a			unlimited
Par value			n/a			n/a			n/a		$	0.001
Shares outstanding			n/a			n/a			n/a			5,109,061
Net asset value and redemption price per share			n/a			n/a			n/a		$	16.66
Class S
Net assets		$	58,959,760		$	228,047,320		$	163,017,306		$	85,937,901
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding			6,073,161			13,221,896			4,578,854			5,262,647
Net asset value and redemption price per share		$	9.71		$	17.25		$	35.60		$	16.33
Class S2
Net assets			n/a		$	145,722,261		$	8,608,003		$	6,133,607
Shares authorized			n/a			unlimited			unlimited			unlimited
Par value			n/a		$	0.001		$	0.001		$	0.001
Shares outstanding			n/a			8,582,867			243,697			381,860
Net asset value and redemption price per share			n/a		$	16.98		$	35.32		$	16.06

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2022 (Unaudited)

	Voya Balanced Income Portfolio			Voya High Yield Portfolio			Voya Large Cap Growth Portfolio			Voya Large Cap Value Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	1,587,584		$	72,000		$	14,068,105		$	5,405,654
Dividends from affiliated underlying funds			752,089			—			—			—
Interest			2,321,891			13,905,761			269			411
Securities lending income, net			12,594			85,032			37,187			6,058
Total investment income			4,674,158			14,062,793			14,105,561			5,412,123
EXPENSES:
Investment management fees			824,338			—			15,636,680			1,855,108
Unified fees			—			1,137,568			—			—
Distribution and shareholder service fees:
Class ADV			176,027			214,400			5,020,056			149,792
Class S			288,150			271,149			1,785,971			36,549
Class S2			7,153			4,447			103,168			383
Transfer agent fees:
Class ADV			7,308			—			254,124			28,762
Class I			870			—			240,700			214,536
Class R6			—			—			48			43
Class S			28,713			—			216,913			16,842
Class S2			446			—			7,826			110
Shareholder reporting expense			6,384			—			54,843			22,450
Professional fees			9,050			—			93,215			10,296
Custody and accounting expense			49,482			—			264,260			36,370
Trustee fees and expenses			3,778			14,956			60,651			6,246
Miscellaneous expense			8,320			—			105,152			14,444
Interest expense			1,321			—			—			—
Total expenses			1,411,340			1,642,520			23,843,607			2,391,931
Waived and reimbursed fees			(34,901)			(34,827)			(756,332)			(613,722)
Net expenses			1,376,439			1,607,693			23,087,275			1,778,209
Net investment income (loss)			3,297,719			12,455,100			(8,981,714)			3,633,914
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(576,386)			(420,990)			(65,976,637)			7,771,960
Sale of affiliated underlying funds			(1,020,044)			—			—			—
Forward foreign currency contracts			(175,392)			—			—			—
Foreign currency related transactions			47,296			—			—			27,407
Futures			(2,194,291)			—			—			—
Swaps			(686,457)			—			—			—
Written options			842,864			—			—			—
Net realized gain (loss)			(3,762,410)			(420,990)			(65,976,637)			7,799,367
Net change in unrealized appreciation (depreciation) on:
Investments			(39,528,285)			(87,073,801)			(1,631,180,960)			(59,549,013)
Affiliated underlying funds			(2,369,138)			—			—			—
Forward foreign currency contracts			(3,046)			—			—			—
Foreign currency related transactions			(12,354)			—			—			(14,178)
Futures			(153,082)			—			—			—
Swaps			29,903			—			—			—
Written options			(111,977)			—			—			—
Net change in unrealized appreciation (depreciation)			(42,147,979)			(87,073,801)			(1,631,180,960)			(59,563,191)
Net realized and unrealized loss			(45,910,389)			(87,494,791)			(1,697,157,597)			(51,763,824)
Decrease in net assets resulting from operations		$	(42,612,670)		$	(75,039,691)		$	(1,706,139,311)		$	(48,129,910)
* Foreign taxes withheld		$	50,108		$	—		$	22,483		$	5,521

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended June 30, 2022 (Unaudited)

	Voya Limited Maturity Bond Portfolio			Voya U.S. Stock Index Portfolio			VY® CBRE Real Estate Portfolio			VY® JPMorgan Small Cap Core Equity Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	30,015		$	55,838,825		$	2,981,243		$	3,393,795
Interest			3,448,827			—			16			136
Securities lending income, net			40,672			55,937			466			33,096
Total investment income			3,519,514			55,894,762			2,981,725			3,427,027
EXPENSES:
Investment management fees			—			—			1,122,774			—
Unified fees			538,412			9,711,268			—			2,546,610
Distribution and shareholder service fees:
Class ADV			48,025			230,477			157,164			365,866
Class S			80,482			327,465			243,183			127,699
Class S2			—			323,564			22,480			15,250
Transfer agent fees:
Class ADV			—			—			33,207			—
Class I			—			—			6,413			—
Class S			—			—			123,292			—
Class S2			—			—			7,124			—
Shareholder reporting expense			—			—			14,242			—
Professional fees			—			—			6,878			—
Custody and accounting expense			—			—			17,195			—
Trustee fees and expenses			12,038			238,321			4,513			19,362
Miscellaneous expense			—			—			7,371			—
Interest expense			—			1,001			26			—
Total expenses			678,957			10,832,096			1,765,862			3,074,787
Waived and reimbursed fees			—			(1,758,299)			(423,809)			—
Brokerage commission recapture			—			—			(1,790)			(14,005)
Net expenses			678,957			9,073,797			1,340,263			3,060,782
Net investment income			2,840,557			46,820,965			1,641,462			366,245
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(4,807,458)			395,033,880			18,162,378			12,671,350
Foreign currency related transactions			—			—			(5)			—
Futures			(2,114,828)			(17,982,000)			—			(1,975,101)
Net realized gain (loss)			(6,922,286)			377,051,880			18,162,373			10,696,249
Net change in unrealized appreciation (depreciation) on:
Investments			(10,770,770)			(2,081,982,374)			(89,093,494)			(156,151,547)
Foreign currency related transactions			—			—			25			—
Futures			(242,170)			(9,870,072)			—			(460,770)
Net change in unrealized appreciation (depreciation)			(11,012,940)			(2,091,852,446)			(89,093,469)			(156,612,317)
Net realized and unrealized loss			(17,935,226)			(1,714,800,566)			(70,931,096)			(145,916,068)
Decrease in net assets resulting from operations		$	(15,094,669)		$	(1,667,979,601)		$	(69,289,634)		$	(145,549,823)
* Foreign taxes withheld		$	—		$	13,599		$	15,777		$	12,833

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Balanced Income Portfolio						Voya High Yield Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	3,297,719		$	6,743,015		$	12,455,100		$	25,757,698
Net realized gain (loss)			(3,762,410)			35,546,012			(420,990)			15,208,199
Net change in unrealized appreciation (depreciation)			(42,147,979)			(12,784,123)			(87,073,801)			(15,074,437)
Increase (decrease) in net assets resulting from operations			(42,612,670)			29,504,904			(75,039,691)			25,891,460
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(1,409,617)			(1,701,784)			(3,613,459)
Class I			—			(209,798)			(4,668,865)			(9,789,069)
Class S			—			(6,192,671)			(5,547,972)			(12,506,127)
Class S2			—			(93,865)			(54,592)			(143,803)
Return of capital:
Class ADV			—			—			—			(135,496)
Class I			—			—			—			(324,502)
Class S			—			—			—			(434,273)
Class S2			—			—			—			(5,123)
Total distributions			—			(7,905,951)			(11,973,213)			(26,951,852)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,698,374			10,679,554			11,731,560			38,328,906
Reinvestment of distributions			—			7,905,951			11,973,213			26,951,852
			6,698,374			18,585,505			23,704,773			65,280,758
Cost of shares redeemed			(25,172,372)			(52,621,761)			(46,934,861)			(89,322,737)
Net decrease in net assets resulting from capital share transactions			(18,473,998)			(34,036,256)			(23,230,088)			(24,041,979)
Net decrease in net assets			(61,086,668)			(12,437,303)			(110,242,992)			(25,102,371)
NET ASSETS:
Beginning of year or period			333,746,560			346,183,863			515,928,540			541,030,911
End of year or period		$	272,659,892		$	333,746,560		$	405,685,548		$	515,928,540

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Large Cap Growth Portfolio						Voya Large Cap Value Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	(8,981,714)		$	(22,229,766)		$	3,633,914		$	10,372,909
Net realized gain (loss)			(65,976,637)			1,604,384,633			7,799,367			314,513,567
Net change in unrealized appreciation (depreciation)			(1,631,180,960)			(524,394,925)			(59,563,191)			(93,894,109)
Increase (decrease) in net assets resulting from operations			(1,706,139,311)			1,057,759,942			(48,129,910)			230,992,367
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(429,952,557)			—			(1,581,277)
Class I			—			(350,150,390)			—			(13,251,427)
Class R6			—			(16,669,588)			—			(387,396)
Class S			—			(344,904,423)			—			(9,120,566)
Class S2			—			(12,028,880)			—			(6,040)
Total distributions			—			(1,153,705,838)			—			(24,346,706)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			48,176,335			107,613,864			84,751,562			28,627,367
Reinvestment of distributions			—			1,153,705,838			—			24,346,706
			48,176,335			1,261,319,702			84,751,562			52,974,073
Cost of shares redeemed			(344,619,883)			(1,724,612,567)			(30,178,931)			(765,388,438)
Net increase (decrease) in net assets resulting from capital share transactions			(296,443,548)			(463,292,865)			54,572,631			(712,414,365)
Net increase (decrease) in net assets			(2,002,582,859)			(559,238,761)			6,442,721			(505,768,704)
NET ASSETS:
Beginning of year or period			5,971,691,272			6,530,930,033			483,185,394			988,954,098
End of year or period		$	3,969,108,413		$	5,971,691,272		$	489,628,115		$	483,185,394

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Limited Maturity Bond Portfolio						Voya U.S. Stock Index Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income		$	2,840,557		$	4,057,432		$	46,820,965		$	93,258,213
Net realized gain (loss)			(6,922,286)			466,485			377,051,880			676,633,780
Net change in unrealized appreciation (depreciation)			(11,012,940)			(4,697,587)			(2,091,852,446)			1,241,316,185
Increase (decrease) in net assets resulting from operations			(15,094,669)			(173,670)			(1,667,979,601)			2,011,208,178
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			(54,964)			(154,223)			—			(10,440,961)
Class I			(1,967,583)			(5,247,269)			—			(453,677,922)
Class P2			—			—			—			(309,410,092)
Class S			(329,898)			(1,015,514)			—			(29,892,766)
Class S2			—			—			—			(17,679,101)
Total distributions			(2,352,445)			(6,417,006)			—			(821,100,842)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			24,688,288			103,680,258			690,261,235			1,127,258,843
Reinvestment of distributions			2,352,445			6,414,934			—			821,100,842
			27,040,733			110,095,192			690,261,235			1,948,359,685
Cost of shares redeemed			(54,778,042)			(106,718,859)			(1,216,531,783)			(2,112,087,904)
Net increase (decrease) in net assets resulting from capital share transactions			(27,737,309)			3,376,333			(526,270,548)			(163,728,219)
Net increase (decrease) in net assets			(45,184,423)			(3,214,343)			(2,194,250,149)			1,026,379,117
NET ASSETS:
Beginning of year or period			415,907,890			419,122,233			8,725,845,785			7,699,466,668
End of year or period		$	370,723,467		$	415,907,890		$	6,531,595,636		$	8,725,845,785

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	VY® CBRE Real Estate Portfolio						VY® JPMorgan Small Cap Core Equity Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)		$	1,641,462		$	3,654,427		$	366,245		$	(78,894)
Net realized gain			18,162,373			59,330,382			10,696,249			103,656,118
Net change in unrealized appreciation (depreciation)			(89,093,469)			53,814,243			(156,612,317)			7,023,898
Increase (decrease) in net assets resulting from operations			(69,289,634)			116,799,052			(145,549,823)			110,601,122
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV			—			(866,071)			—			(7,449,294)
Class I			—			(178,785)			—			(14,055,559)
Class R6			—			—			—			(6,530,307)
Class S			—			(3,474,168)			—			(6,508,589)
Class S2			—			(193,147)			—			(428,894)
Total distributions			—			(4,712,171)			—			(34,972,643)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			7,806,863			18,272,772			51,104,945			159,746,121
Reinvestment of distributions			—			4,712,171			—			34,972,643
			7,806,863			22,984,943			51,104,945			194,718,764
Cost of shares redeemed			(30,898,039)			(66,187,534)			(81,599,179)			(173,565,349)
Net increase (decrease) in net assets resulting from capital share transactions			(23,091,176)			(43,202,591)			(30,494,234)			21,153,415
Net increase (decrease) in net assets			(92,380,810)			68,884,290			(176,044,057)			96,781,894
NET ASSETS:
Beginning of year or period			316,614,220			247,729,930			685,572,256			588,790,362
End of year or period		$	224,233,410		$	316,614,220		$	509,528,199		$	685,572,256

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 Income Portfolio
Class ADV
06-30-22+		10.39		0.09•		(1.47)		(1.38)		—		—		—		—		—		9.01		(13.28)		1.23		1.20		1.20		1.91		52,451		47
12-31-21		9.77		0.17•		0.67		0.84		0.22		—		—		0.22		—		10.39		8.65		1.22		1.20		1.20		1.69		65,611		133
12-31-20		10.65		0.21•		(0.01)		0.20		0.36		0.72		—		1.08		—		9.77		2.80		1.22		1.20		1.20		2.20		66,515		69
12-31-19		10.05		0.30		1.47		1.77		0.50		0.67		—		1.17		—		10.65		17.93		1.26		1.22		1.22		2.79		78,155		231
12-31-18		11.18		0.43•		(1.00)		(0.57)		0.56		—		—		0.56		—		10.05		(5.39)		1.39		1.26		1.26		3.91		69,593		45
12-31-17		10.62		0.46•		0.58		1.04		0.48		—		—		0.48		—		11.18		10.03		1.39		1.26		1.26		4.16		81,767		22
Class I
06-30-22+		10.99		0.13•		(1.56)		(1.43)		—		—		—		—		—		9.56		(13.01)		0.63		0.60		0.60		2.51		6,451		47
12-31-21		10.31		0.25•		0.71		0.96		0.28		—		—		0.28		—		10.99		9.42		0.62		0.60		0.60		2.29		7,878		133
12-31-20		11.19		0.29•		(0.03)		0.26		0.42		0.72		—		1.14		—		10.31		3.33		0.62		0.60		0.60		2.79		7,943		69
12-31-19		10.50		0.38•		1.55		1.93		0.57		0.67		—		1.24		—		11.19		18.73		0.66		0.62		0.62		3.38		8,836		231
12-31-18		11.65		0.51•		(1.03)		(0.52)		0.63		—		—		0.63		—		10.50		(4.79)		0.79		0.66		0.66		4.51		7,921		45
12-31-17		11.05		0.54•		0.60		1.14		0.54		—		—		0.54		—		11.65		10.56		0.79		0.66		0.66		4.76		9,393		22
Class S
06-30-22+		10.92		0.11•		(1.54)		(1.43)		—		—		—		—		—		9.49		(13.10)		0.88		0.85		0.85		2.26		210,542		47
12-31-21		10.25		0.22•		0.70		0.92		0.25		—		—		0.25		—		10.92		9.09		0.87		0.85		0.85		2.04		256,146		133
12-31-20		11.13		0.26•		(0.03)		0.23		0.39		0.72		—		1.11		—		10.25		3.03		0.87		0.85		0.85		2.55		266,536		69
12-31-19		10.45		0.36•		1.52		1.88		0.53		0.67		—		1.20		—		11.13		18.40		0.91		0.87		0.87		3.18		295,942		231
12-31-18		11.59		0.48•		(1.02)		(0.54)		0.60		—		—		0.60		—		10.45		(5.01)		1.04		0.91		0.91		4.26		285,793		45
12-31-17		10.99		0.51•		0.60		1.11		0.51		—		—		0.51		—		11.59		10.33		1.04		0.91		0.91		4.52		361,336		22
Class S2
06-30-22+		10.89		0.11•		(1.54)		(1.43)		—		—		—		—		—		9.46		(13.13)		1.03		1.00		1.00		2.11		3,215		47
12-31-21		10.22		0.20•		0.70		0.90		0.23		—		—		0.23		—		10.89		8.88		1.02		1.00		1.00		1.89		4,112		133
12-31-20		11.10		0.27		(0.04)		0.23		0.39		0.72		—		1.11		—		10.22		3.02		1.02		1.00		1.00		2.40		5,189		69
12-31-19		10.43		0.32		1.54		1.86		0.52		0.67		—		1.19		—		11.10		18.15		1.06		1.02		1.02		2.97		5,679		231
12-31-18		11.56		0.46•		(1.02)		(0.56)		0.57		—		—		0.57		—		10.43		(5.15)		1.19		1.06		1.06		4.11		4,647		45
12-31-17		10.96		0.50•		0.59		1.09		0.49		—		—		0.49		—		11.56		10.16		1.19		1.06		1.06		4.38		5,389		22
Voya High Yield Portfolio
Class ADV
06-30-22+		9.94		0.23•		(1.73)		(1.50)		0.22		—		—		0.22		—		8.22		(15.30)		1.10		1.08		1.08		4.98		63,221		7
12-31-21		9.96		0.45•		0.01		0.46		0.46		—		0.02		0.48		—		9.94		4.65		1.10		1.08		1.08		4.52		79,216		63
12-31-20		9.94		0.46•		0.03		0.49		0.46		—		0.01		0.47		—		9.96		5.26		1.10		1.08		1.08		4.80		80,017		90
12-31-19		9.09		0.50		0.83		1.33		0.48		—		—		0.48		—		9.94		14.82		1.10		1.08		1.08		5.20		87,540		59
12-31-18		9.94		0.48		(0.81)		(0.33)		0.52		—		—		0.52		—		9.09		(3.53)		1.10		1.08		1.08		5.02		80,872		35
12-31-17		10.01		0.54		0.03		0.57		0.62		—		0.02		0.64		—		9.94		5.83		1.10		1.08		1.08		5.36		96,011		37

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 High Yield Portfolio (continued)
Class I
06-30-22+		9.95		0.26•		(1.73)		(1.47)		0.25		—		—		0.25		—		8.23		(15.02)		0.50		0.48		0.48		5.58		154,321		7
12-31-21		9.97		0.51•		0.01		0.52		0.52		—		0.02		0.54		—		9.95		5.28		0.50		0.48		0.48		5.12		189,224		63
12-31-20		9.94		0.51•		0.05		0.56		0.52		—		0.01		0.53		—		9.97		6.00		0.50		0.48		0.48		5.40		191,358		90
12-31-19		9.10		0.57•		0.81		1.38		0.54		—		—		0.54		—		9.94		15.37		0.50		0.48		0.48		5.84		189,247		59
12-31-18		9.95		0.54		(0.82)		(0.28)		0.57		—		—		0.57		—		9.10		(2.96)		0.50		0.48		0.48		5.62		56,385		35
12-31-17		10.01		0.60		0.04		0.64		0.68		—		0.02		0.70		—		9.95		6.58		0.50		0.48		0.48		5.96		62,380		37
Class S
06-30-22+		9.94		0.24•		(1.73)		(1.49)		0.23		—		—		0.23		—		8.22		(15.15)		0.75		0.73		0.73		5.32		186,759		7
12-31-21		9.96		0.48•		0.01		0.49		0.49		—		0.02		0.51		—		9.94		5.01		0.75		0.73		0.73		4.87		244,800		63
12-31-20		9.94		0.49•		0.04		0.53		0.50		—		0.01		0.51		—		9.96		5.63		0.75		0.73		0.73		5.15		266,537		90
12-31-19		9.09		0.54		0.82		1.36		0.51		—		—		0.51		—		9.94		15.22		0.75		0.73		0.73		5.54		307,506		59
12-31-18		9.94		0.51		(0.81)		(0.30)		0.55		—		—		0.55		—		9.09		(3.20)		0.75		0.73		0.73		5.36		332,669		35
12-31-17		10.01		0.58		0.02		0.60		0.65		—		0.02		0.67		—		9.94		6.20		0.75		0.73		0.73		5.71		403,630		37
Class S2
06-30-22+		9.95		0.24•		(1.73)		(1.49)		0.23		—		—		0.23		—		8.23		(15.20)		0.90		0.88		0.88		5.11		1,384		7
12-31-21		9.97		0.47•		0.01		0.48		0.48		—		0.02		0.50		—		9.95		4.86		0.90		0.88		0.88		4.72		2,688		63
12-31-20		9.95		0.48•		0.03		0.51		0.48		—		0.01		0.49		—		9.97		5.48		0.90		0.88		0.88		4.99		3,119		90
12-31-19		9.11		0.51		0.83		1.34		0.50		—		—		0.50		—		9.95		14.91		0.90		0.88		0.88		5.37		3,012		59
12-31-18		9.95		0.50		(0.80)		(0.30)		0.54		—		—		0.54		—		9.11		(3.23)		0.90		0.88		0.88		5.20		4,226		35
12-31-17		10.02		0.56		0.03		0.59		0.64		—		0.02		0.66		—		9.95		6.04		0.90		0.88		0.88		5.56		5,792		37
Voya Large Cap Growth Portfolio
Class ADV
06-30-22+		19.43		(0.06)•		(5.68)		(5.74)		—		—		—		—		—		13.69		(29.54)		1.30		1.27		1.27		(0.69)		1,378,913		30
12-31-21		20.45		(0.14)•		3.76		3.62		—		4.64		—		4.64		—		19.43		18.89		1.30		1.27		1.27		(0.68)		2,085,856		72
12-31-20		17.96		(0.08)		5.00		4.92		—		2.43		—		2.43		—		20.45		30.11		1.32		1.27		1.27		(0.43)		2,073,088		86
12-31-19		16.37		(0.01)		4.97		4.96		0.02		3.35		—		3.37		—		17.96		31.90		1.27		1.27		1.27		(0.05)		1,890,631		78
12-31-18		19.36		0.01		(0.11)		(0.10)		0.01		2.88		—		2.89		—		16.37		(2.07)		1.27		1.27		1.27		0.04		1,686,805		85
12-31-17		16.22		0.02		4.53		4.55		0.01		1.40		—		1.41		—		19.36		29.01		1.27		1.27		1.27		0.04		2,015,843		65
Class I
06-30-22+		22.48		(0.01)•		(6.58)		(6.59)		—		—		—		—		—		15.89		(29.31)		0.70		0.67		0.67		(0.09)		1,321,119		30
12-31-21		22.90		(0.02)•		4.24		4.22		—		4.64		—		4.64		—		22.48		19.55		0.70		0.67		0.67		(0.07)		1,937,889		72
12-31-20		19.83		0.04		5.57		5.61		0.11		2.43		—		2.54		—		22.90		30.88		0.72		0.67		0.67		0.17		2,436,873		86
12-31-19		17.78		0.11		5.43		5.54		0.14		3.35		—		3.49		—		19.83		32.77		0.67		0.67		0.67		0.54		2,000,466		78
12-31-18		20.80		0.13•		(0.13)		0.00*		0.14		2.88		—		3.02		—		17.78		(1.48)		0.67		0.67		0.67		0.63		1,623,952		85
12-31-17		17.34		0.12		4.87		4.99		0.13		1.40		—		1.53		—		20.80		29.74		0.67		0.67		0.67		0.63		2,124,109		65

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 Large Cap Growth Portfolio (continued)
Class R6
06-30-22+		22.50		(0.01)•		(6.59)		(6.60)		—		—		—		—		—		15.90		(29.33)		0.67		0.67		0.67		(0.09)		60,763		30
12-31-21		22.91		(0.02)•		4.25		4.23		—		4.64		—		4.64		—		22.50		19.58		0.67		0.67		0.67		(0.08)		95,588		72
12-31-20		19.84		0.03		5.58		5.61		0.11		2.43		—		2.54		—		22.91		30.86		0.67		0.67		0.67		0.16		88,303		86
12-31-19		17.78		0.11		5.44		5.55		0.14		3.35		—		3.49		—		19.84		32.82		0.67		0.67		0.67		0.54		59,938		78
12-31-18		20.81		0.12		(0.13)		(0.01)		0.14		2.88		—		3.02		—		17.78		(1.53)		0.67		0.67		0.67		0.68		46,242		85
12-31-17		17.34		0.13•		4.87		5.00		0.13		1.40		—		1.53		—		20.81		29.80		0.67		0.67		0.67		0.65		33,736		65
Class S
06-30-22+		21.47		(0.03)•		(6.28)		(6.31)		—		—		—		—		—		15.16		(29.39)		0.95		0.92		0.92		(0.34)		1,167,809		30
12-31-21		22.10		(0.07)•		4.08		4.01		—		4.64		—		4.64		—		21.47		19.28		0.95		0.92		0.92		(0.33)		1,787,956		72
12-31-20		19.21		(0.01)		5.38		5.37		0.05		2.43		—		2.48		—		22.10		30.59		0.97		0.92		0.92		(0.08)		1,867,154		86
12-31-19		17.31		0.06		5.27		5.33		0.08		3.35		—		3.43		—		19.21		32.41		0.92		0.92		0.92		0.30		1,839,829		78
12-31-18		20.32		0.08•		(0.13)		(0.05)		0.08		2.88		—		2.96		—		17.31		(1.73)		0.92		0.92		0.92		0.39		1,677,848		85
12-31-17		16.97		0.07•		4.76		4.83		0.08		1.40		—		1.48		—		20.32		29.42		0.92		0.92		0.92		0.39		2,040,159		65
Class S2
06-30-22+		21.16		(0.04)•		(6.20)		(6.24)		—		—		—		—		—		14.92		(29.49)		1.10		1.07		1.07		(0.48)		40,504		30
12-31-21		21.87		(0.10)•		4.03		3.93		—		4.64		—		4.64		—		21.16		19.10		1.10		1.07		1.07		(0.48)		64,403		72
12-31-20		19.03		(0.04)		5.33		5.29		0.02		2.43		—		2.45		—		21.87		30.43		1.12		1.07		1.07		(0.22)		65,511		86
12-31-19		17.18		0.04		5.21		5.25		0.05		3.35		—		3.40		—		19.03		32.16		1.07		1.07		1.07		0.15		61,219		78
12-31-18		20.18		0.05		(0.12)		(0.07)		0.05		2.88		—		2.93		—		17.18		(1.86)		1.07		1.07		1.07		0.25		58,647		85
12-31-17		16.86		0.04•		4.73		4.77		0.05		1.40		—		1.45		—		20.18		29.22		1.07		1.07		1.07		0.24		66,024		65
Voya Large Cap Value Portfolio
Class ADV
06-30-22+		13.67		0.06•		(1.28)		(1.22)		—		—		—		—		—		12.45		(8.92)		1.50		1.24		1.24		0.92		45,003		38
12-31-21		11.16		0.08•		2.83		2.91		0.22		0.18		—		0.41		—		13.67		26.24		1.42		1.24		1.24		0.66		52,418		82
12-31-20		11.96		0.15		0.26		0.41		0.18		1.03		—		1.21		—		11.16		5.61		1.43		1.24		1.24		1.43		47,671		130
12-31-19		10.48		0.17		2.34		2.51		0.18		0.85		—		1.03		—		11.96		24.45		1.35		1.24		1.24		1.40		53,098		95
12-31-18		13.06		0.18		(1.15)		(0.97)		0.17		1.44		—		1.61		—		10.48		(8.33)(a)		1.35		1.24		1.24		1.41(b)		49,230		97
12-31-17		11.79		0.18•		1.33		1.51		0.24		—		—		0.24		—		13.06		12.84		1.35		1.24		1.24		1.44		61,244		79
Class I
06-30-22+		14.04		0.10•		(1.31)		(1.21)		—		—		—		—		—		12.83		(8.62)		0.90		0.64		0.64		1.53		345,195		38
12-31-21		11.45		0.17•		2.90		3.07		0.30		0.18		—		0.49		—		14.04		26.99		0.82		0.64		0.64		1.26		386,934		82
12-31-20		12.22		0.22		0.28		0.50		0.24		1.03		—		1.27		—		11.45		6.28		0.83		0.64		0.64		2.02		329,385		130
12-31-19		10.69		0.24		2.39		2.63		0.25		0.85		—		1.10		—		12.22		25.12		0.75		0.64		0.64		2.00		367,345		95
12-31-18		13.30		0.25•		(1.17)		(0.92)		0.25		1.44		—		1.69		—		10.69		(7.81)(a)		0.75		0.64		0.64		2.01(b)		330,038		97
12-31-17		12.00		0.26•		1.36		1.62		0.32		—		—		0.32		—		13.30		13.55		0.75		0.64		0.64		2.06		428,068		79

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 Large Cap Value Portfolio (continued)
Class R6
06-30-22+		14.03		0.11•		(1.32)		(1.21)		—		—		—		—		—		12.82		(8.62)		0.78		0.64			0.64		1.69		72,669		38
12-31-21		11.44		0.19•		2.88		3.07		0.30		0.18		—		0.49		—		14.03		27.02		0.76		0.64			0.64		1.41		12,976		82
12-31-20		12.21		0.21•		0.29		0.50		0.24		1.03		—		1.27		—		11.44		6.27		0.77		0.64			0.64		2.01		230		130
12-31-19		10.68		0.25•		2.38		2.63		0.25		0.85		—		1.10		—		12.21		25.14		0.75		0.64			0.64		2.16		306		95
12-31-18		13.28		0.25•		(1.16)		(0.91)		0.25		1.44		—		1.69		—		10.68		(7.74)(a)		0.75		0.64			0.64		2.03(b)		1,182		97
12-31-17		11.99		0.26•		1.35		1.61		0.32		—		—		0.32		—		13.28		13.47		0.75		0.64			0.64		2.06		836		79
Class S
06-30-22+		13.78		0.09•		(1.30)		(1.21)		—		—		—		—		—		12.57		(8.78)		1.15		0.89			0.89		1.27		26,582		38
12-31-21		11.25		0.13•		2.85		2.98		0.27		0.18		—		0.46		—		13.78		26.67		1.07		0.89			0.89		0.99		30,661		82
12-31-20		12.04		0.19		0.27		0.46		0.22		1.03		—		1.25		—		11.25		5.97		1.08		0.89			0.89		1.78		611,514		130
12-31-19		10.55		0.20•		2.36		2.56		0.22		0.85		—		1.07		—		12.04		24.78		1.00		0.89			0.89		1.75		665,553		95
12-31-18		13.14		0.22•		(1.15)		(0.93)		0.22		1.44		—		1.66		—		10.55		(8.00)(a)		1.00		0.89			0.89		1.76(b)		630,221		97
12-31-17		11.86		0.23•		1.34		1.57		0.29		—		—		0.29		—		13.14		13.23		1.00		0.89			0.89		1.80		800,421		79
Class S2
06-30-22+		13.80		0.08•		(1.29)		(1.21)		—		—		—		—		—		12.59		(8.77)		1.30		1.04			1.04		1.13		179		38
12-31-21		11.27		0.11•		2.85		2.96		0.25		0.18		—		0.44		—		13.80		26.43		1.22		1.04			1.04		0.87		196		82
12-31-20		12.06		0.17•		0.27		0.44		0.20		1.03		—		1.23		—		11.27		5.86		1.23		1.04			1.04		1.63		154		130
12-31-19		10.56		0.19•		2.36		2.55		0.20		0.85		—		1.05		—		12.06		24.63		1.15		1.04			1.04		1.60		145		95
12-31-18		13.15		0.20		(1.15)		(0.95)		0.20		1.44		—		1.64		—		10.56		(8.12)(a)		1.15		1.04			1.04		1.60(b)		151		97
12-31-17		11.86		0.20•		1.35		1.55		0.26		—		—		0.26		—		13.15		13.10		1.15		1.04			1.04		1.64		229		79
Voya Limited Maturity Bond Portfolio
Class ADV
06-30-22+		9.87		0.05•		(0.45)		(0.40)		0.03		—		—		0.03		—		9.44		(4.03)		0.88		0.88			0.88		0.95		15,860		130
12-31-21		10.03		0.05•		(0.10)		(0.05)		0.11		—		—		0.11		—		9.87		(0.55)		0.88		0.88			0.88		0.47		14,958		253
12-31-20		9.91		0.12		0.16		0.28		0.16		—		—		0.16		—		10.03		2.87		0.88		0.88			0.88		1.15		15,016		263
12-31-19		9.68		0.19		0.16		0.35		0.12		—		—		0.12		—		9.91		3.66		0.89		0.89			0.89		1.85		15,579		330
12-31-18		9.72		0.17		(0.10)		0.07		0.11		—		—		0.11		—		9.68		0.71		0.89		0.89			0.89		1.67		16,812		281
12-31-17		9.76		0.10		0.00*		0.10		0.13		—		0.01		0.14		—		9.72		0.94		0.89		0.89			0.89		1.03		19,695		305
Class I
06-30-22+		10.07		0.07•		(0.44)		(0.37)		0.06		—		—		0.06		—		9.64		(3.66)		0.28		0.28			0.28		1.53		295,904		130
12-31-21		10.23		0.11•		(0.10)		0.01		0.17		—		—		0.17		—		10.07		0.08		0.28		0.28			0.28		1.06		329,913		253
12-31-20		10.11		0.17•		0.18		0.35		0.23		—		—		0.23		—		10.23		3.46		0.28		0.28			0.28		1.70		332,196		263
12-31-19		9.87		0.24		0.19		0.43		0.19		—		—		0.19		—		10.11		4.33		0.29		0.29			0.29		2.44		197,182		330
12-31-18		9.91		0.22		(0.09)		0.13		0.17		—		—		0.17		—		9.87		1.33		0.29		0.29			0.29		2.30		195,851		281
12-31-17		9.96		0.16		(0.01)		0.15		0.19		—		0.01		0.20		—		9.91		1.45		0.29		0.29	��		0.29		1.63		188,672		305

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 Limited Maturity Bond Portfolio (continued)
Class S
06-30-22+		10.15		0.06•		(0.45)		(0.39)		0.05		—		—		0.05		—			9.71		(3.84)		0.53		0.53		0.53		1.27		58,960		130
12-31-21		10.31		0.08•		(0.10)		(0.02)		0.14		—		—		0.14		—			10.15		(0.16)		0.53		0.53		0.53		0.82		71,037		253
12-31-20		10.19		0.16		0.16		0.32		0.20		—		—		0.20		—			10.31		3.19		0.53		0.53		0.53		1.50		71,911		263
12-31-19		9.95		0.22		0.18		0.40		0.16		—		—		0.16		—			10.19		4.06		0.54		0.54		0.54		2.20		75,066		330
12-31-18		9.99		0.20		(0.09)		0.11		0.15		—		—		0.15		—			9.95		1.07		0.54		0.54		0.54		2.02		74,885		281
12-31-17		10.04		0.14		(0.02)		0.12		0.16		—		0.01		0.17		—			9.99		1.20		0.54		0.54		0.54		1.38		83,412		305
Voya U.S. Stock Index Portfolio
Class ADV
06-30-22+		20.92		0.07•		(4.31)		(4.24)		—		—		—		—		—			16.68		(20.27)		0.80		0.80		0.80		0.70		77,843		1
12-31-21		18.21		0.12•		4.72		4.84		0.11		2.02		—		2.14		—			20.92		27.66		0.79		0.79		0.79		0.61		99,373		3
12-31-20		16.38		0.18		2.55		2.73		0.24		0.66		—		0.90		—			18.21		17.48		0.79		0.79		0.79		1.03		100,049		9
12-31-19		13.44		0.19•		3.82		4.01		0.17		0.90		—		1.07		—			16.38		30.43		0.80		0.80		0.80		1.22		102,813		9
12-31-18		15.19		0.17•		(0.86)		(0.69)		0.18		0.88		—		1.06		—			13.44		(5.10)		0.80		0.80		0.80		1.14		92,071		12
12-31-17		13.38		0.18•		2.53		2.71		0.18		0.72		—		0.90		—			15.19		20.82		0.80		0.80		0.80		1.23		116,091		6
Class I
06-30-22+		21.87		0.12•		(4.51)		(4.39)		—		—		—		—		—			17.48		(20.07)		0.27		0.27		0.27		1.23		3,488,269		1
12-31-21		18.94		0.23•		4.95		5.18		0.23		2.02		—		2.25		—			21.87		28.37		0.26		0.26		0.26		1.14		4,525,779		3
12-31-20		16.99		0.28		2.66		2.94		0.33		0.66		—		0.99		—			18.94		18.11		0.26		0.26		0.26		1.55		4,258,517		9
12-31-19		13.90		0.26		3.99		4.25		0.26		0.90		—		1.16		—			16.99		31.12		0.27		0.27		0.27		1.75		4,065,091		9
12-31-18		15.69		0.26•		(0.90)		(0.64)		0.27		0.88		—		1.15		—			13.90		(4.62)		0.27		0.27		0.27		1.67		2,966,664		12
12-31-17		13.79		0.26•		2.63		2.89		0.27		0.72		—		0.99		—			15.69		21.46		0.27		0.27		0.27		1.75		3,469,721		6
Class P2
06-30-22+		22.01		0.13•		(4.53)		(4.40)		—		—		—		—		—			17.61		(19.99)		0.27		0.15		0.15		1.34		2,591,715		1
12-31-21		19.03		0.26•		4.97		5.23		0.23		2.02		—		2.25		—			22.01		28.50		0.27		0.15		0.15		1.25		3,615,635		3
12-31-20		17.05		0.28•		2.69		2.97		0.33		0.66		—		0.99		—			19.03		18.23		0.26		0.15		0.15		1.67		2,908,826		9
12-31-19		13.93		0.30•		3.98		4.28		0.26		0.90		—		1.16		—			17.05		31.27		0.27		0.15		0.15		1.86		2,395,089		9
12-31-18		15.71		0.26		(0.89)		(0.63)		0.27		0.88		—		1.15		—			13.93		(4.55)		0.27		0.15		0.15		1.80		1,442,733		12
05-03-17(5) - 12-31-17		14.79		0.19•		1.72		1.91		0.27		0.72		—		0.99		—			15.71		13.39		0.27		0.15		0.15		1.92		1,225,483		6
Class S
06-30-22+		21.60		0.10•		(4.45)		(4.35)		—		—		—		—		—			17.25		(20.14)		0.52		0.51		0.51		1.01		228,047		1
12-31-21		18.74		0.18•		4.88		5.06		0.18		2.02		—		2.20		—			21.60		28.02		0.51		0.50		0.50		0.90		303,248		3
12-31-20		16.82		0.24		2.63		2.87		0.29		0.66		—		0.95		—			18.74		17.87		0.51		0.50		0.50		1.32		280,432		9
12-31-19		13.80		0.23•		3.94		4.17		0.25		0.90		—		1.15		—			16.82		30.77		0.52		0.51		0.51		1.46		283,768		9
12-31-18		15.57		0.22•		(0.88)		(0.66)		0.23		0.88		—		1.11		—	��		13.80		(4.84)		0.52		0.51		0.51		1.42		47,740		12
12-31-17		13.69		0.21		2.62		2.83		0.23		0.72		—		0.95		—			15.57		21.22		0.52		0.51		0.51		1.52		78,577		6

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 U.S. Stock Index Portfolio (continued)
Class S2
06-30-22+		21.28		0.08•		(4.38)		(4.30)		—		—		—		—		—		16.98		(20.21)		0.67		0.67		0.67		0.81		145,722		1
12-31-21		18.49		0.15•		4.81		4.96		0.15		2.02		—		2.17		—		21.28		27.85		0.67		0.67		0.67		0.74		181,812		3
12-31-20		16.62		0.20		2.59		2.79		0.26		0.66		—		0.92		—		18.49		17.62		0.66		0.66		0.66		1.16		151,642		9
12-31-19		13.62		0.21•		3.88		4.09		0.19		0.90		—		1.09		—		16.62		30.60		0.67		0.67		0.67		1.35		149,297		9
12-31-18		15.39		0.20•		(0.88)		(0.68)		0.21		0.88		—		1.09		—		13.62		(5.03)		0.67		0.67		0.67		1.27		150,127		12
12-31-17		13.54		0.21		2.56		2.77		0.20		0.72		—		0.92		—		15.39		21.03		0.67		0.67		0.67		1.35		189,330		6
VY® CBRE Real Estate Portfolio
Class ADV
06-30-22+		43.39		0.18•		(10.13)		(9.95)		—		—		—		—		—		33.44		(22.93)		1.60		1.28		1.28		0.93		43,708		33
12-31-21		29.09		0.37•		14.50		14.87		0.57		—		—		0.57		—		43.39		51.46		1.62		1.28		1.28		1.02		63,318		67
12-31-20		36.39		0.41•		(3.54)		(3.13)		0.66		3.51		—		4.17		—		29.09		(6.89)		1.63		1.28		1.28		1.38		48,781		103
12-31-19		29.16		0.51•		7.53		8.04		0.63		0.18		—		0.81		—		36.39		27.71		1.46		1.31		1.31		1.49		63,873		69
12-31-18		36.01		0.49•		(3.01)		(2.52)		0.83		3.50		—		4.33		—		29.16		(7.97)		1.47		1.31		1.31		1.50		56,062		103
12-31-17		35.00		0.53•		1.14		1.67		0.66		—		—		0.66		—		36.01		4.82		1.45		1.31		1.31		1.50		75,575		82
Class I
06-30-22+		46.19		0.32•		(10.80)		(10.48)		—		—		—		—		—		35.71		(22.69)		1.00		0.68		0.68		1.59		8,900		33
12-31-21		30.88		0.62•		15.41		16.03		0.72		—		—		0.72		—		46.19		52.34		1.02		0.68		0.68		1.65		11,745		67
12-31-20		38.38		0.55•		(3.64)		(3.09)		0.90		3.51		—		4.41		—		30.88		(6.32)		1.03		0.68		0.68		1.76		14,403		103
12-31-19		30.72		0.68•		8.01		8.69		0.85		0.18		—		1.03		—		38.38		28.47		0.86		0.71		0.71		1.88		24,412		69
12-31-18		37.76		0.71•		(3.15)		(2.44)		1.10		3.50		—		4.60		—		30.72		(7.42)		0.87		0.71		0.71		2.05		38,978		103
12-31-17		36.68		0.79•		1.19		1.98		0.90		—		—		0.90		—		37.76		5.47		0.85		0.71		0.71		2.14		100,423		82
Class S
06-30-22+		46.11		0.26•		(10.77)		(10.51)		—		—		—		—		—		35.60		(22.79)		1.25		0.93		0.93		1.29		163,017		33
12-31-21		30.87		0.52•		15.39		15.91		0.67		—		—		0.67		—		46.11		51.96		1.27		0.93		0.93		1.37		227,726		67
12-31-20		38.32		0.53•		(3.68)		(3.15)		0.79		3.51		—		4.30		—		30.87		(6.53)		1.28		0.93		0.93		1.71		173,126		103
12-31-19		30.67		0.66•		7.93		8.59		0.76		0.18		—		0.94		—		38.32		28.15		1.11		0.96		0.96		1.82		230,346		69
12-31-18		37.67		0.63•		(3.16)		(2.53)		0.97		3.50		—		4.47		—		30.67		(7.65)		1.12		0.96		0.96		1.85		212,673		103
12-31-17		36.58		0.68•		1.19		1.87		0.78		—		—		0.78		—		37.67		5.18		1.10		0.96		0.96		1.83		290,716		82
Class S2
06-30-22+		45.78		0.22•		(10.68)		(10.46)		—		—		—		—		—		35.32		(22.85)		1.40		1.08		1.08		1.06		8,608		33
12-31-21		30.64		0.46•		15.28		15.74		0.60		—		—		0.60		—		45.78		51.74		1.42		1.08		1.08		1.21		13,826		67
12-31-20		38.07		0.46•		(3.64)		(3.18)		0.74		3.51		—		4.25		—		30.64		(6.69)		1.43		1.08		1.08		1.49		11,420		103
12-31-19		30.47		0.60•		7.88		8.48		0.70		0.18		—		0.88		—		38.07		27.97		1.26		1.11		1.11		1.67		15,394		69
12-31-18		37.44		0.58•		(3.14)		(2.56)		0.91		3.50		—		4.41		—		30.47		(7.78)		1.27		1.11		1.11		1.71		13,745		103
12-31-17		36.35		0.62•		1.18		1.80		0.71		—		—		0.71		—		37.44		5.02		1.25		1.11		1.11		1.68		17,937		82

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)		(%)
VY® JPMorgan Small Cap Core Equity Portfolio
Class ADV
06-30-22+			19.30		(0.03)•		(4.18)		(4.21)		—		—		—		—		—		15.09		(21.81)		1.47	��	1.47		1.46		(0.30)		106,463		26
12-31-21			17.26		(0.08)•		3.14		3.06		—		1.02		—		1.02		—		19.30		17.94		1.46		1.46		1.45		(0.44)		140,945		52
12-31-20			14.90		(0.01)		2.37		2.36		—		—		—		—		—		17.26		15.84		1.47		1.47		1.46		(0.03)		128,295		71
12-31-19			15.79		0.00*		3.92		3.92		0.03		4.55		0.23		4.81		—		14.90		25.96		1.45		1.45		1.44		0.05		130,058		50
12-31-18			20.12		(0.02)		(1.67)		(1.69)		0.02		2.62		—		2.64		—		15.79		(10.82)		1.45		1.45		1.45		(0.07)		114,664		43
12-31-17			18.54		0.01		2.71		2.72		0.04		1.10		—		1.14		—		20.12		15.17		1.45		1.45		1.45		0.03		131,488		36
Class I
06-30-22+			21.28		0.03•		(4.63)		(4.60)		—		—		—		—		—		16.68		(21.62)		0.87		0.87		0.86		0.30		225,861		26
12-31-21			18.89		0.04•		3.45		3.49		0.08		1.02		—		1.10		—		21.28		18.71		0.86		0.86		0.85		0.18		282,032		52
12-31-20			16.21		0.10		2.58		2.68		—		—		—		—		—		18.89		16.53		0.87		0.87		0.86		0.57		211,266		71
12-31-19			16.89		0.12		4.20		4.32		0.22		4.55		0.23		5.00		—		16.21		26.75		0.85		0.85		0.84		0.66		240,957		50
12-31-18			21.35		0.11		(1.81)		(1.70)		0.14		2.62		—		2.76		—		16.89		(10.34)		0.85		0.85		0.85		0.53		165,568		43
12-31-17			19.59		0.13		2.88		3.01		0.15		1.10		—		1.25		—		21.35		15.86		0.85		0.85		0.85		0.62		188,213		36
Class R6
06-30-22+			21.25		0.03•		(4.62)		(4.59)		—		—		—		—		—		16.66		(21.60)		0.87		0.87		0.86		0.29		85,133		26
12-31-21			18.87		0.03•		3.45		3.48		0.08		1.02		—		1.10		—		21.25		18.67		0.86		0.86		0.85		0.16		129,718		52
12-31-20			16.20		0.11•		2.56		2.67		—		—		—		—		—		18.87		16.48		0.87		0.87		0.86		0.70		118,342		71
12-31-19			16.88		0.12		4.20		4.32		0.22		4.55		0.23		5.00		—		16.20		26.78		0.85		0.85		0.84		0.66		38,161		50
12-31-18			21.34		0.09		(1.79)		(1.70)		0.14		2.62		—		2.76		—		16.88		(10.34)		0.85		0.85		0.85		0.55		23,951		43
12-31-17			19.58		0.15•		2.86		3.01		0.15		1.10		—		1.25		—		21.34		15.87		0.85		0.85		0.85		0.73		17,009		36
Class S
06-30-22+			20.85		0.00*•		(4.52)		(4.52)		—		—		—		—		—		16.33		(21.68)		1.12		1.12		1.11		0.03		85,938		26
12-31-21			18.55		(0.02)•		3.38		3.36		0.04		1.02		—		1.05		—		20.85		18.32		1.11		1.11		1.10		(0.09)		124,185		52
12-31-20			15.95		0.05		2.55		2.60		—		—		—		—		—		18.55		16.30		1.12		1.12		1.11		0.31		122,575		71
12-31-19			16.65		0.07		4.14		4.21		0.13		4.55		0.23		4.91		—		15.95		26.39		1.10		1.10		1.09		0.37		129,784		50
12-31-18			21.07		0.06		(1.78)		(1.72)		0.08		2.62		—		2.70		—		16.65		(10.52)		1.10		1.10		1.10		0.28		327,752		43
12-31-17			19.35		0.07•		2.85		2.92		0.10		1.10		—		1.20		—		21.07		15.56		1.10		1.10		1.10		0.37		385,636		36
Class S2
06-30-22+		��	20.52		(0.01)•		(4.45)		(4.46)		—		—		—		—		—		16.06		(21.73)		1.27		1.27		1.26		(0.10)		6,134		26
12-31-21			18.27		(0.05)•		3.33		3.28		0.01		1.02		—		1.03		—		20.52		18.17		1.26		1.26		1.25		(0.24)		8,692		52
12-31-20			15.74		0.03		2.50		2.53		—		—		—		—		—		18.27		16.07		1.27		1.27		1.26		0.16		8,312		71
12-31-19			16.46		0.04•		4.09		4.13		0.07		4.55		0.23		4.85		—		15.74		26.20		1.25		1.25		1.24		0.22		9,014		50
12-31-18			20.85		0.03		(1.76)		(1.73)		0.04		2.62		—		2.66		—		16.46		(10.64)		1.25		1.25		1.25		0.13		27,453		43
12-31-17			19.15		0.04•		2.82		2.86		0.06		1.10		—		1.16		—		20.85		15.42		1.25		1.25		1.25		0.22		35,440		36

(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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

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)

Commencement of operations.

(a)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, total return for Voya Large Cap Value Portfolio would have been (8.34)%, (7.82)%, (7.75)%, (8.01)% and (8.13)% for Classes ADV, I, R6, S and S2, respectively.

(b)

Excluding amounts related to a securities lending settlement recorded in the year ended December 31, 2018, the net investment income ratios for Voya Large Cap Value Portfolio would have been 1.40%, 2.00%, 2.02%, 1.75% and 1.59% for Classes ADV, I, R6, S and S2, respectively.

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Investors Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act” or the “Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The eight series (each a “Portfolio” and collectively the “Portfolios”) included in this report are: Voya Balanced Income Portfolio (“Balanced Income”), Voya High Yield Portfolio (“High Yield”), Voya Large Cap Growth Portfolio (“Large Cap Growth”), Voya Large Cap Value Portfolio (“Large Cap Value”), Voya Limited Maturity Bond Portfolio (“Limited Maturity Bond”), Voya U.S. Stock Index Portfolio (“U.S. Stock Index”), VY® CBRE Real Estate Portfolio (“CBRE Real Estate”), and VY® JPMorgan Small Cap Core Equity Portfolio (“JPMorgan Small Cap Core Equity”). Prior to May 1, 2022, VY® CBRE Real Estate Portfolio was known as VY® Clarion Real Estate Portfolio. All of the Portfolios are diversified except for Large Cap Growth, which is a non-diversified Portfolio of the Trust. In seeking to track the performance of the index, U.S. Stock Index may become non-diversified as a result of a change in relative market capitalizations or index weightings of one or more components of the index. As a result, whether U.S. Stock Index will be considered diversified or non-diversified at any time will depend largely on the make-up of the index at the time. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

The classes of shares included in this report are: Adviser (“Class ADV”), Institutional (“Class I”), Class P2, Class R6, Service (“Class S”) and Service 2 (“Class S2”); however, each Portfolio may not offer all share classes. With the exception of class specific matters, each class has equal voting rights as to voting privileges. For class specific proposals, only the applicable class would have voting privileges. The classes differ principally in the applicable distribution and shareholder service fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a portfolio and earn income and realized gains/losses from a portfolio pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on

the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if any, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to Balanced Income, High Yield, Large Cap Growth, Large Cap Value, Limited Maturity Bond, and U.S. Stock Index. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

(h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Each Portfolio’s fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method. CBRE Real Estate estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If CBRE Real Estate no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

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

(1)

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

D. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly and net capital gains distributions, if any, are declared and paid annually by High Yield and Limited Maturity Bond. Dividends from net investment

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

income, if any, are declared and paid semi-annually and net capital gains distributions, if any, are declared and paid annually by Large Cap Value and U.S. Stock Index. For all other Portfolios, dividends from net investment income and net capital gain distributions, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

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

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

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

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

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

Foreign Exchange Rate Risk. To the extent that a Portfolio invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Portfolio through foreign currency exchange transactions.

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

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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.

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

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

As of June 30, 2022, the maximum amount of loss that Balanced Income would incur if its counterparties failed to perform would be $2,032,236 which represents the gross

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payments to be received on open forward foreign currency contracts and OTC purchased options were they to be unwound as of June 30, 2022. At June 30, 2022, the Portfolio received $460,000 in cash collateral for open OTC derivatives.

As of June 30, 2022, Balanced Income had a liability position of $2,314,955 on open forward foreign currency contracts, volatility swaps, forward premium swaptions and OTC written options. If a contingent feature would have been triggered as of June 30, 2022, the Portfolio could have been required to pay these amounts in cash to its counterparties. At June 30, 2022 Balanced Income pledged $260,000 in cash collateral for its open OTC derivative transactions.

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

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

During the period ended June 30, 2022, Balanced Income had average contract amounts on forward foreign currency contracts purchased and sold of $120,085,688 and $119,896,660, respectively. The Portfolio used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at June 30, 2022.

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

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended June 30, 2022, U.S. Stock Index and JPMorgan Small Cap Core Equity have purchased futures contracts on various equity indexes to “equitize” cash. Futures

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contracts are purchased to provide immediate market exposure proportionate to the size of the Portfolio’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. In addition, Balanced Income and Limited Maturity Bond had purchased and sold futures contracts on treasury futures to manage the duration and yield curve of the Portfolios. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolio’s securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against counterparty default.

During the period ended June 30, 2022, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at June 30, 2022.

	Purchased			Sold
Balanced Income		$	83,470,740		$	20,847,083
Limited Maturity Bond			118,704,870			20,165,406
U.S. Stock Index			169,305,333			—
JPMorgan Small Cap Core Equity			9,165,427			—

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

value of the security collateralizing the repurchase agreement declines, and may incur disposition costs in liquidating the collateral.

Repurchase agreements are entered into by the Portfolios under Master Repurchase Agreements (“MRA”) which permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the respective Portfolio. There were no open repurchase agreements for any Portfolio at June 30, 2022.

K. Securities Lending. Each Portfolio may loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.

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

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of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

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

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

exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the period ended June 30, 2022, Balanced Income had purchased and written equity options with a notional value of $26,531,176 and $14,423,909, respectively, to gain additional exposure to equity risk and to generate income. There were no open purchased and written equity options at June 30, 2022.

During the period ended June 30, 2022, Balanced Income had purchased and written foreign currency options with a notional value of $18,046,000 and $10,601,300, respectively, to gain exposure to foreign currencies and to generate income. Please refer to the tables following the Portfolios of Investments for open purchased and written foreign currency options at June 30, 2022.

During the period ended June 30, 2022, Balanced Income had written interest rate swaptions to generate income. Balanced Income had an average notional value of $8,456,000. Please refer to the tables within the Portfolio of Investments for open written interest rate swaptions at June 30, 2022.

During the period ended June 30, 2022, Balanced Income had purchased forward premium swaptions to manage duration and yield curve exposures. Balanced Income had an average notional value of $8,341,000. Please refer to the tables following the Portfolios of Investments for open purchased forward premium swaptions at June 30, 2022.

O. Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).

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

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

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

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio’s Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that

unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

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

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

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

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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 period ended June 30, 2022, Balanced Income had bought and sold credit protection on credit default swap indices (“CDX”) and single name issuers (corporate or sovereign). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Balanced Income used CDX swaps to gain additional exposure within various sectors and to hedge the credit risk associated with various sectors within the credit market. In addition, Balanced Income bought credit protection on single name issuers to reduce its risk exposure to defaults of corporate and/or sovereign issuers.

For the period ended June 30, 2022, Balanced Income had an average notional amount of $1,140,000 and $4,949,279

on credit default swaps to buy and sell protection, respectively. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protection at June 30, 2022.

Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

For the period ended June 30, 2022, Balanced Income had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on interest rate swaps was $2,012,900.

For the period ended June 30, 2022, Balanced Income had entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps was $2,984,270.

Balanced Income entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for open centrally cleared interest rate swaps at June 30, 2022.

At June 30, 2022, Balanced Income had pledged $320,000 in cash collateral for open centrally cleared credit default and interest rate swaps.

Volatility Swap Contracts. Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, a Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

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During the period ended June 30, 2022, Balanced Income had an average notional amount of $4,147,400 on foreign currency volatility swaps (receiver). There were no open volatility swaps at June 30, 2022.

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended June 30, 2022, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

	Purchases			Sales
Balanced Income		$	100,222,191		$	128,381,417
High Yield			479,043,136			29,406,836
Large Cap Growth			1,435,456,753			1,806,319,839
Large Cap Value			244,306,227			184,070,522
Limited Maturity Bond			43,648,989			71,943,722
U.S. Stock Index			64,302,966			620,174,481
CBRE Real Estate			89,360,572			115,671,861
JPMorgan Small Cap Core Equity			149,660,689			175,272,325

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

	Purchases			Sales
Balanced Income		$	58,007,676		$	40,986,586
Limited Maturity Bond			445,728,445			440,219,076

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

Portfolio			Fee
Balanced Income			0.55% on all assets
Large Cap Growth			0.65% on the first $5.5 billion; 0.62% on the next $1.5 billion; 0.60% on the next $3 billion; and 0.59% on the amount in excess of $10 billion
Large Cap Value(1)			0.75% on the first $500 million; 0.70% on the next $1.5 billion; and 0.65% on the amount in excess of $2 billion
CBRE Real Estate(1)			0.85% on the first $200 million; 0.80% on the next $550 million; and 0.75% on the amount in excess of $750 million

(1)

The Investment Adviser is contractually obligated to waive 0.010% and 0.067% of the management fee for Large Cap Value and CBRE Real Estate, respectively. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.

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

Portfolio			Fee
High Yield(2)			0.490% on the first $1 billion; 0.480% on the next $1 billion; 0.470% on the amount in excess of $2 billion
Limited Maturity Bond(3)			0.350% on the first $200 million; 0.300% on the next $300 million; 0.250% on the amount in excess of $500 million
U.S. Stock Index			0.260%
JPMorgan Small Cap Core Equity			0.900% on the first $200 million; 0.850% on the next $300 million; 0.800% on the next $250 million; 0.750% on the amount in excess of $750 million

(2)

The Investment Adviser is contractually obligated to waive 0.015%

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

of the Unified Fee for High Yield. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(3)

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

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

Portfolio			Sub-Adviser
Balanced Income			Voya Investment Management Co. LLC*
High Yield			Voya Investment Management Co. LLC*
Large Cap Growth			Voya Investment Management Co. LLC*
Large Cap Value			Voya Investment Management Co. LLC*
Limited Maturity Bond			Voya Investment Management Co. LLC*
U.S. Stock Index			Voya Investment Management Co. LLC*
CBRE Real Estate			CBRE Investment Management Listed Real Assets LLC(1)
JPMorgan Small Cap Core Equity			J.P. Morgan Investment Management Inc.

(1)

Previously known as CBRE Clarion Securities LLC.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

The Trust has entered into a shareholder service plan (the “Plan”) for each Portfolio that offers Class S and Class S2 shares. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S and Class S2 shares. Under the Plan, each Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to Class S and Class S2 shares, respectively. Each Portfolio that offers Class S2 shares has entered into a distribution plan (the “Class S2 Plan”) with the Distributor on behalf of the Class S2 shares of the Portfolio. The Class S2 Plan provides that the Class S2 shares shall pay a distribution fee for distribution services including payments to the Distributor at an annual rate of 0.15% of the average daily net assets. The Distributor has contractually agreed to waive 0.01% of the shareholder

service fee for Class S shares of U.S. Stock Index. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

Class ADV shares of the Portfolios have a shareholder service and distribution plan. The respective Portfolios pay the Distributor a service fee of 0.25% and a distribution fee of 0.35% of each Portfolio’s average daily net assets attributable to Class ADV shares, except for U.S. Stock Index, which pays a distribution fee of 0.28%.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

Subsidiary/Affiliated Investment Company	Portfolio	Percentage
ReliaStar Life Insurance Company	JPMorgan Small Cap Core Equity		9.77%
Security Life of Denver Insurance Company	Limited Maturity Bond		6.66
	JPMorgan Small Cap Core Equity		6.61
Voya Index Solution 2035 Portfolio	U.S. Stock Index		7.08
Voya Index Solution 2045 Portfolio	U.S. Stock Index		6.88
Voya Institutional Trust Company	Balanced Income		19.66
	High Yield		15.43
	Large Cap Growth		14.00
	Large Cap Value		10.18
	CBRE Real Estate		21.31
	JPMorgan Small Cap Core Equity		35.10
Voya Retirement Growth Portfolio	U.S. Stock Index		15.75
Voya Retirement Insurance and Annuity Company	High Yield		34.20
	Large Cap Growth		28.27
	Large Cap Value		64.99
	U.S. Stock Index		7.89
	CBRE Real Estate		37.99
	JPMorgan Small Cap Core Equity		32.10
Voya Retirement Moderate Growth Portfolio	U.S. Stock Index		9.73

The Portfolios have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent

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NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

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

trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Portfolios. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

Balanced Income, Large Cap Growth, Large Cap Value and CBRE Real Estate may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio	Amount
Balanced Income		$	37,102
Large Cap Growth			716,549
Large Cap Value			259,793
CBRE Real Estate			169,755

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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

Portfolio	Class ADV		Class I		Class P2		Class R6		Class S		Class S2
Balanced Income		1.20%		0.60%		N/A		N/A		0.85%		1.00%
Large Cap Growth(1)		1.27%		0.67%		N/A		0.67%		0.92%		1.07%
Large Cap Value(2)		1.29%		0.69%		N/A		0.69%		0.94%		1.09%
U.S. Stock Index		N/A		N/A		0.15%		N/A		N/A		N/A
CBRE Real Estate		1.35%		0.75%		N/A		N/A		1.00%		1.15%

(1)

Any fees waived pursuant to the Expense Limitation Agreement shall not be eligible for recoupment.

(2)

Pursuant to a side letter agreement, through May 1, 2023, the Investment Adviser has further lowered the expense limits for Large Cap Value to 1.25%, 0.65%, 0.65%, 0.90%, and 1.05% for Class ADV, Class I, Class R6, Class S, and Class S2, respectively.

Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

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

As of June 30, 2022, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

	June 30,
	2023			2024			2025			Total
Balanced Income		$	27,621		$	42,029		$	46,759		$	116,409
U.S. Stock Index			2,616,153			3,121,225			3,635,952			9,373,330
CBRE Real Estate			543,905			720,323			722,483			1,986,711

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

NOTE 8 — LINE OF CREDIT

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT (continued)

The below Portfolios utilized the line of credit during the six months ended June 30, 2022 as follows:

Portfolio	Days Utilized	Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Balanced Income	17		$	1,338,000		2.09%
U.S. Stock Index	1			22,803,000		1.58
CBRE Real Estate	1			708,000		1.33

NOTE 9 — 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 Income
Class ADV
6/30/2022		62,406		—		—		(557,124)		(494,718)		615,230		—		—		(5,368,173)		(4,752,943)
12/31/2021		279,715		—		139,566		(916,360)		(497,079)		2,848,682		—		1,409,617		(9,270,094)		(5,011,795)
Class I
6/30/2022		1,547		—		—		(43,623)		(42,076)		15,983		—		—		(457,633)		(441,650)
12/31/2021		42,256		—		19,718		(115,249)		(53,275)		455,348		—		209,798		(1,233,785)		(568,639)
Class S
6/30/2022		576,753		—		—		(1,843,669)		(1,266,916)		5,938,036		—		—		(18,829,378)		(12,891,342)
12/31/2021		650,061		—		584,766		(3,780,658)		(2,545,831)		6,980,290		—		6,192,671		(40,255,667)		(27,082,706)
Class S2
6/30/2022		12,737		—		—		(50,333)		(37,596)		129,125		—		—		(517,188)		(388,063)
12/31/2021		38,165		—		8,880		(177,341)		(130,296)		395,234		—		93,865		(1,862,215)		(1,373,116)
High Yield
Class ADV
6/30/2022		7,812,738		—		67,763		(248,377)		7,632,124		1,519,247		—		1,701,784		(5,803,184)		(2,582,153)
12/31/2021		583,622		—		377,182		(1,025,629)		(64,825)		5,800,399		—		3,748,955		(10,197,422)		(648,068)
Class I
6/30/2022		18,938,754		—		186,606		(466,188)		18,659,172		5,542,183		—		4,668,865		(12,456,138)		(2,245,090)
12/31/2021		1,775,515		—		1,016,805		(2,968,643)		(176,323)		17,687,685		—		10,113,571		(29,521,461)		(1,720,205)
Class S
6/30/2022		23,508,857		—		215,206		(1,215,072)		22,508,991		3,638,239		—		5,547,972		(26,679,927)		(17,493,716)
12/31/2021		1,451,399		—		1,301,925		(4,887,361)		(2,134,037)		14,430,141		—		12,940,400		(48,613,102)		(21,242,561)
Class S2
6/30/2022		311,416		—		1,781		(146,341)		166,856		1,031,891		—		54,592		(1,995,612)		(909,129)
12/31/2021		41,312		—		14,963		(98,895)		(42,620)		410,681		—		148,926		(990,752)		(431,145)
Large Cap Growth
Class ADV
6/30/2022		1,347,747		—		—		(7,986,598)		(6,638,851)		19,942,763		—		—		(130,601,256)		(110,658,493)
12/31/2021		908,101		—		23,303,662		(18,207,779)		6,003,984		18,458,423		—		429,952,557		(365,043,084)		83,367,896
Class I
6/30/2022		602,327		—		—		(3,654,159)		(3,051,832)		11,261,798		—		—		(69,002,202)		(57,740,404)
12/31/2021		2,689,220		—		16,446,707		(39,368,162)		(20,232,235)		62,387,090		—		350,150,390		(912,881,309)		(500,343,829)
Class R6
6/30/2022		260,100		—		—		(687,299)		(427,199)		4,603,247		—		—		(13,059,625)		(8,456,378)
12/31/2021		391,820		—		782,242		(780,318)		393,744		8,889,620		—		16,669,588		(17,781,438)		7,777,770
Class S
6/30/2022		631,151		—		—		(6,850,190)		(6,219,039)		10,280,624		—		—		(124,174,287)		(113,893,663)
12/31/2021		641,021		—		16,940,296		(18,797,382)		(1,216,065)		14,184,112		—		344,904,423		(412,746,778)		(53,658,243)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 9 — 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	#		#		#		#		#		($)		($)		($)		($)		($)
Large Cap Growth (continued)
Class S2
6/30/2022		119,778		—		—		(449,607)		(329,829)		2,087,903		—		—		(7,782,513)		(5,694,610)
12/31/2021		169,967		—		599,048		(721,069)		47,946		3,694,619		—		12,028,880		(16,159,958)		(436,459)
Large Cap Value
Class ADV
6/30/2022		94,740		—		—		(315,399)		(220,659)		1,313,732		—		—		(4,191,527)		(2,877,795)
12/31/2021		201,267		—		118,496		(757,608)		(437,845)		2,599,957		—		1,581,277		(9,720,281)		(5,539,047)
Class I
6/30/2022		437,923		—		—		(1,087,802)		(649,879)		6,088,642		—		—		(15,041,747)		(8,953,105)
12/31/2021		380,843		—		961,189		(2,557,064)		(1,215,032)		5,020,931		—		13,251,427		(33,488,201)		(15,215,843)
Class R6
6/30/2022		5,291,948		—		—		(549,233)		4,742,715		75,491,060		—		—		(7,582,635)		67,908,425
12/31/2021		1,026,544		—		27,964		(149,938)		904,570		13,978,384		—		387,396		(2,041,286)		12,324,494
Class S
6/30/2022		136,141		—		—		(247,352)		(111,211)		1,857,992		—		—		(3,363,022)		(1,505,030)
12/31/2021		545,245		—		696,754		(53,362,945)		(52,120,946)		7,026,135		—		9,120,566		(720,137,742)		(703,991,041)
Class S2
6/30/2022		10		—		—		—*		10		136		—		—		—*		136
12/31/2021		149		—		447		(70)		526		1,960		—		6,040		(928)		7,072
Limited Maturity Bond
Class ADV
6/30/2022		278,570		—		5,746		(120,190)		164,126		2,712,193		—		54,964		(1,148,565)		1,618,592
12/31/2021		214,621		—		15,454		(211,656)		18,419		2,136,743		—		154,223		(2,111,245)		179,721
Class I
6/30/2022		1,736,282		—		201,135		(3,983,191)		(2,045,774)		16,956,385		—		1,967,583		(39,124,601)		(20,200,633)
12/31/2021		9,142,650		—		515,626		(9,361,739)		296,537		93,025,513		—		5,245,197		(95,353,185)		2,917,525
Class S
6/30/2022		505,514		—		33,473		(1,465,960)		(926,973)		5,019,710		—		329,898		(14,504,876)		(9,155,268)
12/31/2021		830,068		—		99,029		(902,201)		26,896		8,518,002		—		1,015,514		(9,254,429)		279,087
U.S. Stock Index
Class ADV
6/30/2022		354,189		—		—		(437,270)		(83,081)		6,716,723		—		—		(8,446,263)		(1,729,540)
12/31/2021		328,198		—		540,533		(1,613,600)		(744,869)		6,544,675		—		10,440,961		(31,546,584)		(14,560,948)
Class I
6/30/2022		16,729,007		—		—		(24,141,215)		(7,412,208)		317,506,734		—		—		(476,212,269)		(158,705,535)
12/31/2021		15,845,138		—		22,322,283		(56,051,758)		(17,884,337)		321,966,399		—		453,677,922		(1,159,316,452)		(383,672,131)
Class P2
6/30/2022		17,277,069		—		—		(34,327,469)		(17,050,400)		339,129,953		—		—		(689,655,967)		(350,526,014)
12/31/2021		36,437,116		—		15,110,976		(40,137,473)		11,410,619		762,954,067		—		309,410,092		(825,339,515)		247,024,644
Class S
6/30/2022		446,462		—		—		(1,262,611)		(816,149)		8,712,738		—		—		(24,858,113)		(16,145,375)
12/31/2021		589,474		—		1,493,042		(3,010,801)		(928,285)		12,214,547		—		29,892,766		(61,225,497)		(19,118,184)
Class S2
6/30/2022		927,775		—		—		(888,184)		39,591		18,195,087		—		—		(17,359,171)		835,916
12/31/2021		1,166,088		—		897,499		(1,720,720)		342,867		23,579,155		—		17,679,101		(34,659,856)		6,598,400
CBRE Real Estate
Class ADV
6/30/2022		38,219		—		—		(190,562)		(152,343)		1,438,454		—		—		(7,387,759)		(5,949,305)
12/31/2021		129,323		—		23,612		(370,157)		(217,222)		4,726,279		—		866,071		(13,384,798)		(7,792,448)
Class I
6/30/2022		56,297		—		—		(61,318)		(5,021)		2,272,657		—		—		(2,592,640)		(319,983)
12/31/2021		73,715		—		4,591		(290,416)		(212,110)		2,761,886		—		178,785		(10,888,422)		(7,947,751)
Class S
6/30/2022		91,241		—		—		(451,002)		(359,761)		3,831,821		—		—		(18,328,483)		(14,496,662)
12/31/2021		248,483		—		89,264		(1,007,102)		(669,355)		9,744,772		—		3,474,168		(38,074,518)		(24,855,578)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 9 — 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	#		#		#		#		#		($)		($)		($)		($)		($)
CBRE Real Estate (continued)
Class S2
6/30/2022		6,588		—		—		(64,874)		(58,286)		263,931		—		—		(2,589,157)		(2,325,226)
12/31/2021		26,386		—		4,995		(102,079)		(70,698)		1,039,835		—		193,147		(3,839,796)		(2,606,814)
JPMorgan Small Cap Core Equity
Class ADV
6/30/2022		176,894		—		—		(423,058)		(246,164)		3,005,652		—		—		(7,222,165)		(4,216,513)
12/31/2021		516,401		—		401,796		(1,049,273)		(131,076)		9,911,668		—		7,449,294		(19,876,330)		(2,515,368)
Class I
6/30/2022		1,763,839		—		—		(1,479,592)		284,247		33,790,849		—		—		(27,476,477)		6,314,372
12/31/2021		3,194,127		—		689,674		(1,810,430)		2,073,371		66,678,668		—		14,055,559		(38,014,806)		42,719,421
Class R6
6/30/2022		612,405		—		—		(1,606,826)		(994,421)		11,675,961		—		—		(30,579,385)		(18,903,424)
12/31/2021		3,533,063		—		320,742		(4,020,693)		(166,888)		73,777,559		—		6,530,307		(85,001,647)		(4,693,781)
Class S
6/30/2022		114,056		—		—		(806,186)		(692,130)		2,096,378		—		—		(15,061,943)		(12,965,565)
12/31/2021		419,827		—		325,429		(1,399,921)		(654,665)		8,645,272		—		6,508,589		(28,825,077)		(13,671,216)
Class S2
6/30/2022		29,238		—		—		(70,931)		(41,693)		536,105		—		—		(1,259,209)		(723,104)
12/31/2021		36,086		—		21,771		(89,319)		(31,462)		732,954		—		428,894		(1,847,489)		(685,641)

NOTE 10 — SECURITIES LENDING

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 10 — SECURITIES LENDING (continued)

The following tables represent a summary of each respective Portfolio’s securities lending agreements by counterparty which are subject to offset under the Agreement as of June 30, 2022:

Balanced Income

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	80,832		$	(80,832)		$	—
Barclays Bank PLC			56,939			(56,939)			—
BNP Paribas			66,348			(66,348)			—
BNP Paribas Prime Brokerage Intl Ltd			56,076			(56,076)			—
BNP Paribas Securities Corp.			840			(840)			—
BofA Securities Inc			82,792			(82,792)			—
Citigroup Global Markets Inc.			166,485			(166,485)			—
Citigroup Global Markets Limited			155,556			(155,556)			—
HSBC Bank PLC			158,173			(158,173)			—
J.P. Morgan Securities LLC			177,810			(177,810)			—
Jefferies LLC			17			(17)			—
Merrill Lynch International			132,403			(132,403)			—
Morgan Stanley & Co. LLC			381,570			(381,570)			—
RBC Capital Markets, LLC			123,643			(123,643)			—
Scotia Capital (USA) INC			29,673			(29,673)			—
State Stree Bank and Trust Company			69,679			(69,679)			—
TD Prime Services LLC			16,537			(16,537)			—
UBS AG			135,067			(135,067)			—
Total		$	1,890,439		$	(1,890,439)		$	—

(1)

Cash collateral with a fair value of $2,030,959 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

High Yield

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Bank PLC		$	4,745,124		$	(4,745,124)		$	—
Barclays Capital Inc.			207,890			(207,890)			—
BMO Capital Markets Corp			119,571			(119,571)			—	��
BNP Paribas			962,355			(962,355)			—
BNP Paribas Prime Brokerage Intl Ltd			1,216,300			(1,216,300)			—
BNP Paribas Securities Corp.			717,894			(717,894)			—
Citadel Clearing LLC			402,503			(402,503)			—
Citigroup Global Markets Inc.			93,683			(93,683)			—
Deutsche Bank Securities Inc.			7,085			(7,085)			—
Goldman Sachs & Co. LLC			1,582			(1,582)			—
J.P. Morgan Securities LLC			4,985,477			(4,985,477)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Mizuho Securities USA LLC.		$	1,555,787		$	(1,555,787)		$	—
Morgan Stanley & Co. LLC			5,364,358			(5,364,358)			—
MUFG Securities Americas Inc.			120,463			(120,463)			—
Nomura Securities International, Inc.			1,744,990			(1,744,990)			—
RBC Capital Markets, LLC			3,323,570			(3,323,570)			—
RBC Dominion Securities Inc			334,052			(334,052)			—
Scotia Capital (USA) INC			780,165			(780,165)			—
UBS Securities LLC.			457,060			(457,060)			—
Total		$	27,139,911		$	(27,139,911)		$	—

(1)

Cash collateral with a fair value of $27,840,629 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Large Cap Growth

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citadel Securities LLC		$	1,999,825		$	(1,999,825)		$	—
Citigroup Global Markets Inc.			2,407,334			(2,407,334)			—
Cowen Execution Services LLC			664,248			(664,248)			—
Goldman Sachs & Co. LLC			15,995,388			(15,995,388)			—
Industrial And Commercial Bank Of China			278,707			(278,707)			—
J.P. Morgan Securities LLC			7,250,793			(7,250,793)			—
Janney Montgomery Scott LLC			897,600			(897,600)			—
Mizuho Securities USA LLC.			20,204			(20,204)			—
Morgan Stanley & Co. LLC			2,900,819			(2,900,819)			—
National Financial Services LLC			20,783,295			(20,783,295)			—
Wells Fargo Bank NA			826,275			(826,275)			—
Wells Fargo Securities LLC			946,025			(946,025)			—
Total		$	54,970,514		$	(54,970,514)		$	—

(1)

Cash collateral with a fair value of $56,157,755 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

Large Cap Value

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	809,874		$	(809,874)		$	—
Natixis Securities America LLC			3,290,421			(3,290,421)			—
Wells Fargo Securities LLC			901,521			(901,521)			—
Total		$	5,001,816		$	(5,001,816)		$	—

(1)

Cash collateral with a fair value of $5,135,352 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 June 30, 2022 (Unaudited) (continued)

NOTE 10 — SECURITIES LENDING (continued)

Limited Maturity Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Prime Brokerage Intl Ltd		$	312,760		$	(312,760)		$	—
BofA Securities Inc			178,118			(178,118)			—
Morgan Stanley & Co. LLC			370,207			(370,207)			—
National Bank Financial INC			1,231,976			(1,231,976)			—
Societe Generale			3,016,919			(3,016,919)			—
Truist Securities INC			21,999			(21,999)			—
UBS Securities LLC.			444,570			(444,570)			—
Total		$	5,576,549		$	(5,576,549)		$	—

(1)

Cash collateral with a fair value of $5,716,123 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

U.S. Stock Index

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)				Net Amount
Barclays Bank PLC		$	15,949,744		$	(15,949,744)	��		$	—
BMO Capital Markets Corp			1,134,735			(1,134,735)				—
BNP Paribas Prime Brokerage Intl Ltd			3,394,945			(3,394,945)				—
BofA Securities Inc			9,815,928			(9,815,928)				—
Citadel Clearing LLC			997,327			(997,327)				—
Citadel Securities LLC			3,151,060			(3,151,060)				—
Citigroup Global Markets Inc.			20,237,612			(20,237,612)				—
Cowen Execution Services LLC			872,184			(872,184)				—
Credit Suisse Securities (USA) LLC			5,748,935			(5,748,935)				—
Daiwa Capital Markets America Inc.			1,254,726			(1,254,726)				—
Deutsche Bank Securities Inc.			4,032			(4,032)				—
Goldman Sachs & Co. LLC			14,695,456			(14,695,456)				—
Industrial And Commercial Bank Of China			203,280			(203,280)				—
J.P. Morgan Securities LLC			17,248,560			(17,248,560)				—
Mirae Asset Securities (USA) INC.			410,586			(410,586)				—
Morgan Stanley & Co. LLC			19,000			(19,000)				—
MUFG Securities Americas Inc.			6,704,996			(6,704,996)				—
National Financial Services LLC			588,760			(588,760)				—
Natixis Securities America LLC			3,463,340			(3,463,340)				—
RBC Capital Markets, LLC			1,761,245			(1,761,245)				—
SG Americas Securities, LLC			349,443			(349,443)				—
State Stree Bank and Trust Company			19,912,231			(19,912,231)				—
UBS AG			6,103,610			(6,103,610)				—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
UBS Securities LLC.		$	4,830,514		$	(4,830,514)		$	—
Wells Fargo Bank NA			31,339,201			(31,339,201)			—
Wells Fargo Securities LLC			72,625			(72,625)			—
Total		$	170,264,074		$	(170,264,074)		$	—

(1)

Cash collateral with a fair value of $174,198,713 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

CBRE Real Estate

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman Sachs & Co. LLC		$	55,577		$	(55,577)		$	—
Total		$	55,577		$	(55,577)		$	—

(1)

Cash collateral with a fair value of $57,401 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

JPMorgan Small Cap Core Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	110,243		$	(110,243)		$	—
BNP Paribas Prime Brokerage Intl Ltd			33,675			(33,675)			—
BNP Paribas Securities Corp.			88,879			(88,879)			—
BofA Securities Inc			2,081,936			(2,081,936)			—
Citadel Securities LLC			82,419			(82,419)			—
Citigroup Global Markets Inc.			2,564			(2,564)			—
Cowen Execution Services LLC			972,877			(972,877)			—
Goldman Sachs & Co. LLC			1,961,813			(1,961,813)			—
Jefferies LLC			312,903			(312,903)			—
Morgan Stanley & Co. LLC			883,546			(883,546)			—
National Financial Services LLC			77,722			(77,722)			—
Scotia Capital (USA) INC			97,562			(97,562)			—
SG Americas Securities, LLC			181,476			(181,476)			—
State Stree Bank and Trust Company			9,393			(9,393)			—
TD Prime Services LLC			172,563			(172,563)			—
UBS AG			202,215			(202,215)			—
UBS Securities LLC.			76,380			(76,380)			—
Wells Fargo Securities LLC			76,148			(76,148)			—
Total		$	7,424,313		$	(7,424,313)		$	—

(1)

Cash collateral with a fair value of $7,618,771 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 June 30, 2022 (Unaudited) (continued)

NOTE 11 — FEDERAL INCOME TAXES

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

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 Gains			Return of Capital			Ordinary Income			Long-term Capital Gains			Return of Capital
Balanced Income		$	7,905,951		$	—		$	—		$	21,828,359		$	14,167,103		$	—
High Yield			26,052,458			—			899,394			28,067,198			—			294,300
Large Cap Growth			245,081,324			908,624,514			—			31,912,449			669,820,320			—
Large Cap Value			11,621,055			12,725,651			—			19,583,697			85,420,555			—
Limited Maturity Bond			6,417,006			—			—			7,979,614			—			—
U.S. Stock Index			96,193,161			724,907,681			—			137,870,577			271,478,624			—
CBRE Real Estate			4,712,171			—			—			14,713,230			18,868,227			—
JPMorgan Small Cap Core Equity			9,459,470			25,513,173			—			—			—			—

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			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards						Other			Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character	Expiration		Other			Total Distributable Earnings/(Loss)
Balanced Income		$	8,313,737		$	21,081,561		$	17,097,518		$	—	—		—		$	(32,409)		$	46,460,407
High Yield			—			—			19,819,943			(43,532,801)	Long-term		None			(18,737)			(23,731,595)
Large Cap Growth			369,512,810			1,203,826,915			1,103,289,646			—	—		—			(153,170)			2,676,476,201
Large Cap Value			129,197,009			166,437,226			54,973,358			—	—		—			(41,786)			350,565,807
Limited Maturity Bond			—			—			(617,451)			(416,690)	Short-term		None			(8,584)			(1,240,402)
												(197,677)	Long-term		None
											$	(614,367)
U.S. Stock Index			13,695,282			666,920,521			4,284,158,567			—	—		—			(105,311)			4,964,669,059
CBRE Real Estate			8,811,689			35,906,239			73,500,058			—	—		—			(14,747)			118,203,239
JPMorgan Small Cap Core Equity			31,093,711			69,287,392			140,971,844			—	—		—			(15,331)			241,337,616

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

NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)

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).

NOTE 13 — LIQUIDITY

NOTE 14 — MARKET DISRUPTION

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of June 30, 2022 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2022, the following Portfolios declared dividends and distributions of:

	PER SHARE AMOUNTS
	Net Investment Income			Short-term Capital Gains			Long-term Capital Gains			Payable Date	Record Date
Balanced Income
Class ADV		$	0.1839		$	0.0719		$	0.7297	July 14, 2022	July 12, 2022
Class I		$	0.2523		$	0.0719		$	0.7297	July 14, 2022	July 12, 2022
Class S		$	0.2226		$	0.0719		$	0.7297	July 14, 2022	July 12, 2022
Class S2		$	0.1992		$	0.0719		$	0.7297	July 14, 2022	July 12, 2022
High Yield
Class ADV		$	0.0349		$	—		$	—	August 1, 2022	Daily
Class I		$	0.0392		$	—		$	—	August 1, 2022	Daily
Class S		$	0.0374		$	—		$	—	August 1, 2022	Daily
Class S2		$	0.0363		$	—		$	—	August 1, 2022	Daily
Large Cap Growth
Class ADV		$	—		$	1.3858		$	4.5146	July 14, 2022	July 12, 2022
Class I		$	—		$	1.3858		$	4.5146	July 14, 2022	July 12, 2022
Class R6		$	—		$	1.3858		$	4.5146	July 14, 2022	July 12, 2022
Class S		$	—		$	1.3858		$	4.5146	July 14, 2022	July 12, 2022
Class S2		$	—		$	1.3858		$	4.5146	July 14, 2022	July 12, 2022
Large Cap Value
Class ADV		$	—		$	3.3768		$	4.3521	July 14, 2022	July 12, 2022
Class I		$	—		$	3.3768		$	4.3521	July 14, 2022	July 12, 2022
Class R6		$	—		$	3.3768		$	4.3521	July 14, 2022	July 12, 2022
Class S		$	—		$	3.3768		$	4.3521	July 14, 2022	July 12, 2022
Class S2		$	—		$	3.3768		$	4.3521	July 14, 2022	July 12, 2022
Limited Maturity Bond
Class ADV		$	0.0083		$	—		$	—	August 1, 2022	Daily
Class I		$	0.0134		$	—		$	—	August 1, 2022	Daily
Class S		$	0.0115		$	—		$	—	August 1, 2022	Daily
U.S. Stock Index
Class ADV		$	0.0104		$	0.0250		$	1.7909	July 14, 2022	July 12, 2022
Class I		$	0.0104		$	0.0250		$	1.7909	July 14, 2022	July 12, 2022
Class P2		$	0.0104		$	0.0250		$	1.7909	July 14, 2022	July 12, 2022
Class S		$	0.0104		$	0.0250		$	1.7909	July 14, 2022	July 12, 2022
Class S2		$	0.0104		$	0.0250		$	1.7909	July 14, 2022	July 12, 2022
CBRE Real Estate
Class ADV		$	0.4597		$	0.8154		$	5.6572	July 14, 2022	July 12, 2022
Class I		$	0.7060		$	0.8154		$	5.6572	July 14, 2022	July 12, 2022
Class S		$	0.6084		$	0.8154		$	5.6572	July 14, 2022	July 12, 2022
Class S2		$	0.5007		$	0.8154		$	5.6572	July 14, 2022	July 12, 2022
JPMorgan Small Cap Core Equity
Class ADV		$	—		$	0.9933		$	2.2125	July 14, 2022	July 12, 2022
Class I		$	0.0011		$	0.9933		$	2.2125	July 14, 2022	July 12, 2022
Class R6		$	0.0011		$	0.9933		$	2.2125	July 14, 2022	July 12, 2022
Class S		$	—		$	0.9933		$	2.2125	July 14, 2022	July 12, 2022
Class S2		$	—		$	0.9933		$	2.2125	July 14, 2022	July 12, 2022

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 40.0%
	Communication Services: 2.9%
1,529 (1)	Alphabet, Inc. - Class A		$	3,332,089		1.2
30,564	AT&T, Inc.			640,621		0.2
4,422 (2)	Auto Trader Group PLC			29,948		0.0
2,600	Capcom Co., Ltd.			63,247		0.0
18,691	Comcast Corp. - Class A			733,435		0.3
6,084	Deutsche Telekom AG			121,007		0.1
3,003	Electronic Arts, Inc.			365,315		0.1
1,545	Elisa OYJ			86,980		0.0
39,000	HKT Trust & HKT Ltd. - Stapled Security			52,379		0.0
1,734	Interpublic Group of Cos., Inc.			47,737		0.0
500	KDDI Corp.			15,767		0.0
4,467 (1)	Live Nation Entertainment, Inc.			368,885		0.2
200	Nintendo Co., Ltd.			86,011		0.0
4,800	Nippon Telegraph & Telephone Corp.			137,919		0.1
3,764	Omnicom Group			239,428		0.1
10,147	Orange SA			119,568		0.1
3,809	Proximus SADP			56,221		0.0
47,724 (3)	Sirius XM Holdings, Inc.			292,548		0.1
12,400	SoftBank Corp.			137,672		0.1
13,393	Spark New Zealand Ltd.			40,082		0.0
196	Swisscom AG			108,412		0.0
23,544 (3)	Telefonica Deutschland Holding AG			67,894		0.0
16,111	Verizon Communications, Inc.			817,633		0.3
				7,960,798		2.9
	Consumer Discretionary: 3.4%
33,378 (1)	Amazon.com, Inc.			3,545,077		1.3
4,734	Barratt Developments PLC			26,480		0.0
1,210	Bayerische Motoren Werke AG			93,800		0.0
3,100 (3)	Bridgestone Corp.			113,024		0.1
595 (1)	Chipotle Mexican Grill, Inc.			777,820		0.3
3,695	Cie Generale des Etablissements Michelin SCA			100,915		0.0
966	Domino’s Pizza, Inc.			376,460		0.1
3,220 (1)	Etsy, Inc.			235,736		0.1
4,287 (1)	Expedia Group, Inc.			406,536		0.2
2,327	Genuine Parts Co.			309,491		0.1
3,262	Hasbro, Inc.			267,093		0.1
175	Home Depot, Inc.			47,997		0.0

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Consumer Discretionary (continued)
507 (2)		La Francaise des Jeux SAEM		$	17,605		0.0
3,764		LKQ Corp.			184,775		0.1
1,876		Mercedes-Benz Group AG			108,955		0.1
8,808		Nike, Inc. - Class B			900,178		0.3
298		SEB SA			28,759		0.0
4,600		Sekisui House Ltd.			80,755		0.0
4,994		Service Corp. International			345,185		0.1
2,600		Subaru Corp.			45,990		0.0
1,847		Target Corp.			260,852		0.1
913 (1)		Tesla, Inc.			614,832		0.2
3,103		Travel + Leisure Co.			120,458		0.1
1,163		Wesfarmers Ltd.			33,639		0.0
2,407		Yum! Brands, Inc.			273,219		0.1
					9,315,631		3.4
		Consumer Staples: 2.9%
1,000		Ajinomoto Co., Inc.			24,386		0.0
5,951		British American Tobacco PLC			255,085		0.1
5,283		Coca-Cola Co.			332,354		0.1
6,738		Coles Group Ltd.			82,920		0.0
3,993		Conagra Brands, Inc.			136,720		0.1
5,823		Constellation Brands, Inc.			1,357,108		0.5
3,133		Estee Lauder Cos., Inc.			797,881		0.3
11,975		Flowers Foods, Inc.			315,182		0.1
5,443		General Mills, Inc.			410,674		0.2
1,061	��	Hershey Co.			228,285		0.1
5,227		Imperial Brands PLC			117,021		0.1
38		J Sainsbury Plc			95		0.0
6,500 (3)		Japan Tobacco, Inc.			112,637		0.0
3,756		Jeronimo Martins SGPS SA			81,424		0.0
4,076		Kellogg Co.			290,782		0.1
4,400		Koninklijke Ahold Delhaize NV			114,528		0.1
6,628		Mondelez International, Inc.			411,533		0.2
348		Nestle SA			40,672		0.0
2,191		PepsiCo, Inc.			365,152		0.1
6,756		Philip Morris International, Inc.			667,087		0.2
5,588		Procter & Gamble Co.			803,499		0.3
1,607		Reckitt Benckiser Group PLC			120,866		0.1
33,634		Tesco PLC			104,824		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
1,389	Unilever PLC		$	63,089		0.0
45	Unilever PLC - ULVRL			2,051		0.0
4,066	Walmart, Inc.			494,344		0.2
				7,730,199		2.9
	Energy: 1.8%
1,489 (1)	Aker BP ASA			51,724		0.0
8,416	Baker Hughes Co.			242,970		0.1
51,471	BP PLC			241,682		0.1
356	Cheniere Energy, Inc.			47,359		0.0
6,666	Chevron Corp.			965,103		0.4
1,414	ConocoPhillips			126,991		0.0
4,477	Diamondback Energy, Inc.			542,389		0.2
5,596	DT Midstream, Inc.			274,316		0.1
28,100	ENEOS Holdings, Inc.			105,734		0.1
9,960	ENI S.p.A.			118,133		0.1
2,629	EOG Resources, Inc.			290,347		0.1
516	Exxon Mobil Corp.			44,190		0.0
7,724	Galp Energia SGPS SA			90,379		0.0
3,600	Idemitsu Kosan Co., Ltd.			85,999		0.0
3,787	Kinder Morgan, Inc.			63,470		0.0
4,292	Marathon Petroleum Corp.			352,845		0.1
1,019	OMV AG			47,925		0.0
6,645 (3)	Repsol SA			97,961		0.0
1,255	Shell PLC			32,684		0.0
3,383	Targa Resources Corp.			201,864		0.1
2,000 (3)	TotalEnergies SE			105,274		0.1
7,723	Valero Energy Corp.			820,800		0.3
				4,950,139		1.8
	Financials: 5.0%
20,558	Abrdn PLC			40,128		0.0
520	Admiral Group Plc			14,238		0.0
1,813	Aflac, Inc.			100,313		0.0
3,078	Allstate Corp.			390,075		0.1
1,136	Aon PLC			306,357		0.1
1,755	Assurant, Inc.			303,352		0.1
8,702	Australia & New Zealand Banking Group Ltd.			132,538		0.1
20,342	Aviva PLC			99,641		0.1
5,198	Axis Capital Holdings Ltd.			296,754		0.1
23	Bank Hapoalim BM			193		0.0
11,009	Bank Leumi Le-Israel BM			98,487		0.1
4,741	Bank of America Corp.			147,587		0.1
1,854	Bank of Hawaii Corp.			137,938		0.1
6,052	Bank OZK			227,132		0.1
723	Blackrock, Inc.			440,336		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
1,015	BNP Paribas		$	48,550		0.0
28,500	BOC Hong Kong Holdings Ltd.			113,173		0.1
1,815	Cboe Global Markets, Inc.			205,440		0.1
10,708	Citigroup, Inc.			492,461		0.2
8,059	Citizens Financial Group, Inc.			287,626		0.1
2,112	CME Group, Inc.			432,326		0.2
19	Credit Agricole SA			175		0.0
6,091	Danske Bank A/S			86,691		0.0
526	Deutsche Boerse AG			88,330		0.0
6,592	Essent Group Ltd.			256,429		0.1
227	Everest Re Group Ltd.			63,624		0.0
627	Factset Research Systems, Inc.			241,125		0.1
6,294	Fidelity National Financial, Inc.			232,626		0.1
5,101	FinecoBank Banca Fineco SpA			61,195		0.0
4,644	First American Financial Corp.			245,761		0.1
596	Groupe Bruxelles Lambert S.A.			49,963		0.0
2,903	Hancock Whitney Corp.			128,690		0.0
392	Hannover Rueck SE			57,175		0.0
1,412	Hanover Insurance Group, Inc.			206,505		0.1
4,775	Hartford Financial Services Group, Inc.			312,428		0.1
49,627	HSBC Holdings PLC			324,189		0.1
2,148	International Bancshares Corp.			86,092		0.0
11,200	Japan Post Bank Co. Ltd.			87,197		0.0
436	JPMorgan Chase & Co.			49,098		0.0
7,732	Keycorp			133,222		0.0
31,859	Legal & General Group PLC			93,142		0.0
1,627	Loews Corp.			96,416		0.0
1,199	LPL Financial Holdings, Inc.			221,192		0.1
34,233	M&G PLC			81,157		0.0
1,888	Marsh & McLennan Cos., Inc.			293,112		0.1
34,557	Medibank Pvt Ltd.			77,725		0.0
8,902	Mediobanca Banca di Credito Finanziario SpA			77,204		0.0
5,993	Metlife, Inc.			376,300		0.1
21,699	MGIC Investment Corp.			273,407		0.1
15,400	Mitsubishi HC Capital, Inc.			71,077		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
34,500	Mitsubishi UFJ Financial Group, Inc.		$	184,577		0.1
7	Mizrahi Tefahot Bank Ltd.			233		0.0
11,200	Mizuho Financial Group, Inc.			127,511		0.1
1,738	Morgan Stanley			132,192		0.0
3,500	MS&AD Insurance Group Holdings, Inc.			107,322		0.1
2,053	MSCI, Inc. - Class A			846,144		0.3
247	Muenchener Rueckversicherungs- Gesellschaft AG			58,427		0.0
18,773	Natwest Group PLC			49,969		0.0
2,112	NN Group NV			95,659		0.0
13	Nordea Bank Abp			115		0.0
12,765	Old Republic International Corp.			285,425		0.1
4,700	Oversea-Chinese Banking Corp., Ltd.			38,554		0.0
7,696 (2)	Poste Italiane SpA			72,008		0.0
4,173	Prosperity Bancshares, Inc.			284,891		0.1
11,407	Regions Financial Corp.			213,881		0.1
1,120	Schroders PLC			36,587		0.0
2,600	Sompo Holdings, Inc.			114,837		0.1
5,000	Sumitomo Mitsui Financial Group, Inc.			148,625		0.1
3,200	Sumitomo Mitsui Trust Holdings, Inc.			98,899		0.1
9,039	Suncorp Group Ltd.			68,929		0.0
307	Swiss Re Ltd.			23,829		0.0
1,929	T. Rowe Price Group, Inc.			219,154		0.1
1,400	Tokio Marine Holdings, Inc.			81,637		0.0
2,173	Travelers Cos, Inc.			367,520		0.1
3,524	Tryg A/S			79,395		0.0
5,662	Unum Group			192,621		0.1
9,207	US Bancorp			423,706		0.2
4,511	Washington Federal, Inc.			135,420		0.1
6,454	Wells Fargo & Co.			252,803		0.1
241	Willis Towers Watson PLC			47,571		0.0
447	Zurich Insurance Group AG			194,925		0.1
				13,669,258		5.0
	Health Care: 6.2%
4,590	Abbott Laboratories			498,704		0.2
1,793	AbbVie, Inc.			274,616		0.1
663	Agilent Technologies, Inc.			78,745		0.0
1,318	Amgen, Inc.			320,669		0.1
1,639	Becton Dickinson & Co.			404,063		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
20,832 (1)	Boston Scientific Corp.		$	776,409		0.3
9,665	Bristol-Myers Squibb Co.			744,205		0.3
5,474	Cardinal Health, Inc.			286,126		0.1
520	Cigna Corp.			137,030		0.1
150 (3)	Coloplast A/S			17,139		0.0
3,160	CVS Health Corp.			292,806		0.1
2,633	Danaher Corp.			667,518		0.2
9,171 (1)	DexCom, Inc.			683,515		0.3
4,400 (1)	Edwards Lifesciences Corp.			418,396		0.2
559	Elevance Health, Inc.			269,762		0.1
6,832	Eli Lilly & Co.			2,215,139		0.8
1 (1)	Euroapi SA			16		0.0
7,972	Gilead Sciences, Inc.			492,749		0.2
13,299	GSK PLC			286,615		0.1
1,864	Hikma Pharmaceuticals PLC			36,778		0.0
4,470 (1)	Horizon Therapeutics Plc			356,527		0.1
1,621	Humana, Inc.			758,741		0.3
2,065 (1)	Intuitive Surgical, Inc.			414,466		0.2
172	Ipsen SA			16,285		0.0
8,499	Johnson & Johnson			1,508,657		0.6
1,152	McKesson Corp.			375,794		0.1
1,500	Medtronic PLC			134,625		0.0
6,897	Merck & Co., Inc.			628,799		0.2
5,020	Novartis AG			425,599		0.2
3,200	Ono Pharmaceutical Co., Ltd.			82,206		0.0
1,567	Orion Oyj			70,131		0.0
1,700 (3)	Otsuka Holdings Co. Ltd.			60,684		0.0
19,230	Pfizer, Inc.			1,008,229		0.4
1,039	Recordati Industria Chimica e Farmaceutica SpA			45,310		0.0
204	Roche Holding AG-GENUSSCHEIN			68,197		0.0
2,600	Sanofi			262,201		0.1
5,600	Takeda Pharmaceutical Co., Ltd.			157,295		0.1
577	Thermo Fisher Scientific, Inc.			313,473		0.1
2,249	UnitedHealth Group, Inc.			1,155,154		0.4
1,301	Zoetis, Inc.			223,629		0.1
				16,967,002		6.2
	Industrials: 3.5%
3,188	3M Co.			412,559		0.2
1,893	AECOM			123,462		0.0
778	Allegion Public Ltd.			76,166		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
29,692	Aurizon Holdings Ltd.		$	78,091		0.1
14,086	BAE Systems PLC			142,607		0.1
3,520	Booz Allen Hamilton Holding Corp.			318,067		0.1
2,735 (3)	Bouygues SA			84,412		0.1
8,378	Brambles Ltd.			61,949		0.0
998 (3)	Bureau Veritas SA			25,677		0.0
3,582	CSX Corp.			104,093		0.0
1,043	Cummins, Inc.			201,852		0.1
2,100	Dai Nippon Printing Co., Ltd.			45,172		0.0
1,161	DCC PLC			72,233		0.0
3,088	Deutsche Post AG			116,592		0.1
262	DSV A/S			36,842		0.0
6,400	Eaton Corp. PLC			806,336		0.3
4,316	Emerson Electric Co.			343,295		0.1
286	Ferguson PLC			32,038		0.0
3,026	Fortive Corp.			164,554		0.1
930	GEA Group AG			32,241		0.0
74	Geberit AG - Reg			35,602		0.0
1,423	Illinois Tool Works, Inc.			259,342		0.1
1,000	Jardine Matheson Holdings Ltd.			52,544		0.0
5,293	Johnson Controls International plc			253,429		0.1
1,326	Kone Oyj			63,377		0.0
3,062	L3Harris Technologies, Inc.			740,085		0.3
767	Legrand S.A.			56,949		0.0
702	Lockheed Martin Corp.			301,832		0.1
1,579	Manpowergroup, Inc.			120,651		0.0
1,800	Mitsubishi Corp.			53,606		0.0
3,607	MSC Industrial Direct Co.			270,922		0.1
1,100	Nippon Yusen KK			75,421		0.0
8,000	Obayashi Corp.			58,186		0.0
7,267	Quanta Services, Inc.			910,846		0.3
2,262	Relx PLC (GBP Exchange)			61,416		0.0
2,758	Robert Half International, Inc.			206,547		0.1
1,046	Rockwell Automation, Inc.			208,478		0.1
1,300	Secom Co., Ltd.			80,268		0.1
3,600	SG Holdings Co. Ltd.			60,876		0.0
6,700	Sumitomo Corp.			91,076		0.1
1,124 (1)	TransDigm Group, Inc.			603,217		0.2
1,486	United Parcel Service, Inc. - Class B			271,254		0.1
1,605	Verisk Analytics, Inc.			277,809		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
5,847	Waste Connections, Inc.		$	724,794		0.3
747	Wolters Kluwer NV			72,398		0.0
581	WW Grainger, Inc.			264,024		0.1
3,400	Yamato Holdings Co., Ltd.			54,411		0.0
1,322 (3)	ZIM Integrated Shipping Services Ltd.			62,438		0.0
				9,570,036		3.5
	Information Technology: 9.6%
7,806 (1)	Advanced Micro Devices, Inc.			596,925		0.2
3,958	Amdocs Ltd.			329,741		0.1
31,595	Apple, Inc.			4,319,668		1.6
1,503	Automatic Data Processing, Inc.			315,690		0.1
1,100	Brother Industries Ltd.			19,354		0.0
4,437 (1)	Cadence Design Systems, Inc.			665,683		0.2
17,049	Cisco Systems, Inc.			726,969		0.3
4,504	Cognizant Technology Solutions Corp.			303,975		0.1
2,778 (1)	Crowdstrike Holdings, Inc.			468,260		0.2
4,765 (1)	Datadog, Inc.			453,819		0.2
3,331	Dolby Laboratories, Inc.			238,366		0.1
2,251 (1)	Gartner, Inc.			544,359		0.2
4,603	Genpact Ltd.			194,983		0.1
2,608	International Business Machines Corp.			368,224		0.1
2,235	Intuit, Inc.			861,458		0.3
1,487	Jack Henry & Associates, Inc.			267,690		0.1
10,000	Juniper Networks, Inc.			285,000		0.1
10,517	Marvell Technology, Inc.			457,805		0.2
25,037	Microsoft Corp.			6,430,253		2.4
1,377 (1)	MongoDB, Inc.			357,332		0.1
2,224	Motorola Solutions, Inc.			466,150		0.2
4,024	NetApp, Inc.			262,526		0.1
10,305	NortonLifeLock, Inc.			226,298		0.1
7,632	Nvidia Corp.			1,156,935		0.4
3,140	Oracle Corp.			219,392		0.1
2,092 (1)	Palo Alto Networks, Inc.			1,033,322		0.4
6,880	Paychex, Inc.			783,426		0.3
879	Roper Technologies, Inc.			346,897		0.1
10,227	Sage Group PLC/The			79,196		0.1
2,235 (1)	ServiceNow, Inc.			1,062,787		0.4
2,217	SS&C Technologies Holdings, Inc.			128,741		0.0
2,472	Texas Instruments, Inc.			379,823		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
1,500	Trend Micro, Inc.		$	73,382		0.0
8,687	Visa, Inc. - Class A			1,710,383		0.6
				26,134,812		9.6
	Materials: 1.4%
600	Air Liquide SA			80,762		0.1
1,541	Air Products & Chemicals, Inc.			370,580		0.1
10,564	Amcor PLC			131,310		0.1
9,452	BHP Group Ltd. Australian			270,645		0.1
420	Chr Hansen Holding A/S			30,659		0.0
1,264	CRH PLC			43,619		0.0
6,933	Crown Holdings, Inc.			639,015		0.2
3,338	Evonik Industries AG			71,588		0.0
2,037	Holcim AG			87,366		0.1
4,958	International Paper Co.			207,393		0.1
2,400	Mitsubishi Chemical Holdings Corp.			13,041		0.0
5,839	Newmont Corp.			348,413		0.1
600	Nitto Denko Corp.			38,807		0.0
1,342	Novozymes A/S			80,765		0.1
2,138 (3)	OCI NV			70,331		0.0
2,072	Packaging Corp. of America			284,900		0.1
3,529	Rio Tinto Ltd.			251,755		0.1
637	Sherwin-Williams Co.			142,631		0.1
1,319	Smurfit Kappa PLC			44,480		0.0
5,194	Sonoco Products Co.			296,266		0.1
5,700	Sumitomo Chemical Co., Ltd.			22,308		0.0
579	Symrise AG			63,149		0.0
3,051	WestRock Co.			121,552		0.0
740	Yara International ASA			31,007		0.0
				3,742,342		1.4
	Real Estate: 1.7%
1,600	Daiwa House Industry Co., Ltd.			37,419		0.0
768	Digital Realty Trust, Inc.			99,710		0.0
2,885	First Industrial Realty Trust, Inc.			136,980		0.1
4,785	Gaming and Leisure Properties, Inc.			219,440		0.1
26,824	GPT Group			78,398		0.0
2,928	Healthcare Realty Trust, Inc.			79,642		0.0
7,644	Highwoods Properties, Inc.			261,348		0.1
4,566	Invitation Homes, Inc.			162,458		0.1
4,964	Iron Mountain, Inc.			241,697		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
2,413	Kilroy Realty Corp.		$	126,272		0.1
527	Lamar Advertising Co.			46,360		0.0
6,351	Land Securities Group PLC			51,538		0.0
805	LEG Immobilien SE			66,994		0.0
2,203	Life Storage, Inc.			245,987		0.1
13,700	Link REIT			111,948		0.1
721	Mid-America Apartment Communities, Inc.			125,937		0.0
6,965	National Retail Properties, Inc.			299,495		0.1
4,443	National Storage Affiliates Trust			222,461		0.1
1,300	Nomura Real Estate Holdings, Inc.			31,805		0.0
5,688	ProLogis, Inc.			669,193		0.2
721	Realty Income Corp.			49,216		0.0
1,855	SBA Communications Corp.			593,693		0.2
5,707	Segro PLC			68,129		0.0
5,546	SL Green Realty Corp.			255,948		0.1
8,000	Sun Hung Kai Properties Ltd.			94,720		0.1
9,000	Swire Properties Ltd.			22,407		0.0
854	Swiss Prime Site AG			75,036		0.0
2,057	WP Carey, Inc.			170,443		0.1
				4,644,674		1.7
	Utilities: 1.6%
4,000	CK Infrastructure Holdings Ltd.			24,572		0.0
11,500	CLP Holdings Ltd.			95,568		0.1
1,462	Consolidated Edison, Inc.			139,036		0.1
2,983	DTE Energy Co.			378,095		0.1
4,569	Duke Energy Corp.			489,843		0.2
1,609	E.ON AG			13,553		0.0
5,171	Edison International			327,014		0.1
277 (3)	Elia Group SA/NV			39,340		0.0
4,116 (3)	Enagas			91,032		0.0
2,449	Entergy Corp.			275,855		0.1
1,469	Eversource Energy			124,087		0.0
15,500	HK Electric Investments & HK Electric Investments Ltd. - Stapled Security			14,222		0.0
1,910	Iberdrola S.A. - IBEE			19,886		0.0
1,566 (3)	Lundin Energy AB			1,065		0.0
2,613	National Fuel Gas Co.			172,589		0.1
12,498	National Grid PLC			160,611		0.1
1,000	Osaka Gas Co., Ltd.			19,165		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
14,500	Power Assets Holdings Ltd.		$	91,348		0.0
12,019	PPL Corp.			326,076		0.1
4,933 (3)	Red Electrica Corp. SA			93,380		0.1
1,590	Sempra Energy			238,929		0.1
406	Severn Trent PLC			13,479		0.0
12,467	Snam SpA			65,407		0.0
6,749	Southern Co.			481,271		0.2
12,118 (3)	Terna - Rete Elettrica Nazionale			95,275		0.1
7,321	United Utilities Group PLC			91,134		0.0
3,716	WEC Energy Group, Inc.			373,978		0.1
				4,255,810		1.6
	Total Common Stock (Cost $113,571,693)			108,940,701		40.0
EXCHANGE-TRADED FUNDS: 0.3%
2,630	iShares MSCI EAFE Value Index ETF			114,142		0.0
5,686	iShares Russell 1000 Value ETF			824,299		0.3
	Total Exchange-Traded Funds (Cost $990,698)			938,441		0.3
MUTUAL FUNDS: 9.8%
	Affiliated Investment Companies: 9.8%
220,008	Voya Emerging Markets Hard Currency Debt Fund - Class P			1,599,459		0.6
2,174,941	Voya Floating Rate Fund - Class P			18,139,012		6.7
1,032,554	Voya High Yield Bond Fund - Class P			6,866,484		2.5
	Total Mutual Funds (Cost $30,090,780)			26,604,955		9.8
PREFERRED STOCK: 0.2%
	Consumer Staples: 0.0%
1,043	Henkel AG & Co. KGaA			64,542		0.0

	Financials: 0.2%
50 (1)(4)	Fannie Mae			487,500		0.2

	Materials: 0.0%
2	Fuchs Petrolub SE			56		0.0
	Total Preferred Stock (Cost $4,173,229)			552,098		0.2
OTHER(5): —%
	Consumer Discretionary: —%
120,000 (6)(7)	General Motors Co. Escrow			—		—
	Total Other (Cost $—)			—		—

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 8.8%
	Basic Materials: 0.7%
15,000 (2)	ASP Unifrax Holdings, Inc., 5.250%, 09/30/2028		$	11,997		0.0
200,000 (2)	Celulosa Arauco y Constitucion SA, 4.250%, 04/30/2029			179,834		0.1
70,000 (2)(3)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031			61,870		0.0
70,000 (2)(3)	Coeur Mining, Inc., 5.125%, 02/15/2029			48,600		0.0
70,000 (2)	Compass Minerals International, Inc., 6.750%, 12/01/2027			63,422		0.0
250,000 (2)	Evraz PLC, 5.250%, 04/02/2024			118,750		0.1
225,000 (2)	GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			206,923		0.1
200,000 (2)	Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024			201,923		0.1
70,000 (2)	Hudbay Minerals, Inc., 4.500%, 04/01/2026			58,679		0.0
70,000 (2)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028			55,391		0.0
70,000 (2)(8)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026			56,109		0.0
65,000 (2)	LSF11 A5 Holdco LLC, 6.625%, 10/15/2029			54,853		0.0
65,000 (2)	Mineral Resources Ltd., 8.000%, 11/01/2027			63,538		0.1
70,000 (2)	Novelis Corp., 3.875%, 08/15/2031			54,030		0.0
60,000 (2)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030			50,835		0.0
70,000	Olin Corp., 5.125%, 09/15/2027			64,471		0.1
70,000 (2)	Schweitzer-Mauduit International, Inc., 6.875%, 10/01/2026			62,393		0.0
200,000	Suzano Austria GmbH, 5.000%, 01/15/2030			182,497		0.1
70,000 (2)	Taseko Mines Ltd., 7.000%, 02/15/2026			59,684		0.0
50,000 (2)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029			35,831		0.0
55,000 (2)	Tronox, Inc., 4.625%, 03/15/2029			44,343		0.0
70,000 (2)	Vibrantz Technologies, Inc., 9.000%, 02/15/2030			49,444		0.0
				1,785,417		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications: 0.8%
70,000 (3)	AMC Networks, Inc., 4.250%, 02/15/2029		$	56,929		0.0
70,000 (2)	Audacy Capital Corp., 6.500%, 05/01/2027			41,747		0.0
70,000 (2)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026			52,607		0.0
70,000 (2)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034			54,318		0.0
70,000 (2)	Clear Channel Outdoor Holdings, Inc., 7.500%, 06/01/2029			50,542		0.0
206,000	Comcast Corp., 2.937%, 11/01/2056			143,568		0.1
70,000 (2)	CommScope Technologies LLC, 5.000%, 03/15/2027			51,847		0.0
70,000	CSC Holdings LLC, 5.250%, 06/01/2024			65,554		0.1
85,000 (2)	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.875%, 08/15/2027			72,786		0.1
70,000	DISH DBS Corp., 5.125%, 06/01/2029			42,756		0.0
70,000	Embarq Corp., 7.995%, 06/01/2036			52,723		0.0
70,000 (2)	GCI LLC, 4.750%, 10/15/2028			60,752		0.0
70,000 (2)(3)	Gray Escrow II, Inc., 5.375%, 11/15/2031			56,238		0.0
20,000 (3)	Hughes Satellite Systems Corp., 6.625%, 08/01/2026			17,787		0.0
70,000 (3)	iHeartCommunications, Inc., 8.375%, 05/01/2027			55,777		0.0
75,000 (2)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029			60,876		0.0
70,000 (2)	Millennium Escrow Corp., 6.625%, 08/01/2026			56,606		0.0
45,000	Netflix, Inc., 5.875%, 11/15/2028			44,109		0.0
70,000 (9)	Paramount Global, 6.250%, 02/28/2057			61,382		0.1
280,000 (9)	Paramount Global, 6.375%, 03/30/2062			250,593		0.1
70,000 (2)	Radiate Holdco LLC / Radiate Finance, Inc., 4.500%, 09/15/2026			60,465		0.0
70,000 (2)	Scripps Escrow II, Inc., 3.875%, 01/15/2029			58,790		0.0
70,000 (2)	Sinclair Television Group, Inc., 4.125%, 12/01/2030			55,615		0.0
70,000 (2)	Sirius XM Radio, Inc., 5.000%, 08/01/2027			65,090		0.1
70,000 (2)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026			55,668		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
70,000	Sprint Corp., 7.625%, 03/01/2026		$	73,907		0.1
70,000 (2)	Stagwell Global LLC, 5.625%, 08/15/2029			56,443		0.0
70,000	Telecom Italia Capital SA, 6.375%, 11/15/2033			54,255		0.0
70,000 (2)	Univision Communications, Inc., 6.625%, 06/01/2027			66,780		0.1
70,000 (2)	Urban One, Inc., 7.375%, 02/01/2028			60,031		0.0
70,000 (2)	ViaSat, Inc., 5.625%, 09/15/2025			56,712		0.0
70,000 (2)	Viavi Solutions, Inc., 3.750%, 10/01/2029			58,754		0.0
70,000 (2)	Zayo Group Holdings, Inc., 6.125%, 03/01/2028			50,736		0.0
				2,122,743		0.8
	Consumer, Cyclical: 1.5%
70,000 (2)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030			56,401		0.0
70,000 (2)	Academy Ltd., 6.000%, 11/15/2027			64,081		0.0
70,000 (2)	Adams Homes, Inc., 7.500%, 02/15/2025			65,207		0.1
70,000 (2)	Affinity Gaming, 6.875%, 12/15/2027			58,889		0.0
70,000 (2)	Allison Transmission, Inc., 5.875%, 06/01/2029			65,233		0.1
70,000 (2)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026			64,561		0.1
65,000 (2)	Arko Corp., 5.125%, 11/15/2029			49,328		0.0
70,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030			57,641		0.0
70,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			56,126		0.0
70,000 (2)	Caesars Entertainment, Inc., 4.625%, 10/15/2029			54,614		0.0
70,000 (2)	Caesars Entertainment, Inc., 6.250%, 07/01/2025			67,698		0.1
70,000 (2)	Carnival Corp., 6.000%, 05/01/2029			49,422		0.0
70,000 (2)	CCM Merger, Inc., 6.375%, 05/01/2026			63,826		0.0
70,000 (2)	Century Communities, Inc., 3.875%, 08/15/2029			54,874		0.0
200,000 (2)	CK Hutchison International 21 Ltd., 2.500%, 04/15/2031			173,602		0.1
70,000 (2)	CROCS INC COMPANY GUAR 144A 08/31 4.125, 4.125%, 08/15/2031			49,650		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
200,000 (2)	Falabella SA, 3.375%, 01/15/2032		$	163,383		0.1
70,000 (2)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/2030			53,927		0.0
70,000 (2)	Foot Locker, Inc., 4.000%, 10/01/2029			53,087		0.0
70,000 (2)	Foundation Building Materials, Inc., 6.000%, 03/01/2029			51,384		0.0
70,000 (2)	Gap, Inc./The, 3.875%, 10/01/2031			48,967		0.0
70,000 (2)	Golden Entertainment, Inc., 7.625%, 04/15/2026			69,380		0.1
70,000 (3)	Goodyear Tire & Rubber Co/The, 5.250%, 07/15/2031			56,373		0.0
225,000	Home Depot, Inc./The, 3.625%, 04/15/2052			193,559		0.1
200,000 (2)	InRetail Consumer, 3.250%, 03/22/2028			166,334		0.1
70,000 (2)	Installed Building Products, Inc., 5.750%, 02/01/2028			62,288		0.0
70,000 (2)	Interface, Inc., 5.500%, 12/01/2028			59,394		0.0
70,000 (2)	LBM Acquisition LLC, 6.250%, 01/15/2029			45,174		0.0
70,000 (2)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029			53,479		0.0
70,000 (2)	LGI Homes, Inc, 4.000%, 07/15/2029			52,355		0.0
70,000 (2)	Lindblad Expeditions LLC, 6.750%, 02/15/2027			60,127		0.0
70,000 (2)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029			54,804		0.0
170,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			145,504		0.1
70,000	M/I Homes, Inc., 3.950%, 02/15/2030			52,884		0.0
70,000 (2)	Macy’s Retail Holdings LLC, 6.125%, 03/15/2032			58,602		0.0
193,000 (2)	Magallanes, Inc., 5.141%, 03/15/2052			162,247		0.1
70,000 (2)	Meritor, Inc., 4.500%, 12/15/2028			67,496		0.1
40,000	MGM Resorts International, 5.500%, 04/15/2027			35,952		0.0
70,000 (2)	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 05/01/2029			57,164		0.0
70,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027			68,714		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
70,000 (2)(3)	NCL Corp. Ltd., 7.750%, 02/15/2029		$	53,578		0.0
70,000 (2)	Penn National Gaming, Inc., 4.125%, 07/01/2029			53,213		0.0
70,000 (2)	Real Hero Merger Sub 2, Inc., 6.250%, 02/01/2029			53,187		0.0
25,000 (2)	Royal Caribbean Cruises Ltd., 9.125%, 06/15/2023			24,784		0.0
70,000 (2)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030			59,610		0.0
70,000 (2)	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029			54,969		0.0
65,000 (2)	Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.500%, 11/28/2025			54,704		0.0
70,000 (2)	Sonic Automotive, Inc., 4.625%, 11/15/2029			54,331		0.0
70,000 (2)	Specialty Building Products Holdings LLC / SBP Finance Corp., 6.375%, 09/30/2026			57,018		0.0
70,000 (2)	SRS Distribution, Inc., 6.125%, 07/01/2029			55,328		0.0
70,000 (2)	Staples, Inc., 10.750%, 04/15/2027			46,390		0.0
70,000 (2)	Station Casinos LLC, 4.500%, 02/15/2028			59,224		0.0
70,000 (2)	STL Holding Co. LLC, 7.500%, 02/15/2026			61,250		0.0
70,000 (2)	Tempur Sealy International, Inc., 3.875%, 10/15/2031			52,659		0.0
70,000 (3)	United Airlines Holdings, Inc., 4.875%, 01/15/2025			65,150		0.1
10,000 (2)	Univar Solutions USA, Inc./Washington, 5.125%, 12/01/2027			9,326		0.0
70,000 (2)	Victoria’s Secret & Co., 4.625%, 07/15/2029			52,842		0.0
35,000 (2)	Viking Cruises Ltd., 5.875%, 09/15/2027			26,196		0.0
35,000 (2)	Viking Cruises Ltd., 13.000%, 05/15/2025			35,916		0.0
55,000 (2)	Wheel Pros, Inc., 6.500%, 05/15/2029			38,942		0.0
70,000 (2)	William Carter Co/The, 5.625%, 03/15/2027			65,674		0.1
70,000 (2)	Williams Scotsman International, Inc., 4.625%, 08/15/2028			59,776		0.0
70,000 (2)	Wolverine World Wide, Inc., 4.000%, 08/15/2029			56,257		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
70,000 (2)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027		$	60,048		0.0
				4,154,103		1.5
	Consumer, Non-cyclical: 0.9%
70,000 (2)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028			65,508		0.1
70,000 (2)	ACCO Brands Corp., 4.250%, 03/15/2029			57,474		0.0
200,000 (2)	Adani Ports & Special Economic Zone Ltd., 4.375%, 07/03/2029			177,041		0.1
70,000 (2)	ADT Security Corp./The, 4.125%, 08/01/2029			57,007		0.0
60,000 (2)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029			48,738		0.0
25,000 (2)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026			22,989		0.0
50,000 (2)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027			42,453		0.0
70,000 (2)	Alta Equipment Group, Inc., 5.625%, 04/15/2026			60,063		0.0
70,000 (2)	AMN Healthcare, Inc., 4.625%, 10/01/2027			64,293		0.0
70,000 (2)	APi Escrow Corp., 4.750%, 10/15/2029			56,622		0.0
70,000 (2)	Bausch Health Cos, Inc., 5.250%, 01/30/2030			36,367		0.0
70,000 (2)	BellRing Brands, Inc., 7.000%, 03/15/2030			66,071		0.1
70,000 (2)	Catalent Pharma Solutions, Inc., 5.000%, 07/15/2027			65,981		0.1
35,000	Centene Corp., 2.625%, 08/01/2031			27,918		0.0
35,000	Centene Corp., 4.625%, 12/15/2029			32,740		0.0
25,000 (2)	Chobani LLC / Chobani Finance Corp., Inc., 4.625%, 11/15/2028			21,159		0.0
70,000 (2)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030			53,320		0.0
70,000 (2)	CoreLogic, Inc., 4.500%, 05/01/2028			54,013		0.0
64,000 (2)	CPI Acquisition, Inc., 8.625%, 03/15/2026			60,560		0.0
5,000 (2)	Darling Ingredients, Inc., 6.000%, 06/15/2030			4,992		0.0
70,000 (2)	DaVita, Inc., 4.625%, 06/01/2030			54,812		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
225,000 (2)	DP World Crescent Ltd., 3.750%, 01/30/2030		$	207,182		0.1
70,000 (2)	Graham Holdings Co., 5.750%, 06/01/2026			69,472		0.1
70,000	HCA, Inc., 3.500%, 09/01/2030			59,752		0.0
200,000 (2)	Hutama Karya Persero PT, 3.750%, 05/11/2030			182,493		0.1
56,000 (2)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026			56,116		0.0
70,000 (2)	Legacy LifePoint Health LLC, 4.375%, 02/15/2027			60,068		0.0
70,000 (2)	Medline Borrower L.P., 3.875%, 04/01/2029			59,858		0.0
70,000 (2)(3)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028			58,149		0.0
40,000 (2)	NESCO Holdings II, Inc., 5.500%, 04/15/2029			33,617		0.0
70,000 (2)	Nielsen Finance LLC / Nielsen Finance Co., 4.750%, 07/15/2031			63,064		0.0
70,000 (2)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029			55,573		0.0
70,000 (2)	Post Holdings, Inc., 4.625%, 04/15/2030			59,182		0.0
70,000 (2)	Primo Water Holdings, Inc., 4.375%, 04/30/2029			57,286		0.0
70,000 (2)(3)	Select Medical Corp., 6.250%, 08/15/2026			65,484		0.1
70,000 (2)	Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029			59,293		0.0
70,000	Spectrum Brands, Inc., 5.750%, 07/15/2025			69,234		0.1
70,000 (2)	Tenet Healthcare Corp., 6.125%, 10/01/2028			60,121		0.0
70,000 (2)	Triton Water Holdings, Inc., 6.250%, 04/01/2029			49,816		0.0
45,000 (2)	United Natural Foods, Inc., 6.750%, 10/15/2028			42,117		0.0
70,000	United Rentals North America, Inc., 3.750%, 01/15/2032			57,620		0.0
				2,555,618		0.9
	Energy: 1.5%
70,000 (2)	Aethon United BR L.P. / Aethon United Finance Corp., 8.250%, 02/15/2026			68,136		0.1
70,000 (2)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027			65,218		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
70,000 (2)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028		$	62,080		0.0
70,000 (2)(3)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029			61,699		0.0
70,000 (2)	Baytex Energy Corp., 8.750%, 04/01/2027			70,295		0.1
70,000 (2)	Chesapeake Energy Corp., 6.750%, 04/15/2029			67,900		0.1
70,000 (2)	Colgate Energy Partners III LLC, 5.875%, 07/01/2029			61,433		0.0
70,000 (2)	Comstock Resources, Inc., 5.875%, 01/15/2030			60,391		0.0
70,000 (2)	Crescent Energy Finance LLC, 7.250%, 05/01/2026			63,830		0.0
70,000 (3)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.750%, 04/01/2025			65,570		0.0
70,000	DCP Midstream Operating L.P., 5.625%, 07/15/2027			66,901		0.0
46,000	Devon Energy Corp., 5.250%, 10/15/2027			46,604		0.0
70,000 (2)	DT Midstream, Inc., 4.125%, 06/15/2029			59,528		0.0
70,000 (2)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027			66,336		0.0
350,000	Empresa Nacional del Petroleo, 3.750%, 08/05/2026			323,885		0.1
70,000 (2)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028			66,248		0.0
450,000 (9)	Energy Transfer L.P., 7.125%, 12/31/2199			387,293		0.2
70,000	EnLink Midstream LLC, 5.375%, 06/01/2029			61,375		0.0
70,000 (2)	Enviva Partners L.P. / Enviva Partners Finance Corp., 6.500%, 01/15/2026			67,726		0.0
13,000 (2)	EQM Midstream Partners L.P., 6.000%, 07/01/2025			12,487		0.0
70,000 (2)	Hess Midstream Operations L.P., 4.250%, 02/15/2030			58,755		0.0
70,000 (2)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029			61,592		0.0
70,000 (2)	Howard Midstream Energy Partners LLC, 6.750%, 01/15/2027			60,414		0.0
350,000	KazMunayGas National Co. JSC, 5.375%, 04/24/2030			309,497		0.1
200,000 (2)	Lukoil Capital DAC, 3.600%, 10/26/2031			109,750		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
70,000	Murphy Oil Corp., 6.375%, 07/15/2028		$	65,411		0.0
60,000 (2)	Nabors Industries, Inc., 7.375%, 05/15/2027			57,075		0.0
70,000 (2)	Oasis Petroleum, Inc., 6.375%, 06/01/2026			64,854		0.0
70,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			72,227		0.1
425,000	Pertamina Persero PT, 2.300%, 02/09/2031			346,202		0.2
225,000	Petroleos del Peru SA, 4.750%, 06/19/2032			174,291		0.1
425,000	Petroleos Mexicanos, 5.950%, 01/28/2031			312,141		0.1
185,000	Petroleos Mexicanos, 6.700%, 02/16/2032			141,451		0.1
200,000 (2)	Qatar Energy, 3.125%, 07/12/2041			157,342		0.1
70,000 (2)	Strathcona Resources Ltd., 6.875%, 08/01/2026			63,798		0.0
70,000 (2)	SunCoke Energy, Inc., 4.875%, 06/30/2029			56,030		0.0
70,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029			57,835		0.0
70,000 (2)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028			59,611		0.0
70,000 (2)	Weatherford International Ltd., 8.625%, 04/30/2030			58,222		0.0
70,000	Western Midstream Operating L.P., 5.450%, 04/01/2044			58,315		0.0
				4,149,748		1.5
	Financial: 1.3%
70,000	Ally Financial, Inc., 5.750%, 11/20/2025			69,075		0.1
292,000	American Express Co., 3.375%, 05/03/2024			290,168		0.1
70,000 (2)	AmWINS Group, Inc., 4.875%, 06/30/2029			57,413		0.0
70,000 (2)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029			59,766		0.0
200,000	Banco Nacional de Panama, 2.500%, 08/11/2030			159,220		0.1
502,000 (9)	Bank of America Corp., 1.530%, 12/06/2025			467,639		0.2
492,000 (9)	Bank of America Corp., 6.125%, 12/31/2199			475,702		0.2
70,000 (2)	BroadStreet Partners, Inc., 5.875%, 04/15/2029			54,882		0.0
70,000 (2)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030			61,629		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
407,000 (9)	Capital One Financial Corp., 4.166%, 05/09/2025		$	401,307		0.2
135,000 (2)	Corebridge Financial, Inc., 4.400%, 04/05/2052			112,858		0.1
200,000 (2)	Credit Bank of Moscow Via CBOM Finance PLC, 3.875%, 09/21/2026			45,000		0.0
70,000 (2)	Cushman & Wakefield US Borrower LLC, 6.750%, 05/15/2028			65,139		0.0
30,000 (2)	Freedom Mortgage Corp., 6.625%, 01/15/2027			22,274		0.0
40,000 (2)	Freedom Mortgage Corp., 8.250%, 04/15/2025			33,724		0.0
200,000 (2)(9)	Kookmin Bank, 4.350%, 12/31/2199			191,966		0.1
70,000 (2)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029			53,982		0.0
35,000 (2)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028			30,200		0.0
70,000	MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031			55,379		0.0
220,000 (2)(9)	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, 5.875%, 05/23/2042			221,890		0.1
215,000	Nasdaq, Inc., 3.950%, 03/07/2052			175,228		0.1
70,000	Navient Corp., 4.875%, 03/15/2028			54,814		0.0
70,000	OneMain Finance Corp., 6.625%, 01/15/2028			62,688		0.0
70,000 (2)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029			53,200		0.0
70,000 (2)	RLJ Lodging Trust L.P., 4.000%, 09/15/2029			57,625		0.0
45,000 (9)	Truist Financial Corp., 5.100%, 12/31/2199			40,950		0.0
70,000 (2)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027			56,234		0.0
70,000 (2)	Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030			48,519		0.0
70,000 (2)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 02/01/2030			56,185		0.0
70,000 (2)	XHR L.P., 4.875%, 06/01/2029			60,156		0.0
				3,594,812		1.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: 0.7%
70,000 (2)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026		$	59,375		0.0
65,000 (2)	Builders FirstSource, Inc., 5.000%, 03/01/2030			55,167		0.0
70,000 (2)	Cargo Aircraft Management, Inc., 4.750%, 02/01/2028			63,943		0.0
70,000 (2)	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028			59,628		0.0
152,000	FedEx Corp., 4.100%, 02/01/2045			127,613		0.1
70,000 (2)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028			57,979		0.0
70,000 (2)	GFL Environmental, Inc., 4.000%, 08/01/2028			57,860		0.0
70,000 (2)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029			54,763		0.0
70,000 (2)	GrafTech Finance, Inc., 4.625%, 12/15/2028			56,785		0.0
70,000 (2)	Graham Packaging Co., Inc., 7.125%, 08/15/2028			56,271		0.0
70,000 (2)	Granite US Holdings Corp., 11.000%, 10/01/2027			65,893		0.1
70,000 (2)	II-VI, Inc., 5.000%, 12/15/2029			61,242		0.0
70,000 (2)	Imola Merger Corp., 4.750%, 05/15/2029			58,799		0.0
200,000 (2)	Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032			171,517		0.1
70,000 (2)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028			58,121		0.0
200,000 (2)	Klabin Austria GmbH, 5.750%, 04/03/2029			189,341		0.1
70,000 (2)	Koppers, Inc., 6.000%, 02/15/2025			65,115		0.1
225,000 (2)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			211,573		0.1
70,000 (2)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028			59,942		0.0
70,000 (2)	PGT Innovations, Inc., 4.375%, 10/01/2029			55,290		0.0
70,000 (2)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029			59,652		0.0
45,000 (2)	Sensata Technologies, Inc., 3.750%, 02/15/2031			36,145		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
20,000 (2)	Standard Industries, Inc./NJ, 3.375%, 01/15/2031		$	14,791		0.0
70,000 (2)	Stevens Holding Co., Inc., 6.125%, 10/01/2026			67,502		0.1
65,000	TransDigm, Inc., 5.500%, 11/15/2027			55,360		0.0
80,000 (2)(3)	Vertiv Group Corp., 4.125%, 11/15/2028			65,077		0.0
70,000 (2)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028			55,383		0.0
				2,000,127		0.7
	Technology: 0.3%
70,000 (2)	Castle US Holding Corp., 9.500%, 02/15/2028			59,870		0.1
70,000	CDW LLC / CDW Finance Corp., 3.250%, 02/15/2029			59,119		0.0
70,000 (2)	Condor Merger Sub, Inc., 7.375%, 02/15/2030			57,101		0.0
70,000 (2)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028			57,864		0.0
70,000 (2)	NCR Corp., 5.125%, 04/15/2029			59,351		0.0
70,000 (2)	Open Text Corp., 3.875%, 02/15/2028			62,361		0.1
206,000	Oracle Corp., 3.950%, 03/25/2051			151,621		0.1
70,000 (2)	Playtika Holding Corp., 4.250%, 03/15/2029			57,892		0.0
15,000 (2)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028			9,823		0.0
70,000 (2)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025			52,668		0.0
70,000 (2)	Virtusa Corp., 7.125%, 12/15/2028			56,373		0.0
				684,043		0.3
	Utilities: 1.1%
70,000 (2)	Clearway Energy Operating LLC, 4.750%, 03/15/2028			63,094		0.0
200,000 (2)	Colbun SA, 3.150%, 03/06/2030			167,268		0.1
475,000 (9)	Dominion Energy, Inc., 4.650%, 12/31/2199			424,478		0.1
264,000 (9)	Duke Energy Corp., 4.875%, 12/31/2199			240,900		0.1
74,000	Duke Energy Florida LLC, 4.200%, 07/15/2048			67,621		0.0
104,000	Duke Energy Indiana LLC, 3.250%, 10/01/2049			80,650		0.0
200,000	Inkia Energy Ltd., 5.875%, 11/09/2027			183,400		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
300,000 (2)	Israel Electric Corp. Ltd., 4.250%, 08/14/2028		$	289,123		0.1
334,000 (9)	National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043			310,393		0.1
275,000 (9)	NextEra Energy Capital Holdings, Inc., 5.650%, 05/01/2079			241,937		0.1
200,000	Perusahaan Listrik Negara PT, 5.450%, 05/21/2028			202,295		0.1
286,000	South Jersey Industries, Inc., 5.020%, 04/15/2031			255,009		0.1
275,000 (9)	Southern Co/The, 4.000%, 01/15/2051			247,219		0.1
203,000	Southern Co/The, 4.475%, 08/01/2024			203,932		0.1
70,000 (2)	Vistra Operations Co. LLC, 5.625%, 02/15/2027			65,962		0.0
				3,043,281		1.1
	Total Corporate Bonds/ Notes (Cost $28,193,192)			24,089,892		8.8
COLLATERALIZED MORTGAGE OBLIGATIONS: 12.7%
780,872 (2)(9)	Agate Bay Mortgage Trust 2015-1 B4, 3.694%, 01/25/2045			749,222		0.3
270,844 (2)(9)	Chase Mortgage Finance Corp. 2016-SH1 M2, 3.750%, 04/25/2045			249,890		0.1
198,606 (2)(9)	CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049			195,069		0.1
452,244 (2)(9)	CIM Trust 2019-J1 B2, 3.948%, 08/25/2049			425,350		0.2
115,358 (2)(9)	CIM Trust 2019-J2 A13, 3.500%, 10/25/2049			109,246		0.0
497,945 (2)	Connecticut Avenue Securities Trust 2020-R02 2M2, 3.624%, (US0001M + 2.000%), 01/25/2040			490,801		0.2
500,000 (2)	Connecticut Avenue Securities Trust 2022-R06 1M2, 4.798%, (SOFR30A + 3.850%), 05/25/2042			487,658		0.2
800,000 (2)	Connecticut Avenue Securities Trust 2022-R07 1M2, 5.576%, (SOFR30A + 4.650%), 06/25/2042			805,000		0.3
901,822	Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 6.074%, (US0001M + 4.450%), 01/25/2029			940,227		0.3
292,549	Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 4.424%, (US0001M + 2.800%), 02/25/2030			293,575		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
582,052	Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 3.624%, (US0001M + 2.000%), 03/25/2031		$	576,131		0.2
164,636	Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 3.874%, (US0001M + 2.250%), 07/25/2030			164,780		0.1
88,797 (2)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 3.924%, (US0001M + 2.300%), 08/25/2031			88,819		0.0
98,391 (2)	Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 4.024%, (US0001M + 2.400%), 04/25/2031			97,983		0.0
3,576,664 (10)	Fannie Mae Interest Strip Series 367 2, 5.500%, 01/25/2036			740,070		0.3
928,209 (10)	Fannie Mae REMICS 2005-66 LS, 5.006%, (-1.000*US0001M + 6.630%), 07/25/2035			126,321		0.0
1,300,377 (10)	Fannie Mae REMICS 2008-36 YI, 5.576%, (-1.000*US0001M + 7.200%), 07/25/2036			135,352		0.1
569,233 (10)	Fannie Mae REMICS 2010-59 NS, 4.146%, (-1.000*US0001M + 5.770%), 06/25/2040			63,085		0.0
2,606,510 (10)	Fannie Mae REMICS 2012-121 ID, 3.000%, 11/25/2027			132,126		0.0
3,305,332 (10)	Fannie Mae REMICS 2012-144 SC, 4.476%, (-1.000*US0001M + 6.100%), 01/25/2043			470,340		0.2
1,531,530 (10)	Fannie Mae REMICS 2012-151 WS, 4.576%, (-1.000*US0001M + 6.200%), 03/25/2042			135,003		0.0
3,130,102 (10)	Fannie Mae REMICS 2012-35 LS, 4.976%, (-1.000*US0001M + 6.600%), 04/25/2041			265,865		0.1
4,849,208 (10)	Fannie Mae REMICS 2013-130 SB, 4.426%, (-1.000*US0001M + 6.050%), 01/25/2044			570,380		0.2
2,361,439 (10)	Fannie Mae REMICS 2013-20 SK, 4.576%, (-1.000*US0001M + 6.200%), 05/25/2041			129,438		0.0
3,088,571 (10)	Fannie Mae REMICS 2013-71 AI, 3.000%, 07/25/2028			169,289		0.1
6,586,948 (10)	Fannie Mae REMICS 2014-38 S, 4.476%, (-1.000*US0001M + 6.100%), 07/25/2044			945,247		0.3

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
928,336 (10)	Fannie Mae REMICS 2015-65 KI, 5.376%, (-1.000*US0001M + 7.000%), 08/25/2035		$	115,980		0.0
7,488,948 (10)	Fannie Mae REMICS 2016-29 SB, 4.426%, (-1.000*US0001M + 6.050%), 05/25/2046			1,151,770		0.4
214,899 (10)	Fannie Mae REMICS 2018-86 DS, 4.476%, (-1.000*US0001M + 6.100%), 12/25/2048			25,572		0.0
209,458 (2)(9)	Flagstar Mortgage Trust 2017-1 1A7, 3.500%, 03/25/2047			198,959		0.1
845,749 (2)(9)	Flagstar Mortgage Trust 2017-1 B3, 3.625%, 03/25/2047			781,761		0.3
452,184 (2)(9)	Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048			442,084		0.2
889,141 (2)(9)	Flagstar Mortgage Trust 2021-2 A4, 2.500%, 04/25/2051			747,167		0.3
580,478 (2)(9)	Flagstar Mortgage Trust 2021-2 B3, 2.787%, 04/25/2051			448,970		0.2
461,314 (10)	Freddie Mac REMICS 3318 KS, 5.086%, (-1.000*US0001M + 6.410%), 05/15/2037			43,284		0.0
656,818 (10)	Freddie Mac REMICS 3879 SL, 5.276%, (-1.000*US0001M + 6.600%), 01/15/2041			58,631		0.0
2,719,417 (10)	Freddie Mac REMICS 4120 JS, 4.876%, (-1.000*US0001M + 6.200%), 10/15/2032			267,758		0.1
1,523,421 (10)	Freddie Mac REMICS 4141 EI, 3.000%, 09/15/2027			50,148		0.0
4,220,499 (10)	Freddie Mac REMICS 4143 MS, 5.376%, (-1.000*US0001M + 6.700%), 12/15/2042			696,186		0.3
2,236,848 (10)	Freddie Mac REMICS 4153 IB, 2.500%, 01/15/2028			98,681		0.0
1,542,070 (10)	Freddie Mac REMICS 4517 KI, 0.599%, (-0.357*US0001M + 1.071%), 04/15/2043			15,638		0.0
2,581,043 (10)	Freddie Mac REMICS 4596 DI, 3.500%, 06/15/2046			447,749		0.2
1,462,429 (10)	Freddie Mac REMICS 4619 KS, 3.188%, (-1.000*US0001M + 4.250%), 06/15/2039			140,080		0.1
254,657 (2)	Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 3.524%, (US0001M + 1.900%), 01/25/2050			250,305		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
500,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA1 M2, 3.176%, (SOFR30A + 2.250%), 08/25/2033		$	464,383		0.2
600,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 4.676%, (SOFR30A + 3.750%), 12/25/2041			498,713		0.2
1,000,000 (2)	Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 3.276%, (SOFR30A + 2.350%), 12/25/2041			866,354		0.3
400,000 (2)	Freddie Mac STACR REMIC Trust 2022-DNA4 M1B, 4.276%, (SOFR30A + 3.350%), 05/25/2042			381,035		0.1
15,582	Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 5.524%, (US0001M + 3.900%), 12/25/2027			15,562		0.0
200,000 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1B, 3.326%, (SOFR30A + 2.400%), 02/25/2042			185,041		0.1
1,000,000 (2)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M1B, 5.279%, (SOFR30A + 4.500%), 06/25/2042			1,006,898		0.4
913,859 (10)	Ginnie Mae Series 2013-148 DS, 4.171%, (-1.000* US0001M + 5.680%), 10/16/2043			110,969		0.0
5,575,285 (10)	Ginnie Mae Series 2015-20 CI, 3.500%, 02/20/2030			539,710		0.2
423,524 (10)	Ginnie Mae Series 2015-42 IY, 5.500%, 08/20/2039			39,435		0.0
5,444,836 (10)	Ginnie Mae Series 2019-23 MT, 0.600%, (-1.000*US0001M + 6.700%), 03/20/2042			96,812		0.0
50,400 (2)(9)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049			49,665		0.0
275,806 (2)(9)	GS Mortgage-Backed Securities Trust 2020-NQM1 A2, 1.791%, 09/27/2060			266,430		0.1
500,000 (2)	Home RE 2019-1 M2 Ltd., 4.874%, (US0001M + 3.250%), 05/25/2029			496,744		0.2
873,700 (2)(9)	Hundred Acre Wood Trust 2021-INV1 A27, 2.500%, 07/25/2051			737,359		0.3
52,290 (2)(9)	J.P. Morgan Mortgage Trust 2019-2 A15, 4.000%, 08/25/2049			51,840		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
982,164 (2)(9)	J.P. Morgan Mortgage Trust 2022-5 A9, 2.800%, 09/25/2052		$	844,858		0.3
441,967 (2)(9)	JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046			419,474		0.2
850,935 (2)(9)	JP Morgan Mortgage Trust 2017-5 B2, 3.053%, 10/26/2048			830,485		0.3
1,086,476 (2)(9)	JP Morgan Mortgage Trust 2018-3 B2, 3.712%, 09/25/2048			1,001,968		0.4
705,298 (2)(9)	JP Morgan Mortgage Trust 2018-4 B2, 3.716%, 10/25/2048			651,251		0.2
919,870 (2)(9)	JP Morgan Mortgage Trust 2018-5 A13, 3.500%, 10/25/2048			854,180		0.3
147,383 (2)(9)	JP Morgan Mortgage Trust 2018-8 A13, 4.000%, 01/25/2049			144,289		0.1
69,125 (2)(9)	JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049			67,959		0.0
63,103 (2)(9)	JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049			61,953		0.0
19,970 (2)(9)	JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050			19,029		0.0
943,907 (2)(9)	JP Morgan Mortgage Trust 2019-INV1 B2, 4.998%, 10/25/2049			888,021		0.3
29,047 (2)(9)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049			28,856		0.0
568,146 (2)(9)	JP Morgan Mortgage Trust 2019-LTV2 B3, 4.708%, 12/25/2049			544,070		0.2
185,818 (2)(9)	JP Morgan Mortgage Trust 2020-3 A15, 3.500%, 08/25/2050			175,656		0.1
1,000,000 (2)(9)	JP Morgan Mortgage Trust 2021-3 A5, 2.500%, 07/25/2051			746,329		0.3
457,896 (2)(9)	Mello Mortgage Capital Acceptance 2018-MTG2 B1, 4.319%, 10/25/2048			430,712		0.2
130,677 (2)(9)	OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049			127,753		0.0
400,000 (2)(9)	Provident Funding Mortgage Trust 2021-J1 A10, 2.000%, 10/25/2051			277,552		0.1
484,976 (2)(9)	RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051			407,523		0.1
483,285 (2)(9)	RCKT Mortgage Trust 2021-1 B3, 2.722%, 03/25/2051			392,155		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
712,485 (2)(9)	RCKT Mortgage Trust 2021-4 A21, 2.500%, 09/25/2051		$	600,550		0.2
1,103,883 (2)(9)	Sequoia Mortgage Trust 2019-2 B2, 4.255%, 06/25/2049			1,022,286		0.4
1,105,508 (2)(9)	Sequoia Mortgage Trust 2019-2 B3, 4.255%, 06/25/2049			1,006,154		0.4
95,832 (2)(9)	Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049			88,759		0.0
32,342 (2)(9)	Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049			32,097		0.0
681,174 (2)(9)	Sequoia Mortgage Trust 2021-3 B3, 2.654%, 05/25/2051			548,513		0.2
769,656 (2)(9)	Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066			683,707		0.3
542,488 (2)(9)	Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.668%, 07/25/2047			491,813		0.2
	Total Collateralized Mortgage Obligations (Cost $39,359,215)			34,731,892		12.7
U.S. TREASURY OBLIGATIONS: 4.8%
	U.S. Treasury Bonds: 0.3%
1,000	1.250%, 05/15/2050			637		0.0
1,900	1.625%, 11/15/2050			1,337		0.0
646,000	2.250%, 02/15/2052			531,840		0.2
201,000	3.250%, 05/15/2042			196,226		0.1
				730,040		0.3
	U.S. Treasury Notes: 4.5%
942,000	0.250%, 06/15/2024			893,428		0.3
2,300	0.500%, 11/30/2023			2,222		0.0
300	0.750%, 12/31/2023			290		0.0
19,700	0.875%, 01/31/2024			19,066		0.0
87,000	1.125%, 02/15/2031			74,772		0.0
173,200	1.250%, 11/30/2026			160,396		0.1
406,400	1.500%, 01/31/2027			379,500		0.1
167,900	1.500%, 11/30/2028			152,487		0.1
685,000	2.625%, 05/31/2027			672,130		0.2
5,000	2.750%, 04/30/2027			4,933		0.0
511,100	2.750%, 05/31/2029			501,118		0.2
6,694,000	2.875%, 06/15/2025			6,667,852		2.4
1,835,000	3.250%, 06/30/2027			1,853,063		0.7
943,000	3.250%, 06/30/2029			954,272		0.4
				12,335,529		4.5
	Total U.S. Treasury Obligations (Cost $13,147,157)			13,065,569		4.8

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 4.3%
	Uniform Mortgage-Backed Securities: 4.3%
6,000,000 (11)	4.000%, 07/15/2052		$	5,918,320		2.2
5,800,000 (11)	4.500%, 07/15/2052			5,823,789		2.1
	Total U.S. Government Agency Obligations (Cost $11,599,781)			11,742,109		4.3
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.6%
650,000 (2)	BANK 2017-BNK4 D, 3.357%, 05/15/2050			533,515		0.2
1,170,000 (2)	BANK 2017-BNK8 D, 2.600%, 11/15/2050			883,496		0.3
1,000,000 (2)(9)	Benchmark 2018-B3 D Mortgage Trust, 3.187%, 04/10/2051			789,836		0.3
12,317,796 (9)(10)	Benchmark 2019-B10 XA Mortgage Trust, 1.386%, 03/15/2062			709,237		0.3
5,486,924 (9)(10)	Benchmark 2020-B17 XA Mortgage Trust, 1.539%, 03/15/2053			369,061		0.1
3,241,018 (9)(10)	Benchmark 2020-B18 XA Mortgage Trust, 1.916%, 07/15/2053			290,201		0.1
2,096,275 (9)(10)	Benchmark 2021-B24 XA Mortgage Trust, 1.271%, 03/15/2054			141,849		0.1
204,000 (2)(12)	BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052			140,828		0.1
16,100,753 (9)(10)	Citigroup Commercial Mortgage Trust 2019-C7 XA, 0.998%, 12/15/2072			802,972		0.3
130,000 (2)(9)	COMM 2013-CR10 E Mortgage Trust, 5.063%, 08/10/2046			121,975		0.0
1,530,000 (9)	Commercial Mortgage Pass Through Certificates 2016-CR28 D, 4.023%, 02/10/2049			1,371,935		0.5
300,000 (2)	CSAIL 2020-C19 E Commercial Mortgage Trust, 2.500%, 03/15/2053			211,193		0.1
560,000 (2)	CSWF 2021-SOP2 D, 3.641%, (US0001M + 2.317%), 06/15/2034			526,306		0.2
199,766 (2)(6)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044			199,545		0.1
1,000,000 (2)(9)	DBWF 2015-LCM D Mortgage Trust, 3.535%, 06/10/2034			824,698		0.3
1,179,655 (9)(10)	Freddie Mac Multiclass Certificates Series 2021-P011 X1, 1.840%, 09/25/2045			164,857		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,454,957 (9)(10)	Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.697%, 04/25/2030		$	142,873		0.1
4,278,894 (9)(10)	Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.630%, 05/25/2035			601,469		0.2
1,697,464 (9)(10)	Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 1.096%, 08/25/2036			165,676		0.1
2,837,168 (2)(10)	FREMF 2016-K57 X2B Mortgage Trust, 0.100%, 08/25/2049			9,724		0.0
1,119,480 (2)(12)	FREMF 2016-K57 D Mortgage Trust, 0.000%, 08/25/2049			797,073		0.3
11,795,971 (2)(10)	FREMF 2016-K57 X2A Mortgage Trust, 0.100%, 08/25/2049			36,963		0.0
525,000 (2)(12)	FREMF 2016-K60 D Mortgage Trust, 0.000%, 12/25/2049			374,474		0.1
200,000 (2)(12)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			116,871		0.0
2,545,008 (2)(10)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029			9,633		0.0
280,000 (2)(10)	FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029			1,340		0.0
147,000 (2)	GAM RE-REMIC TR 2021-FFR2 BK44, 1.750%, 09/27/2051			130,743		0.1
166,000 (2)	GAM RE-REMIC TR 2021-FFR2 BK78, 2.430%, 09/27/2051			132,938		0.1
126,000 (2)(12)	GAM RE-REMIC TR 2021-FFR2 C730, 0.000%, 09/27/2051			106,562		0.0
153,000 (2)(12)	GAM RE-REMIC TR 2021-FFR2 CK44, 0.000%, 09/27/2051			126,337		0.0
125,000 (2)	GAM RE-REMIC TR 2021-FFR2 CK49, 1.050%, 09/27/2051			106,378		0.0
106,000 (2)(12)	GAM RE-REMIC TR 2021-FFR2 CK78, 0.000%, 09/27/2051			67,115		0.0
126,000 (2)(12)	GAM RE-REMIC TR 2021-FFR2 D730, 0.000%, 09/27/2051			103,965		0.0
125,000 (2)(12)	GAM RE-REMIC TR 2021-FFR2 DK49, 0.000%, 09/27/2051			98,816		0.0
1,000,000 (2)	GAM Re-REMIC Trust 2021-FRR1 1B, 0.890%, 11/29/2050			777,212		0.3

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,000,000 (2)	GAM Re-REMIC Trust 2021-FRR1 2B, 1.190%, 11/29/2050		$	713,290		0.3
238,000 (2)(10)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.038%, 01/29/2052			196,276		0.1
163,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 BK61, 0.820%, 01/29/2052			127,970		0.0
176,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 BK89, 1.280%, 01/27/2052			120,647		0.0
92,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 C728, 0.460%, 08/27/2050			80,800		0.0
95,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.640%, 05/27/2048			80,422		0.0
113,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.080%, 11/27/2049			83,970		0.0
80,000 (2)(10)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.411%, 01/29/2052			60,199		0.0
92,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 CK89, 1.500%, 01/27/2052			59,060		0.0
92,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 D728, 0.520%, 01/29/2052			78,789		0.0
125,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 DK27, 0.140%, 12/27/2045			120,825		0.0
75,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.560%, 10/27/2047			65,106		0.0
95,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 DK47, 0.720%, 05/27/2048			78,737		0.0
31,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 EK27, 0.180%, 12/27/2045			29,683		0.0
49,000 (2)(13)	GAM Resecuritization Trust 2022-FRR3 EK41, 0.610%, 01/29/2052			40,938		0.0
492,229 (2)(9)	GS Mortgage Securities Trust 2012-GCJ7 D, 5.541%, 05/10/2045			445,467		0.2
13,644,620 (9)(10)	GS Mortgage Securities Trust 2019-GC39 XA, 1.285%, 05/10/2052			722,611		0.3
770,000 (2)	JP Morgan Chase Commercial Mortgage Securities Corp. 2021-MHC E, 3.774%, (US0001M + 2.450%), 04/15/2038			714,749		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
200,000 (2)(9)	JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047		$	157,457		0.1
25,721,656 (9)(10)	JPMDB Commercial Mortgage Securities Trust 2018-C8 XA, 0.747%, 06/15/2051			552,755		0.2
182,000 (2)	MF1 Multifamily Housing Mortgage Loan Trust 2021-FL5 D, 3.948%, (TSFR1M + 2.500%), 07/15/2036			173,654		0.1
560,000 (2)	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 F, 3.707%, 11/15/2046			432,759		0.2
253,862 (2)	Morgan Stanley Capital I Trust 2011-C1 M, 4.193%, 09/15/2047			235,953		0.1
1,955,000 (2)(9)	Morgan Stanley Capital I Trust 2016-BNK2 D, 3.000%, 11/15/2049			1,542,113		0.6
7,582,191 (9)(10)	Morgan Stanley Capital I Trust 2019-L3 XA, 0.761%, 11/15/2052			290,670		0.1
600,000	RFM 2022-WF1, 3.750%, 05/27/2027			600,000		0.2
140,000 (2)(9)	UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.606%, 12/10/2045			132,021		0.1
854,142 (2)(9)	WFRBS Commercial Mortgage Trust 2011-C5 E, 5.703%, 11/15/2044			851,563		0.3
2,210,000 (2)	WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/2048			2,029,504		0.7
1,750,000 (2)(9)	WFRBS Commercial Mortgage Trust 2013-C14 D, 4.090%, 06/15/2046			1,535,099		0.6
1,920,000 (9)	WFRBS Commercial Mortgage Trust 2014-C19 C, 4.646%, 03/15/2047			1,844,841		0.7
	Total Commercial Mortgage-Backed Securities (Cost $27,681,410)			26,185,594		9.6
ASSET-BACKED SECURITIES: 8.0%
	Automobile Asset-Backed Securities: 1.0%
300,000	Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024			300,533		0.1
450,000	Americredit Automobile Receivables Trust 2019-2 D, 2.990%, 06/18/2025			442,312		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
1,200,000	Carmax Auto Owner Trust 2019-3 D, 2.850%, 01/15/2026		$	1,176,366		0.4
500,000	GM Financial Consumer Automobile Receivables Trust 2019-3 C, 2.620%, 01/16/2025			495,649		0.2
294,856	Santander Drive Auto Receivables Trust 2019-1 D, 3.650%, 04/15/2025			295,119		0.1
2,846	Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025			2,847		0.0
105,245 (2)	Santander Retail Auto Lease Trust 2019-B C, 2.770%, 08/21/2023			105,221		0.0
				2,818,047		1.0
	Home Equity Asset-Backed Securities: 0.2%
544,359 (2)(9)	ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038			443,457		0.2

	Other Asset-Backed Securities: 6.6%
396,000 (2)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2I, 4.194%, 06/05/2049			385,549		0.1
148,500 (2)	Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049			139,114		0.0
300,000 (2)	Babson CLO Ltd. 2018-3A C, 2.963%, (US0003M + 1.900%), 07/20/2029			286,959		0.1
750,000 (2)	Benefit Street Partners CLO II Ltd. 2013-IIA BR2, 2.944%, (US0003M + 1.900%), 07/15/2029			719,629		0.3
400,000 (2)	Benefit Street Partners CLO Ltd. 2021-23A C, 3.384%, (US0003M + 2.200%), 04/25/2034			372,641		0.1
250,000 (2)	BlueMountain CLO Ltd. 2021-28A C, 3.044%, (US0003M + 2.000%), 04/15/2034			230,292		0.1
595,405 (2)	Domino’s Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048			582,803		0.2
1,000,000 (2)	Dryden Senior Loan Fund 2021-87A C, 3.378%, (US0003M + 1.900%), 05/20/2034			927,885		0.3
389,268 (2)	J.G. Wentworth XXXVIII LLC 2017-1A A, 3.990%, 08/16/2060			372,493		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
750,000 (2)	LCM XV L.P. 15A CR, 3.463%, (US0003M + 2.400%), 07/20/2030		$	722,959		0.3
750,000 (2)	LCM XXII Ltd. 22A BR, 3.063%, (US0003M + 2.000%), 10/20/2028			713,335		0.3
950,000 (2)	Magnetite XXVI Ltd. 2020-26A CR, 3.084%, (US0003M + 1.900%), 07/25/2034			887,215		0.3
333,514 (2)	Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043			314,137		0.1
518,614 (2)	Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043			492,909		0.2
750,000 (2)	Neuberger Berman CLO XVII Ltd. 2014-17A CR2, 3.136%, (US0003M + 2.000%), 04/22/2029			713,974		0.3
1,000,000 (2)	Neuberger Berman Loan Advisers CLO 25 Ltd. 2017-25A CR, 2.794%, (US0003M + 1.750%), 10/18/2029			943,667		0.3
750,000 (2)	Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A CR, 2.944%, (US0003M + 1.900%), 10/16/2033			699,991		0.3
500,000 (2)	NYACK Park CLO Ltd. 2021-1A C, 3.013%, (US0003M + 1.950%), 10/20/2034			465,492		0.2
250,000 (2)	Oak Hill Credit Partners 2021-8A C, 2.944%, (US0003M + 1.900%), 01/18/2034			234,262		0.1
580,000 (2)	Octagon Investment Partners 31 Ltd. 2017-1A CR, 3.113%, (US0003M + 2.050%), 07/20/2030			549,023		0.2
250,000 (2)	Octagon Loan Funding Ltd. 2014-1A CRR, 3.655%, (US0003M + 2.200%), 11/18/2031			235,792		0.1
550,000 (2)	Shackleton 2019-15A CR CLO Ltd., 3.194%, (US0003M + 2.150%), 01/15/2032			519,234		0.2
500,000 (2)	Silver Creek CLO Ltd. 2014-1A CR, 3.363%, (US0003M + 2.300%), 07/20/2030			481,018		0.2
1,000,000 (2)	SoFi Consumer Loan Program 2019-3 D Trust, 3.890%, 05/25/2028			998,374		0.4
163,853 (2)	SoFi Consumer Loan Program 2019-4 C Trust, 2.840%, 08/25/2028			163,233		0.1

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
100,000 (2)	SoFi Consumer Loan Program 2019-4 D Trust, 3.480%, 08/25/2028		$	99,089		0.0
400,000 (2)	SoFi Consumer Loan Program 2020-1 C Trust, 2.500%, 01/25/2029			394,647		0.1
314,637 (2)	Sunrun Xanadu Issuer 2019-1A A LLC, 3.980%, 06/30/2054			296,646		0.1
600,000 (2)	THL Credit Wind River 2017-3A CR Clo Ltd., 3.544%, (US0003M + 2.500%), 04/15/2035			569,357		0.2
2,000,000 (2)(9)	Towd Point Mortgage Trust 2015-4 M2, 3.750%, 04/25/2055			1,987,039		0.7
180,000 (2)(9)	Towd Point Mortgage Trust 2015-6 M2, 3.750%, 04/25/2055			172,648		0.1
1,146,000 (2)	Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048			1,084,119		0.4
228,750 (2)	Wendy’s Funding LLC 2019-1A A2I, 3.783%, 06/15/2049			220,732		0.1
				17,976,257		6.6
	Student Loan Asset-Backed Securities: 0.2%
600,000 (2)	Sofi Professional Loan Program 2019-C BFX LLC, 3.050%, 11/16/2048			550,706		0.2
	Total Asset-Backed Securities (Cost $22,827,156)			21,788,467		8.0
SOVEREIGN BONDS: 1.1%
300,000	Brazilian Government International Bond, 3.875%, 06/12/2030			251,784		0.1
275,000	Chile Government International Bond, 2.450%, 01/31/2031			235,168		0.1
250,000	Colombia Government International Bond, 3.875%, 04/25/2027			221,498		0.1
EUR 225,000	Croatia Government International Bond, 1.125%, 06/19/2029			204,419		0.1
200,000 (2)	Dominican Republic International Bond, 4.500%, 01/30/2030			161,114		0.1
175,000 (2)	Dominican Republic International Bond, 6.000%, 02/22/2033			146,223		0.0
350,000 (2)	Egypt Government International Bond, 5.875%, 02/16/2031			218,430		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
275,000 (2)	Hungary Government International Bond, 2.125%, 09/22/2031		$	213,152		0.1
131,389	Ivory Coast Government International Bond, 5.750%, 12/31/2032			114,230		0.0
200,000	Mexico Government International Bond, 4.500%, 04/22/2029			194,596		0.1
450,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029			385,524		0.1
250,000 (2)	Romanian Government International Bond, 3.625%, 03/27/2032			196,904		0.1
200,000	Russian Foreign Bond - Eurobond, 4.375%, 03/21/2029			55,000		0.0
200,000	Turkey Government International Bond, 4.875%, 10/09/2026			160,762		0.1
350,000	Ukraine Government International Bond, 7.750%, 09/01/2025			89,250		0.0
	Total Sovereign Bonds (Cost $3,889,545)			2,848,054		1.1
PURCHASED OPTIONS(14): 0.0%
	Total Purchased Options (Cost $142,920)			70,421		0.0
	Total Long-Term Investments (Cost $295,666,776)			271,558,193		99.6
SHORT-TERM INVESTMENTS: 0.7%
	Repurchase Agreements: 0.7%
30,959 (15)	HSBC Securities USA, Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $30,960, collateralized by various U.S. Government Securities, 0.000%-6.500%, Market Value plus accrued interest $31,578, due 11/15/23-08/15/51)			30,959		0.0
1,000,000 (15)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $1,000,044, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $1,020,001, due 07/01/22-09/09/49)			1,000,000		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (15)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,000,042, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $1,020,000, due 08/16/22-05/20/52)		$	1,000,000		0.4
	Total Repurchase Agreements
	Total Short-Term Investments (Cost $2,030,959)			2,030,959		0.7
	Total Investments in Securities (Cost $297,697,735)		$	273,589,152		100.3
	Liabilities in Excess of Other Assets			(929,260)		(0.3)
	Net Assets		$	272,659,892		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

Preferred Stock may be called prior to convertible date.

(5)

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.

(6)

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

(7)

Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2022, the Portfolio held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(8)

All or a portion of this security is payment-in-kind (“PIK”) which may pay interest or additional principal at the issuer’s discretion. Rates shown are the current rate and possible payment rates.

(9)

Variable rate security. Rate shown is the rate in effect as of June 30, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

(10)

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.

(11)

Represents or includes a TBA transaction.

(12)

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.

(13)

Represents a zero coupon bond. Rate shown reflects the effective yield as of June 30, 2022.

(14)

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

(15)

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

Currency Abbreviations:

EUR EU Euro

Reference Rate Abbreviations:

SOFR30A 30-day Secured Overnight Financing Rate

TSFR1M 1-month CME Term Secured Overnight Financing Rate

US0001M 1-month LIBOR

US0003M 3-month LIBOR

	Investment Type Allocation as of June 30, 2022 (as a percentage of net assets)

	Common Stock			40.0%
	Collateralized Mortgage Obligations			12.7%
	Mutual Funds			9.8%
	Commercial Mortgage-Backed Securities			9.6%
	Corporate Bonds/Notes			8.8%
	Asset-Backed Securities			8.0%
	U.S. Treasury Obligations			4.8%
	U.S. Government Agency Obligations			4.3%
	Sovereign Bonds			1.1%
	Exchange-Traded Funds			0.3%
	Preferred Stock			0.2%
	Purchased Options			0.0%^
	Assets in Excess of Other Liabilities,*			0.4%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	6,837,691		$	1,123,107		$	—		$	7,960,798
Consumer Discretionary			8,665,709			649,922			—			9,315,631
Consumer Staples			6,610,601			1,119,598			—			7,730,199
Energy			3,972,644			977,495			—			4,950,139
Financials			10,385,052			3,284,206			—			13,669,258
Health Care			15,438,562			1,528,440			—			16,967,002
Industrials			8,026,052			1,543,984			—			9,570,036
Information Technology			25,962,880			171,932			—			26,134,812
Materials			2,542,060			1,200,282			—			3,742,342
Real Estate			4,006,280			638,394			—			4,644,674
Utilities			3,340,995			914,815			—			4,255,810
Total Common Stock			95,788,526			13,152,175			—			108,940,701
Exchange-Traded Funds			938,441			—			—			938,441
Mutual Funds			26,604,955			—			—			26,604,955
Preferred Stock			—			552,098			—			552,098
Purchased Options			—			70,421			—			70,421
Corporate Bonds/Notes			—			24,089,892			—			24,089,892
Collateralized Mortgage Obligations			—			34,731,892			—			34,731,892
Asset-Backed Securities			—			21,788,467			—			21,788,467
U.S. Government Agency Obligations			—			11,742,109			—			11,742,109
Sovereign Bonds			—			2,848,054			—			2,848,054
Commercial Mortgage-Backed Securities			—			25,986,049			199,545			26,185,594
Other			—			—			—			—
U.S. Treasury Obligations			—			13,065,569			—			13,065,569
Short-Term Investments			—			2,030,959			—			2,030,959
Total Investments, at fair value		$	123,331,922		$	150,057,685		$	199,545		$	273,589,152
Other Financial Instruments+
Centrally Cleared Swaps			—			49,862			—			49,862
Forward Foreign Currency Contracts			—			1,961,815			—			1,961,815
Futures			371,919			—			—			371,919
Total Assets		$	123,703,841		$	152,069,362		$	199,545		$	275,972,748
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(16,769)		$	—		$	(16,769)
Forward Foreign Currency Contracts			—			(1,995,517)			—			(1,995,517)
Forward Premium Swaptions			—			(85,158)			—			(85,158)
Futures			(565,044)			—			—			(565,044)
Volatility Swaps			—			(14,514)			—			(14,514)
Written Options			—			(219,766)			—			(219,766)
Total Liabilities		$	(565,044)		$	(2,331,724)		$	—		$	(2,896,768)

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

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, Voya Balanced Income Portfolio held the following restricted securities:

Security

Acquisition
Date

Acquisition
Cost

Fair Value

General Motors Co. Escrow

11/24/2020

—

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 period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Hard Currency Debt Fund - Class P		$	2,012,032		$	44,765		$	—		$	(457,338)		$	1,599,459		$	44,765		$	—		$	—
Voya Floating Rate Fund - Class P			28,239,002			492,626			(9,781,549)			(811,067)			18,139,012			492,626			(781,541)			—
Voya High Yield Bond Fund - Class P			2,391,021			9,214,700			(3,638,503)			(1,100,733)			6,866,484			214,698			(238,503)			—
		$	32,642,055		$	9,752,091		$	(13,420,052)		$	(2,369,138)		$	26,604,955		$	752,089		$	(1,020,044)		$	—

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

At June 30, 2022, the following forward foreign currency contracts were outstanding for Voya Balanced Income Portfolio:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

NZD 509,701

USD 329,339

Bank of America N.A.

07/08/22

(11,015)

USD 836,018

NZD 1,326,985

Bank of America N.A.

07/08/22

7,275

CHF 1,200,172

USD 1,215,868

Bank of America N.A.

07/08/22

41,637

CHF 772,939

USD 805,506

Bank of America N.A.

07/08/22

4,358

USD 431,372

JPY 56,065,602

Bank of America N.A.

07/08/22

18,050

USD 930,755

GBP 737,019

Bank of America N.A.

07/08/22

33,518

GBP 748,898

USD 941,717

Bank of America N.A.

07/08/22

(30,018)

USD 1,210,326

CHF 1,158,366

Bank of America N.A.

07/08/22

(3,378)

USD 407,790

JPY 52,370,174

Bank of America N.A.

07/08/22

21,712

USD 403,188

JPY 51,572,064

Bank of America N.A.

07/08/22

22,993

NZD 2,385,449

USD 1,545,246

Bank of America N.A.

07/08/22

(55,460)

CAD 3,728,553

USD 2,950,084

Bank of America N.A.

07/08/22

(53,463)

USD 298,429

NZD 467,812

Bank of America N.A.

07/08/22

6,266

JPY 214,564,916

USD 1,653,488

Bank of America N.A.

07/08/22

(71,694)

USD 698,804

SEK 6,950,370

Bank of America N.A.

07/08/22

19,281

USD 431,372

JPY 56,197,822

Bank of America N.A.

07/08/22

17,076

USD 1,206,413

CAD 1,560,157

Bank of America N.A.

07/08/22

(5,635)

NOK 5,978,758

USD 619,381

Bank of America N.A.

07/08/22

(12,335)

NOK 15,493,063

USD 1,641,736

Bank of America N.A.

07/08/22

(68,667)

USD 851,802

JPY 112,195,624

Bank of America N.A.

07/08/22

24,685

USD 706,809

SEK 6,991,541

Bank of America N.A.

07/08/22

23,262

USD 1,507,532

NZD 2,339,471

Bank of America N.A.

07/08/22

46,460

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 328,170

JPY 44,362,457

Bank of America N.A.

07/08/22

1,125

USD 960,877

CHF 954,545

Bank of America N.A.

07/08/22

(39,268)

USD 1,483,932

SEK 14,622,666

Bank of America N.A.

07/08/22

54,307

USD 2,232,328

JPY 300,877,672

Bank of America N.A.

07/08/22

14,228

EUR 1,122,024

USD 1,185,785

Bank of America N.A.

07/08/22

(9,635)

SEK 15,968,515

USD 1,647,767

Bank of America N.A.

07/08/22

(86,562)

SEK 7,995,831

USD 793,540

Bank of America N.A.

07/08/22

(11,806)

JPY 63,332,547

USD 466,137

BNP Paribas

07/08/22

757

CHF 2,359,453

USD 2,467,271

BNP Paribas

07/08/22

4,897

USD 1,256,081

CHF 1,207,356

BNP Paribas

07/08/22

(8,953)

JPY 49,847,211

USD 372,496

BNP Paribas

07/08/22

(5,017)

EUR 1,149,580

USD 1,211,228

BNP Paribas

07/08/22

(6,194)

JPY 120,739,672

USD 912,156

BNP Paribas

07/08/22

(22,051)

AUD 1,279,006

USD 902,818

BNP Paribas

07/08/22

(19,957)

JPY 117,179,657

USD 862,955

BNP Paribas

07/08/22

905

JPY 79,150,186

USD 581,478

BNP Paribas

07/08/22

2,025

CAD 3,041,448

USD 2,372,259

BNP Paribas

07/08/22

(9,433)

EUR 1,971,091

USD 2,078,371

BNP Paribas

07/08/22

(12,197)

USD 1,435,459

SEK 14,495,160

BNP Paribas

07/08/22

18,299

USD 1,061,355

JPY 137,657,372

BNP Paribas

07/08/22

46,531

USD 1,498,819

CHF 1,447,694

BNP Paribas

07/08/22

(18,034)

EUR 1,032,500

USD 1,105,867

BNP Paribas

07/08/22

(23,560)

USD 1,100,136

EUR 1,048,774

BNP Paribas

07/08/22

770

USD 290,838

JPY 39,309,568

BNP Paribas

07/08/22

1,044

USD 948,358

AUD 1,367,176

BNP Paribas

07/08/22

4,636

AUD 1,342,183

USD 947,732

BNP Paribas

07/08/22

(21,262)

JPY 44,952,527

USD 340,615

BNP Paribas

07/08/22

(9,221)

USD 944,781

GBP 765,675

BNP Paribas

07/08/22

12,658

EUR 2,067,036

USD 2,220,699

BNP Paribas

07/08/22

(53,952)

USD 786,817

EUR 751,955

BNP Paribas

07/08/22

(1,412)

USD 225,688

EUR 213,223

BNP Paribas

07/08/22

2,180

GBP 685,430

USD 835,722

BNP Paribas

07/08/22

(1,288)

CHF 706,822

USD 728,985

BNP Paribas

07/08/22

11,603

USD 725,684

AUD 1,035,020

BNP Paribas

07/08/22

11,240

USD 1,196,727

EUR 1,129,940

BNP Paribas

07/08/22

12,280

JPY 105,955,942

USD 831,096

BNP Paribas

07/08/22

(49,978)

JPY 16,147,971

USD 122,660

BNP Paribas

07/08/22

(3,615)

GBP 872,712

USD 1,094,389

BNP Paribas

07/08/22

(31,960)

EUR 1,175,976

USD 1,259,529

BNP Paribas

07/08/22

(26,825)

USD 2,476,096

EUR 2,308,909

BNP Paribas

07/08/22

55,808

USD 851,802

JPY 112,864,443

BNP Paribas

07/08/22

19,754

GBP 856,833

USD 1,077,999

BNP Paribas

07/08/22

(34,900)

JPY 111,710,393

USD 844,695

BNP Paribas

07/08/22

(21,155)

USD 720,958

AUD 1,020,883

BNP Paribas

07/08/22

16,272

AUD 1,035,997

USD 721,536

BNP Paribas

07/08/22

(6,417)

JPY 51,061,181

USD 404,424

BNP Paribas

07/08/22

(27,996)

USD 1,090,896

GBP 885,963

BNP Paribas

07/08/22

12,337

JPY 104,484,886

USD 816,391

BNP Paribas

07/08/22

(46,118)

USD 482,945

JPY 65,718,179

BNP Paribas

07/08/22

(1,536)

USD 1,087,909

EUR 1,024,729

BNP Paribas

07/08/22

13,748

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

JPY 108,640,602

USD 802,531

BNP Paribas

07/08/22

(1,621)

CHF 1,128,354

USD 1,180,914

BNP Paribas

07/08/22

1,343

JPY 99,504,918

USD 727,614

BNP Paribas

07/08/22

5,946

USD 1,058,865

EUR 1,013,747

BNP Paribas

07/08/22

(3,785)

USD 884,650

AUD 1,231,876

BNP Paribas

07/08/22

34,321

USD 589,643

EUR 548,321

BNP Paribas

07/08/22

14,871

EUR 1,135,019

USD 1,194,826

BNP Paribas

07/08/22

(5,054)

GBP 1,570,976

USD 1,914,710

BNP Paribas

07/08/22

(2,223)

USD 1,791,602

EUR 1,678,960

BNP Paribas

07/08/22

31,651

USD 744,399

AUD 1,047,599

BNP Paribas

07/08/22

21,271

EUR 1,032,178

USD 1,091,794

BNP Paribas

07/08/22

(9,824)

USD 1,612,504

NZD 2,493,743

BNP Paribas

07/08/22

55,085

USD 15,221

TRY 274,672

BNP Paribas

07/29/22

(986)

IDR 87,562,411

USD 6,068

BNP Paribas

08/05/22

(216)

EUR 2,531

USD 2,687

Brown Brothers Harriman & Co.

07/08/22

(33)

JPY 51,697,016

USD 405,941

Citibank N.A.

07/08/22

(24,825)

USD 810,978

JPY 103,322,560

Citibank N.A.

07/08/22

49,274

USD 492,035

AUD 693,380

Citibank N.A.

07/08/22

13,414

USD 729,756

JPY 99,507,973

Citibank N.A.

07/08/22

(3,827)

USD 1,051,996

CHF 1,007,501

Citibank N.A.

07/08/22

(3,634)

PEN 252,020

USD 66,558

Citibank N.A.

08/05/22

(967)

CAD 1,570,495

USD 1,249,618

Goldman Sachs & Co.

07/08/22

(29,539)

USD 1,242,326

CAD 1,564,499

Goldman Sachs & Co.

07/08/22

26,905

USD 1,270,782

NOK 12,306,886

Goldman Sachs & Co.

07/08/22

21,217

AUD 1,057,846

USD 733,211

Goldman Sachs & Co.

07/08/22

(3,010)

SEK 13,999,480

USD 1,413,618

Goldman Sachs & Co.

07/08/22

(44,920)

NOK 7,277,691

USD 743,464

Goldman Sachs & Co.

07/08/22

(4,532)

CHF 909,369

USD 944,112

Goldman Sachs & Co.

07/08/22

8,699

USD 917,772

NZD 1,422,984

Goldman Sachs & Co.

07/08/22

29,075

NOK 6,104,519

USD 619,371

Goldman Sachs & Co.

07/08/22

444

USD 663,254

SEK 6,659,400

Goldman Sachs & Co.

07/08/22

12,179

USD 669,164

NOK 6,625,329

Goldman Sachs & Co.

07/08/22

(3,530)

SEK 4,850,716

USD 494,810

Goldman Sachs & Co.

07/08/22

(20,567)

USD 209,070

NOK 1,981,545

Goldman Sachs & Co.

07/08/22

7,876

SEK 2,882,526

USD 281,777

Goldman Sachs & Co.

07/08/22

SEK 15,372,997

USD 1,566,446

Goldman Sachs & Co.

07/08/22

(63,463)

USD 333,537

SEK 3,388,273

Goldman Sachs & Co.

07/08/22

2,273

USD 835,259

JPY 112,097,580

Goldman Sachs & Co.

07/08/22

8,864

CHF 1,976,291

USD 2,063,343

Goldman Sachs & Co.

07/08/22

7,358

SEK 7,415,116

USD 735,780

Goldman Sachs & Co.

07/08/22

(10,821)

USD 364,546

JPY 49,552,174

Goldman Sachs & Co.

07/08/22

(758)

NOK 13,914,817

USD 1,483,235

Goldman Sachs & Co.

07/08/22

(70,411)

USD 826,944

NOK 8,018,671

Goldman Sachs & Co.

07/08/22

12,778

USD 889,760

SEK 8,731,998

Goldman Sachs & Co.

07/08/22

36,052

USD 1,176,386

CHF 1,125,860

Goldman Sachs & Co.

07/08/22

(3,258)

ZAR 50,210

USD 3,256

Goldman Sachs & Co.

07/29/22

(178)

PLN 475

USD 110

Goldman Sachs & Co.

07/29/22

(5)

CLP 2,819,558

USD 3,432

Goldman Sachs & Co.

08/05/22

(382)

COP 1,245,879

USD 325

Goldman Sachs & Co.

08/05/22

(27)

NOK 6,679,779

USD 672,010

Goldman Sachs International

07/08/22

6,213

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

SEK 7,663,052

USD 753,459

Goldman Sachs International

07/08/22

(4,259)

USD 942,196

GBP 758,678

Morgan Stanley Capital Services LLC

07/01/22

18,657

USD 2,197,933

EUR 2,044,873

Morgan Stanley Capital Services LLC

07/08/22

54,418

USD 1,107,353

CAD 1,426,575

Morgan Stanley Capital Services LLC

07/08/22

(918)

JPY 147,104,452

USD 1,101,456

Morgan Stanley Capital Services LLC

07/08/22

(16,987)

USD 1,657,769

GBP 1,341,697

Morgan Stanley Capital Services LLC

07/08/22

24,405

NZD 1,114,180

USD 700,995

Morgan Stanley Capital Services LLC

07/08/22

(5,155)

USD 1,492,617

NZD 2,358,162

Morgan Stanley Capital Services LLC

07/08/22

19,873

CAD 3,004,063

USD 2,324,954

Morgan Stanley Capital Services LLC

07/08/22

8,830

USD 1,066,877

EUR 1,008,437

Morgan Stanley Capital Services LLC

07/08/22

9,794

NZD 1,483,192

USD 949,617

Morgan Stanley Capital Services LLC

07/08/22

(23,318)

USD 1,604,185

NZD 2,448,180

Morgan Stanley Capital Services LLC

07/08/22

75,221

NZD 1,247,292

USD 784,347

Morgan Stanley Capital Services LLC

07/08/22

(5,375)

AUD 1,741,840

USD 1,235,946

Morgan Stanley Capital Services LLC

07/08/22

(33,604)

USD 1,154,103

NOK 11,024,234

Morgan Stanley Capital Services LLC

07/08/22

34,771

USD 1,627,033

JPY 221,512,248

Morgan Stanley Capital Services LLC

07/08/22

(5,978)

CAD 1,541,705

USD 1,206,008

Morgan Stanley Capital Services LLC

07/08/22

(8,295)

USD 1,588,333

SEK 15,512,750

Morgan Stanley Capital Services LLC

07/08/22

71,687

USD 1,024,827

CAD 1,296,389

Morgan Stanley Capital Services LLC

07/08/22

17,694

USD 1,073,088

GBP 858,436

Morgan Stanley Capital Services LLC

07/08/22

28,039

GBP 852,291

USD 1,074,483

Morgan Stanley Capital Services LLC

07/08/22

(36,915)

USD 1,044,177

JPY 135,713,536

Morgan Stanley Capital Services LLC

07/08/22

43,683

JPY 131,200,071

USD 1,021,106

Morgan Stanley Capital Services LLC

07/08/22

(53,886)

AUD 1,174,924

USD 813,809

Morgan Stanley Capital Services LLC

07/08/22

(2,792)

USD 1,539,664

NOK 14,562,373

Morgan Stanley Capital Services LLC

07/08/22

61,092

NZD 1,360,396

USD 865,241

Morgan Stanley Capital Services LLC

07/08/22

(15,631)

AUD 1,947,294

USD 1,399,648

Morgan Stanley Capital Services LLC

07/08/22

(55,487)

USD 934,260

GBP 760,965

Morgan Stanley Capital Services LLC

07/08/22

7,870

SEK 15,362,885

USD 1,572,203

Morgan Stanley Capital Services LLC

07/08/22

(70,209)

USD 1,082,721

GBP 864,626

Morgan Stanley Capital Services LLC

07/08/22

30,137

CHF 999,365

USD 1,013,766

Morgan Stanley Capital Services LLC

07/08/22

33,341

USD 912,781

JPY 116,548,945

Morgan Stanley Capital Services LLC

07/08/22

53,571

USD 421,565

GBP 337,883

Morgan Stanley Capital Services LLC

07/08/22

10,230

USD 1,165,814

CAD 1,496,840

Morgan Stanley Capital Services LLC

07/08/22

2,955

CAD 1,498,586

USD 1,170,756

Morgan Stanley Capital Services LLC

07/08/22

(6,541)

NZD 1,149,608

USD 723,957

Morgan Stanley Capital Services LLC

07/08/22

(5,991)

USD 829,603

JPY 105,756,337

Morgan Stanley Capital Services LLC

07/08/22

49,957

USD 988,364

CHF 957,802

Morgan Stanley Capital Services LLC

07/08/22

(15,194)

GBP 758,678

USD 942,239

Morgan Stanley Capital Services LLC

07/08/22

(18,634)

USD 1,137,517

CAD 1,465,343

Morgan Stanley Capital Services LLC

07/08/22

(872)

CAD 1,354,566

USD 1,054,589

Morgan Stanley Capital Services LLC

07/08/22

(2,260)

USD 1,133,065

EUR 1,083,343

Morgan Stanley Capital Services LLC

07/08/22

(2,538)

USD 1,202,719

CAD 1,536,750

Morgan Stanley Capital Services LLC

07/08/22

8,855

CHF 709,159

USD 743,080

Morgan Stanley Capital Services LLC

07/08/22

(44)

USD 2,383,950

CAD 3,055,419

Morgan Stanley Capital Services LLC

07/08/22

10,270

EUR 1,164,408

USD 1,250,414

Morgan Stanley Capital Services LLC

07/08/22

(29,836)

USD 849,765

GBP 692,300

Morgan Stanley Capital Services LLC

��

07/08/22

6,968

USD 1,583,425

SEK 15,500,359

Morgan Stanley Capital Services LLC

07/08/22

67,990

USD 419,704

JPY 55,152,994

Morgan Stanley Capital Services LLC

07/08/22

13,111

USD 918,753

NZD 1,416,812

Morgan Stanley Capital Services LLC

07/08/22

33,910

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 1,522,360

CAD 1,943,245

Morgan Stanley Capital Services LLC

07/08/22

12,701

USD 1,443,103

AUD 1,987,271

Morgan Stanley Capital Services LLC

07/08/22

71,347

BRL 3,379

USD 694

Morgan Stanley Capital Services LLC

08/05/22

(55)

USD 757

MXN 14,950

Morgan Stanley Capital Services LLC

08/05/22

GBP 758,678

USD 934,304

Standard Chartered Bank

07/01/22

(10,765)

SEK 2,250,427

USD 230,790

Standard Chartered Bank

07/08/22

(10,770)

USD 719,587

AUD 1,031,288

Standard Chartered Bank

07/08/22

7,719

USD 395,809

CAD 503,636

Standard Chartered Bank

07/08/22

4,546

USD 411,673

JPY 53,061,146

Standard Chartered Bank

07/08/22

20,500

CAD 109,344

USD 85,117

Standard Chartered Bank

07/08/22

(170)

JPY 232,750,545

USD 1,733,690

Standard Chartered Bank

07/08/22

(17,830)

EUR 804,201

USD 841,538

Standard Chartered Bank

07/08/22

1,457

USD 721,923

NZD 1,144,125

Standard Chartered Bank

07/08/22

7,382

JPY 56,736,009

USD 424,997

Standard Chartered Bank

07/08/22

(6,733)

SEK 6,589,924

USD 656,223

Standard Chartered Bank

07/08/22

(11,941)

USD 1,388,906

CAD 1,789,299

State Street Bank and Trust Co.

07/08/22

(1,157)

USD 425,446

JPY 56,428,130

State Street Bank and Trust Co.

07/08/22

9,452

NOK 6,292,067

USD 644,395

State Street Bank and Trust Co.

07/08/22

(5,538)

USD 399,393

JPY 54,464,071

State Street Bank and Trust Co.

07/08/22

(2,122)

GBP 1,363,675

USD 1,668,217

State Street Bank and Trust Co.

07/08/22

(8,097)

USD 1,226,653

CHF 1,188,771

State Street Bank and Trust Co.

07/08/22

(18,908)

NZD 1,119,155

USD 715,808

State Street Bank and Trust Co.

07/08/22

(16,861)

NZD 1,064,096

USD 692,149

State Street Bank and Trust Co.

07/08/22

(27,589)

GBP 345,038

USD 431,491

State Street Bank and Trust Co.

07/08/22

(11,447)

NZD 2,668,725

USD 1,738,836

State Street Bank and Trust Co.

07/08/22

(72,135)

AUD 1,018,382

USD 715,894

State Street Bank and Trust Co.

07/08/22

(12,934)

JPY 117,112,976

USD 921,830

State Street Bank and Trust Co.

07/08/22

(58,462)

USD 1,006,790

CHF 1,005,669

State Street Bank and Trust Co.

07/08/22

(46,921)

USD 422,752

JPY 54,870,993

State Street Bank and Trust Co.

07/08/22

18,237

(33,702)

At June 30, 2022, the following futures contracts were outstanding for Voya Balanced Income Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 10-Year Note		83		09/21/22		$	9,838,094		$	(101,107)
U.S. Treasury 2-Year Note		212		09/30/22			44,523,313			(204,835)
U.S. Treasury 5-Year Note		278		09/30/22			31,205,500			(259,102)
						$	85,566,907		$	(565,044)
Short Contracts:
U.S. Treasury Long Bond		(67)		09/21/22			(9,287,875)			150,611
U.S. Treasury Ultra 10-Year Note		(74)		09/21/22			(9,425,750)			160,971
U.S. Treasury Ultra Long Bond		(28)		09/21/22			(4,321,625)			60,337
						$	(23,035,250)		$	371,919

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following centrally cleared credit default swaps were outstanding for Voya Balanced Income Portfolio:

Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — 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)
Prudential Financial Inc. 3.50%, due 05/15/2024		Buy		(1.000)		12/20/24	USD 1,140,000		$	(12,630)		$	17,657
									$	(12,630)		$	17,657

(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 June 30, 2022, the following centrally cleared interest rate swaps were outstanding for Voya Balanced Income Portfolio:

Pay/Receive
Floating Rate

Floating
Rate Index

Floating
Rate
Index
Payment
Frequency

Fixed
Rate

Fixed
Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Secured Overnight
Financing Rate

Annual

2.836%

Annual

07/14/32

USD 1,013,100

5,620

Pay

1-day Secured Overnight
Financing Rate

Annual

2.897

Annual

07/14/32

USD 1,067,000

11,631

Pay

1-day Secured Overnight
Financing Rate

Annual

2.941

Annual

07/14/32

USD 1,013,100

14,954

Receive

1-day Secured Overnight
Financing Rate

Annual

2.933

Annual

07/14/32

USD 405,300

(5,699)

Receive

1-day Secured Overnight
Financing Rate

Annual

2.981

Annual

07/14/32

USD 607,900

(11,070)

15,436

At June 30, 2022, the following OTC volatility swaps were outstanding for Voya Balanced Income Portfolio:

Pay/Receive Volatility(1)	Reference Entity	Volatility Strike Rate		Counterparty	Maturity Date	Currency		Notional Amount	Fair Value			Unrealized Appreciation (Depreciation)
Receive	USD vs. CNH Spot Exchange Rate		5.650%	BNP Paribas	11/03/22		USD	1,781,500		$	(14,514)		$	(14,514)
										$	(14,514)		$	(14,514)

At June 30, 2022, the following OTC purchased foreign currency dual digital options were outstanding for Voya Balanced Income Portfolio:

Description

Counterparty

Expiration
Date

Exercise
Price(6)

Notional
Amount

Cost

Fair Value

AUD/USD & USD/JPY Dual Digital

Standard Chartered
Bank

08/10/22

0.6728 & 126.25

USD 96,000

7,200

$694

7,200

$694

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following OTC purchased foreign currency options were outstanding for Voya Balanced Income Portfolio:

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount		Cost			Fair Value
Call JPY vs. Put USD	BNP Paribas		02/27/25		107.500		USD 855,000		$	42,408	$19,481
Call USD vs. Put AUD	Morgan Stanley Capital Services LLC		08/18/22		0.650		USD 8,843,000			62,944	37,887
Call USD vs. Put AUD	Standard Chartered Bank		08/18/22		0.640		USD 4,144,000			30,368	12,359
									$	135,720	$69,727

At June 30, 2022, the following OTC written foreign currency options were outstanding for Voya Balanced Income Portfolio:

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount		Premiums Received			Fair Value
Call USD vs. Put JPY	BNP Paribas		08/11/22		129.500		USD 1,981,000		$	41,967	$(94,086)
Put USD vs. Call JPY	BNP Paribas		08/11/22		129.500		USD 1,981,000			41,967	(10,527)
									$	83,934	$(104,613)

At June 30, 2022, the following OTC written interest rate swaptions were outstanding for Voya Balanced Income Portfolio:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest Rate Swap(2)

Goldman Sachs
International

Pay

3.070%

1-day Secured
Overnight Financing
Rate

07/12/22

USD 1,106,500

11,757

(27,674)

Call on 10-Year Interest Rate Swap(2)

Goldman Sachs
International

Pay

3.070%

1-day Secured
Overnight Financing
Rate

07/12/22

USD 3,319,500

35,062

(83,023)

Put on 10-Year Interest Rate Swap(3)

BNP Paribas

Receive

3.070%

1-day Secured
Overnight Financing
Rate

07/12/22

USD 3,319,500

35,062

(3,342)

Put on 10-Year Interest Rate Swap(3)

Goldman Sachs
International

Receive

3.070%

1-day Secured
Overnight Financing
Rate

07/12/22

USD 1,106,500

11,757

(1,114)

93,638

(115,153)

At June 30, 2022, the following OTC forward premium swaptions were outstanding for Voya Balanced Income Portfolio:

Description

Counterparty

Exercise
Rate(4)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(5)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year Interest Rate Swap (Purchased)

Barclays Bank
PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

06/14/27

USD 1,676,000

(293,300)

(13,526)

Call on 35-Year Interest Rate Swap (Purchased)

Barclays Bank
PLC

0.000%

Receive

1-day Secured
Overnight Financing
Rate

06/03/27

USD 1,676,000

(293,719)

(13,336)

Put on 30-Year Interest Rate Swap (Purchased)

Barclays Bank
PLC

0.000%

Pay

1-day Secured
Overnight Financing
Rate

05/25/27

USD 4,989,400

(898,092)

(58,296)

(1,485,111)

(85,158)

(1)

Payments made at maturity date.

(2)

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

(3)

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

(4)

Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

(5)

Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

(6)

The Portfolio will receive payment from the counterparty if both the AUD/USD exchange rate is less than or equal to 0.6290 and the USD/JPY exchange rate is less than or equal to 105.250 at expiration.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

Currency Abbreviations

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
CLP	–	Chilean Peso
COP	–	Colombian Peso
EUR	–	EU Euro
GBP	–	British Pound
IDR	–	Indonesian Rupiah
JPY	–	Japanese Yen
MXN	–	Mexican Peso
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
PEN	–	Peruvian Nuevo Sol
PLN	–	Polish Zloty
SEK	–	Swedish Krona
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 June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*		$	70,421
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			1,961,815
Interest rate contracts	Variation margin receivable on futures contracts**			371,919
Credit contracts	Variation margin receivable on centrally cleared swaps**			17,657
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			32,205
Total Asset Derivatives			$	2,454,017
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	1,995,517
Interest rate contracts	Variation margin payable on futures contracts**			565,044
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements			14,514
Interest rate contracts	Unrealized depreciation on OTC forward premium swaptions			85,158
Interest rate contracts	Variation margin payable on centrally cleared swaps**			16,769
Foreign exchange contracts	Written options, at fair value			104,613
Interest rate contracts	Written options, at fair value			115,153
Total Liability Derivatives			$	2,896,768

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).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	130,280		$	—		$	130,280
Equity contracts			25,081			—			439			–			(71,229)			(45,709)
Foreign exchange contracts			84,314			(175,392)			—			34,202			192,191			135,315
Interest rate contracts			15,554			—			(2,194,730)			(850,939)			721,902			(2,308,213)
Total		$	124,949		$	(175,392)		$	(2,194,291)		$	(686,457)		$	842,864		$	(2,088,327)

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		$	—		$	—		$	—		$	10,676		$	—		$	10,676
Equity contracts			70,897			—			—			—			(62,433)			8,464
Foreign exchange contracts			(72,499)			(3,046)			—			1,996			(20,679)			(94,228)
Interest rate contracts			(85,158)			—			(153,082)			17,231			(28,865)			(249,874)
Total		$	(86,760)		$	(3,046)		$	(153,082)		$	29,903		$	(111,977)		$	(324,962)

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2022:

	Barclays Bank PLC			Bank of America N.A.			BNP Paribas			Brown Brothers Harriman			Citibank N.A.			Goldman Sachs & Co.			Goldman Sachs International			Morgan Stanley Capital Services LLC			Standard Chartered Bank			State Street Bank and Trust Co.			Totals
Assets:
Purchased options		$	—		$	—		$	19,481		$	—		$	—		$	—		$	—		$	37,887		$	13,053		$	—		$	70,421
Forward foreign currency contracts			—			356,233			412,232			—			62,688			173,761			6,213			881,395			41,604			27,689			1,961,815
Total Assets		$	—		$	356,233		$	431,713		$	—		$	62,688		$	173,761		$	6,213		$	919,282		$	54,657		$	27,689		$	2,032,236
Liabilities:
Forward foreign currency contracts		$	—		$	458,936		$	486,740		$	33		$	33,253		$	255,401		$	4,259		$	416,515		$	58,209		$	282,171		$	1,995,517
Forward premium swaptions			85,158			—			—			—			—			—			—			—			—			—			85,158
Volatility Swaps			—			—			14,514			—			—			—			—			—			—			—			14,514
Written options			—			—			107,955			—			—						111,811			—			—			—			219,766
Total Liabilities		$	85,158		$	458,936		$	609,209		$	33		$	33,253		$	255,401		$	116,070		$	416,515		$	58,209		$	282,171		$	2,314,955
Net OTC derivative instruments by counterparty, at fair value		$	(85,158)		$	(102,703)		$	(177,496)		$	(33)		$	29,435		$	(81,640)		$	(109,857)		$	502,767		$	(3,552)		$	(254,482)		$	(282,719)
Total collateral pledged by the Portfolio/(Received from counterparty)(2)		$	—		$	—		$	177,496		$	—		$	—		$	—		$	—		$	(460,000)		$	—		$	—		$	(282,504)
Net Exposure(1)		$	(85,158)		$	(102,703)		$	—		$	(33)		$	29,435		$	(81,640)		$	(109,857)		$	42,767		$	(3,552)		$	(254,482)		$	(565,223)

(1)

(2)

At June 30, 2022, the Portfolio pledged $260,000 in cash collateral to BNP Paribas. Excess cash collateral is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Balanced Income Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was 298,309,547.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	10,786,884
Gross Unrealized Depreciation		(35,833,288)
Net Unrealized Depreciation	$	(25,046,404)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 92.9%
	Basic Materials: 6.5%
350,000 (1)	ASP Unifrax Holdings, Inc., 5.250%, 09/30/2028		$	279,930		0.1
1,050,000 (1)(2)	ASP Unifrax Holdings, Inc., 7.500%, 09/30/2029			730,772		0.2
975,000 (1)(2)	Cleveland-Cliffs, Inc., 4.625%, 03/01/2029			862,105		0.2
750,000 (1)(2)	Cleveland-Cliffs, Inc., 4.875%, 03/01/2031			662,890		0.2
1,325,000 (1)(2)	Coeur Mining, Inc., 5.125%, 02/15/2029			919,932		0.2
1,000,000 (1)	Compass Minerals International, Inc., 6.750%, 12/01/2027			906,035		0.2
1,225,000 (1)	Consolidated Energy Finance S.A., 5.625%, 10/15/2028			987,152		0.2
1,150,000 (1)	Constellium SE, 5.625%, 06/15/2028			1,030,541		0.3
1,100,000 (1)	First Quantum Minerals Ltd., 6.875%, 10/15/2027			985,358		0.2
2,175,000 (1)	Hudbay Minerals, Inc., 4.500%, 04/01/2026			1,823,237		0.5
1,150,000 (1)	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.000%, 07/01/2028			910,001		0.2
1,600,000 (1)	INEOS Quattro Finance 2 Plc, 3.375%, 01/15/2026			1,346,384		0.3
1,600,000 (1)(3)	Iris Holdings, Inc., 8.750% (PIK Rate 9.500%, Cash Rate 8.750%), 02/15/2026			1,282,488		0.3
1,650,000 (1)(2)	LSF11 A5 Holdco LLC, 6.625%, 10/15/2029			1,392,418		0.3
1,060,000 (1)	Mineral Resources Ltd., 8.000%, 11/01/2027			1,036,150		0.3
1,375,000 (1)	Novelis Corp., 3.875%, 08/15/2031			1,061,294		0.3
350,000 (1)	Novelis Corp., 4.750%, 01/30/2030			291,581		0.1
1,225,000 (1)	Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030			1,037,881		0.3
1,525,000 (2)	Olin Corp., 5.000%, 02/01/2030			1,319,743		0.3
700,000	Olin Corp., 5.125%, 09/15/2027			644,707		0.2
1,400,000 (1)	Olympus Water US Holding Corp., 6.250%, 10/01/2029			974,750		0.2
1,700,000 (1)	Schweitzer-Mauduit International, Inc., 6.875%, 10/01/2026			1,515,253		0.4
1,475,000 (1)	Taseko Mines Ltd., 7.000%, 02/15/2026			1,257,622		0.3
1,250,000 (1)	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 04/01/2029			895,769		0.2
1,550,000 (1)	Tronox, Inc., 4.625%, 03/15/2029			1,249,680		0.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Basic Materials (continued)
1,275,000 (1)	Vibrantz Technologies, Inc., 9.000%, 02/15/2030		$	900,589		0.2
				26,304,262		6.5
	Communications: 15.6%
1,200,000 (1)	Acuris Finance US, Inc. / Acuris Finance SARL, 5.000%, 05/01/2028			998,196		0.3
1,800,000 (1)	Altice France Holding SA, 6.000%, 02/15/2028			1,280,979		0.3
1,700,000 (1)	Altice France SA/France, 5.500%, 10/15/2029			1,303,874		0.3
1,225,000 (1)	Altice France SA/France, 8.125%, 02/01/2027			1,129,634		0.3
1,525,000 (2)	AMC Networks, Inc., 4.250%, 02/15/2029			1,240,229		0.3
1,650,000 (1)	Audacy Capital Corp., 6.500%, 05/01/2027			984,028		0.2
1,650,000 (1)	Beasley Mezzanine Holdings LLC, 8.625%, 02/01/2026			1,240,016		0.3
1,475,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034			1,144,563		0.3
2,000,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032			1,626,170		0.4
1,075,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028			995,617		0.3
1,775,000 (1)	CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027			1,680,907		0.4
975,000 (1)	Clear Channel Outdoor Holdings, Inc., 7.500%, 06/01/2029			703,979		0.2
825,000 (1)	Clear Channel Outdoor Holdings, Inc., 7.750%, 04/15/2028			602,370		0.2
575,000 (1)	CommScope Tech Finance LLC, 6.000%, 06/15/2025			498,488		0.1
325,000 (1)	CommScope Technologies LLC, 5.000%, 03/15/2027			240,717		0.1
675,000 (1)	CommScope, Inc., 4.750%, 09/01/2029			546,412		0.1
1,375,000 (1)(2)	CommScope, Inc., 7.125%, 07/01/2028			1,047,062		0.3
2,000,000 (1)	Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026			1,804,010		0.4
1,650,000 (1)	CSC Holdings LLC, 4.625%, 12/01/2030			1,108,429		0.3
575,000	CSC Holdings LLC, 5.250%, 06/01/2024			538,482		0.1
2,975,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030			2,172,434		0.5
450,000 (1)	CSC Holdings LLC, 7.500%, 04/01/2028			376,938		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
2,375,000 (1)	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.875%, 08/15/2027		$	2,033,724		0.5
1,700,000	DISH DBS Corp., 5.125%, 06/01/2029			1,038,360		0.3
500,000 (1)	DISH DBS Corp., 5.250%, 12/01/2026			392,858		0.1
775,000 (1)	DISH DBS Corp., 5.750%, 12/01/2028			575,271		0.1
860,000	DISH DBS Corp., 7.375%, 07/01/2028			587,230		0.1
1,150,000	Embarq Corp., 7.995%, 06/01/2036			866,163		0.2
1,400,000 (1)	GCI LLC, 4.750%, 10/15/2028			1,215,037		0.3
1,625,000 (1)(2)	Gray Escrow II, Inc., 5.375%, 11/15/2031			1,305,533		0.3
455,000 (2)	Hughes Satellite Systems Corp., 6.625%, 08/01/2026			404,650		0.1
500,000 (1)	iHeartCommunications, Inc., 5.250%, 08/15/2027			428,650		0.1
1,725,000 (2)	iHeartCommunications, Inc., 8.375%, 05/01/2027			1,374,515		0.3
1,200,000 (1)	ION Trading Technologies Sarl, 5.750%, 05/15/2028			961,254		0.2
900,000 (1)	LCPR Senior Secured Financing DAC, 5.125%, 07/15/2029			753,215		0.2
1,440,000 (1)	LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027			1,347,098		0.3
1,415,000 (1)	McGraw-Hill Education, Inc., 8.000%, 08/01/2029			1,148,520		0.3
1,475,000 (1)	Millennium Escrow Corp., 6.625%, 08/01/2026			1,192,777		0.3
720,000	Netflix, Inc., 5.875%, 11/15/2028			705,751		0.2
1,100,000	Northwestern Bell Telephone, 7.750%, 05/01/2030			1,200,496		0.3
950,000 (4)	Paramount Global, 6.250%, 02/28/2057			833,036		0.2
1,875,000 (1)	Radiate Holdco LLC / Radiate Finance, Inc., 6.500%, 09/15/2028			1,454,400		0.4
450,000 (1)(2)	Scripps Escrow II, Inc., 5.375%, 01/15/2031			359,449		0.1
1,300,000 (1)(2)	Scripps Escrow, Inc., 5.875%, 07/15/2027			1,139,756		0.3
635,000 (1)	Sinclair Television Group, Inc., 4.125%, 12/01/2030			504,507		0.1
860,000 (1)	Sinclair Television Group, Inc., 5.500%, 03/01/2030			634,331		0.2
1,000,000 (1)	Sirius XM Radio, Inc., 5.000%, 08/01/2027			929,855		0.2
1,300,000 (1)	Spanish Broadcasting System, Inc., 9.750%, 03/01/2026			1,033,838		0.3
2,325,000	Sprint Corp., 7.125%, 06/15/2024			2,393,239		0.6

Principal Amount†		Value				Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Communications (continued)
675,000	Sprint Corp., 7.625%, 03/01/2026		$	712,676			0.2
1,275,000 (1)	Stagwell Global LLC, 5.625%, 08/15/2029			1,028,064			0.3
725,000	Telecom Italia Capital SA, 6.000%, 09/30/2034			548,923			0.1
825,000	Telecom Italia Capital SA, 6.375%, 11/15/2033			639,437			0.2
475,000 (1)(2)	Univision Communications, Inc., 4.500%, 05/01/2029			399,075			0.1
2,175,000 (1)	Univision Communications, Inc., 6.625%, 06/01/2027			2,074,950			0.5
1,100,000 (1)	Urban One, Inc., 7.375%, 02/01/2028			943,349			0.2
1,250,000 (1)	ViaSat, Inc., 5.625%, 09/15/2025			1,012,711			0.3
250,000 (1)	ViaSat, Inc., 5.625%, 04/15/2027			216,632			0.1
625,000 (1)	ViaSat, Inc., 6.500%, 07/15/2028			431,297			0.1
1,150,000 (1)	Viavi Solutions, Inc., 3.750%, 10/01/2029			965,236			0.2
2,100,000 (1)	Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028			1,740,698			0.4
1,200,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031			972,000			0.2
1,925,000 (1)	Zayo Group Holdings, Inc., 6.125%, 03/01/2028			1,395,250			0.3
				63,157,345			15.6
	Consumer, Cyclical: 22.2%
1,175,000 (1)	1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030			946,739			0.2
1,600,000 (1)	Academy Ltd., 6.000%, 11/15/2027			1,464,712			0.4
1,475,000 (1)	Adams Homes, Inc., 7.500%, 02/15/2025			1,374,014			0.3
1,575,000 (1)	Adient Global Holdings Ltd., 4.875%, 08/15/2026			1,384,606			0.3
1,825,000 (1)	Affinity Gaming, 6.875%, 12/15/2027			1,535,318			0.4
325,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031			261,046			0.1
1,400,000 (1)	Allison Transmission, Inc., 5.875%, 06/01/2029			1,304,667			0.3
886,864	American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 03/22/2029			787,417	��		0.2
2,050,000 (1)	American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.750%, 04/20/2029			1,757,198			0.4
1,350,000 (1)	Arko Corp., 5.125%, 11/15/2029			1,024,498			0.3
760,000	Asbury Automotive Group, Inc., 4.500%, 03/01/2028			660,353			0.2
300,000 (1)	Asbury Automotive Group, Inc., 4.625%, 11/15/2029			248,304			0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
750,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030		$	617,584		0.2
1,625,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			1,302,917		0.3
162,000 (1)	Bath & Body Works, Inc., 9.375%, 07/01/2025			164,601		0.0
300,000 (1)(3)	BCPE Ulysses Intermediate, Inc., 7.750% (PIK Rate 8.500%, Cash Rate 7.750%), 04/01/2027			184,891		0.0
1,675,000 (1)	Caesars Entertainment, Inc., 4.625%, 10/15/2029			1,306,843		0.3
1,150,000 (1)	Caesars Entertainment, Inc., 6.250%, 07/01/2025			1,112,182		0.3
575,000 (1)	Carnival Corp., 6.000%, 05/01/2029			405,967		0.1
1,700,000 (1)(2)	Carnival Corp., 7.625%, 03/01/2026			1,320,687		0.3
575,000 (1)	Carnival Corp., 9.875%, 08/01/2027			561,723		0.1
1,325,000 (1)	CCM Merger, Inc., 6.375%, 05/01/2026			1,208,139		0.3
1,100,000 (1)	Century Communities, Inc., 3.875%, 08/15/2029			862,301		0.2
1,125,000 (1)	Cinemark USA, Inc., 8.750%, 05/01/2025			1,137,939		0.3
1,025,000 (1)(2)	CROCS INC COMPANY GUAR 144A 08/31 4.125, 4.125%, 08/15/2031			727,018		0.2
325,000 (2)	Delta Air Lines, Inc., 7.375%, 01/15/2026			325,356		0.1
1,925,000 (1)	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/2030			1,482,981		0.4
1,000,000 (1)	Foot Locker, Inc., 4.000%, 10/01/2029			758,380		0.2
1,600,000	Ford Motor Credit Co. LLC, 2.700%, 08/10/2026			1,365,440		0.3
250,000	Ford Motor Credit Co. LLC, 3.625%, 06/17/2031			194,560		0.1
1,100,000	Ford Motor Credit Co. LLC, 4.125%, 08/17/2027			971,723		0.2
1,300,000	Ford Motor Credit Co. LLC, 4.542%, 08/01/2026			1,191,854		0.3
950,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029			853,674		0.2
1,350,000	Ford Motor Credit Co. LLC, 5.584%, 03/18/2024			1,345,788		0.3
1,400,000 (1)	Foundation Building Materials, Inc., 6.000%, 03/01/2029			1,027,670		0.3
1,250,000 (1)	Gap, Inc./The, 3.875%, 10/01/2031			874,412		0.2
800,000 (1)	Golden Entertainment, Inc., 7.625%, 04/15/2026			792,916		0.2
1,075,000 (2)	Goodyear Tire & Rubber Co/The, 5.250%, 07/15/2031			865,735		0.2
1,300,000 (1)	Installed Building Products, Inc., 5.750%, 02/01/2028			1,156,770		0.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
1,575,000 (1)	Interface, Inc., 5.500%, 12/01/2028		$	1,336,374		0.3
1,900,000 (1)	International Game Technology PLC, 5.250%, 01/15/2029			1,724,411		0.4
1,300,000 (1)	LBM Acquisition LLC, 6.250%, 01/15/2029			838,941		0.2
1,550,000 (1)	LCM Investments Holdings II LLC, 4.875%, 05/01/2029			1,184,177		0.3
1,250,000 (1)	LGI Homes, Inc, 4.000%, 07/15/2029			934,912		0.2
1,300,000 (1)	Lindblad Expeditions LLC, 6.750%, 02/15/2027			1,116,641		0.3
1,500,000 (1)	Lions Gate Capital Holdings LLC, 5.500%, 04/15/2029			1,174,373		0.3
400,000	M/I Homes, Inc., 3.950%, 02/15/2030			302,193		0.1
1,050,000	M/I Homes, Inc., 4.950%, 02/01/2028			893,985		0.2
575,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034			410,544		0.1
275,000 (1)(2)	Macy’s Retail Holdings LLC, 5.875%, 03/15/2030			231,220		0.1
850,000 (1)	Macy’s Retail Holdings LLC, 6.125%, 03/15/2032			711,595		0.2
725,000	Mattel, Inc., 5.450%, 11/01/2041			637,781		0.2
1,500,000 (1)(2)	Melco Resorts Finance Ltd., 5.375%, 12/04/2029			907,552		0.2
1,550,000 (1)	Meritor, Inc., 4.500%, 12/15/2028			1,494,558		0.4
165,000	MGM Resorts International, 5.500%, 04/15/2027			148,302		0.0
1,300,000 (1)	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 05/01/2029			1,061,626		0.3
925,000	Murphy Oil USA, Inc., 4.750%, 09/15/2029			834,262		0.2
250,000	Murphy Oil USA, Inc., 5.625%, 05/01/2027			245,408		0.1
1,070,000 (1)	NCL Corp. Ltd., 7.750%, 02/15/2029			818,978		0.2
875,000 (1)	NCL Finance Ltd., 6.125%, 03/15/2028			637,774		0.2
1,000,000 (1)(2)	Penn National Gaming, Inc., 4.125%, 07/01/2029			760,180		0.2
900,000 (1)	Penn National Gaming, Inc., 5.625%, 01/15/2027			790,848		0.2
2,000,000 (1)	PetSmart, Inc. / PetSmart Finance Corp., 7.750%, 02/15/2029			1,805,510		0.4
1,019,000 (1)	Picasso Finance Sub, Inc., 6.125%, 06/15/2025			995,084		0.2
1,625,000 (1)	Real Hero Merger Sub 2, Inc., 6.250%, 02/01/2029			1,234,697		0.3
2,775,000 (1)	Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027			2,023,835		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
305,000 (1)	Royal Caribbean Cruises Ltd., 9.125%, 06/15/2023		$	302,363		0.1
679,000 (1)	Royal Caribbean Cruises Ltd., 11.500%, 06/01/2025			699,346		0.2
1,475,000 (1)	Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030			1,256,066		0.3
875,000 (1)	Scientific Games International, Inc., 7.000%, 05/15/2028			822,382		0.2
600,000 (1)	Scientific Games International, Inc., 8.625%, 07/01/2025			615,948		0.2
1,300,000 (1)	Shea Homes L.P. / Shea Homes Funding Corp., 4.750%, 04/01/2029			1,020,851		0.3
1,575,000 (1)	Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.500%, 11/28/2025			1,325,525		0.3
1,525,000 (1)	Sonic Automotive, Inc., 4.625%, 11/15/2029			1,183,636		0.3
1,875,000 (1)	Specialty Building Products Holdings LLC / SBP Finance Corp., 6.375%, 09/30/2026			1,527,281		0.4
550,000 (1)	SRS Distribution, Inc., 6.000%, 12/01/2029			432,625		0.1
1,300,000 (1)	SRS Distribution, Inc., 6.125%, 07/01/2029			1,027,527		0.3
2,300,000 (1)(2)	Staples, Inc., 10.750%, 04/15/2027			1,524,245		0.4
1,775,000 (1)	Station Casinos LLC, 4.500%, 02/15/2028			1,501,739		0.4
1,375,000 (1)	STL Holding Co. LLC, 7.500%, 02/15/2026			1,203,125		0.3
1,200,000 (1)	Taylor Morrison Communities, Inc., 5.125%, 08/01/2030			998,244		0.2
1,225,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031			921,531		0.2
1,225,000 (2)	United Airlines Holdings, Inc., 4.875%, 01/15/2025			1,140,120		0.3
450,000 (1)	United Airlines, Inc., 4.375%, 04/15/2026			398,124		0.1
1,175,000 (1)	United Airlines, Inc., 4.625%, 04/15/2029			1,000,742		0.3
195,000 (1)	Univar Solutions USA, Inc./Washington, 5.125%, 12/01/2027			181,858		0.0
1,700,000 (1)	Victoria’s Secret & Co., 4.625%, 07/15/2029			1,283,296		0.3
1,850,000 (1)	Viking Cruises Ltd., 5.875%, 09/15/2027			1,384,618		0.3
550,000 (1)	Viking Cruises Ltd., 13.000%, 05/15/2025			564,393		0.1
1,190,000 (1)	Wheel Pros, Inc., 6.500%, 05/15/2029			842,574		0.2
1,200,000 (1)	White Cap Buyer LLC, 6.875%, 10/15/2028			961,656		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
600,000 (1)(3)	White Cap Parent LLC, 8.250% (PIK Rate 9.000%, Cash Rate 8.250%), 03/15/2026		$	500,427		0.1
975,000 (1)	William Carter Co/The, 5.625%, 03/15/2027			914,750		0.2
550,000 (1)	Williams Scotsman International, Inc., 4.625%, 08/15/2028			469,667		0.1
1,450,000 (1)	Wolverine World Wide, Inc., 4.000%, 08/15/2029			1,165,322		0.3
675,000 (1)(2)	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027			579,039		0.1
				89,873,704		22.2
	Consumer, Non-cyclical: 14.2%
1,375,000 (1)	Acadia Healthcare Co., Inc., 5.500%, 07/01/2028			1,286,766		0.3
1,350,000 (1)	ACCO Brands Corp., 4.250%, 03/15/2029			1,108,417		0.3
1,745,000 (1)	ADT Security Corp./The, 4.125%, 08/01/2029			1,421,093		0.3
1,125,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029			913,836		0.2
475,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030			408,783		0.1
1,200,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028			1,123,668		0.3
600,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.000%, 06/01/2029			437,479		0.1
665,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026			611,514		0.1
1,900,000 (1)	Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027			1,613,204		0.4
1,600,000 (1)	Alta Equipment Group, Inc., 5.625%, 04/15/2026			1,372,872		0.3
1,085,000 (1)	AMN Healthcare, Inc., 4.625%, 10/01/2027			996,535		0.2
775,000 (1)	APi Escrow Corp., 4.750%, 10/15/2029			626,890		0.2
520,000 (1)	APi Group DE, Inc., 4.125%, 07/15/2029			413,720		0.1
1,950,000 (1)(2)	Bausch Health Americas, Inc., 8.500%, 01/31/2027			1,372,118		0.3
425,000 (1)	Bausch Health Cos, Inc., 4.875%, 06/01/2028			333,463		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,450,000 (1)	Bausch Health Cos, Inc., 5.250%, 01/30/2030		$	753,324		0.2
950,000 (1)	Bausch Health Cos, Inc., 7.000%, 01/15/2028			544,972		0.1
1,150,000 (1)	BellRing Brands, Inc., 7.000%, 03/15/2030			1,085,445		0.3
625,000 (1)	Catalent Pharma Solutions, Inc., 5.000%, 07/15/2027			589,113		0.1
425,000	Centene Corp., 2.625%, 08/01/2031			339,006		0.1
1,550,000	Centene Corp., 4.625%, 12/15/2029			1,449,924		0.4
1,400,000 (1)	Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028			1,171,447		0.3
450,000 (1)	Chobani LLC / Chobani Finance Corp., Inc., 4.625%, 11/15/2028			380,869		0.1
1,125,000 (1)	Chobani LLC / Chobani Finance Corp., Inc., 7.500%, 04/15/2025			1,035,100		0.3
575,000 (1)	CHS/Community Health Systems, Inc., 4.750%, 02/15/2031			422,552		0.1
350,000 (1)	CHS/Community Health Systems, Inc., 5.250%, 05/15/2030			266,602		0.1
850,000 (1)	CHS/Community Health Systems, Inc., 5.625%, 03/15/2027			721,731		0.2
1,750,000 (1)	CHS/Community Health Systems, Inc., 6.875%, 04/15/2029			1,133,842		0.3
1,635,000 (1)	CoreLogic, Inc., 4.500%, 05/01/2028			1,261,582		0.3
1,450,000 (1)	CPI Acquisition, Inc., 8.625%, 03/15/2026			1,372,070		0.3
105,000 (1)	Darling Ingredients, Inc., 6.000%, 06/15/2030			104,824		0.0
475,000 (1)	DaVita, Inc., 3.750%, 02/15/2031			341,796		0.1
875,000 (1)	DaVita, Inc., 4.625%, 06/01/2030			685,144		0.2
275,000 (1)	Endo Dac / Endo Finance LLC / Endo Finco, Inc., 9.500%, 07/31/2027			57,066		0.0
1,025,000 (1)	Graham Holdings Co., 5.750%, 06/01/2026			1,017,266		0.2
900,000 (1)	Jazz Securities DAC, 4.375%, 01/15/2029			802,306		0.2
1,148,000 (1)	KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026			1,150,375		0.3
895,000 (1)	Legacy LifePoint Health LLC, 4.375%, 02/15/2027			768,013		0.2
500,000 (1)	LifePoint Health, Inc., 5.375%, 01/15/2029			368,188		0.1
1,135,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029			970,561		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
1,150,000 (1)(2)	Mozart Debt Merger Sub, Inc., 5.250%, 10/01/2029		$	948,083		0.2
1,050,000 (1)(2)	MPH Acquisition Holdings LLC, 5.750%, 11/01/2028			872,240		0.2
1,475,000 (1)	NESCO Holdings II, Inc., 5.500%, 04/15/2029			1,239,634		0.3
850,000	New Albertsons L.P., 7.450%, 08/01/2029			842,023		0.2
800,000 (1)	Nielsen Finance LLC / Nielsen Finance Co., 4.750%, 07/15/2031			720,734		0.2
1,150,000 (1)	Nielsen Finance LLC / Nielsen Finance Co., 5.875%, 10/01/2030			1,058,000		0.3
1,300,000 (1)	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031			1,126,411		0.3
875,000 (1)	Par Pharmaceutical, Inc., 7.500%, 04/01/2027			667,756		0.2
1,325,000 (1)	PECF USS Intermediate Holding III Corp., 8.000%, 11/15/2029			1,051,918		0.3
775,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030			655,232		0.2
1,550,000 (1)	Post Holdings, Inc., 5.625%, 01/15/2028			1,474,600		0.4
1,675,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029			1,370,761		0.3
1,625,000 (1)(2)	Select Medical Corp., 6.250%, 08/15/2026			1,520,155		0.4
1,725,000 (1)	Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 03/01/2029			1,461,153		0.4
600,000 (1)	Spectrum Brands, Inc., 3.875%, 03/15/2031			484,440		0.1
700,000 (1)	Spectrum Brands, Inc., 5.500%, 07/15/2030			631,171		0.2
650,000 (1)	Tenet Healthcare Corp., 4.250%, 06/01/2029			549,367		0.1
1,900,000 (1)	Tenet Healthcare Corp., 6.125%, 10/01/2028			1,631,853		0.4
1,305,000 (1)	Tenet Healthcare Corp., 6.125%, 06/15/2030			1,207,856		0.3
1,525,000	Tenet Healthcare Corp., 6.750%, 06/15/2023			1,570,621		0.4
1,450,000 (1)	Triton Water Holdings, Inc., 6.250%, 04/01/2029			1,031,907		0.2
1,450,000 (1)	United Natural Foods, Inc., 6.750%, 10/15/2028			1,357,115		0.3
335,000	United Rentals North America, Inc., 3.750%, 01/15/2032			275,752		0.1
750,000	United Rentals North America, Inc., 4.875%, 01/15/2028			710,764		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
225,000	United Rentals North America, Inc., 5.250%, 01/15/2030		$	209,086		0.0
				57,502,108		14.2
	Energy: 15.2%
1,900,000 (1)	Aethon United BR L.P. / Aethon United Finance Corp., 8.250%, 02/15/2026			1,849,412		0.5
775,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029			695,524		0.2
1,000,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027			931,680		0.2
1,250,000 (1)	Antero Resources Corp., 5.375%, 03/01/2030			1,141,750		0.3
325,000 (1)	Antero Resources Corp., 7.625%, 02/01/2029			331,162		0.1
850,000	Apache Corp., 5.100%, 09/01/2040			720,188		0.2
670,000	Apache Corp., 5.250%, 02/01/2042			561,729		0.1
1,525,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028			1,352,461		0.3
550,000 (1)	Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027			502,222		0.1
1,475,000 (1)(2)	Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029			1,300,087		0.3
1,400,000 (1)	Atlantica Sustainable Infrastructure PLC, 4.125%, 06/15/2028			1,221,760		0.3
1,150,000 (1)	Baytex Energy Corp., 8.750%, 04/01/2027			1,154,841		0.3
1,575,000 (1)	Chesapeake Energy Corp., 6.750%, 04/15/2029			1,527,750		0.4
610,000 (1)	CNX Midstream Partners L.P., 4.750%, 04/15/2030			513,175		0.1
1,475,000 (1)	Colgate Energy Partners III LLC, 5.875%, 07/01/2029			1,294,482		0.3
1,525,000 (1)	Comstock Resources, Inc., 5.875%, 01/15/2030			1,315,671		0.3
1,825,000 (1)	Crescent Energy Finance LLC, 7.250%, 05/01/2026			1,664,135		0.4
1,825,000 (1)(2)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029			1,595,680		0.4
775,000	DCP Midstream Operating L.P., 5.125%, 05/15/2029			698,984		0.2
475,000	DCP Midstream Operating L.P., 5.375%, 07/15/2025			462,750		0.1
125,000	DCP Midstream Operating L.P., 5.600%, 04/01/2044			101,250		0.0
1,125,000	DCP Midstream Operating L.P., 5.625%, 07/15/2027			1,075,202		0.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
1,030,000	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025		$	961,835		0.2
950,000 (1)	Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028			856,734		0.2
625,000 (1)	DT Midstream, Inc., 4.125%, 06/15/2029			531,497		0.1
1,100,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031			924,572		0.2
1,250,000 (1)	Earthstone Energy Holdings LLC, 8.000%, 04/15/2027			1,184,569		0.3
1,450,000 (1)	Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028			1,372,289		0.3
2,150,000	EnLink Midstream LLC, 5.375%, 06/01/2029			1,885,094		0.5
1,350,000 (1)	Enviva Partners L.P. / Enviva Partners Finance Corp., 6.500%, 01/15/2026			1,306,145		0.3
500,000	EQM Midstream Partners L.P., 5.500%, 07/15/2028			432,628		0.1
212,000 (1)	EQM Midstream Partners L.P., 6.000%, 07/01/2025			203,640		0.1
900,000 (1)	Hess Midstream Operations L.P., 4.250%, 02/15/2030			755,415		0.2
800,000 (1)	Hess Midstream Operations L.P., 5.125%, 06/15/2028			719,520		0.2
340,000 (1)	Hess Midstream Operations L.P., 5.500%, 10/15/2030			305,725		0.1
700,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029			615,923		0.2
1,000,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030			872,500		0.2
900,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031			777,375		0.2
1,575,000 (1)	Howard Midstream Energy Partners LLC, 6.750%, 01/15/2027			1,359,325		0.3
1,630,000 (1)	Kinetik Holdings L.P., 5.875%, 06/15/2030			1,555,639		0.4
2,200,000 (1)(2)	Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026			1,971,530		0.5
1,025,000 (2)	Murphy Oil Corp., 5.875%, 12/01/2027			958,467		0.2
1,275,000	Murphy Oil Corp., 6.375%, 07/15/2028			1,191,411		0.3
1,315,000 (1)	Nabors Industries Ltd., 7.500%, 01/15/2028			1,132,590		0.3
590,000	Nabors Industries, Inc., 5.100%, 09/15/2023			592,296		0.1
500,000 (1)	Nabors Industries, Inc., 7.375%, 05/15/2027			475,627		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
1,300,000 (1)	Oasis Petroleum, Inc., 6.375%, 06/01/2026		$	1,204,437		0.3
725,000	Occidental Petroleum Corp., 4.625%, 06/15/2045			597,204		0.1
1,825,000	Occidental Petroleum Corp., 5.500%, 12/01/2025			1,800,600		0.4
2,500,000	Occidental Petroleum Corp., 6.625%, 09/01/2030			2,579,550		0.6
1,150,000	Occidental Petroleum Corp., 8.500%, 07/15/2027			1,267,398		0.3
1,391,000 (1)	Strathcona Resources Ltd., 6.875%, 08/01/2026			1,267,750		0.3
1,300,000 (1)	SunCoke Energy, Inc., 4.875%, 06/30/2029			1,040,563		0.3
455,000	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029			375,930		0.1
1,150,000 (1)	Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030			930,561		0.2
600,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028			510,948		0.1
750,000 (1)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 7.500%, 10/01/2025			727,140		0.2
1,195,313 (1)	Transocean Poseidon Ltd., 6.875%, 02/01/2027			1,053,435		0.3
850,000 (1)	Transocean, Inc., 7.500%, 01/15/2026			608,914		0.2
1,825,000 (1)	Weatherford International Ltd., 8.625%, 04/30/2030			1,517,919		0.4
1,700,000	Western Midstream Operating L.P., 5.450%, 04/01/2044			1,416,219		0.4
				61,852,809		15.2
	Financial: 6.8%
875,000	Ally Financial, Inc., 5.750%, 11/20/2025			863,440		0.2
1,350,000 (1)	AmWINS Group, Inc., 4.875%, 06/30/2029			1,107,247		0.3
1,300,000 (1)	Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029			1,109,947		0.3
1,550,000 (1)	AssuredPartners, Inc., 5.625%, 01/15/2029			1,242,963		0.3
1,650,000 (1)	BroadStreet Partners, Inc., 5.875%, 04/15/2029			1,293,648		0.3
1,250,000 (1)	Burford Capital Global Finance LLC, 6.875%, 04/15/2030			1,100,514		0.3
1,550,000 (1)	Cushman & Wakefield US Borrower LLC, 6.750%, 05/15/2028			1,442,360		0.4
545,000 (1)	Freedom Mortgage Corp., 6.625%, 01/15/2027			404,650		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
675,000 (1)	Freedom Mortgage Corp., 7.625%, 05/01/2026		$	527,406		0.1
1,075,000 (1)	Freedom Mortgage Corp., 8.250%, 04/15/2025			906,322		0.2
1,525,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029			1,176,047		0.3
650,000 (1)	Midcap Financial Issuer Trust, 5.625%, 01/15/2030			508,219		0.1
1,100,000 (1)	Midcap Financial Issuer Trust, 6.500%, 05/01/2028			949,151		0.2
1,125,000	MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027			1,031,299		0.2
1,525,000 (1)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030			1,141,867		0.3
1,575,000	Navient Corp., 4.875%, 03/15/2028			1,233,319		0.3
850,000	Navient Corp., 5.000%, 03/15/2027			700,379		0.2
300,000	Navient Corp., 7.250%, 09/25/2023			297,336		0.1
575,000	OneMain Finance Corp., 4.000%, 09/15/2030			427,001		0.1
2,100,000	OneMain Finance Corp., 5.375%, 11/15/2029			1,705,693		0.4
1,325,000 (1)	PRA Group, Inc., 5.000%, 10/01/2029			1,099,776		0.3	��
575,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 04/15/2030			427,027		0.1
1,550,000 (1)	Realogy Group LLC / Realogy Co-Issuer Corp., 5.750%, 01/15/2029			1,178,000		0.3
1,225,000 (1)	RLJ Lodging Trust L.P., 4.000%, 09/15/2029			1,008,429		0.2
1,775,000 (1)	United Wholesale Mortgage LLC, 5.750%, 06/15/2027			1,425,929		0.3
625,000 (1)	Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030			433,206		0.1
1,075,000 (1)	Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029			790,598		0.2
1,350,000 (1)	VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 02/01/2030			1,083,564		0.3
1,315,000 (1)	XHR L.P., 4.875%, 06/01/2029			1,130,074		0.3
				27,745,411		6.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: 8.5%
1,750,000 (1)(3)	ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027		$	1,300,915		0.3
1,575,000 (1)	Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026			1,335,945		0.3
1,000,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030			848,725		0.2
1,750,000 (1)	Cargo Aircraft Management, Inc., 4.750%, 02/01/2028			1,598,572		0.4
1,830,000 (1)	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028			1,558,849		0.4
1,425,000 (1)	Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028			1,180,284		0.3
1,525,000 (1)	GFL Environmental, Inc., 4.000%, 08/01/2028			1,260,519		0.3
775,000 (1)	GFL Environmental, Inc., 4.375%, 08/15/2029			624,956		0.2
550,000 (1)	Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029			430,281		0.1
675,000 (1)	Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032			519,171		0.1
1,300,000 (1)	GrafTech Finance, Inc., 4.625%, 12/15/2028			1,054,575		0.3
1,425,000 (1)	Graham Packaging Co., Inc., 7.125%, 08/15/2028			1,145,522		0.3
1,275,000 (1)	Granite US Holdings Corp., 11.000%, 10/01/2027			1,200,189		0.3
1,475,000 (1)	II-VI, Inc., 5.000%, 12/15/2029			1,290,455		0.3
1,600,000 (1)	Imola Merger Corp., 4.750%, 05/15/2029			1,343,984		0.3
750,000 (1)(3)	Intelligent Packaging Holdco Issuer L.P., 9.000% (PIK Rate 9.750%, Cash Rate 9.000%), 01/15/2026			667,726		0.2
1,475,000 (1)	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028			1,224,692		0.3
1,050,000 (1)	Koppers, Inc., 6.000%, 02/15/2025			976,721		0.2
1,725,000 (1)	New Enterprise Stone & Lime Co., Inc., 9.750%, 07/15/2028			1,477,135		0.4
1,725,000 (1)	PGT Innovations, Inc., 4.375%, 10/01/2029			1,362,500		0.3
1,075,000 (1)	Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029			916,079		0.2
1,100,000 (1)	Rolls-Royce PLC, 5.750%, 10/15/2027			994,296		0.2
1,350,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031			1,084,361		0.3
1,450,000 (1)	Standard Industries, Inc./NJ, 3.375%, 01/15/2031			1,072,352		0.3

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial (continued)
775,000 (1)	Standard Industries, Inc./ NJ, 4.375%, 07/15/2030		$	612,703		0.1
1,300,000 (1)	Stevens Holding Co., Inc., 6.125%, 10/01/2026			1,253,610		0.3
950,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029			830,557		0.2
875,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027			845,378		0.2
900,000	TransDigm, Inc., 4.625%, 01/15/2029			726,611		0.2
825,000	TransDigm, Inc., 5.500%, 11/15/2027			702,644		0.2
1,125,000	TransDigm, Inc., 6.375%, 06/15/2026			1,054,125		0.3
1,300,000 (1)(2)	Vertiv Group Corp., 4.125%, 11/15/2028			1,057,498		0.3
1,250,000 (1)	Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028			988,993		0.2
				34,540,923		8.5
	Technology: 3.0%
1,300,000 (1)	Castle US Holding Corp., 9.500%, 02/15/2028			1,111,868		0.3
1,650,000 (1)	Condor Merger Sub, Inc., 7.375%, 02/15/2030			1,345,955		0.3
1,150,000 (1)	Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028			950,624		0.2
665,000 (1)	ENTEGRIS ESCROW CORP SR UNSECURED 144A 06/30 5.95, 6.950%, 06/15/2030			634,104		0.2
2,100,000 (1)	NCR Corp., 5.125%, 04/15/2029			1,780,527		0.4
350,000 (1)	Open Text Corp., 3.875%, 02/15/2028			311,803		0.1
575,000 (1)	Open Text Corp., 3.875%, 12/01/2029			484,725		0.1	��
1,150,000 (1)	Open Text Holdings, Inc., 4.125%, 02/15/2030			996,550		0.2
1,300,000 (1)	Playtika Holding Corp., 4.250%, 03/15/2029			1,075,139		0.3
1,550,000 (1)	Rackspace Technology Global, Inc., 5.375%, 12/01/2028			1,015,064		0.3
1,400,000 (1)	Veritas US, Inc. / Veritas Bermuda Ltd., 7.500%, 09/01/2025			1,053,360		0.3
1,600,000 (1)	Virtusa Corp., 7.125%, 12/15/2028			1,288,520		0.3
				12,048,239		3.0
	Utilities: 0.9%
170,000 (1)	Clearway Energy Operating LLC, 3.750%, 01/15/2032			134,993		0.0
1,125,000 (1)	Clearway Energy Operating LLC, 4.750%, 03/15/2028			1,014,015		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
1,150,000 (1)	Drax Finco PLC, 6.625%, 11/01/2025		$	1,123,849		0.3
550,000 (1)	Vistra Operations Co. LLC, 5.500%, 09/01/2026			520,382		0.1
1,125,000 (1)	Vistra Operations Co. LLC, 5.625%, 02/15/2027			1,060,099		0.3
				3,853,338		0.9
	Total Corporate Bonds/Notes (Cost $444,162,503)			376,878,139		92.9
BANK LOANS: 0.8%
	Electronics/Electrical: 0.5%
1,900,000	AP Core Holdings II, LLC High-Yield Term Loan B2, 7.166%, (US0001M + 5.500%), 09/01/2027			1,794,708		0.4
430,000	Banff Merger Sub Inc 2021 USD 2nd Lien Term Loan, 7.166%, (US0001M + 5.500%), 02/27/2026			400,437		0.1
				2,195,145		0.5
	Technology: 0.3%
1,200,317	Ascend Learning LLC TL B 1L, 7.537%, (US0001M + 5.750%), 11/16/2029			1,113,295		0.3
	Total Bank Loans (Cost $3,504,086)			3,308,440		0.8
CONVERTIBLE BONDS/NOTES: 0.1%
	Communications: 0.1%
350,000	DISH Network Corp., 3.375%, 08/15/2026			237,300		0.1

	Financial: 0.0%
499,200 (1)(5)	Lehman Brothers Holdings, Inc., 8.160%, 05/30/2009			1,522		0.0
	Total Convertible Bonds/Notes (Cost $797,904)			238,822		0.1

Shares		Value		Percentage of Net Assets
COMMON STOCK: 0.4%
	Consumer Discretionary: —%
1,476 (1)(6)(7)	Perseus Holding Corp.		—		—

	Consumer Staples: 0.4%
72,000 (6)(7)	Southeastern Grocers, Inc.		1,584,000		0.4

	Energy: 0.0%
2 (7)	Amplify Energy Corp.		13		0.0
424,441 (6)(7)	Ascent Resources - Utica LLC		5,093		0.0
			5,106		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: 0.0%
26 (7)	Option Care Health, Inc.		$	723		0.0

	Information Technology: 0.0%
1 (7)	Avaya Holdings Corp.			2		0.0
	Total Common Stock (Cost $517,977)			1,589,831		0.4
PREFERRED STOCK: —%
	Consumer Discretionary: —%
775 (1)(6)(7)	Perseus Holding Corp.			—		—
	Total Preferred Stock (Cost $—)			—		—
WARRANTS: —%
	Health Care: —%
126 (6)(7)	Option Care Health, Inc. - Class A			—		—
126 (6)(7)	Option Care Health, Inc. - Class B			—		—
	Total Warrants (Cost $—)			—		—
OTHER(8): —%
	Energy: —%
2,000 (6)(9)	Green Field Energy Services, Inc. (Escrow)			—		—
	Total Other (Cost $—)			—		—
	Total Long-Term Investments (Cost $448,982,470)			382,015,232		94.2

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 10.8%
	Commercial Paper: 3.9%
1,470,000	Barton Capital S.A., 1.580%, 07/01/2022		1,469,937		0.4
425,000	Dominion Resources, Inc., 2.040%, 07/25/2022		424,408		0.1
2,100,000	Duke Energy Corp., 1.980%, 07/19/2022		2,097,833		0.5
1,750,000	Duke Energy Corp., 2.010%, 07/22/2022		1,747,881		0.4
1,750,000	Eaton Corp., 2.100%, 08/02/2022		1,746,684		0.4
1,800,000	Enbridge (US) Inc., 2.060%, 07/05/2022		1,799,492		0.5
2,600,000	Enbridge (US) Inc., 2.150%, 07/20/2022		2,596,942		0.6
1,200,000	Entergy Corp., 1.810%, 07/15/2022		1,199,109		0.3
3,000,000	Entergy Corp., 2.000%, 08/09/2022		2,993,433		0.7
	Total Commercial Paper (Cost $16,078,680)		16,075,719		3.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 5.1%
4,924,555 (10)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $4,924,764, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $5,023,046, due 08/01/22-01/20/68)		$	4,924,555		1.2
2,375,542 (10)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $2,375,643, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $2,423,176, due 07/21/22-05/15/52)			2,375,542		0.6
6,480,275 (10)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $6,480,557, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $6,609,885, due 07/01/22-09/09/49)			6,480,275		1.6
3,964,855 (10)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,965,023, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $4,044,152, due 08/16/22-05/20/52)			3,964,855		1.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,784,402 (10)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $2,784,520, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,840,094, due 01/15/25-02/15/51)		$	2,784,402		0.7
	Total Repurchase Agreements (Cost $20,529,629)			20,529,629		5.1

	Time Deposits: 1.5%
670,000 (10)	Barclays Bank PLC, 1.590%, 07/01/2022			670,000		0.2
670,000 (10)	Canadian Imperial Bank of Commerce, 1.550%, 07/01/2022			670,000		0.2
660,000 (10)	DZ Bank AG, 1.550%, 07/01/2022			660,000		0.1
620,000 (10)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022			620,000		0.1
670,000 (10)	Mizuho Bank Ltd., 1.570%, 07/01/2022			670,000		0.2
670,000 (10)	Royal Bank of Canada, 1.570%, 07/01/2022			670,000		0.2
670,000 (10)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022			670,000		0.2
670,000 (10)	Societe Generale, 1.550%, 07/01/2022			670,000		0.2
660,000 (10)	Toronto-Dominion Bank, 1.560%, 07/01/2022			660,000		0.1
	Total Time Deposits (Cost $5,960,000)			5,960,000		1.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.3%
245,000 (10)(11)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%		$	245,000		0.1
464,000 (10)(11)	Goldman Sachs Financial Square Government Fund ‑ Institutional Shares, 1.380%			464,000		0.1
642,000 (10)(11)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%			642,000		0.1
	Total Mutual Funds (Cost $1,351,000)			1,351,000		0.3
	Total Short-Term Investments (Cost $43,919,309)			43,916,348		10.8
	Total Investments in Securities (Cost $492,901,779)		$	425,931,580		105.0
	Liabilities in Excess of Other Assets			(20,246,032)		(5.0)
	Net Assets		$	405,685,548		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)

(4)

Variable rate security. Rate shown is the rate in effect as of June 30, 2022.

(5)

Defaulted security.

(6)

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

(7)

Non-income producing security.

(8)

(9)

(10)

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

(11)

Rate shown is the 7-day yield as of June 30, 2022.

Reference Rate Abbreviations:
US0001M 1-month LIBOR

	Investment Type Allocation as of June 30, 2022 (as a percentage of net assets)

	Corporate Bonds/Notes			92.9%
	Bank Loans			0.8%
	Common Stock			0.4%
	Convertible Bonds/Notes			0.1%
	Assets in Excess of Other Liabilities,*			5.8%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya High Yield Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary		$	—		$	—		$	—		$	—
Consumer Staples			—			—			1,584,000			1,584,000
Energy			13			—			5,093			5,106
Health Care			723			—			—			723
Information Technology			2			—			—			2
Total Common Stock			738			—			1,589,093			1,589,831
Preferred Stock			—			—			—			—
Warrants			—			—			—			—
Corporate Bonds/Notes			—			376,878,139			—			376,878,139
Convertible Bonds/Notes			—			238,822			—			238,822
Other			—			—			—			—
Bank Loans			—			3,308,440			—			3,308,440
Short-Term Investments			1,351,000			42,565,348			—			43,916,348
Total Investments, at fair value		$	1,351,738		$	422,990,749		$	1,589,093		$	425,931,580

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

At June 30, 2022, Voya High Yield Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Green Field Energy Services, Inc. (Escrow)

8/25/2019

—

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $493,185,438.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	2,204,494
Gross Unrealized Depreciation		(69,458,352)
Net Unrealized Depreciation	$	(67,253,858)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Growth Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.5%
	Communication Services: 7.7%
125,714 (1)	Alphabet, Inc. - Class A		$	273,963,492		6.9
362,776 (1)	Live Nation Entertainment, Inc.			29,958,042		0.8
				303,921,534		7.7
	Consumer Discretionary: 14.0%
2,683,507 (1)	Amazon.com, Inc.			285,015,278		7.2
48,718 (1)	Chipotle Mexican Grill, Inc.			63,687,093		1.6
78,448 (2)	Domino’s Pizza, Inc.			30,571,970		0.8
261,960 (1)(2)	Etsy, Inc.			19,178,091		0.5
360,459 (1)	Expedia Group, Inc.			34,182,327		0.8
719,451	Nike, Inc. - Class B			73,527,892		1.8
74,361 (1)	Tesla, Inc.			50,076,185		1.3
				556,238,836		14.0
	Consumer Staples: 5.4%
475,624	Constellation Brands, Inc.			110,848,929		2.8
254,730	Estee Lauder Cos., Inc.			64,872,089		1.6
331,915	Walmart, Inc.			40,354,226		1.0
				216,075,244		5.4
	Energy: 1.8%
336,512	Diamondback Energy, Inc.			40,768,429		1.0
276,755	Valero Energy Corp.			29,413,521		0.8
				70,181,950		1.8
	Financials: 2.2%
97,835 (2)	LPL Financial Holdings, Inc.			18,048,601		0.5
167,959	MSCI, Inc. - Class A			69,224,302		1.7
				87,272,903		2.2
	Health Care: 13.9%
1,693,387 (1)	Boston Scientific Corp.			63,112,533		1.6
217,726	Danaher Corp.			55,197,896		1.4
748,711 (1)	DexCom, Inc.			55,801,431		1.4
356,888 (1)	Edwards Lifesciences Corp.			33,936,480		0.9
453,127	Eli Lilly & Co.			146,917,367		3.7
468,417 (1)	Horizon Therapeutics Plc			37,360,940		0.9
132,118	Humana, Inc.			61,840,472		1.6
167,460 (1)	Intuitive Surgical, Inc.			33,610,897		0.8
120,886	UnitedHealth Group, Inc.			62,090,676		1.6
				549,868,692		13.9
	Industrials: 6.6%
522,633	Eaton Corp. PLC			65,846,532		1.6
144,826	L3Harris Technologies, Inc.			35,004,444		0.9
593,610 (2)	Quanta Services, Inc.			74,403,077		1.9
91,796 (1)	TransDigm Group, Inc.			49,264,159		1.2
315,236	Waste Connections, Inc.			39,076,655		1.0
				263,594,867		6.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology: 42.5%
651,514 (1)	Advanced Micro Devices, Inc.		$	49,821,276		1.3
2,584,308	Apple, Inc.			353,326,590		8.9
360,816 (1)	Cadence Design Systems, Inc.			54,133,224		1.4
226,257 (1)	Crowdstrike Holdings, Inc.			38,137,880		1.0
387,259 (1)	Datadog, Inc.			36,882,547		0.9
185,798 (1)	Gartner, Inc.			44,931,530		1.1
184,767	Intuit, Inc.			71,216,592		1.8
846,152	Marvell Technology, Inc.			36,832,997		0.9
1,933,832	Microsoft Corp.			496,666,073		12.5
111,537 (1)(2)	MongoDB, Inc.			28,943,851		0.7
183,546	Motorola Solutions, Inc.			38,471,242		1.0
625,249	Nvidia Corp.			94,781,496		2.4
169,079 (1)	Palo Alto Networks, Inc.			83,514,881		2.1
365,433	Paychex, Inc.			41,611,856		1.0
163,747 (1)	ServiceNow, Inc.			77,864,973		2.0
704,799	Visa, Inc. - Class A			138,767,875		3.5
				1,685,904,883		42.5
	Materials: 1.3%
566,076	Crown Holdings, Inc.			52,175,225		1.3

	Real Estate: 2.1%
314,287	ProLogis, Inc.			36,975,866		0.9
151,490	SBA Communications Corp.			48,484,374		1.2
				85,460,240		2.1
	Total Common Stock (Cost $4,386,999,574)			3,870,694,374		97.5

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.8%
	Commercial Paper: 0.0%
1,094,000 (3)	Liberty Street Funding LLC, 1.550%, 07/01/2022 (Cost $1,093,953)		1,093,953		0.0

	Floating Rate Notes: 0.2%
450,000 (3)	Bank of America N.A., 1.620%, 07/06/2022		449,998		0.0
450,000 (3)	Bank of Nova Scotia, 1.650%, 07/12/2022		450,008		0.0
350,000 (3)	Bayeriche Landesbank of New York, 1.710%, 07/27/2022		350,002		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Growth Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Floating Rate Notes (continued)
425,000 (3)		Commonwealth Bank of Australia, 1.690%, 09/01/2022		$	424,895		0.0
300,000 (3)		Cooperatieve Rabobank U.A./New York, 1.640%, 07/11/2022			300,005		0.0
475,000 (3)		Cooperatieve Rabobank U.A./New York, 1.650%, 08/03/2022			474,974		0.0
475,000 (3)		Credit Agricole, 1.650%, 08/04/2022			475,003		0.0
475,000 (3)		Credit Industriel et Commercial, 1.640%, 07/05/2022			475,006		0.0
375,000 (3)		Credit Industriel et Commercial, 1.650%, 07/07/2022			375,007		0.0
375,000 (3)		Credit Industriel et Commercial, 1.680%, 08/08/2022			374,981		0.0
400,000 (3)		DNB Bank ASA, 1.650%, 07/08/2022			400,007		0.0
400,000 (3)		Mizuho Bank Ltd., 1.680%, 07/25/2022			399,994		0.0
250,000 (3)	��	Mizuho Bank Ltd., 1.700%, 08/10/2022			249,983		0.0
475,000 (3)		National Australia Bank Ltd., 1.640%, 08/08/2022			474,959		0.0
350,000 (3)		National Australia Bank Ltd., 1.660%, 08/15/2022			349,962		0.0
475,000 (3)		National Bank of Canada, 1.670%, 08/09/2022			474,968		0.0
375,000 (3)		Natixis SA, 1.630%, 07/11/2022			375,005		0.0
425,000 (3)		Royal Bank of Canada, 1.660%, 08/16/2022			424,943		0.0
350,000 (3)		Starbird Funding Corp., 1.690%, 08/23/2022			349,938		0.0
400,000 (3)		Sumitomo Mitsui Trust Bank Ltd., 1.670%, 07/28/2022			399,994		0.0
500,000 (3)		Svenska Handelsbanken AB, 1.670%, 07/29/2022			499,984		0.1
375,000 (3)		Toronto-Dominion Bank, 1.650%, 07/25/2022			374,992		0.0
500,000 (3)		Westpac Banking Corp., 1.650%, 08/02/2022			499,976		0.1
		Total Floating Rate Notes
		(Cost $9,424,584)			9,424,584		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements: 0.9%
8,242,689 (3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $8,243,039, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $8,407,543, due 08/01/22-01/20/68)		$	8,242,689		0.2
3,976,167 (3)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $3,976,336, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $4,055,896, due 07/21/22-05/15/52)			3,976,167		0.1
1,777,771 (3)	Deutsche Bank Securities Inc., Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $1,777,843, collateralized by various U.S. Government Securities, 0.000%-0.750%, Market Value plus accrued interest $1,813,326, due 01/15/25-08/15/39)			1,777,771		0.1
2,823,178 (3)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $2,823,301, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $2,879,769, due 08/01/22-02/20/72)			2,823,178		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Growth Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
13,072,900 (3)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $13,073,455, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $13,334,358, due 08/16/22-05/20/52)		$	13,072,900		0.3
4,660,513 (3)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $4,660,711, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $4,753,730, due 01/15/25-02/15/51)			4,660,513		0.1
	Total Repurchase Agreements (Cost $34,553,218)			34,553,218		0.9

	Time Deposits: 0.2%
1,380,000 (3)	Barclays Bank PLC, 1.590%, 07/01/2022			1,380,000		0.1
1,280,000 (3)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022			1,280,000		0.0
720,000 (3)	Mizuho Bank Ltd., 1.570%, 07/01/2022			720,000		0.0
950,000 (3)	Royal Bank of Canada, 1.570%, 07/01/2022			950,000		0.0
1,380,000 (3)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022			1,380,000		0.1
990,000 (3)	Toronto-Dominion Bank, 1.560%, 07/01/2022			990,000		0.0
	Total Time Deposits (Cost $6,700,000)			6,700,000		0.2

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 1.5%
1,370,000 (3)(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%		$	1,370,000		0.0
1,508,000 (3)(4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%			1,508,000		0.1
55,676,000 (3)(4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%			55,676,000		1.4
	Total Mutual Funds (Cost $58,554,000)			58,554,000		1.5
	Total Short-Term Investments (Cost $110,325,755)			110,325,755		2.8
	Total Investments in Securities (Cost $4,497,325,329)		$	3,981,020,129		100.3
	Liabilities in Excess of Other Assets			(11,911,716)		(0.3)
	Net Assets		$	3,969,108,413		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 June 30, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Growth Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock*		$	3,870,694,374		$	—		$	—		$	3,870,694,374
Short-Term Investments			58,554,000			51,771,755			—			110,325,755
Total Investments, at fair value		$	3,929,248,374		$	51,771,755		$	—		$	3,981,020,129

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 June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $4,508,911,443.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	139,498,127
Gross Unrealized Depreciation		(667,389,441)
Net Unrealized Depreciation	$	(527,891,314)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.8%
	Communication Services: 8.8%
1,208,520	AT&T, Inc.		$	25,330,579		5.2
224,233	Fox Corp. - Class A			7,211,333		1.5
266,308 (1)	Paramount Global - Class B			6,572,482		1.3
293,528 (2)	Warner Bros Discovery, Inc.			3,939,146		0.8
				43,053,540		8.8
	Consumer Discretionary: 4.3%
104,755 (2)	Caesars Entertainment, Inc.			4,012,117		0.8
29,253 (2)	Expedia Group, Inc.			2,774,062		0.6
37,060	McDonald’s Corp.			9,149,373		1.9
57,273	Ralph Lauren Corp.			5,134,524		1.0
				21,070,076		4.3
	Consumer Staples: 7.3%
117,634	Coca-Cola Co.			7,400,355		1.5
65,417	Lamb Weston Holdings, Inc.			4,674,699		0.9
159,207	Philip Morris International, Inc.			15,720,099		3.2
67,701	Walmart, Inc.			8,231,088		1.7
				36,026,241		7.3
	Energy: 7.5%
325,944	BP PLC ADR			9,240,512		1.9
31,121	Chevron Corp.			4,505,698		0.9
110,207	ConocoPhillips			9,897,691		2.0
51,291	Diamondback Energy, Inc.			6,213,905		1.3
64,896	Valero Energy Corp.			6,897,147		1.4
				36,754,953		7.5
	Financials: 18.3%
147,944	Apollo Global Management, Inc.			7,172,325		1.5
64,528	Arthur J. Gallagher & Co.			10,520,645		2.1
50,428	Assurant, Inc.			8,716,480		1.8
262,909	Bank of New York Mellon Corp.			10,965,934		2.2
37,522	Chubb Ltd.			7,376,075		1.5
315,612	Equitable Holdings, Inc.			8,228,005		1.7
62,835	First Republic Bank			9,060,807		1.9
146,072	JPMorgan Chase & Co.			16,449,168		3.4
231,977	Truist Financial Corp.			11,002,669		2.2
				89,492,108		18.3
	Health Care: 16.7%
67,476 (1)	Alcon, Inc.			4,715,898		1.0
234,137 (2)	Boston Scientific Corp.			8,726,286		1.8
213,850	Bristol- Myers Squibb Co.			16,466,450		3.3
28,252	Eli Lilly & Co.			9,160,146		1.9
20,066	Humana, Inc.			9,392,293		1.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
35,836	McKesson Corp.		$	11,690,061		2.4
20,593	Thermo Fisher Scientific, Inc.			11,187,765		2.3
22,112 (2)	Vertex Pharmaceuticals, Inc.			6,230,940		1.3
24,083	Zoetis, Inc.			4,139,627		0.8
				81,709,466		16.7
	Industrials: 9.3%
333,868	Howmet Aerospace, Inc.			10,500,149		2.1
31,652	L3Harris Technologies, Inc.			7,650,288		1.6
226,207	nVent Electric PLC			7,087,065		1.4
145,671	Raytheon Technologies Corp.			14,000,440		2.9
25,676 (2)	United Rentals, Inc.			6,236,957		1.3
				45,474,899		9.3
	Information Technology: 10.8%
33,509	Analog Devices, Inc.			4,895,330		1.0
13,643	Broadcom, Inc.			6,627,906		1.3
3,494	Constellation Software, Inc./Canada			5,186,902		1.1
90,404	Dolby Laboratories, Inc.			6,469,310		1.3
38,899	Motorola Solutions, Inc.			8,153,230		1.7
33,596	Paychex, Inc.			3,825,577		0.8
57,549 (2)	PayPal Holdings, Inc.			4,019,222		0.8
13,018	Roper Technologies, Inc.			5,137,554		1.0
52,035 (2)	Salesforce, Inc.			8,587,856		1.8
				52,902,887		10.8
	Materials: 4.2%
21,601	Air Products & Chemicals, Inc.			5,194,609		1.1
61,935	Alcoa Corp.			2,822,997		0.6
41,617	CF Industries Holdings, Inc.			3,567,825		0.7
57,373	Eastman Chemical Co.			5,150,374		1.1
21,359	Reliance Steel & Aluminum Co.			3,628,040		0.7
				20,363,845		4.2
	Real Estate: 4.8%
55,650	ProLogis, Inc.			6,547,223		1.3
43,538 (2)	Ryman Hospitality Properties			3,310,194		0.7
116,634	UDR, Inc.			5,369,829		1.1
101,618	Welltower, Inc.			8,368,242		1.7
				23,595,488		4.8
	Utilities: 6.8%
61,243	Ameren Corp.			5,533,917		1.1
86,531	Entergy Corp.			9,746,852		2.0
187,693	Exelon Corp.			8,506,247		1.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
123,376	NextEra Energy, Inc.		$	9,556,705		2.0
440,822 (2)(3)	PRIME AET&D Holdings NO 1			—		—
				33,343,721		6.8
	Total Common Stock (Cost $484,484,590)			483,787,224		98.8
OTHER(4): —%
	Communications: —%
32,517 (3)(5)	Tribune Co. (Escrow)			—		—

	Energy: —%
1,685,000 (3)(5)	Samson Investment Co. (Escrow)			—		—
	Total Other (Cost $30,842)			—		—

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: —%
	Financial: —%
1,216,000 (3)(6)	Tropicana Entertainment LLC / Tropicana Finance Corp., 9.625%, 12/15/2014		—		—
	Total Corporate Bonds/ Notes (Cost $787,908)		—		—
	Total Long-Term Investments (Cost $485,303,340)		483,787,224		98.8
SHORT-TERM INVESTMENTS: 2.1%
	Repurchase Agreements: 1.0%
1,195,307 (7)	Bank of America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,195,358, collateralized by various U.S. Government Agency Obligations, 1.000%- 8.500%, Market Value plus accrued interest $1,219,213, due 01/20/24- 06/20/52)		1,195,307		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,195,307 (7)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,195,358, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.500%, Market Value plus accrued interest $1,219,213, due 07/31/22-07/01/52)		$	1,195,307		0.2
205,124 (7)	Deutsche Bank Securities Inc., Repurchase Agreement dated 06/30/22, 1.48%, due 07/01/22 (Repurchase Amount $205,132, collateralized by various U.S. Government Securities, 0.000%-0.750%, Market Value plus accrued interest $209,226, due 01/15/25-08/15/39)			205,124		0.0
1,195,307 (7)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,195,358, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.875%, Market Value plus accrued interest $1,219,213, due 08/16/22-05/20/52)			1,195,307		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,195,307 (7)	Truist Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,195,358, collateralized by various U.S. Government/U.S. Government Agency Obligations, 3.250%- 5.500%, Market Value plus accrued interest $1,219,217, due 06/30/27- 07/01/52)		$	1,195,307		0.2
	Total Repurchase Agreements (Cost $4,986,352)			4,986,352		1.0

Shares		Value			Percentage of Net Assets
	Mutual Funds: 1.1%
5,383,000 (7)(8)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380% (Cost $5,383,000)			5,383,000		1.1
	Total Short-Term Investments (Cost $10,369,352)			10,369,352		2.1
	Total Investments in Securities (Cost $495,672,692)		$	494,156,576		100.9
	Liabilities in Excess of Other Assets			(4,528,461)		(0.9)
	Net Assets		$	489,628,115		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

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

(2)

Non-income producing security.

(3)

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

(4)

(5)

Restricted security as to resale, excluding Rule 144A securities. As of June 30, 2022, the Portfolio held restricted securities with a fair value of $ — or 0.0% of net assets. Please refer to the table below for additional details.

(6)

Defaulted security.

(7)

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

(8)

Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	43,053,540		$	—		$	—		$	43,053,540
Consumer Discretionary			21,070,076			—			—			21,070,076
Consumer Staples			36,026,241			—			—			36,026,241
Energy			36,754,953			—			—			36,754,953
Financials			89,492,108			—			—			89,492,108
Health Care			81,709,466			—			—			81,709,466
Industrials			45,474,899			—			—			45,474,899
Information Technology			52,902,887			—			—			52,902,887
Materials			20,363,845			—			—			20,363,845
Real Estate			23,595,488			—			—			23,595,488
Utilities			33,343,721			—			—			33,343,721
Total Common Stock			483,787,224			—			—			483,787,224
Corporate Bonds/Notes			—			—			—			—
Other			—			—			—			—
Short-Term Investments			5,383,000			4,986,352			—			10,369,352
Total Investments, at fair value		$	489,170,224		$	4,986,352		$	—		$	494,156,576

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

At June 30, 2022, Voya Large Cap Value Portfolio held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
Samson Investment Co. (Escrow)		6/28/2017		$	30,842		$	—
Tribune Co. (Escrow)		8/16/2015			—			—
				$	30,842		$	—

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $498,870,275.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	35,316,555
Gross Unrealized Depreciation		(39,906,388)
Net Unrealized Depreciation	$	(4,589,833)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 37.7%
	Basic Materials: 0.6%
288,000	Albemarle Corp., 4.650%, 06/01/2027		$	283,697		0.1
475,000	Ecolab, Inc., 1.650%, 02/01/2027			434,697		0.1
407,000	Ecolab, Inc., 2.700%, 11/01/2026			392,514		0.1
500,000 (1)	Georgia-Pacific LLC, 1.750%, 09/30/2025			463,704		0.1
280,000	Nucor Corp., 2.000%, 06/01/2025			263,767		0.1
425,000	Nutrien Ltd., 3.150%, 10/01/2022			425,282		0.1
				2,263,661		0.6
	Communications: 1.6%
560,000	Alibaba Group Holding Ltd., 2.800%, 06/06/2023			556,254		0.2
721,000	Amazon.com, Inc., 3.000%, 04/13/2025			714,632		0.2
370,000	AT&T, Inc., 1.700%, 03/25/2026			338,679		0.1
472,000	Bell Telephone Co. of Canada or Bell Canada/ The, 0.750%, 03/17/2024			449,798		0.1
413,000	British Telecommunications PLC, 4.500%, 12/04/2023			415,126		0.1
599,000	Fox Corp., 4.030%, 01/25/2024			599,549		0.2
36,000	Motorola Solutions, Inc., 4.000%, 09/01/2024			35,869		0.0
653,000 (1)	NTT Finance Corp., 0.583%, 03/01/2024			621,268		0.2
185,000 (1)	Sky Ltd., 3.125%, 11/26/2022			185,104		0.0
408,000	T-Mobile USA, Inc., 3.500%, 04/15/2025			399,560		0.1
405,000	TWDC Enterprises 18 Corp., 2.125%, 09/13/2022			404,996		0.1
471,000	Verizon Communications, Inc., 0.850%, 11/20/2025			427,271		0.1
472,000	Verizon Communications, Inc., 3.500%, 11/01/2024			470,806		0.1
259,000	Walt Disney Co/The, 4.000%, 10/01/2023			261,990		0.1
				5,880,902		1.6
	Consumer, Cyclical: 2.9%
358,000 (1)	7-Eleven, Inc., 0.950%, 02/10/2026			316,452		0.1
509,000	American Honda Finance Corp., 0.875%, 07/07/2023			496,760		0.1
140,000	American Honda Finance Corp., 1.300%, 09/09/2026			126,498		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
390,000	American Honda Finance Corp., 2.050%, 01/10/2023		$	387,764		0.1
236,000 (1)	BMW US Capital LLC, 0.800%, 04/01/2024			225,032		0.1
505,000 (1)	BMW US Capital LLC, 3.250%, 04/01/2025			499,320		0.1
431,000 (1)	BMW US Capital LLC, 3.900%, 04/09/2025			430,181		0.1
710,000 (1)	Daimler Trucks Finance North America LLC, 3.500%, 04/07/2025			696,154		0.2
250,000	Delta Air Lines 2019-1 Class A Pass Through Trust, 3.404%, 10/25/2025			240,721		0.1
159,760	Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029			140,091		0.0
256,000 (1)	Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.500%, 10/20/2025			248,988		0.1
466,000	General Motors Financial Co., Inc., 1.700%, 08/18/2023			454,615		0.1
418,000 (2)	General Motors Financial Co., Inc., 2.350%, 02/26/2027			368,521		0.1
305,000	General Motors Financial Co., Inc., 3.800%, 04/07/2025			297,743		0.1
408,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026			409,137		0.1
470,000 (1)	Harley-Davidson Financial Services, Inc., 3.050%, 02/14/2027			426,073		0.1
226,000	Home Depot, Inc./The, 2.700%, 04/15/2025			221,957		0.1
532,000	Honda Motor Co. Ltd., 2.534%, 03/10/2027			498,141		0.1
462,000 (1)	Hyundai Capital America, 1.300%, 01/08/2026			410,582		0.1
187,000	Lowe’s Cos, Inc., 3.350%, 04/01/2027			180,108		0.0
621,000 (1)	Magallanes, Inc., 3.755%, 03/15/2027			583,023		0.2
764,000 (1)	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027			753,170		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Cyclical (continued)
450,000 (1)	Panasonic Holdings Corp., 2.536%, 07/19/2022		$	449,964		0.1
623,000	Ross Stores, Inc., 4.600%, 04/15/2025			630,329		0.2
474,000	Toyota Motor Corp., 0.681%, 03/25/2024			452,590		0.1
10,584	United Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025			10,397		0.0
210,505	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			210,068		0.1
629,000	WW Grainger, Inc., 1.850%, 02/15/2025			599,645		0.2
				10,764,024		2.9
	Consumer, Non-cyclical: 3.9%
640,000	AbbVie, Inc., 2.300%, 11/21/2022			638,862		0.2
517,000	AbbVie, Inc., 2.600%, 11/21/2024			501,029		0.1
165,000	AbbVie, Inc., 2.900%, 11/06/2022			165,012		0.0
500,000	Altria Group, Inc., 2.350%, 05/06/2025			472,585		0.1
220,000	AmerisourceBergen Corp., 0.737%, 03/15/2023			215,832		0.1
644,000	BAT International Finance PLC, 1.668%, 03/25/2026			570,949		0.2
386,000	Boston Scientific Corp., 1.900%, 06/01/2025			364,973		0.1
506,000	Bristol-Myers Squibb Co., 0.750%, 11/13/2025			461,714		0.1
587,000	Bunge Ltd. Finance Corp., 1.630%, 08/17/2025			541,389		0.1
219,000 (1)	Cargill, Inc., 1.375%, 07/23/2023			214,760		0.1
160,000 (1)	Cargill, Inc., 3.500%, 04/22/2025			158,876		0.0
195,000 (1)	Cargill, Inc., 3.625%, 04/22/2027			191,667		0.0
274,000	Cigna Corp., 1.250%, 03/15/2026			247,507		0.1
673,000	Conagra Brands, Inc., 0.500%, 08/11/2023			648,984		0.2
233,000 (1)	CSL Finance PLC, 3.850%, 04/27/2027			230,993		0.1
685,000	DH Europe Finance II Sarl, 2.050%, 11/15/2022			683,098		0.2
587,000 (1)	Element Fleet Management Corp., 3.850%, 06/15/2025			577,200		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Consumer, Non-cyclical (continued)
385,000	Elevance Health, Inc., 3.500%, 08/15/2024		$	383,927		0.1
458,000	Global Payments, Inc., 1.200%, 03/01/2026			404,234		0.1
262,000	Humana, Inc., 0.650%, 08/03/2023			253,618		0.1
206,000	Illumina, Inc., 0.550%, 03/23/2023			201,728		0.1
400,000	Laboratory Corp. of America Holdings, 3.600%, 02/01/2025			394,445		0.1
440,000 (1)	Mondelez International Holdings Netherlands BV, 2.125%, 09/19/2022			439,046		0.1
633,000 (1)	Mylan, Inc., 3.125%, 01/15/2023			629,299		0.2
334,000 (1)	Nestle Holdings, Inc., 1.150%, 01/14/2027			299,526		0.1
465,000	PerkinElmer, Inc., 0.850%, 09/15/2024			430,744		0.1
129,000	RELX Capital, Inc., 3.500%, 03/16/2023			128,860		0.0
875,000	Royalty Pharma PLC, 0.750%, 09/02/2023			842,954		0.2
461,000 (1)	S&P Global, Inc., 2.450%, 03/01/2027			431,851		0.1
702,000	Stryker Corp., 0.600%, 12/01/2023			673,588		0.2
121,000 (1)	Triton Container International Ltd., 0.800%, 08/01/2023			114,707		0.0
470,000 (1)	Triton Container International Ltd., 1.150%, 06/07/2024			440,341		0.1
165,000	UnitedHealth Group, Inc., 2.375%, 08/15/2024			161,630		0.0
323,000	UnitedHealth Group, Inc., 3.375%, 04/15/2027			317,992		0.1
314,000 (2)	UnitedHealth Group, Inc., 3.700%, 05/15/2027			313,135		0.1
750,000	Viatris, Inc., 1.650%, 06/22/2025			679,707		0.2
				14,426,762		3.9
	Energy: 1.7%
331,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026			303,855		0.1
580,000	Canadian Natural Resources Ltd., 2.050%, 07/15/2025			543,240		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Energy (continued)
500,000	Chevron USA, Inc., 0.426%, 08/11/2023		$	486,222		0.1
614,000	Enbridge, Inc., 0.550%, 10/04/2023			591,584		0.2
834,000	Energy Transfer L.P., 4.250%, 03/15/2023			833,802		0.2
469,000	Equinor ASA, 2.875%, 04/06/2025			460,912		0.1
395,000	Kinder Morgan, Inc., 1.750%, 11/15/2026			350,742		0.1
306,000	Ovintiv Exploration, Inc., 5.375%, 01/01/2026			309,750		0.1
326,000	Phillips 66, 3.850%, 04/09/2025			324,288		0.1
191,000	Pioneer Natural Resources Co., 0.550%, 05/15/2023			186,220		0.1
495,000	Pioneer Natural Resources Co., 1.125%, 01/15/2026			442,885		0.1
519,000	Shell International Finance BV, 0.375%, 09/15/2023			502,698		0.1
379,000 (1)	Southern Natural Gas Co. LLC, 0.625%, 04/28/2023			367,714		0.1
270,000	TransCanada PipeLines Ltd., 1.000%, 10/12/2024			252,139		0.1
52,000	Valero Energy Corp., 2.850%, 04/15/2025			50,304		0.0
467,000	Williams Cos, Inc./The, 4.550%, 06/24/2024			471,120		0.1
				6,477,475		1.7
	Financial: 20.1%
393,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.650%, 10/29/2024			363,302		0.1
410,000	Aflac, Inc., 1.125%, 03/15/2026			370,401		0.1
525,000 (1)	AIG Global Funding, 0.900%, 09/22/2025			471,543		0.1
433,000	Ally Financial, Inc., 3.875%, 05/21/2024			429,489		0.1
536,000	American Express Co., 2.500%, 07/30/2024			522,046		0.1
219,000	American Express Co., 3.375%, 05/03/2024			217,626		0.1
258,000	American Tower Corp., 3.500%, 01/31/2023			257,982		0.1
326,000 (2)	American Tower Corp., 3.650%, 03/15/2027			309,877		0.1
234,000	Ameriprise Financial, Inc., 3.000%, 04/02/2025			228,716		0.1
485,000	Ameriprise Financial, Inc., 4.000%, 10/15/2023			488,228		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
330,000	Assurant, Inc., 4.200%, 09/27/2023		$	332,452		0.1
738,000 (1)	Aviation Capital Group LLC, 5.500%, 12/15/2024			732,167		0.2
475,000 (1)	Avolon Holdings Funding Ltd., 4.375%, 05/01/2026			440,642		0.1
1,404,000 (3)	Bank of America Corp., 0.810%, 10/24/2024			1,339,014		0.4
1,731,000 (3)	Bank of America Corp., 0.976%, 04/22/2025			1,629,637		0.4
425,000 (3)	Bank of America Corp., 0.981%, 09/25/2025			393,647		0.1
660,000 (3)	Bank of America Corp., 1.530%, 12/06/2025			614,824		0.2
186,000 (3)	Bank of America Corp., 1.658%, 03/11/2027			167,009		0.0
496,000 (3)	Bank of America Corp., 2.015%, 02/13/2026			465,482		0.1
916,000 (3)	Bank of America Corp., 3.004%, 12/20/2023			913,226		0.2
460,000 (3)	Bank of America Corp., 3.384%, 04/02/2026			446,487		0.1
358,000 (3)	Bank of America Corp., 3.550%, 03/05/2024			356,979		0.1
280,000	Bank of New York Mellon Corp./The, 1.600%, 04/24/2025			263,896		0.1
453,000 (3)	Bank of New York Mellon Corp./The, 3.430%, 06/13/2025			449,676		0.1
432,000	Bank of Nova Scotia/The, 0.550%, 09/15/2023			417,900		0.1
473,000	Bank of Nova Scotia/The, 0.700%, 04/15/2024			448,871		0.1
468,000	Bank of Nova Scotia/The, 1.450%, 01/10/2025			443,377		0.1
601,000	Bank of Nova Scotia/The, 3.450%, 04/11/2025			593,873		0.2
355,000 (1)	Banque Federative du Credit Mutuel SA, 2.125%, 11/21/2022			353,746		0.1
663,000 (3)	Barclays PLC, 1.007%, 12/10/2024			629,722		0.2
277,000	Berkshire Hathaway, Inc., 3.125%, 03/15/2026			271,924		0.1
420,000 (1)	BPCE SA, 1.000%, 01/20/2026			373,006		0.1
250,000 (1)	BPCE SA, 2.750%, 01/11/2023			249,267		0.1
1,120,000 (1)	BPCE SA, 5.700%, 10/22/2023			1,137,149		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
350,000	Brookfield Finance, Inc., 4.000%, 04/01/2024		$	350,205		0.1
503,000	Canadian Imperial Bank of Commerce, 0.500%, 12/14/2023			482,130		0.1
386,000	Canadian Imperial Bank of Commerce, 0.950%, 06/23/2023			375,039		0.1
270,000 (3)	Canadian Imperial Bank of Commerce, 2.606%, 07/22/2023			269,875		0.1
358,000 (2)	Canadian Imperial Bank of Commerce, 3.300%, 04/07/2025			351,567		0.1
396,000 (3)	Capital One Financial Corp., 1.878%, 11/02/2027			347,645		0.1
720,000	Capital One Financial Corp., 3.200%, 01/30/2023			720,560		0.2
444,000 (3)	Capital One Financial Corp., 4.166%, 05/09/2025			437,789		0.1
261,000	Charles Schwab Corp./ The, 0.750%, 03/18/2024			250,550		0.1
473,000 (3)	Citigroup, Inc., 0.981%, 05/01/2025			443,520		0.1
388,000 (3)	Citigroup, Inc., 1.678%, 05/15/2024			380,366		0.1
107,000 (3)	Citigroup, Inc., 3.106%, 04/08/2026			102,849		0.0
374,000 (1)	Corebridge Financial, Inc., 3.650%, 04/05/2027			351,905		0.1
298,000	Credit Suisse AG/ New York NY, 0.520%, 08/09/2023			287,649		0.1
233,000	Credit Suisse AG/ New York NY, 2.950%, 04/09/2025			223,313		0.1
1,246,000	Credit Suisse AG/ New York NY, 3.625%, 09/09/2024			1,224,788		0.3
250,000	Credit Suisse AG/ New York NY, 3.700%, 02/21/2025			244,409		0.1
467,000 (1)(3)	Danske Bank A/S, 0.976%, 09/10/2025			430,398		0.1
279,000 (1)(3)	Danske Bank A/S, 3.773%, 03/28/2025			274,580		0.1
257,000 (1)(3)	Danske Bank A/S, 4.298%, 04/01/2028			243,963		0.1
467,000 (3)	Deutsche Bank AG/ New York NY, 2.222%, 09/18/2024			450,529		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
459,000	Discover Financial Services, 3.950%, 11/06/2024		$	452,693		0.1
465,000 (1)(3)	DNB Bank ASA, 2.968%, 03/28/2025			455,331		0.1
475,000	Equinix, Inc., 1.250%, 07/15/2025			432,015		0.1
388,000	Federal Realty OP L.P., 3.950%, 01/15/2024			387,418		0.1
305,000 (1)	Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025			288,245		0.1
356,000 (1)	Five Corners Funding Trust, 4.419%, 11/15/2023			358,225		0.1
490,000 (1)	GA Global Funding Trust, 3.850%, 04/11/2025			480,289		0.1
236,000 (3)	Goldman Sachs Group, Inc./The, 0.925%, 10/21/2024			225,833		0.1
278,000 (3)	Goldman Sachs Group, Inc./The, 2.640%, 02/24/2028			252,510		0.1
257,000	Hanover Insurance Group, Inc./The, 4.500%, 04/15/2026			256,479		0.1
480,000 (3)	HSBC Holdings PLC, 0.732%, 08/17/2024			460,451		0.1
746,000 (3)	HSBC Holdings PLC, 1.162%, 11/22/2024			712,717		0.2
531,000 (3)	HSBC Holdings PLC, 1.645%, 04/18/2026			487,137		0.1
519,000 (3)	HSBC Holdings PLC, 2.999%, 03/10/2026			494,633		0.1
335,000 (3)	HSBC Holdings PLC, 4.180%, 12/09/2025			330,059		0.1
441,000 (3)	ING Groep NV, 3.869%, 03/28/2026			432,724		0.1
449,000	Intercontinental Exchange, Inc., 4.000%, 09/15/2027			442,184		0.1
566,000 (1)	Jackson Financial, Inc., 1.125%, 11/22/2023			544,255		0.1
854,000 (3)	JPMorgan Chase & Co., 0.824%, 06/01/2025			798,855		0.2
1,640,000 (3)	JPMorgan Chase & Co., 0.969%, 06/23/2025			1,534,546		0.4
504,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027			442,393		0.1
389,000 (3)	JPMorgan Chase & Co., 1.514%, 06/01/2024			379,387		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
284,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027		$	253,204		0.1
178,000 (3)	JPMorgan Chase & Co., 2.083%, 04/22/2026			166,667		0.0
176,000 (3)	JPMorgan Chase & Co., 2.301%, 10/15/2025			167,780		0.0
474,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026			451,072		0.1
737,000 (3)	JPMorgan Chase & Co., 3.797%, 07/23/2024			734,670		0.2
453,000 (3)	JPMorgan Chase & Co., 3.845%, 06/14/2025			448,971		0.1
325,000 (3)	JPMorgan Chase & Co., 4.080%, 04/26/2026			321,396		0.1
252,000	KeyBank NA/Cleveland OH, 4.390%, 12/14/2027			251,163		0.1
624,000 (3)	Lloyds Banking Group PLC, 0.695%, 05/11/2024			605,937		0.2
176,000 (3)	Lloyds Banking Group PLC, 3.870%, 07/09/2025			173,984		0.0
480,000 (1)	LSEGA Financing PLC, 0.650%, 04/06/2024			453,077		0.1
460,000	Marsh & McLennan Cos, Inc., 4.050%, 10/15/2023			461,498		0.1
430,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.848%, 09/15/2024			414,233		0.1
415,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.953%, 07/19/2025			387,651		0.1
365,000 (3)	Mitsubishi UFJ Financial Group, Inc., 0.962%, 10/11/2025			338,385		0.1
323,000	Mitsubishi UFJ Financial Group, Inc., 1.412%, 07/17/2025			297,014		0.1
397,000 (3)	Mitsubishi UFJ Financial Group, Inc., 2.341%, 01/19/2028			358,148		0.1
200,000	Mitsubishi UFJ Financial Group, Inc., 2.623%, 07/18/2022			200,022		0.1
392,000 (3)	Mizuho Financial Group, Inc., 0.849%, 09/08/2024			377,061		0.1
820,000	Mizuho Financial Group, Inc., 2.154%, (US0003M + 0.630%), 05/25/2024			811,275		0.2
304,000 (3)	Mizuho Financial Group, Inc., 2.555%, 09/13/2025			291,479		0.1
665,000 (3)	Morgan Stanley, 0.731%, 04/05/2024			648,553		0.2

Principal Amount†		Value				Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
1,256,000 (3)	Morgan Stanley, 0.790%, 05/30/2025		$	1,170,309			0.3
1,256,000 (3)	Morgan Stanley, 0.791%, 01/22/2025			1,188,203			0.3
766,000 (3)	Morgan Stanley, 1.164%, 10/21/2025			710,507			0.2
371,000 (3)	Morgan Stanley, 2.475%, 01/21/2028			337,553			0.1
474,000 (3)	Morgan Stanley, 2.630%, 02/18/2026			452,816			0.1
845,000	Morgan Stanley, 3.750%, 02/25/2023			847,794			0.2
496,000	Morgan Stanley, 4.000%, 07/23/2025			496,299			0.1
330,000	MUFG Union Bank NA, 2.100%, 12/09/2022			328,686			0.1
324,000	National Australia Bank Ltd./New York, 3.500%, 06/09/2025			321,455			0.1
684,000 (3)	National Bank of Canada, 0.550%, 11/15/2024			652,450			0.2
349,000	National Bank of Canada, 0.750%, 08/06/2024			325,682			0.1
350,000 (1)	National Securities Clearing Corp., 1.200%, 04/23/2023			345,047	��		0.1
250,000 (1)	National Securities Clearing Corp., 1.500%, 04/23/2025			235,500			0.1
213,000 (1)	Nationwide Building Society, 1.500%, 10/13/2026			189,908			0.1
399,000 (1)	Nationwide Building Society, 2.000%, 01/27/2023			395,922			0.1
417,000 (3)	NatWest Group PLC, 2.359%, 05/22/2024			409,667			0.1
244,000	NatWest Group PLC, 3.875%, 09/12/2023			243,352			0.1
327,000 (3)	NatWest Group PLC, 4.269%, 03/22/2025			323,920			0.1
395,000 (1)	Nordea Bank Abp, 0.625%, 05/24/2024			371,931			0.1
293,000 (1)	Nordea Bank Abp, 0.750%, 08/28/2025			266,196			0.1
324,000 (1)	Nordea Bank Abp, 3.600%, 06/06/2025			321,078			0.1
786,000 (1)	Nordea Bank Abp, 4.250%, 09/21/2022			787,754			0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
587,000	Old Republic International Corp., 4.875%, 10/01/2024		$	596,585		0.2
498,000 (1)	Pacific Life Global Funding II, 0.500%, 09/23/2023			481,207		0.1
207,000 (1)	Pacific Life Global Funding II, 1.200%, 06/24/2025			190,323		0.1
265,000 (1)	Pacific Life Global Funding II, 1.375%, 04/14/2026			238,969		0.1
470,000	PNC Financial Services Group, Inc./The, 3.500%, 01/23/2024			470,442		0.1
495,000 (1)	Reliance Standard Life Global Funding II, 2.150%, 01/21/2023			489,965		0.1
384,000	Royal Bank of Canada, 1.150%, 06/10/2025			355,768		0.1
284,000	Royal Bank of Canada, 1.150%, 07/14/2026			253,816		0.1
280,000	Royal Bank of Canada, 1.600%, 04/17/2023			276,989		0.1
466,000	Royal Bank of Canada, 1.600%, 01/21/2025			441,487		0.1
345,000	Royal Bank of Canada, 1.950%, 01/17/2023			343,188		0.1
225,000	Royal Bank of Canada, 2.937%, (US0003M + 0.660%), 10/05/2023			224,906		0.1
640,000 (2)	Royal Bank of Canada, 3.375%, 04/14/2025			632,368		0.2
553,000	Royal Bank of Canada, 3.700%, 10/05/2023			556,510		0.1
336,000	Royal Bank of Canada, 4.650%, 01/27/2026			339,365		0.1
440,000	Sixth Street Specialty Lending, Inc., 3.875%, 11/01/2024			424,945		0.1
954,000 (1)	Skandinaviska Enskilda Banken AB, 0.550%, 09/01/2023			922,251		0.2
619,000 (1)	Skandinaviska Enskilda Banken AB, 0.650%, 09/09/2024			577,798		0.2
464,000 (1)	Skandinaviska Enskilda Banken AB, 3.700%, 06/09/2025			459,362		0.1
477,000 (1)(3)	Societe Generale SA, 2.226%, 01/21/2026			445,014		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Financial (continued)
402,000 (1)(3)	Standard Chartered PLC, 0.991%, 01/12/2025		$	380,015		0.1
288,000 (1)(3)	Standard Chartered PLC, 2.608%, 01/12/2028			257,447		0.1
475,000 (1)	Standard Chartered PLC, 3.950%, 01/11/2023			473,936		0.1
320,000	Sumitomo Mitsui Financial Group, Inc., 2.348%, 01/15/2025			306,406		0.1
355,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 07/16/2024			345,581		0.1
465,000 (1)	Sumitomo Mitsui Trust Bank Ltd., 0.800%, 09/16/2024			433,284		0.1
413,000 (3)	SVB Financial Group, 4.345%, 04/29/2028			403,096		0.1
800,000 (1)	Svenska Handelsbanken AB, 0.625%, 06/30/2023			777,582		0.2
468,000 (1)	Svenska Handelsbanken AB, 3.650%, 06/10/2025			464,073		0.1
425,000 (1)	Swedbank AB, 0.600%, 09/25/2023			409,980		0.1
371,000 (1)	Swedbank AB, 3.356%, 04/04/2025			364,773		0.1
525,000 (1)	Swiss Re Treasury US Corp., 2.875%, 12/06/2022			524,256		0.1
467,000 (2)	Toronto-Dominion Bank/ The, 0.700%, 09/10/2024			438,704		0.1
821,000	Toronto-Dominion Bank/ The, 1.150%, 06/12/2025			758,257		0.2
468,000 (2)	Toronto-Dominion Bank/ The, 1.450%, 01/10/2025			442,920		0.1
454,000	Toronto-Dominion Bank/ The, 3.766%, 06/06/2025			452,049		0.1
369,000 (1)	UBS AG/London, 0.700%, 08/09/2024			345,628		0.1
600,000 (1)(3)	UBS Group AG, 1.008%, 07/30/2024			581,313		0.2
565,000 (1)(3)	UBS Group AG, 2.859%, 08/15/2023			564,838		0.2
372,000 (1)(3)	UBS Group AG, 4.488%, 05/12/2026			371,091		0.1
280,000 (1)	USAA Capital Corp., 1.500%, 05/01/2023			275,887		0.1
649,000 (3)	Wells Fargo & Co., 2.406%, 10/30/2025			618,570		0.2
406,000 (3)	Wells Fargo & Co., 3.908%, 04/25/2026			399,806		0.1
				74,461,210		20.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Industrial: 1.6%
355,000	Amcor Flexibles North America, Inc., 4.000%, 05/17/2025		$	351,467		0.1
388,000	Boeing Co/The, 4.875%, 05/01/2025			387,107		0.1
423,000	Caterpillar Financial Services Corp., 0.650%, 07/07/2023			412,709		0.1
223,000	General Dynamics Corp., 3.250%, 04/01/2025			221,357		0.1
392,000 (1)	Graphic Packaging International LLC, 0.821%, 04/15/2024			369,030		0.1
386,000	Honeywell International, Inc., 1.350%, 06/01/2025			363,835		0.1
651,000	Huntington Ingalls Industries, Inc., 0.670%, 08/16/2023			628,021		0.2
335,000	John Deere Capital Corp., 2.050%, 01/09/2025			324,645		0.1
184,000 (2)	John Deere Capital Corp., 2.125%, 03/07/2025			177,837		0.0
138,000	John Deere Capital Corp., 2.350%, 03/08/2027			129,388		0.0
435,000	Raytheon Technologies Corp., 3.700%, 12/15/2023			434,186		0.1
400,000	Republic Services, Inc., 2.500%, 08/15/2024			387,618		0.1
305,000	Rockwell Automation, Inc., 0.350%, 08/15/2023			295,331		0.1
350,000 (1)	SMBC Aviation Capital Finance DAC, 1.900%, 10/15/2026			297,685		0.1
373,000	Sonoco Products Co., 2.250%, 02/01/2027			335,806		0.1
713,000	Teledyne Technologies, Inc., 0.950%, 04/01/2024			674,676		0.2
				5,790,698		1.6
	Technology: 1.7%
233,000	Analog Devices, Inc., 2.950%, 04/01/2025			228,462		0.1
173,000	Apple, Inc., 1.125%, 05/11/2025			162,617		0.0
449,000	Apple, Inc., 2.750%, 01/13/2025			443,963		0.1
290,000	CGI, Inc., 1.450%, 09/14/2026			256,328		0.1
457,000	Fidelity National Information Services, Inc., 0.600%, 03/01/2024			432,834		0.1
445,000	Fiserv, Inc., 2.750%, 07/01/2024			434,517		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Technology (continued)
398,000	HP, Inc., 2.200%, 06/17/2025		$	376,683		0.1
255,000	International Business Machines Corp., 6.500%, 01/15/2028			282,911		0.1
465,000 (1)	Kyndryl Holdings, Inc., 2.050%, 10/15/2026			391,773		0.1
473,000	Oracle Corp., 1.650%, 03/25/2026			424,496		0.1
288,000	Oracle Corp., 2.500%, 04/01/2025			274,000		0.1
470,000	Oracle Corp., 2.650%, 07/15/2026			434,063		0.1
350,000	Roper Technologies, Inc., 0.450%, 08/15/2022			348,908		0.1
430,000	Roper Technologies, Inc., 3.125%, 11/15/2022			430,047		0.1
500,000	Take-Two Interactive Software, Inc., 3.550%, 04/14/2025			492,276		0.1
507,000	VMware, Inc., 1.000%, 08/15/2024			474,788		0.1
424,000	VMware, Inc., 4.500%, 05/15/2025			425,583		0.1
215,000	Workday, Inc., 3.500%, 04/01/2027			205,779		0.1
				6,520,028		1.7
	Utilities: 3.6%
475,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025			472,072		0.1
502,000	American Electric Power Co., Inc., 0.750%, 11/01/2023			483,064		0.1
445,000	American Electric Power Co., Inc., 2.031%, 03/15/2024			430,777		0.1
213,000 (1)	Aquarion Co., 4.000%, 08/15/2024			211,214		0.1
425,000	Arizona Public Service Co., 3.350%, 06/15/2024			420,105		0.1
425,000	Avangrid, Inc., 3.200%, 04/15/2025			413,682		0.1
279,000	Black Hills Corp., 1.037%, 08/23/2024			261,066		0.1
500,000 (1)	Dominion Energy, Inc., 2.450%, 01/15/2023			497,061		0.1
385,000	Duke Energy Ohio, Inc., 3.800%, 09/01/2023			386,132		0.1
290,000	Duke Energy Progress LLC, 3.375%, 09/01/2023			290,484		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
329,000	Entergy Corp., 0.900%, 09/15/2025		$	296,500		0.1
555,000	Entergy Louisiana LLC, 0.950%, 10/01/2024			521,617		0.1
250,000	Entergy Louisiana LLC, 3.300%, 12/01/2022			250,287		0.1
250,000	Entergy Louisiana LLC, 4.050%, 09/01/2023			251,306		0.1
277,000	Eversource Energy, 2.900%, 03/01/2027			260,285		0.1
485,000	Interstate Power and Light Co., 3.250%, 12/01/2024			479,430		0.1
72,000	IPALCO Enterprises, Inc., 3.700%, 09/01/2024			71,250		0.0
428,000	National Rural Utilities Cooperative Finance Corp., 1.000%, 10/18/2024			402,118		0.1
325,000	National Rural Utilities Cooperative Finance Corp., 1.875%, 02/07/2025			310,819		0.1
835,000	National Rural Utilities Cooperative Finance Corp., 2.300%, 09/15/2022			834,356		0.2
473,000	NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027			426,973		0.1
271,000	NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027			274,931		0.1
325,000 (1)	Niagara Mohawk Power Corp., 2.721%, 11/28/2022			323,932		0.1
462,000	NiSource, Inc., 0.950%, 08/15/2025			415,644		0.1
284,000	OGE Energy Corp., 0.703%, 05/26/2023			276,845		0.1
850,000	PG&E Wildfire Recovery Funding LLC, 3.594%, 06/01/2032			844,526		0.2
485,000	Public Service Electric and Gas Co., 3.750%, 03/15/2024			486,226		0.1
335,000	Public Service Enterprise Group, Inc., 0.800%, 08/15/2025			302,887		0.1
384,000	Southern Co. Gas Capital Corp., 3.250%, 06/15/2026			369,027		0.1
646,000	Southern Co/The, 0.600%, 02/26/2024			611,783		0.2
272,000 (1)	Trans-Allegheny Interstate Line Co., 3.850%, 06/01/2025			267,785		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Utilities (continued)
273,000 (1)	Vistra Operations Co. LLC, 5.125%, 05/13/2025		$	270,472		0.1
150,000	Wisconsin Power and Light Co., 2.250%, 11/15/2022			149,839		0.0
658,000	Xcel Energy, Inc., 0.500%, 10/15/2023			633,482		0.2
				13,197,977		3.6
	Total Corporate Bonds/ Notes
	(Cost $146,168,749)			139,782,737		37.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 5.9%
475,778 (1)(3)	Deephaven Residential Mortgage Trust 2022-2 A1, 4.300%, 03/25/2067			461,403		0.1
984,064	Fannie Mae REMICS 2006-43-FJ, 2.034%, (US0001M + 0.410%), 06/25/2036			982,074		0.3
398,358	Fannie Mae REMICS 2007-14 PF, 1.814%, (US0001M + 0.190%), 03/25/2037			392,853		0.1
251,622	Fannie Mae REMICS 2010-123 FL, 2.054%, (US0001M + 0.430%), 11/25/2040			251,514		0.1
684,639	Fannie Mae REMICS 2010-136 FG, 2.124%, (US0001M + 0.500%), 12/25/2030			686,502		0.2
953,269	Fannie Mae REMICS 2011-51 FM, 2.274%, (US0001M + 0.650%), 06/25/2041			962,898		0.3
775,772	Fannie Mae REMICS 2011-68 F, 1.894%, (US0001M + 0.270%), 07/25/2031			775,389		0.2
102,613	Fannie Mae REMICS 2011-96 FN, 2.124%, (US0001M + 0.500%), 10/25/2041			102,769		0.0
18,294 (1)(3)	Flagstar Mortgage Trust 2017-2 A3, 3.500%, 10/25/2047			17,490		0.0
285,563 (1)(3)	Flagstar Mortgage Trust 2020-2 A2, 3.000%, 08/25/2050			256,486		0.1

See Accompanying Notes to Financial Statements

100

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
509,448	Freddie Mac REMICS 3626 FA, 1.974%, (US0001M + 0.650%), 05/15/2036		$	513,845		0.1
324,464	Freddie Mac REMICS 4508 CF, 1.724%, (US0001M + 0.400%), 09/15/2045			323,429		0.1
1,572,570	Ginnie Mae Series 2012-H11 FA, 1.503%, (US0001M + 0.700%), 02/20/2062			1,566,591		0.4
1,751,785	Ginnie Mae Series 2012-H31 FD, 1.143%, (US0001M + 0.340%), 12/20/2062			1,733,070		0.5
903,406	Ginnie Mae Series 2014-H05 FB, 1.403%, (US0001M + 0.600%), 12/20/2063			899,492		0.2
2,424,447	Ginnie Mae Series 2016-H06 FD, 1.723%, (US0001M + 0.920%), 07/20/2065			2,423,415		0.7
528,378	Ginnie Mae Series 2016-H07 FK, 1.803%, (US0001M + 1.000%), 03/20/2066			527,346		0.1
571,462	Ginnie Mae Series 2016-H08 FT, 1.523%, (US0001M + 0.720%), 02/20/2066			569,445		0.2
1,828,202	Ginnie Mae Series 2016-H16 FE, 0.627%, (US0012M + 0.380%), 06/20/2066			1,802,674		0.5
510,119	Ginnie Mae Series 2017-H09 FG, 1.273%, (US0001M + 0.470%), 03/20/2067			505,389		0.1
529,435	Ginnie Mae Series 2018-H04 FM, 1.103%, (US0001M + 0.300%), 03/20/2068			522,998		0.1
1,515,718	Ginnie Mae Series 2019-H02 FA, 1.253%, (US0001M + 0.450%), 01/20/2069			1,497,187		0.4
926,780	Ginnie Mae Series 2020-H09 NF, 2.053%, (US0001M + 1.250%), 04/20/2070			936,130		0.3

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
18,124 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050		$	17,730		0.0
701,502 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ4 A4, 2.500%, 09/25/2051			589,224		0.2
222,481 (1)(3)	JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050			213,015		0.1
270,000 (1)	Mello Warehouse Securitization Trust 2020-2 A, 2.424%, (US0001M + 0.800%), 11/25/2053			268,457		0.1
335,314 (1)(3)	Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051			282,554		0.1
581,971 (1)(3)	RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051			489,027		0.1
735,713 (1)(3)	Rate Mortgage Trust 2021-J2 A31, 2.500%, 08/25/2051			617,476		0.2
187,019 (1)(3)	Sequoia Mortgage Trust 2014-4 B3, 3.897%, 11/25/2044			180,355		0.0
69,711 (1)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			67,976		0.0
100,521 (3)	WaMu Mortgage Pass-Through Certificates Series 2004-AR4 A6 Trust, 3.467%, 06/25/2034			97,172		0.0
202,138 (1)(3)	Wells Fargo Mortgage Backed Securities 2020-1 A17 Trust, 3.000%, 12/25/2049			179,213		0.0
	Total Collateralized Mortgage Obligations
	(Cost $22,344,747)			21,712,588		5.9
U.S. TREASURY OBLIGATIONS: 21.2%
	U.S. Treasury Notes: 21.2%
21,645,000	0.125%, 05/31/2023			21,109,900		5.7
1,808,200	0.500%, 11/30/2023			1,747,032		0.5
1,815,800	0.875%, 01/31/2024			1,757,354		0.5
189,400	1.250%, 11/30/2026			175,398		0.0
107,900	1.500%, 01/31/2027			100,758		0.0
128,900	1.500%, 11/30/2028			117,067		0.0
3,218,000 (2)	2.500%, 05/31/2024			3,189,214		0.9

See Accompanying Notes to Financial Statements

101

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: (continued)
	U.S. Treasury Notes (continued)
281,000	2.625%, 05/31/2027		$	275,720		0.1
400,300	2.750%, 05/31/2029			392,482		0.1
34,684,000	2.875%, 06/15/2025			34,548,516		9.3
15,336,000	3.000%, 06/30/2024			15,344,986		4.1
	Total U.S. Treasury Obligations
	(Cost $79,061,199)			78,758,427		21.2
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.6%
2,000,000 (1)	BHMS 2018-ATLS D, 3.574%, (US0001M + 2.250%), 07/15/2035			1,876,625		0.5
3,500,000 (1)	BPR Trust 2021-WILL C, 5.324%, (US0001M + 4.000%), 06/15/2038			3,337,361		0.9
1,500,000 (1)	BXMT 2021-FL4 D Ltd., 3.574%, (US0001M + 2.250%), 05/15/2038			1,417,058		0.4
955,000	COMM 2013-LC6 AM Mortgage Trust, 3.282%, 01/10/2046			951,150		0.3
1,705,000 (3)	COMM 2013-LC6 C Mortgage Trust, 4.242%, 01/10/2046			1,685,683		0.5
1,458,000 (1)(3)	COMM 2013-LC6 D Mortgage Trust, 4.425%, 01/10/2046			1,404,705		0.4
3,280,000 (1)	CSWF 2021-SOP2 D, 3.641%, (US0001M + 2.317%), 06/15/2034			3,082,649		0.8
24,579	Ginnie Mae 2015-183 AC, 2.350%, 07/16/2056			24,492		0.0
5,083 (3)	Ginnie Mae 2015-21 AF, 2.450%, 07/16/2048			5,033		0.0
46,279	Ginnie Mae 2016-110 AB, 2.000%, 05/16/2049			45,684		0.0
134,646	Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057			131,996		0.0
37,680	Ginnie Mae 2017-69 AB, 2.350%, 05/16/2053			37,103		0.0
84,045	Ginnie Mae 2017-70 A, 2.500%, 10/16/2057			82,384		0.0
154,720	Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051			151,809		0.0
184,813	Ginnie Mae 2017-89 A, 2.500%, 08/16/2057			181,800		0.1
530,000 (1)	GS Mortgage Securities Corp. Trust 2017-GPTX B, 3.104%, 05/10/2034			528,875		0.2

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,820,000 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.358%, 11/15/2045		$	1,769,949		0.5
1,630,000 (3)	JPMBB Commercial Mortgage Securities Trust 2013-C17 C, 5.049%, 01/15/2047			1,580,600		0.4
900,000 (1)(3)	JPMBB Commercial Mortgage Securities Trust 2014-C19 D, 4.806%, 04/15/2047			841,248		0.2
1,250,000 (3)	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 A4, 4.209%, 07/15/2046			1,245,941		0.3
279,639	Morgan Stanley Capital I Trust 2017-H1 A2, 3.089%, 06/15/2050			273,924		0.1
1,220,000	Morgan Stanley Capital I Trust 2019-H6 A2, 3.228%, 06/15/2052			1,189,262		0.3
500,000 (1)	PFP 2021-8 Ltd. E, 4.009%, (US0001M + 2.500%), 08/09/2037			472,013		0.1
1,263,225 (1)	Ready Capital Mortgage Financing 2020-FL4 A LLC, 3.774%, (US0001M + 2.150%), 02/25/2035			1,255,320		0.3
20,512	UBS Commercial Mortgage Trust 2018-C8 A2, 3.713%, 02/15/2051			20,481		0.0
1,930,000 (1)	UBS-Barclays Commercial Mortgage Trust 2012-C4 AS, 3.317%, 12/10/2045			1,926,543		0.5
4,000,000 (1)	VMC Finance 2021-FL4 C LLC, 3.862%, (US0001M + 2.250%), 06/16/2036			3,864,113		1.1
690,268 (1)	West Town Mall Trust 2017-KNOX A, 3.823%, 07/05/2030			689,873		0.2
5,720,000 (3)	WFRBS Commercial Mortgage Trust 2013-C14 C, 4.090%, 06/15/2046			5,495,007		1.5
	Total Commercial Mortgage-Backed Securities
	(Cost $37,493,215)			35,568,681		9.6

See Accompanying Notes to Financial Statements

102

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: 18.3%
	Automobile Asset-Backed Securities: 4.5%
200,000	Ally Auto Receivables Trust 2019-1 A4, 3.020%, 04/15/2024		$	200,288		0.1
87,908	Americredit Automobile Receivables Trust 2019-1 B, 3.130%, 02/18/2025			87,941		0.0
550,841	AmeriCredit Automobile Receivables Trust 2019-3 B, 2.130%, 07/18/2025			550,179		0.2
349,005	AmeriCredit Automobile Receivables Trust 2020-1 A3, 1.110%, 08/19/2024			348,621		0.1
900,000	AmeriCredit Automobile Receivables Trust 2020-1 C, 1.590%, 10/20/2025			870,588		0.2
1,350,000	AmeriCredit Automobile Receivables Trust 2020-2 B, 0.970%, 02/18/2026			1,321,415		0.4
550,000	AmeriCredit Automobile Receivables Trust 2021-3 B, 1.170%, 08/18/2027			512,729		0.1
522,143	BMW Vehicle Owner Trust 2020-A A3, 0.480%, 10/25/2024			515,090		0.1
400,000	Capital One Prime Auto Receivables Trust 2019-1 A4, 2.560%, 10/15/2024			399,744		0.1
300,000	CarMax Auto Owner Trust 2021-2 B, 1.030%, 12/15/2026			276,430		0.1
750,000	CarMax Auto Owner Trust 2022-1 B, 1.950%, 09/15/2027			697,889		0.2
750,000	Carvana Auto Receivables Trust 2022-P1 A3, 3.350%, 02/10/2027			737,066		0.2
1,500,000	Drive Auto Receivables Trust 2021-1 B, 0.650%, 07/15/2025			1,493,431		0.4
1,100,000	Exeter Automobile Receivables Trust 2021-4 A3, 0.680%, 07/15/2025			1,086,591		0.3
750,000	Ford Credit Auto Owner Trust 2022-A B, 1.910%, 07/15/2027			698,673		0.2
450,000	GM Financial Automobile Leasing Trust 2019-4 A4, 1.760%, 01/16/2025			443,697		0.1
119,465	GM Financial Automobile Leasing Trust 2020-2 A3, 0.800%, 07/20/2023			119,277		0.0

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Automobile Asset-Backed Securities (continued)
84,322	GM Financial Consumer Automobile Receivables Trust 2019-3 A3, 2.180%, 04/16/2024		$	84,314		0.0
110,742	Honda Auto Receivables 2019-3 A3 Owner Trust, 1.780%, 08/15/2023			110,643		0.0
532,209	Honda Auto Receivables 2020-2 A3 Owner Trust, 0.820%, 07/15/2024			526,065		0.1
850,000	Hyundai Auto Receivables Trust 2021-C B, 1.490%, 12/15/2027			777,390		0.2
395,943 (1)	JPMorgan Chase Bank NA - CACLN 2021-3 B, 0.760%, 02/26/2029			382,764		0.1
171,245	Mercedes-Benz Auto Receivables Trust 2018-1 A4, 3.150%, 10/15/2024			171,372		0.1
425,236	Nissan Auto Receivables 2018-C A4 Owner Trust, 3.270%, 06/16/2025			425,966		0.1
400,000 (1)	Oscar US Funding XIII LLC 2021-2A A3, 0.860%, 09/10/2025			380,988		0.1
550,000	Santander Drive Auto Receivables Trust 2020-1 C, 4.110%, 12/15/2025			550,411		0.2
123,795	Santander Drive Auto Receivables Trust 2020-3 B, 0.690%, 03/17/2025			123,692		0.0
600,000	Santander Drive Auto Receivables Trust 2021-2 B, 0.590%, 09/15/2025			591,461		0.2
1,100,000	Santander Drive Auto Receivables Trust 2021-3 B, 0.600%, 12/15/2025			1,081,951		0.3
950,000	Toyota Auto Receivables 2019-C A4 Owner Trust, 1.880%, 11/15/2024			939,100		0.3
				16,505,766		4.5
	Credit Card Asset-Backed Securities: 0.4%
1,350,000 (1)	CARDS II Trust 2021-1A A, 0.602%, 04/15/2027			1,284,370		0.4

	Other Asset-Backed Securities: 12.5%
800,000 (1)	AGL CLO 13 Ltd. 2021-13A A1, 2.223%, (US0003M + 1.160%), 10/20/2034			773,508		0.2

See Accompanying Notes to Financial Statements

103

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,000,000 (1)	Aimco CLO 11 Ltd. 2020-11A AR, 2.174%, (US0003M + 1.130%), 10/17/2034		$	1,926,462		0.5
840,000 (1)	Apidos Clo XXV 2016-25A A1R, 2.233%, (US0003M + 1.170%), 10/20/2031			824,750		0.2
100,000 (1)	Arbor Realty Commercial Real Estate Notes 2021-FL3 C Ltd., 3.174%, (US0001M + 1.850%), 08/15/2034			95,621		0.0
2,000,000 (1)	Arbor Realty Commercial Real Estate Notes 2021-FL4 E Ltd., 4.724%, (US0001M + 3.400%), 11/15/2036			1,932,822		0.5
700,000 (1)	ARES XLVI CLO Ltd. 2017-46A A2, 2.274%, (US0003M + 1.230%), 01/15/2030			676,537		0.2
250,000 (1)	Babson CLO Ltd. 2017-1A A2, 2.394%, (US0003M + 1.350%), 07/18/2029			243,590		0.1
1,000,000 (1)	Benefit Street Partners CLO XIX Ltd. 2019-19A A, 2.394%, (US0003M + 1.350%), 01/15/2033			979,564		0.3
500,000 (1)	BlueMountain CLO XXXI Ltd. 2021-31A A2, 2.444%, (US0003M + 1.400%), 04/19/2034			475,907		0.1
250,000 (1)	Carbone CLO Ltd. 2017-1A A1, 2.203%, (US0003M + 1.140%), 01/20/2031			244,956		0.1
492,818 (1)	Carlyle Global Market Strategies CLO 2014-2RA A1 Ltd., 2.461%, (US0003M + 1.050%), 05/15/2031			482,268		0.1
1,200,000 (1)	Carlyle Global Market Strategies CLO 2016-1 Ltd. 2016-1A A1R2, 2.203%, (US0003M + 1.140%), 04/20/2034			1,158,029		0.3
800,000 (1)	Carlyle US Clo 2017-2A CR Ltd., 2.463%, (US0003M + 1.400%), 07/20/2031			766,676		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
850,000 (1)	Carlyle US CLO 2020-2A A1R Ltd., 2.324%, (US0003M + 1.140%), 01/25/2035		$	818,996		0.2
1,550,000 (1)	Carlyle US Clo 2021-4A A2 Ltd., 2.463%, (US0003M + 1.400%), 04/20/2034			1,485,523		0.4
1,000,000 (1)	Cedar Funding IV CLO Ltd.2014-4A ARR, 2.344%, (US0003M + 1.160%), 07/23/2034			965,582		0.3
600,000 (1)	CIFC Funding 2018-4A A1 Ltd., 2.194%, (US0003M + 1.150%), 10/17/2031			588,223		0.2
900,000 (1)	CIFC Funding 2020-2A AR Ltd., 2.233%, (US0003M + 1.170%), 10/20/2034			874,230		0.2
600,000 (1)	Clear Creek CLO Ltd. 2015-1A AR, 2.263%, (US0003M + 1.200%), 10/20/2030			590,009		0.2
550,000	CNH Equipment Trust 2021-C A3, 0.810%, 12/15/2026			520,496		0.1
250,000 (1)	Deer Creek Clo Ltd. 2017-1A A, 2.243%, (US0003M + 1.180%), 10/20/2030			246,209		0.1
1,000,000 (1)	Dryden 78 CLO Ltd. 2020-78A A, 2.224%, (US0003M + 1.180%), 04/17/2033			973,472		0.3
480,000 (1)	Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 2.611%, (US0003M + 1.200%), 08/15/2030			475,297		0.1
300,000 (1)	Eaton Vance Clo 2015-1A A2R Ltd., 2.313%, (US0003M + 1.250%), 01/20/2030			289,357		0.1
671,545 (1)	Elevation CLO 2014-2A A1R Ltd., 2.274%, (US0003M + 1.230%), 10/15/2029			663,657		0.2
450,000 (1)	Elmwood CLO IX Ltd. 2021-2A A, 2.193%, (US0003M + 1.130%), 07/20/2034			436,343		0.1

See Accompanying Notes to Financial Statements

104

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
2,000,000 (1)	FS RIALTO 2021-FL2 E, 4.959%, (US0001M + 3.450%), 05/16/2038		$	1,918,401		0.5
1,360,000 (1)	HGI CRE CLO 2021-FL1 B Ltd., 3.109%, (US0001M + 1.600%), 06/16/2036			1,307,897		0.3
2,100,000 (1)	HGI CRE CLO 2021-FL1 D Ltd., 3.859%, (US0001M + 2.350%), 06/16/2036			2,022,451		0.5
353,412 (1)	JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077			326,258		0.1
400,000	John Deere Owner Trust 2022-A A4, 2.490%, 01/16/2029			385,873		0.1
1,300,000 (1)	Kayne CLO 6 Ltd. 2019-6A A1, 2.443%, (US0003M + 1.380%), 01/20/2033			1,277,670		0.3
1,000,000 (1)	Kayne CLO 7 Ltd. 2020-7A A1, 2.244%, (US0003M + 1.200%), 04/17/2033			974,442		0.3
600,000 (1)	LCM 26A A2 Ltd., 2.313%, (US0003M + 1.250%), 01/20/2031			578,172		0.2
37,077 (1)	LoanCore 2019-CRE2 A Issuer Ltd., 2.454%, (US0001M + 1.130%), 05/15/2036			36,616		0.0
500,000 (1)	Magnetite XXVI Ltd. 2020-26A A2R, 2.584%, (US0003M + 1.400%), 07/25/2034			478,348		0.1
1,500,000 (1)	Magnetite XXVII Ltd. 27A AR, 2.203%, (US0003M + 1.140%), 10/20/2034			1,449,838		0.4
720,000 (1)	Marble Point CLO XIV Ltd. 2018-2A A1R, 2.343%, (US0003M + 1.280%), 01/20/2032			703,408		0.2
1,050,000 (1)	Marlette Funding Trust 2021-1A B, 1.000%, 06/16/2031			1,029,205		0.3
700,000 (1)	Oaktree CLO Ltd. 2021-1A A1, 2.204%, (US0003M + 1.160%), 07/15/2034			677,410		0.2
350,000 (1)	OCP CLO 2021-22A A Ltd., 2.243%, (US0003M + 1.180%), 12/02/2034			339,797		0.1
1,100,000 (1)	Octagon Investment Partners 32 Ltd. 2017-1A A2R, 2.244%, (US0003M + 1.200%), 07/15/2029			1,061,406		0.3

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
400,000 (1)	Octagon Investment Partners 33 Ltd. 2017-1A A1, 2.253%, (US0003M + 1.190%), 01/20/2031		$	393,192		0.1
1,000,000 (1)	Octagon Investment Partners 48 Ltd. 2020-3A AR, 2.213%, (US0003M + 1.150%), 10/20/2034			963,528		0.3
400,000 (1)	Octagon Investment Partners XV Ltd. 2013-1A A2R, 2.394%, (US0003M + 1.350%), 07/19/2030			387,008		0.1
300,000 (1)	OHA Credit Funding 2019-3A AR Ltd., 2.203%, (US0003M + 1.140%), 07/02/2035			291,625		0.1
2,000,000 (1)	OHA Credit Partners XVI 2021-16A A, 2.194%, (US0003M + 1.150%), 10/18/2034			1,940,248		0.5
1,600,000 (1)	OHA Loan Funding 2015-1A AR3 Ltd., 2.194%, (US0003M + 1.150%), 01/19/2037			1,550,344		0.4
975,000 (1)	Palmer Square CLO 2015-2A A1R2 Ltd., 2.163%, (US0003M + 1.100%), 07/20/2030			961,905		0.3
600,000 (1)	PFS Financing Corp. 2021-B A, 0.770%, 08/15/2026			556,913		0.1
571,888 (1)	SoFi Consumer Loan Program 2020-1 B Trust, 2.250%, 01/25/2029			570,886		0.1
800,000 (1)	Sound Point CLO XXIII 2019-2A AR, 2.214%, (US0003M + 1.170%), 07/15/2034			769,973		0.2
850,000 (1)	THL Credit Wind River 2018-2 A A2Clo Ltd., 2.494%, (US0003M + 1.450%), 07/15/2030			821,007		0.2
1,850,000 (1)	THL Credit Wind River 2019-1A AR CLO Ltd., 2.223%, (US0003M + 1.160%), 07/20/2034			1,792,504		0.5
650,000 (1)	Trafigura Securitisation Finance PLC 2021-1A A2, 1.080%, 01/15/2025			615,015		0.2

See Accompanying Notes to Financial Statements

105

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PORTFOLIO OF INVESTMENTS

Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	Other Asset-Backed Securities (continued)
250,000 (1)	Venture 34 CLO Ltd. 2018-34A A, 2.274%, (US0003M + 1.230%), 10/15/2031		$	244,571		0.1
500,000 (1)	Wellman Park CLO Ltd. 2021-1A A, 2.144%, (US0003M + 1.100%), 07/15/2034			484,700		0.1
				46,418,695		12.5
	Student Loan Asset-Backed Securities: 0.9%
401,654 (1)	Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068			382,936		0.1
440,904 (1)	Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069			413,711		0.1
205,236 (1)	Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069			188,010		0.0
297,622 (1)	Navient Private Education Refi Loan Trust 2021-F A, 1.110%, 02/18/2070			260,984		0.1
1,300,000 (1)	Navient Private Education Refi Loan Trust 2022-BA A, 4.160%, 10/15/2070			1,291,176		0.3
605,966 (1)	Sofi Professional Loan Program 2018-A A2B LLC, 2.950%, 02/25/2042			597,227		0.2
413,934 (1)	SoFi Professional Loan Program 2021-B AFX Trust, 1.140%, 02/15/2047			373,495		0.1
				3,507,539		0.9
	Total Asset-Backed Securities
	(Cost $69,853,518)			67,716,370		18.3
U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0%
	Uniform Mortgage-Backed Securities: 0.0%
738	6.500%, 10/01/2022			774		0.0
8,569	6.500%, 10/01/2032			9,114		0.0
7,756	7.000%, 10/01/2032			7,769		0.0
	Total U.S. Government Agency Obligations
	(Cost $17,411)			17,657		0.0
	Total Long-Term Investments (Cost $354,938,839)			343,556,460		92.7

Principal Amount†		Value				Percentage of Net Assets
SHORT-TERM INVESTMENTS: 7.0%
	Repurchase Agreements: 1.4%
1,331,022 (4)	Bank of America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,331,079, collateralized by various U.S. Government Agency Obligations, 1.000%-8.500%, Market Value plus accrued interest $1,357,643, due 01/20/24-06/20/52)		$	1,331,022	��		0.4
1,298,057 (4)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,298,112, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,324,018, due 07/31/22-07/01/52)			1,298,057			0.3
1,331,022 (4)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $1,331,080, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $1,357,643, due 07/01/22-09/09/49)			1,331,022			0.3

See Accompanying Notes to Financial Statements

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Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,331,022 (4)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,331,079, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $1,357,642, due 08/16/22-05/20/52)		$	1,331,022		0.4
	Total Repurchase Agreements (Cost $5,291,123)			5,291,123		1.4

Shares		Value			Percentage of Net Assets
	Mutual Funds: 5.6%
166,000 (4)(5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%			166,000		0.1
93,000 (4)(5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%			93,000		0.0
20,454,000 (4)(5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%			20,454,000		5.5
	Total Mutual Funds (Cost $20,713,000)			20,713,000		5.6
	Total Short-Term Investments (Cost $26,004,123)			26,004,123		7.0
	Total Investments in Securities (Cost $380,942,962)		$	369,560,583		99.7
	Assets in Excess of Other Liabilities			1,162,884		0.3
	Net Assets		$	370,723,467		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

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

(3)

Variable rate security. Rate shown is the rate in effect as of June 30, 2022.

(4)

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

(5)

Rate shown is the 7-day yield as of June 30, 2022.

Reference Rate Abbreviations:

US0001M

1-month LIBOR

US0003M

3-month LIBOR

US0012M

12-month LIBOR

	Investment Type Allocation as of June 30, 2022 (as a percentage of net assets)

	Corporate Bonds/Notes			37.7%
	U.S. Treasury Obligations			21.2%
	Asset-Backed Securities			18.3%
	Commercial Mortgage-Backed Securities			9.6%
	Collateralized Mortgage Obligations			5.9%
	U.S. Government Agency Obligations			0.0%^
	Assets in Excess of Other Liabilities,*			7.3%
	Net Assets			100.0%
	^ Amount is less than 0.005%.
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

107

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Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Corporate Bonds/Notes		$	—		$	139,782,737		$	—		$	139,782,737
Collateralized Mortgage Obligations			—			21,712,588			—			21,712,588
Asset-Backed Securities			—			67,716,370			—			67,716,370
Commercial Mortgage-Backed Securities			—			35,568,681			—			35,568,681
U.S. Government Agency Obligations			—			17,657			—			17,657
U.S. Treasury Obligations			—			78,758,427			—			78,758,427
Short-Term Investments			20,713,000			5,291,123			—			26,004,123
Total Investments, at fair value		$	20,713,000		$	348,847,583		$	—		$	369,560,583
Other Financial Instruments+
Futures			167,145			—			—			167,145
Total Assets		$	20,880,145		$	348,847,583		$	—		$	369,727,728
Liabilities Table
Other Financial Instruments+
Futures		$	(613,513)		$	—		$	—		$	(613,513)
Total Liabilities		$	(613,513)		$	—		$	—		$	(613,513)

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

At June 30, 2022, the following futures contracts were outstanding for Voya Limited Maturity Bond Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
U.S. Treasury 2-Year Note		513		09/30/22		$	107,738,016		$	(613,513)
						$	107,738,016		$	(613,513)
Short Contracts:
U.S. Treasury 10-Year Note		(19)		09/21/22			(2,252,094)			31,879
U.S. Treasury 5-Year Note		(146)		09/30/22			(16,388,500)			135,266
						$	(18,640,594)		$	167,145

See Accompanying Notes to Financial Statements

108

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Voya Limited Maturity Bond Portfolio

as of June 30, 2022 (Unaudited) (continued)

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Variation margin receivable on futures contracts*		$	167,145
Total Asset Derivatives			$	167,145
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*		$	613,513
Total Liability Derivatives			$	613,513

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 period ended June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	(2,114,828)
Total		$	(2,114,828)

Derivatives not accounted for as hedging instruments	Futures
Interest rate contracts		$	(242,170)
Total		$	(242,170)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $380,744,606.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	252,142
Gross Unrealized Depreciation		(11,882,533)
Net Unrealized Depreciation	$	(11,630,391)

See Accompanying Notes to Financial Statements

109

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PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 96.5%
	Communication Services: 8.6%
154,460	Activision Blizzard, Inc.		$	12,026,256		0.2
59,416 (1)	Alphabet, Inc. - Class A			129,482,912		2.0
54,478 (1)	Alphabet, Inc. - Class C			119,167,901		1.8
1,414,256	AT&T, Inc.			29,642,806		0.5
22,881 (1)	Charter Communications, Inc.			10,720,435		0.2
883,159	Comcast Corp. - Class A			34,655,159		0.5
49,163 (1)(2)	Dish Network Corp. - Class A			881,493		0.0
55,555	Electronic Arts, Inc.			6,758,266		0.1
62,177	Fox Corp. - Class A			1,999,612		0.0
28,703	Fox Corp. - Class B			852,479		0.0
77,497	Interpublic Group of Cos., Inc.			2,133,492		0.0
27,053 (1)(2)	Live Nation Entertainment, Inc.			2,234,037		0.0
181,428 (2)	Lumen Technologies, Inc.			1,979,380		0.0
56,419 (1)(2)	Match Group, Inc.			3,931,840		0.1
453,083 (1)	Meta Platforms, Inc.			73,059,634		1.1
87,766 (1)	NetFlix, Inc.			15,347,640		0.2
76,956	News Corp - Class A			1,198,974		0.0
23,837	News Corp - Class B			378,770		0.0
41,147 (2)	Omnicom Group			2,617,361		0.1
119,450 (2)	Paramount Global - Class B			2,948,026		0.1
31,125 (1)	Take-Two Interactive Software, Inc.			3,813,746		0.1
116,393 (1)	T-Mobile US, Inc.			15,659,514		0.2
150,687 (1)	Twitter, Inc.			5,634,187		0.1
829,637 (2)	Verizon Communications, Inc.			42,104,078		0.7
359,833 (1)	Walt Disney Co.			33,968,235		0.5
435,384 (1)	Warner Bros Discovery, Inc.			5,842,853		0.1
				559,039,086		8.6
	Consumer Discretionary: 10.2%
12,277 (2)	Advance Auto Parts, Inc.			2,125,026		0.0
1,728,554 (1)	Amazon.com, Inc.			183,589,720		2.8
53,259 (1)	Aptiv PLC			4,743,779		0.1
3,921 (1)	Autozone, Inc.			8,426,700		0.1
47,114 (2)	Bath & Body Works, Inc.			1,268,309		0.0
39,998 (2)	Best Buy Co., Inc.			2,607,470		0.0
8,025 (1)	Booking Holdings, Inc.			14,035,645		0.2
47,207	BorgWarner, Inc.			1,575,298		0.0
42,088 (1)	Caesars Entertainment, Inc.			1,611,970		0.0
31,832 (1)(2)	Carmax, Inc.			2,880,159		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
159,242 (1)(2)	Carnival Corp.		$	1,377,443			0.0
5,539 (1)	Chipotle Mexican Grill, Inc.			7,240,913			0.1
63,488 (2)	D.R. Horton, Inc.			4,202,271			0.1
24,641 (2)	Darden Restaurants, Inc.			2,787,390			0.1
45,196	Dollar General Corp.			11,092,906			0.2
44,470 (1)	Dollar Tree, Inc.			6,930,649			0.1
7,164 (2)	Domino’s Pizza, Inc.			2,791,882			0.1
110,596	eBay, Inc.			4,608,535			0.1
24,961 (1)(2)	Etsy, Inc.			1,827,395			0.0
29,943 (1)	Expedia Group, Inc.			2,839,495			0.1
780,106	Ford Motor Co.			8,682,580			0.1
29,913	Garmin Ltd.			2,938,952			0.1
288,032 (1)	General Motors Co.			9,147,896			0.1
28,040	Genuine Parts Co.			3,729,320			0.1
25,894 (2)	Hasbro, Inc.			2,120,201			0.0
54,875	Hilton Worldwide Holdings, Inc.			6,115,270			0.1
204,141	Home Depot, Inc.			55,989,752			0.9
67,687 (1)(2)	Las Vegas Sands Corp.			2,273,606			0.0
51,460	Lennar Corp. - Class A			3,631,532			0.1
51,404 (2)	LKQ Corp.			2,523,422			0.0
130,604	Lowe’s Cos, Inc.			22,812,601			0.4
54,312	Marriott International, Inc.			7,386,975			0.1
146,097	McDonald’s Corp.			36,068,427			0.6
69,858	MGM Resorts International			2,022,389			0.0
10,167 (1)	Mohawk Industries, Inc.			1,261,623			0.0
74,541	Newell Brands, Inc.			1,419,261			0.0
250,643	Nike, Inc. - Class B			25,615,715			0.4
82,079 (1)(2)	Norwegian Cruise Line Holdings Ltd.			912,718			0.0
611 (1)	NVR, Inc.			2,446,530			0.0
12,984 (1)	O’Reilly Automotive, Inc.			8,202,772			0.1
32,707 (1)(2)	Penn National Gaming, Inc.			994,947			0.0
7,893	Pool Corp.			2,772,258		��	0.0
46,943	Pulte Group, Inc.			1,860,351			0.0
13,777	PVH Corp.			783,911			0.0
9,113 (2)	Ralph Lauren Corp.			816,980			0.0
69,564	Ross Stores, Inc.			4,885,480			0.1
44,149 (1)	Royal Caribbean Cruises Ltd.			1,541,242			0.0
226,474	Starbucks Corp.			17,300,349			0.3
49,743	Tapestry, Inc.			1,518,156			0.0
91,350	Target Corp.			12,901,361			0.2

See Accompanying Notes to Financial Statements

110

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
165,777 (1)	Tesla, Inc.		$	111,637,547		1.7
232,009	TJX Cos., Inc.			12,957,703		0.2
22,102	Tractor Supply Co.			4,284,473		0.1
10,317 (1)	Ulta Beauty, Inc.			3,976,997		0.1
63,551 (2)	VF Corp.			2,807,048		0.1
11,103 (2)	Whirlpool Corp.			1,719,522		0.0
20,722 (1)(2)	Wynn Resorts Ltd.			1,180,740		0.0
56,334	Yum! Brands, Inc.			6,394,472		0.1
				664,198,034		10.2
	Consumer Staples: 6.7%
357,675	Altria Group, Inc.			14,940,085		0.2
111,163	Archer-Daniels-Midland Co.			8,626,249		0.1
35,980	Brown-Forman Corp. - Class B			2,524,357		0.0
39,803 (2)	Campbell Soup Co.			1,912,534		0.0
47,959	Church & Dwight Co., Inc.			4,443,881		0.1
24,228 (2)	Clorox Co.			3,415,663		0.1
770,744	Coca-Cola Co.			48,487,505		0.7
165,942	Colgate-Palmolive Co.			13,298,592		0.2
94,444	Conagra Brands, Inc.			3,233,763		0.1
32,154	Constellation Brands, Inc.			7,493,811		0.1
87,559	Costco Wholesale Corp.			41,965,278		0.6
45,760	Estee Lauder Cos., Inc.			11,653,699		0.2
118,761	General Mills, Inc.			8,960,518		0.1
28,840	Hershey Co.			6,205,214		0.1
55,548 (2)	Hormel Foods Corp.			2,630,753		0.0
21,335	JM Smucker Co.			2,731,093		0.0
50,371 (2)	Kellogg Co.			3,593,467		0.1
145,721 (2)	Keurig Dr Pepper, Inc.			5,157,066		0.1
66,559	Kimberly-Clark Corp.			8,995,449		0.1
139,776	Kraft Heinz Co.			5,331,057		0.1
129,603	Kroger Co.			6,134,110		0.1
28,588	Lamb Weston Holdings, Inc.			2,042,899		0.0
49,170 (2)	McCormick & Co., Inc.			4,093,403		0.1
37,093	Molson Coors Beverage Co.			2,021,939		0.0
273,337	Mondelez International, Inc.			16,971,494		0.3
74,292 (1)	Monster Beverage Corp.			6,886,868		0.1
273,148	PepsiCo, Inc.			45,522,846		0.7
306,223	Philip Morris International, Inc.			30,236,459		0.5
473,980	Procter & Gamble Co.			68,153,584		1.1
100,647	Sysco Corp.			8,525,807		0.1
57,579	Tyson Foods, Inc.			4,955,249		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
141,069	Walgreens Boots Alliance, Inc.		$	5,346,515		0.1
277,343	Walmart, Inc.			33,719,362		0.5
				440,210,569		6.7
	Energy: 4.2%
66,818	APA Corp.			2,331,948		0.0
184,777	Baker Hughes Co.			5,334,512		0.1
388,148	Chevron Corp.			56,196,068		0.9
255,520	ConocoPhillips			22,948,251		0.3
160,179	Coterra Energy, Inc.			4,131,016		0.1
121,256	Devon Energy Corp.			6,682,418		0.1
32,960	Diamondback Energy, Inc.			3,993,104		0.1
115,707 (2)	EOG Resources, Inc.			12,778,681		0.2
832,186	Exxon Mobil Corp.			71,268,409		1.1
178,185	Halliburton Co.			5,587,882		0.1
54,726 (2)	Hess Corp.			5,797,673		0.1
383,928	Kinder Morgan, Inc.			6,434,633		0.1
139,804	Marathon Oil Corp.			3,142,794		0.0
106,873	Marathon Petroleum Corp.			8,786,029		0.1
175,884	Occidental Petroleum Corp.			10,356,050		0.2
88,229	Oneok, Inc.			4,896,710		0.1
95,041	Phillips 66			7,792,412		0.1
44,453	Pioneer Natural Resources Co.			9,916,575		0.1
279,228	Schlumberger NV			9,985,193		0.2
80,493	Valero Energy Corp.			8,554,796		0.1
240,618	Williams Cos., Inc.			7,509,688		0.1
				274,424,842		4.2
	Financials: 10.5%
117,074	Aflac, Inc.			6,477,705		0.1
54,323	Allstate Corp.			6,884,354		0.1
120,501	American Express Co.			16,703,849		0.3
156,497	American International Group, Inc.			8,001,692		0.1
21,834	Ameriprise Financial, Inc.			5,189,505		0.1
41,956	Aon PLC			11,314,694		0.2
41,499	Arthur J. Gallagher & Co.			6,765,997		0.1
10,684	Assurant, Inc.			1,846,729		0.0
1,400,636	Bank of America Corp.			43,601,799		0.7
146,814	Bank of New York Mellon Corp.			6,123,612		0.1
357,402 (1)	Berkshire Hathaway, Inc. - Class B			97,577,894		1.5
28,134	Blackrock, Inc.			17,134,731		0.3
46,163	Brown & Brown, Inc.			2,693,149		0.0

See Accompanying Notes to Financial Statements

111

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
77,647	Capital One Financial Corp.		$	8,090,041		0.1
20,996	Cboe Global Markets, Inc.			2,376,537		0.0
297,936	Charles Schwab Corp.			18,823,597		0.3
83,704	Chubb Ltd.			16,454,532		0.3
29,505 (2)	Cincinnati Financial Corp.			3,510,505		0.1
383,625	Citigroup, Inc.			17,642,914		0.3
97,429	Citizens Financial Group, Inc.			3,477,241		0.1
70,929	CME Group, Inc.			14,519,166		0.2
25,730	Comerica, Inc.			1,888,067		0.0
55,504	Discover Financial Services			5,249,568		0.1
7,751	Everest Re Group Ltd.			2,172,450		0.0
7,442	Factset Research Systems, Inc.			2,861,970		0.0
135,536 (2)	Fifth Third Bancorp			4,554,010		0.1
35,293	First Republic Bank			5,089,251		0.1
55,361 (2)	Franklin Resources, Inc.			1,290,465		0.0
18,291	Globe Life, Inc.			1,782,824		0.0
67,848	Goldman Sachs Group, Inc.			20,152,213		0.3
64,967	Hartford Financial Services Group, Inc.			4,250,791		0.1
283,066 (2)	Huntington Bancshares, Inc.			3,405,284		0.1
110,619	Intercontinental Exchange, Inc.			10,402,611		0.2
67,194	Invesco Ltd.			1,083,839		0.0
580,213	JPMorgan Chase & Co.			65,337,786		1.0
182,874	Keycorp			3,150,919		0.0
31,930	Lincoln National Corp.			1,493,366		0.0
38,605	Loews Corp.			2,287,732		0.0
35,444	M&T Bank Corp.			5,649,419		0.1
7,487	MarketAxess Holdings, Inc.			1,916,747		0.0
99,405	Marsh & McLennan Cos., Inc.			15,432,626		0.2
136,551	Metlife, Inc.			8,574,037		0.1
31,842	Moody’s Corp.			8,660,069		0.1
276,456	Morgan Stanley			21,027,243		0.3
16,000	MSCI, Inc. - Class A			6,594,400		0.1
22,772 (2)	Nasdaq, Inc.			3,473,641		0.1
41,165	Northern Trust Corp.			3,971,599		0.1
81,703	PNC Financial Services Group, Inc.			12,890,282		0.2
46,423 (2)	Principal Financial Group, Inc.			3,100,592		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
115,542	Progressive Corp.		$	13,434,068		0.2
74,422 (2)	Prudential Financial, Inc.			7,120,697		0.1
38,273 (2)	Raymond James Financial, Inc.			3,421,989		0.1
185,463	Regions Financial Corp.			3,477,431		0.1
68,569	S&P Global, Inc.			23,111,867		0.4
12,351	Signature Bank			2,213,423		0.0
72,523	State Street Corp.			4,471,043		0.1
11,626 (1)	SVB Financial Group			4,592,154		0.1
99,069	Synchrony Financial			2,736,286		0.0
45,125 (2)	T. Rowe Price Group, Inc.			5,126,651		0.1
47,488	Travelers Cos, Inc.			8,031,646		0.1
262,817	Truist Financial Corp.			12,465,410		0.2
267,091 (2)	US Bancorp			12,291,528		0.2
748,782	Wells Fargo & Co.			29,329,791		0.4
22,024	Willis Towers Watson PLC			4,347,317		0.1
41,244	WR Berkley Corp.			2,815,316		0.0
29,852	Zions Bancorp NA			1,519,467		0.0
				683,460,128		10.5
	Health Care: 14.6%
345,898	Abbott Laboratories			37,581,818		0.6
349,092	AbbVie, Inc.			53,466,931		0.8
8,961 (1)	Abiomed, Inc.			2,217,937		0.0
59,137	Agilent Technologies, Inc.			7,023,701		0.1
14,438 (1)	Align Technology, Inc.			3,417,041		0.1
29,646	AmerisourceBergen Corp.			4,194,316		0.1
105,531	Amgen, Inc.			25,675,692		0.4
99,472	Baxter International, Inc.			6,389,087		0.1
56,314	Becton Dickinson & Co.			13,883,090		0.2
28,921 (1)	Biogen, Inc.			5,898,149		0.1
4,254 (1)	Bio-Rad Laboratories, Inc.			2,105,730		0.0
7,735	Bio-Techne Corp.			2,681,260		0.0
282,411 (1)	Boston Scientific Corp.			10,525,458		0.2
420,595	Bristol-Myers Squibb Co.			32,385,815		0.5
54,548	Cardinal Health, Inc.			2,851,224		0.0
35,262 (1)	Catalent, Inc.			3,783,260		0.1
115,544 (1)	Centene Corp.			9,776,178		0.2
9,935 (1)	Charles River Laboratories International, Inc.			2,125,792		0.0
62,677	Cigna Corp.			16,516,643		0.3
9,706	Cooper Cos., Inc.			3,039,143		0.0
259,048	CVS Health Corp.			24,003,388		0.4
127,834	Danaher Corp.			32,408,476		0.5
12,134 (1)	DaVita, Inc.			970,235		0.0
43,040	Dentsply Sirona, Inc.			1,537,819		0.0
77,539 (1)	DexCom, Inc.			5,778,982		0.1

See Accompanying Notes to Financial Statements

112

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
122,921 (1)	Edwards Lifesciences Corp.		$	11,688,558		0.2
47,626	Elevance Health, Inc.			22,983,355		0.4
155,794	Eli Lilly & Co.			50,513,089		0.8
247,789	Gilead Sciences, Inc.			15,315,838		0.2
44,947	HCA Healthcare, Inc.			7,553,793		0.1
27,302 (1)	Henry Schein, Inc.			2,095,155		0.0
49,217 (1)	Hologic, Inc.			3,410,738		0.1
24,989	Humana, Inc.			11,696,601		0.2
16,694 (1)	Idexx Laboratories, Inc.			5,855,087		0.1
31,035 (1)	Illumina, Inc.			5,721,613		0.1
37,039 (1)	Incyte Corp., Ltd.			2,813,853		0.0
70,912 (1)	Intuitive Surgical, Inc.			14,232,747		0.2
37,392 (1)	IQVIA Holdings, Inc.			8,113,690		0.1
519,832	Johnson & Johnson			92,275,378		1.4
18,330	Laboratory Corp. of America Holdings			4,295,819		0.1
28,717	McKesson Corp.			9,367,773		0.1
265,020	Medtronic PLC			23,785,545		0.4
499,564	Merck & Co., Inc.			45,545,250		0.7
4,480 (1)	Mettler Toledo International, Inc.			5,146,490		0.1
68,362 (1)	Moderna, Inc.			9,765,512		0.1
11,596 (1)	Molina Healthcare, Inc.			3,242,358		0.0
49,920 (2)	Organon & Co.			1,684,800		0.0
24,847	PerkinElmer, Inc.			3,533,740		0.1
1,108,429	Pfizer, Inc.			58,114,932		0.9
23,429 (2)	Quest Diagnostics, Inc.			3,115,588		0.0
21,341 (1)	Regeneron Pharmaceuticals, Inc.			12,615,305		0.2
28,791	Resmed, Inc.			6,035,457		0.1
19,713	STERIS Public Ltd. Co.			4,063,835		0.1
66,487	Stryker Corp.			13,226,259		0.2
9,223	Teleflex, Inc.			2,267,475		0.0
77,333	Thermo Fisher Scientific, Inc.			42,013,472		0.6
185,335	UnitedHealth Group, Inc.			95,193,616		1.5
13,261 (2)	Universal Health Services, Inc.			1,335,515		0.0
50,524 (1)	Vertex Pharmaceuticals, Inc.			14,237,158		0.2
238,108	Viatris, Inc.			2,492,991		0.0
12,017 (1)	Waters Corp.			3,977,387		0.1
14,585	West Pharmaceutical Services, Inc.			4,410,066		0.1

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
41,402	Zimmer Biomet Holdings, Inc.			$	4,349,694		0.1
93,150	Zoetis, Inc.				16,011,553		0.2
					954,334,250		14.6
	Industrials: 7.5%
112,440 (2)	3M Co.				14,550,860		0.2
24,789 (1)	Alaska Air Group, Inc.				992,799		0.0
17,660	Allegion Public Ltd.				1,728,914		0.0
127,526 (1)(2)	American Airlines Group, Inc.				1,617,030		0.0
45,544	Ametek, Inc.				5,004,830		0.1
25,873	AO Smith Corp.				1,414,736		0.0
109,865 (1)	Boeing Co.				15,020,743		0.2
168,436 (2)	Carrier Global Corp.				6,006,428		0.1
105,368	Caterpillar, Inc.	��			18,835,584		0.3
25,141	CH Robinson Worldwide, Inc.				2,548,543		0.0
17,182	Cintas Corp.				6,417,992		0.1
42,028 (1)	Copart, Inc.				4,566,762		0.1
429,524	CSX Corp.				12,481,967		0.2
28,041	Cummins, Inc.				5,426,775		0.1
55,217	Deere & Co.				16,535,835		0.3
126,007 (1)(2)	Delta Air Lines, Inc.				3,650,423		0.1
28,348	Dover Corp.				3,439,179		0.1
78,822	Eaton Corp. PLC				9,930,784		0.2
117,344	Emerson Electric Co.				9,333,542		0.1
24,167	Equifax, Inc.				4,417,244		0.1
33,353	Expeditors International Washington, Inc.				3,250,583		0.1
113,316	Fastenal Co.				5,656,735		0.1
47,104	FedEx Corp.				10,678,948		0.2
70,598	Fortive Corp.				3,839,119		0.1
25,841	Fortune Brands Home & Security, Inc.				1,547,359		0.0
12,610 (1)	Generac Holdings, Inc.				2,655,414		0.0
45,534	General Dynamics Corp.				10,074,397		0.2
217,436 (2)	General Electric Co.				13,844,150		0.2
134,478	Honeywell International, Inc.				23,373,621		0.4
74,721	Howmet Aerospace, Inc.				2,349,975		0.0
7,887 (2)	Huntington Ingalls Industries, Inc.				1,717,946		0.0
14,969	IDEX Corp.				2,718,819		0.0
55,988 (2)	Illinois Tool Works, Inc.				10,203,813		0.2
80,246	Ingersoll Rand, Inc.				3,376,752		0.1

See Accompanying Notes to Financial Statements

113

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
25,441	Jacobs Engineering Group, Inc.		$	3,234,314		0.0
16,540	JB Hunt Transport Services, Inc.			2,604,554		0.0
137,429	Johnson Controls International plc			6,580,101		0.1
38,102	L3Harris Technologies, Inc.			9,209,253		0.1
26,998	Leidos Holdings, Inc.			2,718,969		0.0
46,787	Lockheed Martin Corp.			20,116,538		0.3
47,237	Masco Corp.			2,390,192		0.0
70,641	Nielsen Holdings PLC			1,640,284		0.0
10,654	Nordson Corp.			2,156,796		0.0
47,208	Norfolk Southern Corp.			10,729,906		0.2
28,890	Northrop Grumman Corp.			13,825,887		0.2
18,138	Old Dominion Freight Line			4,648,407		0.1
83,668	Otis Worldwide Corp.			5,912,818		0.1
68,685	Paccar, Inc.			5,655,523		0.1
25,295	Parker Hannifin Corp.			6,223,835		0.1
32,580	Pentair PLC			1,491,187		0.0
28,390 (2)	Quanta Services, Inc.			3,558,403		0.1
293,814	Raytheon Technologies Corp.			28,238,464		0.4
41,118	Republic Services, Inc.			5,381,113		0.1
21,556	Robert Half International, Inc.			1,614,329		0.0
22,877	Rockwell Automation, Inc.			4,559,615		0.1
44,563 (2)	Rollins, Inc.			1,556,140		0.0
10,521	Snap-On, Inc.			2,072,953		0.0
116,622 (1)	Southwest Airlines Co.			4,212,387		0.1
29,823	Stanley Black & Decker, Inc.			3,127,240		0.0
42,490	Textron, Inc.			2,594,864		0.0
46,199	Trane Technologies PLC			5,999,864		0.1
10,244 (1)	TransDigm Group, Inc.			5,497,647		0.1
124,066	Union Pacific Corp.			26,460,796		0.4
64,546 (1)	United Airlines Holdings, Inc.			2,286,219		0.0
145,088	United Parcel Service, Inc. - Class B			26,484,363		0.4
14,258 (1)	United Rentals, Inc.			3,463,411		0.1
31,193	Verisk Analytics, Inc.			5,399,196		0.1
75,462	Waste Management, Inc.			11,544,177		0.2
36,082	Westinghouse Air Brake Technologies Corp.			2,961,611		0.0
8,520	WW Grainger, Inc.			3,871,744		0.1
35,503	Xylem, Inc.			2,775,625		0.0
				492,007,326		7.5

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology: 25.9%
125,128	Accenture PLC		$	34,741,789		0.5
93,342 (1)	Adobe, Inc.			34,168,772		0.5
320,130 (1)	Advanced Micro Devices, Inc.			24,480,341		0.4
31,989 (1)	Akamai Technologies, Inc.			2,921,555		0.1
117,921	Amphenol Corp.			7,591,754		0.1
103,428	Analog Devices, Inc.			15,109,796		0.2
17,179 (1)	ANSYS, Inc.			4,110,763		0.1
3,037,505	Apple, Inc.			415,287,684		6.4
174,830	Applied Materials, Inc.			15,906,033		0.2
44,455 (1)	Arista Networks, Inc.			4,167,212		0.1
42,972 (1)	Autodesk, Inc.			7,389,465		0.1
82,699	Automatic Data Processing, Inc.			17,370,098		0.3
80,656	Broadcom, Inc.			39,183,491		0.6
22,991	Broadridge Financial Solutions, Inc. ADR			3,277,367		0.1
54,564 (1)	Cadence Design Systems, Inc.			8,186,237		0.1
26,721	CDW Corp.			4,210,161		0.1
26,933 (1)	Ceridian HCM Holding, Inc.			1,268,006		0.0
820,654	Cisco Systems, Inc.			34,992,687		0.5
24,556	Citrix Systems, Inc.			2,386,106		0.0
103,413	Cognizant Technology Solutions Corp.			6,979,343		0.1
150,167 (2)	Corning, Inc.			4,731,762		0.1
48,133 (1)	DXC Technology Co.			1,458,911		0.0
26,675 (1)	Enphase Energy, Inc.			5,208,027		0.1
11,290 (1)	EPAM Systems, Inc.			3,328,066		0.1
11,958 (1)	F5, Inc.			1,830,052		0.0
120,657	Fidelity National Information Services, Inc.			11,060,627		0.2
114,925 (1)	Fiserv, Inc.			10,224,877		0.2
15,279 (1)	FleetCor Technologies, Inc.			3,210,271		0.1
131,605 (1)	Fortinet, Inc.			7,446,211		0.1
15,910 (1)	Gartner, Inc.			3,847,515		0.1
55,618	Global Payments, Inc.			6,153,576		0.1
256,841 (2)	Hewlett Packard Enterprise Co.			3,405,712		0.1
208,092	HP, Inc.			6,821,256		0.1
807,780	Intel Corp.			30,219,050		0.5
177,683	International Business Machines Corp.			25,087,063		0.4
55,869	Intuit, Inc.			21,534,147		0.3

See Accompanying Notes to Financial Statements

114

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Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
14,338	Jack Henry & Associates, Inc.		$	2,581,127		0.0
64,022	Juniper Networks, Inc.			1,824,627		0.0
36,038 (1)	Keysight Technologies, Inc.			4,967,838		0.1
29,481 (2)	KLA Corp.			9,406,797		0.1
27,465	Lam Research Corp.			11,704,210		0.2
169,651 (2)	Mastercard, Inc. - Class A			53,521,497		0.8
109,465	Microchip Technology, Inc.			6,357,727		0.1
220,464	Micron Technology, Inc.			12,187,250		0.2
1,477,479	Microsoft Corp.			379,460,932		5.8
8,661	Monolithic Power Systems, Inc.			3,326,170		0.1
33,049	Motorola Solutions, Inc.			6,927,070		0.1
43,763	NetApp, Inc.			2,855,098		0.0
114,558 (2)	NortonLifeLock, Inc.			2,515,694		0.0
494,667	Nvidia Corp.			74,986,571		1.2
51,870	NXP Semiconductor NV - NXPI - US			7,678,316		0.1
85,836 (1)	ON Semiconductor Corp.			4,318,409		0.1
310,985	Oracle Corp.			21,728,522		0.3
63,474	Paychex, Inc.			7,227,784		0.1
9,480 (1)	Paycom Software, Inc.			2,655,538		0.0
228,770 (1)	PayPal Holdings, Inc.			15,977,297		0.2
20,723 (1)	PTC, Inc.			2,203,684		0.0
21,348 (1)	Qorvo, Inc.			2,013,543		0.0
221,255	Qualcomm, Inc.			28,263,114		0.4
20,923	Roper Technologies, Inc.			8,257,262		0.1
196,271 (1)	Salesforce, Inc.			32,392,566		0.5
39,047	Seagate Technology Holdings PLC			2,789,518		0.0
39,601 (1)	ServiceNow, Inc.			18,831,068		0.3
31,791	Skyworks Solutions, Inc.			2,945,118		0.1
10,942 (1)	SolarEdge Technologies, Inc.			2,994,607		0.1
30,209 (1)	Synopsys, Inc.			9,174,473		0.1
63,645	TE Connectivity Ltd.			7,201,432		0.1
9,254 (1)	Teledyne Technologies, Inc.			3,471,268		0.1
32,093 (2)	Teradyne, Inc.			2,873,928		0.0
182,167	Texas Instruments, Inc.			27,989,960		0.4
49,419 (1)	Trimble, Inc.			2,877,668		0.0
8,193 (1)	Tyler Technologies, Inc.			2,724,009		0.0
19,026 (1)	VeriSign, Inc.			3,183,621		0.1
325,111 (2)	Visa, Inc. - Class A			64,011,105		1.0
61,608 (1)	Western Digital Corp.			2,761,887		0.0
10,451 (1)	Zebra Technologies Corp.			3,072,071		0.1
				1,691,536,159		25.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials: 2.5%
43,811	Air Products & Chemicals, Inc.		$	10,535,669		0.2
23,031	Albemarle Corp.			4,813,018		0.1
298,026 (2)	Amcor PLC			3,704,463		0.1
16,301	Avery Dennison Corp.			2,638,643		0.0
63,769	Ball Corp.			4,385,394		0.1
21,269	Celanese Corp. - Series A			2,501,447		0.0
41,209	CF Industries Holdings, Inc.			3,532,848		0.1
143,138	Corteva, Inc.			7,749,491		0.1
143,836	Dow, Inc.			7,423,376		0.1
100,982	DuPont de Nemours, Inc.			5,612,579		0.1
25,398	Eastman Chemical Co.			2,279,978		0.0
49,085	Ecolab, Inc.			7,547,310		0.1
24,955 (2)	FMC Corp.			2,670,434		0.0
286,301	Freeport-McMoRan, Inc.			8,377,167		0.1
50,343	International Flavors & Fragrances, Inc.			5,996,858		0.1
73,218 (2)	International Paper Co.			3,062,709		0.0
99,423 (2)	Linde PLC			28,587,095		0.4
51,130	LyondellBasell Industries NV - Class A			4,471,830		0.1
12,282	Martin Marietta Materials, Inc.			3,675,266		0.1
71,512	Mosaic Co.			3,377,512		0.1
157,001	Newmont Corp.			9,368,250		0.1
52,560	Nucor Corp.			5,487,790		0.1
18,702	Packaging Corp. of America			2,571,525		0.0
46,740	PPG Industries, Inc.			5,344,252		0.1
29,170	Sealed Air Corp.			1,683,692		0.0
47,278	Sherwin-Williams Co.			10,586,017		0.2
26,127	Vulcan Materials Co.			3,712,647		0.1
50,346	WestRock Co.			2,005,785		0.0
				163,703,045		2.5
	Real Estate: 2.8%
29,342 (2)	Alexandria Real Estate Equities, Inc.			4,255,470		0.1
91,801	American Tower Corp.			23,463,418		0.4
27,516	AvalonBay Communities, Inc.			5,344,983		0.1
27,987 (2)	Boston Properties, Inc.			2,490,283		0.0
21,043	Camden Property Trust			2,829,863		0.0
64,571 (1)	CBRE Group, Inc.			4,753,071		0.1
85,545	Crown Castle International Corp.			14,404,067		0.2
56,237	Digital Realty Trust, Inc.			7,301,250		0.1

See Accompanying Notes to Financial Statements

115

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PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
75,949 (2)	Duke Realty Corp.		$	4,173,398		0.1
17,981	Equinix, Inc.			11,813,877		0.2
67,281	Equity Residential			4,859,034		0.1
12,846	Essex Property Trust, Inc.			3,359,357		0.1
26,527	Extra Space Storage, Inc.			4,512,773		0.1
13,930	Federal Realty OP L.P.			1,333,658		0.0
106,179	Healthpeak Properties, Inc.			2,751,098		0.0
140,581 (2)	Host Hotels & Resorts, Inc.			2,204,310		0.0
57,007 (2)	Iron Mountain, Inc.			2,775,671		0.0
121,409 (2)	Kimco Realty Corp.			2,400,256		0.0
22,708	Mid-America Apartment Communities, Inc.			3,966,406		0.1
146,239	ProLogis, Inc.			17,205,018		0.3
30,168	Public Storage, Inc.			9,432,629		0.1
118,845 (2)	Realty Income Corp.			8,112,360		0.1
30,338	Regency Centers Corp.			1,799,347		0.0
21,417	SBA Communications Corp.			6,854,511		0.1
64,698	Simon Property Group, Inc.			6,141,134		0.1
58,880	UDR, Inc.			2,710,835		0.0
78,591	Ventas, Inc.			4,041,935		0.1
190,241 (2)	VICI Properties, Inc.			5,667,279		0.1
31,303 (2)	Vornado Realty Trust			894,953		0.0
89,681 (2)	Welltower, Inc.			7,385,230		0.1
147,130	Weyerhaeuser Co.			4,872,946		0.1
				184,110,420		2.8
	Utilities: 3.0%
131,264	AES Corp.			2,757,857		0.0
49,292	Alliant Energy Corp.			2,889,004		0.0
51,013 (2)	Ameren Corp.			4,609,535		0.1
101,450	American Electric Power Co., Inc.			9,733,113		0.1
35,742	American Water Works Co., Inc.			5,317,337		0.1
27,462 (2)	Atmos Energy Corp.			3,078,490		0.0
123,813	Centerpoint Energy, Inc.			3,662,389		0.1
57,049	CMS Energy Corp.			3,850,807		0.1
69,991	Consolidated Edison, Inc.			6,656,144		0.1
64,282	Constellation Energy Corp.			3,680,787		0.1
160,266 (2)	Dominion Energy, Inc.			12,790,829		0.2
38,145	DTE Energy Co.			4,834,879		0.1
152,093	Duke Energy Corp.			16,305,891		0.3
75,306	Edison International			4,762,351		0.1
40,176	Entergy Corp.			4,525,425		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
45,146	Evergy, Inc.		$	2,945,776		0.0
68,130	Eversource Energy			5,754,941		0.1
193,640	Exelon Corp.			8,775,765		0.1
112,260	FirstEnergy Corp.			4,309,661		0.1
388,086	NextEra Energy, Inc.			30,061,142		0.5
80,165	NiSource, Inc.			2,364,066		0.0
46,875	NRG Energy, Inc.			1,789,219		0.0
22,212 (2)	Pinnacle West Capital Corp.			1,624,141		0.0
145,377	PPL Corp.			3,944,078		0.1
98,628	Public Service Enterprise Group, Inc.			6,241,180		0.1
62,091	Sempra Energy			9,330,415		0.1
209,901	Southern Co.			14,968,040		0.2
62,104	WEC Energy Group, Inc.			6,250,147		0.1
107,596 (2)	Xcel Energy, Inc.			7,613,493		0.1
				195,426,902		3.0
	Total Common Stock (Cost $4,078,841,260)			6,302,450,761		96.5

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.9%
	Commercial Paper: 0.1%
4,429,000 (3)	Liberty Street Funding LLC, 1.550%, 07/01/2022
	(Cost $4,428,809)		4,428,809		0.1

	Floating Rate Notes: 0.2%
400,000 (3)	ANZ Bank, 1.660%, 08/18/2022		399,939		0.0
500,000 (3)	Bank of America N.A., 1.620%, 07/06/2022		499,998		0.1
275,000 (3)	Bank of Montreal, 1.650%, 07/25/2022		274,992		0.0
475,000 (3)	Bank of Nova Scotia, 1.650%, 07/12/2022		475,008		0.0
350,000 (3)	Bayeriche Landesbank of New York, 1.710%, 07/27/2022		350,002		0.0
425,000 (3)	Commonwealth Bank of Australia, 1.690%, 09/01/2022		424,895		0.0
475,000 (3)	Cooperatieve Rabobank U.A./New York, 1.640%, 07/11/2022		475,008		0.0

See Accompanying Notes to Financial Statements

116

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PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
475,000 (3)	Cooperatieve Rabobank U.A./New York, 1.650%, 08/03/2022		$	474,974		0.0
475,000 (3)	Credit Agricole, 1.650%, 08/04/2022			475,003		0.0
475,000 (3)	Credit Industriel et Commercial, 1.640%, 07/05/2022			475,006		0.0
450,000 (3)	Credit Industriel et Commercial, 1.650%, 07/07/2022			450,008		0.0
300,000 (3)	Credit Industriel et Commercial, 1.680%, 08/08/2022			299,985		0.0
250,000 (3)	Credit Suisse AG, 1.670%, 07/19/2022			250,011		0.0
400,000 (3)	Mitsubishi UFJ Trust and Banking Corp., 1.670%, 07/22/2022			399,988		0.0
250,000 (3)	Mizuho Bank Ltd., 1.690%, 07/28/2022			250,000		0.0
475,000 (3)	National Australia Bank Ltd., 1.640%, 08/08/2022			474,959		0.0
275,000 (3)	National Australia Bank Ltd., 1.660%, 08/15/2022			274,970		0.0
475,000 (3)	National Bank of Canada, 1.670%, 08/09/2022			474,968		0.0
475,000 (3)	Natixis SA, 1.630%, 07/11/2022			475,006		0.0
275,000 (3)	Royal Bank of Canada, 1.640%, 07/11/2022			275,004		0.0
425,000 (3)	Royal Bank of Canada, 1.660%, 08/16/2022			424,943		0.0
600,000 (3)	Skandinaviska Enskilda Banken AB, 1.650%, 07/20/2022			599,991		0.1
475,000 (3)	Societe Generale, 1.670%, 08/08/2022			475,048		0.0
425,000 (3)	Starbird Funding Corp., 1.690%, 08/23/2022			424,925		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Floating Rate Notes (continued)
400,000 (3)	Sumitomo Mitsui Trust Bank Ltd., 1.670%, 07/25/2022		$	399,994		0.0
475,000 (3)	Svenska Handelsbanken AB, 1.640%, 07/11/2022			475,006		0.0
250,000 (3)	Svenska Handelsbanken AB, 1.670%, 07/29/2022			249,992		0.0
475,000 (3)	Toronto-Dominion Bank, 1.650%, 07/25/2022			474,989		0.0
375,000 (3)	Toronto-Dominion Bank, 1.660%, 08/19/2022			374,961		0.0
500,000 (3)	Westpac Banking Corp., 1.650%, 08/02/2022			499,976		0.0
	Total Floating Rate Notes
	(Cost $12,349,549)			12,349,549		0.2

	Repurchase Agreements: 1.7%
2,521,261 (3)	Amherst Pierpoint Securities LLC, Repurchase Agreement dated 06/30/22, 1.54%, due 07/01/22 (Repurchase Amount $2,521,367, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-5.000%, Market Value plus accrued interest $2,571,686, due 09/15/26-07/01/52)			2,521,261		0.0

See Accompanying Notes to Financial Statements

117

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Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
2,875,089 (3)	Bethesda Securities LLC, Repurchase Agreement dated 06/30/22, 1.58%, due 07/01/22 (Repurchase Amount $2,875,213, collateralized by various U.S. Government Agency Obligations, 2.000%-5.500%, Market Value plus accrued interest $2,961,342, due 04/01/23-05/01/52)		$	2,875,089		0.1
23,522,003 (3)	Cantor Fitzgerald Securities, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $23,523,002, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-9.000%, Market Value plus accrued interest $23,992,443, due 08/01/22-01/20/68)			23,522,003		0.4
7,269,222 (3)	CF Secured LLC, Repurchase Agreement dated 06/30/22, 1.48%-1.55%, due 07/01/22 (Repurchase Amount $7,269,523, collateralized by various U.S. Gov’t/U.S. Gov’t Agency Obligations, 0.000%-4.610%, Market Value plus accrued interest $7,414,607, due 09/15/22-07/20/67)			7,269,222		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
13,147,555 (3)	Citadel Securities LLC, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $13,148,113, collateralized by various U.S. Government Securities, 0.000%-7.250%, Market Value plus accrued interest $13,411,186, due 07/21/22-05/15/52)		$	13,147,555		0.2
7,150,928 (3)	Industrial & Comm. Bank of China, Repurchase Agreement dated 06/30/22, 1.50%, due 07/01/22 (Repurchase Amount $7,151,222, collateralized by various U.S. Government Securities, 0.000%-3.250%, Market Value plus accrued interest $7,293,947, due 12/29/22-06/30/27)			7,150,928		0.1
8,056,446 (3)	Mirae Asset Securities USA Inc., Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $8,056,797, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.550%-8.250%, Market Value plus accrued interest $8,217,938, due 08/01/22-02/20/72)			8,056,446		0.1

See Accompanying Notes to Financial Statements

118

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PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
34,068,444 (3)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $34,069,928, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $34,749,839, due 07/01/22-09/09/49)		$	34,068,444		0.5
15,410,407 (3)	State of Wisconsin Investment Board, Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $15,411,061, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $15,718,639, due 01/15/25-02/15/51)			15,410,407		0.2
	Total Repurchase Agreements (Cost $114,021,355)			114,021,355		1.7

	Time Deposits: 0.5%
4,280,000 (3)	Barclays Bank PLC, 1.590%, 07/01/2022			4,280,000		0.1
1,340,000 (3)	Canadian Imperial Bank of Commerce, 1.550%, 07/01/2022			1,340,000		0.0
4,230,000 (3)	DZ Bank AG, 1.550%, 07/01/2022			4,230,000		0.1
3,980,000 (3)	Landesbank Baden-Wurttemberg, 1.570%, 07/01/2022			3,980,000		0.1
4,020,000 (3)	Mizuho Bank Ltd., 1.570%, 07/01/2022			4,020,000		0.1
3,590,000 (3)	Royal Bank of Canada, 1.570%, 07/01/2022			3,590,000		0.0
3,680,000 (3)	Skandinaviska Enskilda Banken AB, 1.560%, 07/01/2022			3,680,000		0.0

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Time Deposits (continued)
3,820,000 (3)	Societe Generale, 1.550%, 07/01/2022		$	3,820,000		0.1
3,390,000 (3)	Toronto-Dominion Bank, 1.560%, 07/01/2022			3,390,000		0.0
	Total Time Deposits (Cost $32,330,000)			32,330,000		0.5

Shares		Value			Percentage of Net Assets
	Mutual Funds: 3.4%
3,121,000 (3)(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320%			3,121,000		0.0
3,704,000 (3)(4)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.380%			3,704,000		0.1
215,437,000 (3)(4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%			215,437,000		3.3
	Total Mutual Funds (Cost $222,262,000)			222,262,000		3.4
	Total Short-Term Investments (Cost $385,391,713)			385,391,713		5.9
	Total Investments in Securities (Cost $4,464,232,973)		$	6,687,842,474		102.4
	Liabilities in Excess of Other Assets			(156,246,838)		(2.4)
	Net Assets		$	6,531,595,636		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

Rate shown is the 7-day yield as of June 30, 2022.

See Accompanying Notes to Financial Statements

119

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PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock*		$	6,302,450,761		$	—		$	—		$	6,302,450,761
Short-Term Investments			222,262,000			163,129,713			—			385,391,713
Total Investments, at fair value		$	6,524,712,761		$	163,129,713		$	—		$	6,687,842,474
Liabilities Table
Other Financial Instruments+
Futures		$	(7,103,446)		$	—		$	—		$	(7,103,446)
Total Liabilities		$	(7,103,446)		$	—		$	—		$	(7,103,446)

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 June 30, 2022, the following futures contracts were outstanding for Voya U.S. Stock Index Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
S&P 500® E-Mini		1,197		09/16/22		$	226,801,575		$	(7,103,446)
						$	226,801,575		$	(7,103,446)

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	7,103,446
			$	7,103,446

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).

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya U.S. Stock Index Portfolio

as of June 30, 2022 (Unaudited) (continued)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(17,982,000)
Total		$	(17,982,000)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(9,870,072)
Total		$	(9,870,072)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $4,488,432,907.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,416,494,712
Gross Unrealized Depreciation		(224,188,591)
Net Unrealized Appreciation	$	2,192,306,121

See Accompanying Notes to Financial Statements

121

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® CBRE Real Estate Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 99.0%
	Diversified REITs: 1.2%
102,303	STORE Capital Corp.		$	2,668,062		1.2

	Health Care REITs: 7.5%
76,900 (1)	Healthcare Realty Trust, Inc.			2,091,680		0.9
162,089	Healthcare Trust of America, Inc.			4,523,904		2.0
107,421	Ventas, Inc.			5,524,662		2.5
56,238	Welltower, Inc.			4,631,199		2.1
				16,771,445		7.5
	Hotel & Resort REITs: 4.9%
166,700 (2)	DiamondRock Hospitality Co.			1,368,607		0.6
282,300	Park Hotels & Resorts, Inc.			3,830,811		1.7
359,300 (2)	Sunstone Hotel Investors, Inc.			3,564,256		1.6
159,600 (2)	Xenia Hotels & Resorts, Inc.			2,318,988		1.0
				11,082,662		4.9
	Industrial REITs: 16.8%
75,900	First Industrial Realty Trust, Inc.			3,603,732		1.6
201,971	ProLogis, Inc.			23,761,888		10.6
111,900	Rexford Industrial Realty, Inc.			6,444,321		2.9
127,952	STAG Industrial, Inc.			3,951,158		1.7
				37,761,099		16.8
	Office REITs: 7.4%
49,537	Alexandria Real Estate Equities, Inc.			7,184,351		3.2
202,272	Hudson Pacific Properties, Inc.			3,001,716		1.3
346,200	Paramount Group, Inc.			2,503,026		1.1
301,339	Piedmont Office Realty Trust, Inc.			3,953,568		1.8
				16,642,661		7.4
	Real Estate Operating Companies: 1.2%
264,755	Tricon Residential, Inc.			2,684,616		1.2

	Residential REITs: 21.9%
92,853	Apartment Income REIT Corp.			3,862,685		1.7
41,881	AvalonBay Communities, Inc.			8,135,384		3.6
41,926	Camden Property Trust			5,638,209		2.5
30,959	Essex Property Trust, Inc.			8,096,088		3.6
101,300	Independence Realty Trust, Inc.			2,099,949		1.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Residential REITs (continued)
236,480	Invitation Homes, Inc.		$	8,413,958		3.8
29,787	NexPoint Residential Trust, Inc.			1,861,985		0.8
68,585	Sun Communities, Inc.			10,929,706		4.9
				49,037,964		21.9
	Retail REITs: 12.3%
78,000	Getty Realty Corp.			2,067,000		0.9
157,681	Realty Income Corp.			10,763,305		4.8
127,300	Retail Opportunity Investments Corp.			2,008,794		0.9
102,813	Simon Property Group, Inc.			9,759,010		4.3
80,300	Spirit Realty Capital, Inc.			3,033,734		1.4
				27,631,843		12.3
	Specialized REITs: 25.8%
7,854	Crown Castle International Corp.			1,322,456		0.6
250,997	CubeSmart			10,722,592		4.8
30,926	Equinix, Inc.			20,319,001		9.1
58,499	Extra Space Storage, Inc.			9,951,850		4.4
130,000	Four Corners Property Trust, Inc.			3,456,700		1.6
74,974	Life Storage, Inc.			8,371,597		3.7
122,098	VICI Properties, Inc.			3,637,299		1.6
				57,781,495		25.8
	Total Common Stock (Cost $232,048,120)			222,061,847		99.0

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.6%

Repurchase Agreements: 0.0%

57,401 (3)

National Bank Financial,
Repurchase Agreement
dated 06/30/22, 1.59%,
due 07/01/22 (Repurchase
Amount $57,404,
collateralized by various
U.S. Government
Securities,
0.000%-2.750%, Market
Value plus accrued interest
$58,549, due
07/01/22-09/09/49)

(Cost $57,401)

57,401

0.0

See Accompanying Notes to Financial Statements

122

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

VY® CBRE Real Estate Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.6%
1,247,414 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $1,247,414)		$	1,247,414		0.6
	Total Short-Term Investments (Cost $1,304,815)			1,304,815		0.6
	Total Investments in Securities (Cost $233,352,935)		$	223,366,662		99.6
	Assets in Excess of Other Liabilities			866,748		0.4
	Net Assets		$	224,233,410		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

(2)

Non-income producing security.

(3)

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

(4)

Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock*		$	222,061,847		$	—		$	—		$	222,061,847
Short-Term Investments			1,247,414			57,401			—			1,304,815
Total Investments, at fair value		$	223,309,261		$	57,401		$	—		$	223,366,662

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 June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $238,954,934.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	11,826,038
Gross Unrealized Depreciation		(27,414,284)
Net Unrealized Depreciation	$	(15,588,246)

See Accompanying Notes to Financial Statements

123

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 96.9%
	Communication Services: 1.5%
31,400 (1)	Bandwidth, Inc.		$	590,948		0.1
9,300 (1)	Bumble, Inc.			261,795		0.1
26,600 (1)	Cars.com, Inc.			250,838		0.1
27,600 (1)	Cinemark Holdings, Inc.			414,552		0.1
13,100 (1)	EchoStar Corp.			252,830		0.1
22,300	Gray Television, Inc.			376,647		0.1
26,800 (1)	IDT Corp.			674,020		0.1
66,100 (1)	Imax Corp.			1,116,429		0.2
28,633 (1)	Liberty Latin America Ltd.			223,051		0.0
31,600 (1)	Liberty Latin America Ltd. - Class A			246,480		0.0
109,310 (1)	Liberty TripAdvisor Holdings, Inc.			82,704		0.0
61,100 (1)	Lions Gate Entertainment Corp. - Class A			568,841		0.1
17,800 (1)	Ooma, Inc.			210,752		0.0
16,900	Sinclair Broadcast Group, Inc.			344,760		0.1
17,900 (1)	Thryv Holdings, Inc.			400,781		0.1
22,900 (1)	Yelp, Inc.			635,933		0.1
10,700 (1)	Ziff Davis, Inc.			797,471		0.2
				7,448,832		1.5
	Consumer Discretionary: 8.9%
4,750	Aaron’s Co., Inc./The			69,112		0.0
17,100	Academy Sports & Outdoors, Inc.			607,734		0.1
64,051	Acushnet Holdings Corp.			2,669,646		0.5
53,900 (1)	American Axle & Manufacturing Holdings, Inc.			405,867		0.1
34,300	Bloomin Brands, Inc.			570,066		0.1
9,600	Bluegreen Vacations Holding Corp.			239,616		0.0
4,800	Boyd Gaming Corp.			238,800		0.0
32,014 (1)	Bright Horizons Family Solutions, Inc.			2,705,823		0.5
2,400 (1)	Brinker International, Inc.			52,872		0.0
48,545	Brunswick Corp.			3,173,872		0.6
25,904	Carter’s, Inc.			1,825,714		0.4
74,800 (1)	Chegg, Inc.			1,404,744		0.3
3,200 (1)	CROCS, Inc.			155,744		0.0
7,150 (1)	Deckers Outdoor Corp.			1,825,752		0.4
3,900 (2)	Dillards, Inc.			860,223		0.2
6,600	Dine Brands Global, Inc.			429,528		0.1
38,900 (1)	Everi Holdings, Inc.			634,459		0.1
2,800 (1)	Genesco, Inc.			139,748		0.0
4,000 (1)	G-III Apparel Group Ltd.			80,920		0.0
41,349 (1)	Goodyear Tire & Rubber Co.			442,848		0.1
5,350	Group 1 Automotive, Inc.			908,430		0.2
2,400 (1)	Helen of Troy Ltd.			389,784		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Discretionary (continued)
10,900	Hibbett, Inc.		$	476,439		0.1
10,300	Kontoor Brands, Inc.			343,711		0.1
27,064	LCI Industries			3,027,920		0.6
116,198 (1)	Leslie’s, Inc.			1,763,886		0.3
31,500	Lifetime Brands, Inc.			347,760		0.1
6,500	Marriott Vacations Worldwide Corp.			755,300		0.2
3,800 (1)	Meritage Homes Corp.			275,500		0.1
22,254 (1)	Monarch Casino & Resort, Inc.			1,305,642		0.3
12,600	Movado Group, Inc.			389,718		0.1
41,673 (1)	National Vision Holdings, Inc.			1,146,008		0.2
4,396 (1)	ODP Corp./The			132,935		0.0
3,300 (1)	Overstock.com, Inc.			82,533		0.0
6,900	Patrick Industries, Inc.			357,696		0.1
37,752 (1)	Planet Fitness, Inc.			2,567,514		0.5
11,800 (1)(2)	PLBY Group, Inc.			75,520		0.0
2,800	RCI Hospitality Holdings, Inc.			135,408		0.0
37,400	Rent-A-Center, Inc.			727,430		0.1
36,200 (1)	SeaWorld Entertainment, Inc.			1,599,316		0.3
9,100	Shutterstock, Inc.			521,521		0.1
17,800	Signet Jewelers Ltd.			951,588		0.2
21,600 (1)	Sonos, Inc.			389,664		0.1
37,000 (1)	Taylor Morrison Home Corp.			864,320		0.2
25,680	Thor Industries, Inc.			1,919,066		0.4
43,500 (1)	Tri Pointe Homes, Inc.			733,845		0.1
8,400 (1)	Tupperware Brands Corp.			53,256		0.0
162,302	Wendy’s Company			3,064,262		0.6
9,300 (1)	WW International, Inc.			59,427		0.0
29,494 (1)(2)	Xometry, Inc.			1,000,731		0.2
12,600 (1)	Zumiez, Inc.			327,600		0.1
				45,226,818		8.9
	Consumer Staples: 5.0%
13,600	Andersons, Inc.			448,664		0.1
80,958 (1)	BJ’s Wholesale Club Holdings, Inc.			5,045,303		1.0
14,790	Casey’s General Stores, Inc.			2,735,854		0.5
37,300 (1)	Central Garden & Pet Co. - Class A - CENTA			1,492,373		0.3
700	Coca-Cola Consolidated, Inc.			394,730		0.1
16,700 (1)	Darling Ingredients, Inc.			998,660		0.2
27,300	Edgewell Personal Care Co.			942,396		0.2
23,800 (1)	elf Beauty, Inc.			730,184		0.2
48,000 (1)	Herbalife Nutrition Ltd.			981,600		0.2

See Accompanying Notes to Financial Statements

124

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Consumer Staples (continued)
2,400	Medifast, Inc.		$	433,224		0.1
92,594 (1)	Performance Food Group Co.			4,257,472		0.8
227,719	Primo Water Corp.			3,046,880		0.6
3,200 (1)	Seneca Foods Corp.			177,728		0.0
40,700	SpartanNash Co.			1,227,919		0.2
25,600 (1)	Sprouts Farmers Market, Inc.			648,192		0.1
155,567 (2)	Utz Brands, Inc.			2,149,936		0.4
				25,711,115		5.0
	Energy: 2.5%
1,100 (1)	Antero Resources Corp.			33,715		0.0
6,350	Arch Resources, Inc.			908,621		0.2
7,975	Berry Corp.			60,770		0.0
39,000	ChampionX Corp.			774,150		0.2
13,400 (1)	CNX Resources Corp.			220,564		0.0
11,800	CVR Energy, Inc.			395,300		0.1
6,820 (1)	Delek US Holdings, Inc.			176,229		0.0
13,000 (1)	Green Plains, Inc.			353,210		0.1
31,500	Magnolia Oil & Gas Corp.			661,185		0.1
25,700	Matador Resources Co.			1,197,363		0.2
12,100	Murphy Oil Corp.			365,299		0.1
12,800 (1)	National Energy Services Reunited Corp.			86,784		0.0
86,600 (1)	NexTier Oilfield Solutions, Inc.			823,566		0.2
3,300	Oasis Petroleum, Inc.			401,445		0.1
38,055	Ovintiv, Inc.			1,681,650		0.3
30,800	Patterson-UTI Energy, Inc.			485,408		0.1
13,600 (1)	PBF Energy, Inc.			394,672		0.1
19,600	PDC Energy, Inc.			1,207,556		0.2
11,500 (1)	Peabody Energy Corp.			245,295		0.1
1,200 (1)	REX American Resources Corp.			101,760		0.0
67,800 (1)	Select Energy Services, Inc.			462,396		0.1
20,600	SM Energy Co.			704,314		0.1
28,900	Solaris Oilfield Infrastructure, Inc.			314,432		0.1
116,550 (1)	Southwestern Energy Co.			728,438		0.1
				12,784,122		2.5
	Financials: 16.9%
10,500	Amalgamated Financial Corp.			207,690		0.0
2,500	American Equity Investment Life Holding Co.			91,425		0.0
6,482	Ameris Bancorp.			260,447		0.1
51,500	Ares Commercial Real Estate Corp.			629,845		0.1
75,010 (1)	AssetMark Financial Holdings, Inc.			1,407,938		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
9,500	Associated Banc-Corp.		$	173,470		0.0
4,700	Atlantic Union Bankshares Corp.			159,424		0.0
9,000 (1)	Axos Financial, Inc.			322,650		0.1
21,400	Banc of California, Inc.			377,068		0.1
27,600	Bank of NT Butterfield & Son Ltd.			860,844		0.2
77,767	BankUnited, Inc.			2,766,172		0.5
3,800	Bar Harbor Bankshares			98,268		0.0
40,400	Blackstone Mortgage Trust, Inc.			1,117,868		0.2
26,300 (1)	Blucora, Inc.			485,498		0.1
10,100	Business First Bancshares, Inc.			215,231		0.0
4,200	Byline Bancorp, Inc.			99,960		0.0
21,100	Cadence Bank			495,428		0.1
2,400	Capital Bancorp, Inc.			52,080		0.0
10,600	Capital City Bank Group, Inc.			295,634		0.1
15,900	Capstar Financial Holdings, Inc.			311,958		0.1
8,100	Cathay General Bancorp.			317,115		0.1
3,200	Central Pacific Financial Corp.			68,640		0.0
1,300 (1)	Coastal Financial Corp./ WA			49,556		0.0
35,430	Commerce Bancshares, Inc.			2,325,980		0.5
3,800	Community Bank System, Inc.			240,464		0.1
1,147	Community Trust Bancorp, Inc.			46,385		0.0
46,000	ConnectOne Bancorp, Inc.			1,124,700		0.2
9,900	Cowen, Inc.			234,531		0.1
19,942	Cullen/Frost Bankers, Inc.			2,322,246		0.5
14,300 (1)	Customers Bancorp, Inc.			484,770		0.1
50,500	CVB Financial Corp.			1,252,905		0.3
3,300	Dime Community Bancshares, Inc.			97,845		0.0
33,500 (1)	Donnelley Financial Solutions, Inc.			981,215		0.2
23,500	Ellington Financial, Inc.			344,745		0.1
3,000	Employers Holdings, Inc.			125,670		0.0
18,300 (1)	Encore Capital Group, Inc.			1,057,191		0.2
3,492	Enterprise Financial Services Corp.			144,918		0.0
29,800	Essent Group Ltd.			1,159,220		0.2
23,102	Evercore, Inc.			2,162,578		0.4
3,300	FB Financial Corp.			129,426		0.0
10,400	Financial Institutions, Inc.			270,608		0.1
79,700	First BanCorp. Puerto Rico			1,028,927		0.2

See Accompanying Notes to Financial Statements

125

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
3,100	First Bank/Hamilton NJ		$	43,338		0.0
117	First Citizens BancShares, Inc.			76,492		0.0
18,400	First Commonwealth Financial Corp.			246,928		0.1
111,748	First Financial Bancorp.			2,167,911		0.4
4,800	First Financial Corp.			213,600		0.0
11,000	First Foundation, Inc.			225,280		0.1
105,294	First Hawaiian, Inc.			2,391,227		0.5
43,140	First Horizon Corp.			943,040		0.2
3,200	First Internet Bancorp			117,824		0.0
33,243	First Interstate Bancsystem, Inc.			1,266,891		0.3
3,300	First Merchants Corp.			117,546		0.0
9,000	Flagstar Bancorp, Inc.			319,050		0.1
44,000	FNB Corp.			477,840		0.1
95,838 (1)	Focus Financial Partners, Inc.			3,264,242		0.6
15,600 (2)	GCM Grosvenor, Inc.			106,860		0.0
3,400	Great Southern Bancorp., Inc.			199,104		0.0
16,100	Hancock Whitney Corp.			713,713		0.1
13,050	Hanmi Financial Corp.			292,842		0.1
1,800	Hannon Armstrong Sustainable Infrastructure Capital, Inc.			68,148		0.0
10,700	HBT Financial, Inc.			191,209		0.0
4,200	Heartland Financial USA, Inc.			174,468		0.0
12,600	Heritage Commerce Corp.			134,694		0.0
18,100	Home Bancshares, Inc./Conway AR			375,937		0.1
5,500	HomeStreet, Inc.			190,685		0.0
19,100	Kearny Financial Corp./MD			212,201		0.0
18,750	Kinsale Capital Group, Inc.			4,305,750		0.9
54,500	KKR Real Estate Finance Trust, Inc.			951,025		0.2
37,300	Ladder Capital Corp.			393,142		0.1
7,500	Lakeland Bancorp, Inc.			109,650		0.0
7,200	Luther Burbank Corp.			93,960		0.0
1,200	Merchants Bancorp/IN			27,204		0.0
5,600	Meta Financial Group, Inc.			216,552		0.0
31,600	MGIC Investment Corp.			398,160		0.1
2,100	Mid Penn Bancorp, Inc.			56,637		0.0
2,000	MidWestOne Financial Group, Inc.			59,440		0.0
62,267	Moelis & Co.			2,450,206		0.5
12,074	Morningstar, Inc.			2,919,855		0.6
4,850 (1)	Mr Cooper Group, Inc.			178,189		0.0
800	MVB Financial Corp.			24,888		0.0

Shares		Value				Percentage of Net Assets
COMMON STOCK: (continued)
	Financials (continued)
3,000	National Bank Holdings Corp.		$	114,810			0.0
9,000	Navient Corp.			125,910			0.0
2,100	Nelnet, Inc.			179,025			0.0
21,700 (1)	NMI Holdings, Inc.			361,305			0.1
49,100	OceanFirst Financial Corp.			939,283			0.2
20,400	OFG Bancorp			518,160			0.1
34,900	Old National Bancorp.			516,171			0.1
14,500	Old Second Bancorp, Inc.			194,010			0.0
5,850	Origin Bancorp, Inc.			226,980			0.1
14,725	PacWest Bancorp			392,569			0.1
5,900	Peapack-Gladstone Financial Corp.			175,230			0.0
3,300	Peoples Bancorp., Inc.			87,780			0.0
8,300	PJT Partners, Inc.			583,324			0.1
29,300	Popular, Inc.			2,254,049			0.4
15,300	Provident Bancorp, Inc.			240,210			0.1
6,100	QCR Holdings, Inc.			329,339			0.1
59,300	Radian Group, Inc.			1,165,245			0.2
16,100	Ready Capital Corp.			191,912			0.0
25,800	Redwood Trust, Inc.			198,918			0.0
1,300	Republic Bancorp., Inc.			62,725			0.0
39,894	RLI Corp.			4,651,241			0.9
1,300	Selective Insurance Group			113,022			0.0
29,585	ServisFirst Bancshares, Inc.			2,334,848			0.5
2,100	Sierra Bancorp.			45,633			0.0
14,687	Signature Bank			2,632,057			0.5
12,300	SmartFinancial, Inc.			297,168			0.1
1,200	South Plains Financial, Inc.			28,968			0.0
3,300	Southside Bancshares, Inc.			123,486			0.0
5,000	SouthState Corp.			385,750			0.1
102,859	StepStone Group, Inc.			2,677,420			0.5
8,950	Stifel Financial Corp.			501,379			0.1
6,300	Synovus Financial Corp.			227,115			0.1
21,100	TPG RE Finance Trust, Inc.			190,111			0.0
9,600	Trico Bancshares			438,144			0.1
10,200	United Community Banks, Inc./GA			307,938			0.1
32,600	Valley National Bancorp			339,366			0.1
13,300	Veritex Holdings, Inc.			389,158			0.1
875	Virtus Investment Partners, Inc.			149,643			0.0
2,100	Walker & Dunlop, Inc.			202,314			0.0
7,500	Washington Federal, Inc.			225,150			0.1
8,908	Webster Financial Corp.			375,472			0.1
51,298	Western Alliance Bancorp.			3,621,639	��		0.7
45,044	Wintrust Financial Corp.			3,610,277			0.7
9,900	Zions Bancorp NA			503,910			0.1
				86,342,425			16.9

See Accompanying Notes to Financial Statements

126

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care: 15.4%
48,606 (1)	2seventy bio, Inc.		$	641,599		0.1
46,500 (1)	Aclaris Therapeutics, Inc.			649,140		0.1
63,800 (1)(2)	Adagio Therapeutics, Inc.			209,264		0.0
59,000 (1)	AdaptHealth Corp.			1,064,360		0.2
5,500 (1)	Adaptive Biotechnologies Corp.			44,495		0.0
141,913 (1)	Agiliti, Inc.			2,910,636		0.6
15,900 (1)	Alector, Inc.			161,544		0.0
15,300 (1)	Allogene Therapeutics, Inc.			174,420		0.0
45,100 (1)	Allscripts Healthcare Solutions, Inc.			668,833		0.1
21,500 (1)	Alphatec Holdings, Inc.			140,610		0.0
148,200 (1)	Amicus Therapeutics, Inc.			1,591,668		0.3
41,900 (1)(2)	AnaptysBio, Inc.			850,570		0.2
17,000 (1)	Arrowhead Pharmaceuticals, Inc.			598,570		0.1
18,200 (1)	Arvinas, Inc.			766,038		0.2
3,200 (1)	Atara Biotherapeutics, Inc.			24,928		0.0
28,900 (1)	Axsome Therapeutics, Inc.			1,106,870		0.2
22,038	Azenta, Inc.			1,588,940		0.3
10,800 (1)	Beam Therapeutics, Inc.			418,068		0.1
3,200 (1)	Biohaven Pharmaceutical Holding Co. Ltd.			466,272		0.1
1,320 (1)	Bluebird Bio, Inc.			5,465		0.0
7,000 (1)	Blueprint Medicines Corp.			353,570		0.1
8,200 (1)	Bridgebio Pharma, Inc.			74,456		0.0
8,600 (1)	Cara Therapeutics, Inc.			78,518		0.0
4,500 (1)	CareDx, Inc.			96,660		0.0
67,700 (1)	Catalyst Pharmaceuticals, Inc.			474,577		0.1
100,748 (1)	Certara, Inc.			2,162,052		0.4
7,357	Chemed Corp.			3,453,302		0.7
20,660 (1)	Chinook Therapeutics, Inc.			361,343		0.1
20,900 (1)	Coherus Biosciences, Inc.			151,316		0.0
16,800 (1)	Cross Country Healthcare, Inc.			349,944		0.1
45,851 (1)(2)	CTI BioPharma Corp.			273,731		0.1
28,600 (1)	Cutera, Inc.			1,072,500		0.2
28,326 (1)	Decibel Therapeutics, Inc.			119,252		0.0
78,604 (1)(2)	Definitive Healthcare Corp.			1,802,390		0.4
15,800 (1)	Enanta Pharmaceuticals, Inc.			746,866		0.1
68,225	Encompass Health Corp.			3,824,011		0.8
79,151 (1)	Envista Holdings Corp.			3,050,480		0.6
40,400 (1)(2)	Fate Therapeutics, Inc.			1,001,112		0.2
— (1)	Gritstone bio, Inc.			—		—
15,000 (1)	Hanger, Inc.			214,800		0.0
59,456 (1)	HealthEquity, Inc.			3,650,004		0.7
4,100 (1)	Heska Corp.			387,491		0.1
21,661 (1)	ICU Medical, Inc.			3,560,852		0.7
2,500 (1)	Inogen, Inc.			60,450		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
3,200 (1)	Inspire Medical Systems, Inc.		$	584,544		0.1
13,600 (1)	Intellia Therapeutics, Inc.			703,936		0.1
17,300 (1)	iRhythm Technologies, Inc.			1,868,919		0.4
12,600 (1)	Jounce Therapeutics, Inc.			38,178		0.0
21,900 (1)	Kronos Bio, Inc.			79,716		0.0
56,600 (1)	Kura Oncology, Inc.			1,037,478		0.2
21,100 (1)	Kymera Therapeutics, Inc.			415,459		0.1
7,300 (1)	Lantheus Holdings, Inc.			482,019		0.1
1,800 (1)	LHC Group, Inc.			280,332		0.1
10,800 (1)	MeiraGTx Holdings plc			81,756		0.0
6,500 (1)	Merit Medical Systems, Inc.			352,755		0.1
6,800 (1)	ModivCare, Inc.			574,600		0.1
33,600 (1)	Myriad Genetics, Inc.			610,512		0.1
7,600 (1)	Natera, Inc.			269,344		0.1
4,900	National Healthcare Corp.			342,510		0.1
12,500 (1)	Natus Medical, Inc.			409,625		0.1
35,559 (1)	Neogen Corp.			856,616		0.2
75,600 (1)	NextGen Healthcare, Inc.			1,318,464		0.3
21,600 (1)	NGM Biopharmaceuticals, Inc.			276,912		0.1
36,300 (1)	NuVasive, Inc.			1,784,508		0.3
11,900 (1)	Omnicell, Inc.			1,353,625		0.3
70,400 (1)	Option Care Health, Inc.			1,956,416		0.4
26,100 (1)	Orthofix Medical, Inc.			614,394		0.1
5,200 (1)	Outset Medical, Inc.			77,272		0.0
19,400	Owens & Minor, Inc.			610,130		0.1
5,500	Phibro Animal Health Corp.			105,215		0.0
43,000 (1)(2)	PMV Pharmaceuticals, Inc.			612,750		0.1
58,156 (1)	Progyny, Inc.			1,689,432		0.3
4,000 (1)	Prothena Corp. PLC			108,600		0.0
12,100 (1)	PTC Therapeutics, Inc.			484,726		0.1
9,700 (1)	Quanterix Corp.			157,043		0.0
21,913 (1)	QuidelOrtho Corp.			2,129,505		0.4
1,900 (1)	Radius Health, Inc.			19,703		0.0
51,700 (1)	Relay Therapeutics, Inc.			865,975		0.2
73,200 (1)(2)	Revance Therapeutics, Inc.			1,011,624		0.2
37,100 (1)	REVOLUTION Medicines, Inc.			723,079		0.1
6,900 (1)	Sage Therapeutics, Inc.			222,870		0.0
7,001 (1)	Sarepta Therapeutics, Inc.			524,795		0.1
16,700 (1)	Schrodinger, Inc./United States			441,047		0.1
39,300	Select Medical Holdings Corp.			928,266		0.2
20,400 (1)	SI-BONE, Inc.			269,280		0.1
11,000 (1)	SpringWorks Therapeutics, Inc.			270,820		0.1
3,600 (1)	Sutro Biopharma, Inc.			18,756		0.0

See Accompanying Notes to Financial Statements

127

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Health Care (continued)
42,700 (1)	Syndax Pharmaceuticals, Inc.		$	821,548		0.2
51,522 (1)	Syneos Health, Inc.			3,693,097		0.7
26,300 (1)	Tenet Healthcare Corp.			1,382,328		0.3
47,000 (1)	Travere Therapeutics, Inc.			1,138,810		0.2
9,300 (1)	Turning Point Therapeutics, Inc.			699,825		0.1
10,300 (1)	Vericel Corp.			259,354		0.1
57,600 (1)	Xencor, Inc.			1,576,512		0.3
1,400 (1)	Y-mAbs Therapeutics, Inc.			21,182		0.0
				78,558,129		15.4
	Industrials: 21.3%
52,400	ABM Industries, Inc.			2,275,208		0.4
39,850	ACCO Brands Corp.			260,220		0.1
51,017 (1)	Alaska Air Group, Inc.			2,043,231		0.4
62,539	Altra Industrial Motion Corp.			2,204,500		0.4
6,100	Apogee Enterprises, Inc.			239,242		0.0
32,180	Applied Industrial Technologies, Inc.			3,094,751		0.6
16,800	ArcBest Corp.			1,182,216		0.2
32,400	Argan, Inc.			1,209,168		0.2
17,400 (1)	Atkore, Inc.			1,444,374		0.3
2,209 (1)	Avis Budget Group, Inc.			324,900		0.1
11,300	AZZ, Inc.			461,266		0.1
21,000	Barrett Business Services, Inc.			1,530,270		0.3
7,100 (1)	Beacon Roofing Supply, Inc.			364,656		0.1
21,350 (1)	Bloom Energy Corp.			352,275		0.1
9,300 (1)	BlueLinx Holdings, Inc.			621,333		0.1
16,400	Boise Cascade Co.			975,636		0.2
57,023	Brady Corp.			2,693,766		0.5
5,500	Brink’s Co.			333,905		0.1
9,818 (1)	Builders FirstSource, Inc.			527,227		0.1
44,857 (1)	Casella Waste Systems, Inc.			3,260,207		0.6
17,700	Columbus McKinnon Corp.			502,149		0.1
14,700	Comfort Systems USA, Inc.			1,222,305		0.2
6,600 (1)	Cornerstone Building Brands, Inc.			161,634		0.0
41,073	Douglas Dynamics, Inc.			1,180,438		0.2
113,567 (1)	Driven Brands Holdings, Inc.			3,127,635		0.6
12,500	EMCOR Group, Inc.			1,287,000		0.3
16,000	Encore Wire Corp.			1,662,720		0.3
146,905 (1)	First Advantage Corp.			1,861,286		0.4
3,200	Forward Air Corp.			294,272		0.1
135,912 (1)	Gates Industrial Corp. PLC			1,469,209		0.3
2,500	GATX Corp.			235,400		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
56,500 (1)	Geo Group, Inc./The		$	372,900		0.1
36,600 (1)	GMS, Inc.			1,628,700		0.3
20,900 (1)	Great Lakes Dredge & Dock Corp.			273,999		0.1
157,388 (1)	Hayward Holdings, Inc.			2,264,813		0.4
13,500	Heidrick & Struggles International, Inc.			436,860		0.1
8,600	Herc Holdings, Inc.			775,290		0.2
220,386 (1)	Hillman Solutions Corp.			1,904,135		0.4
9,000	HNI Corp.			312,210		0.1
18,900 (1)	HUB Group, Inc.			1,340,766		0.3
88,958 (1)	IAA, Inc.			2,915,154		0.6
27,700	KBR, Inc.			1,340,403		0.3
43,085	Kelly Services, Inc.			854,376		0.2
10,500	Kforce, Inc.			644,070		0.1
59,368	Knight-Swift Transportation Holdings, Inc.			2,748,145		0.5
27,000	Korn Ferry			1,566,540		0.3
20,304	Landstar System, Inc.			2,952,608		0.6
31,188	Lincoln Electric Holdings, Inc.			3,847,352		0.8
13,300 (1)	Mastec, Inc.			953,078		0.2
14,000	Maxar Technologies, Inc.			365,260		0.1
17,692	MillerKnoll, Inc.			464,769		0.1
2,400	Moog, Inc.			190,536		0.0
57,500 (1)	MRC Global, Inc.			572,700		0.1
33,606	MSA Safety, Inc.			4,068,678		0.8
13,300	Mueller Industries, Inc.			708,757		0.1
87,421 (1)	NOW, Inc.			854,977		0.2
21,300	Primoris Services Corp.			463,488		0.1
45,200 (1)	Radiant Logistics, Inc.			335,384		0.1
21,656 (1)	RBC Bearings, Inc.			4,005,277		0.8
7,900 (1)	Resideo Technologies, Inc.			153,418		0.0
42,003	Ritchie Bros Auctioneers, Inc.			2,732,715		0.5
45,300	Rush Enterprises, Inc. - Class A			2,183,460		0.4
18,709	Simpson Manufacturing Co., Inc.			1,882,312		0.4
14,800 (1)	SP Plus Corp.			454,656		0.1
58,706 (1)	Stericycle, Inc.			2,574,258		0.5
11,700 (1)	Sterling Infrastructure, Inc.			256,464		0.0
24,100	Terex Corp.			659,617		0.1
4,800 (1)	Titan Machinery, Inc.			107,568		0.0
47,896	Toro Co.			3,630,038		0.7
8,200 (1)	TriNet Group, Inc.			636,484		0.1
19,000	UFP Industries, Inc.			1,294,660		0.3
12,449	Unifirst Corp.			2,143,469		0.4
22,100 (1)	Vectrus, Inc.			739,466		0.1
9,700 (1)	Veritiv Corp.			1,052,935		0.2

See Accompanying Notes to Financial Statements

128

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Industrials (continued)
6,700	Wabash National Corp.		$	90,986		0.0
14,800	Watts Water Technologies, Inc.			1,818,032		0.4
13,000 (1)	Wesco International, Inc.			1,392,300		0.3
146,300 (1)	WillScot Mobile Mini Holdings Corp.			4,743,046		0.9
25,141	Woodward, Inc.			2,325,291		0.5
				108,434,799		21.3
	Information Technology: 12.5%
101,947 (1)	Allegro MicroSystems, Inc.			2,109,283		0.4
22,400 (1)	Alpha & Omega Co.			746,816		0.2
3,200 (1)	Ambarella, Inc.			209,472		0.0
37,700	Amkor Technology, Inc.			639,015		0.1
19,500 (1)	Asana, Inc.			342,810		0.1
336 (1)	Aspen Technology, Inc.			61,724		0.0
40,500 (1)	Avaya Holdings Corp.			90,720		0.0
17,000 (1)	Avid Technology, Inc.			441,150		0.1
29,170	Badger Meter, Inc.			2,359,561		0.5
45,800	Benchmark Electronics, Inc.			1,033,248		0.2
16,100 (1)	Blackbaud, Inc.			934,927		0.2
3,400 (1)	Blackline, Inc.			226,440		0.0
4,300 (1)	Cerence, Inc.			108,489		0.0
103,902 (1)	Clearwater Analytics Holdings, Inc.			1,250,980		0.3
25,700 (1)	Commvault Systems, Inc.			1,616,530		0.3
3,266 (1)	Consensus Cloud Solutions, Inc.			142,659		0.0
33,500	CSG Systems International, Inc.			1,999,280		0.4
10,400 (1)	Digital Turbine, Inc.			181,688		0.0
17,153 (1)(2)	DigitalOcean Holdings, Inc.			709,448		0.1
4,700 (1)	Diodes, Inc.			303,479		0.1
60,983 (1)(2)	Duck Creek Technologies, Inc.			905,598		0.2
149,121 (1)	eGain Corp.			1,453,930		0.3
39,568 (1)	Envestnet, Inc.			2,088,003		0.4
35,700 (1)	EverCommerce, Inc.			322,728		0.1
10,200 (1)	Fabrinet			827,220		0.2
29,019 (1)	Guidewire Software, Inc.			2,060,059		0.4
172,600	Information Services Group, Inc.			1,166,776		0.2
10,000 (1)	International Money Express, Inc.			204,700		0.0
31,734 (1)	MACOM Technology Solutions Holdings, Inc.			1,462,937		0.3
16,300 (1)(2)	Marathon Digital Holdings, Inc.			87,042		0.0
375 (1)(2)	MicroStrategy, Inc.			61,612		0.0
48,731 (1)(2)	nCino, Inc.			1,506,762		0.3
84,435 (1)	nLight, Inc.			862,926		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Information Technology (continued)
26,358 (1)	Novanta, Inc.		$	3,196,435		0.6
8,800 (1)	OSI Systems, Inc.			751,872		0.2
15,000 (1)	PagerDuty, Inc.			371,700		0.1
88,205 (1)	Paycor HCM, Inc.			2,293,330		0.5
8,600 (1)	PDF Solutions, Inc.			184,986		0.0
7,300 (1)	Perficient, Inc.			669,337		0.1
57,793	Power Integrations, Inc.			4,335,053		0.9
54,123 (1)	Q2 Holdings, Inc.			2,087,524		0.4
8,300 (1)	Qualys, Inc.			1,046,962		0.2
6,800 (1)	Rambus, Inc.			146,132		0.0
8,600 (1)	SailPoint Technologies Holding, Inc.			539,048		0.1
36,200 (1)	Sanmina Corp.			1,474,426		0.3
9,500 (1)	Scansource, Inc.			295,830		0.1
9,100 (1)	Semtech Corp.			500,227		0.1
24,600 (1)	Silicon Laboratories, Inc.			3,449,412		0.7
36,100 (1)	SMART Global Holdings, Inc.			590,957		0.1
900 (1)	SPS Commerce, Inc.			101,745		0.0
25,500 (1)	Super Micro Computer, Inc.			1,028,925		0.2
800 (1)	Synaptics, Inc.			94,440		0.0
5,000 (1)	Tenable Holdings, Inc.			227,050		0.0
17,600	TTEC Holdings, Inc.			1,194,864		0.2
162,000 (1)	TTM Technologies, Inc.			2,025,000		0.4
13,100 (1)	Ultra Clean Holdings, Inc.			389,987		0.1
30,200 (1)	Unisys Corp.			363,306		0.1
60,100 (1)	Verint Systems, Inc.			2,545,235		0.5
12,300 (1)	Vishay Precision Group, Inc.			358,299		0.1
22,060 (1)	WEX, Inc.			3,431,654		0.7
900 (1)	Workiva, Inc.			59,391		0.0
39,100	Xperi Holding Corp.			564,213		0.1
67,000 (1)	Zuora, Inc.			599,650		0.1
				63,435,002		12.5
	Materials: 3.8%
15,100	AdvanSix, Inc.			504,944		0.1
2,200	Alcoa Corp.			100,276		0.0
5,000 (1)	Allegheny Technologies, Inc.			113,550		0.0
2,200	Alpha Metallurgical Resources, Inc.			284,086		0.1
42,568	Aptargroup, Inc.			4,393,443		0.9
26,550 (1)	Arconic Corp.			744,728		0.2
16,100	Avient Corp.			645,288		0.1
14,100	Cabot Corp.			899,439		0.2
9,500 (1)	Cleveland-Cliffs, Inc.			146,015		0.0
29,600 (1)	Coeur Mining, Inc.			89,984		0.0
30,600	Commercial Metals Co.			1,012,860		0.2
37,900 (1)	Constellium SE			500,659		0.1
147,878 (1)	Diversey Holdings Ltd.			975,995		0.2

See Accompanying Notes to Financial Statements

129

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Materials (continued)
9,300	Ecovyst, Inc.		$	91,605		0.0
1,700	HB Fuller Co.			102,357		0.0
15,800	Hecla Mining Co.			61,936		0.0
9,800 (1)	Ingevity Corp.			618,772		0.1
9,400	Louisiana-Pacific Corp.			492,654		0.1
3,700	Minerals Technologies, Inc.			226,958		0.1
5,300	Olympic Steel, Inc.			136,475		0.0
13,909	Pactiv Evergreen, Inc.			138,534		0.0
20,075	Quaker Chemical Corp.			3,001,614		0.6
6,100	Schnitzer Steel Industries, Inc.			200,324		0.0
30,300	Schweitzer-Mauduit International, Inc.			761,136		0.2
2,500	Sensient Technologies Corp.			201,400		0.0
27,000	SunCoke Energy, Inc.			183,870		0.0
21,300	Tronox Holdings PLC			357,840		0.1
87,668	Valvoline, Inc.			2,527,468		0.5
				19,514,210		3.8
	Real Estate: 6.4%
17,900	Agree Realty Corp.			1,291,127		0.3
20,800	Alexander & Baldwin, Inc.			373,360		0.1
3,200	American Assets Trust, Inc.			95,040		0.0
14,300 (1)	Anywhere Real Estate, Inc.			140,569		0.0
50,300	Apple Hospitality REIT, Inc.			737,901		0.2
17,800	Armada Hoffler Properties, Inc.			228,552		0.1
20,400	Brandywine Realty Trust			196,656		0.0
11,800	Broadstone Net Lease, Inc.			242,018		0.1
1,600	Centerspace			130,480		0.0
3,500 (1)	Chatham Lodging Trust			36,575		0.0
13,600	City Office REIT, Inc.			176,120		0.0
2,600	Community Healthcare Trust, Inc.			94,146		0.0
13,300	Corporate Office Properties Trust SBI MD			348,327		0.1
7,556	Cousins Properties, Inc.			220,862		0.0
42,822	CubeSmart			1,829,356		0.4
190,038 (1)	Cushman & Wakefield PLC			2,896,179		0.6
19,900 (1)	DiamondRock Hospitality Co.			163,379		0.0
20,925	EastGroup Properties, Inc.			3,229,355		0.6
17,300 (1)	Equity Commonwealth			476,269		0.1
9,900	Essential Properties Realty Trust, Inc.			212,751		0.0
10,675	First Industrial Realty Trust, Inc.			506,849		0.1
4,300	Four Corners Property Trust, Inc.			114,337		0.0
9,400	Getty Realty Corp.			249,100		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Real Estate (continued)
9,500	Gladstone Commercial Corp.		$	178,980		0.0
6,500	Global Medical REIT, Inc.			72,995		0.0
39,600	Healthcare Realty Trust, Inc.			1,077,120		0.2
1,800	Highwoods Properties, Inc.			61,542		0.0
18,600	Independence Realty Trust, Inc.			385,578		0.1
1,153 (1)	Jones Lang LaSalle, Inc.			201,613		0.0
43,900	Kennedy-Wilson Holdings, Inc.			831,466		0.2
86,528	Kite Realty Group Trust			1,496,069		0.3
83,864	National Retail Properties, Inc.			3,606,152		0.7
19,400	National Storage Affiliates Trust			971,358		0.2
121,717	Outfront Media, Inc.			2,063,103		0.4
49,700	Paramount Group, Inc.			359,331		0.1
11,300	Phillips Edison & Co., Inc.			377,533		0.1
25,200	Physicians Realty Trust			439,740		0.1
22,000	Piedmont Office Realty Trust, Inc.			288,640		0.1
9,600	Plymouth Industrial REIT, Inc.			168,384		0.0
15,200	PotlatchDeltic Corp.			671,688		0.1
29,100	Retail Opportunity Investments Corp.			459,198		0.1
6,700	RLJ Lodging Trust			73,901		0.0
2,400	RMR Group, Inc.			68,040		0.0
30,295 (1)	Ryman Hospitality Properties			2,303,329		0.5
56,600	SITE Centers Corp.			762,402		0.2
7,200	STAG Industrial, Inc.			222,336		0.0
6,800 (1)	Summit Hotel Properties, Inc.			49,436		0.0
10,503 (1)	Sunstone Hotel Investors, Inc.			104,190		0.0
8,000	Terreno Realty Corp.			445,840		0.1
4,900	UMH Properties, Inc.			86,534		0.0
50,200 (1)	Xenia Hotels & Resorts, Inc.			729,406		0.1
				32,545,212		6.4
	Utilities: 2.7%
14,000	Brookfield Infrastructure Corp.			595,000		0.1
4,600	Chesapeake Utilities Corp.			595,930		0.1
17,700	Clearway Energy, Inc. - Class A			565,869		0.1
48,300	Clearway Energy, Inc. - Class C			1,682,772		0.3

See Accompanying Notes to Financial Statements

130

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Utilities (continued)
5,300	Idacorp, Inc.		$	561,376		0.1
48,186	NorthWestern Corp.			2,839,601		0.6
5,800	ONE Gas, Inc.			470,902		0.1
84,395	Portland General Electric Co.			4,078,810		0.8
8,300	Southwest Gas Holdings, Inc.			722,764		0.2
6,610	Spire, Inc.			491,586		0.1
7,100	Unitil Corp.			416,912		0.1
45,800	Via Renewables, Inc.			350,828		0.1
5,544	Vistra Corp.			126,680		0.0
				13,499,030		2.7
	Total Common Stock (Cost $503,269,956)			493,499,694		96.9
RIGHTS: —%
	Health Care: —%
28,260 (1)(3)(4)	Aduro Biotech, Inc. - CVR			—		—
	Total Rights (Cost $—)			—		—
	Total Long-Term Investments (Cost $503,269,956)			493,499,694		96.9

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 5.5%
	Repurchase Agreements: 1.4%
1,773,381 (5)	Bank of America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,773,456, collateralized by various U.S. Government Agency Obligations, 1.000%-8.500%, Market Value plus accrued interest $1,808,849, due 01/20/24-06/20/52)		1,773,381		0.3
315,247 (5)	Daiwa Capital Markets, Repurchase Agreement dated 06/30/22, 1.49%, due 07/01/22 (Repurchase Amount $315,260, collateralized by various U.S. Government Securities, 0.000%-7.625%, Market Value plus accrued interest $321,552, due 07/26/22-02/15/50)		315,247		0.1

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,773,381 (5)	MUFG Securities America Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,773,456, collateralized by various U.S. Government Agency Obligations, 3.000%-5.000%, Market Value plus accrued interest $1,808,849, due 11/01/26-07/01/52)		$	1,773,381		0.3
1,773,381 (5)	National Bank Financial, Repurchase Agreement dated 06/30/22, 1.59%, due 07/01/22 (Repurchase Amount $1,773,458, collateralized by various U.S. Government Securities, 0.000%-2.750%, Market Value plus accrued interest $1,808,850, due 07/01/22-09/09/49)			1,773,381		0.4
1,773,381 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 06/30/22, 1.55%, due 07/01/22 (Repurchase Amount $1,773,456, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.875%, Market Value plus accrued interest $1,808,849, due 08/16/22-05/20/52)			1,773,381		0.3
	Total Repurchase Agreements (Cost $7,408,771)			7,408,771		1.4

Value

Percentage
of Net
Assets

Mutual Funds: 4.1%

20,583,949 (5)(6)

BlackRock Liquidity Funds,
FedFund, Institutional
Class, 1.320%

20,583,949

4.0

See Accompanying Notes to Financial Statements

131

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
210,000 (6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 1.380%		$	210,000		0.1
	Total Mutual Funds (Cost $20,793,949)			20,793,949		4.1
	Total Short-Term Investments (Cost $28,202,720)			28,202,720		5.5
	Total Investments in Securities (Cost $531,472,676)		$	521,702,414		102.4
	Liabilities in Excess of Other Assets			(12,174,215)		(2.4)
	Net Assets		$	509,528,199		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Non-income producing security.

(2)

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

(3)

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

(4)

(5)

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

(6)

Rate shown is the 7-day yield as of June 30, 2022.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Common Stock*		$	493,499,694		$	—		$	—		$	493,499,694
Rights			—			—			—			—
Short-Term Investments			20,793,949			7,408,771			—			28,202,720
Total Investments, at fair value		$	514,293,643		$	7,408,771		$	—		$	521,702,414
Liabilities Table
Other Financial Instruments+
Futures		$	(269,474)		$	—		$	—		$	(269,474)
Total Liabilities		$	(269,474)		$	—		$	—		$	(269,474)

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 June 30, 2022, VY® JPMorgan Small Cap Core Equity Portfolio held the following restricted securities:

Security

Acquisition Date

Acquisition Cost

Fair Value

Aduro Biotech, Inc. - CVR

10/6/2020

—

See Accompanying Notes to Financial Statements

132

TABLE OF CONTENTS

VY® JPMorgan Small Cap

PORTFOLIO OF INVESTMENTS

Core Equity Portfolio

as of June 30, 2022 (Unaudited) (continued)

At June 30, 2022, the following futures contracts were outstanding for VY® JPMorgan Small Cap Core Equity Portfolio:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
E-mini Russell 2000® Index		133		09/16/22		$	11,358,200		$	(269,474)
						$	11,358,200		$	(269,474)

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*		$	269,474
			$	269,474

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 period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(1,975,101)
Total		$	(1,975,101)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts		$	(460,770)
Total		$	(460,770)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $537,065,345.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	51,389,668
Gross Unrealized Depreciation		(67,021,934)
Net Unrealized Depreciation	$	(15,632,266)

See Accompanying Notes to Financial Statements

133

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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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VIT2AISS2 (0622-082222)

Semi-Annual Report

June 30, 2022

Voya Investors Trust

■

VY^®

BlackRock Inflation Protected Bond Portfolio
Classes ADV, I and S

Voya Variable Insurance Trust

	■	VY^®	BrandywineGLOBAL — Bond 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 semi-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.

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Shareholder Expense Examples		1
Statements of Assets and Liabilities		2
Statements of Operations		4
Statements of Changes in Net Assets		5
Financial Highlights		6
Notes to Financial Statements		7
Portfolios of Investments		21

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

(THIS PAGE INTENTIONALLY LEFT BLANK)

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.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Portfolio Return									Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*		Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2022*
VY^®BlackRock Inflation Protected Bond Portfolio
Class ADV	$	1,000.00	$	893.00		1.17	%	$	5.49	$	1,000.00	$	1,018.99		1.17	%	$	5.86
Class I		1,000.00		896.10		0.57			2.68		1,000.00		1,021.97		0.57			2.86
Class S		1,000.00		895.10		0.82			3.85		1,000.00		1,020.73		0.82			4.11
VY^®BrandywineGLOBAL — Bond Portfolio
	$	1,000.00	$	934.00		0.57	%	$	2.73	$	1,000.00	$	1,021.97		0.57	%	$	2.86

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2022 (UNAUDITED)

	VY^®BlackRock Inflation Protected Bond Portfolio				VY^® BrandywineGLOBAL- Bond Portfolio
ASSETS:
Investments in securities at fair value*		$	282,521,611			$	274,152,164
Short-term investments at fair value†			11,449,151				5,891,436
Cash collateral for futures contracts			—				1,858,516
Cash pledged for centrally cleared swaps (Note 2)			4,274,000				—
Foreign currencies at value‡			54,554				—
Receivables:
Investment securities sold			2,125,188				—
Investment securities sold on a delayed-delivery or when-issued basis			9,978,134				—
Fund shares sold			4,648				83,860
Dividends			3,353				5,516
Interest			1,219,541				1,329,962
Unrealized appreciation on forward foreign currency contracts			136,826				—
Unrealized appreciation on OTC swap agreements			1,325,687				—
Prepaid expenses			3,527				3,706
Other assets			16,423				5,613
Total assets			313,112,643				283,330,773
LIABILITIES:
Payable for investment securities purchased			4,766,569				—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			23,806,479				—
Payable for fund shares redeemed			734,557				84,826
Sales commitmentsˆˆˆ			1,170,936				—
Unrealized depreciation on forward foreign currency contracts			58,666				—
Variation margin payable on centrally cleared swaps			721,402				—
Variation margin payable on futures contracts			216,696				490,417
Cash received as collateral for OTC derivatives (Note 2)			1,470,000				—
Payable for investment management fees			114,524				125,049
Payable for distribution and shareholder service fees			56,940				—
Payable to trustees under the deferred compensation plan (Note 6)			16,423				5,613
Payable for trustee fees			762				801
Other accrued expenses and liabilities			85,544				64,811
Written options, at fair valueˆ			685,711				—
Total liabilities			33,905,209				771,517
NET ASSETS		$	279,207,434			$	282,559,256

NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	356,620,496			$	282,842,798
Total distributable loss			(77,413,062	)			(283,542	)
NET ASSETS		$	279,207,434			$	282,559,256

* Cost of investments in securities		$	305,884,059			$	283,900,871
† Cost of short-term investments		$	11,498,247			$	5,891,436
‡ Cost of foreign currencies		$	55,322			$	—
ˆ Premiums received on written options		$	705,319			$	—
ˆˆˆ Proceeds receivable from sales commitments		$	1,156,820			$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

	VY^® BlackRock Inflation Protected Bond Portfolio		VY^® BrandywineGLOBAL- Bond Portfolio
Class ADV
Net assets	$	48,418,268		n/a
Shares authorized		unlimited		n/a
Par value	$	0.001		n/a
Shares outstanding		5,265,716		n/a
Net asset value and redemption price per share	$	9.20		n/a
Class I
Net assets	$	77,934,875		n/a
Shares authorized		unlimited		n/a
Par value	$	0.001		n/a
Shares outstanding		8,134,742		n/a
Net asset value and redemption price per share	$	9.58		n/a
Class S
Net assets	$	152,854,291		n/a
Shares authorized		unlimited		n/a
Par value	$	0.001		n/a
Shares outstanding		16,090,227		n/a
Net asset value and redemption price per share	$	9.50		n/a
Portfolio⁽¹⁾
Net assets		n/a	$	282,559,256
Shares authorized		n/a		unlimited
Par value		n/a	$	0.001
Shares outstanding		n/a		26,964,911
Net asset value and redemption price per share		n/a	$	10.48

⁽¹⁾

Portfolio does not have a share class designation.

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

	VY^® BlackRock Inflation Protected Bond Portfolio				VY^® BrandywineGLOBAL- Bond Portfolio
INVESTMENT INCOME:
Dividends		$	9,966			$	12,290
Interest			7,213,322	⁽¹⁾			2,384,284
Total investment income			7,223,288				2,396,574
EXPENSES:
Investment management fees			805,124				794,872
Distribution and shareholder service fees:
Class ADV			155,952				—
Class S			204,817				—
Transfer agent fees:							858
Class ADV			6,847				—
Class I			11,376				—
Class S			21,581				—
Shareholder reporting expense			7,421				1,629
Registration fees			—				4,449
Professional fees			25,159				18,530
Custody and accounting expense			49,985				31,200
Trustee fees			3,809				4,007
Miscellaneous expense			6,994				7,442
Total expenses			1,299,065				862,987
Recouped/(Waived and reimbursed fees)			(75,556	)			46,992
Net expenses			1,223,509				909,979
Net investment income			5,999,779				1,486,595
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(6,521,382	)			(3,565,478	)
Forward foreign currency contracts			386,974				—
Foreign currency related transactions			(251,900	)			—
Futures			4,720,346				(5,132,979	)
Swaps			7,637,071				—
Written options			(940,076	)			—
Net realized gain (loss)			5,031,033				(8,698,457	)
Net change in unrealized appreciation (depreciation) on:
Investments			(40,870,747	)			(14,709,166	)
Forward foreign currency contracts			6,630				—
Foreign currency related transactions			(10,236	)			—
Futures			820,741				(415,374	)
Swaps			(4,349,119	)			—
Written options			(24,861	)			—
Sales commitments			(14,116	)			—
Net change in unrealized appreciation (depreciation)			(44,441,708	)			(15,124,540	)
Net realized and unrealized loss			(39,410,675	)			(23,822,997	)
Decrease in net assets resulting from operations		$	(33,410,896	)		$	(22,336,402	)

⁽¹⁾

Includes net inflationary and deflationary adjustments. See Note 2 of the Notes to Financial Statements.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	VY^® BlackRock Inflation Protected Bond Portfolio						VY^® BrandywineGLOBAL- Bond Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	5,999,779		$	7,734,657		$	1,486,595		$	2,832,682
Net realized gain (loss)		5,031,033			9,554,588			(8,698,457	)		14,721,215
Net change in unrealized appreciation (depreciation)		(44,441,708	)		(2,516,642	)		(15,124,540	)		(13,802,164	)
Increase (decrease) in net assets resulting from operations		(33,410,896	)		14,772,603			(22,336,402	)		3,751,733
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):								—			(27,082,394	)
Class ADV		(1,083,645	)		(1,140,854	)		—			—
Class I		(1,947,743	)		(2,600,461	)		—			—
Class S		(3,587,601	)		(4,058,689	)		—			—
Total distributions		(6,618,989	)		(7,800,004	)		—			(27,082,394	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		19,590,541			83,578,121			58,657,295			86,294,017
Reinvestment of distributions		6,618,989			7,796,663			—			27,082,394
		26,209,530			91,374,784			58,657,295			113,376,411
Cost of shares redeemed		(31,613,349	)		(73,208,287	)		(97,090,604	)		(65,382,155	)
Net increase (decrease) in net assets resulting from capital share transactions		(5,403,819	)		18,166,497			(38,433,309	)		47,994,256
Net increase (decrease) in net assets		(45,433,704	)		25,139,096			(60,769,711	)		24,663,595
NET ASSETS:
Beginning of year or period		324,641,138			299,502,042			343,328,967			318,665,372
End of year or period	$	279,207,434		$	324,641,138		$	282,559,256		$	343,328,967

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets								Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expense net of all reductions/ additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
VY^®BlackRock Inflation Protected Bond Portfolio
Class ADV
06-30-22⁺		10.51		0.18	^•		(1.28	)		(1.10	)		0.21		—		—		0.21		—		9.20		(10.70	)		1.22		1.17		1.17		3.61		48,418		112
12-31-21		10.28		0.22	^•		0.24			0.46			0.23		—		—		0.23		—		10.51		4.54			1.22		1.18		1.18		2.14		56,857		156
12-31-20		9.42		0.05			0.95			1.00			0.08		—		0.06		0.14		—		10.28		10.65			1.26		1.22		1.22		0.52		47,352		87
12-31-19		8.93		0.11			0.56			0.67			0.18		—		—		0.18		—		9.42		7.53			1.20		1.16		1.16		1.23		44,885		72
12-31-18		9.30		0.14			(0.36	)		(0.22	)		0.15		—		—		0.15		—		8.93		(2.39	)		1.18		1.14		1.14		1.47		44,035		63
12-31-17		9.17		0.09			0.11			0.20			0.07		—		—		0.07		—		9.30		2.16			1.17		1.13		1.13		0.94		49,769		101
Class I
06-30-22⁺		10.94		0.21	^•		(1.33	)		(1.12	)		0.24		—		—		0.24		—		9.58		(10.39	)		0.62		0.57		0.57		4.19		77,935		112
12-31-21		10.68		0.30	^•		0.25			0.55			0.29		—		—		0.29		—		10.94		5.25			0.62		0.58		0.58		2.75		94,962		156
12-31-20		9.78		0.12			0.97			1.09			0.13		—		0.06		0.19		—		10.68		11.15			0.66		0.62		0.62		1.11		92,767		87
12-31-19		9.26		0.18			0.57			0.75			0.23		—		—		0.23		—		9.78		8.21			0.60		0.56		0.56		1.98		88,759		72
12-31-18		9.66		0.20	^•		(0.37	)		(0.17	)		0.23		—		—		0.23		—		9.26		(1.75	)		0.58		0.54		0.54		2.14		40,731		63
12-31-17		9.55		0.15			0.11			0.26			0.15		—		—		0.15		—		9.66		2.72			0.57		0.53		0.53		1.55		223,463		101
Class S
06-30-22⁺		10.85		0.20	^•		(1.33	)		(1.13	)		0.22		—		—		0.22		—		9.50		(10.49	)		0.87		0.82		0.82		3.97		152,854		112
12-31-21		10.60		0.26	^•		0.26			0.52			0.27		—		—		0.27		—		10.85		4.94			0.87		0.83		0.83		2.48		172,822		156
12-31-20		9.70		0.09			0.97			1.06			0.10		—		0.06		0.16		—		10.60		10.95			0.91		0.87		0.87		0.86		159,383		87
12-31-19		9.18		0.15			0.58			0.73			0.21		—		—		0.21		—		9.70		8.01			0.85		0.81		0.81		1.57		144,313		72
12-31-18		9.57		0.17			(0.36	)		(0.19	)		0.20		—		—		0.20		—		9.18		(2.04	)		0.83		0.79		0.79		1.83		153,793		63
12-31-17		9.45		0.13			0.10			0.23			0.11		—		—		0.11		—		9.57		2.48			0.82		0.78		0.78		1.29		160,890		101
VY^®BrandywineGLOBAL- Bond Portfolio
06-30-22⁺		11.22		0.05	^•		(0.79	)		(0.74	)		—		—		—		—		—		10.48		(6.60	)		0.54		0.57		0.57		0.94		282,559		86
12-31-21		12.03		0.10	^•		0.04			0.14			0.19		0.76		—		0.95		—		11.22		1.15			0.54		0.58		0.58		0.84		343,329		57
12-31-20		10.51		0.22	^•		1.59			1.81			0.21		0.08		—		0.29		—		12.03		17.47			0.56		0.58		0.58		1.92		318,665		134
12-31-19		9.73		0.25	^•		0.73			0.98			0.20		—		—		0.20		—		10.51		10.12			0.61		0.58		0.58		2.48		182,892		449
12-31-18		10.12		0.26	^•		(0.43	)		(0.17	)		0.22		—		—		0.22		—		9.73		(1.65	)		0.71		0.58		0.58		2.61		194,159		457
12-31-17		10.06		0.22	^•		0.07			0.29			0.23		—		—		0.23		—		10.12		2.93			0.69		0.58		0.58		2.16		214,952		345

⁽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.
+		Unaudited.
^•		Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED)

NOTE 1 — ORGANIZATION

Voya Investors Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and was organized as a Massachusetts business trust on August 3, 1988. Voya Investors Trust currently consists of twenty-two active separate investment series. The one series included in this report is: VY^® BlackRock Inflation Protected Bond Portfolio (“BlackRock Inflation Protected Bond”), a diversified series of Voya Investors Trust.

Voya Variable Insurance Trust is registered under the 1940 Act as an open-end management investment company and was organized as a Delaware statutory trust on July 15, 1999. Voya Variable Insurance Trust consists of one active investment series which is included in this report: VY^® BrandywineGLOBAL — Bond Portfolio (“Bond Portfolio”), a diversified series of Voya Variable Insurance Trust.

Voya Investors Trust and Voya Variable Insurance Trust are collectively referred to as the “Trusts.” BlackRock Inflation Protected Bond and Bond Portfolio are each, a “Portfolio” and together, the “Portfolios.” The investment objective of the Portfolios is described in each Portfolio’s Prospectus.

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

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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, if applicable, of each Portfolio is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The 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 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.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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’ Boards of 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.

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.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-advisers’ or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ investments under these levels of classification is included within the Portfolio of Investments.

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

(1)

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

(2)

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

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolios do not isolate the portion of their results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For

securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

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

D. Distributions to Shareholders. Net investment income dividends and net capital gain distributions, if any, for Bond Portfolio are declared and paid annually. For BlackRock Inflation Protected Bond, dividends from net investment income, if any, are declared and paid monthly and distributions of net capital gains, if any, are declared and paid annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These Master Agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

At June 30, 2022, the maximum amount of loss that BlackRock Inflation Protected Bond would incur if the counterparties to its derivative transactions failed to perform would be $1,465,565 which represents the gross payments to be received by the Portfolio on OTC purchased options, forward foreign currency contracts, and OTC interest rate swaps were they to be unwound as of June 30, 2022. At June 30, 2022, BlackRock Inflation Protected Bond had received $1,470,000 in cash collateral from certain counterparties.

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

At June 30, 2022, BlackRock Inflation Protected Bond had a liability position of $736,171 on forward foreign currency contracts and OTC written options with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2022, the Portfolio could have been required to pay this amount in cash to its counterparties. At June 30, 2022, BlackRock Inflation

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Protected Bond had not pledged any cash collateral for its open OTC derivative transactions.

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

For the six months ended June 30, 2022, BlackRock Inflation Protected Bond had entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolio uses forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements and to gain exposure to currencies for the purposes of risk management or enhanced return.

During the six months ended June 30, 2022, BlackRock Inflation Protected Bond had average contract amounts of $3,534,719 and $9,130,297 on forward foreign currency contracts purchased and sold, respectively. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at June 30, 2022.

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

recently prior to, the time when a Portfolio’s assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and included within Cash collateral for futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table within the Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio’s securities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the six months ended June 30, 2022, BlackRock Inflation Protected Bond and Bond Portfolio had purchased and sold futures contracts on various bonds and notes as part of their duration strategy. During the six months ended June 30, 2022, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

				Purchased				Sold
BlackRock Inflation Protected Bond				$	81,509,494			$	63,601,854
Bond Portfolio					17,840,563				—

Please refer to the tables within each respective Portfolio of Investments for the above Portfolios’ open futures contracts at June 30, 2022.

At June 30, 2022, BlackRock Inflation Protected Bond had pledged U.S. Treasury Inflation Indexed Protected Securities with an original par value of $792,000 as collateral for open futures contracts.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

J. Options Contracts. The Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that a Portfolio gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that a Portfolio may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that a Portfolio pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the six months ended June 30, 2022, BlackRock Inflation Protected Bond had purchased and written exchange-traded futures contracts to manage its duration strategy and to generate income. BlackRock Inflation Protected Bond had average notional values of $18,638,975 and $19,104,413, respectively, on purchased and written exchange-traded futures contracts. Please refer to the tables within the Portfolio of Investments for open purchased and written options on exchange-traded futures contracts at June 30, 2022.

During the six months ended June 30, 2022, BlackRock Inflation Protected Bond had purchased and written interest rate swap options (“swaptions”) to manage its duration strategy and to generate income. BlackRock Inflation Protected Bond had average notional values of $42,189,558 and $94,795,432, respectively, on purchased and written interest rate swaptions. Please refer to the tables within the Portfolio of Investments for open written interest rate swaptions at June 30, 2022. There were no open purchased interest rate swaptions at June 30, 2022.

During the six months ended June 30, 2022, BlackRock Inflation Protected Bond had purchased and written foreign currency options to manage its foreign exchange exposure. BlackRock Inflation Protected Bond had an average notional value of $3,291,763 and $755,607, respectively on purchased and written foreign currency options. Please refer to the tables within the Portfolio of Investments for purchased and written foreign currency options at June 30, 2022.

K. Swap Agreements. The Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).

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

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

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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 six months ended June 30, 2022, BlackRock Inflation Protected Bond had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amount on long interest rate swaps for BlackRock Inflation Protected Bond was $55,362,668.

For the six months ended June 30, 2022, BlackRock Inflation Protected Bond had entered into interest rate swaps in which they pay a fixed interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amount on short interest rate swaps for BlackRock Inflation Protected Bond was $117,815,015.

The Portfolios enter into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the tables within the Portfolio of Investments for BlackRock Inflation Protected Bond for open interest rate swaps at June 30, 2022.

At June 30, 2022, BlackRock Inflation Protected Bond pledged $4,274,000 in cash collateral for open centrally cleared swaps.

Inflation-linked Swap Contracts. In an inflation-linked swap, one party pays a fixed interest rate on a notional amount while the other party pays a floating rate linked to an inflation index on that same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional amount.

For the six months ended June 30, 2022, BlackRock Inflation Protected Bond had entered into inflation-linked swaps in which they pay a floating rate linked to an inflation index and receive a fixed interest rate (“Long inflation-linked swap”). Average notional amount on long inflation-linked swaps for BlackRock Inflation Protected Bond was $19,361,152.

For the six months ended June 30, 2022, BlackRock Inflation Protected Bond had entered into inflation-linked swaps in which it pays a fixed interest rate and receives a floating rate linked to an inflation index (“Short inflation-linked swap”). Average notional amount on short inflation linked-bonds was $233,045,009.

BlackRock Inflation Protected Bond used inflation-linked swaps as part of their inflation strategy. Please refer to the tables within the Portfolio of Investments for BlackRock Inflation Protected Bond for open inflation-linked swaps at June 30, 2022.

L. Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of US Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

M. Securities Lending. Each Portfolio may temporarily loan up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Portfolios will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Portfolios will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolios will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Portfolios. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Portfolios to be more volatile. The use of leverage may increase expenses and increase the impact of the Portfolios’ other risks.

N. Sales Commitments. Sales commitments involve commitments to sell fixed income securities where the unit price and the estimated principal amount are established upon entering into the contract, with the actual principal amount being within a specified range of the estimate. A Portfolio will enter into sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of sale commitments are not received until the contractual settlement date. During the time a sale commitment is outstanding, except for delayed delivery transactions, the Portfolio will maintain, in a segregated account, cash or marketable securities in an amount sufficient to meet the purchase price. Unsettled sale commitments are valued at current market value of the underlying securities. If the sale commitment is closed through the acquisition of an offsetting purchase commitment, the Portfolio realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If the Portfolio delivers securities under the commitment, the Portfolio realizes a gain or loss from the sale of the securities, based upon the unit price established at the date the commitment was entered into. Please refer to the table following the Portfolio of Investments for open sales commitments held by BlackRock Inflation Protected Bond at June 30, 2022

O. Indemnifications. In the normal course of business, the Portfolios may enter into contracts that provide certain indemnifications. The Trusts’ maximum exposure under these arrangements is dependent on future claims that 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 six months ended June 30, 2022, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities were as follows:

				Purchases				Sales
BlackRock Inflation Protected Bond				$	32,041,278			$	29,654,754
Bond Portfolio					13,445,164				79,077,052

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

				Purchases				Sales
BlackRock Inflation Protected Bond				$	309,560,446			$	311,656,607
Bond Portfolio					249,898,955				229,254,513

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

Portfolio		Fee
BlackRock Inflation Protected Bond⁽¹⁾		0.55% on the first $200 million; 0.50% on the next $800 million; and 0.40% thereafter
Bond Portfolio		0.50% on the first $750 million; and 0.48% thereafter

⁽¹⁾

The Investment Adviser has contractually agreed to waive 0.05% of the management fee. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

with that Portfolio’s investment objectives, policies, and limitations.

Portfolio		Sub-Adviser
BlackRock Inflation Protected Bond		BlackRock Financial Management, Inc.
Bond Portfolio		Brandywine Global Investment Management, LLC

NOTE 5 — DISTRIBUTION AND SERVICE FEE

Voya Investors Trust has entered into a shareholder service plan (the “Plan”) for the Class S shares of BlackRock Inflation Protected Bond. The Plan compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S shares. Under the Plan, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to Class S shares.

Class ADV shares of BlackRock Inflation Protected Bond have a shareholder service and distribution plan. The Portfolio pays the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio’s average daily net assets attributable to Class ADV shares.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Portfolios:

Subsidiary/Affiliated Investment Company	Portfolio
Voya Institutional Trust Company	BlackRock Inflation Protected Bond	18.43	%
Voya Solution 2025 Portfolio	Bond Portfolio	15.61
Voya Solution 2035 Portfolio	Bond Portfolio	7.79
Voya Solution Income Portfolio	Bond Portfolio	11.37
Voya Solution Moderately Aggressive Portfolio	Bond Portfolio	6.84

are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect a Portfolio’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolios may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2022, the per account fees for affiliated recordkeeping services paid by each Portfolio were as follows:

Portfolio		Amount
BlackRock Inflation Protected Bond	$	39,154
Bond Portfolio		—

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

Portfolio		Maximum Operating Expense Limit (as a percentage of net assets)
BlackRock Inflation Protected Bond		Class ADV: 1.23% Class I: 0.63% Class S: 0.88%
Bond Portfolio		0.58%

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

As of June 30, 2022 the Portfolios did not have any amount of waived and/or reimbursed fees that would be subject to possible recoupment.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

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

NOTE 8 — LINE OF CREDIT

redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 13, 2022, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2022.

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

The Portfolios did not utilize the line of credit during the period ended June 30, 2022.

NOTE 9 — 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	#		#		#		#			#			($)		($)		($)		($)			($)
BlackRock Inflation Protected Bond
Class ADV
6/30/2022		457,275		—		111,010		(714,294	)		(146,009	)		4,552,274		—		1,083,645		(7,107,118	)		(1,471,199	)
12/31/2021		1,290,830		—		109,761		(597,143	)		803,448			13,417,739		—		1,140,854		(6,152,184	)		8,406,409
Class I
6/30/2022		423,577		—		191,270		(1,163,504	)		(548,657	)		4,373,888		—		1,947,743		(11,987,177	)		(5,665,546	)
12/31/2021		3,024,968		—		240,645		(3,264,739	)		874			32,490,424		—		2,597,120		(35,144,233	)		(56,689	)
Class S
6/30/2022		1,029,577		—		355,592		(1,228,438	)		156,731			10,664,379		—		3,587,601		(12,519,054	)		1,732,926
12/31/2021		3,522,483		—		378,853		(3,005,965	)		895,371			37,669,958		—		4,058,689		(31,911,870	)		9,816,777
Bond Portfolio
6/30/2022		5,368,511		—		—		(9,005,392	)		(3,636,881	)		58,657,295		—		—		(97,090,604	)		(38,433,309	)
12/31/2021		7,344,730		—		2,407,324		(5,631,258	)		4,120,796			86,294,017		—		27,082,394		(65,382,155	)		47,994,256

NOTE 10 — SECURITIES LENDING

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

Portfolios indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, a Portfolio has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to

return a loaned security; however, there would be a potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a portfolio.

At June 30, 2022, the Portfolios did not have any outstanding securities on loan.

NOTE 11 — FEDERAL INCOME TAXES

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

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 Gains		Ordinary Income	Return of Capital
BlackRock Inflation Protected Bond	$	7,800,004	$	—	$2,872,784	$1,558,018
Bond Portfolio		24,050,464		3,031,930	7,776,746	—

	Undistributed Ordinary		Undistributed Long-Term		Unrealized Appreciation/		Capital Loss Carryforwards							Total Distributable
	Income		Capital Gains		(Depreciation)		Amount			Character		Expiration	Other	Earnings/(Loss)
BlackRock Inflation Protected Bond	$	514,798	$	—	$	24,935,546	$	(1,477,247	)		Short-term	None	$(779,238)	$(37,383,177)
								(60,577,036	)		Long-term	None
							$	(62,054,283	)
Bond Portfolio		11,931,574		5,175,566		4,960,459		—			—	—	(14,739)	22,052,860

The Portfolios’ major tax jurisdictions are U.S. federal, Arizona state, and Massachusetts state (BlackRock Inflation Protected Bond).

NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)

regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR). Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Portfolio’s existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Portfolio.

NOTE 13 — LIQUIDITY

NOTE 14 — MARKET DISRUPTION

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2022, the Portfolios declared dividends and distributions of:

	Type	Per Share Amount	Payable Date	Record Date
BlackRock Inflation Protected Bond
Class ADV	NII	$0.0506	August 1, 2022	July 28, 2022
Class I	NII	$0.0551	August 1, 2022	July 28, 2022
Class S	NII	$0.0532	August 1, 2022	July 28, 2022
Bond Portfolio	NII	$0.1055	July 14, 2022	July 12, 2022
	STCG	$0.3382	July 14, 2022	July 12, 2022
	LTCG	$0.1925	July 14, 2022	July 12, 2022

NII — Net investment income

STCG — Short-term capital gain

LTCG — Long-term capital gain

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED)

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: 28.1%
		Basic Materials: 0.5%
45,000		Air Products and Chemicals, Inc., 2.800%, 05/15/2050	$	34,053		0.0
484,000	(1)	Anglo American Capital PLC, 4.500%, 03/15/2028		470,417		0.2
246,000		DuPont de Nemours, Inc., 4.493%, 11/15/2025		248,048		0.1
4,000		Ecolab, Inc., 2.700%, 12/15/2051		2,857		0.0
37,000		Ecolab, Inc., 2.750%, 08/18/2055		25,853		0.0
49,000	(1)	Georgia-Pacific LLC, 0.625%, 05/15/2024		46,083		0.0
371,000	(1)	Glencore Funding LLC, 2.500%, 09/01/2030		302,575		0.1
11,000	(1)	Glencore Funding LLC, 2.625%, 09/23/2031		8,876		0.0
15,000	(1)	Glencore Funding LLC, 3.375%, 09/23/2051		10,257		0.0
51,000		LYB International Finance III LLC, 4.200%, 05/01/2050		41,551		0.0
170,000		Nucor Corp., 4.300%, 05/23/2027		169,521		0.1
71,000		Westlake Corp., 3.375%, 08/15/2061		47,962		0.0
				1,408,053		0.5

		Communications: 3.0%
105,000		Amazon.com, Inc., 4.100%, 04/13/2062		95,212		0.0
33,000		AT&T, Inc., 1.650%, 02/01/2028		28,578		0.0
33,000		AT&T, Inc., 2.250%, 02/01/2032		26,992		0.0
450,000		AT&T, Inc., 2.550%, 12/01/2033		365,575		0.1
32,000		AT&T, Inc., 3.500%, 06/01/2041		25,604		0.0
99,000		AT&T, Inc., 3.650%, 09/15/2059		74,366		0.0
142,000		AT&T, Inc., 3.800%, 12/01/2057		109,997		0.0
85,000		AT&T, Inc., 3.850%, 06/01/2060		65,848		0.0
348,000		AT&T, Inc., 4.300%, 02/15/2030		339,891		0.1
430,000		AT&T, Inc., 4.350%, 03/01/2029		423,674		0.2
28,000		AT&T, Inc., 4.500%, 05/15/2035		26,648		0.0
20,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 3.850%, 04/01/2061		13,192		0.0
311,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 3.950%, 06/30/2062		208,371		0.1
175,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 04/01/2033		156,473		0.1

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Communications: (continued)
728,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 5.750%, 04/01/2048	$	654,060		0.2
182,000		Comcast Corp., 2.450%, 08/15/2052		121,171		0.1
357,000		Comcast Corp., 3.400%, 04/01/2030		335,286		0.1
395,000		Comcast Corp., 4.150%, 10/15/2028		394,283		0.2
69,000		Comcast Corp., 4.600%, 10/15/2038		67,038		0.0
98,000	(1)	Cox Communications, Inc., 3.600%, 06/15/2051		73,956		0.0
74,000		eBay, Inc., 1.400%, 05/10/2026		66,656		0.0
31,000		Expedia Group, Inc., 3.250%, 02/15/2030		25,883		0.0
155,000		FactSet Research Systems, Inc., 3.450%, 03/01/2032		136,045		0.1
483,000		Motorola Solutions, Inc., 2.750%, 05/24/2031		390,793		0.2
118,000		Motorola Solutions, Inc., 5.600%, 06/01/2032		119,106		0.1
102,000		Paramount Global, 4.375%, 03/15/2043		79,061		0.0
243,000	(1)	Rogers Communications, Inc., 3.800%, 03/15/2032		222,495		0.1
135,000	(1)	Rogers Communications, Inc., 4.550%, 03/15/2052		118,870		0.1
10,000		T-Mobile USA, Inc., 2.050%, 02/15/2028		8,691		0.0
81,000	(1)	T-Mobile USA, Inc., 3.400%, 10/15/2052		59,999		0.0
1,124,000		T-Mobile USA, Inc., 3.750%, 04/15/2027		1,083,235		0.4
7,000		T-Mobile USA, Inc., 3.875%, 04/15/2030		6,539		0.0
121,000		Verizon Communications, Inc., 1.750%, 01/20/2031		97,303		0.0
1,260,000		Verizon Communications, Inc., 2.100%, 03/22/2028		1,120,190		0.4
1,059,000		Verizon Communications, Inc., 2.355%, 03/15/2032		878,967		0.3
386,000		Verizon Communications, Inc., 2.550%, 03/21/2031		330,361		0.1
97,000		Verizon Communications, Inc., 4.862%, 08/21/2046		95,689		0.0
				8,446,098		3.0

		Consumer, Cyclical: 1.3%
70,000		American Honda Finance Corp., 2.900%, 02/16/2024		69,314		0.0
79,000		General Motors Financial Co., Inc., 2.750%, 06/20/2025		74,234		0.0
2,500,000	(1)	Hyundai Capital America, 2.650%, 02/10/2025		2,387,045		0.9
400,000		Lowe’s Cos, Inc., 1.700%, 09/15/2028		340,877		0.1
35,000		Lowe’s Cos, Inc., 2.800%, 09/15/2041		25,480		0.0

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Consumer, Cyclical: (continued)
246,000	(1)	Magallanes, Inc., 3.428%, 03/15/2024	$	241,548		0.1
38,000		Marriott International, Inc./MD, 2.750%, 10/15/2033		29,931		0.0
434,000	(1)	Nissan Motor Co. Ltd., 4.810%, 09/17/2030		385,974		0.2
				3,554,403		1.3

		Consumer, Non-cyclical: 2.6%
574,000		AbbVie, Inc., 4.500%, 05/14/2035		557,990		0.2
708,000		Altria Group, Inc., 3.400%, 02/04/2041		469,589		0.2
27,000		Amgen, Inc., 4.200%, 02/22/2052		23,732		0.0
84,000		Amgen, Inc., 4.663%, 06/15/2051		78,760		0.0
154,000		Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036		147,785		0.1
885,000		Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028		874,476		0.3
201,000		BAT Capital Corp., 4.540%, 08/15/2047		147,725		0.1
387,000		BAT International Finance PLC, 1.668%, 03/25/2026		343,101		0.1
74,000		Biogen, Inc., 3.150%, 05/01/2050		50,898		0.0
31,000		Boston Scientific Corp., 2.650%, 06/01/2030		27,080		0.0
51,000	(1)	Cargill, Inc., 0.400%, 02/02/2024		48,641		0.0
299,000		Cigna Corp., 4.125%, 11/15/2025		299,783		0.1
431,000		CVS Health Corp., 3.875%, 07/20/2025		428,920		0.2
177,000		CVS Health Corp., 4.250%, 04/01/2050		152,799		0.1
82,000		Elevance Health, Inc., 3.600%, 03/15/2051		66,728		0.0
33,000		Equifax, Inc., 2.350%, 09/15/2031		26,433		0.0
185,000		Gilead Sciences, Inc., 2.600%, 10/01/2040		135,546		0.0
142,000		Global Payments, Inc., 2.150%, 01/15/2027		126,153		0.0
434,000		Global Payments, Inc., 2.900%, 05/15/2030		366,619		0.1
300,000	(1)	HCA, Inc., 3.625%, 03/15/2032		253,425		0.1
185,000	(1)	HCA, Inc., 4.625%, 03/15/2052		148,290		0.1
986,000		HCA, Inc., 5.250%, 06/15/2026		982,864		0.4
92,000		Humana, Inc., 1.350%, 02/03/2027		80,518		0.0
80,000		Moody’s Corp., 3.100%, 11/29/2061		55,052		0.0
20,000		Moody’s Corp., 3.750%, 02/25/2052		16,367		0.0
104,000		Philip Morris International, Inc., 1.500%, 05/01/2025		97,637		0.0

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Consumer, Non-cyclical: (continued)
187,000		Philip Morris International, Inc., 2.625%, 03/06/2023	$	186,355		0.1
144,000		RELX Capital, Inc., 3.000%, 05/22/2030		129,566		0.0
25,000		RELX Capital, Inc., 4.750%, 05/20/2032		25,425		0.0
20,000	(1)	S&P Global, Inc., 2.450%, 03/01/2027		18,735		0.0
4,000	(1)	S&P Global, Inc., 3.900%, 03/01/2062		3,403		0.0
286,000		Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026		274,895		0.1
206,000		Takeda Pharmaceutical Co. Ltd., 2.050%, 03/31/2030		172,500		0.1
284,000		Thermo Fisher Scientific, Inc., 2.000%, 10/15/2031		238,388		0.1
212,000		UnitedHealth Group, Inc., 2.900%, 05/15/2050		159,213		0.1
				7,215,391		2.6

		Energy: 2.5%
34,000		BP Capital Markets America, Inc., 3.001%, 03/17/2052		24,568		0.0
254,000	(1)	Cameron LNG LLC, 3.302%, 01/15/2035		217,684		0.1
9,000	(1)	Cameron LNG LLC, 3.402%, 01/15/2038		7,671		0.0
44,000		Cenovus Energy, Inc./CA, 3.750%, 02/15/2052		33,489		0.0
45,000		Cheniere Corpus Christi Holdings LLC, 2.742%, 12/31/2039		35,594		0.0
270,000		Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029		247,237		0.1
449,000		Cheniere Corpus Christi Holdings LLC, 5.125%, 06/30/2027		451,033		0.2
345,000		Cheniere Corpus Christi Holdings LLC, 7.000%, 06/30/2024		357,769		0.1
10,000		Devon Energy Corp., 4.500%, 01/15/2030		9,456		0.0
94,000		Devon Energy Corp., 4.750%, 05/15/2042		85,393		0.0
46,000		Devon Energy Corp., 5.000%, 06/15/2045		42,760		0.0
2,000		Devon Energy Corp., 5.875%, 06/15/2028		2,043		0.0
60,000		Devon Energy Corp., 8.250%, 08/01/2023		62,387		0.0
215,000		Diamondback Energy, Inc., 3.125%, 03/24/2031		187,491		0.1
234,000		Diamondback Energy, Inc., 3.250%, 12/01/2026		228,482		0.1
911,000		Diamondback Energy, Inc., 3.500%, 12/01/2029		835,299		0.3
96,000		Diamondback Energy, Inc., 4.250%, 03/15/2052		79,839		0.0
148,000		Diamondback Energy, Inc., 4.400%, 03/24/2051		126,365		0.1
44,000		Energy Transfer L.P., 3.600%, 02/01/2023		43,885		0.0

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Energy: (continued)
17,000		Energy Transfer L.P., 3.900%, 05/15/2024	$	16,880		0.0
105,000		Energy Transfer L.P., 4.000%, 10/01/2027		99,471		0.0
177,000		Energy Transfer L.P., 4.500%, 04/15/2024		177,199		0.1
420,000		Energy Transfer L.P., 4.950%, 06/15/2028		414,287		0.2
126,000		Energy Transfer L.P., 5.000%, 05/15/2050		107,412		0.0
772,000		Energy Transfer L.P., 5.500%, 06/01/2027		784,269		0.3
125,000		Energy Transfer L.P., 6.250%, 04/15/2049		121,432		0.0
175,000		Enterprise Products Operating LLC, 3.300%, 02/15/2053		127,569		0.1
82,000		Kinder Morgan, Inc., 3.600%, 02/15/2051		60,546		0.0
96,000	(1)	NGPL PipeCo LLC, 3.250%, 07/15/2031		80,090		0.0
797,000		Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028		767,323		0.3
196,000		Sabine Pass Liquefaction LLC, 5.875%, 06/30/2026		202,852		0.1
152,000	(1)	Schlumberger Finance Canada Ltd., 2.650%, 11/20/2022		151,862		0.1
85,000		Targa Resources Corp., 4.950%, 04/15/2052		73,028		0.0
438,000	(1)	Texas Eastern Transmission L.P., 3.500%, 01/15/2028		413,639		0.2
110,000		Texas Eastern Transmission L.P., 7.000%, 07/15/2032		125,129		0.0
78,000		Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/2026		86,232		0.0
				6,887,665		2.5

		Financial: 12.3%
72,000	(1)	AIG Global Funding, 0.450%, 12/08/2023		68,819		0.0
49,000		Air Lease Corp., 2.875%, 01/15/2026		45,057		0.0
72,000		Alexandria Real Estate Equities, Inc., 2.950%, 03/15/2034		60,015		0.0
207,000		American Express Co., 2.550%, 03/04/2027		193,039		0.1
142,000		American International Group, Inc., 4.375%, 06/30/2050		126,231		0.0
10,000		American Tower Corp., 2.100%, 06/15/2030		8,018		0.0
183,000		American Tower Corp., 2.700%, 04/15/2031		150,796		0.1
593,000		American Tower Corp., 3.800%, 08/15/2029		544,863		0.2
148,000		Aon Corp., 2.800%, 05/15/2030		129,518		0.0
33,000		Aon Corp. / Aon Global Holdings PLC, 3.900%, 02/28/2052		27,067		0.0

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Financial: (continued)
317,000		Ares Capital Corp., 2.150%, 07/15/2026	$	266,080		0.1
1,000,000	(2)	Banco Santander SA, 0.701%, 06/30/2024		963,800		0.3
484,000	(2)	Bank of America Corp., 0.523%, 06/14/2024		466,730		0.2
1,741,000	(2)	Bank of America Corp., 1.319%, 06/19/2026		1,584,912		0.6
1,376,000	(2)	Bank of America Corp., 1.734%, 07/22/2027		1,225,486		0.4
25,000	(2)	Bank of America Corp., 1.898%, 07/23/2031		20,003		0.0
376,000	(2)	Bank of America Corp., 2.015%, 02/13/2026		352,866		0.1
838,000	(2)	Bank of America Corp., 2.299%, 07/21/2032		678,026		0.2
1,089,000	(2)	Bank of America Corp., 2.551%, 02/04/2028		991,241		0.4
193,000	(2)	Bank of America Corp., 2.572%, 10/20/2032		159,389		0.1
66,000	(2)	Bank of America Corp., 2.687%, 04/22/2032		55,467		0.0
467,000	(2)	Bank of America Corp., 2.972%, 02/04/2033		398,276		0.1
130,000	(2)	Bank of America Corp., 3.004%, 12/20/2023		129,606		0.0
57,000	(2)	Bank of America Corp., 3.384%, 04/02/2026		55,326		0.0
199,000	(2)	Bank of America Corp., 3.559%, 04/23/2027		190,861		0.1
55,000	(2)	Bank of America Corp., 3.705%, 04/24/2028		52,482		0.0
290,000	(2)	Bank of America Corp., 3.864%, 07/23/2024		288,893		0.1
368,000		Bank of America Corp., 3.950%, 04/21/2025		363,443		0.1
303,000	(2)	Bank of America Corp., 4.376%, 04/27/2028		298,570		0.1
325,000	(2)	Bank of America Corp., 4.571%, 04/27/2033		316,676		0.1
200,000	(2)	Barclays PLC, 3.811%, 03/10/2042		151,956		0.1
342,000	(2)	Barclays PLC, 4.338%, 05/16/2024		341,975		0.1
34,000		Berkshire Hathaway Finance Corp., 3.850%, 03/15/2052		29,169		0.0
194,000	(1)	Blackstone Private Credit Fund, 3.250%, 03/15/2027		164,749		0.1
147,000	(1)	Blackstone Private Credit Fund, 4.000%, 01/15/2029		120,604		0.0
184,000	(2)	Capital One Financial Corp., 3.273%, 03/01/2030		162,996		0.1
135,000	(2)	Capital One Financial Corp., 5.268%, 05/10/2033		132,726		0.1
80,000	(2)	Citigroup, Inc., 0.776%, 10/30/2024		76,318		0.0
480,000	(2)	Citigroup, Inc., 2.014%, 01/25/2026		450,225		0.2
9,000	(2)	Citigroup, Inc., 2.520%, 11/03/2032		7,312		0.0

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Financial: (continued)
689,000	(2)	Citigroup, Inc., 2.561%, 05/01/2032	$	567,987		0.2
302,000	(2)	Citigroup, Inc., 2.666%, 01/29/2031		256,696		0.1
31,000	(2)	Citigroup, Inc., 2.976%, 11/05/2030		27,083		0.0
80,000	(2)	Citigroup, Inc., 3.057%, 01/25/2033		67,887		0.0
574,000	(2)	Citigroup, Inc., 3.070%, 02/24/2028		532,879		0.2
800,000	(2)	Citigroup, Inc., 3.290%, 03/17/2026		774,388		0.3
29,000	(2)	Citigroup, Inc., 3.980%, 03/20/2030		27,147		0.0
45,000	(2)	Citigroup, Inc., 4.910%, 05/24/2033		44,454		0.0
500,000		Credit Suisse AG/New York NY, 1.250%, 08/07/2026		437,425		0.2
53,000		Crown Castle International Corp., 1.350%, 07/15/2025		48,501		0.0
178,000		Crown Castle International Corp., 2.250%, 01/15/2031		144,555		0.1
55,000		Crown Castle International Corp., 2.900%, 03/15/2027		50,767		0.0
27,000		Crown Castle International Corp., 3.150%, 07/15/2023		26,718		0.0
118,000		Crown Castle International Corp., 3.700%, 06/15/2026		114,002		0.0
545,000		Crown Castle International Corp., 3.800%, 02/15/2028		514,719		0.2
200,000	(1),(2)	Danske Bank A/S, 1.171%, 12/08/2023		197,379		0.1
150,000		Deutsche Bank AG/New York NY, 1.686%, 03/19/2026		134,698		0.1
150,000	(2)	Deutsche Bank AG/New York NY, 2.129%, 11/24/2026		133,412		0.1
435,000		Equinix, Inc., 3.200%, 11/18/2029		386,848		0.1
477,000		GLP Capital L.P. / GLP Financing II, Inc., 3.250%, 01/15/2032		383,253		0.1
30,000		GLP Capital L.P. / GLP Financing II, Inc., 4.000%, 01/15/2031		25,922		0.0
141,000	(2)	Goldman Sachs Group, Inc./The, 1.757%, 01/24/2025		135,652		0.1
32,000	(2)	Goldman Sachs Group, Inc./The, 2.615%, 04/22/2032		26,600		0.0
724,000	(2)	Goldman Sachs Group, Inc./The, 2.640%, 02/24/2028		657,617		0.2
1,000,000	(2)	Goldman Sachs Group, Inc./The, 2.905%, 07/24/2023		999,726		0.4

Principal Amount†				Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
			Financial: (continued)
472,000			Goldman Sachs Group, Inc./The, 3.000%, 03/15/2024	$	466,126		0.2
439,000	(2)		Goldman Sachs Group, Inc./The, 3.102%, 02/24/2033		375,365		0.1
1,794,000			Goldman Sachs Group, Inc./The, 3.500%, 04/01/2025		1,760,919		0.6
578,000	(2)		Goldman Sachs Group, Inc./The, 3.615%, 03/15/2028		547,458		0.2
100,000			Goldman Sachs Group, Inc./The, 3.750%, 02/25/2026		98,193		0.0
200,000	(2)		HSBC Holdings PLC, 2.251%, 11/22/2027		178,346		0.1
200,000	(2)		HSBC Holdings PLC, 2.999%, 03/10/2026		190,610		0.1
123,000			Intercontinental Exchange, Inc., 2.100%, 06/15/2030		103,284		0.0
41,000			Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028		34,523		0.0
149,000			Invitation Homes Operating Partnership L.P., 4.150%, 04/15/2032		135,438		0.1
387,000	(2)		JPMorgan Chase & Co., 1.578%, 04/22/2027		345,034		0.1
40,000	(2)		JPMorgan Chase & Co., 1.953%, 02/04/2032		32,007		0.0
2,623,000	(2)		JPMorgan Chase & Co., 2.005%, 03/13/2026		2,459,481		0.9
200,000	(2)		JPMorgan Chase & Co., 2.083%, 04/22/2026		187,266		0.1
107,000	(2)		JPMorgan Chase & Co., 2.580%, 04/22/2032		90,123		0.0
680,000	(2)		JPMorgan Chase & Co., 2.947%, 02/24/2028		630,550		0.2
240,000	(2)		JPMorgan Chase & Co., 2.963%, 01/25/2033		206,192		0.1
31,000	(2)		JPMorgan Chase & Co., 3.220%, 03/01/2025		30,468		0.0
495,000	(2)		JPMorgan Chase & Co., 3.559%, 04/23/2024		493,691		0.2
250,000	(2)	��	JPMorgan Chase & Co., 4.080%, 04/26/2026		247,227		0.1
25,000	(2)		JPMorgan Chase & Co., 4.493%, 03/24/2031		24,443		0.0
200,000			Lloyds Banking Group PLC, 4.375%, 03/22/2028		194,523		0.1
105,000			Marsh & McLennan Cos, Inc., 2.250%, 11/15/2030		88,707		0.0
225,000	(2)		Mitsubishi UFJ Financial Group, Inc., 1.538%, 07/20/2027		199,143		0.1
30,000			Mitsubishi UFJ Financial Group, Inc., 3.407%, 03/07/2024		29,790		0.0
567,000	(2)		Mizuho Financial Group, Inc., 2.260%, 07/09/2032		453,278		0.2
690,000	(2)		Morgan Stanley, 0.790%, 05/30/2025		642,924		0.2
1,755,000	(2)		Morgan Stanley, 1.512%, 07/20/2027		1,542,338		0.6

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Financial: (continued)
24,000	(2)	Morgan Stanley, 1.593%, 05/04/2027	$	21,346		0.0
165,000	(2)	Morgan Stanley, 1.794%, 02/13/2032		129,951		0.1
112,000	(2)	Morgan Stanley, 1.928%, 04/28/2032		88,928		0.0
148,000	(2)	Morgan Stanley, 2.239%, 07/21/2032		120,053		0.0
196,000	(2)	Morgan Stanley, 2.511%, 10/20/2032		162,179		0.1
400,000	(2)	Morgan Stanley, 2.943%, 01/21/2033		343,236		0.1
72,000	(2)	Morgan Stanley, 3.772%, 01/24/2029		68,383		0.0
167,000		Morgan Stanley, 4.000%, 07/23/2025		167,101		0.1
1,029,000	(2)	Morgan Stanley, 4.431%, 01/23/2030		1,000,833		0.4
188,000		National Retail Properties, Inc., 3.000%, 04/15/2052		128,538		0.0
204,000		Nomura Holdings, Inc., 2.608%, 07/14/2031		162,916		0.1
85,000	(1)	Principal Life Global Funding II, 0.750%, 04/12/2024		80,441		0.0
261,000		Sumitomo Mitsui Financial Group, Inc., 1.902%, 09/17/2028		221,462		0.1
310,000	(1),(2)	UBS Group AG, 1.494%, 08/10/2027		271,493		0.1
45,000		VICI Properties L.P., 4.375%, 05/15/2025		44,022		0.0
125,000		VICI Properties L.P., 4.750%, 02/15/2028		119,539		0.0
160,000		VICI Properties L.P., 4.950%, 02/15/2030		151,925		0.1
59,000	(1)	VICI Properties L.P. / VICI Note Co., Inc., 3.750%, 02/15/2027		52,015		0.0
112,000	(1)	VICI Properties L.P. / VICI Note Co., Inc., 4.250%, 12/01/2026		102,525		0.0
24,000	(1)	VICI Properties L.P. / VICI Note Co., Inc., 4.500%, 09/01/2026		22,123		0.0
32,000	(1)	VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 06/15/2025		30,495		0.0
31,000	(2)	Wells Fargo & Co., 2.393%, 06/02/2028		27,786		0.0
104,000		Wells Fargo & Co., 3.000%, 10/23/2026		98,200		0.0
169,000	(2)	Wells Fargo & Co., 3.584%, 05/22/2028		160,466		0.1
195,000	(2)	Wells Fargo & Co., 3.908%, 04/25/2026		192,025		0.1
52,000		Wells Fargo & Co., 4.150%, 01/24/2029		50,324		0.0
80,000	(2)	Wells Fargo & Co., 4.611%, 04/25/2053		74,166		0.0
				34,445,819		12.3

		Industrial: 1.5%
150,000		Agilent Technologies, Inc., 2.300%, 03/12/2031		122,356		0.1

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Industrial: (continued)
270,000		Amcor Flexibles North America, Inc., 2.690%, 05/25/2031	$	220,587		0.1
20,000		Burlington Northern Santa Fe LLC, 2.875%, 06/15/2052		14,979		0.0
209,000		Burlington Northern Santa Fe LLC, 3.300%, 09/15/2051		168,104		0.1
40,000		Burlington Northern Santa Fe LLC, 4.450%, 01/15/2053		38,764		0.0
184,000		CSX Corp., 2.500%, 05/15/2051		124,207		0.1
45,000		CSX Corp., 3.250%, 06/01/2027		43,219		0.0
260,000		GE Capital Funding LLC, 4.550%, 05/15/2032		251,111		0.1
122,000		General Dynamics Corp., 3.750%, 05/15/2028		119,835		0.0
379,000		Huntington Ingalls Industries, Inc., 2.043%, 08/16/2028		323,943		0.1
10,000		Huntington Ingalls Industries, Inc., 3.483%, 12/01/2027		9,360		0.0
54,000		L3Harris Technologies, Inc., 3.850%, 12/15/2026		52,961		0.0
241,000		Lockheed Martin Corp., 2.800%, 06/15/2050		179,816		0.1
10,000		Lockheed Martin Corp., 3.900%, 06/15/2032		9,879		0.0
36,000		Norfolk Southern Corp., 3.000%, 03/15/2032		32,497		0.0
163,000		Norfolk Southern Corp., 3.050%, 05/15/2050		119,774		0.0
50,000		Norfolk Southern Corp., 4.550%, 06/01/2053		47,377		0.0
234,000		Northrop Grumman Corp., 2.930%, 01/15/2025		229,127		0.1
230,000		Northrop Grumman Corp., 5.250%, 05/01/2050		244,118		0.1
59,000		nVent Finance Sarl, 2.750%, 11/15/2031		48,024		0.0
32,000	(1)	Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.700%, 06/15/2026		28,565		0.0
62,000		Raytheon Technologies Corp., 2.375%, 03/15/2032		52,537		0.0
34,000		Raytheon Technologies Corp., 2.820%, 09/01/2051		24,408		0.0
242,000		Raytheon Technologies Corp., 3.125%, 07/01/2050		185,656		0.1
833,000		Raytheon Technologies Corp., 4.125%, 11/16/2028		822,899		0.3
18,000		Raytheon Technologies Corp., 4.500%, 06/01/2042		17,197		0.0
26,000		Raytheon Technologies Corp., 4.625%, 11/16/2048		25,442		0.0

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Industrial: (continued)
55,000		Republic Services, Inc., 2.375%, 03/15/2033	$	45,009		0.0
143,000		Textron, Inc., 3.900%, 09/17/2029		134,723		0.1
40,000		Union Pacific Corp., 2.800%, 02/14/2032		35,648		0.0
143,000		Union Pacific Corp., 3.200%, 05/20/2041		116,912		0.0
202,000		Union Pacific Corp., 3.250%, 02/05/2050		158,853		0.1
				4,047,887		1.5

		Technology: 2.4%
121,000		Analog Devices, Inc., 3.500%, 12/05/2026		119,331		0.0
186,000		Autodesk, Inc., 2.400%, 12/15/2031		152,011		0.1
528,000		Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.500%, 01/15/2028		489,228		0.2
221,000		Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 01/15/2027		212,842		0.1
348,000	(1)	Broadcom, Inc., 3.419%, 04/15/2033		288,151		0.1
157,000	(1)	Broadcom, Inc., 3.469%, 04/15/2034		127,986		0.1
5,000		Broadcom, Inc., 4.150%, 11/15/2030		4,586		0.0
25,000	(1)	Broadcom, Inc., 4.150%, 04/15/2032		22,599		0.0
4,000	(1)	Broadcom, Inc., 4.926%, 05/15/2037		3,592		0.0
15,000		Dell International LLC / EMC Corp., 8.350%, 07/15/2046		18,718		0.0
33,000		DXC Technology Co., 2.375%, 09/15/2028		28,429		0.0
265,000		Electronic Arts, Inc., 1.850%, 02/15/2031		215,583		0.1
246,000		Equinix, Inc., 3.900%, 04/15/2032		222,776		0.1
143,000		Fidelity National Information Services, Inc., 3.100%, 03/01/2041		104,588		0.0
195,000		Fiserv, Inc., 3.500%, 07/01/2029		178,042		0.1
142,000		Intel Corp., 3.200%, 08/12/2061		104,086		0.0
169,000		International Business Machines Corp., 4.150%, 05/15/2039		152,770		0.1
76,000		KLA Corp., 3.300%, 03/01/2050		60,354		0.0
85,000		KLA Corp., 5.250%, 07/15/2062		87,755		0.0
33,000		Lam Research Corp., 2.875%, 06/15/2050		24,277		0.0
341,000		Leidos, Inc., 2.300%, 02/15/2031		272,002		0.1
122,000		NXP BV / NXP Funding LLC / NXP USA, Inc., 2.500%, 05/11/2031		100,421		0.0

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Technology: (continued)
133,000		NXP BV / NXP Funding LLC / NXP USA, Inc., 3.150%, 05/01/2027	$	123,390		0.0
617,000		NXP BV / NXP Funding LLC / NXP USA, Inc., 4.300%, 06/18/2029		589,234		0.2
1,322,000		Oracle Corp., 1.650%, 03/25/2026		1,186,435		0.4
31,000		Oracle Corp., 3.600%, 04/01/2040		23,215		0.0
55,000		Oracle Corp., 3.600%, 04/01/2050		38,308		0.0
1,208,000		Oracle Corp., 3.650%, 03/25/2041		902,060		0.3
80,000		QUALCOMM, Inc., 3.250%, 05/20/2050		65,493		0.0
74,000		Salesforce, Inc., 3.050%, 07/15/2061		54,273		0.0
219,000		ServiceNow, Inc., 1.400%, 09/01/2030		171,586		0.1
200,000		TSMC Arizona Corp., 4.250%, 04/22/2032		197,473		0.1
212,000		VMware, Inc., 1.800%, 08/15/2028		176,271		0.1
114,000		VMware, Inc., 2.200%, 08/15/2031		89,886		0.0
194,000		Western Digital Corp., 2.850%, 02/01/2029		158,261		0.1
				6,766,012		2.4

		Utilities: 2.0%
41,000		AEP Texas, Inc., 3.450%, 05/15/2051		31,540		0.0
467,000		AEP Transmission Co. LLC, 2.750%, 08/15/2051		328,362		0.1
308,000		Alabama Power Co., 3.125%, 07/15/2051		231,191		0.1
32,000		Ameren Illinois Co., 2.900%, 06/15/2051		23,556		0.0
94,000	(1)	American Transmission Systems, Inc., 2.650%, 01/15/2032		79,722		0.0
67,000		Atmos Energy Corp., 2.850%, 02/15/2052		48,023		0.0
25,000		Baltimore Gas and Electric Co., 4.550%, 06/01/2052		24,276		0.0
35,000		CenterPoint Energy Houston Electric LLC, 3.350%, 04/01/2051		28,516		0.0
87,000		CenterPoint Energy Houston Electric LLC, 3.600%, 03/01/2052		74,762		0.0
79,000		CenterPoint Energy Resources Corp., 1.750%, 10/01/2030		64,243		0.0
77,000		Commonwealth Edison Co., 2.750%, 09/01/2051		54,991		0.0
39,000		Commonwealth Edison Co., 3.850%, 03/15/2052		34,452		0.0
199,000		Consumers Energy Co., 2.650%, 08/15/2052		140,018		0.1
90,000		DTE Electric Co., 3.650%, 03/01/2052		77,905		0.0
42,000		DTE Electric Co., 3.950%, 03/01/2049		37,780		0.0

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: (continued)
		Utilities: (continued)
71,000		Duke Energy Carolinas LLC, 3.450%, 04/15/2051	$	57,943		0.0
34,000		Duke Energy Carolinas LLC, 3.550%, 03/15/2052		28,335		0.0
137,000		Duke Energy Florida LLC, 1.750%, 06/15/2030		113,774		0.1
68,000		Duke Energy Florida LLC, 3.000%, 12/15/2051		50,903		0.0
262,000		Duke Energy Florida LLC, 3.800%, 07/15/2028		256,272		0.1
262,000		Duke Energy Progress LLC, 2.900%, 08/15/2051		193,625		0.1
185,000		Entergy Louisiana LLC, 2.350%, 06/15/2032		154,839		0.1
103,000	(1)	Exelon Corp., 2.750%, 03/15/2027		96,371		0.0
35,000	(1)	Exelon Corp., 4.100%, 03/15/2052		30,261		0.0
32,000		Exelon Corp., 4.700%, 04/15/2050		30,064		0.0
2,089,000		Florida Power & Light Co., 1.434%, (SOFRRATE + 0.250%), 05/10/2023		2,072,336		0.8
118,000		Florida Power & Light Co., 2.875%, 12/04/2051		88,003		0.0
30,000		Florida Power & Light Co., 3.950%, 03/01/2048		27,537		0.0
241,000		MidAmerican Energy Co., 2.700%, 08/01/2052		173,744		0.1
53,000		Northern States Power Co/MN, 2.600%, 06/01/2051		37,438		0.0
213,000	(1)	NRG Energy, Inc., 4.450%, 06/15/2029		190,987		0.1
150,000		Ohio Power Co., 2.900%, 10/01/2051		107,569		0.1
47,000		Oncor Electric Delivery Co. LLC, 3.100%, 09/15/2049		36,459		0.0
75,000	(1)	Oncor Electric Delivery Co. LLC, 4.150%, 06/01/2032		75,219		0.0
8,000		Pacific Gas and Electric Co., 2.500%, 02/01/2031		6,127		0.0
43,000		Pacific Gas and Electric Co., 3.250%, 06/01/2031		34,775		0.0
78,000		Pacific Gas and Electric Co., 4.950%, 07/01/2050		62,386		0.0
238,000		PECO Energy Co., 2.850%, 09/15/2051		175,125		0.1
200,000		Southern California Edison Co., 1.200%, 02/01/2026		179,169		0.1
31,000		Southwestern Public Service Co., 3.150%, 05/01/2050		23,732		0.0
27,000		Tampa Electric Co., 4.300%, 06/15/2048		24,644		0.0
149,000		Virginia Electric and Power Co., 2.450%, 12/15/2050		100,424		0.0
				5,707,398		2.0
		Total Corporate Bonds/Notes (Cost $89,100,214)		78,478,726		28.1

Principal Amount†			Value		Percentage of Net Assets

COLLATERALIZED MORTGAGE OBLIGATIONS: 0.7%
937,973	(1),(2)	J.P. Morgan Mortgage Trust 2022-INV3 A3B, 3.000%, 09/25/2052	$	833,880		0.3
1,085,988	(1),(2)	Mello Mortgage Capital Acceptance 2022-INV2 A3, 3.000%, 04/25/2052		964,790		0.4
		Total Collateralized Mortgage Obligations (Cost $1,926,863)		1,798,670		0.7

U.S. TREASURY OBLIGATIONS: 47.9%
		Treasury Inflation Indexed Protected Securities: 47.9%
1,381,645		0.125%,10/15/2025		1,381,019		0.5
682,416		0.125%,10/15/2026		676,486		0.2
12,143,023		0.125%,04/15/2027		11,961,361		4.3
4,803,818		0.125%,01/15/2030		4,588,637		1.6
5,779,001		0.125%,07/15/2030		5,515,517		2.0
8,773,819		0.125%,01/15/2031		8,352,251		3.0
4,244,606		0.125%,07/15/2031		4,039,366		1.4
4,573,336		0.125%,01/15/2032		4,345,114		1.6
1,587,958		0.125%,02/15/2051		1,225,774		0.4
1,853,830		0.125%,02/15/2052		1,442,521		0.5
7,798,656		0.250%,07/15/2029		7,567,066		2.7
3,502,880		0.250%,02/15/2050		2,771,447		1.0
1,371,521		0.375%,07/15/2025		1,385,673		0.5
1,961,921		0.375%,07/15/2027		1,955,768		0.7
9,496,463	(7)	0.500%,01/15/2028		9,436,691		3.4
54,753		0.625%,01/15/2026		55,385		0.0
3,470,645		0.625%,02/15/2043		3,072,120		1.1
9,087,308		0.750%,07/15/2028		9,157,668		3.3
4,752,847		0.750%,02/15/2042		4,350,043		1.6
5,322,253	(7)	0.750%,02/15/2045		4,774,704		1.7
7,770,797		0.875%,01/15/2029		7,848,225		2.8
3,389,406		0.875%,02/15/2047		3,138,117		1.1
2,849,074		1.000%,02/15/2046		2,705,035		1.0
2,473,764		1.000%,02/15/2048		2,366,211		0.8
2,320,818		1.000%,02/15/2049		2,238,126		0.8
5,129,468	(7)	1.375%,02/15/2044		5,255,714		1.9
3,096,765		1.750%,01/15/2028		3,288,828		1.2
2,101,771		2.125%,02/15/2040		2,456,921		0.9
2,706,390		2.125%,02/15/2041		3,148,997		1.1
4,067,152		2.375%,01/15/2027		4,418,745		1.6
2,383,429		2.500%,01/15/2029		2,651,035		1.0
2,068,551		3.375%,04/15/2032		2,586,152		0.9
1,095,731		3.625%,04/15/2028		1,280,459		0.5
1,904,607		3.875%,04/15/2029		2,300,893		0.8
		Total U.S. Treasury Obligations (Cost $143,662,226)		133,738,069		47.9

U.S. GOVERNMENT AGENCY OBLIGATIONS: 13.4%
		Federal Home Loan Mortgage Corporation: 1.0%⁽³⁾
293,545		2.000%,03/01/2051		256,005		0.1
244,916		2.000%,04/01/2051		214,445		0.1
41,473		2.000%,10/01/2051		36,109		0.0
303,980		2.000%,12/01/2051		264,454		0.1
23,110		2.500%,07/01/2050		20,951		0.0
129,487		2.500%,02/01/2051		118,039		0.1
105,146		2.500%,05/01/2051		96,227		0.0
100,040		2.500%,11/01/2051		90,874		0.0
304,655		2.500%,01/01/2052		275,560		0.1
287,001		3.000%,09/01/2050		272,425		0.1
62,791		3.000%,07/01/2051		59,373		0.0
78,487		3.000%,10/01/2051		73,655		0.0

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Federal Home Loan Mortgage Corporation: (continued)
46,073		3.000%,02/01/2052	$	43,458		0.0
1,050,852		3.000%,03/01/2052		988,507		0.4
				2,810,082		1.0

		Federal National Mortgage Association: 3.0%⁽³⁾
470,000	(4)	1.500%,07/15/2037		427,516		0.2
470,100	(4)	1.500%,07/15/2052		390,330		0.1
1,121,000	(4)	2.000%,07/15/2037		1,046,646		0.4
147,338		2.000%,09/01/2050		128,524		0.0
265,290		2.000%,10/01/2050		231,965		0.1
322,939		2.000%,02/01/2051		281,738		0.1
153,137		2.000%,04/01/2051		133,989		0.1
451,341		2.000%,08/01/2051		393,698		0.1
560,587		2.000%,08/01/2051		489,004		0.2
55,556		2.000%,11/01/2051		48,643		0.0
146,139		2.000%,11/01/2051		127,797		0.0
168,078		2.000%,11/01/2051		146,725		0.1
263,885		2.000%,11/01/2051		230,231		0.1
300,232		2.000%,11/01/2051		262,268		0.1
1,681,706		2.000%,02/01/2052		1,461,903		0.5
187,689		2.000%,03/01/2052		163,748		0.1
496,271		2.000%,03/01/2052		432,816		0.2
271,175		2.000%,03/01/2052		236,501		0.1
76,750		2.500%,07/01/2050		70,040		0.0
148,654		2.500%,07/01/2050		135,084		0.1
148,364		2.500%,07/01/2050		134,822		0.1
146,844		2.500%,07/01/2050		133,441		0.0
149,581		2.500%,08/01/2050		135,925		0.1
37,380		2.500%,08/01/2050		34,060		0.0
123,599		2.500%,08/01/2050		112,315		0.0
85,506		2.500%,11/01/2050		78,031		0.0
23,017		2.500%,01/01/2051		20,908		0.0
76,063		2.500%,02/01/2051		68,898		0.0
11,367		2.500%,03/01/2051		10,309		0.0
7,282		2.500%,04/01/2051		6,604		0.0
13,085		2.500%,04/01/2051		11,867		0.0
6,475		2.500%,05/01/2051		5,872		0.0
119,680		2.500%,05/01/2051		108,531		0.0
3,418		2.500%,05/01/2051		3,102		0.0
10,725		2.500%,07/01/2051		9,724		0.0
39,725		2.500%,10/01/2051		36,074		0.0
3,762		2.500%,10/01/2051		3,410		0.0
30,242		2.500%,12/01/2051		27,438		0.0
142,880		3.000%,11/01/2051		133,906		0.1
63,767		3.000%,12/01/2051		59,814		0.0
41,726		3.000%,04/01/2052		39,202		0.0
65,656		3.000%,05/01/2052		61,471		0.0
334,000	(4)	5.000%,08/15/2052		340,060		0.1
				8,414,950		3.0

		Government National Mortgage Association: 2.1%
563,853		2.000%,11/20/2050		503,565		0.2
218,477		2.000%,01/20/2051		195,058		0.1
160,797		2.000%,02/20/2051		143,422		0.1
713,600	(4)	2.000%,07/15/2052		633,933		0.2
40,339		2.500%,04/20/2051		37,076		0.0
1,666,500	(4)	2.500%,07/15/2052		1,525,629		0.5
398,000		3.000%,06/20/2051		376,658		0.1
472,104		3.000%,08/20/2051		446,395		0.2
129,755		3.000%,12/20/2051		122,573		0.0
269,500	(4)	3.000%,07/15/2052		254,151		0.1
616,024		3.500%,05/20/2047		607,287		0.2

Principal Amount†			Value		Percentage of Net Assets

U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Government National Mortgage Association: (continued)
49,000	(4)	3.500%,07/15/2052	$	47,622		0.0
265,000	(4)	3.500%,08/15/2052		257,195		0.1
259,656		4.000%,09/20/2048		260,851		0.1
155,000	(4)	4.000%,07/15/2052		154,367		0.1
199,378		4.500%,08/20/2048		203,016		0.1
67,000	(4)	5.000%,07/15/2052		68,675		0.0
				5,837,473		2.1

		Uniform Mortgage-Backed Securities: 7.3%
581,464		1.500%,11/01/2041		498,600		0.2
344,527		1.500%,12/01/2041		295,343		0.1
571,441		2.000%,02/01/2042		511,046		0.2
102,453		2.000%,04/01/2051		89,451		0.0
309,608		2.000%,12/01/2051		269,579		0.1
486,226		2.000%,01/01/2052		425,970		0.2
682,208		2.500%,10/01/2036		653,268		0.2
104,000	(4)	2.500%,07/15/2037		99,342		0.0
1,187,154		2.500%,11/01/2051		1,078,030		0.4
2,388,586		2.500%,01/01/2052		2,165,832		0.8
75,200	(4)	2.500%,07/15/2052		67,651		0.0
430,830		3.000%,01/01/2036		423,211		0.1
49,000	(4)	3.000%,07/15/2037		47,881		0.0
1,068,994		3.000%,09/01/2051		1,001,339		0.4
29,949		3.000%,01/01/2052		27,974		0.0
8,202		3.000%,01/01/2052		7,661		0.0
31,000	(4)	3.000%,07/15/2052		28,881		0.0
159,698		3.500%,05/01/2036		159,397		0.1
5,000	(4)	3.500%,07/15/2037		4,969		0.0
614,913		3.500%,01/01/2051		598,934		0.2
1,231,992		3.500%,09/01/2051		1,198,666		0.4
9,211,000	(4)	3.500%,07/15/2052		8,860,550		3.2
776,554		4.000%,04/01/2050		773,900		0.3
53,000	(4)	4.000%,07/15/2052		52,278		0.0
511,000	(4)	4.000%,08/15/2052		503,185		0.2
564,984		4.500%,03/01/2048		576,647		0.2
				20,419,585		7.3
		Total U.S. Government Agency Obligations (Cost $38,526,097)		37,482,090		13.4

CERTIFICATES OF DEPOSIT: 2.1%
2,600,000		MUFG Bank Ltd., 0.300%, 10/25/2022		2,582,716		0.9
3,300,000		Toronto-Dominion Bank, 0.340%, 10/28/2022		3,277,460		1.2

		Total Certificates of Deposit (Cost $5,900,000)		5,860,176		2.1

COMMERCIAL MORTGAGE-BACKED SECURITIES: 6.2%
366,000		BANK 2019-BNK23 A3, 2.920%, 12/15/2052		334,127		0.1
280,000	(2)	BANK 2022-BNK42 A5, 4.493%, 06/15/2055		285,005		0.1
300,000		Barclays Commercial Mortgage Trust 2019-C3 B, 4.096%, 05/15/2052		282,074		0.1
280,000		Barclays Commercial Mortgage Trust 2019-C4 B, 3.322%, 08/15/2052		248,009		0.1
240,000	(2)	BBCMS Mortgage Trust 2022-C16 A5, 4.600%, 06/15/2055		245,749		0.1

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
1,000,000		Benchmark 2018-B3 A5 Mortgage Trust, 4.025%, 04/10/2051	$	987,170		0.4
350,000		Benchmark 2019-B15 A5 Mortgage Trust, 2.928%, 12/15/2072		319,716		0.1
933,462	(1)	BX Commercial Mortgage Trust 2021-XL2 A, 2.013%, (US0001M + 0.689%), 10/15/2038		890,588		0.3
800,000	(1)	BX Trust 2021-ARIA A, 2.223%, (US0001M + 0.899%), 10/15/2036		753,566		0.3
410,000		CD 2017-CD3 A4 Mortgage Trust, 3.631%, 02/10/2050		399,648		0.1
500,000		CD 2017-CD6 Mortgage Trust A5, 3.456%, 11/13/2050		480,812		0.2
800,000	(1)	Credit Suisse Mortgage Capital Certificates 2019-ICE4 A, 2.304%, (US0001M + 0.980%), 05/15/2036		787,566		0.3
730,000	(1)	Credit Suisse Mortgage Capital Certificates 2021-BHAR A, 2.475%, (US0001M + 1.150%), 11/15/2038		720,977		0.3
205,000		CSAIL 2015-C3 A4 Commercial Mortgage Trust, 3.718%, 08/15/2048		201,578		0.1
550,000	(1)	ELP Commercial Mortgage Trust 2021-ELP A, 2.026%, (US0001M + 0.701%), 11/15/2038		526,102		0.2
387,614	(1)	Extended Stay America Trust 2021-ESH A, 2.405%, (US0001M + 1.080%), 07/15/2038		378,492		0.1
980,000	(2)	Fannie Mae Multifamily REMIC Trust 2022-M10 A2, 2.003%, 01/25/2032		855,217		0.3
1,760,000		Freddie Mac Multifamily WI Certificates Series WI-K146 A2, 2.920%, 07/25/2032		1,652,452		0.6
498,000		GS Mortgage Securities Trust 2015-GC32 A4, 3.764%, 07/10/2048		491,591		0.2
1,000,000		GS Mortgage Securities Trust 2016-GS2 A4, 3.050%, 05/10/2049		958,102		0.3
1,000,000		GS Mortgage Securities Trust 2017-GS7 A4, 3.430%, 08/10/2050		968,625		0.4
600,000	(1)	JP Morgan Chase Commercial Mortgage Securities Corp. 2021-HYAH A, 2.084%, (US0001M + 0.760%), 06/15/2038		571,041		0.2
380,000	(1)	Med Trust 2021-MDLN A, 2.275%, (US0001M + 0.950%), 11/15/2038		364,041		0.1

Principal Amount†			Value		Percentage of Net Assets

COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
100,000	(1)	MF1 2021-W10 A, 2.349%, (TSFR1M + 1.070%), 12/15/2034	$	96,176		0.0
1,100,000		Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 A4, 4.051%, 04/15/2047		1,096,140		0.4
215,000	(1)	MTN Commercial Mortgage Trust 2022-LPFL A, 2.676%, (TSFR1M + 1.397%), 03/15/2039		211,558		0.1
800,000	(1)	SREIT Trust 2021-PALM A, 1.914%, (US0001M + 0.590%), 10/15/2034		757,706		0.3
250,000	(1)	Taubman Centers Commercial Mortgage Trust 2022-DPM A, 3.465%, (TSFR1M + 2.186%), 05/15/2037		239,080		0.1
422,500		Wells Fargo Commercial Mortgage Trust 2015-C26 B, 3.783%, 02/15/2048		403,967		0.1
700,000		Wells Fargo Commercial Mortgage Trust 2017-C39 A5, 3.418%, 09/15/2050		673,880		0.2
		Total Commercial Mortgage-Backed Securities (Cost $18,004,455)		17,180,755		6.2

ASSET-BACKED SECURITIES: 1.9%
		Automobile Asset-Backed Securities: 0.2%
430,000	(1)	Credit Acceptance Auto Loan Trust 2021-4 A, 1.260%, 10/15/2030		405,509		0.2

		Other Asset-Backed Securities: 0.0%
118,806	(1)	GoodLeap Sustainable Home Solutions Trust 2022-1GS A, 2.700%, 01/20/2049		109,435		0.0

		Student Loan Asset-Backed Securities: 1.7%
163,721	(1)	College Avenue Student Loans LLC 2021-B A2, 1.760%, 06/25/2052		147,227		0.0
908,677	(1)	Navient Private Education Refi Loan Trust 2021-EA A, 0.970%, 12/16/2069		815,804		0.3
181,230	(1)	Navient Student Loan Trust 2019-BA A2A, 3.390%, 12/15/2059		175,451		0.1
747,119	(1)	Nelnet Student Loan Trust 2021-BA AFL, 2.375%, (US0001M + 0.780%), 04/20/2062		731,211		0.3
916,881	(1)	Nelnet Student Loan Trust 2021-CA AFL, 2.335%, (US0001M + 0.740%), 04/20/2062		895,406		0.3
662,120		SLM Private Credit Student Loan Trust 2005-A A4, 2.139%, (US0003M + 0.310%), 12/15/2038		639,805		0.2

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets

ASSET-BACKED SECURITIES: (continued)
		Student Loan Asset-Backed Securities: (continued)
523,921	(1)	SMB Private Education Loan Trust 2021-D A1A, 1.340%, 03/17/2053	$	486,494		0.2
710,347	(1)	SMB Private Education Loan Trust 2021-E A1A, 1.680%, 02/15/2051		662,263		0.2
319,333	(1)	Sofi Professional Loan Program 2018-C A2FX Trust, 3.590%, 01/25/2048		314,759		0.1
				4,868,420		1.7
		Total Asset-Backed Securities (Cost $5,669,069)		5,383,364		1.9

SOVEREIGN BONDS: 0.9%
200,000		Chile Government International Bond, 3.860%, 06/21/2047		167,551		0.1
200,000	(1)	Indonesia Government International Bond, 6.750%, 01/15/2044		231,228		0.1
200,000	(1)	Kazakhstan Government International Bond, 4.875%, 10/14/2044		167,116		0.1
300,000		Mexico Government International Bond, 4.600%, 02/10/2048		238,433		0.1
440,000		Mexico Government International Bond, 5.000%, 04/27/2051		366,782		0.1
NZD 458,000		New Zealand Government Inflation Linked Bond, 2.000%, 09/20/2025		349,874		0.1
440,000		Panama Government International Bond, 2.252%, 09/29/2032		344,149		0.1
200,000		Panama Government International Bond, 4.500%, 04/01/2056		159,222		0.0
103,000		Peruvian Government International Bond, 2.783%, 01/23/2031		87,823		0.0
53,000		Peruvian Government International Bond, 3.300%, 03/11/2041		40,283		0.0
200,000		Philippine Government International Bond, 3.700%, 02/02/2042		165,645		0.1
200,000	(1)	Qatar Government International Bond, 5.103%, 04/23/2048		209,953		0.1
45,049		Uruguay Government International Bond, 5.100%, 06/18/2050		45,425		0.0
		Total Sovereign Bonds (Cost $3,022,452)		2,573,484		0.9

			Value			Percentage of Net Assets

PURCHASED OPTIONS⁽⁵⁾: 0.0%
		Total Purchased Options (Cost $72,683)	$	26,277			0.0
		Total Long-Term Investments (Cost $305,884,059)		282,521,611			101.2

Principal Amount†			Value			Percentage of Net Assets

SHORT-TERM INVESTMENTS: 4.1%
		Commercial Paper: 3.7%
3,300,000		ANZ Bank, 1.680%, 07/28/2022		3,295,757			1.2
3,600,000		Commonwealth Bank of Australia, 2.410%, 10/21/2022		3,573,310			1.2
3,600,000		Nordea Bank ABP, 2.310%, 10/21/2022		3,574,428			1.3

		Total Commercial Paper (Cost $10,492,591)		10,443,495			3.7

Shares			Value			Percentage of Net Assets

		Mutual Funds: 0.4%
1,005,656	(6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $1,005,656)		1,005,656			0.4
		Total Short-Term Investments (Cost $11,498,247)		11,449,151			4.1
		Total Investments in Securities (Cost $317,382,306)	$	293,970,762			105.3
		Liabilities in Excess of Other Assets		(14,763,328	)		(5.3	)
		Net Assets	$	279,207,434			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)	Variable rate security. Rate shown is the rate in effect as of June 30, 2022.
(3)	The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(4)	Represents or includes a TBA transaction.
(5)	The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(6)	Rate shown is the 7-day yield as of June 30, 2022.
(7)	All or a portion of this security has been pledged as collateral in connection with open futures contracts. Please refer to Note 2 for additional details.

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Currency Abbreviations:
NZD	New Zealand Dollar

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

Investment Type Allocation
as of June 30, 2022
(as a percentage of net assets)


U.S. Treasury Obligations	47.9	%
Corporate Bonds/Notes	28.1	%
U.S. Government Agency Obligations	13.4	%
Commercial Mortgage-Backed Securities	6.2	%
Certificates of Deposit	2.1	%
Asset-Backed Securities	1.9	%
Sovereign Bonds	0.9	%
Collateralized Mortgage Obligations	0.7	%
Purchased Options	0.0	%^ˆ
Liabilities in Excess of Other Assets ,*	(1.2)	%
Net Assets	100.0	%

ˆ	Amount is less than 0.005%.
*	Includes short-term investments.

Portfolio holdings are subject to change daily.

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Purchased Options	$	23,225		$	3,052		$	—	$	26,277
Corporate Bonds/Notes		—			78,478,726			—		78,478,726
Collateralized Mortgage Obligations		—			1,798,670			—		1,798,670
U.S. Government Agency Obligations		—			37,482,090			—		37,482,090
Commercial Mortgage-Backed Securities		—			17,180,755			—		17,180,755
Sovereign Bonds		—			2,573,484			—		2,573,484
Asset-Backed Securities		—			5,383,364			—		5,383,364
Certificates of Deposit		—			5,860,176			—		5,860,176
U.S. Treasury Obligations		—			133,738,069			—		133,738,069
Short-Term Investments		1,005,656			10,443,495			—		11,449,151
Total Investments, at fair value	$	1,028,881		$	292,941,881		$	—	$	293,970,762
Other Financial Instruments+
Centrally Cleared Swaps		—			2,920,416			—		2,920,416
Forward Foreign Currency Contracts		—			136,826			—		136,826
Futures		780,429			—			—		780,429
OTC Swaps		—			1,325,687			—		1,325,687
Total Assets	$	1,809,310		$	297,324,810		$	—	$	299,134,120
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps	$	—		$	(1,001,902	)	$	—	$	(1,001,902	)
Forward Foreign Currency Contracts		—			(58,666	)		—		(58,666	)
Futures		(201,911	)		—			—		(201,911	)
Sales Commitments		—			(1,170,936	)		—		(1,170,936	)
Written Options		(8,206	)		(677,505	)		—		(685,711	)
Total Liabilities	$	(210,117	)	$	(2,909,009	)	$	—	$	(3,119,126	)

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

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION
PROTECTED BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the following forward foreign currency contracts were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Currency Purchased	Currency Sold	Counterparty	Settlement Date
NZD 1,717,000	USD 1,081,676	ANZ Bank	07/05/22	$	(9,330	)
USD 2,741,342	EUR 2,559,000	Bank of America N.A.	07/05/22		59,444
EUR 1,000	USD 1,049	Bank of Montreal	07/05/22		(1	)
GBP 354,913	USD 443,529	Barclays Bank PLC	07/05/22		(11,485	)
GBP 51,000	USD 62,557	BNP Paribas	07/05/22		(474	)
NZD 581,000	USD 362,046	BNP Paribas	07/05/22		815
USD 361,939	NZD 581,000	BNP Paribas	08/03/22		(837	)
EUR 13,819	USD 14,475	Citibank N.A.	08/03/22		36
USD 65,964	JPY 8,946,318	Citibank N.A.	08/03/22		(94	)
NOK 3,617,669	EUR 348,000	Citibank N.A.	09/21/22		1,143
EUR 1,261,000	USD 1,322,605	HSBC Bank PLC	07/05/22		(1,044	)
USD 124,611	EUR 115,882	JPMorgan Chase Bank N.A.	07/05/22		3,164
USD 468,192	GBP 372,989	JPMorgan Chase Bank N.A.	07/05/22		14,144
EUR 1,352,000	USD 1,450,498	JPMorgan Chase Bank N.A.	07/05/22		(33,568	)
EUR 90,884	USD 97,082	Societe Generale	07/05/22		(1,833	)
USD 42,193	GBP 33,473	Standard Chartered Bank	07/05/22		1,445
USD 47,065	EUR 43,861	Standard Chartered Bank	07/05/22		1,098
USD 1,493,866	NZD 2,303,000	UBS AG	07/05/22		55,537
				$	78,160

At June 30, 2022, the following futures contracts were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
3-month SOFRRATE		23			12/19/23	$	5,578,363			$	17,251
U.S. Treasury 2-Year Note		272			09/30/22		57,124,250				408,733
U.S. Treasury 5-Year Note		75			09/30/22		8,418,750				70,847
						$	71,121,363			$	496,831
Short Contracts:
Euro-Bund		(24	)		09/08/22		(3,741,952	)			(30,546	)
U.S. Treasury 10-Year Note		(117	)		09/21/22		(13,868,156	)			96,465
U.S. Treasury Long Bond		(89	)		09/21/22		(12,337,625	)			187,133
U.S. Treasury Ultra 10-Year Note		(46	)		09/21/22		(5,859,250	)			(118,244	)
U.S. Treasury Ultra Long Bond		(42	)		09/21/22		(6,482,438	)			(53,121	)
						$	(42,289,421	)		$	81,687

At June 30, 2022, the following centrally cleared interest rate swaps were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate		Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value				Unrealized Appreciation/ (Depreciation)
Pay	6-month EUR-EURIBOR	Semi-Annual	0.644	%	Annual	02/15/31	EUR	830,000		$	(99,015	)		$	(99,015	)
Pay	6-month EUR-EURIBOR	Semi-Annual	0.690		Annual	02/15/31	EUR	410,000			(47,344	)			(47,302	)
Pay	6-month EUR-EURIBOR	Semi-Annual	1.868		Annual	08/15/31	EUR	2,735,000			(68,801	)			(68,801	)
										$	(215,160	)		$	(215,118	)

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION
PROTECTED BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the following centrally cleared inflation-linked swaps were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate		Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation/ (Depreciation)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.339	%	At Termination Date	02/17/24	USD	5,300,000	$	501,661			$	501,661
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	1.991		At Termination Date	03/04/24	USD	3,000,000		315,956				315,956
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	4.223		At Termination Date	04/08/24	USD	12,400,000		23,880				23,880
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.023		At Termination Date	05/02/24	USD	3,500,000		368,870				368,870
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	1.706		At Termination Date	08/12/24	USD	1,300,000		154,750				154,750
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.351		At Termination Date	09/28/24	USD	4,500,000		370,258				370,258
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	0.945		At Termination Date	03/12/25	USD	1,650,000		258,212				258,212
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.794		At Termination Date	04/08/25	USD	5,300,000		(13,917	)			(13,917	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.563		At Termination Date	06/24/25	USD	4,900,000		(49,052	)			(49,052	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	1.783		At Termination Date	11/04/25	USD	1,300,000		165,343				165,296
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.098		At Termination Date	11/29/25	USD	1,600,000		166,016				166,016
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.526		At Termination Date	04/08/26	USD	18,000,000		(100,964	)			(100,964	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.270		At Termination Date	06/24/26	USD	6,500,000		(64,060	)			(64,060	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.687		At Termination Date	08/31/26	USD	5,050,000		276,137				276,137
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.136		At Termination Date	11/10/26	USD	1,700,000		46,318				46,318
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.045		At Termination Date	12/02/26	USD	2,165,000		66,117				66,117
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.925		At Termination Date	02/02/27	USD	3,400,000		74,323				74,323
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.000		At Termination Date	02/25/27	USD	5,540,000		83,277				83,277
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.213		At Termination Date	03/02/27	USD	1,350,000		5,593				5,593
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.290		At Termination Date	03/07/27	USD	2,200,000		(1,115	)			(1,115	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.646		At Termination Date	05/04/27	USD	2,500,000		(70,855	)			(70,855	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.262		At Termination Date	05/12/27	USD	1,955,000		(22,345	)			(22,345	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.118		At Termination Date	06/28/27	USD	2,868,000		(35,004	)			(35,004	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.087		At Termination Date	04/08/30	USD	5,450,000		(104,488	)			(104,488	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.855		At Termination Date	06/24/30	USD	1,525,000		(22,464	)			(22,464	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.468		At Termination Date	04/19/31	USD	535,000		43,752				43,752
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.843		At Termination Date	06/24/31	USD	4,850,000		(80,527	)			(80,527	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.134		At Termination Date	03/15/32	USD	1,470,000		(44,626	)			(44,626	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.090		At Termination Date	04/01/32	USD	3,130,000		(88,871	)			(88,871	)
Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	2.631		At Termination Date	06/29/52	USD	1,365,000		(88,496	)			(88,496	)
									$	2,133,679			$	2,133,632

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION
PROTECTED BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the following OTC inflation-linked swaps were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Fixed Rate		Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value		Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Citibank N.A.	Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	4.167	%	At Termination Date	07/15/23	USD	5,500,000	$	178,653		$	—		$	178,653
Citibank N.A.	Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	1.660		At Termination Date	09/22/23	USD	5,500,000		738,820			—			738,820
Citibank N.A.	Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.562		At Termination Date	01/15/25	USD	14,500,000		341,416			—			341,416
Citibank N.A.	Receive	U.S. CPI Urban Consumers NSA (CPURNSA)	At Termination Date	3.410		At Termination Date	01/15/26	USD	3,600,000		66,798			—			66,798
										$	1,325,687		$	—		$	1,325,687

At June 30, 2022, the following purchased exchange-traded options were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Description	Put/Call	Expiration Date	Exercise Price		Number of Contracts		Notional Amount		Cost			Fair Value
3-Month Secured Overnight Financing Rate	Put	07/15/22		96.50	USD	76	USD	18,432,850		$	22,840		$	3,800
3-Month Secured Overnight Financing Rate	Put	07/15/22		96.63	USD	127	USD	30,802,262			30,203			11,112
U.S. Treasury 10-Year Note	Put	08/26/22		115.00	USD	19	USD	2,252,094			16,654			8,313
										$	69,697		$	23,225

At June 30, 2022, the following exchange-traded written options were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Description	Put/Call	Expiration Date	Exercise Price		Number of Contracts		Notional Amount		Premiums Received			Fair Value
3-Month Secured Overnight Financing Rate	Put	07/15/22		96.00	USD	76	USD	18,432,850		$	3,761		$	(475	)
3-Month Secured Overnight Financing Rate	Put	07/15/22		96.13	USD	127	USD	30,802,263			4,760			(794	)
U.S. Treasury 10-Year Note	Put	08/26/22		113.00	USD	37	USD	4,385,656			15,553			(6,937	)
										$	24,074		$	(8,206	)

At June 30, 2022, the following OTC purchased foreign currency options were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Description	Counterparty	Expiration Date	Exercise Price		Notional Amount		Cost			Fair Value
Call NOK vs. Put EUR	JPMorgan Chase Bank N.A.	08/29/22		9.832	EUR	969,000		$	1,467		$	1,735
Call NOK vs. Put EUR	JPMorgan Chase Bank N.A.	09/08/22		9.650	EUR	721,000			526			658
Call NOK vs. Put EUR	Citibank N.A.	09/30/22		9.390	EUR	1,451,000			993			659
								$	2,986		$	3,052

At June 30, 2022, the following OTC written foreign currency options were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Description	Counterparty	Expiration Date	Exercise Price		Notional Amount			Premiums Received			Fair Value
Call NOK vs. Put EUR	JPMorgan Chase Bank N.A.	09/08/22		9.200		EUR	721,000		$	22		$	(63	)
									$	22		$	(63	)

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION
PROTECTED BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the following OTC written interest rate swaptions were outstanding for VY^® BlackRock Inflation Protected Bond Portfolio:

Description	Counterparty	Pay/ Receive Exercise Rate	Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premiums Received			Fair Value
Call on 10-Year Interest Rate Swap⁽¹⁾	Barclays Bank PLC	Pay	3.175%	1-day Secured Overnight Financing Rate	06/13/23	USD	6,483,000		$	256,727		$	(358,364	)
Call on 10-Year Interest Rate Swap⁽¹⁾	Deutsche Bank AG	Pay	3.185%	1-day Secured Overnight Financing Rate	06/15/23	USD	2,190,203			83,885			(122,531	)
Put on 10-Year Interest Rate Swap⁽²⁾	Barclays Bank PLC	Receive	3.175%	1-day Secured Overnight Financing Rate	06/13/23	USD	6,483,000			256,727			(147,253	)
Put on 10-Year Interest Rate Swap⁽²⁾	Deutsche Bank AG	Receive	3.185%	1-day Secured Overnight Financing Rate	06/15/23	USD	2,190,203			83,884			(49,294	)
									$	681,223		$	(677,442	)

The following sales commitments were held by the VY^® BlackRock Inflation Protected Bond Portfolio at June 30, 2022:

Principal Amount	Description	Contractual Settlement Date	Fair Value
$(27,000)	Fannie Mae, 5.000%, due 07/15/52	7/14/2022	$	(27,565	)
(119,000)	UMBS TBA, 2.000%, due 07/15/52	7/14/2022		(103,307	)
(534,290)	Uniform Mortgage-Backed Securities, 2.000%, due 08/15/52	8/11/2022		(463,330	)
(505,800)	Uniform Mortgage-Backed Securities, 2.500%, due 08/15/52	8/11/2022		(454,494	)
(103,300)	Uniform Mortgage-Backed Securities, 3.000%, due 08/15/52	8/11/2022		(96,133	)
(26,000)	Uniform Mortgage-Backed Securities, 4.500%, due 07/15/52	7/14/2022		(26,107	)
	Total Sales Commitments Proceeds receivable $(1,156,820)		$	(1,170,936	)

⁽¹⁾	Portfolio pays the exercise rate semi-annually and receives the floating rate index quarterly.
⁽²⁾	Portfolio receives the exercise rate semi-annually and pays the floating rate index quarterly.

Currency Abbreviations
EUR — EU Euro
GBP — British Pound
JPY — Japanese Yen
NOK — Norwegian Krone
NZD — New Zealand Dollar
USD — United States Dollar

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*	$	3,052
Interest rate contracts	Investments in securities at value*		23,225
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		136,826
Interest rate contracts	Variation margin receivable on futures contracts**		780,429
Interest rate contracts	Variation margin receivable on centrally cleared swaps**		2,920,416
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,325,687
Total Asset Derivatives		$	5,189,635
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	58,666
Interest rate contracts	Variation margin payable on futures contracts**		201,911
Interest rate contracts	Variation margin payable on centrally cleared swaps**		1,001,902
Foreign exchange contracts	Written options, at fair value		63
Interest rate contracts	Written options, at fair value		685,648
Total Liability Derivatives		$	1,948,190

*	Includes purchased options.

See Accompanying Notes to Financial Statements

VY^® BLACKROCK INFLATION PROTECTED BOND PORTFOLIO	PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures		Swaps			Written options				Total
Foreign exchange contracts		$	—		$	386,974	$	—	$	—			$	—		$	386,974
Interest rate contracts			483,347			—		4,720,346		7,637,071				(940,076	)		11,900,688
Total		$	483,347		$	386,974	$	4,720,346	$	7,637,071			$	(940,076	)	$	12,287,662

	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
Foreign exchange contracts		$	66		$	6,630	$	—	$	—			$	(41	)	$	6,655
Interest rate contracts			13,964			—		820,741		(4,349,119	)			(24,820	)		(3,539,234	)
Total		$	14,030		$	6,630	$	820,741	$	(4,349,119	)		$	(24,861	)	$	(3,532,579	)

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 June 30, 2022:

	ANZ Bank			Bank of America N.A.			Bank of Montreal				Barclays Bank PLC				BNP Paribas				Citibank N.A.				Deutsche Bank AG				HSBC Bank PLC				JPMorgan Chase Bank N.A.				Societe Genrale			Standard Chartered Bank			UBS AG		Totals
Assets:
Purchased options	$	—			$	—		$	—			$	—			$	—			$	659			$	—			$	—			$	2,393		$	—			$	—	$	—	$	3,052
Forward foreign currency contracts		—				59,444			—				—				815				1,179				—				—				17,308			—				2,543		55,537		136,826
OTC Interest rate swaps						—			—				—				—				1,325,687				—								—							—		—		1,325,687
Total Assets	$	—			$	59,444		$	—			$	—			$	815			$	1,327,525			$	—			$	—			$	19,701		$	—			$	2,543	$	55,537	$	1,465,565
Liabilities:
Forward foreign currency contracts	$	9,330			$	—		$	1			$	11,485			$	1,311			$	94			$	—			$	1,044			$	33,568		$	1,833			$	—	$	—		58,666
Written options		—				—			—				505,617				—				—				171,825				—				63			—				—		—		677,505
Total Liabilities	$	9,330			$	—		$	1			$	517,102			$	1,311			$	94			$	171,825			$	1,044			$	33,631		$	1,833			$	—	$	—	$	736,171
Net OTC derivative instruments by counterparty, at fair value	$	(9,330	)		$	59,444		$	(1	)		$	(517,102	)		$	(496	)		$	1,327,431			$	(171,825	)		$	(1,044	)		$	(13,930	)	$	(1,833	)		$	2,543	$	55,537	$	729,394
Total collateral pledged by the Portfolio/(Received from counterparty)	$	—			$	—		$	—			$	—			$	—			$	(1,327,431	)		$	—			$	—			$	—		$	—			$	—	$	—	$	(1,327,431	)
Net Exposure ^{(1) (2)}	$	(9,330	)		$	59,444		$	(1	)		$	(517,102	)		$	(496	)		$	—			$	(171,825	)		$	(1,044	)		$	(13,930	)	$	(1,833	)		$	2,543	$	55,537	$	(598,037	)

⁽¹⁾

⁽²⁾

At June 30, 2022, the Portfolio had received $1,470,000 in cash collateral from Citibank N.A. Excess cash collateral is not shown for financial reporting purposes.

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $316,734,167.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	5,646,553
Gross Unrealized Depreciation		(25,152,715	)
Net Unrealized Depreciation	$	(19,506,162	)

See Accompanying Notes to Financial Statements

VY^®BRANDYWINEGLOBAL-
BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Principal Amount†			Value		Percentage of Net Assets

CORPORATE BONDS/NOTES: 6.8%
		Financial: 6.8%
5,230,000		Bank of Nova Scotia/The, 2.030%, (SOFRRATE + 0.550%), 09/15/2023	$	5,203,346		1.9
2,280,000	(1)	Blue Owl Finance LLC, 3.125%, 06/10/2031		1,762,244		0.6
4,100,000		Capital One Financial Corp., 2.112%, (SOFRRATE + 0.690%), 12/06/2024		3,991,497		1.4
5,005,000	(1)	Commonwealth Bank of Australia, 1.161%, (SOFRRATE + 0.400%), 07/07/2025		4,912,380		1.7
2,465,000		Golub Capital BDC, Inc., 2.500%, 08/24/2026		2,066,482		0.7
1,350,000	(1)	National Australia Bank Ltd., 1.181%, (SOFRRATE + 0.380%), 01/12/2025		1,328,784		0.5
		Total Corporate Bonds/Notes (Cost $20,401,459)		19,264,733		6.8

COLLATERALIZED MORTGAGE OBLIGATIONS: 0.3%
375,433	(1),(2)	Angel Oak Mortgage Trust 2019-6 A1, 2.620%, 11/25/2059		369,249		0.1
59,375	(1),(2)	Angel Oak Mortgage Trust I LLC 2019-2 A1, 3.628%, 03/25/2049		59,240		0.0
467,871	(1),(2)	Residential Mortgage Loan Trust 2019-3 A1, 2.633%, 09/25/2059		459,368		0.2
		Total Collateralized Mortgage Obligations (Cost $889,031)		887,857		0.3

U.S. TREASURY OBLIGATIONS: 53.3%
		U.S. Treasury Bonds: 51.3%
93,680,000		1.875%,02/15/2032		84,882,863		30.0
28,770,000		1.875%,11/15/2051		21,595,481		7.7
6,460,000		2.000%,08/15/2051		4,995,649		1.8
40,555,000		2.250%,02/15/2052		33,388,171		11.8
				144,862,164		51.3

		U.S. Treasury Floating Rate Notes: 2.0%
5,820,000		1.683%, (USBMMY3M + (0.075)%),04/30/2024		5,816,030		2.0
		Total U.S. Treasury Obligations (Cost $156,515,994)		150,678,194		53.3

U.S. GOVERNMENT AGENCY OBLIGATIONS: 31.4%
		Federal Home Loan Bank: 9.3%
26,690,000		0.125%,03/17/2023		26,214,498		9.3

		Federal Home Loan Mortgage Corporation: 12.5%⁽³⁾
36,200,000		0.375%,05/05/2023		35,433,077		12.5

Principal Amount†			Value		Percentage of Net Assets

U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Federal National Mortgage Association: 9.6%⁽³⁾
27,523,211		4.000%,06/01/2052	$	27,190,020		9.6
		Total U.S. Government Agency Obligations (Cost $90,299,582)		88,837,595		31.4

COMMERCIAL MORTGAGE-BACKED SECURITIES: 4.9%
3,089,000	(2)	Benchmark 2020-B18 C Mortgage Trust, 3.772%, 07/15/2053		2,638,265		0.9
9,370,000	(1),(2)	FREMF 2012-K23 B Mortgage Trust, 3.752%, 10/25/2045		9,363,387		3.3
2,000,000	(2)	JPMDB Commercial Mortgage Securities Trust 2018-C8 C, 4.875%, 06/15/2051		1,797,696		0.7
		Total Commercial Mortgage-Backed Securities (Cost $15,098,475)		13,799,348		4.9

ASSET-BACKED SECURITIES: 0.3%
		Other Asset-Backed Securities: 0.3%
720,000	(1),(2)	Towd Point Mortgage Trust 2018-3 A2, 3.875%, 05/25/2058		684,437		0.3
		Total Asset-Backed Securities (Cost $696,330)		684,437		0.3
		Total Long-Term Investments (Cost $283,900,871)		274,152,164		97.0


Shares			Value		Percentage of Net Assets

SHORT-TERM INVESTMENTS: 2.1%
		Mutual Funds: 2.1%
5,891,436	(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 1.320% (Cost $5,891,436)		5,891,436		2.1
		Total Short-Term Investments (Cost $5,891,436)		5,891,436		2.1
		Total Investments in Securities (Cost $289,792,307)	$	280,043,600		99.1
		Assets in Excess of Other Liabilities		2,515,656		0.9
		Net Assets	$	282,559,256		100.0

See Accompanying Notes to Financial Statements

VY^®BRANDYWINEGLOBAL-
BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

†		Unless otherwise indicated, principal amount is shown in USD.
(1)		Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)		Variable rate security. Rate shown is the rate in effect as of June 30, 2022.
(3)		The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(4)		Rate shown is the 7-day yield as of June 30, 2022.

Reference Rate Abbreviations:

SOFRRATE 1-day Secured Overnight Financing Rate

USBMMY3M U.S. Treasury 3-month Bill Money Market Yield

Investment Type Allocation
as of June 30, 2022
(as a percentage of net assets)

U.S. Treasury Obligations	53.3	%
U.S. Government Agency Obligations	31.4	%
Corporate Bonds/Notes	6.8	%
Commercial Mortgage-Backed Securities	4.9	%
Collateralized Mortgage Obligations	0.3	%
Asset-Backed Securities	0.3	%
Assets in Excess of Other Liabilities ,*	3.0	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:

				Significant Other Observable Inputs (Level 2)				Fair Value at June 30, 2022
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—		$	19,264,733	$	—	$	19,264,733
Collateralized Mortgage Obligations		—			887,857		—		887,857
Commercial Mortgage-Backed Securities		—			13,799,348		—		13,799,348
U.S. Government Agency Obligations		—			88,837,595		—		88,837,595
Asset-Backed Securities		—			684,437		—		684,437
U.S. Treasury Obligations		—			150,678,194		—		150,678,194
Short-Term Investments		5,891,436			—		—		5,891,436
Total Investments, at fair value	$	5,891,436		$	274,152,164	$	—	$	280,043,600
Liabilities Table
Other Financial Instruments+
Futures	$	(490,671	)	$	—	$	—	$	(490,671	)
Total Liabilities	$	(490,671	)	$	—	$	—	$	(490,671	)

ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+	Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

At June 30, 2022, the following futures contracts were outstanding for VY^® BrandywineGLOBAL-Bond Portfolio:

Description			Notional Amount
Long Contracts:
U.S. Treasury Ultra Long Bond	134	09/21/22	$	20,682,063	$	(490,671	)
			$	20,682,063	$	(490,671	)

See Accompanying Notes to Financial Statements

VY^®BRANDYWINEGLOBAL-
BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

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

The fair value of derivative instruments as of June 30, 2022 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Interest rate contracts	Variation margin payable on futures contracts*	$	490,671
Total Liability Derivatives		$	490,671

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 period ended June 30, 2022 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments		Futures
Interest rate contracts		$	(5,132,979	)
Total		$	(5,132,979	)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments		Futures
Interest rate contracts		$	(415,374	)
Total		$	(415,374	)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $289,717,010.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	418,323
Gross Unrealized Depreciation		(10,582,404	)
Net Unrealized Depreciation	$	(10,164,081	)

See Accompanying Notes to Financial Statements

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

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

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Ropes & Gray LLP
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RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

VPSAR-VIT3AIS (0622-082222)

Semi-Annual Report

June 30, 2022

Classes ADV, I and S

Voya Investors Trust

■ Voya Global Perspectives^® Portfolio

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the portfolio’s annual and semi-annual shareholder reports, like this semi-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 fund’s investment objectives, risks, charges, expenses and other information. This information should be read carefully.

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Shareholder Expense Example		1
Statement of Assets and Liabilities		2
Statement of Operations		3
Statements of Changes in Net Assets		4
Financial Highlights		5
Notes to Financial Statements		6
Portfolio of Investments		13

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

QUARTERLY PORTFOLIO HOLDINGS
The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolio’s Forms NPORT-P are available on the SEC’s website at www.sec.gov. The Portfolio’s complete schedule of portfolio holdings, as filed on Form NPORT-P is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

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SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022. The Portfolio’s expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension, or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

Hypothetical Example for Comparison Purposes

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

	Actual Portfolio Return									Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio*			Expenses Paid During the Period Ended June 30, 2022**		Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Annualized Expense Ratio*			Expenses Paid During the Period Ended June 30, 2022**
Class ADV	$	1,000.00	$	820.40		0.51	%	$	2.30	$	1,000.00	$	1,022.27		0.51	%	$	2.56
Class I		1,000.00		821.20		0.21			0.95		1,000.00		1,023.75		0.21			1.05
Class S		1,000.00		820.40		0.46			2.08		1,000.00		1,022.51		0.46			2.31

*		The annualized expense ratios do not include expenses of underlying funds.
**		Expenses are equal to the Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

STATEMENT OF ASSETS AND LIABILITIES AS OF JUNE 30, 2022 (UNAUDITED)

ASSETS:
Investments in affiliated underlying funds at fair value*	$	75,188,563
Cash		16,082
Receivables:
Fund shares sold		56,039
Prepaid expenses		1,052
Reimbursement due from Investment Adviser		4,355
Other assets		9,223
Total assets		75,275,314
LIABILITIES:
Payable for investments in affiliated underlying funds purchased		55,987
Payable for fund shares redeemed		66
Payable for investment management fees		12,665
Payable for distribution and shareholder service fees		17,123
Payable to trustees under the deferred compensation plan (Note 6)		9,223
Payable for trustee fees		215
Other accrued expenses and liabilities		23,858
Total liabilities		119,137
NET ASSETS	$	75,156,177
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	74,355,688
Total distributable earnings		800,489
NET ASSETS	$	75,156,177


* Cost of investments in affiliated underlying funds	$	89,049,010
Class ADV
Net assets	$	67,662,170
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		6,825,982
Net asset value and redemption price per share	$	9.91
Class I
Net assets	$	7,424,478
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		741,348
Net asset value and redemption price per share	$	10.01
Class S
Net assets	$	69,529
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		7,014
Net asset value and redemption price per share	$	9.91

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	890,646
Interest		15
Total investment income		890,661
EXPENSES:
Investment management fees		85,095
Distribution and shareholder service fees:
Class ADV		230,954
Class S		95
Transfer agent fees:
Class ADV		5,624
Class I		592
Class S		6
Shareholder reporting expense		3,812
Professional fees		10,498
Custody and accounting expense		7,025
Trustee fees		1,074
Miscellaneous expense		5,228
Total expenses		350,003
Waived and reimbursed fees		(143,729	)
Net expenses		206,274
Net investment income		684,387
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds		1,686,990
Capital gain distributions from affiliated underlying funds		4,227,184
Net realized gain		5,914,174
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds		(23,583,483	)
Net change in unrealized appreciation (depreciation)		(23,583,483	)
Net realized and unrealized loss		(17,669,309	)
Decrease in net assets resulting from operations	$	(16,984,922	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

				Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	684,387		$	1,328,943
Net realized gain		5,914,174			7,579,905
Net change in unrealized appreciation (depreciation)		(23,583,483	)		(3,097,654	)
Increase (decrease) in net assets resulting from operations		(16,984,922	)		5,811,194

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(5,520,893	)
Class I		—			(543,110	)
Class S		—			(4,814	)
Total distributions		—			(6,068,817	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		780,788			3,191,330
Reinvestment of distributions		—			6,068,817
		780,788			9,260,147
Cost of shares redeemed		(6,564,690	)		(17,888,931	)
Net decrease in net assets resulting from capital share transactions		(5,783,902	)		(8,628,784	)
Net decrease in net assets		(22,768,824	)		(8,886,407	)

NET ASSETS:
Beginning of year or period		97,925,001			106,811,408
End of year or period	$	75,156,177		$	97,925,001

See Accompanying Notes to Financial Statements

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)		(%)
Class ADV
06-30-22⁺		12.08		0.09	^•		(2.26	)		(2.17	)		—		—		—		—		—		9.91		(17.96	)		0.88		0.51		0.51		1.58		67,662		9
12-31-21		12.13		0.15	^•		0.54			0.69			0.41		0.33		—		0.74		—		12.08		5.74			0.87		0.52		0.52		1.27		88,974		40
12-31-20		11.17		0.34	^•		1.34			1.68			0.35		0.37		—		0.72		—		12.13		15.80			0.88		0.51		0.51		3.01		97,298		107
12-31-19		10.21		0.23	^•		1.57			1.80			0.37		0.47		—		0.84		—		11.17		17.97			0.87		0.48		0.48		2.07		95,446		13
12-31-18		11.46		0.23	^•		(1.06	)		(0.83	)		0.29		0.13		—		0.42		—		10.21		(7.50	)		0.87		0.48		0.48		2.10		94,684		16
12-31-17		10.26		0.23	^•		1.25			1.48			0.28		—		—		0.28		—		11.46		14.60			0.86		0.48		0.48		2.11		122,258		13
Class I
06-30-22⁺		12.19		0.10	^•		(2.28	)		(2.18	)		—		—		—		—		—		10.01		(17.88	)		0.28		0.21		0.21		1.90		7,424		9
12-31-21		12.23		0.19	^•		0.55			0.74			0.45		0.33		—		0.77		—		12.19		6.09			0.27		0.22		0.22		1.54		8,866		40
12-31-20		11.26		0.38	^•		1.35			1.73			0.39		0.37		—		0.76		—		12.23		16.13			0.28		0.21		0.21		3.31		9,437		107
12-31-19		10.29		0.26	^•		1.59			1.85			0.41		0.47		—		0.88		—		11.26		18.33			0.27		0.18		0.18		2.33		8,090		13
12-31-18		11.55		0.28	^•		(1.08	)		(0.80	)		0.33		0.13		—		0.46		—		10.29		(7.21	)		0.27		0.18		0.18		2.48		8,051		16
12-31-17		10.34		0.25	^•		1.28			1.53			0.32		—		—		0.32		—		11.55		14.98			0.26		0.18		0.18		2.29		8,755		13
Class S
06-30-22⁺		12.08		0.09	^•		(2.26	)		(2.17	)		—		—		—		—		—		9.91		(17.96	)		0.53		0.46		0.46		1.65		70		9
12-31-21		12.13		0.16	^•		0.54			0.70			0.42		0.33		—		0.75		—		12.08		5.84			0.52		0.47		0.47		1.29		85		40
12-31-20		11.18		0.34	^•		1.34			1.68			0.36		0.37		—		0.73		—		12.13		15.79			0.53		0.46		0.46		3.04		77		107
12-31-19		10.22		0.23			1.58			1.81			0.38		0.47		—		0.85		—		11.18		18.08			0.52		0.43		0.43		2.10		65		13
12-31-18		11.48		0.23			(1.06	)		(0.83	)		0.30		0.13		—		0.43		—		10.22		(7.47	)		0.52		0.43		0.43		2.13		55		16
12-31-17		10.28		0.23			1.27			1.50			0.30		—		—		0.30		—		11.48		14.71			0.51		0.43		0.43		2.14		58		13

⁽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 expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.
⁺		Unaudited.
^•		Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED)

NOTE 1 — ORGANIZATION

Voya Investors Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust consists of twenty-two active separate investment series. The series included in this report is Voya Global Perspectives^® Portfolio (“Global Perspectives” or the “Portfolio”), a diversified series of the Trust. The investment objective of the Portfolio is described in the Portfolio’s Prospectus.

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

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolio. Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolio. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolio.

The Portfolio seeks to achieve its investment objective by investing in affiliated investment companies that, in turn, invest directly in a wide range of portfolio securities (i.e.,

stocks and bonds). The investment companies in which the Portfolio invests are collectively referred to as the “Underlying Funds.”

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, the Portfolio will determine a fair value for the relevant asset in accordance with procedures adopted by the Portfolio’s Board of 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 the 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 the Portfolio may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

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 Portfolio’s 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 Portfolio. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of 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 the Portfolio’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in the Portfolio. The Portfolio’s fair value policies and procedures and valuation practices may be subject to change as a result of new Rule 2a-5 under the 1940 Act.

Each investment asset or liability of the Portfolio is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolio classifies each of its investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing the Portfolio’s investments under these levels of classification is included within the Portfolio of Investments.

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

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statement of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statement of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

C. Foreign Currency Translation. The books and records ofthe Portfolio 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 andliabilities — at the exchange rates prevailing at Market Close.

(2)

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

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Portfolio does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities

which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

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

D. Distributions to Shareholders. The Portfolio records distributions to its shareholders on the ex-dividend date. The Portfolio declares and pays dividends and capital gain distributions, if any, annually. The Portfolio may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. Federal Income Taxes. It is the policy of the Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the Portfolio’s tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the period ended June 30, 2022, the cost of purchases and the proceeds from the sales of the Underlying Funds were as follows:

Purchases			Sales
$8,055,703			$13,185,698

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Portfolio has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Portfolio. The Investment Adviser oversees all investment management and portfolio management services for the Portfolio and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Portfolio, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on: 0.20% of average daily net assets invested in affiliated Underlying Funds and 0.40% of the average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

The Trust has entered into a shareholder service plan (the “Agreement”) for the Class S shares of the Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services to direct or indirect beneficial owners of Class S. Under the Agreement, the Portfolio makes payments to the Distributor at an annual rate of 0.25% of the Portfolio’s average daily net assets attributable to Class S shares.

Class ADV shares have a shareholder service and distribution plan. Class ADV shares pay a shareholder service fee of 0.25% and a distribution fee of 0.35% of the Portfolio’s average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.30% of the distribution fee for Class ADV shares of the Portfolio, so the actual fee paid by Class ADV shares is an annual rate of 0.05%. This waiver is not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2022, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Portfolio:

Subsidiary			Percentage
Voya Retirement Insurance and Annuity Company			7.24%

The Portfolio has adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Portfolio. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Portfolio purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolio, and will not materially affect the Portfolio’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Portfolio may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended June 30, 2022, the per account fees for affiliated recordkeeping services paid by the Portfolio were $6,027.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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

Class ADV⁽¹⁾⁽²⁾		Class I⁽¹⁾⁽²⁾		Class S⁽¹⁾⁽²⁾
1.55%		0.95%		1.20%

⁽¹⁾		The operating expense limits shown take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by the Portfolio will vary based on the Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund.

⁽²⁾		Pursuant to a side letter through May 1, 2023, the total expense limits including the operating expenses incurred at the Underlying Fund level are 1.09%, 0.83% and 1.08% for Class ADV, Class I, and Class S, respectively. Termination or modification of this obligation requires approval by the Board.

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

As of June 30, 2022, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by

the Investment Adviser and the related expiration dates are as follows:

2023		2024		2025		Total
June 30,
$190,208		$116,262		$97,355		$403,825

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

NOTE 8 — LINE OF CREDIT

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

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

The Portfolio did not utilize the line of credit during the period ended June 30, 2022.

NOTE 9 — 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	#	#	#	#		#		($)	($)	($)	($)		($)
Class ADV
6/30/2022	25,018	—	—	(564,711	)	(539,693	)	275,504	—	—	(6,225,982	)	(5,950,478	)
12/31/2021	83,402	—	463,941	(1,203,757	)	(656,414	)	1,015,615	—	5,520,893	(14,623,690	)	(8,087,182	)
Class I
6/30/2022	44,978	—	—	(31,175	)	13,803		505,284	—	—	(338,506	)	166,778
12/31/2021	176,055	—	45,297	(265,439	)	(44,087	)	2,171,968	—	543,110	(3,264,837	)	(549,759	)
Class S
6/30/2022	—	—	—	(19	)	(19	)	—	—	—	(202	)	(202	)
12/31/2021	314	—	404	(33	)	685		3,747	—	4,814	(404	)	8,157

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 10 — FEDERAL INCOME TAXES

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

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

Ordinary Income		Long-term Capital Gains		Ordinary Income		Long-term Capital Gains
Year Ended December 31, 2021				Year Ended December 31, 2020
$ 5,067,038		$ 1,001,779		$ 3,100,007		$ 3,229,252

The tax-basis components of distributable earnings as of December 31, 2021 were:

Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Unrealized Appreciation/ (Depreciation)		Other		Total Distributable Earning/(Loss)
$4,012,644		$4,730,623		$ 9,048,301		$(6,157)		$17,785,411

At December 31, 2021, the Portfolio did not have any capital loss carryovers for U.S. federal income tax purposes.

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

As of June 30, 2022, no provision for income tax is required in the Portfolio’s financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolio’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

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 the Portfolio’s existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Portfolio; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Portfolio.

NOTE 12 — LIQUIDITY

Consistent with Rule 22e-4 under the 1940 Act, the Portfolio has established a liquidity risk management program to govern its approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Portfolio’s Investment Adviser, Voya Investments, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, the Portfolio’s liquidity risk.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 12 — LIQUIDITY (continued)

regarding the Portfolio’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether the Portfolio to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2021 through December 31, 2021, the Program supported the Portfolio’s ability to honor redemption requests in a timely manner and the Program Administrator’s management of the Portfolio’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Portfolio’s prospectus for more information regarding the Portfolio’s exposure to liquidity risk and other risks.

NOTE 13 — MARKET DISRUPTION

The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the 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. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Portfolio’s investments, including beyond a Portfolio’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in 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 Portfolio. Any of these occurrences could disrupt the operations of the Portfolio and of the Portfolio’s service providers.

NOTE 14 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2022, the Portfolio declared dividends and distributions of:

	PER SHARE AMOUNTS
	Net Investment Income	Short-term Capital Gains	Long-term Capital Gains	Payable Date	Record Date
Class ADV	$0.3055	$0.2236	$0.6283	July 14, 2022	July 12, 2022
Class I	$0.3471	$0.2236	$0.6283	July 14, 2022	July 12, 2022
Class S	$0.3184	$0.2236	$0.6283	July 14, 2022	July 12, 2022

The Portfolio has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financials statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

VOYA GLOBAL PERSPECTIVES^® PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares			Value		Percentage of Net Assets

MUTUAL FUNDS: 100.0%
		Affiliated Investment Companies: 100.0%
746,623		Voya Emerging Markets Index Portfolio — Class I	$	7,637,958		10.2
1,020,895		Voya Global Bond Fund — Class R6		7,748,592		10.3
1,068,733		Voya GNMA Income Fund — Class R6		8,261,304		11.0
927,050		Voya High Yield Portfolio — Class I		7,629,624		10.1
349,951		Voya Index Plus LargeCap Portfolio — Class I		7,208,995		9.6
790,151		Voya International Index Portfolio — Class I		7,395,814		9.8
533,680	(1)	Voya MidCap Opportunities Portfolio — Class R6		6,745,713		9.0

Shares		Value			Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
582,457	Voya Small Company Portfolio — Class R6	$	7,333,137			9.8
853,120	Voya U.S. Bond Index Portfolio — Class I		8,155,824			10.8
660,897	VY^® Clarion Global Real Estate Portfolio — Class I		7,071,602			9.4
	Total Mutual Funds (Cost $89,049,010)		75,188,563			100.0
	Liabilities in Excess of Other Assets		(32,386	)		—
	Net Assets	$	75,156,177			100.0

(1)

Non-income producing security.

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Mutual Funds	$	75,188,563	$	—	$	—	$	75,188,563
Total Investments, at fair value	$	75,188,563	$	—	$	—	$	75,188,563

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

Transactions with Affiliates

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

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer
Voya Emerging Markets Index Portfolio — Class I	$	9,358,578	$	1,030,094	$	(477,677	)	$	(2,273,037	)	$	7,637,958	$	166,705	$	157,520		$	279,334
Voya Global Bond Fund — Class R6		9,459,451		590,808		(853,025	)		(1,448,642	)		7,748,592		—		(47,264	)		—
Voya GNMA Income Fund — Class R6		9,477,959		430,454		(966,741	)		(680,368	)		8,261,304		69,154		(62,327	)		—
Voya High Yield Portfolio — Class I		9,629,864		465,698		(833,170	)		(1,632,768	)		7,629,624		234,099		3,235			—
Voya Index Plus LargeCap Portfolio — Class I		10,530,837		2,001,396		(949,267	)		(4,373,971	)		7,208,995		65,808		485,898			1,903,693
Voya International Index Portfolio — Class I		9,811,608		348,162		(473,804	)		(2,290,152	)		7,395,814		277,598		184,540			—
Voya MidCap Opportunities Portfolio — Class R6		9,508,263		852,427		(469,585	)		(3,145,392	)		6,745,713		—		165,613			—
Voya Small Company Portfolio — Class R6		9,923,972		2,076,054		(515,308	)		(4,151,581	)		7,333,137		—		386,560			2,044,157

See Accompanying Notes to Financial Statements

VOYA GLOBAL PERSPECTIVES^® PORTFOLIO

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

Issuer
Voya U.S. Bond Index Portfolio — Class I	$	9,511,058	$	399,547	$	(791,504	)	$	(963,277	)	$	8,155,824	$	77,282	$	(90,119	)	$	—
VY^® Clarion Global Real Estate Portfolio — Class I		10,776,275		39,300		(1,119,678	)		(2,624,295	)		7,071,602		—		503,334			—
	$	97,987,865	$	8,233,940	$	(7,449,759	)	$	(23,583,483	)	$	75,188,563	$	890,646	$	1,686,990		$	4,227,184

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

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $89,723,745.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(14,535,182	)
Net Unrealized Depreciation	$	(14,535,182	)

See Accompanying Notes to Financial Statements

(THIS PAGE INTENTIONALLY LEFT BLANK)

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

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

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

RETIREMENT \| INVESTMENTS \| INSURANCE voyainvestments.com

	VPSAR-VITFOFAIS (0622-081922)

Semi-Annual Report

June 30, 2022

Classes ADV and I

Voya Investors Trust		■	Voya Retirement Moderate Portfolio
■	Voya Retirement Conservative Portfolio	■	Voya Retirement Moderate Growth Portfolio
■	Voya Retirement Growth Portfolio

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Shareholder Expense Examples		1
Statements of Assets and Liabilities		2
Statements of Operations		3
Statements of Changes in Net Assets		4
Financial Highlights		6
Notes to Financial Statements		8
Portfolios of Investments		16

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

QUARTERLY PORTFOLIO HOLDINGS
The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Portfolios’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Portfolio’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Portfolio by calling Shareholder Services toll-free at (800) 992-0180.

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value January 1, 2022									Beginning Account Value January 1, 2022
	Actual Portfolio Return									Hypothetical (5% return before expenses)
Voya Retirement Conservative Portfolio
Class ADV		$	1,000.00	$	873.40	0.53	%	$	2.46		$	1,000.00	$	1,022.17	0.53	%	$	2.66
Class I			1,000.00		874.50	0.28			1.30		$	1,000.00		1,023.41	0.28			1.40
Voya Retirement Growth Portfolio
Class ADV		$	1,000.00	$	819.70	0.68	%	$	3.07		$	1,000.00	$	1,021.42	0.68	%	$	3.41
Class I			1,000.00		822.10	0.26			1.17			1,000.00		1,023.51	0.26			1.30
Voya Retirement Moderate Portfolio
Class ADV		$	1,000.00	$	854.30	0.61	%	$	2.80		$	1,000.00	$	1,021.77	0.61	%	$	3.06
Class I			1,000.00		855.60	0.27			1.24			1,000.00		1,023.46	0.27			1.35
Voya Retirement Moderate Growth Portfolio
Class ADV		$	1,000.00	$	833.00	0.65	%	$	2.95		$	1,000.00	$	1,021.57	0.65	%	$	3.26
Class I			1,000.00		834.30	0.26			1.18			1,000.00		1,023.51	0.26			1.30

*		The annualized expense ratios do not include expenses of the underlying funds.
**		Expenses are equal to each Portfolios’ respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2022 (UNAUDITED)

	Voya Retirement Conservative Portfolio		Voya Retirement Growth Portfolio		Voya Retirement Moderate Portfolio		Voya Retirement Moderate Growth Portfolio
ASSETS:
Investments in affiliated underlying funds at fair value*	$	329,736,602	$	1,884,496,400	$	754,127,228	$	1,329,672,686
Investments in unaffiliated underlying funds at fair value**		17,204,616		58,280,673		31,238,062		27,037,510
Cash		17,186,569		58,704,968		31,399,233		27,234,286
Receivables:
Investments in affiliated underlying funds sold		346,255		297,114		392,147		1,397,933
Fund shares sold		4		12,284		72,768		85,593
Prepaid expenses		4,580		26,739		10,520		18,467
Other assets		15,154		126,525		50,530		87,045
Total assets		364,493,780		2,001,944,703		817,290,488		1,385,533,520
LIABILITIES:
Payable for investments in unaffiliated underlying funds purchased		17,246,563		58,511,887		31,322,168		27,144,774
Payable for fund shares redeemed		191,700		298,215		392,348		1,398,067
Payable for investment management fees		69,122		394,918		158,017		274,515
Payable for distribution and shareholder service fees		72,458		683,475		218,543		437,921
Payable to trustees under the deferred compensation plan (Note 6)		15,154		126,525		50,530		87,045
Payable for trustee fees		954		5,579		2,205		3,867
Other accrued expenses and liabilities		34,094		123,897		55,570		88,649
Total liabilities		17,630,045		60,144,496		32,199,381		29,434,838
NET ASSETS	$	346,863,735	$	1,941,800,207	$	785,091,107	$	1,356,098,682
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	297,215,132	$	1,666,817,629	$	727,341,048	$	1,197,615,658
Total distributable earnings		49,648,603		274,982,578		57,750,059		158,483,024
NET ASSETS	$	346,863,735	$	1,941,800,207	$	785,091,107	$	1,356,098,682

* Cost of investments in affiliated underlying funds	$	320,000,231	$	1,942,459,170	$	804,454,192	$	1,379,127,555
**Cost of investments in unaffiliated underlying funds	$	17,246,563	$	58,511,887	$	31,322,168	$	27,144,774

Class ADV
Net assets	$	346,306,970	$	1,897,930,941	$	763,355,246	$	1,333,033,749
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		40,179,722		154,026,258		70,732,007		116,734,420
Net asset value and redemption price per share	$	8.62	$	12.32	$	10.79	$	11.42
Class I
Net assets	$	556,765	$	43,869,266	$	21,735,861	$	23,064,933
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		63,386		3,529,867		1,982,775		2,035,803
Net asset value and redemption price per share	$	8.78	$	12.43	$	10.96	$	11.33

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

	Voya Retirement Conservative Portfolio			Voya Retirement Growth Portfolio			Voya Retirement Moderate Portfolio			Voya Retirement Moderate Growth Portfolio
INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	3,055,683		$	17,053,563		$	6,366,363		$	10,111,782
Total investment income		3,055,683			17,053,563			6,366,363			10,111,782
EXPENSES:
Investment management fees		454,139			2,656,056			1,049,938			1,840,988
Distribution and shareholder service fees:
Class ADV		943,454			5,412,287			2,128,557			3,772,303
Transfer agent fees:
Class ADV		23,729			17,430			23,394			23,528
Class I		66			391			645			394
Shareholder reporting expense		2,172			3,439			2,895			1,991
Professional fees		9,008			47,283			19,729			32,580
Custody and accounting expense		15,280			69,820			29,932			49,366
Trustee fees		4,770			27,897			11,028			19,336
Miscellaneous expense		12,672			61,714			24,048			42,541
Interest expense		35			—			58			118
Total expenses		1,465,325			8,296,317			3,290,224			5,783,145
Waived and reimbursed fees		(467,953	)		(812,914	)		(675,598	)		(834,425	)
Net expenses		997,372			7,483,403			2,614,626			4,948,720
Net investment income		2,058,311			9,570,160			3,751,737			5,163,062
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds		(252,136	)		23,896,467			7,383,434			19,294,080
Capital gain distributions from affiliated underlying funds		1,056,456			22,625,524			3,392,902			8,787,331
Net realized gain		804,320			46,521,991			10,776,336			28,081,411
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds		(54,825,796	)		(496,235,588	)		(153,798,700	)		(315,510,420	)
Unaffiliated underlying funds		(41,947	)		(231,214	)		(84,106	)		(107,265	)
Net change in unrealized appreciation (depreciation)		(54,867,743	)		(496,466,802	)		(153,882,806	)		(315,617,685	)
Net realized and unrealized loss		(54,063,423	)		(449,944,811	)		(143,106,470	)		(287,536,274	)
Decrease in net assets resulting from operations	$	(52,005,112	)	$	(440,374,651	)	$	(139,354,733	)	$	(282,373,212	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Retirement Conservative Portfolio						Voya Retirement Growth Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	2,058,311		$	5,285,067		$	9,570,160		$	17,240,269
Net realized gain		804,320			35,756,093			46,521,991			285,499,936
Net change in unrealized appreciation (depreciation)		(54,867,743	)		(21,433,998	)		(496,466,802	)		66,316,515
Increase (decrease) in net assets resulting from operations		(52,005,112	)		19,607,162			(440,374,651	)		369,056,720
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(18,141,610	)		—			(145,167,348	)
Class I		—			(80,971	)		—			(3,262,838	)
Total distributions		—			(18,222,581	)		—			(148,430,186	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		10,723,602			24,500,673			3,732,734			11,020,574
Reinvestment of distributions		—			18,222,536			—			148,430,186
		10,723,602			42,723,209			3,732,734			159,450,760
Cost of shares redeemed		(33,474,926	)		(68,708,472	)		(158,578,662	)		(394,429,184	)
Net decrease in net assets resulting from capital share transactions		(22,751,324	)		(25,985,263	)		(154,845,928	)		(234,978,424	)
Net decrease in net assets		(74,756,436	)		(24,600,682	)		(595,220,579	)		(14,351,890	)
NET ASSETS:
Beginning of year or period		421,620,171			446,220,853			2,537,020,786			2,551,372,676
End of year or period	$	346,863,735		$	421,620,171		$	1,941,800,207		$	2,537,020,786

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Retirement Moderate Portfolio						Voya Retirement Moderate Growth Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	3,751,737		$	9,548,507		$	5,163,062		$	13,677,897
Net realized gain		10,776,336			94,828,194			28,081,411			179,273,129
Net change in unrealized appreciation (depreciation)		(153,882,806	)		(11,497,144	)		(315,617,685	)		36,658,232
Increase (decrease) in net assets resulting from operations		(139,354,733	)		92,879,557			(282,373,212	)		229,609,258
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class ADV		—			(57,925,502	)		—			(103,884,225	)
Class I		—			(1,574,654	)		—			(1,729,803	)
Total distributions		—			(59,500,156	)		—			(105,614,028	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		5,668,425			22,289,625			7,121,190			14,089,421
Reinvestment of distributions		—			59,500,156			—			105,614,028
		5,668,425			81,789,781			7,121,190			119,703,449
Cost of shares redeemed		(69,441,634	)		(138,009,479	)		(116,982,157	)		(256,597,436	)
Net decrease in net assets resulting from capital share transactions		(63,773,209	)		(56,219,698	)		(109,860,967	)		(136,893,987	)
Net decrease in net assets		(203,127,942	)		(22,840,297	)		(392,234,179	)		(12,898,757	)
NET ASSETS:
Beginning of year or period		988,219,049			1,011,059,346			1,748,332,861			1,761,231,618
End of year or period	$	785,091,107		$	988,219,049		$	1,356,098,682		$	1,748,332,861

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets								Supplemental data

	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expense net of all reductions/ additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Retirement Conservative Portfolio
Class ADV
06-30-22⁺		9.87		0.05	^•		(1.30	)		(1.25	)		—		—		—		—		—		8.62		(12.66	)		0.78		0.53		0.53		1.09		346,307		15
12-31-21		9.84		0.12	^•		0.33			0.45			0.21		0.21		—		0.43		—		9.87		4.69			0.79		0.54		0.54		1.22		420,230		26
12-31-20		9.31		0.18			0.75			0.93			0.17		0.23		—		0.40		—		9.84		10.33			0.77		0.52		0.52		1.90		444,944		27
12-31-19		8.57		0.17			0.98			1.15			0.17		0.24		—		0.41		—		9.31		13.61			0.78		0.53		0.53		1.82		424,756		24
12-31-18		9.24		0.17			(0.41	)		(0.24	)		0.17		0.26		—		0.43		—		8.57		(2.74	)		0.77		0.52		0.52		1.74		400,267		33
12-31-17		8.89		0.14	^•		0.54			0.68			0.13		0.20		—		0.33		—		9.24		7.76			0.76		0.51		0.51		1.57		456,710		15
Class I
06-30-22⁺		10.04		0.06	^•		(1.32	)		(1.26	)		—		—		—		—		—		8.78		(12.55	)		0.28		0.28		0.28		1.30		557		15
12-31-21		10.01		0.15	^•		0.33			0.48			0.24		0.21		—		0.45		—		10.04		4.87			0.29		0.29		0.29		1.46		1,390		26
12-31-20		9.45		0.24	^•		0.75			0.99			0.20		0.23		—		0.43		—		10.01		10.77			0.27		0.27		0.27		2.47		1,276		27
12-31-19		8.70		0.21	^•		0.98			1.19			0.20		0.24		—		0.44		—		9.45		13.81			0.28		0.28		0.28		2.31		123		24
12-31-18		9.38		0.19	^•		(0.41	)		(0.22	)		0.20		0.26		—		0.46		—		8.70		(2.54	)		0.27		0.27		0.27		2.11		34		33
12-31-17		9.04		0.31	^•		0.39			0.70			0.16		0.20		—		0.36		—		9.38		7.81			0.26		0.26		0.26		3.44		17		15
Voya Retirement Growth Portfolio
Class ADV
06-30-22⁺		15.03		0.06	^•		(2.77	)		(2.71	)		—		—		—		—		—		12.32		(18.03	)		0.76		0.68		0.68		0.86		1,897,931		10
12-31-21		13.80		0.10	^•		2.00			2.10			0.25		0.62		—		0.87		—		15.03		15.52			0.77		0.69		0.69		0.66		2,483,104		21
12-31-20		13.00		0.20	^•		1.44			1.64			0.30		0.54		—		0.84		—		13.80		13.64			0.76		0.68		0.68		1.62		2,499,847		27
12-31-19		11.74		0.26	^•		2.20			2.46			0.24		0.96		—		1.20		—		13.00		21.55			0.76		0.68		0.68		2.04		2,553,927		40
12-31-18		13.99		0.20	^•		(1.13	)		(0.93	)		0.23		1.09		—		1.32		—		11.74		(7.47	)		0.76		0.68		0.68		1.49		2,449,356		20
12-31-17		13.10		0.19	^•		1.91			2.10			0.25		0.96		—		1.21		—		13.99		16.66			0.76		0.68		0.68		1.37		3,018,225		11
Class I
06-30-22⁺		15.12		0.09	^•		(2.78	)		(2.69	)		—		—		—		—		—		12.43		(17.79	)		0.26		0.26		0.26		1.30		43,869		10
12-31-21		13.88		0.16	^•		2.01			2.17			0.31		0.62		—		0.93		—		15.12		15.96			0.27		0.27		0.27		1.12		53,917		21
12-31-20		13.08		0.27			1.43			1.70			0.36		0.54		—		0.90		—		13.88		14.11			0.26		0.26		0.26		2.07		51,526		27
12-31-19		11.81		0.31	^•		2.22			2.53			0.30		0.96		—		1.26		—		13.08		22.09			0.26		0.26		0.26		2.48		47,961		40
12-31-18		14.07		0.26			(1.13	)		(0.87	)		0.30		1.09		—		1.39		—		11.81		(7.05	)		0.26		0.26		0.26		1.94		44,463		20
12-31-17		13.18		0.25	^•		1.91			2.16			0.31		0.96		—		1.27		—		14.07		17.11			0.26		0.26		0.26		1.84		49,040		11
Voya Retirement Moderate Portfolio
Class ADV
06-30-22⁺		12.63		0.05	^•		(1.89	)		(1.84	)		—		—		—		—		—		10.79		(14.57	)		0.77		0.61		0.61		0.85		763,355		12
12-31-21		12.24		0.12	^•		1.03			1.15			0.24		0.52		—		0.77		—		12.63		9.64			0.78		0.62		0.62		0.94		962,098		26
12-31-20		11.55		0.20	^•		1.14			1.34			0.25		0.40		—		0.65		—		12.24		12.17			0.77		0.61		0.61		1.73		988,153		28
12-31-19		10.51		0.22	^•		1.54			1.76			0.22		0.50		—		0.72		—		11.55		17.14			0.77		0.61		0.61		1.96		1,008,727		31
12-31-18		11.79		0.19	^•		(0.75	)		(0.56	)		0.21		0.51		—		0.72		—		10.51		(5.07	)		0.77		0.61		0.61		1.68		972,232		27
12-31-17		11.35		0.17	^•		1.14			1.31			0.20		0.67		—		0.87		—		11.79		11.82			0.76		0.60		0.60		1.50		1,170,685		12
Class I
06-30-22⁺		12.81		0.07	^•		(1.92	)		(1.85	)		—		—		—		—		—		10.96		(14.44	)		0.27		0.27		0.27		1.19		21,736		12
12-31-21		12.40		0.17	^•		1.05			1.22			0.29		0.52		—		0.81		—		12.81		10.05			0.28		0.28		0.28		1.31		26,121		26
12-31-20		11.70		0.24			1.15			1.39			0.29		0.40		—		0.69		—		12.40		12.51			0.27		0.27		0.27		2.06		22,906		28
12-31-19		10.64		0.25			1.58			1.83			0.27		0.50		—		0.77		—		11.70		17.56			0.27		0.27		0.27		2.35		21,441		31
12-31-18		11.93		0.24			(0.76	)		(0.52	)		0.26		0.51		—		0.77		—		10.64		(4.73	)		0.27		0.27		0.27		2.03		17,307		27
12-31-17		11.48		0.22			1.14			1.36			0.24		0.67		—		0.91		—		11.93		12.21			0.26		0.26		0.26		1.86		19,580		12

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets								Supplemental data

	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3)(4)		Expense net of all reductions/ additions^(2)(3)(4)		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Retirement Moderate Growth Portfolio
Class ADV
06-30-22⁺		13.71		0.04	^•		(2.33	)		(2.29	)		—		—		—		—		—		11.42		(16.70	)		0.76		0.65		0.65		0.67		1,333,034		10
12-31-21		12.79		0.10	^•		1.64			1.74			0.24		0.58		—		0.82		—		13.71		13.92			0.77		0.66		0.66		0.77		1,720,105		20
12-31-20		12.10		0.20	^•		1.29			1.49			0.27		0.53		—		0.80		—		12.79		13.15			0.76		0.65		0.65		1.66		1,736,505		28
12-31-19		10.97		0.23	^•		1.91			2.14			0.23		0.78		—		1.01		—		12.10		20.02			0.76		0.65		0.65		1.98		1,769,060		39
12-31-18		12.80		0.19	^•		(0.91	)		(0.72	)		0.22		0.89		—		1.11		—		10.97		(6.30	)		0.76		0.65		0.65		1.56		1,716,501		22
12-31-17		12.23		0.18	^•		1.53			1.71			0.23		0.91		—		1.14		—		12.80		14.56			0.76		0.65		0.65		1.42		2,111,439		10
Class I
06-30-22⁺		13.58		0.07	^•		(2.32	)		(2.25	)		—		—		—		—		—		11.33		(16.57	)		0.26		0.26		0.26		1.07		23,065		10
12-31-21		12.67		0.16	^•		1.62			1.78			0.29		0.58		—		0.87		—		13.58		14.41			0.27		0.27		0.27		1.20		28,228		20
12-31-20		12.00		0.25			1.27			1.52			0.32		0.53		—		0.85		—		12.67		13.59			0.26		0.26		0.26		2.10		24,726		28
12-31-19		10.90		0.29			1.87			2.16			0.28		0.78		—		1.06		—		12.00		20.40			0.26		0.26		0.26		2.41		22,520		39
12-31-18		12.73		0.24	^•		(0.90	)		(0.66	)		0.28		0.89		—		1.17		—		10.90		(5.90	)		0.26		0.26		0.26		1.97		19,816		22
12-31-17		12.17		0.24			1.52			1.76			0.29		0.91		—		1.20		—		12.73		15.05			0.26		0.26		0.26		1.84		24,017		10

⁽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 expenses of underlying funds and do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.
⁺		Unaudited.
^•		Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED)

NOTE 1 — ORGANIZATION

Voya Investors Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on August 3, 1988. The Trust currently consists of twenty-two active separate investment series. The four series (each, a “Portfolio” and collectively, the “Portfolios”) included in this report are: Voya Retirement Conservative Portfolio (“Conservative”), Voya Retirement Growth Portfolio (“Growth”), Voya Retirement Moderate Portfolio (“Moderate”) and Voya Retirement Moderate Growth Portfolio (“Moderate Growth”), each a diversified series of the Trust.

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

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company serves as the Investment Adviser to the Portfolios. Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, serves as the Sub-Adviser to the Portfolios. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Portfolios.

Each Portfolio seeks to achieve its investment objective by investing in other investment companies (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. The investment objective of the Portfolios is described in the respective Portfolio’s Prospectus.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Portfolios classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing the Portfolios’ investments under these levels of classification is included within the Portfolio of Investments.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as dividends from underlying funds in the Statements of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statements of Operations as such. Realized gains and losses are reported on the basis of identified cost of securities sold.

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

D. Federal Income Taxes. It is the policy of each Portfolio to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains

to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

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

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

NOTE 3 — INVESTMENTS IN UNDERLYING FUNDS

For the period ended June 30, 2022, the cost of purchases and the proceeds from the sales of the Underlying Funds were as follows:

	Purchases		Sales
Conservative	$	57,990,431	$	78,826,450
Growth		231,859,705		377,708,512
Moderate		105,476,336		165,774,465
Moderate Growth		148,105,160		253,220,215

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,

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

based on: 0.24% of each Portfolio’s average daily net assets invested in affiliated Underlying Funds and 0.34% of each Portfolio’s average daily net assets invested in unaffiliated Underlying Funds and/or other direct investments.

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

The Trust has entered into a shareholder service and distribution plan (the “Agreement”) for the Class ADV shares of each Portfolio. The Agreement compensates the Distributor for the provision of shareholder services and/or account maintenance services and the distribution of shares to direct or indirect beneficial owners of Class ADV shares. Under the Agreement, each Portfolio makes payments to the Distributor a shareholder service fee of 0.25% and a distribution fee of 0.25% of each Portfolio’s average daily net assets attributable to Class ADV shares. The Distributor has contractually agreed to waive 0.2480%, 0.0751%, 0.1587% and 0.1106% of the distribution fee for the Class ADV shares of Conservative, Growth, Moderate and Moderate Growth, respectively. The actual distribution fee to be paid by Conservative, Growth, Moderate and Moderate Growth is at an annual rate of 0.002%, 0.1749%, 0.0913% and 0.1394%, respectively. Any fees waived are not subject to recoupment. Termination or modification of this obligation requires approval by the Board.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2022, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc.owned more than 5% of the following Portfolios:

Subsidiary	Portfolio	Percentage
Voya Institutional Trust Company	Conservative	25.49	%
	Moderate	10.55
	Moderate Growth	5.84

amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Portfolios purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Portfolio asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Portfolios, and will not materially affect the Portfolios’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

Portfolio	Amount
Conservative	$	23,572
Growth		16,786
Moderate		23,630
Moderate Growth		23,114

NOTE 7 — EXPENSE LIMITATION AGREEMENT

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

Portfolio⁽¹⁾
Conservative	0.92	%	0.67	%
Growth	1.07	%	0.82	%
Moderate	1.00	%	0.75	%
Moderate Growth	1.04	%	0.79	%

⁽¹⁾

The operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Portfolio will vary based on each Portfolio’s allocation of assets to, and the net expenses of, a particular Underlying Fund.

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

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

As of June 30, 2022, the Portfolios did not have any amount of waived and/or reimbursed fees that would be subject to possible recoupment.

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

NOTE 8 — LINE OF CREDIT

the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 13, 2022, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2022.

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

The following Portfolio utilized the line of credit during the period ended June 30, 2022:

Portfolio		Approximate Average Daily Balance For Days Utilized
Conservative	1	$	938,000	1.33	%
Moderate	1		1,564,000	1.33
Moderate Growth	1		3,184,000	1.33

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or	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)
period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Conservative
Class ADV
6/30/2022		1,146,242		—		—		(3,550,018	)		(2,403,776	)		10,651,678		—		—		(32,719,652	)		(22,067,974	)
12/31/2021		2,390,724		—		1,862,588		(6,882,246	)		(2,628,934	)		23,614,196		—		18,141,610		(67,863,314	)		(26,107,508	)
Class I
6/30/2022		7,539		—		—		(82,538	)		(74,999	)		71,924		—		—		(755,274	)		(683,350	)
12/31/2021		87,363		—		8,174		(84,668	)		10,869			886,477		—		80,926		(845,158	)		122,245
Growth
Class ADV
6/30/2022		220,559		—		—		(11,453,076	)		(11,232,517	)		3,045,685		—		—		(157,391,507	)		(154,345,822	)
12/31/2021		646,812		—		10,116,192		(26,649,135	)		(15,886,131	)		9,434,803		—		145,167,348		(387,480,726	)		(232,878,575	)
Class I
6/30/2022		50,602		—		—		(86,000	)		(35,398	)		687,049		—		—		(1,187,155	)		(500,106	)
12/31/2021		107,768		—		226,272		(480,763	)		(146,723	)		1,585,771		—		3,262,838		(6,948,458	)		(2,099,849	)
Moderate
Class ADV
6/30/2022		454,075		—		—		(5,877,067	)		(5,422,992	)		5,372,211		—		—		(68,473,686	)		(63,101,475	)
12/31/2021		1,590,620		—		4,720,905		(10,918,360	)		(4,606,835	)		19,787,504		—		57,925,502		(136,357,563	)		(58,644,557	)
Class I
6/30/2022		25,161		—		—		(81,389	)		(56,228	)		296,214		—		—		(967,948	)		(671,734	)
12/31/2021		194,342		—		126,682		(129,888	)		191,136			2,502,121		—		1,574,654		(1,651,916	)		2,424,859
Moderate Growth
Class ADV
6/30/2022		515,619		—		—		(9,230,187	)		(8,714,568	)		6,455,515		—		—		(115,764,943	)		(109,309,428	)
12/31/2021		943,234		—		7,918,005		(19,174,038	)		(10,312,799	)		12,618,352		—		103,884,225		(255,066,226	)		(138,563,649	)
Class I
6/30/2022		53,576		—		—		(96,793	)		(43,217	)		665,675		—		—		(1,217,214	)		(551,539	)
12/31/2021		110,468		—		133,369		(116,047	)		127,790			1,471,069		—		1,729,803		(1,531,210	)		1,669,662

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 10 — FEDERAL INCOME TAXES

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 Gains		Ordinary Income		Long-term Capital Gains
Conservative	$	10,978,229	$	7,244,352	$	9,996,344	$	8,005,461
Growth		43,273,510		105,156,676		56,076,516		100,113,646
Moderate		18,955,420		40,544,736		21,827,057		31,924,817
Moderate Growth		31,051,381		74,562,647		37,863,570		71,904,228

The tax-basis components of distributable earnings as of December 31, 2021 were:

	Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Unrealized Appreciation/ (Depreciation)		Other			Total Distributable Earnings/(Loss)
Conservative	$	9,792,019	$	31,827,514	$	60,043,369	$	(9,187	)	$	101,653,715
Growth		23,174,589		271,861,706		420,410,095		(89,161	)		715,357,229
Moderate		13,909,318		90,371,992		92,855,577		(32,095	)		197,104,792
Moderate Growth		19,277,382		169,897,861		251,736,839		(55,846	)		440,856,236

At December 31, 2021, the Portfolios did not have any capital loss carryovers for U.S. federal income tax purposes.

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

NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 12 — LIQUIDITY

NOTE 13 — MARKET DISRUPTION

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

NOTE 14 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2022, the Portfolios declared dividends and distributions of:

	PER SHARE AMOUNTS
	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains		Payable Date		Record Date
Conservative
Class ADV	$	0.1931	$	0.0513	$	0.7942		July 14, 2022		July 12, 2022
Class I	$	0.2188	$	0.0513	$	0.7942		July 14, 2022		July 12, 2022
Growth
Class ADV	$	0.1447	$	0.0015	$	1.7329		July 14, 2022		July 12, 2022
Class I	$	0.2143	$	0.0015	$	1.7329		July 14, 2022		July 12, 2022
Moderate
Class ADV	$	0.1892	$	0.0016	$	1.2475		July 14, 2022		July 12, 2022
Class I	$	0.2365	$	0.0016	$	1.2475		July 14, 2022		July 12, 2022
Moderate Growth
Class ADV	$	0.1605	$	0.0017	$	1.4380		July 14, 2022		July 12, 2022
Class I	$	0.2187	$	0.0017	$	1.4380		July 14, 2022		July 12, 2022

Voya Retirement
Conservative Portfolio

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares		Value		Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 4.9%
185,307	Schwab U.S. TIPS ETF	$	10,340,130		3.0
52,051	Vanguard Value ETF		6,864,486		1.9

	Total Exchange-Traded Funds (Cost $17,246,563)		17,204,616		4.9

MUTUAL FUNDS: 95.1%
	Affiliated Investment Companies: 95.1%
1,093,281	Voya International Index Portfolio — Class I		10,233,112		3.0
4,427,294	Voya Short Term Bond Fund — Class R6		41,572,288		12.0
21,911,860	Voya U.S. Bond Index Portfolio — Class I		209,477,384		60.4

Shares		Value			Percentage of Net Assets

MUTUAL FUNDS: (continued
	Affiliated Investment Companies: (continued)
3,916,122	Voya U.S. Stock Index Portfolio — Class I	$	68,453,818			19.7
	Total Mutual Funds (Cost $320,000,231)		329,736,602			95.1
	Total Investments in Securities (Cost $337,246,794)	$	346,941,218			100.0
	Liabilities in Excess of Other Assets		(77,483	)		—
	Net Assets	$	346,863,735			100.0

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	17,204,616	$	—	$	—	$	17,204,616
Mutual Funds		329,736,602		—		—		329,736,602
Total Investments, at fair value	$	346,941,218	$	—	$	—	$	346,941,218

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 6/30/2022		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio — Class I	$	8,059,890	$	1,296,251	$	(7,738,346	)	$	(1,617,795	)	$	—	$	145,752	$	(145,538	)	$	244,225
Voya International Index Portfolio —Class I		12,452,094		1,422,677		(865,964	)		(2,775,695	)		10,233,112		361,088		35,319			—
Voya RussellTM Mid Cap Index Portfolio — Class I		12,610,807		1,657,358		(10,284,496	)		(3,983,669	)		—		104,592		486,094			812,231
Voya Short Term Bond Fund — Class R6		33,488,829		13,745,597		(4,245,833	)		(1,416,305	)		41,572,288		260,158		(170,406	)		—
Voya U.S. Bond Index Portfolio — Class I		272,470,443		10,931,250		(48,827,016	)		(25,097,293	)		209,477,384		2,184,093		(4,706,581	)		—
Voya U.S. Stock Index Portfolio — Class I		82,758,598		11,690,735		(6,060,476	)		(19,935,039	)		68,453,818		—		4,248,976			—
	$	421,840,661	$	40,743,868	$	(78,022,131	)	$	(54,825,796	)	$	329,736,602	$	3,055,683	$	(252,136	)	$	1,056,456

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

See Accompanying Notes to Financial Statements

Voya Retirement
Conservative Portfolio

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $341,765,592.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	30,326,839
Gross Unrealized Depreciation		(25,151,213	)
Net Unrealized Appreciation	$	5,175,626

See Accompanying Notes to Financial Statements

Voya Retirement Growth Portfolio

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares		Value		Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 3.0%
441,922	Vanguard Value ETF	$	58,280,673		3.0
	Total Exchange-Traded Funds (Cost $58,511,887)		58,280,673		3.0

MUTUAL FUNDS: 97.1%
	Affiliated Investment Companies: 97.1%
7,516,978	Voya Emerging Markets Index Portfolio — Class I		76,898,689		4.0
22,698,287	Voya International Index Portfolio — Class I		212,455,965		10.9
14,965,305	Voya RussellTM Mid Cap Index Portfolio — Class I		153,843,337		7.9
3,165,483	Voya RussellTM Small Cap Index Portfolio — Class I		38,460,613		2.0

Shares		Value			Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
8,371,183	Voya Short Term Bond Fund — Class R6	$	78,605,405			4.1
31,059,402	Voya U.S. Bond Index Portfolio — Class I		296,927,882			15.3
58,770,281	Voya U.S. Stock Index Portfolio — Class I		1,027,304,509			52.9
	Total Mutual Funds (Cost $1,942,459,170)		1,884,496,400			97.1
	Total Investments in Securities (Cost $2,000,971,057)	$	1,942,777,073			100.1
	Liabilities in Excess of Other Assets		(976,866	)		(0.1	)
	Net Assets	$	1,941,800,207			100.0

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	58,280,673	$	—	$	—	$	58,280,673
Mutual Funds		1,884,496,400		—		—		1,884,496,400
Total Investments, at fair value	$	1,942,777,073	$	—	$	—	$	1,942,777,073

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

Transactions with Affiliates

See Accompanying Notes to Financial Statements

Voya Retirement Growth Portfolio

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 06/30/2022		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio — Class I	$	144,066,359	$	19,367,535	$	(56,797,622	)	$	(29,737,583	)	$	76,898,689	$	2,643,161	$	(2,539,782	)	$	4,428,928
Voya International Index Portfolio — Class I		272,052,604		21,750,043		(19,804,651	)		(61,542,031	)		212,455,965		8,003,892		1,844,476			—
Voya RussellTM Mid Cap Index Portfolio — Class I		225,424,090		21,534,896		(31,333,981	)		(61,781,668	)		153,843,337		1,897,231		(2,490,876	)		14,733,280
Voya RussellTM Small Cap Index Portfolio — Class I		48,844,840		8,371,230		(2,398,169	)		(16,357,288	)		38,460,613		350,448		869,856			3,463,316
Voya Short Term Bond Fund — Class R6		124,698,711		1,862,401		(44,357,639	)		(3,598,068	)		78,605,405		962,764		(2,346,576	)		—
Voya U.S. Bond Index Portfolio — Class I		399,581,489		19,134,522		(82,895,394	)		(38,892,735	)		296,927,882		3,196,067		(4,719,952	)		—
Voya U.S. Stock Index Portfolio — Class I		1,323,902,598		81,327,191		(93,599,065	)		(284,326,215	)		1,027,304,509		—		33,279,321			—
	$	2,538,570,691	$	173,347,818	$	(331,186,521	)	$	(496,235,588	)	$	1,884,496,400	$	17,053,563	$	23,896,467		$	22,625,524

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

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $2,018,833,780.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	40,192,451
Gross Unrealized Depreciation		(116,249,158	)
Net Unrealized Depreciation	$	(76,056,707	)

See Accompanying Notes to Financial Statements

Voya Retirement Moderate Portfolio

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares		Value		Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 4.0%
280,501	Schwab U.S. TIPS ETF	$	15,651,956		2.0
118,184	Vanguard Value ETF		15,586,106		2.0
	Total Exchange-Traded Funds (Cost $31,322,168)		31,238,062		4.0

MUTUAL FUNDS: 96.0%
	Affiliated Investment Companies: 96.0%
1,507,406	Voya Emerging Markets Index Portfolio — Class I		15,420,758		2.0
4,968,664	Voya International Index Portfolio — Class I		46,506,692		5.9
1,492,058	Voya RussellTM Mid Cap Index Portfolio — Class I		15,338,357		1.9
7,545,287	Voya Short Term Bond Fund — Class R6		70,850,245		9.0

Shares

Value

Percentage
of Net
Assets

MUTUAL FUNDS: (continued)

Affiliated Investment Companies: (continued)

39,814,907

Voya U.S. Bond Index Portfolio — Class I

380,630,510

48.5

12,893,631

Voya U.S. Stock Index Portfolio — Class I

225,380,666

28.7

Total Mutual Funds
(Cost $804,454,192)

754,127,228

96.0

Total Investments in Securities
(Cost $835,776,360)

785,365,290

100.0

Liabilities in Excess of Other Assets

(274,183

)

—

Net Assets

785,091,107

100.0

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	31,238,062	$	—	$	—	$	31,238,062
Mutual Funds		754,127,228		—		—		754,127,228
Total Investments, at fair value	$	785,365,290	$	—	$	—	$	785,365,290

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 06/30/2022		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio — Class I	$	28,178,572	$	4,091,311	$	(10,761,083	)	$	(6,088,042	)	$	15,420,758	$	511,765	$	(217,050	)	$	857,522
Voya International Index Portfolio — Class I		48,373,296		12,237,678		(3,108,477	)		(10,995,805	)		46,506,692		1,408,797		308,796			—
Voya RussellTM Mid Cap Index Portfolio — Class I		39,191,704		4,137,454		(16,635,260	)		(11,355,541	)		15,338,357		326,486		317,490			2,535,380
Voya Short Term Bond Fund — Class R6		78,045,580		5,988,816		(9,887,631	)		(3,296,520	)		70,850,245		603,189		(408,562	)		—
Voya U.S. Bond Index Portfolio — Class I		439,600,632		32,598,468		(46,993,879	)		(44,574,711	)		380,630,510		3,516,126		(3,188,718	)		—
Voya U.S. Stock Index Portfolio — Class I		355,380,105		15,100,442		(67,611,800	)		(77,488,081	)		225,380,666		—		10,571,478			—
	$	988,769,889	$	74,154,169	$	(154,998,130	)	$	(153,798,700	)	$	754,127,228	$	6,366,363	$	7,383,434		$	3,392,902

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

See Accompanying Notes to Financial Statements

Voya Retirement Moderate Portfolio

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $846,392,519.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	7,516,308
Gross Unrealized Depreciation		(68,543,537	)
Net Unrealized Depreciation	$	(61,027,229	)

See Accompanying Notes to Financial Statements

Voya Retirement Moderate
Growth Portfolio

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED)

Shares		Value		Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 2.0%
205,016	Vanguard Value ETF	$	27,037,510		2.0
	Total Exchange-Traded Funds (Cost $27,144,774)		27,037,510		2.0

MUTUAL FUNDS: 98.0%
	Affiliated Investment Companies: 98.0%
2,608,165	Voya Emerging Markets Index Portfolio — Class I		26,681,528		2.0
10,048,693	Voya International Index Portfolio — Class I		94,055,768		6.9
6,503,866	Voya RussellTM Mid Cap Index Portfolio — Class I		66,859,745		4.9
7,274,288	Voya Short Term Bond Fund — Class R6		68,305,562		5.0

Shares		Value			Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
46,030,541	Voya U.S. Bond Index Portfolio — Class I	$	440,051,974			32.5
36,253,896	Voya U.S. Stock Index Portfolio — Class I		633,718,109			46.7
	Total Mutual Funds (Cost $1,379,127,555)		1,329,672,686			98.0
	Total Investments in Securities (Cost $1,406,272,329)	$	1,356,710,196			100.0
	Liabilities in Excess of Other Assets		(611,514	)		—
	Net Assets	$	1,356,098,682			100.0

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the assets and liabilities:


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	27,037,510	$	—	$	—	$	27,037,510
Mutual Funds		1,329,672,686		—		—		1,329,672,686
Total Investments, at fair value	$	1,356,710,196	$	—	$	—	$	1,356,710,196

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

Transactions with Affiliates

The following table provides transactions during the period ended June 30, 2022, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 12/31/2021		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 06/30/2022		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Index Portfolio — Class I	$	66,124,966	$	9,307,698	$	(34,864,439	)	$	(13,886,697	)	$	26,681,528	$	1,212,128	$	(876,875	)	$	2,031,064
Voya International Index Portfolio — Class I		119,182,258		10,016,076		(8,132,800	)		(27,009,766	)		94,055,768		3,503,611		775,824			—
Voya RussellTM Mid Cap Index Portfolio — Class I		103,452,952		10,513,373		(19,159,654	)		(27,946,926	)		66,859,745		870,017		(1,560,408	)		6,756,267
Voya Short Term Bond Fund — Class R6		85,839,511		1,231,002		(15,394,398	)		(3,370,553	)		68,305,562		664,637		(716,737	)		—
Voya U.S. Bond Index Portfolio — Class I		481,358,254		64,652,499		(57,094,169	)		(48,864,610	)		440,051,974		3,861,389		(3,434,302	)		—
Voya U.S. Stock Index Portfolio — Class I		893,403,583		25,239,738		(90,493,344	)		(194,431,868	)		633,718,109		—		25,106,578			—
	$	1,749,361,524	$	120,960,386	$	(225,138,804	)	$	(315,510,420	)	$	1,329,672,686	$	10,111,782	$	19,294,080		$	8,787,331

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

See Accompanying Notes to Financial Statements

Voya Retirement Moderate
Growth Portfolio

PORTFOLIO OF INVESTMENTS
AS OF JUNE 30, 2022 (UNAUDITED) (CONTINUED)

At June 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $1,420,591,041.

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	24,478,626
Gross Unrealized Depreciation		(88,359,472	)
Net Unrealized Depreciation	$	(63,880,846	)

See Accompanying Notes to Financial Statements

(THIS PAGE INTENTIONALLY LEFT BLANK)

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

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

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

RETIREMENT \| INVESTMENTS \| INSURANCE voyainvestments.com
	VPSAR-RETADVI (0622-081922)

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

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 is not required for the semi-annual filing.

(a)(2)

A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3)

Not required for semi-annual filing.

(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 Investors Trust

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: September 1, 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: September 1, 2022

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

Date: September 1, 2022

Ing Investors Trust N-CSRSCertified semi-annual shareholder report (management investment company)